NS&I PROVISIONAL Q2 2021-22 RESULTS
- Q2 2021-22 Net Financing of £0.8 billion
- Half-year Net Financing total of £0.6 billion, against a whole-year target of £6 billion, in a range of £3 billion to £9 billion
- NS&I delivered £21 million of savings to the taxpayer in Q2 2021-22, as measured by the Value Indicator
NS&I today published its latest unaudited quarterly figures, for the second quarter (July-September 2021) of the financial year 2021-22. NS&I delivered £0.8 billion of Net Financing in Q2 2020-21, giving a year-to-date total of £0.6 billion.
NS&I delivered £21 million of savings to the taxpayer in Q2 2021-22, as measured by the Value Indicator. NS&I’s Value Indicator target for 2021-22, agreed with HM Treasury, is to be more positive than -£900 million.
NS&I’s Net Financing target for 2021-22 is unchanged, at £6 billion, in a range of £3 billion to £9 billion. NS&I expects to attract additional Net Financing in the second half of 2021-22. NS&I’s overall Net Financing performance for 2021-22 will be announced as part of its annual results in the summer of 2022.
Unaudited Q1 and Q2 2021-22 results (1 April – 30 September 2021)
|
Qtr / year |
Gross inflows (including reinvestments) £bn
|
C&AIP* £bn
|
Gross outflows £bn
|
Net Financing £bn
|
Total stock £bn
|
Value Indicator £bn
|
|
Q2 2021-22 (unaudited) |
10.1 |
0.6 |
9.8 |
0.8 |
203.6 |
0.02*** |
|
Q1 2021-22 (unaudited) |
12.2 |
0.6 |
13.0 |
-0.2 |
202.8
|
0.04*** |
Unaudited Q2 2021-22 results (1 July – 30 September 2021)
|
Quarter |
Gross inflows (including reinvestments) £bn
|
C&AIP* £bn |
Gross outflows £bn |
Net Financing £bn |
Total stock (as at 30 September £bn)
|
Value Indicator £bn
|
|
Q2 2021-22 (unaudited)
|
10.1 |
0.6 |
9.8 |
0.8 |
203.6 |
0.02*** |
|
Q2 2020-21 |
33.2 |
0.7 |
10.0 |
23.9 |
217.7 |
N/A
|
Unaudited Q1 2021-22 results (1 April – 30 June 2021)
|
Quarter |
Gross inflows (including reinvestments) £bn
|
C&AIP* £bn |
Gross outflows £bn |
Net Financing £bn |
Total stock (as at 30 June £bn)
|
Value Indicator £bn
|
|
Q1 2021-22 (unaudited)
|
12.2 |
0.6 |
13.0 |
-0.2 |
202.8 |
0.04*** |
|
Q1 2020-21 |
20.0 |
0.6 |
6.1 |
14.6 |
193.8 |
N/A
|
NS&I financial results 2016-17 to 2020-21
|
Year |
Gross inflows (including reinvestments) £bn
|
C&AIP* £bn
|
Gross outflows £bn |
Net Financing £bn |
Total stock £bn |
Value Indicator £bn
|
|
2020-21 |
86.2 |
2.2 |
64.6 |
23.8 |
203.0 |
N/A |
|
2019-20
|
38.2 |
2.6 |
29.2 |
11.6 |
179.2 |
-0.9**** |
|
2018-19
|
37.3 |
2.4 |
28.9 |
10.8 |
167.6 |
0.01*** |
|
2017-18 |
42.7 |
2.5 |
35.4 |
9.8 |
156.7 |
0.2*** |
|
2016-17
|
35.0 |
2.3 |
25.5 |
11.8 |
146.9 |
0.1** |
All figures are in £ billion and are subject to rounding. Q2 2021-22 figures are provisional, unaudited and subject to change due to transaction processing (evidence of identity) adjustments, cancellation and any accounting adjustments.
*C&AIP is capitalised and accrued interest and prizes earned. All figures are in £ billion and subject to rounding.
**Excluding 65+ Bonds.
***Excluding 65+ Bonds and Investment Guaranteed Growth Bonds.
****Excluding Investment Guaranteed Growth Bonds.
NS&I reports quarterly on gross inflows and outflows, Net Financing and total stock. Each quarter, NS&I issues these unaudited figures and publishes its Annual Report and audited accounts each financial year.
–Ends–
Notes to Editors
- NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to 25 million customers. All products offer 100% capital security, because NS&I is backed by HM Treasury.
- Net Financing – the measure of the net change of NS&I funds, meaning total inflows from deposits, retention of maturing monies and capitalised and accrued interest, less the total outflows from withdrawals and interest or Premium Bonds prize draw payments. A positive Net Financing figure represents a positive contribution to government financing.
- Value Indicator – an indication of NS&I’s cost-effectiveness in raising finance for the Government. In general, it compares the total cost of delivering Net Financing and servicing existing customers’ deposits with how much it would cost the Government to raise funds through the wholesale market via equivalent gilts. Some adjustments and assumptions are made to the calculation, including in identifying and applying an equivalent gilt, in response to specific NS&I product features. Index-linked Savings Certificates are included in the calculation of the Value Indicator and use the same approach as for other products, with one exception to the formula. As the real yield gilt comparators for RPI linked products are currently negative, NS&I applies a floor to the comparative yield set at zero, which means the calculation does not fully reflect the Value Indicator profile of this product. The Value Indicator methodology is agreed with HM Treasury and is reviewed and revised periodically, with its agreement, to support a long-term approach to product strategy. The Value Indicator target was suspended in 2020-21 in response to exceptional market conditions.
- NS&I’s 2020-21 Annual Report and Accounts was published on 24 June 2021 and can be downloaded here.
Follow us on Twitter: @nsandi
Website: nsandi.com