Revolut — Lending Capacity Analyser FY2025

Directly sourced from published reports

Derived / estimated from available data

Current Position — FY2025 Actuals (31 Dec 2025)

Group CET1 Capital

£4,900m

All CET1 (no T2 issued)

Group RWAs (est.)

~£12,100m

~40% CET1 ratio est.

Loan Book

£2,200m

+120% YoY · L/D: 6.2%

On-BS Customer Deposits

~£35,600m

Implied from L/D & loan book

EEA CET1 Ratio

31.3%

H1 2025 · Min SREP: 11.7%

EEA NSFR

282.6%

H1 2025 · Min: 100%

EEA LCR

569.3%

H1 2025 · Min: 100%

Total Balance Sheet

£43,000m

+66% YoY · 90% cash/TSY

Revenue FY2025

£4,500m

+46% YoY

Net Profit FY2025

£1,300m

PBT £1,700m · margin 38%

EEA Leverage Ratio

4.88%

H1 2025 · Min: 3.0%

ECL Coverage

4.1%

Flat YoY

📐 Capital Headroom — Starting Position (Group Level)

CET1 Surplus vs 22% est.

~£2,240m

vs £1,271m in FY2024

Max New RWAs @ 22%

~£10,182m

Before additional capital needed

Cash & TSY Assets

~£38,700m

90% of £43bn BS

Implied NSFR Excess Funding

~£26,000m

Based on EEA H1 2025 trend

Lending Mix & Portfolio Assumptions

Capital Management Target (Group CET1 Floor)

Floor CET1 ratio to maintain during expansion — group estimated base ~40%

Personal Loans

Unsecured · Max £1m per customer

PERSONAL

Portfolio size£3,000m

Risk weight %75%

Avg NIM %7.0%

Expected loss %2.50%

Mortgages

Secured residential · Max £1m · Nascent portfolio

MORTGAGE

Portfolio size£3,000m

Risk weight %35%

Avg NIM %1.5%

Expected loss %0.30%

SME Loans

Corporate · Max £1m per facility

SME

Portfolio size£2,000m

Risk weight %85%

Avg NIM %5.0%

Expected loss %2.00%

Funding & Growth

Deposit growth & capital assumptions

MACRO

Deposit growth %40%

Cost of deposits %2.0%

Retained earnings £m£900m

OpRisk RWA growth %30%

Projected Outputs

Total New Lending

£8,000m

+£5,800m vs current book

New Loan RWAs

£5,025m

63% avg density

Total Group RWAs

£19,595m

+62% vs base

Pro-forma CET1

£5,800m

Capital Consumed (new loans)

£1,106m

Based on 22% Pillar 1+2 min

Max Lending Capacity

£...

Capital-constrained

Incremental NII

£...

Gross interest income on new book

Net Lending Income

£...

After CoF & expected loss

⚠ Selected lending volumes breach the capital floor. Reduce portfolio sizes or lower the capital management target.

📊 Regulatory Constraint Utilisation

Group CET1 Ratio (est.)

—

Floor: 28%

CET1 vs Reg. Minimum

—

Min: 22.0%

Leverage Ratio (EEA basis)

—

Min: 3.0%

NSFR (EEA H1 2025 basis)

—

Min: 100%

LCR (EEA H1 2025 basis)

—

Min: 100%

Loan / Deposit Ratio

—

Ref: 80% typical

Balance Sheet

RWA Waterfall

Income Impact

Item	FY2025 Actual (£m)	Pro-forma (£m)	Change (£m)

Data Sources & Methodology Notes

CONFIRMED — Group CET1 capital: £4,900m (FY2025 Annual Report, 31 Dec 2025). All equity classified as CET1; no Tier 2 issued.
CONFIRMED — Loan book £2,200m (+120% YoY), loan-to-deposit ratio 6.2%, total balance sheet £43bn, 90% held in cash & treasury investments (FY2025 Annual Report).
CONFIRMED — EEA Group CET1 ratio 31.32%, NSFR 282.6%, LCR 569.3%, leverage 4.88% (Revolut Holdings Europe UAB Pillar 3, 30 Jun 2025 — most recent available).
CONFIRMED — EEA Group SREP minimum 11.7% total own funds; Group (RGHL) SREP was 22.02% at Dec 2024 (FY2024 Pillar 3). RGHL FY2025 Pillar 3 not yet published.
DERIVED — Group-level RWAs estimated at ~£12,100m: Group CET1 of £4,900m divided by an estimated ~40% CET1 ratio, extrapolating from the EEA entity's H1 2025 trajectory and FY2024 Group ratio of 44.1%. The true FY2025 Group RWA figure will be available in the forthcoming RGHL Pillar 3.
DERIVED — On-balance-sheet deposits ~£35,600m implied from 6.2% L/D ratio and £2.2bn loan book. Total customer balances of £50.2bn include partner-held savings (£20.4bn) which are off-balance-sheet.
Capital floor applied at Group level. The SREP minimum for the EEA entity is 11.7%; the Group (PRA-supervised) minimum was 22.02% in FY2024 — this tool applies the latter as the regulatory floor.
Risk weights: CRR Standardised — personal unsecured 75% (retail), residential mortgages 35% (LTV ≤80%), SME 85%. Max lending capacity is the lesser of capital-constrained and liquidity-constrained volumes.