Exhibit 7.1
Santander UK plc
Computation of Ratio of Earnings to Fixed Charges
(i) Excluding interest on retail deposits
Six months ended June 30 | Year ended December 31 | |||||||||||||||||||
2017 £m | 2016 £m | 2015 £m | 2014 £m | 2013 £m | ||||||||||||||||
Profit on continuing operations before tax | 1,064 | 1,917 | 1,345 | 1,399 | 1,109 | |||||||||||||||
Fixed charges: interest expense (B) (1) | 377 | 994 | 1,141 | 1,291 | 1,549 | |||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | (12 | ) | — | — | — | ||||||||||||||
Earnings before taxes and fixed charges (A) | 1,441 | 2,899 | 2,486 | 2,690 | 2,658 | |||||||||||||||
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Ratio of earnings to fixed charges (A/B) | 382 | 292 | 218 | 208 | 172 | |||||||||||||||
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(ii) Including interest on retail deposits
Six months ended June 30 | Year ended December 31 | |||||||||||||||||||
2017 £m | 2016 £m | 2015 £m | 2014 £m | 2013 £m | ||||||||||||||||
Profit on continuing operations before tax | 1,064 | 1,917 | 1,345 | 1,399 | 1,109 | |||||||||||||||
Fixed charges: interest expense (B) (1) | 1,055 | 2,885 | 3,120 | 3,363 | 4,207 | |||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | (12 | ) | — | — | — | ||||||||||||||
Earnings before taxes and fixed charges (A) | 2,119 | 4,790 | 4,465 | 4,762 | 5,316 | |||||||||||||||
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Ratio of earnings to fixed charges (A/B) | 201 | 166 | 143 | 142 | 126 | |||||||||||||||
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Note
(1) | Includes the amortisation of discounts and premiums on debt securities in issue. |