Exhibit 7.1
Computation of Ratio of Earnings to Fixed Charges
| (i) | Excluding interest on retail deposits |
| Six months ended June 30 | Year ended December 31 | |||||||||||||||||||
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2018 £m | 2017 £m | 2016 £m | 2015 £m | 2014 £m | ||||||||||||||||
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Profit on continuing operations before tax | 905 | 1,817 | 1,917 | 1,345 | 1,399 | |||||||||||||||
Fixed charges: interest expense (B)(1) | 477 | 772 | 994 | 1,141 | 1,291 | |||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | - | (19 | ) | (12 | ) | - | - | |||||||||||||
Earnings before taxes and fixed charges (A) | 1,382 | 2,570 | 2,899 | 2,486 | 2,690 | |||||||||||||||
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Ratio of earnings to fixed charges (A/B) | 290 | 333 | 292 | 218 | 208 | |||||||||||||||
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| (ii) | Including interest on retail deposits |
| Six months ended June 30 | Year ended December 31 | |||||||||||||||||||
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2018 £m | 2017 £m | 2016 £m | 2015 £m | 2014 £m | ||||||||||||||||
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Profit on continuing operations before tax | 905 | 1,817 | 1,917 | 1,345 | 1,399 | |||||||||||||||
Fixed charges: interest expense (B)(1) | 1,190 | 2,102 | 2,885 | 3,120 | 3,363 | |||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | - | (19 | ) | (12 | ) | - | - | |||||||||||||
Earnings before taxes and fixed charges (A) | 2,095 | 3,900 | 4,790 | 4,465 | 4,762 | |||||||||||||||
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Ratio of earnings to fixed charges (A/B) | 176 | 186 | 166 | 143 | 142 | |||||||||||||||
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Note
| (1) | Includes the amortisation of discounts and premiums on debt securities in issue. |
