Karim Haji, Global and UK Head of Financial Services at KPMG, said:
“The UK banking system continues to demonstrate resilience in the face of persistent global uncertainty. While geopolitical tensions and volatility in global markets remain key risks, the sector enters the second half of the year well-capitalised, liquid and profitable.
“There are encouraging signs that UK households are benefitting from continuing financial stability, with improved mortgage approvals and lower levels of unsecured borrowing. However, pressure from higher living costs and expiring fixed-rate mortgages means pockets of vulnerability persist.
“As international risks evolve, continued vigilance and robust stress testing will be vital to ensure the sector remains prepared for potential shocks.”
-ENDS-
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Notes to Editors:
About KPMG
KPMG LLP, a UK limited liability partnership, operates across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.99 billion in the year ended 30 September 2024.
KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.