Interim Results - Part 4

WOOLWICH PLC
29 July 1999


PART 4

SUMMARISED CONSOLIDATED CASH FLOW STATEMENT

                                       Unaudited          Audited
                                  Half year to 30 June  Year to 31
                                                      December
                                    1999         1998         1998
                                      £m           £m           £m    

Net cash inflow (outflow)  
from operating activities          627.6       (165.6)        46.1
Net cash outflow from returns
on investments and servicing
of finance                          (6.2)        (7.2)       (67.0)
Tax paid                            (1.6)       (50.2)      (207.0)
Net cash inflow (outflow) 
from capital expenditure and 
financial investment              (199.5)       334.8        468.0
Net cash (outflow) inflow 
from acquisitions and
disposals                           (5.9)         -           15.1
Equity dividends paid             (347.0)      (208.0)      (264.1)
Net cash inflow (outflow) 
before financing                    67.4        (96.2)        (8.9)
Net cash outflow from 
financing                          (61.4)         -         (104.1)
Increase (decrease) in cash          6.0        (96.2)      (113.0)

Reconciliation of operating 
profit to net cash outflow 
from operating activities

Operating profit                   250.3        240.4        505.1
Change in other assets,
prepayments and accrued income      67.8         49.8        (15.3)
Change in other liabilities, 
accruals and deferred income 
and provisions for liabilities 
and charges                       (404.0)      (190.5)       140.5
Interest on subordinated 
liabilities                         31.1         32.7         65.2
Provisions for bad and 
doubtful debts and advances 
written off                          4.4         (4.2)       (12.8)
Depreciation,amortisation 
and loss on disposal of 
fixed assets                        24.4         23.9         54.9
Change in loans and advances 
to banks and customers             360.2       (337.8)    (1,784.1)
Change in deposits by banks
and customer accounts             (412.4)     1,033.8        577.4
Change in debt securities 
in issue                           713.7     (1,010.4)       528.5
Other non-cash movements            (7.9)        (3.3)       (13.3)
Net cash inflow (outflow) 
from operating activities          627.6       (165.6)        46.1


SEGMENTAL BALANCE SHEET

As at 30 June 1999

                   UK      Continental                         Elim-  
                   Retail    Europe    Treasury   Capital   inations     Total
                       £m        £m          £m        £m         £m        £m
Assets
Due from banks      306.0       3.7     1,791.9       -          -     2,101.6
Loans and 
advances
to customers     26,002.0   2,146.4         -         -          -    28,148.4
Debt 
securities            -         -       1,587.1       -          -     1,587.1
Other assets      1,343.3      41.5         -         -          -     1,384.8
Inter-business
balances              -         -       6,497.4   1,265.7   (7,763.1)      -
Total assets     27,651.3   2,191.6     9,876.4   1,265.7   (7,763.1) 33,221.9

Liabilities
Deposits by 
banks               237.2     582.6     1,010.3       -          -     1,830.1
Customer 
accounts         19,106.2       4.7     1,991.9       -          -    21,102.8
Debt 
securities
in issue              -       622.7     5,548.5       -          -     6,171.2
Other 
liabilities       1,369.6      47.3         -       908.0        -     2,324.9
Inter-business
balances          5,656.9     840.5     1,265.7       -     (7,763.1)      -
                 26,369.9   2,097.8     9,816.4     908.0   (7,763.1) 31,429.0
Shareholders'
funds and 
minority
interests         1,281.4      93.8        60.0     357.7        -     1,792.9
Total 
liabilities & 
shareholders'
funds            27,651.3   2,191.6     9,876.4   1,265.7   (7,763.1) 33,221.9


As at 30 June 1998

                   UK     Continental                          Elim-     
                   Retail    Europe    Treasury   Capital   inations     Total
                       £m        £m          £m        £m         £m        £m
Assets
Due from banks       68.3       2.8     3,223.6       -          -     3,294.7
Loans and 
advances
to customers     24,028.5   1,674.6         -         -          -    25,703.1
Debt 
securities            -         -       1,578.4       -          -     1,578.4
Other assets      1,203.8      34.3         -         -          -     1,238.1
Inter-business
balances              -         -       3,148.3   1,622.7   (4,771.0)      -
Total assets     25,300.6   1,711.7     7,950.3   1,622.7   (4,771.0) 31,814.3

Liabilities
Deposits by 
banks               158.6     930.2       677.8       -          -     1,766.6
Customer 
accounts         20,016.9      10.9     1,839.3       -          -    21,867.1
Debt 
securities
in issue              -       179.9     3,738.7       -          -     3,918.6
Other 
liabilities       1,293.1      46.1         -       921.4        -     2,260.6
Inter-business
balances          2,687.3     461.0     1,622.7       -     (4,771.0)      -
                 24,155.9   1,628.1     7,878.5     921.4   (4,771.0) 29,812.9
Shareholders' 
funds
and minority
interests         1,144.7      83.6        71.8     701.3        -     2,001.4
Total 
liabilities
and 
shareholders'
funds            25,300.6   1,711.7     7,950.3   1,622.7   (4,771.0) 31,814.3


Note: Equity capital within Woolwich plc is allocated to UK Retail and
Treasury on the basis of risk weighted assets and a Tier 1 ratio of 7%.


SEGMENTAL BALANCE SHEET

As at 31 December 1998

                      UK   Continental                         Elim-   
                    Retail    Europe   Treasury   Capital   inations     Total
                        £m        £m         £m        £m         £m        £m
Assets
Due from banks       279.6       8.0    3,202.3       -          -     3,489.9
Loans and 
advances
to customers      24,980.3   2,014.7        -         -          -    26,995.0
Debt 
securities             -         -      1,415.7       -          -     1,415.7
Other assets       1,295.3      42.6        -         -          -     1,337.9
Inter-business     
balances               -         -      4,303.8   1,530.8   (5,834.6)      -
Total assets      26,555.2   2,065.3    8,921.8   1,530.8   (5,834.6) 33,238.5

Liabilities
Deposits by
banks                114.5     601.1      685.2       -          -     1,400.8
Customer 
accounts          19,999.0       7.3    1,815.5       -          -    21,821.8
Debt 
securities
in issue               -        646.4   4,811.1       -          -     5,457.5
Other 
liabilities        1,611.5       58.9       -     1,136.5        -     2,806.9
Inter-business        
balances           3,648.1      655.7   1,530.8       -     (5,834.6)      -
                  25,373.1    1,969.4   8,842.6   1,136.5   (5,834.6) 31,487.0

Shareholders'
funds
and minority 
interests          1,182.1       95.9      79.2     394.3        -     1,751.5
Total 
liabilities 
and 
Shareholders'
funds             26,555.2    2,065.3   8,921.8   1,530.8   (5,834.6) 33,238.5

Note: Equity capital within Woolwich plc is allocated to UK Retail and
Treasury on the basis of risk weighted assets and a Tier 1 ratio of 7%.


SHAREHOLDER INFORMATION

Distribution of shares by size of holding

                           30 June 1999                31 December 1998

Size of Holding     Number of      % of total     Number of      % of total
                     holdings   number of shares   holdings   number of shares

1-10,000*           1,199,868         57.1        1,215,836         59.4
10.001-40,000             365          0.5              411          0.6
40,001-100,000            165          0.7              184          0.8
100,001-250,000           168          1.7              180          1.9
250,001-1,000,000         201          6.6              209          6.8
1,000,001 and above       118         33.4              112         30.5
Total               1,200,885        100.0        1,216,932        100.0

*Includes identifiable holdings within Sharestore and the Woolwich Single
Company PEP and late validations.    




BASIS OF PREPARATION

The interim financial information included in this report has been prepared on
a basis consistent with the accounting policies set out on pages 44 and 45 of
the Annual Report and Accounts for the year ended 31 December 1998 and was
approved by the Board of Directors on 28 July 1999.

The interim financial information for the six months ended 30 June 1999 and
ended 30 June 1998 has not been audited but has been reviewed by the auditors.
Their review report in respect of six months ended 30 June 1999 is given on
page 28.

The comparative figures for the financial year ended 31 December 1998 are not
the company's full statutory accounts for that financial year. Those accounts
have been reported on by the company's auditors and delivered to the registrar
of companies. The report of the auditors was unqualified and did not contain a
statement under section 237 (2) or (3) of the Companies Act 1985.



INDEPENDENT REVIEW REPORT BY KPMG AUDIT PLC TO WOOLWICH PLC


Introduction

We have been instructed by the company to review the financial information set
out on pages 21 to 24 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The Listing
Rules of the London Stock Exchange require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where they are to be
changed in the next annual accounts in which case any changes, and the reasons
for them, are to be disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin
1999/4: Review of interim financial information issued by the Auditing
Practices Board. A review consists principally of making enquiries of Group
management and applying analytical procedures to the financial information and
underlying financial data and based thereon, assessing whether the accounting
policies and presentation have been consistently applied unless otherwise
disclosed. A review is substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly we do not express an audit opinion on the
financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 1999.

KPMG Audit Plc 
Chartered Accountants
London

28 July 1999


FINANCIAL CALENDAR


Ex-dividend date for interim dividend 23 August 1999

Record date for interim dividend 27 August 1999

Payment date for interim dividend 11 October 1999

Announcement of 1999 annual results 16 February 2000

Ex-dividend date for final dividend 20 March 2000

Record date for final dividend 24 March 2000

Annual General Meeting 12 April 2000

Payment date for final dividend 8 May 2000



CONTACTS

For further information please contact:-

Raghnall Craighead
Group Investor Relations Manager
Woolwich plc
0181-298-5037

David Blake
Head of Corporate Communications
Woolwich plc
0181-298-5500

Hilary McVitty
Group Media Relations Manager
Woolwich plc
0181-298-5507

Angus Maitland
Philip Gawith
The Maitland Consultancy
0171-379-5151

Registered Office
Woolwich plc
Watling Street
Bexleyheath
Kent
DA6 7RR

Registered in England No. 3295699