Barclays
PLC
Q1 2024 Results
Announcement
31 March 2024
Notes
The terms Barclays and Group refer
to Barclays PLC together with its subsidiaries. Unless otherwise
stated, the income statement analysis compares the three months
ended 31 March 2024 to the corresponding three months of 2023 and
balance sheet analysis as at 31 March 2024 with comparatives
relating to 31 December 2023 and 31 March 2023. The abbreviations
'£m' and '£bn' represent millions and thousands of millions of
Pounds Sterling respectively; the abbreviations '$m' and '$bn'
represent millions and thousands of millions of US Dollars
respectively; and the abbreviations '€m' and '€bn' represent
millions and thousands of millions of Euros
respectively.
There are a number of key
judgement areas, for example impairment calculations, which are
based on models and which are subject to ongoing adjustment and
modifications. Reported numbers reflect best estimates and
judgements at the given point in time.
Relevant terms that are used in
this document but are not defined under applicable regulatory
guidance or International Financial Reporting Standards (IFRS) are
explained in the results glossary, which can be accessed at
home.barclays/investor-relations.
The information in this
announcement, which was approved by the Board of Directors on 24
April 2024, does not comprise statutory accounts within the meaning
of Section 434 of the Companies Act 2006. Statutory accounts for
the year ended 31 December 2023, which contain an unmodified audit
report under Section 495 of the Companies Act 2006 (which does not
make any statements under Section 498 of the Companies Act 2006)
has been delivered to the Registrar of Companies in accordance with
Section 441 of the Companies Act 2006.
These results will be furnished on
Form 6-K to the US Securities and Exchange Commission (SEC) as soon
as practicable following its publication. Once furnished to the
SEC, a copy of the Form 6-K will be available from the SEC's
website at www.sec.gov.
Barclays is a frequent issuer in
the debt capital markets and regularly meets with investors via
formal roadshows and other ad hoc meetings. Consistent with its
usual practice, Barclays expects that from time to time over the
coming quarter it will meet with investors globally to discuss
these results and other matters relating to the
Group.
Non-IFRS performance measures
Barclays' management believes that
the non-IFRS performance measures included in this document provide
valuable information to the readers of the financial statements as
they enable the reader to identify a more consistent basis for
comparing the businesses' performance between financial periods and
provide more detail concerning the elements of performance which
the managers of these businesses are most directly able to
influence or are relevant for an assessment of the Group. They also
reflect an important aspect of the way in which operating targets
are defined and performance is monitored by Barclays' management.
However, any non-IFRS performance measures in this document are not
a substitute for IFRS measures and readers should consider the IFRS
measures as well. Refer to the appendix on pages 39 to 43 for
definitions and calculations of non-IFRS performance measures
included throughout this document, and reconciliations to the most
directly comparable IFRS measures.
Forward-looking statements
This document contains certain
forward-looking statements within the meaning of Section 21E of the
US Securities Exchange Act of 1934, as amended, and Section 27A of
the US Securities Act of 1933, as amended, with respect to the
Group. Barclays cautions readers that no forward-looking statement
is a guarantee of future performance and that actual results or
other financial condition or performance measures could differ
materially from those contained in the forward-looking statements.
Forward-looking statements can be identified by the fact that they
do not relate only to historical or current facts. Forward-looking
statements sometimes use words such as 'may', 'will', 'seek',
'continue', 'aim', 'anticipate', 'target', 'projected', 'expect',
'estimate', 'intend', 'plan', 'goal', 'believe', 'achieve' or other
words of similar meaning. Forward-looking statements can be made in
writing but also may be made verbally by directors, officers and
employees of the Group (including during management presentations)
in connection with this document. Examples of forward-looking
statements include, among others, statements or guidance regarding
or relating to the Group's future financial position, business
strategy, income levels, costs, assets and liabilities, impairment
charges, provisions, capital leverage and other regulatory ratios,
capital distributions (including policy on dividends and share
buybacks), return on tangible equity, projected levels of growth in
banking and financial markets, industry trends, any commitments and
targets (including environmental, social and governance (ESG)
commitments and targets), plans and objectives for future
operations, and other statements that are not historical or current
facts. By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances.
Forward-looking statements speak only as at the date on which they
are made. Forward-looking statements may be affected by a number of
factors, including, without limitation: changes in legislation,
regulations, governmental and regulatory policies, expectations and
actions, voluntary codes of practices and the interpretation
thereof, changes in IFRS and other accounting standards, including
practices with regard to the interpretation and application thereof
and emerging and developing ESG reporting standards; the outcome of
current and future legal proceedings and regulatory investigations;
the Group's ability along with governments and other stakeholders
to measure, manage and mitigate the impacts of climate change
effectively; environmental, social and geopolitical risks and
incidents and similar events beyond the Group's control; the impact
of competition in the banking and financial services industry;
capital, liquidity, leverage and other regulatory rules and
requirements applicable to past, current and future periods; UK,
US, Eurozone and global macroeconomic and business conditions,
including inflation; volatility in credit and capital markets;
market related risks such as changes in interest rates and foreign
exchange rates reforms to benchmark interest rates and indices;
higher or lower asset valuations; changes in credit ratings of any
entity within the Group or any securities issued by it; changes in
counterparty risk; changes in consumer behaviour; the direct and
indirect consequences of the conflicts in Ukraine and the Middle
East on European and global macroeconomic conditions, political
stability and financial markets; political elections; developments
in the UK's relationship with the European Union ("EU"); the risk
of cyberattacks, information or security breaches, technology
failures or operational disruptions and any subsequent impact on
the Group's reputation, business or operations; the Group's ability
to access funding; and the success of acquisitions, disposals and
other strategic transactions. A number of these factors are beyond
the Group's control. As a result, the Group's actual financial
position, results, financial and non-financial metrics or
performance measures or its ability to meet commitments and targets
may differ materially from the statements or guidance set forth in
the Group's forward-looking statements. In setting its targets and
outlook for the period 2024-2026, Barclays has made certain
assumptions about the macroeconomic environment, including, without
limitation, inflation, interest and unemployment rates, the
different markets and competitive conditions in which Barclays
operates, and its ability to grow certain businesses and achieve
costs savings and other structural actions. Additional risks and
factors which may impact the Group's future financial condition and
performance are identified in Barclays PLC's filings with the US
Securities and Exchange Commission ("SEC") (including, without
limitation, Barclays PLC's Annual Report on Form 20-F for the
financial year ended 31 December 2023), which are available on the
SEC's website at www.sec.gov.
Subject to Barclays PLC's
obligations under the applicable laws and regulations of any
relevant jurisdiction (including, without limitation, the UK and
the US) in relation to disclosure and ongoing information, we
undertake no obligation to update publicly or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Performance Highlights
In Q124 Barclays delivered a
return on tangible equity (RoTE) of 12.3% and a tangible net asset
value (TNAV) per share of 335p. RoTE target of greater than 10% in
2024 remains unchanged
C. S. Venkatakrishnan, Group
Chief Executive, commented
"In Q124 Barclays delivered a RoTE of 12.3% as we progress towards our targets of >10%
RoTE in 2024, and >12% in 2026. We are focused on disciplined
execution of the plan that we presented at our Investor Update on
20th February. We have now announced the sale of our performing
Italian mortgage book and are investing in our higher returning UK
consumer businesses, including through the expected completion of
the Tesco Bank acquisition in Q424. We continue to exercise cost
discipline and remain well capitalised with a Common Equity Tier 1
(CET1) ratio at the end of the quarter of 13.5%."
|
• Group cost: income ratio of 60%.
Target of c.63% in 2024 remains unchanged
-
Delivered £0.2bn of the c.£1bn 2024 gross cost
efficiency savings
• Loan loss rate
(LLR) of 51bps, within the expected
through the cycle range of 50-60bps
• CET1 ratio of 13.5%, in the middle
of the target range of 13-14%
• Announced acquisition of Tesco Bank's retail banking
business1, expected to complete in Q424
• Announced sale of the performing Italian mortgage
portfolio, expected to complete in
Q224
Key financial metrics:
|
Income
|
Profit before tax
|
Attributable profit
|
Cost: income ratio
|
LLR
|
RoTE
|
EPS
|
TNAV per share
|
CET1 ratio
|
Q124
|
£7.0bn
|
£2.3bn
|
£1.6bn
|
60%
|
51bps
|
12.3%
|
10.3p
|
335p
|
13.5%
|
Q124 Performance highlights:
• Group RoTE was 12.3% (Q123: 15.0%) with
profit before tax of £2.3bn (Q123:
£2.6bn)
• Group income of £7.0bn down
4% year-on-year, with Group net
interest income (NII) excluding Barclays Investment Bank (IB) and
Head Office of £2.7bn, of which Barclays UK NII of
£1.5bn
-
Barclays UK income decreased 7%, as higher structural hedge income was
more than offset by adverse product dynamics in deposits and
mortgages, in addition to the transfer of Wealth
Management & Investments (WM&I) to Barclays Private Bank
and Wealth Management (PBWM)2
-
Barclays UK Corporate Bank (UKCB) income
decreased 6%,
reflecting lower liquidity pool income whilst maintaining stable
average deposits
-
PBWM income increased
20%, reflecting the
transfer of WM&I from Barclays UK, partially offset by
lower NII due to adverse deposit
dynamics
-
IB income decreased
7%. Within Global Markets, strong
performance in Equities was more than offset by lower FICC income.
In Investment Banking, increased fee income in Debt and Equity
capital markets were more than offset by lower fee income in Advisory and lower income in Transaction
banking
-
Barclays US Consumer Bank (USCB) income
increased 4%,
reflecting higher cards balances
• Group total operating
expenses were £4.2bn, up 2% year-on-year, including the £120m impact of the Bank of England (BoE) levy
scheme
-
Group operating costs decreased 3%, reflecting
£0.2bn of efficiency savings, more than offsetting the impact of
inflation, investment spend and business growth
• Credit impairment charges
were £0.5bn (Q123: £0.5bn) with an LLR of
51bps (Q123: 52bps)
• CET1 ratio of 13.5% (December 2023: 13.8%), with Risk
Weighted Assets (RWAs) of £349.6bn
(December 2023: £342.7bn) and TNAV per
share of 335p (December 2023: 331p)
1
|
See Other matters on page 6 for further details on the
acquisition of Tesco Bank's retail banking
business.
|
2
|
WM&I was transferred out of Barclays UK in
Q223.
|
Group Financial Targets and Outlook:
2024
• Returns:
targeting RoTE of greater than 10% and c.10.5%
excluding inorganic activity
• Income:
targeting Barclays Group NII excluding IB and
Head Office of c.£10.7bn, of which Barclays UK NII of c.£6.1bn1
• Costs:
targeting Group cost: income ratio of c.63%,
which includes c.£1bn of gross efficiency savings in
2024
• Impairment:
expect an LLR of 50-60bps through the
cycle
• Capital:
expect to operate within the CET1 ratio target
range of 13-14%
2026
• Returns: targeting a greater
than 12% RoTE
• Capital
returns: plan to return at least
£10bn of capital to shareholders between 2024 and 2026, through
dividends and share buybacks, with a continued preference for
buybacks. Plan to keep total dividend stable at 2023 level in
absolute terms, with progressive dividend per share growth driven
through share count reduction as a result of increased share
buybacks. Dividends will continue to be paid semi-annually. This
multi-year plan is subject to supervisory and Board approval,
anticipated financial performance and our published CET1 ratio
target range of 13-14%
• Income:
targeting Group total income of
c.£30bn
• Costs:
targeting total Group operating expenses of
c.£17.0bn and a Group cost: income ratio of high 50s in percentage
terms. This includes total gross efficiency savings of c.£2bn by
2026
• Impairment: expect an LLR of
50-60bps through the cycle
• Capital: expect to operate
within the CET1 ratio target range of 13-14%
-
Targeting IB RWAs of c.50% of Group RWAs in
2026
-
Impact of regulatory change on RWAs in line with
prior guidance, expected to be at lower end of 5-10% of Group RWAs.
This includes c.£16bn RWAs expected in H224 due to USCB moving to
Internal Ratings-Based (IRB) models
Prior period segmental comparators:
• Barclays segmental reporting now reflects five operating
divisions, in addition to Head Office:
-
Barclays UK
-
Barclays UK Corporate Bank
-
Barclays Private Bank and Wealth
Management
-
Barclays Investment Bank
-
Barclays US Consumer Bank
• Prior period segmental comparators shown in this document
were re-presented in the 2023 Results Resegmentation Document,
which may be accessed via the Barclays website at
home.barclays/investor-relations
1
|
This excludes the impact of the acquisition of Tesco Bank's
retail banking business, which is expected to generate annualised
NII of c.£400m in the first year post-completion. See Other Matters
on page 6 for further details of the acquisition.
|
Barclays Group results
|
|
for the three months ended
|
31.03.24
|
31.03.23
|
|
|
£m
|
£m
|
% Change
|
Barclays UK
|
1,826
|
1,961
|
(7)
|
Barclays UK Corporate
Bank
|
434
|
463
|
(6)
|
Barclays Private Bank and Wealth
Management
|
312
|
259
|
20
|
Barclays Investment
Bank
|
3,328
|
3,569
|
(7)
|
Barclays US Consumer
Bank
|
859
|
826
|
4
|
Head Office
|
194
|
159
|
22
|
Total income
|
6,953
|
7,237
|
(4)
|
Operating costs
|
(3,998)
|
(4,111)
|
3
|
UK regulatory
levies1
|
(120)
|
-
|
|
Litigation and conduct
|
(57)
|
1
|
|
Total operating expenses
|
(4,175)
|
(4,110)
|
(2)
|
Other net
income/(expenses)
|
12
|
(5)
|
|
Profit before impairment
|
2,790
|
3,122
|
(11)
|
Credit impairment
charges
|
(513)
|
(524)
|
2
|
Profit before tax
|
2,277
|
2,598
|
(12)
|
Tax charge
|
(465)
|
(561)
|
17
|
Profit after tax
|
1,812
|
2,037
|
(11)
|
Non-controlling
interests
|
(3)
|
(8)
|
63
|
Other equity instrument
holders
|
(259)
|
(246)
|
(5)
|
Attributable profit
|
1,550
|
1,783
|
(13)
|
|
|
|
|
Performance measures
|
|
|
|
Return on average tangible
shareholders' equity
|
12.3%
|
15.0%
|
|
Average tangible shareholders'
equity (£bn)
|
50.5
|
47.6
|
|
Cost: income ratio
|
60%
|
57%
|
|
Loan loss rate (bps)
|
51
|
52
|
|
Basic earnings per ordinary
share
|
10.3p
|
11.3p
|
|
Basic weighted average number of
shares (m)
|
14,983
|
15,770
|
(5)
|
Period end number of shares
(m)
|
15,091
|
15,701
|
(4)
|
Period end tangible shareholders'
equity (£bn)
|
50.6
|
47.3
|
|
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
Balance sheet and capital
management2
|
£bn
|
£bn
|
£bn
|
Loans and advances at amortised
cost
|
397.9
|
399.5
|
403.5
|
Loans and advances at amortised
cost impairment coverage ratio
|
1.4%
|
1.4%
|
1.4%
|
Total assets
|
1,577.1
|
1,477.5
|
1,539.1
|
Deposits at amortised
cost
|
552.3
|
538.8
|
555.7
|
Tangible net asset value per
share
|
335p
|
331p
|
301p
|
Common equity tier 1
ratio
|
13.5%
|
13.8%
|
13.6%
|
Common equity tier 1
capital
|
47.1
|
47.3
|
46.0
|
Risk weighted assets
|
349.6
|
342.7
|
338.4
|
UK leverage ratio
|
4.9%
|
5.2%
|
5.1%
|
UK leverage exposure
|
1,226.5
|
1,168.3
|
1,168.9
|
|
|
|
|
Funding and liquidity
|
|
|
|
Group liquidity pool
(£bn)
|
323.5
|
298.1
|
333.0
|
Liquidity coverage
ratio3
|
163%
|
161%
|
157%
|
Net stable funding
ratio4
|
136%
|
138%
|
139%
|
Loan: deposit ratio
|
72%
|
74%
|
73%
|
1
|
Comprises the impact of the BoE levy scheme and the UK bank
levy.
|
2
|
Refer to pages 31 to 35 for further
information on how capital, RWAs and leverage are
calculated.
|
3
|
The liquidity coverage ratio (LCR) is now shown on an average
basis, based on the average of the last 12 spot month end ratios.
Prior period LCR comparatives have been updated for
consistency.
|
4
|
Represents average of the last four spot quarter end
positions.
|
Group Finance Director's Review
Group performance
• Barclays delivered a profit
before tax of £2,277m (Q123: £2,598m), RoTE of 12.3%
(Q123: 15.0%) and earnings per share (EPS)
of 10.3p (Q123: 11.3p)
• Group income decreased 4% to £6,953m as higher
structural hedge income, strong performance in Equities and balance
growth in USCB were more than offset by lower FICC income in IB,
lower inflation linked income as well as adverse product dynamics
in Barclays UK deposits and mortgages
• Group total operating
expenses increased to £4,175m (Q123: £4,110m) including the
£120m impact of the BoE levy scheme
-
Group operating costs decreased 3% to £3,998m, reflecting
efficiency savings, partially offset by the impact of inflation,
investment spend and business growth
• Credit impairment charges
were £513m (Q123: £524m), driven by the
anticipated higher delinquencies in USCB, which led to a higher
coverage ratio of 11.0% in that portfolio. Total coverage ratio
remains stable at 1.4% (December 2023: 1.4%)
• The effective tax rate (ETR)
was 20.4% (Q123: 21.6%)
• Attributable profit was
£1,550m (Q123: £1,783m)
• Total assets increased to
£1,577.1bn (December 2023: £1,477.5bn) driven by
an increase in trading securities and secured lending in IB, and an
increase in the liquidity pool due to increased deposits
• TNAV per share increased to
335p (December 2023: 331p) as EPS of
10.3p was partially offset by negative
cash flow hedge reserve movements of 2p, and net negative other
reserve movements
Group capital and leverage
• The CET1 ratio decreased to 13.5% (December 2023: 13.8%) as
RWAs increased by £6.9bn to £349.6bn and CET1 capital decreased by
£0.2bn to £47.1bn:
-
c.40bps increase from attributable profit
generated in the quarter
-
c.40bps decrease driven by shareholder
distributions including the £1.0bn share buyback announced with
FY23 results and an accrual towards the FY24 dividend
-
c.30bps decrease as a result of a £6.9bn increase
in RWAs primarily driven by expected seasonal activity in the
Investment Bank and regulatory model changes in Barclays UK which
are expected to be partially offset for the full year
• The UK leverage
ratio decreased to 4.9% (December 2023: 5.2%) primarily due to a
£58.2bn increase in leverage exposure to £1,226.5bn, largely driven
by an increase in trading securities and secured lending in Global
Markets
Group funding and liquidity
• The liquidity metrics remain well above regulatory
requirements, underpinned by well-diversified sources of funding, a
stable global deposit franchise and a highly liquid balance
sheet
• The liquidity pool was £323.5bn (December 2023: £298.1bn).
The increase in the liquidity pool was driven by the expected
increase in short term bank deposits after a drop at the year-end
and a strong deposit growth in International Corporate Bank which
is partially offset by a slight seasonal decline in Barclays UK
deposits
• The average1 Liquidity Coverage Ratio (LCR)
increased to 163% (December 2023: 161%), equivalent to a surplus of
£117.8bn (December 2023: £117.7bn)
• Total deposits increased by £13.5bn to £552.3bn (December
2023: £538.8bn)
• The average2 Net Stable Funding Ratio (NSFR) was
136% (December 2023: 138%), which represents a £160.4bn (December
2023: £167.1bn) surplus above the 100% regulatory
requirement
• Wholesale funding outstanding, excluding repurchase
agreements, was £190.6bn (December 2023: £176.8bn)
• The Group issued £5.4bn equivalent of minimum requirement for
own funds and eligible liabilities (MREL) instruments from Barclays
PLC (the Parent company) in Q124. The Group has a strong MREL
position with a ratio of 33.4%, which is in excess of the
regulatory requirement of 30.1% plus a confidential, institution
specific, Prudential Regulation Authority (PRA) buffer
1
|
Represents average of the last 12 spot month end
ratios.
|
2
|
Represents average of the last four spot quarter end
ratios.
|
Other matters
• Acquisition of Tesco Bank's
retail banking business: on 9
February 2024, Barclays entered into an agreement with Tesco
Personal Finance plc (operating using the trading name "Tesco
Bank") to acquire its retail banking business. The acquisition is
expected to reduce Barclays' CET1 ratio by c.30bps on completion,
which is expected to occur in Q424, subject to court sanction and
regulatory approvals
• FCA motor finance
review: in January 2024, the UK
Financial Conduct Authority (FCA) announced that it was appointing
a skilled person to undertake a review of the historical use of
discretionary commission arrangements and sales in the motor
finance market across several firms. The FCA plans to set out next
steps on this matter by the end of September 2024. Clydesdale
Financial Services Limited (CFS), a member of the Group, ceased
operating in the motor finance market in late 2019 but is
co-operating fully with the FCA's skilled person review, the
outcome of which is unknown, including any potential financial
impact. The FCA intervention followed two final decisions by
the UK Financial Ombudsman Service (FOS), including one upholding a
complaint against CFS in relation to commission arrangements and
disclosure in the sale of motor finance products and a number of
complaints and court claims, including some against CFS. We
have commenced a judicial review challenge to the FOS in the High
Court in relation to this decision
• BoE levy
scheme: following parliamentary
approval, the new levy process commenced in Q124 replacing the Cash
Ratio Deposit scheme as a means of funding the Bank of England's
monetary policy and financial stability operations. This change in
scheme moves the charge from negative income recognised over the
course of the year to an annual operating expense at the start of
the levy year (running from 1 March to 28 February). Barclays'
estimated contribution for the 2024/2025 financial year is £120m,
reported in the UK regulatory levies account line, reducing Q124
Group RoTE by c.0.7%. This will be partially offset by increased
income of c.£75m through lower funding costs during 2024, with an
expected overall net full year Group RoTE impact of c.0.1%. The
final charge is expected to be confirmed during Q324
• Disposal of Italian retail
mortgages: on 24 April 2024,
Barclays announced a transaction under which Barclays Bank Ireland
PLC intends to dispose of its performing Italian retail mortgage
book currently held in Head Office. The sale is expected to complete in Q224. It is expected to
generate a pre-tax loss of c.£225m for the year to 31 December 2024
and reduce RWAs by c.£0.8bn at completion. The transaction is
expected to be broadly neutral to Barclays' CET1 ratio
-
In addition, Barclays is in discussion with
respect to the disposals of the remaining non-performing and
Swiss-Franc linked Italian retail mortgage
portfolios. Should such sales occur, they are together
expected to generate a small pre-tax loss on sale, but also be
broadly neutral to Barclays' CET1 ratio
• Sale of German consumer
finance business: Barclays is
currently engaged in a process to sell its German consumer finance
business (comprising credit cards, unsecured personal loans and
deposits), held in Head Office, as part of our ambition to simplify
Barclays and support our focus on growing our key businesses.
The sale is expected to complete in H224, and be
accretive to Barclays' CET1 ratio
Anna Cross, Group Finance Director
Results by Business
Barclays UK
|
Three months ended
|
|
31.03.24
|
31.03.23
|
|
Income statement information
|
£m
|
£m
|
% Change
|
Net interest income
|
1,549
|
1,618
|
(4)
|
Net fee, commission and other
income
|
277
|
343
|
(19)
|
Total income
|
1,826
|
1,961
|
(7)
|
Operating costs
|
(1,007)
|
(1,092)
|
8
|
UK regulatory levies
|
(54)
|
-
|
|
Litigation and conduct
|
(2)
|
(2)
|
|
Total operating expenses
|
(1,063)
|
(1,094)
|
3
|
Other net income
|
-
|
-
|
|
Profit before impairment
|
763
|
867
|
(12)
|
Credit impairment
charges
|
(58)
|
(113)
|
49
|
Profit before tax
|
705
|
754
|
(6)
|
Attributable profit
|
479
|
515
|
(7)
|
|
|
|
|
Performance measures
|
|
|
|
Return on average allocated
tangible equity
|
18.5%
|
20.0%
|
|
Average allocated tangible equity
(£bn)
|
10.4
|
10.3
|
|
Cost: income ratio
|
58%
|
56%
|
|
Loan loss rate (bps)
|
11
|
20
|
|
Net interest margin
|
3.09%
|
3.18%
|
|
|
|
|
|
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
Loans and advances to customers at
amortised cost
|
200.8
|
202.8
|
208.2
|
Total assets
|
293.3
|
293.1
|
308.6
|
Customer deposits at amortised
cost
|
237.2
|
241.1
|
254.3
|
Loan: deposit ratio
|
92%
|
92%
|
90%
|
Risk weighted assets
|
76.5
|
73.5
|
74.6
|
Period end allocated tangible
equity
|
10.7
|
10.2
|
10.3
|
Analysis of Barclays UK
|
Three months ended
|
31.03.24
|
31.03.23
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
Personal Banking
|
1,128
|
1,253
|
(10)
|
Barclaycard Consumer UK
|
229
|
247
|
(7)
|
Business Banking
|
469
|
461
|
2
|
Total income
|
1,826
|
1,961
|
(7)
|
|
|
|
|
Analysis of credit impairment charges
|
|
|
|
Personal Banking
|
(14)
|
(28)
|
50
|
Barclaycard Consumer UK
|
(38)
|
(83)
|
54
|
Business Banking
|
(6)
|
(2)
|
|
Total credit impairment charges
|
(58)
|
(113)
|
49
|
|
|
|
|
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
£bn
|
£bn
|
Personal Banking
|
169.0
|
170.1
|
173.6
|
Barclaycard Consumer UK
|
9.8
|
9.7
|
9.0
|
Business Banking
|
22.0
|
23.0
|
25.6
|
Total loans and advances to customers at amortised
cost
|
200.8
|
202.8
|
208.2
|
|
|
|
|
Analysis of customer deposits at amortised
cost
|
|
|
|
Personal Banking
|
183.4
|
185.4
|
194.3
|
Barclaycard Consumer UK
|
-
|
-
|
-
|
Business Banking
|
53.8
|
55.7
|
60.0
|
Total customer deposits at amortised cost
|
237.2
|
241.1
|
254.3
|
Barclays UK delivered a RoTE of 18.5% supported by
resilient returns and the continued investment in our
transformation into a simpler, better and more balanced retail
bank.
Income statement - Q124 compared to Q123
• Profit before tax
decreased 6% to
£705m with a RoTE of 18.5% (Q123: 20.0%)
• Total income decreased 7% to £1,826m. NII
decreased 4% to
£1,549m, as continued structural hedge
momentum was more than offset by mortgage margin pressure and
adverse deposit dynamics reflecting wider market trends. Net fee,
commission and other income decreased
19% to
£277m primarily from the impact of the
transfer of WM&I to PBWM
• Total operating expenses
decreased 3% to £1,063m driven by the
transfer of WM&I to PBWM partially offset by the impact of
inflation and the impact of the BoE levy scheme. Ongoing efficiency savings continue to be reinvested,
including in our transformation programme to support sustainable
improvement to the cost: income ratio
• Credit impairment charges
were £58m (Q123: £113m), consistent
with low delinquencies in UK cards, high quality mortgage lending
portfolio and the improved macroeconomic outlook. UK cards 30 and
90 day arrears remained low at 0.9% (Q123: 0.9%) and 0.2% (Q123:
0.2%) respectively. The UK cards total coverage ratio was 6.5%
(December 2023: 6.8%)
Balance sheet - 31 March 2024 compared to 31 December
2023
• Loans and advances to
customers at amortised cost decreased by 1% to £200.8bn (December
2023: £202.8bn), reflecting subdued mortgage lending amid lower market
demand and continued repayment of government scheme lending in
Business Banking
• Customer deposits at
amortised cost decreased 2% to £237.2bn
(December 2023: £241.1bn),
driven by reduced current account
balances, reflecting broader market trends. The loan: deposit ratio
remained stable at 92% (December 2023: 92%)
• RWAs increased to £76.5bn
(December 2023: £73.5bn)
driven by regulatory model changes which are
expected to be partially offset for the full year
Barclays UK Corporate Bank
|
Three months ended
|
|
31.03.24
|
31.03.23
|
|
Income statement information
|
£m
|
£m
|
% Change
|
Net interest income
|
277
|
310
|
(11)
|
Net fee, commission, trading and
other income
|
157
|
153
|
3
|
Total income
|
434
|
463
|
(6)
|
Operating costs
|
(221)
|
(210)
|
(5)
|
UK regulatory levies
|
(30)
|
-
|
|
Litigation and conduct
|
-
|
-
|
|
Total operating expenses
|
(251)
|
(210)
|
(20)
|
Other net income
|
-
|
1
|
|
Profit before impairment
|
183
|
254
|
(28)
|
Credit impairment
charges
|
(15)
|
(24)
|
38
|
Profit before tax
|
168
|
230
|
(27)
|
Attributable profit
|
113
|
157
|
(28)
|
|
|
|
|
Performance measures
|
|
|
|
Return on average allocated
tangible equity
|
15.2%
|
21.7%
|
|
Average allocated tangible equity
(£bn)
|
3.0
|
2.9
|
|
Cost: income ratio
|
58%
|
45%
|
|
Loan loss rate (bps)
|
23
|
36
|
|
|
|
|
|
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
Loans and advances to customers at
amortised cost
|
25.7
|
26.4
|
27.2
|
Deposits at amortised
cost
|
81.7
|
84.9
|
83.6
|
Risk weighted assets
|
21.4
|
20.9
|
20.2
|
Period end allocated tangible
equity
|
3.0
|
3.0
|
2.9
|
|
|
|
|
|
Three months ended
|
|
31.03.24
|
31.03.23
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
Corporate lending
|
72
|
61
|
18
|
Transaction banking
|
362
|
402
|
(10)
|
Total income
|
434
|
463
|
(6)
|
UKCB delivered a RoTE of
15.2%,
with stable average deposits supporting strong returns despite
lower liquidity pool income, the impact of the BoE levy scheme and
continued investment to support future growth ambitions.
Income statement - Q124 compared to Q123
• Profit before tax
decreased 27% to
£168m with a RoTE of 15.2% (Q123: 21.7%)
• Total income decreased 6% to £434m. NII decreased
11% to £277m
reflecting lower liquidity pool income. Net fee, commission,
trading and other income was stable at £157m (Q123: £153m)
• Total operating expenses
increased 20% to
£251m, reflecting the impact of the BoE levy scheme and higher
investment spend to support future growth ambitions
• Credit impairment charges
were £15m (Q123: £24m), driven by
resilient underlying credit performance and the improved
macroeconomic outlook
Balance sheet - 31 March 2024 compared to 31 December
2023
• RWAs were broadly stable at
£21.4bn (December 2023: £20.9bn)
Barclays Private Bank and Wealth Management
|
Three months ended
|
|
31.03.24
|
31.03.23
|
|
Income statement information
|
£m
|
£m
|
% Change
|
Net interest income
|
175
|
181
|
(3)
|
Net fee, commission and other
income
|
137
|
78
|
76
|
Total income
|
312
|
259
|
20
|
Operating costs
|
(214)
|
(144)
|
(49)
|
UK regulatory levies
|
(3)
|
-
|
|
Litigation and conduct
|
-
|
-
|
|
Total operating expenses
|
(217)
|
(144)
|
(51)
|
Other net income
|
-
|
-
|
|
Profit before impairment
|
95
|
115
|
(17)
|
Credit impairment
charges
|
-
|
(3)
|
|
Profit before tax
|
95
|
112
|
(15)
|
Attributable profit
|
74
|
90
|
(18)
|
|
|
|
|
Performance measures
|
|
|
|
Return on average allocated
tangible equity
|
28.7%
|
34.5%
|
|
Average allocated tangible equity
(£bn)
|
1.0
|
1.0
|
|
Cost: income ratio
|
70%
|
56%
|
|
Loan loss rate (bps)
|
-
|
7
|
|
|
|
|
|
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
Loans and advances to customers at
amortised cost
|
13.7
|
13.6
|
14.3
|
Deposits at amortised
cost
|
61.9
|
60.3
|
60.8
|
Risk weighted assets
|
7.2
|
7.2
|
7.5
|
Period end allocated tangible
equity
|
1.0
|
1.0
|
1.0
|
Client assets and
liabilities1
|
189.1
|
182.9
|
141.5
|
PBWM delivered a RoTE of 28.7%, supported by
growth in client balances of c.£48bn, which is predominantly
invested assets2 as a result of
WM&I transfer and underlying growth.
Income statement - Q124 compared to Q123
• Profit before tax
decreased 15% to
£95m with a RoTE of 28.7% (Q123: 34.5%)
• Total income increased 20% to £312m. NII decreased
3% to £175m
mainly due to adverse deposit dynamics reflecting wider market
trends. Net fee, commission and other income increased 76% to £137m reflecting
the transfer of WM&I from Barclays UK
and client balance growth
• Total operating expenses
increased 51% to
£217m, reflecting the transfer of WM&I from Barclays UK and
higher investment spend to support growth
Balance sheet - 31 March 2024 compared to 31 December
2023
• RWAs were stable at
£7.2bn (December 2023: £7.2bn)
1
|
Client assets and liabilities refers to customer deposits,
lending and invested assets, including c.£28bn WM&I invested
assets transferred from Barclays UK in May 2023.
|
2
|
Invested assets represent assets under management and
supervision.
|
Barclays Investment Bank
|
Three months ended
|
|
31.03.24
|
31.03.23
|
|
Income statement information
|
£m
|
£m
|
% Change
|
Net interest income
|
197
|
159
|
24
|
Net trading income
|
1,982
|
2,435
|
(19)
|
Net fee, commission and other
income
|
1,149
|
975
|
18
|
Total income
|
3,328
|
3,569
|
(7)
|
Operating costs
|
(1,957)
|
(2,032)
|
4
|
UK regulatory levies
|
(33)
|
-
|
|
Litigation and conduct
|
(9)
|
2
|
|
Total operating expenses
|
(1,999)
|
(2,030)
|
2
|
Other net expenses
|
-
|
(1)
|
|
Profit before impairment
|
1,329
|
1,538
|
(14)
|
Credit impairment
releases/(charges)
|
10
|
(25)
|
|
Profit before tax
|
1,339
|
1,513
|
(12)
|
Attributable profit
|
899
|
1,048
|
(14)
|
|
|
|
|
Performance measures
|
|
|
|
Return on average allocated
tangible equity
|
12.0%
|
14.4%
|
|
Average allocated tangible equity
(£bn)
|
30.0
|
29.1
|
|
Cost: income ratio
|
60%
|
57%
|
|
Loan loss rate (bps)
|
(4)
|
10
|
|
|
|
|
|
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
Loans and advances to customers at
amortised cost
|
64.6
|
62.7
|
63.1
|
Loans and advances to banks at
amortised cost
|
7.6
|
7.3
|
9.1
|
Debt securities at amortised
cost
|
40.4
|
38.9
|
30.7
|
Loans and advances at amortised cost
|
112.6
|
108.9
|
102.9
|
Trading portfolio
assets
|
195.3
|
174.5
|
137.6
|
Derivative financial instrument
assets
|
248.9
|
255.1
|
256.5
|
Financial assets at fair value
through the income statement
|
225.1
|
202.5
|
243.8
|
Cash collateral and settlement
balances
|
129.8
|
102.3
|
124.3
|
Other assets
|
200.4
|
175.8
|
198.8
|
Total assets
|
1,112.1
|
1,019.1
|
1,063.9
|
Deposits at amortised
cost
|
151.1
|
132.7
|
137.3
|
Derivative financial instrument
liabilities
|
241.5
|
249.7
|
246.7
|
Risk weighted assets
|
200.4
|
197.3
|
198.0
|
Period end allocated tangible
equity
|
29.6
|
29.0
|
28.9
|
|
Three months ended
|
|
31.03.24
|
31.03.23
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
FICC
|
1,404
|
1,788
|
(21)
|
Equities
|
883
|
704
|
25
|
Global Markets
|
2,287
|
2,492
|
(8)
|
Advisory
|
148
|
212
|
(30)
|
Equity capital markets
|
68
|
50
|
36
|
Debt capital markets
|
401
|
341
|
18
|
Fees
|
617
|
603
|
2
|
Corporate lending
|
42
|
33
|
27
|
Transaction banking
|
382
|
441
|
(13)
|
International Corporate
Bank
|
424
|
474
|
(11)
|
Investment Banking
|
1,041
|
1,077
|
(3)
|
Total income
|
3,328
|
3,569
|
(7)
|
IB delivered a RoTE of 12.0% reflecting the
benefit of diversified income streams with an increase in Equities
and Investment Banking fee income, offset by a decrease in FICC
income from lower client activity, lower costs and a net credit
impairment release following improvements in macro economic
outlook.
Income statement - Q124 compared to Q123
• IB RoTE was 12.0% (Q123: 14.4%) with a
profit before tax of £1,339m (Q123:
£1,513m)
• Total income decreased 7% to £3,328m
-
Global Markets income decreased 8% to £2,287m as a strong performance in Equities was more
than offset by lower income in FICC. Equities income increased 25% to £883m, driven by growth in Derivatives, Cash and Prime
financing balances, additionally supported by a £125m fair value
gain on Visa B shares. FICC income
decreased 21% to
£1,404m, reflecting lower client activity
in Macro and the non-repeat of inflation benefit from prior year,
partially offset by strong performance in securitised
products
-
Investment Banking income decreased 3% to £1,041m
- Investment Banking fee income increased 2% to £617m driven by
Equity and Debt capital markets. Equity and Debt capital markets
fees increased 36% and 18% respectively, reflecting improved fee
pool and market share1 with Advisory income decreasing
30% against a strong prior year comparator2
- International Corporate Bank income decreased 11% to
£424m, mainly driven by Transaction
banking which decreased 13% to £382m due to margin
compression as customers migrate to higher interest returning
products whilst total deposit balances remained stable and lower
liquidity pool income. Corporate lending income increased to £42m (Q123:
£33m) mainly from lower costs of
hedging
• Total operating expenses
decreased 2% to
£1,999m reflecting efficiency savings, partially offset by the impact
of the BoE levy scheme and the impact of inflation
• Credit impairment net
release of £10m (Q123: £25m charge), driven by
the improved macroeconomic outlook and the benefit of credit
protection with limited single name charges in the
period
Balance sheet - 31 March 2024 compared to 31 December
2023
• RWAs increased to £200.4bn
(December 2023: £197.3bn)
driven by expected seasonal activity across
Global Markets and Investment Banking
1
|
Data source: Dealogic for the period covering 1 January to 31
March 2024.
|
2
|
On a comparable basis, period covering
2014-Q124.
|
Barclays US Consumer Bank
|
Three months ended
|
|
31.03.24
|
31.03.23
|
|
Income statement information
|
£m
|
£m
|
% Change
|
Net interest income
|
688
|
634
|
9
|
Net fee, commission and other
income
|
171
|
192
|
(11)
|
Total income
|
859
|
826
|
4
|
Operating costs
|
(387)
|
(427)
|
9
|
UK regulatory levies
|
-
|
-
|
|
Litigation and conduct
|
(3)
|
-
|
|
Total operating expenses
|
(390)
|
(427)
|
9
|
Other net income
|
-
|
-
|
|
Profit before impairment
|
469
|
399
|
18
|
Credit impairment
charges
|
(410)
|
(321)
|
(28)
|
Profit before tax
|
59
|
78
|
(24)
|
Attributable profit
|
44
|
59
|
(25)
|
|
|
|
|
Performance measures
|
|
|
|
Return on average allocated
tangible equity
|
5.3%
|
7.5%
|
|
Average allocated tangible equity
(£bn)
|
3.3
|
3.1
|
|
Cost: income ratio
|
46%
|
52%
|
|
Loan loss rate (bps)
|
610
|
515
|
|
Net interest margin
|
11.12%
|
10.97%
|
|
|
|
|
|
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
Loans and advances to customers at
amortised cost
|
23.6
|
24.2
|
22.5
|
Deposits at amortised
cost
|
20.3
|
19.7
|
18.1
|
Risk weighted assets
|
23.9
|
24.8
|
22.5
|
Period end allocated tangible
equity
|
3.3
|
3.4
|
3.1
|
USCB delivered a RoTE of 5.3%, with growth in
cards balances, and sold c.£0.9bn ($1.1bn) of the outstanding
credit card receivables to Blackstone, which reduced our capital
requirements.
Income statement - Q124 compared to Q123
• Profit before tax was
£59m (Q123: £78m)
with a RoTE of 5.3% (Q123: 7.5%)
• Total income increased 4% to £859m. NII increased
of 9% to £688m
reflecting higher cards balances. Net fee, commission and other
income decreased 11% to £171m as increased
profit drove a higher partner profit share
• Total operating expenses
decreased 9% to
£390m, driven by efficiency savings and lower marketing
costs
• Credit impairment charges
increased to £410m (Q123: £321m), driven by the
anticipated higher delinquencies, which led to higher coverage
ratios. 30 and 90 day arrears were 3.1% (Q123: 2.3%) and 1.7%
(Q123: 1.2%) respectively. The US cards total coverage ratio was
11.0% (December 2023: 10.2%)
Balance sheet - 31 March 2024 compared to 31 December
2023
• RWAs decreased to £23.9bn
(December 2023: £24.8bn),
reflecting the Blackstone sale
and the seasonal decline in receivables
Head Office
|
Three months ended
|
|
31.03.24
|
31.03.23
|
|
Income statement information
|
£m
|
£m
|
% Change
|
Net interest income
|
186
|
150
|
24
|
Net fee, commission and other
income
|
8
|
8
|
-
|
Total income
|
194
|
159
|
22
|
Operating costs
|
(211)
|
(206)
|
(2)
|
UK regulatory levies
|
-
|
-
|
|
Litigation and conduct
|
(44)
|
(1)
|
|
Total operating expenses
|
(255)
|
(205)
|
|
Other net
income/(expenses)
|
12
|
(5)
|
|
Loss before impairment
|
(49)
|
(51)
|
4
|
Credit impairment
charges
|
(40)
|
(38)
|
(5)
|
Loss before tax
|
(89)
|
(89)
|
-
|
Attributable loss
|
(59)
|
(86)
|
31
|
|
|
|
|
Performance measures
|
|
|
|
Average allocated tangible equity
(£bn)
|
2.8
|
1.2
|
|
|
|
|
|
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
Risk weighted assets
|
20.2
|
19.0
|
15.6
|
Period end allocated tangible
equity
|
3.0
|
3.6
|
1.1
|
Income statement - Q124 compared to Q123
• Loss before tax was
£89m (Q123: £89m)
• Total income increased to £194m (Q123:
£159m) driven by a gain on disposal of a
legacy investment and increased German cards
income, partially offset by lower Payments income, hedge
accounting and treasury items
• Total operating expenses
increased to £255m (Q123: £205m) driven by
higher litigation and conduct charges
• Credit impairment charges
were £40m (Q123: £38m), reflecting
stable credit performance
Balance sheet - 31 March 2024 compared to 31 December
2023
• RWAs increased to £20.2bn
(December 2023: £19.0bn)
Quarterly Results Summary
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Net interest income
|
3,072
|
|
3,139
|
3,247
|
3,270
|
3,053
|
|
2,741
|
3,068
|
2,422
|
Net fee, commission and other
income
|
3,881
|
|
2,459
|
3,011
|
3,015
|
4,184
|
|
3,060
|
2,883
|
4,286
|
Total income
|
6,953
|
|
5,598
|
6,258
|
6,285
|
7,237
|
|
5,801
|
5,951
|
6,708
|
Operating costs
|
(3,998)
|
|
(4,735)
|
(3,949)
|
(3,919)
|
(4,111)
|
|
(3,748)
|
(3,939)
|
(3,682)
|
UK regulatory levies
|
(120)
|
|
(180)
|
-
|
-
|
-
|
|
(176)
|
-
|
-
|
Litigation and conduct
|
(57)
|
|
(5)
|
-
|
(33)
|
1
|
|
(79)
|
339
|
(1,334)
|
Total operating expenses
|
(4,175)
|
|
(4,920)
|
(3,949)
|
(3,952)
|
(4,110)
|
|
(4,003)
|
(3,600)
|
(5,016)
|
Other net
income/(expenses)
|
12
|
|
(16)
|
9
|
3
|
(5)
|
|
10
|
(1)
|
7
|
Profit before impairment
|
2,790
|
|
662
|
2,318
|
2,336
|
3,122
|
|
1,808
|
2,350
|
1,699
|
Credit impairment
charges
|
(513)
|
|
(552)
|
(433)
|
(372)
|
(524)
|
|
(498)
|
(381)
|
(200)
|
Profit before tax
|
2,277
|
|
110
|
1,885
|
1,964
|
2,598
|
|
1,310
|
1,969
|
1,499
|
Tax (charges)/credit
|
(465)
|
|
23
|
(343)
|
(353)
|
(561)
|
|
33
|
(249)
|
(209)
|
Profit after tax
|
1,812
|
|
133
|
1,542
|
1,611
|
2,037
|
|
1,343
|
1,720
|
1,290
|
Non-controlling
interests
|
(3)
|
|
(25)
|
(9)
|
(22)
|
(8)
|
|
(22)
|
(2)
|
(20)
|
Other equity instrument
holders
|
(259)
|
|
(219)
|
(259)
|
(261)
|
(246)
|
|
(285)
|
(206)
|
(199)
|
Attributable profit/(loss)
|
1,550
|
|
(111)
|
1,274
|
1,328
|
1,783
|
|
1,036
|
1,512
|
1,071
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible
shareholders' equity
|
12.3%
|
|
(0.9)%
|
11.0%
|
11.4%
|
15.0%
|
|
8.9%
|
12.5%
|
8.7%
|
Average tangible shareholders'
equity (£bn)
|
50.5
|
|
48.9
|
46.5
|
46.7
|
47.6
|
|
46.7
|
48.6
|
49.0
|
Cost: income ratio
|
60%
|
|
88%
|
63%
|
63%
|
57%
|
|
69%
|
60%
|
75%
|
Loan loss rate (bps)
|
51
|
|
54
|
42
|
37
|
52
|
|
49
|
36
|
20
|
Basic earnings per ordinary
share
|
10.3p
|
|
(0.7)p
|
8.3p
|
8.6p
|
11.3p
|
|
6.5p
|
9.4p
|
6.4p
|
Basic weighted average number of
shares (m)
|
14,983
|
|
15,092
|
15,405
|
15,523
|
15,770
|
|
15,828
|
16,148
|
16,684
|
Period end number of shares
(m)
|
15,091
|
|
15,155
|
15,239
|
15,556
|
15,701
|
|
15,871
|
15,888
|
16,531
|
Period end tangible shareholders'
equity (£bn)
|
50.6
|
|
50.2
|
48.2
|
45.3
|
47.3
|
|
46.8
|
45.4
|
49.0
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet and capital
management1
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
Loans and advances to customers at
amortised cost
|
332.1
|
|
333.3
|
339.6
|
337.4
|
343.6
|
|
343.3
|
346.3
|
337.2
|
Loans and advances to banks at
amortised cost
|
8.5
|
|
9.5
|
11.5
|
10.9
|
11.0
|
|
10.0
|
12.5
|
12.5
|
Debt securities at amortised
cost
|
57.4
|
|
56.7
|
54.3
|
53.1
|
48.9
|
|
45.5
|
54.8
|
46.1
|
Loans and advances at amortised cost
|
397.9
|
|
399.5
|
405.4
|
401.4
|
403.5
|
|
398.8
|
413.7
|
395.8
|
Loans and advances at amortised
cost impairment coverage ratio
|
1.4%
|
|
1.4%
|
1.4%
|
1.4%
|
1.4%
|
|
1.4%
|
1.4%
|
1.4%
|
Total assets
|
1,577.1
|
|
1,477.5
|
1,591.7
|
1,549.7
|
1,539.1
|
|
1,513.7
|
1,726.9
|
1,589.2
|
Deposits at amortised
cost
|
552.3
|
|
538.8
|
561.3
|
554.7
|
555.7
|
|
545.8
|
574.4
|
568.7
|
Tangible net asset value per
share
|
335p
|
|
331p
|
316p
|
291p
|
301p
|
|
295p
|
286p
|
297p
|
Common equity tier 1
ratio
|
13.5%
|
|
13.8%
|
14.0%
|
13.8%
|
13.6%
|
|
13.9%
|
13.8%
|
13.6%
|
Common equity tier 1
capital
|
47.1
|
|
47.3
|
48.0
|
46.6
|
46.0
|
|
46.9
|
48.6
|
46.7
|
Risk weighted assets
|
349.6
|
|
342.7
|
341.9
|
336.9
|
338.4
|
|
336.5
|
350.8
|
344.5
|
UK leverage ratio
|
4.9%
|
|
5.2%
|
5.0%
|
5.1%
|
5.1%
|
|
5.3%
|
5.0%
|
5.1%
|
UK leverage exposure
|
1,226.5
|
|
1,168.3
|
1,202.4
|
1,183.7
|
1,168.9
|
|
1,130.0
|
1,232.1
|
1,151.2
|
|
|
|
|
|
|
|
|
|
|
|
Funding and liquidity
|
|
|
|
|
|
|
|
|
|
|
Group liquidity pool
(£bn)
|
323.5
|
|
298.1
|
335.0
|
330.7
|
333.0
|
|
318.0
|
325.8
|
342.5
|
Liquidity coverage
ratio2
|
163%
|
|
161%
|
159%
|
157%
|
157%
|
|
156%
|
156%
|
157%
|
Net stable funding
ratio3
|
136%
|
|
138%
|
138%
|
139%
|
139%
|
|
137%
|
|
|
Loan: deposit ratio
|
72%
|
|
74%
|
72%
|
72%
|
73%
|
|
73%
|
72%
|
70%
|
1
|
Refer to pages 31 to 35 for further information on how capital, RWAs and
leverage are calculated.
|
2
|
The Liquidity Coverage Ratio is based on the average of the
last 12 spot month end ratios. Prior period LCR comparatives have
been updated for consistency.
|
3
|
Represents average of the last four spot quarter end
positions.
|
Quarterly Results by Business
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Net interest income
|
1,549
|
|
1,575
|
1,578
|
1,660
|
1,618
|
|
1,600
|
1,561
|
1,393
|
Net fee, commission and other
income
|
277
|
|
217
|
295
|
301
|
343
|
|
370
|
355
|
331
|
Total income
|
1,826
|
|
1,792
|
1,873
|
1,961
|
1,961
|
|
1,970
|
1,916
|
1,724
|
Operating costs
|
(1,007)
|
|
(1,153)
|
(1,058)
|
(1,090)
|
(1,092)
|
|
(1,108)
|
(1,069)
|
(1,085)
|
UK regulatory levies
|
(54)
|
|
(30)
|
-
|
-
|
-
|
|
(26)
|
-
|
-
|
Litigation and conduct
|
(2)
|
|
(4)
|
9
|
5
|
(2)
|
|
(13)
|
(3)
|
(16)
|
Total operating expenses
|
(1,063)
|
|
(1,187)
|
(1,049)
|
(1,085)
|
(1,094)
|
|
(1,147)
|
(1,072)
|
(1,101)
|
Other net
income/(expenses)
|
-
|
|
-
|
-
|
-
|
-
|
|
1
|
(1)
|
-
|
Profit before impairment
|
763
|
|
605
|
824
|
876
|
867
|
|
824
|
843
|
623
|
Credit impairment
charges
|
(58)
|
|
(37)
|
(59)
|
(95)
|
(113)
|
|
(157)
|
(81)
|
-
|
Profit before tax
|
705
|
|
568
|
765
|
781
|
754
|
|
667
|
762
|
623
|
Attributable profit
|
479
|
|
382
|
531
|
534
|
515
|
|
474
|
549
|
458
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
Loans and advances to customers at
amortised cost
|
200.8
|
|
202.8
|
204.9
|
206.8
|
208.2
|
|
205.1
|
205.1
|
205.9
|
Customer deposits at amortised
cost
|
237.2
|
|
241.1
|
243.2
|
249.8
|
254.3
|
|
258.0
|
261.0
|
261.5
|
Loan: deposit ratio
|
92%
|
|
92%
|
92%
|
90%
|
90%
|
|
87%
|
86%
|
85%
|
Risk weighted assets
|
76.5
|
|
73.5
|
73.2
|
73.0
|
74.6
|
|
73.1
|
73.2
|
72.2
|
Period end allocated tangible
equity
|
10.7
|
|
10.2
|
10.1
|
10.1
|
10.3
|
|
10.1
|
10.1
|
9.9
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated
tangible equity
|
18.5%
|
|
14.9%
|
21.0%
|
20.9%
|
20.0%
|
|
18.7%
|
22.1%
|
18.4%
|
Average allocated tangible equity
(£bn)
|
10.4
|
|
10.2
|
10.1
|
10.2
|
10.3
|
|
10.2
|
9.9
|
10.0
|
Cost: income ratio
|
58%
|
|
66%
|
56%
|
55%
|
56%
|
|
58%
|
56%
|
64%
|
Loan loss rate (bps)
|
11
|
|
7
|
10
|
17
|
20
|
|
27
|
14
|
-
|
Net interest margin
|
3.09%
|
|
3.07%
|
3.04%
|
3.22%
|
3.18%
|
|
3.10%
|
3.01%
|
2.71%
|
Analysis of Barclays UK
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Analysis of total income
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Personal Banking
|
1,128
|
|
1,067
|
1,165
|
1,244
|
1,253
|
|
1,229
|
1,212
|
1,077
|
Barclaycard Consumer UK
|
229
|
|
242
|
238
|
237
|
247
|
|
269
|
283
|
265
|
Business Banking
|
469
|
|
483
|
470
|
480
|
461
|
|
472
|
421
|
382
|
Total income
|
1,826
|
|
1,792
|
1,873
|
1,961
|
1,961
|
|
1,970
|
1,916
|
1,724
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of credit impairment charges
|
|
|
|
|
|
|
|
|
|
|
Personal Banking
|
(14)
|
|
35
|
(85)
|
(92)
|
(28)
|
|
(120)
|
(26)
|
(42)
|
Barclaycard Consumer UK
|
(38)
|
|
(73)
|
29
|
(35)
|
(83)
|
|
(12)
|
2
|
84
|
Business Banking
|
(6)
|
|
1
|
(3)
|
32
|
(2)
|
|
(25)
|
(57)
|
(42)
|
Total credit impairment charges
|
(58)
|
|
(37)
|
(59)
|
(95)
|
(113)
|
|
(157)
|
(81)
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
Personal Banking
|
169.0
|
|
170.1
|
172.3
|
173.3
|
173.6
|
|
169.7
|
168.7
|
167.1
|
Barclaycard Consumer UK
|
9.8
|
|
9.7
|
9.6
|
9.3
|
9.0
|
|
9.2
|
9.0
|
8.8
|
Business Banking
|
22.0
|
|
23.0
|
23.0
|
24.2
|
25.6
|
|
26.2
|
27.4
|
30.0
|
Total loans and advances to customers at amortised
cost
|
200.8
|
|
202.8
|
204.9
|
206.8
|
208.2
|
|
205.1
|
205.1
|
205.9
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of customer deposits at amortised
cost
|
|
|
|
|
|
|
|
|
|
|
Personal Banking
|
183.4
|
|
185.4
|
186.1
|
191.1
|
194.3
|
|
195.6
|
197.3
|
197.0
|
Barclaycard Consumer UK
|
-
|
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Business Banking
|
53.8
|
|
55.7
|
57.1
|
58.7
|
60.0
|
|
62.4
|
63.7
|
64.5
|
Total customer deposits at amortised cost
|
237.2
|
|
241.1
|
243.2
|
249.8
|
254.3
|
|
258.0
|
261.0
|
261.5
|
Barclays UK Corporate Bank
|
|
|
|
|
|
|
|
|
|
|
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Net interest income
|
277
|
|
247
|
304
|
299
|
310
|
|
324
|
309
|
266
|
Net fee, commission, trading and
other income
|
157
|
|
148
|
136
|
173
|
153
|
|
153
|
124
|
139
|
Total income
|
434
|
|
395
|
440
|
472
|
463
|
|
477
|
433
|
405
|
Operating costs
|
(221)
|
|
(258)
|
(224)
|
(213)
|
(210)
|
|
(213)
|
(209)
|
(198)
|
UK regulatory levies
|
(30)
|
|
(8)
|
-
|
-
|
-
|
|
(7)
|
-
|
-
|
Litigation and conduct
|
-
|
|
(1)
|
2
|
-
|
-
|
|
-
|
-
|
-
|
Total operating expenses
|
(251)
|
|
(267)
|
(222)
|
(213)
|
(210)
|
|
(220)
|
(209)
|
(198)
|
Other net
(expenses)/income
|
-
|
|
(5)
|
-
|
1
|
1
|
|
1
|
-
|
-
|
Profit before impairment
|
183
|
|
123
|
218
|
260
|
254
|
|
258
|
224
|
207
|
Credit impairment
(charges)/releases
|
(15)
|
|
(18)
|
(15)
|
84
|
(24)
|
|
(52)
|
32
|
29
|
Profit before tax
|
168
|
|
105
|
203
|
344
|
230
|
|
206
|
256
|
236
|
Attributable profit
|
113
|
|
59
|
129
|
239
|
157
|
|
131
|
172
|
166
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
Loans and advances to customers at
amortised cost
|
25.7
|
|
26.4
|
26.9
|
26.9
|
27.2
|
|
26.9
|
27.2
|
27.1
|
Deposits at amortised
cost
|
81.7
|
|
84.9
|
82.7
|
82.6
|
83.6
|
|
84.4
|
86.1
|
87.1
|
Risk weighted assets
|
21.4
|
|
20.9
|
19.5
|
20.6
|
20.2
|
|
21.1
|
20.4
|
21.0
|
Period end allocated tangible
equity
|
3.0
|
|
3.0
|
2.8
|
2.9
|
2.9
|
|
3.0
|
2.9
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated
tangible equity
|
15.2%
|
|
8.4%
|
18.3%
|
32.9%
|
21.7%
|
|
17.8%
|
23.4%
|
22.3%
|
Average allocated tangible equity
(£bn)
|
3.0
|
|
2.8
|
2.8
|
2.9
|
2.9
|
|
2.9
|
2.9
|
3.0
|
Cost: income ratio
|
58%
|
|
68%
|
50%
|
45%
|
45%
|
|
46%
|
48%
|
49%
|
Loan loss rate (bps)
|
23
|
|
27
|
21
|
(123)
|
36
|
|
74
|
(45)
|
(42)
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of total income
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Corporate lending
|
72
|
|
64
|
69
|
68
|
61
|
|
66
|
56
|
63
|
Transaction banking
|
362
|
|
331
|
371
|
404
|
402
|
|
411
|
377
|
342
|
Total income
|
434
|
|
395
|
440
|
472
|
463
|
|
477
|
433
|
405
|
Barclays Private Bank and Wealth Management
|
|
|
|
|
|
|
|
|
|
|
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Net interest income
|
175
|
|
182
|
219
|
186
|
181
|
|
205
|
197
|
167
|
Net fee, commission and other
income
|
137
|
|
131
|
118
|
113
|
78
|
|
81
|
72
|
78
|
Total income
|
312
|
|
313
|
337
|
299
|
259
|
|
286
|
269
|
245
|
Operating costs
|
(214)
|
|
(255)
|
(214)
|
(182)
|
(144)
|
|
(153)
|
(135)
|
(138)
|
UK regulatory levies
|
(3)
|
|
(4)
|
-
|
-
|
-
|
|
(4)
|
-
|
-
|
Litigation and conduct
|
-
|
|
2
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Total operating expenses
|
(217)
|
|
(257)
|
(214)
|
(182)
|
(144)
|
|
(157)
|
(135)
|
(138)
|
Other net income
|
-
|
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Profit before impairment
|
95
|
|
56
|
123
|
117
|
115
|
|
129
|
134
|
107
|
Credit impairment
releases/(charges)
|
-
|
|
4
|
2
|
(7)
|
(3)
|
|
(10)
|
-
|
3
|
Profit before tax
|
95
|
|
60
|
125
|
110
|
112
|
|
119
|
134
|
110
|
Attributable profit
|
74
|
|
47
|
102
|
91
|
90
|
|
92
|
108
|
85
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
Loans and advances to customers at
amortised cost
|
13.7
|
|
13.6
|
13.4
|
13.8
|
14.3
|
|
14.4
|
14.6
|
14.3
|
Deposits at amortised
cost
|
61.9
|
|
60.3
|
59.7
|
59.2
|
60.8
|
|
62.3
|
62.9
|
59.1
|
Risk weighted assets
|
7.2
|
|
7.2
|
7.2
|
7.2
|
7.5
|
|
7.8
|
7.9
|
7.4
|
Period end allocated tangible
equity
|
1.0
|
|
1.0
|
1.0
|
1.0
|
1.0
|
|
1.1
|
1.1
|
1.0
|
Client assets and
liabilities
|
189.1
|
|
182.9
|
178.7
|
174.1
|
141.5
|
|
139.4
|
138.4
|
131.2
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated
tangible equity
|
28.7%
|
|
19.1%
|
41.2%
|
35.9%
|
34.5%
|
|
34.9%
|
41.7%
|
33.5%
|
Average allocated tangible equity
(£bn)
|
1.0
|
|
1.0
|
1.0
|
1.0
|
1.0
|
|
1.1
|
1.0
|
1.0
|
Cost: income ratio
|
70%
|
|
82%
|
63%
|
61%
|
56%
|
|
55%
|
50%
|
56%
|
Loan loss rate (bps)
|
-
|
|
(10)
|
(7)
|
20
|
7
|
|
26
|
1
|
(7)
|
Barclays Investment Bank
|
|
|
|
|
|
|
|
|
|
|
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Net interest income
|
197
|
|
282
|
397
|
555
|
159
|
|
228
|
304
|
147
|
Net trading income
|
1,982
|
|
757
|
1,497
|
1,351
|
2,435
|
|
1,197
|
1,346
|
2,734
|
Net fee, commission and other
income
|
1,149
|
|
998
|
792
|
837
|
975
|
|
731
|
794
|
801
|
Total income
|
3,328
|
|
2,037
|
2,686
|
2,743
|
3,569
|
|
2,156
|
2,444
|
3,682
|
Operating costs
|
(1,957)
|
|
(1,934)
|
(1,840)
|
(1,813)
|
(2,032)
|
|
(1,619)
|
(1,869)
|
(1,704)
|
UK regulatory levies
|
(33)
|
|
(123)
|
-
|
-
|
-
|
|
(119)
|
-
|
-
|
Litigation and conduct
|
(9)
|
|
(2)
|
6
|
(1)
|
2
|
|
(55)
|
498
|
(1,314)
|
Total operating expenses
|
(1,999)
|
|
(2,059)
|
(1,834)
|
(1,814)
|
(2,030)
|
|
(1,793)
|
(1,371)
|
(3,018)
|
Other net
(expenses)/income
|
-
|
|
(1)
|
2
|
-
|
(1)
|
|
1
|
1
|
(1)
|
Profit/(loss) before impairment
|
1,329
|
|
(23)
|
854
|
929
|
1,538
|
|
364
|
1,074
|
663
|
Credit impairment
releases/(charges)
|
10
|
|
(23)
|
23
|
(77)
|
(25)
|
|
(22)
|
(93)
|
(106)
|
Profit/(loss) before tax
|
1,339
|
|
(46)
|
877
|
852
|
1,513
|
|
342
|
981
|
557
|
Attributable
profit/(loss)
|
899
|
|
(149)
|
580
|
562
|
1,048
|
|
313
|
847
|
418
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
Loans and advances to customers at
amortised cost
|
64.6
|
|
62.7
|
62.3
|
59.1
|
63.1
|
|
64.6
|
67.5
|
60.5
|
Loans and advances to banks at
amortised cost
|
7.6
|
|
7.3
|
9.5
|
9.0
|
9.1
|
|
8.1
|
10.1
|
10.0
|
Debt securities at amortised
cost
|
40.4
|
|
38.9
|
36.3
|
35.1
|
30.7
|
|
27.2
|
36.2
|
29.3
|
Loans and advances at amortised cost
|
112.6
|
|
108.9
|
108.1
|
103.2
|
102.9
|
|
99.9
|
113.8
|
99.8
|
Trading portfolio
assets
|
195.3
|
|
174.5
|
155.3
|
165.0
|
137.6
|
|
133.7
|
126.1
|
126.7
|
Derivative financial instrument
assets
|
248.9
|
|
255.1
|
280.4
|
264.8
|
256.5
|
|
301.6
|
415.5
|
343.4
|
Financial assets at fair value
through the income statement
|
225.1
|
|
202.5
|
237.2
|
231.1
|
243.8
|
|
209.4
|
243.6
|
208.0
|
Cash collateral and settlement
balances
|
129.8
|
|
102.3
|
134.6
|
122.1
|
124.3
|
|
106.2
|
162.2
|
127.1
|
Deposits at amortised
cost
|
151.1
|
|
132.7
|
154.2
|
142.9
|
137.3
|
|
121.5
|
143.4
|
142.5
|
Derivative financial instrument
liabilities
|
241.5
|
|
249.7
|
268.3
|
254.5
|
246.7
|
|
288.9
|
394.2
|
321.2
|
Risk weighted assets
|
200.4
|
|
197.3
|
201.1
|
197.2
|
198.0
|
|
195.9
|
211.4
|
207.7
|
Period end allocated tangible
equity
|
29.6
|
|
29.0
|
29.0
|
28.7
|
28.9
|
|
28.6
|
30.8
|
30.3
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated
tangible equity
|
12.0%
|
|
(2.1)%
|
8.0%
|
7.7%
|
14.4%
|
|
4.0%
|
10.9%
|
5.6%
|
Average allocated tangible equity
(£bn)
|
30.0
|
|
28.9
|
28.8
|
29.0
|
29.1
|
|
30.9
|
31.2
|
29.9
|
Cost: income ratio
|
60%
|
|
101%
|
68%
|
66%
|
57%
|
|
83%
|
56%
|
82%
|
Loan loss rate (bps)
|
(4)
|
|
8
|
(8)
|
30
|
10
|
|
9
|
32
|
42
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of total income
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
FICC
|
1,404
|
|
724
|
1,147
|
1,186
|
1,788
|
|
976
|
1,546
|
1,529
|
Equities
|
883
|
|
431
|
675
|
563
|
704
|
|
440
|
246
|
1,411
|
Global Markets
|
2,287
|
|
1,155
|
1,822
|
1,749
|
2,492
|
|
1,416
|
1,792
|
2,940
|
Advisory
|
148
|
|
171
|
80
|
130
|
212
|
|
197
|
150
|
236
|
Equity capital markets
|
68
|
|
38
|
62
|
69
|
50
|
|
40
|
42
|
37
|
Debt capital markets
|
401
|
|
301
|
233
|
273
|
341
|
|
243
|
341
|
281
|
Fees
|
617
|
|
510
|
375
|
472
|
603
|
|
480
|
533
|
554
|
Corporate lending
|
42
|
|
(23)
|
103
|
100
|
33
|
|
(194)
|
(237)
|
(110)
|
Transaction banking
|
382
|
|
395
|
386
|
422
|
441
|
|
454
|
356
|
298
|
International Corporate
Banking
|
424
|
|
372
|
489
|
522
|
474
|
|
260
|
119
|
188
|
Investment Banking
|
1,041
|
|
882
|
864
|
994
|
1,077
|
|
740
|
652
|
742
|
Total income
|
3,328
|
|
2,037
|
2,686
|
2,743
|
3,569
|
|
2,156
|
2,444
|
3,682
|
Barclays US Consumer Bank
|
|
|
|
|
|
|
|
|
|
|
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Net interest income
|
688
|
|
686
|
662
|
622
|
634
|
|
639
|
616
|
389
|
Net fee, commission, trading and
other income
|
171
|
|
180
|
147
|
145
|
192
|
|
149
|
137
|
240
|
Total income
|
859
|
|
866
|
809
|
767
|
826
|
|
788
|
753
|
629
|
Operating costs
|
(387)
|
|
(418)
|
(404)
|
(401)
|
(427)
|
|
(425)
|
(429)
|
(365)
|
UK regulatory levies
|
-
|
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Litigation and conduct
|
(3)
|
|
(2)
|
-
|
(4)
|
-
|
|
(3)
|
-
|
-
|
Total operating expenses
|
(390)
|
|
(420)
|
(404)
|
(405)
|
(427)
|
|
(428)
|
(429)
|
(365)
|
Other net income
|
-
|
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Profit before impairment
|
469
|
|
446
|
405
|
362
|
399
|
|
360
|
324
|
264
|
Credit impairment
charges
|
(410)
|
|
(449)
|
(404)
|
(264)
|
(321)
|
|
(224)
|
(172)
|
(108)
|
Profit/(loss) before tax
|
59
|
|
(3)
|
1
|
98
|
78
|
|
136
|
152
|
156
|
Attributable
profit/(loss)
|
44
|
|
(3)
|
3
|
72
|
59
|
|
101
|
107
|
118
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
Loans and advances to customers at
amortised cost
|
23.6
|
|
24.2
|
24.3
|
22.9
|
22.5
|
|
23.6
|
23.6
|
21.0
|
Deposits at amortised
cost
|
20.3
|
|
19.7
|
19.3
|
17.9
|
18.1
|
|
18.3
|
19.8
|
17.8
|
Risk weighted assets
|
23.9
|
|
24.8
|
24.1
|
22.5
|
22.5
|
|
23.9
|
23.6
|
21.7
|
Period end allocated tangible
equity
|
3.3
|
|
3.4
|
3.3
|
3.1
|
3.1
|
|
3.3
|
3.2
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated
tangible equity
|
5.3%
|
|
(0.3)%
|
0.4%
|
9.3%
|
7.5%
|
|
12.6%
|
13.9%
|
18.2%
|
Average allocated tangible equity
(£bn)
|
3.3
|
|
3.3
|
3.1
|
3.1
|
3.1
|
|
3.2
|
3.1
|
2.6
|
Cost: income ratio
|
46%
|
|
48%
|
50%
|
53%
|
52%
|
|
54%
|
57%
|
58%
|
Loan loss rate (bps)
|
610
|
|
636
|
582
|
411
|
515
|
|
337
|
257
|
179
|
Net interest margin
|
11.12%
|
|
10.88%
|
10.88%
|
10.66%
|
10.97%
|
|
10.64%
|
10.81%
|
8.37%
|
Head Office
|
|
|
|
|
|
|
|
|
|
|
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Net interest income
|
186
|
|
168
|
87
|
(52)
|
150
|
|
(253)
|
80
|
61
|
Net fee, commission and other
income
|
8
|
|
27
|
26
|
96
|
8
|
|
378
|
55
|
(38)
|
Total income
|
194
|
|
195
|
113
|
43
|
159
|
|
124
|
136
|
23
|
Operating costs
|
(211)
|
|
(717)
|
(209)
|
(220)
|
(206)
|
|
(230)
|
(228)
|
(192)
|
UK regulatory levies
|
-
|
|
(14)
|
-
|
-
|
-
|
|
(20)
|
-
|
-
|
Litigation and conduct
|
(44)
|
|
1
|
(16)
|
(32)
|
(1)
|
|
(9)
|
(155)
|
(4)
|
Total operating expenses
|
(255)
|
|
(730)
|
(226)
|
(253)
|
(205)
|
|
(258)
|
(384)
|
(196)
|
Other net
income/(expenses)
|
12
|
|
(10)
|
7
|
2
|
(5)
|
|
7
|
(1)
|
8
|
Loss before impairment
|
(49)
|
|
(545)
|
(106)
|
(208)
|
(51)
|
|
(127)
|
(249)
|
(165)
|
Credit impairment
(charges)/releases
|
(40)
|
|
(29)
|
20
|
(13)
|
(38)
|
|
(33)
|
(67)
|
(18)
|
Loss before tax
|
(89)
|
|
(574)
|
(86)
|
(221)
|
(89)
|
|
(160)
|
(316)
|
(183)
|
Attributable loss
|
(59)
|
|
(447)
|
(71)
|
(170)
|
(86)
|
|
(75)
|
(271)
|
(174)
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
Risk weighted assets
|
20.2
|
|
19.0
|
16.8
|
16.4
|
15.6
|
|
14.7
|
14.3
|
14.5
|
Period end allocated tangible
equity
|
3.0
|
|
3.6
|
2.0
|
(0.5)
|
1.1
|
|
0.7
|
(2.6)
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Average allocated tangible equity
(£bn)
|
2.8
|
|
2.7
|
0.7
|
0.5
|
1.2
|
|
(1.6)
|
0.5
|
2.5
|
Performance Management
Margins and balances
|
|
Three months ended 31.03.24
|
Three months ended 31.03.23
|
|
Net interest income
|
Average customer assets
|
Net interest margin
|
Net interest income
|
Average customer assets
|
Net interest margin
|
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
Barclays UK
|
1,549
|
201,669
|
3.09
|
1,618
|
206,241
|
3.18
|
Barclays UK Corporate
Bank
|
277
|
22,257
|
5.00
|
310
|
23,151
|
5.42
|
Barclays Private Bank and Wealth
Management
|
175
|
13,593
|
5.17
|
181
|
14,445
|
5.08
|
Barclays US Consumer
Bank
|
688
|
24,880
|
11.12
|
634
|
23,451
|
10.97
|
Group excluding IB and Head Office
|
2,689
|
262,399
|
4.12
|
2,743
|
267,288
|
4.16
|
Barclays Investment
Bank
|
197
|
|
|
159
|
|
|
Head Office
|
186
|
|
|
150
|
|
|
Total Barclays Group net interest income
|
3,072
|
|
|
3,053
|
|
|
The Group excluding IB and Head
Office NIM has decreased 4bps from
4.16% in Q123 to 4.12% in Q124, driven by adverse product dynamics in
Barclays UK deposits and mortgages, partially offset by continued
structural hedge income momentum across the Group.
The Group's combined product and
equity structural hedge notional amount at 31 March 2024 was £243bn (31
December 2023: £246bn), with an average
duration of close to 2.5 years. Gross
structural hedge contributions of £1,066m
(Q123: £773m) and
net structural hedge contributions of £(2,097)m (Q123: £(1,709)m) are included in Group net interest income.
Gross structural hedge contributions represent the absolute level
of interest earned from the fixed receipts on swaps in the
structural hedge, while the net structural hedge contributions
represent the net interest earned on the difference between the
structural hedge rate and prevailing floating rates.
Quarterly analysis
|
|
|
|
Q124
|
Q423
|
Q323
|
Q223
|
Q123
|
Net interest income
|
£m
|
£m
|
£m
|
£m
|
£m
|
Barclays UK
|
1,549
|
1,575
|
1,578
|
1,660
|
1,618
|
Barclays UK Corporate
Bank
|
277
|
247
|
304
|
299
|
310
|
Barclays Private Bank and Wealth
Management
|
175
|
182
|
219
|
186
|
181
|
Barclays US Consumer
Bank
|
688
|
686
|
662
|
622
|
634
|
Group excluding IB and Head Office
|
2,689
|
2,690
|
2,763
|
2,767
|
2,743
|
|
|
|
|
|
|
Average customer assets
|
£m
|
£m
|
£m
|
£m
|
£m
|
Barclays UK
|
201,669
|
203,646
|
205,693
|
207,073
|
206,241
|
Barclays UK Corporate
Bank
|
22,257
|
23,354
|
23,225
|
23,094
|
23,151
|
Barclays Private Bank and Wealth
Management
|
13,593
|
13,525
|
13,594
|
14,173
|
14,445
|
Barclays US Consumer
Bank
|
24,880
|
25,012
|
24,128
|
23,404
|
23,451
|
Group excluding IB and Head Office
|
262,399
|
265,537
|
266,640
|
267,744
|
267,288
|
|
|
|
|
|
|
Net interest margin
|
%
|
%
|
%
|
%
|
%
|
Barclays UK
|
3.09
|
3.07
|
3.04
|
3.22
|
3.18
|
Barclays UK Corporate
Bank
|
5.00
|
4.19
|
5.19
|
5.19
|
5.42
|
Barclays Private Bank and Wealth
Management
|
5.17
|
5.33
|
6.40
|
5.26
|
5.08
|
Barclays US Consumer
Bank
|
11.12
|
10.88
|
10.88
|
10.66
|
10.97
|
Group excluding IB and Head Office
|
4.12
|
4.02
|
4.11
|
4.15
|
4.16
|
Credit Risk
Loans and advances at amortised cost by
geography
Total loans and advances at
amortised cost in the credit risk performance section includes
loans and advances at amortised cost to banks and loans and
advances at amortised cost to customers.
The table below presents a product
and geographical breakdown by stages of loans and advances at
amortised cost. Also included are stage allocation of debt
securities and off-balance sheet loan commitments and financial
guarantee contracts by gross exposure, impairment allowance and
coverage ratio as at 31 March 2024.
Impairment allowance under IFRS 9
considers both the drawn and the undrawn counterparty exposure. For
retail portfolios, the total impairment allowance is allocated to
gross loans and advances to the extent allowance does not exceed
the drawn exposure and any excess is reported on the liabilities
side of the balance sheet as a provision. For corporate portfolios,
impairment allowance on undrawn exposure is reported on the
liability side of the balance sheet as a provision.
|
Gross exposure
|
|
Impairment allowance
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
As at 31.03.24
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
Retail mortgages
|
144,156
|
20,168
|
1,702
|
166,026
|
|
41
|
79
|
94
|
214
|
Retail credit cards
|
8,214
|
2,083
|
200
|
10,497
|
|
115
|
475
|
97
|
687
|
Retail other
|
6,959
|
1,229
|
196
|
8,384
|
|
56
|
116
|
144
|
316
|
Corporate
loans1
|
52,204
|
8,264
|
1,618
|
62,086
|
|
179
|
214
|
336
|
729
|
Total UK
|
211,533
|
31,744
|
3,716
|
246,993
|
|
391
|
884
|
671
|
1,946
|
Retail mortgages
|
4,086
|
366
|
652
|
5,104
|
|
7
|
31
|
314
|
352
|
Retail credit cards
|
21,131
|
3,385
|
1,708
|
26,224
|
|
395
|
1,109
|
1,374
|
2,878
|
Retail other
|
1,560
|
79
|
202
|
1,841
|
|
3
|
1
|
27
|
31
|
Corporate loans
|
61,022
|
4,128
|
957
|
66,107
|
|
93
|
175
|
271
|
539
|
Total Rest of the World
|
87,799
|
7,958
|
3,519
|
99,276
|
|
498
|
1,316
|
1,986
|
3,800
|
Total loans and advances at amortised cost
|
299,332
|
39,702
|
7,235
|
346,269
|
|
889
|
2,200
|
2,657
|
5,746
|
Debt securities at amortised
cost
|
53,478
|
3,941
|
-
|
57,419
|
|
10
|
10
|
-
|
20
|
Total loans and advances at amortised cost including debt
securities
|
352,810
|
43,643
|
7,235
|
403,688
|
|
899
|
2,210
|
2,657
|
5,766
|
Off-balance sheet loan commitments
and financial guarantee contracts2
|
386,834
|
21,184
|
1,025
|
409,043
|
|
196
|
289
|
23
|
508
|
Total3,4
|
739,644
|
64,827
|
8,260
|
812,731
|
|
1,095
|
2,499
|
2,680
|
6,274
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
Coverage ratio
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
As at 31.03.24
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
Retail mortgages
|
144,115
|
20,089
|
1,608
|
165,812
|
|
-
|
0.4
|
5.5
|
0.1
|
Retail credit cards
|
8,099
|
1,608
|
103
|
9,810
|
|
1.4
|
22.8
|
48.5
|
6.5
|
Retail other
|
6,903
|
1,113
|
52
|
8,068
|
|
0.8
|
9.4
|
73.5
|
3.8
|
Corporate
loans1
|
52,025
|
8,050
|
1,282
|
61,357
|
|
0.3
|
2.6
|
20.8
|
1.2
|
Total UK
|
211,142
|
30,860
|
3,045
|
245,047
|
|
0.2
|
2.8
|
18.1
|
0.8
|
Retail mortgages
|
4,079
|
335
|
338
|
4,752
|
|
0.2
|
8.5
|
48.2
|
6.9
|
Retail credit cards
|
20,736
|
2,276
|
334
|
23,346
|
|
1.9
|
32.8
|
80.4
|
11.0
|
Retail other
|
1,557
|
78
|
175
|
1,810
|
|
0.2
|
1.3
|
13.4
|
1.7
|
Corporate loans
|
60,929
|
3,953
|
686
|
65,568
|
|
0.2
|
4.2
|
28.3
|
0.8
|
Total Rest of the World
|
87,301
|
6,642
|
1,533
|
95,476
|
|
0.6
|
16.5
|
56.4
|
3.8
|
Total loans and advances at amortised cost
|
298,443
|
37,502
|
4,578
|
340,523
|
|
0.3
|
5.5
|
36.7
|
1.7
|
Debt securities at amortised
cost
|
53,468
|
3,931
|
-
|
57,399
|
|
-
|
0.3
|
-
|
-
|
Total loans and advances at amortised cost including debt
securities
|
351,911
|
41,433
|
4,578
|
397,922
|
|
0.3
|
5.1
|
36.7
|
1.4
|
Off-balance sheet loan commitments
and financial guarantee contracts2
|
386,638
|
20,895
|
1,002
|
408,535
|
|
0.1
|
1.4
|
2.2
|
0.1
|
Total3,4
|
738,549
|
62,328
|
5,580
|
806,457
|
|
0.1
|
3.9
|
32.4
|
0.8
|
1
|
Includes Business Banking, which has a gross exposure of
£14.6bn and an impairment allowance of £411m. This comprises £91m
impairment allowance on £9.7bn Stage 1 exposure, £76m on £3.7bn
Stage 2 exposure and £244m on £1.3bn Stage 3 exposure. Excluding
this, total coverage for corporate loans in UK is
0.7%.
|
2
|
Excludes loan commitments and financial guarantees of £15.4bn
carried at fair value and includes exposures relating to financial
assets classified as assets held for sale.
|
3
|
Other financial assets subject to impairment not included in
the table above include cash collateral and settlement balances,
financial assets at fair value through other comprehensive income
and other assets. These have a total gross exposure of £220.1bn and
impairment allowance of £150m. This comprises £17m impairment
allowance on £219.5bn Stage 1 exposure, £2m on £0.4bn Stage 2
exposure and £131m on £141m Stage 3 exposure.
|
4
|
The annualised loan loss rate is 51bps after applying the
total impairment charge of £513m.
|
|
Gross exposure
|
|
Impairment allowance
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
As at 31.12.23
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
Retail mortgages
|
146,001
|
19,123
|
1,812
|
166,936
|
|
43
|
77
|
112
|
232
|
Retail credit cards
|
8,094
|
2,128
|
198
|
10,420
|
|
111
|
492
|
107
|
710
|
Retail other
|
6,832
|
1,252
|
264
|
8,348
|
|
56
|
117
|
144
|
317
|
Corporate
loans1
|
54,257
|
8,673
|
1,692
|
64,622
|
|
191
|
214
|
346
|
751
|
Total UK
|
215,184
|
31,176
|
3,966
|
250,326
|
|
401
|
900
|
709
|
2,010
|
Retail mortgages
|
4,201
|
346
|
612
|
5,159
|
|
7
|
28
|
316
|
351
|
Retail credit cards
|
22,315
|
3,450
|
1,522
|
27,287
|
|
412
|
1,138
|
1,226
|
2,776
|
Retail other
|
1,637
|
91
|
229
|
1,957
|
|
3
|
1
|
32
|
36
|
Corporate loans
|
58,248
|
4,629
|
862
|
63,739
|
|
96
|
200
|
252
|
548
|
Total Rest of the World
|
86,401
|
8,516
|
3,225
|
98,142
|
|
518
|
1,367
|
1,826
|
3,711
|
Total loans and advances at amortised cost
|
301,585
|
39,692
|
7,191
|
348,468
|
|
919
|
2,267
|
2,535
|
5,721
|
Debt securities
|
52,869
|
3,907
|
-
|
56,776
|
|
11
|
16
|
-
|
27
|
Total loans and advances at amortised cost including debt
securities
|
354,454
|
43,599
|
7,191
|
405,244
|
|
930
|
2,283
|
2,535
|
5,748
|
Off-balance sheet loan commitments
and financial guarantee contracts2
|
374,063
|
24,208
|
1,037
|
399,308
|
|
173
|
287
|
44
|
504
|
Total3,4
|
728,517
|
67,807
|
8,228
|
804,552
|
|
1,103
|
2,570
|
2,579
|
6,252
|
|
|
|
|
|
Net exposure
|
|
Coverage ratio
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
As at 31.12.23
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
Retail mortgages
|
145,958
|
19,046
|
1,700
|
166,704
|
|
-
|
0.4
|
6.2
|
0.1
|
Retail credit cards
|
7,983
|
1,636
|
91
|
9,710
|
|
1.4
|
23.1
|
54.0
|
6.8
|
Retail other
|
6,776
|
1,135
|
120
|
8,031
|
|
0.8
|
9.3
|
54.5
|
3.8
|
Corporate
loans1
|
54,066
|
8,459
|
1,346
|
63,871
|
|
0.4
|
2.5
|
20.4
|
1.2
|
Total UK
|
214,783
|
30,276
|
3,257
|
248,316
|
|
0.2
|
2.9
|
17.9
|
0.8
|
Retail mortgages
|
4,194
|
318
|
296
|
4,808
|
|
0.2
|
8.1
|
51.6
|
6.8
|
Retail credit cards
|
21,903
|
2,312
|
296
|
24,511
|
|
1.8
|
33.0
|
80.6
|
10.2
|
Retail other
|
1,634
|
90
|
197
|
1,921
|
|
0.2
|
1.1
|
14.0
|
1.8
|
Corporate loans
|
58,152
|
4,429
|
610
|
63,191
|
|
0.2
|
4.3
|
29.2
|
0.9
|
Total Rest of the World
|
85,883
|
7,149
|
1,399
|
94,431
|
|
0.6
|
16.1
|
56.6
|
3.8
|
Total loans and advances at amortised cost
|
300,666
|
37,425
|
4,656
|
342,747
|
|
0.3
|
5.7
|
35.3
|
1.6
|
Debt securities
|
52,858
|
3,891
|
-
|
56,749
|
|
-
|
0.4
|
-
|
-
|
Total loans and advances at amortised cost including debt
securities
|
353,524
|
41,316
|
4,656
|
399,496
|
|
0.3
|
5.2
|
35.3
|
1.4
|
Off-balance sheet loan commitments
and financial guarantee contracts2
|
373,890
|
23,921
|
993
|
398,804
|
|
-
|
1.2
|
4.2
|
0.1
|
Total3,4
|
727,414
|
65,237
|
5,649
|
798,300
|
|
0.2
|
3.8
|
31.3
|
0.8
|
1
|
Includes Business Banking, which has a gross exposure of
£15.2bn and an impairment allowance of £431m. This comprises £99m
impairment allowance on £9.8bn Stage 1 exposure, £81m on £4.1bn
Stage 2 exposure and £251m on £1.3bn Stage 3 exposure. Excluding
this, total coverage for corporate loans in UK is
0.6%.
|
2
|
Excludes loan commitments and financial guarantees of £16.5bn
carried at fair value and includes exposures relating to financial
assets classified as assets held for sale.
|
3
|
Other financial assets subject to impairment not included in
the table above include cash collateral and settlement balances,
financial assets at fair value through other comprehensive income
and other assets. These have a total gross exposure of £183.6bn and
impairment allowance of £151m. This comprises £16m impairment
allowance on £182.8bn Stage 1 exposure, £2m on £0.6bn Stage 2
exposure and £133m on £140m Stage 3 exposure.
|
4
|
The annualised loan loss rate is 46bps after applying the
total impairment charge of £1,881m.
|
Assets held for sale
During 2023, gross loans and
advances and related impairment allowances for the German consumer
finance business portfolio were reclassified from loans and
advances to customers to assets held for sale in the balance
sheet.
Loans and advances to customers classified as assets held for
sale
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
|
Gross
|
ECL
|
Coverage
|
|
Gross
|
ECL
|
Coverage
|
|
Gross
|
ECL
|
Coverage
|
|
Gross
|
ECL
|
Coverage
|
As at 31.03.24
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
Retail credit cards
|
1,555
|
14
|
0.9
|
|
504
|
45
|
8.9
|
|
94
|
70
|
74.5
|
|
2,153
|
129
|
6.0
|
Retail other
|
1,432
|
20
|
1.4
|
|
285
|
36
|
12.6
|
|
82
|
58
|
70.7
|
|
1,799
|
114
|
6.3
|
Total Rest of the World
|
2,987
|
34
|
1.1
|
|
789
|
81
|
10.3
|
|
176
|
128
|
72.7
|
|
3,952
|
243
|
6.1
|
As at 31.12.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail credit cards
|
1,621
|
15
|
0.9
|
|
445
|
41
|
9.2
|
|
92
|
68
|
73.9
|
|
2,158
|
124
|
5.7
|
Retail other
|
1,561
|
20
|
1.3
|
|
288
|
32
|
11.1
|
|
84
|
60
|
71.4
|
|
1,933
|
112
|
5.8
|
Total Rest of the World
|
3,182
|
35
|
1.1
|
|
733
|
73
|
10.0
|
|
176
|
128
|
72.7
|
|
4,091
|
236
|
5.8
|
Loans and advances at amortised cost by
product
The table below presents a product
breakdown by stages of loans and advances at amortised cost. Also
included is a breakdown of Stage 2 past due balances.
|
|
Stage 2
|
|
|
As at 31.03.24
|
Stage 1
|
Not past due
|
<=30 days past due
|
>30 days past due
|
Total
|
Stage 3
|
Total
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Retail mortgages
|
148,242
|
17,741
|
1,992
|
801
|
20,534
|
2,354
|
171,130
|
Retail credit cards
|
29,345
|
4,759
|
394
|
315
|
5,468
|
1,908
|
36,721
|
Retail other
|
8,519
|
1,063
|
153
|
92
|
1,308
|
398
|
10,225
|
Corporate loans
|
113,226
|
12,095
|
149
|
148
|
12,392
|
2,575
|
128,193
|
Total
|
299,332
|
35,658
|
2,688
|
1,356
|
39,702
|
7,235
|
346,269
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
Retail mortgages
|
48
|
75
|
17
|
18
|
110
|
408
|
566
|
Retail credit cards
|
510
|
1,224
|
164
|
196
|
1,584
|
1,471
|
3,565
|
Retail other
|
59
|
81
|
18
|
18
|
117
|
171
|
347
|
Corporate loans
|
272
|
372
|
8
|
9
|
389
|
607
|
1,268
|
Total
|
889
|
1,752
|
207
|
241
|
2,200
|
2,657
|
5,746
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
Retail mortgages
|
148,194
|
17,666
|
1,975
|
783
|
20,424
|
1,946
|
170,564
|
Retail credit cards
|
28,835
|
3,535
|
230
|
119
|
3,884
|
437
|
33,156
|
Retail other
|
8,460
|
982
|
135
|
74
|
1,191
|
227
|
9,878
|
Corporate loans
|
112,954
|
11,723
|
141
|
139
|
12,003
|
1,968
|
126,925
|
Total
|
298,443
|
33,906
|
2,481
|
1,115
|
37,502
|
4,578
|
340,523
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Retail mortgages
|
-
|
0.4
|
0.9
|
2.2
|
0.5
|
17.3
|
0.3
|
Retail credit cards
|
1.7
|
25.7
|
41.6
|
62.2
|
29.0
|
77.1
|
9.7
|
Retail other
|
0.7
|
7.6
|
11.8
|
19.6
|
8.9
|
43.0
|
3.4
|
Corporate loans
|
0.2
|
3.1
|
5.4
|
6.1
|
3.1
|
23.6
|
1.0
|
Total
|
0.3
|
4.9
|
7.7
|
17.8
|
5.5
|
36.7
|
1.7
|
As at 31.12.23
|
|
|
|
|
|
|
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Retail mortgages
|
150,202
|
16,834
|
1,971
|
664
|
19,469
|
2,424
|
172,095
|
Retail credit cards
|
30,409
|
4,858
|
392
|
328
|
5,578
|
1,720
|
37,707
|
Retail other
|
8,469
|
1,094
|
126
|
123
|
1,343
|
493
|
10,305
|
Corporate loans
|
112,505
|
12,960
|
179
|
163
|
13,302
|
2,554
|
128,361
|
Total
|
301,585
|
35,746
|
2,668
|
1,278
|
39,692
|
7,191
|
348,468
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
Retail mortgages
|
50
|
73
|
20
|
12
|
105
|
428
|
583
|
Retail credit cards
|
523
|
1,257
|
166
|
207
|
1,630
|
1,333
|
3,486
|
Retail other
|
59
|
82
|
18
|
18
|
118
|
176
|
353
|
Corporate loans
|
287
|
399
|
8
|
7
|
414
|
598
|
1,299
|
Total
|
919
|
1,811
|
212
|
244
|
2,267
|
2,535
|
5,721
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
Retail mortgages
|
150,152
|
16,761
|
1,951
|
652
|
19,364
|
1,996
|
171,512
|
Retail credit cards
|
29,886
|
3,601
|
226
|
121
|
3,948
|
387
|
34,221
|
Retail other
|
8,410
|
1,012
|
108
|
105
|
1,225
|
317
|
9,952
|
Corporate loans
|
112,218
|
12,561
|
171
|
156
|
12,888
|
1,956
|
127,062
|
Total
|
300,666
|
33,935
|
2,456
|
1,034
|
37,425
|
4,656
|
342,747
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Retail mortgages
|
-
|
0.4
|
1.0
|
1.8
|
0.5
|
17.7
|
0.3
|
Retail credit cards
|
1.7
|
25.9
|
42.3
|
63.1
|
29.2
|
77.5
|
9.2
|
Retail other
|
0.7
|
7.5
|
14.3
|
14.6
|
8.8
|
35.7
|
3.4
|
Corporate loans
|
0.3
|
3.1
|
4.5
|
4.3
|
3.1
|
23.4
|
1.0
|
Total
|
0.3
|
5.1
|
7.9
|
19.1
|
5.7
|
35.3
|
1.6
|
Measurement uncertainty
Scenarios used to calculate the
Group's expected credit losses charge were refreshed in Q124 with
the Baseline scenario reflecting the latest consensus macroeconomic
forecasts available at the time of the scenario refresh. In the
Baseline scenario, GDP growth remains weak in the coming quarters
and beyond as restrictive monetary policies, which impact economies
with a lag, continue to restrain growth. Having peaked in 2022,
consumer price inflation in the UK and the euro area eases back to
around 2% in 2024. In the US, this adjustment takes a few
additional quarters. The UK unemployment rate rises over 2024, and
then remains in the 4.5-5.0% range. US unemployment rises to 4.2%
at Q324 and then stabilises. With the significant decline in
inflationary pressures, major central banks begin to cut rates in
Q224. UK house prices remain weak in 2024 before stabilising and
resuming the upward trend from 2025. The housing market in the US
remains more resilient, with house prices continuing to
grow.
In the Downside 2 scenario,
inflationary pressures are assumed to intensify again, mainly
driven by strong wage growth. Central banks raise rates further,
with the UK bank rate and the US federal funds rate each reaching
8.5% in Q424. Major economies experience a rapid tightening of
financial conditions alongside a significant increase in market
volatility resulting in a sharp repricing of assets and higher
credit losses. Central banks are forced to cut interest rates
aggressively. Falling demand reduces UK and US GDP and headline
inflation drops significantly. In the Upside 2 scenario, a rise in
labour force participation and higher productivity contribute to
accelerated economic growth without creating new inflationary
pressures. With inflation continuing to fall, central banks lower
interest rates, further stimulating aggregate demand, leading to
reduced unemployment and GDP growth.
The methodology for estimating
scenario probability weights involves simulating a range of future
paths for UK and US GDP using historical data with the five
scenarios mapped against the distribution of these future paths.
The median is centred around the Baseline with scenarios further
from the Baseline attracting a lower weighting before the five
weights are normalised to total 100%. The increases in the Upside
scenario weightings were driven by the improvement in GDP in the
Baseline scenario, bringing the Baseline scenario closer to the
Upside scenarios. For further details see page 30.
The following tables show the key
macroeconomic variables used in the five scenarios (5 year annual
paths) and the probability weights applied to each
scenario.
Macroeconomic variables used in the calculation of
ECL
|
As at 31.03.24
|
2024
|
2025
|
2026
|
2027
|
2028
|
Baseline
|
%
|
%
|
%
|
%
|
%
|
UK GDP1
|
0.1
|
1.2
|
1.6
|
1.7
|
1.7
|
UK
unemployment2
|
4.6
|
4.6
|
4.6
|
4.7
|
4.9
|
UK HPI3
|
(1.4)
|
0.8
|
3.4
|
3.7
|
3.7
|
UK bank rate
|
4.9
|
3.9
|
3.6
|
3.5
|
3.5
|
US GDP1
|
1.9
|
1.6
|
1.9
|
1.9
|
1.9
|
US
unemployment4
|
4.1
|
4.2
|
4.2
|
4.2
|
4.2
|
US HPI5
|
3.4
|
3.0
|
3.3
|
3.3
|
3.3
|
US federal funds rate
|
5.0
|
3.9
|
3.8
|
3.8
|
3.8
|
|
|
|
|
|
|
Downside 2
|
|
|
|
|
|
UK GDP1
|
(0.9)
|
(3.4)
|
1.8
|
1.8
|
1.2
|
UK
unemployment2
|
4.7
|
7.4
|
6.6
|
5.4
|
5.1
|
UK HPI3
|
(8.6)
|
(22.9)
|
9.7
|
13.9
|
7.0
|
UK bank rate
|
6.8
|
2.1
|
1.0
|
1.0
|
1.0
|
US GDP1
|
1.0
|
(3.0)
|
2.6
|
2.3
|
1.7
|
US
unemployment4
|
4.6
|
6.9
|
6.1
|
5.2
|
4.9
|
US HPI5
|
(2.5)
|
(9.2)
|
4.9
|
7.6
|
4.7
|
US federal funds rate
|
6.6
|
2.4
|
1.5
|
1.5
|
1.5
|
|
|
|
|
|
|
Downside 1
|
|
|
|
|
|
UK GDP1
|
(0.4)
|
(1.2)
|
1.7
|
1.8
|
1.5
|
UK
unemployment2
|
4.6
|
6.0
|
5.6
|
5.1
|
5.0
|
UK HPI3
|
(5.0)
|
(11.6)
|
6.5
|
8.7
|
5.4
|
UK bank rate
|
5.8
|
3.0
|
2.3
|
2.3
|
2.3
|
US GDP1
|
1.4
|
(0.7)
|
2.2
|
2.1
|
1.8
|
US
unemployment4
|
4.4
|
5.5
|
5.2
|
4.7
|
4.6
|
US HPI5
|
0.4
|
(3.2)
|
4.1
|
5.4
|
4.0
|
US federal funds rate
|
5.8
|
3.2
|
2.6
|
2.6
|
2.6
|
|
|
|
|
|
|
Upside 2
|
|
|
|
|
|
UK GDP1
|
1.1
|
4.0
|
3.1
|
2.5
|
2.3
|
UK
unemployment2
|
4.1
|
3.6
|
3.6
|
3.6
|
3.6
|
UK HPI3
|
8.0
|
11.0
|
5.8
|
3.4
|
3.0
|
UK bank rate
|
4.7
|
2.9
|
2.5
|
2.5
|
2.5
|
US GDP1
|
2.7
|
3.2
|
2.8
|
2.8
|
2.8
|
US
unemployment4
|
3.7
|
3.6
|
3.5
|
3.5
|
3.5
|
US HPI5
|
6.0
|
3.9
|
4.7
|
4.6
|
4.6
|
US federal funds rate
|
4.8
|
3.1
|
2.8
|
2.8
|
2.8
|
|
|
|
|
|
|
Upside 1
|
|
|
|
|
|
UK GDP1
|
0.6
|
2.6
|
2.3
|
2.1
|
2.0
|
UK
unemployment2
|
4.3
|
4.1
|
4.1
|
4.2
|
4.3
|
UK HPI3
|
3.3
|
5.8
|
4.6
|
3.6
|
3.3
|
UK bank rate
|
4.8
|
3.4
|
3.1
|
3.0
|
3.0
|
US GDP1
|
2.3
|
2.4
|
2.4
|
2.4
|
2.4
|
US
unemployment4
|
3.9
|
3.9
|
3.9
|
3.9
|
3.9
|
US HPI5
|
4.7
|
3.4
|
4.0
|
3.9
|
3.9
|
US federal funds rate
|
4.9
|
3.5
|
3.3
|
3.3
|
3.3
|
1
|
Average Real GDP seasonally adjusted change in
year.
|
2
|
Average UK unemployment rate 16-year+.
|
3
|
Change in year end UK HPI = Halifax All Houses, All Buyers
index, relative to prior year end.
|
4
|
Average US civilian unemployment rate
16-year+.
|
5
|
Change in year end US HPI = FHFA House Price Index, relative
to prior year end.
|
As at 31.12.23
|
2023
|
2024
|
2025
|
2026
|
2027
|
Baseline
|
%
|
%
|
%
|
%
|
%
|
UK GDP1
|
0.5
|
0.3
|
1.2
|
1.6
|
1.6
|
UK
unemployment2
|
4.2
|
4.7
|
4.7
|
4.8
|
5.0
|
UK HPI3
|
(3.3)
|
(5.1)
|
0.7
|
3.1
|
5.3
|
UK bank rate
|
4.7
|
4.9
|
4.1
|
3.8
|
3.5
|
US GDP1
|
2.4
|
1.3
|
1.7
|
1.9
|
1.9
|
US
unemployment4
|
3.7
|
4.3
|
4.3
|
4.3
|
4.3
|
US HPI5
|
5.4
|
3.4
|
3.0
|
3.3
|
3.3
|
US federal funds rate
|
5.1
|
5.0
|
3.9
|
3.8
|
3.8
|
|
|
|
|
|
|
Downside 2
|
|
|
|
|
|
UK GDP1
|
0.5
|
(1.5)
|
(2.6)
|
2.4
|
1.6
|
UK
unemployment2
|
4.2
|
5.2
|
7.9
|
6.3
|
5.5
|
UK HPI3
|
(3.3)
|
(19.3)
|
(16.8)
|
14.5
|
12.4
|
UK bank rate
|
4.7
|
6.6
|
1.3
|
1.0
|
1.0
|
US GDP1
|
2.4
|
(0.6)
|
(2.0)
|
3.1
|
2.0
|
US
unemployment4
|
3.7
|
5.2
|
7.2
|
5.9
|
5.2
|
US HPI5
|
5.4
|
(6.5)
|
(5.7)
|
7.2
|
6.4
|
US federal funds rate
|
5.1
|
6.3
|
1.8
|
1.5
|
1.5
|
|
|
|
|
|
|
Downside 1
|
|
|
|
|
|
UK GDP1
|
0.5
|
(0.6)
|
(0.7)
|
2.0
|
1.6
|
UK
unemployment2
|
4.2
|
4.9
|
6.3
|
5.6
|
5.2
|
UK HPI3
|
(3.3)
|
(12.4)
|
(8.3)
|
8.7
|
8.8
|
UK bank rate
|
4.7
|
5.8
|
2.7
|
2.5
|
2.3
|
US GDP1
|
2.4
|
0.3
|
(0.2)
|
2.5
|
1.9
|
US
unemployment4
|
3.7
|
4.7
|
5.8
|
5.1
|
4.8
|
US HPI5
|
5.4
|
(1.7)
|
(1.4)
|
5.2
|
4.8
|
US federal funds rate
|
5.1
|
5.7
|
2.9
|
2.8
|
2.8
|
|
|
|
|
|
|
Upside 2
|
|
|
|
|
|
UK GDP1
|
0.5
|
2.4
|
3.7
|
2.9
|
2.4
|
UK
unemployment2
|
4.2
|
3.9
|
3.5
|
3.6
|
3.6
|
UK HPI3
|
(3.3)
|
7.8
|
7.6
|
4.5
|
5.6
|
UK bank rate
|
4.7
|
4.3
|
2.7
|
2.5
|
2.5
|
US GDP1
|
2.4
|
2.8
|
3.1
|
2.8
|
2.8
|
US
unemployment4
|
3.7
|
3.5
|
3.6
|
3.6
|
3.6
|
US HPI5
|
5.4
|
6.1
|
4.3
|
4.5
|
4.6
|
US federal funds rate
|
5.1
|
4.3
|
2.9
|
2.8
|
2.8
|
|
|
|
|
|
|
Upside 1
|
|
|
|
|
|
UK GDP1
|
0.5
|
1.4
|
2.5
|
2.3
|
2.0
|
UK
unemployment2
|
4.2
|
4.3
|
4.1
|
4.2
|
4.3
|
UK HPI3
|
(3.3)
|
1.2
|
4.1
|
3.8
|
5.4
|
UK bank rate
|
4.7
|
4.6
|
3.4
|
3.3
|
3.0
|
US GDP1
|
2.4
|
2.0
|
2.4
|
2.4
|
2.4
|
US
unemployment4
|
3.7
|
3.9
|
3.9
|
4.0
|
4.0
|
US HPI5
|
5.4
|
4.7
|
3.7
|
3.9
|
3.9
|
US federal funds rate
|
5.1
|
4.7
|
3.5
|
3.3
|
3.3
|
1
|
Average Real GDP seasonally adjusted change in
year.
|
2
|
Average UK unemployment rate 16-year+.
|
3
|
Change in year end UK HPI = Halifax All Houses, All Buyers
index, relative to prior year end.
|
4
|
Average US civilian unemployment rate
16-year+.
|
5
|
Change in year end US HPI = FHFA House Price Index, relative
to prior year end.
|
Scenario probability weighting
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
|
%
|
%
|
%
|
%
|
%
|
As at 31.03.24
|
|
|
|
|
|
Scenario probability
weighting
|
14.6
|
25.5
|
32.6
|
17.6
|
9.7
|
As at 31.12.23
|
|
|
|
|
|
Scenario probability
weighting
|
13.8
|
24.7
|
32.4
|
18.3
|
10.8
|
Treasury and Capital Risk
Regulatory minimum requirements
Capital
The Group's Overall Capital
Requirement for CET1 remained 12.0% comprising a 4.5% Pillar 1
minimum, a 2.5% Capital Conservation Buffer (CCB), a 1.5% Global
Systemically Important Institution (G-SII) buffer, a 2.6% Pillar 2A
requirement and a 0.9% Countercyclical Capital Buffer
(CCyB).
The Group's CCyB is based on the
buffer rate applicable for each jurisdiction in which the Group has
exposures. The buffer rates set by other national authorities for
non-UK exposures are not currently material.
The Group's Pillar 2A requirement
as per the PRA's Individual Capital Requirement is 4.6% of which at
least 56.25% needs to be met with CET1 capital, equating to 2.6% of
RWAs. The Pillar 2A requirement, based on a point in time
assessment, has been set as a proportion of RWAs and is subject to
at least annual review.
The Group's CET1 target ratio of
13-14% takes into account headroom above requirements which
includes a confidential institution-specific PRA buffer. The Group
remains above its minimum capital regulatory requirements including
the PRA buffer.
Leverage
The Group is subject to a UK
leverage ratio requirement of 4.1%. This
comprises the 3.25% minimum requirement, a
G-SII additional leverage ratio buffer (G-SII ALRB) of 0.53% and a countercyclical leverage ratio buffer
(CCLB) of 0.3%. The Group is also required
to disclose an average UK leverage ratio which is based on capital
on the last day of each month in the quarter and an exposure
measure for each day in the quarter.
MREL
The Group is required to meet the
higher of: (i) two times the sum of 8% Pillar 1 and 4.6% Pillar 2A
equating to 25.2% of RWAs; and (ii) 6.75% of leverage exposures. In
addition, the higher of regulatory capital and leverage buffers
apply. CET1 capital cannot be counted towards both MREL and the
buffers, meaning that the buffers, including the above mentioned
confidential institution-specific PRA buffer, will effectively be
applied above MREL requirements.
In the disclosures that follow,
references to CRR, as amended by CRR II, mean the capital
regulatory requirements, as they form part of domestic law by
virtue of the European Union (Withdrawal) Act 2018, as
amended.
Capital ratios1,2
|
As at 31.03.24
|
As at 31.12.23
|
CET1
|
13.5%
|
13.8%
|
T1
|
17.3%
|
17.7%
|
Total regulatory
capital
|
19.6%
|
20.1%
|
MREL ratio as a percentage of
total RWAs
|
33.4%
|
33.6%
|
|
|
|
Own funds and eligible liabilities
|
£m
|
£m
|
Total equity excluding non-controlling interests per the
balance sheet
|
71,680
|
71,204
|
Less: other equity instruments
(recognised as AT1 capital)
|
(13,241)
|
(13,259)
|
Adjustment to retained earnings
for foreseeable ordinary share dividends
|
(1,123)
|
(795)
|
Adjustment to retained earnings
for foreseeable repurchase of shares
|
(796)
|
-
|
Adjustment to retained earnings
for foreseeable other equity coupons
|
(46)
|
(43)
|
|
|
|
Other regulatory adjustments and deductions
|
|
|
Additional value adjustments
(PVA)
|
(1,834)
|
(1,901)
|
Goodwill and intangible
assets
|
(7,807)
|
(7,790)
|
Deferred tax assets that rely on
future profitability excluding temporary differences
|
(1,558)
|
(1,630)
|
Fair value reserves related to
gains or losses on cash flow hedges
|
4,049
|
3,707
|
Excess of expected losses over
impairment
|
(299)
|
(296)
|
Gains or losses on liabilities at
fair value resulting from own credit
|
378
|
136
|
Defined benefit pension fund
assets
|
(2,509)
|
(2,654)
|
Direct and indirect holdings by an
institution of own CET1 instruments
|
(3)
|
(20)
|
Adjustment under IFRS 9
transitional arrangements
|
137
|
288
|
Other regulatory
adjustments
|
116
|
357
|
CET1 capital
|
47,144
|
47,304
|
|
|
|
AT1 capital
|
|
|
Capital instruments and related
share premium accounts
|
13,263
|
13,263
|
Other regulatory adjustments and
deductions
|
(22)
|
(60)
|
AT1 capital
|
13,241
|
13,203
|
|
|
|
T1 capital
|
60,385
|
60,507
|
|
|
|
T2 capital
|
|
|
Capital instruments and related
share premium accounts
|
7,704
|
7,966
|
Qualifying T2 capital (including
minority interests) issued by subsidiaries
|
401
|
569
|
Other regulatory adjustments and
deductions
|
(35)
|
(160)
|
Total regulatory capital
|
68,455
|
68,882
|
|
|
|
Less : Ineligible T2 capital
(including minority interests) issued by subsidiaries
|
(401)
|
(569)
|
Eligible liabilities
|
48,770
|
46,995
|
|
|
|
Total own funds and eligible
liabilities3
|
116,824
|
115,308
|
|
|
|
Total RWAs
|
349,635
|
342,717
|
1
|
CET1, T1 and T2 capital, and RWAs are calculated applying the
transitional arrangements of the CRR as amended by CRR II. This
includes IFRS 9 transitional arrangements and the grandfathering of
CRR II non-compliant capital instruments.
|
2
|
The fully loaded CET1 ratio, as is relevant for assessing
against the conversion trigger in Barclays PLC AT1 securities, was
13.4%, with £47.0bn of CET1 capital and £349.6bn of RWAs calculated
without applying the transitional arrangements of the CRR as
amended by CRR II.
|
3
|
As at 31 March 2024, the Group's MREL requirement, excluding
the PRA buffer, was to hold £105.2bn of own funds and eligible
liabilities equating to 30.1% of RWAs. The Group remains above its
MREL regulatory requirement including the PRA
buffer.
|
Movement in CET1 capital
|
Three months ended 31.03.24
|
|
£m
|
Opening CET1 capital
|
47,304
|
|
|
Profit for the period attributable
to equity holders
|
1,809
|
Own credit relating to derivative
liabilities
|
19
|
Ordinary share dividends paid and
foreseen
|
(328)
|
Purchased and foreseeable share
repurchase
|
(1,000)
|
Other equity coupons paid and
foreseen
|
(262)
|
Increase in retained regulatory capital generated from
earnings
|
238
|
|
|
Net impact of share
schemes
|
(241)
|
Fair value through other
comprehensive income reserve
|
(169)
|
Currency translation
reserve
|
37
|
Other reserves
|
2
|
Decrease in other qualifying reserves
|
(371)
|
|
|
Pension remeasurements within
reserves
|
(153)
|
Defined benefit pension fund asset
deduction
|
145
|
Net impact of pensions
|
(8)
|
|
|
Additional value adjustments
(PVA)
|
67
|
Goodwill and intangible
assets
|
(17)
|
Deferred tax assets that rely on
future profitability excluding those arising from temporary
differences
|
72
|
Excess of expected loss over
impairment
|
(3)
|
Direct and indirect holdings by an
institution of own CET1 instruments
|
17
|
Adjustment under IFRS 9
transitional arrangements
|
(151)
|
Other regulatory
adjustments
|
(4)
|
Decrease in regulatory capital due to adjustments and
deductions
|
(19)
|
|
|
Closing CET1 capital
|
47,144
|
CET1 capital decreased £0.2bn to
£47.1bn (December 2023: £47.3bn), primarily due to:
• £1.8bn of capital generated from profit partially offset by
distributions of £1.6bn comprising:
-
£1.0bn of share buybacks announced with FY23
results
-
£0.3bn accrual towards the FY24
dividend
-
£0.3bn of equity coupons paid and
foreseen
• £0.4bn decrease in other qualifying reserves including a
reduction in the fair value through other comprehensive reserve and
vesting of shares in employee share schemes
RWAs by risk type and business
|
|
Credit risk
|
|
Counterparty credit risk
|
|
Market Risk
|
|
Operational risk
|
Total RWAs
|
|
STD
|
IRB
|
|
STD
|
IRB
|
Settlement Risk
|
CVA
|
|
STD
|
IMA
|
|
|
|
As
at 31.03.24
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
Barclays UK
|
10,220
|
54,103
|
|
184
|
-
|
-
|
109
|
|
190
|
-
|
|
11,715
|
76,521
|
Barclays UK Corporate
Bank
|
3,453
|
13,966
|
|
105
|
364
|
-
|
34
|
|
2
|
484
|
|
3,024
|
21,432
|
Barclays Private Bank & Wealth
Management
|
4,678
|
452
|
|
173
|
28
|
-
|
19
|
|
-
|
292
|
|
1,546
|
7,188
|
Barclays Investment
Bank
|
39,230
|
53,204
|
|
20,182
|
23,437
|
48
|
2,789
|
|
13,727
|
23,631
|
|
24,179
|
200,427
|
Barclays US Consumer
Bank
|
18,817
|
1,001
|
|
-
|
-
|
-
|
-
|
|
-
|
-
|
|
4,051
|
23,869
|
Head Office
|
6,409
|
12,535
|
|
1
|
18
|
-
|
4
|
|
1
|
187
|
|
1,043
|
20,198
|
Barclays Group
|
82,807
|
135,261
|
|
20,645
|
23,847
|
48
|
2,955
|
|
13,920
|
24,594
|
|
45,558
|
349,635
|
As
at 31.12.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK
|
10,472
|
50,761
|
|
178
|
-
|
-
|
94
|
|
274
|
-
|
|
11,715
|
73,494
|
Barclays UK Corporate
Bank
|
3,458
|
13,415
|
|
262
|
167
|
-
|
14
|
|
2
|
541
|
|
3,024
|
20,883
|
Barclays Private Bank & Wealth
Management
|
4,611
|
455
|
|
182
|
27
|
-
|
30
|
|
1
|
322
|
|
1,546
|
7,174
|
Barclays Investment
Bank
|
37,749
|
52,190
|
|
18,512
|
21,873
|
159
|
3,248
|
|
14,623
|
24,749
|
|
24,179
|
197,282
|
Barclays US Consumer
Bank
|
19,824
|
966
|
|
-
|
-
|
-
|
-
|
|
-
|
-
|
|
4,051
|
24,841
|
Head Office
|
6,772
|
10,951
|
|
1
|
21
|
-
|
6
|
|
1
|
248
|
|
1,043
|
19,043
|
Barclays Group
|
82,886
|
128,738
|
|
19,135
|
22,088
|
159
|
3,392
|
|
14,901
|
25,860
|
|
45,558
|
342,717
|
Movement analysis of RWAs
|
Credit risk
|
Counterparty credit risk
|
Market risk
|
Operational risk
|
Total RWAs
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
Opening RWAs (as at 31.12.23)
|
211,624
|
44,774
|
40,761
|
45,558
|
342,717
|
Book size
|
2,968
|
2,567
|
(2,281)
|
-
|
3,254
|
Acquisitions and
disposals
|
-
|
-
|
-
|
-
|
-
|
Book quality
|
(653)
|
(134)
|
-
|
-
|
(787)
|
Model updates
|
-
|
-
|
-
|
-
|
-
|
Methodology and policy
|
3,903
|
399
|
-
|
-
|
4,302
|
Foreign exchange
movements1
|
226
|
(111)
|
34
|
-
|
149
|
Total RWA movements
|
6,444
|
2,721
|
(2,247)
|
-
|
6,918
|
Closing RWAs (as at 31.03.24)
|
218,068
|
47,495
|
38,514
|
45,558
|
349,635
|
1
|
Foreign exchange movements does not include the impact of
foreign exchange for modelled market risk or operational
risk.
|
Overall RWAs increased £6.9bn to
£349.6bn (December 2023: £342.7bn).
Credit risk RWAs increased
£6.4bn:
• A £3.0bn increase in book size primarily driven by expected
seasonal activity in the Investment Bank
• A £3.9bn increase in methodology and policy primarily driven
by regulatory model changes in Barclays UK
Counterparty Credit risk RWAs
increased £2.7bn:
• A £2.6bn increase in book size primarily due to expected
seasonal activity in Global Markets
Market risk RWAs decreased
£2.2bn:
• A £2.3bn decrease in book size including a reduction of the
Stressed Value at Risk (SVaR) model adjustment as a result of
changes in portfolio composition
Leverage ratios1,2
|
As at 31.03.24
|
As at 31.12.23
|
£m
|
£m
|
UK leverage
ratio3
|
4.9%
|
5.2%
|
T1 capital
|
60,385
|
60,507
|
UK leverage exposure
|
1,226,450
|
1,168,275
|
Average UK leverage
ratio
|
4.7%
|
4.8%
|
Average T1 capital
|
60,466
|
60,343
|
Average UK leverage
exposure
|
1,295,509
|
1,266,880
|
1
|
Capital and leverage measures are calculated applying the
transitional arrangements of the CRR as amended by CRR
II.
|
2
|
Fully loaded UK leverage ratio was 4.9%, with £60.2bn of T1
capital and £1,226.3bn of leverage
exposure. Fully loaded average UK leverage ratio was 4.7% with £60.3bn of T1
capital and £1,295.4bn of leverage
exposure. Fully loaded UK leverage ratios are calculated without
applying the transitional arrangements of the CRR as amended by CRR
II.
|
3
|
Although the leverage ratio is expressed in terms of T1
capital, the leverage ratio buffers and 75% of the minimum
requirement must be covered solely with CET1 capital. The CET1
capital held against the 0.53% G-SII ALRB
was £6.4bn and against the 0.3% CCLB was £3.7bn.
|
The UK leverage ratio decreased to
4.9% (December 2023: 5.2%) primarily due to a £58.2bn increase in
leverage exposure to £1,226.5bn, largely driven by an increase in
trading securities and secured lending in Global
Markets.
Condensed Consolidated Financial Statements
Condensed consolidated income statement
(unaudited)
|
|
Three months ended 31.03.24
|
Three months ended 31.03.23
|
|
£m
|
£m
|
Total income
|
6,953
|
7,237
|
Operating expenses excluding
litigation and conduct
|
(4,118)
|
(4,111)
|
Litigation and conduct
|
(57)
|
1
|
Operating expenses
|
(4,175)
|
(4,110)
|
Other net
income/(expenses)
|
12
|
(5)
|
Profit before impairment
|
2,790
|
3,122
|
Credit impairment
charges
|
(513)
|
(524)
|
Profit before tax
|
2,277
|
2,598
|
Tax charge
|
(465)
|
(561)
|
Profit after tax
|
1,812
|
2,037
|
|
|
|
Attributable to:
|
|
|
Shareholders of the
parent
|
1,550
|
1,783
|
Other equity holders
|
259
|
246
|
Equity holders of the parent
|
1,809
|
2,029
|
Non-controlling
interests
|
3
|
8
|
Profit after tax
|
1,812
|
2,037
|
|
|
|
Earnings per share
|
|
|
Basic earnings per ordinary
share
|
10.3p
|
11.3p
|
|
|
|
Condensed consolidated balance sheet
(unaudited)
|
|
As at 31.03.24
|
As at 31.12.23
|
Assets
|
£m
|
£m
|
Cash and balances at central
banks
|
251,267
|
224,634
|
Cash collateral and settlement
balances
|
137,467
|
108,889
|
Debt securities at amortised
cost
|
57,399
|
56,749
|
Loans and advances at amortised
cost to banks
|
8,471
|
9,459
|
Loans and advances at amortised
cost to customers
|
332,052
|
333,288
|
Reverse repurchase agreements and
other similar secured lending at amortised cost
|
2,860
|
2,594
|
Trading portfolio
assets
|
195,542
|
174,605
|
Financial assets at fair value
through the income statement
|
228,724
|
206,651
|
Derivative financial
instruments
|
250,869
|
256,836
|
Financial assets at fair value
through other comprehensive income
|
78,180
|
71,836
|
Investments in associates and
joint ventures
|
872
|
879
|
Goodwill and intangible
assets
|
7,813
|
7,794
|
Current tax assets
|
252
|
121
|
Deferred tax assets
|
6,165
|
5,960
|
Other assets
|
19,185
|
17,192
|
Total assets
|
1,577,118
|
1,477,487
|
|
|
|
Liabilities
|
|
|
Deposits at amortised cost from
banks
|
23,525
|
14,472
|
Deposits at amortised cost from
customers
|
528,794
|
524,317
|
Cash collateral and settlement
balances
|
132,604
|
94,084
|
Repurchase agreements and other
similar secured borrowings at amortised cost
|
42,848
|
41,601
|
Debt securities in
issue
|
108,247
|
96,825
|
Subordinated
liabilities
|
10,543
|
10,494
|
Trading portfolio
liabilities
|
69,951
|
58,669
|
Financial liabilities designated
at fair value
|
326,195
|
297,539
|
Derivative financial
instruments
|
241,815
|
250,044
|
Current tax liabilities
|
650
|
529
|
Deferred tax
liabilities
|
22
|
22
|
Other liabilities
|
19,584
|
17,027
|
Total liabilities
|
1,504,778
|
1,405,623
|
|
|
|
Equity
|
|
|
Called up share capital and share
premium
|
4,302
|
4,288
|
Other reserves
|
(733)
|
(77)
|
Retained earnings
|
54,870
|
53,734
|
Shareholders' equity attributable to ordinary shareholders of
the parent
|
58,439
|
57,945
|
Other equity
instruments
|
13,241
|
13,259
|
Total equity excluding non-controlling
interests
|
71,680
|
71,204
|
Non-controlling
interests
|
660
|
660
|
Total equity
|
72,340
|
71,864
|
|
|
|
Total liabilities and equity
|
1,577,118
|
1,477,487
|
Condensed consolidated statement of changes in equity
(unaudited)
|
|
Called up share capital and share premium
|
Other equity instruments
|
Other reserves
|
Retained earnings
|
Total
|
Non-controlling interests
|
Total equity
|
Three months ended 31.03.2024
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Balance as at 1 January 2024
|
4,288
|
13,259
|
(77)
|
53,734
|
71,204
|
660
|
71,864
|
Profit after tax
|
-
|
259
|
-
|
1,550
|
1,809
|
3
|
1,812
|
Retirement benefit
remeasurements
|
-
|
-
|
-
|
(153)
|
(153)
|
-
|
(153)
|
Other comprehensive profit after
tax for the period
|
-
|
-
|
(696)
|
-
|
(696)
|
-
|
(696)
|
Total comprehensive income for the period
|
-
|
259
|
(696)
|
1,397
|
960
|
3
|
963
|
Employee share schemes and hedging
thereof
|
40
|
-
|
-
|
417
|
457
|
-
|
457
|
Other equity instruments coupon
paid
|
-
|
(259)
|
-
|
-
|
(259)
|
-
|
(259)
|
Vesting of employee share
schemes
|
-
|
-
|
14
|
(476)
|
(462)
|
-
|
(462)
|
Dividends paid
|
-
|
-
|
-
|
-
|
-
|
(3)
|
(3)
|
Repurchase of shares
|
(26)
|
-
|
26
|
(205)
|
(205)
|
-
|
(205)
|
Other movements
|
-
|
(18)
|
-
|
3
|
(15)
|
-
|
(15)
|
Balance as at 31 March 2024
|
4,302
|
13,241
|
(733)
|
54,870
|
71,680
|
660
|
72,340
|
|
As at 31.03.24
|
As at 31.12.23
|
Other Reserves
|
£m
|
£m
|
Currency translation
reserve
|
3,708
|
3,671
|
Fair value through other
comprehensive income reserve
|
(1,535)
|
(1,366)
|
Cash flow hedging
reserve
|
(4,048)
|
(3,707)
|
Own credit reserve
|
(463)
|
(240)
|
Other reserves and treasury
shares
|
1,605
|
1,565
|
Total
|
(733)
|
(77)
|
Appendix: Non-IFRS Performance Measures
The Group's management believes
that the non-IFRS performance measures included in this document
provide valuable information to the readers of the financial
statements, as they enable the reader to identify a more consistent
basis for comparing the businesses' performance between financial
periods, and provide more detail concerning the elements of
performance which the managers of these businesses are most
directly able to influence or are relevant for an assessment of the
Group. They also reflect an important aspect of the way in which
operating targets are defined and performance is monitored by
management.
However, any non-IFRS performance
measures in this document are not a substitute for IFRS measures
and readers should consider the IFRS measures as well.
Non-IFRS performance measures glossary
Measure
|
Definition
|
Loan: deposit ratio
|
Total loans and advances at
amortised cost divided by total deposits at amortised
cost.
|
Attributable profit
|
Profit after tax attributable to
ordinary shareholders of the parent.
|
Period end tangible equity refers to:
|
Period end tangible shareholders'
equity (for Barclays Group)
|
Shareholders' equity attributable
to ordinary shareholders of the parent, adjusted for the deduction
of intangible assets and goodwill.
|
Period end allocated tangible
equity (for businesses)
|
Allocated tangible equity is
calculated as 13.5% (2023: 13.5%) of RWAs for each business, adjusted for capital
deductions, excluding goodwill and intangible assets, reflecting
the assumptions the Barclays Group uses for capital planning
purposes. Head Office allocated tangible equity represents the
difference between the Barclays Group's tangible shareholders'
equity and the amounts allocated to businesses.
|
Average tangible equity refers to:
|
Average tangible shareholders'
equity (for Barclays Group)
|
Calculated as the average of the
previous month's period end tangible shareholders' equity and the
current month's period end tangible shareholders' equity. The
average tangible shareholders' equity for the period is the average
of the monthly averages within that period.
|
Average allocated tangible equity
(for businesses)
|
Calculated as the average of the
previous month's period end allocated tangible equity and the
current month's period end allocated tangible equity. The average
allocated tangible equity for the period is the average of the
monthly averages within that period.
|
Return on tangible equity (RoTE) refers to:
|
Return on average tangible
shareholders' equity (for Barclays Group)
|
Annualised Group attributable
profit, as a proportion of average tangible shareholders' equity.
The components of the calculation have been included on pages
40 to 41.
|
Return on average allocated
tangible equity (for businesses)
|
Annualised business attributable
profit, as a proportion of that business's average allocated
tangible equity. The components of the calculation have been
included on pages 40 to 42.
|
Operating expenses excluding
litigation and conduct
|
A measure of total operating
expenses excluding litigation and conduct charges.
|
Operating costs
|
A measure of total operating
expenses excluding litigation and conduct charges and UK regulatory
levies.
|
Cost: income ratio
|
Total operating expenses divided
by total income.
|
Loan loss rate
|
Quoted in basis points and
represents total impairment charges divided by total gross loans
and advances held at amortised cost at the balance sheet
date.
|
Net interest margin
|
Annualised net interest income
divided by the sum of average customer assets. The components of
the calculation have been included on page 23.
|
Tangible net asset value per
share
|
Calculated by dividing
shareholders' equity, excluding non-controlling interests and other
equity instruments, less goodwill and intangible assets, by the
number of issued ordinary shares. The components of the calculation
have been included on page 43.
|
Profit before
impairment
|
Calculated by excluding credit
impairment charges or releases from profit before tax.
|
Structural cost actions
|
Cost actions taken to improve
future financial performance.
|
Group net interest income excluding
Barclays Investment Bank and Head Office
|
A measure of Barclays Group net
interest income, excluding the net interest income reported in
Barclays Investment Bank and Head Office.
|
Returns
|
Three months ended 31.03.24
|
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
Return on average tangible equity
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Attributable
profit/(loss)
|
479
|
113
|
74
|
899
|
44
|
(59)
|
1,550
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
Average equity
|
14.3
|
3.0
|
1.1
|
30.0
|
3.6
|
6.3
|
58.3
|
Average goodwill and
intangibles
|
(3.9)
|
-
|
(0.1)
|
-
|
(0.3)
|
(3.5)
|
(7.8)
|
Average tangible equity
|
10.4
|
3.0
|
1.0
|
30.0
|
3.3
|
2.8
|
50.5
|
|
|
|
|
|
|
|
|
Return on average tangible equity
|
18.5%
|
15.2%
|
28.7%
|
12.0%
|
5.3%
|
n/m
|
12.3%
|
|
|
|
|
|
|
|
|
|
Three months ended 31.03.23
|
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
Return on average tangible equity
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Attributable
profit/(loss)
|
515
|
157
|
90
|
1,048
|
59
|
(86)
|
1,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity
|
13.9
|
2.9
|
1.1
|
29.1
|
3.9
|
5.0
|
55.9
|
Average goodwill and
intangibles
|
(3.6)
|
-
|
(0.1)
|
-
|
(0.8)
|
(3.8)
|
(8.3)
|
Average tangible equity
|
10.3
|
2.9
|
1.0
|
29.1
|
3.1
|
1.2
|
47.6
|
|
|
|
|
|
|
|
|
Return on average tangible equity
|
20.0%
|
21.7%
|
34.5%
|
14.4%
|
7.5%
|
n/m
|
15.0%
|
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders'
equity
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Attributable
profit/(loss)
|
1,550
|
|
(111)
|
1,274
|
1,328
|
1,783
|
|
1,036
|
1,512
|
1,071
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
Average shareholders'
equity
|
58.3
|
|
57.1
|
55.1
|
55.4
|
55.9
|
|
54.9
|
56.8
|
57.1
|
Average goodwill and
intangibles
|
(7.8)
|
|
(8.2)
|
(8.6)
|
(8.7)
|
(8.3)
|
|
(8.2)
|
(8.2)
|
(8.1)
|
Average tangible shareholders' equity
|
50.5
|
|
48.9
|
46.5
|
46.7
|
47.6
|
|
46.7
|
48.6
|
49.0
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders'
equity
|
12.3%
|
|
(0.9)%
|
11.0%
|
11.4%
|
15.0%
|
|
8.9%
|
12.5%
|
8.7%
|
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Attributable profit
|
479
|
|
382
|
531
|
534
|
515
|
|
474
|
549
|
458
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
Average allocated
equity
|
14.3
|
|
14.1
|
14.0
|
14.2
|
13.9
|
|
13.7
|
13.5
|
13.6
|
Average goodwill and
intangibles
|
(3.9)
|
|
(3.9)
|
(3.9)
|
(4.0)
|
(3.6)
|
|
(3.5)
|
(3.6)
|
(3.6)
|
Average allocated tangible equity
|
10.4
|
|
10.2
|
10.1
|
10.2
|
10.3
|
|
10.2
|
9.9
|
10.0
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
18.5%
|
|
14.9%
|
21.0%
|
20.9%
|
20.0%
|
|
18.7%
|
22.1%
|
18.4%
|
Barclays UK Corporate Bank
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Attributable profit
|
113
|
|
59
|
129
|
239
|
157
|
|
131
|
172
|
166
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
Average allocated
equity
|
3.0
|
|
2.8
|
2.8
|
2.9
|
2.9
|
|
2.9
|
2.9
|
3.0
|
Average goodwill and
intangibles
|
-
|
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Average allocated tangible equity
|
3.0
|
|
2.8
|
2.8
|
2.9
|
2.9
|
|
2.9
|
2.9
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
15.2%
|
|
8.4%
|
18.3%
|
32.9%
|
21.7%
|
|
17.8%
|
23.4%
|
22.3%
|
Barclays Private Bank and Wealth Management
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Attributable profit
|
74
|
|
47
|
102
|
91
|
90
|
|
92
|
108
|
85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
Average allocated
equity
|
1.1
|
|
1.1
|
1.1
|
1.1
|
1.1
|
|
1.2
|
1.1
|
1.1
|
Average goodwill and
intangibles
|
(0.1)
|
|
(0.1)
|
(0.1)
|
(0.1)
|
(0.1)
|
|
(0.1)
|
(0.1)
|
(0.1)
|
Average allocated tangible equity
|
1.0
|
|
1.0
|
1.0
|
1.0
|
1.0
|
|
1.1
|
1.0
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
28.7%
|
|
19.1%
|
41.2%
|
35.9%
|
34.5%
|
|
34.9%
|
41.7%
|
33.5%
|
Barclays Investment Bank
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Attributable
profit/(loss)
|
899
|
|
(149)
|
580
|
562
|
1,048
|
|
313
|
847
|
418
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
Average allocated
equity
|
30.0
|
|
28.9
|
28.8
|
29.0
|
29.1
|
|
30.9
|
31.2
|
29.9
|
Average goodwill and
intangibles
|
-
|
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Average allocated tangible equity
|
30.0
|
|
28.9
|
28.8
|
29.0
|
29.1
|
|
30.9
|
31.2
|
29.9
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
12.0%
|
|
(2.1)%
|
8.0%
|
7.7%
|
14.4%
|
|
4.0%
|
10.9%
|
5.6%
|
Barclays US Consumer Bank
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Attributable
profit/(loss)
|
44
|
|
(3)
|
3
|
72
|
59
|
|
101
|
107
|
118
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
Average allocated
equity
|
3.6
|
|
3.6
|
3.8
|
3.9
|
3.9
|
|
4.1
|
4.0
|
3.4
|
Average goodwill and
intangibles
|
(0.3)
|
|
(0.3)
|
(0.7)
|
(0.8)
|
(0.8)
|
|
(0.9)
|
(0.9)
|
(0.8)
|
Average allocated tangible equity
|
3.3
|
|
3.3
|
3.1
|
3.1
|
3.1
|
|
3.2
|
3.1
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
5.3%
|
|
(0.3)%
|
0.4%
|
9.3%
|
7.5%
|
|
12.6%
|
13.9%
|
18.2%
|
Tangible net asset value per share
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
|
£m
|
£m
|
£m
|
Total equity excluding
non-controlling interests
|
71,680
|
71,204
|
69,699
|
Other equity
instruments
|
(13,241)
|
(13,259)
|
(13,784)
|
Goodwill and
intangibles
|
(7,813)
|
(7,794)
|
(8,664)
|
Tangible shareholders' equity attributable to ordinary
shareholders of the parent
|
50,626
|
50,151
|
47,251
|
|
|
|
|
|
m
|
m
|
m
|
Shares in issue
|
15,091
|
15,155
|
15,701
|
|
|
|
|
|
p
|
p
|
p
|
Tangible net asset value per share
|
335
|
331
|
301
|
Shareholder Information
Results timetable1
|
|
|
Date
|
|
|
|
2024 Interim Results
Announcement
|
|
|
1 August 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change3
|
Exchange rates2
|
31.03.24
|
31.12.23
|
31.03.23
|
|
31.12.23
|
31.03.23
|
Period end - USD/GBP
|
1.26
|
1.28
|
1.23
|
|
(2)%
|
2%
|
3 month average -
USD/GBP
|
1.27
|
1.24
|
1.22
|
|
2%
|
4%
|
Period end - EUR/GBP
|
1.17
|
1.15
|
1.14
|
|
2%
|
3%
|
3 month average -
EUR/GBP
|
1.17
|
1.15
|
1.13
|
|
2%
|
4%
|
|
|
|
|
|
|
|
Share price data
|
|
|
|
|
|
|
Barclays PLC (p)
|
183.20
|
153.78
|
145.80
|
|
|
|
Barclays PLC number of shares
(m)4
|
15,091
|
15,155
|
15,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For further information please contact
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor relations
|
Media relations
|
Marina Shchukina +44 (0) 20 7116
2526
|
Tom Hoskin +44 (0) 20 7116
4755
|
|
|
More information on Barclays can
be found on our website: home.barclays
|
|
|
|
|
|
|
|
Registered office
|
|
|
|
|
|
|
1 Churchill Place, London, E14
5HP, United Kingdom. Tel: +44 (0) 20 7116 1000. Company number:
48839.
|
|
|
|
|
|
|
|
Registrar
|
|
|
|
|
|
|
Equiniti, Aspect House, Spencer
Road, Lancing, West Sussex, BN99 6DA, United Kingdom.
|
|
Tel: +44 (0)371 384 2055 (UK and
International telephone number)5.
|
|
|
|
|
|
|
|
|
American Depositary Receipts (ADRs)
|
|
|
|
|
|
|
EQ Shareowner Services
|
P.O. Box 64504
|
St. Paul, MN 55164-0504
|
United States of
America
|
shareowneronline.com
|
|
|
|
|
|
Toll Free Number: +1
800-990-1135
|
|
|
|
|
|
|
Outside the US +1
651-453-2128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delivery of ADR certificates and
overnight mail
|
|
|
|
|
|
EQ Shareowner Services, 1110
Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120-4100,
USA.
|
1
|
Note that this date is provisional and subject to
change.
|
2
|
The average rates shown above are derived from daily spot
rates during the year.
|
3
|
The change is the impact to GBP reported
information.
|
4
|
The number of shares of 15,091m as at 31 March 2024 is
different from the 15,080m quoted in the 2 April 2024 announcement
entitled "Total Voting Rights" because the share buyback
transactions executed on 27 and 28 March 2024 did not settle until
2 April 2024 and 3 April 2024 respectively.
|
5
|
Lines open 8.30am to 5.30pm (UK time), Monday to Friday,
excluding UK public holidays in England and
Wales.
|