Barclays PLC 6-K, filed Apr 27, 2023
Barclays PLC (BCS)
6-K
2023-04-27
For: 2023-04-27
View Original
Added on
April 11, 2026
About this 6-K
Barclays PLC filed this 6-K on April 27, 2023.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
April
27, 2023
Barclays PLC
(Name
of Registrant)
1 Churchill Place
London E14 5HP
England
(Address
of Principal Executive Office)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover of Form 20-F or Form 40-F.
Form
20-F x Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No
x
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b):
This
Report on Form 6-K is filed by Barclays PLC.
This
Report comprises:
Information
given to The London Stock Exchange and furnished pursuant
to
General
Instruction B to the General Instructions to Form 6-K.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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BARCLAYS
PLC
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(Registrant)
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Date:
April 27, 2023
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By: /s/
Garth Wright
--------------------------------
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Garth
Wright
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Assistant
Secretary
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Barclays PLC
Q1 2023 Results Announcement
31 March 2023
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 2023 to the
corresponding three months of 2022 and balance sheet analysis as at
31 March 2023 with comparatives relating to 31 December 2022 and 31
March 2022. 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 26 April 2023, does not comprise statutory accounts
within the meaning of Section 434 of the Companies Act 2006.
Statutory accounts for the year ended 31 December 2022, which
contained an unmodified audit report under Section 495 of the
Companies Act 2006 (which did not make any statements under Section
498 of the Companies Act 2006) will be
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 with the US Securities and
Exchange Commission (SEC) as soon as practicable following their
publication. Once furnished with 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 road-shows 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 38 to
43 for further information and
calculations of non-IFRS performance measures included throughout
this document, and 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, income levels, costs, assets and liabilities,
impairment charges, provisions, capital, leverage and other
regulatory ratios, capital distributions (including dividend policy
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), business strategy, 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, regulation 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 policies and actions of governmental
and regulatory authorities; 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; capital, leverage
and other regulatory rules 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; 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
Russia-Ukraine war on European and global macroeconomic conditions,
political stability and financial markets; direct and indirect
impacts of the coronavirus (COVID-19) pandemic; instability as a
result of the UK’s exit from the European Union (EU), the
effects of the EU-UK Trade and Cooperation Agreement and any
disruption that may subsequently result in the UK and globally; the
risk of cyber-attacks, information or security breaches or
technology failures 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. Additional risks and
factors which may impact the Group’s future financial
condition and performance are identified in Barclays PLC’s
filings with the SEC (including, without limitation, Barclays
PLC’s Annual Report on Form 20-F for the financial year ended
31 December 2022), 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
Barclays delivered a return on tangible equity (RoTE) of 15.0% and
remains on track to deliver its 2023 targets, with all performance
metrics in line with or ahead of guidance at Q123
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C. S. Venkatakrishnan, Group Chief Executive,
commented
"This is a strong first quarter with Group income up 11% to £7.2bn and profit before tax up
16% to £2.6bn, generating a Group RoTE of
15.0% and earnings per share
(EPS) of 11.3p. All three
businesses have performed well with high quality income growth and
double-digit returns. The momentum across the Group allows us to
maintain a robust capital position, deliver attractive returns to
shareholders, and support our customers and clients through an
uncertain economic environment."
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Key financial metrics:
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Income
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Cost: income ratio
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LLR
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Profit before tax
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Attributable profit
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RoTE
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EPS
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LCR
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Loan: deposit ratio
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TNAV per share
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CET1 ratio
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Q123
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£7.2bn
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57%
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52bps
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£2.6bn
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£1.8bn
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15.0%
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11.3p
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163%
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73%
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301p
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13.6%
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Q123 Performance highlights:
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●
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Group attributable profit was
£1.8bn and RoTE was 15.0%, with
all operating divisions delivering double-digit
returns
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●
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Group income was £7.2bn, up 11% year-on-year, with diverse
sources of growth across the Group as well as the benefit from USD
appreciation:
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–
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Barclays UK income increased 19% primarily driven by net
interest income growth from
higher rates and continued structural hedge income momentum, delivering a net interest margin (NIM) of
3.18%
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–
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Corporate and Investment Bank (CIB) income increased
1% to £4.0bn,
representing a record Q1 income performance1.
Drivers included a strong performance
in Transaction banking and Global Markets, against a record prior
year comparative, with lower Investment Banking income due to a
reduced industry fee pool2
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–
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Consumer, Cards and Payments (CC&P) income increased 47%
from growth in US cards balances,
including the Gap portfolio acquisition3,
and growth in client assets and liabilities in the Private Bank, as
well as the higher rate environment
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●
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Group operating expenses were £4.1bn, in line with prior year, including the non-repeat
of certain litigation and conduct items. Group operating expenses
excluding litigation and conduct charges increased to
£4.1bn (Q122: £3.6bn) reflecting the impact of business
growth, inflation and USD appreciation. The Group delivered
positive statutory cost: income jaws and a cost: income ratio of
57%
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●
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Credit impairment charges were £0.5bn, with a loan loss rate
(LLR) of 52bps, within the guided range of 50-60bps,
reflecting higher US cards balances
and the continuing normalisation anticipated in US cards
delinquencies. Coverage ratios remain strong
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●
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Common Equity Tier 1 (CET1) ratio of 13.6% (December 2022: 13.9%) reflected the expected reduction of an aggregate
c.40bps of capital impacts in Q123 including the £0.5bn
buyback announced at FY22, and seasonally higher Risk
Weighted Assets (RWAs) in the Global Markets business, which
supported the strong Q1 income performance
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●
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Tangible net asset value (TNAV) per share of 301p,
increased 6p since December
2022
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●
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Liquidity coverage ratio (LCR) of 163% (December 2022: 165%) and Net Stable
Funding Ratio (NSFR) of 139%
(December 2022: 137%), well above regulatory minimum
requirements
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●
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Loan: deposit ratio was maintained at 73% (December 2022:
73%). The Group maintains a
diverse and stable deposit franchise including across wholesale and
consumer as well as across different
geographies
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1
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On a comparable basis, period covering 2014-Q123. Pre 2014 data was
not restated following re-segmentation in 2016.
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2
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Data source: Dealogic for the period covering 1 January to 31 March
2023.
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3
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The Gap portfolio refers to the Gap Inc. US credit card
portfolio.
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Group Targets and Outlook:
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●
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Returns: targeting RoTE of
greater than 10% in 2023, consistent with our medium-term
target
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●
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Income: diversified income
streams continue to position the Group well for the current
economic and market environment including higher interest rates. In
2023, Barclays UK NIM is expected to be greater than
3.20%1
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●
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Costs: targeting a cost: income
ratio percentage in the low 60s in 2023, investing for growth
whilst progressing towards the Group’s medium-term target of
below 60%
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●
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Impairment: expect an LLR of
50-60bps in 2023, based on the current macroeconomic
outlook
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Capital: expect to operate
within the CET1 ratio medium-term target range of
13-14%
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Capital returns: capital
distribution policy incorporates a progressive ordinary dividend,
supplemented with share buybacks as appropriate
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1
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Assumes the UK bank rate peaks at
4.25% in 2023.
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Barclays Group results
for the three months ended
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31.03.23
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31.03.22
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£m
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£m
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% Change
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|
Barclays UK
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1,961
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1,649
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19
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Corporate and Investment Bank
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3,976
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3,938
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1
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Consumer, Cards and Payments
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1,306
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886
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47
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Barclays International
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5,282
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4,824
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9
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|
Head Office
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(6)
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23
|
|
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Total income
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7,237
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6,496
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11
|
|
Operating costs
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(4,111)
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(3,588)
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(15)
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Litigation and conduct
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1
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(523)
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|
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Total operating expenses
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(4,110)
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(4,111)
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—
|
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Other net expenses
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(5)
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(10)
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50
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|
Profit before impairment
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3,122
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2,375
|
31
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|
Credit impairment charges
|
(524)
|
(141)
|
|
|
Profit before tax
|
2,598
|
2,234
|
16
|
|
Tax charge
|
(561)
|
(614)
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9
|
|
Profit after tax
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2,037
|
1,620
|
26
|
|
Non-controlling interests
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(8)
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(1)
|
|
|
Other equity instrument holders
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(246)
|
(215)
|
(14)
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|
Attributable profit
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1,783
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1,404
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27
|
|
|
|
|
|
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Performance measures
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|
|
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Return on average tangible shareholders' equity
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15.0%
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11.5%
|
|
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Average tangible shareholders' equity (£bn)
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47.6
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48.8
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|
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Cost: income ratio
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57%
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63%
|
|
|
Loan loss rate (bps)
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52
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15
|
|
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Basic earnings per share
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11.3p
|
8.4p
|
|
|
Basic weighted average number of shares (m)
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15,770
|
16,682
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(5)
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Period end number of shares (m)
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15,701
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16,762
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(6)
|
|
|
As at 31.03.23
|
As at 31.12.22
|
As at 31.03.22
|
|
Balance sheet and capital management1
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£bn
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£bn
|
£bn
|
|
Loans and advances at amortised cost
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403.5
|
398.8
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371.7
|
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Loans and advances at amortised cost impairment coverage
ratio
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1.4%
|
1.4%
|
1.5%
|
|
Total assets
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1,539.1
|
1,513.7
|
1,496.1
|
|
Deposits at amortised cost
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555.7
|
545.8
|
546.5
|
|
Tangible net asset value per share
|
301p
|
295p
|
294p
|
|
Common equity tier 1 ratio
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13.6%
|
13.9%
|
13.8%
|
|
Common equity tier 1 capital
|
46.0
|
46.9
|
45.3
|
|
Risk weighted assets
|
338.4
|
336.5
|
328.8
|
|
UK leverage ratio
|
5.1%
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5.3%
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5.0%
|
|
UK leverage exposure
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1,168.9
|
1,130.0
|
1,123.5
|
|
Average UK leverage ratio
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4.8%
|
4.8%
|
4.8%
|
|
Average UK leverage exposure
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1,251.3
|
1,281.0
|
1,179.4
|
|
|
|
|
|
|
Funding and liquidity
|
|
|
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Group liquidity pool (£bn)
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333.0
|
318.0
|
319.8
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Liquidity coverage ratio
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163%
|
165%
|
159%
|
|
Net
stable funding ratio2
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139%
|
137%
|
|
|
Loan: deposit ratio
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73%
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73%
|
68%
|
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1
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Refer to pages 29 to 34 for
further information on how capital, RWAs and leverage are
calculated.
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2
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Represents average of the last four spot quarter end
positions.
|
Group Finance Director’s Review
Group performance
|
●
|
Barclays delivered a profit before tax of £2,598m (Q122:
£2,234m), RoTE of 15.0% (Q122: 11.5%) and EPS of 11.3p (Q122:
8.4p)
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|
|
●
|
The Group has a diverse income profile across businesses and
geographies including a significant presence in the US.
The appreciation of average USD
against GBP positively impacted income and profits and adversely
impacted credit impairment charges and total operating
expenses
|
|
|
●
|
Group income increased 11% to £7,237m
primarily from the higher interest
rate environment and continued structural hedge income momentum
benefiting Barclays UK, Transaction banking and the Private Bank,
the benefit of higher balances in US cards, and growth in client
assets and liabilities in the Private Bank
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|
|
●
|
Group operating expenses were
stable at £4,110m (Q122:
£4,111m)
|
|
|
|
–
|
Group operating expenses excluding litigation and conduct charges
increased to £4,111m (Q122: £3,588m) reflecting the impact of business growth and
inflation
|
|
|
–
|
The prior year litigation and conduct charges of
£523m included charges relating
to the Over-issuance of Securities in the US (Over-issuance
of Securities1) and customer
remediation costs relating to a legacy loan portfolio
|
|
●
|
Credit impairment charges were £524m (Q122: £141m)
reflecting higher US cards balances,
including the Gap portfolio acquisition in Q222, and the continuing
normalisation anticipated in US cards delinquencies.
Total coverage ratio remains strong at
1.4% (December 2022: 1.4%)
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|
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●
|
The effective tax rate (ETR) was 21.6% (Q122: 27.5%).
The prior year included the tax charge
recognised for the re-measurement of the Group’s UK deferred
tax assets as a result of the UK banking surcharge rate being
reduced from 8% to 3%
|
|
|
●
|
Attributable profit was £1,783m (Q122:
£1,404m)
|
|
|
●
|
Total assets increased to £1,539.1bn
(December 2022: £1,513.7bn)
driven by increased trading and client activity within Global
Markets and the acquisition of Kensington Mortgage Company (KMC),
partially offset by strengthening of GBP against USD since December
2022. The Group liquidity pool was further strengthened by growth
in deposits and wholesale funding
|
|
|
●
|
TNAV per share increased to 301p (December 2022: 295p)
as EPS of 11.3p and other
reserve movements were partially offset by the 2022 full year
dividend paid on 31 March 2023
|
|
Barclays UK
|
Barclays UK delivered a RoTE of 20.0% supported by higher interest rates and the
continued investment in our transformation into a next-generation,
digitised consumer bank.
|
||
|
●
|
Profit before tax increased
27% to £754m with a RoTE of 20.0% (Q122: 15.6%)
|
|
|
●
|
Total income increased 19% to £1,961m. Net
interest income increased
21% to £1,618m with a NIM of 3.18% (Q122:
2.62%), continuing to build as
higher interest rates and
associated structural hedge benefit outweighed mortgage margin
pressure. Net fee, commission and other income increased 11% to £343m partially driven by
transactional income in Business Banking and UK cards
|
|
|
|
–
|
Personal
Banking income increased 23% to
£1,253m, driven by higher
interest rates, partially offset by mortgage margin
compression
|
|
|
–
|
Barclaycard
Consumer UK income decreased
11% to £247m as higher customer spend volumes
were more than offset by lower interest earning lending balances
following repayments and ongoing prudent risk
management
|
|
|
–
|
Business
Banking income increased
31% to £461m driven by higher interest rates
alongside improved transaction based revenues, partially offset by
lower government scheme lending as repayments continue
|
|
●
|
Total operating expenses increased 9% to £1,094m from the impact of inflation with
ongoing efficiency savings reinvested in digitisation to support
further improvements to the cost: income ratio over
time
|
|
|
●
|
Credit impairment charges were £113m (Q122: £48m), reflecting limited observed deterioration. UK cards 30
and 90 day arrears remained below pre-pandemic levels at 0.9%
(Q122: 1.0%) and 0.2% (Q122: 0.3%) respectively2. The UK cards total
coverage ratio was 7.7% (December 2022: 7.6%)
|
|
|
●
|
Loans and advances to customers at amortised cost
increased
2% to £208.2bn primarily
reflecting the acquisition of KMC
|
|
|
●
|
Customer deposits at amortised cost decreased 1% to £254.3bn.
Increases in savings product balances were more than offset by
reduced current account and business banking deposits, reflecting
broader market trends. The loan: deposit ratio increased to
90% (December 2022:
87%)
|
|
|
●
|
RWAs increased to £74.6bn
(December 2022: £73.1bn) including £0.8bn related to the
acquisition of KMC
|
|
|
1
|
Denotes the Over-issuance of Securities under Barclays Bank PLC's
(BBPLC) US shelf registration statements on Form F-3 filed with the
SEC in 2018 and 2019.
|
|
2
|
As at 31 December 2019, UK cards 30 and 90 days arrears were 1.7%
and 0.8% respectively.
|
Barclays International
|
Barclays International delivered a RoTE of 14.5%.
CIB continued to support clients
through a period of market volatility, with performance reflecting
the benefits of income diversification and continued investment in
sustainable growth. CC&P performance reflects continued
investment in the business resulting in balance growth and
increased income, partially offset by higher impairment
charges.
|
||||
|
●
|
Profit before tax increased 13% to £1,928m with a RoTE of
14.5% (Q122: 14.8%), reflecting
a RoTE of 15.2% (Q122: 17.1%) in CIB and 10.5% (Q122: (1.5)%) in
CC&P
|
|||
|
●
|
Barclays International has a diverse income profile across
businesses and geographies including a significant presence in the
US. The appreciation of average
USD against GBP positively impacted income and profits, and
adversely impacted credit impairment charges and total operating
expenses
|
|||
|
●
|
Total income increased to
£5,282m (Q122:
£4,824m)
|
|||
|
|
–
|
CIB
income of £3,976m (Q122:
£3,938m) represented the
best Q1 on a comparable basis1
|
||
|
|
|
–
|
Global
Markets income of £2,492m
decreased 8% against a record prior year comparative.
FICC income increased 9% to
£1,788m, driven by a
strong performance in credit. Equities income decreased 33% to £704m driven by a decline in
derivatives income reflecting less volatile equity market
conditions relative to prior year
|
|
|
|
|
–
|
Investment
Banking fees decreased
7% to £603m due to the reduced fee pool2,
partially offset by a strong performance in advisory representing
the best Q1 performance1
|
|
|
|
|
–
|
Within
Corporate, Transaction banking income increased 68% to £786m representing the best Q1
performance1, driven by improved
margins, in the higher rate
environment, in deposits. Corporate lending income decreased
24% to £95m mainly driven by costs of higher
credit protection
|
|
|
|
–
|
CC&P
income increased 47% to £1,306m
|
||
|
|
|
–
|
International
Cards and Consumer Bank income increased 67% to £900m reflecting higher cards balances
and improved margins, including the Gap portfolio acquisition in
Q222
|
|
|
|
|
–
|
Private
Bank income increased
21% to £258m, reflecting client balance
growth and improved margins
|
|
|
|
|
–
|
Payments
income increased 10% to £148m driven by merchant acquiring
turnover growth
|
|
|
●
|
Total operating expenses decreased 2% to £2,953m and increased 18% to £2,956m excluding litigation and
conduct, reflecting continued investment in the
business
|
|||
|
|
–
|
CIB total operating expenses decreased 2% to £2,199m. Operating expenses excluding
litigation and conduct charges increased 15% to £2,202m driven by continued investment
in talent and technology, and the impact of appreciation of average
USD and inflation
|
||
|
|
–
|
CC&P
total operating expenses decreased 3% to £754m. Operating expenses excluding
litigation and conduct charges increased 29% to £754m, driven by higher investment
spend to support growth, mainly in marketing and partnership costs,
including the Gap portfolio
acquisition, and the impact of appreciation of average USD
and inflation
|
||
|
●
|
Credit impairment charges were £404m (Q122: £101m) reflecting higher balances and
the continuing normalisation anticipated in US cards
delinquencies
|
|||
|
|
–
|
CIB
credit impairment charges of £33m (Q122: £33m net release) were driven by
single name charges partially offset by the benefit of credit protection
|
||
|
|
–
|
CC&P
credit impairment charges increased to £371m (Q122: £134m), reflecting higher US cards
balances, including the Gap portfolio, and the continuing
normalisation anticipated in delinquencies. US cards 30 and 90 day
arrears were 2.3% (Q122: 1.6%) and 1.2% (Q122: 0.8%) respectively.
The US cards total coverage ratio was 8.9% (December 2022:
8.1%)
|
||
|
●
|
RWAs increased to £255.1bn
(December 2022: £254.8bn)
mainly supporting increased
client and trading activity within Global Markets, partially offset
by strengthening of GBP against USD since December
2022
|
|||
Head Office
|
●
|
Loss before tax was £84m
(Q122: £73m)
|
|
●
|
Total income was an expense of £6m (Q122: £23m income) with hedge accounting gains offset by treasury
items. The prior year included a one-off gain of £86m from the
sale and leaseback of UK data centres
|
|
●
|
Total operating expenses were £63m (Q122: £86m)
|
|
●
|
RWAs were £8.8bn (December
2022: £8.6bn)
|
|
1
|
On a comparable basis, period covering 2014-Q123. Pre 2014 data was
not restated following re-segmentation in 2016.
|
|
2
|
Data source: Dealogic for the period covering 1 January to 31 March
2023.
|
Capital distributions
|
●
|
Barclays paid the 2022 full year dividend of 5.0p on
31 March 2023 and completed the £0.5bn share
buyback programme announced at FY22 results on 14 April
2023
|
|
●
|
Barclays
is committed to maintaining a balance between a strong capital
position, delivering total cash returns to shareholders and
investment in the business. Barclays pays a progressive ordinary
dividend, taking into account these objectives and the earnings
outlook of the Group. The Board will also continue to supplement
the ordinary dividend as
appropriate, including with share buybacks
|
Group capital and leverage
|
●
|
The CET1 ratio decreased by c.30bps to 13.6% (December 2022: 13.9%)
as RWAs increased by £1.9bn to £338.4bn and CET1 capital
decreased by £0.9bn to £46.0bn:
|
|
|
|
–
|
c.50bps increase from attributable profit generated in the
quarter
|
|
|
–
|
c.40bps aggregate decrease from expected capital impacts in Q123,
including the £0.5bn share buyback announced at FY22 results,
the impact of regulatory change on 1 January 2023 relating to IFRS
9 transitional relief, and the impact of the KMC
acquisition
|
|
|
–
|
c.20bps decrease as a result of a £5.2bn increase in RWAs
primarily driven by increased client and trading activity within
Global Markets
|
|
|
–
|
c.20bps decrease primarily due to increased regulatory capital
deductions and an accrual for the FY23 dividend
|
|
|
–
|
A £4.0bn decrease in RWAs as a result of foreign exchange
movements was broadly offset by a £0.5bn decrease in the
currency translation reserve
|
|
●
|
The UK
leverage ratio decreased to 5.1% (December 2022: 5.3%) primarily
due to a £38.9bn increase in leverage exposure and a
£0.4bn decrease in Tier 1 capital. The UK leverage exposure
increased to £1,168.9bn (December 2022: £1,130.0bn)
largely due to an increase in securities financing transactions
(SFT) client and trading activity within Global
Markets
|
|
Group funding and liquidity
|
●
|
The
liquidity and funding position remains robust and strengthened
further in Q123. The liquidity pool increased to £333.0bn
(December 2022: £318.0bn) driven by growth in deposits and
increased wholesale funding. The composition of the liquidity pool
is conservative, with 82% held in cash and deposits with central
banks and the remainder primarily held in high quality government bonds, materially held at fair value or
hedged
|
|
●
|
The
strength of the funding and liquidity position is supported by a
diverse and stable deposit franchise. Total deposits increased to
£555.7bn (December 2022: £545.8bn)
|
|
●
|
The
liquidity coverage ratio remained significantly above the 100%
regulatory requirement at 163% (December 2022: 165%), equivalent to
a surplus of £122.0bn (December 2022:
£116.4bn)
|
|
●
|
Net
Stable Funding Ratio (average of last four quarter ends) was 139%
(December 2022: 137%), which represents a £166.7bn (December
2022: £155.6bn) surplus above 100% regulatory
requirement
|
|
●
|
Wholesale
funding outstanding, excluding repurchase agreements, was
£192.2bn (December 2022: £184.0bn)
|
|
●
|
The
Group issued £2.8bn equivalent of minimum requirement for own
funds and eligible liabilities (MREL) instruments from Barclays PLC
(the Parent company) in Q123. The Group has a strong MREL position
with a ratio of 32.7%, which is in excess of the regulatory
requirement of 29% plus a confidential, institution specific, Prudential Regulation Authority
(PRA) buffer
|
Other matters
|
●
|
KMC acquisition: further to the announcement in Q222, on 1
March 2023 Barclays completed the acquisition of UK specialist
mortgage lender KMC, including a portfolio of mortgages totalling
£2.2bn with an RWA impact of £0.8bn. The transaction
broadens Barclays' existing mortgage product range by adding a
leading UK specialist residential mortgage lender with an
established track record in the UK market, further enhancing its
product capabilities consistent with Barclays’ strategic
priority to deliver next-generation, digitised consumer financial
services
|
Anna Cross, Group Finance Director
Results by Business
|
Barclays UK
|
Three months ended
|
||
|
|
31.03.23
|
31.03.22
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
Net interest income
|
1,618
|
1,339
|
21
|
|
Net fee, commission and other income
|
343
|
310
|
11
|
|
Total income
|
1,961
|
1,649
|
19
|
|
Operating costs
|
(1,092)
|
(998)
|
(9)
|
|
Litigation and conduct
|
(2)
|
(9)
|
78
|
|
Total operating expenses
|
(1,094)
|
(1,007)
|
(9)
|
|
Other net income
|
—
|
—
|
|
|
Profit before impairment
|
867
|
642
|
35
|
|
Credit impairment charges
|
(113)
|
(48)
|
|
|
Profit before tax
|
754
|
594
|
27
|
|
Attributable profit
|
515
|
396
|
30
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
Return on average allocated tangible equity
|
20.0%
|
15.6%
|
|
|
Average allocated tangible equity (£bn)
|
10.3
|
10.1
|
|
|
Cost: income ratio
|
56%
|
61%
|
|
|
Loan loss rate (bps)
|
20
|
9
|
|
|
Net interest margin
|
3.18%
|
2.62%
|
|
|
|
|
|
|
|
|
As at 31.03.23
|
As at 31.12.22
|
As at 31.03.22
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
208.2
|
205.1
|
207.3
|
|
Total assets
|
308.6
|
313.2
|
317.2
|
|
Customer deposits at amortised cost
|
254.3
|
258.0
|
260.3
|
|
Loan: deposit ratio
|
90%
|
87%
|
85%
|
|
Risk weighted assets
|
74.6
|
73.1
|
72.7
|
|
Period end allocated tangible equity
|
10.3
|
10.1
|
10.1
|
|
|
|
|
|
|
Analysis of Barclays UK
|
Three months ended
|
||
|
31.03.23
|
31.03.22
|
|
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
Personal Banking
|
1,253
|
1,022
|
23
|
|
Barclaycard Consumer UK
|
247
|
276
|
(11)
|
|
Business Banking
|
461
|
351
|
31
|
|
Total income
|
1,961
|
1,649
|
19
|
|
|
|
|
|
|
Analysis of credit impairment charges
|
|
|
|
|
Personal Banking
|
(28)
|
21
|
|
|
Barclaycard Consumer UK
|
(83)
|
(44)
|
(89)
|
|
Business Banking
|
(2)
|
(25)
|
92
|
|
Total credit impairment charges
|
(113)
|
(48)
|
|
|
|
|
|
|
|
|
As at 31.03.23
|
As at 31.12.22
|
As at 31.03.22
|
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
£bn
|
£bn
|
|
Personal Banking
|
173.6
|
169.7
|
166.5
|
|
Barclaycard Consumer UK
|
9.0
|
9.2
|
8.4
|
|
Business Banking
|
25.6
|
26.2
|
32.4
|
|
Total loans and advances to customers at amortised
cost
|
208.2
|
205.1
|
207.3
|
|
|
|
|
|
|
Analysis of customer deposits at amortised cost
|
|
|
|
|
Personal Banking
|
194.3
|
195.6
|
196.6
|
|
Barclaycard Consumer UK
|
—
|
—
|
—
|
|
Business Banking
|
60.0
|
62.4
|
63.7
|
|
Total customer deposits at amortised cost
|
254.3
|
258.0
|
260.3
|
|
Barclays International
|
Three months ended
|
||
|
|
31.03.23
|
31.03.22
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
Net interest income
|
1,354
|
936
|
45
|
|
Net trading income
|
2,419
|
2,446
|
(1)
|
|
Net fee, commission and other income
|
1,509
|
1,442
|
5
|
|
Total income
|
5,282
|
4,824
|
9
|
|
Operating costs
|
(2,956)
|
(2,505)
|
(18)
|
|
Litigation and conduct
|
3
|
(513)
|
|
|
Total operating expenses
|
(2,953)
|
(3,018)
|
2
|
|
Other net income
|
3
|
8
|
(63)
|
|
Profit before impairment
|
2,332
|
1,814
|
29
|
|
Credit impairment charges
|
(404)
|
(101)
|
|
|
Profit before tax
|
1,928
|
1,713
|
13
|
|
Attributable profit
|
1,348
|
1,300
|
4
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
Return on average allocated tangible equity
|
14.5%
|
14.8%
|
|
|
Average allocated tangible equity (£bn)
|
37.1
|
35.1
|
|
|
Cost: income ratio
|
56%
|
63%
|
|
|
Loan loss rate (bps)
|
94
|
28
|
|
|
Net interest margin
|
5.87%
|
4.15%
|
|
|
|
|
|
|
|
|
As at 31.03.23
|
As at 31.12.22
|
As at 31.03.22
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
131.0
|
133.7
|
113.9
|
|
Loans and advances to banks at amortised cost
|
9.8
|
8.7
|
10.2
|
|
Debt securities at amortised cost
|
30.8
|
27.2
|
20.7
|
|
Loans and advances at amortised cost
|
171.6
|
169.6
|
144.8
|
|
Trading portfolio assets
|
137.7
|
133.8
|
134.1
|
|
Derivative financial instrument assets
|
256.6
|
301.7
|
288.8
|
|
Financial assets at fair value through the income
statement
|
245.0
|
210.5
|
203.8
|
|
Cash collateral and settlement balances
|
125.5
|
107.7
|
132.0
|
|
Other assets
|
275.0
|
258.0
|
255.5
|
|
Total assets
|
1,211.4
|
1,181.3
|
1,159.0
|
|
Deposits at amortised cost
|
301.6
|
287.6
|
286.1
|
|
Derivative financial instrument liabilities
|
246.7
|
288.9
|
277.2
|
|
Loan: deposit ratio
|
57%
|
59%
|
51%
|
|
Risk weighted assets
|
255.1
|
254.8
|
245.1
|
|
Period end allocated tangible equity
|
36.8
|
36.8
|
35.6
|
|
|
|
|
|
|
Analysis of Barclays International
|
|
|
|
|
Corporate and Investment Bank
|
Three months ended
|
||
|
|
31.03.23
|
31.03.22
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
Net interest income
|
465
|
385
|
21
|
|
Net trading income
|
2,437
|
2,450
|
(1)
|
|
Net fee, commission and other income
|
1,074
|
1,103
|
(3)
|
|
Total income
|
3,976
|
3,938
|
1
|
|
Operating costs
|
(2,202)
|
(1,921)
|
(15)
|
|
Litigation and conduct
|
3
|
(318)
|
|
|
Total operating expenses
|
(2,199)
|
(2,239)
|
2
|
|
Other net income
|
—
|
—
|
|
|
Profit before impairment
|
1,777
|
1,699
|
5
|
|
Credit impairment (charges)/releases
|
(33)
|
33
|
|
|
Profit before tax
|
1,744
|
1,732
|
1
|
|
Attributable profit
|
1,209
|
1,316
|
(8)
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
Return on average allocated tangible equity
|
15.2%
|
17.1%
|
|
|
Average allocated tangible equity (£bn)
|
31.8
|
30.8
|
|
|
Cost: income ratio
|
55%
|
57%
|
|
|
Loan loss rate (bps)
|
10
|
(12)
|
|
|
|
|
|
|
|
|
As at 31.03.23
|
As at 31.12.22
|
As at 31.03.22
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
89.2
|
90.5
|
79.5
|
|
Loans and advances to banks at amortised cost
|
9.2
|
8.1
|
9.4
|
|
Debt securities at amortised cost
|
30.7
|
27.2
|
20.7
|
|
Loans and advances at amortised cost
|
129.1
|
125.8
|
109.6
|
|
Trading portfolio assets
|
137.6
|
133.7
|
134.0
|
|
Derivative financial instrument assets
|
256.5
|
301.6
|
288.7
|
|
Financial assets at fair value through the income
statement
|
244.9
|
210.5
|
203.8
|
|
Cash collateral and settlement balances
|
124.7
|
106.9
|
131.2
|
|
Other assets
|
230.3
|
222.6
|
222.5
|
|
Total assets
|
1,123.1
|
1,101.1
|
1,089.8
|
|
Deposits at amortised cost
|
221.0
|
205.8
|
214.7
|
|
Derivative financial instrument liabilities
|
246.7
|
288.9
|
277.1
|
|
Risk weighted assets
|
216.8
|
215.9
|
213.5
|
|
|
|
|
|
|
|
Three months ended
|
||
|
|
31.03.23
|
31.03.22
|
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
FICC
|
1,788
|
1,644
|
9
|
|
Equities
|
704
|
1,052
|
(33)
|
|
Global Markets
|
2,492
|
2,696
|
(8)
|
|
Advisory
|
212
|
185
|
15
|
|
Equity capital markets
|
50
|
47
|
6
|
|
Debt capital markets
|
341
|
416
|
(18)
|
|
Investment Banking fees
|
603
|
648
|
(7)
|
|
Corporate lending
|
95
|
125
|
(24)
|
|
Transaction banking
|
786
|
469
|
68
|
|
Corporate
|
881
|
594
|
48
|
|
Total income
|
3,976
|
3,938
|
1
|
|
Analysis of Barclays International
|
|
|
|
|
Consumer, Cards and Payments
|
Three months ended
|
||
|
|
31.03.23
|
31.03.22
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
Net interest income
|
889
|
551
|
61
|
|
Net fee, commission, trading and other income
|
417
|
335
|
24
|
|
Total income
|
1,306
|
886
|
47
|
|
Operating costs
|
(754)
|
(584)
|
(29)
|
|
Litigation and conduct
|
—
|
(195)
|
|
|
Total operating expenses
|
(754)
|
(779)
|
3
|
|
Other net income
|
3
|
8
|
(63)
|
|
Profit before impairment
|
555
|
115
|
|
|
Credit impairment charges
|
(371)
|
(134)
|
|
|
Profit/(loss) before tax
|
184
|
(19)
|
|
|
Attributable profit/(loss)
|
139
|
(16)
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
Return on average allocated tangible equity
|
10.5%
|
(1.5)%
|
|
|
Average allocated tangible equity (£bn)
|
5.3
|
4.3
|
|
|
Cost: income ratio
|
58%
|
88%
|
|
|
Loan loss rate (bps)
|
332
|
145
|
|
|
|
|
|
|
|
|
As at 31.03.23
|
As at 31.12.22
|
As at 31.03.22
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
41.8
|
43.2
|
34.4
|
|
Total assets
|
88.3
|
80.2
|
69.2
|
|
Deposits at amortised cost
|
80.6
|
81.8
|
71.4
|
|
Risk weighted assets
|
38.2
|
38.9
|
31.6
|
|
|
|
|
|
|
|
Three months ended
|
||
|
|
31.03.23
|
31.03.22
|
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
International Cards and Consumer Bank
|
900
|
538
|
67
|
|
Private Bank
|
258
|
214
|
21
|
|
Payments
|
148
|
134
|
10
|
|
Total income
|
1,306
|
886
|
47
|
|
Head Office
|
Three months ended
|
||
|
|
31.03.23
|
31.03.22
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
Net interest income
|
81
|
66
|
23
|
|
Net fee, commission and other income
|
(87)
|
(43)
|
|
|
Total income
|
(6)
|
23
|
|
|
Operating costs
|
(63)
|
(85)
|
26
|
|
Litigation and conduct
|
—
|
(1)
|
|
|
Total operating expenses
|
(63)
|
(86)
|
27
|
|
Other net expenses
|
(8)
|
(18)
|
56
|
|
Loss before impairment
|
(77)
|
(81)
|
5
|
|
Credit impairment (charges)/releases
|
(7)
|
8
|
|
|
Loss before tax
|
(84)
|
(73)
|
(15)
|
|
Attributable loss
|
(80)
|
(292)
|
73
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
Average allocated tangible equity (£bn)
|
0.2
|
3.6
|
|
|
|
|
|
|
|
|
As at 31.03.23
|
As at 31.12.22
|
As at 31.03.22
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
Total assets
|
19.1
|
19.2
|
19.9
|
|
Risk weighted assets
|
8.8
|
8.6
|
11.0
|
|
Period end allocated tangible equity
|
0.2
|
(0.2)
|
3.6
|
Quarterly Results Summary
|
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
|
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q4211
|
Q3211
|
Q2211
|
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Net interest income
|
3,053
|
|
2,741
|
3,068
|
2,422
|
2,341
|
|
2,230
|
1,940
|
2,052
|
|
Net fee, commission and other income
|
4,184
|
|
3,060
|
2,883
|
4,286
|
4,155
|
|
2,930
|
3,525
|
3,363
|
|
Total income
|
7,237
|
|
5,801
|
5,951
|
6,708
|
6,496
|
|
5,160
|
5,465
|
5,415
|
|
Operating costs
|
(4,111)
|
|
(3,748)
|
(3,939)
|
(3,682)
|
(3,588)
|
|
(3,514)
|
(3,446)
|
(3,587)
|
|
UK bank levy
|
—
|
|
(176)
|
—
|
—
|
—
|
|
(170)
|
—
|
—
|
|
Litigation and conduct
|
1
|
|
(79)
|
339
|
(1,334)
|
(523)
|
|
(92)
|
(129)
|
(143)
|
|
Total operating expenses
|
(4,110)
|
|
(4,003)
|
(3,600)
|
(5,016)
|
(4,111)
|
|
(3,776)
|
(3,575)
|
(3,730)
|
|
Other net (expenses)/income
|
(5)
|
|
10
|
(1)
|
7
|
(10)
|
|
13
|
94
|
21
|
|
Profit before impairment
|
3,122
|
|
1,808
|
2,350
|
1,699
|
2,375
|
|
1,397
|
1,984
|
1,706
|
|
Credit impairment (charges)/releases
|
(524)
|
|
(498)
|
(381)
|
(200)
|
(141)
|
|
31
|
(120)
|
797
|
|
Profit before tax
|
2,598
|
|
1,310
|
1,969
|
1,499
|
2,234
|
|
1,428
|
1,864
|
2,503
|
|
Tax (charge)/credit
|
(561)
|
|
33
|
(249)
|
(209)
|
(614)
|
|
(104)
|
(292)
|
(246)
|
|
Profit after tax
|
2,037
|
|
1,343
|
1,720
|
1,290
|
1,620
|
|
1,324
|
1,572
|
2,257
|
|
Non-controlling interests
|
(8)
|
|
(22)
|
(2)
|
(20)
|
(1)
|
|
(27)
|
(1)
|
(15)
|
|
Other equity instrument holders
|
(246)
|
|
(285)
|
(206)
|
(199)
|
(215)
|
|
(218)
|
(197)
|
(194)
|
|
Attributable profit
|
1,783
|
|
1,036
|
1,512
|
1,071
|
1,404
|
|
1,079
|
1,374
|
2,048
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
15.0%
|
|
8.9%
|
12.5%
|
8.7%
|
11.5%
|
|
9.0%
|
11.4%
|
17.6%
|
|
Average tangible shareholders' equity (£bn)
|
47.6
|
|
46.7
|
48.6
|
49.0
|
48.8
|
|
48.0
|
48.3
|
46.5
|
|
Cost: income ratio
|
57%
|
|
69%
|
60%
|
75%
|
63%
|
|
73%
|
65%
|
69%
|
|
Loan loss rate (bps)
|
52
|
|
49
|
36
|
20
|
15
|
|
(3)
|
13
|
(90)
|
|
Basic earnings per share
|
11.3p
|
|
6.5p
|
9.4p
|
6.4p
|
8.4p
|
|
6.4p
|
8.0p
|
11.9p
|
|
Basic weighted average number of shares (m)
|
15,770
|
|
15,828
|
16,148
|
16,684
|
16,682
|
|
16,985
|
17,062
|
17,140
|
|
Period end number of shares (m)
|
15,701
|
|
15,871
|
15,888
|
16,531
|
16,762
|
|
16,752
|
16,851
|
16,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet and capital management2
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
343.6
|
|
343.3
|
346.3
|
337.2
|
325.8
|
|
319.9
|
313.5
|
309.2
|
|
Loans and advances to banks at amortised cost
|
11.0
|
|
10.0
|
12.5
|
12.5
|
11.4
|
|
9.7
|
10.6
|
11.0
|
|
Debt securities at amortised cost
|
48.9
|
|
45.5
|
54.8
|
46.1
|
34.5
|
|
31.8
|
28.9
|
28.3
|
|
Loans and advances at amortised cost
|
403.5
|
|
398.8
|
413.7
|
395.8
|
371.7
|
|
361.5
|
353.0
|
348.5
|
|
Loans and advances at amortised cost impairment coverage
ratio
|
1.4%
|
|
1.4%
|
1.4%
|
1.4%
|
1.5%
|
|
1.6%
|
1.7%
|
1.8%
|
|
Total assets
|
1,539.1
|
|
1,513.7
|
1,726.9
|
1,589.2
|
1,496.1
|
|
1,384.3
|
1,406.5
|
1,376.3
|
|
Deposits at amortised cost
|
555.7
|
|
545.8
|
574.4
|
568.7
|
546.5
|
|
519.4
|
510.2
|
500.9
|
|
Tangible net asset value per share
|
301p
|
|
295p
|
286p
|
297p
|
294p
|
|
291p
|
286p
|
280p
|
|
Common equity tier 1 ratio
|
13.6%
|
|
13.9%
|
13.8%
|
13.6%
|
13.8%
|
|
15.1%
|
15.3%
|
15.0%
|
|
Common equity tier 1 capital
|
46.0
|
|
46.9
|
48.6
|
46.7
|
45.3
|
|
47.3
|
47.2
|
46.2
|
|
Risk weighted assets
|
338.4
|
|
336.5
|
350.8
|
344.5
|
328.8
|
|
314.1
|
307.7
|
307.4
|
|
UK leverage ratio
|
5.1%
|
|
5.3%
|
5.0%
|
5.1%
|
5.0%
|
|
5.2%
|
5.1%
|
5.0%
|
|
UK leverage exposure
|
1,168.9
|
|
1,130.0
|
1,232.1
|
1,151.2
|
1,123.5
|
|
1,137.9
|
1,162.7
|
1,154.9
|
|
Average UK leverage ratio
|
4.8%
|
|
4.8%
|
4.8%
|
4.7%
|
4.8%
|
|
4.9%
|
4.9%
|
4.8%
|
|
Average UK leverage exposure
|
1,251.3
|
|
1,281.0
|
1,259.6
|
1,233.5
|
1,179.4
|
|
1,229.0
|
1,201.1
|
1,192.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funding and liquidity
|
|
|
|
|
|
|
|
|
|
|
|
Group liquidity pool (£bn)
|
333.0
|
|
318.0
|
325.8
|
342.5
|
319.8
|
|
291.0
|
292.8
|
290.8
|
|
Liquidity coverage ratio
|
163%
|
|
165%
|
151%
|
156%
|
159%
|
|
168%
|
161%
|
162%
|
|
Net
stable funding ratio3
|
139%
|
|
137%
|
|
|
|
|
|
|
|
|
Loan: deposit ratio
|
73%
|
|
73%
|
72%
|
70%
|
68%
|
|
70%
|
69%
|
70%
|
|
1
|
The comparative capital and financial metrics relating to Q221 -
Q421 have been restated to reflect the impact of the Over-issuance
of Securities.
|
|
2
|
Refer to pages 29 to 34 for
further information on how capital, RWAs and leverage are
calculated.
|
|
3
|
Represents average of the last four spot quarter end
positions.
|
Quarterly Results by Business
|
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
|
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q421
|
Q321
|
Q221
|
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Net interest income
|
1,618
|
|
1,600
|
1,561
|
1,393
|
1,339
|
|
1,313
|
1,303
|
1,305
|
|
Net fee, commission and other income
|
343
|
|
370
|
355
|
331
|
310
|
|
386
|
335
|
318
|
|
Total income
|
1,961
|
|
1,970
|
1,916
|
1,724
|
1,649
|
|
1,699
|
1,638
|
1,623
|
|
Operating costs
|
(1,092)
|
|
(1,108)
|
(1,069)
|
(1,085)
|
(998)
|
|
(1,202)
|
(1,041)
|
(1,078)
|
|
UK bank levy
|
—
|
|
(26)
|
—
|
—
|
—
|
|
(36)
|
—
|
—
|
|
Litigation and conduct
|
(2)
|
|
(13)
|
(3)
|
(16)
|
(9)
|
|
(5)
|
(10)
|
(19)
|
|
Total operating expenses
|
(1,094)
|
|
(1,147)
|
(1,072)
|
(1,101)
|
(1,007)
|
|
(1,243)
|
(1,051)
|
(1,097)
|
|
Other net income/(expenses)
|
—
|
|
1
|
(1)
|
—
|
—
|
|
(1)
|
1
|
—
|
|
Profit before impairment
|
867
|
|
824
|
843
|
623
|
642
|
|
455
|
588
|
526
|
|
Credit impairment (charges)/releases
|
(113)
|
|
(157)
|
(81)
|
—
|
(48)
|
|
59
|
(137)
|
520
|
|
Profit before tax
|
754
|
|
667
|
762
|
623
|
594
|
|
514
|
451
|
1,046
|
|
Attributable profit
|
515
|
|
474
|
549
|
458
|
396
|
|
420
|
317
|
721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
208.2
|
|
205.1
|
205.1
|
205.9
|
207.3
|
|
208.8
|
208.6
|
207.8
|
|
Total assets
|
308.6
|
|
313.2
|
316.8
|
318.8
|
317.2
|
|
321.2
|
312.1
|
311.2
|
|
Customer deposits at amortised cost
|
254.3
|
|
258.0
|
261.0
|
261.5
|
260.3
|
|
260.6
|
256.8
|
255.5
|
|
Loan: deposit ratio
|
90%
|
|
87%
|
86%
|
85%
|
85%
|
|
85%
|
86%
|
87%
|
|
Risk weighted assets
|
74.6
|
|
73.1
|
73.2
|
72.2
|
72.7
|
|
72.3
|
73.2
|
72.2
|
|
Period end allocated tangible equity
|
10.3
|
|
10.1
|
10.1
|
9.9
|
10.1
|
|
10.0
|
10.0
|
9.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
20.0%
|
|
18.7%
|
22.1%
|
18.4%
|
15.6%
|
|
16.8%
|
12.7%
|
29.1%
|
|
Average allocated tangible equity (£bn)
|
10.3
|
|
10.2
|
9.9
|
10.0
|
10.1
|
|
10.0
|
10.0
|
9.9
|
|
Cost: income ratio
|
56%
|
|
58%
|
56%
|
64%
|
61%
|
|
73%
|
64%
|
68%
|
|
Loan loss rate (bps)
|
20
|
|
27
|
14
|
—
|
9
|
|
(10)
|
24
|
(93)
|
|
Net interest margin
|
3.18%
|
|
3.10%
|
3.01%
|
2.71%
|
2.62%
|
|
2.49%
|
2.49%
|
2.55%
|
|
Analysis of Barclays UK
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q421
|
Q321
|
Q221
|
|
Analysis of total income
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Personal Banking
|
1,253
|
|
1,229
|
1,212
|
1,077
|
1,022
|
|
983
|
990
|
987
|
|
Barclaycard Consumer UK
|
247
|
|
269
|
283
|
265
|
276
|
|
352
|
293
|
290
|
|
Business Banking
|
461
|
|
472
|
421
|
382
|
351
|
|
364
|
355
|
346
|
|
Total income
|
1,961
|
|
1,970
|
1,916
|
1,724
|
1,649
|
|
1,699
|
1,638
|
1,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of credit impairment (charges)/releases
|
|
|
|
|
|
|
|
|
|
|
|
Personal Banking
|
(28)
|
|
(120)
|
(26)
|
(42)
|
21
|
|
8
|
(30)
|
72
|
|
Barclaycard Consumer UK
|
(83)
|
|
(12)
|
2
|
84
|
(44)
|
|
114
|
(108)
|
434
|
|
Business Banking
|
(2)
|
|
(25)
|
(57)
|
(42)
|
(25)
|
|
(63)
|
1
|
14
|
|
Total credit impairment (charges)/releases
|
(113)
|
|
(157)
|
(81)
|
—
|
(48)
|
|
59
|
(137)
|
520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Personal Banking
|
173.6
|
|
169.7
|
168.7
|
167.1
|
166.5
|
|
165.4
|
164.6
|
162.4
|
|
Barclaycard Consumer UK
|
9.0
|
|
9.2
|
9.0
|
8.8
|
8.4
|
|
8.7
|
8.6
|
8.8
|
|
Business Banking
|
25.6
|
|
26.2
|
27.4
|
30.0
|
32.4
|
|
34.7
|
35.4
|
36.6
|
|
Total loans and advances to customers at amortised
cost
|
208.2
|
|
205.1
|
205.1
|
205.9
|
207.3
|
|
208.8
|
208.6
|
207.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of customer deposits at amortised cost
|
|
|
|
|
|
|
|
|
|
|
|
Personal Banking
|
194.3
|
|
195.6
|
197.3
|
197.0
|
196.6
|
|
196.4
|
193.3
|
191.0
|
|
Barclaycard Consumer UK
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
0.1
|
|
Business Banking
|
60.0
|
|
62.4
|
63.7
|
64.5
|
63.7
|
|
64.2
|
63.5
|
64.4
|
|
Total customer deposits at amortised cost
|
254.3
|
|
258.0
|
261.0
|
261.5
|
260.3
|
|
260.6
|
256.8
|
255.5
|
|
Barclays International
|
|
|
|
|
|
|
|
|
|
|
|
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q4211
|
Q3211
|
Q2211
|
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Net interest income
|
1,354
|
|
1,465
|
1,497
|
1,029
|
936
|
|
955
|
749
|
811
|
|
Net trading income
|
2,419
|
|
1,169
|
1,328
|
2,766
|
2,446
|
|
789
|
1,515
|
1,455
|
|
Net fee, commission and other income
|
1,509
|
|
1,228
|
1,240
|
1,321
|
1,442
|
|
1,766
|
1,673
|
1,553
|
|
Total income
|
5,282
|
|
3,862
|
4,065
|
5,116
|
4,824
|
|
3,510
|
3,937
|
3,819
|
|
Operating costs
|
(2,956)
|
|
(2,543)
|
(2,776)
|
(2,537)
|
(2,505)
|
|
(2,160)
|
(2,310)
|
(2,168)
|
|
UK bank levy
|
—
|
|
(133)
|
—
|
—
|
—
|
|
(134)
|
—
|
—
|
|
Litigation and conduct
|
3
|
|
(67)
|
396
|
(1,319)
|
(513)
|
|
(84)
|
(100)
|
(140)
|
|
Total operating expenses
|
(2,953)
|
|
(2,743)
|
(2,380)
|
(3,856)
|
(3,018)
|
|
(2,378)
|
(2,410)
|
(2,308)
|
|
Other net income
|
3
|
|
5
|
10
|
5
|
8
|
|
3
|
15
|
13
|
|
Profit before impairment
|
2,332
|
|
1,124
|
1,695
|
1,265
|
1,814
|
|
1,135
|
1,542
|
1,524
|
|
Credit impairment (charges)/releases
|
(404)
|
|
(328)
|
(295)
|
(209)
|
(101)
|
|
(23)
|
18
|
271
|
|
Profit before tax
|
1,928
|
|
796
|
1,400
|
1,056
|
1,713
|
|
1,112
|
1,560
|
1,795
|
|
Attributable profit
|
1,348
|
|
625
|
1,136
|
783
|
1,300
|
|
818
|
1,191
|
1,207
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
131.0
|
|
133.7
|
137.0
|
126.7
|
113.9
|
|
106.4
|
99.9
|
96.3
|
|
Loans and advances to banks at amortised cost
|
9.8
|
|
8.7
|
11.0
|
11.3
|
10.2
|
|
8.4
|
9.4
|
9.9
|
|
Debt securities at amortised cost
|
30.8
|
|
27.2
|
36.2
|
29.3
|
20.7
|
|
19.0
|
16.6
|
15.7
|
|
Loans and advances at amortised cost
|
171.6
|
|
169.6
|
184.2
|
167.3
|
144.8
|
|
133.8
|
125.9
|
121.9
|
|
Trading portfolio assets
|
137.7
|
|
133.8
|
126.3
|
126.9
|
134.1
|
|
146.9
|
144.8
|
147.1
|
|
Derivative financial instrument assets
|
256.6
|
|
301.7
|
415.7
|
343.5
|
288.8
|
|
261.5
|
257.0
|
255.4
|
|
Financial assets at fair value through the income
statement
|
245.0
|
|
210.5
|
244.7
|
209.3
|
203.8
|
|
188.2
|
200.5
|
190.4
|
|
Cash collateral and settlement balances
|
125.5
|
|
107.7
|
163.3
|
128.5
|
132.0
|
|
88.1
|
115.9
|
108.5
|
|
Other assets
|
275.0
|
|
258.0
|
257.2
|
275.1
|
255.5
|
|
225.6
|
231.8
|
223.5
|
|
Total assets
|
1,211.4
|
|
1,181.3
|
1,391.4
|
1,250.6
|
1,159.0
|
|
1,044.1
|
1,075.9
|
1,046.8
|
|
Deposits at amortised cost
|
301.6
|
|
287.6
|
313.2
|
307.4
|
286.1
|
|
258.8
|
253.3
|
245.4
|
|
Derivative financial instrument liabilities
|
246.7
|
|
288.9
|
394.2
|
321.2
|
277.2
|
|
256.4
|
252.3
|
246.9
|
|
Loan: deposit ratio
|
57%
|
|
59%
|
59%
|
54%
|
51%
|
|
52%
|
50%
|
50%
|
|
Risk weighted assets
|
255.1
|
|
254.8
|
269.3
|
263.8
|
245.1
|
|
230.9
|
222.7
|
223.2
|
|
Period end allocated tangible equity
|
36.8
|
|
36.8
|
38.8
|
38.0
|
35.6
|
|
33.2
|
31.8
|
31.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
14.5%
|
|
6.4%
|
11.6%
|
8.4%
|
14.8%
|
|
9.9%
|
14.9%
|
14.9%
|
|
Average allocated tangible equity (£bn)
|
37.1
|
|
38.9
|
39.1
|
37.3
|
35.1
|
|
32.9
|
31.8
|
32.4
|
|
Cost: income ratio
|
56%
|
|
71%
|
59%
|
75%
|
63%
|
|
68%
|
61%
|
60%
|
|
Loan loss rate (bps)
|
94
|
|
75
|
62
|
49
|
28
|
|
7
|
(6)
|
(87)
|
|
Net interest margin
|
5.87%
|
|
5.71%
|
5.58%
|
4.52%
|
4.15%
|
|
4.14%
|
4.02%
|
3.96%
|
|
1
|
The comparative capital and financial metrics relating to Q221 -
Q421 have been restated to reflect the impact of the Over-issuance
of Securities.
|
|
Analysis of Barclays International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Investment Bank
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q4211
|
Q3211
|
Q2211
|
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Net interest income
|
465
|
|
548
|
606
|
410
|
385
|
|
432
|
279
|
370
|
|
Net trading income
|
2,437
|
|
1,201
|
1,344
|
2,738
|
2,450
|
|
774
|
1,467
|
1,494
|
|
Net fee, commission and other income
|
1,074
|
|
827
|
871
|
885
|
1,103
|
|
1,426
|
1,383
|
1,115
|
|
Total income
|
3,976
|
|
2,576
|
2,821
|
4,033
|
3,938
|
|
2,632
|
3,129
|
2,979
|
|
Operating costs
|
(2,202)
|
|
(1,796)
|
(2,043)
|
(1,870)
|
(1,921)
|
|
(1,562)
|
(1,747)
|
(1,623)
|
|
UK bank levy
|
—
|
|
(126)
|
—
|
—
|
—
|
|
(128)
|
—
|
—
|
|
Litigation and conduct
|
3
|
|
(55)
|
498
|
(1,314)
|
(318)
|
|
(59)
|
(99)
|
(78)
|
|
Total operating expenses
|
(2,199)
|
|
(1,977)
|
(1,545)
|
(3,184)
|
(2,239)
|
|
(1,749)
|
(1,846)
|
(1,701)
|
|
Other net income
|
—
|
|
2
|
—
|
—
|
—
|
|
1
|
—
|
—
|
|
Profit before impairment
|
1,777
|
|
601
|
1,276
|
849
|
1,699
|
|
884
|
1,283
|
1,278
|
|
Credit impairment (charges)/releases
|
(33)
|
|
(41)
|
(46)
|
(65)
|
33
|
|
73
|
128
|
229
|
|
Profit before tax
|
1,744
|
|
560
|
1,230
|
784
|
1,732
|
|
957
|
1,411
|
1,507
|
|
Attributable profit
|
1,209
|
|
454
|
1,015
|
579
|
1,316
|
|
695
|
1,085
|
989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
89.2
|
|
90.5
|
93.6
|
86.5
|
79.5
|
|
73.4
|
68.3
|
66.3
|
|
Loans and advances to banks at amortised cost
|
9.2
|
|
8.1
|
10.2
|
10.0
|
9.4
|
|
7.6
|
8.9
|
9.0
|
|
Debt securities at amortised cost
|
30.7
|
|
27.2
|
36.2
|
29.3
|
20.7
|
|
19.0
|
16.6
|
15.7
|
|
Loans and advances at amortised cost
|
129.1
|
|
125.8
|
140.0
|
125.8
|
109.6
|
|
100.0
|
93.8
|
91.0
|
|
Trading portfolio assets
|
137.6
|
|
133.7
|
126.1
|
126.7
|
134.0
|
|
146.7
|
144.7
|
147.0
|
|
Derivative financial instruments assets
|
256.5
|
|
301.6
|
415.5
|
343.4
|
288.7
|
|
261.5
|
256.9
|
255.3
|
|
Financial assets at fair value through the income
statement
|
244.9
|
|
210.5
|
244.6
|
209.2
|
203.8
|
|
188.1
|
200.4
|
190.3
|
|
Cash collateral and settlement balances
|
124.7
|
|
106.9
|
162.6
|
127.7
|
131.2
|
|
87.2
|
115.1
|
107.7
|
|
Other assets
|
230.3
|
|
222.6
|
220.6
|
237.2
|
222.5
|
|
195.8
|
200.4
|
192.5
|
|
Total assets
|
1,123.1
|
|
1,101.1
|
1,309.4
|
1,170.0
|
1,089.8
|
|
979.3
|
1,011.3
|
983.8
|
|
Deposits at amortised cost
|
221.0
|
|
205.8
|
229.5
|
229.5
|
214.7
|
|
189.4
|
185.8
|
178.2
|
|
Derivative financial instrument liabilities
|
246.7
|
|
288.9
|
394.2
|
321.2
|
277.1
|
|
256.4
|
252.2
|
246.8
|
|
Risk weighted assets
|
216.8
|
|
215.9
|
230.6
|
227.6
|
213.5
|
|
200.7
|
192.5
|
194.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
15.2%
|
|
5.4%
|
11.9%
|
7.1%
|
17.1%
|
|
9.7%
|
15.6%
|
14.0%
|
|
Average allocated tangible equity (£bn)
|
31.8
|
|
33.7
|
34.0
|
32.7
|
30.8
|
|
28.7
|
27.8
|
28.4
|
|
Cost: income ratio
|
55%
|
|
77%
|
55%
|
79%
|
57%
|
|
66%
|
59%
|
57%
|
|
Loan loss rate (bps)
|
10
|
|
13
|
13
|
20
|
(12)
|
|
(29)
|
(54)
|
(100)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of total income
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
FICC
|
1,788
|
|
976
|
1,546
|
1,529
|
1,644
|
|
546
|
803
|
895
|
|
Equities
|
704
|
|
440
|
246
|
1,411
|
1,052
|
|
501
|
757
|
777
|
|
Global Markets
|
2,492
|
|
1,416
|
1,792
|
2,940
|
2,696
|
|
1,047
|
1,560
|
1,672
|
|
Advisory
|
212
|
|
197
|
150
|
236
|
185
|
|
287
|
253
|
218
|
|
Equity capital markets
|
50
|
|
40
|
42
|
37
|
47
|
|
158
|
186
|
226
|
|
Debt capital markets
|
341
|
|
243
|
341
|
281
|
416
|
|
511
|
532
|
429
|
|
Investment Banking fees
|
603
|
|
480
|
533
|
554
|
648
|
|
956
|
971
|
873
|
|
Corporate lending
|
95
|
|
(128)
|
(181)
|
(47)
|
125
|
|
176
|
168
|
38
|
|
Transaction banking
|
786
|
|
808
|
677
|
586
|
469
|
|
453
|
430
|
396
|
|
Corporate
|
881
|
|
680
|
496
|
539
|
594
|
|
629
|
598
|
434
|
|
Total income
|
3,976
|
|
2,576
|
2,821
|
4,033
|
3,938
|
|
2,632
|
3,129
|
2,979
|
|
1
|
The comparative capital and financial metrics relating to Q221 -
Q421 have been restated to reflect the impact of the Over-issuance
of Securities.
|
|
Analysis of Barclays International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer, Cards and Payments
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q421
|
Q321
|
Q221
|
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Net interest income
|
889
|
|
918
|
891
|
619
|
551
|
|
522
|
471
|
441
|
|
Net fee, commission, trading and other income
|
417
|
|
368
|
353
|
464
|
335
|
|
356
|
337
|
399
|
|
Total income
|
1,306
|
|
1,286
|
1,244
|
1,083
|
886
|
|
878
|
808
|
840
|
|
Operating costs
|
(754)
|
|
(747)
|
(733)
|
(667)
|
(584)
|
|
(598)
|
(563)
|
(545)
|
|
UK bank levy
|
—
|
|
(7)
|
—
|
—
|
—
|
|
(6)
|
—
|
—
|
|
Litigation and conduct
|
—
|
|
(12)
|
(102)
|
(5)
|
(195)
|
|
(25)
|
(1)
|
(62)
|
|
Total operating expenses
|
(754)
|
|
(766)
|
(835)
|
(672)
|
(779)
|
|
(629)
|
(564)
|
(607)
|
|
Other net income
|
3
|
|
3
|
10
|
5
|
8
|
|
2
|
15
|
13
|
|
Profit before impairment
|
555
|
|
523
|
419
|
416
|
115
|
|
251
|
259
|
246
|
|
Credit impairment (charges)/releases
|
(371)
|
|
(287)
|
(249)
|
(144)
|
(134)
|
|
(96)
|
(110)
|
42
|
|
Profit/(loss) before tax
|
184
|
|
236
|
170
|
272
|
(19)
|
|
155
|
149
|
288
|
|
Attributable profit/(loss)
|
139
|
|
171
|
121
|
204
|
(16)
|
|
123
|
106
|
218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
41.8
|
|
43.2
|
43.4
|
40.2
|
34.4
|
|
33.0
|
31.6
|
30.0
|
|
Total assets
|
88.3
|
|
80.2
|
82.0
|
80.6
|
69.2
|
|
64.8
|
64.6
|
63.0
|
|
Deposits at amortised cost
|
80.6
|
|
81.8
|
83.7
|
77.9
|
71.4
|
|
69.4
|
67.5
|
67.2
|
|
Risk weighted assets
|
38.2
|
|
38.9
|
38.7
|
36.2
|
31.6
|
|
30.2
|
30.2
|
29.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
10.5%
|
|
13.0%
|
9.5%
|
17.8%
|
(1.5)%
|
|
11.7%
|
10.5%
|
21.8%
|
|
Average allocated tangible equity (£bn)
|
5.3
|
|
5.2
|
5.1
|
4.6
|
4.3
|
|
4.2
|
4.0
|
4.0
|
|
Cost: income ratio
|
58%
|
|
60%
|
67%
|
62%
|
88%
|
|
72%
|
70%
|
72%
|
|
Loan loss rate (bps)
|
332
|
|
245
|
211
|
132
|
145
|
|
105
|
127
|
(49)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of total income
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
International Cards and Consumer Bank
|
900
|
|
860
|
824
|
691
|
538
|
|
552
|
490
|
517
|
|
Private Bank
|
258
|
|
285
|
270
|
245
|
214
|
|
200
|
188
|
214
|
|
Payments
|
148
|
|
141
|
150
|
147
|
134
|
|
126
|
130
|
109
|
|
Total income
|
1,306
|
|
1,286
|
1,244
|
1,083
|
886
|
|
878
|
808
|
840
|
|
Head Office
|
|
|
|
|
|
|
|
|
|
|
|
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q421
|
Q321
|
Q221
|
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Net interest income
|
81
|
|
(324)
|
10
|
—
|
66
|
|
(38)
|
(112)
|
(64)
|
|
Net fee, commission and other income
|
(87)
|
|
293
|
(40)
|
(132)
|
(43)
|
|
(11)
|
2
|
37
|
|
Total income
|
(6)
|
|
(31)
|
(30)
|
(132)
|
23
|
|
(49)
|
(110)
|
(27)
|
|
Operating costs
|
(63)
|
|
(97)
|
(94)
|
(60)
|
(85)
|
|
(152)
|
(95)
|
(341)
|
|
UK bank levy
|
—
|
|
(17)
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
Litigation and conduct
|
—
|
|
1
|
(54)
|
1
|
(1)
|
|
(3)
|
(19)
|
16
|
|
Total operating expenses
|
(63)
|
|
(113)
|
(148)
|
(59)
|
(86)
|
|
(155)
|
(114)
|
(325)
|
|
Other net (expenses)/income
|
(8)
|
|
4
|
(10)
|
2
|
(18)
|
|
11
|
78
|
8
|
|
Loss before impairment
|
(77)
|
|
(140)
|
(188)
|
(189)
|
(81)
|
|
(193)
|
(146)
|
(344)
|
|
Credit impairment (charges)/releases
|
(7)
|
|
(13)
|
(5)
|
9
|
8
|
|
(5)
|
(1)
|
6
|
|
Loss before tax
|
(84)
|
|
(153)
|
(193)
|
(180)
|
(73)
|
|
(198)
|
(147)
|
(338)
|
|
Attributable (loss)/profit
|
(80)
|
|
(63)
|
(173)
|
(170)
|
(292)
|
|
(159)
|
(134)
|
120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Total assets
|
19.1
|
|
19.2
|
18.7
|
19.8
|
19.9
|
|
19.0
|
18.5
|
18.3
|
|
Risk
weighted assets1
|
8.8
|
|
8.6
|
8.2
|
8.6
|
11.0
|
|
11.0
|
11.8
|
12.0
|
|
Period
end allocated tangible equity1
|
0.2
|
|
(0.2)
|
(3.5)
|
1.1
|
3.6
|
|
5.5
|
6.3
|
5.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures1
|
|
|
|
|
|
|
|
|
|
|
|
Average allocated tangible equity (£bn)
|
0.2
|
|
(2.4)
|
(0.4)
|
1.7
|
3.6
|
|
5.1
|
6.5
|
4.2
|
|
1
|
The comparative capital and financial metrics relating to Q221 -
Q421 have been restated to reflect the impact of the Over-issuance
of Securities.
|
Performance Management
|
Margins and balances
|
||||||
|
|
Three months ended 31.03.23
|
Three months ended 31.03.22
|
||||
|
|
Net interest income
|
Average customer assets
|
Net interest margin
|
Net interest income
|
Average customer assets
|
Net interest margin
|
|
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
|
Barclays UK
|
1,618
|
206,241
|
3.18
|
1,339
|
207,607
|
2.62
|
|
Corporate
and Investment Bank1
|
551
|
56,612
|
3.95
|
316
|
50,798
|
2.52
|
|
Consumer, Cards and Payments
|
889
|
42,840
|
8.42
|
551
|
34,040
|
6.56
|
|
Barclays
International1
|
1,440
|
99,452
|
5.87
|
867
|
84,838
|
4.15
|
|
Total Barclays UK and Barclays International
|
3,058
|
305,693
|
4.06
|
2,206
|
292,445
|
3.06
|
|
Other2
|
(5)
|
|
|
135
|
|
|
|
Total Barclays Group
|
3,053
|
|
|
2,341
|
|
|
|
1
|
CIB and Barclays International margins include the lending related
investment bank business.
|
|
2
|
Other includes Head Office and the non-lending related investment
bank businesses not included in Barclays International
margins.
|
The
Barclays UK and Barclays International NIM has increased 100bps
from 3.06% in Q122 to 4.06% in Q123, driven by the higher interest
rate environment and continued structural hedge income momentum
across the Group, higher balances in CC&P including the Gap
portfolio acquisition, partially offset by Mortgage margin
compression and lower interest-earning lending in UK
Cards.
The
Group’s combined product and equity structural hedge
notional amount as at
31 March 2023 was
£260bn (31 March 2022: £238bn), with an average duration of
close to 2.5 years
(2022: average duration
close to 3 years). Gross
structural hedge contributions of £773m (Q122: £378m) and net structural hedge
contributions of £(1,709)m
(Q122: £141m) 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 for Barclays UK and Barclays
International
|
Net interest income
|
Average customer assets
|
Net interest margin
|
|
Three months ended 31.12.22
|
£m
|
£m
|
%
|
|
Barclays UK
|
1,600
|
204,941
|
3.10
|
|
Corporate and Investment Bank
|
556
|
59,146
|
3.73
|
|
Consumer, Cards and Payments
|
918
|
43,319
|
8.40
|
|
Barclays
International1
|
1,474
|
102,465
|
5.71
|
|
Total Barclays UK and Barclays International
|
3,074
|
307,406
|
3.97
|
|
|
|
|
|
|
Three months ended 30.09.22
|
|
|
|
|
Barclays UK
|
1,561
|
205,881
|
3.01
|
|
Corporate and Investment Bank
|
529
|
58,891
|
3.56
|
|
Consumer, Cards and Payments
|
891
|
42,019
|
8.41
|
|
Barclays
International1
|
1,420
|
100,910
|
5.58
|
|
Total Barclays UK and Barclays International
|
2,981
|
306,791
|
3.85
|
|
|
|
|
|
|
Three months ended 30.06.22
|
|
|
|
|
Barclays UK
|
1,393
|
205,834
|
2.71
|
|
Corporate and Investment Bank
|
397
|
55,181
|
2.88
|
|
Consumer, Cards and Payments
|
619
|
37,190
|
6.68
|
|
Barclays
International1
|
1,016
|
92,371
|
4.41
|
|
Total Barclays UK and Barclays International
|
2,409
|
298,205
|
3.24
|
|
|
|
|
|
|
Three months ended 31.03.22
|
|
|
|
|
Barclays UK
|
1,339
|
207,607
|
2.62
|
|
Corporate and Investment Bank
|
316
|
50,798
|
2.52
|
|
Consumer, Cards and Payments
|
551
|
34,040
|
6.56
|
|
Barclays
International1
|
867
|
84,838
|
4.15
|
|
Total Barclays UK and Barclays International
|
2,206
|
292,445
|
3.06
|
|
1
|
CIB and Barclays International margins include the lending related
investment bank business.
|
Credit Risk
Loans and advances at amortised cost by stage
The table below presents a stage allocation and business segment
analysis of loans and advances at amortised cost by gross exposure,
impairment allowance, impairment charge and coverage ratio as at 31
March 2023. Also included are stage allocation of off-balance sheet
loan commitments and financial guarantee contracts by gross
exposure, impairment allowance and coverage as at 31 March
2023.
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 wholesale portfolios, impairment allowance on
undrawn exposure is reported on the liability side of the balance
sheet as a provision.
|
|
Gross exposure
|
|
Impairment allowance
|
Net exposure
|
||||||
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
|
As at 31.03.23
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Barclays UK
|
163,313
|
25,272
|
2,453
|
191,038
|
|
272
|
729
|
489
|
1,490
|
189,548
|
|
Barclays International
|
32,359
|
4,615
|
1,855
|
38,829
|
|
373
|
1,243
|
1,065
|
2,681
|
36,148
|
|
Head Office
|
3,435
|
281
|
577
|
4,293
|
|
3
|
26
|
324
|
353
|
3,940
|
|
Total Barclays Group retail
|
199,107
|
30,168
|
4,885
|
234,160
|
|
648
|
1,998
|
1,878
|
4,524
|
229,636
|
|
Barclays UK
|
34,603
|
3,086
|
790
|
38,479
|
|
74
|
110
|
91
|
275
|
38,204
|
|
Barclays International
|
122,198
|
12,971
|
1,232
|
136,401
|
|
279
|
240
|
401
|
920
|
135,481
|
|
Head Office
|
227
|
—
|
17
|
244
|
|
—
|
—
|
17
|
17
|
227
|
|
Total Barclays Group wholesale1
|
157,028
|
16,057
|
2,039
|
175,124
|
|
353
|
350
|
509
|
1,212
|
173,912
|
|
Total loans and advances at amortised cost
|
356,135
|
46,225
|
6,924
|
409,284
|
|
1,001
|
2,348
|
2,387
|
5,736
|
403,548
|
|
Off-balance
sheet loan commitments and financial guarantee
contracts2
|
368,634
|
26,320
|
1,175
|
396,129
|
|
225
|
307
|
22
|
554
|
395,575
|
|
Total3
|
724,769
|
72,545
|
8,099
|
805,413
|
|
1,226
|
2,655
|
2,409
|
6,290
|
799,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 31.03.23
|
|
Three months ended 31.03.23
|
|
||||||
|
|
Coverage ratio
|
|
Loan impairment charge/(release) and loan loss rate
|
|
||||||
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Loan impairment charge/(release)
|
Loan loss rate
|
|
||
|
|
%
|
%
|
%
|
%
|
|
£m
|
bps
|
|
||
|
Barclays UK
|
0.2
|
2.9
|
19.9
|
0.8
|
|
|
147
|
|
31
|
|
|
Barclays International
|
1.2
|
26.9
|
57.4
|
6.9
|
|
|
368
|
|
384
|
|
|
Head Office
|
0.1
|
9.3
|
56.2
|
8.2
|
|
|
7
|
|
66
|
|
|
Total Barclays Group retail
|
0.3
|
6.6
|
38.4
|
1.9
|
|
|
522
|
|
90
|
|
|
Barclays UK
|
0.2
|
3.6
|
11.5
|
0.7
|
|
|
(41)
|
|
|
|
|
Barclays International
|
0.2
|
1.9
|
32.5
|
0.7
|
|
|
61
|
|
18
|
|
|
Head Office
|
—
|
—
|
100.0
|
7.0
|
|
|
—
|
|
|
|
|
Total Barclays Group wholesale1
|
0.2
|
2.2
|
25.0
|
0.7
|
|
|
20
|
|
5
|
|
|
Total loans and advances at amortised cost
|
0.3
|
5.1
|
34.5
|
1.4
|
|
|
542
|
|
54
|
|
|
Off-balance
sheet loan commitments and financial guarantee
contracts2
|
0.1
|
1.2
|
1.9
|
0.1
|
|
|
(16)
|
|
|
|
|
Other
financial assets subject to impairment3
|
|
|
|
|
|
|
(2)
|
|
|
|
|
Total4
|
0.2
|
3.7
|
29.7
|
0.8
|
|
|
524
|
|
|
|
|
1
|
Includes Wealth UK and Private Banking exposures measured on an
individual customer exposure basis and excludes Business Banking
exposures, including lending under the government backed Bounce
Back Loan Scheme (BBLS) of £6bn that are managed on a
collective basis and reported within Barclays UK Retail. The net
impact is a difference in total exposure of £3.4bn of balances
reported as wholesale loans on page 24 in the Loans and advances at
amortised cost by product disclosure.
|
|
2
|
Excludes loan commitments and financial guarantees of £12.4bn
carried at fair value.
|
|
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
£197.8bn and impairment allowance of £151m. This
comprises £10m ECL on £196.2bn Stage 1 assets, £8m
on £1.4bn Stage 2 fair value through other comprehensive
income assets, cash collateral and settlement balances and
£133m on £146m Stage 3 other assets.
|
|
4
|
The annualised loan loss rate is 52bps after applying the total
impairment charge of £524m.
|
|
|
Gross exposure
|
|
Impairment allowance
|
Net exposure
|
||||||
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
|
As at 31.12.22
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Barclays UK
|
160,424
|
24,837
|
2,711
|
187,972
|
|
232
|
718
|
485
|
1,435
|
186,537
|
|
Barclays International
|
33,735
|
4,399
|
1,793
|
39,927
|
|
392
|
1,200
|
949
|
2,541
|
37,386
|
|
Head Office
|
3,644
|
252
|
661
|
4,557
|
|
3
|
24
|
359
|
386
|
4,171
|
|
Total Barclays Group retail
|
197,803
|
29,488
|
5,165
|
232,456
|
|
627
|
1,942
|
1,793
|
4,362
|
228,094
|
|
Barclays UK
|
34,858
|
2,954
|
805
|
38,617
|
|
129
|
109
|
96
|
334
|
38,283
|
|
Barclays International
|
117,692
|
14,298
|
1,098
|
133,088
|
|
301
|
265
|
312
|
878
|
132,210
|
|
Head Office
|
192
|
—
|
18
|
210
|
|
—
|
—
|
18
|
18
|
192
|
|
Total Barclays Group wholesale1
|
152,742
|
17,252
|
1,921
|
171,915
|
|
430
|
374
|
426
|
1,230
|
170,685
|
|
Total loans and advances at amortised cost
|
350,545
|
46,740
|
7,086
|
404,371
|
|
1,057
|
2,316
|
2,219
|
5,592
|
398,779
|
|
Off-balance
sheet loan commitments and financial guarantee
contracts2
|
372,945
|
30,694
|
1,180
|
404,819
|
|
245
|
315
|
23
|
583
|
404,236
|
|
Total3
|
723,490
|
77,434
|
8,266
|
809,190
|
|
1,302
|
2,631
|
2,242
|
6,175
|
803,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 31.12.22
|
|
Year ended 31.12.22
|
|
||||||
|
|
Coverage ratio
|
|
Loan impairment charge/(release) and loan loss rate
|
|
||||||
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Loan impairment charge/(release)
|
Loan loss rate
|
|
||
|
|
%
|
%
|
%
|
%
|
|
£m
|
bps
|
|
||
|
Barclays UK
|
0.1
|
2.9
|
17.9
|
0.8
|
|
|
169
|
|
9
|
|
|
Barclays International
|
1.2
|
27.3
|
52.9
|
6.4
|
|
|
763
|
|
191
|
|
|
Head Office
|
0.1
|
9.5
|
54.3
|
8.5
|
|
|
—
|
|
|
|
|
Total Barclays Group retail
|
0.3
|
6.6
|
34.7
|
1.9
|
|
|
932
|
|
40
|
|
|
Barclays UK
|
0.4
|
3.7
|
11.9
|
0.9
|
|
|
106
|
|
27
|
|
|
Barclays International
|
0.3
|
1.9
|
28.4
|
0.7
|
|
|
127
|
|
10
|
|
|
Head Office
|
—
|
—
|
100.0
|
8.6
|
|
|
—
|
|
|
|
|
Total Barclays Group wholesale1
|
0.3
|
2.2
|
22.2
|
0.7
|
|
|
233
|
|
14
|
|
|
Total loans and advances at amortised cost
|
0.3
|
5.0
|
31.3
|
1.4
|
|
|
1,165
|
|
29
|
|
|
Off-balance
sheet loan commitments and financial guarantee
contracts2
|
0.1
|
1.0
|
1.9
|
0.1
|
|
|
18
|
|
|
|
|
Other
financial assets subject to impairment3
|
|
|
|
|
|
|
37
|
|
|
|
|
Total4
|
0.2
|
3.4
|
27.1
|
0.8
|
|
|
1,220
|
|
|
|
|
1
|
Includes Wealth UK and Private Banking
exposures measured on an individual customer exposure basis and
excludes Business Banking exposures, including lending under the
government backed Bounce Back Loan Scheme (BBLS) of
£6.6bn that are managed on
a collective basis and reported within Barclays UK Retail. The net
impact is a difference in total exposure of £3.8bn of balances reported as
wholesale loans on page 24 in the Loans and advances at amortised
cost by product disclosure.
|
|
2
|
Excludes loan commitments and financial guarantees of £14.9bn carried at fair
value.
|
|
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 £180.1bn and impairment allowance of
£163m. This comprises
£10m ECL on £178.4bn Stage 1 assets, £9m on £1.5bn Stage 2 fair value through
other comprehensive income assets,
cash collateral and settlement balances and £144m on
£149m Stage 3 other assets.
|
|
4
|
The annualised loan loss rate is 30bps after applying the total
impairment charge of £1,220m.
|
Loans and advances at amortised cost by product
The
table below presents a breakdown of loans and advances at amortised
cost and the impairment allowance with stage allocation by asset
classification.
|
|
|
Stage 2
|
|
|
|||
|
As at 31.03.23
|
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
|
|
Home loans
|
156,635
|
16,371
|
1,941
|
747
|
19,059
|
2,323
|
178,017
|
|
Credit cards, unsecured loans and other retail lending
|
42,655
|
7,227
|
377
|
439
|
8,043
|
2,012
|
52,710
|
|
Wholesale loans
|
156,845
|
18,840
|
157
|
126
|
19,123
|
2,589
|
178,557
|
|
Total
|
356,135
|
42,438
|
2,475
|
1,312
|
46,225
|
6,924
|
409,284
|
|
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
|
Home loans
|
33
|
53
|
13
|
9
|
75
|
412
|
520
|
|
Credit cards, unsecured loans and other retail lending
|
558
|
1,541
|
145
|
196
|
1,882
|
1,349
|
3,789
|
|
Wholesale loans
|
410
|
388
|
3
|
—
|
391
|
626
|
1,427
|
|
Total
|
1,001
|
1,982
|
161
|
205
|
2,348
|
2,387
|
5,736
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
|
Home loans
|
156,602
|
16,318
|
1,928
|
738
|
18,984
|
1,911
|
177,497
|
|
Credit cards, unsecured loans and other retail lending
|
42,097
|
5,686
|
232
|
243
|
6,161
|
663
|
48,921
|
|
Wholesale loans
|
156,435
|
18,452
|
154
|
126
|
18,732
|
1,963
|
177,130
|
|
Total
|
355,134
|
40,456
|
2,314
|
1,107
|
43,877
|
4,537
|
403,548
|
|
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
Home loans
|
—
|
0.3
|
0.7
|
1.2
|
0.4
|
17.7
|
0.3
|
|
Credit cards, unsecured loans and other retail lending
|
1.3
|
21.3
|
38.5
|
44.6
|
23.4
|
67.0
|
7.2
|
|
Wholesale loans
|
0.3
|
2.1
|
1.9
|
—
|
2.0
|
24.2
|
0.8
|
|
Total
|
0.3
|
4.7
|
6.5
|
15.6
|
5.1
|
34.5
|
1.4
|
|
|
|
|
|
|
|
|
|
|
As at 31.12.22
|
|
|
|
|
|
|
|
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Home loans
|
153,672
|
15,990
|
1,684
|
526
|
18,200
|
2,414
|
174,286
|
|
Credit cards, unsecured loans and other retail lending
|
44,175
|
7,126
|
397
|
576
|
8,099
|
2,122
|
54,396
|
|
Wholesale loans
|
152,698
|
20,194
|
150
|
97
|
20,441
|
2,550
|
175,689
|
|
Total
|
350,545
|
43,310
|
2,231
|
1,199
|
46,740
|
7,086
|
404,371
|
|
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
|
Home loans
|
29
|
53
|
11
|
9
|
73
|
414
|
516
|
|
Credit cards, unsecured loans and other retail lending
|
582
|
1,483
|
129
|
220
|
1,832
|
1,278
|
3,692
|
|
Wholesale loans
|
446
|
403
|
6
|
2
|
411
|
527
|
1,384
|
|
Total
|
1,057
|
1,939
|
146
|
231
|
2,316
|
2,219
|
5,592
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
|
Home loans
|
153,643
|
15,937
|
1,673
|
517
|
18,127
|
2,000
|
173,770
|
|
Credit cards, unsecured loans and other retail lending
|
43,593
|
5,643
|
268
|
356
|
6,267
|
844
|
50,704
|
|
Wholesale loans
|
152,252
|
19,791
|
144
|
95
|
20,030
|
2,023
|
174,305
|
|
Total
|
349,488
|
41,371
|
2,085
|
968
|
44,424
|
4,867
|
398,779
|
|
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
Home loans
|
—
|
0.3
|
0.7
|
1.7
|
0.4
|
17.1
|
0.3
|
|
Credit cards, unsecured loans and other retail lending
|
1.3
|
20.8
|
32.5
|
38.2
|
22.6
|
60.2
|
6.8
|
|
Wholesale loans
|
0.3
|
2.0
|
4.0
|
2.1
|
2.0
|
20.7
|
0.8
|
|
Total
|
0.3
|
4.5
|
6.5
|
19.3
|
5.0
|
31.3
|
1.4
|
Measurement uncertainty
The Q123 ECL provision has been based on macroeconomic indicators
used in the Q422 ECL scenario, rolled forward by one quarter, and
updated to reflect changes in balances, risk parameters and
individually assessed impaired names during the quarter. Management
has applied economic uncertainty and other adjustments to modelled
ECL outputs.
Key baseline macroeconomic indicators have been tracked against
consensus updates to March 2023. Relative to Q422, these latest
updates reflect slight improvements in certain key macroeconomic
variables, along with deterioration in UK medium-term unemployment
and HPI. When compared against the Q422 scenario, the current
consensus remains materially in line. Hence these updates have not
been reflected in the Q123 ECL modelled provision
level.
In addition, coverage levels have been assessed in light of the
potential impact of elevated levels of inflation on customer
affordability and expert judgements updated accordingly with the
resulting adjustments included within total post model adjustments
of £0.3bn (31 December 2022: £0.3bn).
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.
|
Baseline average macroeconomic variables used in the calculation of
ECL
|
|||||
|
|
2023
|
2024
|
2025
|
2026
|
2027
|
|
As at 31.03.23
|
%
|
%
|
%
|
%
|
%
|
|
UK
GDP1
|
(0.6)
|
0.5
|
1.6
|
1.9
|
1.8
|
|
UK
unemployment2
|
4.3
|
4.6
|
4.2
|
4.2
|
4.2
|
|
UK
HPI3
|
(4.2)
|
(2.5)
|
1.7
|
2.2
|
2.2
|
|
UK bank rate
|
4.2
|
4.3
|
3.8
|
3.6
|
3.3
|
|
US
GDP1
|
0.4
|
0.9
|
1.5
|
1.5
|
1.5
|
|
US
unemployment4
|
4.1
|
4.7
|
4.7
|
4.7
|
4.7
|
|
US
HPI5
|
1.5
|
1.5
|
2.1
|
2.4
|
2.4
|
|
US federal funds rate
|
4.7
|
3.9
|
3.2
|
3.0
|
3.0
|
|
|
2022
|
2023
|
2024
|
2025
|
2026
|
|
As at 31.12.22
|
%
|
%
|
%
|
%
|
%
|
|
UK
GDP1
|
3.3
|
(0.8)
|
0.9
|
1.8
|
1.9
|
|
UK
unemployment2
|
3.7
|
4.5
|
4.4
|
4.1
|
4.2
|
|
UK
HPI3
|
8.4
|
(4.7)
|
(1.7)
|
2.2
|
2.2
|
|
UK bank rate
|
1.8
|
4.4
|
4.1
|
3.8
|
3.4
|
|
US
GDP1
|
1.8
|
0.5
|
1.2
|
1.5
|
1.5
|
|
US
unemployment4
|
3.7
|
4.3
|
4.7
|
4.7
|
4.7
|
|
US
HPI5
|
11.2
|
1.8
|
1.5
|
2.3
|
2.4
|
|
US federal funds rate
|
2.1
|
4.8
|
3.6
|
3.1
|
3.0
|
|
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.
|
|
Downside 2 average economic variables used in the calculation of
ECL
|
|||||
|
|
2023
|
2024
|
2025
|
2026
|
2027
|
|
As at 31.03.23
|
%
|
%
|
%
|
%
|
%
|
|
UK
GDP1
|
(2.0)
|
(4.8)
|
1.0
|
2.4
|
1.9
|
|
UK
unemployment2
|
5.0
|
8.2
|
8.1
|
7.5
|
6.9
|
|
UK
HPI3
|
(13.6)
|
(19.6)
|
(13.9)
|
8.2
|
8.2
|
|
UK bank rate
|
6.1
|
8.0
|
6.9
|
5.8
|
4.5
|
|
US
GDP1
|
(1.3)
|
(4.5)
|
1.0
|
2.8
|
1.8
|
|
US
unemployment4
|
4.9
|
8.4
|
8.3
|
7.3
|
6.2
|
|
US
HPI5
|
(2.1)
|
(3.9)
|
(4.1)
|
4.8
|
4.8
|
|
US federal funds rate
|
5.9
|
7.0
|
6.1
|
4.9
|
3.8
|
|
|
2022
|
2023
|
2024
|
2025
|
2026
|
|
As at 31.12.22
|
%
|
%
|
%
|
%
|
%
|
|
UK
GDP1
|
3.3
|
(3.4)
|
(3.8)
|
2.0
|
2.3
|
|
UK
unemployment2
|
3.7
|
6.0
|
8.4
|
8.0
|
7.4
|
|
UK
HPI3
|
8.4
|
(18.3)
|
(18.8)
|
(7.7)
|
8.2
|
|
UK bank rate
|
1.8
|
7.3
|
7.9
|
6.6
|
5.5
|
|
US
GDP1
|
1.8
|
(2.7)
|
(3.4)
|
2.0
|
2.6
|
|
US
unemployment4
|
3.7
|
6.0
|
8.5
|
8.1
|
7.1
|
|
US
HPI5
|
11.2
|
(3.1)
|
(4.0)
|
(1.9)
|
4.8
|
|
US federal funds rate
|
2.1
|
6.6
|
6.9
|
5.8
|
4.6
|
|
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.
|
|
Downside 1 average economic variables used in the calculation of
ECL
|
|||||
|
|
2023
|
2024
|
2025
|
2026
|
2027
|
|
As at 31.03.23
|
%
|
%
|
%
|
%
|
%
|
|
UK
GDP1
|
(1.3)
|
(2.2)
|
1.3
|
2.2
|
1.8
|
|
UK
unemployment2
|
4.6
|
6.4
|
6.1
|
5.8
|
5.5
|
|
UK
HPI3
|
(9.0)
|
(11.3)
|
(6.3)
|
5.2
|
5.2
|
|
UK bank rate
|
5.2
|
6.2
|
5.4
|
4.8
|
3.9
|
|
US
GDP1
|
(0.4)
|
(1.8)
|
1.2
|
2.2
|
1.7
|
|
US
unemployment4
|
4.5
|
6.5
|
6.5
|
6.0
|
5.4
|
|
US
HPI5
|
(0.3)
|
(1.2)
|
(1.0)
|
3.6
|
3.6
|
|
US federal funds rate
|
5.4
|
5.6
|
4.6
|
4.0
|
3.4
|
|
|
2022
|
2023
|
2024
|
2025
|
2026
|
|
As at 31.12.22
|
%
|
%
|
%
|
%
|
%
|
|
UK
GDP1
|
3.3
|
(2.1)
|
(1.5)
|
1.9
|
2.1
|
|
UK
unemployment2
|
3.7
|
5.2
|
6.4
|
6.0
|
5.8
|
|
UK
HPI3
|
8.4
|
(11.7)
|
(10.6)
|
(2.8)
|
5.2
|
|
UK bank rate
|
1.8
|
5.9
|
6.1
|
5.3
|
4.6
|
|
US
GDP1
|
1.8
|
(1.1)
|
(1.1)
|
1.7
|
2.1
|
|
US
unemployment4
|
3.7
|
5.1
|
6.6
|
6.4
|
5.9
|
|
US
HPI5
|
11.2
|
(0.7)
|
(1.3)
|
0.2
|
3.6
|
|
US federal funds rate
|
2.1
|
5.8
|
5.4
|
4.4
|
3.9
|
|
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.
|
|
Upside 2 average economic variables used in the calculation of
ECL
|
|||||
|
|
2023
|
2024
|
2025
|
2026
|
2027
|
|
As at 31.03.23
|
%
|
%
|
%
|
%
|
%
|
|
UK
GDP1
|
1.7
|
4.1
|
3.1
|
2.5
|
2.3
|
|
UK
unemployment2
|
3.6
|
3.4
|
3.4
|
3.4
|
3.4
|
|
UK
HPI3
|
5.3
|
9.6
|
4.3
|
4.3
|
3.5
|
|
UK bank rate
|
3.3
|
2.8
|
2.5
|
2.5
|
2.5
|
|
US
GDP1
|
2.3
|
3.8
|
2.9
|
2.8
|
2.8
|
|
US
unemployment4
|
3.4
|
3.3
|
3.3
|
3.3
|
3.3
|
|
US
HPI5
|
4.6
|
5.3
|
4.5
|
4.5
|
4.5
|
|
US federal funds rate
|
3.8
|
3.1
|
2.8
|
2.8
|
2.8
|
|
|
2022
|
2023
|
2024
|
2025
|
2026
|
|
As at 31.12.22
|
%
|
%
|
%
|
%
|
%
|
|
UK
GDP1
|
3.3
|
2.8
|
3.7
|
2.9
|
2.4
|
|
UK
unemployment2
|
3.7
|
3.5
|
3.4
|
3.4
|
3.4
|
|
UK
HPI3
|
8.4
|
8.7
|
7.5
|
4.4
|
4.2
|
|
UK bank rate
|
1.8
|
3.1
|
2.6
|
2.5
|
2.5
|
|
US
GDP1
|
1.8
|
3.3
|
3.5
|
2.8
|
2.8
|
|
US
unemployment4
|
3.7
|
3.3
|
3.3
|
3.3
|
3.3
|
|
US
HPI5
|
11.2
|
5.8
|
5.1
|
4.5
|
4.5
|
|
US federal funds rate
|
2.1
|
3.6
|
2.9
|
2.8
|
2.8
|
|
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.
|
|
Upside 1 average economic variables used in the calculation of
ECL
|
|||||
|
|
2023
|
2024
|
2025
|
2026
|
2027
|
|
As at 31.03.23
|
%
|
%
|
%
|
%
|
%
|
|
UK
GDP1
|
0.5
|
2.2
|
2.3
|
2.2
|
2.1
|
|
UK
unemployment2
|
3.9
|
4.0
|
3.8
|
3.8
|
3.8
|
|
UK
HPI3
|
0.5
|
3.4
|
3.0
|
3.3
|
2.8
|
|
UK bank rate
|
3.5
|
3.3
|
3.1
|
2.8
|
2.8
|
|
US
GDP1
|
1.4
|
2.4
|
2.2
|
2.2
|
2.2
|
|
US
unemployment4
|
3.7
|
4.0
|
4.0
|
4.0
|
4.0
|
|
US
HPI5
|
3.0
|
3.4
|
3.3
|
3.4
|
3.4
|
|
US federal funds rate
|
4.1
|
3.6
|
3.0
|
3.0
|
3.0
|
|
|
2022
|
2023
|
2024
|
2025
|
2026
|
|
As at 31.12.22
|
%
|
%
|
%
|
%
|
%
|
|
UK
GDP1
|
3.3
|
1.0
|
2.3
|
2.4
|
2.1
|
|
UK
unemployment2
|
3.7
|
4.0
|
3.9
|
3.8
|
3.8
|
|
UK
HPI3
|
8.4
|
1.8
|
2.9
|
3.3
|
3.2
|
|
UK bank rate
|
1.8
|
3.5
|
3.3
|
3.0
|
2.8
|
|
US
GDP1
|
1.8
|
1.9
|
2.3
|
2.2
|
2.2
|
|
US
unemployment4
|
3.7
|
3.8
|
4.0
|
4.0
|
4.0
|
|
US
HPI5
|
11.2
|
3.8
|
3.3
|
3.4
|
3.4
|
|
US federal funds rate
|
2.1
|
3.9
|
3.4
|
3.0
|
3.0
|
|
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 31.03.23
|
|
|
|
|
|
|
Scenario probability weighting
|
10.9
|
23.1
|
39.4
|
17.6
|
9.0
|
|
As at 31.12.22
|
|
|
|
|
|
|
Scenario probability weighting
|
10.9
|
23.1
|
39.4
|
17.6
|
9.0
|
Treasury and Capital Risk
Regulatory minimum requirements
Capital
The Group’s Overall Capital Requirement for CET1 is 11.4%
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 2.4% Pillar 2A requirement and a 0.5%
Countercyclical Capital Buffer (CCyB).
The Group’s Pillar 2A requirement as per the PRA’s
Individual Capital Requirement is 4.3% of which at least 56.25%
needs to be met with CET1 capital, equating to 2.4% 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
4.0%. 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 0.2%. Although the leverage ratio is expressed in terms
of Tier 1 (T1) capital, 75% of the minimum requirement, equating to
2.4%, needs to be met with CET1 capital. In addition, the G-SII
ALRB and CCLB must be covered solely with CET1 capital. The CET1
capital held against the 0.53% G-SII ALRB was £6.1bn and
against the 0.2% CCLB was £2.3bn.
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 4.3% Pillar 2A equating to 24.5% 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 31.03.23
|
As at 31.12.22
|
|
CET1
|
13.6%
|
13.9%
|
|
T1
|
17.6%
|
17.9%
|
|
Total regulatory capital
|
20.2%
|
20.8%
|
|
|
|
|
|
Capital resources
|
£m
|
£m
|
|
Total equity excluding non-controlling interests per the balance
sheet
|
69,699
|
68,292
|
|
Less: other equity instruments (recognised as AT1
capital)
|
(13,784)
|
(13,284)
|
|
Adjustment to retained earnings for foreseeable ordinary share
dividends
|
(338)
|
(787)
|
|
Adjustment to retained earnings for foreseeable repurchase of
shares
|
(224)
|
—
|
|
Adjustment to retained earnings for foreseeable other equity
coupons
|
(52)
|
(37)
|
|
|
|
|
|
Other regulatory adjustments and deductions
|
|
|
|
Additional value adjustments (PVA)
|
(1,913)
|
(1,726)
|
|
Goodwill and intangible assets
|
(8,642)
|
(8,224)
|
|
Deferred tax assets that rely on future profitability excluding
temporary differences
|
(1,435)
|
(1,500)
|
|
Fair value reserves related to gains or losses on cash flow
hedges
|
6,164
|
7,237
|
|
Excess of expected losses over impairment
|
(232)
|
(119)
|
|
Gains or losses on liabilities at fair value resulting from own
credit
|
(86)
|
(620)
|
|
Defined benefit pension fund assets
|
(3,593)
|
(3,430)
|
|
Direct and indirect holdings by an institution of own CET1
instruments
|
(20)
|
(20)
|
|
Adjustment under IFRS 9 transitional arrangements
|
245
|
700
|
|
Other regulatory adjustments
|
196
|
396
|
|
CET1 capital
|
45,985
|
46,878
|
|
|
|
|
|
AT1 capital
|
|
|
|
Capital instruments and related share premium accounts
|
13,784
|
13,284
|
|
Other regulatory adjustments and deductions
|
(60)
|
(60)
|
|
AT1 capital
|
13,724
|
13,224
|
|
|
|
|
|
T1 capital
|
59,709
|
60,102
|
|
|
|
|
|
T2 capital
|
|
|
|
Capital instruments and related share premium accounts
|
7,538
|
9,000
|
|
Qualifying T2 capital (including minority interests) issued by
subsidiaries
|
1,061
|
1,095
|
|
Credit risk adjustments (excess of impairment over expected
losses)
|
66
|
35
|
|
Other regulatory adjustments and deductions
|
(160)
|
(160)
|
|
Total regulatory capital
|
68,214
|
70,072
|
|
|
|
|
|
Total RWAs
|
338,448
|
336,518
|
|
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 13.5%,
with £45.7bn of CET1 capital and £338.4bn of RWAs
calculated without applying the transitional arrangements of the
CRR as amended by CRR II.
|
|
Movement in CET1 capital
|
Three months ended 31.03.23
|
|
|
£m
|
|
Opening CET1 capital
|
46,878
|
|
|
|
|
Profit for the period attributable to equity holders
|
2,029
|
|
Own credit relating to derivative liabilities
|
(6)
|
|
Ordinary share dividends paid and foreseen
|
(344)
|
|
Purchased and foreseeable share repurchase
|
(500)
|
|
Other equity coupons paid and foreseen
|
(261)
|
|
Increase in retained regulatory capital generated from
earnings
|
918
|
|
|
|
|
Net impact of share schemes
|
(290)
|
|
Fair value through other comprehensive income reserve
|
149
|
|
Currency translation reserve
|
(531)
|
|
Other reserves
|
2
|
|
Decrease in other qualifying reserves
|
(670)
|
|
|
|
|
Pension remeasurements within reserves
|
135
|
|
Defined benefit pension fund asset deduction
|
(163)
|
|
Net impact of pensions
|
(28)
|
|
|
|
|
Additional value adjustments (PVA)
|
(187)
|
|
Goodwill and intangible assets
|
(418)
|
|
Deferred tax assets that rely on future profitability excluding
those arising from temporary differences
|
65
|
|
Excess of expected loss over impairment
|
(113)
|
|
Adjustment under IFRS 9 transitional arrangements
|
(455)
|
|
Other regulatory adjustments
|
(5)
|
|
Decrease in regulatory capital due to adjustments and
deductions
|
(1,113)
|
|
|
|
|
Closing CET1 capital
|
45,985
|
|
CET1 capital decreased £0.9bn to £46.0bn (December 2022:
£46.9bn).
|
|
|
£2.0bn of capital generated from profit was partially offset
by distributions of £1.1bn comprising:
|
|
|
●
|
£0.5bn of buybacks announced with FY22 results
|
|
●
|
£0.3bn accrual towards a FY23 dividend
|
|
●
|
£0.3bn of equity coupons paid and foreseen
|
|
Other significant movements in the period were:
|
|
|
●
|
£0.5bn decrease in the currency translation reserve driven by
the depreciation of period end USD against GBP
|
|
●
|
£0.4bn increase in the goodwill and intangibles deduction
primarily as a result of the acquisition of KMC
|
|
●
|
£0.5bn decrease in IFRS 9 transitional relief primarily due to
the relief applied to the pre-2020 impairment charge reducing to 0%
in 2023 from 25% in 2022 and the relief applied to the post-2022
impairment charge reducing to 50% in 2023 from 75% in
2022.
|
|
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 31.03.23
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
Barclays UK
|
7,816
|
55,174
|
|
246
|
—
|
—
|
115
|
|
196
|
—
|
|
11,054
|
74,601
|
|
Corporate and Investment Bank
|
33,904
|
75,225
|
|
17,014
|
21,692
|
237
|
2,811
|
|
15,734
|
23,136
|
|
27,093
|
216,846
|
|
Consumer, Cards and Payments
|
26,511
|
4,343
|
|
205
|
45
|
—
|
60
|
|
—
|
525
|
|
6,527
|
38,216
|
|
Barclays International
|
60,415
|
79,568
|
|
17,219
|
21,737
|
237
|
2,871
|
|
15,734
|
23,661
|
|
33,620
|
255,062
|
|
Head Office
|
2,578
|
7,016
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
(809)
|
8,785
|
|
Barclays Group
|
70,809
|
141,758
|
|
17,465
|
21,737
|
237
|
2,986
|
|
15,930
|
23,661
|
|
43,865
|
338,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 31.12.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK
|
6,836
|
54,752
|
|
167
|
—
|
—
|
72
|
|
233
|
—
|
|
11,023
|
73,083
|
|
Corporate and Investment Bank
|
35,738
|
75,413
|
|
16,814
|
21,449
|
80
|
3,093
|
|
13,716
|
22,497
|
|
27,064
|
215,864
|
|
Consumer, Cards and Payments
|
27,882
|
3,773
|
|
214
|
46
|
—
|
61
|
|
—
|
388
|
|
6,559
|
38,923
|
|
Barclays International
|
63,620
|
79,186
|
|
17,028
|
21,495
|
80
|
3,154
|
|
13,716
|
22,885
|
|
33,623
|
254,787
|
|
Head Office
|
2,636
|
6,843
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
(831)
|
8,648
|
|
Barclays Group
|
73,092
|
140,781
|
|
17,195
|
21,495
|
80
|
3,226
|
|
13,949
|
22,885
|
|
43,815
|
336,518
|
|
Movement analysis of RWAs
|
Credit risk
|
Counterparty credit risk
|
Market risk
|
Operational risk
|
Total RWAs
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Opening RWAs (as at 31.12.22)
|
213,873
|
41,996
|
36,834
|
43,815
|
336,518
|
|
Book size
|
(1,091)
|
1,189
|
3,051
|
50
|
3,199
|
|
Acquisitions and disposals
|
688
|
—
|
—
|
—
|
688
|
|
Book quality
|
1,039
|
134
|
—
|
—
|
1,173
|
|
Model updates
|
—
|
—
|
—
|
—
|
—
|
|
Methodology and policy
|
640
|
267
|
—
|
—
|
907
|
|
Foreign
exchange movements1
|
(2,582)
|
(1,161)
|
(294)
|
—
|
(4,037)
|
|
Total RWA movements
|
(1,306)
|
429
|
2,757
|
50
|
1,930
|
|
Closing RWAs (as at 31.03.23)
|
212,567
|
42,425
|
39,591
|
43,865
|
338,448
|
|
1
|
Foreign exchange movements does not include the impact of foreign
exchange for modelled market risk or operational risk.
|
|
Overall RWAs increased £1.9bn to £338.4bn (December 2022:
£336.5bn)
|
|
|
Credit risk RWAs decreased £1.3bn:
|
|
|
●
|
A £1.1bn decrease in book size primarily driven by business
activities within CIB
|
|
●
|
A £1.0bn increase in book quality RWAs driven by an increase
in mortgages due to HPI refresh and a deterioration in credit
quality within CIB
|
|
●
|
A £2.6bn decrease in FX primarily due to the depreciation of
period end USD against GBP
|
|
Counterparty Credit risk RWAs increased £0.4bn:
|
|
|
●
|
A £1.2bn increase in book size primarily due to an increase in
SFT client and trading activity within Global Markets
|
|
●
|
A £1.2bn decrease in FX primarily due to the depreciation of
period end USD against GBP
|
|
Market risk RWAs increased £2.8bn:
|
|
|
●
|
A £3.1bn increase in book size primarily due to increased
client and trading activity within Global Markets
|
|
Leverage ratios1,2
|
As at 31.03.23
|
As at 31.12.22
|
|
£m
|
£m
|
|
|
Average UK leverage ratio
|
4.8%
|
4.8%
|
|
Average T1 capital
|
59,488
|
60,865
|
|
Average UK leverage exposure
|
1,251,286
|
1,280,972
|
|
|
|
|
|
UK leverage ratio
|
5.1%
|
5.3%
|
|
|
|
|
|
CET1 capital
|
45,985
|
46,878
|
|
AT1 capital
|
13,724
|
13,224
|
|
T1 capital
|
59,709
|
60,102
|
|
|
|
|
|
UK leverage exposure
|
1,168,899
|
1,129,973
|
|
|
|
|
|
UK leverage exposure
|
|
|
|
Accounting assets
|
|
|
|
Derivative financial instruments
|
257,439
|
302,380
|
|
Derivative cash collateral
|
64,899
|
69,048
|
|
Securities financing transactions (SFT)
|
229,182
|
189,637
|
|
Loans and advances and other assets
|
987,530
|
952,634
|
|
Total IFRS assets
|
1,539,050
|
1,513,699
|
|
|
|
|
|
Regulatory consolidation adjustments
|
(6,998)
|
(8,278)
|
|
|
|
|
|
Derivatives adjustments
|
|
|
|
Derivatives netting
|
(217,312)
|
(256,309)
|
|
Adjustments to collateral
|
(50,131)
|
(52,715)
|
|
Net written credit protection
|
18,354
|
16,190
|
|
Potential future exposure (PFE) on derivatives
|
85,893
|
84,168
|
|
Total derivatives adjustments
|
(163,196)
|
(208,666)
|
|
|
|
|
|
SFT adjustments
|
25,787
|
24,203
|
|
|
|
|
|
Regulatory deductions and other adjustments
|
(21,984)
|
(21,447)
|
|
|
|
|
|
Weighted off-balance sheet commitments
|
120,754
|
124,169
|
|
|
|
|
|
Qualifying central bank claims
|
(280,346)
|
(272,321)
|
|
|
|
|
|
Settlement netting
|
(44,168)
|
(21,386)
|
|
|
|
|
|
UK leverage exposure
|
1,168,899
|
1,129,973
|
|
1
|
Capital and leverage measures are calculated applying the
transitional arrangements of the CRR as amended by CRR
II.
|
|
2
|
Fully loaded average UK leverage ratio was 4.7%, with £59.2bn of T1 capital and £1,251.0bn of leverage exposure. Fully
loaded UK leverage ratio was 5.1%, with £59.5bn of T1 capital and £1,168.7bn of leverage exposure. Fully
loaded UK leverage ratios are calculated without applying the
transitional arrangements of the CRR as amended by CRR
II.
|
The UK
leverage ratio decreased to 5.1% (December 2022: 5.3%) primarily
due to a £38.9bn increase in the leverage exposure and a
£0.4bn decrease in Tier 1 capital. The UK leverage exposure
increased to £1,168.9bn (December 2022: £1,130.0bn)
largely due to an increase in SFT client and trading activity
within Global Markets.
The
average UK leverage ratio remained at 4.8% (December 2022: 4.8%)
primarily due to a decrease in the average T1 capital offset by a
decrease in the average leverage exposure of £29.7bn to
£1,251.3bn, largely due to a reduction in derivatives as well
as lower daily average SFT activity in the quarter, compared to Q4
2022.
|
MREL
|
|
|
|
|
|
|
MREL requirements including
buffers1,2
|
Total requirement (£m) based on
|
|
Requirement as a percentage of:
|
||
|
|
As at 31.03.23
|
As at 31.12.22
|
|
As at 31.03.23
|
As at 31.12.22
|
|
Requirement based on RWAs (minimum requirement)
|
98,167
|
97,387
|
|
29.0%
|
28.9%
|
|
Requirement based on UK leverage exposure
|
94,012
|
91,213
|
|
8.0%
|
8.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Own funds and eligible
liabilities2
|
|
|
|
As at 31.03.23
|
As at 31.12.22
|
|
|
|
|
|
£m
|
£m
|
|
CET1 capital
|
|
|
|
45,985
|
46,878
|
|
AT1
capital instruments and related share premium accounts3
|
|
|
|
13,724
|
13,224
|
|
T2
capital instruments and related share premium accounts3
|
|
|
|
7,444
|
8,875
|
|
Eligible liabilities
|
|
|
|
43,489
|
43,851
|
|
Total Barclays PLC (the Parent company) own funds and eligible
liabilities
|
|
110,642
|
112,828
|
||
|
|
|
|
|
|
|
|
Total RWAs
|
|
|
|
338,448
|
336,518
|
|
Total UK leverage exposure
|
|
|
|
1,168,899
|
1,129,973
|
|
|
|
|
|
|
|
|
Own funds and eligible liabilities ratios as a percentage
of:
|
|
|
|
As at 31.03.23
|
As at 31.12.22
|
|
Total RWAs
|
|
|
|
32.7%
|
33.5%
|
|
Total UK leverage exposure
|
|
|
|
9.5%
|
10.0%
|
As at 31 March 2023, Barclays
PLC (the Parent company) held £110.6bn of own funds and
eligible liabilities equating to 32.7% of RWAs. This was in excess
of the Group's MREL requirement, excluding the PRA buffer, to hold
£98.2bn of own funds and eligible liabilities equating to 29%
of RWAs. The Group remains above its MREL regulatory requirement
including the PRA buffer.
|
1
|
Minimum requirement excludes the confidential institution-specific
PRA buffer.
|
|
2
|
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.
|
|
3
|
Includes other AT1 capital regulatory adjustments and deductions of
£60m (December 2022: £60m), and other T2 credit risk
adjustments and deductions of £94m (December 2022:
£125m).
|
Condensed Consolidated Financial Statements
|
Condensed consolidated income statement (unaudited)
|
||
|
|
Three months ended 31.03.23
|
Three months ended 31.03.22
|
|
|
£m
|
£m
|
|
Total income
|
7,237
|
6,496
|
|
Operating expenses excluding litigation and conduct
|
(4,111)
|
(3,588)
|
|
Litigation and conduct
|
1
|
(523)
|
|
Operating expenses
|
(4,110)
|
(4,111)
|
|
Other net expenses
|
(5)
|
(10)
|
|
Profit before impairment
|
3,122
|
2,375
|
|
Credit impairment charges
|
(524)
|
(141)
|
|
Profit before tax
|
2,598
|
2,234
|
|
Tax charge
|
(561)
|
(614)
|
|
Profit after tax
|
2,037
|
1,620
|
|
|
|
|
|
Attributable to:
|
|
|
|
Equity holders of the parent
|
1,783
|
1,404
|
|
Other equity instrument holders
|
246
|
215
|
|
Total equity holders of the parent
|
2,029
|
1,619
|
|
Non-controlling interests
|
8
|
1
|
|
Profit after tax
|
2,037
|
1,620
|
|
|
|
|
|
Earnings per share
|
p
|
p
|
|
Basic earnings per ordinary share
|
11.3
|
8.4
|
|
Condensed consolidated balance sheet (unaudited)
|
||
|
|
As at 31.03.23
|
As at 31.12.22
|
|
Assets
|
£m
|
£m
|
|
Cash and balances at central banks
|
265,874
|
256,351
|
|
Cash collateral and settlement balances
|
129,622
|
112,597
|
|
Loans and advances at amortised cost
|
403,548
|
398,779
|
|
Reverse repurchase agreements and other similar secured
lending
|
771
|
776
|
|
Trading portfolio assets
|
137,857
|
133,813
|
|
Financial assets at fair value through the income
statement
|
247,965
|
213,568
|
|
Derivative financial instruments
|
257,439
|
302,380
|
|
Financial assets at fair value through other comprehensive
income
|
66,361
|
65,062
|
|
Investments in associates and joint ventures
|
912
|
922
|
|
Goodwill and intangible assets
|
8,664
|
8,239
|
|
Current tax assets
|
310
|
385
|
|
Deferred tax assets
|
6,489
|
6,991
|
|
Other assets
|
13,238
|
13,836
|
|
Total assets
|
1,539,050
|
1,513,699
|
|
|
|
|
|
Liabilities
|
|
|
|
Deposits at amortised cost
|
555,724
|
545,782
|
|
Cash collateral and settlement balances
|
117,234
|
96,927
|
|
Repurchase agreements and other similar secured
borrowing
|
28,386
|
27,052
|
|
Debt securities in issue
|
116,647
|
112,881
|
|
Subordinated Liabilities
|
10,072
|
11,423
|
|
Trading portfolio liabilities
|
90,079
|
72,924
|
|
Financial liabilities designated at fair value
|
289,428
|
271,637
|
|
Derivative financial instruments
|
247,167
|
289,620
|
|
Current tax liabilities
|
562
|
580
|
|
Deferred tax liabilities
|
17
|
16
|
|
Other liabilities
|
13,079
|
15,597
|
|
Total liabilities
|
1,468,395
|
1,444,439
|
|
|
|
|
|
Equity
|
|
|
|
Called up share capital and share premium
|
4,344
|
4,373
|
|
Other reserves
|
(1,993)
|
(2,192)
|
|
Retained earnings
|
53,564
|
52,827
|
|
Shareholders' equity attributable to ordinary shareholders of the
parent
|
55,915
|
55,008
|
|
Other equity instruments
|
13,784
|
13,284
|
|
Total equity excluding non-controlling interests
|
69,699
|
68,292
|
|
Non-controlling interests
|
956
|
968
|
|
Total equity
|
70,655
|
69,260
|
|
|
|
|
|
Total liabilities and equity
|
1,539,050
|
1,513,699
|
|
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 31.03.2023
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Balance as at 1 January 2023
|
4,373
|
13,284
|
(2,192)
|
52,827
|
68,292
|
968
|
69,260
|
|
Profit after tax
|
—
|
246
|
—
|
1,783
|
2,029
|
8
|
2,037
|
|
Retirement benefit remeasurements
|
—
|
—
|
—
|
135
|
135
|
—
|
135
|
|
Other comprehensive profit after tax for the year
|
—
|
—
|
151
|
—
|
151
|
—
|
151
|
|
Total comprehensive income for the period
|
—
|
246
|
151
|
1,918
|
2,315
|
8
|
2,323
|
|
Employee share schemes and hedging thereof
|
16
|
—
|
—
|
356
|
372
|
—
|
372
|
|
Issue and redemption of other equity instruments
|
—
|
500
|
—
|
(5)
|
495
|
—
|
495
|
|
Other equity instruments coupon paid
|
—
|
(246)
|
—
|
—
|
(246)
|
—
|
(246)
|
|
Vesting of employee share schemes
|
—
|
—
|
3
|
(470)
|
(467)
|
—
|
(467)
|
|
Dividends paid
|
—
|
—
|
—
|
(793)
|
(793)
|
(8)
|
(801)
|
|
Repurchase of shares
|
(45)
|
—
|
45
|
(276)
|
(276)
|
—
|
(276)
|
|
Other movements
|
—
|
—
|
—
|
7
|
7
|
(12)
|
(5)
|
|
Balance as at 31 March 2023
|
4,344
|
13,784
|
(1,993)
|
53,564
|
69,699
|
956
|
70,655
|
|
Other reserves
|
As at 31.03.23
|
As at 31.12.22
|
|
|
£m
|
£m
|
|
Currency translation reserve
|
4,241
|
4,772
|
|
Fair value through other comprehensive income reserve
|
(1,411)
|
(1,560)
|
|
Cash flow hedging reserve
|
(6,162)
|
(7,235)
|
|
Own credit reserve
|
(73)
|
467
|
|
Other reserves and treasury shares
|
1,412
|
1,364
|
|
Total
|
(1,993)
|
(2,192)
|
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.
Appendix: Non-IFRS Performance Measures
Non-IFRS performance measures glossary
|
Measure
|
Definition
|
|
Loan: deposit ratio
|
Loans and advances at amortised cost divided by deposits at
amortised cost.
|
|
Period end allocated tangible equity
|
Allocated
tangible equity is calculated as 13.5% (2022: 13.5%) of RWAs for each business, adjusted
for capital deductions, excluding goodwill and intangible assets,
reflecting the assumptions the Group uses for capital planning
purposes. Head Office allocated tangible equity represents the
difference between the Group’s tangible shareholders’
equity and the amounts allocated to businesses.
|
|
Average tangible shareholders’ equity
|
Calculated as the average of the previous month’s period end
tangible equity and the current month’s period end tangible
equity. The average tangible shareholders’ equity for the
period is the average of the monthly averages within that
period.
|
|
Average allocated tangible equity
|
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 average tangible shareholders’ equity
|
Annualised
profit after tax attributable to ordinary equity holders of the
parent, as a proportion of average shareholders’ equity
excluding non-controlling interests and other equity instruments
adjusted for the deduction of intangible assets and goodwill. The
components of the calculation have been included on pages
39 to 40.
|
|
Return on average allocated tangible equity
|
Annualised
profit after tax attributable to ordinary equity holders of the
parent, as a proportion of average allocated tangible equity. The
components of the calculation have been included on pages
39 to 41.
|
|
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 bank levy.
|
|
Cost: income ratio
|
Total operating expenses divided by total income.
|
|
Loan loss rate
|
Quoted
in basis points and represents total impairment charges divided by
gross loans and advances held at amortised cost at the balance
sheet date. The components of the calculation have been included on
page 22.
|
|
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
21.
|
|
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
42.
|
|
Profit before impairment
|
Calculated by excluding credit impairment charges or releases from
profit before tax.
|
Returns
Return
on average tangible equity is calculated as profit after tax
attributable to ordinary equity holders of the parent as a
proportion of average tangible equity, excluding non-controlling
and other equity interests for businesses. Allocated tangible
equity has been calculated as 13.5% (2022: 13.5%) of RWAs for each business, adjusted
for capital deductions, excluding goodwill and intangible assets,
reflecting the assumptions the Group uses for capital planning
purposes. Head Office average allocated tangible equity represents
the difference between the Group’s average tangible
shareholders’ equity and the amounts allocated to
businesses.
|
|
Profit/(loss) attributable to ordinary equity holders of the
parent
|
|
Average tangible equity
|
|
Return on average tangible equity
|
|
For the three months ended 31.03.23
|
£m
|
|
£bn
|
|
%
|
|
Barclays UK
|
515
|
|
10.3
|
|
20.0
|
|
Corporate and Investment Bank
|
1,209
|
|
31.8
|
|
15.2
|
|
Consumer, Cards and Payments
|
139
|
|
5.3
|
|
10.5
|
|
Barclays International
|
1,348
|
|
37.1
|
|
14.5
|
|
Head Office
|
(80)
|
|
0.2
|
|
n/m
|
|
Barclays Group
|
1,783
|
|
47.6
|
|
15.0
|
|
|
|
|
|
|
|
|
For the three months ended 31.03.22
|
|
|
|
|
|
|
Barclays UK
|
396
|
|
10.1
|
|
15.6
|
|
Corporate and Investment Bank
|
1,316
|
|
30.8
|
|
17.1
|
|
Consumer, Cards and Payments
|
(16)
|
|
4.3
|
|
(1.5)
|
|
Barclays International
|
1,300
|
|
35.1
|
|
14.8
|
|
Head Office
|
(292)
|
|
3.6
|
|
n/m
|
|
Barclays Group
|
1,404
|
|
48.8
|
|
11.5
|
|
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q4211
|
Q3211
|
Q2211
|
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
|
Attributable profit
|
1,783
|
|
1,036
|
1,512
|
1,071
|
1,404
|
|
1,079
|
1,374
|
2,048
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Average shareholders' equity
|
55.9
|
|
54.9
|
56.8
|
57.1
|
56.9
|
|
56.1
|
56.5
|
54.4
|
|
Average goodwill and intangibles
|
(8.3)
|
|
(8.2)
|
(8.2)
|
(8.1)
|
(8.1)
|
|
(8.1)
|
(8.2)
|
(7.9)
|
|
Average tangible shareholders' equity
|
47.6
|
|
46.7
|
48.6
|
49.0
|
48.8
|
|
48.0
|
48.3
|
46.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
15.0%
|
|
8.9%
|
12.5%
|
8.7%
|
11.5%
|
|
9.0%
|
11.4%
|
17.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q421
|
Q321
|
Q221
|
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
|
Attributable profit
|
515
|
|
474
|
549
|
458
|
396
|
|
420
|
317
|
721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Average allocated equity
|
13.9
|
|
13.7
|
13.5
|
13.6
|
13.7
|
|
13.6
|
13.6
|
13.5
|
|
Average goodwill and intangibles
|
(3.6)
|
|
(3.5)
|
(3.6)
|
(3.6)
|
(3.6)
|
|
(3.6)
|
(3.6)
|
(3.6)
|
|
Average allocated tangible equity
|
10.3
|
|
10.2
|
9.9
|
10.0
|
10.1
|
|
10.0
|
10.0
|
9.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
20.0%
|
|
18.7%
|
22.1%
|
18.4%
|
15.6%
|
|
16.8%
|
12.7%
|
29.1%
|
|
1
|
The comparative capital and financial metrics relating to Q221 -
Q421 have been restated to reflect the impact of the Over-issuance
of Securities.
|
|
Barclays International
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q4211
|
Q3211
|
Q2211
|
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
|
Attributable profit
|
1,348
|
|
625
|
1,136
|
783
|
1,300
|
|
818
|
1,191
|
1,207
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Average allocated equity
|
38.1
|
|
39.9
|
40.1
|
38.2
|
36.0
|
|
33.8
|
32.7
|
33.0
|
|
Average goodwill and intangibles
|
(1.0)
|
|
(1.0)
|
(1.0)
|
(0.9)
|
(0.9)
|
|
(0.9)
|
(0.9)
|
(0.6)
|
|
Average allocated tangible equity
|
37.1
|
|
38.9
|
39.1
|
37.3
|
35.1
|
|
32.9
|
31.8
|
32.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
14.5%
|
|
6.4%
|
11.6%
|
8.4%
|
14.8%
|
|
9.9%
|
14.9%
|
14.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Investment Bank
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q4211
|
Q3211
|
Q2211
|
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
|
Attributable profit
|
1,209
|
|
454
|
1,015
|
579
|
1,316
|
|
695
|
1,085
|
989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Average allocated equity
|
31.8
|
|
33.7
|
34.0
|
32.7
|
30.8
|
|
28.7
|
27.8
|
28.4
|
|
Average goodwill and intangibles
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
Average allocated tangible equity
|
31.8
|
|
33.7
|
34.0
|
32.7
|
30.8
|
|
28.7
|
27.8
|
28.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
15.2%
|
|
5.4%
|
11.9%
|
7.1%
|
17.1%
|
|
9.7%
|
15.6%
|
14.0%
|
|
Consumer, Cards and Payments
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q421
|
Q321
|
Q221
|
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
|
Attributable profit/(loss)
|
139
|
|
171
|
121
|
204
|
(16)
|
|
123
|
106
|
218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Average allocated equity
|
6.3
|
|
6.2
|
6.1
|
5.5
|
5.2
|
|
5.1
|
4.9
|
4.6
|
|
Average goodwill and intangibles
|
(1.0)
|
|
(1.0)
|
(1.0)
|
(0.9)
|
(0.9)
|
|
(0.9)
|
(0.9)
|
(0.6)
|
|
Average allocated tangible equity
|
5.3
|
|
5.2
|
5.1
|
4.6
|
4.3
|
|
4.2
|
4.0
|
4.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
10.5%
|
|
13.0%
|
9.5%
|
17.8%
|
(1.5)%
|
|
11.7%
|
10.5%
|
21.8%
|
|
1
|
The comparative capital and financial metrics relating to Q221 -
Q421 have been restated to reflect the impact of the Over-issuance
of Securities.
|
|
Tangible net asset value per share
|
As at 31.03.23
|
As at 31.12.22
|
As at 31.03.22
|
|
|
£m
|
£m
|
£m
|
|
Total equity excluding non-controlling interests
|
69,699
|
68,292
|
68,465
|
|
Other equity instruments
|
(13,784)
|
(13,284)
|
(11,119)
|
|
Goodwill and intangibles
|
(8,664)
|
(8,239)
|
(8,046)
|
|
Tangible shareholders' equity attributable to ordinary shareholders
of the parent
|
47,251
|
46,769
|
49,300
|
|
|
|
|
|
|
|
m
|
m
|
m
|
|
Shares in issue
|
15,701
|
15,871
|
16,762
|
|
|
|
|
|
|
|
p
|
p
|
p
|
|
Tangible net asset value per share
|
301
|
295
|
294
|
|
Notable Items
|
|
|
|
|
|
Three months ended 31.03.23
|
Three months ended 31.03.22
|
|||
|
£m
|
Profit before tax
|
Attributable profit
|
Profit before tax
|
Attributable profit
|
|
Statutory
|
2,598
|
1,783
|
2,234
|
1,404
|
|
Net impact from the Over-issuance of Securities
|
—
|
—
|
(320)
|
(240)
|
|
Customer remediation costs on legacy loan portfolio
|
—
|
—
|
(181)
|
(147)
|
|
Other litigation and conduct
|
1
|
2
|
(22)
|
(15)
|
|
Re-measurement of UK DTAs
|
—
|
—
|
—
|
(346)
|
|
Excluding the impact of notable items
|
2,597
|
1,781
|
2,757
|
2,152
|
The Group’s management believes that the non-IFRS
performance measures excluding
notable items, included in the table above, provide valuable
information to enable users of the financial statements to assess
the performance of the Group. The notable items are separately
identified within the Group’s results disclosures which, when
excluded from Barclays’ statutory financials, provide an
underlying profit and loss performance of the Group and enables
consistent comparison of performance from one period to
another.
These
non-IFRS performance measures excluding notable items are included
as a reference point only and are not incorporated within any of
the key financial metrics used in our Group Targets, which are
measured on a statutory basis.
Shareholder Information
|
|
|
|
|
|
|
|
|
Results timetable1
|
|
|
Date
|
|
|
|
|
2023 Interim Results Announcement
|
|
|
27 July 2023
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change3
|
|
|
Exchange rates2
|
31.03.23
|
31.12.22
|
31.03.22
|
|
31.12.22
|
31.03.22
|
|
Period end - USD/GBP
|
1.23
|
1.21
|
1.31
|
|
2%
|
(6)%
|
|
3 month average - USD/GBP
|
1.22
|
1.17
|
1.34
|
|
4%
|
(9)%
|
|
Period end - EUR/GBP
|
1.14
|
1.13
|
1.19
|
|
1%
|
(4)%
|
|
3 month average - EUR/GBP
|
1.13
|
1.15
|
1.20
|
|
(2)%
|
(6)%
|
|
|
|
|
|
|
|
|
|
Share price data
|
|
|
|
|
|
|
|
Barclays PLC (p)
|
145.80
|
158.52
|
148.30
|
|
|
|
|
Barclays
PLC number of shares (m)4
|
15,701
|
15,871
|
16,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For further information please contact
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor relations
|
Media relations
|
|||||
|
Adam Strachan +1 212 526 8442
|
Tom Hoskin +44 (0) 20 7116 4755
|
|||||
|
James Johnson +44 (0) 20 7116 7233
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
0371 384 20555 from the UK or +44
121 415 7004 from overseas.
|
|
|||||
|
|
|
|
|
|
|
|
|
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 these dates are 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 15,701m as at 31 March is different from
the 15,688m quoted in the 3 April 2023 announcement because the
share buyback transactions executed on 30 and 31 March 2023 did not
settle until 3 April 2023 and 4 April 2023
respectively.
|
|
5
|
Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding
UK public holidays in England and Wales.
|