Barclays PLC 6-K, filed Apr 25, 2024
Barclays PLC (BCS)
6-K
2024-04-25
For: 2024-04-25
View Original
Added on
April 11, 2026
About this 6-K
Barclays PLC filed this 6-K on April 25, 2024.
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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
25, 2024
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
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.
EXHIBIT
INDEX
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Exhibit
No. 1
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1st Quarter
Results
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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 25, 2024
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By: /s/
Garth Wright
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Garth
Wright
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Assistant
Secretary
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Exhibit
No. 1
Barclays PLC
Q1 2024 Results Announcement
31 March 2024
Notes
The terms Barclays and Group refer to Barclays PLC together with
its subsidiaries. Unless otherwise stated, the income statement
analysis compares the three months ended 31 March 2024 to the
corresponding three months of 2023 and balance sheet analysis as at
31 March 2024 with comparatives relating to 31 December 2023 and 31
March 2023. The abbreviations ‘£m’ and
‘£bn’ represent millions and thousands of millions
of Pounds Sterling respectively; the abbreviations ‘$m’
and ‘$bn’ represent millions and thousands of millions
of US Dollars respectively; and the abbreviations
‘€m’ and ‘€bn’ represent
millions and thousands of millions of Euros
respectively.
There are a number of key judgement areas, for example impairment
calculations, which are based on models and which are subject to
ongoing adjustment and modifications. Reported numbers reflect best
estimates and judgements at the given point in time.
Relevant terms that are used in this document but are not defined
under applicable regulatory guidance or International Financial
Reporting Standards (IFRS) are explained in the results glossary,
which can be accessed at home.barclays/investor-relations.
The information in this announcement, which was approved by the
Board of Directors on 24 April 2024, does not comprise statutory
accounts within the meaning of Section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 December 2023, which
contain an unmodified audit report under Section 495 of the
Companies Act 2006 (which does not make any statements under
Section 498 of the Companies Act 2006) has been delivered to the
Registrar of Companies in accordance with Section 441 of the
Companies Act 2006.
These results will be furnished on Form 6-K to the US Securities
and Exchange Commission (SEC) as soon as practicable following its
publication. Once furnished to the SEC, a copy of the Form 6-K will
be available from the SEC’s website at www.sec.gov.
Barclays is a frequent issuer in the debt capital markets and
regularly meets with investors via formal roadshows and other ad
hoc meetings. Consistent with its usual practice, Barclays expects
that from time to time over the coming quarter it will meet with
investors globally to discuss these results and other matters
relating to the Group.
Non-IFRS performance measures
Barclays’ management believes that the non-IFRS performance
measures included in this document provide valuable information to
the readers of the financial statements as they enable the reader
to identify a more consistent basis for comparing the
businesses’ performance between financial periods and provide
more detail concerning the elements of performance which the
managers of these businesses are most directly able to influence or
are relevant for an assessment of the Group. They also reflect an
important aspect of the way in which operating targets are defined
and performance is monitored by Barclays’ management.
However, any non-IFRS performance measures in this document are not
a substitute for IFRS measures and readers should consider the IFRS
measures as well. Refer to the appendix on pages 39 to 43 for
definitions and calculations of non-IFRS performance measures
included throughout this document, and reconciliations to the most
directly comparable IFRS measures.
This document contains certain forward-looking statements within
the meaning of Section 21E of the US Securities Exchange Act of
1934, as amended, and Section 27A of the US Securities Act of 1933,
as amended, with respect to the Group. Barclays cautions readers
that no forward-looking statement is a guarantee of future
performance and that actual results or other financial condition or
performance measures could differ materially from those contained
in the forward-looking statements. Forward-looking statements can
be identified by the fact that they do not relate only to
historical or current facts. Forward-looking statements sometimes
use words such as ‘may’, ‘will’,
‘seek’, ‘continue’, ‘aim’,
‘anticipate’, ‘target’,
‘projected’, ‘expect’,
‘estimate’, ‘intend’, ‘plan’,
‘goal’, ‘believe’, ‘achieve’ or
other words of similar meaning. Forward-looking statements can be
made in writing but also may be made verbally by directors,
officers and employees of the Group (including during management
presentations) in connection with this document. Examples of
forward-looking statements include, among others, statements or
guidance regarding or relating to the Group’s future
financial position, business strategy, income levels, costs, assets
and liabilities, impairment charges, provisions, capital leverage
and other regulatory ratios, capital distributions (including
policy on dividends and share buybacks), return on tangible equity,
projected levels of growth in banking and financial markets,
industry trends, any commitments and targets (including
environmental, social and governance (ESG) commitments and
targets), plans and objectives for future operations, and other
statements that are not historical or current facts. By their
nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances.
Forward-looking statements speak only as at the date on which they
are made. Forward-looking statements may be affected by a number of
factors, including, without limitation: changes in legislation,
regulations, governmental and regulatory policies, expectations and
actions, voluntary codes of practices and the interpretation
thereof, changes in IFRS and other accounting standards, including
practices with regard to the interpretation and application thereof
and emerging and developing ESG reporting standards; the outcome of
current and future legal proceedings and regulatory investigations;
the Group’s ability along with governments and other
stakeholders to measure, manage and mitigate the impacts of climate
change effectively; environmental, social and geopolitical risks
and incidents and similar events beyond the Group’s control;
the impact of competition in the banking and financial services
industry; capital, liquidity, leverage and other regulatory rules
and requirements applicable to past, current and future periods;
UK, US, Eurozone and global macroeconomic and business conditions,
including inflation; volatility in credit and capital markets;
market related risks such as changes in interest rates and foreign
exchange rates reforms to benchmark interest rates and indices;
higher or lower asset valuations; changes in credit ratings of any
entity within the Group or any securities issued by it; changes in
counterparty risk; changes in consumer behaviour; the direct and
indirect consequences of the conflicts in Ukraine and the Middle
East on European and global macroeconomic conditions, political
stability and financial markets; political elections; developments
in the UK’s relationship with the European Union
(“EU”); the risk of cyberattacks, information or
security breaches, technology failures or operational disruptions
and any subsequent impact on the Group’s reputation, business
or operations; the Group’s ability to access funding; and the
success of acquisitions, disposals and other strategic
transactions. A number of these factors are beyond the
Group’s control. As a result, the Group’s actual
financial position, results, financial and non-financial metrics or
performance measures or its ability to meet commitments and targets
may differ materially from the statements or guidance set forth in
the Group’s forward-looking statements. In setting its
targets and outlook for the period 2024-2026, Barclays has made
certain assumptions about the macroeconomic environment, including,
without limitation, inflation, interest and unemployment rates, the
different markets and competitive conditions in which Barclays
operates, and its ability to grow certain businesses and achieve
costs savings and other structural actions. Additional risks and
factors which may impact the Group’s future financial
condition and performance are identified in Barclays PLC’s
filings with the US Securities and Exchange Commission
(“SEC”) (including, without limitation, Barclays
PLC’s Annual Report on Form 20-F for the financial year ended
31 December 2023), which are available on the SEC’s website
at www.sec.gov.
Subject to Barclays PLC's obligations under the applicable laws and
regulations of any relevant jurisdiction (including, without
limitation, the UK and the US) in relation to disclosure and
ongoing information, we undertake no obligation to update publicly
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Performance Highlights
In Q124 Barclays delivered a return on tangible equity (RoTE) of
12.3% and a tangible net asset value (TNAV) per share of 335p. RoTE
target of greater than 10% in 2024 remains unchanged
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C. S. Venkatakrishnan, Group Chief Executive,
commented
“In Q124 Barclays delivered a RoTE of 12.3% as we progress towards our targets of
>10% RoTE in 2024, and >12% in 2026. We are focused on
disciplined execution of the plan that we presented at our Investor
Update on 20th February. We have now announced the sale of our
performing Italian mortgage book and are investing in our higher
returning UK consumer businesses, including through the expected
completion of the Tesco Bank acquisition in Q424. We continue to
exercise cost discipline and remain well capitalised with a Common
Equity Tier 1 (CET1) ratio at the end of the quarter of
13.5%."
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Group cost: income
ratio of 60%. Target of c.63%
in 2024 remains unchanged
– Delivered
£0.2bn of the c.£1bn 2024 gross cost efficiency
savings
● Loan
loss rate (LLR) of 51bps,
within the expected through the cycle range of
50-60bps
● CET1 ratio of
13.5%, in the middle of the
target range of 13-14%
● Announced
acquisition of Tesco Bank's retail banking business1, expected to
complete in Q424
● Announced sale
of the performing Italian mortgage portfolio, expected to complete in
Q224
Key financial metrics:
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Income
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Profit before tax
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Attributable profit
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Cost: income ratio
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LLR
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RoTE
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EPS
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TNAV per share
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CET1 ratio
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Q124
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£7.0bn
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£2.3bn
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£1.6bn
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60%
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51bps
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12.3%
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10.3p
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335p
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13.5%
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Q124 Performance highlights:
● Group RoTE was 12.3% (Q123: 15.0%) with profit before tax of
£2.3bn (Q123: £2.6bn)
● Group
income of £7.0bn down 4% year-on-year, with Group net interest income (NII) excluding
Barclays Investment Bank (IB) and Head Office of £2.7bn, of
which Barclays UK NII of £1.5bn
– Barclays UK
income decreased 7%,
as higher structural hedge income was more than offset by adverse
product dynamics in deposits and mortgages, in addition to
the transfer of Wealth Management
& Investments (WM&I) to Barclays Private Bank and Wealth
Management (PBWM)2
– Barclays UK
Corporate Bank (UKCB) income decreased 6%, reflecting lower liquidity pool income
whilst maintaining stable average deposits
– PBWM income
increased 20%, reflecting the transfer of WM&I from Barclays
UK, partially offset by lower NII due to adverse deposit
dynamics
– IB income
decreased 7%. Within Global Markets, strong
performance in Equities was more than offset by lower FICC income.
In Investment Banking, increased fee income in Debt and Equity
capital markets were more than offset by lower fee income in Advisory and lower income in
Transaction banking
– Barclays US
Consumer Bank (USCB) income increased 4%, reflecting higher cards
balances
● Group total operating expenses were
£4.2bn, up 2% year-on-year, including the £120m
impact of the Bank of England (BoE) levy scheme
– Group operating
costs decreased 3%, reflecting £0.2bn of efficiency
savings, more than offsetting the impact of inflation, investment
spend and business growth
● Credit
impairment charges were £0.5bn (Q123: £0.5bn) with an LLR of 51bps (Q123: 52bps)
● CET1 ratio of 13.5% (December 2023: 13.8%), with Risk Weighted Assets (RWAs) of
£349.6bn (December 2023:
£342.7bn) and TNAV per
share of 335p (December 2023:
331p)
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1
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See Other matters on page 6 for further details on the acquisition
of Tesco Bank’s retail banking business.
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2
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WM&I was transferred out of Barclays UK in Q223.
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Group Financial Targets and Outlook:
2024
● Returns: targeting RoTE of greater than
10% and c.10.5% excluding inorganic activity
● Income: targeting Barclays Group NII
excluding IB and Head Office of c.£10.7bn, of which Barclays
UK NII of c.£6.1bn1
● Costs: targeting Group cost: income
ratio of c.63%, which includes c.£1bn of gross efficiency
savings in 2024
● Impairment: expect an LLR of 50-60bps
through the cycle
● Capital: expect to operate within the
CET1 ratio target range of 13-14%
2026
● Returns: targeting a greater than 12%
RoTE
● Capital returns: plan to return at least
£10bn of capital to shareholders between 2024 and 2026,
through dividends and share buybacks, with a continued preference
for buybacks. Plan to keep total dividend stable at 2023 level in
absolute terms, with progressive dividend per share growth driven
through share count reduction as a result of increased share
buybacks. Dividends will continue to be paid semi-annually. This
multi-year plan is subject to supervisory and Board approval,
anticipated financial performance and our published CET1 ratio
target range of 13-14%
● Income: targeting Group total income of
c.£30bn
● Costs: targeting total Group operating
expenses of c.£17.0bn and a Group cost: income ratio of high
50s in percentage terms. This includes total gross efficiency
savings of c.£2bn by 2026
● Impairment: expect an LLR of 50-60bps
through the cycle
● Capital: expect to operate within the
CET1 ratio target range of 13-14%
– Targeting IB
RWAs of c.50% of Group RWAs in 2026
– Impact of
regulatory change on RWAs in line with prior guidance, expected to
be at lower end of 5–10% of Group RWAs. This includes
c.£16bn RWAs expected in H224 due to USCB moving to Internal
Ratings-Based (IRB) models
Prior period segmental comparators:
● Barclays
segmental reporting now reflects five operating divisions, in
addition to Head Office:
– Barclays
UK
– Barclays UK
Corporate Bank
– Barclays Private
Bank and Wealth Management
– Barclays
Investment Bank
– Barclays US
Consumer Bank
● Prior period segmental
comparators shown in this document were re-presented in the 2023
Results Resegmentation Document, which may be accessed via the
Barclays website at home.barclays/investor-relations
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1
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This excludes the impact of the acquisition of Tesco Bank’s
retail banking business, which is expected to generate annualised
NII of c.£400m in the first year post-completion. See Other
Matters on page 6 for further details of the
acquisition.
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Barclays Group results
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for the three months ended
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31.03.24
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31.03.23
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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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1,826
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1,961
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(7)
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Barclays
UK Corporate Bank
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434
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463
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(6)
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Barclays
Private Bank and Wealth Management
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312
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259
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20
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Barclays
Investment Bank
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3,328
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3,569
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(7)
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Barclays
US Consumer Bank
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859
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826
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4
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Head
Office
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194
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159
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22
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Total income
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6,953
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7,237
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(4)
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Operating costs
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(3,998)
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(4,111)
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3
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UK
regulatory levies1
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(120)
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—
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#DIV/0!
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Litigation and conduct
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(57)
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1
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Total operating expenses
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(4,175)
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(4,110)
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(2)
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Other net income/(expenses)
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12
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(5)
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Profit before impairment
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2,790
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3,122
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(11)
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Credit impairment charges
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(513)
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(524)
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2
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Profit before tax
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2,277
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2,598
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(12)
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Tax charge
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(465)
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(561)
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17
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Profit after tax
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1,812
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2,037
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(11)
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Non-controlling interests
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(3)
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(8)
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63
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Other equity instrument holders
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(259)
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(246)
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(5)
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Attributable profit
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1,550
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1,783
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(13)
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Performance measures
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Return on average tangible shareholders' equity
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12.3%
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15.0%
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Average tangible shareholders' equity (£bn)
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50.5
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47.6
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Cost: income ratio
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60%
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57%
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Loan loss rate (bps)
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51
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52
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Basic earnings per ordinary share
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10.3p
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11.3p
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Basic weighted average number of shares (m)
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14,983
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15,770
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(5)
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Period end number of shares (m)
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15,091
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15,701
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(4)
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Period end tangible shareholders' equity (£bn)
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50.6
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47.3
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As at 31.03.24
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As at 31.12.23
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As at 31.03.23
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Balance sheet and capital management2
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£bn
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£bn
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£bn
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Loans and advances at amortised cost
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397.9
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399.5
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403.5
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Loans and advances at amortised cost impairment coverage
ratio
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1.4%
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1.4%
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1.4%
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Total assets
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1,577.1
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1,477.5
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1,539.1
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Deposits at amortised cost
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552.3
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538.8
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555.7
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Tangible net asset value per share
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335p
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331p
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301p
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Common equity tier 1 ratio
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13.5%
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13.8%
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13.6%
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Common equity tier 1 capital
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47.1
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47.3
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46.0
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Risk weighted assets
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349.6
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342.7
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338.4
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UK leverage ratio
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4.9%
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5.2%
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5.1%
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UK leverage exposure
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1,226.5
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1,168.3
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1,168.9
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Funding and liquidity
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Group liquidity pool (£bn)
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323.5
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298.1
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333.0
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Liquidity
coverage ratio3
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163%
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161%
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157%
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Net
stable funding ratio4
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136%
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138%
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139%
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Loan: deposit ratio
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72%
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74%
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73%
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1
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Comprises the impact of the BoE levy scheme and the UK bank
levy.
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2
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Refer to pages 31 to 35 for
further information on how capital, RWAs and leverage are
calculated.
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3
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The liquidity coverage ratio (LCR) is now shown on an average
basis, based on the average of the last 12 spot month end ratios.
Prior period LCR comparatives have been updated for
consistency.
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4
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Represents average of the last four spot quarter end
positions.
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Group Finance Director's Review
Group performance
● Barclays delivered a profit before tax of
£2,277m (Q123:
£2,598m), RoTE of
12.3% (Q123: 15.0%) and earnings per share (EPS) of
10.3p (Q123: 11.3p)
● Group income decreased 4% to £6,953m as higher
structural hedge income, strong performance in Equities and balance
growth in USCB were more than offset by lower FICC income in IB,
lower inflation linked income as well as adverse product dynamics
in Barclays UK deposits and mortgages
● Group total operating expenses
increased
to £4,175m
(Q123: £4,110m) including the £120m impact of the
BoE levy scheme
– Group operating
costs decreased 3% to
£3,998m, reflecting
efficiency savings, partially offset by the impact of inflation,
investment spend and business growth
● Credit impairment charges were
£513m
(Q123: £524m), driven by the anticipated higher
delinquencies in USCB, which led to a higher coverage ratio of
11.0% in that portfolio. Total coverage ratio remains stable at
1.4% (December 2023: 1.4%)
● The effective tax rate (ETR) was 20.4% (Q123:
21.6%)
● Attributable profit was £1,550m
(Q123: £1,783m)
● Total assets increased to £1,577.1bn
(December 2023:
£1,477.5bn) driven by an increase in trading
securities and secured lending in IB, and an increase in the
liquidity pool due to increased deposits
● TNAV per share increased to 335p (December 2023: 331p) as EPS of 10.3p was partially offset by negative cash
flow hedge reserve movements of 2p, and net negative other reserve
movements
Group capital and leverage
● The
CET1 ratio decreased to 13.5% (December 2023: 13.8%) as RWAs
increased by £6.9bn to £349.6bn and CET1 capital
decreased by £0.2bn to £47.1bn:
– c.40bps
increase from attributable profit generated in the
quarter
– c.40bps
decrease driven by shareholder distributions including the
£1.0bn share buyback announced with FY23 results and an
accrual towards the FY24 dividend
– c.30bps
decrease as a result of a £6.9bn increase in RWAs primarily
driven by expected seasonal activity in the Investment Bank and
regulatory model changes in Barclays UK which are expected to be
partially offset for the full year
● The
UK leverage ratio decreased to 4.9% (December 2023: 5.2%) primarily
due to a £58.2bn increase in leverage exposure to
£1,226.5bn, largely driven by an increase in trading
securities and secured lending in Global Markets
Group funding and liquidity
● The liquidity
metrics remain well above regulatory requirements, underpinned by
well-diversified sources of funding, a stable global deposit
franchise and a highly liquid balance sheet
● The liquidity
pool was £323.5bn (December 2023: £298.1bn). The increase
in the liquidity pool was driven by the expected increase in short
term bank deposits after a drop at the year-end and a strong
deposit growth in International Corporate Bank which is partially
offset by a slight seasonal decline in Barclays UK
deposits
● The
average1
Liquidity Coverage Ratio (LCR) increased to 163% (December 2023:
161%), equivalent to a surplus of £117.8bn (December 2023:
£117.7bn)
● Total deposits
increased by £13.5bn to £552.3bn (December 2023:
£538.8bn)
● The
average2
Net Stable Funding Ratio (NSFR) was 136% (December 2023: 138%),
which represents a £160.4bn (December 2023: £167.1bn)
surplus above the 100% regulatory requirement
● Wholesale
funding outstanding, excluding repurchase agreements, was
£190.6bn (December 2023: £176.8bn)
● The Group issued
£5.4bn equivalent of minimum requirement for own funds and
eligible liabilities (MREL) instruments from Barclays PLC (the
Parent company) in Q124. The Group has a strong MREL position with
a ratio of 33.4%, which is in excess of the regulatory requirement
of 30.1% plus a confidential, institution specific, Prudential
Regulation Authority (PRA) buffer
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1
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Represents average of the last 12 spot month end
ratios.
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2
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Represents average of the last four spot quarter end
ratios.
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Other matters
● Acquisition of Tesco Bank's retail banking
business: on 9 February 2024, Barclays entered into an
agreement with Tesco Personal Finance plc (operating using the
trading name “Tesco Bank”) to acquire its retail
banking business. The acquisition is expected to reduce Barclays'
CET1 ratio by c.30bps on completion, which is expected to occur in
Q424, subject to court sanction and regulatory
approvals
● FCA motor finance review: in January
2024, the UK Financial Conduct Authority (FCA) announced that it
was appointing a skilled person to undertake a review of the
historical use of discretionary commission arrangements and sales
in the motor finance market across several firms. The FCA plans to
set out next steps on this matter by the end of September 2024.
Clydesdale Financial Services Limited (CFS), a member of the Group,
ceased operating in the motor finance market in late 2019 but is
co-operating fully with the FCA’s skilled person review, the
outcome of which is unknown, including any potential financial
impact. The FCA intervention followed two final decisions by the UK
Financial Ombudsman Service (FOS), including one upholding a
complaint against CFS in relation to commission arrangements and
disclosure in the sale of motor finance products and a number of
complaints and court claims, including some against CFS. We have
commenced a judicial review challenge to the FOS in the High Court
in relation to this decision
● BoE levy scheme: following parliamentary
approval, the new levy process commenced in Q124 replacing the Cash
Ratio Deposit scheme as a means of funding the Bank of England's
monetary policy and financial stability operations. This change in
scheme moves the charge from negative income recognised over the
course of the year to an annual operating expense at the start of
the levy year (running from 1 March to 28 February). Barclays'
estimated contribution for the 2024/2025 financial year is
£120m, reported in the UK regulatory levies account line,
reducing Q124 Group RoTE by c.0.7%. This will be partially offset
by increased income of c.£75m through lower funding costs
during 2024, with an expected overall net full year Group RoTE
impact of c.0.1%. The final charge is expected to be confirmed
during Q324
● Disposal of Italian retail mortgages: on
24 April 2024, Barclays announced a transaction under which
Barclays Bank Ireland PLC intends to dispose of its performing
Italian retail mortgage book currently held in Head Office. The
sale is expected to complete in
Q224. It is expected to generate a pre-tax loss of c.£225m for
the year to 31 December 2024 and reduce RWAs by c.£0.8bn at
completion. The transaction is expected to be broadly neutral to
Barclays’ CET1 ratio
– In addition,
Barclays is in discussion with respect to the disposals of the
remaining non-performing and Swiss-Franc linked Italian retail mortgage
portfolios. Should such sales occur, they are together
expected to generate a small pre-tax loss on sale, but also be
broadly neutral to Barclays’ CET1 ratio
● Sale of German consumer finance
business: Barclays is currently engaged in a process to sell
its German consumer finance business (comprising credit cards,
unsecured personal loans and deposits), held in Head Office, as
part of our ambition to simplify Barclays and support our focus on
growing our key businesses. The sale is expected to
complete in H224, and be accretive to Barclays' CET1
ratio
Anna Cross, Group Finance Director
Results by Business
|
Barclays UK
|
Three months ended
|
||
|
|
31.03.24
|
31.03.23
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
Net interest income
|
1,549
|
1,618
|
(4)
|
|
Net fee, commission and other income
|
277
|
343
|
(19)
|
|
Total income
|
1,826
|
1,961
|
(7)
|
|
Operating costs
|
(1,007)
|
(1,092)
|
8
|
|
UK regulatory levies
|
(54)
|
—
|
#DIV/0!
|
|
Litigation and conduct
|
(2)
|
(2)
|
—
|
|
Total operating expenses
|
(1,063)
|
(1,094)
|
3
|
|
Other net income
|
—
|
—
|
#DIV/0!
|
|
Profit before impairment
|
763
|
867
|
(12)
|
|
Credit impairment charges
|
(58)
|
(113)
|
49
|
|
Profit before tax
|
705
|
754
|
(6)
|
|
Attributable profit
|
479
|
515
|
(7)
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
Return on average allocated tangible equity
|
18.5%
|
20.0%
|
|
|
Average allocated tangible equity (£bn)
|
10.4
|
10.3
|
|
|
Cost: income ratio
|
58%
|
56%
|
|
|
Loan loss rate (bps)
|
11
|
20
|
|
|
Net interest margin
|
3.09%
|
3.18%
|
|
|
|
|
|
|
|
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
200.8
|
202.8
|
208.2
|
|
Total assets
|
293.3
|
293.1
|
308.6
|
|
Customer deposits at amortised cost
|
237.2
|
241.1
|
254.3
|
|
Loan: deposit ratio
|
92%
|
92%
|
90%
|
|
Risk weighted assets
|
76.5
|
73.5
|
74.6
|
|
Period end allocated tangible equity
|
10.7
|
10.2
|
10.3
|
|
Analysis of Barclays UK
|
Three months ended
|
||
|
31.03.24
|
31.03.23
|
|
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
Personal Banking
|
1,128
|
1,253
|
(10)
|
|
Barclaycard Consumer UK
|
229
|
247
|
(7)
|
|
Business Banking
|
469
|
461
|
2
|
|
Total income
|
1,826
|
1,961
|
(7)
|
|
|
|
|
|
|
Analysis of credit impairment charges
|
|
|
|
|
Personal Banking
|
(14)
|
(28)
|
50
|
|
Barclaycard Consumer UK
|
(38)
|
(83)
|
54
|
|
Business Banking
|
(6)
|
(2)
|
|
|
Total credit impairment charges
|
(58)
|
(113)
|
49
|
|
|
|
|
|
|
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
£bn
|
£bn
|
|
Personal Banking
|
169.0
|
170.1
|
173.6
|
|
Barclaycard Consumer UK
|
9.8
|
9.7
|
9.0
|
|
Business Banking
|
22.0
|
23.0
|
25.6
|
|
Total loans and advances to customers at amortised
cost
|
200.8
|
202.8
|
208.2
|
|
|
|
|
|
|
Analysis of customer deposits at amortised cost
|
|
|
|
|
Personal Banking
|
183.4
|
185.4
|
194.3
|
|
Barclaycard Consumer UK
|
—
|
—
|
—
|
|
Business Banking
|
53.8
|
55.7
|
60.0
|
|
Total customer deposits at amortised cost
|
237.2
|
241.1
|
254.3
|
Barclays UK delivered a RoTE of 18.5% supported by resilient returns and
the continued investment in our transformation into a simpler,
better and more balanced retail bank.
Income statement - Q124 compared to Q123
● Profit before tax decreased 6% to £705m with a RoTE of 18.5% (Q123: 20.0%)
● Total income decreased 7% to £1,826m. NII decreased 4% to £1,549m, as continued structural hedge
momentum was more than offset by mortgage margin pressure and
adverse deposit dynamics reflecting wider market trends. Net fee,
commission and other income decreased 19% to £277m primarily from the impact of the
transfer of WM&I to PBWM
● Total
operating expenses decreased 3% to £1,063m driven by the transfer of WM&I
to PBWM partially offset by the impact of inflation and the impact
of the BoE levy scheme. Ongoing
efficiency savings continue to be reinvested, including in our
transformation programme to support sustainable improvement to the
cost: income ratio
● Credit impairment charges were
£58m
(Q123: £113m), consistent with low delinquencies in
UK cards, high quality mortgage lending portfolio and the improved
macroeconomic outlook. UK cards 30 and 90 day arrears remained low
at 0.9% (Q123: 0.9%) and 0.2% (Q123: 0.2%) respectively. The UK
cards total coverage ratio was 6.5% (December 2023:
6.8%)
Balance sheet - 31 March 2024 compared to 31 December
2023
● Loans
and advances to customers at amortised cost decreased by 1% to
£200.8bn (December 2023: £202.8bn),
reflecting subdued mortgage lending amid lower market demand and
continued repayment of government scheme lending in Business
Banking
● Customer deposits at amortised cost
decreased
2% to £237.2bn (December
2023: £241.1bn),
driven by reduced current account balances, reflecting
broader market trends. The loan: deposit ratio remained stable at
92% (December 2023: 92%)
● RWAs increased to £76.5bn
(December 2023: £73.5bn) driven by regulatory model changes
which are expected to be partially offset for the full
year
|
Barclays UK Corporate Bank
|
Three months ended
|
||
|
|
31.03.24
|
31.03.23
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
Net interest income
|
277
|
310
|
(11)
|
|
Net fee, commission, trading and other income
|
157
|
153
|
3
|
|
Total income
|
434
|
463
|
(6)
|
|
Operating costs
|
(221)
|
(210)
|
(5)
|
|
UK regulatory levies
|
(30)
|
—
|
#DIV/0!
|
|
Litigation and conduct
|
—
|
—
|
|
|
Total operating expenses
|
(251)
|
(210)
|
(20)
|
|
Other net income
|
—
|
1
|
|
|
Profit before impairment
|
183
|
254
|
(28)
|
|
Credit impairment charges
|
(15)
|
(24)
|
38
|
|
Profit before tax
|
168
|
230
|
(27)
|
|
Attributable profit
|
113
|
157
|
(28)
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
Return on average allocated tangible equity
|
15.2%
|
21.7%
|
|
|
Average allocated tangible equity (£bn)
|
3.0
|
2.9
|
|
|
Cost: income ratio
|
58%
|
45%
|
|
|
Loan loss rate (bps)
|
23
|
36
|
|
|
|
|
|
|
|
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
25.7
|
26.4
|
27.2
|
|
Deposits at amortised cost
|
81.7
|
84.9
|
83.6
|
|
Risk weighted assets
|
21.4
|
20.9
|
20.2
|
|
Period end allocated tangible equity
|
3.0
|
3.0
|
2.9
|
|
|
|
|
|
|
|
Three months ended
|
||
|
|
31.03.24
|
31.03.23
|
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
Corporate lending
|
72
|
61
|
18
|
|
Transaction banking
|
362
|
402
|
(10)
|
|
Total income
|
434
|
463
|
(6)
|
UKCB delivered a RoTE
of 15.2%, with stable
average deposits supporting strong returns despite lower liquidity
pool income, the impact of the BoE levy scheme and continued
investment to support future growth ambitions.
Income statement - Q124 compared to Q123
● Profit before tax decreased 27% to £168m with a RoTE of 15.2% (Q123: 21.7%)
● Total
income decreased 6% to £434m. NII decreased 11% to £277m reflecting lower liquidity pool
income. Net fee, commission, trading and other income was stable at
£157m (Q123:
£153m)
● Total operating expenses increased 20% to £251m, reflecting the impact of the BoE
levy scheme and higher investment spend to support future growth
ambitions
● Credit
impairment charges were £15m (Q123: £24m), driven by resilient underlying
credit performance and the improved macroeconomic
outlook
Balance sheet - 31 March 2024 compared to 31 December
2023
● RWAs were broadly stable at £21.4bn (December 2023: £20.9bn)
|
Barclays Private Bank and Wealth Management
|
Three months ended
|
||
|
|
31.03.24
|
31.03.23
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
Net interest income
|
175
|
181
|
(3)
|
|
Net fee, commission and other income
|
137
|
78
|
76
|
|
Total income
|
312
|
259
|
20
|
|
Operating costs
|
(214)
|
(144)
|
(49)
|
|
UK regulatory levies
|
(3)
|
—
|
#DIV/0!
|
|
Litigation and conduct
|
—
|
—
|
|
|
Total operating expenses
|
(217)
|
(144)
|
(51)
|
|
Other net income
|
—
|
—
|
#DIV/0!
|
|
Profit before impairment
|
95
|
115
|
(17)
|
|
Credit impairment charges
|
—
|
(3)
|
|
|
Profit before tax
|
95
|
112
|
(15)
|
|
Attributable profit
|
74
|
90
|
(18)
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
Return on average allocated tangible equity
|
28.7%
|
34.5%
|
|
|
Average allocated tangible equity (£bn)
|
1.0
|
1.0
|
|
|
Cost: income ratio
|
70%
|
56%
|
|
|
Loan loss rate (bps)
|
—
|
7
|
|
|
|
|
|
|
|
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
13.7
|
13.6
|
14.3
|
|
Deposits at amortised cost
|
61.9
|
60.3
|
60.8
|
|
Risk weighted assets
|
7.2
|
7.2
|
7.5
|
|
Period end allocated tangible equity
|
1.0
|
1.0
|
1.0
|
|
Client
assets and liabilities1
|
189.1
|
182.9
|
141.5
|
PBWM delivered a RoTE of 28.7%, supported by
growth in client balances of c.£48bn, which is predominantly
invested assets2
as a result of WM&I transfer and
underlying growth.
Income statement - Q124 compared to Q123
● Profit before tax decreased 15% to £95m with a RoTE of 28.7% (Q123: 34.5%)
● Total
income increased 20% to £312m. NII decreased 3% to £175m mainly due to adverse deposit
dynamics reflecting wider market trends. Net fee, commission and
other income increased 76% to
£137m reflecting
the transfer of WM&I from Barclays
UK and client balance growth
● Total operating expenses increased 51% to £217m, reflecting the transfer of WM&I
from Barclays UK and higher investment spend to support
growth
Balance sheet - 31 March 2024 compared to 31 December
2023
● RWAs were stable at £7.2bn (December 2023: £7.2bn)
|
1
|
Client assets and liabilities refers to customer deposits, lending
and invested assets, including c.£28bn WM&I invested
assets transferred from Barclays UK in May 2023.
|
|
2
|
Invested assets represent assets under management and
supervision.
|
|
Barclays Investment Bank
|
Three months ended
|
||
|
|
31.03.24
|
31.03.23
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
Net interest income
|
197
|
159
|
24
|
|
Net trading income
|
1,982
|
2,435
|
(19)
|
|
Net fee, commission and other income
|
1,149
|
975
|
18
|
|
Total income
|
3,328
|
3,569
|
(7)
|
|
Operating costs
|
(1,957)
|
(2,032)
|
4
|
|
UK regulatory levies
|
(33)
|
—
|
#DIV/0!
|
|
Litigation and conduct
|
(9)
|
2
|
|
|
Total operating expenses
|
(1,999)
|
(2,030)
|
2
|
|
Other net expenses
|
—
|
(1)
|
|
|
Profit before impairment
|
1,329
|
1,538
|
(14)
|
|
Credit impairment releases/(charges)
|
10
|
(25)
|
|
|
Profit before tax
|
1,339
|
1,513
|
(12)
|
|
Attributable profit
|
899
|
1,048
|
(14)
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
Return on average allocated tangible equity
|
12.0%
|
14.4%
|
|
|
Average allocated tangible equity (£bn)
|
30.0
|
29.1
|
|
|
Cost: income ratio
|
60%
|
57%
|
|
|
Loan loss rate (bps)
|
(4)
|
10
|
|
|
|
|
|
|
|
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
64.6
|
62.7
|
63.1
|
|
Loans and advances to banks at amortised cost
|
7.6
|
7.3
|
9.1
|
|
Debt securities at amortised cost
|
40.4
|
38.9
|
30.7
|
|
Loans and advances at amortised cost
|
112.6
|
108.9
|
102.9
|
|
Trading portfolio assets
|
195.3
|
174.5
|
137.6
|
|
Derivative financial instrument assets
|
248.9
|
255.1
|
256.5
|
|
Financial assets at fair value through the income
statement
|
225.1
|
202.5
|
243.8
|
|
Cash collateral and settlement balances
|
129.8
|
102.3
|
124.3
|
|
Other assets
|
200.4
|
175.8
|
198.8
|
|
Total assets
|
1,112.1
|
1,019.1
|
1,063.9
|
|
Deposits at amortised cost
|
151.1
|
132.7
|
137.3
|
|
Derivative financial instrument liabilities
|
241.5
|
249.7
|
246.7
|
|
Risk weighted assets
|
200.4
|
197.3
|
198.0
|
|
Period end allocated tangible equity
|
29.6
|
29.0
|
28.9
|
|
|
Three months ended
|
||
|
|
31.03.24
|
31.03.23
|
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
FICC
|
1,404
|
1,788
|
(21)
|
|
Equities
|
883
|
704
|
25
|
|
Global Markets
|
2,287
|
2,492
|
(8)
|
|
Advisory
|
148
|
212
|
(30)
|
|
Equity
capital markets
|
68
|
50
|
36
|
|
Debt
capital markets
|
401
|
341
|
18
|
|
Fees
|
617
|
603
|
2
|
|
Corporate
lending
|
42
|
33
|
27
|
|
Transaction
banking
|
382
|
441
|
(13)
|
|
International
Corporate Bank
|
424
|
474
|
(11)
|
|
Investment Banking
|
1,041
|
1,077
|
(3)
|
|
Total income
|
3,328
|
3,569
|
(7)
|
IB delivered a RoTE of 12.0% reflecting the
benefit of diversified income streams with an increase in Equities
and Investment Banking fee income, offset by a decrease in FICC
income from lower client activity, lower costs and a net credit
impairment release following improvements in macro economic
outlook.
Income statement - Q124 compared to Q123
● IB RoTE was 12.0% (Q123: 14.4%) with a profit before tax of
£1,339m (Q123:
£1,513m)
● Total income decreased 7% to £3,328m
– Global Markets
income decreased 8% to £2,287m as a strong performance in
Equities was more than offset by lower income in FICC. Equities
income increased 25% to £883m, driven by growth in
Derivatives, Cash and Prime financing balances, additionally
supported by a £125m fair value gain on Visa B shares. FICC income
decreased 21% to £1,404m, reflecting lower client
activity in Macro and the non-repeat of inflation benefit from
prior year, partially offset by strong performance in securitised
products
– Investment
Banking income decreased
3% to £1,041m
– Investment Banking fee income increased 2% to
£617m driven by Equity and Debt capital markets. Equity and
Debt capital markets fees increased 36% and 18% respectively,
reflecting improved fee pool and market share1
with Advisory income decreasing 30%
against a strong prior year comparator2
– International
Corporate Bank income decreased
11% to £424m, mainly driven by Transaction banking
which decreased 13% to £382m due to margin compression as
customers migrate to higher interest returning products whilst
total deposit balances remained stable and lower liquidity pool
income. Corporate lending income increased to £42m (Q123: £33m) mainly from lower costs of
hedging
● Total operating expenses decreased 2% to £1,999m reflecting efficiency savings,
partially offset by the impact of the BoE levy scheme and the
impact of inflation
● Credit impairment net release of
£10m
(Q123: £25m charge), driven by the improved
macroeconomic outlook and the benefit of credit protection with
limited single name charges in the period
Balance sheet - 31 March 2024 compared to 31 December
2023
● RWAs increased to £200.4bn (December 2023: £197.3bn) driven by expected seasonal activity
across Global Markets and Investment Banking
|
1
|
Data source: Dealogic for the period covering 1 January to 31 March
2024.
|
|
2
|
On a comparable basis, period covering 2014-Q124.
|
|
Barclays US Consumer Bank
|
Three months ended
|
||
|
|
31.03.24
|
31.03.23
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
Net interest income
|
688
|
634
|
9
|
|
Net fee, commission and other income
|
171
|
192
|
(11)
|
|
Total income
|
859
|
826
|
4
|
|
Operating costs
|
(387)
|
(427)
|
9
|
|
UK regulatory levies
|
—
|
—
|
#DIV/0!
|
|
Litigation and conduct
|
(3)
|
—
|
#DIV/0!
|
|
Total operating expenses
|
(390)
|
(427)
|
9
|
|
Other net income
|
—
|
—
|
#DIV/0!
|
|
Profit before impairment
|
469
|
399
|
18
|
|
Credit impairment charges
|
(410)
|
(321)
|
(28)
|
|
Profit before tax
|
59
|
78
|
(24)
|
|
Attributable profit
|
44
|
59
|
(25)
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
Return on average allocated tangible equity
|
5.3%
|
7.5%
|
|
|
Average allocated tangible equity (£bn)
|
3.3
|
3.1
|
|
|
Cost: income ratio
|
46%
|
52%
|
|
|
Loan loss rate (bps)
|
610
|
515
|
|
|
Net interest margin
|
11.12%
|
10.97%
|
|
|
|
|
|
|
|
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
23.6
|
24.2
|
22.5
|
|
Deposits at amortised cost
|
20.3
|
19.7
|
18.1
|
|
Risk weighted assets
|
23.9
|
24.8
|
22.5
|
|
Period end allocated tangible equity
|
3.3
|
3.4
|
3.1
|
USCB delivered a RoTE of 5.3%, with growth in
cards balances, and sold c.£0.9bn ($1.1bn) of the outstanding
credit card receivables to Blackstone, which reduced our capital
requirements.
Income statement - Q124 compared to Q123
● Profit before tax was £59m (Q123: £78m) with a RoTE of 5.3% (Q123: 7.5%)
● Total income increased 4% to £859m. NII increased of 9% to £688m reflecting higher cards
balances. Net fee, commission and other income decreased 11% to £171m as increased profit drove a
higher partner profit share
● Total operating expenses decreased 9% to £390m, driven by efficiency savings and lower
marketing costs
● Credit impairment charges increased to £410m (Q123: £321m), driven by the anticipated higher
delinquencies, which led to higher coverage ratios. 30 and 90 day
arrears were 3.1% (Q123: 2.3%) and 1.7% (Q123: 1.2%) respectively.
The US cards total coverage ratio was 11.0% (December 2023:
10.2%)
Balance sheet - 31 March 2024 compared to 31 December
2023
● RWAs
decreased
to £23.9bn (December 2023: £24.8bn), reflecting the Blackstone sale and the seasonal decline in
receivables
|
Head Office
|
Three months ended
|
||
|
|
31.03.24
|
31.03.23
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
Net interest income
|
186
|
150
|
24
|
|
Net fee, commission and other income
|
8
|
8
|
—
|
|
Total income
|
194
|
159
|
22
|
|
Operating costs
|
(211)
|
(206)
|
(2)
|
|
UK regulatory levies
|
—
|
—
|
#DIV/0!
|
|
Litigation and conduct
|
(44)
|
(1)
|
|
|
Total operating expenses
|
(255)
|
(205)
|
(24)
|
|
Other net income/(expenses)
|
12
|
(5)
|
|
|
Loss before impairment
|
(49)
|
(51)
|
4
|
|
Credit impairment charges
|
(40)
|
(38)
|
(5)
|
|
Loss before tax
|
(89)
|
(89)
|
—
|
|
Attributable loss
|
(59)
|
(86)
|
31
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
Average allocated tangible equity (£bn)
|
2.8
|
1.2
|
|
|
|
|
|
|
|
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
Risk weighted assets
|
20.2
|
19.0
|
15.6
|
|
Period end allocated tangible equity
|
3.0
|
3.6
|
1.1
|
Income statement - Q124 compared to Q123
● Loss before tax was £89m (Q123: £89m)
● Total income increased to £194m (Q123: £159m) driven by
a gain on disposal of a legacy investment and increased German cards
income, partially offset by lower Payments income, hedge
accounting and treasury items
● Total
operating expenses increased to £255m (Q123: £205m) driven by higher litigation and
conduct charges
● Credit
impairment charges were £40m (Q123: £38m), reflecting stable credit
performance
Balance sheet - 31 March 2024 compared to 31 December
2023
● RWAs increased to £20.2bn (December 2023: £19.0bn)
Quarterly Results Summary
|
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
|
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Net interest income
|
3,072
|
|
3,139
|
3,247
|
3,270
|
3,053
|
|
2,741
|
3,068
|
2,422
|
|
Net fee, commission and other income
|
3,881
|
|
2,459
|
3,011
|
3,015
|
4,184
|
|
3,060
|
2,883
|
4,286
|
|
Total income
|
6,953
|
|
5,598
|
6,258
|
6,285
|
7,237
|
|
5,801
|
5,951
|
6,708
|
|
Operating costs
|
(3,998)
|
|
(4,735)
|
(3,949)
|
(3,919)
|
(4,111)
|
|
(3,748)
|
(3,939)
|
(3,682)
|
|
UK regulatory levies
|
(120)
|
|
(180)
|
—
|
—
|
—
|
|
(176)
|
—
|
—
|
|
Litigation and conduct
|
(57)
|
|
(5)
|
—
|
(33)
|
1
|
|
(79)
|
339
|
(1,334)
|
|
Total operating expenses
|
(4,175)
|
|
(4,920)
|
(3,949)
|
(3,952)
|
(4,110)
|
|
(4,003)
|
(3,600)
|
(5,016)
|
|
Other net income/(expenses)
|
12
|
|
(16)
|
9
|
3
|
(5)
|
|
10
|
(1)
|
7
|
|
Profit before impairment
|
2,790
|
|
662
|
2,318
|
2,336
|
3,122
|
|
1,808
|
2,350
|
1,699
|
|
Credit impairment charges
|
(513)
|
|
(552)
|
(433)
|
(372)
|
(524)
|
|
(498)
|
(381)
|
(200)
|
|
Profit before tax
|
2,277
|
|
110
|
1,885
|
1,964
|
2,598
|
|
1,310
|
1,969
|
1,499
|
|
Tax (charges)/credit
|
(465)
|
|
23
|
(343)
|
(353)
|
(561)
|
|
33
|
(249)
|
(209)
|
|
Profit after tax
|
1,812
|
|
133
|
1,542
|
1,611
|
2,037
|
|
1,343
|
1,720
|
1,290
|
|
Non-controlling interests
|
(3)
|
|
(25)
|
(9)
|
(22)
|
(8)
|
|
(22)
|
(2)
|
(20)
|
|
Other equity instrument holders
|
(259)
|
|
(219)
|
(259)
|
(261)
|
(246)
|
|
(285)
|
(206)
|
(199)
|
|
Attributable profit/(loss)
|
1,550
|
|
(111)
|
1,274
|
1,328
|
1,783
|
|
1,036
|
1,512
|
1,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
12.3%
|
|
(0.9)%
|
11.0%
|
11.4%
|
15.0%
|
|
8.9%
|
12.5%
|
8.7%
|
|
Average tangible shareholders' equity (£bn)
|
50.5
|
|
48.9
|
46.5
|
46.7
|
47.6
|
|
46.7
|
48.6
|
49.0
|
|
Cost: income ratio
|
60%
|
|
88%
|
63%
|
63%
|
57%
|
|
69%
|
60%
|
75%
|
|
Loan loss rate (bps)
|
51
|
|
54
|
42
|
37
|
52
|
|
49
|
36
|
20
|
|
Basic earnings per ordinary share
|
10.3p
|
|
(0.7)p
|
8.3p
|
8.6p
|
11.3p
|
|
6.5p
|
9.4p
|
6.4p
|
|
Basic weighted average number of shares (m)
|
14,983
|
|
15,092
|
15,405
|
15,523
|
15,770
|
|
15,828
|
16,148
|
16,684
|
|
Period end number of shares (m)
|
15,091
|
|
15,155
|
15,239
|
15,556
|
15,701
|
|
15,871
|
15,888
|
16,531
|
|
Period end tangible shareholders' equity (£bn)
|
50.6
|
|
50.2
|
48.2
|
45.3
|
47.3
|
|
46.8
|
45.4
|
49.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet and capital management1
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
332.1
|
|
333.3
|
339.6
|
337.4
|
343.6
|
|
343.3
|
346.3
|
337.2
|
|
Loans and advances to banks at amortised cost
|
8.5
|
|
9.5
|
11.5
|
10.9
|
11.0
|
|
10.0
|
12.5
|
12.5
|
|
Debt securities at amortised cost
|
57.4
|
|
56.7
|
54.3
|
53.1
|
48.9
|
|
45.5
|
54.8
|
46.1
|
|
Loans and advances at amortised cost
|
397.9
|
|
399.5
|
405.4
|
401.4
|
403.5
|
|
398.8
|
413.7
|
395.8
|
|
Loans and advances at amortised cost impairment coverage
ratio
|
1.4%
|
|
1.4%
|
1.4%
|
1.4%
|
1.4%
|
|
1.4%
|
1.4%
|
1.4%
|
|
Total assets
|
1,577.1
|
|
1,477.5
|
1,591.7
|
1,549.7
|
1,539.1
|
|
1,513.7
|
1,726.9
|
1,589.2
|
|
Deposits at amortised cost
|
552.3
|
|
538.8
|
561.3
|
554.7
|
555.7
|
|
545.8
|
574.4
|
568.7
|
|
Tangible net asset value per share
|
335p
|
|
331p
|
316p
|
291p
|
301p
|
|
295p
|
286p
|
297p
|
|
Common equity tier 1 ratio
|
13.5%
|
|
13.8%
|
14.0%
|
13.8%
|
13.6%
|
|
13.9%
|
13.8%
|
13.6%
|
|
Common equity tier 1 capital
|
47.1
|
|
47.3
|
48.0
|
46.6
|
46.0
|
|
46.9
|
48.6
|
46.7
|
|
Risk weighted assets
|
349.6
|
|
342.7
|
341.9
|
336.9
|
338.4
|
|
336.5
|
350.8
|
344.5
|
|
UK leverage ratio
|
4.9%
|
|
5.2%
|
5.0%
|
5.1%
|
5.1%
|
|
5.3%
|
5.0%
|
5.1%
|
|
UK leverage exposure
|
1,226.5
|
|
1,168.3
|
1,202.4
|
1,183.7
|
1,168.9
|
|
1,130.0
|
1,232.1
|
1,151.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funding and liquidity
|
|
|
|
|
|
|
|
|
|
|
|
Group liquidity pool (£bn)
|
323.5
|
|
298.1
|
335.0
|
330.7
|
333.0
|
|
318.0
|
325.8
|
342.5
|
|
Liquidity
coverage ratio2
|
163%
|
|
161%
|
159%
|
157%
|
157%
|
|
156%
|
156%
|
157%
|
|
Net
stable funding ratio3
|
136%
|
|
138%
|
138%
|
139%
|
139%
|
|
137%
|
|
|
|
Loan: deposit ratio
|
72%
|
|
74%
|
72%
|
72%
|
73%
|
|
73%
|
72%
|
70%
|
|
1
|
Refer to pages 31 to
35 for further information on
how capital, RWAs and leverage are calculated.
|
|
2
|
The Liquidity Coverage Ratio is based on the average of the last 12
spot month end ratios. Prior period LCR comparatives have been
updated for consistency.
|
|
3
|
Represents average of the last four spot quarter end
positions.
|
Quarterly Results by Business
|
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
|
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Net interest income
|
1,549
|
|
1,575
|
1,578
|
1,660
|
1,618
|
|
1,600
|
1,561
|
1,393
|
|
Net fee, commission and other income
|
277
|
|
217
|
295
|
301
|
343
|
|
370
|
355
|
331
|
|
Total income
|
1,826
|
|
1,792
|
1,873
|
1,961
|
1,961
|
|
1,970
|
1,916
|
1,724
|
|
Operating costs
|
(1,007)
|
|
(1,153)
|
(1,058)
|
(1,090)
|
(1,092)
|
|
(1,108)
|
(1,069)
|
(1,085)
|
|
UK regulatory levies
|
(54)
|
|
(30)
|
—
|
—
|
—
|
|
(26)
|
—
|
—
|
|
Litigation and conduct
|
(2)
|
|
(4)
|
9
|
5
|
(2)
|
|
(13)
|
(3)
|
(16)
|
|
Total operating expenses
|
(1,063)
|
|
(1,187)
|
(1,049)
|
(1,085)
|
(1,094)
|
|
(1,147)
|
(1,072)
|
(1,101)
|
|
Other net income/(expenses)
|
—
|
|
—
|
—
|
—
|
—
|
|
1
|
(1)
|
—
|
|
Profit before impairment
|
763
|
|
605
|
824
|
876
|
867
|
|
824
|
843
|
623
|
|
Credit impairment charges
|
(58)
|
|
(37)
|
(59)
|
(95)
|
(113)
|
|
(157)
|
(81)
|
—
|
|
Profit before tax
|
705
|
|
568
|
765
|
781
|
754
|
|
667
|
762
|
623
|
|
Attributable profit
|
479
|
|
382
|
531
|
534
|
515
|
|
474
|
549
|
458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
200.8
|
|
202.8
|
204.9
|
206.8
|
208.2
|
|
205.1
|
205.1
|
205.9
|
|
Customer deposits at amortised cost
|
237.2
|
|
241.1
|
243.2
|
249.8
|
254.3
|
|
258.0
|
261.0
|
261.5
|
|
Loan: deposit ratio
|
92%
|
|
92%
|
92%
|
90%
|
90%
|
|
87%
|
86%
|
85%
|
|
Risk weighted assets
|
76.5
|
|
73.5
|
73.2
|
73.0
|
74.6
|
|
73.1
|
73.2
|
72.2
|
|
Period end allocated tangible equity
|
10.7
|
|
10.2
|
10.1
|
10.1
|
10.3
|
|
10.1
|
10.1
|
9.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
18.5%
|
|
14.9%
|
21.0%
|
20.9%
|
20.0%
|
|
18.7%
|
22.1%
|
18.4%
|
|
Average allocated tangible equity (£bn)
|
10.4
|
|
10.2
|
10.1
|
10.2
|
10.3
|
|
10.2
|
9.9
|
10.0
|
|
Cost: income ratio
|
58%
|
|
66%
|
56%
|
55%
|
56%
|
|
58%
|
56%
|
64%
|
|
Loan loss rate (bps)
|
11
|
|
7
|
10
|
17
|
20
|
|
27
|
14
|
—
|
|
Net interest margin
|
3.09%
|
|
3.07%
|
3.04%
|
3.22%
|
3.18%
|
|
3.10%
|
3.01%
|
2.71%
|
|
Analysis of Barclays UK
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
|
Analysis of total income
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Personal Banking
|
1,128
|
|
1,067
|
1,165
|
1,244
|
1,253
|
|
1,229
|
1,212
|
1,077
|
|
Barclaycard Consumer UK
|
229
|
|
242
|
238
|
237
|
247
|
|
269
|
283
|
265
|
|
Business Banking
|
469
|
|
483
|
470
|
480
|
461
|
|
472
|
421
|
382
|
|
Total income
|
1,826
|
|
1,792
|
1,873
|
1,961
|
1,961
|
|
1,970
|
1,916
|
1,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of credit impairment charges
|
|
|
|
|
|
|
|
|
|
|
|
Personal Banking
|
(14)
|
|
35
|
(85)
|
(92)
|
(28)
|
|
(120)
|
(26)
|
(42)
|
|
Barclaycard Consumer UK
|
(38)
|
|
(73)
|
29
|
(35)
|
(83)
|
|
(12)
|
2
|
84
|
|
Business Banking
|
(6)
|
|
1
|
(3)
|
32
|
(2)
|
|
(25)
|
(57)
|
(42)
|
|
Total credit impairment charges
|
(58)
|
|
(37)
|
(59)
|
(95)
|
(113)
|
|
(157)
|
(81)
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Personal Banking
|
169.0
|
|
170.1
|
172.3
|
173.3
|
173.6
|
|
169.7
|
168.7
|
167.1
|
|
Barclaycard Consumer UK
|
9.8
|
|
9.7
|
9.6
|
9.3
|
9.0
|
|
9.2
|
9.0
|
8.8
|
|
Business Banking
|
22.0
|
|
23.0
|
23.0
|
24.2
|
25.6
|
|
26.2
|
27.4
|
30.0
|
|
Total loans and advances to customers at amortised
cost
|
200.8
|
|
202.8
|
204.9
|
206.8
|
208.2
|
|
205.1
|
205.1
|
205.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of customer deposits at amortised cost
|
|
|
|
|
|
|
|
|
|
|
|
Personal Banking
|
183.4
|
|
185.4
|
186.1
|
191.1
|
194.3
|
|
195.6
|
197.3
|
197.0
|
|
Barclaycard Consumer UK
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
Business Banking
|
53.8
|
|
55.7
|
57.1
|
58.7
|
60.0
|
|
62.4
|
63.7
|
64.5
|
|
Total customer deposits at amortised cost
|
237.2
|
|
241.1
|
243.2
|
249.8
|
254.3
|
|
258.0
|
261.0
|
261.5
|
|
Barclays UK Corporate Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Net interest income
|
277
|
|
247
|
304
|
299
|
310
|
|
324
|
309
|
266
|
|
Net fee, commission, trading and other income
|
157
|
|
148
|
136
|
173
|
153
|
|
153
|
124
|
139
|
|
Total income
|
434
|
|
395
|
440
|
472
|
463
|
|
477
|
433
|
405
|
|
Operating costs
|
(221)
|
|
(258)
|
(224)
|
(213)
|
(210)
|
|
(213)
|
(209)
|
(198)
|
|
UK regulatory levies
|
(30)
|
|
(8)
|
—
|
—
|
—
|
|
(7)
|
—
|
—
|
|
Litigation and conduct
|
—
|
|
(1)
|
2
|
—
|
—
|
|
—
|
—
|
—
|
|
Total operating expenses
|
(251)
|
|
(267)
|
(222)
|
(213)
|
(210)
|
|
(220)
|
(209)
|
(198)
|
|
Other net (expenses)/income
|
—
|
|
(5)
|
—
|
1
|
1
|
|
1
|
—
|
—
|
|
Profit before impairment
|
183
|
|
123
|
218
|
260
|
254
|
|
258
|
224
|
207
|
|
Credit impairment (charges)/releases
|
(15)
|
|
(18)
|
(15)
|
84
|
(24)
|
|
(52)
|
32
|
29
|
|
Profit before tax
|
168
|
|
105
|
203
|
344
|
230
|
|
206
|
256
|
236
|
|
Attributable profit
|
113
|
|
59
|
129
|
239
|
157
|
|
131
|
172
|
166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
25.7
|
|
26.4
|
26.9
|
26.9
|
27.2
|
|
26.9
|
27.2
|
27.1
|
|
Deposits at amortised cost
|
81.7
|
|
84.9
|
82.7
|
82.6
|
83.6
|
|
84.4
|
86.1
|
87.1
|
|
Risk weighted assets
|
21.4
|
|
20.9
|
19.5
|
20.6
|
20.2
|
|
21.1
|
20.4
|
21.0
|
|
Period end allocated tangible equity
|
3.0
|
|
3.0
|
2.8
|
2.9
|
2.9
|
|
3.0
|
2.9
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
15.2%
|
|
8.4%
|
18.3%
|
32.9%
|
21.7%
|
|
17.8%
|
23.4%
|
22.3%
|
|
Average allocated tangible equity (£bn)
|
3.0
|
|
2.8
|
2.8
|
2.9
|
2.9
|
|
2.9
|
2.9
|
3.0
|
|
Cost: income ratio
|
58%
|
|
68%
|
50%
|
45%
|
45%
|
|
46%
|
48%
|
49%
|
|
Loan loss rate (bps)
|
23
|
|
27
|
21
|
(123)
|
36
|
|
74
|
(45)
|
(42)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of total income
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Corporate lending
|
72
|
|
64
|
69
|
68
|
61
|
|
66
|
56
|
63
|
|
Transaction banking
|
362
|
|
331
|
371
|
404
|
402
|
|
411
|
377
|
342
|
|
Total income
|
434
|
|
395
|
440
|
472
|
463
|
|
477
|
433
|
405
|
|
Barclays Private Bank and Wealth Management
|
|
|
|
|
|
|
|
|
|
|
|
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Net interest income
|
175
|
|
182
|
219
|
186
|
181
|
|
205
|
197
|
167
|
|
Net fee, commission and other income
|
137
|
|
131
|
118
|
113
|
78
|
|
81
|
72
|
78
|
|
Total income
|
312
|
|
313
|
337
|
299
|
259
|
|
286
|
269
|
245
|
|
Operating costs
|
(214)
|
|
(255)
|
(214)
|
(182)
|
(144)
|
|
(153)
|
(135)
|
(138)
|
|
UK regulatory levies
|
(3)
|
|
(4)
|
—
|
—
|
—
|
|
(4)
|
—
|
—
|
|
Litigation and conduct
|
—
|
|
2
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
Total operating expenses
|
(217)
|
|
(257)
|
(214)
|
(182)
|
(144)
|
|
(157)
|
(135)
|
(138)
|
|
Other net income
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
Profit before impairment
|
95
|
|
56
|
123
|
117
|
115
|
|
129
|
134
|
107
|
|
Credit impairment releases/(charges)
|
—
|
|
4
|
2
|
(7)
|
(3)
|
|
(10)
|
—
|
3
|
|
Profit before tax
|
95
|
|
60
|
125
|
110
|
112
|
|
119
|
134
|
110
|
|
Attributable profit
|
74
|
|
47
|
102
|
91
|
90
|
|
92
|
108
|
85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
13.7
|
|
13.6
|
13.4
|
13.8
|
14.3
|
|
14.4
|
14.6
|
14.3
|
|
Deposits at amortised cost
|
61.9
|
|
60.3
|
59.7
|
59.2
|
60.8
|
|
62.3
|
62.9
|
59.1
|
|
Risk weighted assets
|
7.2
|
|
7.2
|
7.2
|
7.2
|
7.5
|
|
7.8
|
7.9
|
7.4
|
|
Period end allocated tangible equity
|
1.0
|
|
1.0
|
1.0
|
1.0
|
1.0
|
|
1.1
|
1.1
|
1.0
|
|
Client assets and liabilities
|
189.1
|
|
182.9
|
178.7
|
174.1
|
141.5
|
|
139.4
|
138.4
|
131.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
28.7%
|
|
19.1%
|
41.2%
|
35.9%
|
34.5%
|
|
34.9%
|
41.7%
|
33.5%
|
|
Average allocated tangible equity (£bn)
|
1.0
|
|
1.0
|
1.0
|
1.0
|
1.0
|
|
1.1
|
1.0
|
1.0
|
|
Cost: income ratio
|
70%
|
|
82%
|
63%
|
61%
|
56%
|
|
55%
|
50%
|
56%
|
|
Loan loss rate (bps)
|
—
|
|
(10)
|
(7)
|
20
|
7
|
|
26
|
1
|
(7)
|
|
Barclays Investment Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Net interest income
|
197
|
|
282
|
397
|
555
|
159
|
|
228
|
304
|
147
|
|
Net trading income
|
1,982
|
|
757
|
1,497
|
1,351
|
2,435
|
|
1,197
|
1,346
|
2,734
|
|
Net fee, commission and other income
|
1,149
|
|
998
|
792
|
837
|
975
|
|
731
|
794
|
801
|
|
Total income
|
3,328
|
|
2,037
|
2,686
|
2,743
|
3,569
|
|
2,156
|
2,444
|
3,682
|
|
Operating costs
|
(1,957)
|
|
(1,934)
|
(1,840)
|
(1,813)
|
(2,032)
|
|
(1,619)
|
(1,869)
|
(1,704)
|
|
UK regulatory levies
|
(33)
|
|
(123)
|
—
|
—
|
—
|
|
(119)
|
—
|
—
|
|
Litigation and conduct
|
(9)
|
|
(2)
|
6
|
(1)
|
2
|
|
(55)
|
498
|
(1,314)
|
|
Total operating expenses
|
(1,999)
|
|
(2,059)
|
(1,834)
|
(1,814)
|
(2,030)
|
|
(1,793)
|
(1,371)
|
(3,018)
|
|
Other net (expenses)/income
|
—
|
|
(1)
|
2
|
—
|
(1)
|
|
1
|
1
|
(1)
|
|
Profit/(loss) before impairment
|
1,329
|
|
(23)
|
854
|
929
|
1,538
|
|
364
|
1,074
|
663
|
|
Credit impairment releases/(charges)
|
10
|
|
(23)
|
23
|
(77)
|
(25)
|
|
(22)
|
(93)
|
(106)
|
|
Profit/(loss) before tax
|
1,339
|
|
(46)
|
877
|
852
|
1,513
|
|
342
|
981
|
557
|
|
Attributable profit/(loss)
|
899
|
|
(149)
|
580
|
562
|
1,048
|
|
313
|
847
|
418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
64.6
|
|
62.7
|
62.3
|
59.1
|
63.1
|
|
64.6
|
67.5
|
60.5
|
|
Loans and advances to banks at amortised cost
|
7.6
|
|
7.3
|
9.5
|
9.0
|
9.1
|
|
8.1
|
10.1
|
10.0
|
|
Debt securities at amortised cost
|
40.4
|
|
38.9
|
36.3
|
35.1
|
30.7
|
|
27.2
|
36.2
|
29.3
|
|
Loans and advances at amortised cost
|
112.6
|
|
108.9
|
108.1
|
103.2
|
102.9
|
|
99.9
|
113.8
|
99.8
|
|
Trading portfolio assets
|
195.3
|
|
174.5
|
155.3
|
165.0
|
137.6
|
|
133.7
|
126.1
|
126.7
|
|
Derivative financial instrument assets
|
248.9
|
|
255.1
|
280.4
|
264.8
|
256.5
|
|
301.6
|
415.5
|
343.4
|
|
Financial assets at fair value through the income
statement
|
225.1
|
|
202.5
|
237.2
|
231.1
|
243.8
|
|
209.4
|
243.6
|
208.0
|
|
Cash collateral and settlement balances
|
129.8
|
|
102.3
|
134.6
|
122.1
|
124.3
|
|
106.2
|
162.2
|
127.1
|
|
Deposits at amortised cost
|
151.1
|
|
132.7
|
154.2
|
142.9
|
137.3
|
|
121.5
|
143.4
|
142.5
|
|
Derivative financial instrument liabilities
|
241.5
|
|
249.7
|
268.3
|
254.5
|
246.7
|
|
288.9
|
394.2
|
321.2
|
|
Risk weighted assets
|
200.4
|
|
197.3
|
201.1
|
197.2
|
198.0
|
|
195.9
|
211.4
|
207.7
|
|
Period end allocated tangible equity
|
29.6
|
|
29.0
|
29.0
|
28.7
|
28.9
|
|
28.6
|
30.8
|
30.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
12.0%
|
|
(2.1)%
|
8.0%
|
7.7%
|
14.4%
|
|
4.0%
|
10.9%
|
5.6%
|
|
Average allocated tangible equity (£bn)
|
30.0
|
|
28.9
|
28.8
|
29.0
|
29.1
|
|
30.9
|
31.2
|
29.9
|
|
Cost: income ratio
|
60%
|
|
101%
|
68%
|
66%
|
57%
|
|
83%
|
56%
|
82%
|
|
Loan loss rate (bps)
|
(4)
|
|
8
|
(8)
|
30
|
10
|
|
9
|
32
|
42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of total income
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
FICC
|
1,404
|
|
724
|
1,147
|
1,186
|
1,788
|
|
976
|
1,546
|
1,529
|
|
Equities
|
883
|
|
431
|
675
|
563
|
704
|
|
440
|
246
|
1,411
|
|
Global Markets
|
2,287
|
|
1,155
|
1,822
|
1,749
|
2,492
|
|
1,416
|
1,792
|
2,940
|
|
Advisory
|
148
|
|
171
|
80
|
130
|
212
|
|
197
|
150
|
236
|
|
Equity
capital markets
|
68
|
|
38
|
62
|
69
|
50
|
|
40
|
42
|
37
|
|
Debt
capital markets
|
401
|
|
301
|
233
|
273
|
341
|
|
243
|
341
|
281
|
|
Fees
|
617
|
|
510
|
375
|
472
|
603
|
|
480
|
533
|
554
|
|
Corporate
lending
|
42
|
|
(23)
|
103
|
100
|
33
|
|
(194)
|
(237)
|
(110)
|
|
Transaction
banking
|
382
|
|
395
|
386
|
422
|
441
|
|
454
|
356
|
298
|
|
International
Corporate Banking
|
424
|
|
372
|
489
|
522
|
474
|
|
260
|
119
|
188
|
|
Investment Banking
|
1,041
|
|
882
|
864
|
994
|
1,077
|
|
740
|
652
|
742
|
|
Total income
|
3,328
|
|
2,037
|
2,686
|
2,743
|
3,569
|
|
2,156
|
2,444
|
3,682
|
|
Barclays US Consumer Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Net interest income
|
688
|
|
686
|
662
|
622
|
634
|
|
639
|
616
|
389
|
|
Net fee, commission, trading and other income
|
171
|
|
180
|
147
|
145
|
192
|
|
149
|
137
|
240
|
|
Total income
|
859
|
|
866
|
809
|
767
|
826
|
|
788
|
753
|
629
|
|
Operating costs
|
(387)
|
|
(418)
|
(404)
|
(401)
|
(427)
|
|
(425)
|
(429)
|
(365)
|
|
UK regulatory levies
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
Litigation and conduct
|
(3)
|
|
(2)
|
—
|
(4)
|
—
|
|
(3)
|
—
|
—
|
|
Total operating expenses
|
(390)
|
|
(420)
|
(404)
|
(405)
|
(427)
|
|
(428)
|
(429)
|
(365)
|
|
Other net income
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
Profit before impairment
|
469
|
|
446
|
405
|
362
|
399
|
|
360
|
324
|
264
|
|
Credit impairment charges
|
(410)
|
|
(449)
|
(404)
|
(264)
|
(321)
|
|
(224)
|
(172)
|
(108)
|
|
Profit/(loss) before tax
|
59
|
|
(3)
|
1
|
98
|
78
|
|
136
|
152
|
156
|
|
Attributable profit/(loss)
|
44
|
|
(3)
|
3
|
72
|
59
|
|
101
|
107
|
118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
23.6
|
|
24.2
|
24.3
|
22.9
|
22.5
|
|
23.6
|
23.6
|
21.0
|
|
Deposits at amortised cost
|
20.3
|
|
19.7
|
19.3
|
17.9
|
18.1
|
|
18.3
|
19.8
|
17.8
|
|
Risk weighted assets
|
23.9
|
|
24.8
|
24.1
|
22.5
|
22.5
|
|
23.9
|
23.6
|
21.7
|
|
Period end allocated tangible equity
|
3.3
|
|
3.4
|
3.3
|
3.1
|
3.1
|
|
3.3
|
3.2
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
5.3%
|
|
(0.3)%
|
0.4%
|
9.3%
|
7.5%
|
|
12.6%
|
13.9%
|
18.2%
|
|
Average allocated tangible equity (£bn)
|
3.3
|
|
3.3
|
3.1
|
3.1
|
3.1
|
|
3.2
|
3.1
|
2.6
|
|
Cost: income ratio
|
46%
|
|
48%
|
50%
|
53%
|
52%
|
|
54%
|
57%
|
58%
|
|
Loan loss rate (bps)
|
610
|
|
636
|
582
|
411
|
515
|
|
337
|
257
|
179
|
|
Net interest margin
|
11.12%
|
|
10.88%
|
10.88%
|
10.66%
|
10.97%
|
|
10.64%
|
10.81%
|
8.37%
|
|
Head Office
|
|
|
|
|
|
|
|
|
|
|
|
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
|
Income statement information
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Net interest income
|
186
|
|
168
|
87
|
(52)
|
150
|
|
(253)
|
80
|
61
|
|
Net fee, commission and other income
|
8
|
|
27
|
26
|
96
|
8
|
|
378
|
55
|
(38)
|
|
Total income
|
194
|
|
195
|
113
|
43
|
159
|
|
124
|
136
|
23
|
|
Operating costs
|
(211)
|
|
(717)
|
(209)
|
(220)
|
(206)
|
|
(230)
|
(228)
|
(192)
|
|
UK regulatory levies
|
—
|
|
(14)
|
—
|
—
|
—
|
|
(20)
|
—
|
—
|
|
Litigation and conduct
|
(44)
|
|
1
|
(16)
|
(32)
|
(1)
|
|
(9)
|
(155)
|
(4)
|
|
Total operating expenses
|
(255)
|
|
(730)
|
(226)
|
(253)
|
(205)
|
|
(258)
|
(384)
|
(196)
|
|
Other net income/(expenses)
|
12
|
|
(10)
|
7
|
2
|
(5)
|
|
7
|
(1)
|
8
|
|
Loss before impairment
|
(49)
|
|
(545)
|
(106)
|
(208)
|
(51)
|
|
(127)
|
(249)
|
(165)
|
|
Credit impairment (charges)/releases
|
(40)
|
|
(29)
|
20
|
(13)
|
(38)
|
|
(33)
|
(67)
|
(18)
|
|
Loss before tax
|
(89)
|
|
(574)
|
(86)
|
(221)
|
(89)
|
|
(160)
|
(316)
|
(183)
|
|
Attributable loss
|
(59)
|
|
(447)
|
(71)
|
(170)
|
(86)
|
|
(75)
|
(271)
|
(174)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Risk weighted assets
|
20.2
|
|
19.0
|
16.8
|
16.4
|
15.6
|
|
14.7
|
14.3
|
14.5
|
|
Period end allocated tangible equity
|
3.0
|
|
3.6
|
2.0
|
(0.5)
|
1.1
|
|
0.7
|
(2.6)
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Average allocated tangible equity (£bn)
|
2.8
|
|
2.7
|
0.7
|
0.5
|
1.2
|
|
(1.6)
|
0.5
|
2.5
|
Performance Management
|
Margins and balances
|
||||||
|
|
Three months ended 31.03.24
|
Three months ended 31.03.23
|
||||
|
|
Net interest income
|
Average customer assets
|
Net interest margin
|
Net interest income
|
Average customer assets
|
Net interest margin
|
|
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
|
Barclays UK
|
1,549
|
201,669
|
3.09
|
1,618
|
206,241
|
3.18
|
|
Barclays UK Corporate Bank
|
277
|
22,257
|
5.00
|
310
|
23,151
|
5.42
|
|
Barclays Private Bank and Wealth Management
|
175
|
13,593
|
5.17
|
181
|
14,445
|
5.08
|
|
Barclays US Consumer Bank
|
688
|
24,880
|
11.12
|
634
|
23,451
|
10.97
|
|
Group excluding IB and Head Office
|
2,689
|
262,399
|
4.12
|
2,743
|
267,288
|
4.16
|
|
Barclays Investment Bank
|
197
|
|
|
159
|
|
|
|
Head Office
|
186
|
|
|
150
|
|
|
|
Total Barclays Group net interest income
|
3,072
|
|
|
3,053
|
|
|
The
Group excluding IB and Head Office NIM has decreased 4bps from 4.16% in Q123 to 4.12% in Q124, driven by adverse product
dynamics in Barclays UK deposits and mortgages, partially offset by
continued structural hedge income momentum across the
Group.
The
Group’s combined product and equity structural hedge notional
amount at 31 March 2024 was
£243bn (31 December 2023:
£246bn), with an average
duration of close to 2.5 years.
Gross structural hedge contributions of £1,066m (Q123: £773m) and net structural hedge
contributions of £(2,097)m
(Q123: £(1,709)m) are included in Group net
interest income. Gross structural hedge contributions represent the
absolute level of interest earned from the fixed receipts on swaps
in the structural hedge, while the net structural hedge
contributions represent the net interest earned on the difference
between the structural hedge rate and prevailing floating
rates.
|
Quarterly analysis
|
|
|
|||
|
|
Q124
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Net interest income
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Barclays UK
|
1,549
|
1,575
|
1,578
|
1,660
|
1,618
|
|
Barclays UK Corporate Bank
|
277
|
247
|
304
|
299
|
310
|
|
Barclays Private Bank and Wealth Management
|
175
|
182
|
219
|
186
|
181
|
|
Barclays US Consumer Bank
|
688
|
686
|
662
|
622
|
634
|
|
Group excluding IB and Head Office
|
2,689
|
2,690
|
2,763
|
2,767
|
2,743
|
|
|
|
|
|
|
|
|
Average customer assets
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Barclays UK
|
201,669
|
203,646
|
205,693
|
207,073
|
206,241
|
|
Barclays UK Corporate Bank
|
22,257
|
23,354
|
23,225
|
23,094
|
23,151
|
|
Barclays Private Bank and Wealth Management
|
13,593
|
13,525
|
13,594
|
14,173
|
14,445
|
|
Barclays US Consumer Bank
|
24,880
|
25,012
|
24,128
|
23,404
|
23,451
|
|
Group excluding IB and Head Office
|
262,399
|
265,537
|
266,640
|
267,744
|
267,288
|
|
|
|
|
|
|
|
|
Net interest margin
|
%
|
%
|
%
|
%
|
%
|
|
Barclays UK
|
3.09
|
3.07
|
3.04
|
3.22
|
3.18
|
|
Barclays UK Corporate Bank
|
5.00
|
4.19
|
5.19
|
5.19
|
5.42
|
|
Barclays Private Bank and Wealth Management
|
5.17
|
5.33
|
6.40
|
5.26
|
5.08
|
|
Barclays US Consumer Bank
|
11.12
|
10.88
|
10.88
|
10.66
|
10.97
|
|
Group excluding IB and Head Office
|
4.12
|
4.02
|
4.11
|
4.15
|
4.16
|
Credit Risk
Loans and advances at amortised cost by geography
Total loans and advances at amortised cost in the credit risk
performance section includes loans and advances at amortised cost
to banks and loans and advances at amortised cost to
customers.
The table below presents a product and geographical breakdown by
stages of loans and advances at amortised cost. Also included are
stage allocation of debt securities and off-balance sheet loan
commitments and financial guarantee contracts by gross exposure,
impairment allowance and coverage ratio as at 31 March
2024.
Impairment allowance under IFRS 9 considers both the drawn and the
undrawn counterparty exposure. For retail portfolios, the total
impairment allowance is allocated to gross loans and advances to
the extent allowance does not exceed the drawn exposure and any
excess is reported on the liabilities side of the balance sheet as
a provision. For corporate portfolios, impairment allowance on
undrawn exposure is reported on the liability side of the balance
sheet as a provision.
|
|
Gross exposure
|
|
Impairment allowance
|
||||||
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
As at 31.03.24
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
Retail mortgages
|
144,156
|
20,168
|
1,702
|
166,026
|
|
41
|
79
|
94
|
214
|
|
Retail credit cards
|
8,214
|
2,083
|
200
|
10,497
|
|
115
|
475
|
97
|
687
|
|
Retail other
|
6,959
|
1,229
|
196
|
8,384
|
|
56
|
116
|
144
|
316
|
|
Corporate
loans1
|
52,204
|
8,264
|
1,618
|
62,086
|
|
179
|
214
|
336
|
729
|
|
Total UK
|
211,533
|
31,744
|
3,716
|
246,993
|
|
391
|
884
|
671
|
1,946
|
|
Retail mortgages
|
4,086
|
366
|
652
|
5,104
|
|
7
|
31
|
314
|
352
|
|
Retail credit cards
|
21,131
|
3,385
|
1,708
|
26,224
|
|
395
|
1,109
|
1,374
|
2,878
|
|
Retail other
|
1,560
|
79
|
202
|
1,841
|
|
3
|
1
|
27
|
31
|
|
Corporate loans
|
61,022
|
4,128
|
957
|
66,107
|
|
93
|
175
|
271
|
539
|
|
Total Rest of the World
|
87,799
|
7,958
|
3,519
|
99,276
|
|
498
|
1,316
|
1,986
|
3,800
|
|
Total loans and advances at amortised cost
|
299,332
|
39,702
|
7,235
|
346,269
|
|
889
|
2,200
|
2,657
|
5,746
|
|
Debt securities at amortised cost
|
53,478
|
3,941
|
—
|
57,419
|
|
10
|
10
|
—
|
20
|
|
Total loans and advances at amortised cost including debt
securities
|
352,810
|
43,643
|
7,235
|
403,688
|
|
899
|
2,210
|
2,657
|
5,766
|
|
Off-balance
sheet loan commitments and financial guarantee
contracts2
|
386,834
|
21,184
|
1,025
|
409,043
|
|
196
|
289
|
23
|
508
|
|
Total3,4
|
739,644
|
64,827
|
8,260
|
812,731
|
|
1,095
|
2,499
|
2,680
|
6,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
Coverage ratio
|
||||||
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
As at 31.03.24
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
|
Retail mortgages
|
144,115
|
20,089
|
1,608
|
165,812
|
|
—
|
0.4
|
5.5
|
0.1
|
|
Retail credit cards
|
8,099
|
1,608
|
103
|
9,810
|
|
1.4
|
22.8
|
48.5
|
6.5
|
|
Retail other
|
6,903
|
1,113
|
52
|
8,068
|
|
0.8
|
9.4
|
73.5
|
3.8
|
|
Corporate
loans1
|
52,025
|
8,050
|
1,282
|
61,357
|
|
0.3
|
2.6
|
20.8
|
1.2
|
|
Total UK
|
211,142
|
30,860
|
3,045
|
245,047
|
|
0.2
|
2.8
|
18.1
|
0.8
|
|
Retail mortgages
|
4,079
|
335
|
338
|
4,752
|
|
0.2
|
8.5
|
48.2
|
6.9
|
|
Retail credit cards
|
20,736
|
2,276
|
334
|
23,346
|
|
1.9
|
32.8
|
80.4
|
11.0
|
|
Retail other
|
1,557
|
78
|
175
|
1,810
|
|
0.2
|
1.3
|
13.4
|
1.7
|
|
Corporate loans
|
60,929
|
3,953
|
686
|
65,568
|
|
0.2
|
4.2
|
28.3
|
0.8
|
|
Total Rest of the World
|
87,301
|
6,642
|
1,533
|
95,476
|
|
0.6
|
16.5
|
56.4
|
3.8
|
|
Total loans and advances at amortised cost
|
298,443
|
37,502
|
4,578
|
340,523
|
|
0.3
|
5.5
|
36.7
|
1.7
|
|
Debt securities at amortised cost
|
53,468
|
3,931
|
—
|
57,399
|
|
—
|
0.3
|
—
|
—
|
|
Total loans and advances at amortised cost including debt
securities
|
351,911
|
41,433
|
4,578
|
397,922
|
|
0.3
|
5.1
|
36.7
|
1.4
|
|
Off-balance
sheet loan commitments and financial guarantee
contracts2
|
386,638
|
20,895
|
1,002
|
408,535
|
|
0.1
|
1.4
|
2.2
|
0.1
|
|
Total3,4
|
738,549
|
62,328
|
5,580
|
806,457
|
|
0.1
|
3.9
|
32.4
|
0.8
|
|
1
|
Includes Business Banking, which has a gross exposure of
£14.6bn and an impairment allowance of £411m. This
comprises £91m impairment allowance on £9.7bn Stage 1
exposure, £76m on £3.7bn Stage 2 exposure and £244m
on £1.3bn Stage 3 exposure. Excluding this, total coverage for
corporate loans in UK is 0.7%.
|
|
2
|
Excludes loan commitments and financial guarantees of £15.4bn
carried at fair value and includes exposures relating to financial
assets classified as assets held for sale.
|
|
3
|
Other financial assets subject to impairment not included in the
table above include cash collateral and settlement balances,
financial assets at fair value through other comprehensive income
and other assets. These have a total gross exposure of
£220.1bn and impairment allowance of £150m. This
comprises £17m impairment allowance on £219.5bn Stage 1
exposure, £2m on £0.4bn Stage 2 exposure and £131m
on £141m Stage 3 exposure.
|
|
4
|
The annualised loan loss rate is 51bps after applying the total
impairment charge of £513m.
|
|
|
Gross exposure
|
|
Impairment allowance
|
||||||
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
As at 31.12.23
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
Retail mortgages
|
146,001
|
19,123
|
1,812
|
166,936
|
|
43
|
77
|
112
|
232
|
|
Retail credit cards
|
8,094
|
2,128
|
198
|
10,420
|
|
111
|
492
|
107
|
710
|
|
Retail other
|
6,832
|
1,252
|
264
|
8,348
|
|
56
|
117
|
144
|
317
|
|
Corporate
loans1
|
54,257
|
8,673
|
1,692
|
64,622
|
|
191
|
214
|
346
|
751
|
|
Total UK
|
215,184
|
31,176
|
3,966
|
250,326
|
|
401
|
900
|
709
|
2,010
|
|
Retail mortgages
|
4,201
|
346
|
612
|
5,159
|
|
7
|
28
|
316
|
351
|
|
Retail credit cards
|
22,315
|
3,450
|
1,522
|
27,287
|
|
412
|
1,138
|
1,226
|
2,776
|
|
Retail other
|
1,637
|
91
|
229
|
1,957
|
|
3
|
1
|
32
|
36
|
|
Corporate loans
|
58,248
|
4,629
|
862
|
63,739
|
|
96
|
200
|
252
|
548
|
|
Total Rest of the World
|
86,401
|
8,516
|
3,225
|
98,142
|
|
518
|
1,367
|
1,826
|
3,711
|
|
Total loans and advances at amortised cost
|
301,585
|
39,692
|
7,191
|
348,468
|
|
919
|
2,267
|
2,535
|
5,721
|
|
Debt securities
|
52,869
|
3,907
|
—
|
56,776
|
|
11
|
16
|
—
|
27
|
|
Total loans and advances at amortised cost including debt
securities
|
354,454
|
43,599
|
7,191
|
405,244
|
|
930
|
2,283
|
2,535
|
5,748
|
|
Off-balance
sheet loan commitments and financial guarantee
contracts2
|
374,063
|
24,208
|
1,037
|
399,308
|
|
173
|
287
|
44
|
504
|
|
Total3,4
|
728,517
|
67,807
|
8,228
|
804,552
|
|
1,103
|
2,570
|
2,579
|
6,252
|
|
|
|
|
|
||||||
|
|
Net exposure
|
|
Coverage ratio
|
||||||
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
As at 31.12.23
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
|
Retail mortgages
|
145,958
|
19,046
|
1,700
|
166,704
|
|
—
|
0.4
|
6.2
|
0.1
|
|
Retail credit cards
|
7,983
|
1,636
|
91
|
9,710
|
|
1.4
|
23.1
|
54.0
|
6.8
|
|
Retail other
|
6,776
|
1,135
|
120
|
8,031
|
|
0.8
|
9.3
|
54.5
|
3.8
|
|
Corporate
loans1
|
54,066
|
8,459
|
1,346
|
63,871
|
|
0.4
|
2.5
|
20.4
|
1.2
|
|
Total UK
|
214,783
|
30,276
|
3,257
|
248,316
|
|
0.2
|
2.9
|
17.9
|
0.8
|
|
Retail mortgages
|
4,194
|
318
|
296
|
4,808
|
|
0.2
|
8.1
|
51.6
|
6.8
|
|
Retail credit cards
|
21,903
|
2,312
|
296
|
24,511
|
|
1.8
|
33.0
|
80.6
|
10.2
|
|
Retail other
|
1,634
|
90
|
197
|
1,921
|
|
0.2
|
1.1
|
14.0
|
1.8
|
|
Corporate loans
|
58,152
|
4,429
|
610
|
63,191
|
|
0.2
|
4.3
|
29.2
|
0.9
|
|
Total Rest of the World
|
85,883
|
7,149
|
1,399
|
94,431
|
|
0.6
|
16.1
|
56.6
|
3.8
|
|
Total loans and advances at amortised cost
|
300,666
|
37,425
|
4,656
|
342,747
|
|
0.3
|
5.7
|
35.3
|
1.6
|
|
Debt securities
|
52,858
|
3,891
|
—
|
56,749
|
|
—
|
0.4
|
—
|
—
|
|
Total loans and advances at amortised cost including debt
securities
|
353,524
|
41,316
|
4,656
|
399,496
|
|
0.3
|
5.2
|
35.3
|
1.4
|
|
Off-balance
sheet loan commitments and financial guarantee
contracts2
|
373,890
|
23,921
|
993
|
398,804
|
|
—
|
1.2
|
4.2
|
0.1
|
|
Total3,4
|
727,414
|
65,237
|
5,649
|
798,300
|
|
0.2
|
3.8
|
31.3
|
0.8
|
|
1
|
Includes Business Banking, which has a gross exposure of
£15.2bn and an impairment allowance of £431m. This
comprises £99m impairment allowance on £9.8bn Stage 1
exposure, £81m on £4.1bn Stage 2 exposure and £251m
on £1.3bn Stage 3 exposure. Excluding this, total coverage for
corporate loans in UK is 0.6%.
|
|
2
|
Excludes loan commitments and financial guarantees of £16.5bn
carried at fair value and includes exposures relating to financial
assets classified as assets held for sale.
|
|
3
|
Other financial assets subject to impairment not included in the
table above include cash collateral and settlement balances,
financial assets at fair value through other comprehensive income
and other assets. These have a total gross exposure of
£183.6bn and impairment allowance of £151m. This
comprises £16m impairment allowance on £182.8bn Stage 1
exposure, £2m on £0.6bn Stage 2 exposure and £133m
on £140m Stage 3 exposure.
|
|
4
|
The annualised loan loss rate is 46bps after applying the total
impairment charge of £1,881m.
|
Assets held for sale
During
2023, gross loans and advances and related impairment allowances
for the German consumer finance business portfolio were
reclassified from loans and advances to customers to assets held
for sale in the balance sheet.
|
Loans and advances to customers classified as assets held for
sale
|
|||||||||||||||
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
||||||||
|
|
Gross
|
ECL
|
Coverage
|
|
Gross
|
ECL
|
Coverage
|
|
Gross
|
ECL
|
Coverage
|
|
Gross
|
ECL
|
Coverage
|
|
As at 31.03.24
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
|
Retail credit cards
|
1,555
|
14
|
0.9
|
|
504
|
45
|
8.9
|
|
94
|
70
|
74.5
|
|
2,153
|
129
|
6.0
|
|
Retail other
|
1,432
|
20
|
1.4
|
|
285
|
36
|
12.6
|
|
82
|
58
|
70.7
|
|
1,799
|
114
|
6.3
|
|
Total Rest of the World
|
2,987
|
34
|
1.1
|
|
789
|
81
|
10.3
|
|
176
|
128
|
72.7
|
|
3,952
|
243
|
6.1
|
|
As at 31.12.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail credit cards
|
1,621
|
15
|
0.9
|
|
445
|
41
|
9.2
|
|
92
|
68
|
73.9
|
|
2,158
|
124
|
5.7
|
|
Retail other
|
1,561
|
20
|
1.3
|
|
288
|
32
|
11.1
|
|
84
|
60
|
71.4
|
|
1,933
|
112
|
5.8
|
|
Total Rest of the World
|
3,182
|
35
|
1.1
|
|
733
|
73
|
10.0
|
|
176
|
128
|
72.7
|
|
4,091
|
236
|
5.8
|
Loans and advances at amortised cost by product
The table below presents a product breakdown by stages of loans and
advances at amortised cost. Also included is a breakdown of Stage 2
past due balances.
|
|
|
Stage 2
|
|
|
|||
|
As at 31.03.24
|
Stage 1
|
Not past due
|
<=30 days past due
|
>30 days past due
|
Total
|
Stage 3
|
Total
|
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Retail mortgages
|
148,242
|
17,741
|
1,992
|
801
|
20,534
|
2,354
|
171,130
|
|
Retail credit cards
|
29,345
|
4,759
|
394
|
315
|
5,468
|
1,908
|
36,721
|
|
Retail other
|
8,519
|
1,063
|
153
|
92
|
1,308
|
398
|
10,225
|
|
Corporate loans
|
113,226
|
12,095
|
149
|
148
|
12,392
|
2,575
|
128,193
|
|
Total
|
299,332
|
35,658
|
2,688
|
1,356
|
39,702
|
7,235
|
346,269
|
|
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
|
Retail mortgages
|
48
|
75
|
17
|
18
|
110
|
408
|
566
|
|
Retail credit cards
|
510
|
1,224
|
164
|
196
|
1,584
|
1,471
|
3,565
|
|
Retail other
|
59
|
81
|
18
|
18
|
117
|
171
|
347
|
|
Corporate loans
|
272
|
372
|
8
|
9
|
389
|
607
|
1,268
|
|
Total
|
889
|
1,752
|
207
|
241
|
2,200
|
2,657
|
5,746
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
|
Retail mortgages
|
148,194
|
17,666
|
1,975
|
783
|
20,424
|
1,946
|
170,564
|
|
Retail credit cards
|
28,835
|
3,535
|
230
|
119
|
3,884
|
437
|
33,156
|
|
Retail other
|
8,460
|
982
|
135
|
74
|
1,191
|
227
|
9,878
|
|
Corporate loans
|
112,954
|
11,723
|
141
|
139
|
12,003
|
1,968
|
126,925
|
|
Total
|
298,443
|
33,906
|
2,481
|
1,115
|
37,502
|
4,578
|
340,523
|
|
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
Retail mortgages
|
—
|
0.4
|
0.9
|
2.2
|
0.5
|
17.3
|
0.3
|
|
Retail credit cards
|
1.7
|
25.7
|
41.6
|
62.2
|
29.0
|
77.1
|
9.7
|
|
Retail other
|
0.7
|
7.6
|
11.8
|
19.6
|
8.9
|
43.0
|
3.4
|
|
Corporate loans
|
0.2
|
3.1
|
5.4
|
6.1
|
3.1
|
23.6
|
1.0
|
|
Total
|
0.3
|
4.9
|
7.7
|
17.8
|
5.5
|
36.7
|
1.7
|
|
As at 31.12.23
|
|
|
|
|
|
|
|
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Retail mortgages
|
150,202
|
16,834
|
1,971
|
664
|
19,469
|
2,424
|
172,095
|
|
Retail credit cards
|
30,409
|
4,858
|
392
|
328
|
5,578
|
1,720
|
37,707
|
|
Retail other
|
8,469
|
1,094
|
126
|
123
|
1,343
|
493
|
10,305
|
|
Corporate loans
|
112,505
|
12,960
|
179
|
163
|
13,302
|
2,554
|
128,361
|
|
Total
|
301,585
|
35,746
|
2,668
|
1,278
|
39,692
|
7,191
|
348,468
|
|
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
|
Retail mortgages
|
50
|
73
|
20
|
12
|
105
|
428
|
583
|
|
Retail credit cards
|
523
|
1,257
|
166
|
207
|
1,630
|
1,333
|
3,486
|
|
Retail other
|
59
|
82
|
18
|
18
|
118
|
176
|
353
|
|
Corporate loans
|
287
|
399
|
8
|
7
|
414
|
598
|
1,299
|
|
Total
|
919
|
1,811
|
212
|
244
|
2,267
|
2,535
|
5,721
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
|
Retail mortgages
|
150,152
|
16,761
|
1,951
|
652
|
19,364
|
1,996
|
171,512
|
|
Retail credit cards
|
29,886
|
3,601
|
226
|
121
|
3,948
|
387
|
34,221
|
|
Retail other
|
8,410
|
1,012
|
108
|
105
|
1,225
|
317
|
9,952
|
|
Corporate loans
|
112,218
|
12,561
|
171
|
156
|
12,888
|
1,956
|
127,062
|
|
Total
|
300,666
|
33,935
|
2,456
|
1,034
|
37,425
|
4,656
|
342,747
|
|
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
Retail mortgages
|
—
|
0.4
|
1.0
|
1.8
|
0.5
|
17.7
|
0.3
|
|
Retail credit cards
|
1.7
|
25.9
|
42.3
|
63.1
|
29.2
|
77.5
|
9.2
|
|
Retail other
|
0.7
|
7.5
|
14.3
|
14.6
|
8.8
|
35.7
|
3.4
|
|
Corporate loans
|
0.3
|
3.1
|
4.5
|
4.3
|
3.1
|
23.4
|
1.0
|
|
Total
|
0.3
|
5.1
|
7.9
|
19.1
|
5.7
|
35.3
|
1.6
|
Measurement uncertainty
Scenarios used to calculate the Group’s expected credit
losses charge were refreshed in Q124 with the Baseline scenario
reflecting the latest consensus macroeconomic forecasts available
at the time of the scenario refresh. In the Baseline scenario, GDP
growth remains weak in the coming quarters and beyond as
restrictive monetary policies, which impact economies with a lag,
continue to restrain growth. Having peaked in 2022, consumer price
inflation in the UK and the euro area eases back to around 2% in
2024. In the US, this adjustment takes a few additional quarters.
The UK unemployment rate rises over 2024, and then remains in the
4.5-5.0% range. US unemployment rises to 4.2% at Q324 and then
stabilises. With the significant decline in inflationary pressures,
major central banks begin to cut rates in Q224. UK house prices
remain weak in 2024 before stabilising and resuming the upward
trend from 2025. The housing market in the US remains more
resilient, with house prices continuing to grow.
In the Downside 2 scenario, inflationary pressures are assumed to
intensify again, mainly driven by strong wage growth. Central banks
raise rates further, with the UK bank rate and the US federal funds
rate each reaching 8.5% in Q424. Major economies experience a rapid
tightening of financial conditions alongside a significant increase
in market volatility resulting in a sharp repricing of assets and
higher credit losses. Central banks are forced to cut interest
rates aggressively. Falling demand reduces UK and US GDP and
headline inflation drops significantly. In the Upside 2 scenario, a
rise in labour force participation and higher productivity
contribute to accelerated economic growth without creating new
inflationary pressures. With inflation continuing to fall, central
banks lower interest rates, further stimulating aggregate demand,
leading to reduced unemployment and GDP growth.
The methodology for estimating scenario probability weights
involves simulating a range of future paths for UK and US GDP using
historical data with the five scenarios mapped against the
distribution of these future paths. The median is centred around
the Baseline with scenarios further from the Baseline attracting a
lower weighting before the five weights are normalised to total
100%. The increases in the Upside scenario weightings were driven
by the improvement in GDP in the Baseline scenario, bringing the
Baseline scenario closer to the Upside scenarios. For further
details see page 30.
The following tables show the key macroeconomic variables used in
the five scenarios (5 year annual paths) and the probability
weights applied to each scenario.
|
Macroeconomic variables used in the calculation of ECL
|
|||||
|
As at 31.03.24
|
2024
|
2025
|
2026
|
2027
|
2028
|
|
Baseline
|
%
|
%
|
%
|
%
|
%
|
|
UK
GDP1
|
0.1
|
1.2
|
1.6
|
1.7
|
1.7
|
|
UK
unemployment2
|
4.6
|
4.6
|
4.6
|
4.7
|
4.9
|
|
UK
HPI3
|
(1.4)
|
0.8
|
3.4
|
3.7
|
3.7
|
|
UK bank rate
|
4.9
|
3.9
|
3.6
|
3.5
|
3.5
|
|
US
GDP1
|
1.9
|
1.6
|
1.9
|
1.9
|
1.9
|
|
US
unemployment4
|
4.1
|
4.2
|
4.2
|
4.2
|
4.2
|
|
US
HPI5
|
3.4
|
3.0
|
3.3
|
3.3
|
3.3
|
|
US federal funds rate
|
5.0
|
3.9
|
3.8
|
3.8
|
3.8
|
|
|
|
|
|
|
|
|
Downside 2
|
|
|
|
|
|
|
UK
GDP1
|
(0.9)
|
(3.4)
|
1.8
|
1.8
|
1.2
|
|
UK
unemployment2
|
4.7
|
7.4
|
6.6
|
5.4
|
5.1
|
|
UK
HPI3
|
(8.6)
|
(22.9)
|
9.7
|
13.9
|
7.0
|
|
UK bank rate
|
6.8
|
2.1
|
1.0
|
1.0
|
1.0
|
|
US
GDP1
|
1.0
|
(3.0)
|
2.6
|
2.3
|
1.7
|
|
US
unemployment4
|
4.6
|
6.9
|
6.1
|
5.2
|
4.9
|
|
US
HPI5
|
(2.5)
|
(9.2)
|
4.9
|
7.6
|
4.7
|
|
US federal funds rate
|
6.6
|
2.4
|
1.5
|
1.5
|
1.5
|
|
|
|
|
|
|
|
|
Downside 1
|
|
|
|
|
|
|
UK
GDP1
|
(0.4)
|
(1.2)
|
1.7
|
1.8
|
1.5
|
|
UK
unemployment2
|
4.6
|
6.0
|
5.6
|
5.1
|
5.0
|
|
UK
HPI3
|
(5.0)
|
(11.6)
|
6.5
|
8.7
|
5.4
|
|
UK bank rate
|
5.8
|
3.0
|
2.3
|
2.3
|
2.3
|
|
US
GDP1
|
1.4
|
(0.7)
|
2.2
|
2.1
|
1.8
|
|
US
unemployment4
|
4.4
|
5.5
|
5.2
|
4.7
|
4.6
|
|
US
HPI5
|
0.4
|
(3.2)
|
4.1
|
5.4
|
4.0
|
|
US federal funds rate
|
5.8
|
3.2
|
2.6
|
2.6
|
2.6
|
|
|
|
|
|
|
|
|
Upside 2
|
|
|
|
|
|
|
UK
GDP1
|
1.1
|
4.0
|
3.1
|
2.5
|
2.3
|
|
UK
unemployment2
|
4.1
|
3.6
|
3.6
|
3.6
|
3.6
|
|
UK
HPI3
|
8.0
|
11.0
|
5.8
|
3.4
|
3.0
|
|
UK bank rate
|
4.7
|
2.9
|
2.5
|
2.5
|
2.5
|
|
US
GDP1
|
2.7
|
3.2
|
2.8
|
2.8
|
2.8
|
|
US
unemployment4
|
3.7
|
3.6
|
3.5
|
3.5
|
3.5
|
|
US
HPI5
|
6.0
|
3.9
|
4.7
|
4.6
|
4.6
|
|
US federal funds rate
|
4.8
|
3.1
|
2.8
|
2.8
|
2.8
|
|
|
|
|
|
|
|
|
Upside 1
|
|
|
|
|
|
|
UK
GDP1
|
0.6
|
2.6
|
2.3
|
2.1
|
2.0
|
|
UK
unemployment2
|
4.3
|
4.1
|
4.1
|
4.2
|
4.3
|
|
UK
HPI3
|
3.3
|
5.8
|
4.6
|
3.6
|
3.3
|
|
UK bank rate
|
4.8
|
3.4
|
3.1
|
3.0
|
3.0
|
|
US
GDP1
|
2.3
|
2.4
|
2.4
|
2.4
|
2.4
|
|
US
unemployment4
|
3.9
|
3.9
|
3.9
|
3.9
|
3.9
|
|
US
HPI5
|
4.7
|
3.4
|
4.0
|
3.9
|
3.9
|
|
US federal funds rate
|
4.9
|
3.5
|
3.3
|
3.3
|
3.3
|
|
1
|
Average Real GDP seasonally adjusted change in year.
|
|
2
|
Average UK unemployment rate 16-year+.
|
|
3
|
Change in year end UK HPI = Halifax All Houses, All Buyers index,
relative to prior year end.
|
|
4
|
Average US civilian unemployment rate 16-year+.
|
|
5
|
Change in year end US HPI = FHFA House Price Index, relative to
prior year end.
|
|
As at 31.12.23
|
2023
|
2024
|
2025
|
2026
|
2027
|
|
Baseline
|
%
|
%
|
%
|
%
|
%
|
|
UK
GDP1
|
0.5
|
0.3
|
1.2
|
1.6
|
1.6
|
|
UK
unemployment2
|
4.2
|
4.7
|
4.7
|
4.8
|
5.0
|
|
UK
HPI3
|
(3.3)
|
(5.1)
|
0.7
|
3.1
|
5.3
|
|
UK bank rate
|
4.7
|
4.9
|
4.1
|
3.8
|
3.5
|
|
US
GDP1
|
2.4
|
1.3
|
1.7
|
1.9
|
1.9
|
|
US
unemployment4
|
3.7
|
4.3
|
4.3
|
4.3
|
4.3
|
|
US
HPI5
|
5.4
|
3.4
|
3.0
|
3.3
|
3.3
|
|
US federal funds rate
|
5.1
|
5.0
|
3.9
|
3.8
|
3.8
|
|
|
|
|
|
|
|
|
Downside 2
|
|
|
|
|
|
|
UK
GDP1
|
0.5
|
(1.5)
|
(2.6)
|
2.4
|
1.6
|
|
UK
unemployment2
|
4.2
|
5.2
|
7.9
|
6.3
|
5.5
|
|
UK
HPI3
|
(3.3)
|
(19.3)
|
(16.8)
|
14.5
|
12.4
|
|
UK bank rate
|
4.7
|
6.6
|
1.3
|
1.0
|
1.0
|
|
US
GDP1
|
2.4
|
(0.6)
|
(2.0)
|
3.1
|
2.0
|
|
US
unemployment4
|
3.7
|
5.2
|
7.2
|
5.9
|
5.2
|
|
US
HPI5
|
5.4
|
(6.5)
|
(5.7)
|
7.2
|
6.4
|
|
US federal funds rate
|
5.1
|
6.3
|
1.8
|
1.5
|
1.5
|
|
|
|
|
|
|
|
|
Downside 1
|
|
|
|
|
|
|
UK
GDP1
|
0.5
|
(0.6)
|
(0.7)
|
2.0
|
1.6
|
|
UK
unemployment2
|
4.2
|
4.9
|
6.3
|
5.6
|
5.2
|
|
UK
HPI3
|
(3.3)
|
(12.4)
|
(8.3)
|
8.7
|
8.8
|
|
UK bank rate
|
4.7
|
5.8
|
2.7
|
2.5
|
2.3
|
|
US
GDP1
|
2.4
|
0.3
|
(0.2)
|
2.5
|
1.9
|
|
US
unemployment4
|
3.7
|
4.7
|
5.8
|
5.1
|
4.8
|
|
US
HPI5
|
5.4
|
(1.7)
|
(1.4)
|
5.2
|
4.8
|
|
US federal funds rate
|
5.1
|
5.7
|
2.9
|
2.8
|
2.8
|
|
|
|
|
|
|
|
|
Upside 2
|
|
|
|
|
|
|
UK
GDP1
|
0.5
|
2.4
|
3.7
|
2.9
|
2.4
|
|
UK
unemployment2
|
4.2
|
3.9
|
3.5
|
3.6
|
3.6
|
|
UK
HPI3
|
(3.3)
|
7.8
|
7.6
|
4.5
|
5.6
|
|
UK bank rate
|
4.7
|
4.3
|
2.7
|
2.5
|
2.5
|
|
US
GDP1
|
2.4
|
2.8
|
3.1
|
2.8
|
2.8
|
|
US
unemployment4
|
3.7
|
3.5
|
3.6
|
3.6
|
3.6
|
|
US
HPI5
|
5.4
|
6.1
|
4.3
|
4.5
|
4.6
|
|
US federal funds rate
|
5.1
|
4.3
|
2.9
|
2.8
|
2.8
|
|
|
|
|
|
|
|
|
Upside 1
|
|
|
|
|
|
|
UK
GDP1
|
0.5
|
1.4
|
2.5
|
2.3
|
2.0
|
|
UK
unemployment2
|
4.2
|
4.3
|
4.1
|
4.2
|
4.3
|
|
UK
HPI3
|
(3.3)
|
1.2
|
4.1
|
3.8
|
5.4
|
|
UK bank rate
|
4.7
|
4.6
|
3.4
|
3.3
|
3.0
|
|
US
GDP1
|
2.4
|
2.0
|
2.4
|
2.4
|
2.4
|
|
US
unemployment4
|
3.7
|
3.9
|
3.9
|
4.0
|
4.0
|
|
US
HPI5
|
5.4
|
4.7
|
3.7
|
3.9
|
3.9
|
|
US federal funds rate
|
5.1
|
4.7
|
3.5
|
3.3
|
3.3
|
|
1
|
Average Real GDP seasonally adjusted change in year.
|
|
2
|
Average UK unemployment rate 16-year+.
|
|
3
|
Change in year end UK HPI = Halifax All Houses, All Buyers index,
relative to prior year end.
|
|
4
|
Average US civilian unemployment rate 16-year+.
|
|
5
|
Change in year end US HPI = FHFA House Price Index, relative to
prior year end.
|
|
Scenario probability weighting
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
|
|
%
|
%
|
%
|
%
|
%
|
|
As at 31.03.24
|
|
|
|
|
|
|
Scenario probability weighting
|
14.6
|
25.5
|
32.6
|
17.6
|
9.7
|
|
As at 31.12.23
|
|
|
|
|
|
|
Scenario probability weighting
|
13.8
|
24.7
|
32.4
|
18.3
|
10.8
|
Treasury and Capital Risk
Regulatory minimum requirements
Capital
The Group’s Overall Capital Requirement for CET1 remained
12.0% comprising a 4.5% Pillar 1 minimum, a 2.5% Capital
Conservation Buffer (CCB), a 1.5% Global Systemically Important
Institution (G-SII) buffer, a 2.6% Pillar 2A requirement and a 0.9%
Countercyclical Capital Buffer (CCyB).
The Group’s CCyB is based on the buffer rate applicable for
each jurisdiction in which the Group has exposures. The buffer
rates set by other national authorities for non-UK exposures are
not currently material.
The Group’s Pillar 2A requirement as per the PRA's Individual
Capital Requirement is 4.6% of which at least 56.25% needs to be
met with CET1 capital, equating to 2.6% of RWAs. The Pillar 2A
requirement, based on a point in time assessment, has been set as a
proportion of RWAs and is subject to at least annual
review.
The Group’s CET1 target ratio of 13-14% takes into account
headroom above requirements which includes a confidential
institution-specific PRA buffer. The Group remains above its
minimum capital regulatory requirements including the PRA
buffer.
Leverage
The Group is subject to a UK leverage ratio requirement of
4.1%. This comprises the 3.25% minimum requirement, a G-SII
additional leverage ratio buffer (G-SII ALRB) of 0.53% and a countercyclical leverage ratio
buffer (CCLB) of 0.3%. The
Group is also required to disclose an average UK leverage ratio
which is based on capital on the last day of each month in the
quarter and an exposure measure for each day in the
quarter.
MREL
The Group is required to meet the higher of: (i) two times the sum
of 8% Pillar 1 and 4.6% Pillar 2A equating to 25.2% of RWAs; and
(ii) 6.75% of leverage exposures. In addition, the higher of
regulatory capital and leverage buffers apply. CET1 capital cannot
be counted towards both MREL and the buffers, meaning that the
buffers, including the above mentioned confidential
institution-specific PRA buffer, will effectively be applied above
MREL requirements.
In the disclosures that follow, references to CRR, as amended by
CRR II, mean the capital regulatory requirements, as they form part
of domestic law by virtue of the European Union (Withdrawal) Act
2018, as amended.
|
Capital ratios1,2
|
As at 31.03.24
|
As at 31.12.23
|
|
CET1
|
13.5%
|
13.8%
|
|
T1
|
17.3%
|
17.7%
|
|
Total regulatory capital
|
19.6%
|
20.1%
|
|
MREL ratio as a percentage of total RWAs
|
33.4%
|
33.6%
|
|
|
|
|
|
Own funds and eligible liabilities
|
£m
|
£m
|
|
Total equity excluding non-controlling interests per the balance
sheet
|
71,680
|
71,204
|
|
Less: other equity instruments (recognised as AT1
capital)
|
(13,241)
|
(13,259)
|
|
Adjustment to retained earnings for foreseeable ordinary share
dividends
|
(1,123)
|
(795)
|
|
Adjustment to retained earnings for foreseeable repurchase of
shares
|
(796)
|
—
|
|
Adjustment to retained earnings for foreseeable other equity
coupons
|
(46)
|
(43)
|
|
|
|
|
|
Other regulatory adjustments and deductions
|
|
|
|
Additional value adjustments (PVA)
|
(1,834)
|
(1,901)
|
|
Goodwill and intangible assets
|
(7,807)
|
(7,790)
|
|
Deferred tax assets that rely on future profitability excluding
temporary differences
|
(1,558)
|
(1,630)
|
|
Fair value reserves related to gains or losses on cash flow
hedges
|
4,049
|
3,707
|
|
Excess of expected losses over impairment
|
(299)
|
(296)
|
|
Gains or losses on liabilities at fair value resulting from own
credit
|
378
|
136
|
|
Defined benefit pension fund assets
|
(2,509)
|
(2,654)
|
|
Direct and indirect holdings by an institution of own CET1
instruments
|
(3)
|
(20)
|
|
Adjustment under IFRS 9 transitional arrangements
|
137
|
288
|
|
Other regulatory adjustments
|
116
|
357
|
|
CET1 capital
|
47,144
|
47,304
|
|
|
|
|
|
AT1 capital
|
|
|
|
Capital instruments and related share premium accounts
|
13,263
|
13,263
|
|
Other regulatory adjustments and deductions
|
(22)
|
(60)
|
|
AT1 capital
|
13,241
|
13,203
|
|
|
|
|
|
T1 capital
|
60,385
|
60,507
|
|
|
|
|
|
T2 capital
|
|
|
|
Capital instruments and related share premium accounts
|
7,704
|
7,966
|
|
Qualifying T2 capital (including minority interests) issued by
subsidiaries
|
401
|
569
|
|
Other regulatory adjustments and deductions
|
(35)
|
(160)
|
|
Total regulatory capital
|
68,455
|
68,882
|
|
|
|
|
|
Less : Ineligible T2 capital (including minority interests) issued
by subsidiaries
|
(401)
|
(569)
|
|
Eligible liabilities
|
48,770
|
46,995
|
|
|
|
|
|
Total own funds and eligible liabilities3
|
116,824
|
115,308
|
|
|
|
|
|
Total RWAs
|
349,635
|
342,717
|
|
1
|
CET1, T1 and T2 capital, and RWAs are calculated applying the
transitional arrangements of the CRR as amended by CRR II. This
includes IFRS 9 transitional arrangements and the grandfathering of
CRR II non-compliant capital instruments.
|
|
2
|
The fully loaded CET1 ratio, as is relevant for assessing against
the conversion trigger in Barclays PLC AT1 securities, was 13.4%,
with £47.0bn of CET1 capital and £349.6bn of RWAs
calculated without applying the transitional arrangements of the
CRR as amended by CRR II.
|
|
3
|
As at 31 March 2024, the Group's MREL requirement, excluding the
PRA buffer, was to hold £105.2bn of own funds and eligible
liabilities equating to 30.1% of RWAs. The Group remains above its
MREL regulatory requirement including the PRA buffer.
|
|
|
Movement in CET1 capital
|
Three months ended 31.03.24
|
|
|
£m
|
|
|
|
Opening CET1 capital
|
47,304
|
|
|
|
|
|
|
Profit for the period attributable to equity holders
|
1,809
|
|
|
Own credit relating to derivative liabilities
|
19
|
|
|
Ordinary share dividends paid and foreseen
|
(328)
|
|
|
Purchased and foreseeable share repurchase
|
(1,000)
|
|
|
Other equity coupons paid and foreseen
|
(262)
|
|
|
Increase in retained regulatory capital generated from
earnings
|
238
|
|
|
|
|
|
|
Net impact of share schemes
|
(241)
|
|
|
Fair value through other comprehensive income reserve
|
(169)
|
|
|
Currency translation reserve
|
37
|
|
|
Other reserves
|
2
|
|
|
Decrease in other qualifying reserves
|
(371)
|
|
|
|
|
|
|
Pension remeasurements within reserves
|
(153)
|
|
|
Defined benefit pension fund asset deduction
|
145
|
|
|
Net impact of pensions
|
(8)
|
|
|
|
|
|
|
Additional value adjustments (PVA)
|
67
|
|
|
Goodwill and intangible assets
|
(17)
|
|
|
Deferred tax assets that rely on future profitability excluding
those arising from temporary differences
|
72
|
|
|
Excess of expected loss over impairment
|
(3)
|
|
|
Direct and indirect holdings by an institution of own CET1
instruments
|
17
|
|
|
Adjustment under IFRS 9 transitional arrangements
|
(151)
|
|
|
Other regulatory adjustments
|
(4)
|
|
|
Decrease in regulatory capital due to adjustments and
deductions
|
(19)
|
|
|
|
|
|
|
Closing CET1 capital
|
47,144
|
CET1 capital decreased £0.2bn to £47.1bn (December 2023:
£47.3bn), primarily due to:
● £1.8bn
of capital generated from profit partially offset by distributions
of £1.6bn comprising:
– £1.0bn
of share buybacks announced with FY23 results
– £0.3bn
accrual towards the FY24 dividend
– £0.3bn
of equity coupons paid and foreseen
● £0.4bn
decrease in other qualifying reserves including a reduction in the
fair value through other comprehensive reserve and vesting of
shares in employee share schemes
|
RWAs by risk type and business
|
|||||||||||||
|
|
Credit risk
|
|
Counterparty credit risk
|
|
Market Risk
|
|
Operational risk
|
Total RWAs
|
|||||
|
|
STD
|
IRB
|
|
STD
|
IRB
|
Settlement Risk
|
CVA
|
|
STD
|
IMA
|
|
|
|
|
As at 31.03.24
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
Barclays UK
|
10,220
|
54,103
|
|
184
|
—
|
—
|
109
|
|
190
|
—
|
|
11,715
|
76,521
|
|
Barclays UK Corporate Bank
|
3,453
|
13,966
|
|
105
|
364
|
—
|
34
|
|
2
|
484
|
|
3,024
|
21,432
|
|
Barclays Private Bank & Wealth Management
|
4,678
|
452
|
|
173
|
28
|
—
|
19
|
|
—
|
292
|
|
1,546
|
7,188
|
|
Barclays Investment Bank
|
39,230
|
53,204
|
|
20,182
|
23,437
|
48
|
2,789
|
|
13,727
|
23,631
|
|
24,179
|
200,427
|
|
Barclays US Consumer Bank
|
18,817
|
1,001
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
4,051
|
23,869
|
|
Head Office
|
6,409
|
12,535
|
|
1
|
18
|
—
|
4
|
|
1
|
187
|
|
1,043
|
20,198
|
|
Barclays Group
|
82,807
|
135,261
|
|
20,645
|
23,847
|
48
|
2,955
|
|
13,920
|
24,594
|
|
45,558
|
349,635
|
|
As at 31.12.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK
|
10,472
|
50,761
|
|
178
|
—
|
—
|
94
|
|
274
|
—
|
|
11,715
|
73,494
|
|
Barclays UK Corporate Bank
|
3,458
|
13,415
|
|
262
|
167
|
—
|
14
|
|
2
|
541
|
|
3,024
|
20,883
|
|
Barclays Private Bank & Wealth Management
|
4,611
|
455
|
|
182
|
27
|
—
|
30
|
|
1
|
322
|
|
1,546
|
7,174
|
|
Barclays Investment Bank
|
37,749
|
52,190
|
|
18,512
|
21,873
|
159
|
3,248
|
|
14,623
|
24,749
|
|
24,179
|
197,282
|
|
Barclays US Consumer Bank
|
19,824
|
966
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
4,051
|
24,841
|
|
Head Office
|
6,772
|
10,951
|
|
1
|
21
|
—
|
6
|
|
1
|
248
|
|
1,043
|
19,043
|
|
Barclays Group
|
82,886
|
128,738
|
|
19,135
|
22,088
|
159
|
3,392
|
|
14,901
|
25,860
|
|
45,558
|
342,717
|
|
Movement analysis of RWAs
|
Credit risk
|
Counterparty credit risk
|
Market risk
|
Operational risk
|
Total RWAs
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Opening RWAs (as at 31.12.23)
|
211,624
|
44,774
|
40,761
|
45,558
|
342,717
|
|
Book size
|
2,968
|
2,567
|
(2,281)
|
—
|
3,254
|
|
Acquisitions and disposals
|
—
|
—
|
—
|
—
|
—
|
|
Book quality
|
(653)
|
(134)
|
—
|
—
|
(787)
|
|
Model updates
|
—
|
—
|
—
|
—
|
—
|
|
Methodology and policy
|
3,903
|
399
|
—
|
—
|
4,302
|
|
Foreign
exchange movements1
|
226
|
(111)
|
34
|
—
|
149
|
|
Total RWA movements
|
6,444
|
2,721
|
(2,247)
|
—
|
6,918
|
|
Closing RWAs (as at 31.03.24)
|
218,068
|
47,495
|
38,514
|
45,558
|
349,635
|
|
1
|
Foreign exchange movements does not include the impact of foreign
exchange for modelled market risk or operational risk.
|
Overall RWAs increased £6.9bn to £349.6bn (December 2023:
£342.7bn).
Credit risk RWAs increased £6.4bn:
● A
£3.0bn increase in book size primarily driven by expected
seasonal activity in the Investment Bank
● A
£3.9bn increase in methodology and policy primarily driven by
regulatory model changes in Barclays UK
Counterparty Credit risk RWAs increased £2.7bn:
● A
£2.6bn increase in book size primarily due to expected
seasonal activity in Global Markets
Market risk RWAs decreased £2.2bn:
● A
£2.3bn decrease in book size including a reduction of the
Stressed Value at Risk (SVaR) model adjustment as a result of
changes in portfolio composition
|
Leverage ratios1,2
|
As at 31.03.24
|
As at 31.12.23
|
|
£m
|
£m
|
|
|
UK
leverage ratio3
|
4.9%
|
5.2%
|
|
T1 capital
|
60,385
|
60,507
|
|
UK leverage exposure
|
1,226,450
|
1,168,275
|
|
Average UK leverage ratio
|
4.7%
|
4.8%
|
|
Average T1 capital
|
60,466
|
60,343
|
|
Average UK leverage exposure
|
1,295,509
|
1,266,880
|
|
1
|
Capital and leverage measures are calculated applying the
transitional arrangements of the CRR as amended by CRR
II.
|
|
2
|
Fully loaded UK leverage ratio was 4.9%, with £60.2bn of T1 capital and £1,226.3bn of leverage exposure. Fully
loaded average UK leverage ratio was 4.7% with £60.3bn of T1 capital and £1,295.4bn of leverage exposure. Fully
loaded UK leverage ratios are calculated without applying the
transitional arrangements of the CRR as amended by CRR
II.
|
|
3
|
Although the leverage ratio is expressed in terms of T1 capital,
the leverage ratio buffers and 75% of the minimum requirement must
be covered solely with CET1 capital. The CET1 capital held against
the 0.53% G-SII ALRB was
£6.4bn and against the
0.3% CCLB was
£3.7bn.
|
The UK leverage ratio decreased to 4.9% (December 2023: 5.2%)
primarily due to a £58.2bn increase in leverage exposure to
£1,226.5bn, largely driven by an increase in trading
securities and secured lending in Global
Markets.
Condensed Consolidated Financial Statements
|
Condensed consolidated income statement (unaudited)
|
||
|
|
Three months ended 31.03.24
|
Three months ended 31.03.23
|
|
|
£m
|
£m
|
|
Total income
|
6,953
|
7,237
|
|
Operating expenses excluding litigation and conduct
|
(4,118)
|
(4,111)
|
|
Litigation and conduct
|
(57)
|
1
|
|
Operating expenses
|
(4,175)
|
(4,110)
|
|
Other net income/(expenses)
|
12
|
(5)
|
|
Profit before impairment
|
2,790
|
3,122
|
|
Credit impairment charges
|
(513)
|
(524)
|
|
Profit before tax
|
2,277
|
2,598
|
|
Tax charge
|
(465)
|
(561)
|
|
Profit after tax
|
1,812
|
2,037
|
|
|
|
|
|
Attributable to:
|
|
|
|
Shareholders of the parent
|
1,550
|
1,783
|
|
Other equity holders
|
259
|
246
|
|
Equity holders of the parent
|
1,809
|
2,029
|
|
Non-controlling interests
|
3
|
8
|
|
Profit after tax
|
1,812
|
2,037
|
|
|
|
|
|
Earnings per share
|
|
|
|
Basic earnings per ordinary share
|
10.3p
|
11.3p
|
|
|
|
|
|
Condensed consolidated balance sheet (unaudited)
|
||
|
|
As at 31.03.24
|
As at 31.12.23
|
|
Assets
|
£m
|
£m
|
|
Cash and balances at central banks
|
251,267
|
224,634
|
|
Cash collateral and settlement balances
|
137,467
|
108,889
|
|
Debt securities at amortised cost
|
57,399
|
56,749
|
|
Loans and advances at amortised cost to banks
|
8,471
|
9,459
|
|
Loans and advances at amortised cost to customers
|
332,052
|
333,288
|
|
Reverse repurchase agreements and other similar secured lending at
amortised cost
|
2,860
|
2,594
|
|
Trading portfolio assets
|
195,542
|
174,605
|
|
Financial assets at fair value through the income
statement
|
228,724
|
206,651
|
|
Derivative financial instruments
|
250,869
|
256,836
|
|
Financial assets at fair value through other comprehensive
income
|
78,180
|
71,836
|
|
Investments in associates and joint ventures
|
872
|
879
|
|
Goodwill and intangible assets
|
7,813
|
7,794
|
|
Current tax assets
|
252
|
121
|
|
Deferred tax assets
|
6,165
|
5,960
|
|
Other assets
|
19,185
|
17,192
|
|
Total assets
|
1,577,118
|
1,477,487
|
|
|
|
|
|
Liabilities
|
|
|
|
Deposits at amortised cost from banks
|
23,525
|
14,472
|
|
Deposits at amortised cost from customers
|
528,794
|
524,317
|
|
Cash collateral and settlement balances
|
132,604
|
94,084
|
|
Repurchase agreements and other similar secured borrowings at
amortised cost
|
42,848
|
41,601
|
|
Debt securities in issue
|
108,247
|
96,825
|
|
Subordinated liabilities
|
10,543
|
10,494
|
|
Trading portfolio liabilities
|
69,951
|
58,669
|
|
Financial liabilities designated at fair value
|
326,195
|
297,539
|
|
Derivative financial instruments
|
241,815
|
250,044
|
|
Current tax liabilities
|
650
|
529
|
|
Deferred tax liabilities
|
22
|
22
|
|
Other liabilities
|
19,584
|
17,027
|
|
Total liabilities
|
1,504,778
|
1,405,623
|
|
|
|
|
|
Equity
|
|
|
|
Called up share capital and share premium
|
4,302
|
4,288
|
|
Other reserves
|
(733)
|
(77)
|
|
Retained earnings
|
54,870
|
53,734
|
|
Shareholders' equity attributable to ordinary shareholders of the
parent
|
58,439
|
57,945
|
|
Other equity instruments
|
13,241
|
13,259
|
|
Total equity excluding non-controlling interests
|
71,680
|
71,204
|
|
Non-controlling interests
|
660
|
660
|
|
Total equity
|
72,340
|
71,864
|
|
|
|
|
|
Total liabilities and equity
|
1,577,118
|
1,477,487
|
|
Condensed consolidated statement of changes in equity
(unaudited)
|
|||||||
|
|
Called up share capital and share premium
|
Other equity instruments
|
Other reserves
|
Retained earnings
|
Total
|
Non-controlling interests
|
Total equity
|
|
Three months ended 31.03.2024
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Balance as at 1 January 2024
|
4,288
|
13,259
|
(77)
|
53,734
|
71,204
|
660
|
71,864
|
|
Profit after tax
|
—
|
259
|
—
|
1,550
|
1,809
|
3
|
1,812
|
|
Retirement benefit remeasurements
|
—
|
—
|
—
|
(153)
|
(153)
|
—
|
(153)
|
|
Other comprehensive profit after tax for the period
|
—
|
—
|
(696)
|
—
|
(696)
|
—
|
(696)
|
|
Total comprehensive income for the period
|
—
|
259
|
(696)
|
1,397
|
960
|
3
|
963
|
|
Employee share schemes and hedging thereof
|
40
|
—
|
—
|
417
|
457
|
—
|
457
|
|
Other equity instruments coupon paid
|
—
|
(259)
|
—
|
—
|
(259)
|
—
|
(259)
|
|
Vesting of employee share schemes
|
—
|
—
|
14
|
(476)
|
(462)
|
—
|
(462)
|
|
Dividends paid
|
—
|
—
|
—
|
—
|
—
|
(3)
|
(3)
|
|
Repurchase of shares
|
(26)
|
—
|
26
|
(205)
|
(205)
|
—
|
(205)
|
|
Other movements
|
—
|
(18)
|
—
|
3
|
(15)
|
—
|
(15)
|
|
Balance as at 31 March 2024
|
4,302
|
13,241
|
(733)
|
54,870
|
71,680
|
660
|
72,340
|
|
|
As at 31.03.24
|
As at 31.12.23
|
|
Other Reserves
|
£m
|
£m
|
|
Currency translation reserve
|
3,708
|
3,671
|
|
Fair value through other comprehensive income reserve
|
(1,535)
|
(1,366)
|
|
Cash flow hedging reserve
|
(4,048)
|
(3,707)
|
|
Own credit reserve
|
(463)
|
(240)
|
|
Other reserves and treasury shares
|
1,605
|
1,565
|
|
Total
|
(733)
|
(77)
|
Appendix: Non-IFRS Performance Measures
The
Group’s management believes that the non-IFRS performance
measures included in this document provide valuable information to
the readers of the financial statements, as they enable the reader
to identify a more consistent basis for comparing the
businesses’ performance between financial periods, and
provide more detail concerning the elements of performance which
the managers of these businesses are most directly able to
influence or are relevant for an assessment of the Group. They also
reflect an important aspect of the way in which operating targets
are defined and performance is monitored by
management.
However,
any non-IFRS performance measures in this document are not a
substitute for IFRS measures and readers should consider the IFRS
measures as well.
Non-IFRS performance measures glossary
|
Measure
|
Definition
|
|
Loan: deposit ratio
|
Total loans and advances at amortised cost divided by total
deposits at amortised cost.
|
|
Attributable profit
|
Profit after tax attributable to ordinary shareholders of the
parent.
|
|
Period end tangible equity refers to:
|
|
|
Period end tangible shareholders' equity (for Barclays
Group)
|
Shareholders' equity attributable to ordinary shareholders of the
parent, adjusted for the deduction of intangible assets and
goodwill.
|
|
Period end allocated tangible equity (for businesses)
|
Allocated
tangible equity is calculated as 13.5% (2023: 13.5%) of RWAs for each business, adjusted
for capital deductions, excluding goodwill and intangible assets,
reflecting the assumptions the Barclays Group uses for capital
planning purposes. Head Office allocated tangible equity represents
the difference between the Barclays Group’s tangible
shareholders’ equity and the amounts allocated to
businesses.
|
|
Average tangible equity refers to:
|
|
|
Average tangible shareholders’ equity (for Barclays
Group)
|
Calculated as the average of the previous month’s period end
tangible shareholders' equity and the current month’s period
end tangible shareholders' equity. The average tangible
shareholders’ equity for the period is the average of the
monthly averages within that period.
|
|
Average allocated tangible equity (for businesses)
|
Calculated as the average of the previous month’s period end
allocated tangible equity and the current month’s period end
allocated tangible equity. The average allocated tangible equity
for the period is the average of the monthly averages within that
period.
|
|
Return on tangible equity (RoTE) refers to:
|
|
|
Return on average tangible shareholders’ equity (for Barclays
Group)
|
Annualised
Group attributable profit, as a proportion of average tangible
shareholders’ equity. The components of the calculation have
been included on pages 40 to
41.
|
|
Return on average allocated tangible equity (for
businesses)
|
Annualised
business attributable profit, as a proportion of that business's
average allocated tangible equity. The components of the
calculation have been included on pages 40 to 42.
|
|
Operating expenses excluding litigation and conduct
|
A measure of total operating expenses excluding litigation and
conduct charges.
|
|
Operating costs
|
A measure of total operating expenses excluding litigation and
conduct charges and UK regulatory levies.
|
|
Cost: income ratio
|
Total operating expenses divided by total income.
|
|
Loan loss rate
|
Quoted in basis points and represents total impairment charges
divided by total gross loans and advances held at amortised cost at
the balance sheet date.
|
|
Net interest margin
|
Annualised
net interest income divided by the sum of average customer assets.
The components of the calculation have been included on page
23.
|
|
Tangible net asset value per share
|
Calculated
by dividing shareholders’ equity, excluding non-controlling
interests and other equity instruments, less goodwill and
intangible assets, by the number of issued ordinary shares. The
components of the calculation have been included on page
43.
|
|
Profit before impairment
|
Calculated by excluding credit impairment charges or releases from
profit before tax.
|
|
Structural cost actions
|
Cost actions taken to improve future financial
performance.
|
|
Group
net interest income excluding Barclays Investment Bank and Head
Office
|
A
measure of Barclays Group net interest income, excluding the net
interest income reported in Barclays Investment Bank and Head
Office.
|
Returns
|
|
Three months ended 31.03.24
|
|
|||||
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
|
Return on average tangible equity
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Attributable profit/(loss)
|
479
|
113
|
74
|
899
|
44
|
(59)
|
1,550
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
|
Average equity
|
14.3
|
3.0
|
1.1
|
30.0
|
3.6
|
6.3
|
58.3
|
|
Average goodwill and intangibles
|
(3.9)
|
—
|
(0.1)
|
—
|
(0.3)
|
(3.5)
|
(7.8)
|
|
Average tangible equity
|
10.4
|
3.0
|
1.0
|
30.0
|
3.3
|
2.8
|
50.5
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity
|
18.5%
|
15.2%
|
28.7%
|
12.0%
|
5.3%
|
n/m
|
12.3%
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended 31.03.23
|
|
|||||
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
|
Return on average tangible equity
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Attributable profit/(loss)
|
515
|
157
|
90
|
1,048
|
59
|
(86)
|
1,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity
|
13.9
|
2.9
|
1.1
|
29.1
|
3.9
|
5.0
|
55.9
|
|
Average goodwill and intangibles
|
(3.6)
|
—
|
(0.1)
|
—
|
(0.8)
|
(3.8)
|
(8.3)
|
|
Average tangible equity
|
10.3
|
2.9
|
1.0
|
29.1
|
3.1
|
1.2
|
47.6
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity
|
20.0%
|
21.7%
|
34.5%
|
14.4%
|
7.5%
|
n/m
|
15.0%
|
|
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
|
Attributable profit/(loss)
|
1,550
|
|
(111)
|
1,274
|
1,328
|
1,783
|
|
1,036
|
1,512
|
1,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Average shareholders' equity
|
58.3
|
|
57.1
|
55.1
|
55.4
|
55.9
|
|
54.9
|
56.8
|
57.1
|
|
Average goodwill and intangibles
|
(7.8)
|
|
(8.2)
|
(8.6)
|
(8.7)
|
(8.3)
|
|
(8.2)
|
(8.2)
|
(8.1)
|
|
Average tangible shareholders' equity
|
50.5
|
|
48.9
|
46.5
|
46.7
|
47.6
|
|
46.7
|
48.6
|
49.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
12.3%
|
|
(0.9)%
|
11.0%
|
11.4%
|
15.0%
|
|
8.9%
|
12.5%
|
8.7%
|
|
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
|
Attributable profit
|
479
|
|
382
|
531
|
534
|
515
|
|
474
|
549
|
458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Average allocated equity
|
14.3
|
|
14.1
|
14.0
|
14.2
|
13.9
|
|
13.7
|
13.5
|
13.6
|
|
Average goodwill and intangibles
|
(3.9)
|
|
(3.9)
|
(3.9)
|
(4.0)
|
(3.6)
|
|
(3.5)
|
(3.6)
|
(3.6)
|
|
Average allocated tangible equity
|
10.4
|
|
10.2
|
10.1
|
10.2
|
10.3
|
|
10.2
|
9.9
|
10.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
18.5%
|
|
14.9%
|
21.0%
|
20.9%
|
20.0%
|
|
18.7%
|
22.1%
|
18.4%
|
|
Barclays UK Corporate Bank
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
|
Attributable profit
|
113
|
|
59
|
129
|
239
|
157
|
|
131
|
172
|
166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Average allocated equity
|
3.0
|
|
2.8
|
2.8
|
2.9
|
2.9
|
|
2.9
|
2.9
|
3.0
|
|
Average goodwill and intangibles
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
Average allocated tangible equity
|
3.0
|
|
2.8
|
2.8
|
2.9
|
2.9
|
|
2.9
|
2.9
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
15.2%
|
|
8.4%
|
18.3%
|
32.9%
|
21.7%
|
|
17.8%
|
23.4%
|
22.3%
|
|
Barclays Private Bank and Wealth Management
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
|
Attributable profit
|
74
|
|
47
|
102
|
91
|
90
|
|
92
|
108
|
85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Average allocated equity
|
1.1
|
|
1.1
|
1.1
|
1.1
|
1.1
|
|
1.2
|
1.1
|
1.1
|
|
Average goodwill and intangibles
|
(0.1)
|
|
(0.1)
|
(0.1)
|
(0.1)
|
(0.1)
|
|
(0.1)
|
(0.1)
|
(0.1)
|
|
Average allocated tangible equity
|
1.0
|
|
1.0
|
1.0
|
1.0
|
1.0
|
|
1.1
|
1.0
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
28.7%
|
|
19.1%
|
41.2%
|
35.9%
|
34.5%
|
|
34.9%
|
41.7%
|
33.5%
|
|
Barclays Investment Bank
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
|
Attributable profit/(loss)
|
899
|
|
(149)
|
580
|
562
|
1,048
|
|
313
|
847
|
418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Average allocated equity
|
30.0
|
|
28.9
|
28.8
|
29.0
|
29.1
|
|
30.9
|
31.2
|
29.9
|
|
Average goodwill and intangibles
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
Average allocated tangible equity
|
30.0
|
|
28.9
|
28.8
|
29.0
|
29.1
|
|
30.9
|
31.2
|
29.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
12.0%
|
|
(2.1)%
|
8.0%
|
7.7%
|
14.4%
|
|
4.0%
|
10.9%
|
5.6%
|
|
Barclays US Consumer Bank
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
|
Attributable profit/(loss)
|
44
|
|
(3)
|
3
|
72
|
59
|
|
101
|
107
|
118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
|
Average allocated equity
|
3.6
|
|
3.6
|
3.8
|
3.9
|
3.9
|
|
4.1
|
4.0
|
3.4
|
|
Average goodwill and intangibles
|
(0.3)
|
|
(0.3)
|
(0.7)
|
(0.8)
|
(0.8)
|
|
(0.9)
|
(0.9)
|
(0.8)
|
|
Average allocated tangible equity
|
3.3
|
|
3.3
|
3.1
|
3.1
|
3.1
|
|
3.2
|
3.1
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
5.3%
|
|
(0.3)%
|
0.4%
|
9.3%
|
7.5%
|
|
12.6%
|
13.9%
|
18.2%
|
|
Tangible net asset value per share
|
As at 31.03.24
|
As at 31.12.23
|
As at 31.03.23
|
|
|
£m
|
£m
|
£m
|
|
Total equity excluding non-controlling interests
|
71,680
|
71,204
|
69,699
|
|
Other equity instruments
|
(13,241)
|
(13,259)
|
(13,784)
|
|
Goodwill and intangibles
|
(7,813)
|
(7,794)
|
(8,664)
|
|
Tangible shareholders' equity attributable to ordinary shareholders
of the parent
|
50,626
|
50,151
|
47,251
|
|
|
|
|
|
|
|
m
|
m
|
m
|
|
Shares in issue
|
15,091
|
15,155
|
15,701
|
|
|
|
|
|
|
|
p
|
p
|
p
|
|
Tangible net asset value per share
|
335
|
331
|
301
|
Shareholder Information
|
Results timetable1
|
|
|
Date
|
|
|
|
|
2024 Interim Results Announcement
|
|
|
1 August 2024
|
|
||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
|
|
% Change3
|
|
|
Exchange rates2
|
31.03.24
|
31.12.23
|
31.03.23
|
|
31.12.23
|
31.03.23
|
|
Period end - USD/GBP
|
1.26
|
1.28
|
1.23
|
|
(2)%
|
2%
|
|
3 month average - USD/GBP
|
1.27
|
1.24
|
1.22
|
|
2%
|
4%
|
|
Period end - EUR/GBP
|
1.17
|
1.15
|
1.14
|
|
2%
|
3%
|
|
3 month average - EUR/GBP
|
1.17
|
1.15
|
1.13
|
|
2%
|
4%
|
|
|
|
|
|
|
|
|
|
Share price data
|
|
|
|
|
|
|
|
Barclays PLC (p)
|
183.20
|
153.78
|
145.80
|
|
|
|
|
Barclays
PLC number of shares (m)4
|
15,091
|
15,155
|
15,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For further information please contact
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor relations
|
Media relations
|
|||||
|
Marina Shchukina +44 (0) 20 7116 2526
|
Tom Hoskin +44 (0) 20 7116 4755
|
|||||
|
|
|
|||||
|
More information on Barclays can be found on our website:
home.barclays
|
||||||
|
|
|
|
|
|
|
|
|
Registered office
|
|
|
|
|
|
|
|
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20
7116 1000. Company number: 48839.
|
||||||
|
|
|
|
|
|
|
|
|
Registrar
|
|
|
|
|
|
|
|
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99
6DA, United Kingdom.
|
|
|||||
|
Tel:
+44 (0)371 384 2055 (UK and International telephone
number)5.
|
|
|||||
|
|
|
|
|
|
|
|
|
American Depositary Receipts (ADRs)
|
|
|
|
|
|
|
|
EQ Shareowner Services
|
||||||
|
P.O. Box 64504
|
||||||
|
St. Paul, MN 55164-0504
|
||||||
|
United States of America
|
||||||
|
shareowneronline.com
|
|
|
|
|
|
|
|
Toll Free Number: +1 800-990-1135
|
|
|
|
|
|
|
|
Outside the US +1 651-453-2128
|
|
|
|
|
|
|
|
|
|
|
|
|
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Delivery of ADR certificates and overnight mail
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EQ Shareowner Services, 1110 Centre Pointe Curve, Suite 101,
Mendota Heights, MN 55120-4100, USA.
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1
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Note that this date is provisional and subject to
change.
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2
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The average rates shown above are derived from daily spot rates
during the year.
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3
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The change is the impact to GBP reported information.
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4
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The number of shares of 15,091m as at 31 March 2024 is different
from the 15,080m quoted in the 2 April 2024 announcement entitled
"Total Voting Rights" because the share buyback transactions
executed on 27 and 28 March 2024 did not settle until 2 April 2024
and 3 April 2024 respectively.
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5
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Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding
UK public holidays in England and Wales.
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