BCS 6-K
Barclays PLC (BCS)
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
October 22, 2025
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.
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.
| BARCLAYS<br>PLC | |
|---|---|
| (Registrant) |
Date: October 22, 2025
| By: /s/<br>Garth Wright<br><br>-------------------------------- | |
|---|---|
| Garth<br>Wright | |
| Assistant<br>Secretary | |
| --- |
Barclays PLC
Q3 2025 Results Announcement
30 September 2025
Notes
The terms Barclays and Group refer to Barclays PLC together with its subsidiaries. Unless otherwise stated, the income statement analysis compares the nine months ended 30 September 2025 to the corresponding nine months of 2024 and balance sheet analysis as at 30 September 2025 with comparatives relating to 31 December 2024 and 30 September 2024. 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 21 October 2025, does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2024, 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) have 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 publication of this document. 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 43 to 50 for definitions and calculations of non-IFRS performance measures included throughout this document, and reconciliations to the most directly comparable IFRS measures.
Forward-looking statements
This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to the Group. Barclays cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as 'may', 'will', 'seek', 'continue', 'aim', 'anticipate', 'target', 'projected', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', 'achieve' or other words of similar meaning. Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of the Group (including during management presentations) in connection with this document. Examples of forward-looking statements include, among others, statements or guidance regarding or relating to the Group's future financial position, business strategy, income levels, costs, assets and liabilities, impairment charges, provisions, capital leverage and other regulatory ratios, capital distributions (including policy on dividends and share buybacks), return on tangible equity, projected levels of growth in banking and financial markets, industry trends, any commitments and targets (including environmental, social and governance ("ESG") commitments and targets), plans and objectives for future operations, International Financial Reporting Standards ("IFRS") 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 sustainability reporting standards (including emissions accounting methodologies); changes in tax laws and practice; 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 or navigate inconsistencies and conflicts in the manner in which climate policy is implemented in the regions where the Group operates, including as a result of the adoption of anti-ESG rules and regulations, or other forms of governmental and regulatory action against ESG policies; environmental, social and geopolitical risks and incidents and similar events beyond the Group's control; financial crime; 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; changes in trade policy, including the imposition of tariffs or other protectionist measures; 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; changes in US legislation and policy following the US elections in 2024; developments in the UK's relationship with the European Union; 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 (including the acquisition of Tesco Bank completed in November 2024), disposals, joint ventures 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 2024), which are available on the SEC's website at www.sec.gov.
Subject to Barclays PLC's obligations under the applicable laws and regulations of any relevant jurisdiction (including, without limitation, the UK and the US) in relation to disclosure and ongoing information, we undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Performance Highlights
Barclays delivered a return on tangible equity (RoTE) of 10.6% in Q325, announced a £500m share buyback, and is on track to deliver against 2025 guidance and 2026 targets
C. S. Venkatakrishnan, Group Chief Executive, commented
"I continue to be pleased with the ongoing momentum of Barclays' financial performance over the last seven quarters. We delivered RoTE of 10.6% in Q325 and 12.3% year-to-date. We are therefore upgrading our 2025 RoTE guidance to greater than 11% and reaffirming our 2026 target of greater than 12%. This is driven by a stronger outlook for stable income and an earlier than planned delivery of efficiency savings. Moreover, it comes despite an additional charge for motor finance redress. We have been robustly and consistently generating capital for our shareholders consecutively over the last nine quarters. Our tangible net asset value (TNAV) per share has grown to 392p, and our common equity tier 1 (CET1) ratio now stands at 14.1%. Consequently, we have decided to bring forward a portion of our full-year distribution plans, with a £500m share buyback announced today and we now plan to move to quarterly share buyback announcements. Our consistent and strong delivery has laid the foundations for greater performance beyond 2026, and I look forward to sharing updated targets to 2028 alongside our FY25 Results."
| ● | New financial and operational targets through to 2028 to be<br>announced at FY25 Results on 10 February 2026 | |
|---|---|---|
| ● | Guidance for 2025 Group RoTE upgraded to greater than 11% from<br>c.11%, and 2025 Group net interest income (NII) excluding Barclays<br>Investment Bank and Head Office upgraded to greater than<br>£12.6bn from greater than £12.5bn | |
| ● | Q325 Group RoTE of 10.6%. Q325 YTD Group RoTE of 12.3%, with<br>earnings per share (EPS) of 35.1p (Q324 YTD: 29.3p) | |
| ● | Announced intention to bring forward a portion of FY25 distribution<br>plans, with a £500m share buyback announced today and a plan<br>to move to quarterly share buyback announcements | |
| - | The target remains to return at least £10bn of capital between<br>2024 and 20261 | |
| ● | Robust risk management with Q325 YTD Group loan loss rate (LLR) of<br>53bps (Q324 YTD: 42bps), within the through the cycle range of<br>50-60bps | |
| ● | Continued cost discipline with Q325 YTD Group cost: income ratio<br>improving to 59% (Q324 YTD: 61%) driven by positive operating<br>leverage (FY25 guidance of c.61%) | |
| - | Achieved the targeted FY25 cost efficiency savings of c.£500m<br>one quarter earlier than planned following a further c.£180m<br>of gross cost efficiency savings in Q325 | |
| - | Includes a Q325 charge of £235m for motor finance redress,<br>increasing the total provision to £325m | |
| ● | Strong balance sheet with CET1 ratio of 14.1% | |
| - | Taking into account the impact of the £500m share buyback<br>announced today, the CET1 ratio as of 30 September 2025 would be<br>reduced to 13.9%, at the top end of the 13-14% target<br>range |
Key financial metrics:
| Income | Profit before tax | Attributable profit | Cost: income ratio | LLR | RoTE | EPS | TNAV per share | CET1 ratio | Total capital return | |
|---|---|---|---|---|---|---|---|---|---|---|
| Q325 | £7.2bn | £2.1bn | £1.5bn | 63% | 57bps | 10.6% | 10.4p | 392p | 14.1% | £1.9bn |
| Q325 YTD | £22.1bn | £7.3bn | £5.0bn | 59% | 53bps | 12.3% | 35.1p |
Q325 Performance highlights:
| ● | Group RoTE was 10.6% (Q324: 12.3%) with profit before tax of<br>£2.1bn (Q324: £2.2bn). All<br>divisions delivered double-digit RoTE in Q325 | |
|---|---|---|
| ● | Group income of £7.2bn was up 9%<br>year-on-year, with Group NII<br>excluding Barclays Investment Bank and Head Office of £3.3bn,<br>up 16% year-on-year | |
| - | Barclays UK income increased 16%, driven by continued structural<br>hedge income and the impact from Tesco Bank | |
| - | Barclays UK Corporate Bank (UKCB) income increased 17%, reflecting<br>higher average deposit and lending balances, and higher structural<br>hedge income | |
| - | Barclays Private Bank and Wealth Management (PBWM) income increased<br>3%, reflecting higher client balances from net<br>new inflows and market movements | |
| - | Barclays Investment Bank (IB) income increased 8%, with growth across<br>Global Markets and Investment Banking, supported by continued<br>growth in more stable income streams (Financing and International<br>Corporate Bank) | |
| - | Barclays US Consumer Bank (USCB) income increased<br>19%, reflecting the impact<br>of repricing initiatives, business growth and the acquisition of<br>General Motors co-branded cards portfolio (GM portfolio), partially<br>offset by the strengthening of GBP against USD | |
| 1 | This multi-year plan is subject to supervisory and Board approvals,<br>anticipated financial performance and our published CET1 ratio<br>target range of 13-14%. Our targets and guidance are based on<br>management's current expectations as to the macroeconomic<br>environment and the business and may be subject to<br>change. | |
| --- | --- |
Q325 Performance highlights (continued):
| ● | Group total operating expenses were £4.5bn, up 14%<br>year-on-year, with<br>a cost: income ratio of 63% (Q324: 61%) | |
|---|---|---|
| - | Group operating costs increased 8% to £4.3bn, reflecting Tesco<br>Bank costs, further investment spend including structural cost<br>actions, business growth and inflation, partially offset by<br>c.£180m of cost efficiency savings | |
| - | Litigation and conduct charges of £255m included a £235m<br>charge for motor finance redress | |
| ● | Credit impairment charges were £0.6bn (Q324:<br>£0.4bn) with<br>a LLR of 57bps (Q324: 37bps), including a c.£110m single name<br>charge in the IB, and the £65m day 1 impact from the<br>acquisition of the GM portfolio |
Q325 YTD Performance highlights:
| ● | Group RoTE was 12.3% (Q324 YTD: 11.5%) with profit before<br>tax of £7.3bn (Q324 YTD: £6.4bn) | |
|---|---|---|
| ● | Group income of £22.1bn was up 11%<br>year-on-year1 with<br>Group NII excluding IB and Head Office of £9.4bn, up 14%<br>year-on-year | |
| ● | Group total operating expenses were £13.1bn, up 8%<br>year-on-year | |
| - | Group operating costs increased 6% to £12.7bn, reflecting<br>Tesco Bank costs, further investment spend and business growth and<br>inflation, partially offset by c.£530m of cost efficiency<br>savings | |
| ● | Credit impairment charges were £1.7bn (Q324 YTD:<br>£1.3bn) with<br>a LLR of 53bps (Q324 YTD: 42bps) | |
| ● | CET1 ratio of 14.1% (December 2024:<br>13.6%), with<br>RWAs of £357.4bn (December 2024: £358.1bn) and TNAV per<br>share of 392p (December 2024: 357p) |
Group financial guidance and targets2:
2025 guidance
| ● | Returns: RoTE<br>of greater than 11% |
|---|---|
| ● | Capital returns: progressive<br>increase in total capital returns versus 2024 |
| ● | Income: Group<br>NII excluding IB and Head Office of greater than £12.6bn, of<br>which Barclays UK NII of greater than<br>£7.6bn |
| ● | Costs: Group cost:<br>income ratio of c.61%. This includes total gross efficiency savings<br>of c.£500m in 2025 |
| ● | Impairment: expect<br>an LLR of 50-60bps through the cycle |
| ● | Capital: CET1<br>ratio target range of 13-14% |
2026 targets
| ● | Returns: RoTE of greater than<br>12% | ||
|---|---|---|---|
| ● | Capital returns: plan<br>to return at least 10bn of capital to shareholders between<br>2024 and 2026, through dividends and share buybacks, with a<br>continued preference for buybacks | ||
| - | Plan to keep total dividend stable at 2023 level in absolute terms,<br>with progressive dividend per share growth driven through share<br>count reduction as a result of increased share<br>buybacks | ||
| - | Plan to move to quarterly share buyback announcements | ||
| - | Dividends will continue to be paid semi-annually | ||
| - | This multi-year plan is subject to supervisory and Board approvals,<br>anticipated financial performance and our published CET1 ratio<br>target range of 13-14% | ||
| ● | Income: Group<br>total income of c.30bn | ||
| ● | Costs: Group<br>cost: income ratio of high 50s in percentage terms, implying Group<br>total operating expenses of c.17bn, based on targeted Group<br>total income of c.30bn. Cost target includes total gross<br>efficiency savings of c.2bn by 2026 | ||
| ● | Impairment: expect an LLR of<br>50-60bps through the cycle | ||
| ● | Capital: CET1 ratio target<br>range of 13-14% | ||
| - | Targeting IB RWAs of c.50% of Group RWAs in 2026 | ||
| - | Impact of regulatory change on RWAs in line with our prior guidance<br>of c.19-26bn | ||
| - | c.3-10bn RWAs from Basel 3.1, with<br>implementation expected from 1 January 2027 | ||
| - | c.16bn RWAs from USCB moving to an Internal Ratings Based<br>(IRB) model, subject to model build and portfolio changes,<br>implementation could be beyond 2026 | ||
| -<br>0.1% increase in Pillar 2A from Q125 until model<br>implementation | |||
All values are in British Pounds.
| 1 | Q324 YTD included a £220m loss on sale of the performing<br>Italian retail mortgage portfolio and a £20m loss on disposal<br>from the German consumer finance business. | ||||||
|---|---|---|---|---|---|---|---|
| 2 | Our targets and guidance are based on management's current<br>expectations as to the macroeconomic environment and the business<br>and may be subject to change. | ||||||
| Barclays Group results | Nine months ended | Three months ended | |||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| 30.09.25 | 30.09.24 | 30.09.25 | 30.09.24 | ||||
| £m | £m | % Change | £m | £m | % Change | ||
| Barclays<br>UK | 6,446 | 5,659 | 14 | 2,253 | 1,946 | 16 | |
| Barclays<br>UK Corporate Bank | 1,525 | 1,322 | 15 | 522 | 445 | 17 | |
| Barclays<br>Private Bank and Wealth Management | 1,032 | 958 | 8 | 335 | 326 | 3 | |
| Barclays<br>Investment Bank | 10,263 | 9,198 | 12 | 3,083 | 2,851 | 8 | |
| Barclays<br>US Consumer Bank | 2,628 | 2,469 | 6 | 941 | 791 | 19 | |
| Head<br>Office | 169 | 218 | (22) | 33 | 188 | (82) | |
| Total income | 22,063 | 19,824 | 11 | 7,167 | 6,547 | 9 | |
| Operating costs | (12,661) | (11,951) | (6) | (4,254) | (3,954) | (8) | |
| UK regulatory levies | (84) | (93) | 10 | 12 | 27 | (56) | |
| Litigation and conduct | (342) | (99) | (255) | (35) | |||
| Total operating expenses | (13,087) | (12,143) | (8) | (4,497) | (3,962) | (14) | |
| Other net income | 48 | 37 | 30 | 39 | 21 | 86 | |
| Profit before impairment | 9,024 | 7,718 | 17 | 2,709 | 2,606 | 4 | |
| Credit impairment charges | (1,744) | (1,271) | (37) | (632) | (374) | (69) | |
| Profit before tax | 7,280 | 6,447 | 13 | 2,077 | 2,232 | (7) | |
| Tax charge | (1,538) | (1,304) | (18) | (365) | (412) | 11 | |
| Profit after tax | 5,742 | 5,143 | 12 | 1,712 | 1,820 | (6) | |
| Non-controlling interests | (23) | (29) | 21 | - | (3) | ||
| Other equity instrument holders | (739) | (763) | 3 | (255) | (253) | (1) | |
| Attributable profit | 4,980 | 4,351 | 14 | 1,457 | 1,564 | (7) | |
| Performance measures | |||||||
| Return on average tangible shareholders' equity | 12.3% | 11.5% | 10.6% | 12.3% | |||
| Average tangible shareholders' equity (£bn) | 54.0 | 50.4 | 55.1 | 51.0 | |||
| Cost: income ratio | 59% | 61% | 63% | 61% | |||
| Loan loss rate (bps) | 53 | 42 | 57 | 37 | |||
| Basic earnings per ordinary share | 35.1p | 29.3p | 20 | 10.4p | 10.7p | (3) | |
| Dividend per share | 3.0p | 2.9p | 3 | ||||
| Share buybacks announced (£m) | 1,500 | 750 | |||||
| Total payout equivalent per share | c.13.6p | c.8.0p | 70 | ||||
| Basic weighted average number of shares (m) | 14,189 | 14,863 | (5) | 14,045 | 14,648 | (4) | |
| Period end number of shares (m) | 13,996 | 14,571 | (4) | ||||
| Period end tangible shareholders' equity (£bn) | 54.9 | 51.1 | |||||
| As at 30.09.25 | As at 31.12.24 | As at 30.09.24 | |||||
| --- | --- | --- | --- | ||||
| Balance sheet and capital<br>management1 | £bn | £bn | £bn | ||||
| Loans and advances at amortised cost | 426.5 | 414.5 | 399.2 | ||||
| Loans and advances at amortised cost impairment coverage<br>ratio | 1.2% | 1.2% | 1.3% | ||||
| Total assets | 1,629.2 | 1,518.2 | 1,531.1 | ||||
| Deposits at amortised cost | 575.3 | 560.7 | 542.8 | ||||
| Tangible net asset value per share | 392p | 357p | 351p | ||||
| Common equity tier 1 ratio | 14.1% | 13.6% | 13.8% | ||||
| Common equity tier 1 capital | 50.3 | 48.6 | 47.0 | ||||
| Risk weighted assets | 357.4 | 358.1 | 340.4 | ||||
| UK leverage ratio | 4.9% | 5.0% | 4.9% | ||||
| UK leverage exposure | 1,285.3 | 1,206.5 | 1,197.4 | ||||
| Funding and liquidity | |||||||
| Group liquidity pool (£bn) | 332.9 | 296.9 | 311.7 | ||||
| Liquidity coverage ratio2 | 174.6% | 172.4% | 170.1% | ||||
| Net stable funding ratio3 | 135.3% | 134.9% | 135.6% | ||||
| Loan: deposit ratio | 74% | 74% | 74% | ||||
| 1 | Refer to pages 35 to 39 for further information on how capital,<br>RWAs and leverage are calculated. | ||||||
| --- | --- | ||||||
| 2 | Represents average of the last 12 spot month end ratios. In June<br>2025, Barclays implemented a new methodology for calculating net<br>stress outflows related to secured financing transactions in the<br>liquidity coverage ratio (LCR). | ||||||
| 3 | Represents average of the last four spot quarter end<br>positions. |
Group Finance Director's Review
Q325 YTD Group performance
| ● | Barclays delivered a profit before tax of £7,280m (Q324<br>YTD: £6,447m), RoTE of 12.3% (Q324 YTD: 11.5%) and EPS of<br>35.1p (Q324 YTD: 29.3p) | |
|---|---|---|
| ● | The Group has a diverse income profile across businesses and<br>geographies. The<br>appreciation of average GBP against USD negatively impacted income<br>and profits, and positively impacted credit impairment charges and<br>total operating expenses | |
| ● | Group statutory income increased 11% to<br>£22,063m driven<br>by higher income in Global Markets across FICC and Equities, higher<br>structural hedge income and the impact from Tesco<br>Bank | |
| ● | Group total operating expenses increased to £13,087m<br>(Q324 YTD: £12,143m) | |
| - | Group operating costs increased 6% to £12,661m, reflecting<br>Tesco Bank costs, further investment spend and business growth and<br>inflation, partially offset by c.£530m of cost efficiency<br>savings | |
| - | Litigation and conduct charges of £342m included a £235m<br>charge for motor finance redress in Q325 | |
| ● | Credit impairment charges increased to £1,744m (Q324<br>YTD: £1,271m), primarily<br>driven by the impact from Tesco Bank, an IB single name charge, the<br>day 1 impact from the acquisition of the GM portfolio, and elevated<br>US macroeconomic uncertainty. Total coverage ratio remains stable<br>at 1.2% (December 2024: 1.2%) | |
| ● | The effective tax rate (ETR) was 21.1% (Q324 YTD:<br>20.2%) | |
| ● | Attributable profit was £4,980m (Q324 YTD:<br>£4,351m) | |
| ● | Total assets increased to £1,629.2bn (December 2024:<br>£1,518.2bn), driven<br>by higher trading activity in IB and growth in the liquidity pool<br>from increased wholesale funding and deposit growth across<br>businesses. This was partially offset by a reduction in derivative<br>assets and the strengthening of spot GBP against<br>USD | |
| ● | TNAV per share increased to 392p (December 2024:<br>357p) including<br>EPS of 35.1p, an 11p benefit from the cash flow hedging reserve and<br>a c.6p benefit from the reduction in share count following the<br>completion of the share buyback announced at FY24 Results and the<br>ongoing share buyback announced at H125 Results. These were<br>partially offset by an 8p reduction from dividends paid during Q325<br>YTD and net negative other reserve movements |
Group capital and leverage
| ● | The CET1 ratio increased by c.50bps to 14.1% (December 2024:<br>13.6%) as CET1 capital increased by £1.7bn to £50.3bn and<br>RWA decreased by £0.7bn to £357.4bn: | |
|---|---|---|
| - | c.140bps increase from attributable profit | |
| - | c.80bps decrease driven by shareholder distributions including the<br>interim dividend payment of 3.0p per share paid in September 2025,<br>the completed £1.0bn share buyback announced with FY24 and the<br>ongoing £1.0bn share buyback announced with H125 results as<br>well as an accrual towards the FY 2025 dividend | |
| - | c.20bps increase from other CET1 capital movements, including an<br>increase in the fair value through other comprehensive income<br>reserve | |
| - | c.20bps decrease as a result of a £5.6bn increase in RWAs,<br>excluding the impact of foreign exchange movements, primarily<br>driven by continuing lending growth in the UK businesses and client<br>and trading activity within IB, partially offset by the disposal of<br>the German consumer finance business | |
| - | A £1.1bn decrease in CET1 capital due to a decrease in the<br>currency translation reserve was partially offset by a £6.3bn<br>decrease in RWAs as a result of foreign exchange<br>movements | |
| ● | The UK leverage ratio decreased to 4.9% (December 2024:<br>5.0%), as the leverage exposure increased by £78.8bn to<br>£1,285.3bn partially offset by an increase of £2.9bn in<br>Tier 1 capital. The increase in leverage exposure was largely<br>driven by an increase in trading activity in IB, partially offset<br>by the strengthening of spot GBP against USD |
Group funding and liquidity
| ● | The liquidity metrics remain well above regulatory<br>requirements, underpinned by well-diversified sources of funding, a<br>stable global deposit franchise and a highly liquid balance<br>sheet |
|---|---|
| ● | The liquidity pool was £332.9bn, an increase of<br>£36.0bn from December 2024 (£296.9bn). The increase in<br>the liquidity pool was primarily driven by increased wholesale<br>funding and deposit growth across businesses |
| ● | The average1 LCR<br>increased to 174.6% (December 2024: 172.4%), equivalent to a<br>surplus of £132.5bn (December 2024:<br>£127.5bn) |
| ● | Total deposits increased to £575.3bn (December 2024:<br>£560.7bn), primarily driven by customer deposit growth in ICB<br>and PBWM |
| ● | The average2 Net<br>Stable Funding Ratio (NSFR) was 135.3% (December 2024: 134.9%),<br>which represents a £160.1bn surplus (December 2024:<br>£162.9bn) above the 100% regulatory<br>requirement |
| 1 | Represents average of the last 12 spot month end ratios. In June<br>2025, Barclays implemented a new methodology for calculating net<br>stress outflows related to secured financing transactions in the<br>liquidity coverage ratio. |
| --- | --- |
| 2 | Represents average of the last four spot quarter end<br>ratios. |
Group funding and liquidity (continued)
| ● | Wholesale funding outstanding, excluding repurchase<br>agreements, was £212.0bn (December 2024:<br>£186.0bn) |
|---|---|
| ● | The Group issued £12.9bn equivalent of minimum<br>requirement for own funds and eligible liabilities (MREL)<br>instruments from Barclays PLC (the Parent company) as of Q325. The<br>Group has a strong MREL position with a ratio of 35.8%, which is in<br>excess of the regulatory requirement of 30.5% plus a confidential,<br>institution specific, Prudential Regulation Authority (PRA)<br>buffer |
Other matters
| ● | Motor finance: Following<br>the publication of the UK Financial Conduct Authority's (FCA)<br>consultation paper CP25/27 on a proposed Motor Finance redress<br>scheme on 7 October 2025, Barclays has reassessed its provision for<br>this matter as of 30 September 2025.<br><br><br>Barclays and Clydesdale Financial Services Limited (CFSL) (a<br>subsidiary of Barclays PLC) recognised a provision of £90m in<br>their respective annual reports and accounts for the year ending 31<br>December 2024. This provision (which was reassessed as at 30 June<br>2025) was determined based upon the information then available and<br>estimated the potential impact of remediating any complaints CFSL<br>has received and might receive relating to motor finance commission<br>arrangements.<br><br><br>Taking account of the proposals set out in the consultation paper,<br>Barclays has increased the provision recognised by Barclays and<br>CFSL from £90m to £325m (Dec 2024: £90m) resulting<br>in an income statement charge in Q325 of £235m (Q324:<br>£nil).<br><br><br>Barclays has considered the information currently available and<br>currently considers it more likely than not that a redress scheme<br>will be implemented. Barclays has used multiple separate scenarios<br>to estimate the amount of the provision given that the proposed<br>terms of the FCA redress scheme are subject to consultation. The<br>scenarios used incorporate differing evaluations of the FCA's<br>current proposals and have been probability-weighted to estimate<br>the potential redress cost and provision required.<br><br><br>The resulting charge reflects the increased likelihood of a higher<br>number of motor finance cases falling within the scope of the<br>scheme contemplated by the consultation paper (which covers all<br>discretionary commission arrangements), the FCA's proposed approach<br>to customer engagement, and the likelihood of a higher than<br>anticipated level of customer redress reflecting the FCA's proposed<br>methodology for the calculation of redress. Barclays ceased lending<br>in the motor finance market in late 2019, and the above estimates<br>follow the FCA proposal that historical operations from April 2007<br>fall within the scope of the FCA redress scheme.<br><br><br>Barclays notes that the final terms of the compensation scheme<br>remain uncertain pending responses to the consultation paper and<br>publication of the FCA's Policy Statement and final scheme rules,<br>which is currently expected in early 2026. Accordingly, the legal<br>and regulatory outcomes and the nature, extent and timing of any<br>remediation action, if required, remain uncertain. The ultimate<br>financial impact could differ to the amount provided, which<br>represents Barclays' reasonable estimate of the cost of redress<br>based on the information available to Barclays, including the<br>proposals as set out in the FCA's consultation paper, and applying<br>a probability-weighted outcome that considers a range of<br>scenarios |
|---|---|
| ● | FCA investigations concerning financial crime systems and controls<br>and compliance with the Money Laundering<br>Regulations: In<br>July 2025, the FCA concluded civil enforcement investigations into<br>Barclays Bank PLC and Barclays Bank UK PLC regarding compliance<br>with anti-money laundering regulations and financial crime<br>controls. Barclays Bank PLC paid £39m to resolve its<br>investigation, and Barclays Bank UK PLC settled a separate matter<br>for £9m (including a £6m voluntary payment to investors).<br>These amounts were fully provided for in Barclays H125 interim<br>Results. The FCA acknowledged Barclays' cooperation in both cases,<br>which are now closed |
| ● | Disposal of German consumer finance business: In<br>Q125, Barclays Bank Ireland PLC announced the completion of the<br>sale of its German consumer finance business to BAWAG P.S.K., a<br>wholly owned subsidiary of BAWAG Group AG. The sale released<br>c.£3.3bn of RWAs, increasing Barclays' CET1 ratio by c.10bps<br>in Q125 |
| ● | Long-term strategic partnership for Payment Acceptance<br>business: On<br>17 April 2025, Barclays announced it had entered into a long-term<br>strategic partnership with Brookfield Asset Management Ltd to grow<br>and transform Barclays' Payment Acceptance business, previously<br>referred to as the Merchant Acquiring business |
| ● | GM portfolio acquisition: On<br>22 August 2025 Barclays completed the acquisition of a US credit<br>card portfolio of $1.6bn receivables, in partnership with General<br>Motors Company. The partnership will serve to further scale<br>Barclays' credit card portfolio in the US and build on its growth<br>strategy |
| ● | Disposal of Barclays' entire shareholding in Entercard Group AB<br>(Entercard): On<br>28 August 2025, Barclays announced the sale of its entire<br>shareholding in its joint venture Entercard to its joint venture<br>partner, Swedbank AB (publ). The sale is expected to release<br>c.£0.9bn of RWAs, increasing Barclays' CET1 ratio by c.4bps,<br>upon completion in Q425 |
Anna Cross, Group Finance Director
Results by Business
| Barclays UK | Nine months ended | Three months ended | ||||
|---|---|---|---|---|---|---|
| 30.09.25 | 30.09.24 | 30.09.25 | 30.09.24 | |||
| Income statement information | £m | £m | % Change | £m | £m | % Change |
| Net interest income | 5,638 | 4,812 | 17 | 1,961 | 1,666 | 18 |
| Net fee, commission and other income | 808 | 847 | (5) | 292 | 280 | 4 |
| Total income | 6,446 | 5,659 | 14 | 2,253 | 1,946 | 16 |
| Operating costs | (3,472) | (3,065) | (13) | (1,189) | (1,017) | (17) |
| UK regulatory levies | (44) | (42) | (5) | (1) | 12 | |
| Litigation and conduct | (37) | (7) | (8) | (1) | ||
| Total operating expenses | (3,553) | (3,114) | (14) | (1,198) | (1,006) | (19) |
| Other net income | - | - | - | - | ||
| Profit before impairment | 2,893 | 2,545 | 14 | 1,055 | 940 | 12 |
| Credit impairment charges | (339) | (82) | (102) | (16) | ||
| Profit before tax | 2,554 | 2,463 | 4 | 953 | 924 | 3 |
| Attributable profit | 1,737 | 1,684 | 3 | 647 | 621 | 4 |
| Performance measures | ||||||
| Return on average allocated tangible equity | 19.6% | 21.4% | 21.8% | 23.4% | ||
| Average allocated tangible equity (£bn) | 11.8 | 10.5 | 11.9 | 10.6 | ||
| Cost: income ratio | 55% | 55% | 53% | 52% | ||
| Loan loss rate (bps) | 20 | 5 | 18 | 3 | ||
| Net interest margin | 3.59% | 3.21% | 3.68% | 3.34% | ||
| As at<br><br><br>30.09.25 | As at<br><br><br>31.12.24 | As at<br><br><br>30.09.24 | ||||
| Balance sheet information | £bn | £bn | bn | |||
| Loans and advances to customers at amortised cost | 213.4 | 207.7 | 199.3 | |||
| Total assets | 300.2 | 299.8 | 292.2 | |||
| Customer deposits at amortised cost | 241.5 | 244.2 | 236.3 | |||
| Loan: deposit ratio | 95% | 92% | 92% | |||
| Risk weighted assets | 86.7 | 84.5 | 77.5 | |||
| Period end allocated tangible equity | 11.9 | 11.6 | 10.7 |
All values are in British Pounds.
| Analysis of Barclays UK | Nine months ended | Three months ended | ||||
|---|---|---|---|---|---|---|
| 30.09.25 | 30.09.24 | 30.09.25 | 30.09.24 | |||
| Analysis of total income | £m | £m | % Change | £m | £m | % Change |
| Retail Banking1 | 4,880 | 4,192 | 16 | 1,708 | 1,433 | 19 |
| Business Banking | 1,566 | 1,467 | 7 | 545 | 513 | 6 |
| Total income | 6,446 | 5,659 | 14 | 2,253 | 1,946 | 16 |
| Analysis of credit impairment charges | ||||||
| Retail Banking1 | (302) | (115) | (98) | (12) | ||
| Business Banking | (37) | 33 | (4) | (4) | - | |
| Total credit impairment charges | (339) | (82) | (102) | (16) | ||
| As at<br><br><br>30.09.25 | As at<br><br><br>31.12.24 | As at<br><br><br>30.09.24 | ||||
| Analysis of loans and advances to customers at amortised<br>cost | £bn | £bn | bn | |||
| Retail Banking1 | 195.2 | 188.0 | 178.7 | |||
| Business Banking | 18.2 | 19.7 | 20.6 | |||
| Total loans and advances to customers at amortised<br>cost | 213.4 | 207.7 | 199.3 | |||
| Analysis of customer deposits at amortised cost | ||||||
| Retail Banking1 | 189.3 | 191.4 | 182.9 | |||
| Business Banking | 52.2 | 52.8 | 53.4 | |||
| Total customer deposits at amortised cost | 241.5 | 244.2 | 236.3 |
All values are in British Pounds.
Barclays UK delivered a RoTE of 19.6% (Q324 YTD: 21.4%) supported by robust income, disciplined cost management as Tesco Bank is integrated, and normalising levels of impairment underpinned by strong asset quality.
Income statement - Q325 YTD compared to Q324 YTD
| ● | Profit before tax increased 4% to £2,554m |
|---|---|
| ● | Total income increased 14% to £6,446m. NII<br>increased 17% to £5,638m, as continued structural hedge<br>momentum and the impact from Tesco Bank was partially offset by<br>retail deposit dynamics. Net fee, commission and other income<br>decreased 5% to £808m |
| ● | Total operating expenses increased 14% to<br>£3,553m, driven<br>by Tesco Bank run and integration costs, and inflation. Ongoing<br>efficiency savings continue to be reinvested, to drive sustainable<br>improvement to the cost: income ratio |
| ● | Credit impairment charges were £339m (Q324 YTD:<br>£82m), underpinned<br>by low UK cards 30 and 90 day arrears rates of 0.7% (Q324: 0.7%)<br>and 0.2% (Q324: 0.2%) respectively. Total charges are higher than<br>those in Q324 YTD, which benefitted from an improved macroeconomic<br>outlook; and Q325 YTD charges also reflect the impact from Tesco<br>Bank. The UK cards total coverage ratio remains stable at 4.8%<br>(December 2024: 4.8%) |
Balance sheet - 30 September 2025 compared to 31 December 2024
| ● | Loans and advances to customers at amortised cost increased by<br>£5.7bn to £213.4bn,<br>primarily driven by growth in Retail<br>Banking mortgages and cards lending, partially offset by continued repayment of<br>government scheme lending in Business Banking | |||||
|---|---|---|---|---|---|---|
| ● | Customer deposits at amortised cost decreased by<br>£2.7bn to £241.5bn, driven<br>by a reduction in Retail Banking deposits and Business Banking<br>current accounts. The loan: deposit ratio remained broadly stable<br>at 95% (December 2024: 92%) | |||||
| ● | RWAs increased to £86.7bn (December 2024:<br>£84.5bn) primarily<br>due to Retail Banking mortgages and cards lending<br>growth | |||||
| 1 | Following the completion of the acquisition on 1 November 2024,<br>Tesco Bank is reported in Retail Banking. | |||||
| --- | --- | |||||
| Barclays UK Corporate Bank | Nine months ended | Three months ended | ||||
| --- | --- | --- | --- | --- | --- | --- |
| 30.09.25 | 30.09.24 | 30.09.25 | 30.09.24 | |||
| Income statement information | £m | £m | % Change | £m | £m | % Change |
| Net interest income | 1,084 | 882 | 23 | 383 | 309 | 24 |
| Net fee, commission and other income | 441 | 440 | - | 139 | 136 | 2 |
| Total income | 1,525 | 1,322 | 15 | 522 | 445 | 17 |
| Operating costs | (717) | (685) | (5) | (243) | (229) | (6) |
| UK regulatory levies | (15) | (23) | 35 | 9 | 7 | 29 |
| Litigation and conduct | (39) | - | - | - | ||
| Total operating expenses | (771) | (708) | (9) | (234) | (222) | (5) |
| Other net income | - | - | - | - | ||
| Profit before impairment | 754 | 614 | 23 | 288 | 223 | 29 |
| Credit impairment charges | (36) | (36) | - | (5) | (13) | 62 |
| Profit before tax | 718 | 578 | 24 | 283 | 210 | 35 |
| Attributable profit | 480 | 392 | 22 | 196 | 144 | 36 |
| Performance measures | ||||||
| Return on average allocated tangible equity | 18.8% | 17.3% | 22.8% | 18.8% | ||
| Average allocated tangible equity (£bn) | 3.4 | 3.0 | 3.4 | 3.1 | ||
| Cost: income ratio | 51% | 54% | 45% | 50% | ||
| Loan loss rate (bps) | 16 | 19 | 7 | 21 | ||
| As at<br><br><br>30.09.25 | As at<br><br><br>31.12.24 | As at<br><br><br>30.09.24 | ||||
| Balance sheet information | £bn | £bn | bn | |||
| Loans and advances to customers at amortised cost | 29.0 | 25.4 | 24.8 | |||
| Deposits at amortised cost | 86.7 | 83.1 | 82.3 | |||
| Risk weighted assets | 25.2 | 23.9 | 22.1 | |||
| Period end allocated tangible equity | 3.4 | 3.3 | 3.0 | |||
| Nine months ended | Three months ended | |||||
| 30.09.25 | 30.09.24 | 30.09.25 | 30.09.24 | |||
| Analysis of total income | £m | £m | % Change | £m | £m | % Change |
| Corporate lending | 260 | 196 | 33 | 90 | 67 | 34 |
| Transaction banking | 1,265 | 1,126 | 12 | 432 | 378 | 14 |
| Total income | 1,525 | 1,322 | 15 | 522 | 445 | 17 |
All values are in British Pounds.
UKCB delivered a RoTE of 18.8% (Q324 YTD: 17.3%), as increased income from higher average deposit and lending balances was partially offset by continued investment and higher RWAs to support future growth ambitions.
Income statement - Q325 YTD compared to Q324 YTD
| ● | Profit before tax increased 24% to £718m |
|---|---|
| ● | Total income increased 15% to £1,525m, NII increased 23% to £1,084m, driven<br>by higher average deposit and lending balances,<br>and higher structural hedge income. Net fee, commission,<br>trading and other income was stable<br>at £441m |
| ● | Total operating expenses increased 9% to<br>£771m, including<br>a litigation and conduct charge of £39m in Q225. Operating<br>costs increased 5% to £717m, reflecting higher investment<br>spend to support business growth ambitions, with ongoing efficiency<br>savings offsetting inflationary headwinds |
| ● | Credit impairment charges were £36m (Q324 YTD:<br>£36m), reflecting stable<br>underlying credit performance and limited single name<br>charges |
Balance sheet - 30 September 2025 compared to 31 December 2024
| ● | Loans and advances to customers at amortised cost increased to<br>£29.0bn (December 2024: £25.4bn), reflecting<br>the strategic focus to grow customer lending | |||||
|---|---|---|---|---|---|---|
| ● | Deposits at amortised cost increased to £86.7bn (December<br>2024: £83.1bn), driven<br>by an inflow of balances from new and existing<br>customers | |||||
| ● | RWAs increased to £25.2bn (December 2024:<br>£23.9bn), reflecting<br>higher client lending limits and growth in lending<br>balances | |||||
| Barclays Private Bank and Wealth Management | Nine months ended | Three months ended | ||||
| --- | --- | --- | --- | --- | --- | --- |
| 30.09.25 | 30.09.24 | 30.09.25 | 30.09.24 | |||
| Income statement information | £m | £m | % Change | £m | £m | % Change |
| Net interest income | 597 | 551 | 8 | 190 | 189 | 1 |
| Net fee, commission and other income | 435 | 407 | 7 | 145 | 137 | 6 |
| Total income | 1,032 | 958 | 8 | 335 | 326 | 3 |
| Operating costs | (715) | (656) | (9) | (243) | (222) | (9) |
| UK regulatory levies | (3) | (2) | (50) | (1) | 1 | |
| Litigation and conduct | 1 | 1 | - | 1 | - | |
| Total operating expenses | (717) | (657) | (9) | (243) | (221) | (10) |
| Other net income | - | - | - | - | ||
| Profit before impairment | 315 | 301 | 5 | 92 | 105 | (12) |
| Credit impairment releases/(charges) | 10 | (4) | (1) | (7) | 86 | |
| Profit before tax | 325 | 297 | 9 | 91 | 98 | (7) |
| Attributable profit | 256 | 225 | 14 | 72 | 74 | (3) |
| Performance measures | ||||||
| Return on average allocated tangible equity | 30.9% | 29.5% | 26.4% | 29.0% | ||
| Average allocated tangible equity (£bn) | 1.1 | 1.0 | 1.1 | 1.0 | ||
| Cost: income ratio | 69% | 69% | 73% | 68% | ||
| Loan loss rate (bps) | (9) | 4 | 3 | 19 | ||
| Key facts | £bn | £bn | £bn | £bn | ||
| Net new assets under management1 | 2.6 | 3.0 | 0.7 | 1.3 | ||
| As at<br><br><br>30.09.25 | As at<br><br><br>31.12.24 | As at<br><br><br>30.09.24 | ||||
| Balance sheet information | £bn | £bn | bn | |||
| Loans and advances to customers at amortised cost | 14.9 | 14.5 | 14.0 | |||
| Deposits at amortised cost | 70.6 | 69.5 | 64.8 | |||
| Risk weighted assets | 7.9 | 7.9 | 7.3 | |||
| Period end allocated tangible equity | 1.1 | 1.1 | 1.0 | |||
| Invested assets2 | 135.7 | 124.6 | 122.4 | |||
| Of which: | ||||||
| Assets under<br>management1 | 51.3 | 47.7 | 45.8 | |||
| Assets under<br>supervision1 | 84.4 | 76.9 | 76.6 | |||
| Clients assets and liabilities3 | 221.5 | 208.9 | 201.5 |
All values are in British Pounds.
PBWM delivered a RoTE of 30.9% (Q324 YTD: 29.5%), as higher income from net new inflow of client balances was partially offset by continued investment to support future growth ambitions.
Income statement - Q325 YTD compared to Q324 YTD
| ● | Profit before tax increased 9% to £325m |
|---|---|
| ● | Total income increased 8% to £1,032m, driven<br>by growth in deposit, invested assets and loan balances from net<br>new inflows and market movements |
| ● | Total operating expenses increased 9% to<br>£717m, reflecting<br>higher investment spend to support business growth ambitions, with<br>ongoing efficiency savings offsetting inflationary<br>headwinds |
Balance sheet - 30 September 2025 compared to 31 December 2024
| ● | Client assets and liabilities increased £12.6bn to<br>£221.5bn, driven by net<br>new inflows of invested assets, deposits and loan balances and<br>market movements, partially offset by FX impact | |||||
|---|---|---|---|---|---|---|
| ● | RWAs were stable at £7.9bn (December 2024:<br>£7.9bn) | |||||
| 1 | Refer to page 43 for further information on net new assets under<br>management, assets under management and assets under<br>supervision. | |||||
| --- | --- | |||||
| 2 | Invested assets (held off-balance sheet) represent assets under<br>management and supervision. Uninvested cash held under an<br>investment mandate and reported within customer deposits is<br>excluded from invested assets. | |||||
| 3 | Client assets and liabilities refers to customer deposits, lending<br>and invested assets. | |||||
| Barclays Investment Bank | Nine months ended | Three months ended | ||||
| --- | --- | --- | --- | --- | --- | --- |
| 30.09.25 | 30.09.24 | 30.09.25 | 30.09.24 | |||
| Income statement information | £m | £m | % Change | £m | £m | % Change |
| Net interest income | 978 | 747 | 31 | 347 | 282 | 23 |
| Net trading income | 5,903 | 4,979 | 19 | 1,581 | 1,512 | 5 |
| Net fee, commission and other income | 3,382 | 3,472 | (3) | 1,155 | 1,057 | 9 |
| Total income | 10,263 | 9,198 | 12 | 3,083 | 2,851 | 8 |
| Operating costs | (6,003) | (5,763) | (4) | (2,010) | (1,906) | (5) |
| UK regulatory levies | (22) | (26) | 15 | 5 | 7 | (29) |
| Litigation and conduct | (20) | (29) | 31 | (9) | (17) | 47 |
| Total operating expenses | (6,045) | (5,818) | (4) | (2,014) | (1,916) | (5) |
| Other net income | - | - | - | - | ||
| Profit before impairment | 4,218 | 3,380 | 25 | 1,069 | 935 | 14 |
| Credit impairment charges | (283) | (77) | (144) | (43) | ||
| Profit before tax | 3,935 | 3,303 | 19 | 925 | 892 | 4 |
| Attributable profit | 2,798 | 2,266 | 23 | 723 | 652 | 11 |
| Performance measures | ||||||
| Return on average allocated tangible equity | 12.9% | 10.1% | 10.1% | 8.8% | ||
| Average allocated tangible equity (£bn) | 29.0 | 29.8 | 28.6 | 29.5 | ||
| Cost: income ratio | 59% | 63% | 65% | 67% | ||
| Loan loss rate (bps) | 29 | 9 | 44 | 15 | ||
| As at<br><br><br>30.09.25 | As at<br><br><br>31.12.24 | As at<br><br><br>30.09.24 | ||||
| Balance sheet information | £bn | £bn | bn | |||
| Loans and advances to customers at amortised cost | 68.6 | 69.7 | 64.5 | |||
| Loans and advances to banks at amortised cost | 7.5 | 6.8 | 6.7 | |||
| Debt securities at amortised cost | 53.0 | 47.9 | 44.8 | |||
| Loans and advances at amortised cost | 129.1 | 124.4 | 116.0 | |||
| Trading portfolio assets | 191.3 | 166.1 | 185.8 | |||
| Derivative financial instrument assets | 263.8 | 291.6 | 256.7 | |||
| Financial assets at fair value through the income<br>statement | 222.8 | 190.4 | 210.8 | |||
| Cash collateral and settlement balances | 152.1 | 111.1 | 134.7 | |||
| Deposits at amortised cost | 152.8 | 140.5 | 139.8 | |||
| Derivative financial instrument liabilities | 252.0 | 279.0 | 249.4 | |||
| Risk weighted assets | 199.1 | 198.8 | 194.2 | |||
| Period end allocated tangible equity | 29.1 | 29.3 | 28.4 |
All values are in British Pounds.
| Nine months ended | Three months ended | ||||||
|---|---|---|---|---|---|---|---|
| 30.09.25 | 30.09.24 | 30.09.25 | 30.09.24 | ||||
| Analysis of total income | £m | £m | % Change | £m | £m | % Change | |
| FICC | 4,405 | 3,733 | 18 | 1,256 | 1,180 | 6 | |
| Equities | 2,522 | 2,271 | 11 | 689 | 692 | - | |
| Global Markets | 6,927 | 6,004 | 15 | 1,945 | 1,872 | 4 | |
| Advisory | 462 | 472 | (2) | 196 | 186 | 5 | |
| Equity<br>capital markets | 222 | 253 | (12) | 71 | 64 | 11 | |
| Debt<br>capital markets | 1,174 | 1,165 | 1 | 379 | 344 | 10 | |
| Banking<br>fees and underwriting | 1,858 | 1,890 | (2) | 646 | 594 | 9 | |
| Corporate<br>lending | 220 | 108 | 68 | (21) | |||
| Transaction<br>banking | 1,258 | 1,196 | 5 | 424 | 406 | 4 | |
| International<br>Corporate Bank | 1,478 | 1,304 | 13 | 492 | 385 | 28 | |
| Investment Banking | 3,336 | 3,194 | 4 | 1,138 | 979 | 16 | |
| Total income | 10,263 | 9,198 | 12 | 3,083 | 2,851 | 8 |
IB delivered a RoTE of 12.9% (Q324 YTD: 10.1%), driven by structurally higher returns, reflecting more stable income streams and deepened client relationships, supporting income in a range of environments. Income growth whilst maintaining cost and capital discipline, drove positive operating jaws and improved RWA productivity.
Income statement - Q325 YTD compared to Q324 YTD
| ● | Profit before tax increased to £3,935m (Q324 YTD:<br>£3,303m) | ||
|---|---|---|---|
| ● | IB has a diverse income profile across businesses and<br>geographies. The<br>2% appreciation of average GBP against USD adversely impacted<br>income and profits, and positively impacted credit impairment<br>charges and total operating expenses | ||
| Total income increased 12% to £10,263m, including<br>adverse average FX impacts | |||
| - | Global Markets income increased 15% to £6,927m across FICC and<br>Equities | ||
| - | FICC income increased 18% to £4,405m, reflecting continued<br>support provided to clients through a range of environments,<br>including a strong performance in Macro, Securitised products and<br>Credit, and sustained strength in Financing | ||
| - | Equities income increased 11% to £2,522m, (up 18% excluding<br>the prior year £125m fair value gain on Visa B shares in<br>Q124), reflecting growth in Prime due to increased client balances<br>and Cash from strong client activity across products | ||
| - | Investment Banking income increased 4% to £3,336m | ||
| - | Banking fees and underwriting income decreased 2% to £1,858m,<br>primarily driven by a 12% decline in Equity Capital Markets fees<br>due to a strong prior year comparator, which included a large UK<br>rights issue in Q224, partially offset by Debt Capital Markets<br>fees | ||
| - | International Corporate Bank income increased 13% to £1,478m.<br>Corporate lending income increased to £220m due to net gains<br>on fair value lending and cost of hedging<br>(c.£150m)1.<br>Transaction banking income increased 5% to £1,258m, as higher<br>income from growth in deposit<br>balances was partially offset by margin compression due to change<br>in deposits product mix | ||
| ● | Total operating expenses increased 4% to<br>£6,045m, driven<br>by inflationary headwinds, higher performance costs and expenses<br>associated with supporting the business strategy, partially offset<br>by efficiency savings and FX | ||
| ● | Credit impairment charges were £283m (Q324 YTD:<br>£77m), primarily driven by<br>a single name charge of c.£110m and elevated US macroeconomic<br>uncertainty |
Balance sheet - 30 September 2025 compared to 31 December 2024
| ● | Loans and advances at amortised costs increased £4.7bn to<br>£129.1bn (December 2024: £124.4bn), driven<br>by increased investment in debt securities in treasury, partially<br>offset by the strengthening of spot GBP against<br>USD | |||||
|---|---|---|---|---|---|---|
| ● | Trading portfolio assets increased £25.2bn to £191.3bn<br>(December 2024: £166.1bn), driven<br>by increased trading activity in debt securities to facilitate<br>client demand in Global Markets, partially offset by the<br>strengthening of spot GBP against USD | |||||
| ● | Financial assets at fair value through the income statement<br>increased £32.4bn to £222.8bn (December 2024:<br>£190.4bn), driven<br>by increased secured lending in Global Markets and treasury,<br>partially offset by the strengthening of spot GBP against<br>USD | |||||
| ● | Derivative assets decreased £27.8bn to £263.8bn (December<br>2024: £291.6bn) and liabilities decreased £27.0bn to<br>£252.0bn (December 2024: £279.0bn), primarily<br>driven by a reduction in mark-to-market on FX derivatives and<br>strengthening of spot GBP against USD, partially offset by an<br>increase in equity derivatives | |||||
| ● | Deposits at amortised cost increased £12.3bn to £152.8bn<br>(December 2024: £140.5bn), driven<br>by growth in deposits across International Corporate Bank and<br>treasury, partially offset by the strengthening of spot GBP against<br>USD | |||||
| ● | RWAs were broadly stable at £199.1bn (December 2024:<br>£198.8bn) mainly<br>driven by client and trading activity as we continued to support<br>clients through a range of environments, offset by the<br>strengthening of spot GBP against USD | |||||
| 1 | Q325 YTD included c.£65m of fair value gains on lending and<br>cost of hedging. Q324 YTD included c.£85m of fair value losses<br>on leverage finance lending. | |||||
| --- | --- | |||||
| Barclays US Consumer Bank | Nine months ended | Three months ended | ||||
| --- | --- | --- | --- | --- | --- | --- |
| 30.09.25 | 30.09.24 | 30.09.25 | 30.09.24 | |||
| Income statement information | £m | £m | % Change | £m | £m | % Change |
| Net interest income | 2,044 | 1,981 | 3 | 726 | 647 | 12 |
| Net fee, commission and other income | 584 | 488 | 20 | 215 | 144 | 49 |
| Total income | 2,628 | 2,469 | 6 | 941 | 791 | 19 |
| Operating costs | (1,210) | (1,179) | (3) | (407) | (384) | (6) |
| UK regulatory levies | - | - | - | - | ||
| Litigation and conduct | (3) | (14) | 79 | - | (9) | |
| Total operating expenses | (1,213) | (1,193) | (2) | (407) | (393) | (4) |
| Other net income | - | - | - | - | ||
| Profit before impairment | 1,415 | 1,276 | 11 | 534 | 398 | 34 |
| Credit impairment charges | (1,090) | (995) | (10) | (379) | (276) | (37) |
| Profit before tax | 325 | 281 | 16 | 155 | 122 | 27 |
| Attributable profit | 246 | 208 | 18 | 118 | 89 | 33 |
| Performance measures | ||||||
| Return on average allocated tangible equity | 9.4% | 8.4% | 13.5% | 10.9% | ||
| Average allocated tangible equity (£bn) | 3.5 | 3.3 | 3.5 | 3.3 | ||
| Cost: income ratio | 46% | 48% | 43% | 50% | ||
| Loan loss rate (bps) | 489 | 497 | 505 | 411 | ||
| Net interest margin | 10.96% | 10.64% | 11.50% | 10.38% | ||
| As at<br><br><br>30.09.25 | As at<br><br><br>31.12.24 | As at<br><br><br>30.09.24 | ||||
| Balance sheet information | £bn | £bn | bn | |||
| Loans and advances to customers at amortised cost | 20.0 | 20.0 | 23.2 | |||
| Deposits at amortised cost | 23.7 | 23.3 | 19.4 | |||
| Risk weighted assets | 25.8 | 26.8 | 23.2 | |||
| Period end allocated tangible equity | 3.5 | 3.7 | 3.2 |
All values are in British Pounds.
USCB delivered a RoTE of 9.4% (Q324 YTD: 8.4%), reflecting continued operational progress as increased income from business growth and broadly stable delinquencies were partially offset by the day 1 impairment charge relating to the acquisition of the GM portfolio in August 2025 and higher costs, including partner-related expenses.
Income statement - Q325 YTD compared to Q324 YTD
| ● | Profit before tax increased to £325m (Q324 YTD:<br>£281m) |
|---|---|
| ● | The 2% appreciation of average GBP against USD adversely impacted<br>income and profits, and positively impacted credit impairment<br>charges and total operating expenses |
| ● | Total income increased 6% to £2,628m, driven<br>by organic business growth, the acquisition of the GM portfolio and<br>increased purchase activity. NII increased 3% to £2,044m with<br>a net interest margin (NIM) of 10.96% (Q324 YTD: 10.64%), including<br>business growth and repricing initiatives. Net fee, commission and<br>other income increased 20% to £584m driven by purchases and<br>fee growth |
| ● | Total operating expenses increased 2% to<br>£1,213m, driven<br>by partner-related expenses and supporting business growth, with<br>ongoing efficiency savings offsetting inflationary<br>headwinds |
| ● | Credit impairment charges were £1,090m (Q324 YTD:<br>£995m), driven by the<br>£65m day 1 impact from the acquisition of the GM portfolio and<br>elevated US macroeconomic uncertainty. US cards 30 and 90 day<br>arrears rates were 2.9%1 (Q324:<br>3.0%) and 1.5%1 (Q324:<br>1.6%) respectively. The USCB total coverage ratio decreased to<br>11.1% (December 2024: 11.4%) due to the acquisition of the GM<br>portfolio |
Balance sheet - 30 September 2025 compared to 31 December 2024
| ● | Loans and advances to customers at amortised cost were stable at<br>£20.0bn (December 2024: £20.0bn), reflecting<br>the strengthening of spot GBP against USD, offset by the<br>acquisition of the GM portfolio | |||||
|---|---|---|---|---|---|---|
| ● | Deposits at amortised cost increased to £23.7bn (December<br>2024: £23.3bn), with<br>growth in retail savings which is in line with USCB's ambition to<br>grow core deposits, partially offset by the strengthening of spot<br>GBP against USD | |||||
| ● | RWAs decreased to £25.8bn (December 2024:<br>£26.8bn), reflecting<br>the strengthening of GBP against USD, partially offset by the<br>acquisition of the GM portfolio | |||||
| 1 | Including a co-branded cards portfolio classified as assets held<br>for sale. | |||||
| --- | --- | |||||
| Head Office | Nine months ended | Three months ended | ||||
| --- | --- | --- | --- | --- | --- | --- |
| 30.09.25 | 30.09.24 | 30.09.25 | 30.09.24 | |||
| Income statement information | £m | £m | % Change | £m | £m | % Change |
| Net interest income | 426 | 463 | (8) | 138 | 215 | (36) |
| Net fee, commission and other income | (257) | (245) | (5) | (105) | (27) | |
| Total income | 169 | 218 | (22) | 33 | 188 | (82) |
| Operating costs | (544) | (603) | 10 | (162) | (197) | 18 |
| UK regulatory levies | - | - | - | - | ||
| Litigation and conduct | (244) | (50) | (239) | (7) | ||
| Total operating expenses | (788) | (653) | (21) | (401) | (204) | (97) |
| Other net income | 48 | 37 | 30 | 39 | 21 | 86 |
| Loss before impairment | (571) | (398) | (43) | (329) | 5 | |
| Credit impairment charges | (6) | (77) | 92 | (1) | (19) | 95 |
| Loss before tax | (577) | (475) | (21) | (330) | (14) | |
| Attributable loss | (537) | (424) | (27) | (299) | (16) | |
| Performance measures | ||||||
| Average allocated tangible equity (£bn) | 5.3 | 2.8 | 6.6 | 3.5 | ||
| As at<br><br><br>30.09.25 | As at<br><br><br>31.12.24 | As at<br><br><br>30.09.24 | ||||
| Balance sheet information | £bn | £bn | bn | |||
| Risk weighted assets | 12.7 | 16.2 | 16.1 | |||
| Period end allocated tangible equity | 5.8 | 2.4 | 4.9 |
All values are in British Pounds.
Income statement - Q325 YTD compared to Q324 YTD
| ● | Loss before tax was £577m (Q324 YTD: £475m) |
|---|---|
| ● | Total income decreased to £169m (Q324 YTD:<br>£218m), primarily<br>from the impact<br>of the disposal of the German consumer finance business in Q125 and<br>a fair value write-down of a legacy portfolio, partially offset by<br>the non-recurrence of the prior year loss on sale of the<br>performing Italian retail mortgage portfolio |
| ● | Total operating expenses increased to £788m (Q324 YTD:<br>£653m), primarily driven<br>by higher litigation and conduct charges including the £235m<br>charge for motor finance redress and the c.£50m expense for<br>the employee share grant announced at FY24 Results, partially<br>offset by the impact of the disposal of the German consumer finance<br>business |
| ● | Credit impairment charges decreased to £6m (Q324 YTD:<br>£77m), driven<br>by the disposal of the German consumer finance business, and the<br>disposal of the Italian mortgage portfolios in<br>FY24 |
Balance sheet - 30 September 2025 compared to 31 December 2024
| ● | RWAs decreased<br>to £12.7bn (December 2024: £16.2bn), primarily driven<br>by the disposal of the German consumer finance<br>business |
|---|
Quarterly Results Summary
| Barclays Group | ||||||||
|---|---|---|---|---|---|---|---|---|
| Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 | |
| Income statement information | £m | £m | m | £m | £m | £m | m | £m |
| Net interest income | 3,745 | 3,505 | 3,517 | 3,500 | 3,308 | 3,056 | 3,072 | 3,139 |
| Net fee, commission and other income | 3,422 | 3,682 | 4,192 | 3,464 | 3,239 | 3,268 | 3,881 | 2,459 |
| Total income | 7,167 | 7,187 | 7,709 | 6,964 | 6,547 | 6,324 | 6,953 | 5,598 |
| Operating costs | (4,254) | (4,149) | (4,258) | (4,244) | (3,954) | (3,999) | (3,998) | (4,735) |
| UK regulatory levies | 12 | - | (96) | (227) | 27 | - | (120) | (180) |
| Litigation and conduct | (255) | (76) | (11) | (121) | (35) | (7) | (57) | (5) |
| Total operating expenses | (4,497) | (4,225) | (4,365) | (4,592) | (3,962) | (4,006) | (4,175) | (4,920) |
| Other net income/(expenses) | 39 | (9) | 18 | - | 21 | 4 | 12 | (16) |
| Profit before impairment | 2,709 | 2,953 | 3,362 | 2,372 | 2,606 | 2,322 | 2,790 | 662 |
| Credit impairment charges | (632) | (469) | (643) | (711) | (374) | (384) | (513) | (552) |
| Profit before tax | 2,077 | 2,484 | 2,719 | 1,661 | 2,232 | 1,938 | 2,277 | 110 |
| Tax (charges)/credit | (365) | (552) | (621) | (448) | (412) | (427) | (465) | 23 |
| Profit after tax | 1,712 | 1,932 | 2,098 | 1,213 | 1,820 | 1,511 | 1,812 | 133 |
| Non-controlling interests | - | (21) | (2) | (20) | (3) | (23) | (3) | (25) |
| Other equity instrument holders | (255) | (252) | (232) | (228) | (253) | (251) | (259) | (219) |
| Attributable profit/(loss) | 1,457 | 1,659 | 1,864 | 965 | 1,564 | 1,237 | 1,550 | (111) |
| Performance measures | ||||||||
| Return on average tangible shareholders' equity | 10.6% | 12.3% | 14.0% | 7.5% | 12.3% | 9.9% | 12.3% | (0.9)% |
| Average tangible shareholders' equity (£bn) | 55.1 | 53.9 | 53.1 | 51.5 | 51.0 | 49.8 | 50.5 | 48.9 |
| Cost: income ratio | 63% | 59% | 57% | 66% | 61% | 63% | 60% | 88% |
| Loan loss rate (bps) | 57 | 44 | 61 | 66 | 37 | 38 | 51 | 54 |
| Basic earnings per ordinary share | 10.4p | 11.7p | 13.0p | 6.7p | 10.7p | 8.3p | 10.3p | (0.7)p |
| Basic weighted average number of shares (m) | 14,045 | 14,211 | 14,314 | 14,432 | 14,648 | 14,915 | 14,983 | 15,092 |
| Period end number of shares (m) | 13,996 | 14,180 | 14,336 | 14,420 | 14,571 | 14,826 | 15,091 | 15,155 |
| Period end tangible shareholders' equity (£bn) | 54.9 | 54.5 | 53.4 | 51.5 | 51.1 | 50.4 | 50.6 | 50.2 |
| Balance sheet and capital<br>management1 | £bn | £bn | bn | £bn | £bn | £bn | bn | £bn |
| Loans and advances to customers at amortised cost | 346.4 | 339.2 | 338.6 | 337.9 | 326.5 | 329.8 | 332.1 | 333.3 |
| Loans and advances to banks at amortised cost | 9.4 | 8.7 | 9.4 | 8.3 | 8.1 | 8.0 | 8.5 | 9.5 |
| Debt securities at amortised cost | 70.7 | 69.9 | 71.4 | 68.2 | 64.6 | 61.7 | 57.4 | 56.7 |
| Loans and advances at amortised cost | 426.5 | 417.8 | 419.4 | 414.5 | 399.2 | 399.5 | 397.9 | 399.5 |
| Loans and advances at amortised cost impairment coverage<br>ratio | 1.2% | 1.2% | 1.2% | 1.2% | 1.3% | 1.4% | 1.4% | 1.4% |
| Total assets | 1,629.2 | 1,598.7 | 1,593.5 | 1,518.2 | 1,531.1 | 1,576.6 | 1,577.1 | 1,477.5 |
| Deposits at amortised cost | 575.3 | 564.5 | 574.3 | 560.7 | 542.8 | 557.5 | 552.3 | 538.8 |
| Tangible net asset value per share | 392p | 384p | 372p | 357p | 351p | 340p | 335p | 331p |
| Common equity tier 1 ratio | 14.1% | 14.0% | 13.9% | 13.6% | 13.8% | 13.6% | 13.5% | 13.8% |
| Common equity tier 1 capital | 50.3 | 49.5 | 48.8 | 48.6 | 47.0 | 47.7 | 47.1 | 47.3 |
| Risk weighted assets | 357.4 | 353.0 | 351.3 | 358.1 | 340.4 | 351.4 | 349.6 | 342.7 |
| UK leverage ratio | 4.9% | 5.0% | 5.0% | 5.0% | 4.9% | 5.0% | 4.9% | 5.2% |
| UK leverage exposure | 1,285.3 | 1,259.8 | 1,252.8 | 1,206.5 | 1,197.4 | 1,222.7 | 1,226.5 | 1,168.3 |
| Funding and liquidity | ||||||||
| Group liquidity pool (£bn) | 332.9 | 333.7 | 336.3 | 296.9 | 311.7 | 328.7 | 323.5 | 298.1 |
| Liquidity coverage ratio | 174.6% | 177.7% | 175.3% | 172.4% | 170.1% | 167.0% | 163.2% | 161.4% |
| Net stable funding ratio | 135.3% | 135.6% | 136.2% | 134.9% | 135.6% | 136.4% | 135.7% | 138.0% |
| Loan: deposit ratio | 74% | 74% | 73% | 74% | 74% | 72% | 72% | 74% |
All values are in British Pounds.
| 1 | Refer to pages 35 to 39 for further information on how capital,<br>RWAs and leverage are calculated. |
|---|
Quarterly Results by Business
| Barclays UK | ||||||||
|---|---|---|---|---|---|---|---|---|
| Q325 | Q225 | Q125 | Q4241 | Q324 | Q224 | Q124 | Q423 | |
| Income statement information | £m | £m | m | £m | £m | £m | m | £m |
| Net interest income | 1,961 | 1,855 | 1,822 | 1,815 | 1,666 | 1,597 | 1,549 | 1,575 |
| Net fee, commission and other income | 292 | 264 | 252 | 800 | 280 | 290 | 277 | 217 |
| Total income | 2,253 | 2,119 | 2,074 | 2,615 | 1,946 | 1,887 | 1,826 | 1,792 |
| Operating costs | (1,189) | (1,168) | (1,115) | (1,170) | (1,017) | (1,041) | (1,007) | (1,153) |
| UK regulatory levies | (1) | - | (43) | (36) | 12 | - | (54) | (30) |
| Litigation and conduct | (8) | (27) | (2) | (9) | (1) | (4) | (2) | (4) |
| Total operating expenses | (1,198) | (1,195) | (1,160) | (1,215) | (1,006) | (1,045) | (1,063) | (1,187) |
| Other net income | - | - | - | - | - | - | - | - |
| Profit before impairment | 1,055 | 924 | 914 | 1,400 | 940 | 842 | 763 | 605 |
| Credit impairment charges | (102) | (79) | (158) | (283) | (16) | (8) | (58) | (37) |
| Profit before tax | 953 | 845 | 756 | 1,117 | 924 | 834 | 705 | 568 |
| Attributable profit | 647 | 580 | 510 | 781 | 621 | 584 | 479 | 382 |
| Balance sheet information | £bn | £bn | bn | £bn | £bn | £bn | bn | £bn |
| Loans and advances to customers at amortised cost | 213.4 | 211.2 | 209.6 | 207.7 | 199.3 | 198.7 | 200.8 | 202.8 |
| Customer deposits at amortised cost | 241.5 | 241.3 | 243.1 | 244.2 | 236.3 | 236.8 | 237.2 | 241.1 |
| Loan: deposit ratio | 95% | 94% | 93% | 92% | 92% | 91% | 92% | 92% |
| Risk weighted assets | 86.7 | 86.1 | 85.0 | 84.5 | 77.5 | 76.5 | 76.5 | 73.5 |
| Period end allocated tangible equity | 11.9 | 11.8 | 11.8 | 11.6 | 10.7 | 10.6 | 10.7 | 10.2 |
| Performance measures | ||||||||
| Return on average allocated tangible equity | 21.8% | 19.7% | 17.4% | 28.0% | 23.4% | 22.3% | 18.5% | 14.9% |
| Average allocated tangible equity (£bn) | 11.9 | 11.8 | 11.7 | 11.2 | 10.6 | 10.5 | 10.4 | 10.2 |
| Cost: income ratio | 53% | 56% | 56% | 46% | 52% | 55% | 58% | 66% |
| Loan loss rate (bps) | 18 | 14 | 28 | 49 | 3 | 1 | 11 | 7 |
| Net interest margin | 3.68% | 3.55% | 3.55% | 3.53% | 3.34% | 3.22% | 3.09% | 3.07% |
All values are in British Pounds.
| 1 | Q424 includes the day 1 impacts from the acquisition of Tesco Bank:<br>total Income includes a £556m gain, and credit impairment<br>charges includes a £209m charge | |||||||
|---|---|---|---|---|---|---|---|---|
| Analysis of Barclays UK | Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Analysis of total income | £m | £m | m | £m | £m | £m | m | £m |
| Retail Banking1 | 1,708 | 1,599 | 1,573 | 2,078 | 1,433 | 1,402 | 1,357 | 1,309 |
| Business Banking | 545 | 520 | 501 | 537 | 513 | 485 | 469 | 483 |
| Total income | 2,253 | 2,119 | 2,074 | 2,615 | 1,946 | 1,887 | 1,826 | 1,792 |
| Analysis of credit impairment (charges)/releases | ||||||||
| Retail Banking1 | (98) | (59) | (145) | (279) | (12) | (51) | (52) | (38) |
| Business Banking | (4) | (20) | (13) | (4) | (4) | 43 | (6) | 1 |
| Total credit impairment charges | (102) | (79) | (158) | (283) | (16) | (8) | (58) | (37) |
| Analysis of loans and advances to customers at amortised<br>cost | £bn | £bn | bn | £bn | £bn | £bn | bn | £bn |
| Retail Banking1 | 195.2 | 192.4 | 190.4 | 188.0 | 178.7 | 177.5 | 178.8 | 179.8 |
| Business Banking | 18.2 | 18.8 | 19.2 | 19.7 | 20.6 | 21.2 | 22.0 | 23.0 |
| Total loans and advances to customers at amortised<br>cost | 213.4 | 211.2 | 209.6 | 207.7 | 199.3 | 198.7 | 200.8 | 202.8 |
| Analysis of customer deposits at amortised cost | ||||||||
| Retail Banking1 | 189.3 | 189.3 | 190.8 | 191.4 | 182.9 | 183.3 | 183.4 | 185.4 |
| Business Banking | 52.2 | 52.0 | 52.3 | 52.8 | 53.4 | 53.5 | 53.8 | 55.7 |
| Total customer deposits at amortised cost | 241.5 | 241.3 | 243.1 | 244.2 | 236.3 | 236.8 | 237.2 | 241.1 |
All values are in British Pounds.
| 1 | Following the completion of the acquisition on 1 November 2024,<br>Tesco Bank is reported in Retail Banking | |||||||
|---|---|---|---|---|---|---|---|---|
| Barclays UK Corporate Bank | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 | |
| Income statement information | £m | £m | m | £m | £m | £m | m | £m |
| Net interest income | 383 | 359 | 342 | 324 | 309 | 296 | 277 | 247 |
| Net fee, commission, trading and other income | 139 | 160 | 142 | 134 | 136 | 147 | 157 | 148 |
| Total income | 522 | 519 | 484 | 458 | 445 | 443 | 434 | 395 |
| Operating costs | (243) | (240) | (234) | (250) | (229) | (235) | (221) | (258) |
| UK regulatory levies | 9 | - | (24) | (14) | 7 | - | (30) | (8) |
| Litigation and conduct | - | (39) | - | (1) | - | - | - | (1) |
| Total operating expenses | (234) | (279) | (258) | (265) | (222) | (235) | (251) | (267) |
| Other net expenses | - | - | - | - | - | - | - | (5) |
| Profit before impairment | 288 | 240 | 226 | 193 | 223 | 208 | 183 | 123 |
| Credit impairment charges | (5) | (12) | (19) | (40) | (13) | (8) | (15) | (18) |
| Profit before tax | 283 | 228 | 207 | 153 | 210 | 200 | 168 | 105 |
| Attributable profit | 196 | 142 | 142 | 98 | 144 | 135 | 113 | 59 |
| Balance sheet information | £bn | £bn | bn | £bn | £bn | £bn | bn | £bn |
| Loans and advances to customers at amortised cost | 29.0 | 27.9 | 26.7 | 25.4 | 24.8 | 25.7 | 25.7 | 26.4 |
| Deposits at amortised cost | 86.7 | 85.3 | 85.3 | 83.1 | 82.3 | 84.9 | 81.7 | 84.9 |
| Risk weighted assets | 25.2 | 25.3 | 24.2 | 23.9 | 22.1 | 21.9 | 21.4 | 20.9 |
| Period end allocated tangible equity | 3.4 | 3.5 | 3.4 | 3.3 | 3.0 | 3.0 | 3.0 | 3.0 |
| Performance measures | ||||||||
| Return on average allocated tangible equity | 22.8% | 16.6% | 17.1% | 12.3% | 18.8% | 18.0% | 15.2% | 8.4% |
| Average allocated tangible equity (£bn) | 3.4 | 3.4 | 3.3 | 3.2 | 3.1 | 3.0 | 3.0 | 2.8 |
| Cost: income ratio | 45% | 54% | 53% | 58% | 50% | 53% | 58% | 68% |
| Loan loss rate (bps) | 7 | 17 | 28 | 62 | 21 | 12 | 23 | 27 |
| Analysis of total income | £m | £m | m | £m | £m | £m | m | £m |
| Corporate lending | 90 | 90 | 80 | 71 | 67 | 57 | 72 | 64 |
| Transaction banking | 432 | 429 | 404 | 387 | 378 | 386 | 362 | 331 |
| Total income | 522 | 519 | 484 | 458 | 445 | 443 | 434 | 395 |
All values are in British Pounds.
| Barclays Private Bank and Wealth Management | ||||||||
|---|---|---|---|---|---|---|---|---|
| Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 | |
| Income statement information | £m | £m | m | £m | £m | £m | m | £m |
| Net interest income | 190 | 203 | 204 | 216 | 189 | 187 | 175 | 182 |
| Net fee, commission and other income | 145 | 145 | 145 | 135 | 137 | 133 | 137 | 131 |
| Total income | 335 | 348 | 349 | 351 | 326 | 320 | 312 | 313 |
| Operating costs | (243) | (238) | (234) | (255) | (222) | (220) | (214) | (255) |
| UK regulatory levies | (1) | - | (2) | (7) | 1 | - | (3) | (4) |
| Litigation and conduct | 1 | - | - | (1) | - | 1 | - | 2 |
| Total operating expenses | (243) | (238) | (236) | (263) | (221) | (219) | (217) | (257) |
| Other net income | - | - | - | - | - | - | - | - |
| Profit before impairment | 92 | 110 | 113 | 88 | 105 | 101 | 95 | 56 |
| Credit impairment (charges)/releases | (1) | 2 | 9 | (2) | (7) | 3 | - | 4 |
| Profit before tax | 91 | 112 | 122 | 86 | 98 | 104 | 95 | 60 |
| Attributable profit | 72 | 88 | 96 | 63 | 74 | 77 | 74 | 47 |
| Balance sheet information | £bn | £bn | bn | £bn | £bn | £bn | bn | £bn |
| Loans and advances to customers at amortised cost | 14.9 | 14.5 | 14.5 | 14.5 | 14.0 | 13.9 | 13.7 | 13.6 |
| Deposits at amortised cost | 70.6 | 66.7 | 73.1 | 69.5 | 64.8 | 64.6 | 61.9 | 60.3 |
| Risk weighted assets | 7.9 | 7.9 | 8.0 | 7.9 | 7.3 | 7.0 | 7.2 | 7.2 |
| Period end allocated tangible equity | 1.1 | 1.1 | 1.1 | 1.1 | 1.0 | 1.0 | 1.0 | 1.0 |
| Client assets and liabilities1 | 221.5 | 213.4 | 212.4 | 208.9 | 201.5 | 198.5 | 189.1 | 182.9 |
| Performance measures | ||||||||
| Return on average allocated tangible equity | 26.4% | 31.9% | 34.5% | 23.9% | 29.0% | 30.8% | 28.7% | 19.1% |
| Average allocated tangible equity (£bn) | 1.1 | 1.1 | 1.1 | 1.1 | 1.0 | 1.0 | 1.0 | 1.0 |
| Cost: income ratio | 73% | 68% | 68% | 75% | 68% | 68% | 70% | 82% |
| Loan loss rate (bps) | 3 | (5) | (25) | 5 | 19 | (9) | - | (10) |
All values are in British Pounds.
| 1 | Client assets and liabilities refers to customer deposits, lending<br>and invested assets. | |||||||
|---|---|---|---|---|---|---|---|---|
| Barclays Investment Bank | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 | |
| Income statement information | £m | £m | m | £m | £m | £m | m | £m |
| Net interest income | 347 | 334 | 297 | 284 | 282 | 268 | 197 | 282 |
| Net trading income | 1,581 | 1,906 | 2,416 | 1,262 | 1,512 | 1,485 | 1,982 | 757 |
| Net fee, commission and other income | 1,155 | 1,067 | 1,160 | 1,061 | 1,057 | 1,266 | 1,149 | 998 |
| Total income | 3,083 | 3,307 | 3,873 | 2,607 | 2,851 | 3,019 | 3,328 | 2,037 |
| Operating costs | (2,010) | (1,932) | (2,061) | (1,903) | (1,906) | (1,900) | (1,957) | (1,934) |
| UK regulatory levies | 5 | - | (27) | (161) | 7 | - | (33) | (123) |
| Litigation and conduct | (9) | (8) | (3) | (26) | (17) | (3) | (9) | (2) |
| Total operating expenses | (2,014) | (1,940) | (2,091) | (2,090) | (1,916) | (1,903) | (1,999) | (2,059) |
| Other net expenses | - | - | - | - | - | - | - | (1) |
| Profit/(loss) before impairment | 1,069 | 1,367 | 1,782 | 517 | 935 | 1,116 | 1,329 | (23) |
| Credit impairment (charges)/releases | (144) | (67) | (72) | (46) | (43) | (44) | 10 | (23) |
| Profit/(loss) before tax | 925 | 1,300 | 1,710 | 471 | 892 | 1,072 | 1,339 | (46) |
| Attributable profit/(loss) | 723 | 876 | 1,199 | 247 | 652 | 715 | 899 | (149) |
| Balance sheet information | £bn | £bn | bn | £bn | £bn | £bn | bn | £bn |
| Loans and advances to customers at amortised cost | 68.6 | 66.8 | 68.6 | 69.7 | 64.5 | 66.6 | 64.6 | 62.7 |
| Loans and advances to banks at amortised cost | 7.5 | 7.1 | 7.4 | 6.8 | 6.7 | 6.6 | 7.6 | 7.3 |
| Debt securities at amortised cost | 53.0 | 52.4 | 53.1 | 47.9 | 44.8 | 41.7 | 40.4 | 38.9 |
| Loans and advances at amortised cost | 129.1 | 126.3 | 129.1 | 124.4 | 116.0 | 114.9 | 112.6 | 108.9 |
| Trading portfolio assets | 191.3 | 186.1 | 185.5 | 166.1 | 185.8 | 197.2 | 195.3 | 174.5 |
| Derivative financial instrument assets | 263.8 | 279.0 | 253.6 | 291.6 | 256.7 | 251.4 | 248.9 | 255.1 |
| Financial assets at fair value through the income<br>statement | 222.8 | 215.2 | 209.5 | 190.4 | 210.8 | 211.7 | 225.1 | 202.5 |
| Cash collateral and settlement balances | 152.1 | 145.0 | 148.8 | 111.1 | 134.7 | 139.8 | 129.8 | 102.3 |
| Deposits at amortised cost | 152.8 | 148.7 | 148.9 | 140.5 | 139.8 | 151.3 | 151.1 | 132.7 |
| Derivative financial instrument liabilities | 252.0 | 265.1 | 245.1 | 279.0 | 249.4 | 241.8 | 241.5 | 249.7 |
| Risk weighted assets | 199.1 | 196.4 | 195.9 | 198.8 | 194.2 | 203.3 | 200.4 | 197.3 |
| Period end allocated tangible equity | 29.1 | 28.7 | 28.9 | 29.3 | 28.4 | 29.7 | 29.6 | 29.0 |
| Performance measures | ||||||||
| Return on average allocated tangible equity | 10.1% | 12.2% | 16.2% | 3.4% | 8.8% | 9.6% | 12.0% | (2.1)% |
| Average allocated tangible equity (£bn) | 28.6 | 28.7 | 29.6 | 29.3 | 29.5 | 29.9 | 30.0 | 28.9 |
| Cost: income ratio | 65% | 59% | 54% | 80% | 67% | 63% | 60% | 101% |
| Loan loss rate (bps) | 44 | 21 | 23 | 15 | 15 | 15 | (4) | 8 |
| Analysis of total income | £m | £m | m | £m | £m | £m | m | £m |
| FICC | 1,256 | 1,450 | 1,699 | 934 | 1,180 | 1,149 | 1,404 | 724 |
| Equities | 689 | 870 | 963 | 604 | 692 | 696 | 883 | 431 |
| Global Markets | 1,945 | 2,320 | 2,662 | 1,538 | 1,872 | 1,845 | 2,287 | 1,155 |
| Advisory | 196 | 123 | 143 | 189 | 186 | 138 | 148 | 171 |
| Equity<br>capital markets | 71 | 81 | 70 | 98 | 64 | 121 | 68 | 38 |
| Debt<br>capital markets | 379 | 364 | 431 | 327 | 344 | 420 | 401 | 301 |
| Banking<br>Fees and Underwriting | 646 | 568 | 644 | 614 | 594 | 679 | 617 | 510 |
| Corporate<br>lending | 68 | (4) | 156 | 45 | (21) | 87 | 42 | (23) |
| Transaction<br>banking | 424 | 423 | 411 | 410 | 406 | 408 | 382 | 395 |
| International<br>Corporate Banking | 492 | 419 | 567 | 455 | 385 | 495 | 424 | 372 |
| Investment Banking | 1,138 | 987 | 1,211 | 1,069 | 979 | 1,174 | 1,041 | 882 |
| Total income | 3,083 | 3,307 | 3,873 | 2,607 | 2,851 | 3,019 | 3,328 | 2,037 |
All values are in British Pounds.
| Barclays US Consumer Bank | ||||||||
|---|---|---|---|---|---|---|---|---|
| Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 | |
| Income statement information | £m | £m | m | £m | £m | £m | m | £m |
| Net interest income | 726 | 640 | 678 | 678 | 647 | 646 | 688 | 686 |
| Net fee, commission, trading and other income | 215 | 183 | 186 | 179 | 144 | 173 | 171 | 180 |
| Total income | 941 | 823 | 864 | 857 | 791 | 819 | 859 | 866 |
| Operating costs | (407) | (396) | (407) | (433) | (384) | (408) | (387) | (418) |
| UK regulatory levies | - | - | - | - | - | - | - | - |
| Litigation and conduct | - | - | (3) | - | (9) | (2) | (3) | (2) |
| Total operating expenses | (407) | (396) | (410) | (433) | (393) | (410) | (390) | (420) |
| Other net income | - | - | - | - | - | - | - | - |
| Profit before impairment | 534 | 427 | 454 | 424 | 398 | 409 | 469 | 446 |
| Credit impairment charges | (379) | (312) | (399) | (298) | (276) | (309) | (410) | (449) |
| Profit/(loss) before tax | 155 | 115 | 55 | 126 | 122 | 100 | 59 | (3) |
| Attributable profit/(loss) | 118 | 87 | 41 | 94 | 89 | 75 | 44 | (3) |
| Balance sheet information | £bn | £bn | bn | £bn | £bn | £bn | bn | £bn |
| Loans and advances to customers at amortised cost | 20.0 | 18.2 | 18.8 | 20.0 | 23.2 | 24.3 | 23.6 | 24.2 |
| Deposits at amortised cost | 23.7 | 22.5 | 23.8 | 23.3 | 19.4 | 20.0 | 20.3 | 19.7 |
| Risk weighted assets | 25.8 | 24.7 | 25.6 | 26.8 | 23.2 | 24.4 | 23.9 | 24.8 |
| Period end allocated tangible equity | 3.5 | 3.4 | 3.5 | 3.7 | 3.2 | 3.3 | 3.3 | 3.4 |
| Performance measures | ||||||||
| Return on average allocated tangible equity | 13.5% | 10.2% | 4.5% | 11.2% | 10.9% | 9.2% | 5.3% | (0.3)% |
| Average allocated tangible equity (£bn) | 3.5 | 3.4 | 3.6 | 3.4 | 3.3 | 3.3 | 3.3 | 3.3 |
| Cost: income ratio | 43% | 48% | 47% | 51% | 50% | 50% | 46% | 48% |
| Loan loss rate (bps)1 | 505 | 456 | 562 | 395 | 411 | 438 | 610 | 636 |
| Net interest margin | 11.50% | 10.83% | 10.53% | 10.66% | 10.38% | 10.43% | 11.12% | 10.88% |
All values are in British Pounds.
| 1 | LLR includes held for sale portfolios to remain consistent with the<br>treatment of impairment. | |||||||
|---|---|---|---|---|---|---|---|---|
| Head Office | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 | |
| Income statement information | £m | £m | m | £m | £m | £m | m | £m |
| Net interest income | 138 | 114 | 174 | 183 | 215 | 62 | 186 | 167 |
| Net fee, commission and other income | (105) | (43) | (109) | (107) | (27) | (226) | 8 | 28 |
| Total income | 33 | 71 | 65 | 76 | 188 | (164) | 194 | 195 |
| Operating costs | (162) | (175) | (207) | (233) | (197) | (195) | (211) | (717) |
| UK regulatory levies | - | - | - | (9) | - | - | - | (14) |
| Litigation and conduct | (239) | (2) | (3) | (84) | (7) | 1 | (44) | 1 |
| Total operating expenses | (401) | (177) | (210) | (326) | (204) | (194) | (255) | (730) |
| Other net income/(expenses) | 39 | (9) | 18 | - | 21 | 4 | 12 | (10) |
| (Loss)/profit before impairment | (329) | (115) | (127) | (250) | 5 | (354) | (49) | (545) |
| Credit impairment charges | (1) | (1) | (4) | (42) | (19) | (18) | (40) | (29) |
| Loss before tax | (330) | (116) | (131) | (292) | (14) | (372) | (89) | (574) |
| Attributable loss | (299) | (114) | (124) | (318) | (16) | (349) | (59) | (447) |
| Balance sheet information | £bn | £bn | bn | £bn | £bn | £bn | bn | £bn |
| Risk weighted assets | 12.7 | 12.6 | 12.7 | 16.2 | 16.1 | 18.3 | 20.2 | 19.0 |
| Period end allocated tangible equity | 5.8 | 5.9 | 4.7 | 2.4 | 4.9 | 2.7 | 3.0 | 3.6 |
| Performance measures | ||||||||
| Average allocated tangible equity (£bn) | 6.6 | 5.5 | 3.8 | 3.4 | 3.5 | 2.1 | 2.8 | 2.7 |
All values are in British Pounds.
Performance Management
| Margins and balances | ||||||
|---|---|---|---|---|---|---|
| Nine months ended 30.09.25 | Nine months ended 30.09.24 | |||||
| Net interest income | Average customer assets | Net interest margin | Net interest income | Average customer assets | Net interest margin | |
| £m | £m | % | £m | £m | % | |
| Barclays UK | 5,638 | 209,779 | 3.59 | 4,812 | 199,938 | 3.21 |
| Barclays UK Corporate Bank | 1,084 | 25,584 | 5.66 | 882 | 22,552 | 5.22 |
| Barclays Private Bank and Wealth Management | 597 | 14,735 | 5.42 | 551 | 13,862 | 5.31 |
| Barclays US Consumer Bank1 | 2,044 | 24,930 | 10.96 | 1,981 | 24,864 | 10.64 |
| Group excluding IB and Head<br>Office1 | 9,363 | 275,028 | 4.55 | 8,226 | 261,216 | 4.21 |
| Barclays Investment Bank | 978 | 747 | ||||
| Head Office | 426 | 463 | ||||
| Barclays Group Net interest income | 10,767 | 9,436 |
The Group excluding IB and Head Office net interest margin increased by 34bps from 4.21% in Q324 to 4.55% in Q325, due to continued structural hedge momentum, and the impact of Tesco Bank, partially offset by retail deposit dynamics.
| Quarterly analysis | |||||
|---|---|---|---|---|---|
| Q325 | Q225 | Q125 | Q424 | Q324 | |
| Net interest income | £m | £m | £m | £m | £m |
| Barclays UK | 1,961 | 1,855 | 1,822 | 1,815 | 1,666 |
| Barclays UK Corporate Bank | 383 | 359 | 342 | 324 | 309 |
| Barclays Private Bank and Wealth Management | 190 | 203 | 204 | 216 | 189 |
| Barclays US Consumer Bank | 726 | 640 | 678 | 678 | 647 |
| Group excluding IB and Head Office | 3,260 | 3,057 | 3,046 | 3,033 | 2,811 |
| Average customer assets | £m | £m | £m | £m | £m |
| Barclays UK | 211,384 | 209,649 | 208,305 | 204,793 | 198,616 |
| Barclays UK Corporate Bank | 26,645 | 25,478 | 24,605 | 23,450 | 23,049 |
| Barclays Private Bank and Wealth Management | 14,802 | 14,729 | 14,674 | 14,381 | 14,061 |
| Barclays US Consumer Bank1 | 25,037 | 23,713 | 26,106 | 25,314 | 24,798 |
| Group excluding IB and Head<br>Office1 | 277,868 | 273,569 | 273,690 | 267,938 | 260,524 |
| Net interest margin | % | % | % | % | % |
| Barclays UK | 3.68 | 3.55 | 3.55 | 3.53 | 3.34 |
| Barclays UK Corporate Bank | 5.70 | 5.65 | 5.64 | 5.50 | 5.33 |
| Barclays Private Bank and Wealth Management | 5.09 | 5.53 | 5.64 | 5.98 | 5.35 |
| Barclays US Consumer Bank | 11.50 | 10.83 | 10.53 | 10.66 | 10.38 |
| Group excluding IB and Head Office | 4.65 | 4.48 | 4.51 | 4.50 | 4.29 |
| 1 | Includes average customer asset balances classified as held for<br>sale. | ||||
| --- | --- |
Structural hedge
The Group employs a structural hedge programme designed to stabilise NIM on fixed rate non-maturity balance sheet items that are behaviourally stable. As interest rates move, such balances would otherwise drive material income volatility where there is a re-pricing mismatch with floating rate assets.
The structural hedge predominantly covers non-interest-bearing current accounts and the fixed portion of instant access savings accounts as well as equity, which are invested into either floating rate customer assets or balances at central banks, creating an exposure to changes in interest rates. The structural hedge is executed via a portfolio of receive-fixed, pay variable interest rate swaps, with an amortising structure so that a small portion matures and is reinvested each month at prevailing market rates. The pay-floating leg of the interest rate swaps nets down a proportion of the receive-floating income from the customer assets, leaving a receive-fixed income stream from the structural hedge.
The purpose of the structural hedge is to smooth the Group NII through time. The floating leg of the swap will re-price immediately, whereas the fixed rate yield on the portfolio reprices gradually, as a portion of the swap portfolio matures and the roll is re-invested onto new market rates.
When interest rates are higher than our structural hedge yield, the pay-floating rate will typically be higher than our average receive-fixed rate. In this scenario, when viewed in isolation, the structural hedge will be a net drag to Group NII. When floating rates are lower than our structural hedge yield, the hedge in isolation will be a net benefit.
Since the receive-fixed swaps are booked for a specific term, an element of NII is 'locked in'. The income stabilising feature of the structural hedge provides greater net interest income certainty through the interest rate cycle.
The structural hedge is one component of a larger portfolio of interest rate risk management activities that includes non-structural hedging (e.g. pay-fixed and receive-variable flows for asset hedging), and other offsetting flows. The net risk of these positions is executed externally through interest rate swaps and managed for accounting risk (i.e. income volatility arising from the accounting mismatch of swaps at fair value through profit and loss and underlying hedged items at amortised cost) within the cash flow hedging reserve.
Overall the Group has external derivatives designated as cash flow hedges that hedge interest rate risk with a notional £105.2bn (December 2024: £105.6bn) which reflects the structural hedge notional of £232.8bn (December 2024: £232.3bn) netted with non-structural hedging positions of £127.6bn (December 2024: £126.7bn). The majority of these interest rate swaps are cleared with Central Clearing Counterparties and margined daily with an average structural hedge duration of c.3.5 years.
Gross structural hedge contributions were £4,313m (September 2024: £3,430m). Gross structural hedge contributions represent the absolute interest income earned on the fixed legs of the swaps in the structural hedge as the floating leg is offset by the base rate funding of the deposits.
Credit Risk
Loans and advances at amortised cost by geography
Total loans and advances at amortised cost in the credit risk 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 of loans and advances at amortised cost and the impairment allowance by stage; and includes purchased or originated credit-impaired (POCI) balances. POCI balances represent a fixed pool of assets purchased at a deep discount to face value reflecting credit losses incurred from the point of origination to date of acquisition. The table also presents stage allocation of debt securities and off-balance sheet loan commitments and financial guarantee contracts.
The impairment allowance under IFRS 9 considers both the drawn and the undrawn counterparty exposure. For retail portfolios, the total impairment allowance is allocated to gross loans and advances to the extent allowance does not exceed the drawn exposure and any excess is reported on the liabilities side of the balance sheet as a provision. For wholesale portfolios, impairment allowance on undrawn exposure is reported on the liability side of the balance sheet as a provision.
| Gross exposure | Impairment allowance | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Stage 1 | Stage 2 | Stage 3 excluding POCI | Stage 3 POCI | Total | Stage 1 | Stage 2 | Stage 3 excluding POCI | Stage 3 POCI | Total | |
| As at 30.09.25 | £m | £m | £m | £m | m | £m | £m | £m | £m | £m |
| Retail mortgages | 155,503 | 15,123 | 1,860 | - | 172,486 | 18 | 20 | 59 | - | 97 |
| Retail credit cards | 13,993 | 2,543 | 260 | 24 | 16,820 | 162 | 486 | 157 | - | 805 |
| Retail other | 9,863 | 1,469 | 276 | 12 | 11,620 | 81 | 164 | 191 | - | 436 |
| Corporate loans1 | 53,776 | 6,958 | 1,538 | - | 62,272 | 133 | 201 | 435 | - | 769 |
| Total UK | 233,135 | 26,093 | 3,934 | 36 | 263,198 | 394 | 871 | 842 | - | 2,107 |
| Retail mortgages | 1,852 | 57 | 147 | - | 2,056 | 2 | - | 19 | - | 21 |
| Retail credit cards | 17,528 | 2,760 | 1,675 | - | 21,963 | 358 | 759 | 1,351 | - | 2,468 |
| Retail other | 2,474 | 179 | 79 | - | 2,732 | 4 | 4 | 17 | - | 25 |
| Corporate loans | 65,519 | 3,815 | 1,672 | - | 71,006 | 88 | 134 | 307 | - | 529 |
| Total Rest of the World | 87,373 | 6,811 | 3,573 | - | 97,757 | 452 | 897 | 1,694 | - | 3,043 |
| Total loans and advances at amortised cost | 320,508 | 32,904 | 7,507 | 36 | 360,955 | 846 | 1,768 | 2,536 | - | 5,150 |
| Debt securities at amortised cost | 70,300 | 391 | - | - | 70,691 | 11 | 11 | - | - | 22 |
| Total loans and advances at amortised cost including debt<br>securities | 390,808 | 33,295 | 7,507 | 36 | 431,646 | 857 | 1,779 | 2,536 | - | 5,172 |
| Off-balance sheet loan commitments and financial guarantee<br>contracts2 | 413,539 | 16,214 | 1,076 | 5 | 430,834 | 161 | 240 | 31 | - | 432 |
| Total3,4 | 804,347 | 49,509 | 8,583 | 41 | 862,480 | 1,018 | 2,019 | 2,567 | - | 5,604 |
| Net exposure | Coverage ratio | |||||||||
| Stage 1 | Stage 2 | Stage 3 excluding POCI | Stage 3 POCI | Total | Stage 1 | Stage 2 | Stage 3 excluding POCI | Stage 3 POCI | Total | |
| As at 30.09.25 | £m | £m | £m | £m | m | % | % | % | % | % |
| Retail mortgages | 155,485 | 15,103 | 1,801 | - | 172,389 | - | 0.1 | 3.2 | - | 0.1 |
| Retail credit cards | 13,831 | 2,057 | 103 | 24 | 16,015 | 1.2 | 19.1 | 60.4 | - | 4.8 |
| Retail other | 9,782 | 1,305 | 85 | 12 | 11,184 | 0.8 | 11.2 | 69.2 | - | 3.8 |
| Corporate loans1 | 53,643 | 6,757 | 1,103 | - | 61,503 | 0.2 | 2.9 | 28.3 | - | 1.2 |
| Total UK | 232,741 | 25,222 | 3,092 | 36 | 261,091 | 0.2 | 3.3 | 21.4 | - | 0.8 |
| Retail mortgages | 1,850 | 57 | 128 | - | 2,035 | 0.1 | - | 12.9 | - | 1.0 |
| Retail credit cards | 17,170 | 2,001 | 324 | - | 19,495 | 2.0 | 27.5 | 80.7 | - | 11.2 |
| Retail other | 2,470 | 175 | 62 | - | 2,707 | 0.2 | 2.2 | 21.5 | - | 0.9 |
| Corporate loans | 65,431 | 3,681 | 1,365 | - | 70,477 | 0.1 | 3.5 | 18.4 | - | 0.7 |
| Total Rest of the World | 86,921 | 5,914 | 1,879 | - | 94,714 | 0.5 | 13.2 | 47.4 | - | 3.1 |
| Total loans and advances at amortised cost | 319,662 | 31,136 | 4,971 | 36 | 355,805 | 0.3 | 5.4 | 33.8 | - | 1.4 |
| Debt securities at amortised cost | 70,289 | 380 | - | - | 70,669 | - | 2.8 | - | - | - |
| Total loans and advances at amortised cost including debt<br>securities | 389,951 | 31,516 | 4,971 | 36 | 426,474 | 0.2 | 5.3 | 33.8 | - | 1.2 |
| Off-balance sheet loan commitments and financial guarantee<br>contracts2 | 413,378 | 15,974 | 1,045 | 5 | 430,402 | - | 1.5 | 2.9 | - | 0.1 |
| Total3,4 | 803,329 | 47,490 | 6,016 | 41 | 856,876 | 0.1 | 4.1 | 29.9 | - | 0.6 |
All values are in British Pounds.
| 1 | Includes Business Banking, which has a gross exposure of<br>£12.5bn and an impairment allowance of £337m. This<br>comprises £62m impairment allowance on £8.9bn Stage 1<br>exposure, £59m on £2.7bn Stage 2 exposure and £216m<br>on £0.9bn Stage 3 exposure. Excluding this, total coverage for<br>corporate loans in UK is 0.9%. | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2 | Excludes loan commitments and financial guarantees of £24.4bn<br>carried at fair value and includes exposures relating to financial<br>assets classified as assets held for sale. | |||||||||
| 3 | Other financial assets subject to impairment excluded in the table<br>above include cash collateral and settlement balances, reverse<br>repurchase agreements and other similar secured lending, financial<br>assets at fair value through other comprehensive income and other<br>assets. These have a total gross exposure of £251.0bn and an<br>impairment allowance of £155m. This comprises £22m<br>impairment allowance on £249.7bn Stage 1 exposure, £7m on<br>£1.2bn Stage 2 exposure and £126m on £129m Stage 3<br>exposure. | |||||||||
| 4 | The annualised loan loss rate is 53bps after applying the total<br>impairment charge of £1,744m. | |||||||||
| Gross exposure | Impairment allowance | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Stage 1 | Stage 2 | Stage 3 excluding POCI | Stage 3 POCI | Total | Stage 1 | Stage 2 | Stage 3 excluding POCI | Stage 3 POCI | Total | |
| As at 31.12.24 | £m | £m | £m | £m | m | £m | £m | £m | £m | £m |
| Retail mortgages | 145,039 | 19,507 | 1,793 | - | 166,339 | 36 | 61 | 61 | - | 158 |
| Retail credit cards | 13,497 | 2,064 | 179 | 40 | 15,780 | 219 | 440 | 91 | - | 750 |
| Retail other | 10,606 | 1,218 | 257 | 17 | 12,098 | 135 | 110 | 138 | - | 383 |
| Corporate loans1 | 52,284 | 7,266 | 2,171 | - | 61,721 | 133 | 196 | 420 | - | 749 |
| Total UK | 221,426 | 30,055 | 4,400 | 57 | 255,938 | 523 | 807 | 710 | - | 2,040 |
| Retail mortgages | 1,651 | 89 | 169 | - | 1,909 | 2 | 1 | 26 | - | 29 |
| Retail credit cards | 17,629 | 2,953 | 1,724 | - | 22,306 | 334 | 807 | 1,416 | - | 2,557 |
| Retail other | 1,844 | 155 | 121 | - | 2,120 | 3 | 1 | 23 | - | 27 |
| Corporate loans | 64,224 | 3,901 | 945 | - | 69,070 | 76 | 135 | 206 | - | 417 |
| Total Rest of the World | 85,348 | 7,098 | 2,959 | - | 95,405 | 415 | 944 | 1,671 | - | 3,030 |
| Total loans and advances at amortised cost | 306,774 | 37,153 | 7,359 | 57 | 351,343 | 938 | 1,751 | 2,381 | - | 5,070 |
| Debt securities at amortised cost | 64,988 | 3,245 | - | - | 68,233 | 12 | 11 | - | - | 23 |
| Total loans and advances at amortised cost including debt<br>securities | 371,762 | 40,398 | 7,359 | 57 | 419,576 | 950 | 1,762 | 2,381 | - | 5,093 |
| Off-balance sheet loan commitments and financial guarantee<br>contracts2 | 412,255 | 18,728 | 1,168 | 6 | 432,157 | 164 | 250 | 25 | - | 439 |
| Total3,4 | 784,017 | 59,126 | 8,527 | 63 | 851,733 | 1,114 | 2,012 | 2,406 | - | 5,532 |
All values are in British Pounds.
| Net exposure | Coverage ratio | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Stage 1 | Stage 2 | Stage 3 excluding POCI | Stage 3 POCI | Total | Stage 1 | Stage 2 | Stage 3 excluding POCI | Stage 3 POCI | Total | |
| As at 31.12.24 | £m | £m | £m | £m | m | % | % | % | % | % |
| Retail mortgages | 145,003 | 19,446 | 1,732 | - | 166,181 | - | 0.3 | 3.4 | - | 0.1 |
| Retail credit cards | 13,278 | 1,624 | 88 | 40 | 15,030 | 1.6 | 21.3 | 50.8 | - | 4.8 |
| Retail other | 10,471 | 1,108 | 119 | 17 | 11,715 | 1.3 | 9.0 | 53.7 | - | 3.2 |
| Corporate loans1 | 52,151 | 7,070 | 1,751 | - | 60,972 | 0.3 | 2.7 | 19.3 | - | 1.2 |
| Total UK | 220,903 | 29,248 | 3,690 | 57 | 253,898 | 0.2 | 2.7 | 16.1 | - | 0.8 |
| Retail mortgages | 1,649 | 88 | 143 | - | 1,880 | 0.1 | 1.1 | 15.4 | - | 1.5 |
| Retail credit cards | 17,295 | 2,146 | 308 | - | 19,749 | 1.9 | 27.3 | 82.1 | - | 11.5 |
| Retail other | 1,841 | 154 | 98 | - | 2,093 | 0.2 | 0.6 | 19.0 | - | 1.3 |
| Corporate loans | 64,148 | 3,766 | 739 | - | 68,653 | 0.1 | 3.5 | 21.8 | - | 0.6 |
| Total Rest of the World | 84,933 | 6,154 | 1,288 | - | 92,375 | 0.5 | 13.3 | 56.5 | - | 3.2 |
| Total loans and advances at amortised cost | 305,836 | 35,402 | 4,978 | 57 | 346,273 | 0.3 | 4.7 | 32.4 | - | 1.4 |
| Debt securities at amortised cost | 64,976 | 3,234 | - | - | 68,210 | - | 0.3 | - | - | - |
| Total loans and advances at amortised cost including debt<br>securities | 370,812 | 38,636 | 4,978 | 57 | 414,483 | 0.3 | 4.4 | 32.4 | - | 1.2 |
| Off-balance sheet loan commitments and financial guarantee<br>contracts2 | 412,091 | 18,478 | 1,143 | 6 | 431,718 | - | 1.3 | 2.1 | - | 0.1 |
| Total3,4 | 782,903 | 57,114 | 6,121 | 63 | 846,201 | 0.1 | 3.4 | 28.2 | - | 0.6 |
All values are in British Pounds.
| 1 | Includes Business Banking, which has a gross exposure of<br>£13.1bn and an impairment allowance of £356m. This<br>comprises £60m impairment allowance on £8.9bn Stage 1<br>exposure, £60m on £2.8bn Stage 2 exposure and £236m<br>on £1.5bn Stage 3 exposure. Excluding this, total coverage for<br>corporate loans in UK is 0.8%. |
|---|---|
| 2 | Excludes loan commitments and financial guarantees of £16.3bn<br>carried at fair value and includes exposures relating to financial<br>assets classified as assets held for sale. |
| 3 | Other financial assets subject to impairment excluded in the table<br>above include cash collateral and settlement balances, reverse<br>repurchase agreements and other similar secured lending, financial<br>assets at fair value through other comprehensive income and other<br>assets. These have a total gross exposure of £204.2bn and an<br>impairment allowance of £156m. This comprises £19m<br>impairment allowance on £202.7bn Stage 1 exposure, £7m on<br>£1.3bn Stage 2 exposure and £130m on £139m Stage 3<br>exposure. |
| 4 | The annualised loan loss rate is 46bps after applying the total<br>impairment charge of £1,982m |
Assets held for sale
This table presents a co-branded card portfolio in USCB classified as assets held for sale. Further, the sale of the German consumer finance business was completed in Q125.
| Loans and advances to customers classified as assets held for<br>sale | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||
| Gross | ECL | Coverage | Gross | ECL | Coverage | Gross | ECL | Coverage | Gross | ECL | Coverage | ||||
| As at 30.09.25 | £m | £m | % | £m | £m | % | £m | £m | % | £m | £m | % | |||
| Retail credit cards - US | 5,093 | 55 | 1.1 | 634 | 139 | 21.9 | 53 | 43 | 81.1 | 5,780 | 237 | 4.1 | |||
| Retail credit cards - Germany | - | - | - | - | - | - | - | - | - | - | - | - | |||
| Retail other - Germany | - | - | - | - | - | - | - | - | - | - | - | - | |||
| Corporate loans - US | 42 | 1 | 2.4 | 8 | 2 | 25.0 | 1 | 1 | 100.0 | 51 | 4 | 7.8 | |||
| Total Rest of the World | 5,135 | 56 | 1.1 | 642 | 141 | 22.0 | 54 | 44 | 81.5 | 5,831 | 241 | 4.1 | |||
| As at 31.12.24 | |||||||||||||||
| Retail credit cards - US | 5,495 | 64 | 1.2 | 689 | 161 | 23.4 | 57 | 46 | 80.7 | 6,241 | 271 | 4.3 | |||
| Retail credit cards - Germany | 1,908 | 18 | 0.9 | 307 | 29 | 9.4 | 93 | 69 | 74.2 | 2,308 | 116 | 5.0 | |||
| Retail other - Germany | 1,134 | 16 | 1.4 | 220 | 33 | 15.0 | 71 | 48 | 67.6 | 1,425 | 97 | 6.8 | |||
| Corporate loans - US | 49 | 1 | 2.0 | 9 | 3 | 33.3 | 1 | 1 | 100.0 | 59 | 5 | 8.5 | |||
| Total Rest of the World | 8,586 | 99 | 1.2 | 1,225 | 226 | 18.4 | 222 | 164 | 73.9 | 10,033 | 489 | 4.9 |
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 30.09.25 | Stage 1 | Not past due | <=30 days past due | >30 days past due | Total | Stage 3 excluding POCI | Stage 3 POCI | Total |
| Gross exposure | £m | £m | £m | £m | £m | £m | £m | £m |
| Retail mortgages | 157,355 | 12,477 | 2,044 | 659 | 15,180 | 2,007 | - | 174,542 |
| Retail credit cards | 31,521 | 4,750 | 284 | 269 | 5,303 | 1,935 | 24 | 38,783 |
| Retail other | 12,337 | 1,351 | 206 | 91 | 1,648 | 355 | 12 | 14,352 |
| Corporate loans | 119,295 | 10,456 | 242 | 75 | 10,773 | 3,210 | - | 133,278 |
| Total | 320,508 | 29,034 | 2,776 | 1,094 | 32,904 | 7,507 | 36 | 360,955 |
| Impairment allowance | ||||||||
| Retail mortgages | 20 | 12 | 5 | 3 | 20 | 78 | - | 118 |
| Retail credit cards | 520 | 980 | 114 | 151 | 1,245 | 1,508 | - | 3,273 |
| Retail other | 85 | 113 | 26 | 29 | 168 | 208 | - | 461 |
| Corporate loans | 221 | 322 | 7 | 6 | 335 | 742 | - | 1,298 |
| Total | 846 | 1,427 | 152 | 189 | 1,768 | 2,536 | - | 5,150 |
| Net exposure | ||||||||
| Retail mortgages | 157,335 | 12,465 | 2,039 | 656 | 15,160 | 1,929 | - | 174,424 |
| Retail credit cards | 31,001 | 3,770 | 170 | 118 | 4,058 | 427 | 24 | 35,510 |
| Retail other | 12,252 | 1,238 | 180 | 62 | 1,480 | 147 | 12 | 13,891 |
| Corporate loans | 119,074 | 10,134 | 235 | 69 | 10,438 | 2,468 | - | 131,980 |
| Total | 319,662 | 27,607 | 2,624 | 905 | 31,136 | 4,971 | 36 | 355,805 |
| Coverage ratio | % | % | % | % | % | % | % | % |
| Retail mortgages | - | 0.1 | 0.2 | 0.5 | 0.1 | 3.9 | - | 0.1 |
| Retail credit cards | 1.6 | 20.6 | 40.1 | 56.1 | 23.5 | 77.9 | - | 8.4 |
| Retail other | 0.7 | 8.4 | 12.6 | 31.9 | 10.2 | 58.6 | - | 3.2 |
| Corporate loans | 0.2 | 3.1 | 2.9 | 8.0 | 3.1 | 23.1 | - | 1.0 |
| Total | 0.3 | 4.9 | 5.5 | 17.3 | 5.4 | 33.8 | - | 1.4 |
| As at 31.12.24 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Gross exposure | £m | £m | £m | £m | £m | £m | £m | £m |
| Retail mortgages | 146,690 | 16,790 | 2,034 | 772 | 19,596 | 1,962 | - | 168,248 |
| Retail credit cards | 31,126 | 4,435 | 303 | 279 | 5,017 | 1,903 | 40 | 38,086 |
| Retail other | 12,450 | 1,056 | 211 | 106 | 1,373 | 378 | 17 | 14,218 |
| Corporate loans | 116,508 | 10,849 | 144 | 174 | 11,167 | 3,116 | - | 130,791 |
| Total | 306,774 | 33,130 | 2,692 | 1,331 | 37,153 | 7,359 | 57 | 351,343 |
| Impairment allowance | ||||||||
| Retail mortgages | 38 | 42 | 13 | 7 | 62 | 87 | - | 187 |
| Retail credit cards | 553 | 959 | 122 | 166 | 1,247 | 1,507 | - | 3,307 |
| Retail other | 138 | 76 | 17 | 18 | 111 | 161 | - | 410 |
| Corporate loans | 209 | 316 | 7 | 8 | 331 | 626 | - | 1,166 |
| Total | 938 | 1,393 | 159 | 199 | 1,751 | 2,381 | - | 5,070 |
| Net exposure | ||||||||
| Retail mortgages | 146,652 | 16,748 | 2,021 | 765 | 19,534 | 1,875 | - | 168,061 |
| Retail credit cards | 30,573 | 3,476 | 181 | 113 | 3,770 | 396 | 40 | 34,779 |
| Retail other | 12,312 | 980 | 194 | 88 | 1,262 | 217 | 17 | 13,808 |
| Corporate loans | 116,299 | 10,533 | 137 | 166 | 10,836 | 2,490 | - | 129,625 |
| Total | 305,836 | 31,737 | 2,533 | 1,132 | 35,402 | 4,978 | 57 | 346,273 |
| Coverage ratio | % | % | % | % | % | % | % | % |
| Retail mortgages | - | 0.3 | 0.6 | 0.9 | 0.3 | 4.4 | - | 0.1 |
| Retail credit cards | 1.8 | 21.6 | 40.3 | 59.5 | 24.9 | 79.2 | - | 8.7 |
| Retail other | 1.1 | 7.2 | 8.1 | 17.0 | 8.1 | 42.6 | - | 2.9 |
| Corporate loans | 0.2 | 2.9 | 4.9 | 4.6 | 3.0 | 20.1 | - | 0.9 |
| Total | 0.3 | 4.2 | 5.9 | 15.0 | 4.7 | 32.4 | - | 1.4 |
Measurement uncertainty
Scenarios used to calculate the Group's ECL charge were refreshed in Q325, with the Baseline scenario reflecting the latest consensus macroeconomic forecasts available at the time of the scenario refresh. The Baseline scenario continues to reflect the rapidly changing trade policies and uncertainty around potential tariffs to be imposed by the US administration and responses by other governments. Global growth slows modestly as rising US tariffs and retaliatory measures disrupt trade flows, dampen business confidence, and weigh on investment, though domestic demand in advanced economies remains resilient. UK and US GDP growth in 2025 is expected to be 1.6% and 1.0%, respectively. Labour markets in major economies soften slightly amid increased uncertainty and slower export-orientated activity. However, the weakening is contained and does not rise significantly from current levels. UK and US quarterly unemployment rates peak at 4.8% and 4.5%, respectively. Central Banks continue to loosen monetary policy albeit at different paces, with the Federal Reserve finishing 2026 with an interest rate of 3.0%.
The Downside scenarios have been calibrated to capture an escalation of trade tensions, where tariffs imposed by the US prompt retaliation from its trading partners with adverse implications for consumer prices and investment sentiment. A sharp slowdown in immigration coupled with mass deportations disrupts the US labour market, compounding downside risks to growth. In addition, global supply chains are severely disrupted as firms delay investment, reassess production locations and hoard production inputs. Imports into the US contract sharply due to higher prices and exports fall due to retaliation. The combination of trade impact and consumer uncertainty triggers a sharp recession, not only in the US but also in the UK and Europe driven by a severe decline in exports, business sentiment and with investment and consumption plans being put on hold. The rapid fall in external demand and a retrenchment in business investment push up unemployment rates, where job losses are concentrated in trade-exposed sectors (machinery, autos, consumer durables) but also spill into services. The Federal Reserve initially holds rates steady, weighing the inflation shock against the deteriorating real economy. However, as the slowdown deepens and labour market loosens, the Federal Reserve cuts rates swiftly to stimulate aggregate demand. The Bank of England eases monetary policy amid a disinflationary environment and looser labour markets.
In the Upside scenarios, a rise in labour force participation and higher productivity contribute to accelerated economic growth, without creating new inflationary pressures. Central banks lower interest rates stimulating private consumption and investment growth. Demand for labour increases and unemployment rates stabilise and start falling again. As geopolitical tensions ease, low inflation supports consumer purchasing power and contributes further to healthy GDP growth. The strong economic outlook and lower interest rates provide a boost to house prices growth and support bullish financial markets.
The methodology for estimating scenario 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 increase in the Upside scenario weights since 30 June 2025 is mainly driven by improvement in GDP growth in the Baseline scenario, bringing the Baseline scenario closer to the Upside scenarios. For further details see page 34.
The Group has retained the £71m (net of SRT1 credit protection) uncertainty adjustment introduced in Q125 across the US Consumer Bank and the Investment Bank businesses as heightened uncertainty persists, including tariffs and trade uncertainty and ongoing geopolitical risk; the impacts of which are yet to be observed in customer behaviour.
The following tables show the key macroeconomic variables used in the five scenarios (5-year annual paths) and the weights applied to each scenario.
| 1 | Significant Risk Transfer (SRT) represents risk transfer<br>transactions used to enhance risk management<br>capabilities. | ||||
|---|---|---|---|---|---|
| Macroeconomic variables used in the calculation of ECL | |||||
| --- | --- | --- | --- | --- | --- |
| As at 30.09.25 | 2025 | 2026 | 2027 | 2028 | 2029 |
| Baseline | % | % | % | % | % |
| UK GDP1 | 1.6 | 1.2 | 1.4 | 1.5 | 1.5 |
| UK unemployment2 | 4.6 | 4.8 | 4.7 | 4.7 | 4.6 |
| UK HPI3 | 2.2 | 3.5 | 1.9 | 3.4 | 3.8 |
| UK bank rate6 | 4.2 | 3.6 | 3.5 | 3.6 | 3.8 |
| US GDP1 | 1.0 | 1.4 | 2.0 | 2.0 | 2.0 |
| US unemployment4 | 4.3 | 4.4 | 4.3 | 4.3 | 4.3 |
| US HPI5 | 4.4 | 2.6 | 2.6 | 2.6 | 2.6 |
| US federal funds rate6 | 4.2 | 3.3 | 3.1 | 3.3 | 3.5 |
| Downside 2 | |||||
| UK GDP1 | 1.4 | (3.2) | 0.4 | 2.7 | 2.2 |
| UK unemployment2 | 4.7 | 6.9 | 7.8 | 6.2 | 5.4 |
| UK HPI3 | (2.5) | (25.7) | 0.2 | 14.8 | 12.3 |
| UK bank rate6 | 4.2 | 2.1 | 0.2 | 0.6 | 1.3 |
| US GDP1 | 0.7 | (4.4) | (1.3) | 1.8 | 2.6 |
| US unemployment4 | 4.3 | 6.6 | 8.0 | 6.6 | 6.0 |
| US HPI5 | 2.7 | (8.4) | 3.1 | 8.9 | 6.5 |
| US federal funds rate6 | 4.4 | 4.4 | 2.8 | 1.6 | 1.1 |
| Downside 1 | |||||
| UK GDP1 | 1.5 | (1.0) | 0.9 | 2.1 | 1.8 |
| UK unemployment2 | 4.7 | 5.9 | 6.3 | 5.5 | 5.0 |
| UK HPI3 | (0.1) | (12.0) | 1.1 | 9.0 | 8.0 |
| UK bank rate6 | 4.2 | 2.8 | 2.0 | 2.1 | 2.5 |
| US GDP1 | 0.9 | (1.5) | 0.3 | 1.9 | 2.3 |
| US unemployment4 | 4.3 | 5.5 | 6.2 | 5.5 | 5.1 |
| US HPI5 | 3.6 | (3.0) | 2.8 | 5.7 | 4.5 |
| US federal funds rate6 | 4.2 | 3.8 | 2.9 | 2.6 | 2.3 |
| Upside 2 | |||||
| UK GDP1 | 1.8 | 3.5 | 3.4 | 2.8 | 2.4 |
| UK unemployment2 | 4.6 | 4.1 | 3.9 | 3.8 | 3.7 |
| UK HPI3 | 2.6 | 14.0 | 6.9 | 4.0 | 4.3 |
| UK bank rate6 | 4.2 | 3.1 | 2.3 | 2.4 | 2.8 |
| US GDP1 | 1.1 | 2.7 | 3.0 | 2.8 | 2.8 |
| US unemployment4 | 4.2 | 3.8 | 3.6 | 3.6 | 3.6 |
| US HPI5 | 5.9 | 5.4 | 5.8 | 5.4 | 5.4 |
| US federal funds rate6 | 4.1 | 2.7 | 2.4 | 2.5 | 2.5 |
| Upside 1 | |||||
| UK GDP1 | 1.7 | 2.4 | 2.4 | 2.1 | 1.9 |
| UK unemployment2 | 4.6 | 4.5 | 4.3 | 4.3 | 4.2 |
| UK HPI3 | 2.4 | 8.6 | 4.4 | 3.7 | 4.0 |
| UK bank rate6 | 4.2 | 3.3 | 2.8 | 3.1 | 3.3 |
| US GDP1 | 1.0 | 2.1 | 2.5 | 2.4 | 2.4 |
| US unemployment4 | 4.2 | 4.1 | 4.0 | 4.0 | 4.0 |
| US HPI5 | 5.2 | 4.0 | 4.2 | 4.0 | 4.0 |
| US federal funds rate6 | 4.2 | 3.1 | 2.8 | 2.9 | 3.0 |
| 1 | Average Real GDP seasonally adjusted change in year. | ||||
| --- | --- | ||||
| 2 | Average UK unemployment rate 16-year+. | ||||
| 3 | Change in year end UK HPI = Halifax HPI Meth2 All Houses, All<br>Buyers index. | ||||
| 4 | Average US civilian unemployment rate 16-year+. | ||||
| 5 | Change in year end US HPI = FHFA House Price Index, relative to<br>prior year end. | ||||
| 6 | Average rate. | ||||
| Macroeconomic variables used in the calculation of ECL | |||||
| --- | --- | --- | --- | --- | --- |
| As at 30.06.25 | 2025 | 2026 | 2027 | 2028 | 2029 |
| Baseline | % | % | % | % | % |
| UK GDP1 | 0.7 | 1.2 | 1.5 | 1.6 | 1.7 |
| UK unemployment2 | 4.6 | 4.7 | 4.7 | 4.6 | 4.6 |
| UK HPI3 | 2.1 | 2.3 | 2.3 | 3.5 | 3.9 |
| UK bank rate6 | 4.1 | 3.8 | 3.8 | 3.8 | 3.9 |
| US GDP1 | 1.9 | 1.4 | 2.0 | 2.0 | 2.0 |
| US unemployment4 | 4.4 | 4.6 | 4.6 | 4.6 | 4.6 |
| US HPI5 | 2.8 | 2.0 | 2.0 | 2.0 | 2.0 |
| US federal funds rate6 | 4.3 | 3.6 | 3.6 | 3.8 | 3.8 |
| Downside 2 | |||||
| UK GDP1 | (0.2) | (3.4) | 1.7 | 2.6 | 1.8 |
| UK unemployment2 | 4.9 | 7.6 | 7.5 | 5.9 | 5.3 |
| UK HPI3 | (9.4) | (20.6) | 1.2 | 18.1 | 10.0 |
| UK bank rate6 | 4.0 | 1.4 | 0.2 | 0.8 | 1.5 |
| US GDP1 | 0.9 | (4.7) | (0.2) | 2.3 | 2.3 |
| US unemployment4 | 4.6 | 7.3 | 7.8 | 6.4 | 5.8 |
| US HPI5 | (1.6) | (6.6) | 3.6 | 9.1 | 4.7 |
| US federal funds rate6 | 4.5 | 4.1 | 2.4 | 1.4 | 1.2 |
| Downside 1 | |||||
| UK GDP1 | 0.2 | (1.1) | 1.6 | 2.1 | 1.8 |
| UK unemployment2 | 4.8 | 6.2 | 6.1 | 5.2 | 4.9 |
| UK HPI3 | (3.7) | (9.6) | 1.7 | 10.7 | 7.0 |
| UK bank rate6 | 4.1 | 3.1 | 2.2 | 2.3 | 2.7 |
| US GDP1 | 1.4 | (1.6) | 0.9 | 2.1 | 2.1 |
| US unemployment4 | 4.5 | 5.9 | 6.2 | 5.5 | 5.2 |
| US HPI5 | 0.5 | (2.4) | 2.8 | 5.5 | 3.4 |
| US federal funds rate6 | 4.3 | 3.9 | 2.9 | 2.6 | 2.6 |
| Upside 2 | |||||
| UK GDP1 | 1.1 | 3.9 | 3.2 | 2.6 | 2.3 |
| UK unemployment2 | 4.4 | 4.0 | 3.8 | 3.7 | 3.7 |
| UK HPI3 | 4.4 | 14.2 | 6.8 | 2.7 | 3.8 |
| UK bank rate6 | 4.1 | 3.1 | 2.5 | 2.6 | 2.9 |
| US GDP1 | 2.3 | 3.1 | 2.9 | 2.8 | 2.8 |
| US unemployment4 | 4.2 | 3.9 | 3.9 | 3.9 | 3.9 |
| US HPI5 | 5.2 | 4.3 | 5.3 | 4.9 | 4.9 |
| US federal funds rate6 | 4.1 | 2.9 | 2.8 | 2.8 | 2.8 |
| Upside 1 | |||||
| UK GDP1 | 0.9 | 2.5 | 2.4 | 2.1 | 2.0 |
| UK unemployment2 | 4.5 | 4.3 | 4.3 | 4.2 | 4.2 |
| UK HPI3 | 3.2 | 8.1 | 4.5 | 3.1 | 3.9 |
| UK bank rate6 | 4.1 | 3.4 | 3.3 | 3.3 | 3.4 |
| US GDP1 | 2.1 | 2.3 | 2.4 | 2.4 | 2.4 |
| US unemployment4 | 4.3 | 4.2 | 4.2 | 4.2 | 4.2 |
| US HPI5 | 4.0 | 3.1 | 3.7 | 3.4 | 3.4 |
| US federal funds rate6 | 4.3 | 3.3 | 3.3 | 3.5 | 3.5 |
| 1 | Average Real GDP seasonally adjusted change in year. | ||||
| --- | --- | ||||
| 2 | Average UK unemployment rate 16-year+. | ||||
| 3 | Change in year end UK HPI = Halifax HPI Meth2 All Houses, All<br>Buyers index. | ||||
| 4 | Average US civilian unemployment rate 16-year+. | ||||
| 5 | Change in year end US HPI = FHFA House Price Index, relative to<br>prior year end. | ||||
| 6 | Average rate. | ||||
| As at 31.12.24 | 2024 | 2025 | 2026 | 2027 | 2028 |
| --- | --- | --- | --- | --- | --- |
| Baseline | % | % | % | % | % |
| UK GDP1 | 1.0 | 1.4 | 1.5 | 1.6 | 1.5 |
| UK unemployment2 | 4.3 | 4.4 | 4.5 | 4.4 | 4.4 |
| UK HPI3 | 2.8 | 3.3 | 1.6 | 4.5 | 3.0 |
| UK bank rate6 | 5.1 | 4.3 | 4.0 | 4.0 | 3.8 |
| US GDP1 | 2.7 | 2.0 | 2.0 | 2.0 | 2.0 |
| US unemployment4 | 4.1 | 4.3 | 4.2 | 4.2 | 4.2 |
| US HPI5 | 6.5 | 2.6 | 2.7 | 3.0 | 3.0 |
| US federal funds rate6 | 5.1 | 4.1 | 4.0 | 3.8 | 3.8 |
| Downside 2 | |||||
| UK GDP1 | 1.0 | (2.3) | (1.3) | 2.6 | 2.3 |
| UK unemployment2 | 4.3 | 6.2 | 8.1 | 6.6 | 5.5 |
| UK HPI3 | 2.8 | (24.8) | (5.2) | 10.0 | 14.6 |
| UK bank rate6 | 5.1 | 3.5 | 1.7 | 0.6 | 1.1 |
| US GDP1 | 2.7 | (1.3) | (1.3) | 3.3 | 2.9 |
| US unemployment4 | 4.1 | 5.8 | 7.2 | 6.2 | 5.5 |
| US HPI5 | 6.5 | (8.0) | (0.7) | 5.2 | 4.0 |
| US federal funds rate6 | 5.1 | 2.5 | 0.6 | 0.8 | 1.5 |
| Downside 1 | |||||
| UK GDP1 | 1.0 | (0.5) | 0.1 | 2.1 | 1.9 |
| UK unemployment2 | 4.3 | 5.3 | 6.3 | 5.5 | 5.0 |
| UK HPI3 | 2.8 | (11.6) | (1.8) | 7.2 | 8.7 |
| UK bank rate6 | 5.1 | 3.9 | 2.9 | 2.3 | 2.4 |
| US GDP1 | 2.7 | 0.3 | 0.4 | 2.7 | 2.4 |
| US unemployment4 | 4.1 | 5.1 | 5.7 | 5.2 | 4.9 |
| US HPI5 | 6.5 | (2.7) | 1.0 | 4.1 | 3.5 |
| US federal funds rate6 | 5.1 | 3.4 | 2.3 | 2.3 | 2.7 |
| Upside 2 | |||||
| UK GDP1 | 1.0 | 3.0 | 3.7 | 2.9 | 2.4 |
| UK unemployment2 | 4.3 | 3.8 | 3.4 | 3.5 | 3.5 |
| UK HPI3 | 2.8 | 11.9 | 8.4 | 5.1 | 4.1 |
| UK bank rate6 | 5.1 | 3.9 | 2.9 | 2.8 | 2.8 |
| US GDP1 | 2.7 | 2.8 | 3.1 | 2.8 | 2.8 |
| US unemployment4 | 4.1 | 3.8 | 3.5 | 3.5 | 3.5 |
| US HPI5 | 6.5 | 6.2 | 4.7 | 4.8 | 4.9 |
| US federal funds rate6 | 5.1 | 3.7 | 3.3 | 3.1 | 2.8 |
| Upside 1 | |||||
| UK GDP1 | 1.0 | 2.2 | 2.6 | 2.2 | 2.0 |
| UK unemployment2 | 4.3 | 4.1 | 4.0 | 4.0 | 4.0 |
| UK HPI3 | 2.8 | 7.6 | 4.9 | 4.8 | 3.5 |
| UK bank rate6 | 5.1 | 4.1 | 3.5 | 3.4 | 3.3 |
| US GDP1 | 2.7 | 2.4 | 2.6 | 2.4 | 2.4 |
| US unemployment4 | 4.1 | 4.0 | 3.9 | 3.9 | 3.9 |
| US HPI5 | 6.5 | 4.4 | 3.7 | 3.9 | 3.9 |
| US federal funds rate6 | 5.1 | 4.0 | 3.8 | 3.6 | 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,<br>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<br>prior year end. | ||||
| 6 | Average rate. | ||||
| Scenario weighting | Upside 2 | Upside 1 | Baseline | Downside 1 | Downside 2 |
| --- | --- | --- | --- | --- | --- |
| % | % | % | % | % | |
| As at 30.09.25 | |||||
| Scenario<br>weighting | 16.5 | 26.7 | 33.7 | 14.7 | 8.4 |
| As at 30.06.25 | |||||
| Scenario<br>weighting | 15.5 | 26.4 | 34.4 | 15.2 | 8.5 |
| As at 31.12.24 | |||||
| Scenario weighting | 17.4 | 26.8 | 32.5 | 14.7 | 8.6 |
Treasury and Capital Risk
Regulatory minimum requirements
Capital
As at 30 September 2025, the Group's Overall Capital Requirement for CET1 was 12.2% and comprises a 4.5% Pillar 1 minimum, a 2.5% Capital Conservation Buffer (CCB), a 1.5% Global Systemically Important Institution (G-SII) buffer, a 2.7% Pillar 2A requirement and a 1.0% 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 is 4.8% with at least 56.25% to be met with CET1 capital, equating to 2.7% 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 minimum capital requirements and applicable buffers. The Group remains above its minimum capital regulatory requirements and applicable buffers.
Leverage
As at 30 September 2025, the Group was 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
As at 30 September 2025, the Group was required to meet the higher of: (i) two times the sum of 8% Pillar 1 and 4.8% Pillar 2A equating to 25.5% of RWAs; and (ii) 6.75% of leverage exposures. In addition, the higher of regulatory capital and leverage buffers apply. CET1 capital cannot be counted towards both MREL and the buffers, meaning that the buffers, including the confidential institution-specific PRA buffer, will effectively be applied above MREL requirements.
| Capital ratios1,2 | As at 30.09.25 | As at 30.06.25 | As at 31.12.24 |
|---|---|---|---|
| CET1 | 14.1% | 14.0% | 13.6% |
| T1 | 17.8% | 17.8% | 16.9% |
| Total regulatory capital | 20.4% | 20.5% | 19.6% |
| MREL ratio as a percentage of total RWAs | 35.8% | 35.4% | 34.4% |
| Own funds and eligible liabilities | £m | £m | £m |
| Total equity excluding non-controlling interests per the balance<br>sheet | 76,394 | 75,906 | 71,821 |
| Less: other equity instruments (recognised as AT1<br>capital) | (13,243) | (13,266) | (12,075) |
| Adjustment to retained earnings for foreseeable ordinary share<br>dividends | (478) | (600) | (786) |
| Adjustment to retained earnings for foreseeable repurchase of<br>shares | (477) | (171) | - |
| Adjustment to retained earnings for foreseeable other equity<br>coupons | (44) | (37) | (35) |
| Other regulatory adjustments and deductions | |||
| Additional value adjustments (PVA) | (1,941) | (1,887) | (2,051) |
| Goodwill and intangible assets | (8,228) | (8,158) | (8,272) |
| Deferred tax assets that rely on future profitability excluding<br>temporary differences | (1,225) | (1,303) | (1,451) |
| Fair value reserves related to gains or losses on cash flow<br>hedges | 1,312 | 1,210 | 2,930 |
| Excess of expected losses over impairment | (423) | (331) | (403) |
| Gains or losses on liabilities at fair value resulting from own<br>credit | 988 | 456 | 981 |
| Defined benefit pension fund assets | (2,261) | (2,177) | (2,367) |
| Direct and indirect holdings by an institution of own CET1<br>instruments | (3) | (5) | (1) |
| Adjustment under IFRS 9 transitional arrangements | - | - | 138 |
| Other regulatory adjustments | (117) | (92) | 129 |
| CET1 capital | 50,254 | 49,545 | 48,558 |
| AT1 capital | |||
| Capital instruments and related share premium accounts | 13,289 | 13,289 | 12,108 |
| Other regulatory adjustments and deductions | (46) | (23) | (32) |
| AT1 capital | 13,243 | 13,266 | 12,076 |
| T1 capital | 63,498 | 62,811 | 60,634 |
| T2 capital | |||
| Capital instruments and related share premium accounts | 9,528 | 9,498 | 9,150 |
| Qualifying T2 capital (including minority interests) issued by<br>subsidiaries | 65 | 76 | 367 |
| Other regulatory adjustments and deductions | (118) | (81) | (33) |
| Total regulatory capital | 72,974 | 72,304 | 70,118 |
| Less : Ineligible T2 capital (including minority interests) issued<br>by subsidiaries | (65) | (76) | (367) |
| Eligible liabilities | 55,142 | 52,733 | 53,547 |
| Total own funds and eligible<br>liabilities3 | 128,050 | 124,961 | 123,298 |
| Total RWAs | 357,378 | 353,043 | 358,127 |
| 1 | 2024 comparatives for Capital and RWAs have been calculated<br>applying the IFRS 9 transitional arrangements in accordance with<br>the CRR. Effective from 1 January 2025, the IFRS 9 transitional<br>arrangements no longer applied. | ||
| --- | --- | ||
| 2 | 2024 comparatives for total capital were calculated applying the<br>grandfathering of certain capital instruments within Tier 2<br>capital. Effective from 29 June 2025, the grandfathered instruments<br>no longer qualified as Tier 2 capital. | ||
| 3 | As at 30 September 2025, the Group's MREL requirement, excluding<br>the institution-specific confidential PRA buffer, was to hold<br>£109.2bn of own funds and eligible liabilities equating to<br>30.5% of RWAs. The Group remains above its MREL regulatory<br>requirement including the institution-specific confidential PRA<br>buffer. | ||
| Movement in CET1 capital | Three months<br><br><br>ended 30.09.25 | Nine months<br><br><br>ended 30.09.25 | |
| --- | --- | --- | |
| £m | £m | ||
| Opening CET1 capital | 49,545 | 48,558 | |
| Profit for the period attributable to equity holders | 1,712 | 5,719 | |
| Own credit relating to derivative liabilities | (4) | (15) | |
| Ordinary share dividends paid and foreseen | (300) | (900) | |
| Purchased and foreseeable share repurchase | (1,000) | (2,000) | |
| Other equity coupons paid and foreseen | (262) | (748) | |
| Increase in retained regulatory capital generated from<br>earnings | 146 | 2,056 | |
| Net impact of share schemes | 234 | 186 | |
| Fair value through other comprehensive income reserve | 69 | 477 | |
| Currency translation reserve | 434 | (1,137) | |
| Other reserves | (7) | (74) | |
| Increase / (Decrease) in other qualifying reserves | 730 | (548) | |
| Pension remeasurements within reserves | 69 | (131) | |
| Defined benefit pension fund asset deduction | (84) | 106 | |
| Net impact of pensions | (15) | (25) | |
| Additional value adjustments (PVA) | (54) | 110 | |
| Goodwill and intangible assets | (70) | 44 | |
| Deferred tax assets that rely on future profitability excluding<br>those arising from temporary differences | 78 | 226 | |
| Excess of expected loss over impairment | (92) | (20) | |
| Direct and indirect holdings by an institution of own CET1<br>instruments | 2 | (2) | |
| Adjustment under IFRS 9 transitional arrangements | - | (138) | |
| Other regulatory adjustments | (16) | (7) | |
| (Decrease) / Increase in regulatory capital due to adjustments and<br>deductions | (152) | 213 | |
| Closing CET1 capital | 50,254 | 50,254 |
CET1 capital increased by £1.7bn to £50.3bn (December 2024: £48.6bn). Significant movements in the period were:
| ● | £5.7bn of capital generated from profit partially offset by<br>distributions of £3.6bn comprising: | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| - | £2.0bn share buybacks including the now completed £1bn<br>announced with FY24 results and the ongoing £1bn announced<br>with H125 results | |||||||||
| - | £0.9bn of ordinary share dividends paid and foreseen<br>reflecting the £0.4bn interim dividend paid in September 2025<br>and a £0.5bn accrual towards the FY25 dividend | |||||||||
| - | £0.7bn of equity coupons paid and foreseen | |||||||||
| ● | £0.5bn decrease in other qualifying reserves including a<br>£1.1bn reduction in the currency translation reserve primarily<br>as a result of the strengthening of spot GBP against USD, partially<br>offset by a £0.5bn gain in the fair value through other<br>comprehensive income reserve. | |||||||||
| --- | --- | |||||||||
| 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 30.09.25 | £m | m | £m | £m | £m | m | £m | m | £m | £m |
| Barclays UK | 16,142 | 56,992 | 138 | 7 | - | 50 | 224 | - | 13,196 | 86,749 |
| Barclays UK Corporate Bank | 3,983 | 17,023 | 92 | 323 | - | 8 | 16 | 425 | 3,282 | 25,152 |
| Barclays Private Bank & Wealth Management | 4,907 | 615 | 127 | 17 | - | 11 | 33 | 298 | 1,870 | 7,878 |
| Barclays Investment Bank | 42,790 | 48,162 | 24,129 | 21,714 | 82 | 2,613 | 14,922 | 20,430 | 24,293 | 199,135 |
| Barclays US Consumer Bank | 19,976 | 962 | - | 2 | - | - | - | - | 4,856 | 25,796 |
| Head Office | 5,923 | 5,415 | 1 | 4 | - | 1 | 27 | 74 | 1,223 | 12,668 |
| Barclays Group | 93,721 | 129,169 | 24,487 | 22,067 | 82 | 2,683 | 15,222 | 21,227 | 48,720 | 357,378 |
| As at 30.06.25 | ||||||||||
| Barclays UK | 16,186 | 56,362 | 130 | 9 | - | 83 | 145 | - | 13,196 | 86,111 |
| Barclays UK Corporate Bank | 3,993 | 16,917 | 134 | 387 | - | 12 | 2 | 562 | 3,282 | 25,289 |
| Barclays Private Bank & Wealth Management | 4,892 | 497 | 172 | 26 | 1 | 19 | 49 | 394 | 1,870 | 7,920 |
| Barclays Investment Bank | 38,634 | 46,858 | 23,025 | 22,135 | 121 | 3,779 | 13,257 | 24,343 | 24,293 | 196,445 |
| Barclays US Consumer Bank | 18,900 | 889 | - | 6 | - | - | - | - | 4,856 | 24,651 |
| Head Office | 5,622 | 5,662 | 1 | 6 | - | 2 | 13 | 98 | 1,223 | 12,627 |
| Barclays Group | 88,227 | 127,185 | 23,462 | 22,569 | 122 | 3,895 | 13,466 | 25,397 | 48,720 | 353,043 |
All values are in British Pounds.
| As at 31.12.24 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Barclays UK | 15,516 | 55,301 | 146 | 11 | - | 74 | 228 | - | 13,181 | 84,457 | |||
| Barclays UK Corporate Bank | 3,932 | 15,680 | 106 | 336 | - | 12 | 16 | 548 | 3,282 | 23,912 | |||
| Barclays Private Bank & Wealth Management | 5,058 | 434 | 118 | 31 | - | 16 | 44 | 330 | 1,859 | 7,890 | |||
| Barclays Investment Bank | 40,957 | 49,231 | 21,889 | 24,094 | 70 | 2,913 | 12,442 | 23,023 | 24,164 | 198,783 | |||
| Barclays US Consumer Bank | 21,019 | 966 | - | - | - | - | - | - | 4,864 | 26,849 | |||
| Head Office | 6,580 | 8,162 | 1 | 20 | - | 4 | - | 212 | 1,257 | 16,236 | |||
| Barclays Group | 93,062 | 129,774 | 22,260 | 24,492 | 70 | 3,019 | 12,730 | 24,113 | 48,607 | 358,127 | |||
| Movement analysis of RWAs | Credit risk | Counterparty credit risk | Market risk | Operational risk | Total RWAs | ||||||||
| --- | --- | --- | --- | --- | --- | ||||||||
| £m | £m | £m | £m | £m | |||||||||
| RWAs as at 31.12.24 | 222,836 | 49,841 | 36,843 | 48,607 | 358,127 | ||||||||
| Book size | 8,041 | 1,421 | 144 | 113 | 9,719 | ||||||||
| Acquisitions and disposals | (2,420) | - | - | - | (2,420) | ||||||||
| Book quality | (1,744) | (209) | - | - | (1,953) | ||||||||
| Model updates | 304 | 68 | - | - | 372 | ||||||||
| Methodology and policy | 49 | (189) | - | - | (140) | ||||||||
| Foreign exchange movements1 | (4,176) | (1,613) | (538) | - | (6,327) | ||||||||
| Total RWA movements | 54 | (522) | (394) | 113 | (749) | ||||||||
| RWAs as at 30.09.25 | 222,890 | 49,319 | 36,449 | 48,720 | 357,378 | ||||||||
| 1 | Foreign exchange movements does not include the impact of foreign<br>exchange for modelled market risk or operational risk. | ||||||||||||
| --- | --- |
Total RWAs decreased £0.7bn to £357.4bn (Dec 2024: £358.1bn).
Credit risk RWAs increased £0.1bn:
| ● | A £8.0bn increase in book size primarily reflecting continuing<br>lending growth in UK businesses and business activity within<br>IB |
|---|---|
| ● | A £2.4bn decrease in acquisitions and disposals reflecting the<br>sale of the German Consumer Finance business, partially offset by<br>the acquisition of GM portfolio |
| ● | A £1.7bn decrease in book quality RWAs primarily driven by<br>improvements in credit quality within the Barclays UK mortgages<br>portfolio |
| ● | A £4.2bn decrease as a result of foreign exchange movements<br>primarily due to the strengthening of spot GBP against<br>USD |
Counterparty credit risk RWAs decreased £0.5bn:
| ● | A £1.6bn decrease as a result of foreign exchange movements<br>primarily due to the strengthening of spot GBP against USD,<br>partially offset by a £1.4bn increase in book size primarily<br>driven by client and trading activity within Global<br>Markets | ||
|---|---|---|---|
| Leverage ratios1 | As at 30.09.25 | As at 30.06.25 | As at 31.12.24 |
| --- | --- | --- | --- |
| £m | £m | £m | |
| UK leverage ratio2 | 4.9% | 5.0% | 5.0% |
| T1 capital | 63,498 | 62,811 | 60,634 |
| UK leverage exposure | 1,285,291 | 1,259,772 | 1,206,502 |
| Average UK leverage ratio | 4.7% | 4.7% | 4.6% |
| Average T1 capital | 62,556 | 61,716 | 60,291 |
| Average UK leverage exposure | 1,339,336 | 1,324,772 | 1,308,335 |
| 1 | 2024 comparatives for UK leverage ratios have been calculated<br>applying the IFRS 9 transitional arrangements in accordance with<br>the CRR. Effective from 1 January 2025, the IFRS 9 transitional<br>arrangements no longer applied. | ||
| --- | --- | ||
| 2 | Although the leverage ratio is expressed in terms of T1 capital,<br>the leverage ratio buffers and 75% of the minimum requirement must<br>be covered solely with CET1 capital. The CET1 capital held against<br>the 0.53% G-SII ALRB was £6.8bn and against the 0.3% CCLB was<br>£3.9bn. |
The UK leverage ratio decreased to 4.9% (December 2024: 5.0%), as the leverage exposure increased by £78.8bn to £1,285.3bn partially offset by an increase of £2.9bn in Tier 1 capital. The increase in leverage exposure was largely driven by an increase in trading activity in IB, partially offset by the strengthening of spot GBP against USD.
Condensed Consolidated Financial Statements
| Condensed consolidated income statement (unaudited) | |||||||
|---|---|---|---|---|---|---|---|
| Nine months<br><br><br>ended 30.09.25 | Nine months<br><br><br>ended 30.09.24 | ||||||
| £m | £m | ||||||
| Total income | 22,063 | 19,824 | |||||
| Operating expenses excluding UK regulatory levies & litigation<br>and conduct | (12,661) | (11,951) | |||||
| UK regulatory levies | (84) | (93) | |||||
| Litigation and conduct | (342) | (99) | |||||
| Operating expenses | (13,087) | (12,143) | |||||
| Other net income | 48 | 37 | |||||
| Profit before impairment | 9,024 | 7,718 | |||||
| Credit impairment charges | (1,744) | (1,271) | |||||
| Profit before tax | 7,280 | 6,447 | |||||
| Tax charge | (1,538) | (1,304) | |||||
| Profit after tax | 5,742 | 5,143 | |||||
| Attributable to: | |||||||
| Shareholders of the parent | 4,980 | 4,351 | |||||
| Other equity holders | 739 | 763 | |||||
| Equity holders of the parent | 5,719 | 5,114 | |||||
| Non-controlling interests | 23 | 29 | |||||
| Profit after tax | 5,742 | 5,143 | |||||
| Earnings per share | |||||||
| Basic earnings per ordinary share | 35.1p | 29.3p | |||||
| Condensed consolidated balance sheet (unaudited) | |||||||
| --- | --- | --- | |||||
| As at 30.09.25 | As at 31.12.24 | ||||||
| Assets | £m | £m | |||||
| Cash and balances at central banks | 237,412 | 210,184 | |||||
| Cash collateral and settlement balances | 159,145 | 119,843 | |||||
| Debt securities at amortised cost | 70,669 | 68,210 | |||||
| Loans and advances at amortised cost to banks | 9,428 | 8,327 | |||||
| Loans and advances at amortised cost to customers | 346,377 | 337,946 | |||||
| Reverse repurchase agreements and other similar secured lending at<br>amortised cost | 13,430 | 4,734 | |||||
| Trading portfolio assets | 192,732 | 166,453 | |||||
| Financial assets at fair value through the income<br>statement | 225,919 | 193,734 | |||||
| Derivative financial instruments | 264,825 | 293,530 | |||||
| Financial assets at fair value through other comprehensive<br>income | 76,760 | 78,059 | |||||
| Investments in associates and joint ventures | 741 | 891 | |||||
| Goodwill and intangible assets | 8,255 | 8,275 | |||||
| Current tax assets | 220 | 155 | |||||
| Deferred tax assets | 5,350 | 6,321 | |||||
| Assets included in a disposal group classified as held for<br>sale | 5,935 | 9,854 | |||||
| Other assets | 11,955 | 11,686 | |||||
| Total assets | 1,629,153 | 1,518,202 | |||||
| Liabilities | |||||||
| Deposits at amortised cost from banks | 20,769 | 13,203 | |||||
| Deposits at amortised cost from customers | 554,559 | 547,460 | |||||
| Cash collateral and settlement balances | 148,837 | 106,229 | |||||
| Repurchase agreements and other similar secured borrowings at<br>amortised cost | 35,395 | 39,415 | |||||
| Debt securities in issue | 108,589 | 92,402 | |||||
| Subordinated liabilities | 12,911 | 11,921 | |||||
| Trading portfolio liabilities | 71,081 | 56,908 | |||||
| Financial liabilities designated at fair value | 335,213 | 282,224 | |||||
| Derivative financial instruments | 252,249 | 279,415 | |||||
| Current tax liabilities | 905 | 566 | |||||
| Deferred tax liabilities | 18 | 18 | |||||
| Liabilities included in a disposal group classified as held for<br>sale | - | 3,726 | |||||
| Other liabilities | 11,784 | 12,234 | |||||
| Total liabilities | 1,552,310 | 1,445,721 | |||||
| Equity | |||||||
| Called up share capital and share premium | 4,168 | 4,186 | |||||
| Other reserves | 610 | (468) | |||||
| Retained earnings | 58,373 | 56,028 | |||||
| Shareholders' equity attributable to ordinary shareholders of the<br>parent | 63,151 | 59,746 | |||||
| Other equity instruments | 13,243 | 12,075 | |||||
| Total equity excluding non-controlling interests | 76,394 | 71,821 | |||||
| Non-controlling interests | 449 | 660 | |||||
| Total equity | 76,843 | 72,481 | |||||
| Total liabilities and equity | 1,629,153 | 1,518,202 | |||||
| Condensed consolidated statement of changes in equity<br>(unaudited) | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| Called up share capital and share premium | Other equity instruments | Other reserves | Retained earnings | Total | Non-controlling interests | Total equity | |
| Nine months ended 30.09.2025 | £m | £m | £m | £m | £m | £m | £m |
| Balance as at 1 January 2025 | 4,186 | 12,075 | (468) | 56,028 | 71,821 | 660 | 72,481 |
| Profit after tax | - | 739 | - | 4,980 | 5,719 | 23 | 5,742 |
| Currency translation movements | - | - | (1,137) | - | (1,137) | - | (1,137) |
| Fair value through other comprehensive income reserve | - | - | 477 | - | 477 | - | 477 |
| Cash flow hedges | - | - | 1,618 | - | 1,618 | - | 1,618 |
| Retirement benefit remeasurements | - | - | - | (131) | (131) | - | (131) |
| Own credit | - | - | (19) | - | (19) | - | (19) |
| Total comprehensive income for the period | - | 739 | 939 | 4,849 | 6,527 | 23 | 6,550 |
| Employee share schemes and hedging thereof | 97 | - | - | 901 | 998 | - | 998 |
| Issue and redemption of other equity instruments | - | 1,182 | - | (5) | 1,177 | - | 1,177 |
| Other equity instruments coupon paid | - | (739) | - | - | (739) | - | (739) |
| Redemption of preference shares | - | - | - | (59) | (59) | (211) | (270) |
| Vesting of employee share schemes net of purchases | 20 | (598) | (578) | (578) | |||
| Dividends paid | - | - | - | (1,213) | (1,213) | (23) | (1,236) |
| Repurchase of shares | (115) | - | 115 | (1,533) | (1,533) | - | (1,533) |
| Other movements | (14) | 4 | 3 | (7) | (7) | ||
| Balance as at 30 September 2025 | 4,168 | 13,243 | 610 | 58,373 | 76,394 | 449 | 76,843 |
| Three months ended 30.09.2025 | £m | £m | £m | £m | £m | £m | £m |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Balance as at 1 July 2025 | 4,201 | 13,266 | 693 | 57,746 | 75,906 | 449 | 76,355 |
| Profit after tax | - | 255 | - | 1,457 | 1,712 | - | 1,712 |
| Currency translation movements | - | - | 434 | - | 434 | - | 434 |
| Fair value through other comprehensive income reserve | - | - | 69 | - | 69 | - | 69 |
| Cash flow hedges | - | - | (102) | - | (102) | - | (102) |
| Retirement benefit remeasurements | - | - | - | 69 | 69 | - | 69 |
| Own credit | - | - | (535) | - | (535) | - | (535) |
| Total comprehensive income for the period | - | 255 | (134) | 1,526 | 1,647 | - | 1,647 |
| Employee share schemes and hedging thereof | 15 | - | - | 232 | 247 | - | 247 |
| Issue and redemption of other equity instruments | - | - | - | - | - | - | - |
| Other equity instruments coupon paid | - | (255) | - | - | (255) | - | (255) |
| Vesting of employee shares scheme net of purchases | - | - | 1 | (13) | (12) | - | (12) |
| Dividends paid | - | - | - | (422) | (422) | - | (422) |
| Repurchase of shares | (48) | - | 48 | (699) | (699) | - | (699) |
| Other movements | - | (23) | 2 | 3 | (18) | - | (18) |
| Balance as at 30 September 2025 | 4,168 | 13,243 | 610 | 58,373 | 76,394 | 449 | 76,843 |
| As at 30.09.25 | As at 31.12.24 | ||||||
| --- | --- | --- | |||||
| Other Reserves | £m | £m | |||||
| Currency translation reserve | 2,488 | 3,625 | |||||
| Fair value through other comprehensive income reserve | (1,396) | (1,873) | |||||
| Cash flow hedging reserve | (1,312) | (2,930) | |||||
| Own credit reserve | (1,074) | (1,059) | |||||
| Other reserves and treasury shares | 1,904 | 1,769 | |||||
| Total | 610 | (468) |
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<br>deposits at amortised cost. |
| Period end tangible equity refers to: | |
| Period end tangible shareholders' equity (for Barclays<br>Group) | Shareholders' equity attributable to ordinary shareholders of the<br>parent, adjusted for the deduction of goodwill and intangible<br>assets. |
| Period end allocated tangible equity (for businesses) | Allocated tangible equity is calculated as 13.5% (2024: 13.5%) of<br>RWAs for each business, adjusted for capital deductions, excluding<br>goodwill and intangible assets, reflecting the assumptions the<br>Barclays Group uses for capital planning purposes. Head Office<br>allocated tangible equity represents the difference between the<br>Barclays Group's tangible shareholders' equity and the amounts<br>allocated to businesses. |
| Average tangible equity refers to: | |
| Average tangible shareholders' equity (for Barclays<br>Group) | Calculated as the average of the previous month's period end<br>tangible shareholders' equity and the current month's period end<br>tangible shareholders' equity. The average tangible shareholders'<br>equity for the period is the average of the monthly averages within<br>that period. |
| Average allocated tangible equity (for businesses) | Calculated as the average of the previous month's period end<br>allocated tangible equity and the current month's period end<br>allocated tangible equity. The average allocated tangible equity<br>for the period is the average of the monthly averages within that<br>period. |
| Return on tangible equity (RoTE) refers to: | |
| Return on average tangible shareholders' equity (for Barclays<br>Group) | Annualised Group attributable profit, as a proportion of average<br>tangible shareholders' equity. The components of the calculation<br>have been included on pages 44 to 45. |
| Return on average allocated tangible equity (for<br>businesses) | Annualised business attributable profit, as a proportion of that<br>business's average allocated tangible equity. The components of the<br>calculation have been included on pages 43 to 45. |
| Operating expenses excluding litigation and conduct | A measure of total operating expenses excluding litigation and<br>conduct charges. |
| Operating costs | A measure of total operating expenses excluding litigation and<br>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<br>divided by total gross loans and advances held at amortised cost<br>(including portfolios reclassified to assets held for sale) at the<br>balance sheet date. The components of the calculation have been<br>included on pages 46 to 48. |
| Net interest margin | Annualised net interest income divided by the sum of average<br>customer assets. The components of the calculation have been<br>included on page 25. |
| Tangible net asset value per share | Calculated by dividing shareholders' equity, excluding<br>non-controlling interests and other equity instruments, less<br>goodwill and intangible assets, by the number of issued ordinary<br>shares. The components of the calculation have been included on<br>page 50. |
| Profit before impairment | Calculated by excluding credit impairment charges or releases from<br>profit before tax. |
| Structural cost actions | Cost actions taken to improve future financial<br>performance. |
| Net New Assets Under Management | The net inflows and outflows of client balances within<br>Discretionary Portfolio Management and Advisory mandates. Excludes<br>market performance and foreign exchange translation but includes<br>reinvested dividend payments |
| Assets under Management (AUM) | Total market value of client investment balances managed within<br>investment mandates where Barclays provides discretionary portfolio<br>management or advisory services. Total Assets Under Management<br>excludes uninvested cash held under an investment<br>mandate |
| Assets under Supervision (AUS) | Total market value of client investment balances where Barclays<br>provides custodian or transactional services |
| Group net interest income excluding Barclays Investment Bank and<br>Head Office | A measure of Barclays Group net interest income, excluding the net<br>interest income reported in Barclays Investment Bank and Head<br>Office. |
Returns
| Nine months ended 30.09.25 | ||||||||
|---|---|---|---|---|---|---|---|---|
| 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) | 1,737 | 480 | 256 | 2,798 | 246 | (537) | 4,980 | |
| £bn | £bn | £bn | £bn | £bn | £bn | £bn | ||
| Average equity | 15.8 | 3.4 | 1.2 | 29.0 | 4.1 | 8.8 | 62.3 | |
| Average goodwill and intangibles | (4.0) | - | (0.1) | - | (0.6) | (3.6) | (8.3) | |
| Average tangible equity | 11.8 | 3.4 | 1.1 | 29.0 | 3.5 | 5.3 | 54.0 | |
| Return on average tangible equity | 19.6% | 18.8% | 30.9% | 12.9% | 9.4% | n/m | 12.3% | |
| Nine months ended 30.09.24 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |
| 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) | 1,684 | 392 | 225 | 2,266 | 208 | (424) | 4,351 | |
| £bn | £bn | £bn | £bn | £bn | £bn | £bn | ||
| Average equity | 14.4 | 3.0 | 1.1 | 29.8 | 3.7 | 6.3 | 58.3 | |
| Average goodwill and intangibles | (3.9) | - | (0.1) | - | (0.4) | (3.5) | (7.9) | |
| Average tangible equity | 10.5 | 3.0 | 1.0 | 29.8 | 3.3 | 2.8 | 50.4 | |
| Return on average tangible equity | 21.4% | 17.3% | 29.5% | 10.1% | 8.4% | n/m | 11.5% | |
| Barclays Group | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Return on average tangible shareholders' equity | Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 |
| £m | £m | m | £m | £m | £m | m | £m | |
| Attributable profit/(loss) | 1,457 | 1,659 | 1,864 | 965 | 1,564 | 1,237 | 1,550 | (111) |
| £bn | £bn | bn | £bn | £bn | £bn | bn | £bn | |
| Average shareholders' equity | 63.3 | 62.1 | 61.4 | 59.7 | 59.1 | 57.7 | 58.3 | 57.1 |
| Average goodwill and intangibles | (8.2) | (8.2) | (8.3) | (8.2) | (8.1) | (7.9) | (7.8) | (8.2) |
| Average tangible shareholders' equity | 55.1 | 53.9 | 53.1 | 51.5 | 51.0 | 49.8 | 50.5 | 48.9 |
| Return on average tangible shareholders' equity | 10.6% | 12.3% | 14.0% | 7.5% | 12.3% | 9.9% | 12.3% | (0.9)% |
All values are in British Pounds.
| Barclays UK | ||||||||
|---|---|---|---|---|---|---|---|---|
| Return on average allocated tangible equity | Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 |
| £m | £m | m | £m | £m | £m | m | £m | |
| Attributable profit | 647 | 580 | 510 | 781 | 621 | 584 | 479 | 382 |
| £bn | £bn | bn | £bn | £bn | £bn | bn | £bn | |
| Average allocated equity | 15.9 | 15.8 | 15.7 | 15.1 | 14.5 | 14.4 | 14.3 | 14.1 |
| Average goodwill and intangibles | (4.0) | (4.0) | (4.0) | (3.9) | (3.9) | (3.9) | (3.9) | (3.9) |
| Average allocated tangible equity | 11.9 | 11.8 | 11.7 | 11.2 | 10.6 | 10.5 | 10.4 | 10.2 |
| Return on average allocated tangible equity | 21.8% | 19.7% | 17.4% | 28.0% | 23.4% | 22.3% | 18.5% | 14.9% |
All values are in British Pounds.
| Barclays UK Corporate Bank | ||||||||
|---|---|---|---|---|---|---|---|---|
| Return on average allocated tangible equity | Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 |
| £m | £m | m | £m | £m | £m | m | £m | |
| Attributable profit | 196 | 142 | 142 | 98 | 144 | 135 | 113 | 59 |
| £bn | £bn | bn | £bn | £bn | £bn | bn | £bn | |
| Average allocated equity | 3.4 | 3.4 | 3.3 | 3.2 | 3.1 | 3.0 | 3.0 | 2.8 |
| Average goodwill and intangibles | - | - | - | - | - | - | - | - |
| Average allocated tangible equity | 3.4 | 3.4 | 3.3 | 3.2 | 3.1 | 3.0 | 3.0 | 2.8 |
| Return on average allocated tangible equity | 22.8% | 16.6% | 17.1% | 12.3% | 18.8% | 18.0% | 15.2% | 8.4% |
All values are in British Pounds.
| Barclays Private Bank and Wealth Management | ||||||||
|---|---|---|---|---|---|---|---|---|
| Return on average allocated tangible equity | Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 |
| £m | £m | m | £m | £m | £m | m | £m | |
| Attributable profit | 72 | 88 | 96 | 63 | 74 | 77 | 74 | 47 |
| £bn | £bn | bn | £bn | £bn | £bn | bn | £bn | |
| Average allocated equity | 1.2 | 1.2 | 1.2 | 1.2 | 1.1 | 1.1 | 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 | 1.1 | 1.1 | 1.1 | 1.1 | 1.0 | 1.0 | 1.0 | 1.0 |
| Return on average allocated tangible equity | 26.4% | 31.9% | 34.5% | 23.9% | 29.0% | 30.8% | 28.7% | 19.1% |
All values are in British Pounds.
| Barclays Investment Bank | ||||||||
|---|---|---|---|---|---|---|---|---|
| Return on average allocated tangible equity | Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 |
| £m | £m | m | £m | £m | £m | m | £m | |
| Attributable profit/(loss) | 723 | 876 | 1,199 | 247 | 652 | 715 | 899 | (149) |
| £bn | £bn | bn | £bn | £bn | £bn | bn | £bn | |
| Average allocated equity | 28.6 | 28.7 | 29.6 | 29.3 | 29.5 | 29.9 | 30.0 | 28.9 |
| Average goodwill and intangibles | - | - | - | - | - | - | - | - |
| Average allocated tangible equity | 28.6 | 28.7 | 29.6 | 29.3 | 29.5 | 29.9 | 30.0 | 28.9 |
| Return on average allocated tangible equity | 10.1% | 12.2% | 16.2% | 3.4% | 8.8% | 9.6% | 12.0% | (2.1)% |
All values are in British Pounds.
| Barclays US Consumer Bank | ||||||||
|---|---|---|---|---|---|---|---|---|
| Return on average allocated tangible equity | Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 |
| £m | £m | m | £m | £m | £m | m | £m | |
| Attributable profit/(loss) | 118 | 87 | 41 | 94 | 89 | 75 | 44 | (3) |
| £bn | £bn | bn | £bn | £bn | £bn | bn | £bn | |
| Average allocated equity | 4.0 | 4.0 | 4.2 | 4.0 | 3.8 | 3.6 | 3.6 | 3.6 |
| Average goodwill and intangibles | (0.5) | (0.6) | (0.6) | (0.6) | (0.5) | (0.3) | (0.3) | (0.3) |
| Average allocated tangible equity | 3.5 | 3.4 | 3.6 | 3.4 | 3.3 | 3.3 | 3.3 | 3.3 |
| Return on average allocated tangible equity | 13.5% | 10.2% | 4.5% | 11.2% | 10.9% | 9.2% | 5.3% | (0.3)% |
All values are in British Pounds.
Loan loss rates
| Nine months ended 30.09.25 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Barclays UK | Barclays UK Corporate Bank | Barclays Private Bank and Wealth Management | Barclays Investment Bank | Barclays US Consumer Bank | Head Office | Barclays Group | ||
| Loan loss rate | £m | £m | £m | £m | £m | £m | £m | |
| Credit impairment (charges)/ releases | (339) | (36) | 10 | (283) | (1,090) | (6) | (1,744) | |
| £bn | £bn | £bn | £bn | £bn | £bn | £bn | ||
| Gross loans and advances held at amortised cost (including<br>portfolios reclassified as held for sale)1 | 230.9 | 29.2 | 15.2 | 129.8 | 29.8 | 2.6 | 437.5 | |
| Loan loss rate (bps) | 20 | 16 | (9) | 29 | 489 | n/m | 53 | |
| Nine months ended 30.09.24 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |
| Barclays UK | Barclays UK Corporate Bank | Barclays Private Bank and Wealth Management | Barclays Investment Bank | Barclays US Consumer Bank | Head Office | Barclays Group | ||
| Loan loss rate | £m | £m | £m | £m | £m | £m | £m | |
| Credit impairment charges | (82) | (36) | (4) | (77) | (995) | (77) | (1,271) | |
| £bn | £bn | £bn | £bn | £bn | £bn | £bn | ||
| Gross loans and advances held at amortised cost (including<br>portfolios reclassified as held for sale)1 | 218.4 | 25.2 | 14.3 | 116.5 | 26.7 | 7.2 | 408.3 | |
| Loan loss rate (bps) | 5 | 19 | 4 | 9 | 497 | n/m | 42 | |
| 1 | Includes gross loans and advances to customers and banks, in<br>addition to debt securities. | |||||||
| --- | --- | |||||||
| Barclays Group | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Loan loss rate | Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 |
| £m | £m | m | £m | £m | £m | m | £m | |
| Credit impairment charges | (632) | (469) | (643) | (711) | (374) | (384) | (513) | (552) |
| £bn | £bn | bn | £bn | £bn | £bn | bn | £bn | |
| Gross loans and advances held at amortised cost (including<br>portfolios reclassified as held for sale) | 437.5 | 428.4 | 430.4 | 429.6 | 408.3 | 409.1 | 407.6 | 409.3 |
| Loan loss rate (bps) | 57 | 44 | 61 | 66 | 37 | 38 | 51 | 54 |
All values are in British Pounds.
| Barclays UK | ||||||||
|---|---|---|---|---|---|---|---|---|
| Loan loss rate | Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 |
| £m | £m | m | £m | £m | £m | m | £m | |
| Credit impairment charges | (102) | (79) | (158) | (283) | (16) | (8) | (58) | (37) |
| £bn | £bn | bn | £bn | £bn | £bn | bn | £bn | |
| Gross loans and advances held at amortised cost (including<br>portfolios reclassified as held for sale) | 230.9 | 228.5 | 227.5 | 227.5 | 218.4 | 217.3 | 219.4 | 223.3 |
| Loan loss rate (bps) | 18 | 14 | 28 | 49 | 3 | 1 | 11 | 7 |
All values are in British Pounds.
| Barclays UK Corporate Bank | ||||||||
|---|---|---|---|---|---|---|---|---|
| Loan loss rate | Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 |
| £m | £m | m | £m | £m | £m | m | £m | |
| Credit impairment charges | (5) | (12) | (19) | (40) | (13) | (8) | (15) | (18) |
| £bn | £bn | bn | £bn | £bn | £bn | bn | £bn | |
| Gross loans and advances held at amortised cost (including<br>portfolios reclassified as held for sale) | 29.2 | 28.2 | 27.0 | 25.8 | 25.2 | 26.0 | 26.1 | 26.6 |
| Loan loss rate (bps) | 7 | 17 | 28 | 62 | 21 | 12 | 23 | 27 |
All values are in British Pounds.
| Barclays Private Bank and Wealth Management | ||||||||
|---|---|---|---|---|---|---|---|---|
| Loan loss rate | Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 |
| £m | £m | m | £m | £m | £m | m | £m | |
| Credit impairment (charges)/ releases | (1) | 2 | 9 | (2) | (7) | 3 | - | 4 |
| £bn | £bn | bn | £bn | £bn | £bn | bn | £bn | |
| Gross loans and advances held at amortised cost (including<br>portfolios reclassified as held for sale) | 15.2 | 14.8 | 14.8 | 14.7 | 14.3 | 14.1 | 14.1 | 13.8 |
| Loan loss rate (bps) | 3 | (5) | (25) | 5 | 19 | (9) | - | (10) |
All values are in British Pounds.
| Barclays Investment Bank | ||||||||
|---|---|---|---|---|---|---|---|---|
| Loan loss rate | Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 |
| £m | £m | m | £m | £m | £m | m | £m | |
| Credit impairment (charges)/ releases | (144) | (67) | (72) | (46) | (43) | (44) | 10 | (23) |
| £bn | £bn | bn | £bn | £bn | £bn | bn | £bn | |
| Gross loans and advances held at amortised cost (including<br>portfolios reclassified as held for sale) | 129.8 | 126.8 | 129.6 | 124.9 | 116.5 | 115.5 | 113.2 | 109.4 |
| Loan loss rate (bps) | 44 | 21 | 23 | 15 | 15 | 15 | (4) | 8 |
All values are in British Pounds.
| Barclays US Consumer Bank | ||||||||
|---|---|---|---|---|---|---|---|---|
| Loan loss rate | Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | Q423 |
| £m | £m | m | £m | £m | £m | m | £m | |
| Credit impairment charges | (379) | (312) | (399) | (298) | (276) | (309) | (410) | (449) |
| £bn | bn | £bn | £bn | £bn | bn | £bn | ||
| Gross loans and advances held at amortised cost (including<br>portfolios reclassified as held for sale) | 29.8 | 27.4 | 28.9 | 30.0 | 26.7 | 28.4 | 27.0 | 28.0 |
| Loan loss rate (bps) | 505 | 456 | 562 | 395 | 411 | 438 | 610 | 636 |
All values are in British Pounds.
| Tangible net asset value per share | As at 30.09.25 | As at 31.12.24 | As at 30.09.24 |
|---|---|---|---|
| £m | £m | £m | |
| Total equity excluding non-controlling interests | 76,394 | 71,821 | 70,972 |
| Other equity instruments | (13,243) | (12,075) | (11,739) |
| Goodwill and intangibles | (8,255) | (8,275) | (8,123) |
| Tangible shareholders' equity attributable to ordinary shareholders<br>of the parent | 54,896 | 51,471 | 51,110 |
| m | m | m | |
| Shares in issue | 13,996 | 14,420 | 14,571 |
| p | p | p | |
| Tangible net asset value per share | 392 | 357 | 351 |
Shareholder Information
| Results timetable1 | Date | |||||
|---|---|---|---|---|---|---|
| 2025 Full Year Results and Annual Report | 10 February 2026 | |||||
| % Change2 | ||||||
| Exchange rates | 30.09.25 | 31.12.24 | 30.09.24 | 31.12.24 | 30.09.24 | |
| Period end - USD/GBP | 1.34 | 1.25 | 1.34 | 7% | -% | |
| YTD average - USD/GBP | 1.31 | 1.28 | 1.28 | 2% | 2% | |
| 3 month average - USD/GBP | 1.35 | 1.28 | 1.30 | 5% | 4% | |
| Period end - EUR/GBP | 1.15 | 1.21 | 1.20 | (5)% | (4)% | |
| YTD average - EUR/GBP | 1.18 | 1.18 | 1.17 | -% | 1% | |
| 3 month average - EUR/GBP | 1.15 | 1.20 | 1.18 | (4)% | (3)% | |
| Share price data | ||||||
| Barclays PLC (p) | 379.60 | 268.15 | 224.55 | |||
| Barclays PLC number of shares (m)3 | 13,996 | 14,420 | 14,571 | |||
| 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<br>website: home.barclays | ||||||
| Registered office | ||||||
| 1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20<br>7116 1000. Company number: 48839. | ||||||
| Registrar | ||||||
| Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99<br>6DA, United Kingdom. | ||||||
| Tel: +44 (0)371 384 2055 (UK and International telephone<br>number)4. | ||||||
| American Depositary Receipts (ADRs) | ||||||
| Shareowner Services | ||||||
| P.O. Box 64504 | ||||||
| St. Paul, MN 55164-0504 | ||||||
| United States of America | ||||||
| shareowneronline.com | ||||||
| Toll Free Number (US and Canada): +1 800-990-1135 | ||||||
| Outside the US and Canada: +1 651-453-2128 | ||||||
| Delivery of ADR certificates and overnight mail | ||||||
| Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota<br>Heights, MN 55120-4100, USA. | ||||||
| 1 | Note that this date is provisional and subject to<br>change. | |||||
| --- | --- | |||||
| 2 | The change is the impact to GBP reported information. | |||||
| 3 | The number of shares of 13,996m as at 30 September 2025 is<br>different from the 13,989m quoted in the 1 October 2025<br>announcement entitled "Total Voting Rights" because the share<br>buyback transactions executed on 29 and 30 September 2025 did not<br>settle until 1 and 2 October 2025 respectively. | |||||
| 4 | Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding<br>UK public holidays in England and Wales. |