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
24, 2024
Barclays PLC
(Name
of Registrant)
1 Churchill Place
London E14 5HP
England
(Address
of Principal Executive Office)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover of Form 20-F or Form 40-F.
Form
20-F x Form 40-F
This
Report on Form 6-K is filed by Barclays PLC.
This
Report comprises:
Information
given to The London Stock Exchange and furnished pursuant
to
General
Instruction B to the General Instructions to Form 6-K.
EXHIBIT
INDEX
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
PLC
|
|
|
(Registrant)
|
Date:
October 24, 2024
|
|
By: /s/
Garth Wright
--------------------------------
|
|
|
Garth
Wright
|
|
|
Assistant
Secretary
|
Barclays PLC
Q3 2024 Results Announcement
30 September 2024
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 2024 to the
corresponding nine months of 2023 and balance sheet analysis as at
30 September 2024 with comparatives relating to 31 December 2023
and 30 September 2023. The abbreviations ‘£m’ and
‘£bn’ represent millions and thousands of millions
of Pounds Sterling respectively; the abbreviations ‘$m’
and ‘$bn’ represent millions and thousands of millions
of US Dollars respectively; and the abbreviations
‘€m’ and ‘€bn’ represent
millions and thousands of millions of Euros
respectively.
There are a number of key judgement areas, for example impairment
calculations, which are based on models and which are subject to
ongoing adjustment and modifications. Reported numbers reflect best
estimates and judgements at the given point in time.
Relevant terms that are used in this document but are not defined
under applicable regulatory guidance or International Financial
Reporting Standards (IFRS) are explained in the results glossary,
which can be accessed at home.barclays/investor-relations.
The information in this announcement, which was approved by the
Board of Directors on 23 October 2024, does not comprise statutory
accounts within the meaning of Section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 December 2023, which
contain an unmodified audit report under Section 495 of the
Companies Act 2006 (which does not make any statements under
Section 498 of the Companies Act 2006) 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 42 to 47 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 ESG reporting standards; the outcome of
current and future legal proceedings and regulatory investigations;
the Group’s ability along with governments and other
stakeholders to measure, manage and mitigate the impacts of climate
change effectively; environmental, social and geopolitical risks
and incidents and similar events beyond the Group’s control;
the impact of competition in the banking and financial services
industry; capital, liquidity, leverage and other regulatory rules
and requirements applicable to past, current and future periods;
UK, US, Eurozone and global macroeconomic and business conditions,
including inflation; volatility in credit and capital markets;
market related risks such as changes in interest rates and foreign
exchange rates reforms to benchmark interest rates and indices;
higher or lower asset valuations; changes in credit ratings of any
entity within the Group or any securities issued by it; changes in
counterparty risk; changes in consumer behaviour; the direct and
indirect consequences of the conflicts in Ukraine and the Middle
East on European and global macroeconomic conditions, political
stability and financial markets; political elections, including the
impact of the UK, European and US elections in 2024; developments
in the UK’s relationship with the European Union
(“EU”); the risk of cyberattacks, information or
security breaches, technology failures or operational disruptions
and any subsequent impact on the Group’s reputation, business
or operations; the Group’s ability to access funding; and the
success of acquisitions, disposals and other strategic
transactions. A number of these factors are beyond the
Group’s control. As a result, the Group’s actual
financial position, results, financial and non-financial metrics or
performance measures or its ability to meet commitments and targets
may differ materially from the statements or guidance set forth in
the Group’s forward-looking statements. In setting its
targets and outlook for the period 2024-2026, Barclays has made
certain assumptions about the macroeconomic environment, including,
without limitation, inflation, interest and unemployment rates, the
different markets and competitive conditions in which Barclays
operates, and its ability to grow certain businesses and achieve
costs savings and other structural actions. Additional risks and
factors which may impact the Group’s future financial
condition and performance are identified in Barclays PLC’s
filings with the US Securities and Exchange Commission
(“SEC”) (including, without limitation, Barclays
PLC’s Annual Report on Form 20-F for the financial year ended
31 December 2023), which are available on the SEC’s website
at www.sec.gov.
Subject to Barclays PLC's obligations under the applicable laws and
regulations of any relevant jurisdiction (including, without
limitation, the UK and the US) in relation to disclosure and
ongoing information, we undertake no obligation to update publicly
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Performance Highlights
Barclays delivered a return on tangible equity (RoTE) of 12.3% in
Q324 and 11.5% for Q324 YTD, on track to deliver against 2024 and
2026 targets
|
C. S. Venkatakrishnan, Group Chief Executive,
commented
“We continue to be focused on disciplined execution of our
three year plan and are encouraged with progress to date. Whilst
there is more work to do, the Group is on track to achieve its
target of greater than 12% RoTE in 2026. In Q324 Barclays delivered
a RoTE of 12.3%, supporting our target of greater than 10% in 2024.
Tangible net asset value (TNAV) per share increased to 351p, up 11p
versus prior quarter and up 35p year-on-year. The acquisition of
Tesco Bank, to complete on 1 November 2024, forms part of our
commitment to invest in the UK. We continue to exercise cost
discipline and remain well capitalised with a Common Equity Tier 1
(CET1) ratio at the end of the quarter of
13.8%.”
|
●
Group
statutory RoTE of 12.3% in Q324 and 11.5% in Q324 YTD, 2024 Group
RoTE targets remain unchanged
●
Guidance for 2024 Group Net Interest Income (NII)
excluding Investment Bank (IB) and Head Office increased from
c.£11.0bn to greater than £11.0bn. Within this Barclays
UK NII guidance increased from c.£6.3bn to
c.£6.5bn1
●
Group
cost: income ratio of 61% in Q324 and Q324 YTD, 2024 Group cost:
income ratio target of c.63% remains unchanged
-
Delivered
a further £0.3bn of gross cost efficiency savings in Q324
resulting in Q324 YTD savings of £0.7bn, on track to deliver
c.£1bn of gross cost efficiency savings in 2024
●
Prudent risk management with Q324 loan loss rate
(LLR) of 37bps and
Q324 YTD LLR of 42bps, below the through the cycle target range of
50-60bps, with FY24 expected to be at the bottom of this range,
inclusive of the Day 1 impact of the Tesco Bank
acquisition
●
Strong
balance sheet with CET1 ratio of 13.8%, within the target range of
13-14%
●
c.8.0p
total distributions per share equivalent announced at H124:
dividend of 2.9p now paid, and share buyback of £750m well
progressed
●
TNAV per share of 351p (December 2023: 331p)
Key financial metrics:
|
Statutory
|
|
Excluding
inorganic
activity2
|
|
|
Income
|
Profit
before
tax
|
Attributable
profit
|
Cost:
income
ratio
|
LLR
|
RoTE
|
EPS
|
TNAV
per
share
|
CET1
ratio
|
|
RoTE
|
|
Q324
|
£6.5bn
|
£2.2bn
|
£1.6bn
|
61%
|
37bps
|
12.3%
|
10.7p
|
351p
|
13.8%
|
|
12.3%
|
|
Q324 YTD
|
£19.8bn
|
£6.4bn
|
£4.4bn
|
61%
|
42bps
|
11.5%
|
29.3p
|
|
12.1%
|
Q324 Performance highlights:
●
Group statutory RoTE was 12.3% (Q323: 11.0%) with profit before tax
of £2.2bn (Q323: £1.9bn)
-
There were no inorganic transactions in
Q3242
●
Group income of £6.5bn was
up 5% year-on-year, with Group
NII excluding IB and Head Office of £2.8bn, of which Barclays
UK NII was £1.7bn
-
Barclays
UK income increased 4%, as higher structural hedge income was
partially offset by mortgage margin pressure and adverse product
dynamics in deposits, which have stabilised throughout
2024
-
Barclays
UK Corporate Bank (UKCB) income increased 1%, driven by higher
average deposit balances
Barclays
Private Bank and Wealth Management (PBWM) income decreased 3%, as
growth in client balances was more than offset by the non-repeat of
a timing related one-off in Q323
-
Barclays
Investment Bank (IB) income increased 6%. Global Markets income
increased 3%, with FICC and Equities both up 3% respectively.
Investment Banking income increased 13%, as higher fee income in
Advisory and Debt and Equity Capital Markets was partially offset
by lower income in the International Corporate Bank
Barclays
US Consumer Bank (USCB) income decreased 2% driven by the
strengthening of GBP against USD, partially offset by higher
balances
●
Group total operating expenses
were stable at £4.0bn, with £0.3bn of cost efficiency savings more
than offsetting inflation, enabling investment spend and business
growth
●
Credit impairment charges were
£0.4bn (Q323: £0.4bn) with an LLR of 37bps (Q323:
42bps)
|
1
|
This excludes the 2024 impact of the acquisition of Tesco Bank's
retail banking business, which is expected to complete on 1
November 2024, with an initial annualised NII of c.£400m. See
Other Matters on page 7 for further details of the
acquisition.
|
|
2
|
Inorganic activity refers to certain inorganic transactions
announced as part of the FY23 Investor Update designed to improve
Group RoTE beyond 2024. In Q324 YTD this included the £220m
loss on sale of the performing Italian retail mortgage portfolio
and the £20m loss on disposal from the German consumer finance
business, both incurred in H124. There were no inorganic
transactions in Q324.
|
Q324 YTD Performance highlights:
●
Group statutory RoTE was 11.5% (Q323 YTD: 12.5%) with profit before
tax of £6.4bn (Q323 YTD: £6.4bn)
-
Excluding the impact of inorganic
activity1,
Group RoTE was 12.1%
●
Group income of £19.8bn
was stable year-on-year, with
Group NII excluding IB and Head Office of
£8.2bn of
which Barclays UK NII was £4.8bn
●
Group total operating expenses
were £12.1bn, up 1% year-on-year, including the £93m impact of the Bank of
England (BoE) levy scheme2
-
Group operating costs were stable at
£12.0bn,
with £0.7bn of cost efficiency
savings more than offsetting inflation, enabling investment spend
and business growth
●
Credit impairment charges were
£1.3bn (Q323 YTD: £1.3bn) with an LLR of 42bps (Q323 YTD:
43bps)
●
CET1 ratio of 13.8% (December
2023: 13.8%), with risk
weighted assets (RWAs) of £340.4bn (December 2023:
£342.7bn) and TNAV per share of 351p (December 2023:
331p)
Group Financial Targets and Outlook:
2024
●
Returns: targeting RoTE of greater than 10% and c.10.5%
excluding inorganic activity1
-
The
cumulative impact of all inorganic activity on FY24 Group RoTE is
currently expected to be broadly neutral, as an estimated net gain
upon the completion of the Tesco Bank acquisition in Q424 should
broadly offset the losses on disposals from our Italian retail
mortgage portfolios as well as from the disposal of the German
consumer finance business
●
Income: targeting Barclays Group NII excluding IB and Head
Office of greater than £11.0bn (previous target of
c.£11.0bn), of which Barclays UK NII is now
c.£6.5bn (up
from previous target of c.£6.3bn)3
●
Costs: targeting Group cost: income ratio of c.63%, which
includes c.£1bn of gross efficiency savings in
2024
●
Impairment: expect an LLR of 50-60bps through the
cycle
●
Capital: expect to operate within the CET1 ratio target
range of 13-14%
2026
●
Returns: targeting a greater than 12%
RoTE
●
Capital returns:
plan to return at least £10bn of
capital to shareholders between 2024 and 2026, through dividends
and share buybacks, with a continued preference for
buybacks
-
Plan
to keep total dividend stable at 2023 level in absolute terms, with
progressive dividend per share growth driven through share count
reduction as a result of increased share buybacks
-
Dividends
will continue to be paid semi-annually. This multi-year plan is
subject to supervisory and Board approval, anticipated financial
performance and our published CET1 ratio target range of
13-14%
●
Income: targeting Group total income of
c.£30bn
●
Costs: targeting total Group operating expenses of
c.£17bn and a Group cost: income ratio of high 50s in
percentage terms. This includes total gross efficiency savings of
c.£2bn by 2026
●
Impairment: expect an LLR of 50-60bps through the
cycle
●
Capital: expect to operate within the CET1 ratio target
range of 13-14%
-
Targeting
IB RWAs of c.50% of Group RWAs in 2026
-
Impact of regulatory change on RWAs in line with
our prior guidance expected to be at lower end of 5-10% of Group
RWAs4
-
The
previously estimated c.£16bn RWAs impact from USCB moving to
an Internal Ratings Based (IRB) model remains in line with prior
guidance, with a change to timing and subject to model build and
portfolio changes. c.£5bn of this to be reflected when Basel
3.1 is implemented in 2026 and the remainder to follow
thereafter
-
A
modest increase in Pillar 2A is likely, applicable at some point in
2025 until model implementation
|
1
|
Inorganic activity refers to certain inorganic transactions
announced as part of the FY23 Investor Update designed to improve
Group RoTE beyond 2024. In Q324 YTD this included the £220m
loss on sale of the performing Italian retail mortgage portfolio
and the £20m loss on disposal from the German consumer finance
business, both incurred in H124. There were no inorganic
transactions in Q324. For FY24 this is expected to also include the
loss on sale of the non-performing Italian mortgage portfolio and
the impact of the Tesco Bank acquisition.
|
|
2
|
In August 2024, Barclays' final charge for the BoE levy scheme in
the 2024/2025 financial year was confirmed at £93m, lower than
the estimated charge of £120m recognised in Q124. As a result,
a £27m release has been recognised in Q324. See Other Matters
on page 7.
|
|
3
|
This excludes the 2024 impact of the acquisition of Tesco Bank's
retail banking business, which is expected to complete on 1
November 2024, with an initial annualised NII of c.£400m
expected. See Other Matters on page 7 for further details of the
acquisition.
|
|
4
|
Based on Dec-23 RWAs of £342.7bn.
|
|
Barclays Group results
|
Nine months ended
|
|
Three months ended
|
|
|
30.09.24
|
30.09.23
|
|
|
30.09.24
|
30.09.23
|
|
|
|
£m
|
£m
|
%
Change
|
|
£m
|
£m
|
%
Change
|
|
Barclays
UK
|
5,659
|
5,795
|
(2)
|
|
1,946
|
1,873
|
4
|
|
Barclays
UK Corporate Bank
|
1,322
|
1,375
|
(4)
|
|
445
|
440
|
1
|
|
Barclays
Private Bank and Wealth Management
|
958
|
895
|
7
|
|
326
|
337
|
(3)
|
|
Barclays
Investment Bank
|
9,198
|
8,998
|
2
|
|
2,851
|
2,686
|
6
|
|
Barclays
US Consumer Bank
|
2,469
|
2,402
|
3
|
|
791
|
809
|
(2)
|
|
Head
Office
|
218
|
315
|
(31)
|
|
188
|
113
|
66
|
|
Total income
|
19,824
|
19,780
|
—
|
|
6,547
|
6,258
|
5
|
|
Operating
costs
|
(11,951)
|
(11,979)
|
—
|
|
(3,954)
|
(3,949)
|
—
|
|
UK
regulatory levies1
|
(93)
|
—
|
DIV/0!
|
|
27
|
—
|
DIV/0!
|
|
Litigation
and conduct
|
(99)
|
(32)
|
|
|
(35)
|
—
|
DIV/0!
|
|
Total operating expenses
|
(12,143)
|
(12,011)
|
(1)
|
|
(3,962)
|
(3,949)
|
—
|
|
Other
net income
|
37
|
7
|
|
|
21
|
9
|
|
|
Profit before impairment
|
7,718
|
7,776
|
(1)
|
|
2,606
|
2,318
|
12
|
|
Credit
impairment charges
|
(1,271)
|
(1,329)
|
4
|
|
(374)
|
(433)
|
14
|
|
Profit before tax
|
6,447
|
6,447
|
—
|
|
2,232
|
1,885
|
18
|
|
Tax
charge
|
(1,304)
|
(1,257)
|
(4)
|
|
(412)
|
(343)
|
(20)
|
|
Profit after tax
|
5,143
|
5,190
|
(1)
|
|
1,820
|
1,542
|
18
|
|
Non-controlling
interests
|
(29)
|
(39)
|
26
|
|
(3)
|
(9)
|
67
|
|
Other
equity instrument holders
|
(763)
|
(766)
|
—
|
|
(253)
|
(259)
|
2
|
|
Attributable profit
|
4,351
|
4,385
|
(1)
|
|
1,564
|
1,274
|
23
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
Return
on average tangible shareholders' equity
|
11.5%
|
12.5%
|
|
|
12.3%
|
11.0%
|
|
|
Average
tangible shareholders' equity (£bn)
|
50.4
|
47.0
|
|
|
51.0
|
46.5
|
|
|
Cost:
income ratio
|
61%
|
61%
|
|
|
61%
|
63%
|
|
|
Loan
loss rate (bps)
|
42
|
43
|
|
|
37
|
42
|
|
|
Basic
earnings per ordinary share
|
29.3p
|
28.2p
|
|
|
10.7p
|
8.3p
|
|
|
Basic
weighted average number of shares (m)
|
14,863
|
15,564
|
(5)
|
|
14,648
|
15,405
|
(5)
|
|
Period end number of shares (m)
|
14,571
|
15,239
|
(4)
|
|
|
|
|
|
Period end tangible shareholders' equity (£bn)
|
51.1
|
48.2
|
|
|
|
|
|
|
|
As at
30.09.24
|
As at
31.12.23
|
As at
30.09.23
|
|
Balance
sheet and capital management2
|
£bn
|
£bn
|
£bn
|
|
Loans
and advances at amortised cost
|
399.2
|
399.5
|
405.4
|
|
Loans
and advances at amortised cost impairment coverage
ratio
|
1.3%
|
1.4%
|
1.4%
|
|
Total
assets
|
1,531.1
|
1,477.5
|
1,591.7
|
|
Deposits
at amortised cost
|
542.8
|
538.8
|
561.3
|
|
Tangible
net asset value per share
|
351p
|
331p
|
316p
|
|
Common
equity tier 1 ratio
|
13.8%
|
13.8%
|
14.0%
|
|
Common
equity tier 1 capital
|
47.0
|
47.3
|
48.0
|
|
Risk
weighted assets
|
340.4
|
342.7
|
341.9
|
|
UK
leverage ratio
|
4.9%
|
5.2%
|
5.0%
|
|
UK
leverage exposure
|
1,197.4
|
1,168.3
|
1,202.4
|
|
|
|
|
|
|
Funding and liquidity
|
|
|
|
|
Group
liquidity pool (£bn)
|
311.7
|
298.1
|
335.0
|
|
Liquidity
coverage ratio
|
170.1%
|
161.4%
|
158.7%
|
|
Net
stable funding ratio3
|
135.6%
|
138.0%
|
138.2%
|
|
Loan:
deposit ratio
|
74%
|
74%
|
72%
|
|
1
|
Comprises the impact of the BoE levy scheme and the UK bank
levy.
|
|
2
|
Refer to pages 34 to 38 for further information on how capital,
RWAs and leverage are calculated.
|
|
3
|
Represents average of the last four spot quarter end
positions.
|
Reconciliation of financial results
excluding inorganic activity1
|
Nine months ended
|
30.09.24
|
|
30.09.23
|
|
|
|
|
Statutory
|
Inorganic
activity
|
Excluding
inorganic
activity
|
|
Statutory
|
|
|
|
|
£m
|
£m
|
£m
|
|
£m
|
|
%
Change
|
|
Barclays
UK
|
5,659
|
—
|
5,659
|
|
5,795
|
|
(2)
|
|
Barclays
UK Corporate Bank
|
1,322
|
—
|
1,322
|
|
1,375
|
|
(4)
|
|
Barclays
Private Bank and Wealth Management
|
958
|
—
|
958
|
|
895
|
|
7
|
|
Barclays
Investment Bank
|
9,198
|
—
|
9,198
|
|
8,998
|
|
2
|
|
Barclays
US Consumer Bank
|
2,469
|
—
|
2,469
|
|
2,402
|
|
3
|
|
Head
Office
|
218
|
(240)
|
458
|
|
315
|
|
45
|
|
Total income
|
19,824
|
(240)
|
20,064
|
|
19,780
|
|
1
|
|
Operating
costs
|
(11,951)
|
—
|
(11,951)
|
|
(11,979)
|
|
—
|
|
UK
regulatory levies
|
(93)
|
—
|
(93)
|
|
—
|
|
DIV/0!
|
|
Litigation
and conduct
|
(99)
|
—
|
(99)
|
|
(32)
|
|
|
|
Total operating expenses
|
(12,143)
|
—
|
(12,143)
|
|
(12,011)
|
|
(1)
|
|
Other
net income
|
37
|
—
|
37
|
|
7
|
|
|
|
Profit before impairment
|
7,718
|
(240)
|
7,958
|
|
7,776
|
|
2
|
|
Credit
impairment charges
|
(1,271)
|
—
|
(1,271)
|
|
(1,329)
|
|
4
|
|
Profit before tax
|
6,447
|
(240)
|
6,687
|
|
6,447
|
|
4
|
|
Attributable profit
|
4,351
|
(233)
|
4,584
|
|
4,385
|
|
5
|
|
|
|
|
|
|
|
|
|
|
Average
tangible shareholders' equity (£bn)
|
50.4
|
|
50.4
|
|
47.0
|
|
|
|
Return on average tangible shareholders' equity
|
11.5%
|
|
12.1%
|
|
12.5%
|
|
|
|
Cost: income ratio
|
61%
|
|
61%
|
|
61%
|
|
|
|
Three months ended
|
30.09.24
|
|
30.09.23
|
|
|
|
|
Statutory
|
Inorganic
activity
|
Excluding
inorganic
activity
|
|
Statutory
|
|
|
|
|
£m
|
£m
|
£m
|
|
£m
|
|
%
Change
|
|
Barclays
UK
|
1,946
|
—
|
1,946
|
|
1,873
|
|
4
|
|
Barclays
UK Corporate Bank
|
445
|
—
|
445
|
|
440
|
|
1
|
|
Barclays
Private Bank and Wealth Management
|
326
|
—
|
326
|
|
337
|
|
(3)
|
|
Barclays
Investment Bank
|
2,851
|
—
|
2,851
|
|
2,686
|
|
6
|
|
Barclays
US Consumer Bank
|
791
|
—
|
791
|
|
809
|
|
(2)
|
|
Head
Office
|
188
|
—
|
188
|
|
113
|
|
66
|
|
Total income
|
6,547
|
—
|
6,547
|
|
6,258
|
|
5
|
|
Operating
costs
|
(3,954)
|
—
|
(3,954)
|
|
(3,949)
|
|
—
|
|
UK
regulatory levies
|
27
|
—
|
27
|
|
—
|
|
DIV/0!
|
|
Litigation
and conduct
|
(35)
|
—
|
(35)
|
|
—
|
|
DIV/0!
|
|
Total operating expenses
|
(3,962)
|
—
|
(3,962)
|
|
(3,949)
|
|
—
|
|
Other
net income
|
21
|
—
|
21
|
|
9
|
|
|
|
Profit before impairment
|
2,606
|
—
|
2,606
|
|
2,318
|
|
12
|
|
Credit
impairment charges
|
(374)
|
—
|
(374)
|
|
(433)
|
|
14
|
|
Profit before tax
|
2,232
|
—
|
2,232
|
|
1,885
|
|
18
|
|
Attributable profit
|
1,564
|
—
|
1,564
|
|
1,274
|
|
23
|
|
|
|
|
|
|
|
|
|
|
Average
tangible shareholders' equity (£bn)
|
51.0
|
|
51.0
|
|
46.5
|
|
|
|
Return on average tangible shareholders' equity
|
12.3%
|
|
12.3%
|
|
11.0%
|
|
|
|
Cost: income ratio
|
61%
|
|
61%
|
|
63%
|
|
|
|
1
|
Inorganic activity refers to certain inorganic transactions
announced as part of the FY23 Investor Update designed to improve
Group RoTE beyond 2024. In Q324 YTD this included the £220m
loss on sale of the performing Italian retail mortgage portfolio
and the £20m loss on disposal from the German consumer finance
business, both incurred in H124. There were no inorganic
transactions in Q324. For FY24 this is expected to also include the
loss on sale of the non-performing Italian mortgage portfolio and
the impact of the Tesco Bank acquisition.
|
Group Finance Director's Review
Q324 YTD Group performance
●
Barclays delivered a profit before tax of £6,447m (Q323 YTD:
£6,447m), RoTE of 11.5% (Q323 YTD: 12.5%) and earnings per
share (EPS) of 29.3p (Q323 YTD: 28.2p)
●
The Group has a diverse income
profile across businesses and geographies including a significant
presence in the US. The
appreciation of GBP against USD negatively impacted income and
profits and positively impacted credit impairment charges, total
operating expenses and RWAs
●
Group statutory income was
stable at £19,824m, including the impact of inorganic
activity1
-
Excluding
the impact of inorganic activity, Group income increased 1%, as
higher structural hedge income, higher Investment Banking fees,
increased income in Equities and balance growth in USCB were
partially offset by lower FICC income as well as adverse product
dynamics in Barclays UK deposits and mortgages
●
Group total operating expenses
increased to £12,143m (Q323 YTD: £12,011m),
including the £93m impact of the
BoE levy scheme2
-
Group
operating costs were stable at £11,951m, with £0.7bn of
cost efficiency savings more than offsetting inflation, enabling
investment spend and business growth
●
Credit impairment charges were
£1,271m (Q323 YTD: £1,329m), informed by the anticipated higher delinquencies
in US cards partially offset by the impact of credit risk
management actions and methodology enhancements, as well as the
improved macroeconomic outlook across portfolios. Total coverage
ratio was 1.3% (December 2023: 1.4%)
●
The effective tax rate (ETR) was 20.2% (Q323 YTD:
19.5%)
●
Attributable profit was £4,351m (Q323 YTD:
£4,385m)
●
Total assets increased to
£1,531.1bn (December 2023:
£1,477.5bn), driven by an
increase in trading securities and seasonal increases in the IB
relative to FY23, partially offset by the strengthening of GBP
against USD
●
TNAV per share increased to
351p (December 2023: 331p) including EPS of 29.3p, a 9p benefit from the cash
flow hedging reserve and a c.6p benefit from the reduction in share
count as a result of the completion of the share buyback announced
at FY23 Results as well as the ongoing share buyback announced at
H124 Results. These were partially offset by an 8p reduction from
dividends paid during Q324 YTD and net negative other reserve
movements
Group capital and leverage
●
The
CET1 ratio remained stable at 13.8% (December 2023: 13.8%) as RWAs
decreased by £2.3bn to £340.4bn offset by a decrease in
CET1 capital of £0.3bn to £47.0bn:
-
c.130bps
increase from attributable profit
-
c.80bps
decrease driven by shareholder distributions including the
£1.8bn share buybacks announced with FY23 and H124 results and
an accrual towards the FY24 dividend
-
c.20bps
decrease from other capital movements
-
c.20bps
decrease as a result of a £5.2bn increase in RWAs, excluding
the impact of foreign exchange movements, which includes regulatory
model changes in Barclays UK
-
A
£1.3bn decrease in CET1 capital due to a decrease in the
currency translation reserve was primarily offset by a £7.5bn
decrease in RWAs as a result of foreign exchange
movements
●
The
UK leverage ratio decreased to 4.9% (December 2023: 5.2%) due to a
reduction in Tier 1 Capital of £1.7bn and increase in exposure
of £29.2bn to £1,197.4bn (December 2023:
£1,168.3bn). The decrease in capital was driven by the
redemption of an AT1 instrument during the period. The increase in
exposure was largely driven by an increase in trading securities
and secured lending in IB, partially offset by the strengthening of
GBP against USD
Group funding and liquidity
●
The
liquidity metrics remain well above regulatory requirements,
underpinned by well-diversified sources of funding, a stable global
deposit franchise and a highly liquid balance sheet
●
The
liquidity pool was £311.7bn (December 2023: £298.1bn).
The increase in the liquidity pool was primarily driven by deposit
growth in International Corporate Bank within the IB and in term
wholesale funding
●
The average3
Liquidity Coverage Ratio (LCR)
increased to 170.1% (December 2023: 161.4%), equivalent to a
surplus of £126.0bn (December 2023:
£117.7bn)
●
Total
deposits increased by £4.0bn to £542.8bn (December 2023:
£538.8bn)
●
The average4
Net Stable Funding Ratio (NSFR) was
135.6% (December 2023: 138.0%), which represents a £164.0bn
(December 2023: £167.1bn) surplus above the 100% regulatory
requirement
●
Wholesale
funding outstanding, excluding repurchase agreements, was
£178.9bn (December 2023: £176.8bn)
|
1
|
Inorganic activity refers to certain inorganic transactions
announced as part of the FY23 Investor Update designed to improve
Group RoTE beyond 2024. In Q324 YTD this included the £220m
loss on sale of the performing Italian retail mortgage portfolio
and the £20m loss on disposal from the German consumer finance
business, both incurred in H124. There were no inorganic
transactions in Q324. For FY24 this is expected to also include the
loss on sale of the non-performing Italian mortgage portfolio and
the impact of the Tesco Bank acquisition.
|
|
2
|
In August 2024, Barclays' final charge for the BoE levy scheme in
the 2024/2025 financial year was confirmed at £93m, lower than
the estimated charge of £120m recognised in Q124. As a result,
a £27m release has been recognised in Q324. See Other Matters
on page 7.
|
|
3
|
Represents average of the last 12 spot month end
ratios.
|
|
4
|
Represents average of the last four spot quarter end
ratios.
|
Group funding and liquidity (continued)
●
The
Group issued £12.8bn equivalent of minimum requirement for own
funds and eligible liabilities (MREL) instruments from Barclays PLC
(the Parent company) in H124. The Group has a strong MREL position
with a ratio of 34.9%, which is in excess of the regulatory
requirement of 30.1% plus a confidential, institution specific,
Prudential Regulation Authority (PRA) buffer
Other matters
●
The cumulative impact of all inorganic activity in
2024 is currently expected to reduce the Group’s CET1 ratio
by c.10bps, and have a broadly neutral impact on FY24 Group
RoTE as the estimated net gain upon
the completion of the Tesco Bank acquisition in Q424 should broadly
offset the losses on disposals from the Italian retail mortgage
portfolios as well as from the disposal of the German consumer
finance business:
●
Acquisition of Tesco Bank's
retail banking business: on 9
February 2024, Barclays entered into an agreement with Tesco
Personal Finance plc to acquire certain assets and liabilities of
its retail banking business (including credit cards, unsecured
loans and deposits) conducted under the "Tesco Bank" brand. The
High Court approved the transfer on 17 October 2024, and it is
expected to become effective on 1 November 2024
-
The acquisition is
expected to generate an income gain of c.£0.5bn as a result of
consideration payable for the net assets being lower than fair
value, partially offset by an expected post-acquisition impairment
charge from IFRS 9 recognition of c.£0.2bn, generating a day 1
net profit before tax impact of c.£0.3bn, and c.50bps increase
to the FY24 Group RoTE. Including the day 1 profit before tax
impact, Barclays Group’s CET1 ratio is now estimated to
reduce by c.20bps (previously c.30bps) on completion primarily as a
result of the addition of c.£7bn RWAs. These impacts will be confirmed as
part of Barclays' FY24 Results
●
Disposal of Italian retail
mortgages: on 24 April 2024,
Barclays announced a transaction under which Barclays Bank Ireland
PLC intended to dispose of its performing Italian retail mortgage
portfolio, held in Head Office. The sale completed in Q224,
generating a loss on disposal of £220m and reduced RWAs by
£0.8bn. The transaction was broadly neutral to
Barclays’ CET1 ratio and will reduce FY24 Group RoTE by
c.40bps
-
On 22 October 2024
Barclays agreed the sale of its non-performing Italian retail
mortgage portfolio. The sale of the majority of loans within this
portfolio has now completed, with the sale of the remainder
expected to complete later in Q424. The transaction is expected to
generate a small pre-tax loss of approximately €30m, and
reduce RWAs by c.€125m. As a result, the transaction is
expected to be broadly neutral to Barclays’ CET1
ratio
-
Barclays remains in
discussion with respect to the disposal of the remaining
Swiss-Franc linked Italian retail mortgage portfolio. Should the
sale occur, it is expected to generate a further small loss on
sale, but be broadly neutral to Barclays’ CET1
ratio
●
Disposal of German consumer
finance business: on 4 July
2024, Barclays Bank Ireland PLC agreed the sale of its German
consumer finance business (comprising credit cards, unsecured
personal loans and deposits) to BAWAG P.S.K., a wholly-owned
subsidiary of BAWAG Group AG, for a small premium to net assets.
When including disposal costs and accounting adjustments as
required by IFRS 5 (Non-current Assets Held for Sale and
Discontinued Operations), Barclays has recorded a £20m loss
for the disposal group within Head Office in Q224, with an expected
c.5bps reduction to FY24 Group RoTE. Completion of the sale, which is subject to
certain conditions, including regulatory approvals and the sanction
of the relevant courts, is expected to occur in Q424 or Q125. Once
complete, the sale is expected to release c.£3.4bn of RWAs,
increasing Barclays' CET1 ratio by c.10bps
●
FCA motor finance
review: in January 2024, the UK
Financial Conduct Authority (FCA) announced that it was appointing
a skilled person to undertake a review of the historical use of
discretionary commission arrangements and sales in the motor
finance market across several firms. This follows two final
decisions by the UK Financial Ombudsman Service (FOS), including
one upholding a complaint against Clydesdale Financial Services
Limited (CFS) (a subsidiary of Barclays PLC) in relation to
commission arrangements and disclosure in the sale of motor finance
products and a number of complaints and court claims, including
some against CFS. We have commenced a judicial review challenge
against the FOS in the High Court in relation to this decision.
Barclays will co-operate fully with the FCA’s skilled person
review, the outcome of which is unknown, including any potential
financial impact. The FCA currently plans to set out next steps on
this matter in May 2025. Barclays ceased operating in the motor
finance market in late 2019 whilst CFS was a subsidiary of the
Barclays Bank group
●
BoE levy scheme:
following parliamentary approval, the
new levy process commenced in Q124 replacing the Cash Ratio Deposit
scheme as a means of funding the BoE's monetary policy and
financial stability operations moving the charge from negative
income to an operating expense. In August 2024, Barclays' final
charge in the 2024/2025 financial year was confirmed at £93m,
lower than the estimated charge of £120m recognised in Q124.
As a result, a £27m release has been recognised in Q324. The
£93m charge will be partially offset by increased income of
c.£75m through lower funding costs during
2024
Anna Cross, Group Finance Director
Results by Business
|
Barclays UK
|
Nine months ended
|
|
Three months ended
|
|
|
30.09.24
|
30.09.23
|
|
|
30.09.24
|
30.09.23
|
|
|
Income statement information
|
£m
|
£m
|
%
Change
|
|
£m
|
£m
|
%
Change
|
|
Net
interest income
|
4,812
|
4,856
|
(1)
|
|
1,666
|
1,578
|
6
|
|
Net
fee, commission and other income
|
847
|
939
|
(10)
|
|
280
|
295
|
(5)
|
|
Total income
|
5,659
|
5,795
|
(2)
|
|
1,946
|
1,873
|
4
|
|
Operating
costs
|
(3,065)
|
(3,240)
|
5
|
|
(1,017)
|
(1,058)
|
4
|
|
UK
regulatory levies
|
(42)
|
—
|
DIV/0!
|
|
12
|
—
|
DIV/0!
|
|
Litigation
and conduct
|
(7)
|
12
|
|
|
(1)
|
9
|
|
|
Total operating expenses
|
(3,114)
|
(3,228)
|
4
|
|
(1,006)
|
(1,049)
|
4
|
|
Other
net income
|
—
|
—
|
|
|
—
|
—
|
DIV/0!
|
|
Profit before impairment
|
2,545
|
2,567
|
(1)
|
|
940
|
824
|
14
|
|
Credit
impairment charges
|
(82)
|
(267)
|
69
|
|
(16)
|
(59)
|
73
|
|
Profit before tax
|
2,463
|
2,300
|
7
|
|
924
|
765
|
21
|
|
Attributable
profit
|
1,684
|
1,580
|
7
|
|
621
|
531
|
17
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
Return
on average allocated tangible equity
|
21.4%
|
20.6%
|
|
|
23.4%
|
21.0%
|
|
|
Average
allocated tangible equity (£bn)
|
10.5
|
10.2
|
|
|
10.6
|
10.1
|
|
|
Cost:
income ratio
|
55%
|
56%
|
|
|
52%
|
56%
|
|
|
Loan
loss rate (bps)
|
5
|
16
|
|
|
3
|
10
|
|
|
Net
interest margin
|
3.21%
|
3.15%
|
|
|
3.34%
|
3.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
30.09.24
|
As at
31.12.23
|
As at
30.09.23
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
Loans
and advances to customers at amortised cost
|
199.3
|
202.8
|
204.9
|
|
|
|
|
|
Total
assets
|
292.2
|
293.1
|
299.9
|
|
|
|
|
|
Customer
deposits at amortised cost
|
236.3
|
241.1
|
243.2
|
|
|
|
|
|
Loan:
deposit ratio
|
92%
|
92%
|
92%
|
|
|
|
|
|
Risk
weighted assets
|
77.5
|
73.5
|
73.2
|
|
|
|
|
|
Period
end allocated tangible equity
|
10.7
|
10.2
|
10.1
|
|
|
|
|
|
Analysis of Barclays UK
|
Nine months ended
|
|
Three months ended
|
|
30.09.24
|
30.09.23
|
|
|
30.09.24
|
30.09.23
|
|
|
Analysis of total income
|
£m
|
£m
|
%
Change
|
|
£m
|
£m
|
%
Change
|
|
Personal
Banking
|
3,486
|
3,662
|
(5)
|
|
1,184
|
1,165
|
2
|
|
Barclaycard
Consumer UK
|
706
|
722
|
(2)
|
|
249
|
238
|
5
|
|
Business
Banking
|
1,467
|
1,411
|
4
|
|
513
|
470
|
9
|
|
Total income
|
5,659
|
5,795
|
(2)
|
|
1,946
|
1,873
|
4
|
|
|
|
|
|
|
|
|
|
|
Analysis of credit impairment (charges)/releases
|
|
|
|
|
|
|
|
|
Personal
Banking
|
(37)
|
(205)
|
82
|
|
3
|
(85)
|
|
|
Barclaycard
Consumer UK
|
(78)
|
(89)
|
12
|
|
(15)
|
29
|
|
|
Business
Banking
|
33
|
27
|
22
|
|
(4)
|
(3)
|
(33)
|
|
Total credit impairment charges
|
(82)
|
(267)
|
69
|
|
(16)
|
(59)
|
73
|
|
|
|
|
|
|
|
|
|
|
|
As at
30.09.24
|
As at
31.12.23
|
As at
30.09.23
|
|
|
|
|
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
Personal
Banking
|
168.1
|
170.1
|
172.3
|
|
|
|
|
|
Barclaycard
Consumer UK
|
10.6
|
9.7
|
9.6
|
|
|
|
|
|
Business
Banking
|
20.6
|
23.0
|
23.0
|
|
|
|
|
|
Total loans and advances to customers at amortised
cost
|
199.3
|
202.8
|
204.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of customer deposits at amortised cost
|
|
|
|
|
|
|
|
|
Personal
Banking
|
182.9
|
185.4
|
186.1
|
|
|
|
|
|
Barclaycard
Consumer UK
|
—
|
—
|
—
|
|
|
|
|
|
Business
Banking
|
53.4
|
55.7
|
57.1
|
|
|
|
|
|
Total customer deposits at amortised cost
|
236.3
|
241.1
|
243.2
|
|
|
|
|
Barclays UK delivered a RoTE of 21.4% (Q323 YTD: 20.6%)
supported by robust income, strong
asset quality and disciplined cost management, with continued
investment in our transformation into a simpler, better and more
balanced retail bank.
Income statement - Q324 YTD compared to Q323 YTD
●
Profit before tax increased 7% to £2,463m with a RoTE of 21.4%
(Q323 YTD: 20.6%)
●
Total income decreased 2% to
£5,659m. NII decreased 1%
to £4,812m, as continued structural hedge momentum was more
than offset by mortgage margin pressure and adverse product
dynamics in deposits, which have stabilised throughout 2024. Net
fee, commission and other income decreased 10% to
£847m primarily from the impact of the transfer of Wealth
Management & Investments (WM&I) to PBWM1
●
Total operating expenses
decreased 4% to £3,114m,
driven by the transfer of WM&I to
PBWM1
partially offset by the impact of
inflation. Ongoing efficiency savings continue to be reinvested,
which includes investment in our transformation programme to drive
sustainable improvement to the cost: income
ratio
●
Credit impairment charges were
£82m (Q323 YTD: £267m), driven by low delinquencies in UK cards, high
quality mortgage lending portfolio and the improved macroeconomic
outlook. UK cards 30 and 90 day arrears remained low at 0.7% (Q323:
0.9%) and 0.2% (Q323: 0.2%) respectively. The UK cards total
coverage ratio reduced to 5.6% (December 2023: 6.8%) driven by
release of the affordability linked adjustments, supported by a
resilient credit performance
Balance sheet - 30 September 2024 compared to 31 December
2023
●
Loans and advances to customers
at amortised cost decreased by £3.5bn to
£199.3bn, driven by
subdued mortgage lending reflecting wider market factors and
continued repayment of government scheme lending in Business
Banking
●
Customer deposits at amortised
cost decreased £4.8bn to £236.3bn, driven by reduced Business Banking and retail
current account balances, reflecting broader market trends. The
loan: deposit ratio remained stable at 92% (December 2023:
92%)
●
RWAs increased to £77.5bn
(December 2023: £73.5bn), primarily driven by regulatory model
changes
|
1
|
WM&I was transferred in May 2023.
|
|
Barclays UK Corporate Bank
|
Nine months ended
|
|
Three months ended
|
|
|
30.09.24
|
30.09.23
|
|
|
30.09.24
|
30.09.23
|
|
|
Income statement information
|
£m
|
£m
|
%
Change
|
|
£m
|
£m
|
%
Change
|
|
Net
interest income
|
882
|
913
|
(3)
|
|
309
|
304
|
2
|
|
Net
fee, commission, trading and other income
|
440
|
462
|
(5)
|
|
136
|
136
|
—
|
|
Total income
|
1,322
|
1,375
|
(4)
|
|
445
|
440
|
1
|
|
Operating
costs
|
(685)
|
(647)
|
(6)
|
|
(229)
|
(224)
|
(2)
|
|
UK
regulatory levies
|
(23)
|
—
|
DIV/0!
|
|
7
|
—
|
DIV/0!
|
|
Litigation
and conduct
|
—
|
2
|
|
|
—
|
2
|
|
|
Total operating expenses
|
(708)
|
(645)
|
(10)
|
|
(222)
|
(222)
|
—
|
|
Other
net income
|
—
|
2
|
|
|
—
|
—
|
DIV/0!
|
|
Profit before impairment
|
614
|
732
|
(16)
|
|
223
|
218
|
2
|
|
Credit
impairment (charges)/releases
|
(36)
|
45
|
|
|
(13)
|
(15)
|
13
|
|
Profit before tax
|
578
|
777
|
(26)
|
|
210
|
203
|
3
|
|
Attributable
profit
|
392
|
525
|
(25)
|
|
144
|
129
|
12
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
Return
on average allocated tangible equity
|
17.3%
|
24.4%
|
|
|
18.8%
|
18.3%
|
|
|
Average
allocated tangible equity (£bn)
|
3.0
|
2.9
|
|
|
3.1
|
2.8
|
|
|
Cost:
income ratio
|
54%
|
47%
|
|
|
50%
|
50%
|
|
|
Loan
loss rate (bps)
|
19
|
(22)
|
|
|
21
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
30.09.24
|
As At
31.12.23
|
As at
30.09.23
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
Loans
and advances to customers at amortised cost
|
24.8
|
26.4
|
26.9
|
|
|
|
|
|
Deposits
at amortised cost
|
82.3
|
84.9
|
82.7
|
|
|
|
|
|
Risk
weighted assets
|
22.1
|
20.9
|
19.5
|
|
|
|
|
|
Period
end allocated tangible equity
|
3.0
|
3.0
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
|
|
Three months ended
|
|
|
30.09.24
|
30.09.23
|
|
|
30.09.24
|
30.09.23
|
|
|
Analysis of total income
|
£m
|
£m
|
%
Change
|
|
£m
|
£m
|
%
Change
|
|
Corporate
lending
|
196
|
198
|
(1)
|
|
67
|
69
|
(3)
|
|
Transaction
banking
|
1,126
|
1,177
|
(4)
|
|
378
|
371
|
2
|
|
Total income
|
1,322
|
1,375
|
(4)
|
|
445
|
440
|
1
|
UKCB delivered a RoTE of 17.3% (Q323 YTD: 24.4%), as income from increased average deposits is
offset by lower liquidity pool income, the year-to-date impact of
continuing investment to support future growth ambitions and the
BoE levy scheme.
Income statement - Q324 YTD compared to Q323 YTD
●
Profit before tax decreased 26% to £578m (Q323 YTD:
£777m)
●
Total income decreased 4% to
£1,322m as increased deposit income from higher average
balances in the higher interest rate environment was more than
offset by lower liquidity pool income
●
Total operating expenses
increased 10% to £708m, reflecting higher ongoing spend to support growth
ambitions and the year-to-date impact of the BoE levy
scheme
●
Credit impairment charges were
£36m (Q323 YTD: £45m release), driven by resilient underlying credit
performance and limited single name charges. The release in the
prior period was driven by the improved macroeconomic
outlook
Balance sheet - 30 September 2024 compared to 31 December
2023
●
Loans and advances to customers
at amortised cost decreased by £1.6bn to £24.8bn
(December 2023: £26.4bn) with underlying growth more than offset
by a c.£2bn reduction from refinements to the
perimeter with the International Corporate Bank within
IB
●
Customer deposits at amortised
cost decreased by £2.6bn at £82.3bn (December 2023:
£84.9bn) primarily driven
by a c.£2bn reduction from refinements to the perimeter with
the International Corporate Bank within IB
●
RWAs increased to £22.1bn
(December 2023: £20.9bn) reflecting higher client lending limits,
supporting future lending growth
|
Barclays Private Bank and Wealth Management
|
Nine months ended
|
|
Three months ended
|
|
|
30.09.24
|
30.09.23
|
|
|
30.09.24
|
30.09.23
|
|
|
Income statement information
|
£m
|
£m
|
%
Change
|
|
£m
|
£m
|
%
Change
|
|
Net
interest income
|
551
|
586
|
(6)
|
|
189
|
219
|
(14)
|
|
Net
fee, commission and other income
|
407
|
309
|
32
|
|
137
|
118
|
16
|
|
Total income
|
958
|
895
|
7
|
|
326
|
337
|
(3)
|
|
Operating
costs
|
(656)
|
(540)
|
(21)
|
|
(222)
|
(214)
|
(4)
|
|
UK
regulatory levies
|
(2)
|
—
|
DIV/0!
|
|
1
|
—
|
DIV/0!
|
|
Litigation
and conduct
|
1
|
—
|
|
|
—
|
—
|
|
|
Total operating expenses
|
(657)
|
(540)
|
(22)
|
|
(221)
|
(214)
|
(3)
|
|
Other
net income
|
—
|
—
|
DIV/0!
|
`
|
—
|
—
|
DIV/0!
|
|
Profit before impairment
|
301
|
355
|
(15)
|
|
105
|
123
|
(15)
|
|
Credit
impairment (charges)/releases
|
(4)
|
(8)
|
50
|
|
(7)
|
2
|
|
|
Profit before tax
|
297
|
347
|
(14)
|
|
98
|
125
|
(22)
|
|
Attributable
profit
|
225
|
283
|
(20)
|
|
74
|
102
|
(27)
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
Return
on average allocated tangible equity
|
29.5%
|
37.1%
|
|
|
29.0%
|
41.2%
|
|
|
Average
allocated tangible equity (£bn)
|
1.0
|
1.0
|
|
|
1.0
|
1.0
|
|
|
Cost:
income ratio
|
69%
|
60%
|
|
|
68%
|
63%
|
|
|
Loan
loss rate (bps)
|
4
|
7
|
|
|
19
|
(7)
|
|
|
|
|
|
|
|
|
|
|
|
Key facts
|
£bn
|
£bn
|
|
|
|
|
|
|
Invested
assets1
|
122.4
|
105.4
|
|
|
|
|
|
|
Clients
assets and liabilities2
|
201.5
|
178.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
30.09.24
|
As At
31.12.23
|
As at
30.09.23
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
Loans
and advances to customers at amortised cost
|
14.0
|
13.6
|
13.4
|
|
|
|
|
|
Deposits
at amortised cost
|
64.8
|
60.3
|
59.7
|
|
|
|
|
|
Risk
weighted assets
|
7.3
|
7.2
|
7.2
|
|
|
|
|
|
Period
end allocated tangible equity
|
1.0
|
1.0
|
1.0
|
|
|
|
|
PBWM delivered a RoTE of 29.5% (Q323 YTD: 37.1%), supported by 13% growth year-on-year in client
balances to £201.5bn, which is predominantly driven by
invested assets1
as a result of market movements and
underlying growth.
Income statement - Q324 YTD compared to Q323 YTD
●
Profit before tax decreased 14% to £297m with a RoTE of 29.5%
(Q323 YTD: 37.1%)
●
Total income increased 7% to
£958m reflecting the
transfer of WM&I from Barclays UK3
and higher client assets and
liabilities balances, partially offset by lower liquidity pool
income
●
Total operating expenses
increased 22% to £657m, reflecting the transfer of WM&I from Barclays
UK and higher ongoing spend, including hiring, to support business
growth
Balance sheet - 30 September 2024 compared to 31 December
2023
●
Client assets and liabilities
increased £18.6bn to £201.5bn, driven by £13.6bn increase in invested
assets as a result of market movements and underlying growth, as
well as £4.5bn increase in deposits and £0.5bn increase
in gross loans to clients
●
Deposits at amortised cost
increased £4.5bn to £64.8bn, driven by underlying growth from client
inflows
●
RWAs were stable at £7.3bn (December 2023:
£7.2bn)
|
1
|
Invested assets represent assets under management and
supervision.
|
|
2
|
Client assets and liabilities refers to customer deposits, lending
and invested assets.
|
|
3
|
WM&I was transferred in May 2023.
|
|
Barclays Investment Bank
|
Nine months ended
|
|
Three months ended
|
|
|
30.09.24
|
30.09.23
|
|
|
30.09.24
|
30.09.23
|
|
|
Income statement information
|
£m
|
£m
|
%
Change
|
|
£m
|
£m
|
%
Change
|
|
Net
interest income
|
747
|
1,111
|
(33)
|
|
282
|
397
|
(29)
|
|
Net
trading income
|
4,979
|
5,283
|
(6)
|
|
1,512
|
1,497
|
1
|
|
Net
fee, commission and other income
|
3,472
|
2,604
|
33
|
|
1,057
|
792
|
33
|
|
Total income
|
9,198
|
8,998
|
2
|
|
2,851
|
2,686
|
6
|
|
Operating
costs
|
(5,763)
|
(5,685)
|
(1)
|
|
(1,906)
|
(1,840)
|
(4)
|
|
UK
regulatory levies
|
(26)
|
—
|
DIV/0!
|
|
7
|
—
|
DIV/0!
|
|
Litigation
and conduct
|
(29)
|
7
|
|
|
(17)
|
6
|
|
|
Total operating expenses
|
(5,818)
|
(5,678)
|
(2)
|
|
(1,916)
|
(1,834)
|
(4)
|
|
Other
net income
|
—
|
1
|
|
|
—
|
2
|
|
|
Profit before impairment
|
3,380
|
3,321
|
2
|
|
935
|
854
|
9
|
|
Credit
impairment (charges)/releases
|
(77)
|
(79)
|
3
|
|
(43)
|
23
|
|
|
Profit before tax
|
3,303
|
3,242
|
2
|
|
892
|
877
|
2
|
|
Attributable
profit
|
2,266
|
2,190
|
3
|
|
652
|
580
|
12
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
Return
on average allocated tangible equity
|
10.1%
|
10.1%
|
|
|
8.8%
|
8.0%
|
|
|
Average
allocated tangible equity (£bn)
|
29.8
|
29.0
|
|
|
29.5
|
28.8
|
|
|
Cost:
income ratio
|
63%
|
63%
|
|
|
67%
|
68%
|
|
|
Loan
loss rate (bps)
|
9
|
10
|
|
|
15
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
30.09.24
|
As at
31.12.23
|
As at
30.09.23
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
Loans
and advances to customers at amortised cost
|
64.5
|
62.7
|
62.3
|
|
|
|
|
|
Loans
and advances to banks at amortised cost
|
6.7
|
7.3
|
9.5
|
|
|
|
|
|
Debt
securities at amortised cost
|
44.8
|
38.9
|
36.3
|
|
|
|
|
|
Loans and advances at amortised cost
|
116.0
|
108.9
|
108.1
|
|
|
|
|
|
Trading
portfolio assets
|
185.8
|
174.5
|
155.3
|
|
|
|
|
|
Derivative
financial instrument assets
|
256.7
|
255.1
|
280.4
|
|
|
|
|
|
Financial
assets at fair value through the income statement
|
210.8
|
202.5
|
237.2
|
|
|
|
|
|
Cash
collateral and settlement balances
|
134.7
|
102.3
|
134.6
|
|
|
|
|
|
Deposits
at amortised cost
|
139.8
|
132.7
|
154.2
|
|
|
|
|
|
Derivative
financial instrument liabilities
|
249.4
|
249.7
|
268.3
|
|
|
|
|
|
Risk
weighted assets
|
194.2
|
197.3
|
201.1
|
|
|
|
|
|
Period
end allocated tangible equity
|
28.4
|
29.0
|
29.0
|
|
|
|
|
|
|
Nine months ended
|
|
Three months ended
|
|
|
30.09.24
|
30.09.23
|
|
|
30.09.24
|
30.09.23
|
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
|
FICC
|
3,733
|
4,121
|
(9)
|
|
1,180
|
1,147
|
3
|
|
Equities
|
2,271
|
1,942
|
17
|
|
692
|
675
|
3
|
|
Global Markets
|
6,004
|
6,063
|
(1)
|
|
1,872
|
1,822
|
3
|
|
Advisory
|
472
|
422
|
12
|
|
186
|
80
|
|
|
Equity
capital markets
|
253
|
181
|
40
|
|
64
|
62
|
3
|
|
Debt
capital markets
|
1,165
|
847
|
38
|
|
344
|
233
|
48
|
|
Banking
fees and underwriting
|
1,890
|
1,450
|
30
|
|
594
|
375
|
58
|
|
Corporate
lending
|
108
|
236
|
(54)
|
|
(21)
|
103
|
|
|
Transaction
banking
|
1,196
|
1,249
|
(4)
|
|
406
|
386
|
5
|
|
International
Corporate Bank
|
1,304
|
1,485
|
(12)
|
|
385
|
489
|
(21)
|
|
Investment Banking
|
3,194
|
2,935
|
9
|
|
979
|
864
|
13
|
|
Total income
|
9,198
|
8,998
|
2
|
|
2,851
|
2,686
|
6
|
IB delivered a RoTE of 10.1% (Q323 YTD: 10.1%) reflecting the benefit of diversified income
streams across businesses and geographies. An increase in Banking
fees and underwriting and Equities income was partially offset by a
decrease in FICC and International Corporate Bank income. Costs
were marginally up while impairment remained below prior
year.
Income statement - Q324 YTD compared to Q323 YTD
●
IB has a diverse income profile
across businesses and geographies including a significant presence
in the US. The appreciation of
GBP against USD adversely impacted income and profits, and
positively impacted credit impairment charges, total operating
expenses and RWAs
●
Profit before tax increased to £3,303m (Q323 YTD:
£3,242m)
●
Total income increased 2% to £9,198m
-
Global
Markets income decreased 1% to £6,004m as increased income in
Equities was more than offset by lower income in FICC
-
Equities
income increased 17% to £2,271m, reflecting increased client
activity in Derivatives and Cash products, additionally supported
by a £125m fair value gain on Visa B shares in
Q124
-
FICC
income decreased 9% to £3,733m, reflecting lower client
activity in Macro and the non-repeat of the inflation benefit from
prior year, partially offset by strong performance in securitised
products
-
Investment
Banking income increased 9% to £3,194m
-
Banking fees and underwriting income increased 30%
to £1,890m. Equity capital markets fees increased 40% driven
by increased deal activity including fees booked on a large UK
rights issue completed in Q224. Debt capital markets fees increased
38% driven by increased activity in leverage finance
and investment grade issuance. Advisory fee income increased 12% to
£472m
-
International
Corporate Bank income decreased 12% to £1,304m, including the
£85m impact of fair value losses on leverage finance lending
in Q324, which decreased Corporate lending income. Transaction
banking income decreased 4% to £1,196m driven by margin
compression as customers continue to migrate to higher interest
returning products and lower liquidity pool income
●
Total operating expenses
increased 2% to £5,818m reflecting the impact of inflation, Q224
structural cost actions and the estimated impact of the BoE levy
scheme, partially offset by efficiency savings
●
Credit impairment charges were
£77m (Q323 YTD: £79m), driven by single name charges, partially offset by
the benefit of credit protection and the improved macroeconomic
outlook
Balance sheet - 30 September 2024 compared to 31 December
2023
●
Loans and advances at amortised
costs increased £7.1bn to £116.0bn driven by increased investment in debt securities
and c.£2bn from refinements to the perimeter with
UKCB
●
Trading portfolio assets
increased £11.3bn to £185.8bn driven by increased trading in debt securities to
facilitate client demand in Global Markets
●
Derivative assets increased
£1.6bn to £256.7bn and liabilities remained broadly
stable at £249.4bn, reflecting increased client activity in Equities,
offset by a decrease in Macro due to lower market
volatility
●
Financial assets at fair value
through the income statement increased £8.3bn to
£210.8bn driven by
increased secured lending balances
●
Deposits at amortised cost
increased £7.1bn to £139.8bn driven by growth in deposits, primarily in
International Corporate Bank and c.£2bn from refinements to
the perimeter with UKCB
●
RWAs decreased to £194.2bn
(December 2023: £197.3bn) driven by the strengthening of GBP against
USD
|
Barclays US Consumer Bank
|
Nine months ended
|
|
Three months ended
|
|
|
30.09.24
|
30.09.23
|
|
|
30.09.24
|
30.09.23
|
|
|
Income statement information
|
£m
|
£m
|
%
Change
|
|
£m
|
£m
|
%
Change
|
|
Net
interest income
|
1,981
|
1,918
|
3
|
|
647
|
662
|
(2)
|
|
Net
fee, commission and other income
|
488
|
484
|
1
|
|
144
|
147
|
(2)
|
|
Total income
|
2,469
|
2,402
|
3
|
|
791
|
809
|
(2)
|
|
Operating
costs
|
(1,179)
|
(1,232)
|
4
|
|
(384)
|
(404)
|
5
|
|
UK
regulatory levies
|
—
|
—
|
DIV/0!
|
|
—
|
—
|
DIV/0!
|
|
Litigation
and conduct
|
(14)
|
(4)
|
|
|
(9)
|
—
|
DIV/0!
|
|
Total operating expenses
|
(1,193)
|
(1,236)
|
3
|
|
(393)
|
(404)
|
3
|
|
Other
net income
|
—
|
—
|
DIV/0!
|
|
—
|
—
|
DIV/0!
|
|
Profit before impairment
|
1,276
|
1,166
|
9
|
|
398
|
405
|
(2)
|
|
Credit
impairment charges
|
(995)
|
(989)
|
(1)
|
|
(276)
|
(404)
|
32
|
|
Profit before tax
|
281
|
177
|
59
|
|
122
|
1
|
|
|
Attributable
profit
|
208
|
134
|
55
|
|
89
|
3
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
Return
on average allocated tangible equity
|
8.4%
|
5.7%
|
|
|
10.9%
|
0.4%
|
|
|
Average
allocated tangible equity (£bn)
|
3.3
|
3.2
|
|
|
3.3
|
3.1
|
|
|
Cost:
income ratio
|
48%
|
51%
|
|
|
50%
|
50%
|
|
|
Loan
loss rate (bps)
|
497
|
480
|
|
|
411
|
582
|
|
|
Net
interest margin
|
10.64%
|
10.84%
|
|
|
10.38%
|
10.88%
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
30.09.24
|
As at
31.12.23
|
As at
30.09.23
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
Loans
and advances to customers at amortised cost
|
23.2
|
24.2
|
24.3
|
|
|
|
|
|
Deposits
at amortised cost
|
19.4
|
19.7
|
19.3
|
|
|
|
|
|
Risk
weighted assets
|
23.2
|
24.8
|
24.1
|
|
|
|
|
|
Period
end allocated tangible equity
|
3.2
|
3.4
|
3.3
|
|
|
|
|
USCB delivered a RoTE of 8.4% (Q323 YTD: 5.7%) with underlying growth in cards balances driving
higher income, partially offset by the strengthening of GBP against
USD. c.£0.9bn ($1.1bn) of the outstanding credit card
receivables were sold to Blackstone in Q124, providing a benefit
from reduced RWAs.
Income statement - Q324 YTD compared to Q323 YTD
●
The
appreciation of GBP against USD adversely impacted income and
profits, and positively impacted credit impairment charges, total
operating expenses and RWAs
●
Profit before tax was £281m (Q323 YTD:
£177m)
●
Total income increased 3% to
£2,469m. NII increased 3%
to £1,981m reflecting underlying growth in cards balances,
partially offset by the strengthening of GBP against USD. Net fee,
commission and other income increased 1% to £488m driven by
higher purchases and account growth1
●
Total operating expenses
decreased 3% to £1,193m, driven by efficiency savings and the strengthening
of GBP against USD
●
Credit impairment charges were
£995m (Q323 YTD: £989m), driven by anticipated higher delinquencies in US
cards, which led to higher coverage ratios, partially offset by the
impact of credit risk management actions and methodology
enhancements. 30 and 90 day arrears for US cards were 3.0% (Q323:
2.7%) and 1.6% (Q323: 1.3%) respectively. The USCB total coverage
ratio was 10.3% (December 2023: 10.1%) as ongoing reserve build was
partially offset by the impact of a debt sale in
Q324
Balance sheet - 30 September 2024 compared to 31 December
2023
●
Loans and advances to customers
at amortised cost remained broadly stable at £23.2bn (December
2023: £24.2bn) with
underlying growth in cards balances more than offset by the
strengthening of GBP against USD
●
Customer deposits at amortised
cost were broadly stable at £19.4bn (December 2023:
£19.7bn), with underlying
deposit growth, in line with USCB's ambition to grow core deposits,
more than offset by the strengthening of GBP against
USD
●
RWAs decreased to £23.2bn
(December 2023: £24.8bn), reflecting the sale of receivables to Blackstone
in Q124 and strengthening of GBP against USD
|
1
|
Includes Barclays accounts and those serviced for third
parties.
|
|
Head Office
|
Nine months ended
|
|
Three months ended
|
|
|
30.09.24
|
30.09.23
|
|
|
30.09.24
|
30.09.23
|
|
|
Income statement information
|
£m
|
£m
|
%
Change
|
|
£m
|
£m
|
%
Change
|
|
Net
interest income
|
463
|
185
|
|
|
215
|
87
|
|
|
Net
fee, commission and other income
|
(245)
|
130
|
|
|
(27)
|
26
|
|
|
Total income
|
218
|
315
|
(31)
|
|
188
|
113
|
66
|
|
Operating
costs
|
(603)
|
(635)
|
5
|
|
(197)
|
(210)
|
6
|
|
UK
regulatory levies
|
—
|
—
|
DIV/0!
|
|
—
|
—
|
DIV/0!
|
|
Litigation
and conduct
|
(50)
|
(49)
|
(2)
|
|
(7)
|
(16)
|
56
|
|
Total operating expenses
|
(653)
|
(684)
|
5
|
|
(204)
|
(226)
|
10
|
|
Other
net income
|
37
|
4
|
|
|
21
|
7
|
|
|
(Loss)/profit before impairment
|
(398)
|
(365)
|
(9)
|
|
5
|
(106)
|
|
|
Credit
impairment (charges)/releases
|
(77)
|
(31)
|
|
|
(19)
|
20
|
|
|
Loss before tax
|
(475)
|
(396)
|
(20)
|
|
(14)
|
(86)
|
84
|
|
Attributable
loss
|
(424)
|
(327)
|
(30)
|
|
(16)
|
(71)
|
77
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
Average
allocated tangible equity (£bn)
|
2.8
|
0.7
|
|
|
3.5
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
30.09.24
|
As at
31.12.23
|
As at
30.09.23
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
Risk
weighted assets
|
16.1
|
19.0
|
16.8
|
|
|
|
|
|
Period
end allocated tangible equity
|
4.9
|
3.6
|
2.0
|
|
|
|
|
Income statement - Q324 YTD compared to Q323 YTD
●
Loss before tax was £475m (Q323 YTD: £396m)
●
Total income decreased to
£218m (Q323 YTD: £315m) mainly driven by the loss on sale of the
performing Italian retail mortgage portfolio and the impact of the
disposal of the German consumer finance business. These were
partially offset by a gain on disposal of a legacy investment and
hedge accounting
●
Total operating expenses decreased to £653m (Q323 YTD:
£684m)
●
Credit impairment charges were
£77m (Q323 YTD: £31m), reflecting stable credit performance. The lower
charge in the prior period was influenced by easing inflationary
pressure in the modelled German consumer finance
business
Balance sheet - 30 September 2024 compared to 31 December
2023
●
RWAs decreased to £16.1bn
(December 2023: £19.0bn) mainly from the sale of the performing Italian
retail mortgage portfolio and a decrease in relation to merchant
acquiring cash in transit settlement balances
Quarterly Results Summary
|
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
|
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
Net
interest income
|
3,308
|
3,056
|
3,072
|
|
3,139
|
3,247
|
3,270
|
3,053
|
|
2,741
|
|
Net
fee, commission and other income
|
3,239
|
3,268
|
3,881
|
|
2,459
|
3,011
|
3,015
|
4,184
|
|
3,060
|
|
Total income
|
6,547
|
6,324
|
6,953
|
|
5,598
|
6,258
|
6,285
|
7,237
|
|
5,801
|
|
Operating
costs
|
(3,954)
|
(3,999)
|
(3,998)
|
|
(4,735)
|
(3,949)
|
(3,919)
|
(4,111)
|
|
(3,748)
|
|
UK
regulatory levies1
|
27
|
—
|
(120)
|
|
(180)
|
—
|
—
|
—
|
|
(176)
|
|
Litigation
and conduct
|
(35)
|
(7)
|
(57)
|
|
(5)
|
—
|
(33)
|
1
|
|
(79)
|
|
Total operating expenses
|
(3,962)
|
(4,006)
|
(4,175)
|
|
(4,920)
|
(3,949)
|
(3,952)
|
(4,110)
|
|
(4,003)
|
|
Other
net income/(expenses)
|
21
|
4
|
12
|
|
(16)
|
9
|
3
|
(5)
|
|
10
|
|
Profit before impairment
|
2,606
|
2,322
|
2,790
|
|
662
|
2,318
|
2,336
|
3,122
|
|
1,808
|
|
Credit
impairment charges
|
(374)
|
(384)
|
(513)
|
|
(552)
|
(433)
|
(372)
|
(524)
|
|
(498)
|
|
Profit before tax
|
2,232
|
1,938
|
2,277
|
|
110
|
1,885
|
1,964
|
2,598
|
|
1,310
|
|
Tax
(charges)/credit
|
(412)
|
(427)
|
(465)
|
|
23
|
(343)
|
(353)
|
(561)
|
|
33
|
|
Profit after tax
|
1,820
|
1,511
|
1,812
|
|
133
|
1,542
|
1,611
|
2,037
|
|
1,343
|
|
Non-controlling
interests
|
(3)
|
(23)
|
(3)
|
|
(25)
|
(9)
|
(22)
|
(8)
|
|
(22)
|
|
Other
equity instrument holders
|
(253)
|
(251)
|
(259)
|
|
(219)
|
(259)
|
(261)
|
(246)
|
|
(285)
|
|
Attributable profit/(loss)
|
1,564
|
1,237
|
1,550
|
|
(111)
|
1,274
|
1,328
|
1,783
|
|
1,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average tangible shareholders' equity
|
12.3%
|
9.9%
|
12.3%
|
|
(0.9)%
|
11.0%
|
11.4%
|
15.0%
|
|
8.9%
|
|
Average
tangible shareholders' equity (£bn)
|
51.0
|
49.8
|
50.5
|
|
48.9
|
46.5
|
46.7
|
47.6
|
|
46.7
|
|
Cost:
income ratio
|
61%
|
63%
|
60%
|
|
88%
|
63%
|
63%
|
57%
|
|
69%
|
|
Loan
loss rate (bps)
|
37
|
38
|
51
|
|
54
|
42
|
37
|
52
|
|
49
|
|
Basic
earnings per ordinary share
|
10.7p
|
8.3p
|
10.3p
|
|
(0.7)p
|
8.3p
|
8.6p
|
11.3p
|
|
6.5p
|
|
Basic
weighted average number of shares (m)
|
14,648
|
14,915
|
14,983
|
|
15,092
|
15,405
|
15,523
|
15,770
|
|
15,828
|
|
Period
end number of shares (m)
|
14,571
|
14,826
|
15,091
|
|
15,155
|
15,239
|
15,556
|
15,701
|
|
15,871
|
|
Period
end tangible shareholders' equity (£bn)
|
51.1
|
50.4
|
50.6
|
|
50.2
|
48.2
|
45.3
|
47.3
|
|
46.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet and capital management2
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
|
Loans
and advances to customers at amortised cost
|
326.5
|
329.8
|
332.1
|
|
333.3
|
339.6
|
337.4
|
343.6
|
|
343.3
|
|
Loans
and advances to banks at amortised cost
|
8.1
|
8.0
|
8.5
|
|
9.5
|
11.5
|
10.9
|
11.0
|
|
10.0
|
|
Debt
securities at amortised cost
|
64.6
|
61.7
|
57.4
|
|
56.7
|
54.3
|
53.1
|
48.9
|
|
45.5
|
|
Loans and advances at amortised cost
|
399.2
|
399.5
|
397.9
|
|
399.5
|
405.4
|
401.4
|
403.5
|
|
398.8
|
|
Loans
and advances at amortised cost impairment coverage
ratio
|
1.3%
|
1.4%
|
1.4%
|
|
1.4%
|
1.4%
|
1.4%
|
1.4%
|
|
1.4%
|
|
Total
assets
|
1,531.1
|
1,576.6
|
1,577.1
|
|
1,477.5
|
1,591.7
|
1,549.7
|
1,539.1
|
|
1,513.7
|
|
Deposits
at amortised cost
|
542.8
|
557.5
|
552.3
|
|
538.8
|
561.3
|
554.7
|
555.7
|
|
545.8
|
|
Tangible
net asset value per share
|
351p
|
340p
|
335p
|
|
331p
|
316p
|
291p
|
301p
|
|
295p
|
|
Common
equity tier 1 ratio
|
13.8%
|
13.6%
|
13.5%
|
|
13.8%
|
14.0%
|
13.8%
|
13.6%
|
|
13.9%
|
|
Common
equity tier 1 capital
|
47.0
|
47.7
|
47.1
|
|
47.3
|
48.0
|
46.6
|
46.0
|
|
46.9
|
|
Risk
weighted assets
|
340.4
|
351.4
|
349.6
|
|
342.7
|
341.9
|
336.9
|
338.4
|
|
336.5
|
|
UK
leverage ratio
|
4.9%
|
5.0%
|
4.9%
|
|
5.2%
|
5.0%
|
5.1%
|
5.1%
|
|
5.3%
|
|
UK
leverage exposure
|
1,197.4
|
1,222.7
|
1,226.5
|
|
1,168.3
|
1,202.4
|
1,183.7
|
1,168.9
|
|
1,130.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funding and liquidity
|
|
|
|
|
|
|
|
|
|
|
|
Group
liquidity pool (£bn)
|
311.7
|
328.7
|
323.5
|
|
298.1
|
335.0
|
330.7
|
333.0
|
|
318.0
|
|
Liquidity
coverage ratio
|
170.1%
|
167.0%
|
163.2%
|
|
161.4%
|
158.7%
|
157.2%
|
156.6%
|
|
155.5%
|
|
Net
stable funding ratio
|
135.6%
|
136.4%
|
135.7%
|
|
138.0%
|
138.2%
|
138.8%
|
139.2%
|
|
137.0%
|
|
Loan:
deposit ratio
|
74%
|
72%
|
72%
|
|
74%
|
72%
|
72%
|
73%
|
|
73%
|
|
1
|
Comprises the impact of the BoE levy scheme and the UK bank
levy.
|
|
2
|
Refer to pages 34 to 38 for further information on how capital,
RWAs and leverage are calculated.
|
|
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
|
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
Net
interest income
|
1,666
|
1,597
|
1,549
|
|
1,575
|
1,578
|
1,660
|
1,618
|
|
1,600
|
|
Net
fee, commission and other income
|
280
|
290
|
277
|
|
217
|
295
|
301
|
343
|
|
370
|
|
Total income
|
1,946
|
1,887
|
1,826
|
|
1,792
|
1,873
|
1,961
|
1,961
|
|
1,970
|
|
Operating
costs
|
(1,017)
|
(1,041)
|
(1,007)
|
|
(1,153)
|
(1,058)
|
(1,090)
|
(1,092)
|
|
(1,108)
|
|
UK
regulatory levies
|
12
|
—
|
(54)
|
|
(30)
|
—
|
—
|
—
|
|
(26)
|
|
Litigation
and conduct
|
(1)
|
(4)
|
(2)
|
|
(4)
|
9
|
5
|
(2)
|
|
(13)
|
|
Total operating expenses
|
(1,006)
|
(1,045)
|
(1,063)
|
|
(1,187)
|
(1,049)
|
(1,085)
|
(1,094)
|
|
(1,147)
|
|
Other
net income
|
—
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
1
|
|
Profit before impairment
|
940
|
842
|
763
|
|
605
|
824
|
876
|
867
|
|
824
|
|
Credit
impairment charges
|
(16)
|
(8)
|
(58)
|
|
(37)
|
(59)
|
(95)
|
(113)
|
|
(157)
|
|
Profit before tax
|
924
|
834
|
705
|
|
568
|
765
|
781
|
754
|
|
667
|
|
Attributable
profit
|
621
|
584
|
479
|
|
382
|
531
|
534
|
515
|
|
474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
|
Loans
and advances to customers at amortised cost
|
199.3
|
198.7
|
200.8
|
|
202.8
|
204.9
|
206.8
|
208.2
|
|
205.1
|
|
Customer
deposits at amortised cost
|
236.3
|
236.8
|
237.2
|
|
241.1
|
243.2
|
249.8
|
254.3
|
|
258.0
|
|
Loan:
deposit ratio
|
92%
|
91%
|
92%
|
|
92%
|
92%
|
90%
|
90%
|
|
87%
|
|
Risk
weighted assets
|
77.5
|
76.5
|
76.5
|
|
73.5
|
73.2
|
73.0
|
74.6
|
|
73.1
|
|
Period
end allocated tangible equity
|
10.7
|
10.6
|
10.7
|
|
10.2
|
10.1
|
10.1
|
10.3
|
|
10.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average allocated tangible equity
|
23.4%
|
22.3%
|
18.5%
|
|
14.9%
|
21.0%
|
20.9%
|
20.0%
|
|
18.7%
|
|
Average
allocated tangible equity (£bn)
|
10.6
|
10.5
|
10.4
|
|
10.2
|
10.1
|
10.2
|
10.3
|
|
10.2
|
|
Cost:
income ratio
|
52%
|
55%
|
58%
|
|
66%
|
56%
|
55%
|
56%
|
|
58%
|
|
Loan
loss rate (bps)
|
3
|
1
|
11
|
|
7
|
10
|
17
|
20
|
|
27
|
|
Net
interest margin
|
3.34%
|
3.22%
|
3.09%
|
|
3.07%
|
3.04%
|
3.22%
|
3.18%
|
|
3.10%
|
|
Analysis of Barclays UK
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
|
Analysis of total income
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
Personal
Banking
|
1,184
|
1,174
|
1,128
|
|
1,067
|
1,165
|
1,244
|
1,253
|
|
1,229
|
|
Barclaycard
Consumer UK
|
249
|
228
|
229
|
|
242
|
238
|
237
|
247
|
|
269
|
|
Business
Banking
|
513
|
485
|
469
|
|
483
|
470
|
480
|
461
|
|
472
|
|
Total income
|
1,946
|
1,887
|
1,826
|
|
1,792
|
1,873
|
1,961
|
1,961
|
|
1,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of credit impairment (charges)/releases
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking
|
3
|
(26)
|
(14)
|
|
35
|
(85)
|
(92)
|
(28)
|
|
(120)
|
|
Barclaycard
Consumer UK
|
(15)
|
(25)
|
(38)
|
|
(73)
|
29
|
(35)
|
(83)
|
|
(12)
|
|
Business
Banking
|
(4)
|
43
|
(6)
|
|
1
|
(3)
|
32
|
(2)
|
|
(25)
|
|
Total credit impairment charges
|
(16)
|
(8)
|
(58)
|
|
(37)
|
(59)
|
(95)
|
(113)
|
|
(157)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
|
Personal
Banking
|
168.1
|
167.3
|
169.0
|
|
170.1
|
172.3
|
173.3
|
173.6
|
|
169.7
|
|
Barclaycard
Consumer UK
|
10.6
|
10.2
|
9.8
|
|
9.7
|
9.6
|
9.3
|
9.0
|
|
9.2
|
|
Business
Banking
|
20.6
|
21.2
|
22.0
|
|
23.0
|
23.0
|
24.2
|
25.6
|
|
26.2
|
|
Total loans and advances to customers at amortised
cost
|
199.3
|
198.7
|
200.8
|
|
202.8
|
204.9
|
206.8
|
208.2
|
|
205.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of customer deposits at amortised cost
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking
|
182.9
|
183.3
|
183.4
|
|
185.4
|
186.1
|
191.1
|
194.3
|
|
195.6
|
|
Barclaycard
Consumer UK
|
—
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
|
Business
Banking
|
53.4
|
53.5
|
53.8
|
|
55.7
|
57.1
|
58.7
|
60.0
|
|
62.4
|
|
Total customer deposits at amortised cost
|
236.3
|
236.8
|
237.2
|
|
241.1
|
243.2
|
249.8
|
254.3
|
|
258.0
|
|
Barclays UK Corporate Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
Net
interest income
|
309
|
296
|
277
|
|
247
|
304
|
299
|
310
|
|
324
|
|
Net
fee, commission, trading and other income
|
136
|
147
|
157
|
|
148
|
136
|
173
|
153
|
|
153
|
|
Total income
|
445
|
443
|
434
|
|
395
|
440
|
472
|
463
|
|
477
|
|
Operating
costs
|
(229)
|
(235)
|
(221)
|
|
(258)
|
(224)
|
(213)
|
(210)
|
|
(213)
|
|
UK
regulatory levies
|
7
|
—
|
(30)
|
|
(8)
|
—
|
—
|
—
|
|
(7)
|
|
Litigation
and conduct
|
—
|
—
|
—
|
|
(1)
|
2
|
—
|
—
|
|
—
|
|
Total operating expenses
|
(222)
|
(235)
|
(251)
|
|
(267)
|
(222)
|
(213)
|
(210)
|
|
(220)
|
|
Other
net (expenses)/income
|
—
|
—
|
—
|
|
(5)
|
—
|
1
|
1
|
|
1
|
|
Profit before impairment
|
223
|
208
|
183
|
|
123
|
218
|
260
|
254
|
|
258
|
|
Credit
impairment (charges)/releases
|
(13)
|
(8)
|
(15)
|
|
(18)
|
(15)
|
84
|
(24)
|
|
(52)
|
|
Profit before tax
|
210
|
200
|
168
|
|
105
|
203
|
344
|
230
|
|
206
|
|
Attributable
profit
|
144
|
135
|
113
|
|
59
|
129
|
239
|
157
|
|
131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
|
Loans
and advances to customers at amortised cost
|
24.8
|
25.7
|
25.7
|
|
26.4
|
26.9
|
26.9
|
27.2
|
|
26.9
|
|
Deposits
at amortised cost
|
82.3
|
84.9
|
81.7
|
|
84.9
|
82.7
|
82.6
|
83.6
|
|
84.4
|
|
Risk
weighted assets
|
22.1
|
21.9
|
21.4
|
|
20.9
|
19.5
|
20.6
|
20.2
|
|
21.1
|
|
Period
end allocated tangible equity
|
3.0
|
3.0
|
3.0
|
|
3.0
|
2.8
|
2.9
|
2.9
|
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average allocated tangible equity
|
18.8%
|
18.0%
|
15.2%
|
|
8.4%
|
18.3%
|
32.9%
|
21.7%
|
|
17.8%
|
|
Average
allocated tangible equity (£bn)
|
3.1
|
3.0
|
3.0
|
|
2.8
|
2.8
|
2.9
|
2.9
|
|
2.9
|
|
Cost:
income ratio
|
50%
|
53%
|
58%
|
|
68%
|
50%
|
45%
|
45%
|
|
46%
|
|
Loan
loss rate (bps)
|
21
|
12
|
23
|
|
27
|
21
|
(123)
|
36
|
|
74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of total income
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
Corporate
lending
|
67
|
57
|
72
|
|
64
|
69
|
68
|
61
|
|
66
|
|
Transaction
banking
|
378
|
386
|
362
|
|
331
|
371
|
404
|
402
|
|
411
|
|
Total income
|
445
|
443
|
434
|
|
395
|
440
|
472
|
463
|
|
477
|
|
Barclays Private Bank and Wealth Management
|
|
|
|
|
|
|
|
|
|
|
|
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
Net
interest income
|
189
|
187
|
175
|
|
182
|
219
|
186
|
181
|
|
205
|
|
Net
fee, commission and other income
|
137
|
133
|
137
|
|
131
|
118
|
113
|
78
|
|
81
|
|
Total income
|
326
|
320
|
312
|
|
313
|
337
|
299
|
259
|
|
286
|
|
Operating
costs
|
(222)
|
(220)
|
(214)
|
|
(255)
|
(214)
|
(182)
|
(144)
|
|
(153)
|
|
UK
regulatory levies
|
1
|
—
|
(3)
|
|
(4)
|
—
|
—
|
—
|
|
(4)
|
|
Litigation
and conduct
|
—
|
1
|
—
|
|
2
|
—
|
—
|
—
|
|
—
|
|
Total operating expenses
|
(221)
|
(219)
|
(217)
|
|
(257)
|
(214)
|
(182)
|
(144)
|
|
(157)
|
|
Other
net income
|
—
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
|
Profit before impairment
|
105
|
101
|
95
|
|
56
|
123
|
117
|
115
|
|
129
|
|
Credit
impairment (charges)/releases
|
(7)
|
3
|
—
|
|
4
|
2
|
(7)
|
(3)
|
|
(10)
|
|
Profit before tax
|
98
|
104
|
95
|
|
60
|
125
|
110
|
112
|
|
119
|
|
Attributable
profit
|
74
|
77
|
74
|
|
47
|
102
|
91
|
90
|
|
92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
|
Loans
and advances to customers at amortised cost
|
14.0
|
13.9
|
13.7
|
|
13.6
|
13.4
|
13.8
|
14.3
|
|
14.4
|
|
Deposits
at amortised cost
|
64.8
|
64.6
|
61.9
|
|
60.3
|
59.7
|
59.2
|
60.8
|
|
62.3
|
|
Risk
weighted assets
|
7.3
|
7.0
|
7.2
|
|
7.2
|
7.2
|
7.2
|
7.5
|
|
7.8
|
|
Period
end allocated tangible equity
|
1.0
|
1.0
|
1.0
|
|
1.0
|
1.0
|
1.0
|
1.0
|
|
1.1
|
|
Client assets and liabilities1
|
201.5
|
198.5
|
189.1
|
|
182.9
|
178.7
|
174.1
|
141.5
|
|
139.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average allocated tangible equity
|
29.0%
|
30.8%
|
28.7%
|
|
19.1%
|
41.2%
|
35.9%
|
34.5%
|
|
34.9%
|
|
Average
allocated tangible equity (£bn)
|
1.0
|
1.0
|
1.0
|
|
1.0
|
1.0
|
1.0
|
1.0
|
|
1.1
|
|
Cost:
income ratio
|
68%
|
68%
|
70%
|
|
82%
|
63%
|
61%
|
56%
|
|
55%
|
|
Loan
loss rate (bps)
|
19
|
(9)
|
—
|
|
(10)
|
(7)
|
20
|
7
|
|
26
|
|
1
|
Client assets and liabilities refers to customer deposits, lending
and invested assets.
|
|
Barclays Investment Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
Net
interest income
|
282
|
268
|
197
|
|
282
|
397
|
555
|
159
|
|
228
|
|
Net
trading income
|
1,512
|
1,485
|
1,982
|
|
757
|
1,497
|
1,351
|
2,435
|
|
1,197
|
|
Net
fee, commission and other income
|
1,057
|
1,266
|
1,149
|
|
998
|
792
|
837
|
975
|
|
731
|
|
Total income
|
2,851
|
3,019
|
3,328
|
|
2,037
|
2,686
|
2,743
|
3,569
|
|
2,156
|
|
Operating
costs
|
(1,906)
|
(1,900)
|
(1,957)
|
|
(1,934)
|
(1,840)
|
(1,813)
|
(2,032)
|
|
(1,619)
|
|
UK
regulatory levies
|
7
|
—
|
(33)
|
|
(123)
|
—
|
—
|
—
|
|
(119)
|
|
Litigation
and conduct
|
(17)
|
(3)
|
(9)
|
|
(2)
|
6
|
(1)
|
2
|
|
(55)
|
|
Total operating expenses
|
(1,916)
|
(1,903)
|
(1,999)
|
|
(2,059)
|
(1,834)
|
(1,814)
|
(2,030)
|
|
(1,793)
|
|
Other
net (expenses)/income
|
—
|
—
|
—
|
|
(1)
|
2
|
—
|
(1)
|
|
1
|
|
Profit/(loss) before impairment
|
935
|
1,116
|
1,329
|
|
(23)
|
854
|
929
|
1,538
|
|
364
|
|
Credit
impairment (charges)/releases
|
(43)
|
(44)
|
10
|
|
(23)
|
23
|
(77)
|
(25)
|
|
(22)
|
|
Profit/(loss) before tax
|
892
|
1,072
|
1,339
|
|
(46)
|
877
|
852
|
1,513
|
|
342
|
|
Attributable
profit/(loss)
|
652
|
715
|
899
|
|
(149)
|
580
|
562
|
1,048
|
|
313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
|
Loans
and advances to customers at amortised cost
|
64.5
|
66.6
|
64.6
|
|
62.7
|
62.3
|
59.1
|
63.1
|
|
64.6
|
|
Loans
and advances to banks at amortised cost
|
6.7
|
6.6
|
7.6
|
|
7.3
|
9.5
|
9.0
|
9.1
|
|
8.1
|
|
Debt
securities at amortised cost
|
44.8
|
41.7
|
40.4
|
|
38.9
|
36.3
|
35.1
|
30.7
|
|
27.2
|
|
Loans and advances at amortised cost
|
116.0
|
114.9
|
112.6
|
|
108.9
|
108.1
|
103.2
|
102.9
|
|
99.9
|
|
Trading
portfolio assets
|
185.8
|
197.2
|
195.3
|
|
174.5
|
155.3
|
165.0
|
137.6
|
|
133.7
|
|
Derivative
financial instrument assets
|
256.7
|
251.4
|
248.9
|
|
255.1
|
280.4
|
264.8
|
256.5
|
|
301.6
|
|
Financial
assets at fair value through the income statement
|
210.8
|
211.7
|
225.1
|
|
202.5
|
237.2
|
231.1
|
243.8
|
|
209.4
|
|
Cash
collateral and settlement balances
|
134.7
|
139.8
|
129.8
|
|
102.3
|
134.6
|
122.1
|
124.3
|
|
106.2
|
|
Deposits
at amortised cost
|
139.8
|
151.3
|
151.1
|
|
132.7
|
154.2
|
142.9
|
137.3
|
|
121.5
|
|
Derivative
financial instrument liabilities
|
249.4
|
241.8
|
241.5
|
|
249.7
|
268.3
|
254.5
|
246.7
|
|
288.9
|
|
Risk
weighted assets
|
194.2
|
203.3
|
200.4
|
|
197.3
|
201.1
|
197.2
|
198.0
|
|
195.9
|
|
Period
end allocated tangible equity
|
28.4
|
29.7
|
29.6
|
|
29.0
|
29.0
|
28.7
|
28.9
|
|
28.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average allocated tangible equity
|
8.8%
|
9.6%
|
12.0%
|
|
(2.1)%
|
8.0%
|
7.7%
|
14.4%
|
|
4.0%
|
|
Average
allocated tangible equity (£bn)
|
29.5
|
29.9
|
30.0
|
|
28.9
|
28.8
|
29.0
|
29.1
|
|
30.9
|
|
Cost:
income ratio
|
67%
|
63%
|
60%
|
|
101%
|
68%
|
66%
|
57%
|
|
83%
|
|
Loan
loss rate (bps)
|
15
|
15
|
(4)
|
|
8
|
(8)
|
30
|
10
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of total income
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
FICC
|
1,180
|
1,149
|
1,404
|
|
724
|
1,147
|
1,186
|
1,788
|
|
976
|
|
Equities
|
692
|
696
|
883
|
|
431
|
675
|
563
|
704
|
|
440
|
|
Global Markets
|
1,872
|
1,845
|
2,287
|
|
1,155
|
1,822
|
1,749
|
2,492
|
|
1,416
|
|
Advisory
|
186
|
138
|
148
|
|
171
|
80
|
130
|
212
|
|
197
|
|
Equity
capital markets
|
64
|
121
|
68
|
|
38
|
62
|
69
|
50
|
|
40
|
|
Debt
capital markets
|
344
|
420
|
401
|
|
301
|
233
|
273
|
341
|
|
243
|
|
Banking
Fees and Underwriting
|
594
|
679
|
617
|
|
510
|
375
|
472
|
603
|
|
480
|
|
Corporate
lending
|
(21)
|
87
|
42
|
|
(23)
|
103
|
100
|
33
|
|
(194)
|
|
Transaction
banking
|
406
|
408
|
382
|
|
395
|
386
|
422
|
441
|
|
454
|
|
International
Corporate Banking
|
385
|
495
|
424
|
|
372
|
489
|
522
|
474
|
|
260
|
|
Investment Banking
|
979
|
1,174
|
1,041
|
|
882
|
864
|
994
|
1,077
|
|
740
|
|
Total income
|
2,851
|
3,019
|
3,328
|
|
2,037
|
2,686
|
2,743
|
3,569
|
|
2,156
|
|
Barclays US Consumer Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
Net
interest income
|
647
|
646
|
688
|
|
686
|
662
|
622
|
634
|
|
639
|
|
Net
fee, commission, trading and other income
|
144
|
173
|
171
|
|
180
|
147
|
145
|
192
|
|
149
|
|
Total income
|
791
|
819
|
859
|
|
866
|
809
|
767
|
826
|
|
788
|
|
Operating
costs
|
(384)
|
(408)
|
(387)
|
|
(418)
|
(404)
|
(401)
|
(427)
|
|
(425)
|
|
UK
regulatory levies
|
—
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
|
Litigation
and conduct
|
(9)
|
(2)
|
(3)
|
|
(2)
|
—
|
(4)
|
—
|
|
(3)
|
|
Total operating expenses
|
(393)
|
(410)
|
(390)
|
|
(420)
|
(404)
|
(405)
|
(427)
|
|
(428)
|
|
Other
net income
|
—
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
|
Profit before impairment
|
398
|
409
|
469
|
|
446
|
405
|
362
|
399
|
|
360
|
|
Credit
impairment charges
|
(276)
|
(309)
|
(410)
|
|
(449)
|
(404)
|
(264)
|
(321)
|
|
(224)
|
|
Profit/(loss) before tax
|
122
|
100
|
59
|
|
(3)
|
1
|
98
|
78
|
|
136
|
|
Attributable
profit/(loss)
|
89
|
75
|
44
|
|
(3)
|
3
|
72
|
59
|
|
101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
|
Loans
and advances to customers at amortised cost
|
23.2
|
24.3
|
23.6
|
|
24.2
|
24.3
|
22.9
|
22.5
|
|
23.6
|
|
Deposits
at amortised cost
|
19.4
|
20.0
|
20.3
|
|
19.7
|
19.3
|
17.9
|
18.1
|
|
18.3
|
|
Risk
weighted assets
|
23.2
|
24.4
|
23.9
|
|
24.8
|
24.1
|
22.5
|
22.5
|
|
23.9
|
|
Period
end allocated tangible equity
|
3.2
|
3.3
|
3.3
|
|
3.4
|
3.3
|
3.1
|
3.1
|
|
3.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average allocated tangible equity
|
10.9%
|
9.2%
|
5.3%
|
|
(0.3)%
|
0.4%
|
9.3%
|
7.5%
|
|
12.6%
|
|
Average
allocated tangible equity (£bn)
|
3.3
|
3.3
|
3.3
|
|
3.3
|
3.1
|
3.1
|
3.1
|
|
3.2
|
|
Cost:
income ratio
|
50%
|
50%
|
46%
|
|
48%
|
50%
|
53%
|
52%
|
|
54%
|
|
Loan
loss rate (bps)
|
411
|
438
|
610
|
|
636
|
582
|
411
|
515
|
|
337
|
|
Net
interest margin
|
10.38%
|
10.43%
|
11.12%
|
|
10.88%
|
10.88%
|
10.66%
|
10.97%
|
|
10.64%
|
|
Head Office
|
|
|
|
|
|
|
|
|
|
|
|
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
Net
interest income
|
215
|
62
|
186
|
|
167
|
87
|
(52)
|
151
|
|
(255)
|
|
Net
fee, commission and other income
|
(27)
|
(226)
|
8
|
|
28
|
26
|
95
|
8
|
|
379
|
|
Total income
|
188
|
(164)
|
194
|
|
195
|
113
|
43
|
159
|
|
124
|
|
Operating
costs
|
(197)
|
(195)
|
(211)
|
|
(717)
|
(210)
|
(221)
|
(204)
|
|
(229)
|
|
UK
regulatory levies
|
—
|
—
|
—
|
|
(14)
|
—
|
—
|
—
|
|
(20)
|
|
Litigation
and conduct
|
(7)
|
1
|
(44)
|
|
1
|
(16)
|
(32)
|
(1)
|
|
(9)
|
|
Total operating expenses
|
(204)
|
(194)
|
(255)
|
|
(730)
|
(226)
|
(253)
|
(205)
|
|
(258)
|
|
Other
net income/(expenses)
|
21
|
4
|
12
|
|
(10)
|
7
|
2
|
(5)
|
|
7
|
|
Profit/(loss) before impairment
|
5
|
(354)
|
(49)
|
|
(545)
|
(106)
|
(208)
|
(51)
|
|
(127)
|
|
Credit
impairment (charges)/releases
|
(19)
|
(18)
|
(40)
|
|
(29)
|
20
|
(13)
|
(38)
|
|
(33)
|
|
Loss before tax
|
(14)
|
(372)
|
(89)
|
|
(574)
|
(86)
|
(221)
|
(89)
|
|
(160)
|
|
Attributable
loss
|
(16)
|
(349)
|
(59)
|
|
(447)
|
(71)
|
(170)
|
(86)
|
|
(75)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
|
Risk
weighted assets
|
16.1
|
18.3
|
20.2
|
|
19.0
|
16.8
|
16.4
|
15.6
|
|
14.7
|
|
Period
end allocated tangible equity
|
4.9
|
2.7
|
3.0
|
|
3.6
|
2.0
|
(0.5)
|
1.1
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Average
allocated tangible equity (£bn)
|
3.5
|
2.1
|
2.8
|
|
2.7
|
0.7
|
0.5
|
1.2
|
|
(1.6)
|
Performance Management
|
Margins and balances
|
|
|
|
|
|
|
|
|
Nine months ended 30.09.24
|
Nine months ended 30.09.23
|
|
|
Net interest
income
|
Average
customer
assets
|
Net interest
margin
|
Net interest
income
|
Average
customer
assets
|
Net interest
margin
|
|
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
|
Barclays
UK
|
4,812
|
199,938
|
3.21
|
4,856
|
206,338
|
3.15
|
|
Barclays
UK Corporate Bank
|
882
|
22,552
|
5.22
|
913
|
23,157
|
5.27
|
|
Barclays
Private Bank and Wealth Management
|
551
|
13,862
|
5.31
|
586
|
14,071
|
5.57
|
|
Barclays
US Consumer Bank
|
1,981
|
24,864
|
10.64
|
1,918
|
23,661
|
10.84
|
|
Group excluding IB and Head Office
|
8,226
|
261,216
|
4.21
|
8,273
|
267,227
|
4.14
|
|
Barclays
Investment Bank
|
747
|
|
|
1,111
|
|
|
|
Head
Office
|
463
|
|
|
185
|
|
|
|
Total Barclays Group net interest income
|
9,436
|
|
|
9,570
|
|
|
The Group excluding IB and Head Office net interest margin (NIM)
increased by 7bps from 4.14% in Q323 to 4.21% in Q324, due to
continued structural hedge momentum and higher cards balances in
USCB, partially offset by mortgage margin pressure in Barclays UK
and adverse product dynamics in deposits.
|
Quarterly analysis
|
|
|
|
|
Q324
|
Q224
|
Q124
|
Q423
|
Q323
|
|
Net interest income
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Barclays
UK
|
1,666
|
1,597
|
1,549
|
1,575
|
1,578
|
|
Barclays
UK Corporate Bank
|
309
|
296
|
277
|
247
|
304
|
|
Barclays
Private Bank and Wealth Management
|
189
|
187
|
175
|
182
|
219
|
|
Barclays
US Consumer Bank
|
647
|
646
|
688
|
686
|
662
|
|
Group excluding IB and Head Office
|
2,811
|
2,726
|
2,689
|
2,690
|
2,763
|
|
|
|
|
|
|
|
|
Average customer assets
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Barclays
UK
|
198,616
|
199,529
|
201,669
|
203,646
|
205,693
|
|
Barclays
UK Corporate Bank
|
23,049
|
22,474
|
22,257
|
23,354
|
23,225
|
|
Barclays
Private Bank and Wealth Management
|
14,061
|
13,931
|
13,593
|
13,525
|
13,594
|
|
Barclays
US Consumer Bank
|
24,798
|
24,899
|
24,880
|
25,012
|
24,128
|
|
Group excluding IB and Head Office
|
260,524
|
260,833
|
262,399
|
265,537
|
266,640
|
|
|
|
|
|
|
|
|
Net interest margin
|
%
|
%
|
%
|
%
|
%
|
|
Barclays
UK
|
3.34
|
3.22
|
3.09
|
3.07
|
3.04
|
|
Barclays
UK Corporate Bank
|
5.33
|
5.30
|
5.00
|
4.19
|
5.19
|
|
Barclays
Private Bank and Wealth Management
|
5.35
|
5.40
|
5.17
|
5.33
|
6.40
|
|
Barclays
US Consumer Bank
|
10.38
|
10.43
|
11.12
|
10.88
|
10.88
|
|
Group excluding IB and Head Office
|
4.29
|
4.20
|
4.12
|
4.02
|
4.11
|
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 hedge reserve. Overall the Group has external derivatives
designated as cash flow hedges that hedge interest rate risk with a
notional £98bn (December 2023: £128bn) which reflects the
structural hedge notional of £234bn (December 2023:
£246bn) netted with non-structural hedging positions of
£136bn (December 2023: £118bn). The majority of these
interest rate swaps are cleared with Central Clearing
Counterparties and margined daily with an average duration of
between 2.5 years and 3 years.
Gross structural hedge contributions were £3,430m (Q323:
£2,609m). 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
performance section includes loans and advances at amortised cost
to banks and loans and advances at amortised cost to
customers.
The table below presents a product and geographical breakdown by
stages of loans and advances at amortised cost and the impairment
allowance. Also included are stage allocation of debt securities
and off-balance sheet loan commitments and financial guarantee
contracts by gross exposure, impairment allowance and coverage
ratio.
Impairment allowance under IFRS 9 considers both the drawn and the
undrawn counterparty exposure. For retail portfolios, the total
impairment allowance is allocated to gross loans and advances to
the extent allowance does not exceed the drawn exposure and any
excess is reported on the liabilities side of the balance sheet as
a provision. For corporate portfolios, impairment allowance on
undrawn exposure is reported on the liability side of the balance
sheet as a provision.
|
|
Gross exposure
|
|
Impairment allowance
|
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
|
As at 30.09.24
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
|
Retail
mortgages
|
145,587
|
18,026
|
1,692
|
165,305
|
|
31
|
60
|
105
|
196
|
|
|
Retail
credit cards
|
9,080
|
1,993
|
186
|
11,259
|
|
107
|
429
|
95
|
631
|
|
|
Retail
other
|
6,605
|
1,202
|
221
|
8,028
|
|
56
|
104
|
141
|
301
|
|
|
Corporate loans1
|
52,404
|
7,156
|
1,789
|
61,349
|
|
155
|
168
|
379
|
702
|
|
|
Total UK
|
213,676
|
28,377
|
3,888
|
245,941
|
|
349
|
761
|
720
|
1,830
|
|
|
Retail
mortgages
|
1,701
|
29
|
494
|
2,224
|
|
2
|
—
|
278
|
280
|
|
|
Retail
credit cards
|
20,427
|
3,448
|
1,652
|
25,527
|
|
358
|
960
|
1,338
|
2,656
|
|
|
Retail
other
|
1,624
|
148
|
130
|
1,902
|
|
2
|
1
|
26
|
29
|
|
|
Corporate
loans
|
59,315
|
3,895
|
982
|
64,192
|
|
78
|
141
|
225
|
444
|
|
|
Total Rest of the World
|
83,067
|
7,520
|
3,258
|
93,845
|
|
440
|
1,102
|
1,867
|
3,409
|
|
|
Total loans and advances at amortised cost
|
296,743
|
35,897
|
7,146
|
339,786
|
|
789
|
1,863
|
2,587
|
5,239
|
|
|
Debt
securities at amortised cost
|
61,342
|
3,316
|
—
|
64,658
|
|
10
|
11
|
—
|
21
|
|
|
Total loans and advances at amortised cost including debt
securities
|
358,085
|
39,213
|
7,146
|
404,444
|
|
799
|
1,874
|
2,587
|
5,260
|
|
|
Off-balance sheet loan commitments and financial
guarantee contracts2
|
378,879
|
17,441
|
1,046
|
397,366
|
|
171
|
231
|
28
|
430
|
|
|
Total3,4
|
736,964
|
56,654
|
8,192
|
801,810
|
|
970
|
2,105
|
2,615
|
5,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
Coverage ratio
|
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
|
As at 30.09.24
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
|
|
Retail
mortgages
|
145,556
|
17,966
|
1,587
|
165,109
|
|
—
|
0.3
|
6.2
|
0.1
|
|
|
Retail
credit cards
|
8,973
|
1,564
|
91
|
10,628
|
|
1.2
|
21.5
|
51.1
|
5.6
|
|
|
Retail
other
|
6,549
|
1,098
|
80
|
7,727
|
|
0.8
|
8.7
|
63.8
|
3.7
|
|
|
Corporate loans1
|
52,249
|
6,988
|
1,410
|
60,647
|
|
0.3
|
2.3
|
21.2
|
1.1
|
|
|
Total UK
|
213,327
|
27,616
|
3,168
|
244,111
|
|
0.2
|
2.7
|
18.5
|
0.7
|
|
|
Retail
mortgages
|
1,699
|
29
|
216
|
1,944
|
|
0.1
|
—
|
56.3
|
12.6
|
|
|
Retail
credit cards
|
20,069
|
2,488
|
314
|
22,871
|
|
1.8
|
27.8
|
81.0
|
10.4
|
|
|
Retail
other
|
1,622
|
147
|
104
|
1,873
|
|
0.1
|
0.7
|
20.0
|
1.5
|
|
|
Corporate
loans
|
59,237
|
3,754
|
757
|
63,748
|
|
0.1
|
3.6
|
22.9
|
0.7
|
|
|
Total Rest of the World
|
82,627
|
6,418
|
1,391
|
90,436
|
|
0.5
|
14.7
|
57.3
|
3.6
|
|
|
Total loans and advances at amortised cost
|
295,954
|
34,034
|
4,559
|
334,547
|
|
0.3
|
5.2
|
36.2
|
1.5
|
|
|
Debt
securities at amortised cost
|
61,332
|
3,305
|
—
|
64,637
|
|
—
|
0.3
|
—
|
—
|
|
|
Total loans and advances at amortised cost including debt
securities
|
357,286
|
37,339
|
4,559
|
399,184
|
|
0.2
|
4.8
|
36.2
|
1.3
|
|
|
Off-balance sheet loan commitments and financial
guarantee contracts2
|
378,708
|
17,210
|
1,018
|
396,936
|
|
—
|
1.3
|
2.7
|
0.1
|
|
|
Total3,4
|
735,994
|
54,549
|
5,577
|
796,120
|
|
0.1
|
3.7
|
31.9
|
0.7
|
|
|
1
|
Includes Business Banking, which has a gross exposure of
£13.6bn and an impairment allowance of £365m. This
comprises £80m impairment allowance on £9.5bn Stage 1
exposure, £56m on £3.0bn Stage 2 exposure and £229m
on £1.1bn Stage 3 exposure. Excluding this, total coverage for
corporate loans in UK is 0.7%.
|
|
2
|
Excludes loan commitments and financial guarantees of £20.7bn
carried at fair value and includes exposures relating to financial
assets classified as assets held for sale.
|
|
3
|
Other financial assets subject to impairment excluded in the table
above include cash collateral and settlement balances, financial
assets at fair value through other comprehensive income and other
assets. These have a total gross exposure of £224.0bn and an
impairment allowance of £139m. This comprises £13m
impairment allowance on £222.8bn Stage 1 exposure, £3m on
£1.1bn Stage 2 exposure and £123m on £129m Stage 3
exposure.
|
|
4
|
The annualised loan loss rate is 42bps after applying the total
impairment charge of £1,271m.
|
|
|
Gross exposure
|
|
Impairment allowance
|
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
As at 31.12.23
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
Retail
mortgages
|
146,001
|
19,123
|
1,812
|
166,936
|
|
43
|
77
|
112
|
232
|
|
Retail
credit cards
|
8,094
|
2,128
|
198
|
10,420
|
|
111
|
492
|
107
|
710
|
|
Retail
other
|
6,832
|
1,252
|
264
|
8,348
|
|
56
|
117
|
144
|
317
|
|
Corporate loans1
|
54,257
|
8,673
|
1,692
|
64,622
|
|
191
|
214
|
346
|
751
|
|
Total UK
|
215,184
|
31,176
|
3,966
|
250,326
|
|
401
|
900
|
709
|
2,010
|
|
Retail
mortgages
|
4,201
|
346
|
612
|
5,159
|
|
7
|
28
|
316
|
351
|
|
Retail
credit cards
|
22,315
|
3,450
|
1,522
|
27,287
|
|
412
|
1,138
|
1,226
|
2,776
|
|
Retail
other
|
1,637
|
91
|
229
|
1,957
|
|
3
|
1
|
32
|
36
|
|
Corporate
loans
|
58,248
|
4,629
|
862
|
63,739
|
|
96
|
200
|
252
|
548
|
|
Total Rest of the World
|
86,401
|
8,516
|
3,225
|
98,142
|
|
518
|
1,367
|
1,826
|
3,711
|
|
Total loans and advances at amortised cost
|
301,585
|
39,692
|
7,191
|
348,468
|
|
919
|
2,267
|
2,535
|
5,721
|
|
Debt
securities
|
52,869
|
3,907
|
—
|
56,776
|
|
11
|
16
|
—
|
27
|
|
Total loans and advances at amortised cost including debt
securities
|
354,454
|
43,599
|
7,191
|
405,244
|
|
930
|
2,283
|
2,535
|
5,748
|
|
Off-balance sheet loan commitments and financial
guarantee contracts2
|
374,063
|
24,208
|
1,037
|
399,308
|
|
173
|
287
|
44
|
504
|
|
Total3,4
|
728,517
|
67,807
|
8,228
|
804,552
|
|
1,103
|
2,570
|
2,579
|
6,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
Coverage ratio
|
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
As at 31.12.23
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
|
Retail
mortgages
|
145,958
|
19,046
|
1,700
|
166,704
|
|
—
|
0.4
|
6.2
|
0.1
|
|
Retail
credit cards
|
7,983
|
1,636
|
91
|
9,710
|
|
1.4
|
23.1
|
54.0
|
6.8
|
|
Retail
other
|
6,776
|
1,135
|
120
|
8,031
|
|
0.8
|
9.3
|
54.5
|
3.8
|
|
Corporate loans1
|
54,066
|
8,459
|
1,346
|
63,871
|
|
0.4
|
2.5
|
20.4
|
1.2
|
|
Total UK
|
214,783
|
30,276
|
3,257
|
248,316
|
|
0.2
|
2.9
|
17.9
|
0.8
|
|
Retail
mortgages
|
4,194
|
318
|
296
|
4,808
|
|
0.2
|
8.1
|
51.6
|
6.8
|
|
Retail
credit cards
|
21,903
|
2,312
|
296
|
24,511
|
|
1.8
|
33.0
|
80.6
|
10.2
|
|
Retail
other
|
1,634
|
90
|
197
|
1,921
|
|
0.2
|
1.1
|
14.0
|
1.8
|
|
Corporate
loans
|
58,152
|
4,429
|
610
|
63,191
|
|
0.2
|
4.3
|
29.2
|
0.9
|
|
Total Rest of the World
|
85,883
|
7,149
|
1,399
|
94,431
|
|
0.6
|
16.1
|
56.6
|
3.8
|
|
Total loans and advances at amortised cost
|
300,666
|
37,425
|
4,656
|
342,747
|
|
0.3
|
5.7
|
35.3
|
1.6
|
|
Debt
securities
|
52,858
|
3,891
|
—
|
56,749
|
|
—
|
0.4
|
—
|
—
|
|
Total loans and advances at amortised cost including debt
securities
|
353,524
|
41,316
|
4,656
|
399,496
|
|
0.3
|
5.2
|
35.3
|
1.4
|
|
Off-balance sheet loan commitments and financial
guarantee contracts2
|
373,890
|
23,921
|
993
|
398,804
|
|
—
|
1.2
|
4.2
|
0.1
|
|
Total3,4
|
727,414
|
65,237
|
5,649
|
798,300
|
|
0.2
|
3.8
|
31.3
|
0.8
|
|
1
|
Includes Business Banking, which has a gross exposure of
£15.2bn and an impairment allowance of £431m. This
comprises £99m impairment allowance on £9.8bn Stage 1
exposure, £81m on £4.1bn Stage 2 exposure and £251m
on £1.3bn Stage 3 exposure. Excluding this, total coverage for
corporate loans in UK is 0.6%.
|
|
2
|
Excludes loan commitments and financial guarantees of £16.5bn
carried at fair value and includes exposures relating to financial
assets classified as assets held for sale.
|
|
3
|
Other financial assets subject to impairment excluded in the table
above include cash collateral and settlement balances, financial
assets at fair value through other comprehensive income and other
assets. These have a total gross exposure of £183.6bn and
impairment allowance of £151m. This comprises £16m
impairment allowance on £182.8bn Stage 1 exposure, £2m on
£0.6bn Stage 2 exposure and £133m on £140m Stage 3
exposure.
|
|
4
|
The annualised loan loss rate is 46bps after applying the total
impairment charge of £1,881m
|
Assets held for sale
During 2023, gross loans and advances and related impairment
allowances for the German consumer finance business portfolio were
reclassified from loans and advances to customers to assets held
for sale in the balance sheet.
|
Loans and advances to customers classified as assets held for
sale
|
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
|
|
Gross
|
ECL
|
Coverage
|
|
Gross
|
ECL
|
Coverage
|
|
Gross
|
ECL
|
Coverage
|
|
Gross
|
ECL
|
Coverage
|
|
As at 30.09.24
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
|
Retail
credit cards
|
1,779
|
18
|
1.0
|
|
412
|
37
|
9.0
|
|
91
|
66
|
72.5
|
|
2,282
|
121
|
5.3
|
|
Retail
other
|
1,290
|
18
|
1.4
|
|
254
|
36
|
14.2
|
|
74
|
50
|
67.6
|
|
1,618
|
104
|
6.4
|
|
Total Rest of the World
|
3,069
|
36
|
1.2
|
|
666
|
73
|
11.0
|
|
165
|
116
|
70.3
|
|
3,900
|
225
|
5.8
|
|
As at 31.12.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
credit cards
|
1,621
|
15
|
0.9
|
|
445
|
41
|
9.2
|
|
92
|
68
|
73.9
|
|
2,158
|
124
|
5.7
|
|
Retail
other
|
1,561
|
20
|
1.3
|
|
288
|
32
|
11.1
|
|
84
|
60
|
71.4
|
|
1,933
|
112
|
5.8
|
|
Total Rest of the World
|
3,182
|
35
|
1.1
|
|
733
|
73
|
10.0
|
|
176
|
128
|
72.7
|
|
4,091
|
236
|
5.8
|
Loans and advances at amortised cost by product
The table below presents a product breakdown by stages of loans and
advances at amortised cost. Also included is a breakdown of Stage 2
past due balances.
|
|
|
Stage 2
|
|
|
|
As at 30.09.24
|
Stage 1
|
Not past due
|
<=30 days
past due
|
>30 days
past due
|
Total
|
Stage 3
|
Total
|
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Retail
mortgages
|
147,288
|
15,123
|
2,071
|
861
|
18,055
|
2,186
|
167,529
|
|
Retail
credit cards
|
29,507
|
4,768
|
370
|
303
|
5,441
|
1,838
|
36,786
|
|
Retail
other
|
8,229
|
1,006
|
165
|
179
|
1,350
|
351
|
9,930
|
|
Corporate
loans
|
111,719
|
10,855
|
64
|
132
|
11,051
|
2,771
|
125,541
|
|
Total
|
296,743
|
31,752
|
2,670
|
1,475
|
35,897
|
7,146
|
339,786
|
|
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
|
Retail
mortgages
|
33
|
30
|
12
|
18
|
60
|
383
|
476
|
|
Retail
credit cards
|
465
|
1,060
|
150
|
179
|
1,389
|
1,433
|
3,287
|
|
Retail
other
|
58
|
70
|
16
|
19
|
105
|
167
|
330
|
|
Corporate
loans
|
233
|
295
|
5
|
9
|
309
|
604
|
1,146
|
|
Total
|
789
|
1,455
|
183
|
225
|
1,863
|
2,587
|
5,239
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
|
Retail
mortgages
|
147,255
|
15,093
|
2,059
|
843
|
17,995
|
1,803
|
167,053
|
|
Retail
credit cards
|
29,042
|
3,708
|
220
|
124
|
4,052
|
405
|
33,499
|
|
Retail
other
|
8,171
|
936
|
149
|
160
|
1,245
|
184
|
9,600
|
|
Corporate
loans
|
111,486
|
10,560
|
59
|
123
|
10,742
|
2,167
|
124,395
|
|
Total
|
295,954
|
30,297
|
2,487
|
1,250
|
34,034
|
4,559
|
334,547
|
|
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
Retail
mortgages
|
—
|
0.2
|
0.6
|
2.1
|
0.3
|
17.5
|
0.3
|
|
Retail
credit cards
|
1.6
|
22.2
|
40.5
|
59.1
|
25.5
|
78.0
|
8.9
|
|
Retail
other
|
0.7
|
7.0
|
9.7
|
10.6
|
7.8
|
47.6
|
3.3
|
|
Corporate
loans
|
0.2
|
2.7
|
7.8
|
6.8
|
2.8
|
21.8
|
0.9
|
|
Total
|
0.3
|
4.6
|
6.9
|
15.3
|
5.2
|
36.2
|
1.5
|
|
As at 31.12.23
|
|
|
|
|
|
|
|
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Retail
mortgages
|
150,202
|
16,834
|
1,971
|
664
|
19,469
|
2,424
|
172,095
|
|
Retail
credit cards
|
30,409
|
4,858
|
392
|
328
|
5,578
|
1,720
|
37,707
|
|
Retail
other
|
8,469
|
1,094
|
126
|
123
|
1,343
|
493
|
10,305
|
|
Corporate
loans
|
112,505
|
12,960
|
179
|
163
|
13,302
|
2,554
|
128,361
|
|
Total
|
301,585
|
35,746
|
2,668
|
1,278
|
39,692
|
7,191
|
348,468
|
|
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
|
Retail
mortgages
|
50
|
73
|
20
|
12
|
105
|
428
|
583
|
|
Retail
credit cards
|
523
|
1,257
|
166
|
207
|
1,630
|
1,333
|
3,486
|
|
Retail
other
|
59
|
82
|
18
|
18
|
118
|
176
|
353
|
|
Corporate
loans
|
287
|
399
|
8
|
7
|
414
|
598
|
1,299
|
|
Total
|
919
|
1,811
|
212
|
244
|
2,267
|
2,535
|
5,721
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
|
Retail
mortgages
|
150,152
|
16,761
|
1,951
|
652
|
19,364
|
1,996
|
171,512
|
|
Retail
credit cards
|
29,886
|
3,601
|
226
|
121
|
3,948
|
387
|
34,221
|
|
Retail
other
|
8,410
|
1,012
|
108
|
105
|
1,225
|
317
|
9,952
|
|
Corporate
loans
|
112,218
|
12,561
|
171
|
156
|
12,888
|
1,956
|
127,062
|
|
Total
|
300,666
|
33,935
|
2,456
|
1,034
|
37,425
|
4,656
|
342,747
|
|
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
Retail
mortgages
|
—
|
0.4
|
1.0
|
1.8
|
0.5
|
17.7
|
0.3
|
|
Retail
credit cards
|
1.7
|
25.9
|
42.3
|
63.1
|
29.2
|
77.5
|
9.2
|
|
Retail
other
|
0.7
|
7.5
|
14.3
|
14.6
|
8.8
|
35.7
|
3.4
|
|
Corporate
loans
|
0.3
|
3.1
|
4.5
|
4.3
|
3.1
|
23.4
|
1.0
|
|
Total
|
0.3
|
5.1
|
7.9
|
19.1
|
5.7
|
35.3
|
1.6
|
Measurement uncertainty
Scenarios used to calculate the Group’s expected credit
losses charge were refreshed in Q324 with the Baseline scenario
reflecting the latest consensus macroeconomic forecasts available
at the time of the scenario refresh. In the Baseline scenario, the
UK economy is gradually recovering and is further stimulated as
restrictive monetary policy continues loosening. US GDP growth
falls to 1.8% in 2025 but then stabilises at
2.0%. Labour markets remain broadly resilient. The UK
unemployment rate peaks at 4.6% during 2025 before stabilising at
4.4%. US unemployment increases slightly to 4.2% at end of 2024
where it remains for the rest of the projection
period. With the significant decline in inflationary
pressures, major central banks continue to cut rates throughout
2025. UK house prices keep falling in 2024 before
stabilising and resuming the upward trend from 2025. The housing
market in the US remains more resilient, with house prices
continuing to grow.
In the Downside 2 scenario, inflationary pressures are assumed to
intensify again, mainly driven by strong wage growth. Central banks
raise rates further, with the UK bank rate and the US federal funds
rate each reaching 8.5% in Q225. Major economies experience a rapid tightening of
financial conditions alongside a significant increase in market
volatility resulting in a sharp repricing of assets and higher
credit losses. Central banks are forced to cut interest rates
aggressively. Falling demand reduces UK and US GDP and headline
inflation drops significantly following a temporary surge. In the
Upside 2 scenario, a rise in labour force participation and higher
productivity contribute to accelerated economic growth without
creating new inflationary pressures. With inflation continuing to
fall, central banks lower interest rates, further stimulating
aggregate demand, leading to reduced unemployment and healthy GDP
growth.
The methodology for estimating scenario probability weights
involves simulating a range of future paths for UK and US GDP using
historical data with the five scenarios mapped against the
distribution of these future paths. The median is centred around
the Baseline with scenarios further from the Baseline attracting a
lower weighting before the five weights are normalised to total
100%. The increases in the Upside scenario weightings were driven
by the improvement in GDP in the Baseline scenario, bringing the
Baseline scenario closer to the Upside scenarios. For further
details see page 33.
Economic uncertainty adjustments of £102m (30 June 2024:
£151m) were applied as overlays to the modelled ECL output.
The decrease reflected a release of affordability linked
adjustments in the UK unsecured lending portfolio, supported by a
resilient credit performance from UK customers, as evidenced by
continued low and stable delinquencies.
The following tables show the key macroeconomic variables used in
the five scenarios (5-year annual paths) and the probability
weights applied to each scenario.
|
Macroeconomic variables used in the calculation of ECL
|
|
As at 30.09.24
|
2024
|
2025
|
2026
|
2027
|
2028
|
|
Baseline
|
%
|
%
|
%
|
%
|
%
|
|
UK GDP1
|
0.9
|
1.3
|
1.5
|
1.7
|
1.6
|
|
UK unemployment2
|
4.4
|
4.5
|
4.4
|
4.4
|
4.4
|
|
UK HPI3
|
0.7
|
2.6
|
2.6
|
4.6
|
3.2
|
|
UK bank rate6
|
5.0
|
3.9
|
3.4
|
3.3
|
3.3
|
|
US GDP1
|
2.3
|
1.8
|
2.0
|
2.0
|
2.0
|
|
US unemployment4
|
4.0
|
4.2
|
4.2
|
4.2
|
4.2
|
|
US HPI5
|
3.2
|
3.0
|
3.1
|
3.1
|
3.1
|
|
US federal funds rate6
|
5.0
|
3.4
|
3.1
|
3.0
|
3.3
|
|
|
|
|
|
|
|
|
Downside 2
|
|
|
|
|
|
|
UK GDP1
|
0.8
|
(2.3)
|
(1.0)
|
2.3
|
1.4
|
|
UK unemployment2
|
4.4
|
5.6
|
7.4
|
5.6
|
4.8
|
|
UK HPI3
|
(0.4)
|
(18.1)
|
(6.7)
|
16.6
|
8.9
|
|
UK bank rate6
|
5.5
|
5.5
|
1.0
|
1.0
|
1.0
|
|
US GDP1
|
2.2
|
(2.1)
|
(0.4)
|
3.1
|
1.7
|
|
US unemployment4
|
4.1
|
5.6
|
6.8
|
5.4
|
5.0
|
|
US HPI5
|
2.3
|
(9.4)
|
(1.7)
|
7.6
|
5.6
|
|
US federal funds rate6
|
5.5
|
5.4
|
1.5
|
1.5
|
1.5
|
|
|
|
|
|
|
|
|
Downside 1
|
|
|
|
|
|
|
UK GDP1
|
0.9
|
(0.5)
|
0.3
|
2.0
|
1.5
|
|
UK unemployment2
|
4.4
|
5.1
|
5.9
|
5.0
|
4.6
|
|
UK HPI3
|
0.1
|
(8.1)
|
(2.1)
|
10.5
|
6.0
|
|
UK bank rate6
|
5.3
|
4.7
|
2.2
|
2.1
|
2.1
|
|
US GDP1
|
2.2
|
(0.2)
|
0.8
|
2.6
|
1.9
|
|
US unemployment4
|
4.1
|
4.9
|
5.5
|
4.8
|
4.6
|
|
US HPI5
|
2.7
|
(3.3)
|
0.7
|
5.3
|
4.4
|
|
US federal funds rate6
|
5.2
|
4.4
|
2.3
|
2.3
|
2.4
|
|
|
|
|
|
|
|
|
Upside 2
|
|
|
|
|
|
|
UK GDP1
|
1.1
|
3.5
|
3.4
|
2.8
|
2.4
|
|
UK unemployment2
|
4.4
|
3.7
|
3.5
|
3.5
|
3.5
|
|
UK HPI3
|
2.3
|
14.0
|
6.9
|
4.0
|
4.3
|
|
UK bank rate6
|
5.0
|
3.3
|
2.3
|
2.3
|
2.3
|
|
US GDP1
|
2.4
|
2.9
|
3.0
|
2.8
|
2.8
|
|
US unemployment4
|
4.0
|
3.6
|
3.5
|
3.5
|
3.5
|
|
US HPI5
|
4.3
|
4.5
|
4.9
|
4.5
|
4.6
|
|
US federal funds rate6
|
5.0
|
2.9
|
2.3
|
2.3
|
2.3
|
|
|
|
|
|
|
|
|
Upside 1
|
|
|
|
|
|
|
UK GDP1
|
1.0
|
2.4
|
2.5
|
2.2
|
2.0
|
|
UK unemployment2
|
4.4
|
4.1
|
4.0
|
4.0
|
4.0
|
|
UK HPI3
|
1.5
|
8.2
|
4.8
|
4.3
|
3.7
|
|
UK bank rate6
|
5.0
|
3.6
|
2.9
|
2.8
|
2.8
|
|
US GDP1
|
2.3
|
2.3
|
2.5
|
2.4
|
2.4
|
|
US unemployment4
|
4.0
|
3.9
|
3.9
|
3.9
|
3.9
|
|
US HPI5
|
3.8
|
3.8
|
4.0
|
3.8
|
3.8
|
|
US federal funds rate6
|
5.0
|
3.2
|
2.7
|
2.6
|
2.8
|
|
1
|
Average Real GDP seasonally adjusted change in year.
|
|
2
|
Average UK unemployment rate 16-year+.
|
|
3
|
Change in year end UK HPI = Halifax All Houses, All Buyers index,
relative to prior year end.
|
|
4
|
Average US civilian unemployment rate 16-year+.
|
|
5
|
Change in year end US HPI = FHFA House Price Index, relative to
prior year end.
|
|
6
|
Average rate
|
|
As at 30.06.24
|
2024
|
2025
|
2026
|
2027
|
2028
|
|
Baseline
|
%
|
%
|
%
|
%
|
%
|
|
UK GDP1
|
0.7
|
1.2
|
1.6
|
1.7
|
1.6
|
|
UK unemployment2
|
4.3
|
4.4
|
4.4
|
4.4
|
4.4
|
|
UK HPI3
|
(1.2)
|
1.6
|
3.0
|
4.4
|
3.2
|
|
UK bank rate6
|
5.0
|
4.3
|
3.8
|
3.6
|
3.5
|
|
US GDP1
|
2.3
|
1.7
|
2.0
|
2.0
|
2.0
|
|
US unemployment4
|
4.0
|
4.1
|
4.1
|
4.1
|
4.1
|
|
US HPI5
|
3.3
|
3.0
|
3.3
|
3.3
|
3.3
|
|
US federal funds rate6
|
5.3
|
4.4
|
4.0
|
3.8
|
3.8
|
|
|
|
|
|
|
|
|
Downside 2
|
|
|
|
|
|
|
UK GDP1
|
0.2
|
(3.2)
|
0.5
|
2.1
|
1.3
|
|
UK unemployment2
|
4.4
|
6.4
|
6.9
|
5.3
|
4.7
|
|
UK HPI3
|
(3.6)
|
(23.3)
|
2.8
|
15.6
|
7.7
|
|
UK bank rate6
|
5.9
|
4.0
|
1.0
|
1.0
|
1.0
|
|
US GDP1
|
1.8
|
(2.9)
|
1.2
|
2.8
|
1.6
|
|
US unemployment4
|
4.2
|
6.3
|
6.4
|
5.3
|
4.9
|
|
US HPI5
|
0.9
|
(10.7)
|
2.0
|
8.0
|
5.3
|
|
US federal funds rate6
|
5.9
|
4.1
|
1.5
|
1.5
|
1.5
|
|
|
|
|
|
|
|
|
Downside 1
|
|
|
|
|
|
|
UK GDP1
|
0.4
|
(1.0)
|
1.0
|
1.9
|
1.5
|
|
UK unemployment2
|
4.3
|
5.4
|
5.6
|
4.9
|
4.6
|
|
UK HPI3
|
(2.4)
|
(11.5)
|
2.9
|
9.9
|
5.5
|
|
UK bank rate6
|
5.5
|
4.1
|
2.4
|
2.3
|
2.3
|
|
US GDP1
|
2.0
|
(0.6)
|
1.6
|
2.4
|
1.8
|
|
US unemployment4
|
4.1
|
5.2
|
5.3
|
4.7
|
4.5
|
|
US HPI5
|
2.1
|
(4.0)
|
2.7
|
5.6
|
4.3
|
|
US federal funds rate6
|
5.6
|
4.3
|
2.8
|
2.6
|
2.6
|
|
|
|
|
|
|
|
|
Upside 2
|
|
|
|
|
|
|
UK GDP1
|
1.1
|
3.9
|
3.2
|
2.6
|
2.3
|
|
UK unemployment2
|
4.1
|
3.4
|
3.4
|
3.3
|
3.2
|
|
UK HPI3
|
4.9
|
14.2
|
6.8
|
2.7
|
3.8
|
|
UK bank rate6
|
4.9
|
3.4
|
2.6
|
2.6
|
2.5
|
|
US GDP1
|
2.6
|
3.2
|
2.9
|
2.8
|
2.8
|
|
US unemployment4
|
3.7
|
3.5
|
3.4
|
3.4
|
3.4
|
|
US HPI5
|
5.3
|
3.9
|
5.0
|
4.6
|
4.6
|
|
US federal funds rate6
|
5.2
|
3.7
|
3.1
|
2.8
|
2.8
|
|
|
|
|
|
|
|
|
Upside 1
|
|
|
|
|
|
|
UK GDP1
|
0.9
|
2.5
|
2.4
|
2.2
|
2.0
|
|
UK unemployment2
|
4.2
|
3.9
|
3.9
|
3.9
|
3.8
|
|
UK HPI3
|
1.8
|
7.8
|
4.9
|
3.6
|
3.5
|
|
UK bank rate6
|
5.0
|
3.8
|
3.2
|
3.1
|
3.0
|
|
US GDP1
|
2.4
|
2.5
|
2.4
|
2.4
|
2.4
|
|
US unemployment4
|
3.8
|
3.8
|
3.8
|
3.8
|
3.8
|
|
US HPI5
|
4.3
|
3.5
|
4.2
|
3.9
|
3.9
|
|
US federal funds rate6
|
5.3
|
4.1
|
3.5
|
3.3
|
3.3
|
|
1
|
Average Real GDP seasonally adjusted change in year.
|
|
2
|
Average UK unemployment rate 16-year+.
|
|
3
|
Change in year end UK HPI = Halifax All Houses, All Buyers index,
relative to prior year end.
|
|
4
|
Average US civilian unemployment rate 16-year+.
|
|
5
|
Change in year end US HPI = FHFA House Price Index, relative to
prior year end.
|
|
6
|
Average rate.
|
|
As at 31.12.23
|
2023
|
2024
|
2025
|
2026
|
2027
|
|
Baseline
|
%
|
%
|
%
|
%
|
%
|
|
UK GDP1
|
0.5
|
0.3
|
1.2
|
1.6
|
1.6
|
|
UK unemployment2
|
4.2
|
4.7
|
4.7
|
4.8
|
5.0
|
|
UK HPI3
|
(3.3)
|
(5.1)
|
0.7
|
3.1
|
5.3
|
|
UK bank rate6
|
4.7
|
4.9
|
4.1
|
3.8
|
3.5
|
|
US GDP1
|
2.4
|
1.3
|
1.7
|
1.9
|
1.9
|
|
US unemployment4
|
3.7
|
4.3
|
4.3
|
4.3
|
4.3
|
|
US HPI5
|
5.4
|
3.4
|
3.0
|
3.3
|
3.3
|
|
US federal funds rate6
|
5.1
|
5.0
|
3.9
|
3.8
|
3.8
|
|
|
|
|
|
|
|
|
Downside 2
|
|
|
|
|
|
|
UK GDP1
|
0.5
|
(1.5)
|
(2.6)
|
2.4
|
1.6
|
|
UK unemployment2
|
4.2
|
5.2
|
7.9
|
6.3
|
5.5
|
|
UK HPI3
|
(3.3)
|
(19.3)
|
(16.8)
|
14.5
|
12.4
|
|
UK bank rate6
|
4.7
|
6.6
|
1.3
|
1.0
|
1.0
|
|
US GDP1
|
2.4
|
(0.6)
|
(2.0)
|
3.1
|
2.0
|
|
US unemployment4
|
3.7
|
5.2
|
7.2
|
5.9
|
5.2
|
|
US HPI5
|
5.4
|
(6.5)
|
(5.7)
|
7.2
|
6.4
|
|
US federal funds rate6
|
5.1
|
6.3
|
1.8
|
1.5
|
1.5
|
|
|
|
|
|
|
|
|
Downside 1
|
|
|
|
|
|
|
UK GDP1
|
0.5
|
(0.6)
|
(0.7)
|
2.0
|
1.6
|
|
UK unemployment2
|
4.2
|
4.9
|
6.3
|
5.6
|
5.2
|
|
UK HPI3
|
(3.3)
|
(12.4)
|
(8.3)
|
8.7
|
8.8
|
|
UK bank rate6
|
4.7
|
5.8
|
2.7
|
2.5
|
2.3
|
|
US GDP1
|
2.4
|
0.3
|
(0.2)
|
2.5
|
1.9
|
|
US unemployment4
|
3.7
|
4.7
|
5.8
|
5.1
|
4.8
|
|
US HPI5
|
5.4
|
(1.7)
|
(1.4)
|
5.2
|
4.8
|
|
US federal funds rate6
|
5.1
|
5.7
|
2.9
|
2.8
|
2.8
|
|
|
|
|
|
|
|
|
Upside 2
|
|
|
|
|
|
|
UK GDP1
|
0.5
|
2.4
|
3.7
|
2.9
|
2.4
|
|
UK unemployment2
|
4.2
|
3.9
|
3.5
|
3.6
|
3.6
|
|
UK HPI3
|
(3.3)
|
7.8
|
7.6
|
4.5
|
5.6
|
|
UK bank rate6
|
4.7
|
4.3
|
2.7
|
2.5
|
2.5
|
|
US GDP1
|
2.4
|
2.8
|
3.1
|
2.8
|
2.8
|
|
US unemployment4
|
3.7
|
3.5
|
3.6
|
3.6
|
3.6
|
|
US HPI5
|
5.4
|
6.1
|
4.3
|
4.5
|
4.6
|
|
US federal funds rate6
|
5.1
|
4.3
|
2.9
|
2.8
|
2.8
|
|
|
|
|
|
|
|
|
Upside 1
|
|
|
|
|
|
|
UK GDP1
|
0.5
|
1.4
|
2.5
|
2.3
|
2.0
|
|
UK unemployment2
|
4.2
|
4.3
|
4.1
|
4.2
|
4.3
|
|
UK HPI3
|
(3.3)
|
1.2
|
4.1
|
3.8
|
5.4
|
|
UK bank rate6
|
4.7
|
4.6
|
3.4
|
3.3
|
3.0
|
|
US GDP1
|
2.4
|
2.0
|
2.4
|
2.4
|
2.4
|
|
US unemployment4
|
3.7
|
3.9
|
3.9
|
4.0
|
4.0
|
|
US HPI5
|
5.4
|
4.7
|
3.7
|
3.9
|
3.9
|
|
US federal funds rate6
|
5.1
|
4.7
|
3.5
|
3.3
|
3.3
|
|
1
|
Average Real GDP seasonally adjusted change in year.
|
|
2
|
Average UK unemployment rate 16-year+.
|
|
3
|
Change in year end UK HPI = Halifax All Houses, All Buyers index,
relative to prior year end.
|
|
4
|
Average US civilian unemployment rate 16-year+.
|
|
5
|
Change in year end US HPI = FHFA House Price Index, relative to
prior year end.
|
|
6
|
Average rate.
|
|
Scenario probability weighting
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
|
|
%
|
%
|
%
|
%
|
%
|
|
As at 30.09.24
|
|
|
|
|
|
|
Scenario probability weighting
|
16.8
|
26.4
|
32.7
|
15.9
|
8.2
|
|
As at 30.06.24
|
|
|
|
|
|
|
Scenario probability weighting
|
16.5
|
26.1
|
32.6
|
16.2
|
8.6
|
|
As at 31.12.23
|
|
|
|
|
|
|
Scenario probability weighting
|
13.8
|
24.7
|
32.4
|
18.3
|
10.8
|
Treasury and Capital Risk
Regulatory minimum requirements
Capital
The Group’s Overall Capital Requirement for CET1 remained at
12.0% comprising a 4.5% Pillar 1 minimum, a 2.5% Capital
Conservation Buffer (CCB), a 1.5% Global Systemically Important
Institution (G-SII) buffer, a 2.6% Pillar 2A requirement and a 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 as per the PRA's Individual
Capital Requirement is 4.6% of which at least 56.25% needs to be
met with CET1 capital, equating to 2.6% of RWAs. The Pillar 2A
requirement, based on a point in time assessment, has been set as a
proportion of RWAs and is subject to at least annual
review.
The Group’s CET1 target ratio of 13-14% takes into account
headroom above requirements which includes a confidential
institution-specific PRA buffer. The Group remains above its
minimum capital regulatory requirements including the PRA
buffer.
Leverage
The Group is subject to a UK leverage ratio requirement of 4.1%.
This comprises the 3.25% minimum requirement, a G-SII additional
leverage ratio buffer (G-SII ALRB) of 0.53% and a countercyclical
leverage ratio buffer (CCLB) of 0.3%. The Group is also required to
disclose an average UK leverage ratio which is based on capital on
the last day of each month in the quarter and an exposure measure
for each day in the quarter.
MREL
The Group is required to meet the higher of: (i) two times the sum
of 8% Pillar 1 and 4.6% Pillar 2A equating to 25.2% of RWAs; and
(ii) 6.75% of leverage exposures. In addition, the higher of
regulatory capital and leverage buffers apply. CET1 capital cannot
be counted towards both MREL and the buffers, meaning that the
buffers, including the above mentioned confidential
institution-specific PRA buffer, will effectively be applied above
MREL requirements.
Significant regulatory updates in the period
Following its 12 December 2023 publication of ‘Implementation
of the Basel 3.1 standards near-final part 1’ (PS12/23),
covering Credit Valuation Adjustments, Counterparty Credit Risk,
Market Risk and Operational Risk, on 12 September 2024 the PRA
published its near-final policy statement ‘Implementation of
the Basel 3.1 standards near-final part 2’ (PS9/24) covering
the remaining aspects of the Basel 3.1 standards. This covered
Credit Risk, Credit Risk Mitigation, the Output Floor, and
Reporting and Disclosure requirements. Additionally, the policy
statement confirmed that the implementation date for Basel 3.1
within the United Kingdom will be deferred by 6 months to 1 January
2026.
|
Capital ratios1,2
|
As at 30.09.24
|
As at 30.06.24
|
As at 31.12.23
|
|
CET1
|
13.8%
|
13.6%
|
13.8%
|
|
T1
|
17.3%
|
17.3%
|
17.7%
|
|
Total
regulatory capital
|
19.9%
|
19.9%
|
20.1%
|
|
MREL
ratio as a percentage of total RWAs
|
34.9%
|
33.5%
|
33.6%
|
|
|
|
|
|
|
Own funds and eligible liabilities
|
£m
|
£m
|
£m
|
|
Total equity excluding non-controlling interests per the balance
sheet
|
70,972
|
71,173
|
71,204
|
|
Less:
other equity instruments (recognised as AT1 capital)
|
(11,739)
|
(12,959)
|
(13,259)
|
|
Adjustment
to retained earnings for foreseeable ordinary share
dividends
|
(493)
|
(645)
|
(795)
|
|
Adjustment
to retained earnings for foreseeable repurchase of
shares
|
(385)
|
(222)
|
—
|
|
Adjustment
to retained earnings for foreseeable other equity
coupons
|
(40)
|
(41)
|
(43)
|
|
|
|
|
|
|
Other regulatory adjustments and deductions
|
|
|
|
|
Additional
value adjustments (PVA)
|
(1,850)
|
(1,887)
|
(1,901)
|
|
Goodwill
and intangible assets
|
(8,111)
|
(7,835)
|
(7,790)
|
|
Deferred
tax assets that rely on future profitability excluding temporary
differences
|
(1,482)
|
(1,630)
|
(1,630)
|
|
Fair
value reserves related to gains or losses on cash flow
hedges
|
2,298
|
3,799
|
3,707
|
|
Excess
of expected losses over impairment
|
(440)
|
(324)
|
(296)
|
|
Gains
or losses on liabilities at fair value resulting from own
credit
|
656
|
622
|
136
|
|
Defined
benefit pension fund assets
|
(2,534)
|
(2,564)
|
(2,654)
|
|
Direct
and indirect holdings by an institution of own CET1
instruments
|
(5)
|
(5)
|
(20)
|
|
Adjustment
under IFRS 9 transitional arrangements
|
83
|
123
|
288
|
|
Other
regulatory adjustments
|
100
|
90
|
357
|
|
CET1 capital
|
47,030
|
47,695
|
47,304
|
|
|
|
|
|
|
AT1 capital
|
|
|
|
|
Capital
instruments and related share premium accounts
|
11,755
|
13,000
|
13,263
|
|
Other
regulatory adjustments and deductions
|
(16)
|
(41)
|
(60)
|
|
AT1 capital
|
11,739
|
12,959
|
13,203
|
|
|
|
|
|
|
T1 capital
|
58,769
|
60,654
|
60,507
|
|
|
|
|
|
|
T2 capital
|
|
|
|
|
Capital
instruments and related share premium accounts
|
8,587
|
8,836
|
7,966
|
|
Qualifying
T2 capital (including minority interests) issued by
subsidiaries
|
379
|
385
|
569
|
|
Credit
risk adjustments (excess of impairment over expected
losses)
|
—
|
39
|
—
|
|
Other
regulatory adjustments and deductions
|
(19)
|
(43)
|
(160)
|
|
Total regulatory capital
|
67,716
|
69,871
|
68,882
|
|
|
|
|
|
|
Less
: Ineligible T2 capital (including minority interests) issued by
subsidiaries
|
(379)
|
(385)
|
(569)
|
|
Eligible
liabilities
|
51,330
|
48,299
|
46,995
|
|
|
|
|
|
|
Total own funds and eligible liabilities3
|
118,667
|
117,785
|
115,308
|
|
|
|
|
|
|
Total RWAs
|
340,401
|
351,433
|
342,717
|
|
1
|
CET1, T1 and T2 capital, and RWAs are calculated applying the
transitional arrangements in accordance with UK CRR. This includes
IFRS 9 transitional arrangements and the grandfathering of certain
capital instruments until 28 June 2025.
|
|
2
|
The fully loaded CET1 ratio, as is relevant for assessing against
the conversion trigger in Barclays PLC AT1 securities, was 13.8%,
with £46.9bn of CET1 capital and £340.4bn of RWAs
calculated without applying the transitional arrangements in
accordance with UK CRR.
|
|
3
|
As at 30 September 2024, the Group's MREL requirement, excluding
the PRA buffer, was to hold £102.6bn of own funds and eligible
liabilities equating to 30.1% of RWAs. The Group remains above its
MREL regulatory requirement including the PRA buffer.
|
|
Movement in CET1 capital
|
Three months
ended 30.09.24
|
Nine months
ended 30.09.24
|
|
|
£m
|
£m
|
|
Opening CET1 capital
|
47,695
|
47,304
|
|
|
|
|
|
Profit for the period attributable to equity holders
|
1,817
|
5,114
|
|
Own credit relating to derivative liabilities
|
3
|
27
|
|
Ordinary share dividends paid and foreseen
|
(273)
|
(918)
|
|
Purchased and foreseeable share repurchase
|
(750)
|
(1,750)
|
|
Other equity coupons paid and foreseen
|
(252)
|
(760)
|
|
Increase in retained regulatory capital generated from
earnings
|
545
|
1,713
|
|
|
|
|
|
Net impact of share schemes
|
164
|
94
|
|
Fair value through other comprehensive income reserve
|
119
|
(150)
|
|
Currency translation reserve
|
(1,244)
|
(1,328)
|
|
Other reserves
|
(8)
|
(111)
|
|
Decrease in other qualifying reserves
|
(969)
|
(1,495)
|
|
|
|
|
|
Pension remeasurements within reserves
|
(30)
|
(127)
|
|
Defined benefit pension fund asset deduction
|
30
|
120
|
|
Net impact of pensions
|
—
|
(7)
|
|
|
|
|
|
Additional value adjustments (PVA)
|
37
|
51
|
|
Goodwill and intangible assets
|
(276)
|
(321)
|
|
Deferred tax assets that rely on future profitability excluding
those arising from temporary differences
|
148
|
148
|
|
Excess of expected loss over impairment
|
(116)
|
(144)
|
|
Direct and indirect holdings by an institution of own CET1
instruments
|
—
|
15
|
|
Adjustment under IFRS 9 transitional arrangements
|
(40)
|
(205)
|
|
Other regulatory adjustments
|
6
|
(29)
|
|
Decrease in regulatory capital due to adjustments and
deductions
|
(241)
|
(485)
|
|
|
|
|
|
Closing CET1 capital
|
47,030
|
47,030
|
CET1 capital decreased £0.3bn to £47.0bn (December 2023:
£47.3bn). Significant movements in the period
were:
●
£5.1bn
of capital generated from profit partially offset by distributions
of £3.4bn comprising:
-
£1.8bn
of share buybacks announced with FY23 and H124 results
-
£0.9bn
accrual towards the FY24 dividend
-
£0.8bn
of equity coupons paid and foreseen
●
£1.5bn
decrease in other qualifying reserves including a reduction in the
currency translation reserve due to the strengthening of GBP
against USD
|
RWAs by risk type and business
|
|
|
Credit risk
|
|
Counterparty credit risk
|
|
Market Risk
|
|
Operational risk
|
Total RWAs
|
|
|
|
|
|
|
|
Settlement
|
|
|
|
|
|
|
|
|
|
STD
|
IRB
|
|
STD
|
IRB
|
Risk
|
CVA
|
|
STD
|
IMA
|
|
|
|
|
As at 30.09.24
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
Barclays
UK
|
9,606
|
55,792
|
|
100
|
13
|
—
|
52
|
|
199
|
—
|
|
11,715
|
77,477
|
|
Barclays
UK Corporate Bank
|
3,790
|
14,275
|
|
93
|
389
|
—
|
10
|
|
5
|
507
|
|
3,024
|
22,093
|
|
Barclays
Private Bank & Wealth Management
|
4,846
|
482
|
|
80
|
24
|
—
|
11
|
|
41
|
305
|
|
1,546
|
7,335
|
|
Barclays
Investment Bank
|
38,757
|
47,864
|
|
20,458
|
23,709
|
118
|
2,466
|
|
13,087
|
23,559
|
|
24,179
|
194,197
|
|
Barclays
US Consumer Bank
|
18,316
|
839
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
4,051
|
23,206
|
|
Head
Office
|
6,488
|
8,346
|
|
1
|
15
|
—
|
3
|
|
1
|
196
|
|
1,043
|
16,093
|
|
Barclays Group
|
81,803
|
127,598
|
|
20,732
|
24,150
|
118
|
2,542
|
|
13,333
|
24,567
|
|
45,558
|
340,401
|
|
As at 30.06.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays
UK
|
9,349
|
55,055
|
|
101
|
12
|
—
|
72
|
|
169
|
—
|
|
11,715
|
76,473
|
|
Barclays
UK Corporate Bank
|
4,033
|
13,881
|
|
91
|
327
|
—
|
12
|
|
3
|
487
|
|
3,024
|
21,858
|
|
Barclays
Private Bank & Wealth Management
|
4,612
|
467
|
|
85
|
33
|
—
|
13
|
|
—
|
293
|
|
1,546
|
7,049
|
|
Barclays
Investment Bank
|
41,151
|
50,854
|
|
20,426
|
23,636
|
159
|
2,897
|
|
14,173
|
25,811
|
|
24,179
|
203,286
|
|
Barclays
US Consumer Bank
|
19,462
|
917
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
4,051
|
24,430
|
|
Head
Office
|
6,470
|
10,609
|
|
1
|
21
|
—
|
4
|
|
1
|
188
|
|
1,043
|
18,337
|
|
Barclays Group
|
85,077
|
131,783
|
|
20,704
|
24,029
|
159
|
2,998
|
|
14,346
|
26,779
|
|
45,558
|
351,433
|
|
As at 31.12.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays
UK
|
10,472
|
50,761
|
|
178
|
—
|
—
|
94
|
|
274
|
—
|
|
11,715
|
73,494
|
|
Barclays
UK Corporate Bank
|
3,458
|
13,415
|
|
262
|
167
|
—
|
14
|
|
2
|
541
|
|
3,024
|
20,883
|
|
Barclays
Private Bank & Wealth Management
|
4,611
|
455
|
|
182
|
27
|
—
|
30
|
|
1
|
322
|
|
1,546
|
7,174
|
|
Barclays
Investment Bank
|
37,749
|
52,190
|
|
18,512
|
21,873
|
159
|
3,248
|
|
14,623
|
24,749
|
|
24,179
|
197,282
|
|
Barclays
US Consumer Bank
|
19,824
|
966
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
4,051
|
24,841
|
|
Head
Office
|
6,772
|
10,951
|
|
1
|
21
|
—
|
6
|
|
1
|
248
|
|
1,043
|
19,043
|
|
Barclays Group
|
82,886
|
128,738
|
|
19,135
|
22,088
|
159
|
3,392
|
|
14,901
|
25,860
|
|
45,558
|
342,717
|
|
Movement analysis of RWAs
|
Credit risk
|
Counterparty
credit risk
|
Market risk
|
Operational
risk
|
Total RWAs
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Opening RWAs (as at 31.12.23)
|
211,624
|
44,774
|
40,761
|
45,558
|
342,717
|
|
Book
size
|
(69)
|
4,115
|
(2,123)
|
—
|
1,923
|
|
Acquisitions
and disposals
|
(856)
|
—
|
—
|
—
|
(856)
|
|
Book
quality
|
(1,054)
|
(245)
|
—
|
—
|
(1,299)
|
|
Model
updates
|
196
|
680
|
—
|
—
|
876
|
|
Methodology
and policy
|
4,155
|
398
|
—
|
—
|
4,553
|
|
Foreign exchange movements1
|
(4,595)
|
(2,180)
|
(738)
|
—
|
(7,513)
|
|
Total RWA movements
|
(2,223)
|
2,768
|
(2,861)
|
—
|
(2,316)
|
|
Closing RWAs (as at 30.09.24)
|
209,401
|
47,542
|
37,900
|
45,558
|
340,401
|
|
1
|
Foreign exchange movements does not include the impact of foreign
exchange for modelled market risk or operational risk.
|
Overall RWAs decreased £2.3bn to £340.4bn (December 2023:
£342.7bn).
Credit risk RWAs decreased £2.2bn:
●
A
£0.9bn decrease in acquisitions and disposals due to the sale
of the performing Italian mortgage portfolio
●
A
£1.1bn decrease in book quality RWAs mainly driven by changes
in risk parameters primarily within IB
●
A
£4.2bn increase in methodology and policy including regulatory
model changes in Barclays UK
●
A
£4.6bn decrease as a result of foreign exchange movements
primarily due to the strengthening of GBP against USD
Counterparty Credit risk RWAs increased £2.8bn:
●
A
£4.1bn increase in book size including the seasonal increase
relative to FY23
●
A
£2.2bn decrease as a result of foreign exchange movements
primarily due to the strengthening of GBP against USD
Market risk RWAs decreased £2.9bn:
●
A
£2.1bn decrease in book size due to trading
activity
|
Leverage ratios1,2
|
As at 30.09.24
|
As at 30.06.24
|
As at 31.12.23
|
|
£m
|
£m
|
£m
|
|
UK leverage ratio3
|
4.9%
|
5.0%
|
5.2%
|
|
T1
capital
|
58,769
|
60,654
|
60,507
|
|
UK
leverage exposure
|
1,197,445
|
1,222,722
|
1,168,275
|
|
Average
UK leverage ratio
|
4.6%
|
4.7%
|
4.8%
|
|
Average
T1 capital
|
59,328
|
60,617
|
60,343
|
|
Average
UK leverage exposure
|
1,277,714
|
1,300,424
|
1,266,880
|
|
1
|
Capital and leverage measures are calculated applying the
transitional arrangements in accordance with UK CRR.
|
|
2
|
Fully loaded UK leverage ratio was 4.9%, with £58.7bn of T1
capital and £1,197.4bn of leverage exposure. Fully loaded
average UK leverage ratio was 4.6% with £59.2bn of T1 capital
and £1,277.6bn of leverage exposure. Fully loaded UK leverage
ratios are calculated without applying the transitional
arrangements in accordance with UK CRR.
|
|
3
|
Although the leverage ratio is expressed in terms of T1 capital,
the leverage ratio buffers and 75% of the minimum requirement must
be covered solely with CET1 capital. The CET1 capital held against
the 0.53% G-SII ALRB was £6.3bn and against the 0.3% CCLB was
£3.6bn.
|
The UK leverage ratio decreased to 4.9% (December 2023: 5.2%) due
to a reduction in Tier 1 Capital of £1.7bn and increase in
exposure of £29.2bn to £1,197.4bn (December 2023:
£1,168.3bn). The decrease in capital was driven by the
redemption of an AT1 instrument during the period. The increase in
exposure was largely driven by an increase in trading securities
and secured lending in IB, partially offset by the strengthening of
GBP against USD.
Condensed Consolidated Financial Statements
|
Condensed consolidated income statement (unaudited)
|
|
|
Nine months
ended
30.09.24
|
Nine months
ended
30.09.23
|
|
|
£m
|
£m
|
|
Total income
|
19,824
|
19,780
|
|
Operating
expenses excluding UK regulatory levies & litigation and
conduct
|
(11,951)
|
(11,979)
|
|
UK
regulatory levies1
|
(93)
|
—
|
|
Litigation
and conduct
|
(99)
|
(32)
|
|
Operating expenses
|
(12,143)
|
(12,011)
|
|
Other
net income
|
37
|
7
|
|
Profit before impairment
|
7,718
|
7,776
|
|
Credit
impairment charges
|
(1,271)
|
(1,329)
|
|
Profit before tax
|
6,447
|
6,447
|
|
Tax
charge
|
(1,304)
|
(1,257)
|
|
Profit after tax
|
5,143
|
5,190
|
|
|
|
|
|
Attributable to:
|
|
|
|
Shareholders
of the parent
|
4,351
|
4,385
|
|
Other
equity holders
|
763
|
766
|
|
Equity holders of the parent
|
5,114
|
5,151
|
|
Non-controlling
interests
|
29
|
39
|
|
Profit after tax
|
5,143
|
5,190
|
|
|
|
|
|
Earnings per share
|
|
|
|
Basic
earnings per ordinary share
|
29.3p
|
28.2p
|
|
|
|
|
|
1
|
Comprises the impact of the BoE levy scheme. Please refer to Group
Finance Director’s Review, Other matters for
details.
|
|
Condensed consolidated balance sheet (unaudited)
|
|
|
As at 30.09.24
|
As at 31.12.23
|
|
Assets
|
£m
|
£m
|
|
Cash
and balances at central banks
|
215,061
|
224,634
|
|
Cash
collateral and settlement balances
|
141,703
|
108,889
|
|
Debt
securities at amortised cost
|
64,637
|
56,749
|
|
Loans
and advances at amortised cost to banks
|
8,120
|
9,459
|
|
Loans
and advances at amortised cost to customers
|
326,427
|
333,288
|
|
Reverse
repurchase agreements and other similar secured lending at
amortised cost
|
3,579
|
2,594
|
|
Trading
portfolio assets
|
187,400
|
174,605
|
|
Financial
assets at fair value through the income statement
|
214,257
|
206,651
|
|
Derivative
financial instruments
|
258,622
|
256,836
|
|
Financial
assets at fair value through other comprehensive
income
|
80,778
|
71,836
|
|
Investments
in associates and joint ventures
|
894
|
879
|
|
Goodwill
and intangible assets
|
8,123
|
7,794
|
|
Current
tax assets
|
144
|
121
|
|
Deferred
tax assets
|
5,569
|
5,960
|
|
Other
assets
|
15,821
|
17,192
|
|
Total assets
|
1,531,135
|
1,477,487
|
|
|
|
|
|
Liabilities
|
|
|
|
Deposits
at amortised cost from banks
|
18,037
|
14,472
|
|
Deposits
at amortised cost from customers
|
524,717
|
524,317
|
|
Cash
collateral and settlement balances
|
135,060
|
94,084
|
|
Repurchase
agreements and other similar secured borrowings at amortised
cost
|
45,250
|
41,601
|
|
Debt
securities in issue
|
89,424
|
96,825
|
|
Subordinated
liabilities
|
11,322
|
10,494
|
|
Trading
portfolio liabilities
|
64,284
|
58,669
|
|
Financial
liabilities designated at fair value
|
305,328
|
297,539
|
|
Derivative
financial instruments
|
249,861
|
250,044
|
|
Current
tax liabilities
|
625
|
529
|
|
Deferred
tax liabilities
|
22
|
22
|
|
Other
liabilities
|
15,573
|
17,027
|
|
Total liabilities
|
1,459,503
|
1,405,623
|
|
|
|
|
|
Equity
|
|
|
|
Called
up share capital and share premium
|
4,205
|
4,288
|
|
Other
reserves
|
(476)
|
(77)
|
|
Retained
earnings
|
55,504
|
53,734
|
|
Shareholders' equity attributable to ordinary shareholders of the
parent
|
59,233
|
57,945
|
|
Other
equity instruments
|
11,739
|
13,259
|
|
Total equity excluding non-controlling interests
|
70,972
|
71,204
|
|
Non-controlling
interests
|
660
|
660
|
|
Total equity
|
71,632
|
71,864
|
|
|
|
|
|
Total liabilities and equity
|
1,531,135
|
1,477,487
|
|
Condensed consolidated statement of changes in equity
(unaudited)
|
|
|
Called up
share capital
and share premium
|
Other equity
instruments
|
Other
reserves
|
Retained
earnings
|
Total
|
Non-
controlling
interests
|
Total
equity
|
|
Nine months ended 30.09.2024
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Balance as at 1 January 2024
|
4,288
|
13,259
|
(77)
|
53,734
|
71,204
|
660
|
71,864
|
|
Profit
after tax
|
—
|
763
|
—
|
4,351
|
5,114
|
29
|
5,143
|
|
Currency
translation movements
|
—
|
—
|
(1,328)
|
—
|
(1,328)
|
—
|
(1,328)
|
|
Fair
value through other comprehensive income reserve
|
—
|
—
|
(150)
|
—
|
(150)
|
—
|
(150)
|
|
Cash
flow hedges
|
—
|
—
|
1,409
|
—
|
1,409
|
—
|
1,409
|
|
Retirement
benefit remeasurements
|
—
|
—
|
—
|
(127)
|
(127)
|
—
|
(127)
|
|
Own
credit
|
—
|
—
|
(491)
|
—
|
(491)
|
—
|
(491)
|
|
Total comprehensive income for the period
|
—
|
763
|
(560)
|
4,224
|
4,427
|
29
|
4,456
|
|
Employee
share schemes and hedging thereof
|
80
|
—
|
—
|
740
|
820
|
—
|
820
|
|
Issue
and redemption of other equity instruments
|
—
|
(1,508)
|
—
|
(97)
|
(1,605)
|
—
|
(1,605)
|
|
Other
equity instruments coupon paid
|
—
|
(763)
|
—
|
—
|
(763)
|
—
|
(763)
|
|
Vesting
of employee share schemes
|
—
|
—
|
(4)
|
(495)
|
(499)
|
—
|
(499)
|
|
Dividends
paid
|
—
|
—
|
—
|
(1,221)
|
(1,221)
|
(29)
|
(1,250)
|
|
Repurchase
of shares
|
(163)
|
—
|
163
|
(1,373)
|
(1,373)
|
—
|
(1,373)
|
|
Other
movements
|
—
|
(12)
|
2
|
(8)
|
(18)
|
—
|
(18)
|
|
Balance as at 30 September 2024
|
4,205
|
11,739
|
(476)
|
55,504
|
70,972
|
660
|
71,632
|
|
Three months ended 30.09.2024
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Balance as at 1 July 2024
|
4,256
|
12,959
|
(882)
|
54,840
|
71,173
|
660
|
71,833
|
|
Profit
after tax
|
—
|
253
|
—
|
1,564
|
1,817
|
3
|
1,820
|
|
Currency
translation movements
|
—
|
—
|
(1,244)
|
—
|
(1,244)
|
—
|
(1,244)
|
|
Fair
value through other comprehensive income reserve
|
—
|
—
|
119
|
—
|
119
|
—
|
119
|
|
Cash
flow hedges
|
—
|
—
|
1,499
|
—
|
1,499
|
—
|
1,499
|
|
Retirement
benefit remeasurements
|
—
|
—
|
—
|
(30)
|
(30)
|
—
|
(30)
|
|
Own
credit
|
—
|
—
|
(29)
|
—
|
(29)
|
—
|
(29)
|
|
Total comprehensive income for the period
|
—
|
253
|
345
|
1,534
|
2,132
|
3
|
2,135
|
|
Employee
share schemes and hedging thereof
|
15
|
—
|
—
|
158
|
173
|
—
|
173
|
|
Issue
and redemption of other equity instruments
|
—
|
(1,245)
|
—
|
(5)
|
(1,250)
|
—
|
(1,250)
|
|
Other
equity instruments coupon paid
|
—
|
(253)
|
—
|
—
|
(253)
|
—
|
(253)
|
|
Vesting
of employee share schemes
|
—
|
—
|
(7)
|
(7)
|
(14)
|
—
|
(14)
|
|
Dividends
paid
|
—
|
—
|
—
|
(425)
|
(425)
|
(3)
|
(428)
|
|
Repurchase
of shares
|
(66)
|
—
|
66
|
(591)
|
(591)
|
—
|
(591)
|
|
Other
movements
|
—
|
25
|
2
|
—
|
27
|
—
|
27
|
|
Balance as at 30 September 2024
|
4,205
|
11,739
|
(476)
|
55,504
|
70,972
|
660
|
71,632
|
|
|
As at 30.09.24
|
As at 31.12.23
|
|
Other Reserves
|
£m
|
£m
|
|
Currency
translation reserve
|
2,343
|
3,671
|
|
Fair
value through other comprehensive income reserve
|
(1,516)
|
(1,366)
|
|
Cash
flow hedging reserve
|
(2,298)
|
(3,707)
|
|
Own
credit reserve
|
(729)
|
(240)
|
|
Other
reserves and treasury shares
|
1,724
|
1,565
|
|
Total
|
(476)
|
(77)
|
Appendix: Non-IFRS Performance Measures
The Group’s management believes that the non-IFRS performance
measures included in this document provide valuable information to
the readers of the financial statements, as they enable the reader
to identify a more consistent basis for comparing the
businesses’ performance between financial periods, and
provide more detail concerning the elements of performance which
the managers of these businesses are most directly able to
influence or are relevant for an assessment of the Group. They also
reflect an important aspect of the way in which operating targets
are defined and performance is monitored by
management.
However, any non-IFRS performance measures in this document are not
a substitute for IFRS measures and readers should consider the IFRS
measures as well.
Non-IFRS performance measures glossary
|
Measure
|
Definition
|
|
Loan:
deposit ratio
|
Total
loans and advances at amortised cost divided by total deposits at
amortised cost.
|
|
Attributable
profit
|
Profit
after tax attributable to ordinary shareholders of the
parent.
|
|
Period end tangible equity refers to:
|
|
Period
end tangible shareholders' equity (for Barclays Group)
|
Shareholders'
equity attributable to ordinary shareholders of the parent,
adjusted for the deduction of goodwill and intangible
assets.
|
|
Period
end allocated tangible equity (for businesses)
|
Allocated
tangible equity is calculated as 13.5% (2023: 13.5%) of RWAs for
each business, adjusted for capital deductions, excluding goodwill
and intangible assets, reflecting the assumptions the Barclays
Group uses for capital planning purposes. Head Office allocated
tangible equity represents the difference between the Barclays
Group’s tangible shareholders’ equity and the amounts
allocated to businesses.
|
|
Average tangible equity refers to:
|
|
Average
tangible shareholders’ equity (for Barclays
Group)
|
Calculated
as the average of the previous month’s period end tangible
shareholders' equity and the current month’s period end
tangible shareholders' equity. The average tangible
shareholders’ equity for the period is the average of the
monthly averages within that period.
|
|
Average
allocated tangible equity (for businesses)
|
Calculated
as the average of the previous month’s period end allocated
tangible equity and the current month’s period end allocated
tangible equity. The average allocated tangible equity for the
period is the average of the monthly averages within that
period.
|
|
Return on tangible equity (RoTE) refers to:
|
|
Return
on average tangible shareholders’ equity (for Barclays
Group)
|
Annualised Group attributable
profit, as a proportion of average tangible shareholders’
equity. The components of the calculation have been included on
pages 43 to 441.
|
|
Return
on average allocated tangible equity (for businesses)
|
Annualised
business attributable profit, as a proportion of that business's
average allocated tangible equity. The components of the
calculation have been included on pages 43 to 45.
|
|
Operating
expenses excluding litigation and conduct
|
A
measure of total operating expenses excluding litigation and
conduct charges.
|
|
Operating
costs
|
A
measure of total operating expenses excluding litigation and
conduct charges and UK regulatory levies.
|
|
Cost:
income ratio
|
Total
operating expenses divided by total income.
|
|
Loan
loss rate
|
Quoted
in basis points and represents total impairment charges divided by
total gross loans and advances held at amortised cost at the
balance sheet date.
|
|
Net
interest margin
|
Annualised net interest income
divided by the sum of average customer assets. The components of
the calculation have been included on page 14.
|
|
Tangible
net asset value per share
|
Calculated
by dividing shareholders’ equity, excluding non-controlling
interests and other equity instruments, less goodwill and
intangible assets, by the number of issued ordinary shares. The
components of the calculation have been included on page
47.
|
|
Profit
before impairment
|
Calculated
by excluding credit impairment charges or releases from profit
before tax.
|
|
Structural
cost actions
|
Cost
actions taken to improve future financial performance.
|
|
Group
net interest income excluding Barclays Investment Bank and Head
Office
|
A
measure of Barclays Group net interest income, excluding the net
interest income reported in Barclays Investment Bank and Head
Office.
|
|
Inorganic
activity
|
Inorganic
activity refers to certain inorganic transactions announced as part
of the FY23 Investor Update designed to improve Group RoTE beyond
2024. In Q324 YTD this included the £220m loss on sale of the
performing Italian retail mortgage portfolio and the £20m loss
on disposal from the German consumer finance business, both
incurred in H124. There were no inorganic transactions in Q324. For
FY24 this is expected to also include the loss on sale of the
non-performing Italian mortgage portfolio and the impact of the
Tesco Bank acquisition.
|
|
Performance
measures excluding the impact of inorganic activity
|
Calculated
by excluding the impact of inorganic activity from performance
measures. The components of the calculations for Barclays Group and
businesses have been included on page 5 and on page
46.
|
Returns
|
|
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%
|
|
|
Nine months ended 30.09.23
|
|
|
|
Barclays UK
|
Barclays UK
Corporate
Bank
|
Barclays
Private Bank
and Wealth
Management
|
Barclays
Investment
Bank
|
Barclays US
Consumer
Bank
|
Head Office
|
Barclays
Group
|
|
Return on average tangible equity
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Attributable
profit/(loss)
|
1,580
|
525
|
283
|
2,190
|
134
|
(327)
|
4,385
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
|
Average
equity
|
14.0
|
2.9
|
1.1
|
29.0
|
3.9
|
4.6
|
55.5
|
|
Average
goodwill and intangibles
|
(3.8)
|
—
|
(0.1)
|
—
|
(0.7)
|
(3.9)
|
(8.5)
|
|
Average tangible equity
|
10.2
|
2.9
|
1.0
|
29.0
|
3.2
|
0.7
|
47.0
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity
|
20.6%
|
24.4%
|
37.1%
|
10.1%
|
5.7%
|
n/m
|
12.5%
|
|
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
Attributable
profit/(loss)
|
1,564
|
1,237
|
1,550
|
|
(111)
|
1,274
|
1,328
|
1,783
|
|
1,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
|
Average
shareholders' equity
|
59.1
|
57.7
|
58.3
|
|
57.1
|
55.1
|
55.4
|
55.9
|
|
54.9
|
|
Average
goodwill and intangibles
|
(8.1)
|
(7.9)
|
(7.8)
|
|
(8.2)
|
(8.6)
|
(8.7)
|
(8.3)
|
|
(8.2)
|
|
Average tangible shareholders' equity
|
51.0
|
49.8
|
50.5
|
|
48.9
|
46.5
|
46.7
|
47.6
|
|
46.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
12.3%
|
9.9%
|
12.3%
|
|
(0.9)%
|
11.0%
|
11.4%
|
15.0%
|
|
8.9%
|
|
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
Attributable
profit
|
621
|
584
|
479
|
|
382
|
531
|
534
|
515
|
|
474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
|
Average
allocated equity
|
14.5
|
14.4
|
14.3
|
|
14.1
|
14.0
|
14.2
|
13.9
|
|
13.7
|
|
Average
goodwill and intangibles
|
(3.9)
|
(3.9)
|
(3.9)
|
|
(3.9)
|
(3.9)
|
(4.0)
|
(3.6)
|
|
(3.5)
|
|
Average allocated tangible equity
|
10.6
|
10.5
|
10.4
|
|
10.2
|
10.1
|
10.2
|
10.3
|
|
10.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
23.4%
|
22.3%
|
18.5%
|
|
14.9%
|
21.0%
|
20.9%
|
20.0%
|
|
18.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK Corporate Bank
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
Attributable
profit
|
144
|
135
|
113
|
|
59
|
129
|
239
|
157
|
|
131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
|
Average
allocated equity
|
3.1
|
3.0
|
3.0
|
|
2.8
|
2.8
|
2.9
|
2.9
|
|
2.9
|
|
Average
goodwill and intangibles
|
—
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
|
Average allocated tangible equity
|
3.1
|
3.0
|
3.0
|
|
2.8
|
2.8
|
2.9
|
2.9
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
18.8%
|
18.0%
|
15.2%
|
|
8.4%
|
18.3%
|
32.9%
|
21.7%
|
|
17.8%
|
|
Barclays Private Bank and Wealth Management
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
Attributable
profit
|
74
|
77
|
74
|
|
47
|
102
|
91
|
90
|
|
92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
|
Average
allocated equity
|
1.1
|
1.1
|
1.1
|
|
1.1
|
1.1
|
1.1
|
1.1
|
|
1.2
|
|
Average
goodwill and intangibles
|
(0.1)
|
(0.1)
|
(0.1)
|
|
(0.1)
|
(0.1)
|
(0.1)
|
(0.1)
|
|
(0.1)
|
|
Average allocated tangible equity
|
1.0
|
1.0
|
1.0
|
|
1.0
|
1.0
|
1.0
|
1.0
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
29.0%
|
30.8%
|
28.7%
|
|
19.1%
|
41.2%
|
35.9%
|
34.5%
|
|
34.9%
|
|
Barclays Investment Bank
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
Attributable
profit/(loss)
|
652
|
715
|
899
|
|
(149)
|
580
|
562
|
1,048
|
|
313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
|
Average
allocated equity
|
29.5
|
29.9
|
30.0
|
|
28.9
|
28.8
|
29.0
|
29.1
|
|
30.9
|
|
Average
goodwill and intangibles
|
—
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
|
Average allocated tangible equity
|
29.5
|
29.9
|
30.0
|
|
28.9
|
28.8
|
29.0
|
29.1
|
|
30.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
8.8%
|
9.6%
|
12.0%
|
|
(2.1)%
|
8.0%
|
7.7%
|
14.4%
|
|
4.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays US Consumer Bank
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
|
Attributable
profit/(loss)
|
89
|
75
|
44
|
|
(3)
|
3
|
72
|
59
|
|
101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
|
Average
allocated equity
|
3.8
|
3.6
|
3.6
|
|
3.6
|
3.8
|
3.9
|
3.9
|
|
4.1
|
|
Average
goodwill and intangibles
|
(0.5)
|
(0.3)
|
(0.3)
|
|
(0.3)
|
(0.7)
|
(0.8)
|
(0.8)
|
|
(0.9)
|
|
Average allocated tangible equity
|
3.3
|
3.3
|
3.3
|
|
3.3
|
3.1
|
3.1
|
3.1
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
10.9%
|
9.2%
|
5.3%
|
|
(0.3)%
|
0.4%
|
9.3%
|
7.5%
|
|
12.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures excluding the impact of inorganic
activity
|
|
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
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Total
income
|
5,659
|
1,322
|
958
|
9,198
|
2,469
|
218
|
19,824
|
|
Inorganic
activity
|
—
|
—
|
—
|
—
|
—
|
(240)
|
(240)
|
|
Total income excluding inorganic activity
|
5,659
|
1,322
|
958
|
9,198
|
2,469
|
458
|
20,064
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
(3,114)
|
(708)
|
(657)
|
(5,818)
|
(1,193)
|
(653)
|
(12,143)
|
|
|
|
|
|
|
|
|
|
|
Cost: income ratio excluding inorganic activity
|
55%
|
54%
|
69%
|
63%
|
48%
|
n/a
|
61%
|
|
|
|
|
|
|
|
|
|
|
Attributable
profit/(loss)
|
1,684
|
392
|
225
|
2,266
|
208
|
(424)
|
4,351
|
|
Post-tax
impact of inorganic activity
|
—
|
—
|
—
|
—
|
—
|
(233)
|
(233)
|
|
Attributable profit/(loss) excluding inorganic
activity
|
1,684
|
392
|
225
|
2,266
|
208
|
(191)
|
4,584
|
|
|
|
|
|
|
|
|
|
|
Average tangible equity (£bn)
|
10.5
|
3.0
|
1.0
|
29.8
|
3.3
|
2.8
|
50.4
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity excluding inorganic
activity
|
21.4%
|
17.3%
|
29.5%
|
10.1%
|
8.4%
|
n/a
|
12.1%
|
|
|
Three months ended 30.09.24
|
|
|
|
Barclays UK
|
Barclays UK
Corporate
Bank
|
Barclays
Private Bank and
Wealth Management
|
Barclays
Investment
Bank
|
Barclays US C
onsumer
Bank
|
Head Office
|
Barclays
Group
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Total
income
|
1,946
|
445
|
326
|
2,851
|
791
|
188
|
6,547
|
|
Inorganic
activity
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Total income excluding inorganic activity
|
1,946
|
445
|
326
|
2,851
|
791
|
188
|
6,547
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
(1,006)
|
(222)
|
(221)
|
(1,916)
|
(393)
|
(204)
|
(3,962)
|
|
|
|
|
|
|
|
|
|
|
Cost: income ratio excluding inorganic activity
|
52%
|
50%
|
68%
|
67%
|
50%
|
n/a
|
61%
|
|
|
|
|
|
|
|
|
|
|
Attributable
profit/(loss)
|
621
|
144
|
74
|
652
|
89
|
(16)
|
1,564
|
|
Post-tax
impact of inorganic activity
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Attributable profit/(loss) excluding inorganic
activity
|
621
|
144
|
74
|
652
|
89
|
(16)
|
1,564
|
|
|
|
|
|
|
|
|
|
|
Average tangible equity (£bn)
|
10.6
|
3.1
|
1.0
|
29.5
|
3.3
|
3.5
|
51.0
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity excluding inorganic
activity
|
23.4%
|
18.8%
|
29.0%
|
8.8%
|
10.9%
|
n/a
|
12.3%
|
|
Tangible net asset value per share
|
As at 30.09.24
|
As at 31.12.23
|
As at 30.09.23
|
|
|
£m
|
£m
|
£m
|
|
Total
equity excluding non-controlling interests
|
70,972
|
71,204
|
68,315
|
|
Other
equity instruments
|
(11,739)
|
(13,259)
|
(11,857)
|
|
Goodwill
and intangibles
|
(8,123)
|
(7,794)
|
(8,265)
|
|
Tangible shareholders' equity attributable to ordinary shareholders
of the parent
|
51,110
|
50,151
|
48,193
|
|
|
|
|
|
|
|
m
|
m
|
m
|
|
Shares
in issue
|
14,571
|
15,155
|
15,239
|
|
|
|
|
|
|
|
p
|
p
|
p
|
|
Tangible net asset value per share
|
351
|
331
|
316
|
Shareholder Information
|
Results timetable1
|
|
|
|
|
Date
|
|
|
2024
Full Year Results and Annual Report
|
|
|
|
|
13
February 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change3
|
|
Exchange rates2
|
30.09.24
|
30.06.24
|
31.12.23
|
30.09.23
|
|
30.06.24
|
31.12.23
|
30.09.23
|
|
Period
end - USD/GBP
|
1.34
|
1.26
|
1.28
|
1.22
|
|
6%
|
5%
|
10%
|
|
YTD
average - USD/GBP
|
1.28
|
1.30
|
1.24
|
1.24
|
|
(2)%
|
3%
|
3%
|
|
3
month average - USD/GBP
|
1.30
|
1.26
|
1.24
|
1.27
|
|
3%
|
5%
|
2%
|
|
Period
end - EUR/GBP
|
1.20
|
1.18
|
1.15
|
1.15
|
|
2%
|
4%
|
4%
|
|
YTD
average - EUR/GBP
|
1.17
|
1.19
|
1.15
|
1.15
|
|
(2)%
|
2%
|
2%
|
|
3
month average - EUR/GBP
|
1.18
|
1.18
|
1.15
|
1.16
|
|
—%
|
3%
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
Share price data
|
|
|
|
|
|
|
|
|
|
Barclays
PLC (p)
|
224.55
|
208.90
|
153.78
|
158.94
|
|
|
|
|
|
Barclays PLC number of shares
(m)4
|
14,571
|
14,826
|
15,155
|
15,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For further information please contact
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor relations
|
Media relations
|
|
Marina
Shchukina +44 (0) 20 7116 2526
|
Tom
Hoskin +44 (0) 20 7116 4755
|
|
|
|
|
More information on Barclays can be found on our
website:
home.barclays
|
|
|
|
|
|
|
|
|
|
|
|
Registered office
|
|
|
|
|
|
|
|
|
|
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20
7116 1000. Company number: 48839.
|
|
|
|
|
|
|
|
|
|
|
|
Registrar
|
|
|
|
|
|
|
|
|
|
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99
6DA, United Kingdom.
|
|
|
Tel: +44 (0)371 384 2055 (UK and International telephone
number)5.
|
|
|
|
|
|
|
|
|
|
|
|
|
American Depositary Receipts (ADRs)
|
|
|
|
|
|
|
|
|
|
EQ Shareowner Services
|
|
P.O. Box 64504
|
|
St. Paul, MN 55164-0504
|
|
United States of America
|
|
shareowneronline.com
|
|
|
|
|
|
|
|
|
Toll Free Number: +1 800-990-1135
|
|
|
|
|
|
|
|
|
|
Outside the US: +1 651-453-2128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delivery of ADR certificates and overnight mail
|
|
|
|
|
|
|
|
|
EQ Shareowner Services, 1110 Centre Pointe Curve, Suite 101,
Mendota Heights, MN 55120-4100, USA.
|
|
1
|
Note that this date is provisional and subject to
change.
|
|
2
|
The average rates shown above are derived from daily spot rates
during the year.
|
|
3
|
The change is the impact to GBP reported information.
|
|
4
|
The number of shares of 14,571m as at 30 September 2024 is
different from the 14,561m quoted in the 1 October 2024
announcement entitled “Total Voting Rights” because the
share buyback transactions executed on 27 and 30 September 2024 did
not settle until 1 and 2 October 2024 respectively.
|
|
5
|
Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding
UK public holidays in England and Wales.
|
Barclays (PK) (USOTC:BCLYF)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Barclays (PK) (USOTC:BCLYF)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
