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, 2023
Barclays PLC
(Name
of Registrant)
1 Churchill Place
London E14 5HP
England
(Address
of Principal Executive Office)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover of Form 20-F or Form 40-F.
Form
20-F x Form 40-F
This
Report on Form 6-K is filed by Barclays PLC.
This
Report comprises:
Information
given to The London Stock Exchange and furnished pursuant
to
General
Instruction B to the General Instructions to Form 6-K.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
BARCLAYS
PLC
|
|
(Registrant)
|
Date:
October 24, 2023
|
By: /s/
Garth Wright
--------------------------------
|
|
Garth
Wright
|
|
Assistant
Secretary
|
Exhibit
No. 1
Barclays PLC
Q3 2023 Results Announcement
30 September 2023
Notes
This document contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (as it
forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended).
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 2023 to the
corresponding nine months of 2022 and balance sheet analysis as at
30 September 2023 with comparatives relating to 31 December 2022
and 30 September 2022. The abbreviations '£m' and '£bn'
represent millions and thousands of millions of Pounds Sterling
respectively; the abbreviations '$m' and '$bn' represent millions
and thousands of millions of US Dollars respectively; and the
abbreviations '€m' and '€bn' represent millions and
thousands of millions of Euros respectively.
There are a number of key judgement areas, for example impairment
calculations, which are based on models and which are subject to
ongoing adjustment and modifications. Reported numbers reflect best
estimates and judgements at the given point in time.
Relevant terms that are used in this document but are not defined
under applicable regulatory guidance or International Financial
Reporting Standards (IFRS) are explained in the results glossary,
which can be accessed
at home.barclays/investor-relations.
The information in this announcement, which was approved by the
Board of Directors on 23 October 2023, does not comprise statutory
accounts within the meaning of Section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 December 2022, which
contained an unmodified audit report under Section 495 of the
Companies Act 2006 (which did not make any statements under Section
498 of the Companies Act 2006) 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 with the US Securities
and Exchange Commission (SEC) as soon as practicable following
their publication. Once furnished with the SEC, a copy of the Form
6-K will be available from
the SEC's website at www.sec.gov.
Barclays is a frequent issuer in the debt capital markets and
regularly meets with investors via formal road-shows and other ad
hoc meetings. Consistent with its usual practice, Barclays expects
that from time to time over the coming quarter it will meet with
investors globally to discuss these results and other matters
relating to the Group.
Non-IFRS performance measures
Barclays' management believes that the non-IFRS performance
measures included in this document provide valuable information to
the readers of the financial statements as they enable the reader
to identify a more consistent basis for comparing the businesses'
performance between financial periods and provide more detail
concerning the elements of performance which the managers of these
businesses are most directly able to influence or are relevant for
an assessment of the Group. They also reflect an important aspect
of the way in which operating targets are defined and performance
is monitored by Barclays' management. However, any non-IFRS
performance measures in this document are not a substitute for IFRS
measures and readers should consider the IFRS measures as well.
Refer to the appendix on pages 40 to 46 for
further information and calculations of non-IFRS performance
measures included throughout this document, and the most directly
comparable IFRS measures.
Forward-looking statements
This document contains certain forward-looking statements within
the meaning of Section 21E of the US Securities Exchange Act of
1934, as amended, and Section 27A of the US Securities Act of 1933,
as amended, with respect to the Group. Barclays cautions readers
that no forward-looking statement is a guarantee of future
performance and that actual results or other financial condition or
performance measures could differ materially from those contained
in the forward-looking statements. Forward-looking statements can
be identified by the fact that they do not relate only to
historical or current facts. Forward-looking statements sometimes
use words such as 'may', 'will', 'seek', 'continue', 'aim',
'anticipate', 'target', 'projected', 'expect', 'estimate',
'intend', 'plan', 'goal', 'believe', 'achieve' or other words of
similar meaning. Forward-looking statements can be made in writing
but also may be made verbally by directors, officers and employees
of the Group (including during management presentations) in
connection with this document. Examples of forward-looking
statements include, among others, statements or guidance regarding
or relating to the Group's future financial position, income
levels, costs, assets and liabilities, impairment charges,
provisions, capital, leverage and other regulatory ratios, capital
distributions (including dividend policy and share buybacks),
return on tangible equity, projected levels of growth in banking
and financial markets, industry trends, any commitments and targets
(including environmental, social and governance (ESG) commitments
and targets), business strategy, plans and objectives for future
operations and other statements that are not historical or current
facts. By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances.
Forward-looking statements speak only as at the date on which they
are made. Forward-looking statements may be affected by a number of
factors, including, without limitation: changes in legislation,
regulation and the interpretation thereof, changes in IFRS and
other accounting standards, including practices with regard to the
interpretation and application thereof and emerging and developing
ESG reporting standards; the outcome of current and future legal
proceedings and regulatory investigations; the policies and actions
of governmental and regulatory authorities; the Group's ability
along with governments and other stakeholders to measure, manage
and mitigate the impacts of climate change effectively;
environmental, social and geopolitical risks and incidents and
similar events beyond the Group's control; the impact of
competition; capital, leverage and other regulatory rules
applicable to past, current and future periods; UK, US, Eurozone
and global macroeconomic and business conditions, including
inflation; volatility in credit and capital markets; market related
risks such as changes in interest rates and foreign exchange rates;
higher or lower asset valuations; changes in credit ratings of any
entity within the Group or any securities issued by it; changes in
counterparty risk; changes in consumer behaviour; the direct and
indirect consequences of the Russia-Ukraine war on European and
global macroeconomic conditions, political stability and financial
markets; direct and indirect impacts of the coronavirus (COVID-19)
pandemic; instability as a result of the UK's exit from the
European Union (EU), the effects of the EU-UK Trade and Cooperation
Agreement and any disruption that may subsequently result in the UK
and globally; the risk of cyber-attacks, information or security
breaches or technology failures on the Group's reputation, business
or operations; the Group's ability to access funding; and the
success of acquisitions, disposals and other strategic
transactions. A number of these factors are beyond the Group's
control. As a result, the Group's actual financial position,
results, financial and non-financial metrics or performance
measures or its ability to meet commitments and targets may differ
materially from the statements or guidance set forth in the Group's
forward-looking statements. Additional risks and factors which may
impact the Group's future financial condition and performance are
identified in Barclays PLC's filings with the 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 2022 and Interim Results Announcement for the six months
ended 30 June 2023 filed on Form 6-K), 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 return on tangible equity (RoTE) of 11.0% in
Q323 and 12.5% in Q323 YTD
C. S. Venkatakrishnan, Group Chief Executive,
commented
"We delivered an 11.0% RoTE in Q3, against a mixed market backdrop,
as we continued to manage credit well, remained disciplined on
costs and maintained a strong capital position, with a Common
Equity Tier 1 (CET1) ratio of 14.0%. We see further opportunities
to enhance returns for shareholders through cost efficiencies and
disciplined capital allocation across the Group. We will provide an
Investor Update at FY23 results which will include setting out our
capital allocation priorities, as well as revised financial
targets"
|
●
|
Q323 Group RoTE
of 11.0% and Q323 YTD of 12.5%. Barclays UK Q323
RoTE of 21.0% and Q323 YTD
of 20.6%
|
●
|
Prudent risk management with Q323 YTD loan loss rate (LLR)
of 43bps
|
●
|
Strong balance sheet with CET1 ratio of 14.0%
|
●
|
c.7.5p total distributions per share announced at H123: dividend of
2.7p now paid, and completed the share buyback of
£750m
|
Key financial metrics:
|
Income
|
Profit before tax
|
Attributable profit
|
Cost income ratio
|
LLR
|
RoTE
|
EPS
|
TNAV per share
|
CET1 ratio
|
Q323
|
£6.3bn
|
£1.9bn
|
£1.3bn
|
63%
|
42bps
|
11.0%
|
8.3p
|
316p
|
14.0%
|
Q323 YTD
|
£19.8bn
|
£6.4bn
|
£4.4bn
|
61%
|
43bps
|
12.5%
|
28.2p
|
Q323 Performance highlights:
●
|
Group RoTE of 11.0% with profit before tax
of £1.9bn (Q322: £2.0bn). Excluding
the impacts from the Over-issuance of Securities1,2 in
the prior year:
|
|
-
|
Group income down 2% year-on-year
to £6.3bn:
|
|
|
-
|
Barclays UK
income decreased 2% to £1.9bn, primarily
driven by the impact from the transfer of Wealth Management &
Investments (WM&I) to Consumer, Cards and Payments (CC&P).
Excluding the transfer, Barclays UK income was up
1%3 driven
by net interest income growth from higher rates, including
continued structural hedge income, partially offset by product
dynamics in deposits and mortgages
|
|
|
-
|
Corporate and Investment Bank (CIB)
income decreased 6% to £3.1bn,
reflecting lower client activity in both Global Markets (against a
record FICC performance in Q3224)
and Investment Banking fees, more than offsetting higher Corporate
income from higher rates and the non-repeat of fair value losses on
leverage finance lending in the prior year
|
|
|
-
|
CC&P
income increased 9% to £1.4bn reflecting
higher balances in US cards and the benefit of the transfer of
WM&I from Barclays UK
|
|
-
|
Group total operating expenses decreased 4% year-on-year
to £3.9bn as inflation, business
growth and investments were more than offset by efficiency savings
and lower litigation and conduct charges
|
●
|
Credit impairment charges were £0.4bn, with an LLR
of 42bps
|
●
|
CET1 ratio of 14.0%, with
risk weighted assets (RWAs) of £341.9bn and tangible
net asset value (TNAV) per share of 316p
|
1
|
Denotes the Over-issuance of Securities under Barclays Bank PLC's
US shelf registration statements on Form F-3 filed with the SEC in
2018 and 2019. See page 5 for a reconciliation of financial results
excluding the impact of the Over-issuance of Securities in the
prior year.
|
2
|
Q322 impacts from the Over-Issuance of Securities: £0.5bn
income reduction and £0.5bn reduction in litigation and
conduct charges.
|
3
|
The income impact of the WM&I transfer was c.£60m in
Q323.
|
4
|
Q322 was a record third quarter performance for FICC within Global
Markets. Period covering Q114-Q323. Pre 2014 data was not restated
following re-segmentation in Q116.
|
Q323 YTD Performance highlights:
●
|
Group RoTE was 12.5% (Q322 YTD: 10.9%) with profit
before tax of £6.4bn (Q322
YTD: £5.7bn).
|
●
|
Excluding the impact of the
Over-issuance of Securities in the prior year1:
|
|
-
|
Group income of £19.8bn,
up 5% year-on-year
|
|
-
|
Group total operating expenses were £12.0bn, up 2%
year-on-year. Cost:
income ratio of 61% as the Group delivered positive cost:
income jaws of 3%
|
●
|
Credit impairment charges were £1.3bn with
an LLR of 43bps, with delinquencies in US cards in line with
pre-pandemic experience
|
●
|
On a statutory basis:
|
|
-
|
Group income was £19.8bn,
up 3% year-on-year
|
|
-
|
Group total operating expenses were £12.0bn, a decrease
of 6% year-on-year
|
Group Targets and Outlook:
●
|
Costs: targeting a cost: income
ratio percentage in the low 60s in 2023, investing for growth
whilst progressing towards the Group's medium-term target of below
60%. Separately, the Group is evaluating actions to reduce
structural costs to help drive future returns, which may result in
material additional charges in Q423
|
●
|
Returns: targeting a RoTE of
greater than 10% in 2023, excluding any such structural costs
actions
|
●
|
Impairment: expect
an LLR of 50-60bps through the cycle
|
●
|
Barclays UK Net Interest Margin (NIM): now
expected to be in the range of 3.05% - 3.10% in 2023. Guidance is
sensitive to the level and mix of deposit balances and further
changes in expectations for interest rates
|
●
|
Capital: expect to continue to
operate within the CET1 ratio target range of
13-14%
|
●
|
Capital returns: capital
distribution policy incorporates a progressive ordinary dividend,
supplemented with share buybacks as appropriate
|
1
|
Q322 YTD impacts from the Over-Issuance of Securities: £0.3bn
income gain and £1.0bn litigation and conduct
charges.
|
Barclays Group results
|
Nine months ended
|
|
Three months ended
|
30.09.23
|
30.09.22
|
|
|
30.09.23
|
30.09.22
|
|
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
Barclays UK
|
5,795
|
5,289
|
10
|
|
1,873
|
1,916
|
(2)
|
Corporate
and Investment Bank
|
10,220
|
10,792
|
(5)
|
|
3,082
|
2,821
|
9
|
Consumer,
Cards and Payments
|
3,944
|
3,213
|
23
|
|
1,360
|
1,244
|
9
|
Barclays International
|
14,164
|
14,005
|
1
|
|
4,442
|
4,065
|
9
|
Head Office
|
(179)
|
(139)
|
(29)
|
|
(57)
|
(30)
|
(90)
|
Total income
|
19,780
|
19,155
|
3
|
|
6,258
|
5,951
|
5
|
Operating costs
|
(11,979)
|
(11,209)
|
(7)
|
|
(3,949)
|
(3,939)
|
|
Litigation and conduct
|
(32)
|
(1,518)
|
98
|
|
-
|
339
|
|
Total operating expenses
|
(12,011)
|
(12,727)
|
6
|
|
(3,949)
|
(3,600)
|
(10)
|
Other net income/(expenses)
|
7
|
(4)
|
|
|
9
|
(1)
|
|
Profit before impairment
|
7,776
|
6,424
|
21
|
|
2,318
|
2,350
|
(1)
|
Credit impairment charges
|
(1,329)
|
(722)
|
(84)
|
|
(433)
|
(381)
|
(14)
|
Profit before tax
|
6,447
|
5,702
|
13
|
|
1,885
|
1,969
|
(4)
|
Tax charge
|
(1,257)
|
(1,072)
|
(17)
|
|
(343)
|
(249)
|
(38)
|
Profit after tax
|
5,190
|
4,630
|
12
|
|
1,542
|
1,720
|
(10)
|
Non-controlling interests
|
(39)
|
(23)
|
(70)
|
|
(9)
|
(2)
|
|
Other equity instrument holders
|
(766)
|
(620)
|
(24)
|
|
(259)
|
(206)
|
(26)
|
Attributable profit
|
4,385
|
3,987
|
10
|
|
1,274
|
1,512
|
(16)
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
12.5%
|
10.9%
|
|
|
11.0%
|
12.5%
|
|
Average tangible shareholders' equity (£bn)
|
47.0
|
48.8
|
|
|
46.5
|
48.6
|
|
Cost: income ratio
|
61%
|
66%
|
|
|
63%
|
60%
|
|
Loan loss rate (bps)
|
43
|
23
|
|
|
42
|
36
|
|
Basic earnings per share
|
28.2p
|
24.2p
|
|
|
8.3p
|
9.4p
|
|
Basic weighted average number of shares (m)
|
15,564
|
16,503
|
(6)
|
|
15,405
|
16,148
|
(5)
|
Period end number of shares (m)
|
15,239
|
15,888
|
(4)
|
|
15,239
|
15,888
|
(4)
|
|
As at 30.09.23
|
As at 31.12.22
|
As at 30.09.22
|
Balance sheet and capital
management1
|
£bn
|
£bn
|
£bn
|
Loans and advances at amortised cost
|
405.4
|
398.8
|
413.7
|
Loans and advances at amortised cost impairment coverage
ratio
|
1.4%
|
1.4%
|
1.4%
|
Total assets
|
1,591.7
|
1,513.7
|
1,726.9
|
Deposits at amortised cost
|
561.3
|
545.8
|
574.4
|
Tangible net asset value per share
|
316p
|
295p
|
286p
|
Common equity tier 1 ratio
|
14.0%
|
13.9%
|
13.8%
|
Common equity tier 1 capital
|
48.0
|
46.9
|
48.6
|
Risk weighted assets
|
341.9
|
336.5
|
350.8
|
UK leverage ratio
|
5.0%
|
5.3%
|
5.0%
|
UK leverage exposure
|
1,202.4
|
1,130.0
|
1,232.1
|
|
|
|
|
Funding and liquidity
|
|
|
|
Group liquidity pool (£bn)
|
335.0
|
318.0
|
325.8
|
Liquidity coverage ratio2
|
159%
|
156%
|
156%
|
Net stable funding ratio3
|
138%
|
137%
|
|
Loan: deposit ratio
|
72%
|
73%
|
72%
|
1
|
Refer to pages 32 to 36 for further information
on how capital, RWAs and leverage are calculated.
|
2
|
The Liquidity Coverage Ratio is now shown on an average basis,
based on the average of the last 12 spot month end ratios. Prior
period LCR comparatives have been updated for
consistency.
|
3
|
Represents average of the last four spot quarter end
positions.
|
Reconciliation of financial results excluding the impact of the
Over-issuance of Securities in the prior year
|
|
|
|
Three months ended
|
30.09.23
|
|
30.09.22
|
|
|
|
Statutory
|
|
Statutory
|
Impact of the Over-issuance of Securities
|
Excluding impact of the Over-issuance of Securities
|
|
|
|
£m
|
|
£m
|
£m
|
£m
|
|
% Change
|
Barclays UK
|
1,873
|
|
1,916
|
-
|
1,916
|
|
(2)
|
Corporate
and Investment Bank
|
3,082
|
|
2,821
|
(466)
|
3,287
|
|
(6)
|
Consumer,
Cards and Payments
|
1,360
|
|
1,244
|
-
|
1,244
|
|
9
|
Barclays International
|
4,442
|
|
4,065
|
(466)
|
4,531
|
|
(2)
|
Head Office
|
(57)
|
|
(30)
|
-
|
(30)
|
|
(90)
|
Total income
|
6,258
|
|
5,951
|
(466)
|
6,417
|
|
(2)
|
Operating
costs
|
(3,949)
|
|
(3,939)
|
-
|
(3,939)
|
|
|
Litigation
and conduct
|
-
|
|
339
|
503
|
(164)
|
|
|
Total operating expenses
|
(3,949)
|
|
(3,600)
|
503
|
(4,103)
|
|
4
|
Other net income/(expenses)
|
9
|
|
(1)
|
-
|
(1)
|
|
|
Profit before impairment
|
2,318
|
|
2,350
|
37
|
2,313
|
|
|
Credit impairment charges
|
(433)
|
|
(381)
|
-
|
(381)
|
|
(14)
|
Profit before tax
|
1,885
|
|
1,969
|
37
|
1,932
|
|
(2)
|
Attributable profit
|
1,274
|
|
1,512
|
29
|
1,483
|
|
(14)
|
|
|
|
|
|
|
|
|
Average tangible shareholders' equity (£bn)
|
46.5
|
|
48.6
|
|
48.6
|
|
|
Return on average tangible shareholders' equity
|
11.0%
|
|
12.5%
|
|
12.2%
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
|
30.09.23
|
|
30.09.22
|
|
|
|
Statutory
|
|
Statutory
|
Impact of the Over-issuance of Securities
|
Excluding impact of the Over-issuance of Securities
|
|
|
|
£m
|
|
£m
|
£m
|
£m
|
|
% Change
|
Barclays UK
|
5,795
|
|
5,289
|
-
|
5,289
|
|
10
|
Corporate
and Investment Bank
|
10,220
|
|
10,792
|
292
|
10,500
|
|
(3)
|
Consumer,
Cards and Payments
|
3,944
|
|
3,213
|
-
|
3,213
|
|
23
|
Barclays International
|
14,164
|
|
14,005
|
292
|
13,713
|
|
3
|
Head Office
|
(179)
|
|
(139)
|
-
|
(139)
|
|
(29)
|
Total income
|
19,780
|
|
19,155
|
292
|
18,863
|
|
5
|
Operating
costs
|
(11,979)
|
|
(11,209)
|
-
|
(11,209)
|
|
(7)
|
Litigation
and conduct
|
(32)
|
|
(1,518)
|
(966)
|
(552)
|
|
94
|
Total operating expenses
|
(12,011)
|
|
(12,727)
|
(966)
|
(11,761)
|
|
(2)
|
Other net income/(expenses)
|
7
|
|
(4)
|
-
|
(4)
|
|
|
Profit before impairment
|
7,776
|
|
6,424
|
(674)
|
7,098
|
|
10
|
Credit impairment charges
|
(1,329)
|
|
(722)
|
-
|
(722)
|
|
(84)
|
Profit before tax
|
6,447
|
|
5,702
|
(674)
|
6,376
|
|
1
|
Attributable profit
|
4,385
|
|
3,987
|
(552)
|
4,539
|
|
(3)
|
|
|
|
|
|
|
|
|
Average tangible shareholders' equity (£bn)
|
47.0
|
|
48.8
|
|
48.8
|
|
|
Return on average tangible shareholders' equity
|
12.5%
|
|
10.9%
|
|
12.4%
|
|
|
Group Finance Director's Review
Q323 YTD Group performance
●
|
Barclays delivered a profit before tax of £6,447m (Q322 YTD:
£5,702m), RoTE of 12.5% (Q322 YTD: 10.9%) and earnings per
share (EPS) of 28.2p (Q322 YTD: 24.2p)
|
●
|
The Group has a diverse income profile across businesses and
geographies including a significant presence in the
US. The
appreciation of average USD against GBP positively impacted income
and profits and adversely impacted credit impairment charges and
total operating expenses
|
●
|
Group income increased 3%
to £19,780m primarily
driven by the net benefit from the higher interest rate
environment, including continued structural hedge income, and
higher balances in US cards, partially offset by the non repeat of
the prior year income from hedging arrangements related to the
Over-issuance of Securities and lower income in Global Markets and
Investment Banking fees
|
●
|
Group total operating expenses decreased to £12,011m
(Q322 YTD: £12,727m)
|
|
-
|
Group operating expenses excluding litigation and conduct charges
increased to £11,979m (Q322 YTD: £11,209m) reflecting the
impact of business growth, including the Gap portfolio acquisition
in US cards and the Kensington Mortgage Company (KMC) acquisition
in Barclays UK, as well as investments in resilience and controls.
The impact of Group inflation was broadly offset by efficiency
savings. The Group incurred £119m of structural cost actions
(Q322 YTD: £78m), primarily related to the ongoing Barclays UK
transformation programme
|
|
-
|
Litigation and conduct charges decreased
to £32m (Q322 YTD: £1,518m). The prior
year charges included £966m of costs related to the
Over-issuance of Securities, £282m of customer remediation
costs relating to legacy loan portfolios in CC&P and £165m
related to the Devices Settlements1
|
●
|
Credit impairment charges were £1,329m (Q322 YTD:
£722m), with
delinquencies in US cards in line with pre-pandemic experience.
Total coverage ratio remains strong at 1.4% (December 2022:
1.4%)
|
●
|
The effective tax rate (ETR) was 19.5% (Q322 YTD:
18.8%). The
prior year included tax benefits arising in the year and in respect
of prior years, which were partially offset by the impact of the
downward re-measurement of the Group's UK deferred tax assets as a
result of the UK banking surcharge rate being reduced from 8% to
3%
|
●
|
Attributable profit was £4,385m (Q322 YTD:
£3,987m)
|
●
|
Total assets increased to £1,591.7bn (December
2022: £1,513.7bn) driven
by increased trading activity within CIB since December 2022. The
Group liquidity pool was further strengthened by deposit
growth
|
●
|
TNAV per share increased
to 316p (December 2022: 295p) as
EPS of 28.2p and
the impact of share buybacks announced at FY22 and H123 results
were partially offset by dividends paid in the period and net
negative reserve movements
|
Barclays UK
Barclays UK delivered a RoTE of 20.6% supported
by the higher interest rate environment and the continued
investment in our transformation into a next-generation, digitised
consumer bank. The challenging environment has persisted with
customer behaviour driving a reduction in the NIM outlook and
balances.
|
●
|
Profit before
tax increased 16% to £2,300m with a
RoTE of 20.6% (Q322 YTD: 18.7%)
|
●
|
Total
income increased 10% to £5,795m.
Net interest
income increased 13% to £4,856m with
a NIM of 3.15% (Q322 YTD: 2.78%), as higher interest rates and
associated structural hedge benefit outweighed mortgage margin
pressure, lower deposit volumes and the search for yield in
savings, with these product dynamics trends increasing in Q323. Net
fee, commission and other
income decreased 6% to £939m including
the impact of the transfer of WM&I to
CC&P
|
|
-
|
Personal Banking
income increased 11% to £3,662m, driven by
higher interest rates, partially offset by mortgage margin
compression and lower current accounts deposit volumes consistent
with wider market trends and cost of living pressures
|
|
-
|
Barclaycard Consumer UK
income decreased 12% to £722m as
higher customer spend volumes were more than offset by lower
interest earning lending balances following repayments
and ongoing prudent risk management
|
|
-
|
Business Banking
income increased 22% to £1,411m driven
by higher interest rates, partially offset by lower government
scheme lending as repayments continue and lower deposit volumes in
line with wider market trends
|
●
|
Total operating
expenses increased 2% to £3,228m from
the impact of inflation, partially offset by the transfer of
WM&I to CC&P. Ongoing efficiency savings continue to be
reinvested, including in our transformation programme to support
further improvements to the cost: income ratio over
time
|
●
|
Credit impairment charges increased to £267m (Q322
YTD: £129m), driven
by updated macroeconomic scenarios, reflecting year-to-date
improvement in GDP and unemployment outlook against a backdrop of
higher interest rates and a weaker House Price Index (HPI). UK
cards 30 and 90 day arrears remained low at 0.9% (Q322: 1.0%) and
0.2% (Q322: 0.3%) respectively. The UK cards total coverage ratio
was 6.3% (December 2022: 7.6%)
|
1
|
Refers to the settlements with the SEC and Commodity Futures
Trading Commission (CFTC) in connection with their investigations
of the use of unauthorised devices for business
communications.
|
Barclays UK (continued)
●
|
Loans and advances to customers at amortised cost were broadly
stable at £204.9bn (December
2022: £205.1bn),
primarily reflecting the acquisition of KMC and mortgage lending in
the first half of the year, which more than offset repayment of
government scheme lending in Business Banking
|
●
|
Customer deposits at amortised cost
decreased 6% to £243.2bn. Primarily
driven by reduced current account balances in Personal and Business
Banking, reflecting broader market trends. The loan: deposit ratio
increased to 92% (December
2022: 87%)
|
|
-
|
Average balances quarter-on-quarter contributed to a larger net
interest income deposit effect than the period end
balances
|
●
|
RWAs were stable at £73.2bn (December
2022: £73.1bn) including
a reduction due to a capital Loss Given Default (LGD) model update
for the mortgages portfolio, partially offset by the acquisition of
KMC
|
Barclays International
Barclays International delivered a RoTE
of 11.4%. Despite
the reduced banking industry fee pool and lower client activity in
Global Markets, CIB delivered a RoTE of 11.5% reflecting the
benefits of income diversification and investment in sustainable
growth. CC&P delivered a RoTE of 10.6% reflecting continued
investment in the business resulting in balance growth and
increased income, partially offset by higher impairment
charges.
|
●
|
Profit before tax increased 10% to £4,580m with a RoTE of
11.4% (Q322 YTD: 11.5%),
reflecting a RoTE of 11.5% (Q322 YTD: 11.9%) in CIB and 10.6% (Q322
YTD: 8.9%) in CC&P
|
●
|
Barclays International has a diverse income profile across
businesses and geographies including a significant presence in the
US. The
appreciation of average USD against GBP positively impacted income
and profits, and adversely impacted credit impairment charges and
total operating expenses
|
●
|
Total income increased to £14,164m (Q322
YTD: £14,005m)
|
|
-
|
CIB income
decreased 5% to £10,220m and 3% excluding
the impact from prior year hedging arrangements related to the
Over-issuance of Securities1
|
|
|
-
|
Global Markets
income decreased 18% to £6,063m. FICC
income decreased 13% to £4,121m, driven by
macro reflecting lower market volatility and client activity,
partially offset by strong performance in credit. Equities
income decreased 28% to £1,942m, driven by
a decline in derivatives income reflecting less volatile equity
market conditions. Excluding the impact from the Over-issuance of
Securities, Equities income decreased by 20%
|
|
|
-
|
Investment Banking
fees decreased 16% to £1,450m due to
the reduced fee pool across Advisory and Debt capital
markets2,
partially offset by an improvement in Equity capital
markets
|
|
|
-
|
Within Corporate, Transaction banking
income increased 31% to £2,272m driven
by improved deposit margins in the higher interest rate
environment. Corporate lending
income increased to £435m (Q322
YTD: £103m loss) mainly driven by lower costs of
hedging and the non-repeat of fair value losses on leverage finance
lending net of mark to market gains on related hedges in the prior
year
|
|
-
|
CC&P
income increased 23% to £3,944m
|
|
|
-
|
International Cards and Consumer Bank
income increased 28% to £2,625m reflecting
higher cards balances and improved margins, including the Gap
portfolio acquisition in Q222
|
|
|
-
|
Private Bank
income increased 21% to £884m, due to the
transfer of WM&I from Barclays UK, client balance growth and
improved margins
|
|
|
-
|
Payments income was stable at £435m (Q322
YTD: £431m) driven by merchant acquiring growth,
partially offset by margin compression
|
●
|
Total operating
expenses decreased 8% to £8,559m, and
excluding litigation and
conduct increased 9% to £8,519m,
reflecting investment in the business
|
|
-
|
CIB total operating
expenses decreased 11% to £6,192m.
Operating expenses excluding litigation and conduct
charges increased 6% to £6,201m reflecting
investment in talent and technology, and the impact of inflation,
partially offset by efficiency savings
|
|
-
|
CC&P total operating
expenses increased 4% to £2,367m.
Operating expenses excluding litigation and conduct
charges increased 17% to £2,318m, driven
by higher investment spend to support growth, mainly in marketing
and partnership costs including the Gap portfolio acquisition, the
transfer of WM&I from Barclays UK and the impact of inflation,
partially offset by efficiency savings
|
1
|
Q322 YTD included £292m of income gain related to hedging
arrangements to manage the risks of the rescission offer in
relation to the Over-issuance of Securities.
|
2
|
Data source: Dealogic for the period covering 1 January to 30
September 2023.
|
Barclays International (continued)
●
|
Credit impairment charges were £1,037m (Q322
YTD: £605m)
|
|
-
|
CIB credit impairment charges were £nil (Q322
YTD: £78m) driven by single name charges offset by the
benefit of credit protection and the updated macroeconomic
scenarios
|
|
-
|
CC&P credit impairment charges increased
to £1,037m (Q322 YTD: £527m), with
delinquencies in US cards in line with pre-pandemic experience,
with 30 and 90 day arrears at 2.7% (Q322: 2.0%) and 1.3% (Q322:
0.8%) respectively. The US cards total coverage ratio was 9.7%
(December 2022: 8.1%)
|
●
|
RWAs increased to £259.2bn (December
2022: £254.8bn) due
to increased trading activity within CIB since Q422, partially
offset by the impact of strengthening of GBP against
USD
|
|
-
|
RWAs were broadly stable since June 2023, excluding the impact of
spot USD appreciation against GBP
|
Head Office
●
|
Loss before tax was £433m (Q322
YTD: £446m)
|
●
|
Total income was an expense of £179m (Q322
YTD: £139m) primarily
reflecting hedge accounting and treasury items. The prior year
included a one-off gain of £86m from the sale and leaseback of
UK data centres, as well as a £74m loss on sale arising from
disposals of Barclays' equity stake in Absa Group
Limited
|
●
|
Total operating expenses decreased to £224m (Q322
YTD: £293m) primarily
driven by lower litigation and conduct charges
|
●
|
RWAs were £9.5bn (December
2022: £8.6bn)
|
Capital distributions
●
|
Barclays paid a half-year dividend of 2.7p per share on 15
September 2023, and completed the share buyback of £750m
announced at H123 results, bringing the total capital return
equivalent to c.7.5p per share
|
●
|
Barclays is committed to maintaining a balance between a strong
capital position, delivering total cash returns to shareholders and
investment in the business. Barclays pays a progressive ordinary
dividend, taking into account these objectives and the earnings
outlook of the Group. The Board will also continue to supplement
the ordinary dividend as appropriate, including with share
buybacks
|
Group capital and leverage
●
|
The CET1 ratio increased to 14.0% (December 2022: 13.9%)
as CET1 capital increased by £1.1bn to £48.0bn (December
2022: £46.9bn) partially offset by an increase in RWAs of
£5.4bn to £341.9bn (December 2022:
£336.5bn):
|
|
-
|
c.130bps increase from attributable profit generated in the
period
|
|
-
|
c.60bps decrease driven by returns to shareholders including the
interim dividend of 2.7p per share paid in September 2023 and
£1.3bn of share buybacks announced with FY22 and H123 results.
It also includes an accrual towards the FY23 dividend
|
|
-
|
c.30bps decrease from other capital movements, including the impact
of regulatory change on 1 January 2023 relating to IFRS 9
transitional relief, the impact of the KMC acquisition, and other
regulatory capital deductions
|
|
-
|
c.30bps decrease as a result of a £7.4bn increase in RWAs
primarily driven by increased trading activity within CIB since
December 2022
|
|
-
|
A £3.2bn decrease in RWAs as a result of foreign exchange
movements since December 2022 was broadly offset by a £0.4bn
decrease in CET1 capital due to a decrease in the currency
translation reserve
|
●
|
The UK leverage ratio decreased to 5.0% (December 2022: 5.3%)
primarily due to a £72.4bn increase in leverage exposure to
£1,202.4bn (December 2022: £1,130.0bn). This is largely
driven by increased trading activity within CIB since December
2022
|
Group funding and liquidity
●
|
The liquidity and funding position remains robust and stable in the
period. The liquidity pool increased to £335.0bn (December
2022: £318.0bn) driven by deposit growth. The composition of
the liquidity pool is conservative, with 81% held in cash and
deposits with central banks and the remainder primarily held in
high quality government bonds, materially held at fair value or
hedged
|
●
|
The strength of the funding and liquidity position is supported by
a diverse and stable deposit franchise. Total deposits increased to
£561.3bn (December 2022: £545.8bn)
|
●
|
The average1 Liquidity
Coverage Ratio (LCR) remained significantly above the 100%
regulatory requirement at 159% (December 2022: 156%), equivalent to
a surplus of £115.6bn (December 2022:
£114.4bn)
|
●
|
The average2 Net
Stable Funding Ratio was 138% (December 2022: 137%), which
represents a £165.8bn (December 2022: £155.6bn) surplus
above the 100% regulatory requirement
|
●
|
Wholesale funding outstanding, excluding repurchase agreements, was
£186.4bn (December 2022: £184.0bn)
|
●
|
The Group issued £12.0bn equivalent of minimum requirement for
own funds and eligible liabilities (MREL) instruments from Barclays
PLC (the Parent company) year to date. The Group has a strong MREL
position with a ratio of 33.4%, which is in excess of the
regulatory requirement of 29.6% plus a confidential, institution
specific, Prudential Regulation Authority (PRA) buffer
|
Other matters
●
|
KMC acquisition: on
1 March 2023, Barclays completed the acquisition of UK specialist
mortgage lender KMC, including a portfolio of mortgages totalling
£2.2bn with an RWA impact of £0.8bn
|
●
|
Combination of the Private Bank and Barclays UK Wealth
business: on
1 May 2023, WM&I was transferred from Barclays UK to CC&P,
creating a combined Private Bank and Wealth Management business.
The combination seeks to improve customer and client experience and
create business synergies:
|
|
-
|
The business transferred includes c.£28bn of invested assets,
generating annualised income of c.£0.2bn
|
1
|
Represents average of the last 12 spot month end
ratios.
|
2
|
Represents average of the last four spot quarter end
ratios.
|
Anna Cross, Group Finance Director
Results by Business
Barclays UK
|
Nine months ended
|
|
Three months ended
|
|
30.09.23
|
30.09.22
|
|
|
30.09.23
|
30.09.22
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
Net interest income
|
4,856
|
4,293
|
13
|
|
1,578
|
1,561
|
1
|
Net fee, commission and other income
|
939
|
996
|
(6)
|
|
295
|
355
|
(17)
|
Total income
|
5,795
|
5,289
|
10
|
|
1,873
|
1,916
|
(2)
|
Operating costs
|
(3,240)
|
(3,152)
|
(3)
|
|
(1,058)
|
(1,069)
|
1
|
Litigation and conduct
|
12
|
(28)
|
|
|
9
|
(3)
|
|
Total operating expenses
|
(3,228)
|
(3,180)
|
(2)
|
|
(1,049)
|
(1,072)
|
2
|
Other net expenses
|
-
|
(1)
|
|
|
-
|
(1)
|
|
Profit before impairment
|
2,567
|
2,108
|
22
|
|
824
|
843
|
(2)
|
Credit impairment charges
|
(267)
|
(129)
|
|
|
(59)
|
(81)
|
27
|
Profit before tax
|
2,300
|
1,979
|
16
|
|
765
|
762
|
|
Attributable profit
|
1,580
|
1,403
|
13
|
|
531
|
549
|
(3)
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
20.6%
|
18.7%
|
|
|
21.0%
|
22.1%
|
|
Average allocated tangible equity (£bn)
|
10.2
|
10.0
|
|
|
10.1
|
9.9
|
|
Cost: income ratio
|
56%
|
60%
|
|
|
56%
|
56%
|
|
Loan loss rate (bps)
|
16
|
8
|
|
|
10
|
14
|
|
Net interest margin
|
3.15%
|
2.78%
|
|
|
3.04%
|
3.01%
|
|
|
|
|
|
|
|
|
|
|
As at 30.09.23
|
As at 31.12.22
|
As at 30.09.22
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
Loans and advances to customers at amortised cost
|
204.9
|
205.1
|
205.1
|
|
|
|
|
Total assets
|
299.9
|
313.2
|
316.8
|
|
|
|
|
Customer deposits at amortised cost
|
243.2
|
258.0
|
261.0
|
|
|
|
|
Loan: deposit ratio
|
92%
|
87%
|
86%
|
|
|
|
|
Risk weighted assets
|
73.2
|
73.1
|
73.2
|
|
|
|
|
Period end allocated tangible equity
|
10.1
|
10.1
|
10.1
|
|
|
|
|
Analysis of Barclays UK
|
Nine months ended
|
|
Three months ended
|
30.09.23
|
30.09.22
|
|
|
30.09.23
|
30.09.22
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
Personal Banking
|
3,662
|
3,311
|
11
|
|
1,165
|
1,212
|
(4)
|
Barclaycard Consumer UK
|
722
|
824
|
(12)
|
|
238
|
283
|
(16)
|
Business Banking
|
1,411
|
1,154
|
22
|
|
470
|
421
|
12
|
Total income
|
5,795
|
5,289
|
10
|
|
1,873
|
1,916
|
(2)
|
|
|
|
|
|
|
|
|
Analysis of credit impairment (charges)/releases
|
|
|
|
|
|
|
|
Personal Banking
|
(205)
|
(47)
|
|
|
(85)
|
(26)
|
|
Barclaycard Consumer UK
|
(89)
|
42
|
|
|
29
|
2
|
|
Business Banking
|
27
|
(124)
|
|
|
(3)
|
(57)
|
95
|
Total credit impairment charges
|
(267)
|
(129)
|
|
|
(59)
|
(81)
|
27
|
|
|
|
|
|
|
|
|
|
As at 30.09.23
|
As at 31.12.22
|
As at 30.09.22
|
|
|
|
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
£bn
|
£bn
|
|
|
|
|
Personal Banking
|
172.3
|
169.7
|
168.7
|
|
|
|
|
Barclaycard Consumer UK
|
9.6
|
9.2
|
9.0
|
|
|
|
|
Business Banking
|
23.0
|
26.2
|
27.4
|
|
|
|
|
Total loans and advances to customers at amortised
cost
|
204.9
|
205.1
|
205.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of customer deposits at amortised cost
|
|
|
|
|
|
|
|
Personal Banking
|
186.1
|
195.6
|
197.3
|
|
|
|
|
Barclaycard Consumer UK
|
-
|
-
|
-
|
|
|
|
|
Business Banking
|
57.1
|
62.4
|
63.7
|
|
|
|
|
Total customer deposits at amortised cost
|
243.2
|
258.0
|
261.0
|
|
|
|
|
Barclays International
|
Nine months ended
|
|
Three months ended
|
|
30.09.23
|
30.09.22
|
|
|
30.09.23
|
30.09.22
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
Net interest income
|
4,739
|
3,462
|
37
|
|
1,655
|
1,497
|
11
|
Net trading income
|
5,158
|
6,540
|
(21)
|
|
1,461
|
1,328
|
10
|
Net fee, commission and other income
|
4,267
|
4,003
|
7
|
|
1,326
|
1,240
|
7
|
Total income
|
14,164
|
14,005
|
1
|
|
4,442
|
4,065
|
9
|
Operating costs
|
(8,519)
|
(7,818)
|
(9)
|
|
(2,816)
|
(2,776)
|
(1)
|
Litigation and conduct
|
(40)
|
(1,436)
|
97
|
|
(10)
|
396
|
|
Total operating expenses
|
(8,559)
|
(9,254)
|
8
|
|
(2,826)
|
(2,380)
|
(19)
|
Other net income
|
12
|
23
|
(48)
|
|
3
|
10
|
(70)
|
Profit before impairment
|
5,617
|
4,774
|
18
|
|
1,619
|
1,695
|
(4)
|
Credit impairment charges
|
(1,037)
|
(605)
|
(71)
|
|
(358)
|
(295)
|
(21)
|
Profit before tax
|
4,580
|
4,169
|
10
|
|
1,261
|
1,400
|
(10)
|
Attributable profit
|
3,149
|
3,219
|
(2)
|
|
848
|
1,136
|
(25)
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
11.4%
|
11.5%
|
|
|
9.2%
|
11.6%
|
|
Average allocated tangible equity (£bn)
|
37.0
|
37.2
|
|
|
36.8
|
39.1
|
|
Cost: income ratio
|
60%
|
66%
|
|
|
64%
|
59%
|
|
Loan loss rate (bps)
|
77
|
43
|
|
|
78
|
62
|
|
Net interest margin
|
5.90%
|
4.78%
|
|
|
5.98%
|
5.58%
|
|
|
|
|
|
|
|
|
|
|
As at 30.09.23
|
As at 31.12.22
|
As at 30.09.22
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
Loans and advances to customers at amortised cost
|
130.8
|
133.7
|
137.0
|
|
|
|
|
Loans and advances to banks at amortised cost
|
10.3
|
8.7
|
11.0
|
|
|
|
|
Debt securities at amortised cost
|
36.4
|
27.2
|
36.2
|
|
|
|
|
Loans and advances at amortised cost
|
177.5
|
169.6
|
184.2
|
|
|
|
|
Trading portfolio assets
|
155.4
|
133.8
|
126.3
|
|
|
|
|
Derivative financial instrument assets
|
280.4
|
301.7
|
415.7
|
|
|
|
|
Financial assets at fair value through the income
statement
|
238.3
|
210.5
|
244.7
|
|
|
|
|
Cash collateral and settlement balances
|
136.0
|
107.7
|
163.3
|
|
|
|
|
Other assets
|
285.5
|
258.0
|
257.2
|
|
|
|
|
Total assets
|
1,273.1
|
1,181.3
|
1,391.4
|
|
|
|
|
Deposits at amortised cost
|
318.2
|
287.6
|
313.2
|
|
|
|
|
Derivative financial instrument liabilities
|
268.3
|
288.9
|
394.2
|
|
|
|
|
Loan: deposit ratio
|
56%
|
59%
|
59%
|
|
|
|
|
Risk weighted assets
|
259.2
|
254.8
|
269.3
|
|
|
|
|
Period end allocated tangible equity
|
37.1
|
36.8
|
38.8
|
|
|
|
|
Analysis of Barclays International
|
|
|
|
|
|
|
Corporate and Investment Bank
|
Nine months ended
|
|
Three months ended
|
|
30.09.23
|
30.09.22
|
|
|
30.09.23
|
30.09.22
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
Net interest income
|
2,021
|
1,401
|
44
|
|
700
|
606
|
16
|
Net trading income
|
5,294
|
6,532
|
(19)
|
|
1,503
|
1,344
|
12
|
Net fee, commission and other income
|
2,905
|
2,859
|
2
|
|
879
|
871
|
1
|
Total income
|
10,220
|
10,792
|
(5)
|
|
3,082
|
2,821
|
9
|
Operating costs
|
(6,201)
|
(5,834)
|
(6)
|
|
(2,015)
|
(2,043)
|
1
|
Litigation and conduct
|
9
|
(1,134)
|
|
|
7
|
498
|
(99)
|
Total operating expenses
|
(6,192)
|
(6,968)
|
11
|
|
(2,008)
|
(1,545)
|
(30)
|
Other net income
|
3
|
-
|
|
|
2
|
-
|
|
Profit before impairment
|
4,031
|
3,824
|
5
|
|
1,076
|
1,276
|
(16)
|
Credit impairment (charges)/releases
|
-
|
(78)
|
|
|
20
|
(46)
|
|
Profit before tax
|
4,031
|
3,746
|
8
|
|
1,096
|
1,230
|
(11)
|
Attributable profit
|
2,728
|
2,910
|
(6)
|
|
721
|
1,015
|
(29)
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
11.5%
|
11.9%
|
|
|
9.2%
|
11.9%
|
|
Average allocated tangible equity (£bn)
|
31.7
|
32.5
|
|
|
31.5
|
34.0
|
|
Cost: income ratio
|
61%
|
65%
|
|
|
65%
|
55%
|
|
Loan loss rate (bps)
|
-
|
7
|
|
|
(6)
|
13
|
|
|
|
|
|
|
|
|
|
|
As at 30.09.23
|
As at 31.12.22
|
As at 30.09.22
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
Loans and advances to customers at amortised cost
|
87.9
|
90.5
|
93.6
|
|
|
|
|
Loans and advances to banks at amortised cost
|
9.6
|
8.1
|
10.2
|
|
|
|
|
Debt securities at amortised cost
|
36.3
|
27.2
|
36.2
|
|
|
|
|
Loans and advances at amortised cost
|
133.8
|
125.8
|
140.0
|
|
|
|
|
Trading portfolio assets
|
155.3
|
133.7
|
126.1
|
|
|
|
|
Derivative financial instrument assets
|
280.4
|
301.6
|
415.5
|
|
|
|
|
Financial assets at fair value through the income
statement
|
238.2
|
210.5
|
244.6
|
|
|
|
|
Cash collateral and settlement balances
|
135.2
|
106.9
|
162.6
|
|
|
|
|
Other assets
|
237.2
|
222.6
|
220.6
|
|
|
|
|
Total assets
|
1,180.1
|
1,101.1
|
1,309.4
|
|
|
|
|
Deposits at amortised cost
|
236.9
|
205.8
|
229.5
|
|
|
|
|
Derivative financial instrument liabilities
|
268.3
|
288.9
|
394.2
|
|
|
|
|
Risk weighted assets
|
219.2
|
215.9
|
230.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
|
|
Three months ended
|
|
30.09.23
|
30.09.22
|
|
|
30.09.23
|
30.09.22
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
FICC
|
4,121
|
4,719
|
(13)
|
|
1,147
|
1,546
|
(26)
|
Equities
|
1,942
|
2,709
|
(28)
|
|
675
|
246
|
|
Global Markets
|
6,063
|
7,428
|
(18)
|
|
1,822
|
1,792
|
2
|
Advisory
|
422
|
571
|
(26)
|
|
80
|
150
|
(47)
|
Equity capital markets
|
181
|
126
|
44
|
|
62
|
42
|
48
|
Debt capital markets
|
847
|
1,038
|
(18)
|
|
233
|
341
|
(32)
|
Investment Banking fees
|
1,450
|
1,735
|
(16)
|
|
375
|
533
|
(30)
|
Corporate lending
|
435
|
(103)
|
|
|
172
|
(181)
|
|
Transaction banking
|
2,272
|
1,732
|
31
|
|
713
|
677
|
5
|
Corporate
|
2,707
|
1,629
|
66
|
|
885
|
496
|
78
|
Total income
|
10,220
|
10,792
|
(5)
|
|
3,082
|
2,821
|
9
|
Analysis of Barclays International
|
|
|
|
|
|
|
Consumer, Cards and Payments
|
Nine months ended
|
|
Three months ended
|
|
30.09.23
|
30.09.22
|
|
|
30.09.23
|
30.09.22
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
Net interest income
|
2,718
|
2,061
|
32
|
|
955
|
891
|
7
|
Net fee, commission, trading and other income
|
1,226
|
1,152
|
6
|
|
405
|
353
|
15
|
Total income
|
3,944
|
3,213
|
23
|
|
1,360
|
1,244
|
9
|
Operating costs
|
(2,318)
|
(1,984)
|
(17)
|
|
(801)
|
(733)
|
(9)
|
Litigation and conduct
|
(49)
|
(302)
|
84
|
|
(17)
|
(102)
|
83
|
Total operating expenses
|
(2,367)
|
(2,286)
|
(4)
|
|
(818)
|
(835)
|
2
|
Other net income
|
9
|
23
|
(61)
|
|
1
|
10
|
(90)
|
Profit before impairment
|
1,586
|
950
|
67
|
|
543
|
419
|
30
|
Credit impairment charges
|
(1,037)
|
(527)
|
(97)
|
|
(378)
|
(249)
|
(52)
|
Profit before tax
|
549
|
423
|
30
|
|
165
|
170
|
(3)
|
Attributable profit
|
421
|
309
|
36
|
|
127
|
121
|
5
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
10.6%
|
8.9%
|
|
|
9.6%
|
9.5%
|
|
Average allocated tangible equity (£bn)
|
5.3
|
4.7
|
|
|
5.3
|
5.1
|
|
Cost: income ratio
|
60%
|
71%
|
|
|
60%
|
67%
|
|
Loan loss rate (bps)
|
297
|
150
|
|
|
321
|
211
|
|
|
|
|
|
|
|
|
|
|
As at 30.09.23
|
As at 31.12.22
|
As at 30.09.22
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
Loans and advances to customers at amortised cost
|
42.9
|
43.2
|
43.4
|
|
|
|
|
Total assets
|
93.0
|
80.2
|
82.0
|
|
|
|
|
Deposits at amortised cost
|
81.3
|
81.8
|
83.7
|
|
|
|
|
Risk weighted assets
|
39.9
|
38.9
|
38.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
|
|
Three months ended
|
|
30.09.23
|
30.09.22
|
|
|
30.09.23
|
30.09.22
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
International Cards and Consumer Bank
|
2,625
|
2,053
|
28
|
|
890
|
824
|
8
|
Private Bank
|
884
|
729
|
21
|
|
331
|
270
|
23
|
Payments
|
435
|
431
|
1
|
|
139
|
150
|
(7)
|
Total income
|
3,944
|
3,213
|
23
|
|
1,360
|
1,244
|
9
|
Head Office
|
Nine months ended
|
|
Three months ended
|
|
30.09.23
|
30.09.22
|
|
|
30.09.23
|
30.09.22
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
Net interest income
|
(25)
|
76
|
|
|
14
|
10
|
40
|
Net fee, commission and other income
|
(154)
|
(215)
|
28
|
|
(71)
|
(40)
|
(78)
|
Total income
|
(179)
|
(139)
|
(29)
|
|
(57)
|
(30)
|
(90)
|
Operating costs
|
(220)
|
(239)
|
8
|
|
(75)
|
(94)
|
20
|
Litigation and conduct
|
(4)
|
(54)
|
93
|
|
1
|
(54)
|
|
Total operating expenses
|
(224)
|
(293)
|
24
|
|
(74)
|
(148)
|
50
|
Other net (expenses)/income
|
(5)
|
(26)
|
81
|
|
6
|
(10)
|
|
Loss before impairment
|
(408)
|
(458)
|
11
|
|
(125)
|
(188)
|
34
|
Credit impairment (charges)/releases
|
(25)
|
12
|
|
|
(16)
|
(5)
|
|
Loss before tax
|
(433)
|
(446)
|
3
|
|
(141)
|
(193)
|
27
|
Attributable loss
|
(344)
|
(635)
|
46
|
|
(105)
|
(173)
|
39
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
Average allocated tangible equity (£bn)
|
(0.2)
|
1.6
|
|
|
(0.4)
|
(0.4)
|
|
|
|
|
|
|
|
|
|
|
As at 30.09.23
|
As at 31.12.22
|
As at 30.09.22
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
Total assets
|
18.7
|
19.2
|
18.7
|
|
|
|
|
Risk weighted assets
|
9.5
|
8.6
|
8.2
|
|
|
|
|
Period end allocated tangible equity
|
1.0
|
(0.2)
|
(3.5)
|
|
|
|
|
Quarterly Results Summary
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q4211
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Net interest income
|
3,247
|
3,270
|
3,053
|
|
2,741
|
3,068
|
2,422
|
2,341
|
|
2,230
|
Net fee, commission and other income
|
3,011
|
3,015
|
4,184
|
|
3,060
|
2,883
|
4,286
|
4,155
|
|
2,930
|
Total income
|
6,258
|
6,285
|
7,237
|
|
5,801
|
5,951
|
6,708
|
6,496
|
|
5,160
|
Operating costs
|
(3,949)
|
(3,919)
|
(4,111)
|
|
(3,748)
|
(3,939)
|
(3,682)
|
(3,588)
|
|
(3,514)
|
UK bank levy
|
-
|
-
|
-
|
|
(176)
|
-
|
-
|
-
|
|
(170)
|
Litigation and conduct
|
-
|
(33)
|
1
|
|
(79)
|
339
|
(1,334)
|
(523)
|
|
(92)
|
Total operating expenses
|
(3,949)
|
(3,952)
|
(4,110)
|
|
(4,003)
|
(3,600)
|
(5,016)
|
(4,111)
|
|
(3,776)
|
Other net income/(expenses)
|
9
|
3
|
(5)
|
|
10
|
(1)
|
7
|
(10)
|
|
13
|
Profit before impairment
|
2,318
|
2,336
|
3,122
|
|
1,808
|
2,350
|
1,699
|
2,375
|
|
1,397
|
Credit impairment (charges)/releases
|
(433)
|
(372)
|
(524)
|
|
(498)
|
(381)
|
(200)
|
(141)
|
|
31
|
Profit before tax
|
1,885
|
1,964
|
2,598
|
|
1,310
|
1,969
|
1,499
|
2,234
|
|
1,428
|
Tax (charge)/credit
|
(343)
|
(353)
|
(561)
|
|
33
|
(249)
|
(209)
|
(614)
|
|
(104)
|
Profit after tax
|
1,542
|
1,611
|
2,037
|
|
1,343
|
1,720
|
1,290
|
1,620
|
|
1,324
|
Non-controlling interests
|
(9)
|
(22)
|
(8)
|
|
(22)
|
(2)
|
(20)
|
(1)
|
|
(27)
|
Other equity instrument holders
|
(259)
|
(261)
|
(246)
|
|
(285)
|
(206)
|
(199)
|
(215)
|
|
(218)
|
Attributable profit
|
1,274
|
1,328
|
1,783
|
|
1,036
|
1,512
|
1,071
|
1,404
|
|
1,079
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
11.0%
|
11.4%
|
15.0%
|
|
8.9%
|
12.5%
|
8.7%
|
11.5%
|
|
9.0%
|
Average tangible shareholders' equity (£bn)
|
46.5
|
46.7
|
47.6
|
|
46.7
|
48.6
|
49.0
|
48.8
|
|
48.0
|
Cost: income ratio
|
63%
|
63%
|
57%
|
|
69%
|
60%
|
75%
|
63%
|
|
73%
|
Loan loss rate (bps)
|
42
|
37
|
52
|
|
49
|
36
|
20
|
15
|
|
(3)
|
Basic earnings per share
|
8.3p
|
8.6p
|
11.3p
|
|
6.5p
|
9.4p
|
6.4p
|
8.4p
|
|
6.4p
|
Basic weighted average number of shares (m)
|
15,405
|
15,523
|
15,770
|
|
15,828
|
16,148
|
16,684
|
16,682
|
|
16,985
|
Period end number of shares (m)
|
15,239
|
15,556
|
15,701
|
|
15,871
|
15,888
|
16,531
|
16,762
|
|
16,752
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet and capital
management2
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Loans and advances to customers at amortised cost
|
339.6
|
337.4
|
343.6
|
|
343.3
|
346.3
|
337.2
|
325.8
|
|
319.9
|
Loans and advances to banks at amortised cost
|
11.5
|
10.9
|
11.0
|
|
10.0
|
12.5
|
12.5
|
11.4
|
|
9.7
|
Debt securities at amortised cost
|
54.3
|
53.1
|
48.9
|
|
45.5
|
54.8
|
46.1
|
34.5
|
|
31.8
|
Loans and advances at amortised cost
|
405.4
|
401.4
|
403.5
|
|
398.8
|
413.7
|
395.8
|
371.7
|
|
361.5
|
Loans and advances at amortised cost impairment coverage
ratio
|
1.4%
|
1.4%
|
1.4%
|
|
1.4%
|
1.4%
|
1.4%
|
1.5%
|
|
1.6%
|
Total assets
|
1,591.7
|
1,549.7
|
1,539.1
|
|
1,513.7
|
1,726.9
|
1,589.2
|
1,496.1
|
|
1,384.3
|
Deposits at amortised cost
|
561.3
|
554.7
|
555.7
|
|
545.8
|
574.4
|
568.7
|
546.5
|
|
519.4
|
Tangible net asset value per share
|
316p
|
291p
|
301p
|
|
295p
|
286p
|
297p
|
294p
|
|
291p
|
Common equity tier 1 ratio
|
14.0%
|
13.8%
|
13.6%
|
|
13.9%
|
13.8%
|
13.6%
|
13.8%
|
|
15.1%
|
Common equity tier 1 capital
|
48.0
|
46.6
|
46.0
|
|
46.9
|
48.6
|
46.7
|
45.3
|
|
47.3
|
Risk weighted assets
|
341.9
|
336.9
|
338.4
|
|
336.5
|
350.8
|
344.5
|
328.8
|
|
314.1
|
UK leverage ratio
|
5.0%
|
5.1%
|
5.1%
|
|
5.3%
|
5.0%
|
5.1%
|
5.0%
|
|
5.2%
|
UK leverage exposure
|
1,202.4
|
1,183.7
|
1,168.9
|
|
1,130.0
|
1,232.1
|
1,151.2
|
1,123.5
|
|
1,137.9
|
|
|
|
|
|
|
|
|
|
|
|
Funding and liquidity
|
|
|
|
|
|
|
|
|
|
|
Group liquidity pool (£bn)
|
335.0
|
330.7
|
333.0
|
|
318.0
|
325.8
|
342.5
|
319.8
|
|
291.0
|
Liquidity coverage ratio3
|
159%
|
157%
|
157%
|
|
156%
|
156%
|
157%
|
159%
|
|
160%
|
Net stable funding ratio4
|
138%
|
139%
|
139%
|
|
137%
|
|
|
|
|
|
Loan: deposit ratio
|
72%
|
72%
|
73%
|
|
73%
|
72%
|
70%
|
68%
|
|
70%
|
1
|
The comparative capital and financial metrics relating to Q421 have
been restated to reflect the impact of the Over-issuance of
Securities.
|
2
|
Refer to pages 32 to 36 for further information
on how capital, RWAs and leverage are calculated.
|
3
|
The Liquidity Coverage Ratio is based on the average of the last 12
spot month end ratios. Prior period LCR comparatives have been
updated for consistency.
|
4
|
Represents average of the last four spot quarter end
positions.
|
Quarterly Results by Business
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q421
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Net interest income
|
1,578
|
1,660
|
1,618
|
|
1,600
|
1,561
|
1,393
|
1,339
|
|
1,313
|
Net fee, commission and other income
|
295
|
301
|
343
|
|
370
|
355
|
331
|
310
|
|
386
|
Total income
|
1,873
|
1,961
|
1,961
|
|
1,970
|
1,916
|
1,724
|
1,649
|
|
1,699
|
Operating costs
|
(1,058)
|
(1,090)
|
(1,092)
|
|
(1,108)
|
(1,069)
|
(1,085)
|
(998)
|
|
(1,202)
|
UK bank levy
|
-
|
-
|
-
|
|
(26)
|
-
|
-
|
-
|
|
(36)
|
Litigation and conduct
|
9
|
5
|
(2)
|
|
(13)
|
(3)
|
(16)
|
(9)
|
|
(5)
|
Total operating expenses
|
(1,049)
|
(1,085)
|
(1,094)
|
|
(1,147)
|
(1,072)
|
(1,101)
|
(1,007)
|
|
(1,243)
|
Other net income/(expenses)
|
-
|
-
|
-
|
|
1
|
(1)
|
-
|
-
|
|
(1)
|
Profit before impairment
|
824
|
876
|
867
|
|
824
|
843
|
623
|
642
|
|
455
|
Credit impairment (charges)/releases
|
(59)
|
(95)
|
(113)
|
|
(157)
|
(81)
|
-
|
(48)
|
|
59
|
Profit before tax
|
765
|
781
|
754
|
|
667
|
762
|
623
|
594
|
|
514
|
Attributable profit
|
531
|
534
|
515
|
|
474
|
549
|
458
|
396
|
|
420
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Loans and advances to customers at amortised cost
|
204.9
|
206.8
|
208.2
|
|
205.1
|
205.1
|
205.9
|
207.3
|
|
208.8
|
Total assets
|
299.9
|
304.8
|
308.6
|
|
313.2
|
316.8
|
318.8
|
317.2
|
|
321.2
|
Customer deposits at amortised cost
|
243.2
|
249.8
|
254.3
|
|
258.0
|
261.0
|
261.5
|
260.3
|
|
260.6
|
Loan: deposit ratio
|
92%
|
90%
|
90%
|
|
87%
|
86%
|
85%
|
85%
|
|
85%
|
Risk weighted assets
|
73.2
|
73.0
|
74.6
|
|
73.1
|
73.2
|
72.2
|
72.7
|
|
72.3
|
Period end allocated tangible equity
|
10.1
|
10.1
|
10.3
|
|
10.1
|
10.1
|
9.9
|
10.1
|
|
10.0
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
21.0%
|
20.9%
|
20.0%
|
|
18.7%
|
22.1%
|
18.4%
|
15.6%
|
|
16.8%
|
Average allocated tangible equity (£bn)
|
10.1
|
10.2
|
10.3
|
|
10.2
|
9.9
|
10.0
|
10.1
|
|
10.0
|
Cost: income ratio
|
56%
|
55%
|
56%
|
|
58%
|
56%
|
64%
|
61%
|
|
73%
|
Loan loss rate (bps)
|
10
|
17
|
20
|
|
27
|
14
|
-
|
9
|
|
(10)
|
Net interest margin
|
3.04%
|
3.22%
|
3.18%
|
|
3.10%
|
3.01%
|
2.71%
|
2.62%
|
|
2.49%
|
Analysis of Barclays UK
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q421
|
Analysis of total income
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Personal Banking
|
1,165
|
1,244
|
1,253
|
|
1,229
|
1,212
|
1,077
|
1,022
|
|
983
|
Barclaycard Consumer UK
|
238
|
237
|
247
|
|
269
|
283
|
265
|
276
|
|
352
|
Business Banking
|
470
|
480
|
461
|
|
472
|
421
|
382
|
351
|
|
364
|
Total income
|
1,873
|
1,961
|
1,961
|
|
1,970
|
1,916
|
1,724
|
1,649
|
|
1,699
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of credit impairment (charges)/releases
|
|
|
|
|
|
|
|
|
|
|
Personal Banking
|
(85)
|
(92)
|
(28)
|
|
(120)
|
(26)
|
(42)
|
21
|
|
8
|
Barclaycard Consumer UK
|
29
|
(35)
|
(83)
|
|
(12)
|
2
|
84
|
(44)
|
|
114
|
Business Banking
|
(3)
|
32
|
(2)
|
|
(25)
|
(57)
|
(42)
|
(25)
|
|
(63)
|
Total credit impairment (charges)/releases
|
(59)
|
(95)
|
(113)
|
|
(157)
|
(81)
|
-
|
(48)
|
|
59
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Personal Banking
|
172.3
|
173.3
|
173.6
|
|
169.7
|
168.7
|
167.1
|
166.5
|
|
165.4
|
Barclaycard Consumer UK
|
9.6
|
9.3
|
9.0
|
|
9.2
|
9.0
|
8.8
|
8.4
|
|
8.7
|
Business Banking
|
23.0
|
24.2
|
25.6
|
|
26.2
|
27.4
|
30.0
|
32.4
|
|
34.7
|
Total loans and advances to customers at amortised
cost
|
204.9
|
206.8
|
208.2
|
|
205.1
|
205.1
|
205.9
|
207.3
|
|
208.8
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of customer deposits at amortised cost
|
|
|
|
|
|
|
|
|
|
|
Personal Banking
|
186.1
|
191.1
|
194.3
|
|
195.6
|
197.3
|
197.0
|
196.6
|
|
196.4
|
Barclaycard Consumer UK
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
|
-
|
Business Banking
|
57.1
|
58.7
|
60.0
|
|
62.4
|
63.7
|
64.5
|
63.7
|
|
64.2
|
Total customer deposits at amortised cost
|
243.2
|
249.8
|
254.3
|
|
258.0
|
261.0
|
261.5
|
260.3
|
|
260.6
|
Barclays International
|
|
|
|
|
|
|
|
|
|
|
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q4211
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Net interest income
|
1,655
|
1,730
|
1,354
|
|
1,465
|
1,497
|
1,029
|
936
|
|
955
|
Net trading income
|
1,461
|
1,278
|
2,419
|
|
1,169
|
1,328
|
2,766
|
2,446
|
|
789
|
Net fee, commission and other income
|
1,326
|
1,432
|
1,509
|
|
1,228
|
1,240
|
1,321
|
1,442
|
|
1,766
|
Total income
|
4,442
|
4,440
|
5,282
|
|
3,862
|
4,065
|
5,116
|
4,824
|
|
3,510
|
Operating costs
|
(2,816)
|
(2,747)
|
(2,956)
|
|
(2,543)
|
(2,776)
|
(2,537)
|
(2,505)
|
|
(2,160)
|
UK bank levy
|
-
|
-
|
-
|
|
(133)
|
-
|
-
|
-
|
|
(134)
|
Litigation and conduct
|
(10)
|
(33)
|
3
|
|
(67)
|
396
|
(1,319)
|
(513)
|
|
(84)
|
Total operating expenses
|
(2,826)
|
(2,780)
|
(2,953)
|
|
(2,743)
|
(2,380)
|
(3,856)
|
(3,018)
|
|
(2,378)
|
Other net income
|
3
|
6
|
3
|
|
5
|
10
|
5
|
8
|
|
3
|
Profit before impairment
|
1,619
|
1,666
|
2,332
|
|
1,124
|
1,695
|
1,265
|
1,814
|
|
1,135
|
Credit impairment charges
|
(358)
|
(275)
|
(404)
|
|
(328)
|
(295)
|
(209)
|
(101)
|
|
(23)
|
Profit before tax
|
1,261
|
1,391
|
1,928
|
|
796
|
1,400
|
1,056
|
1,713
|
|
1,112
|
Attributable profit
|
848
|
953
|
1,348
|
|
625
|
1,136
|
783
|
1,300
|
|
818
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Loans and advances to customers at amortised cost
|
130.8
|
126.6
|
131.0
|
|
133.7
|
137.0
|
126.7
|
113.9
|
|
106.4
|
Loans and advances to banks at amortised cost
|
10.3
|
9.7
|
9.8
|
|
8.7
|
11.0
|
11.3
|
10.2
|
|
8.4
|
Debt securities at amortised cost
|
36.4
|
35.2
|
30.8
|
|
27.2
|
36.2
|
29.3
|
20.7
|
|
19.0
|
Loans and advances at amortised cost
|
177.5
|
171.5
|
171.6
|
|
169.6
|
184.2
|
167.3
|
144.8
|
|
133.8
|
Trading portfolio assets
|
155.4
|
165.1
|
137.7
|
|
133.8
|
126.3
|
126.9
|
134.1
|
|
146.9
|
Derivative financial instrument assets
|
280.4
|
264.9
|
256.6
|
|
301.7
|
415.7
|
343.5
|
288.8
|
|
261.5
|
Financial assets at fair value through the income
statement
|
238.3
|
232.2
|
245.0
|
|
210.5
|
244.7
|
209.3
|
203.8
|
|
188.2
|
Cash collateral and settlement balances
|
136.0
|
123.9
|
125.5
|
|
107.7
|
163.3
|
128.5
|
132.0
|
|
88.1
|
Other assets
|
285.5
|
268.8
|
275.0
|
|
258.0
|
257.2
|
275.1
|
255.5
|
|
225.6
|
Total assets
|
1,273.1
|
1,226.4
|
1,211.4
|
|
1,181.3
|
1,391.4
|
1,250.6
|
1,159.0
|
|
1,044.1
|
Deposits at amortised cost
|
318.2
|
305.0
|
301.6
|
|
287.6
|
313.2
|
307.4
|
286.1
|
|
258.8
|
Derivative financial instrument liabilities
|
268.3
|
254.5
|
246.7
|
|
288.9
|
394.2
|
321.2
|
277.2
|
|
256.4
|
Loan: deposit ratio
|
56%
|
56%
|
57%
|
|
59%
|
59%
|
54%
|
51%
|
|
52%
|
Risk weighted assets
|
259.2
|
254.6
|
255.1
|
|
254.8
|
269.3
|
263.8
|
245.1
|
|
230.9
|
Period end allocated tangible equity
|
37.1
|
36.7
|
36.8
|
|
36.8
|
38.8
|
38.0
|
35.6
|
|
33.2
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
9.2%
|
10.3%
|
14.5%
|
|
6.4%
|
11.6%
|
8.4%
|
14.8%
|
|
9.9%
|
Average allocated tangible equity (£bn)
|
36.8
|
37.1
|
37.1
|
|
38.9
|
39.1
|
37.3
|
35.1
|
|
32.9
|
Cost: income ratio
|
64%
|
63%
|
56%
|
|
71%
|
59%
|
75%
|
63%
|
|
68%
|
Loan loss rate (bps)
|
78
|
63
|
94
|
|
75
|
62
|
49
|
28
|
|
7
|
Net interest margin
|
5.98%
|
5.85%
|
5.87%
|
|
5.71%
|
5.58%
|
4.41%
|
4.15%
|
|
4.14%
|
1
|
The comparative capital and financial metrics relating to Q421 have
been restated to reflect the impact of the Over-issuance of
Securities.
|
Analysis of Barclays International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Investment Bank
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q4211
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Net interest income
|
700
|
856
|
465
|
|
548
|
606
|
410
|
385
|
|
432
|
Net trading income
|
1,503
|
1,353
|
2,437
|
|
1,201
|
1,344
|
2,738
|
2,450
|
|
774
|
Net fee, commission and other income
|
879
|
953
|
1,074
|
|
827
|
871
|
885
|
1,103
|
|
1,426
|
Total income
|
3,082
|
3,162
|
3,976
|
|
2,576
|
2,821
|
4,033
|
3,938
|
|
2,632
|
Operating costs
|
(2,015)
|
(1,984)
|
(2,202)
|
|
(1,796)
|
(2,043)
|
(1,870)
|
(1,921)
|
|
(1,562)
|
UK bank levy
|
-
|
-
|
-
|
|
(126)
|
-
|
-
|
-
|
|
(128)
|
Litigation and conduct
|
7
|
(1)
|
3
|
|
(55)
|
498
|
(1,314)
|
(318)
|
|
(59)
|
Total operating expenses
|
(2,008)
|
(1,985)
|
(2,199)
|
|
(1,977)
|
(1,545)
|
(3,184)
|
(2,239)
|
|
(1,749)
|
Other net income
|
2
|
1
|
-
|
|
2
|
-
|
-
|
-
|
|
1
|
Profit before impairment
|
1,076
|
1,178
|
1,777
|
|
601
|
1,276
|
849
|
1,699
|
|
884
|
Credit impairment releases/(charges)
|
20
|
13
|
(33)
|
|
(41)
|
(46)
|
(65)
|
33
|
|
73
|
Profit before tax
|
1,096
|
1,191
|
1,744
|
|
560
|
1,230
|
784
|
1,732
|
|
957
|
Attributable profit
|
721
|
798
|
1,209
|
|
454
|
1,015
|
579
|
1,316
|
|
695
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Loans and advances to customers at amortised cost
|
87.9
|
84.8
|
89.2
|
|
90.5
|
93.6
|
86.5
|
79.5
|
|
73.4
|
Loans and advances to banks at amortised cost
|
9.6
|
9.0
|
9.2
|
|
8.1
|
10.2
|
10.0
|
9.4
|
|
7.6
|
Debt securities at amortised cost
|
36.3
|
35.1
|
30.7
|
|
27.2
|
36.2
|
29.3
|
20.7
|
|
19.0
|
Loans and advances at amortised cost
|
133.8
|
128.9
|
129.1
|
|
125.8
|
140.0
|
125.8
|
109.6
|
|
100.0
|
Trading portfolio assets
|
155.3
|
165.0
|
137.6
|
|
133.7
|
126.1
|
126.7
|
134.0
|
|
146.7
|
Derivative financial instruments assets
|
280.4
|
264.8
|
256.5
|
|
301.6
|
415.5
|
343.4
|
288.7
|
|
261.5
|
Financial assets at fair value through the income
statement
|
238.2
|
232.1
|
244.9
|
|
210.5
|
244.6
|
209.2
|
203.8
|
|
188.1
|
Cash collateral and settlement balances
|
135.2
|
122.5
|
124.7
|
|
106.9
|
162.6
|
127.7
|
131.2
|
|
87.2
|
Other assets
|
237.2
|
224.6
|
230.3
|
|
222.6
|
220.6
|
237.2
|
222.5
|
|
195.8
|
Total assets
|
1,180.1
|
1,137.9
|
1,123.1
|
|
1,101.1
|
1,309.4
|
1,170.0
|
1,089.8
|
|
979.3
|
Deposits at amortised cost
|
236.9
|
225.5
|
221.0
|
|
205.8
|
229.5
|
229.5
|
214.7
|
|
189.4
|
Derivative financial instrument liabilities
|
268.3
|
254.5
|
246.7
|
|
288.9
|
394.2
|
321.2
|
277.1
|
|
256.4
|
Risk weighted assets
|
219.2
|
216.5
|
216.8
|
|
215.9
|
230.6
|
227.6
|
213.5
|
|
200.7
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
9.2%
|
10.0%
|
15.2%
|
|
5.4%
|
11.9%
|
7.1%
|
17.1%
|
|
9.7%
|
Average allocated tangible equity (£bn)
|
31.5
|
31.8
|
31.8
|
|
33.7
|
34.0
|
32.7
|
30.8
|
|
28.7
|
Cost: income ratio
|
65%
|
63%
|
55%
|
|
77%
|
55%
|
79%
|
57%
|
|
66%
|
Loan loss rate (bps)
|
(6)
|
(4)
|
10
|
|
13
|
13
|
20
|
(12)
|
|
(29)
|
Net interest margin
|
3.65%
|
3.98%
|
3.95%
|
|
3.73%
|
3.56%
|
2.88%
|
2.52%
|
|
2.67%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of total income
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
FICC
|
1,147
|
1,186
|
1,788
|
|
976
|
1,546
|
1,529
|
1,644
|
|
546
|
Equities
|
675
|
563
|
704
|
|
440
|
246
|
1,411
|
1,052
|
|
501
|
Global Markets
|
1,822
|
1,749
|
2,492
|
|
1,416
|
1,792
|
2,940
|
2,696
|
|
1,047
|
Advisory
|
80
|
130
|
212
|
|
197
|
150
|
236
|
185
|
|
287
|
Equity capital markets
|
62
|
69
|
50
|
|
40
|
42
|
37
|
47
|
|
158
|
Debt capital markets
|
233
|
273
|
341
|
|
243
|
341
|
281
|
416
|
|
511
|
Investment Banking fees
|
375
|
472
|
603
|
|
480
|
533
|
554
|
648
|
|
956
|
Corporate lending
|
172
|
168
|
95
|
|
(128)
|
(181)
|
(47)
|
125
|
|
176
|
Transaction banking
|
713
|
773
|
786
|
|
808
|
677
|
586
|
469
|
|
453
|
Corporate
|
885
|
941
|
881
|
|
680
|
496
|
539
|
594
|
|
629
|
Total income
|
3,082
|
3,162
|
3,976
|
|
2,576
|
2,821
|
4,033
|
3,938
|
|
2,632
|
1
|
The comparative capital and financial metrics relating to Q421 have
been restated to reflect the impact of the Over-issuance of
Securities.
|
Analysis of Barclays International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer, Cards and Payments
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q421
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Net interest income
|
955
|
874
|
889
|
|
918
|
891
|
619
|
551
|
|
522
|
Net fee, commission, trading and other income
|
405
|
404
|
417
|
|
368
|
353
|
464
|
335
|
|
356
|
Total income
|
1,360
|
1,278
|
1,306
|
|
1,286
|
1,244
|
1,083
|
886
|
|
878
|
Operating costs
|
(801)
|
(763)
|
(754)
|
|
(747)
|
(733)
|
(667)
|
(584)
|
|
(598)
|
UK bank levy
|
-
|
-
|
-
|
|
(7)
|
-
|
-
|
-
|
|
(6)
|
Litigation and conduct
|
(17)
|
(32)
|
-
|
|
(12)
|
(102)
|
(5)
|
(195)
|
|
(25)
|
Total operating expenses
|
(818)
|
(795)
|
(754)
|
|
(766)
|
(835)
|
(672)
|
(779)
|
|
(629)
|
Other net income
|
1
|
5
|
3
|
|
3
|
10
|
5
|
8
|
|
2
|
Profit before impairment
|
543
|
488
|
555
|
|
523
|
419
|
416
|
115
|
|
251
|
Credit impairment charges
|
(378)
|
(288)
|
(371)
|
|
(287)
|
(249)
|
(144)
|
(134)
|
|
(96)
|
Profit/(loss) before tax
|
165
|
200
|
184
|
|
236
|
170
|
272
|
(19)
|
|
155
|
Attributable profit/(loss)
|
127
|
155
|
139
|
|
171
|
121
|
204
|
(16)
|
|
123
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Loans and advances to customers at amortised cost
|
42.9
|
41.7
|
41.8
|
|
43.2
|
43.4
|
40.2
|
34.4
|
|
33.0
|
Total assets
|
93.0
|
88.5
|
88.3
|
|
80.2
|
82.0
|
80.6
|
69.2
|
|
64.8
|
Deposits at amortised cost
|
81.3
|
79.5
|
80.6
|
|
81.8
|
83.7
|
77.9
|
71.4
|
|
69.4
|
Risk weighted assets
|
39.9
|
38.1
|
38.2
|
|
38.9
|
38.7
|
36.2
|
31.6
|
|
30.2
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
9.6%
|
11.8%
|
10.5%
|
|
13.0%
|
9.5%
|
17.8%
|
(1.5)%
|
|
11.7%
|
Average allocated tangible equity (£bn)
|
5.3
|
5.3
|
5.3
|
|
5.2
|
5.1
|
4.6
|
4.3
|
|
4.2
|
Cost: income ratio
|
60%
|
62%
|
58%
|
|
60%
|
67%
|
62%
|
88%
|
|
72%
|
Loan loss rate (bps)
|
321
|
255
|
332
|
|
245
|
211
|
132
|
145
|
|
105
|
Net interest margin
|
8.88%
|
8.25%
|
8.42%
|
|
8.40%
|
8.41%
|
6.68%
|
6.56%
|
|
6.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of total income
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
International Cards and Consumer Bank
|
890
|
835
|
900
|
|
860
|
824
|
691
|
538
|
|
552
|
Private Bank
|
331
|
295
|
258
|
|
285
|
270
|
245
|
214
|
|
200
|
Payments
|
139
|
148
|
148
|
|
141
|
150
|
147
|
134
|
|
126
|
Total income
|
1,360
|
1,278
|
1,306
|
|
1,286
|
1,244
|
1,083
|
886
|
|
878
|
Head Office
|
|
|
|
|
|
|
|
|
|
|
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q421
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Net interest income
|
14
|
(120)
|
81
|
|
(324)
|
10
|
-
|
66
|
|
(38)
|
Net fee, commission and other income
|
(71)
|
4
|
(87)
|
|
293
|
(40)
|
(132)
|
(43)
|
|
(11)
|
Total income
|
(57)
|
(116)
|
(6)
|
|
(31)
|
(30)
|
(132)
|
23
|
|
(49)
|
Operating costs
|
(75)
|
(82)
|
(63)
|
|
(97)
|
(94)
|
(60)
|
(85)
|
|
(152)
|
UK bank levy
|
-
|
-
|
-
|
|
(17)
|
-
|
-
|
-
|
|
-
|
Litigation and conduct
|
1
|
(5)
|
-
|
|
1
|
(54)
|
1
|
(1)
|
|
(3)
|
Total operating expenses
|
(74)
|
(87)
|
(63)
|
|
(113)
|
(148)
|
(59)
|
(86)
|
|
(155)
|
Other net income/(expenses)
|
6
|
(3)
|
(8)
|
|
4
|
(10)
|
2
|
(18)
|
|
11
|
Loss before impairment
|
(125)
|
(206)
|
(77)
|
|
(140)
|
(188)
|
(189)
|
(81)
|
|
(193)
|
Credit impairment (charges)/releases
|
(16)
|
(2)
|
(7)
|
|
(13)
|
(5)
|
9
|
8
|
|
(5)
|
Loss before tax
|
(141)
|
(208)
|
(84)
|
|
(153)
|
(193)
|
(180)
|
(73)
|
|
(198)
|
Attributable loss
|
(105)
|
(159)
|
(80)
|
|
(63)
|
(173)
|
(170)
|
(292)
|
|
(159)
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Total assets
|
18.7
|
18.5
|
19.1
|
|
19.2
|
18.7
|
19.8
|
19.9
|
|
19.0
|
Risk weighted assets1
|
9.5
|
9.3
|
8.8
|
|
8.6
|
8.2
|
8.6
|
11.0
|
|
11.0
|
Period end allocated tangible equity1
|
1.0
|
(1.5)
|
0.2
|
|
(0.2)
|
(3.5)
|
1.1
|
3.6
|
|
5.5
|
|
|
|
|
|
|
|
|
|
|
|
Performance
measures1
|
|
|
|
|
|
|
|
|
|
|
Average allocated tangible equity (£bn)
|
(0.4)
|
(0.6)
|
0.2
|
|
(2.4)
|
(0.4)
|
1.7
|
3.6
|
|
5.1
|
1
|
The comparative capital and financial metrics relating to Q421 have
been restated to reflect the impact of the Over-issuance of
Securities.
|
Performance Management
Margins and balances
|
|
Nine months ended 30.09.23
|
Nine months ended 30.09.22
|
|
Net interest income
|
Average customer assets
|
Net interest margin
|
Net interest income
|
Average customer assets
|
Net interest margin
|
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
Barclays UK
|
4,856
|
206,338
|
3.15
|
4,293
|
206,308
|
2.78
|
Corporate
and Investment Bank
|
1,582
|
54,770
|
3.86
|
1,241
|
54,960
|
3.02
|
Consumer,
Cards and Payments
|
2,718
|
42,674
|
8.52
|
2,061
|
37,481
|
7.35
|
Barclays International
|
4,300
|
97,444
|
5.90
|
3,302
|
92,441
|
4.78
|
Barclays Group
|
9,156
|
303,782
|
4.03
|
7,595
|
298,749
|
3.40
|
Other1
|
414
|
|
|
236
|
|
|
Total Barclays Group net interest income
|
9,570
|
|
|
7,831
|
|
|
1
|
Other comprises net interest income from Markets within Barclays
International and Head Office including hedge
accounting.
|
The Barclays Group NIM has increased 63bps from 3.40% in
Q322 to 4.03% in Q323, driven by the higher interest rate
environment and continued structural hedge income momentum across
the Group as well as higher balances in CC&P including the Gap
portfolio acquisition, partially offset by product dynamics in
deposits and mortgages.
The Group's combined product and equity structural hedge notional
amount at September 2023 was £252bn (June 2023:
£256bn), with an average duration of close to 2.5
years (2022: average duration close to 3 years). Gross
structural hedge contributions of £2,609m (Q322: £1,487m)
and net structural hedge contributions of £(5,964)m (Q322:
£(361)m) are included in Group net interest income. Gross
structural hedge contributions represent the absolute level of
interest earned from the fixed receipts on swaps in the structural
hedge, while the net structural hedge contributions represent the
net interest earned on the difference between the structural hedge
rate and prevailing floating rates.
Quarterly analysis
|
|
|
|
|
|
|
|
|
|
Q323
|
Q223
|
Q123
|
Q422
|
Q322
|
Net interest income
|
£m
|
£m
|
£m
|
£m
|
£m
|
Barclays UK
|
1,578
|
1,660
|
1,618
|
1,600
|
1,561
|
Corporate
and Investment Bank
|
491
|
540
|
551
|
556
|
529
|
Consumer,
Cards and Payments
|
955
|
874
|
889
|
918
|
891
|
Barclays International
|
1,446
|
1,414
|
1,440
|
1,474
|
1,420
|
Barclays Group
|
3,024
|
3,074
|
3,058
|
3,074
|
2,981
|
|
|
|
|
|
|
Average customer assets
|
£m
|
£m
|
£m
|
£m
|
£m
|
Barclays UK
|
205,693
|
207,073
|
206,241
|
204,941
|
205,881
|
Corporate
and Investment Bank
|
53,290
|
54,417
|
56,612
|
59,146
|
58,891
|
Consumer,
Cards and Payments
|
42,678
|
42,503
|
42,840
|
43,319
|
42,019
|
Barclays International
|
95,968
|
96,920
|
99,452
|
102,465
|
100,910
|
Barclays Group
|
301,661
|
303,993
|
305,693
|
307,406
|
306,791
|
|
|
|
|
|
|
Net interest margin
|
%
|
%
|
%
|
%
|
%
|
Barclays UK
|
3.04
|
3.22
|
3.18
|
3.10
|
3.01
|
Corporate
and Investment Bank
|
3.65
|
3.98
|
3.95
|
3.73
|
3.56
|
Consumer,
Cards and Payments
|
8.88
|
8.25
|
8.42
|
8.40
|
8.41
|
Barclays International
|
5.98
|
5.85
|
5.87
|
5.71
|
5.58
|
Barclays Group
|
3.98
|
4.06
|
4.06
|
3.97
|
3.85
|
Credit Risk
Taskforce on Disclosures about Expected Credit Losses
(DECL)
The latest DECL III Taskforce recommendation for the minimum
product groupings and geographical breakdown have been adopted in
the credit risk performance section for this period and the prior
period comparatives have been aligned accordingly. The Group
intends to adopt further enhancements in future
periods.
Loans and advances at amortised cost by geography
Total loans and advances at amortised cost in the credit risk
performance section includes loans and advances at amortised cost
to banks and loans and advances at amortised cost to
customers.
The table below presents a product and geographical breakdown by
stages of loans and advances at amortised cost. Also included are
stage allocation of debt securities and off-balance sheet loan
commitments and financial guarantee contracts by gross exposure,
impairment allowance and coverage ratio as at 30 September
2023.
Impairment allowance under IFRS 9 considers both the drawn and the
undrawn counterparty exposure. For retail portfolios, the total
impairment allowance is allocated to gross loans and advances to
the extent allowance does not exceed the drawn exposure and any
excess is reported on the liabilities side of the balance sheet as
a provision. For 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 30.09.23
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
Retail mortgages
|
149,754
|
17,865
|
1,466
|
169,085
|
|
57
|
105
|
105
|
267
|
Retail credit cards
|
7,755
|
2,280
|
201
|
10,236
|
|
161
|
367
|
117
|
645
|
Retail other
|
6,913
|
1,171
|
305
|
8,389
|
|
58
|
133
|
155
|
346
|
Corporate loans1
|
54,223
|
8,744
|
1,759
|
64,726
|
|
193
|
211
|
361
|
765
|
Total UK
|
218,645
|
30,060
|
3,731
|
252,436
|
|
469
|
816
|
738
|
2,023
|
Retail mortgages
|
4,467
|
353
|
709
|
5,529
|
|
6
|
32
|
327
|
365
|
Retail credit cards
|
23,695
|
3,641
|
1,471
|
28,807
|
|
381
|
1,161
|
1,170
|
2,712
|
Retail other
|
3,175
|
349
|
263
|
3,787
|
|
20
|
36
|
88
|
144
|
Corporate loans
|
60,455
|
5,041
|
805
|
66,301
|
|
90
|
177
|
245
|
512
|
Total Rest of the World
|
91,792
|
9,384
|
3,248
|
104,424
|
|
497
|
1,406
|
1,830
|
3,733
|
Total loans and advances at amortised cost
|
310,437
|
39,444
|
6,979
|
356,860
|
|
966
|
2,222
|
2,568
|
5,756
|
Debt securities
|
51,116
|
3,237
|
-
|
54,353
|
|
21
|
23
|
-
|
44
|
Total loans and advances at amortised cost including debt
securities
|
361,553
|
42,681
|
6,979
|
411,213
|
|
987
|
2,245
|
2,568
|
5,800
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
383,040
|
25,419
|
1,264
|
409,723
|
|
173
|
336
|
45
|
554
|
Total3,4
|
744,593
|
68,100
|
8,243
|
820,936
|
|
1,160
|
2,581
|
2,613
|
6,354
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
Coverage ratio
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
As at 30.09.23
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
Retail mortgages
|
149,697
|
17,760
|
1,361
|
168,818
|
|
-
|
0.6
|
7.2
|
0.2
|
Retail credit cards
|
7,594
|
1,913
|
84
|
9,591
|
|
2.1
|
16.1
|
58.2
|
6.3
|
Retail other
|
6,855
|
1,038
|
150
|
8,043
|
|
0.8
|
11.4
|
50.8
|
4.1
|
Corporate loans1
|
54,030
|
8,533
|
1,398
|
63,961
|
|
0.4
|
2.4
|
20.5
|
1.2
|
Total UK
|
218,176
|
29,244
|
2,993
|
250,413
|
|
0.2
|
2.7
|
19.8
|
0.8
|
Retail mortgages
|
4,461
|
321
|
382
|
5,164
|
|
0.1
|
9.1
|
46.1
|
6.6
|
Retail credit cards
|
23,314
|
2,480
|
301
|
26,095
|
|
1.6
|
31.9
|
79.5
|
9.4
|
Retail other
|
3,155
|
313
|
175
|
3,643
|
|
0.6
|
10.3
|
33.5
|
3.8
|
Corporate loans
|
60,365
|
4,864
|
560
|
65,789
|
|
0.1
|
3.5
|
30.4
|
0.8
|
Total Rest of the World
|
91,295
|
7,978
|
1,418
|
100,691
|
|
0.5
|
15.0
|
56.3
|
3.6
|
Total loans and advances at amortised cost
|
309,471
|
37,222
|
4,411
|
351,104
|
|
0.3
|
5.6
|
36.8
|
1.6
|
Debt securities
|
51,095
|
3,214
|
-
|
54,309
|
|
-
|
0.7
|
-
|
0.1
|
Total loans and advances at amortised cost including debt
securities
|
360,566
|
40,436
|
4,411
|
405,413
|
|
0.3
|
5.3
|
36.8
|
1.4
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
382,867
|
25,083
|
1,219
|
409,169
|
|
-
|
1.3
|
3.6
|
0.1
|
Total3,4
|
743,433
|
65,519
|
5,630
|
814,582
|
|
0.2
|
3.8
|
31.7
|
0.8
|
1
|
Includes Business Banking, which has a gross exposure of
£15.9bn and an impairment allowance of £445m. This
comprises £110m impairment allowance on £10.1bn Stage 1
exposure, £82m on £4.4bn Stage 2 exposure and £253m
on £1.4bn Stage 3 exposure. Excluding this, total coverage for
corporate loans in UK is 0.7%.
|
2
|
Excludes loan commitments and financial guarantees of £15.3bn
carried at fair value.
|
3
|
Other financial assets subject to impairment not included in the
table above include cash collateral and settlement balances,
financial assets at fair value through other comprehensive income
and other assets. These have a total gross exposure of
£216.3bn and impairment allowance of £165m. This
comprises £20m impairment allowance on £215.1bn Stage 1
exposure, £9m on £1.0bn Stage 2 exposure and £136m
on £147m Stage 3 exposure.
|
4
|
The annualised loan loss rate is 43bps after applying the total
impairment charge of £1,329m.
|
|
Gross exposure
|
|
Impairment allowance
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
As at 31.12.22
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
Retail mortgages
|
145,821
|
17,735
|
1,481
|
165,037
|
|
21
|
49
|
58
|
128
|
Retail credit cards
|
7,119
|
2,569
|
251
|
9,939
|
|
127
|
493
|
137
|
757
|
Retail other
|
8,202
|
1,197
|
293
|
9,692
|
|
72
|
138
|
145
|
355
|
Corporate loans1
|
55,187
|
12,528
|
2,008
|
69,723
|
|
317
|
264
|
360
|
941
|
Total UK
|
216,329
|
34,029
|
4,033
|
254,391
|
|
537
|
944
|
700
|
2,181
|
Retail mortgages
|
7,851
|
465
|
933
|
9,249
|
|
8
|
24
|
356
|
388
|
Retail credit cards
|
22,669
|
3,880
|
1,129
|
27,678
|
|
331
|
1,127
|
818
|
2,276
|
Retail other
|
5,268
|
271
|
427
|
5,966
|
|
28
|
28
|
163
|
219
|
Corporate loans
|
56,704
|
4,290
|
564
|
61,558
|
|
144
|
160
|
182
|
486
|
Total Rest of the World
|
92,492
|
8,906
|
3,053
|
104,451
|
|
511
|
1,339
|
1,519
|
3,369
|
Total loans and advances at amortised cost
|
308,821
|
42,935
|
7,086
|
358,842
|
|
1,048
|
2,283
|
2,219
|
5,550
|
Debt securities
|
41,724
|
3,805
|
-
|
45,529
|
|
9
|
33
|
-
|
42
|
Total loans and advances at amortised cost including debt
securities
|
350,545
|
46,740
|
7,086
|
404,371
|
|
1,057
|
2,316
|
2,219
|
5,592
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
372,945
|
30,694
|
1,180
|
404,819
|
|
245
|
315
|
23
|
583
|
Total3,4
|
723,490
|
77,434
|
8,266
|
809,190
|
|
1,302
|
2,631
|
2,242
|
6,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
Coverage ratio
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
As at 31.12.22
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
Retail mortgages
|
145,800
|
17,686
|
1,423
|
164,909
|
|
-
|
0.3
|
3.9
|
0.1
|
Retail credit cards
|
6,992
|
2,076
|
114
|
9,182
|
|
1.8
|
19.2
|
54.6
|
7.6
|
Retail other
|
8,130
|
1,059
|
148
|
9,337
|
|
0.9
|
11.5
|
49.5
|
3.7
|
Corporate loans1
|
54,870
|
12,264
|
1,648
|
68,782
|
|
0.6
|
2.1
|
17.9
|
1.3
|
Total UK
|
215,792
|
33,085
|
3,333
|
252,210
|
|
0.2
|
2.8
|
17.4
|
0.9
|
Retail mortgages
|
7,843
|
441
|
577
|
8,861
|
|
0.1
|
5.2
|
38.2
|
4.2
|
Retail credit cards
|
22,338
|
2,753
|
311
|
25,402
|
|
1.5
|
29.0
|
72.5
|
8.2
|
Retail other
|
5,240
|
243
|
264
|
5,747
|
|
0.5
|
10.3
|
38.2
|
3.7
|
Corporate loans
|
56,560
|
4,130
|
382
|
61,072
|
|
0.3
|
3.7
|
32.3
|
0.8
|
Total Rest of the World
|
91,981
|
7,567
|
1,534
|
101,082
|
|
0.6
|
15.0
|
49.8
|
3.2
|
Total loans and advances at amortised cost
|
307,773
|
40,652
|
4,867
|
353,292
|
|
0.3
|
5.3
|
31.3
|
1.5
|
Debt securities
|
41,715
|
3,772
|
-
|
45,487
|
|
-
|
0.9
|
-
|
0.1
|
Total loans and advances at amortised cost including debt
securities
|
349,488
|
44,424
|
4,867
|
398,779
|
|
0.3
|
5.0
|
31.3
|
1.4
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
372,700
|
30,379
|
1,157
|
404,236
|
|
0.1
|
1.0
|
1.9
|
0.1
|
Total3,4
|
722,188
|
74,803
|
6,024
|
803,015
|
|
0.2
|
3.4
|
27.1
|
0.8
|
1
|
Includes Business Banking, which has a gross exposure of
£18.1bn and an impairment allowance of £519m. This
comprises £149m impairment allowance on £10.5bn Stage 1
exposure, £121m on £6.0bn Stage 2 exposure and £249m
on £1.6bn Stage 3 exposure. Excluding this, total coverage for
corporate loans in UK is 0.8%.
|
2
|
Excludes loan commitments and financial guarantees of £14.9bn
carried at fair value.
|
3
|
Other financial assets subject to impairment not included in the
table above include cash collateral and settlement balances,
financial assets at fair value through other comprehensive income
and other assets. These have a total gross exposure of
£180.1bn and impairment allowance of £163m. This
comprises £10m impairment allowance on £178.4bn Stage 1
exposure, £9m on £1.5bn Stage 2 exposure and £144m
on £149m Stage 3 exposure.
|
4
|
The annualised loan loss rate is 30bps after applying the total
impairment charge of £1,220m.
|
Loans and advances at amortised cost by product
The table below presents a 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 30.09.23
|
Stage 1
|
Not past due
|
<=30 days past due
|
>30 days past due
|
Total
|
Stage 3
|
Total
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Retail mortgages
|
154,221
|
15,417
|
1,935
|
866
|
18,218
|
2,175
|
174,614
|
Retail credit cards
|
31,450
|
5,226
|
386
|
309
|
5,921
|
1,672
|
39,043
|
Retail other
|
10,088
|
1,313
|
125
|
82
|
1,520
|
568
|
12,176
|
Corporate loans
|
114,678
|
13,556
|
153
|
76
|
13,785
|
2,564
|
131,027
|
Total
|
310,437
|
35,512
|
2,599
|
1,333
|
39,444
|
6,979
|
356,860
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
Retail mortgages
|
63
|
92
|
23
|
22
|
137
|
432
|
632
|
Retail credit cards
|
542
|
1,180
|
158
|
190
|
1,528
|
1,287
|
3,357
|
Retail other
|
78
|
121
|
21
|
27
|
169
|
243
|
490
|
Corporate loans
|
283
|
367
|
13
|
8
|
388
|
606
|
1,277
|
Total
|
966
|
1,760
|
215
|
247
|
2,222
|
2,568
|
5,756
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
Retail mortgages
|
154,158
|
15,325
|
1,912
|
844
|
18,081
|
1,743
|
173,982
|
Retail credit cards
|
30,908
|
4,046
|
228
|
119
|
4,393
|
385
|
35,686
|
Retail other
|
10,010
|
1,192
|
104
|
55
|
1,351
|
325
|
11,686
|
Corporate loans
|
114,395
|
13,189
|
140
|
68
|
13,397
|
1,958
|
129,750
|
Total
|
309,471
|
33,752
|
2,384
|
1,086
|
37,222
|
4,411
|
351,104
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Retail mortgages
|
-
|
0.6
|
1.2
|
2.5
|
0.8
|
19.9
|
0.4
|
Retail credit cards
|
1.7
|
22.6
|
40.9
|
61.5
|
25.8
|
77.0
|
8.6
|
Retail other
|
0.8
|
9.2
|
16.8
|
32.9
|
11.1
|
42.8
|
4.0
|
Corporate loans
|
0.2
|
2.7
|
8.5
|
10.5
|
2.8
|
23.6
|
1.0
|
Total
|
0.3
|
5.0
|
8.3
|
18.5
|
5.6
|
36.8
|
1.6
|
As at 31.12.22
|
|
|
|
|
|
|
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Retail mortgages
|
153,672
|
15,990
|
1,684
|
526
|
18,200
|
2,414
|
174,286
|
Retail credit cards
|
29,788
|
5,731
|
284
|
434
|
6,449
|
1,380
|
37,617
|
Retail other
|
13,470
|
1,232
|
104
|
132
|
1,468
|
720
|
15,658
|
Corporate loans
|
111,891
|
16,552
|
159
|
107
|
16,818
|
2,572
|
131,281
|
Total
|
308,821
|
39,505
|
2,231
|
1,199
|
42,935
|
7,086
|
358,842
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
Retail mortgages
|
29
|
53
|
11
|
9
|
73
|
414
|
516
|
Retail credit cards
|
458
|
1,334
|
100
|
186
|
1,620
|
955
|
3,033
|
Retail other
|
100
|
118
|
22
|
26
|
166
|
308
|
574
|
Corporate loans
|
461
|
401
|
13
|
10
|
424
|
542
|
1,427
|
Total
|
1,048
|
1,906
|
146
|
231
|
2,283
|
2,219
|
5,550
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
Retail mortgages
|
153,643
|
15,937
|
1,673
|
517
|
18,127
|
2,000
|
173,770
|
Retail credit cards
|
29,330
|
4,397
|
184
|
248
|
4,829
|
425
|
34,584
|
Retail other
|
13,370
|
1,114
|
82
|
106
|
1,302
|
412
|
15,084
|
Corporate loans
|
111,430
|
16,151
|
146
|
97
|
16,394
|
2,030
|
129,854
|
Total
|
307,773
|
37,599
|
2,085
|
968
|
40,652
|
4,867
|
353,292
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Retail mortgages
|
-
|
0.3
|
0.7
|
1.7
|
0.4
|
17.1
|
0.3
|
Retail credit cards
|
1.5
|
23.3
|
35.2
|
42.9
|
25.1
|
69.2
|
8.1
|
Retail other
|
0.7
|
9.6
|
21.2
|
19.7
|
11.3
|
42.8
|
3.7
|
Corporate loans
|
0.4
|
2.4
|
8.2
|
9.3
|
2.5
|
21.1
|
1.1
|
Total
|
0.3
|
4.8
|
6.5
|
19.3
|
5.3
|
31.3
|
1.5
|
Measurement uncertainty
Scenarios used to calculate the Group's ECL charge were refreshed
in Q323 with the Baseline scenario reflecting the latest consensus
macroeconomic forecasts available at the time of the scenario
refresh. In the Baseline scenario, although the outlook in major
economies has improved somewhat since last year, GDP growth remains
weak in the coming quarters and beyond, as tight monetary policy
continues to restrain growth. Consumer price inflation eases over
2023 as base effects, supply chain pressures and lower energy
prices provide some downward pressure. UK and US unemployment rates
increase only gradually in the coming quarters, peaking at 4.5% in
Q424 and reaching 4.4% in Q324 respectively. Central banks continue
raising interest rates, with both the UK bank rate and the US
federal funds rate reaching their peaks at 6.0% and 5.5%
respectively during 2023.
The Downside 2 scenario is broadly aligned to the previous scenario
refresh. Inflation rates rise again as energy prices suddenly surge
again amid renewed geopolitical risks. Inflation becomes entrenched
and inflation expectations go up, contributing to higher pressure
on wage growth. Central banks are forced to raise interest rates
sharply with the UK bank rate reaching 8% and the US federal funds
rate peaking at 7%. Weakened businesses lay off workers and
consumers stop spending exacerbating the downward stress.
Unemployment peaks at 8.5% in the UK and 9.8% in the US. Given
already stretched valuations, the sharp increase in borrowing costs
sees house prices decrease significantly. In the Upside scenarios,
lower energy prices add downward pressure on prices globally, while
recovering labour force participation limits wage growth. As a
result of easing inflation, central banks lower interest rates to
support the economic recovery.
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 decrease in the Downside and Upside weightings and the
increase in the Baseline weighting reflected a closer alignment
between actual GDP and Baseline, increasing the expected likelihood
of the Baseline relative to the other scenarios. An improving
economic outlook moved the Baseline US GDP paths further from the
Downside scenarios, further reducing the Downside
weights.
The economic uncertainty adjustments of £0.3bn (30 June 2023:
£0.3bn) have been applied as overlays to the modelled ECL
output. These adjustments consist of a customer and client
uncertainty provision of £0.3bn (30 June 2023: £0.2bn)
which has been applied to customers and clients considered most
vulnerable to affordability pressures, and a model uncertainty
adjustment of £nil (30 June 2023: £0.1bn).
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 30.09.23
|
2023
|
2024
|
2025
|
2026
|
2027
|
Baseline
|
%
|
%
|
%
|
%
|
%
|
UK GDP1
|
0.4
|
0.4
|
1.4
|
2.0
|
2.0
|
UK unemployment2
|
4.1
|
4.4
|
4.3
|
4.5
|
4.8
|
UK HPI3
|
(5.8)
|
(2.7)
|
1.9
|
3.8
|
7.3
|
UK bank rate
|
5.1
|
5.9
|
5.2
|
4.7
|
4.4
|
US GDP1
|
2.0
|
0.9
|
1.7
|
1.8
|
1.8
|
US unemployment4
|
3.6
|
4.3
|
4.4
|
4.4
|
4.4
|
US HPI5
|
0.9
|
1.9
|
3.1
|
3.1
|
3.1
|
US federal funds rate
|
5.2
|
4.9
|
4.1
|
3.8
|
3.8
|
|
|
|
|
|
|
Downside 2
|
|
|
|
|
|
UK GDP1
|
0.2
|
(4.2)
|
(2.1)
|
2.5
|
2.1
|
UK unemployment2
|
4.2
|
6.9
|
8.4
|
7.8
|
7.2
|
UK HPI3
|
(6.4)
|
(20.5)
|
(17.9)
|
(1.2)
|
10.2
|
UK bank rate
|
5.1
|
7.8
|
7.6
|
6.4
|
5.2
|
US GDP1
|
1.8
|
(3.9)
|
(1.9)
|
2.6
|
2.3
|
US unemployment4
|
3.8
|
7.8
|
9.7
|
8.8
|
7.4
|
US HPI5
|
0.6
|
(4.2)
|
(3.8)
|
0.7
|
5.2
|
US federal funds rate
|
5.3
|
6.9
|
6.8
|
5.4
|
4.4
|
|
|
|
|
|
|
Downside 1
|
|
|
|
|
|
UK GDP1
|
0.3
|
(1.9)
|
(0.3)
|
2.2
|
2.0
|
UK unemployment2
|
4.1
|
5.7
|
6.3
|
6.2
|
6.0
|
UK HPI3
|
(6.1)
|
(11.9)
|
(8.4)
|
1.3
|
8.8
|
UK bank rate
|
5.1
|
6.8
|
6.4
|
5.6
|
4.9
|
US GDP1
|
1.9
|
(1.5)
|
(0.1)
|
2.2
|
2.1
|
US unemployment4
|
3.7
|
6.1
|
7.0
|
6.6
|
5.9
|
US HPI5
|
0.8
|
(1.2)
|
(0.4)
|
1.9
|
4.2
|
US federal funds rate
|
5.3
|
5.9
|
5.3
|
4.8
|
4.1
|
|
|
|
|
|
|
Upside 2
|
|
|
|
|
|
UK GDP1
|
0.8
|
4.0
|
3.3
|
2.8
|
2.4
|
UK unemployment2
|
4.0
|
3.7
|
3.5
|
3.6
|
3.6
|
UK HPI3
|
(3.2)
|
9.4
|
6.2
|
4.4
|
6.0
|
UK bank rate
|
4.7
|
3.6
|
2.6
|
2.5
|
2.5
|
US GDP1
|
2.3
|
3.9
|
3.2
|
2.8
|
2.8
|
US unemployment4
|
3.5
|
3.4
|
3.6
|
3.6
|
3.6
|
US HPI5
|
2.6
|
5.0
|
5.2
|
4.9
|
4.9
|
US federal funds rate
|
4.9
|
3.5
|
2.9
|
2.8
|
2.8
|
|
|
|
|
|
|
Upside 1
|
|
|
|
|
|
UK GDP1
|
0.6
|
2.2
|
2.4
|
2.4
|
2.2
|
UK unemployment2
|
4.1
|
4.0
|
3.9
|
4.0
|
4.2
|
UK HPI3
|
(4.5)
|
3.2
|
4.0
|
4.1
|
6.6
|
UK bank rate
|
4.9
|
4.8
|
3.9
|
3.5
|
3.4
|
US GDP1
|
2.2
|
2.4
|
2.5
|
2.3
|
2.3
|
US unemployment4
|
3.6
|
3.9
|
4.0
|
4.0
|
4.0
|
US HPI5
|
1.7
|
3.5
|
4.1
|
4.0
|
4.0
|
US federal funds rate
|
5.1
|
4.3
|
3.6
|
3.4
|
3.3
|
1
|
Average Real GDP seasonally adjusted change in year.
|
2
|
Average UK unemployment rate 16-year+.
|
3
|
Change in year end UK HPI = Halifax All Houses, All Buyers index,
relative to prior year end.
|
4
|
Average US civilian unemployment rate 16-year+.
|
5
|
Change in year end US HPI = FHFA House Price Index, relative to
prior year end.
|
As at 30.06.23
|
2023
|
2024
|
2025
|
2026
|
2027
|
Baseline
|
%
|
%
|
%
|
%
|
%
|
UK GDP1
|
0.3
|
0.9
|
1.6
|
1.8
|
1.9
|
UK unemployment2
|
4.1
|
4.4
|
4.2
|
4.2
|
4.2
|
UK HPI3
|
(6.1)
|
(1.3)
|
2.0
|
4.3
|
5.7
|
UK bank rate
|
4.8
|
4.6
|
3.9
|
3.8
|
3.5
|
US GDP1
|
1.1
|
0.7
|
2.0
|
2.0
|
2.0
|
US unemployment4
|
3.8
|
4.6
|
4.6
|
4.6
|
4.6
|
US HPI5
|
(0.7)
|
3.6
|
2.4
|
2.7
|
2.7
|
US federal funds rate
|
5.0
|
3.7
|
3.0
|
2.8
|
3.0
|
|
|
|
|
|
|
Downside 2
|
|
|
|
|
|
UK GDP1
|
(0.5)
|
(5.0)
|
(0.4)
|
2.5
|
1.9
|
UK unemployment2
|
4.4
|
7.8
|
8.3
|
7.7
|
7.1
|
UK HPI3
|
(10.2)
|
(20.5)
|
(17.7)
|
5.6
|
8.2
|
UK bank rate
|
5.5
|
8.0
|
7.3
|
6.1
|
4.8
|
US GDP1
|
0.5
|
(4.8)
|
(0.3)
|
2.8
|
2.1
|
US unemployment4
|
4.5
|
8.7
|
9.6
|
8.5
|
7.0
|
US HPI5
|
(1.8)
|
(3.7)
|
(4.2)
|
2.6
|
4.8
|
US federal funds rate
|
5.7
|
7.0
|
6.5
|
5.1
|
4.2
|
|
|
|
|
|
|
Downside 1
|
|
|
|
|
|
UK GDP1
|
(0.1)
|
(2.1)
|
0.6
|
2.2
|
1.9
|
UK unemployment2
|
4.2
|
6.1
|
6.2
|
5.9
|
5.6
|
UK HPI3
|
(8.1)
|
(11.3)
|
(8.2)
|
5.0
|
7.0
|
UK bank rate
|
5.2
|
6.1
|
5.6
|
4.8
|
4.1
|
US GDP1
|
0.8
|
(2.0)
|
0.8
|
2.4
|
2.0
|
US unemployment4
|
4.1
|
6.7
|
7.1
|
6.5
|
5.8
|
US HPI5
|
(1.2)
|
(0.1)
|
(0.9)
|
2.7
|
3.8
|
US federal funds rate
|
5.2
|
4.9
|
4.5
|
4.3
|
3.8
|
|
|
|
|
|
|
Upside 2
|
|
|
|
|
|
UK GDP1
|
1.2
|
4.1
|
3.2
|
2.6
|
2.3
|
UK unemployment2
|
3.9
|
3.6
|
3.5
|
3.6
|
3.6
|
UK HPI3
|
0.4
|
10.6
|
4.8
|
4.2
|
3.8
|
UK bank rate
|
4.4
|
3.3
|
2.5
|
2.5
|
2.5
|
US GDP1
|
2.2
|
3.9
|
3.0
|
2.8
|
2.8
|
US unemployment4
|
3.4
|
3.5
|
3.6
|
3.6
|
3.6
|
US HPI5
|
2.5
|
5.5
|
4.6
|
4.5
|
4.5
|
US federal funds rate
|
4.7
|
3.2
|
2.2
|
2.0
|
2.0
|
|
|
|
|
|
|
Upside 1
|
|
|
|
|
|
UK GDP1
|
0.8
|
2.5
|
2.4
|
2.2
|
2.1
|
UK unemployment2
|
4.0
|
4.0
|
3.9
|
3.9
|
3.9
|
UK HPI3
|
(2.9)
|
4.5
|
3.4
|
4.3
|
4.7
|
UK bank rate
|
4.6
|
4.0
|
3.1
|
3.0
|
3.0
|
US GDP1
|
1.6
|
2.3
|
2.5
|
2.4
|
2.4
|
US unemployment4
|
3.6
|
4.1
|
4.1
|
4.1
|
4.1
|
US HPI5
|
0.9
|
4.6
|
3.5
|
3.6
|
3.6
|
US federal funds rate
|
4.8
|
3.4
|
2.6
|
2.5
|
2.5
|
1
|
Average Real GDP seasonally adjusted change in year.
|
2
|
Average UK unemployment rate 16-year+.
|
3
|
Change in year end UK HPI = Halifax All Houses, All Buyers index,
relative to prior year end.
|
4
|
Average US civilian unemployment rate 16-year+.
|
5
|
Change in year end US HPI = FHFA House Price Index, relative to
prior year end.
|
As at 31.12.22
|
2022
|
2023
|
2024
|
2025
|
2026
|
Baseline
|
%
|
%
|
%
|
%
|
%
|
UK GDP1
|
3.3
|
(0.8)
|
0.9
|
1.8
|
1.9
|
UK unemployment2
|
3.7
|
4.5
|
4.4
|
4.1
|
4.2
|
UK HPI3
|
8.4
|
(4.7)
|
(1.7)
|
2.2
|
2.2
|
UK bank rate
|
1.8
|
4.4
|
4.1
|
3.8
|
3.4
|
US GDP1
|
1.8
|
0.5
|
1.2
|
1.5
|
1.5
|
US unemployment4
|
3.7
|
4.3
|
4.7
|
4.7
|
4.7
|
US HPI5
|
11.2
|
1.8
|
1.5
|
2.3
|
2.4
|
US federal funds rate
|
2.1
|
4.8
|
3.6
|
3.1
|
3.0
|
|
|
|
|
|
|
Downside 2
|
|
|
|
|
|
UK GDP1
|
3.3
|
(3.4)
|
(3.8)
|
2.0
|
2.3
|
UK unemployment2
|
3.7
|
6.0
|
8.4
|
8.0
|
7.4
|
UK HPI3
|
8.4
|
(18.3)
|
(18.8)
|
(7.7)
|
8.2
|
UK bank rate
|
1.8
|
7.3
|
7.9
|
6.6
|
5.5
|
US GDP1
|
1.8
|
(2.7)
|
(3.4)
|
2.0
|
2.6
|
US unemployment4
|
3.7
|
6.0
|
8.5
|
8.1
|
7.1
|
US HPI5
|
11.2
|
(3.1)
|
(4.0)
|
(1.9)
|
4.8
|
US federal funds rate
|
2.1
|
6.6
|
6.9
|
5.8
|
4.6
|
|
|
|
|
|
|
Downside 1
|
|
|
|
|
|
UK GDP1
|
3.3
|
(2.1)
|
(1.5)
|
1.9
|
2.1
|
UK unemployment2
|
3.7
|
5.2
|
6.4
|
6.0
|
5.8
|
UK HPI3
|
8.4
|
(11.7)
|
(10.6)
|
(2.8)
|
5.2
|
UK bank rate
|
1.8
|
5.9
|
6.1
|
5.3
|
4.6
|
US GDP1
|
1.8
|
(1.1)
|
(1.1)
|
1.7
|
2.1
|
US unemployment4
|
3.7
|
5.1
|
6.6
|
6.4
|
5.9
|
US HPI5
|
11.2
|
(0.7)
|
(1.3)
|
0.2
|
3.6
|
US federal funds rate
|
2.1
|
5.8
|
5.4
|
4.4
|
3.9
|
|
|
|
|
|
|
Upside 2
|
|
|
|
|
|
UK GDP1
|
3.3
|
2.8
|
3.7
|
2.9
|
2.4
|
UK unemployment2
|
3.7
|
3.5
|
3.4
|
3.4
|
3.4
|
UK HPI3
|
8.4
|
8.7
|
7.5
|
4.4
|
4.2
|
UK bank rate
|
1.8
|
3.1
|
2.6
|
2.5
|
2.5
|
US GDP1
|
1.8
|
3.3
|
3.5
|
2.8
|
2.8
|
US unemployment4
|
3.7
|
3.3
|
3.3
|
3.3
|
3.3
|
US HPI5
|
11.2
|
5.8
|
5.1
|
4.5
|
4.5
|
US federal funds rate
|
2.1
|
3.6
|
2.9
|
2.8
|
2.8
|
|
|
|
|
|
|
Upside 1
|
|
|
|
|
|
UK GDP1
|
3.3
|
1.0
|
2.3
|
2.4
|
2.1
|
UK unemployment2
|
3.7
|
4.0
|
3.9
|
3.8
|
3.8
|
UK HPI3
|
8.4
|
1.8
|
2.9
|
3.3
|
3.2
|
UK bank rate
|
1.8
|
3.5
|
3.3
|
3.0
|
2.8
|
US GDP1
|
1.8
|
1.9
|
2.3
|
2.2
|
2.2
|
US unemployment4
|
3.7
|
3.8
|
4.0
|
4.0
|
4.0
|
US HPI5
|
11.2
|
3.8
|
3.3
|
3.4
|
3.4
|
US federal funds rate
|
2.1
|
3.9
|
3.4
|
3.0
|
3.0
|
1
|
Average Real GDP seasonally adjusted change in year.
|
2
|
Average UK unemployment rate 16-year+.
|
3
|
Change in year end UK HPI = Halifax All Houses, All Buyers index,
relative to prior year end.
|
4
|
Average US civilian unemployment rate 16-year+.
|
5
|
Change in year end US HPI = FHFA House Price Index, relative to
prior year end
|
Scenario probability weighting
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
|
%
|
%
|
%
|
%
|
%
|
As at 30.09.23
|
|
|
|
|
|
Scenario probability weighting
|
12.3
|
24.4
|
41.5
|
15.1
|
6.7
|
As at 30.06.23
|
|
|
|
|
|
Scenario probability weighting
|
13.0
|
24.7
|
40.2
|
15.2
|
6.9
|
As at 31.12.22
|
|
|
|
|
|
Scenario probability weighting
|
10.9
|
23.1
|
39.4
|
17.6
|
9.0
|
Treasury and Capital Risk
Regulatory minimum requirements
Capital
The Group's Overall Capital Requirement for CET1 is 11.8%
comprising a 4.5% Pillar 1 minimum, a 2.5% Capital Conservation
Buffer (CCB), a 1.5% Global Systemically Important Institution
(G-SII) buffer, a 2.4% Pillar 2A requirement and a 0.9%
Countercyclical Capital Buffer (CCyB).
The Group's CCyB is based on the buffer rate applicable for each
jurisdiction in which the Group has exposures. Following the
Financial Policy Committee (FPC) announcement on 5 July 2022, the
UK CCyB increased from 1% to 2% with effect from 5 July 2023. 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 4.3% of which at least 56.25% needs to be
met with CET1 capital, equating to 2.4% of RWAs. The Pillar 2A
requirement, based on a point in time assessment, has been set as a
proportion of RWAs and is subject to at least annual
review.
The Group's CET1 target ratio of 13-14% takes into account headroom
above requirements which includes a confidential
institution-specific PRA buffer. The Group remains above its
minimum capital regulatory requirements including the PRA
buffer.
Leverage
The Group is subject to a UK leverage ratio requirement of 4.1%.
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 4.3% Pillar 2A equating to 24.7% of RWAs; and
(ii) 6.75% of leverage exposures. In addition, the higher of
regulatory capital and leverage buffers apply. CET1 capital cannot
be counted towards both MREL and the buffers, meaning that the
buffers, including the above mentioned confidential
institution-specific PRA buffer, will effectively be applied above
MREL requirements.
In the disclosures that follow, references to CRR, as amended by
CRR II, mean the capital regulatory requirements, as they form part
of domestic law by virtue of the European Union (Withdrawal) Act
2018, as amended.
Capital ratios1,2
|
As at 30.09.23
|
As at 30.06.23
|
As at 31.12.22
|
CET1
|
14.0%
|
13.8%
|
13.9%
|
T1
|
17.5%
|
17.9%
|
17.9%
|
Total regulatory capital
|
20.0%
|
20.5%
|
20.8%
|
MREL ratio as a percentage of total RWAs
|
33.4%
|
32.9%
|
33.5%
|
|
|
|
|
Own funds and eligible liabilities
|
£m
|
£m
|
£m
|
Total equity excluding non-controlling interests per the balance
sheet
|
68,315
|
67,669
|
68,292
|
Less: other equity instruments (recognised as AT1
capital)
|
(11,857)
|
(13,759)
|
(13,284)
|
Adjustment to retained earnings for foreseeable ordinary share
dividends
|
(497)
|
(622)
|
(787)
|
Adjustment to retained earnings for foreseeable repurchase of
shares
|
(223)
|
-
|
-
|
Adjustment to retained earnings for foreseeable other equity
coupons
|
(45)
|
(39)
|
(37)
|
|
|
|
|
Other regulatory adjustments and deductions
|
|
|
|
Additional value adjustments (PVA)
|
(1,630)
|
(1,800)
|
(1,726)
|
Goodwill and intangible assets
|
(8,243)
|
(8,584)
|
(8,224)
|
Deferred tax assets that rely on future profitability excluding
temporary differences
|
(1,480)
|
(1,372)
|
(1,500)
|
Fair value reserves related to gains or losses on cash flow
hedges
|
6,421
|
7,992
|
7,237
|
Excess of expected losses over impairment
|
(292)
|
(228)
|
(119)
|
Gains or losses on liabilities at fair value resulting from own
credit
|
(142)
|
(116)
|
(620)
|
Defined benefit pension fund assets
|
(2,960)
|
(2,995)
|
(3,430)
|
Direct and indirect holdings by an institution of own CET1
instruments
|
(20)
|
(20)
|
(20)
|
Adjustment under IFRS 9 transitional arrangements
|
290
|
206
|
700
|
Other regulatory adjustments
|
321
|
308
|
396
|
CET1 capital
|
47,958
|
46,640
|
46,878
|
|
|
|
|
AT1 capital
|
|
|
|
Capital instruments and related share premium accounts
|
11,857
|
13,759
|
13,284
|
Other regulatory adjustments and deductions
|
(60)
|
(60)
|
(60)
|
AT1 capital
|
11,797
|
13,699
|
13,224
|
|
|
|
|
T1 capital
|
59,755
|
60,339
|
60,102
|
|
|
|
|
T2 capital
|
|
|
|
Capital instruments and related share premium accounts
|
8,126
|
8,212
|
9,000
|
Qualifying T2 capital (including minority interests) issued by
subsidiaries
|
757
|
769
|
1,095
|
Credit risk adjustments (excess of impairment over expected
losses)
|
58
|
71
|
35
|
Other regulatory adjustments and deductions
|
(160)
|
(160)
|
(160)
|
Total regulatory capital
|
68,536
|
69,231
|
70,072
|
|
|
|
|
Less : Ineligible T2 capital (including minority interests) issued
by subsidiaries
|
(757)
|
(769)
|
(1,095)
|
Eligible liabilities
|
46,477
|
42,559
|
43,851
|
|
|
|
|
Total own funds and eligible
liabilities3
|
114,256
|
111,021
|
112,828
|
|
|
|
|
Total RWAs
|
341,868
|
336,946
|
336,518
|
1
|
CET1, T1 and T2 capital, and RWAs are calculated applying the
transitional arrangements of the CRR as amended by CRR II. This
includes IFRS 9 transitional arrangements and the grandfathering of
CRR II non-compliant capital instruments.
|
2
|
The fully loaded CET1 ratio, as is relevant for assessing against
the conversion trigger in Barclays PLC AT1 securities, was 13.9%,
with £47.7bn of CET1 capital and £341.8bn of RWAs
calculated without applying the transitional arrangements of the
CRR as amended by CRR II.
|
3
|
As at 30 September 2023, the Group's MREL requirement, excluding
the PRA buffer, was to hold £101.1bn of own funds and eligible
liabilities equating to 29.6% of RWAs. The Group remains above its
MREL regulatory requirement including the PRA buffer
|
Movement in CET1 capital
|
Three months ended 30.09.23
|
Nine months ended 30.09.23
|
|
£m
|
£m
|
Opening CET1 capital
|
46,640
|
46,878
|
|
|
|
Profit for the period attributable to equity holders
|
1,533
|
5,151
|
Own credit relating to derivative liabilities
|
-
|
8
|
Ordinary share dividends paid and foreseen
|
(298)
|
(920)
|
Purchased and foreseeable share repurchase
|
(750)
|
(1,250)
|
Other equity coupons paid and foreseen
|
(267)
|
(774)
|
Increase in retained regulatory capital generated from
earnings
|
218
|
2,215
|
|
|
|
Net impact of share schemes
|
120
|
(36)
|
Fair value through other comprehensive income reserve
|
(157)
|
(82)
|
Currency translation reserve
|
810
|
(363)
|
Other reserves
|
(16)
|
(36)
|
Increase/(decrease) in other qualifying reserves
|
757
|
(517)
|
|
|
|
Pension remeasurements within reserves
|
(51)
|
(527)
|
Defined benefit pension fund asset deduction
|
35
|
470
|
Net impact of pensions
|
(16)
|
(57)
|
|
|
|
Additional value adjustments (PVA)
|
170
|
96
|
Goodwill and intangible assets
|
341
|
(19)
|
Deferred tax assets that rely on future profitability excluding
those arising from temporary differences
|
(108)
|
20
|
Excess of expected loss over impairment
|
(64)
|
(173)
|
Adjustment under IFRS 9 transitional arrangements
|
84
|
(410)
|
Other regulatory adjustments
|
(64)
|
(75)
|
Increase/(decrease) in regulatory capital due to adjustments and
deductions
|
359
|
(561)
|
|
|
|
Closing CET1 capital
|
47,958
|
47,958
|
CET1 capital increased £1.1bn to £48.0bn (December 2022:
£46.9bn).
£5.2bn of capital generated from profit was partially offset
by distributions of £2.9bn comprising:
●
|
£1.3bn of share buybacks announced with FY22 and H123
results
|
●
|
£0.9bn of ordinary share dividend paid and foreseen reflecting
£0.4bn half year 2023 dividend paid and a £0.5bn accrual
towards FY23 dividend
|
●
|
£0.8bn of equity coupons paid and foreseen
|
Other significant movements in the period were:
●
|
£0.4bn decrease in the currency translation reserve driven by
the strengthening of GBP against USD since December
2022
|
●
|
£0.4bn decrease in IFRS 9 transitional relief primarily due to
the relief applied to the pre-2020 impairment charge reducing to 0%
in 2023 from 25% in 2022 and the relief applied to the post-2020
impairment charge reducing to 50% in 2023 from 75% in
2022.
|
RWAs by risk type and business
|
|
Credit risk1
|
|
Counterparty credit risk
|
|
Market Risk
|
|
Operational risk
|
Total RWAs
|
|
STD
|
IRB
|
|
STD
|
IRB
|
Settlement Risk
|
CVA
|
|
STD
|
IMA
|
|
|
|
As at 30.09.23
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
Barclays UK
|
11,731
|
49,928
|
|
160
|
-
|
-
|
90
|
|
215
|
-
|
|
11,054
|
73,178
|
Corporate and Investment Bank
|
38,869
|
69,467
|
|
17,983
|
21,784
|
123
|
3,108
|
|
17,542
|
23,253
|
|
27,093
|
219,222
|
Consumer, Cards and Payments
|
28,613
|
3,987
|
|
191
|
51
|
-
|
42
|
|
2
|
535
|
|
6,527
|
39,948
|
Barclays International
|
67,482
|
73,454
|
|
18,174
|
21,835
|
123
|
3,150
|
|
17,544
|
23,788
|
|
33,620
|
259,170
|
Head Office
|
4,116
|
6,213
|
|
-
|
-
|
-
|
-
|
|
-
|
-
|
|
(809)
|
9,520
|
Barclays Group
|
83,329
|
129,595
|
|
18,334
|
21,835
|
123
|
3,240
|
|
17,759
|
23,788
|
|
43,865
|
341,868
|
As at 30.06.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK
|
8,377
|
52,867
|
|
245
|
-
|
-
|
124
|
|
374
|
-
|
|
11,054
|
73,041
|
Corporate and Investment Bank
|
33,567
|
75,880
|
|
17,551
|
20,687
|
454
|
2,841
|
|
16,179
|
22,251
|
|
27,093
|
216,503
|
Consumer, Cards and Payments
|
26,306
|
4,484
|
|
202
|
51
|
-
|
63
|
|
3
|
424
|
|
6,527
|
38,060
|
Barclays International
|
59,873
|
80,364
|
|
17,753
|
20,738
|
454
|
2,904
|
|
16,182
|
22,675
|
|
33,620
|
254,563
|
Head Office
|
2,584
|
7,567
|
|
-
|
-
|
-
|
-
|
|
-
|
-
|
|
(809)
|
9,342
|
Barclays Group
|
70,834
|
140,798
|
|
17,998
|
20,738
|
454
|
3,028
|
|
16,556
|
22,675
|
|
43,865
|
336,946
|
As at 31.12.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK
|
6,836
|
54,752
|
|
167
|
-
|
-
|
72
|
|
233
|
-
|
|
11,023
|
73,083
|
Corporate and Investment Bank
|
35,738
|
75,413
|
|
16,814
|
21,449
|
80
|
3,093
|
|
13,716
|
22,497
|
|
27,064
|
215,864
|
Consumer, Cards and Payments
|
27,882
|
3,773
|
|
214
|
46
|
-
|
61
|
|
-
|
388
|
|
6,559
|
38,923
|
Barclays International
|
63,620
|
79,186
|
|
17,028
|
21,495
|
80
|
3,154
|
|
13,716
|
22,885
|
|
33,623
|
254,787
|
Head Office
|
2,636
|
6,843
|
|
-
|
-
|
-
|
-
|
|
-
|
-
|
|
(831)
|
8,648
|
Barclays Group
|
73,092
|
140,781
|
|
17,195
|
21,495
|
80
|
3,226
|
|
13,949
|
22,885
|
|
43,815
|
336,518
|
1
|
Credit risk RWAs of £9.8bn relating to deferred tax assets,
have been reclassified from IRB to STD with no impact to total
RWAs.
|
Movement analysis of RWAs
|
Credit risk
|
Counterparty credit risk
|
Market risk
|
Operational risk
|
Total RWAs
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
Opening RWAs (as at 31.12.22)
|
213,873
|
41,996
|
36,834
|
43,815
|
336,518
|
Book size
|
(1,047)
|
1,901
|
4,749
|
50
|
5,653
|
Acquisitions and disposals
|
688
|
-
|
-
|
-
|
688
|
Book quality
|
1,466
|
(6)
|
-
|
-
|
1,460
|
Model updates
|
(2,600)
|
-
|
-
|
-
|
(2,600)
|
Methodology and policy
|
2,740
|
583
|
-
|
-
|
3,323
|
Foreign exchange movements1
|
(2,196)
|
(942)
|
(36)
|
-
|
(3,174)
|
Total RWA movements
|
(949)
|
1,536
|
4,713
|
50
|
5,350
|
Closing RWAs (as at 30.09.23)
|
212,924
|
43,532
|
41,547
|
43,865
|
341,868
|
1
|
Foreign exchange movements does not include the impact of foreign
exchange for modelled market risk or operational risk.
|
Overall RWAs increased £5.4bn to £341.9bn (December 2022:
£336.5bn).
Credit risk RWAs decreased £0.9bn:
●
|
A £1.0bn decrease in book size within CIB, partially offset by
higher credit card balances within CC&P
|
●
|
A £1.5bn increase in book quality RWAs primarily driven by
changes in risk parameters and HPI refresh within Barclays
UK
|
●
|
A £2.6bn decrease in model updates primarily driven by capital
LGD model update for the mortgage portfolio to reflect the
significant decrease in repossession volume during and post the
COVID pandemic
|
●
|
A £2.7bn increase in methodology and policy primarily driven
by the recalibration of the post model adjustment (PMA) introduced
to address the IRB roadmap changes.
|
●
|
A £2.2bn decrease as a result of foreign exchange movements
primarily due to the strengthening of GBP against USD since
December 2022
|
Counterparty Credit risk RWAs increased £1.5bn:
●
|
A £1.9bn increase in book size primarily due to increased
trading activity within CIB since December 2022
|
Market risk RWAs increased £4.7bn:
●
|
A £4.7bn increase in book size primarily due to increased
trading activity within CIB since December 2022
|
Leverage ratios1,2
|
As at 30.09.23
|
As at 30.06.23
|
As at 31.12.22
|
£m
|
£m
|
£m
|
UK leverage ratio3
|
5.0%
|
5.1%
|
5.3%
|
T1 capital
|
59,755
|
60,339
|
60,102
|
UK leverage exposure
|
1,202,417
|
1,183,703
|
1,129,973
|
Average UK leverage ratio
|
4.6%
|
4.8%
|
4.8%
|
Average T1 capital
|
58,661
|
60,176
|
60,865
|
Average UK leverage exposure
|
1,262,290
|
1,261,094
|
1,280,972
|
1
|
Capital and leverage measures are calculated applying the
transitional arrangements of the CRR as amended by CRR
II.
|
2
|
Fully loaded UK leverage ratio was 4.9%, with £59.5bn of
T1 capital and £1,202.1bn of leverage exposure. Fully loaded
average UK leverage ratio was 4.6% with £58.4bn of
T1 capital and £1,262.0bn of leverage exposure. Fully loaded
UK leverage ratios are calculated without applying the transitional
arrangements of the CRR as amended by CRR II.
|
3
|
Although the leverage ratio is expressed in terms of T1 capital,
75% of the minimum requirement as well as the G-SII ALRB and CCLB
must be covered solely with CET1 capital. The CET1 capital held
against the 0.53% G-SII ALRB was £6.3bn and against
the 0.3% CCLB was £3.6bn.
|
The UK leverage ratio decreased to 5.0% (December 2022: 5.3%)
primarily due to a £72.4bn increase in leverage exposure to
£1,202.4bn (December 2022: £1,130.0bn). This is largely
driven by increased trading activity within CIB since December
2022.
Condensed Consolidated Financial Statements
Condensed consolidated income statement (unaudited)
|
|
Nine months ended 30.09.23
|
Nine months ended 30.09.22
|
|
£m
|
£m
|
Total income
|
19,780
|
19,155
|
Operating expenses excluding litigation and conduct
|
(11,979)
|
(11,209)
|
Litigation and conduct
|
(32)
|
(1,518)
|
Operating expenses
|
(12,011)
|
(12,727)
|
Other net income/(expenses)
|
7
|
(4)
|
Profit before impairment
|
7,776
|
6,424
|
Credit impairment charges
|
(1,329)
|
(722)
|
Profit before tax
|
6,447
|
5,702
|
Tax charge
|
(1,257)
|
(1,072)
|
Profit after tax
|
5,190
|
4,630
|
|
|
|
Attributable to:
|
|
|
Equity holders of the parent
|
4,385
|
3,987
|
Other equity instrument holders
|
766
|
620
|
Total equity holders of the parent
|
5,151
|
4,607
|
Non-controlling interests
|
39
|
23
|
Profit after tax
|
5,190
|
4,630
|
|
|
|
Earnings per share
|
|
|
Basic earnings per ordinary share
|
28.2p
|
24.2p
|
Condensed consolidated balance sheet (unaudited)
|
|
As at 30.09.23
|
As at 31.12.22
|
Assets
|
£m
|
£m
|
Cash and balances at central banks
|
262,800
|
256,351
|
Cash collateral and settlement balances
|
140,844
|
112,597
|
Debt securities at amortised cost
|
54,309
|
45,487
|
Loans and advances at amortised cost to banks
|
11,534
|
10,015
|
Loans and advances at amortised cost to customers
|
339,570
|
343,277
|
Reverse repurchase agreements and other similar secured
lending
|
1,424
|
776
|
Trading portfolio assets
|
155,374
|
133,813
|
Financial assets at fair value through the income
statement
|
241,142
|
213,568
|
Derivative financial instruments
|
282,144
|
302,380
|
Financial assets at fair value through other comprehensive
income
|
72,638
|
65,062
|
Investments in associates and joint ventures
|
909
|
922
|
Goodwill and intangible assets
|
8,265
|
8,239
|
Current tax assets
|
109
|
385
|
Deferred tax assets
|
6,766
|
6,991
|
Other assets
|
13,893
|
13,836
|
Total assets
|
1,591,721
|
1,513,699
|
|
|
|
Liabilities
|
|
|
Deposits at amortised cost from banks
|
28,501
|
19,979
|
Deposits at amortised cost from customers
|
532,791
|
525,803
|
Cash collateral and settlement balances
|
129,032
|
96,927
|
Repurchase agreements and other similar secured
borrowing
|
41,254
|
27,052
|
Debt securities in issue
|
102,794
|
112,881
|
Subordinated liabilities
|
11,220
|
11,423
|
Trading portfolio liabilities
|
67,189
|
72,924
|
Financial liabilities designated at fair value
|
326,448
|
271,637
|
Derivative financial instruments
|
268,634
|
289,620
|
Current tax liabilities
|
734
|
580
|
Deferred tax liabilities
|
16
|
16
|
Other liabilities
|
14,133
|
15,597
|
Total liabilities
|
1,522,746
|
1,444,439
|
|
|
|
Equity
|
|
|
Called up share capital and share premium
|
4,257
|
4,373
|
Other reserves
|
(2,124)
|
(2,192)
|
Retained earnings
|
54,325
|
52,827
|
Shareholders' equity attributable to ordinary shareholders of the
parent
|
56,458
|
55,008
|
Other equity instruments
|
11,857
|
13,284
|
Total equity excluding non-controlling interests
|
68,315
|
68,292
|
Non-controlling interests
|
660
|
968
|
Total equity
|
68,975
|
69,260
|
|
|
|
Total liabilities and equity
|
1,591,721
|
1,513,699
|
Condensed consolidated statement of changes in equity
(unaudited)
|
|
Called up share capital and share premium
|
Other equity instruments
|
Other reserves
|
Retained earnings
|
Total
|
Non-controlling
interests1
|
Total equity
|
Nine months ended 30.09.2023
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Balance as at 1 January 2023
|
4,373
|
13,284
|
(2,192)
|
52,827
|
68,292
|
968
|
69,260
|
Profit after tax
|
-
|
766
|
-
|
4,385
|
5,151
|
39
|
5,190
|
Currency translation movements
|
-
|
-
|
(363)
|
-
|
(363)
|
-
|
(363)
|
Fair value through other comprehensive income reserve
|
-
|
-
|
(82)
|
-
|
(82)
|
-
|
(82)
|
Cash flow hedges
|
-
|
-
|
816
|
-
|
816
|
-
|
816
|
Retirement benefit remeasurements
|
-
|
-
|
-
|
(527)
|
(527)
|
-
|
(527)
|
Own credit
|
-
|
-
|
(469)
|
-
|
(469)
|
-
|
(469)
|
Total comprehensive income for the period
|
-
|
766
|
(98)
|
3,858
|
4,526
|
39
|
4,565
|
Employee share schemes and hedging thereof
|
52
|
-
|
-
|
407
|
459
|
-
|
459
|
Issue and redemption of other equity instruments
|
-
|
(1,426)
|
-
|
(41)
|
(1,467)
|
(312)
|
(1,779)
|
Other equity instruments coupons paid
|
-
|
(766)
|
-
|
-
|
(766)
|
-
|
(766)
|
Vesting of employee share schemes
|
-
|
-
|
(2)
|
(494)
|
(496)
|
-
|
(496)
|
Dividends paid
|
-
|
-
|
-
|
(1,210)
|
(1,210)
|
(39)
|
(1,249)
|
Repurchase of shares
|
(168)
|
-
|
168
|
(1,027)
|
(1,027)
|
-
|
(1,027)
|
Other movements
|
-
|
(1)
|
-
|
5
|
4
|
4
|
8
|
Balance as at 30 September 2023
|
4,257
|
11,857
|
(2,124)
|
54,325
|
68,315
|
660
|
68,975
|
Three months ended 30.09.2023
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Balance as at 1 July 2023
|
4,325
|
13,759
|
(4,457)
|
54,042
|
67,669
|
876
|
68,545
|
Profit after tax
|
-
|
259
|
-
|
1,274
|
1,533
|
9
|
1,542
|
Currency translation movements
|
-
|
-
|
810
|
-
|
810
|
-
|
810
|
Fair value through other comprehensive income reserve
|
-
|
-
|
(157)
|
-
|
(157)
|
-
|
(157)
|
Cash flow hedges
|
-
|
-
|
1,571
|
-
|
1,571
|
-
|
1,571
|
Retirement benefit remeasurements
|
-
|
-
|
-
|
(51)
|
(51)
|
-
|
(51)
|
Own credit
|
-
|
-
|
25
|
-
|
25
|
-
|
25
|
Total comprehensive income for the period
|
-
|
259
|
2,249
|
1,223
|
3,731
|
9
|
3,740
|
Employee share schemes and hedging thereof
|
14
|
-
|
-
|
36
|
50
|
-
|
50
|
Issue and redemption of other equity instruments
|
-
|
(1,926)
|
-
|
(33)
|
(1,959)
|
(219)
|
(2,178)
|
Other equity instruments coupons paid
|
-
|
(259)
|
-
|
-
|
(259)
|
-
|
(259)
|
Vesting of employee share schemes
|
-
|
-
|
2
|
(10)
|
(8)
|
-
|
(8)
|
Dividends paid
|
-
|
-
|
-
|
(417)
|
(417)
|
(9)
|
(426)
|
Repurchase of shares
|
(82)
|
-
|
82
|
(524)
|
(524)
|
-
|
(524)
|
Other movements
|
-
|
24
|
-
|
8
|
32
|
3
|
35
|
Balance as at 30 September 2023
|
4,257
|
11,857
|
(2,124)
|
54,325
|
68,315
|
660
|
68,975
|
|
As at 30.09.23
|
As at 31.12.22
|
Other Reserves
|
£m
|
£m
|
Currency translation reserve
|
4,409
|
4,772
|
Fair value through other comprehensive income reserve
|
(1,642)
|
(1,560)
|
Cash flow hedging reserve
|
(6,419)
|
(7,235)
|
Own credit reserve
|
(2)
|
467
|
Other reserves and treasury shares
|
1,530
|
1,364
|
Total
|
(2,124)
|
(2,192)
|
1
|
During Q323, a redemption notice was published related to the 9%
Permanent Interest Bearing Capital Bonds, as a result of which
£40m was transferred from non-controlling interests to
subordinated liabilities ahead of redemption on 11 October 2023.
This item is presented within Issue and redemption of other equity
instruments.
|
Appendix: Non-IFRS Performance Measures
The Group's management believes that the non-IFRS performance
measures included in this document provide valuable information to
the readers of the financial statements, as they enable the reader
to identify a more consistent basis for comparing the businesses'
performance between financial periods, and provide more detail
concerning the elements of performance which the managers of these
businesses are most directly able to influence or are relevant for
an assessment of the Group. They also reflect an important aspect
of the way in which operating targets are defined and performance
is monitored by management.
However, any non-IFRS performance measures in this document are not
a substitute for IFRS measures and readers should consider the IFRS
measures as well.
Non-IFRS performance measures glossary
Measure
|
Definition
|
Loan: deposit ratio
|
Total loans and advances at amortised cost divided by total
deposits at amortised cost.
|
Attributable profit
|
Profit after tax attributable to ordinary shareholders of the
parent.
|
Period end tangible equity refers to:
|
|
Period end tangible shareholders' equity (for Barclays
Group)
|
Shareholders' equity attributable to ordinary shareholders of the
parent, adjusted for the deduction of intangible assets and
goodwill
|
Period end allocated tangible equity (for businesses)
|
Allocated tangible equity is calculated
as 13.5% (2022: 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 41 to 42.
|
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 41 to 43.
|
Operating expenses excluding litigation and conduct
|
A measure of total operating expenses excluding litigation and
conduct charges.
|
Operating costs
|
A measure of total operating expenses excluding litigation and
conduct charges and UK bank levy.
|
Cost: income ratio
|
Total operating expenses divided by total income.
|
Loan loss rate
|
Quoted in basis points and represents total impairment charges
divided by total gross loans and advances held at amortised cost at
the balance sheet date.
|
Net interest margin
|
Annualised net interest income divided by the sum of average
customer assets. The components of the calculation have been
included on page 23.
|
Tangible net asset value per share
|
Calculated by dividing shareholders' equity, excluding
non-controlling interests and other equity instruments, less
goodwill and intangible assets, by the number of issued ordinary
shares. The components of the calculation have been included on
page 44.
|
Performance measures excluding the impact of the Over-issuance of
Securities
|
Calculated by excluding the impact of the Over-issuance of
Securities from performance measures. The components of the
calculations have been included on page 44.
|
Profit before impairment
|
Calculated by excluding credit impairment charges or releases from
profit before tax.
|
Returns
|
Nine months ended 30.09.23
|
|
Barclays UK
|
Corporate and Investment Bank
|
Consumer, Cards and Payments
|
Barclays International
|
Head Office
|
Barclays Group
|
Return on average tangible equity
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Attributable profit/(loss)
|
1,580
|
2,728
|
421
|
3,149
|
(344)
|
4,385
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
Average equity
|
14.0
|
31.7
|
6.2
|
37.9
|
3.6
|
55.5
|
Average goodwill and intangibles
|
(3.8)
|
-
|
(0.9)
|
(0.9)
|
(3.8)
|
(8.5)
|
Average tangible equity
|
10.2
|
31.7
|
5.3
|
37.0
|
(0.2)
|
47.0
|
|
|
|
|
|
|
|
Return on average tangible equity
|
20.6%
|
11.5%
|
10.6%
|
11.4%
|
n/m
|
12.5%
|
|
Nine months ended 30.09.22
|
|
Barclays UK
|
Corporate and Investment Bank
|
Consumer, Cards and Payments
|
Barclays International
|
Head Office
|
Barclays Group
|
Return on average tangible equity
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Attributable profit/(loss)
|
1,403
|
2,910
|
309
|
3,219
|
(635)
|
3,987
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
Average equity
|
13.6
|
32.5
|
5.6
|
38.1
|
5.2
|
56.9
|
Average goodwill and intangibles
|
(3.6)
|
-
|
(0.9)
|
(0.9)
|
(3.6)
|
(8.1)
|
Average tangible equity
|
10.0
|
32.5
|
4.7
|
37.2
|
1.6
|
48.8
|
|
|
|
|
|
|
|
Return on average tangible equity
|
18.7%
|
11.9%
|
8.9%
|
11.5%
|
n/m
|
10.9%
|
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q4211
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Attributable profit
|
1,274
|
1,328
|
1,783
|
|
1,036
|
1,512
|
1,071
|
1,404
|
|
1,079
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Average shareholders' equity
|
55.1
|
55.4
|
55.9
|
|
54.9
|
56.8
|
57.1
|
56.9
|
|
56.1
|
Average goodwill and intangibles
|
(8.6)
|
(8.7)
|
(8.3)
|
|
(8.2)
|
(8.2)
|
(8.1)
|
(8.1)
|
|
(8.1)
|
Average tangible shareholders' equity
|
46.5
|
46.7
|
47.6
|
|
46.7
|
48.6
|
49.0
|
48.8
|
|
48.0
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
11.0%
|
11.4%
|
15.0%
|
|
8.9%
|
12.5%
|
8.7%
|
11.5%
|
|
9.0%
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q421
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Attributable profit
|
531
|
534
|
515
|
|
474
|
549
|
458
|
396
|
|
420
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Average allocated equity
|
14.0
|
14.2
|
13.9
|
|
13.7
|
13.5
|
13.6
|
13.7
|
|
13.6
|
Average goodwill and intangibles
|
(3.9)
|
(4.0)
|
(3.6)
|
|
(3.5)
|
(3.6)
|
(3.6)
|
(3.6)
|
|
(3.6)
|
Average allocated tangible equity
|
10.1
|
10.2
|
10.3
|
|
10.2
|
9.9
|
10.0
|
10.1
|
|
10.0
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
21.0%
|
20.9%
|
20.0%
|
|
18.7%
|
22.1%
|
18.4%
|
15.6%
|
|
16.8%
|
1
|
The comparative capital and financial metrics relating to Q421 have
been restated to reflect the impact of the Over-issuance of
Securities.
|
Barclays International
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q4211
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Attributable profit
|
848
|
953
|
1,348
|
|
625
|
1,136
|
783
|
1,300
|
|
818
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Average allocated equity
|
37.6
|
38.0
|
38.1
|
|
39.9
|
40.1
|
38.2
|
36.0
|
|
33.8
|
Average goodwill and intangibles
|
(0.8)
|
(0.9)
|
(1.0)
|
|
(1.0)
|
(1.0)
|
(0.9)
|
(0.9)
|
|
(0.9)
|
Average allocated tangible equity
|
36.8
|
37.1
|
37.1
|
|
38.9
|
39.1
|
37.3
|
35.1
|
|
32.9
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
9.2%
|
10.3%
|
14.5%
|
|
6.4%
|
11.6%
|
8.4%
|
14.8%
|
|
9.9%
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Investment Bank
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q4211
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Attributable profit
|
721
|
798
|
1,209
|
|
454
|
1,015
|
579
|
1,316
|
|
695
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Average allocated equity
|
31.5
|
31.8
|
31.8
|
|
33.7
|
34.0
|
32.7
|
30.8
|
|
28.7
|
Average goodwill and intangibles
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
|
-
|
Average allocated tangible equity
|
31.5
|
31.8
|
31.8
|
|
33.7
|
34.0
|
32.7
|
30.8
|
|
28.7
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
9.2%
|
10.0%
|
15.2%
|
|
5.4%
|
11.9%
|
7.1%
|
17.1%
|
|
9.7%
|
Consumer, Cards and Payments
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q421
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Attributable profit/(loss)
|
127
|
155
|
139
|
|
171
|
121
|
204
|
(16)
|
|
123
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Average allocated equity
|
6.1
|
6.2
|
6.3
|
|
6.2
|
6.1
|
5.5
|
5.2
|
|
5.1
|
Average goodwill and intangibles
|
(0.8)
|
(0.9)
|
(1.0)
|
|
(1.0)
|
(1.0)
|
(0.9)
|
(0.9)
|
|
(0.9)
|
Average allocated tangible equity
|
5.3
|
5.3
|
5.3
|
|
5.2
|
5.1
|
4.6
|
4.3
|
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
9.6%
|
11.8%
|
10.5%
|
|
13.0%
|
9.5%
|
17.8%
|
(1.5)%
|
|
11.7%
|
|
|
|
|
|
|
|
|
|
|
|
1
|
The comparative capital and financial metrics relating to Q421 have
been restated to reflect the impact of the Over-issuance of
Securities.
|
Tangible net asset value per share
|
As at 30.09.23
|
As at 31.12.22
|
As at 30.09.22
|
|
£m
|
£m
|
£m
|
Total equity excluding non-controlling interests
|
68,315
|
68,292
|
67,034
|
Other equity instruments
|
(11,857)
|
(13,284)
|
(13,270)
|
Goodwill and intangibles
|
(8,265)
|
(8,239)
|
(8,371)
|
Tangible shareholders' equity attributable to ordinary shareholders
of the parent
|
48,193
|
46,769
|
45,393
|
|
|
|
|
|
m
|
m
|
m
|
Shares in issue
|
15,239
|
15,871
|
15,888
|
|
|
|
|
|
p
|
p
|
p
|
Tangible net asset value per share
|
316
|
295
|
286
|
Performance measures excluding the impact of the Over-issuance of
Securities
|
|
|
|
|
|
|
|
|
|
|
|
Barclays Group
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Q222
|
Q122
|
|
Q4211
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Statutory attributable profit
|
1,274
|
1,328
|
1,783
|
|
1,036
|
1,512
|
1,071
|
1,404
|
|
1,079
|
Net impact of the Over-issuance of Securities
|
-
|
-
|
-
|
|
-
|
29
|
(341)
|
(240)
|
|
(38)
|
Attributable profit excluding the impact of the Over-issuance of
Securities
|
1,274
|
1,328
|
1,783
|
|
1,036
|
1,483
|
1,412
|
1,644
|
|
1,117
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible shareholders' equity (£bn)
|
46.5
|
46.7
|
47.6
|
|
46.7
|
48.6
|
49.0
|
48.8
|
|
48.0
|
Return on average tangible shareholders' equity excluding the
impact of the Over-issuance of Securities
|
11.0%
|
11.4%
|
15.0%
|
|
8.9%
|
12.2%
|
11.5%
|
13.5%
|
|
9.3%
|
1
|
The comparative capital and financial metrics relating to Q421 have
been restated to reflect the impact of the Over-issuance of
Securities.
|
Reconciliation of financial results excluding the impact of the
Over-issuance of Securities in the prior year
Three months ended
|
30.09.23
|
|
30.09.22
|
|
|
|
Statutory
|
|
Statutory
|
Impact of the Over-issuance of Securities
|
Excluding impact of the Over-issuance of Securities
|
|
|
|
£m
|
|
£m
|
£m
|
£m
|
|
% change
|
Income
|
|
|
|
|
|
|
|
Corporate and Investment Bank
|
3,082
|
|
2,821
|
(466)
|
3,287
|
|
(6)
|
of which:
|
|
|
|
|
|
|
|
FICC
|
1,147
|
|
1,546
|
-
|
1,546
|
|
(26)
|
Equities
|
675
|
|
246
|
(466)
|
712
|
|
(5)
|
Global
Markets
|
1,822
|
|
1,792
|
(466)
|
2,258
|
|
(19)
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
|
|
|
|
|
Corporate and Investment Bank
|
(2,008)
|
|
(1,545)
|
503
|
(2,048)
|
|
2
|
|
|
|
|
|
|
|
|
Nine months ended
|
30.09.23
|
|
30.09.22
|
|
|
|
Statutory
|
|
Statutory
|
Impact of the Over-issuance of Securities
|
Excluding impact of the Over-issuance of Securities
|
|
|
|
£m
|
|
£m
|
£m
|
£m
|
|
% change
|
Income
|
|
|
|
|
|
|
|
Corporate and Investment Bank
|
10,220
|
|
10,792
|
292
|
10,500
|
|
(3)
|
of which:
|
|
|
|
|
|
|
|
FICC
|
4,121
|
|
4,719
|
-
|
4,719
|
|
(13)
|
Equities
|
1,942
|
|
2,709
|
292
|
2,417
|
|
(20)
|
Global
Markets
|
6,063
|
|
7,428
|
292
|
7,136
|
|
(15)
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
|
|
|
|
|
Corporate and Investment Bank
|
(6,192)
|
|
(6,968)
|
(966)
|
(6,002)
|
|
(3)
|
Notable Items
|
|
|
|
|
Nine months ended 30.09.23
|
Nine months ended 30.09.22
|
£m
|
Profit before tax
|
Attributable profit
|
Profit before tax
|
Attributable profit
|
Statutory
|
6,447
|
4,385
|
5,702
|
3,987
|
Net impact from the Over-issuance of Securities
|
-
|
-
|
(674)
|
(552)
|
Customer remediation costs on legacy loan portfolios
|
-
|
-
|
(282)
|
(228)
|
Settlements in principle in respect of industry-wide
devices investigations by SEC and CFTC
|
-
|
-
|
(165)
|
(165)
|
Other litigation and conduct
|
(32)
|
(13)
|
(105)
|
(98)
|
Structural cost actions
|
(119)
|
(91)
|
(78)
|
(64)
|
Re-measurement of UK DTAs
|
-
|
-
|
-
|
(346)
|
Excluding the impact of notable items
|
6,598
|
4,489
|
7,006
|
5,440
|
|
|
|
|
|
|
Three months ended 30.09.23
|
Three months ended 30.09.22
|
£m
|
Profit before tax
|
Attributable profit
|
Profit before tax
|
Attributable profit
|
Statutory
|
1,885
|
1,274
|
1,969
|
1,512
|
Net impact from the Over-issuance of Securities
|
-
|
-
|
37
|
29
|
Customer remediation costs on legacy loan portfolios
|
-
|
-
|
(101)
|
(81)
|
Other litigation and conduct
|
-
|
9
|
(63)
|
(60)
|
Structural cost actions
|
(50)
|
(38)
|
(22)
|
(18)
|
Excluding the impact of notable items
|
1,935
|
1,303
|
2,118
|
1,642
|
The Group's
management believes that the non-IFRS performance measures
excluding notable items, included in the table above, provide
valuable information to enable users of the financial statements to
assess the performance of the Group. The notable items are
separately identified within the Group's results disclosures which,
when excluded from Barclays' statutory financials, provide an
underlying profit and loss performance of the Group and enables
consistent comparison of performance from one period to
another.
These non-IFRS performance measures excluding notable items are
included as a reference point only and are not incorporated within
any of the key financial metrics used in our Group Targets, which
are measured on a statutory basis.
Shareholder Information
|
|
|
|
|
|
|
|
|
Results timetable1
|
|
|
|
Date
|
|
|
|
|
2023 Full Year Results and Annual Report
|
|
|
|
20 February 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change3
|
Exchange rates2
|
30.09.23
|
30.06.23
|
31.12.22
|
30.09.22
|
|
30.06.23
|
31.12.22
|
30.09.22
|
Period end - USD/GBP
|
1.22
|
1.27
|
1.21
|
1.12
|
|
(4)%
|
1%
|
9%
|
YTD average - USD/GBP
|
1.24
|
1.23
|
1.24
|
1.26
|
|
1%
|
-
|
(2)%
|
3 month average - USD/GBP
|
1.27
|
1.25
|
1.17
|
1.18
|
|
2%
|
9%
|
8%
|
Period end - EUR/GBP
|
1.15
|
1.16
|
1.13
|
1.14
|
|
(1)%
|
2%
|
1%
|
YTD average - EUR/GBP
|
1.15
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1.14
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1.17
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1.18
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1%
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(2)%
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(3)%
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3 month average - EUR/GBP
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1.16
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1.15
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1.15
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1.17
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1%
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1%
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(1)%
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Share price data
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Barclays PLC (p)
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158.94
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153.38
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158.52
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144.30
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Barclays PLC number of shares (m)4
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15,239
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15,556
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15,871
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15,888
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For further information please contact
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Investor relations
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Media relations
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Marina Shchukina +44 (0) 20 7116 2526
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Tom Hoskin +44 (0) 20 7116 4755
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More information on Barclays can be found on our
website: home.barclays
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Registered office
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1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20
7116 1000. Company number: 48839.
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Registrar
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Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99
6DA, United Kingdom.
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Tel: +44 (0)371 384 2055 (UK and international telephone
number)5.
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American Depositary Receipts (ADRs)
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EQ Shareowner Services
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P.O. Box 64504
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St. Paul, MN 55164-0504
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United States of America
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shareowneronline.com
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Toll Free Number: +1 800-990-1135
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Outside the US +1 651-453-2128
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Delivery of ADR certificates and overnight mail
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EQ Shareowner Services, 1110 Centre Pointe Curve, Suite 101,
Mendota Heights, MN 55120-4100, USA.
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1
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Note that these dates are provisional and subject to
change.
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2
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The average rates shown above are derived from daily spot rates
during the year.
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3
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The change is the impact to GBP reported information.
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4
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The number of shares of 15,239m as at 30 September 2023 is
different from the 15,220m referenced in the 2 October 2023
announcement entitled "Transaction in Own Shares" because the share
buyback transactions executed on 28 and 29 September 2023 did not
settle until 2 and 3 October 2023 respectively.
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5
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Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding
UK public holidays in England and Wales.
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Barclays (PK) (USOTC:BCLYF)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Barclays (PK) (USOTC:BCLYF)
Historical Stock Chart
Von Jul 2023 bis Jul 2024