REG - Barclays PLC - 1st Quarter Results
25/04/2024 07:00
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RNS Number : 9398L Barclays PLC 25 April 2024
Barclays PLC
Q1 2024 Results Announcement
31 March 2024
Notes
The terms Barclays and Group refer to Barclays PLC together with its
subsidiaries. Unless otherwise stated, the income statement analysis compares
the three months ended 31 March 2024 to the corresponding three months of 2023
and balance sheet analysis as at 31 March 2024 with comparatives relating to
31 December 2023 and 31 March 2023. The abbreviations '£m' and '£bn'
represent millions and thousands of millions of Pounds Sterling respectively;
the abbreviations '$m' and '$bn' represent millions and thousands of millions
of US Dollars respectively; and the abbreviations '€m' and '€bn' represent
millions and thousands of millions of Euros respectively.
There are a number of key judgement areas, for example impairment
calculations, which are based on models and which are subject to ongoing
adjustment and modifications. Reported numbers reflect best estimates and
judgements at the given point in time.
Relevant terms that are used in this document but are not defined under
applicable regulatory guidance or International Financial Reporting Standards
(IFRS) are explained in the results glossary, which can be accessed at
home.barclays/investor-relations (https://home.barclays/investor-relations/) .
The information in this announcement, which was approved by the Board of
Directors on 24 April 2024, does not comprise statutory accounts within the
meaning of Section 434 of the Companies Act 2006. Statutory accounts for the
year ended 31 December 2023, which contain an unmodified audit report under
Section 495 of the Companies Act 2006 (which does not make any statements
under Section 498 of the Companies Act 2006) has been delivered to the
Registrar of Companies in accordance with Section 441 of the Companies Act
2006.
These results will be furnished on Form 6-K to the US Securities and Exchange
Commission (SEC) as soon as practicable following its publication. Once
furnished to the SEC, a copy of the Form 6-K will be available from the SEC's
website at www.sec.gov (https://www.sec.gov/) .
Barclays is a frequent issuer in the debt capital markets and regularly meets
with investors via formal roadshows and other ad hoc meetings. Consistent with
its usual practice, Barclays expects that from time to time over the coming
quarter it will meet with investors globally to discuss these results and
other matters relating to the Group.
Non-IFRS performance measures
Barclays' management believes that the non-IFRS performance measures included
in this document provide valuable information to the readers of the financial
statements as they enable the reader to identify a more consistent basis for
comparing the businesses' performance between financial periods and provide
more detail concerning the elements of performance which the managers of these
businesses are most directly able to influence or are relevant for an
assessment of the Group. They also reflect an important aspect of the way in
which operating targets are defined and performance is monitored by Barclays'
management. However, any non-IFRS performance measures in this document are
not a substitute for IFRS measures and readers should consider the IFRS
measures as well. Refer to the appendix on pages 39 to 43 for definitions and
calculations of non-IFRS performance measures included throughout this
document, and reconciliations to the most directly comparable IFRS measures.
Forward-looking statements
This document contains certain forward-looking statements within the meaning
of Section 21E of the US Securities Exchange Act of 1934, as amended, and
Section 27A of the US Securities Act of 1933, as amended, with respect to the
Group. Barclays cautions readers that no forward-looking statement is a
guarantee of future performance and that actual results or other financial
condition or performance measures could differ materially from those contained
in the forward-looking statements. Forward-looking statements can be
identified by the fact that they do not relate only to historical or current
facts. Forward-looking statements sometimes use words such as 'may', 'will',
'seek', 'continue', 'aim', 'anticipate', 'target', 'projected', 'expect',
'estimate', 'intend', 'plan', 'goal', 'believe', 'achieve' or other words of
similar meaning. Forward-looking statements can be made in writing but also
may be made verbally by directors, officers and employees of the Group
(including during management presentations) in connection with this document.
Examples of forward-looking statements include, among others, statements or
guidance regarding or relating to the Group's future financial position,
business strategy, income levels, costs, assets and liabilities, impairment
charges, provisions, capital leverage and other regulatory ratios, capital
distributions (including policy on dividends and share buybacks), return on
tangible equity, projected levels of growth in banking and financial markets,
industry trends, any commitments and targets (including environmental, social
and governance (ESG) commitments and targets), plans and objectives for future
operations, and other statements that are not historical or current facts. By
their nature, forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances. Forward-looking statements
speak only as at the date on which they are made. Forward-looking statements
may be affected by a number of factors, including, without limitation: changes
in legislation, regulations, governmental and regulatory policies,
expectations and actions, voluntary codes of practices and the interpretation
thereof, changes in IFRS and other accounting standards, including practices
with regard to the interpretation and application thereof and emerging and
developing ESG reporting standards; the outcome of current and future legal
proceedings and regulatory investigations; the Group's ability along with
governments and other stakeholders to measure, manage and mitigate the impacts
of climate change effectively; environmental, social and geopolitical risks
and incidents and similar events beyond the Group's control; the impact of
competition in the banking and financial services industry; capital,
liquidity, leverage and other regulatory rules and requirements applicable to
past, current and future periods; UK, US, Eurozone and global macroeconomic
and business conditions, including inflation; volatility in credit and capital
markets; market related risks such as changes in interest rates and foreign
exchange rates reforms to benchmark interest rates and indices; higher or
lower asset valuations; changes in credit ratings of any entity within the
Group or any securities issued by it; changes in counterparty risk; changes in
consumer behaviour; the direct and indirect consequences of the conflicts in
Ukraine and the Middle East on European and global macroeconomic conditions,
political stability and financial markets; political elections; developments
in the UK's relationship with the European Union ("EU"); the risk of
cyberattacks, information or security breaches, technology failures or
operational disruptions and any subsequent impact on the Group's reputation,
business or operations; the Group's ability to access funding; and the success
of acquisitions, disposals and other strategic transactions. A number of these
factors are beyond the Group's control. As a result, the Group's actual
financial position, results, financial and non-financial metrics or
performance measures or its ability to meet commitments and targets may differ
materially from the statements or guidance set forth in the Group's
forward-looking statements. In setting its targets and outlook for the period
2024-2026, Barclays has made certain assumptions about the macroeconomic
environment, including, without limitation, inflation, interest and
unemployment rates, the different markets and competitive conditions in which
Barclays operates, and its ability to grow certain businesses and achieve
costs savings and other structural actions. Additional risks and factors which
may impact the Group's future financial condition and performance are
identified in Barclays PLC's filings with the US Securities and Exchange
Commission ("SEC") (including, without limitation, Barclays PLC's Annual
Report on Form 20-F for the financial year ended 31 December 2023), which are
available on the SEC's website at www.sec.gov (https://www.sec.gov/) .
Subject to Barclays PLC's obligations under the applicable laws and
regulations of any relevant jurisdiction (including, without limitation, the
UK and the US) in relation to disclosure and ongoing information, we undertake
no obligation to update publicly or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Performance Highlights
In Q124 Barclays delivered a return on tangible equity (RoTE) of 12.3% and a
tangible net asset value (TNAV) per share of 335p. RoTE target of greater than
10% in 2024 remains unchanged
C. S. Venkatakrishnan, Group Chief Executive, commented
"In Q124 Barclays delivered a RoTE of 12.3% as we progress towards our targets
of >10% RoTE in 2024, and >12% in 2026. We are focused on disciplined
execution of the plan that we presented at our Investor Update on 20th
February. We have now announced the sale of our performing Italian mortgage
book and are investing in our higher returning UK consumer businesses,
including through the expected completion of the Tesco Bank acquisition in
Q424. We continue to exercise cost discipline and remain well capitalised with
a Common Equity Tier 1 (CET1) ratio at the end of the quarter of 13.5%."
• Group cost: income ratio of 60%. Target of c.63% in 2024 remains
unchanged
- Delivered £0.2bn of the c.£1bn 2024 gross cost efficiency savings
• Loan loss rate (LLR) of 51bps, within the expected through the cycle
range of 50-60bps
• CET1 ratio of 13.5%, in the middle of the target range of 13-14%
• Announced acquisition of Tesco Bank's retail banking business(1),
expected to complete in Q424
• Announced sale of the performing Italian mortgage portfolio, expected
to complete in Q224
Key financial metrics:
Income Profit before tax Attributable profit Cost: income ratio LLR RoTE EPS TNAV per share CET1 ratio
Q124 £7.0bn £2.3bn £1.6bn 60% 51bps 12.3% 10.3p 335p 13.5%
Q124 Performance highlights:
• Group RoTE was 12.3% (Q123: 15.0%) with profit before tax of £2.3bn
(Q123: £2.6bn)
• Group income of £7.0bn down 4% year-on-year, with Group net interest
income (NII) excluding Barclays Investment Bank (IB) and Head Office of
£2.7bn, of which Barclays UK NII of £1.5bn
- Barclays UK income decreased 7%, as higher structural hedge income was
more than offset by adverse product dynamics in deposits and mortgages, in
addition to the transfer of Wealth Management & Investments (WM&I) to
Barclays Private Bank and Wealth Management (PBWM)(2)
- Barclays UK Corporate Bank (UKCB) income decreased 6%, reflecting
lower liquidity pool income whilst maintaining stable average deposits
- PBWM income increased 20%, reflecting the transfer of WM&I from
Barclays UK, partially offset by lower NII due to adverse deposit dynamics
- IB income decreased 7%. Within Global Markets, strong performance in
Equities was more than offset by lower FICC income. In Investment Banking,
increased fee income in Debt and Equity capital markets were more than offset
by lower fee income in Advisory and lower income in Transaction banking
- Barclays US Consumer Bank (USCB) income increased 4%, reflecting
higher cards balances
• Group total operating expenses were £4.2bn, up 2% year-on-year,
including the £120m impact of the Bank of England (BoE) levy scheme
- Group operating costs decreased 3%, reflecting £0.2bn of efficiency
savings, more than offsetting the impact of inflation, investment spend and
business growth
• Credit impairment charges were £0.5bn (Q123: £0.5bn) with an LLR of
51bps (Q123: 52bps)
• CET1 ratio of 13.5% (December 2023: 13.8%), with Risk Weighted Assets
(RWAs) of £349.6bn (December 2023: £342.7bn) and TNAV per share of 335p
(December 2023: 331p)
1 See Other matters on page 6 for further details on the acquisition of Tesco
Bank's retail banking business.
2 WM&I was transferred out of Barclays UK in Q223.
Group Financial Targets and Outlook:
2024
• Returns: targeting RoTE of greater than 10% and c.10.5% excluding
inorganic activity
• Income: targeting Barclays Group NII excluding IB and Head Office of
c.£10.7bn, of which Barclays UK NII of c.£6.1bn(1)
• Costs: targeting Group cost: income ratio of c.63%, which includes
c.£1bn of gross efficiency savings in 2024
• Impairment: expect an LLR of 50-60bps through the cycle
• Capital: expect to operate within the CET1 ratio target range of
13-14%
2026
• Returns: targeting a greater than 12% RoTE
• Capital returns: plan to return at least £10bn of capital to
shareholders between 2024 and 2026, through dividends and share buybacks, with
a continued preference for buybacks. Plan to keep total dividend stable at
2023 level in absolute terms, with progressive dividend per share growth
driven through share count reduction as a result of increased share buybacks.
Dividends will continue to be paid semi-annually. This multi-year plan is
subject to supervisory and Board approval, anticipated financial performance
and our published CET1 ratio target range of 13-14%
• Income: targeting Group total income of c.£30bn
• Costs: targeting total Group operating expenses of c.£17.0bn and a
Group cost: income ratio of high 50s in percentage terms. This includes total
gross efficiency savings of c.£2bn by 2026
• Impairment: expect an LLR of 50-60bps through the cycle
• Capital: expect to operate within the CET1 ratio target range of
13-14%
- Targeting IB RWAs of c.50% of Group RWAs in 2026
- Impact of regulatory change on RWAs in line with prior guidance,
expected to be at lower end of 5-10% of Group RWAs. This includes c.£16bn
RWAs expected in H224 due to USCB moving to Internal Ratings-Based (IRB)
models
Prior period segmental comparators:
• Barclays segmental reporting now reflects five operating divisions, in
addition to Head Office:
- Barclays UK
- Barclays UK Corporate Bank
- Barclays Private Bank and Wealth Management
- Barclays Investment Bank
- Barclays US Consumer Bank
• Prior period segmental comparators shown in this document were
re-presented in the 2023 Results Resegmentation Document, which may be
accessed via the Barclays website at home.barclays/investor-relations
(https://home.barclays/investor-relations/)
1 This excludes the impact of the acquisition of Tesco Bank's retail banking
business, which is expected to generate annualised NII of c.£400m in the
first year post-completion. See Other Matters on page 6 for further details of
the acquisition.
Barclays Group results
for the three months ended 31.03.24 31.03.23
£m £m % Change
Barclays UK 1,826 1,961 (7)
Barclays UK Corporate Bank 434 463 (6)
Barclays Private Bank and Wealth Management 312 259 20
Barclays Investment Bank 3,328 3,569 (7)
Barclays US Consumer Bank 859 826 4
Head Office 194 159 22
Total income 6,953 7,237 (4)
Operating costs (3,998) (4,111) 3
UK regulatory levies(1) (120) -
Litigation and conduct (57) 1
Total operating expenses (4,175) (4,110) (2)
Other net income/(expenses) 12 (5)
Profit before impairment 2,790 3,122 (11)
Credit impairment charges (513) (524) 2
Profit before tax 2,277 2,598 (12)
Tax charge (465) (561) 17
Profit after tax 1,812 2,037 (11)
Non-controlling interests (3) (8) 63
Other equity instrument holders (259) (246) (5)
Attributable profit 1,550 1,783 (13)
Performance measures
Return on average tangible shareholders' equity 12.3% 15.0%
Average tangible shareholders' equity (£bn) 50.5 47.6
Cost: income ratio 60% 57%
Loan loss rate (bps) 51 52
Basic earnings per ordinary share 10.3p 11.3p
Basic weighted average number of shares (m) 14,983 15,770 (5)
Period end number of shares (m) 15,091 15,701 (4)
Period end tangible shareholders' equity (£bn) 50.6 47.3
As at 31.03.24 As at 31.12.23 As at 31.03.23
Balance sheet and capital management(2) £bn £bn £bn
Loans and advances at amortised cost 397.9 399.5 403.5
Loans and advances at amortised cost impairment coverage ratio 1.4% 1.4% 1.4%
Total assets 1,577.1 1,477.5 1,539.1
Deposits at amortised cost 552.3 538.8 555.7
Tangible net asset value per share 335p 331p 301p
Common equity tier 1 ratio 13.5% 13.8% 13.6%
Common equity tier 1 capital 47.1 47.3 46.0
Risk weighted assets 349.6 342.7 338.4
UK leverage ratio 4.9% 5.2% 5.1%
UK leverage exposure 1,226.5 1,168.3 1,168.9
Funding and liquidity
Group liquidity pool (£bn) 323.5 298.1 333.0
Liquidity coverage ratio(3) 163% 161% 157%
Net stable funding ratio(4) 136% 138% 139%
Loan: deposit ratio 72% 74% 73%
1 Comprises the impact of the BoE levy scheme and the UK bank levy.
2 Refer to pages 31 to 35 for further information on how capital, RWAs and
leverage are calculated.
3 The liquidity coverage ratio (LCR) is now shown on an average basis, based on
the average of the last 12 spot month end ratios. Prior period LCR
comparatives have been updated for consistency.
4 Represents average of the last four spot quarter end positions.
Group Finance Director's Review
Group performance
• Barclays delivered a profit before tax of £2,277m (Q123: £2,598m),
RoTE of 12.3% (Q123: 15.0%) and earnings per share (EPS) of 10.3p (Q123:
11.3p)
• Group income decreased 4% to £6,953m as higher structural hedge
income, strong performance in Equities and balance growth in USCB were more
than offset by lower FICC income in IB, lower inflation linked income as well
as adverse product dynamics in Barclays UK deposits and mortgages
• Group total operating expenses increased to £4,175m (Q123: £4,110m)
including the £120m impact of the BoE levy scheme
- Group operating costs decreased 3% to £3,998m, reflecting efficiency
savings, partially offset by the impact of inflation, investment spend and
business growth
• Credit impairment charges were £513m (Q123: £524m), driven by the
anticipated higher delinquencies in USCB, which led to a higher coverage ratio
of 11.0% in that portfolio. Total coverage ratio remains stable at 1.4%
(December 2023: 1.4%)
• The effective tax rate (ETR) was 20.4% (Q123: 21.6%)
• Attributable profit was £1,550m (Q123: £1,783m)
• Total assets increased to £1,577.1bn (December 2023: £1,477.5bn)
driven by an increase in trading securities and secured lending in IB, and an
increase in the liquidity pool due to increased deposits
• TNAV per share increased to 335p (December 2023: 331p) as EPS of 10.3p
was partially offset by negative cash flow hedge reserve movements of 2p, and
net negative other reserve movements
Group capital and leverage
• The CET1 ratio decreased to 13.5% (December 2023: 13.8%) as RWAs
increased by £6.9bn to £349.6bn and CET1 capital decreased by £0.2bn to
£47.1bn:
- c.40bps increase from attributable profit generated in the quarter
- c.40bps decrease driven by shareholder distributions including the
£1.0bn share buyback announced with FY23 results and an accrual towards the
FY24 dividend
- c.30bps decrease as a result of a £6.9bn increase in RWAs primarily
driven by expected seasonal activity in the Investment Bank and regulatory
model changes in Barclays UK which are expected to be partially offset for the
full year
• The UK leverage ratio decreased to 4.9% (December 2023: 5.2%)
primarily due to a £58.2bn increase in leverage exposure to £1,226.5bn,
largely driven by an increase in trading securities and secured lending in
Global Markets
Group funding and liquidity
• The liquidity metrics remain well above regulatory requirements,
underpinned by well-diversified sources of funding, a stable global deposit
franchise and a highly liquid balance sheet
• The liquidity pool was £323.5bn (December 2023: £298.1bn). The
increase in the liquidity pool was driven by the expected increase in short
term bank deposits after a drop at the year-end and a strong deposit growth in
International Corporate Bank which is partially offset by a slight seasonal
decline in Barclays UK deposits
• The average(1) Liquidity Coverage Ratio (LCR) increased to 163%
(December 2023: 161%), equivalent to a surplus of £117.8bn (December 2023:
£117.7bn)
• Total deposits increased by £13.5bn to £552.3bn (December 2023:
£538.8bn)
• The average(2) Net Stable Funding Ratio (NSFR) was 136% (December
2023: 138%), which represents a £160.4bn (December 2023: £167.1bn) surplus
above the 100% regulatory requirement
• Wholesale funding outstanding, excluding repurchase agreements, was
£190.6bn (December 2023: £176.8bn)
• The Group issued £5.4bn equivalent of minimum requirement for own
funds and eligible liabilities (MREL) instruments from Barclays PLC (the
Parent company) in Q124. The Group has a strong MREL position with a ratio of
33.4%, which is in excess of the regulatory requirement of 30.1% plus a
confidential, institution specific, Prudential Regulation Authority (PRA)
buffer
1 Represents average of the last 12 spot month end ratios.
2 Represents average of the last four spot quarter end ratios.
Other matters
• Acquisition of Tesco Bank's retail banking business: on 9 February
2024, Barclays entered into an agreement with Tesco Personal Finance plc
(operating using the trading name "Tesco Bank") to acquire its retail banking
business. The acquisition is expected to reduce Barclays' CET1 ratio by
c.30bps on completion, which is expected to occur in Q424, subject to court
sanction and regulatory approvals
• FCA motor finance review: in January 2024, the UK Financial Conduct
Authority (FCA) announced that it was appointing a skilled person to undertake
a review of the historical use of discretionary commission arrangements and
sales in the motor finance market across several firms. The FCA plans to set
out next steps on this matter by the end of September 2024. Clydesdale
Financial Services Limited (CFS), a member of the Group, ceased operating in
the motor finance market in late 2019 but is co-operating fully with the FCA's
skilled person review, the outcome of which is unknown, including any
potential financial impact. The FCA intervention followed two final
decisions by the UK Financial Ombudsman Service (FOS), including one upholding
a complaint against CFS in relation to commission arrangements and disclosure
in the sale of motor finance products and a number of complaints and court
claims, including some against CFS. We have commenced a judicial review
challenge to the FOS in the High Court in relation to this decision
• BoE levy scheme: following parliamentary approval, the new levy
process commenced in Q124 replacing the Cash Ratio Deposit scheme as a means
of funding the Bank of England's monetary policy and financial stability
operations. This change in scheme moves the charge from negative income
recognised over the course of the year to an annual operating expense at the
start of the levy year (running from 1 March to 28 February). Barclays'
estimated contribution for the 2024/2025 financial year is £120m, reported in
the UK regulatory levies account line, reducing Q124 Group RoTE by c.0.7%.
This will be partially offset by increased income of c.£75m through lower
funding costs during 2024, with an expected overall net full year Group RoTE
impact of c.0.1%. The final charge is expected to be confirmed during Q324
• Disposal of Italian retail mortgages: on 24 April 2024, Barclays
announced a transaction under which Barclays Bank Ireland PLC intends to
dispose of its performing Italian retail mortgage book currently held in Head
Office. The sale is expected to complete in Q224. It is expected to generate a
pre-tax loss of c.£225m for the year to 31 December 2024 and reduce RWAs by
c.£0.8bn at completion. The transaction is expected to be broadly neutral to
Barclays' CET1 ratio
- In addition, Barclays is in discussion with respect to the disposals
of the remaining non-performing and Swiss-Franc linked Italian retail mortgage
portfolios. Should such sales occur, they are together expected to generate a
small pre-tax loss on sale, but also be broadly neutral to Barclays' CET1
ratio
• Sale of German consumer finance business: Barclays is currently
engaged in a process to sell its German consumer finance business (comprising
credit cards, unsecured personal loans and deposits), held in Head Office, as
part of our ambition to simplify Barclays and support our focus on growing our
key businesses. The sale is expected to complete in H224, and be accretive to
Barclays' CET1 ratio
Anna Cross, Group Finance Director
Results by Business
Barclays UK Three months ended
31.03.24 31.03.23
Income statement information £m £m % Change
Net interest income 1,549 1,618 (4)
Net fee, commission and other income 277 343 (19)
Total income 1,826 1,961 (7)
Operating costs (1,007) (1,092) 8
UK regulatory levies (54) -
Litigation and conduct (2) (2)
Total operating expenses (1,063) (1,094) 3
Other net income - -
Profit before impairment 763 867 (12)
Credit impairment charges (58) (113) 49
Profit before tax 705 754 (6)
Attributable profit 479 515 (7)
Performance measures
Return on average allocated tangible equity 18.5% 20.0%
Average allocated tangible equity (£bn) 10.4 10.3
Cost: income ratio 58% 56%
Loan loss rate (bps) 11 20
Net interest margin 3.09% 3.18%
As at 31.03.24 As at 31.12.23 As at 31.03.23
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 200.8 202.8 208.2
Total assets 293.3 293.1 308.6
Customer deposits at amortised cost 237.2 241.1 254.3
Loan: deposit ratio 92% 92% 90%
Risk weighted assets 76.5 73.5 74.6
Period end allocated tangible equity 10.7 10.2 10.3
Analysis of Barclays UK Three months ended
31.03.24 31.03.23
Analysis of total income £m £m % Change
Personal Banking 1,128 1,253 (10)
Barclaycard Consumer UK 229 247 (7)
Business Banking 469 461 2
Total income 1,826 1,961 (7)
Analysis of credit impairment charges
Personal Banking (14) (28) 50
Barclaycard Consumer UK (38) (83) 54
Business Banking (6) (2)
Total credit impairment charges (58) (113) 49
As at 31.03.24 As at 31.12.23 As at 31.03.23
Analysis of loans and advances to customers at amortised cost £bn £bn £bn
Personal Banking 169.0 170.1 173.6
Barclaycard Consumer UK 9.8 9.7 9.0
Business Banking 22.0 23.0 25.6
Total loans and advances to customers at amortised cost 200.8 202.8 208.2
Analysis of customer deposits at amortised cost
Personal Banking 183.4 185.4 194.3
Barclaycard Consumer UK - - -
Business Banking 53.8 55.7 60.0
Total customer deposits at amortised cost 237.2 241.1 254.3
Barclays UK delivered a RoTE of 18.5% supported by resilient returns and the
continued investment in our transformation into a simpler, better and more
balanced retail bank.
Income statement - Q124 compared to Q123
• Profit before tax decreased 6% to £705m with a RoTE of 18.5% (Q123:
20.0%)
• Total income decreased 7% to £1,826m. NII decreased 4% to £1,549m,
as continued structural hedge momentum was more than offset by mortgage margin
pressure and adverse deposit dynamics reflecting wider market trends. Net fee,
commission and other income decreased 19% to £277m primarily from the impact
of the transfer of WM&I to PBWM
• Total operating expenses decreased 3% to £1,063m driven by the
transfer of WM&I to PBWM partially offset by the impact of inflation and
the impact of the BoE levy scheme. Ongoing efficiency savings continue to be
reinvested, including in our transformation programme to support sustainable
improvement to the cost: income ratio
• Credit impairment charges were £58m (Q123: £113m), consistent with
low delinquencies in UK cards, high quality mortgage lending portfolio and the
improved macroeconomic outlook. UK cards 30 and 90 day arrears remained low at
0.9% (Q123: 0.9%) and 0.2% (Q123: 0.2%) respectively. The UK cards total
coverage ratio was 6.5% (December 2023: 6.8%)
Balance sheet - 31 March 2024 compared to 31 December 2023
• Loans and advances to customers at amortised cost decreased by 1% to
£200.8bn (December 2023: £202.8bn), reflecting subdued mortgage lending
amid lower market demand and continued repayment of government scheme lending
in Business Banking
• Customer deposits at amortised cost decreased 2% to £237.2bn
(December 2023: £241.1bn), driven by reduced current account balances,
reflecting broader market trends. The loan: deposit ratio remained stable at
92% (December 2023: 92%)
• RWAs increased to £76.5bn (December 2023: £73.5bn) driven by
regulatory model changes which are expected to be partially offset for the
full year
Barclays UK Corporate Bank Three months ended
31.03.24 31.03.23
Income statement information £m £m % Change
Net interest income 277 310 (11)
Net fee, commission, trading and other income 157 153 3
Total income 434 463 (6)
Operating costs (221) (210) (5)
UK regulatory levies (30) -
Litigation and conduct - -
Total operating expenses (251) (210) (20)
Other net income - 1
Profit before impairment 183 254 (28)
Credit impairment charges (15) (24) 38
Profit before tax 168 230 (27)
Attributable profit 113 157 (28)
Performance measures
Return on average allocated tangible equity 15.2% 21.7%
Average allocated tangible equity (£bn) 3.0 2.9
Cost: income ratio 58% 45%
Loan loss rate (bps) 23 36
As at 31.03.24 As at 31.12.23 As at 31.03.23
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 25.7 26.4 27.2
Deposits at amortised cost 81.7 84.9 83.6
Risk weighted assets 21.4 20.9 20.2
Period end allocated tangible equity 3.0 3.0 2.9
Three months ended
31.03.24 31.03.23
Analysis of total income £m £m % Change
Corporate lending 72 61 18
Transaction banking 362 402 (10)
Total income 434 463 (6)
UKCB delivered a RoTE of 15.2%, with stable average deposits supporting strong
returns despite lower liquidity pool income, the impact of the BoE levy scheme
and continued investment to support future growth ambitions.
Income statement - Q124 compared to Q123
• Profit before tax decreased 27% to £168m with a RoTE of 15.2% (Q123:
21.7%)
• Total income decreased 6% to £434m. NII decreased 11% to £277m
reflecting lower liquidity pool income. Net fee, commission, trading and other
income was stable at £157m (Q123: £153m)
• Total operating expenses increased 20% to £251m, reflecting the
impact of the BoE levy scheme and higher investment spend to support future
growth ambitions
• Credit impairment charges were £15m (Q123: £24m), driven by
resilient underlying credit performance and the improved macroeconomic outlook
Balance sheet - 31 March 2024 compared to 31 December 2023
• RWAs were broadly stable at £21.4bn (December 2023: £20.9bn)
Barclays Private Bank and Wealth Management Three months ended
31.03.24 31.03.23
Income statement information £m £m % Change
Net interest income 175 181 (3)
Net fee, commission and other income 137 78 76
Total income 312 259 20
Operating costs (214) (144) (49)
UK regulatory levies (3) -
Litigation and conduct - -
Total operating expenses (217) (144) (51)
Other net income - -
Profit before impairment 95 115 (17)
Credit impairment charges - (3)
Profit before tax 95 112 (15)
Attributable profit 74 90 (18)
Performance measures
Return on average allocated tangible equity 28.7% 34.5%
Average allocated tangible equity (£bn) 1.0 1.0
Cost: income ratio 70% 56%
Loan loss rate (bps) - 7
As at 31.03.24 As at 31.12.23 As at 31.03.23
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 13.7 13.6 14.3
Deposits at amortised cost 61.9 60.3 60.8
Risk weighted assets 7.2 7.2 7.5
Period end allocated tangible equity 1.0 1.0 1.0
Client assets and liabilities(1) 189.1 182.9 141.5
PBWM delivered a RoTE of 28.7%, supported by growth in client balances of
c.£48bn, which is predominantly invested assets(2) as a result of WM&I
transfer and underlying growth.
Income statement - Q124 compared to Q123
• Profit before tax decreased 15% to £95m with a RoTE of 28.7% (Q123:
34.5%)
• Total income increased 20% to £312m. NII decreased 3% to £175m
mainly due to adverse deposit dynamics reflecting wider market trends. Net
fee, commission and other income increased 76% to £137m reflecting the
transfer of WM&I from Barclays UK and client balance growth
• Total operating expenses increased 51% to £217m, reflecting the
transfer of WM&I from Barclays UK and higher investment spend to support
growth
Balance sheet - 31 March 2024 compared to 31 December 2023
• RWAs were stable at £7.2bn (December 2023: £7.2bn)
1 Client assets and liabilities refers to customer deposits, lending and
invested assets, including c.£28bn WM&I invested assets transferred from
Barclays UK in May 2023.
2 Invested assets represent assets under management and supervision.
Barclays Investment Bank Three months ended
31.03.24 31.03.23
Income statement information £m £m % Change
Net interest income 197 159 24
Net trading income 1,982 2,435 (19)
Net fee, commission and other income 1,149 975 18
Total income 3,328 3,569 (7)
Operating costs (1,957) (2,032) 4
UK regulatory levies (33) -
Litigation and conduct (9) 2
Total operating expenses (1,999) (2,030) 2
Other net expenses - (1)
Profit before impairment 1,329 1,538 (14)
Credit impairment releases/(charges) 10 (25)
Profit before tax 1,339 1,513 (12)
Attributable profit 899 1,048 (14)
Performance measures
Return on average allocated tangible equity 12.0% 14.4%
Average allocated tangible equity (£bn) 30.0 29.1
Cost: income ratio 60% 57%
Loan loss rate (bps) (4) 10
As at 31.03.24 As at 31.12.23 As at 31.03.23
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 64.6 62.7 63.1
Loans and advances to banks at amortised cost 7.6 7.3 9.1
Debt securities at amortised cost 40.4 38.9 30.7
Loans and advances at amortised cost 112.6 108.9 102.9
Trading portfolio assets 195.3 174.5 137.6
Derivative financial instrument assets 248.9 255.1 256.5
Financial assets at fair value through the income statement 225.1 202.5 243.8
Cash collateral and settlement balances 129.8 102.3 124.3
Other assets 200.4 175.8 198.8
Total assets 1,112.1 1,019.1 1,063.9
Deposits at amortised cost 151.1 132.7 137.3
Derivative financial instrument liabilities 241.5 249.7 246.7
Risk weighted assets 200.4 197.3 198.0
Period end allocated tangible equity 29.6 29.0 28.9
Three months ended
31.03.24 31.03.23
Analysis of total income £m £m % Change
FICC 1,404 1,788 (21)
Equities 883 704 25
Global Markets 2,287 2,492 (8)
Advisory 148 212 (30)
Equity capital markets 68 50 36
Debt capital markets 401 341 18
Fees 617 603 2
Corporate lending 42 33 27
Transaction banking 382 441 (13)
International Corporate Bank 424 474 (11)
Investment Banking 1,041 1,077 (3)
Total income 3,328 3,569 (7)
IB delivered a RoTE of 12.0% reflecting the benefit of diversified income
streams with an increase in Equities and Investment Banking fee income, offset
by a decrease in FICC income from lower client activity, lower costs and a net
credit impairment release following improvements in macro economic outlook.
Income statement - Q124 compared to Q123
• IB RoTE was 12.0% (Q123: 14.4%) with a profit before tax of £1,339m
(Q123: £1,513m)
• Total income decreased 7% to £3,328m
- Global Markets income decreased 8% to £2,287m as a strong performance
in Equities was more than offset by lower income in FICC. Equities income
increased 25% to £883m, driven by growth in Derivatives, Cash and Prime
financing balances, additionally supported by a £125m fair value gain on Visa
B shares. FICC income decreased 21% to £1,404m, reflecting lower client
activity in Macro and the non-repeat of inflation benefit from prior year,
partially offset by strong performance in securitised products
- Investment Banking income decreased 3% to £1,041m
- Investment Banking fee income increased 2% to £617m driven by Equity
and Debt capital markets. Equity and Debt capital markets fees increased 36%
and 18% respectively, reflecting improved fee pool and market share(1) with
Advisory income decreasing 30% against a strong prior year comparator(2)
- International Corporate Bank income decreased 11% to £424m, mainly
driven by Transaction banking which decreased 13% to £382m due to margin
compression as customers migrate to higher interest returning products whilst
total deposit balances remained stable and lower liquidity pool income.
Corporate lending income increased to £42m (Q123: £33m) mainly from lower
costs of hedging
• Total operating expenses decreased 2% to £1,999m reflecting
efficiency savings, partially offset by the impact of the BoE levy scheme and
the impact of inflation
• Credit impairment net release of £10m (Q123: £25m charge), driven by
the improved macroeconomic outlook and the benefit of credit protection with
limited single name charges in the period
Balance sheet - 31 March 2024 compared to 31 December 2023
• RWAs increased to £200.4bn (December 2023: £197.3bn) driven by
expected seasonal activity across Global Markets and Investment Banking
1 Data source: Dealogic for the period covering 1 January to 31 March 2024.
2 On a comparable basis, period covering 2014-Q124.
Barclays US Consumer Bank Three months ended
31.03.24 31.03.23
Income statement information £m £m % Change
Net interest income 688 634 9
Net fee, commission and other income 171 192 (11)
Total income 859 826 4
Operating costs (387) (427) 9
UK regulatory levies - -
Litigation and conduct (3) -
Total operating expenses (390) (427) 9
Other net income - -
Profit before impairment 469 399 18
Credit impairment charges (410) (321) (28)
Profit before tax 59 78 (24)
Attributable profit 44 59 (25)
Performance measures
Return on average allocated tangible equity 5.3% 7.5%
Average allocated tangible equity (£bn) 3.3 3.1
Cost: income ratio 46% 52%
Loan loss rate (bps) 610 515
Net interest margin 11.12% 10.97%
As at 31.03.24 As at 31.12.23 As at 31.03.23
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 23.6 24.2 22.5
Deposits at amortised cost 20.3 19.7 18.1
Risk weighted assets 23.9 24.8 22.5
Period end allocated tangible equity 3.3 3.4 3.1
USCB delivered a RoTE of 5.3%, with growth in cards balances, and sold
c.£0.9bn ($1.1bn) of the outstanding credit card receivables to Blackstone,
which reduced our capital requirements.
Income statement - Q124 compared to Q123
• Profit before tax was £59m (Q123: £78m) with a RoTE of 5.3% (Q123:
7.5%)
• Total income increased 4% to £859m. NII increased of 9% to £688m
reflecting higher cards balances. Net fee, commission and other income
decreased 11% to £171m as increased profit drove a higher partner profit
share
• Total operating expenses decreased 9% to £390m, driven by efficiency
savings and lower marketing costs
• Credit impairment charges increased to £410m (Q123: £321m), driven
by the anticipated higher delinquencies, which led to higher coverage ratios.
30 and 90 day arrears were 3.1% (Q123: 2.3%) and 1.7% (Q123: 1.2%)
respectively. The US cards total coverage ratio was 11.0% (December 2023:
10.2%)
Balance sheet - 31 March 2024 compared to 31 December 2023
• RWAs decreased to £23.9bn (December 2023: £24.8bn), reflecting the
Blackstone sale and the seasonal decline in receivables
Head Office Three months ended
31.03.24 31.03.23
Income statement information £m £m % Change
Net interest income 186 150 24
Net fee, commission and other income 8 8 -
Total income 194 159 22
Operating costs (211) (206) (2)
UK regulatory levies - -
Litigation and conduct (44) (1)
Total operating expenses (255) (205)
Other net income/(expenses) 12 (5)
Loss before impairment (49) (51) 4
Credit impairment charges (40) (38) (5)
Loss before tax (89) (89) -
Attributable loss (59) (86) 31
Performance measures
Average allocated tangible equity (£bn) 2.8 1.2
As at 31.03.24 As at 31.12.23 As at 31.03.23
Balance sheet information £bn £bn £bn
Risk weighted assets 20.2 19.0 15.6
Period end allocated tangible equity 3.0 3.6 1.1
Income statement - Q124 compared to Q123
• Loss before tax was £89m (Q123: £89m)
• Total income increased to £194m (Q123: £159m) driven by a gain on
disposal of a legacy investment and increased German cards income, partially
offset by lower Payments income, hedge accounting and treasury items
• Total operating expenses increased to £255m (Q123: £205m) driven by
higher litigation and conduct charges
• Credit impairment charges were £40m (Q123: £38m), reflecting stable
credit performance
Balance sheet - 31 March 2024 compared to 31 December 2023
• RWAs increased to £20.2bn (December 2023: £19.0bn)
Quarterly Results Summary
Barclays Group
Q124 Q423 Q323 Q223 Q123 Q422 Q322 Q222
Income statement information £m £m £m £m £m £m £m £m
Net interest income 3,072 3,139 3,247 3,270 3,053 2,741 3,068 2,422
Net fee, commission and other income 3,881 2,459 3,011 3,015 4,184 3,060 2,883 4,286
Total income 6,953 5,598 6,258 6,285 7,237 5,801 5,951 6,708
Operating costs (3,998) (4,735) (3,949) (3,919) (4,111) (3,748) (3,939) (3,682)
UK regulatory levies (120) (180) - - - (176) - -
Litigation and conduct (57) (5) - (33) 1 (79) 339 (1,334)
Total operating expenses (4,175) (4,920) (3,949) (3,952) (4,110) (4,003) (3,600) (5,016)
Other net income/(expenses) 12 (16) 9 3 (5) 10 (1) 7
Profit before impairment 2,790 662 2,318 2,336 3,122 1,808 2,350 1,699
Credit impairment charges (513) (552) (433) (372) (524) (498) (381) (200)
Profit before tax 2,277 110 1,885 1,964 2,598 1,310 1,969 1,499
Tax (charges)/credit (465) 23 (343) (353) (561) 33 (249) (209)
Profit after tax 1,812 133 1,542 1,611 2,037 1,343 1,720 1,290
Non-controlling interests (3) (25) (9) (22) (8) (22) (2) (20)
Other equity instrument holders (259) (219) (259) (261) (246) (285) (206) (199)
Attributable profit/(loss) 1,550 (111) 1,274 1,328 1,783 1,036 1,512 1,071
Performance measures
Return on average tangible shareholders' equity 12.3% (0.9)% 11.0% 11.4% 15.0% 8.9% 12.5% 8.7%
Average tangible shareholders' equity (£bn) 50.5 48.9 46.5 46.7 47.6 46.7 48.6 49.0
Cost: income ratio 60% 88% 63% 63% 57% 69% 60% 75%
Loan loss rate (bps) 51 54 42 37 52 49 36 20
Basic earnings per ordinary share 10.3p (0.7)p 8.3p 8.6p 11.3p 6.5p 9.4p 6.4p
Basic weighted average number of shares (m) 14,983 15,092 15,405 15,523 15,770 15,828 16,148 16,684
Period end number of shares (m) 15,091 15,155 15,239 15,556 15,701 15,871 15,888 16,531
Period end tangible shareholders' equity (£bn) 50.6 50.2 48.2 45.3 47.3 46.8 45.4 49.0
Balance sheet and capital management(1) £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 332.1 333.3 339.6 337.4 343.6 343.3 346.3 337.2
Loans and advances to banks at amortised cost 8.5 9.5 11.5 10.9 11.0 10.0 12.5 12.5
Debt securities at amortised cost 57.4 56.7 54.3 53.1 48.9 45.5 54.8 46.1
Loans and advances at amortised cost 397.9 399.5 405.4 401.4 403.5 398.8 413.7 395.8
Loans and advances at amortised cost impairment coverage ratio 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4%
Total assets 1,577.1 1,477.5 1,591.7 1,549.7 1,539.1 1,513.7 1,726.9 1,589.2
Deposits at amortised cost 552.3 538.8 561.3 554.7 555.7 545.8 574.4 568.7
Tangible net asset value per share 335p 331p 316p 291p 301p 295p 286p 297p
Common equity tier 1 ratio 13.5% 13.8% 14.0% 13.8% 13.6% 13.9% 13.8% 13.6%
Common equity tier 1 capital 47.1 47.3 48.0 46.6 46.0 46.9 48.6 46.7
Risk weighted assets 349.6 342.7 341.9 336.9 338.4 336.5 350.8 344.5
UK leverage ratio 4.9% 5.2% 5.0% 5.1% 5.1% 5.3% 5.0% 5.1%
UK leverage exposure 1,226.5 1,168.3 1,202.4 1,183.7 1,168.9 1,130.0 1,232.1 1,151.2
Funding and liquidity
Group liquidity pool (£bn) 323.5 298.1 335.0 330.7 333.0 318.0 325.8 342.5
Liquidity coverage ratio(2) 163% 161% 159% 157% 157% 156% 156% 157%
Net stable funding ratio(3) 136% 138% 138% 139% 139% 137%
Loan: deposit ratio 72% 74% 72% 72% 73% 73% 72% 70%
1 Refer to pages 31 to 35 for further information on how capital, RWAs and
leverage are calculated.
2 The Liquidity Coverage Ratio is based on the average of the last 12 spot month
end ratios. Prior period LCR comparatives have been updated for consistency.
3 Represents average of the last four spot quarter end positions.
Quarterly Results by Business
Barclays UK
Q124 Q423 Q323 Q223 Q123 Q422 Q322 Q222
Income statement information £m £m £m £m £m £m £m £m
Net interest income 1,549 1,575 1,578 1,660 1,618 1,600 1,561 1,393
Net fee, commission and other income 277 217 295 301 343 370 355 331
Total income 1,826 1,792 1,873 1,961 1,961 1,970 1,916 1,724
Operating costs (1,007) (1,153) (1,058) (1,090) (1,092) (1,108) (1,069) (1,085)
UK regulatory levies (54) (30) - - - (26) - -
Litigation and conduct (2) (4) 9 5 (2) (13) (3) (16)
Total operating expenses (1,063) (1,187) (1,049) (1,085) (1,094) (1,147) (1,072) (1,101)
Other net income/(expenses) - - - - - 1 (1) -
Profit before impairment 763 605 824 876 867 824 843 623
Credit impairment charges (58) (37) (59) (95) (113) (157) (81) -
Profit before tax 705 568 765 781 754 667 762 623
Attributable profit 479 382 531 534 515 474 549 458
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 200.8 202.8 204.9 206.8 208.2 205.1 205.1 205.9
Customer deposits at amortised cost 237.2 241.1 243.2 249.8 254.3 258.0 261.0 261.5
Loan: deposit ratio 92% 92% 92% 90% 90% 87% 86% 85%
Risk weighted assets 76.5 73.5 73.2 73.0 74.6 73.1 73.2 72.2
Period end allocated tangible equity 10.7 10.2 10.1 10.1 10.3 10.1 10.1 9.9
Performance measures
Return on average allocated tangible equity 18.5% 14.9% 21.0% 20.9% 20.0% 18.7% 22.1% 18.4%
Average allocated tangible equity (£bn) 10.4 10.2 10.1 10.2 10.3 10.2 9.9 10.0
Cost: income ratio 58% 66% 56% 55% 56% 58% 56% 64%
Loan loss rate (bps) 11 7 10 17 20 27 14 -
Net interest margin 3.09% 3.07% 3.04% 3.22% 3.18% 3.10% 3.01% 2.71%
Analysis of Barclays UK Q124 Q423 Q323 Q223 Q123 Q422 Q322 Q222
Analysis of total income £m £m £m £m £m £m £m £m
Personal Banking 1,128 1,067 1,165 1,244 1,253 1,229 1,212 1,077
Barclaycard Consumer UK 229 242 238 237 247 269 283 265
Business Banking 469 483 470 480 461 472 421 382
Total income 1,826 1,792 1,873 1,961 1,961 1,970 1,916 1,724
Analysis of credit impairment charges
Personal Banking (14) 35 (85) (92) (28) (120) (26) (42)
Barclaycard Consumer UK (38) (73) 29 (35) (83) (12) 2 84
Business Banking (6) 1 (3) 32 (2) (25) (57) (42)
Total credit impairment charges (58) (37) (59) (95) (113) (157) (81) -
Analysis of loans and advances to customers at amortised cost £bn £bn £bn £bn £bn £bn £bn £bn
Personal Banking 169.0 170.1 172.3 173.3 173.6 169.7 168.7 167.1
Barclaycard Consumer UK 9.8 9.7 9.6 9.3 9.0 9.2 9.0 8.8
Business Banking 22.0 23.0 23.0 24.2 25.6 26.2 27.4 30.0
Total loans and advances to customers at amortised cost 200.8 202.8 204.9 206.8 208.2 205.1 205.1 205.9
Analysis of customer deposits at amortised cost
Personal Banking 183.4 185.4 186.1 191.1 194.3 195.6 197.3 197.0
Barclaycard Consumer UK - - - - - - - -
Business Banking 53.8 55.7 57.1 58.7 60.0 62.4 63.7 64.5
Total customer deposits at amortised cost 237.2 241.1 243.2 249.8 254.3 258.0 261.0 261.5
Barclays UK Corporate Bank
Q124 Q423 Q323 Q223 Q123 Q422 Q322 Q222
Income statement information £m £m £m £m £m £m £m £m
Net interest income 277 247 304 299 310 324 309 266
Net fee, commission, trading and other income 157 148 136 173 153 153 124 139
Total income 434 395 440 472 463 477 433 405
Operating costs (221) (258) (224) (213) (210) (213) (209) (198)
UK regulatory levies (30) (8) - - - (7) - -
Litigation and conduct - (1) 2 - - - - -
Total operating expenses (251) (267) (222) (213) (210) (220) (209) (198)
Other net (expenses)/income - (5) - 1 1 1 - -
Profit before impairment 183 123 218 260 254 258 224 207
Credit impairment (charges)/releases (15) (18) (15) 84 (24) (52) 32 29
Profit before tax 168 105 203 344 230 206 256 236
Attributable profit 113 59 129 239 157 131 172 166
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 25.7 26.4 26.9 26.9 27.2 26.9 27.2 27.1
Deposits at amortised cost 81.7 84.9 82.7 82.6 83.6 84.4 86.1 87.1
Risk weighted assets 21.4 20.9 19.5 20.6 20.2 21.1 20.4 21.0
Period end allocated tangible equity 3.0 3.0 2.8 2.9 2.9 3.0 2.9 3.0
Performance measures
Return on average allocated tangible equity 15.2% 8.4% 18.3% 32.9% 21.7% 17.8% 23.4% 22.3%
Average allocated tangible equity (£bn) 3.0 2.8 2.8 2.9 2.9 2.9 2.9 3.0
Cost: income ratio 58% 68% 50% 45% 45% 46% 48% 49%
Loan loss rate (bps) 23 27 21 (123) 36 74 (45) (42)
Analysis of total income £m £m £m £m £m £m £m £m
Corporate lending 72 64 69 68 61 66 56 63
Transaction banking 362 331 371 404 402 411 377 342
Total income 434 395 440 472 463 477 433 405
Barclays Private Bank and Wealth Management
Q124 Q423 Q323 Q223 Q123 Q422 Q322 Q222
Income statement information £m £m £m £m £m £m £m £m
Net interest income 175 182 219 186 181 205 197 167
Net fee, commission and other income 137 131 118 113 78 81 72 78
Total income 312 313 337 299 259 286 269 245
Operating costs (214) (255) (214) (182) (144) (153) (135) (138)
UK regulatory levies (3) (4) - - - (4) - -
Litigation and conduct - 2 - - - - - -
Total operating expenses (217) (257) (214) (182) (144) (157) (135) (138)
Other net income - - - - - - - -
Profit before impairment 95 56 123 117 115 129 134 107
Credit impairment releases/(charges) - 4 2 (7) (3) (10) - 3
Profit before tax 95 60 125 110 112 119 134 110
Attributable profit 74 47 102 91 90 92 108 85
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 13.7 13.6 13.4 13.8 14.3 14.4 14.6 14.3
Deposits at amortised cost 61.9 60.3 59.7 59.2 60.8 62.3 62.9 59.1
Risk weighted assets 7.2 7.2 7.2 7.2 7.5 7.8 7.9 7.4
Period end allocated tangible equity 1.0 1.0 1.0 1.0 1.0 1.1 1.1 1.0
Client assets and liabilities 189.1 182.9 178.7 174.1 141.5 139.4 138.4 131.2
Performance measures
Return on average allocated tangible equity 28.7% 19.1% 41.2% 35.9% 34.5% 34.9% 41.7% 33.5%
Average allocated tangible equity (£bn) 1.0 1.0 1.0 1.0 1.0 1.1 1.0 1.0
Cost: income ratio 70% 82% 63% 61% 56% 55% 50% 56%
Loan loss rate (bps) - (10) (7) 20 7 26 1 (7)
Barclays Investment Bank
Q124 Q423 Q323 Q223 Q123 Q422 Q322 Q222
Income statement information £m £m £m £m £m £m £m £m
Net interest income 197 282 397 555 159 228 304 147
Net trading income 1,982 757 1,497 1,351 2,435 1,197 1,346 2,734
Net fee, commission and other income 1,149 998 792 837 975 731 794 801
Total income 3,328 2,037 2,686 2,743 3,569 2,156 2,444 3,682
Operating costs (1,957) (1,934) (1,840) (1,813) (2,032) (1,619) (1,869) (1,704)
UK regulatory levies (33) (123) - - - (119) - -
Litigation and conduct (9) (2) 6 (1) 2 (55) 498 (1,314)
Total operating expenses (1,999) (2,059) (1,834) (1,814) (2,030) (1,793) (1,371) (3,018)
Other net (expenses)/income - (1) 2 - (1) 1 1 (1)
Profit/(loss) before impairment 1,329 (23) 854 929 1,538 364 1,074 663
Credit impairment releases/(charges) 10 (23) 23 (77) (25) (22) (93) (106)
Profit/(loss) before tax 1,339 (46) 877 852 1,513 342 981 557
Attributable profit/(loss) 899 (149) 580 562 1,048 313 847 418
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 64.6 62.7 62.3 59.1 63.1 64.6 67.5 60.5
Loans and advances to banks at amortised cost 7.6 7.3 9.5 9.0 9.1 8.1 10.1 10.0
Debt securities at amortised cost 40.4 38.9 36.3 35.1 30.7 27.2 36.2 29.3
Loans and advances at amortised cost 112.6 108.9 108.1 103.2 102.9 99.9 113.8 99.8
Trading portfolio assets 195.3 174.5 155.3 165.0 137.6 133.7 126.1 126.7
Derivative financial instrument assets 248.9 255.1 280.4 264.8 256.5 301.6 415.5 343.4
Financial assets at fair value through the income statement 225.1 202.5 237.2 231.1 243.8 209.4 243.6 208.0
Cash collateral and settlement balances 129.8 102.3 134.6 122.1 124.3 106.2 162.2 127.1
Deposits at amortised cost 151.1 132.7 154.2 142.9 137.3 121.5 143.4 142.5
Derivative financial instrument liabilities 241.5 249.7 268.3 254.5 246.7 288.9 394.2 321.2
Risk weighted assets 200.4 197.3 201.1 197.2 198.0 195.9 211.4 207.7
Period end allocated tangible equity 29.6 29.0 29.0 28.7 28.9 28.6 30.8 30.3
Performance measures
Return on average allocated tangible equity 12.0% (2.1)% 8.0% 7.7% 14.4% 4.0% 10.9% 5.6%
Average allocated tangible equity (£bn) 30.0 28.9 28.8 29.0 29.1 30.9 31.2 29.9
Cost: income ratio 60% 101% 68% 66% 57% 83% 56% 82%
Loan loss rate (bps) (4) 8 (8) 30 10 9 32 42
Analysis of total income £m £m £m £m £m £m £m £m
FICC 1,404 724 1,147 1,186 1,788 976 1,546 1,529
Equities 883 431 675 563 704 440 246 1,411
Global Markets 2,287 1,155 1,822 1,749 2,492 1,416 1,792 2,940
Advisory 148 171 80 130 212 197 150 236
Equity capital markets 68 38 62 69 50 40 42 37
Debt capital markets 401 301 233 273 341 243 341 281
Fees 617 510 375 472 603 480 533 554
Corporate lending 42 (23) 103 100 33 (194) (237) (110)
Transaction banking 382 395 386 422 441 454 356 298
International Corporate Banking 424 372 489 522 474 260 119 188
Investment Banking 1,041 882 864 994 1,077 740 652 742
Total income 3,328 2,037 2,686 2,743 3,569 2,156 2,444 3,682
Barclays US Consumer Bank
Q124 Q423 Q323 Q223 Q123 Q422 Q322 Q222
Income statement information £m £m £m £m £m £m £m £m
Net interest income 688 686 662 622 634 639 616 389
Net fee, commission, trading and other income 171 180 147 145 192 149 137 240
Total income 859 866 809 767 826 788 753 629
Operating costs (387) (418) (404) (401) (427) (425) (429) (365)
UK regulatory levies - - - - - - - -
Litigation and conduct (3) (2) - (4) - (3) - -
Total operating expenses (390) (420) (404) (405) (427) (428) (429) (365)
Other net income - - - - - - - -
Profit before impairment 469 446 405 362 399 360 324 264
Credit impairment charges (410) (449) (404) (264) (321) (224) (172) (108)
Profit/(loss) before tax 59 (3) 1 98 78 136 152 156
Attributable profit/(loss) 44 (3) 3 72 59 101 107 118
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 23.6 24.2 24.3 22.9 22.5 23.6 23.6 21.0
Deposits at amortised cost 20.3 19.7 19.3 17.9 18.1 18.3 19.8 17.8
Risk weighted assets 23.9 24.8 24.1 22.5 22.5 23.9 23.6 21.7
Period end allocated tangible equity 3.3 3.4 3.3 3.1 3.1 3.3 3.2 3.0
Performance measures
Return on average allocated tangible equity 5.3% (0.3)% 0.4% 9.3% 7.5% 12.6% 13.9% 18.2%
Average allocated tangible equity (£bn) 3.3 3.3 3.1 3.1 3.1 3.2 3.1 2.6
Cost: income ratio 46% 48% 50% 53% 52% 54% 57% 58%
Loan loss rate (bps) 610 636 582 411 515 337 257 179
Net interest margin 11.12% 10.88% 10.88% 10.66% 10.97% 10.64% 10.81% 8.37%
Head Office
Q124 Q423 Q323 Q223 Q123 Q422 Q322 Q222
Income statement information £m £m £m £m £m £m £m £m
Net interest income 186 168 87 (52) 150 (253) 80 61
Net fee, commission and other income 8 27 26 96 8 378 55 (38)
Total income 194 195 113 43 159 124 136 23
Operating costs (211) (717) (209) (220) (206) (230) (228) (192)
UK regulatory levies - (14) - - - (20) - -
Litigation and conduct (44) 1 (16) (32) (1) (9) (155) (4)
Total operating expenses (255) (730) (226) (253) (205) (258) (384) (196)
Other net income/(expenses) 12 (10) 7 2 (5) 7 (1) 8
Loss before impairment (49) (545) (106) (208) (51) (127) (249) (165)
Credit impairment (charges)/releases (40) (29) 20 (13) (38) (33) (67) (18)
Loss before tax (89) (574) (86) (221) (89) (160) (316) (183)
Attributable loss (59) (447) (71) (170) (86) (75) (271) (174)
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Risk weighted assets 20.2 19.0 16.8 16.4 15.6 14.7 14.3 14.5
Period end allocated tangible equity 3.0 3.6 2.0 (0.5) 1.1 0.7 (2.6) 1.9
Performance measures
Average allocated tangible equity (£bn) 2.8 2.7 0.7 0.5 1.2 (1.6) 0.5 2.5
Performance Management
Margins and balances
Three months ended 31.03.24 Three months ended 31.03.23
Net interest income Average customer assets Net interest margin Net interest income Average customer assets Net interest margin
£m £m % £m £m %
Barclays UK 1,549 201,669 3.09 1,618 206,241 3.18
Barclays UK Corporate Bank 277 22,257 5.00 310 23,151 5.42
Barclays Private Bank and Wealth Management 175 13,593 5.17 181 14,445 5.08
Barclays US Consumer Bank 688 24,880 11.12 634 23,451 10.97
Group excluding IB and Head Office 2,689 262,399 4.12 2,743 267,288 4.16
Barclays Investment Bank 197 159
Head Office 186 150
Total Barclays Group net interest income 3,072 3,053
The Group excluding IB and Head Office NIM has decreased 4bps from 4.16% in
Q123 to 4.12% in Q124, driven by adverse product dynamics in Barclays UK
deposits and mortgages, partially offset by continued structural hedge income
momentum across the Group.
The Group's combined product and equity structural hedge notional amount at 31
March 2024 was £243bn (31 December 2023: £246bn), with an average duration
of close to 2.5 years. Gross structural hedge contributions of £1,066m (Q123:
£773m) and net structural hedge contributions of £(2,097)m (Q123:
£(1,709)m) are included in Group net interest income. Gross structural hedge
contributions represent the absolute level of interest earned from the fixed
receipts on swaps in the structural hedge, while the net structural hedge
contributions represent the net interest earned on the difference between the
structural hedge rate and prevailing floating rates.
Quarterly analysis
Q124 Q423 Q323 Q223 Q123
Net interest income £m £m £m £m £m
Barclays UK 1,549 1,575 1,578 1,660 1,618
Barclays UK Corporate Bank 277 247 304 299 310
Barclays Private Bank and Wealth Management 175 182 219 186 181
Barclays US Consumer Bank 688 686 662 622 634
Group excluding IB and Head Office 2,689 2,690 2,763 2,767 2,743
Average customer assets £m £m £m £m £m
Barclays UK 201,669 203,646 205,693 207,073 206,241
Barclays UK Corporate Bank 22,257 23,354 23,225 23,094 23,151
Barclays Private Bank and Wealth Management 13,593 13,525 13,594 14,173 14,445
Barclays US Consumer Bank 24,880 25,012 24,128 23,404 23,451
Group excluding IB and Head Office 262,399 265,537 266,640 267,744 267,288
Net interest margin % % % % %
Barclays UK 3.09 3.07 3.04 3.22 3.18
Barclays UK Corporate Bank 5.00 4.19 5.19 5.19 5.42
Barclays Private Bank and Wealth Management 5.17 5.33 6.40 5.26 5.08
Barclays US Consumer Bank 11.12 10.88 10.88 10.66 10.97
Group excluding IB and Head Office 4.12 4.02 4.11 4.15 4.16
Credit Risk
Loans and advances at amortised cost by geography
Total loans and advances at amortised cost in the credit risk performance
section includes loans and advances at amortised cost to banks and loans and
advances at amortised cost to customers.
The table below presents a product and geographical breakdown by stages of
loans and advances at amortised cost. Also included are stage allocation of
debt securities and off-balance sheet loan commitments and financial guarantee
contracts by gross exposure, impairment allowance and coverage ratio as at 31
March 2024.
Impairment allowance under IFRS 9 considers both the drawn and the undrawn
counterparty exposure. For retail portfolios, the total impairment allowance
is allocated to gross loans and advances to the extent allowance does not
exceed the drawn exposure and any excess is reported on the liabilities side
of the balance sheet as a provision. For corporate portfolios, impairment
allowance on undrawn exposure is reported on the liability side of the balance
sheet as a provision.
Gross exposure Impairment allowance
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
As at 31.03.24 £m £m £m £m £m £m £m £m
Retail mortgages 144,156 20,168 1,702 166,026 41 79 94 214
Retail credit cards 8,214 2,083 200 10,497 115 475 97 687
Retail other 6,959 1,229 196 8,384 56 116 144 316
Corporate loans(1) 52,204 8,264 1,618 62,086 179 214 336 729
Total UK 211,533 31,744 3,716 246,993 391 884 671 1,946
Retail mortgages 4,086 366 652 5,104 7 31 314 352
Retail credit cards 21,131 3,385 1,708 26,224 395 1,109 1,374 2,878
Retail other 1,560 79 202 1,841 3 1 27 31
Corporate loans 61,022 4,128 957 66,107 93 175 271 539
Total Rest of the World 87,799 7,958 3,519 99,276 498 1,316 1,986 3,800
Total loans and advances at amortised cost 299,332 39,702 7,235 346,269 889 2,200 2,657 5,746
Debt securities at amortised cost 53,478 3,941 - 57,419 10 10 - 20
Total loans and advances at amortised cost including debt securities 352,810 43,643 7,235 403,688 899 2,210 2,657 5,766
Off-balance sheet loan commitments and financial guarantee contracts(2) 386,834 21,184 1,025 409,043 196 289 23 508
Total(3,4) 739,644 64,827 8,260 812,731 1,095 2,499 2,680 6,274
Net exposure Coverage ratio
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
As at 31.03.24 £m £m £m £m % % % %
Retail mortgages 144,115 20,089 1,608 165,812 - 0.4 5.5 0.1
Retail credit cards 8,099 1,608 103 9,810 1.4 22.8 48.5 6.5
Retail other 6,903 1,113 52 8,068 0.8 9.4 73.5 3.8
Corporate loans(1) 52,025 8,050 1,282 61,357 0.3 2.6 20.8 1.2
Total UK 211,142 30,860 3,045 245,047 0.2 2.8 18.1 0.8
Retail mortgages 4,079 335 338 4,752 0.2 8.5 48.2 6.9
Retail credit cards 20,736 2,276 334 23,346 1.9 32.8 80.4 11.0
Retail other 1,557 78 175 1,810 0.2 1.3 13.4 1.7
Corporate loans 60,929 3,953 686 65,568 0.2 4.2 28.3 0.8
Total Rest of the World 87,301 6,642 1,533 95,476 0.6 16.5 56.4 3.8
Total loans and advances at amortised cost 298,443 37,502 4,578 340,523 0.3 5.5 36.7 1.7
Debt securities at amortised cost 53,468 3,931 - 57,399 - 0.3 - -
Total loans and advances at amortised cost including debt securities 351,911 41,433 4,578 397,922 0.3 5.1 36.7 1.4
Off-balance sheet loan commitments and financial guarantee contracts(2) 386,638 20,895 1,002 408,535 0.1 1.4 2.2 0.1
Total(3,4) 738,549 62,328 5,580 806,457 0.1 3.9 32.4 0.8
1 Includes Business Banking, which has a gross exposure of £14.6bn and an
impairment allowance of £411m. This comprises £91m impairment allowance on
£9.7bn Stage 1 exposure, £76m on £3.7bn Stage 2 exposure and £244m on
£1.3bn Stage 3 exposure. Excluding this, total coverage for corporate loans
in UK is 0.7%.
2 Excludes loan commitments and financial guarantees of £15.4bn carried at fair
value and includes exposures relating to financial assets classified as assets
held for sale.
3 Other financial assets subject to impairment not included in the table above
include cash collateral and settlement balances, financial assets at fair
value through other comprehensive income and other assets. These have a total
gross exposure of £220.1bn and impairment allowance of £150m. This comprises
£17m impairment allowance on £219.5bn Stage 1 exposure, £2m on £0.4bn
Stage 2 exposure and £131m on £141m Stage 3 exposure.
4 The annualised loan loss rate is 51bps after applying the total impairment
charge of £513m.
Gross exposure Impairment allowance
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
As at 31.12.23 £m £m £m £m £m £m £m £m
Retail mortgages 146,001 19,123 1,812 166,936 43 77 112 232
Retail credit cards 8,094 2,128 198 10,420 111 492 107 710
Retail other 6,832 1,252 264 8,348 56 117 144 317
Corporate loans(1) 54,257 8,673 1,692 64,622 191 214 346 751
Total UK 215,184 31,176 3,966 250,326 401 900 709 2,010
Retail mortgages 4,201 346 612 5,159 7 28 316 351
Retail credit cards 22,315 3,450 1,522 27,287 412 1,138 1,226 2,776
Retail other 1,637 91 229 1,957 3 1 32 36
Corporate loans 58,248 4,629 862 63,739 96 200 252 548
Total Rest of the World 86,401 8,516 3,225 98,142 518 1,367 1,826 3,711
Total loans and advances at amortised cost 301,585 39,692 7,191 348,468 919 2,267 2,535 5,721
Debt securities 52,869 3,907 - 56,776 11 16 - 27
Total loans and advances at amortised cost including debt securities 354,454 43,599 7,191 405,244 930 2,283 2,535 5,748
Off-balance sheet loan commitments and financial guarantee contracts(2) 374,063 24,208 1,037 399,308 173 287 44 504
Total(3,4) 728,517 67,807 8,228 804,552 1,103 2,570 2,579 6,252
Net exposure Coverage ratio
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
As at 31.12.23 £m £m £m £m % % % %
Retail mortgages 145,958 19,046 1,700 166,704 - 0.4 6.2 0.1
Retail credit cards 7,983 1,636 91 9,710 1.4 23.1 54.0 6.8
Retail other 6,776 1,135 120 8,031 0.8 9.3 54.5 3.8
Corporate loans(1) 54,066 8,459 1,346 63,871 0.4 2.5 20.4 1.2
Total UK 214,783 30,276 3,257 248,316 0.2 2.9 17.9 0.8
Retail mortgages 4,194 318 296 4,808 0.2 8.1 51.6 6.8
Retail credit cards 21,903 2,312 296 24,511 1.8 33.0 80.6 10.2
Retail other 1,634 90 197 1,921 0.2 1.1 14.0 1.8
Corporate loans 58,152 4,429 610 63,191 0.2 4.3 29.2 0.9
Total Rest of the World 85,883 7,149 1,399 94,431 0.6 16.1 56.6 3.8
Total loans and advances at amortised cost 300,666 37,425 4,656 342,747 0.3 5.7 35.3 1.6
Debt securities 52,858 3,891 - 56,749 - 0.4 - -
Total loans and advances at amortised cost including debt securities 353,524 41,316 4,656 399,496 0.3 5.2 35.3 1.4
Off-balance sheet loan commitments and financial guarantee contracts(2) 373,890 23,921 993 398,804 - 1.2 4.2 0.1
Total(3,4) 727,414 65,237 5,649 798,300 0.2 3.8 31.3 0.8
1 Includes Business Banking, which has a gross exposure of £15.2bn and an
impairment allowance of £431m. This comprises £99m impairment allowance on
£9.8bn Stage 1 exposure, £81m on £4.1bn Stage 2 exposure and £251m on
£1.3bn Stage 3 exposure. Excluding this, total coverage for corporate loans
in UK is 0.6%.
2 Excludes loan commitments and financial guarantees of £16.5bn carried at fair
value and includes exposures relating to financial assets classified as assets
held for sale.
3 Other financial assets subject to impairment not included in the table above
include cash collateral and settlement balances, financial assets at fair
value through other comprehensive income and other assets. These have a total
gross exposure of £183.6bn and impairment allowance of £151m. This comprises
£16m impairment allowance on £182.8bn Stage 1 exposure, £2m on £0.6bn
Stage 2 exposure and £133m on £140m Stage 3 exposure.
4 The annualised loan loss rate is 46bps after applying the total impairment
charge of £1,881m.
Assets held for sale
During 2023, gross loans and advances and related impairment allowances for
the German consumer finance business portfolio were reclassified from loans
and advances to customers to assets held for sale in the balance sheet.
Loans and advances to customers classified as assets held for sale
Stage 1 Stage 2 Stage 3 Total
Gross ECL Coverage Gross ECL Coverage Gross ECL Coverage Gross ECL Coverage
As at 31.03.24 £m £m % £m £m % £m £m % £m £m %
Retail credit cards 1,555 14 0.9 504 45 8.9 94 70 74.5 2,153 129 6.0
Retail other 1,432 20 1.4 285 36 12.6 82 58 70.7 1,799 114 6.3
Total Rest of the World 2,987 34 1.1 789 81 10.3 176 128 72.7 3,952 243 6.1
As at 31.12.23
Retail credit cards 1,621 15 0.9 445 41 9.2 92 68 73.9 2,158 124 5.7
Retail other 1,561 20 1.3 288 32 11.1 84 60 71.4 1,933 112 5.8
Total Rest of the World 3,182 35 1.1 733 73 10.0 176 128 72.7 4,091 236 5.8
Loans and advances at amortised cost by product
The table below presents a product breakdown by stages of loans and advances
at amortised cost. Also included is a breakdown of Stage 2 past due balances.
Stage 2
As at 31.03.24 Stage 1 Not past due <=30 days past due >30 days past due Total Stage 3 Total
Gross exposure £m £m £m £m £m £m £m
Retail mortgages 148,242 17,741 1,992 801 20,534 2,354 171,130
Retail credit cards 29,345 4,759 394 315 5,468 1,908 36,721
Retail other 8,519 1,063 153 92 1,308 398 10,225
Corporate loans 113,226 12,095 149 148 12,392 2,575 128,193
Total 299,332 35,658 2,688 1,356 39,702 7,235 346,269
Impairment allowance
Retail mortgages 48 75 17 18 110 408 566
Retail credit cards 510 1,224 164 196 1,584 1,471 3,565
Retail other 59 81 18 18 117 171 347
Corporate loans 272 372 8 9 389 607 1,268
Total 889 1,752 207 241 2,200 2,657 5,746
Net exposure
Retail mortgages 148,194 17,666 1,975 783 20,424 1,946 170,564
Retail credit cards 28,835 3,535 230 119 3,884 437 33,156
Retail other 8,460 982 135 74 1,191 227 9,878
Corporate loans 112,954 11,723 141 139 12,003 1,968 126,925
Total 298,443 33,906 2,481 1,115 37,502 4,578 340,523
Coverage ratio % % % % % % %
Retail mortgages - 0.4 0.9 2.2 0.5 17.3 0.3
Retail credit cards 1.7 25.7 41.6 62.2 29.0 77.1 9.7
Retail other 0.7 7.6 11.8 19.6 8.9 43.0 3.4
Corporate loans 0.2 3.1 5.4 6.1 3.1 23.6 1.0
Total 0.3 4.9 7.7 17.8 5.5 36.7 1.7
As at 31.12.23
Gross exposure £m £m £m £m £m £m £m
Retail mortgages 150,202 16,834 1,971 664 19,469 2,424 172,095
Retail credit cards 30,409 4,858 392 328 5,578 1,720 37,707
Retail other 8,469 1,094 126 123 1,343 493 10,305
Corporate loans 112,505 12,960 179 163 13,302 2,554 128,361
Total 301,585 35,746 2,668 1,278 39,692 7,191 348,468
Impairment allowance
Retail mortgages 50 73 20 12 105 428 583
Retail credit cards 523 1,257 166 207 1,630 1,333 3,486
Retail other 59 82 18 18 118 176 353
Corporate loans 287 399 8 7 414 598 1,299
Total 919 1,811 212 244 2,267 2,535 5,721
Net exposure
Retail mortgages 150,152 16,761 1,951 652 19,364 1,996 171,512
Retail credit cards 29,886 3,601 226 121 3,948 387 34,221
Retail other 8,410 1,012 108 105 1,225 317 9,952
Corporate loans 112,218 12,561 171 156 12,888 1,956 127,062
Total 300,666 33,935 2,456 1,034 37,425 4,656 342,747
Coverage ratio % % % % % % %
Retail mortgages - 0.4 1.0 1.8 0.5 17.7 0.3
Retail credit cards 1.7 25.9 42.3 63.1 29.2 77.5 9.2
Retail other 0.7 7.5 14.3 14.6 8.8 35.7 3.4
Corporate loans 0.3 3.1 4.5 4.3 3.1 23.4 1.0
Total 0.3 5.1 7.9 19.1 5.7 35.3 1.6
Measurement uncertainty
Scenarios used to calculate the Group's expected credit losses charge were
refreshed in Q124 with the Baseline scenario reflecting the latest consensus
macroeconomic forecasts available at the time of the scenario refresh. In the
Baseline scenario, GDP growth remains weak in the coming quarters and beyond
as restrictive monetary policies, which impact economies with a lag, continue
to restrain growth. Having peaked in 2022, consumer price inflation in the UK
and the euro area eases back to around 2% in 2024. In the US, this adjustment
takes a few additional quarters. The UK unemployment rate rises over 2024, and
then remains in the 4.5-5.0% range. US unemployment rises to 4.2% at Q324 and
then stabilises. With the significant decline in inflationary pressures, major
central banks begin to cut rates in Q224. UK house prices remain weak in 2024
before stabilising and resuming the upward trend from 2025. The housing market
in the US remains more resilient, with house prices continuing to grow.
In the Downside 2 scenario, inflationary pressures are assumed to intensify
again, mainly driven by strong wage growth. Central banks raise rates further,
with the UK bank rate and the US federal funds rate each reaching 8.5% in
Q424. Major economies experience a rapid tightening of financial conditions
alongside a significant increase in market volatility resulting in a sharp
repricing of assets and higher credit losses. Central banks are forced to cut
interest rates aggressively. Falling demand reduces UK and US GDP and headline
inflation drops significantly. In the Upside 2 scenario, a rise in labour
force participation and higher productivity contribute to accelerated economic
growth without creating new inflationary pressures. With inflation continuing
to fall, central banks lower interest rates, further stimulating aggregate
demand, leading to reduced unemployment and GDP growth.
The methodology for estimating scenario probability weights involves
simulating a range of future paths for UK and US GDP using historical data
with the five scenarios mapped against the distribution of these future paths.
The median is centred around the Baseline with scenarios further from the
Baseline attracting a lower weighting before the five weights are normalised
to total 100%. The increases in the Upside scenario weightings were driven by
the improvement in GDP in the Baseline scenario, bringing the Baseline
scenario closer to the Upside scenarios. For further details see page 30.
The following tables show the key macroeconomic variables used in the five
scenarios (5 year annual paths) and the probability weights applied to each
scenario.
Macroeconomic variables used in the calculation of ECL
As at 31.03.24 2024 2025 2026 2027 2028
Baseline % % % % %
UK GDP(1) 0.1 1.2 1.6 1.7 1.7
UK unemployment(2) 4.6 4.6 4.6 4.7 4.9
UK HPI(3) (1.4) 0.8 3.4 3.7 3.7
UK bank rate 4.9 3.9 3.6 3.5 3.5
US GDP(1) 1.9 1.6 1.9 1.9 1.9
US unemployment(4) 4.1 4.2 4.2 4.2 4.2
US HPI(5) 3.4 3.0 3.3 3.3 3.3
US federal funds rate 5.0 3.9 3.8 3.8 3.8
Downside 2
UK GDP(1) (0.9) (3.4) 1.8 1.8 1.2
UK unemployment(2) 4.7 7.4 6.6 5.4 5.1
UK HPI(3) (8.6) (22.9) 9.7 13.9 7.0
UK bank rate 6.8 2.1 1.0 1.0 1.0
US GDP(1) 1.0 (3.0) 2.6 2.3 1.7
US unemployment(4) 4.6 6.9 6.1 5.2 4.9
US HPI(5) (2.5) (9.2) 4.9 7.6 4.7
US federal funds rate 6.6 2.4 1.5 1.5 1.5
Downside 1
UK GDP(1) (0.4) (1.2) 1.7 1.8 1.5
UK unemployment(2) 4.6 6.0 5.6 5.1 5.0
UK HPI(3) (5.0) (11.6) 6.5 8.7 5.4
UK bank rate 5.8 3.0 2.3 2.3 2.3
US GDP(1) 1.4 (0.7) 2.2 2.1 1.8
US unemployment(4) 4.4 5.5 5.2 4.7 4.6
US HPI(5) 0.4 (3.2) 4.1 5.4 4.0
US federal funds rate 5.8 3.2 2.6 2.6 2.6
Upside 2
UK GDP(1) 1.1 4.0 3.1 2.5 2.3
UK unemployment(2) 4.1 3.6 3.6 3.6 3.6
UK HPI(3) 8.0 11.0 5.8 3.4 3.0
UK bank rate 4.7 2.9 2.5 2.5 2.5
US GDP(1) 2.7 3.2 2.8 2.8 2.8
US unemployment(4) 3.7 3.6 3.5 3.5 3.5
US HPI(5) 6.0 3.9 4.7 4.6 4.6
US federal funds rate 4.8 3.1 2.8 2.8 2.8
Upside 1
UK GDP(1) 0.6 2.6 2.3 2.1 2.0
UK unemployment(2) 4.3 4.1 4.1 4.2 4.3
UK HPI(3) 3.3 5.8 4.6 3.6 3.3
UK bank rate 4.8 3.4 3.1 3.0 3.0
US GDP(1) 2.3 2.4 2.4 2.4 2.4
US unemployment(4) 3.9 3.9 3.9 3.9 3.9
US HPI(5) 4.7 3.4 4.0 3.9 3.9
US federal funds rate 4.9 3.5 3.3 3.3 3.3
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax All Houses, All Buyers index, relative to
prior year end.
4 Average US civilian unemployment rate 16-year+.
5 Change in year end US HPI = FHFA House Price Index, relative to prior year
end.
As at 31.12.23 2023 2024 2025 2026 2027
Baseline % % % % %
UK GDP(1) 0.5 0.3 1.2 1.6 1.6
UK unemployment(2) 4.2 4.7 4.7 4.8 5.0
UK HPI(3) (3.3) (5.1) 0.7 3.1 5.3
UK bank rate 4.7 4.9 4.1 3.8 3.5
US GDP(1) 2.4 1.3 1.7 1.9 1.9
US unemployment(4) 3.7 4.3 4.3 4.3 4.3
US HPI(5) 5.4 3.4 3.0 3.3 3.3
US federal funds rate 5.1 5.0 3.9 3.8 3.8
Downside 2
UK GDP(1) 0.5 (1.5) (2.6) 2.4 1.6
UK unemployment(2) 4.2 5.2 7.9 6.3 5.5
UK HPI(3) (3.3) (19.3) (16.8) 14.5 12.4
UK bank rate 4.7 6.6 1.3 1.0 1.0
US GDP(1) 2.4 (0.6) (2.0) 3.1 2.0
US unemployment(4) 3.7 5.2 7.2 5.9 5.2
US HPI(5) 5.4 (6.5) (5.7) 7.2 6.4
US federal funds rate 5.1 6.3 1.8 1.5 1.5
Downside 1
UK GDP(1) 0.5 (0.6) (0.7) 2.0 1.6
UK unemployment(2) 4.2 4.9 6.3 5.6 5.2
UK HPI(3) (3.3) (12.4) (8.3) 8.7 8.8
UK bank rate 4.7 5.8 2.7 2.5 2.3
US GDP(1) 2.4 0.3 (0.2) 2.5 1.9
US unemployment(4) 3.7 4.7 5.8 5.1 4.8
US HPI(5) 5.4 (1.7) (1.4) 5.2 4.8
US federal funds rate 5.1 5.7 2.9 2.8 2.8
Upside 2
UK GDP(1) 0.5 2.4 3.7 2.9 2.4
UK unemployment(2) 4.2 3.9 3.5 3.6 3.6
UK HPI(3) (3.3) 7.8 7.6 4.5 5.6
UK bank rate 4.7 4.3 2.7 2.5 2.5
US GDP(1) 2.4 2.8 3.1 2.8 2.8
US unemployment(4) 3.7 3.5 3.6 3.6 3.6
US HPI(5) 5.4 6.1 4.3 4.5 4.6
US federal funds rate 5.1 4.3 2.9 2.8 2.8
Upside 1
UK GDP(1) 0.5 1.4 2.5 2.3 2.0
UK unemployment(2) 4.2 4.3 4.1 4.2 4.3
UK HPI(3) (3.3) 1.2 4.1 3.8 5.4
UK bank rate 4.7 4.6 3.4 3.3 3.0
US GDP(1) 2.4 2.0 2.4 2.4 2.4
US unemployment(4) 3.7 3.9 3.9 4.0 4.0
US HPI(5) 5.4 4.7 3.7 3.9 3.9
US federal funds rate 5.1 4.7 3.5 3.3 3.3
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax All Houses, All Buyers index, relative to
prior year end.
4 Average US civilian unemployment rate 16-year+.
5 Change in year end US HPI = FHFA House Price Index, relative to prior year
end.
Scenario probability weighting Upside 2 Upside 1 Baseline Downside 1 Downside 2
% % % % %
As at 31.03.24
Scenario probability weighting 14.6 25.5 32.6 17.6 9.7
As at 31.12.23
Scenario probability weighting 13.8 24.7 32.4 18.3 10.8
Treasury and Capital Risk
Regulatory minimum requirements
Capital
The Group's Overall Capital Requirement for CET1 remained 12.0% comprising a
4.5% Pillar 1 minimum, a 2.5% Capital Conservation Buffer (CCB), a 1.5% Global
Systemically Important Institution (G-SII) buffer, a 2.6% Pillar 2A
requirement and a 0.9% Countercyclical Capital Buffer (CCyB).
The Group's CCyB is based on the buffer rate applicable for each jurisdiction
in which the Group has exposures. The buffer rates set by other national
authorities for non-UK exposures are not currently material.
The Group's Pillar 2A requirement as per the PRA's Individual Capital
Requirement is 4.6% of which at least 56.25% needs to be met with CET1
capital, equating to 2.6% of RWAs. The Pillar 2A requirement, based on a point
in time assessment, has been set as a proportion of RWAs and is subject to at
least annual review.
The Group's CET1 target ratio of 13-14% takes into account headroom above
requirements which includes a confidential institution-specific PRA buffer.
The Group remains above its minimum capital regulatory requirements including
the PRA buffer.
Leverage
The Group is subject to a UK leverage ratio requirement of 4.1%. This
comprises the 3.25% minimum requirement, a G-SII additional leverage ratio
buffer (G-SII ALRB) of 0.53% and a countercyclical leverage ratio buffer
(CCLB) of 0.3%. The Group is also required to disclose an average UK leverage
ratio which is based on capital on the last day of each month in the quarter
and an exposure measure for each day in the quarter.
MREL
The Group is required to meet the higher of: (i) two times the sum of 8%
Pillar 1 and 4.6% Pillar 2A equating to 25.2% of RWAs; and (ii) 6.75% of
leverage exposures. In addition, the higher of regulatory capital and leverage
buffers apply. CET1 capital cannot be counted towards both MREL and the
buffers, meaning that the buffers, including the above mentioned confidential
institution-specific PRA buffer, will effectively be applied above MREL
requirements.
In the disclosures that follow, references to CRR, as amended by CRR II, mean
the capital regulatory requirements, as they form part of domestic law by
virtue of the European Union (Withdrawal) Act 2018, as amended.
Capital ratios(1,2) As at 31.03.24 As at 31.12.23
CET1 13.5% 13.8%
T1 17.3% 17.7%
Total regulatory capital 19.6% 20.1%
MREL ratio as a percentage of total RWAs 33.4% 33.6%
Own funds and eligible liabilities £m £m
Total equity excluding non-controlling interests per the balance sheet 71,680 71,204
Less: other equity instruments (recognised as AT1 capital) (13,241) (13,259)
Adjustment to retained earnings for foreseeable ordinary share dividends (1,123) (795)
Adjustment to retained earnings for foreseeable repurchase of shares (796) -
Adjustment to retained earnings for foreseeable other equity coupons (46) (43)
Other regulatory adjustments and deductions
Additional value adjustments (PVA) (1,834) (1,901)
Goodwill and intangible assets (7,807) (7,790)
Deferred tax assets that rely on future profitability excluding temporary (1,558) (1,630)
differences
Fair value reserves related to gains or losses on cash flow hedges 4,049 3,707
Excess of expected losses over impairment (299) (296)
Gains or losses on liabilities at fair value resulting from own credit 378 136
Defined benefit pension fund assets (2,509) (2,654)
Direct and indirect holdings by an institution of own CET1 instruments (3) (20)
Adjustment under IFRS 9 transitional arrangements 137 288
Other regulatory adjustments 116 357
CET1 capital 47,144 47,304
AT1 capital
Capital instruments and related share premium accounts 13,263 13,263
Other regulatory adjustments and deductions (22) (60)
AT1 capital 13,241 13,203
T1 capital 60,385 60,507
T2 capital
Capital instruments and related share premium accounts 7,704 7,966
Qualifying T2 capital (including minority interests) issued by subsidiaries 401 569
Other regulatory adjustments and deductions (35) (160)
Total regulatory capital 68,455 68,882
Less : Ineligible T2 capital (including minority interests) issued by (401) (569)
subsidiaries
Eligible liabilities 48,770 46,995
Total own funds and eligible liabilities(3) 116,824 115,308
Total RWAs 349,635 342,717
1 CET1, T1 and T2 capital, and RWAs are calculated applying the transitional
arrangements of the CRR as amended by CRR II. This includes IFRS 9
transitional arrangements and the grandfathering of CRR II non-compliant
capital instruments.
2 The fully loaded CET1 ratio, as is relevant for assessing against the
conversion trigger in Barclays PLC AT1 securities, was 13.4%, with £47.0bn of
CET1 capital and £349.6bn of RWAs calculated without applying the
transitional arrangements of the CRR as amended by CRR II.
3 As at 31 March 2024, the Group's MREL requirement, excluding the PRA buffer,
was to hold £105.2bn of own funds and eligible liabilities equating to 30.1%
of RWAs. The Group remains above its MREL regulatory requirement including the
PRA buffer.
Movement in CET1 capital Three months ended 31.03.24
£m
Opening CET1 capital 47,304
Profit for the period attributable to equity holders 1,809
Own credit relating to derivative liabilities 19
Ordinary share dividends paid and foreseen (328)
Purchased and foreseeable share repurchase (1,000)
Other equity coupons paid and foreseen (262)
Increase in retained regulatory capital generated from earnings 238
Net impact of share schemes (241)
Fair value through other comprehensive income reserve (169)
Currency translation reserve 37
Other reserves 2
Decrease in other qualifying reserves (371)
Pension remeasurements within reserves (153)
Defined benefit pension fund asset deduction 145
Net impact of pensions (8)
Additional value adjustments (PVA) 67
Goodwill and intangible assets (17)
Deferred tax assets that rely on future profitability excluding those arising 72
from temporary differences
Excess of expected loss over impairment (3)
Direct and indirect holdings by an institution of own CET1 instruments 17
Adjustment under IFRS 9 transitional arrangements (151)
Other regulatory adjustments (4)
Decrease in regulatory capital due to adjustments and deductions (19)
Closing CET1 capital 47,144
CET1 capital decreased £0.2bn to £47.1bn (December 2023: £47.3bn),
primarily due to:
• £1.8bn of capital generated from profit partially offset by
distributions of £1.6bn comprising:
- £1.0bn of share buybacks announced with FY23 results
- £0.3bn accrual towards the FY24 dividend
- £0.3bn of equity coupons paid and foreseen
• £0.4bn decrease in other qualifying reserves including a reduction in
the fair value through other comprehensive reserve and vesting of shares in
employee share schemes
RWAs by risk type and business
Credit risk Counterparty credit risk Market Risk Operational risk Total RWAs
STD IRB STD IRB Settlement Risk CVA STD IMA
As at 31.03.24 £m £m £m £m £m £m £m £m £m £m
Barclays UK 10,220 54,103 184 - - 109 190 - 11,715 76,521
Barclays UK Corporate Bank 3,453 13,966 105 364 - 34 2 484 3,024 21,432
Barclays Private Bank & Wealth Management 4,678 452 173 28 - 19 - 292 1,546 7,188
Barclays Investment Bank 39,230 53,204 20,182 23,437 48 2,789 13,727 23,631 24,179 200,427
Barclays US Consumer Bank 18,817 1,001 - - - - - - 4,051 23,869
Head Office 6,409 12,535 1 18 - 4 1 187 1,043 20,198
Barclays Group 82,807 135,261 20,645 23,847 48 2,955 13,920 24,594 45,558 349,635
As at 31.12.23
Barclays UK 10,472 50,761 178 - - 94 274 - 11,715 73,494
Barclays UK Corporate Bank 3,458 13,415 262 167 - 14 2 541 3,024 20,883
Barclays Private Bank & Wealth Management 4,611 455 182 27 - 30 1 322 1,546 7,174
Barclays Investment Bank 37,749 52,190 18,512 21,873 159 3,248 14,623 24,749 24,179 197,282
Barclays US Consumer Bank 19,824 966 - - - - - - 4,051 24,841
Head Office 6,772 10,951 1 21 - 6 1 248 1,043 19,043
Barclays Group 82,886 128,738 19,135 22,088 159 3,392 14,901 25,860 45,558 342,717
Movement analysis of RWAs Credit risk Counterparty credit risk Market risk Operational risk Total RWAs
£m £m £m £m £m
Opening RWAs (as at 31.12.23) 211,624 44,774 40,761 45,558 342,717
Book size 2,968 2,567 (2,281) - 3,254
Acquisitions and disposals - - - - -
Book quality (653) (134) - - (787)
Model updates - - - - -
Methodology and policy 3,903 399 - - 4,302
Foreign exchange movements(1) 226 (111) 34 - 149
Total RWA movements 6,444 2,721 (2,247) - 6,918
Closing RWAs (as at 31.03.24) 218,068 47,495 38,514 45,558 349,635
1 Foreign exchange movements does not include the impact of foreign exchange for
modelled market risk or operational risk.
Overall RWAs increased £6.9bn to £349.6bn (December 2023: £342.7bn).
Credit risk RWAs increased £6.4bn:
• A £3.0bn increase in book size primarily driven by expected seasonal
activity in the Investment Bank
• A £3.9bn increase in methodology and policy primarily driven by
regulatory model changes in Barclays UK
Counterparty Credit risk RWAs increased £2.7bn:
• A £2.6bn increase in book size primarily due to expected seasonal
activity in Global Markets
Market risk RWAs decreased £2.2bn:
• A £2.3bn decrease in book size including a reduction of the Stressed
Value at Risk (SVaR) model adjustment as a result of changes in portfolio
composition
Leverage ratios(1,2) As at 31.03.24 As at 31.12.23
£m £m
UK leverage ratio(3) 4.9% 5.2%
T1 capital 60,385 60,507
UK leverage exposure 1,226,450 1,168,275
Average UK leverage ratio 4.7% 4.8%
Average T1 capital 60,466 60,343
Average UK leverage exposure 1,295,509 1,266,880
1 Capital and leverage measures are calculated applying the transitional
arrangements of the CRR as amended by CRR II.
2 Fully loaded UK leverage ratio was 4.9%, with £60.2bn of T1 capital and
£1,226.3bn of leverage exposure. Fully loaded average UK leverage ratio was
4.7% with £60.3bn of T1 capital and £1,295.4bn of leverage exposure. Fully
loaded UK leverage ratios are calculated without applying the transitional
arrangements of the CRR as amended by CRR II.
3 Although the leverage ratio is expressed in terms of T1 capital, the leverage
ratio buffers and 75% of the minimum requirement must be covered solely with
CET1 capital. The CET1 capital held against the 0.53% G-SII ALRB was £6.4bn
and against the 0.3% CCLB was £3.7bn.
The UK leverage ratio decreased to 4.9% (December 2023: 5.2%) primarily due to
a £58.2bn increase in leverage exposure to £1,226.5bn, largely driven by an
increase in trading securities and secured lending in Global Markets.
Condensed Consolidated Financial Statements
Condensed consolidated income statement (unaudited)
Three months ended 31.03.24 Three months ended 31.03.23
£m £m
Total income 6,953 7,237
Operating expenses excluding litigation and conduct (4,118) (4,111)
Litigation and conduct (57) 1
Operating expenses (4,175) (4,110)
Other net income/(expenses) 12 (5)
Profit before impairment 2,790 3,122
Credit impairment charges (513) (524)
Profit before tax 2,277 2,598
Tax charge (465) (561)
Profit after tax 1,812 2,037
Attributable to:
Shareholders of the parent 1,550 1,783
Other equity holders 259 246
Equity holders of the parent 1,809 2,029
Non-controlling interests 3 8
Profit after tax 1,812 2,037
Earnings per share
Basic earnings per ordinary share 10.3p 11.3p
Condensed consolidated balance sheet (unaudited)
As at 31.03.24 As at 31.12.23
Assets £m £m
Cash and balances at central banks 251,267 224,634
Cash collateral and settlement balances 137,467 108,889
Debt securities at amortised cost 57,399 56,749
Loans and advances at amortised cost to banks 8,471 9,459
Loans and advances at amortised cost to customers 332,052 333,288
Reverse repurchase agreements and other similar secured lending at amortised 2,860 2,594
cost
Trading portfolio assets 195,542 174,605
Financial assets at fair value through the income statement 228,724 206,651
Derivative financial instruments 250,869 256,836
Financial assets at fair value through other comprehensive income 78,180 71,836
Investments in associates and joint ventures 872 879
Goodwill and intangible assets 7,813 7,794
Current tax assets 252 121
Deferred tax assets 6,165 5,960
Other assets 19,185 17,192
Total assets 1,577,118 1,477,487
Liabilities
Deposits at amortised cost from banks 23,525 14,472
Deposits at amortised cost from customers 528,794 524,317
Cash collateral and settlement balances 132,604 94,084
Repurchase agreements and other similar secured borrowings at amortised cost 42,848 41,601
Debt securities in issue 108,247 96,825
Subordinated liabilities 10,543 10,494
Trading portfolio liabilities 69,951 58,669
Financial liabilities designated at fair value 326,195 297,539
Derivative financial instruments 241,815 250,044
Current tax liabilities 650 529
Deferred tax liabilities 22 22
Other liabilities 19,584 17,027
Total liabilities 1,504,778 1,405,623
Equity
Called up share capital and share premium 4,302 4,288
Other reserves (733) (77)
Retained earnings 54,870 53,734
Shareholders' equity attributable to ordinary shareholders of the parent 58,439 57,945
Other equity instruments 13,241 13,259
Total equity excluding non-controlling interests 71,680 71,204
Non-controlling interests 660 660
Total equity 72,340 71,864
Total liabilities and equity 1,577,118 1,477,487
Condensed consolidated statement of changes in equity (unaudited)
Called up share capital and share premium Other equity instruments Other reserves Non-controlling interests
Total equity
Retained earnings Total
Three months ended 31.03.2024 £m £m £m £m £m £m £m
Balance as at 1 January 2024 4,288 13,259 (77) 53,734 71,204 660 71,864
Profit after tax - 259 - 1,550 1,809 3 1,812
Retirement benefit remeasurements - - - (153) (153) - (153)
Other comprehensive profit after tax for the period - - (696) - (696) - (696)
Total comprehensive income for the period - 259 (696) 1,397 960 3 963
Employee share schemes and hedging thereof 40 - - 417 457 - 457
Other equity instruments coupon paid - (259) - - (259) - (259)
Vesting of employee share schemes - - 14 (476) (462) - (462)
Dividends paid - - - - - (3) (3)
Repurchase of shares (26) - 26 (205) (205) - (205)
Other movements - (18) - 3 (15) - (15)
Balance as at 31 March 2024 4,302 13,241 (733) 54,870 71,680 660 72,340
As at 31.03.24 As at 31.12.23
Other Reserves £m £m
Currency translation reserve 3,708 3,671
Fair value through other comprehensive income reserve (1,535) (1,366)
Cash flow hedging reserve (4,048) (3,707)
Own credit reserve (463) (240)
Other reserves and treasury shares 1,605 1,565
Total (733) (77)
Appendix: Non-IFRS Performance Measures
The Group's management believes that the non-IFRS performance measures
included in this document provide valuable information to the readers of the
financial statements, as they enable the reader to identify a more consistent
basis for comparing the businesses' performance between financial periods, and
provide more detail concerning the elements of performance which the managers
of these businesses are most directly able to influence or are relevant for an
assessment of the Group. They also reflect an important aspect of the way in
which operating targets are defined and performance is monitored by
management.
However, any non-IFRS performance measures in this document are not a
substitute for IFRS measures and readers should consider the IFRS measures as
well.
Non-IFRS performance measures glossary
Measure Definition
Loan: deposit ratio Total loans and advances at amortised cost divided by total deposits at
amortised cost.
Attributable profit Profit after tax attributable to ordinary shareholders of the parent.
Period end tangible equity refers to:
Period end tangible shareholders' equity (for Barclays Group) Shareholders' equity attributable to ordinary shareholders of the parent,
adjusted for the deduction of intangible assets and goodwill.
Period end allocated tangible equity (for businesses) Allocated tangible equity is calculated as 13.5% (2023: 13.5%) of RWAs for
each business, adjusted for capital deductions, excluding goodwill and
intangible assets, reflecting the assumptions the Barclays Group uses for
capital planning purposes. Head Office allocated tangible equity represents
the difference between the Barclays Group's tangible shareholders' equity and
the amounts allocated to businesses.
Average tangible equity refers to:
Average tangible shareholders' equity (for Barclays Group) Calculated as the average of the previous month's period end tangible
shareholders' equity and the current month's period end tangible shareholders'
equity. The average tangible shareholders' equity for the period is the
average of the monthly averages within that period.
Average allocated tangible equity (for businesses) Calculated as the average of the previous month's period end allocated
tangible equity and the current month's period end allocated tangible equity.
The average allocated tangible equity for the period is the average of the
monthly averages within that period.
Return on tangible equity (RoTE) refers to:
Return on average tangible shareholders' equity (for Barclays Group) Annualised Group attributable profit, as a proportion of average tangible
shareholders' equity. The components of the calculation have been included on
pages 40 to 41.
Return on average allocated tangible equity (for businesses) Annualised business attributable profit, as a proportion of that business's
average allocated tangible equity. The components of the calculation have been
included on pages 40 to 42.
Operating expenses excluding litigation and conduct A measure of total operating expenses excluding litigation and conduct
charges.
Operating costs A measure of total operating expenses excluding litigation and conduct charges
and UK regulatory levies.
Cost: income ratio Total operating expenses divided by total income.
Loan loss rate Quoted in basis points and represents total impairment charges divided by
total gross loans and advances held at amortised cost at the balance sheet
date.
Net interest margin Annualised net interest income divided by the sum of average customer assets.
The components of the calculation have been included on page 23.
Tangible net asset value per share Calculated by dividing shareholders' equity, excluding non-controlling
interests and other equity instruments, less goodwill and intangible assets,
by the number of issued ordinary shares. The components of the calculation
have been included on page 43.
Profit before impairment Calculated by excluding credit impairment charges or releases from profit
before tax.
Structural cost actions Cost actions taken to improve future financial performance.
Group net interest income excluding Barclays Investment Bank and Head Office A measure of Barclays Group net interest income, excluding the net interest
income reported in Barclays Investment Bank and Head Office.
Returns
Three months ended 31.03.24
Barclays UK Barclays UK Corporate Bank Barclays Private Bank and Wealth Management Barclays Investment Bank Barclays US Consumer Bank Head Office Barclays Group
Return on average tangible equity £m £m £m £m £m £m £m
Attributable profit/(loss) 479 113 74 899 44 (59) 1,550
£bn £bn £bn £bn £bn £bn £bn
Average equity 14.3 3.0 1.1 30.0 3.6 6.3 58.3
Average goodwill and intangibles (3.9) - (0.1) - (0.3) (3.5) (7.8)
Average tangible equity 10.4 3.0 1.0 30.0 3.3 2.8 50.5
Return on average tangible equity 18.5% 15.2% 28.7% 12.0% 5.3% n/m 12.3%
Three months ended 31.03.23
Barclays UK Barclays UK Corporate Bank Barclays Private Bank and Wealth Management Barclays Investment Bank Barclays US Consumer Bank Head Office Barclays Group
Return on average tangible equity £m £m £m £m £m £m £m
Attributable profit/(loss) 515 157 90 1,048 59 (86) 1,783
Average equity 13.9 2.9 1.1 29.1 3.9 5.0 55.9
Average goodwill and intangibles (3.6) - (0.1) - (0.8) (3.8) (8.3)
Average tangible equity 10.3 2.9 1.0 29.1 3.1 1.2 47.6
Return on average tangible equity 20.0% 21.7% 34.5% 14.4% 7.5% n/m 15.0%
Barclays Group
Return on average tangible shareholders' equity Q124 Q423 Q323 Q223 Q123 Q422 Q322 Q222
£m £m £m £m £m £m £m £m
Attributable profit/(loss) 1,550 (111) 1,274 1,328 1,783 1,036 1,512 1,071
£bn £bn £bn £bn £bn £bn £bn £bn
Average shareholders' equity 58.3 57.1 55.1 55.4 55.9 54.9 56.8 57.1
Average goodwill and intangibles (7.8) (8.2) (8.6) (8.7) (8.3) (8.2) (8.2) (8.1)
Average tangible shareholders' equity 50.5 48.9 46.5 46.7 47.6 46.7 48.6 49.0
Return on average tangible shareholders' equity 12.3% (0.9)% 11.0% 11.4% 15.0% 8.9% 12.5% 8.7%
Barclays UK
Return on average allocated tangible equity Q124 Q423 Q323 Q223 Q123 Q422 Q322 Q222
£m £m £m £m £m £m £m £m
Attributable profit 479 382 531 534 515 474 549 458
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 14.3 14.1 14.0 14.2 13.9 13.7 13.5 13.6
Average goodwill and intangibles (3.9) (3.9) (3.9) (4.0) (3.6) (3.5) (3.6) (3.6)
Average allocated tangible equity 10.4 10.2 10.1 10.2 10.3 10.2 9.9 10.0
Return on average allocated tangible equity 18.5% 14.9% 21.0% 20.9% 20.0% 18.7% 22.1% 18.4%
Barclays UK Corporate Bank
Return on average allocated tangible equity Q124 Q423 Q323 Q223 Q123 Q422 Q322 Q222
£m £m £m £m £m £m £m £m
Attributable profit 113 59 129 239 157 131 172 166
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 3.0 2.8 2.8 2.9 2.9 2.9 2.9 3.0
Average goodwill and intangibles - - - - - - - -
Average allocated tangible equity 3.0 2.8 2.8 2.9 2.9 2.9 2.9 3.0
Return on average allocated tangible equity 15.2% 8.4% 18.3% 32.9% 21.7% 17.8% 23.4% 22.3%
Barclays Private Bank and Wealth Management
Return on average allocated tangible equity Q124 Q423 Q323 Q223 Q123 Q422 Q322 Q222
£m £m £m £m £m £m £m £m
Attributable profit 74 47 102 91 90 92 108 85
£bn £bn £bn £bn £bn £bn £bn
Average allocated equity 1.1 1.1 1.1 1.1 1.1 1.2 1.1 1.1
Average goodwill and intangibles (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1)
Average allocated tangible equity 1.0 1.0 1.0 1.0 1.0 1.1 1.0 1.0
Return on average allocated tangible equity 28.7% 19.1% 41.2% 35.9% 34.5% 34.9% 41.7% 33.5%
Barclays Investment Bank
Return on average allocated tangible equity Q124 Q423 Q323 Q223 Q123 Q422 Q322 Q222
£m £m £m £m £m £m £m £m
Attributable profit/(loss) 899 (149) 580 562 1,048 313 847 418
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 30.0 28.9 28.8 29.0 29.1 30.9 31.2 29.9
Average goodwill and intangibles - - - - - - - -
Average allocated tangible equity 30.0 28.9 28.8 29.0 29.1 30.9 31.2 29.9
Return on average allocated tangible equity 12.0% (2.1)% 8.0% 7.7% 14.4% 4.0% 10.9% 5.6%
Barclays US Consumer Bank
Return on average allocated tangible equity Q124 Q423 Q323 Q223 Q123 Q422 Q322 Q222
£m £m £m £m £m £m £m £m
Attributable profit/(loss) 44 (3) 3 72 59 101 107 118
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 3.6 3.6 3.8 3.9 3.9 4.1 4.0 3.4
Average goodwill and intangibles (0.3) (0.3) (0.7) (0.8) (0.8) (0.9) (0.9) (0.8)
Average allocated tangible equity 3.3 3.3 3.1 3.1 3.1 3.2 3.1 2.6
Return on average allocated tangible equity 5.3% (0.3)% 0.4% 9.3% 7.5% 12.6% 13.9% 18.2%
Tangible net asset value per share As at 31.03.24 As at 31.12.23 As at 31.03.23
£m £m £m
Total equity excluding non-controlling interests 71,680 71,204 69,699
Other equity instruments (13,241) (13,259) (13,784)
Goodwill and intangibles (7,813) (7,794) (8,664)
Tangible shareholders' equity attributable to ordinary shareholders of the 50,626 50,151 47,251
parent
m m m
Shares in issue 15,091 15,155 15,701
p p p
Tangible net asset value per share 335 331 301
Shareholder Information
Results timetable(1) Date
2024 Interim Results Announcement 1 August 2024
% Change(3)
Exchange rates(2) 31.03.24 31.12.23 31.03.23 31.12.23 31.03.23
Period end - USD/GBP 1.26 1.28 1.23 (2)% 2%
3 month average - USD/GBP 1.27 1.24 1.22 2% 4%
Period end - EUR/GBP 1.17 1.15 1.14 2% 3%
3 month average - EUR/GBP 1.17 1.15 1.13 2% 4%
Share price data
Barclays PLC (p) 183.20 153.78 145.80
Barclays PLC number of shares (m)(4) 15,091 15,155 15,701
For further information please contact
Investor relations Media relations
Marina Shchukina +44 (0) 20 7116 2526 Tom Hoskin +44 (0) 20 7116 4755
More information on Barclays can be found on our website: home.barclays
(https://home.barclays/)
Registered office
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000.
Company number: 48839.
Registrar
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United
Kingdom.
Tel: +44 (0)371 384 2055 (UK and International telephone number)(5)(.)
American Depositary Receipts (ADRs)
EQ Shareowner Services
P.O. Box 64504
St. Paul, MN 55164-0504
United States of America
shareowneronline.com
Toll Free Number: +1 800-990-1135
Outside the US +1 651-453-2128
Delivery of ADR certificates and overnight mail
EQ Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights,
MN 55120-4100, USA.
1 Note that this date is provisional and subject to change.
2 The average rates shown above are derived from daily spot rates during the
year.
3 The change is the impact to GBP reported information.
4 The number of shares of 15,091m as at 31 March 2024 is different from the
15,080m quoted in the 2 April 2024 announcement entitled "Total Voting Rights"
because the share buyback transactions executed on 27 and 28 March 2024 did
not settle until 2 April 2024 and 3 April 2024 respectively.
5 Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding UK public
holidays in England and Wales.
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