REG - Barclays PLC - 2025 Results Announcement
10/02/2026 07:00
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RNS Number : 3207S Barclays PLC 10 February 2026
Barclays PLC
2025 Results Announcement
31 December 2025
Table of Contents
Results Announcement Page
Notes 1
Performance Highlights 2
Group Finance Director's Review 6
Results by Business
• Barclays UK 9
• Barclays UK Corporate Bank 11
• Barclays Private Bank and Wealth Management 12
• Barclays Investment Bank 13
• Barclays US Consumer Bank 15
•Head Office 17
Quarterly Results Summary 18
Quarterly Results by Business 19
Performance Management
•Margins and Balances 26
•Remuneration 28
Risk Management
•Risk Management and Principal Risks 30
•Credit Risk 31
•Market Risk 52
•Treasury and Capital Risk 53
Condensed Consolidated Financial Statements 62
Financial Statement Notes 67
Appendix: Non-IFRS Performance Measures 71
Shareholder Information 80
BARCLAYS PLC, 1 CHURCHILL PLACE, LONDON, E14 5HP, UNITED KINGDOM. TELEPHONE:
+44 (0) 20 7116 1000. COMPANY NO. 48839.
Notes
The terms Barclays and Group refer to Barclays PLC together with its
subsidiaries. Unless otherwise stated, the income statement analysis compares
the twelve months ended 31 December 2025 to the corresponding twelve months
of 2024 and balance sheet analysis as at 31 December 2025 with comparatives
relating to 31 December 2024. The abbreviations '£m' and '£bn' represent
millions and thousands of millions of Pounds Sterling respectively; the
abbreviations '$m' and '$bn' represent millions and thousands of millions of
US Dollars respectively; and the abbreviations '€m' and '€bn' represent
millions and thousands of millions of Euros respectively.
There are a number of key judgement areas, for example impairment
calculations, which are based on models and which are subject to ongoing
adjustment and modifications. Reported numbers reflect best estimates and
judgements at the given point in time.
Relevant terms that are used in this document but are not defined under
applicable regulatory guidance or International Financial Reporting Standards
(IFRS) are explained in the results glossary, which can be accessed at
home.barclays/investor-relations.
(https://home.barclays/investor-relations/reports-and-events/financial-results/)
The information in this announcement, which was approved by the Board of
Directors on 9 February 2026, does not comprise statutory accounts within the
meaning of Section 434 of the Companies Act 2006. Statutory accounts for the
year ended 31 December 2025, 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) will be delivered to the
Registrar of Companies in accordance with Section 441 of the Companies Act
2006.
These results will be furnished on Form 6-K to the US Securities and Exchange
Commission (SEC) as soon as practicable following publication of this
document. Once furnished to the SEC, a copy of the Form 6-K will be available
from the SEC's website at www.sec.gov (http://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 71 to 79 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 sustainability-related
commitments and targets), plans and objectives for future operations,
International Financial Reporting Standards ("IFRS") and other statements that
are not historical or current facts. By their nature, forward-looking
statements involve risk and uncertainty because they relate to future events
and circumstances. Forward-looking statements speak only as at the date on
which they are made. Forward-looking statements may be affected by a number of
factors, including, without limitation: changes in legislation, regulations,
governmental and regulatory policies, expectations and actions, voluntary
codes of practices and the interpretation thereof, changes in IFRS and other
accounting standards, including practices with regard to the interpretation
and application thereof and emerging and developing sustainability reporting
standards (including emissions accounting methodologies); changes in tax laws
and practice; the outcome of current and future legal proceedings and
regulatory investigations; the Group's ability along with governments and
other stakeholders to measure, manage and mitigate the impacts of climate
change effectively or navigate inconsistencies and conflicts in the manner in
which climate policy is implemented in the regions where the Group operates,
including as a result of the adoption of rules and regulations taking a
different or opposing position on sustainability matters, or other forms of
governmental and regulatory action against sustainability policies;
environmental, social and geopolitical risks and incidents and similar events
beyond the Group's control; financial crime; the impact of competition in the
banking and financial services industry; capital, liquidity, leverage and
other regulatory rules and requirements applicable to past, current and future
periods; UK, US, Eurozone and global macroeconomic and business conditions,
including inflation; volatility in credit and capital markets; market related
risks such as changes in interest rates and foreign exchange rates; reforms to
benchmark interest rates and indices; higher or lower asset valuations;
changes in credit ratings of any entity within the Group or any securities
issued by it; changes in counterparty risk; changes in consumer behaviour;
changes in trade policy, including the imposition of tariffs or other
protectionist measures; the direct and indirect consequences of the conflicts
in Ukraine and the Middle East on European and global macroeconomic
conditions, political stability and financial markets; changes in US
legislation and policy; developments in the UK's relationship with the
European Union; the risk of cyberattacks, information or security breaches,
technology failures or operational disruptions and any subsequent impact on
the Group's reputation, business or operations; the use of new technology,
including artificial intelligence; the Group's ability to access funding; and
the success of acquisitions, disposals, joint ventures and other strategic
transactions. A number of these factors are beyond the Group's control. As a
result, the Group's actual financial position, results, financial and
non-financial metrics or performance measures or its ability to meet
commitments and targets may differ materially from the statements or guidance
set forth in the Group's forward-looking statements. In setting its targets
and outlook for the period 2026-2028, 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 2025),
which are available on the SEC's website at www.sec.gov (http://www.sec.gov) .
Subject to Barclays PLC's obligations under the applicable laws and
regulations of any relevant jurisdiction (including, without limitation, the
UK and the US) in relation to disclosure and ongoing information, we undertake
no obligation to update publicly or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Performance Highlights
Barclays achieved all financial guidance in 2025 including a return on
tangible equity (RoTE) of 11.3%. Barclays is on track to deliver 2026 targets
and is announcing new targets to 2028, including RoTE of greater than 14% in
2028 and capital distributions of greater than £15bn between 2026 and 2028
C. S. Venkatakrishnan, Group Chief Executive, commented
"Barclays achieved all financial guidance in 2025. RoTE was 11.3% as all
divisions delivered double-digit RoTE. We distributed £3.7bn to our
shareholders, including the £1.0bn share buyback announced today, up from
£3.0bn in 2024. We ended the year with a robust common equity tier 1 (CET1)
ratio of 14.3% (14.0% rebased for buyback). We grew profit before tax by 13%,
earnings per share (EPS) by 22% and tangible net asset value (TNAV) per share
by 15% to 409p, a tenth consecutive quarter of growth.
Our progress in the past two years provides a strong foundation to deliver
more for our customers, clients and shareholders. As we outline in our plan
for the next three years, we will invest further to improve customers'
experience and deepen relationships, while harnessing new technology,
including AI, to improve efficiency and build segment-leading businesses and
drive further growth. Our aim is to secure sustainably higher returns through
to 2028 and beyond, delivering Group RoTE of greater than 14% in 2028 and
greater than £15bn of capital distributions to shareholders between 2026 and
2028."
● Announced 2028 financial targets
● FY25 Group RoTE of 11.3% (FY24: 10.5%) with earnings per share (EPS) of 43.8p
(FY24: 36.0p)
● Total capital distributions of £3.7bn announced in relation to 2025 23%
higher than 2024
- Reflecting a total dividend of 8.6p (£1.2bn) and total share buybacks of
£2.5bn for 2025. This includes a 5.6p (£0.8bn) full year dividend, and the
intention to initiate a further share buyback of up to £1.0bn
● FY25 Group net interest income (NII) excluding Barclays Investment Bank (IB)
and Head office of £12.8bn, of which Barclays UK was £7.7bn, meeting 2025
guidance of greater than £12.6bn and £7.6bn respectively
● Continued cost discipline with FY25 Group cost: income ratio improving to 61%
(FY24: 62%) driven by positive operating leverage for the third consecutive
year
● Achieved £0.7bn of cost efficiency savings in FY25, exceeding the c.£0.5bn
guidance, with a total of £1.7bn across FY24 and FY25
● Robust risk management with FY25 Group loan loss rate (LLR) of 52bps (FY24:
46bps), within the through the cycle range of 50-60bps
● Strong balance sheet with CET1 ratio of 14.3%
- Taking into account the impact of the £1.0bn share buyback announced today,
the CET1 ratio as of 31 December 2025 would be reduced to 14.0% (at the top
end of the 13-14% target range)
● TNAV per share of 409p (December 2024: 357p)
Key financial metrics:
Income Profit before tax Attributable profit Cost: income ratio LLR RoTE EPS TNAV per share CET1 ratio Total capital return
FY25 £29.1bn £9.1bn £6.2bn 61% 52bps 11.3% 43.8p 409p 14.3% £3.7bn
Q425 £7.1bn £1.9bn £1.2bn 66% 48bps 8.5% 8.6p
FY25 Performance highlights:
● Group RoTE was 11.3% (FY24: 10.5%) with profit before tax of £9.1bn (FY24:
£8.1bn). All divisions delivered double-digit RoTE in FY25
● Group income of £29.1bn increased 9% year-on-year. Group NII excluding IB and
Head Office was £12.8bn, up 13% year-on-year
- Barclays UK income increased 5%, reflecting higher structural hedge income and
Tesco Bank NII, partially offset by the non-repeat of the £0.6bn day 1 gain
from the acquisition of Tesco Bank in the prior year
- Barclays UK Corporate Bank (UKCB) income increased 16%, reflecting higher
average deposit and lending balances, and higher structural hedge income
- Barclays Private Bank and Wealth Management (PBWM) income increased 5%, driven
by growth in deposit, invested asset and loan balances from net new inflows
and market movements
- Barclays Investment Bank (IB) income increased 11%, with growth across Global
Markets and Investment Banking, supported by continued growth in more stable
income streams (Financing and International Corporate Bank)
- Barclays US Consumer Bank (USCB) income increased 11%, reflecting the impact
of repricing initiatives, business growth and the acquisition of General
Motors co-branded cards portfolio (GM portfolio) in Q325, partially offset by
the strengthening of GBP against USD
FY25 Performance highlights (continued):
● Group total operating expenses were £17.7bn, up 6% year-on-year
- Group operating costs increased 5% to £17.0bn, reflecting Tesco Bank run rate
and integration costs, further investment spend, business growth and
inflation, partially offset by £0.7bn of cost efficiency savings
- FY25 total structural cost actions of £0.3bn (FY24: £0.3bn)
- Litigation and conduct charges of £0.4bn (FY24: £0.2bn), included a £235m
charge for motor finance redress in Q325
● Credit impairment charges were £2.3bn (FY24: £2.0bn) with an LLR of 52bps
(FY24: 46bps)
● CET1 ratio of 14.3% (December 2024: 13.6%), with RWAs of £356.8bn (December
2024: £358.1bn) and TNAV per share of 409p (December 2024: 357p)
Q425 Performance highlights:
● Group RoTE was 8.5% (Q424: 7.5%(1)) with profit before tax of £1.9bn (Q424:
£1.7bn(1))
● Group income of £7.1bn increased 2% year-on-year. Q424 included the £0.6bn
day 1 gain from the acquisition of Tesco Bank
- Group NII excluding IB and Head Office was £3.4bn, up 12% year-on-year
● Group total operating expenses were £4.7bn, up 1% year-on-year, with a cost:
income ratio of 66% (Q424: 66%)
- Group operating costs increased 3% to £4.4bn, reflecting business growth,
inflation and one-off costs, including a VAT expense in Barclays UK, partially
offset by c.£0.2bn of cost efficiency savings
● Credit impairment charges were £0.5bn (Q424: £0.7bn) with an LLR of 48bps
(Q424: 66bps). Q424 included a £0.2bn day 1 impact from the acquisition of
Tesco Bank
1 Q424 included the day 1 impacts from the acquisition of Tesco Bank: total
income gain of £556m, credit impairment charges of £209m, and profit before
tax benefit of £347m.
Group financial targets(1):
2026 targets
● Returns: Group RoTE of greater than 12%
● Capital returns(2): 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
- Progressive increase in total capital returns versus 2025
- Share buybacks announced quarterly
- Dividends to be paid semi-annually, including planned £2bn dividend for 2026
● Income: Group total income of c.£31bn
- Group NII excluding IB and Head Office greater than £13.5bn and Barclays UK
NII of £8.1bn - £8.3bn
● Costs: Group cost: income ratio of high 50s in percentage terms
● Impairment: expect Group LLR of 50-60bps through the cycle
● Capital: CET1 ratio target range of 13-14%
- IB RWAs mid 50s% of Group RWAs
- Impact of regulatory change on RWAs in line with our prior guidance of
c.£19-26bn
- c.£3-10bn RWAs from Basel 3.1, with implementation expected from 1 January
2027(3)
- c.£16bn RWAs from USCB moving to an Internal Ratings Based (IRB) model,
subject to portfolio changes and regulatory approval, c.£5bn expected on 1
January 2027 with remainder anticipated later in 2027
- Expect Pillar 2A capital to reduce upon implementation of Basel 3.1 and USCB
IRB
2028 targets
● Returns: Group RoTE of greater than 14%
● Capital returns(2): plan to return greater than £15bn of capital to
shareholders between 2026 and 2028, through dividends and share buybacks. This
provides capacity for additional investment and growth, exceeding the level of
investment in the current plan
● Income: greater than 5% compound annual growth rate (CAGR) 2025-2028
● Costs: Group cost: income ratio of low 50s in percentage terms. Cost target
includes total gross efficiency savings of c.£2bn in 2026-2028
● Impairment: expect Group LLR of 50-60bps through the cycle
● Capital: CET1 ratio target range of 13-14%
- IB RWAs of c.50% of Group RWAs
1 Our targets and guidance are based on management's current expectations as to
the macroeconomic environment and the business and may be subject to change.
2 This multi-year plan is subject to supervisory and Board approvals,
anticipated financial performance and our published CET1 ratio target range of
13-14%.
3 Fundamental review of the trading book (FRTB) impact mostly expected in 2027.
Barclays Group results Year ended Three months ended
31.12.25 31.12.24 31.12.25 31.12.24
£m £m % Change £m £m % Change
Barclays UK(1) 8,708 8,274 5 2,262 2,615 (13)
Barclays UK Corporate Bank 2,064 1,780 16 539 458 18
Barclays Private Bank and Wealth Management 1,380 1,309 5 348 351 (1)
Barclays Investment Bank 13,055 11,805 11 2,792 2,607 7
Barclays US Consumer Bank 3,681 3,326 11 1,053 857 23
Head Office 252 294 (14) 83 76 9
Total income 29,140 26,788 9 7,077 6,964 2
Operating costs (17,040) (16,195) (5) (4,379) (4,244) (3)
UK regulatory levies (313) (320) 2 (229) (227) (1)
Litigation and conduct (392) (220) (78) (50) (121) 59
Total operating expenses (17,745) (16,735) (6) (4,658) (4,592) (1)
Other net income/(expenses) 23 37 (38) (25) -
Profit before impairment 11,418 10,090 13 2,394 2,372 1
Credit impairment charges (2,279) (1,982) (15) (535) (711) 25
Profit before tax 9,139 8,108 13 1,859 1,661 12
Tax charge (1,926) (1,752) (10) (388) (448) 13
Profit after tax 7,213 6,356 13 1,471 1,213 21
Non-controlling interests (41) (49) 16 (18) (20) 10
Other equity instrument holders (997) (991) (1) (258) (228) (13)
Attributable profit 6,175 5,316 16 1,195 965 24
Performance measures
Return on average tangible shareholders' equity 11.3% 10.5% 8.5% 7.5%
Average tangible shareholders' equity (£bn) 54.6 50.7 56.5 51.5
Cost: income ratio 61% 62% 66% 66%
Loan loss rate (bps) 52 46 48 66
Basic earnings per ordinary share 43.8p 36.0p 22 8.6p 6.7p 29
Dividend per ordinary share 8.6p 8.4p 2
Share buybacks announced (£m) 2,500 1,750 43
Total payout equivalent per share c.26.4p c.20.4p 30
Basic weighted average number of shares (m) 14,112 14,755 (4) 13,883 14,432 (4)
Period end number of shares (m) 13,867 14,420 (4)
Period end tangible shareholders' equity (£bn) 56.8 51.5
As at 31.12.25 As at 31.12.24
Balance sheet and capital management(2) £bn £bn
Loans and advances at amortised cost 430.0 414.5
Loans and advances at amortised cost impairment coverage ratio 1.2% 1.2%
Total assets 1,544.2 1,518.2
Deposits at amortised cost 585.6 560.7
Tangible net asset value per share 409p 357p
Common equity tier 1 ratio 14.3% 13.6%
Common equity tier 1 capital 51.1 48.6
Risk weighted assets 356.8 358.1
UK leverage ratio 5.1% 5.0%
UK leverage exposure 1,247.3 1,206.5
Funding and liquidity
Group liquidity pool (£bn) 337.8 296.9
Liquidity coverage ratio(3) 170.0% 172.4%
Net stable funding ratio(4) 135.2% 134.9%
Loan: deposit ratio 73% 74%
1 Q424 and FY24 included the £556m day 1 gain from the acquisition of Tesco
Bank.
2 Refer to pages 57 to 61 for further information on how capital, RWAs and
leverage are calculated.
3 Represents average of the last 12 spot month end ratios. In June 2025,
Barclays implemented a new methodology for calculating net stress outflows
related to secured financing transactions in the liquidity coverage ratio
(LCR).
4 Represents average of the last four spot quarter end positions.
Group Finance Director's Review
FY25 Group performance
● Barclays delivered a profit before tax of £9,139m (FY24: £8,108m), RoTE of
11.3% (FY24: 10.5%) and EPS of 43.8p (FY24: 36.0p)
● The Group has a diverse income profile across businesses and geographies. The
year-on-year appreciation of average GBP against USD negatively impacted
income and profits, and positively impacted credit impairment charges and
total operating expenses
● Group income increased 9% to £29,140m driven by higher structural hedge
income, higher income in Global Markets across FICC and Equities, Tesco Bank
NII and lending growth, partially offset by the non-repeat of the £556m day 1
gain from the acquisition of Tesco Bank in the prior year
● Group total operating expenses increased to £17,745m (FY24: £16,735m)
- Group operating costs increased 5% to £17,040m, reflecting Tesco Bank run
rate and integration costs, further investment spend, business growth and
inflation, partially offset by c.£700m of cost efficiency savings
- FY25 total structural cost actions of £285m (FY24: £273m) with Q425
structural cost actions of £90m (Q424: £110m)
- Litigation and conduct charges of £392m (FY24: £220m), included a £235m
charge for motor finance redress in Q325
● Credit impairment charges increased to £2,279m (FY24: £1,982m), primarily
driven by the impact of the GM portfolio acquisition, an IB single name charge
and elevated US macroeconomic uncertainty. Total coverage ratio remained
stable at 1.2% (December 2024: 1.2%)
● The effective tax rate (ETR) was 21.1% (FY24: 21.6%). The 2025 ETR included
tax relief on payments made under Additional Tier 1 (AT1) instruments and on
holdings of inflation-linked government bonds
● Attributable profit was £6,175m (FY24: £5,316m)
● Total assets increased to £1,544.2bn (December 2024: £1,518.2bn) driven by
higher trading activity in IB, growth in the liquidity pool and higher lending
in Barclays UK and UKCB. This was partially offset by a reduction in
derivative assets and the strengthening of spot GBP against USD
● TNAV per share increased to 409p (December 2024: 357p) as EPS of 43.8p and a
16p benefit from the cash flow hedging reserve were partially offset by an 8p
reduction from dividends paid during FY25. The impact of the share buybacks
executed throughout 2025 was broadly neutral to TNAV per share
Group capital and leverage
● The CET1 ratio increased to 14.3% (December 2024: 13.6%). Taking into account
the impact of the £1.0bn share buyback announced today, the CET1 ratio as of
31 December 2025 would be reduced to 14.0% (at the top end of the 13-14%
target range)
● The c.80bps increase in 2025 was driven by a CET1 capital increase of £2.5bn
to £51.1bn and an RWA decrease of £1.4bn to £356.8bn:
- c.170bps increase from attributable profit
- c.100bps decrease driven by shareholder distributions including the interim
dividend payment of 3.0p per share paid in September 2025, the completed
£2.0bn share buybacks announced with FY24 and H125 Results, and the ongoing
£0.5bn share buyback announced with Q325 Results, as well as the accrual for
the FY25 dividend
- c.30bps increase from other CET1 capital movements, including an increase in
the fair value through other comprehensive income reserve
- c.20bps decrease as a result of a £5.2bn increase in RWAs, excluding the
impact of foreign exchange movements. This was primarily driven by lending
growth in the UK businesses and an increase in USCB, including the acquisition
of the GM portfolio, partially offset by the disposal of the German consumer
finance business and of Barclays' joint venture interest in Entercard Group AB
(Entercard)
- A £1.1bn decrease in CET1 capital due to a decrease in the currency
translation reserve was partially offset by a £6.5bn decrease in RWAs as a
result of foreign exchange movements
● The UK leverage ratio increased to 5.1% (December 2024: 5.0%), as Tier 1
capital increased by £3.2bn, partially offset by a £40.8bn increase in
leverage exposure to £1,247.3bn. The increase in leverage exposure was
largely driven by an increase in trading activity in IB and higher lending in
Barclays UK and UKCB, partially offset by the strengthening of spot GBP
against USD
Group funding and liquidity
● The liquidity metrics remain 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 £337.8bn, an increase of £40.9bn from December 2024.
The increase in the liquidity pool was primarily driven by increased wholesale
funding and deposit growth across businesses
● The average(1) LCR was 170.0% (December 2024: 172.4%), equivalent to a surplus
of £131.2bn (December 2024: £127.5bn)
● Total deposits increased to £585.6bn (December 2024: £560.7bn), primarily
driven by customer deposit growth in International Corporate Bank, UKCB and
deposits from commercial and non-commercial banks
● The average(2) Net Stable Funding Ratio (NSFR) was 135.2% (December 2024:
134.9%), which represents a £166.3bn surplus (December 2024: £162.9bn) above
the 100% regulatory requirement
● Wholesale funding outstanding, excluding repurchase agreements, was £220.1bn
(December 2024: £186.0bn)
● The Group issued £16.1bn equivalent of minimum requirement for own funds and
eligible liabilities (MREL) instruments from Barclays PLC (the Parent company)
as of Q425. The Group has a strong MREL position with a ratio of 35.8%, which
is in excess of the regulatory requirement of 30.5% plus a confidential,
institution specific, Prudential Regulation Authority (PRA) buffer
1 Represents average of the last 12 spot month end ratios. In June 2025,
Barclays implemented a new methodology for calculating net stress outflows
related to secured financing transactions in the liquidity coverage ratio.
2 Represents average of the last four spot quarter end ratios.
Other matters
● Motor finance: On 7 October 2025, the UK Financial Conduct Authority (FCA)
began consulting on an industry-wide compensation scheme for eligible motor
finance customers. Barclays considers it more likely than not that a redress
scheme will be implemented by the FCA. As a result, Barclays and Clydesdale
Financial Services Ltd (a subsidiary of Barclays PLC) have recognised a
provision of £325m in respect of this matter as at 31 December 2025 (as at 31
December 2024: £90m). Barclays has engaged with the FCA as part of its
consultation process and the FCA's Policy Statement and final redress scheme
rules are currently expected to be published in February or March 2026. The
ultimate financial impact on Barclays could differ from the recognised
provision, which represents Barclays' best estimate of the cost of redress
based on the information currently available to Barclays
● FCA investigations concerning financial crime systems and controls and
compliance with the Money Laundering Regulations: In July 2025, the FCA
concluded civil enforcement investigations into Barclays Bank PLC and Barclays
Bank UK PLC regarding compliance with anti-money laundering regulations and
financial crime controls. Barclays Bank PLC paid £39m to resolve its
investigation, and Barclays Bank UK PLC settled a separate matter for £9m
(including a £6m voluntary payment to investors). These amounts were fully
provided for in Barclays H125 interim Results. The FCA acknowledged Barclays'
cooperation in both cases, which are now closed
● Disposal of German consumer finance business: In Q125, Barclays Bank Ireland
PLC announced the completion of the sale of its German consumer finance
business to BAWAG P.S.K., a wholly owned subsidiary of BAWAG Group AG. The
sale released c.£3.3bn of RWAs, increasing Barclays' CET1 ratio by c.10bps in
Q125
● Long-term strategic partnership for Payment Acceptance business: On 17 April
2025, Barclays announced it had entered into a long-term strategic partnership
with Brookfield Asset Management Ltd to grow and transform Barclays' Payment
Acceptance business, previously referred to as the Merchant Acquiring business
● GM portfolio acquisition: On 22 August 2025, Barclays completed the
acquisition of a US credit card portfolio of $1.6bn receivables, in
partnership with General Motors Company. The partnership will serve to further
scale Barclays' credit card portfolio in the US and build on its growth
strategy
● Disposal of Barclays' entire shareholding in Entercard: On 28 August 2025,
Barclays announced the sale of its entire shareholding in its joint venture
Entercard to its joint venture partner, Swedbank AB (publ). The sale completed
in Q425 and released c.£0.9bn of RWAs, increasing Barclays' CET1 ratio by
c.4bps
● Best Egg, Inc. (Best Egg) acquisition: On 28 October 2025, Barclays announced
an agreement for Barclays Bank Delaware to acquire Best Egg for $800m, subject
to regulatory approvals and other conditions. Best Egg is a leading US
direct‑to‑consumer personal loan origination platform focused on prime
borrowers. Completion is expected in Q226, after completion of the previously
announced sale of Barclays' American Airlines co‑branded credit card
receivables. The net estimated impact of both transactions is expected to
increase Barclays' CET1 ratio by c.6bps in Q226
Anna Cross, Group Finance Director
Results by Business
Barclays UK Year ended Three months ended
31.12.25 31.12.24(1) 31.12.25 31.12.24(1)
Income statement information £m £m % Change £m £m % Change
Net interest income 7,653 6,627 15 2,015 1,815 11
Net fee, commission and other income 1,055 1,647 (36) 247 800 (69)
Total income 8,708 8,274 5 2,262 2,615 (13)
Operating costs (4,746) (4,235) (12) (1,274) (1,170) (9)
UK regulatory levies (85) (78) (9) (41) (36) (14)
Litigation and conduct (51) (16) (14) (9) (56)
Total operating expenses (4,882) (4,329) (13) (1,329) (1,215) (9)
Other net income - - - - - -
Profit before impairment 3,826 3,945 (3) 933 1,400 (33)
Credit impairment charges (413) (365) (13) (74) (283) 74
Profit before tax 3,413 3,580 (5) 859 1,117 (23)
Attributable profit 2,443 2,465 (1) 706 781 (10)
Performance measures
Return on average allocated tangible equity 20.7% 23.1% 23.8% 28.0%
Average allocated tangible equity (£bn) 11.8 10.7 11.9 11.2
Cost: income ratio 56% 52% 59% 46%
Loan loss rate (bps) 18 16 13 49
Net interest margin 3.63% 3.29% 3.72% 3.53%
Key facts As at 31.12.25 As at 31.12.24
UK mortgage balances (£bn) 172.4 163.1
Mortgage gross lending flow (£bn) 34.3 23.9
Average LTV of mortgage portfolio(2) 55% 53%
Average LTV of new mortgage lending(2) 70% 66%
Number of branches 206 221
Digitally active customers (m)(3) 13.9 13.4
30 day arrears rate - total UK cards 0.8% 0.7%
90 day arrears rate - total UK cards 0.2% 0.2%
As at 31.12.25 As at 31.12.24
Balance sheet information £bn £bn
Loans and advances to customers at amortised cost 216.5 207.7
Total assets 299.6 299.8
Customer deposits at amortised cost 244.6 244.2
Loan: deposit ratio 94% 92%
Risk weighted assets 85.8 84.5
Period end allocated tangible equity 11.8 11.6
1 Q424 and FY24 included the day 1 impacts from the acquisition of Tesco Bank:
total income gain of £556m, credit impairment charges of £209m, and profit
before tax benefit of £347m.
2 Average loan to value (LTV) of mortgages is balance weighted and reflects both
residential and buy-to-let (BTL) mortgage portfolios within the Home Loans
portfolio.
3 Excludes Tesco Bank.
Analysis of Barclays UK Year ended Three months ended
31.12.25 31.12.24(1) 31.12.25 31.12.24(1)
Analysis of total income £m £m % Change £m £m % Change
Retail Banking 6,582 6,270 5 1,702 2,078 (18)
Business Banking 2,126 2,004 6 560 537 4
Total income 8,708 8,274 5 2,262 2,615 (13)
Analysis of credit impairment (charges)/releases
Retail Banking (374) (394) 5 (72) (279) 74
Business Banking (39) 29 (2) (4) 50
Total credit impairment charges (413) (365) (13) (74) (283) 74
As at 31.12.25 As at 31.12.24
Analysis of loans and advances to customers at amortised cost £bn £bn
Retail Banking 198.6 188.0
Business Banking 17.9 19.7
Total loans and advances to customers at amortised cost 216.5 207.7
Analysis of customer deposits at amortised cost
Retail Banking 192.7 191.4
Business Banking 51.9 52.8
Total customer deposits at amortised cost 244.6 244.2
Barclays UK delivered a RoTE of 20.7% (FY24: 23.1%¹) supported by robust
income, the integration of Tesco Bank, disciplined cost management and
normalising levels of impairment underpinned by strong asset quality.
2025 compared to 2024
Income statement
● Profit before tax decreased 5% to £3,413m
● Total income increased 5% to £8,708m. NII increased 15% to £7,653m, as
higher structural hedge income and the impact from Tesco Bank were partially
offset by retail deposit dynamics. Net fee, commission and other income
decreased 36% to £1,055m primarily driven by the non-repeat of the day 1 gain
from the acquisition of Tesco Bank
● Total operating expenses increased 13% to £4,882m, driven by Tesco Bank run
and integration costs, and inflation. Ongoing efficiency savings continue to
be reinvested, to drive sustainable improvement to the cost: income ratio
● Credit impairment charges were £413m (FY24: £365m), underpinned by balance
growth and stable credit performance. The UK cards 30 and 90 day arrears rates
were 0.8% (Q424: 0.7%) and 0.2% (Q424: 0.2%) respectively. The UK cards total
coverage ratio decreased to 4.3% (December 2024: 4.8%) driven by resilient
customer behaviour
Balance sheet
● Loans and advances to customers at amortised cost increased £8.8bn to
£216.5bn, primarily driven by growth in mortgages and cards lending in Retail
Banking, partially offset by continued repayment of government scheme lending
in Business Banking
● Customer deposits at amortised cost increased by £0.4bn to £244.6bn, driven
by an increase in Retail Banking deposits, partially offset by a reduction in
Business Banking current accounts. The loan:deposit ratio remained broadly
stable at 94% (December 2024: 92%)
● RWAs increased to £85.8bn (December 2024: £84.5bn) primarily due to growth
in mortgages and cards lending in Retail Banking, partially offset by
securitisations
1 FY24 included the day 1 impacts from the acquisition of Tesco Bank: total
income gain of £556m, credit impairment charges of £209m, and profit before
tax benefit of £347m.
Barclays UK Corporate Bank Year ended Three months ended
31.12.25 31.12.24 31.12.25 31.12.24
Income statement information £m £m % Change £m £m % Change
Net interest income 1,480 1,206 23 396 324 22
Net fee, commission and other income 584 574 2 143 134 7
Total income 2,064 1,780 16 539 458 18
Operating costs (989) (935) (6) (272) (250) (9)
UK regulatory levies (29) (37) 22 (14) (14) -
Litigation and conduct (39) (1) - (1)
Total operating expenses (1,057) (973) (9) (286) (265) (8)
Other net income - - - - - -
Profit before impairment 1,007 807 25 253 193 31
Credit impairment charges (37) (76) 51 (1) (40) 98
Profit before tax 970 731 33 252 153 65
Attributable profit 648 490 32 168 98 71
Performance measures
Return on average allocated tangible equity 18.9% 16.0% 19.1% 12.3%
Average allocated tangible equity (£bn) 3.4 3.1 3.5 3.2
Cost: income ratio 51% 55% 53% 58%
Loan loss rate (bps) 12 29 1 62
As at 31.12.25 As at 31.12.24
Balance sheet information £bn £bn
Loans and advances to customers at amortised cost 30.0 25.4
Deposits at amortised cost 88.7 83.1
Risk weighted assets 26.5 23.9
Period end allocated tangible equity 3.7 3.3
Year ended Three months ended
31.12.25 31.12.24 31.12.25 31.12.24
Analysis of total income £m £m % Change £m £m % Change
Corporate lending 357 267 34 97 71 37
Transaction banking 1,707 1,513 13 442 387 14
Total income 2,064 1,780 16 539 458 18
UKCB delivered a RoTE of 18.9% (FY24: 16.0%), as increased income from higher
average deposit and lending balances was partially offset by continued
investment and higher RWAs to support future growth ambitions.
2025 compared to 2024
Income statement
● Profit before tax increased 33% to £970m
● Total income increased 16% to £2,064m, NII increased 23% to £1,480m, driven
by higher average deposit and lending balances, and higher structural hedge
income. Net fee, commission, trading and other income was broadly stable at
£584m
● Total operating expenses increased 9% to £1,057m, including a litigation and
conduct charge of £39m in Q225. Operating costs increased 6% to £989m,
reflecting higher investment spend to support business growth ambitions, with
ongoing efficiency savings offsetting inflationary headwinds
● Credit impairment charges were £37m (FY24: £76m), reflecting stable
underlying credit performance and limited single name charges
Balance sheet
● Loans and advances to customers at amortised cost increased to £30.0bn
(December 2024: £25.4bn), reflecting the strategic focus to grow lending
● Deposits at amortised cost increased to £88.7bn (December 2024: £83.1bn),
driven by an inflow of balances from new and existing clients
● RWAs increased to £26.5bn (December 2024: £23.9bn), reflecting higher client
lending limits and growth in lending balances
Barclays Private Bank and Wealth Management Year ended Three months ended
31.12.25 31.12.24 31.12.25 31.12.24
Income statement information £m £m % Change £m £m % Change
Net interest income 799 767 4 202 216 (6)
Net fee, commission and other income 581 542 7 146 135 8
Total income 1,380 1,309 5 348 351 (1)
Operating costs (994) (911) (9) (279) (255) (9)
UK regulatory levies (10) (9) (11) (7) (7) -
Litigation and conduct (9) - (10) (1)
Total operating expenses (1,013) (920) (10) (296) (263) (13)
Other net income - - - - - -
Profit before impairment 367 389 (6) 52 88 (41)
Credit impairment releases/(charges) 8 (6) (2) (2) -
Profit before tax 375 383 (2) 50 86 (42)
Attributable profit 291 288 1 35 63 (44)
Performance measures
Return on average allocated tangible equity 26.3% 28.1% 12.6% 23.9%
Average allocated tangible equity (£bn) 1.1 1.0 1.1 1.1
Cost: income ratio 73% 70% 85% 75%
Loan loss rate (bps) (5) 4 5 5
Key facts £bn £bn £bn £bn
Net new assets under management(1) 3.3 3.7 0.6 0.7
As at 31.12.25 As at 31.12.24
Balance sheet information £bn £bn
Loans and advances to customers at amortised cost 14.7 14.5
Deposits at amortised cost 72.0 69.5
Risk weighted assets 8.0 7.9
Period end allocated tangible equity 1.1 1.1
Invested assets(2) 140.6 124.6
Of which:
Assets under management(1) 52.9 47.7
Assets under supervision(1) 87.7 76.9
Clients assets and liabilities(3) 227.6 208.9
PBWM delivered a RoTE of 26.3% (FY24: 28.1%). The business continues to see an
inflow of new client balances across deposits, lending and investments
reflecting strong product offering and client engagement, as well as ongoing
investment to support future growth and efficiency ambitions.
2025 compared to 2024
Income statement
● Profit before tax decreased 2% to £375m
● Total income increased 5% to £1,380m, driven by growth in deposit, invested
asset and loan balances from net new inflows and market movements
● Total operating expenses increased 10% to £1,013m, reflecting higher
investment spend to support business growth ambitions, with ongoing efficiency
savings offsetting inflationary headwinds
Balance sheet
● Client assets and liabilities increased £18.7bn to £227.6bn, driven by net
new inflows of invested assets, deposits and loan balances and market
movements, partially offset by FX impact
● RWAs were broadly stable at £8.0bn (December 2024: £7.9bn)
1 Refer to page 71 for further information on net new assets under management,
assets under management and assets under supervision.
2 Invested assets (held off-balance sheet) represent assets under management and
supervision. Uninvested cash held under an investment mandate and reported
within deposits is excluded from invested assets.
3 Client assets and liabilities refers to deposits, lending and invested assets.
Barclays Investment Bank Year ended Three months ended
31.12.25 31.12.24 31.12.25 31.12.24
Income statement information £m £m % Change £m £m % Change
Net interest income 1,334 1,031 29 356 284 25
Net trading income 7,197 6,241 15 1,294 1,262 3
Net fee, commission and other income 4,524 4,533 - 1,142 1,061 8
Total income 13,055 11,805 11 2,792 2,607 7
Operating costs (7,927) (7,666) (3) (1,924) (1,903) (1)
UK regulatory levies (181) (187) 3 (159) (161) 1
Litigation and conduct (28) (55) 49 (8) (26) 69
Total operating expenses (8,136) (7,908) (3) (2,091) (2,090) -
Other net income - - - - - -
Profit before impairment 4,919 3,897 26 701 517 36
Credit impairment charges (305) (123) (22) (46) 52
Profit before tax 4,614 3,774 22 679 471 44
Attributable profit 3,092 2,513 23 294 247 19
Performance measures
Return on average allocated tangible equity 10.6% 8.5% 4.0% 3.4%
Average allocated tangible equity (£bn) 29.1 29.7 29.6 29.3
Income over average risk weighted assets 6.6% 5.8% 5.5% 5.2%
Cost: income ratio 62% 67% 75% 80%
Loan loss rate (bps) 23 10 7 15
As at 31.12.25 As at 31.12.24
Balance sheet information £bn £bn
Loans and advances to customers at amortised cost 70.0 69.7
Loans and advances to banks at amortised cost 7.4 6.8
Debt securities at amortised cost 52.9 47.9
Loans and advances at amortised cost 130.3 124.4
Trading portfolio assets 189.5 166.1
Derivative financial instrument assets 251.5 291.6
Financial assets at fair value through the income statement 183.6 190.4
Cash collateral and settlement balances 121.6 111.1
Deposits at amortised cost 156.1 140.5
Derivative financial instrument liabilities 240.6 279.0
Risk weighted assets 196.7 198.8
Period end allocated tangible equity 28.9 29.3
Year ended Three months ended
31.12.25 31.12.24 31.12.25 31.12.24
Analysis of total income £m £m % Change £m £m % Change
FICC 5,429 4,667 16 1,024 934 10
Equities 3,225 2,875 12 703 604 16
Global Markets 8,654 7,542 15 1,727 1,538 12
Advisory 676 661 2 214 189 13
Equity capital markets 278 351 (21) 56 98 (43)
Debt capital markets 1,510 1,492 1 336 327 3
Banking fees and underwriting 2,464 2,504 (2) 606 614 (1)
Corporate lending 247 153 61 27 45 (40)
Transaction banking 1,690 1,606 5 432 410 5
International Corporate Bank 1,937 1,759 10 459 455 1
Investment Banking 4,401 4,263 3 1,065 1,069 -
Total income 13,055 11,805 11 2,792 2,607 7
IB delivered a RoTE of 10.6% (FY24: 8.5%), driven by strong performance in
Global Markets and the International Corporate Bank, whilst maintaining cost
and capital discipline, driving positive operating jaws and improved RWA
productivity.
2025 compared to 2024
Income statement
● Profit before tax increased to £4,614m (FY24: £3,774m)
● IB has a diverse income profile across businesses and geographies. The 3%
appreciation of average GBP against USD adversely impacted income and profits,
and positively impacted credit impairment charges and total operating expenses
● Total income increased 11% to £13,055m, including adverse average FX impacts
- Global Markets income increased 15% to £8,654m across FICC and Equities
- FICC income increased 16% to £5,429m, reflecting continued support provided
to clients through a range of environments, including a strong performance in
Macro, Securitised products and Credit, and sustained strength in Fixed Income
Financing
- Equities income increased 12% to £3,225m (up 17% excluding the prior year
£125m fair value gain on Visa B shares in Q124), reflecting growth in Prime
Financing due to increased client balances and Cash from strong client
activity across products
- Investment Banking income increased 3% to £4,401m
- Banking fees and underwriting income decreased 2% to £2,464m, primarily
driven by a 21% decline in Equity Capital Markets fees due to a strong prior
year comparator, which included a large UK rights issue in Q224, partially
offset by Debt Capital Markets and Advisory
- International Corporate Bank income increased 10% to £1,937m. Corporate
lending income increased to £247m due to net gains on fair value lending and
cost of hedging (c.£130m)(1). Transaction banking income increased 5% to
£1,690m, as higher income from growth in deposit balances was partially
offset by margin compression due to change in deposits product mix
● Total operating expenses increased 3% to £8,136m, driven by inflationary
headwinds, higher performance costs and expenses associated with supporting
the business strategy, partially offset by efficiency savings and FX
● Credit impairment charges were £305m (FY24: £123m), primarily driven by a
single name charge in Q325 and elevated US macroeconomic uncertainty booked in
Q125
Balance sheet
● Loans and advances at amortised costs increased to £130.3bn (December 2024:
£124.4bn) driven by increased investment in debt securities in treasury
● Trading portfolio assets increased to £189.5bn (December 2024: £166.1bn)
driven by increased trading activity to facilitate client demand in Global
Markets, partially offset by the strengthening of spot GBP against USD
● Financial assets at fair value through the income statement decreased to
£183.6bn (December 2024: £190.4bn) as underlying growth in financing
balances were more than offset by increased netting opportunities and the
strengthening of spot GBP against USD
● Derivative financial instrument assets decreased to £251.5bn (December 2024:
£291.6bn) and liabilities decreased to £240.6bn (December 2024: £279.0bn)
primarily driven by a reduction in mark-to-market on FX derivatives and
strengthening of spot GBP against USD, partially offset by an increase in
equity derivatives
● Deposits at amortised cost increased to £156.1bn (December 2024: £140.5bn)
driven by growth in deposits across International Corporate Bank and treasury,
partially offset by the strengthening of spot GBP against USD
● RWAs were broadly stable at £196.7bn (December 2024: £198.8bn) mainly driven
by business activity as we continued to support clients through a range of
environments, offset by the strengthening of spot GBP against USD
1 FY25 included c.£45m of fair value gains on lending and cost of hedging. FY24
included c.£85m of fair value losses on leverage finance lending.
Barclays US Consumer Bank Year ended Three months ended
31.12.25 31.12.24 31.12.25 31.12.24
Income statement information £m £m % Change £m £m % Change
Net interest income 2,820 2,659 6 776 678 14
Net fee, commission and other income 861 667 29 277 179 55
Total income 3,681 3,326 11 1,053 857 23
Operating costs (1,637) (1,612) (2) (427) (433) 1
UK regulatory levies - - - -
Litigation and conduct (8) (14) 43 (5) -
Total operating expenses (1,645) (1,626) (1) (432) (433) -
Other net income - - - -
Profit before impairment 2,036 1,700 20 621 424 46
Credit impairment charges (1,521) (1,293) (18) (431) (298) (45)
Profit before tax 515 407 27 190 126 51
Attributable profit 390 302 29 144 94 53
Performance measures
Return on average allocated tangible equity 11.0% 9.1% 15.8% 11.2%
Average allocated tangible equity (£bn) 3.5 3.3 3.6 3.4
Cost: income ratio 45% 49% 41% 51%
Loan loss rate (bps) 496 431 558 395
Net interest margin 11.14% 10.65% 11.63% 10.66%
Key facts
US cards 30 day arrears rate 3.0% 3.0%
US cards 90 days arrears rate 1.6% 1.6%
US cards customer FICO score distribution(1)
<660 13% 12%
>660 87% 88%
End net receivables (reported) ($bn) 36.6 33.1
As at 31.12.25 As at 31.12.24
Balance sheet information £bn £bn
Loans and advances to customers at amortised cost 21.1 20.0
Deposits at amortised cost 24.2 23.3
Risk weighted assets 27.4 26.8
Period end allocated tangible equity 3.8 3.7
1 Reflects FICO distribution based on ending net receivables for customer credit
cards.
USCB delivered a RoTE of 11.0% (FY24: 9.1%), reflecting continued operational
progress, as increased income from business growth and higher net interest
margins were partially offset by higher impairment charges relating to the
acquisition of the GM portfolio in August 2025 and US macroeconomic
uncertainty.
2025 compared to 2024
Income statement
● Profit before tax increased to £515m (FY24: £407m)
● The 3% appreciation of average GBP against USD adversely impacted income and
profits, and positively impacted credit impairment charges and total operating
expenses
● Total income increased 11% to £3,681m, driven by organic business growth, the
acquisition of the GM portfolio, increased purchase activity, and a c.£40m
one-off benefit related to partner rewards in Q425. NII increased 6% to
£2,820m with a net interest margin (NIM) of 11.14% (FY24: 10.65%), including
business growth and repricing initiatives. Net fee, commission and other
income increased 29% to £861m driven by purchases, and fee growth
● Total operating expenses increased 1% to £1,645m, driven by partner-related
expenses and supporting business growth, with ongoing efficiency savings
offsetting inflationary headwinds
● Credit impairment charges were £1,521m (FY24: £1,293m), driven by the impact
from the acquisition of the GM portfolio and elevated US macroeconomic
uncertainty. The lower charge in prior year was influenced by the impact of
credit risk management actions and methodology enhancements. US cards 30 and
90 day arrears rates(1) were 3.0% (Q424: 3.0%) and 1.6% (Q424: 1.6%)
respectively. The USCB total coverage ratio decreased to 11.1% (December 2024:
11.4%) due to the acquisition of the GM portfolio
Balance sheet
● Loans and advances to customers at amortised cost increased to £21.1bn
(December 2024: £20.0bn), reflecting the acquisition of the GM portfolio and
organic growth, partially offset by strengthening of spot GBP against USD
● Deposits at amortised cost increased to £24.2bn (December 2024: £23.3bn),
with growth in retail savings which is in line with USCB's ambition to grow
core deposits, partially offset by the strengthening of spot GBP against USD
● RWAs increased to £27.4bn (December 2024: £26.8bn), reflecting the
acquisition of the GM portfolio and organic growth, partially offset by the
strengthening of spot GBP against USD
1 Including a co-branded cards portfolio classified as assets held for sale.
Head Office Year ended Three months ended
31.12.25 31.12.24 31.12.25 31.12.24
Income statement information £m £m % Change £m £m % Change
Net interest income 415 646 (36) (11) 183
Net fee, commission and other income (163) (352) 54 94 (107)
Total income 252 294 (14) 83 76 9
Operating costs (747) (836) 11 (203) (233) 13
UK regulatory levies (8) (9) 11 (8) (9) 11
Litigation and conduct (257) (134) (92) (13) (84) 85
Total operating expenses (1,012) (979) (3) (224) (326) 31
Other net income/(expenses) 23 37 (38) (25) -
Loss before impairment (737) (648) (14) (166) (250) 34
Credit impairment charges (11) (119) 91 (5) (42) 88
Loss before tax (748) (767) 2 (171) (292) 41
Attributable loss (689) (742) 7 (152) (318) 52
Performance measures
Average allocated tangible equity (£bn) 5.7 2.9 6.7 3.4
As at 31.12.25 As at 31.12.24
Balance sheet information £bn £bn
Risk weighted assets 12.3 16.2
Period end allocated tangible equity 7.5 2.4
2025 compared to 2024
Income statement
● Loss before tax was £748m (FY24: £767m)
● Total income decreased to £252m (FY24: £294m), primarily from the impact of
the disposal of the German consumer finance business in Q125 and a fair value
write-down of a legacy portfolio, partially offset by the non-recurrence of
the prior year loss on sale of the performing Italian retail mortgage
portfolio
● Total operating expenses increased to £1,012m (FY24: £979m), primarily
driven by higher litigation and conduct charges including the £235m charge
for motor finance redress in FY25 (FY24: £90m) and the expense for the
employee share grant announced at FY24 Results, partially offset by the impact
of the disposal of the German consumer finance business
● Credit impairment charges decreased to £11m (FY24: £119m), driven by the
disposal of the German consumer finance business and non-repeat of the prior
year loss on sale of the non-performing Italian retail mortgage portfolio
Balance sheet
● RWAs decreased to £12.3bn (December 2024: £16.2bn), driven by the disposal
of the German consumer finance business and the disposal of Barclays' joint
venture interest in Entercard
Quarterly Results Summary
Barclays Group
Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
Income statement information £m £m £m £m £m £m £m £m
Net interest income 3,734 3,745 3,505 3,517 3,500 3,308 3,056 3,072
Net fee, commission and other income 3,343 3,422 3,682 4,192 3,464 3,239 3,268 3,881
Total income 7,077 7,167 7,187 7,709 6,964 6,547 6,324 6,953
Operating costs (4,379) (4,254) (4,149) (4,258) (4,244) (3,954) (3,999) (3,998)
UK regulatory levies (229) 12 - (96) (227) 27 - (120)
Litigation and conduct (50) (255) (76) (11) (121) (35) (7) (57)
Total operating expenses (4,658) (4,497) (4,225) (4,365) (4,592) (3,962) (4,006) (4,175)
Other net (expenses)/income (25) 39 (9) 18 - 21 4 12
Profit before impairment 2,394 2,709 2,953 3,362 2,372 2,606 2,322 2,790
Credit impairment charges (535) (632) (469) (643) (711) (374) (384) (513)
Profit before tax 1,859 2,077 2,484 2,719 1,661 2,232 1,938 2,277
Tax charges (388) (365) (552) (621) (448) (412) (427) (465)
Profit after tax 1,471 1,712 1,932 2,098 1,213 1,820 1,511 1,812
Non-controlling interests (18) - (21) (2) (20) (3) (23) (3)
Other equity instrument holders (258) (255) (252) (232) (228) (253) (251) (259)
Attributable profit 1,195 1,457 1,659 1,864 965 1,564 1,237 1,550
Performance measures
Return on average tangible shareholders' equity 8.5% 10.6% 12.3% 14.0% 7.5% 12.3% 9.9% 12.3%
Average tangible shareholders' equity (£bn) 56.5 55.1 53.9 53.1 51.5 51.0 49.8 50.5
Cost: income ratio 66% 63% 59% 57% 66% 61% 63% 60%
Loan loss rate (bps) 48 57 44 61 66 37 38 51
Basic earnings per ordinary share 8.6p 10.4p 11.7p 13.0p 6.7p 10.7p 8.3p 10.3p
Basic weighted average number of shares (m) 13,883 14,045 14,211 14,314 14,432 14,648 14,915 14,983
Period end number of shares (m) 13,867 13,996 14,180 14,336 14,420 14,571 14,826 15,091
Period end tangible shareholders' equity (£bn) 56.8 54.9 54.5 53.4 51.5 51.1 50.4 50.6
Balance sheet and capital management(1) £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 352.8 346.4 339.2 338.6 337.9 326.5 329.8 332.1
Loans and advances to banks at amortised cost 8.7 9.4 8.7 9.4 8.3 8.1 8.0 8.5
Debt securities at amortised cost 68.5 70.7 69.9 71.4 68.2 64.6 61.7 57.4
Loans and advances at amortised cost 430.0 426.5 417.8 419.4 414.5 399.2 399.5 397.9
Loans and advances at amortised cost impairment coverage ratio 1.2% 1.2% 1.2% 1.2% 1.2% 1.3% 1.4% 1.4%
Total assets 1,544.2 1,629.2 1,598.7 1,593.5 1,518.2 1,531.1 1,576.6 1,577.1
Deposits at amortised cost 585.6 575.3 564.5 574.3 560.7 542.8 557.5 552.3
Tangible net asset value per share 409p 392p 384p 372p 357p 351p 340p 335p
Common equity tier 1 ratio 14.3% 14.1% 14.0% 13.9% 13.6% 13.8% 13.6% 13.5%
Common equity tier 1 capital 51.1 50.3 49.5 48.8 48.6 47.0 47.7 47.1
Risk weighted assets 356.8 357.4 353.0 351.3 358.1 340.4 351.4 349.6
UK leverage ratio 5.1% 4.9% 5.0% 5.0% 5.0% 4.9% 5.0% 4.9%
UK leverage exposure 1,247.3 1,285.3 1,259.8 1,252.8 1,206.5 1,197.4 1,222.7 1,226.5
Funding and liquidity
Group liquidity pool (£bn) 337.8 332.9 333.7 336.3 296.9 311.7 328.7 323.5
Liquidity coverage ratio 170.0% 174.6% 177.7% 175.3% 172.4% 170.1% 167.0% 163.2%
Net stable funding ratio 135.2% 135.3% 135.6% 136.2% 134.9% 135.6% 136.4% 135.7%
Loan: deposit ratio 73% 74% 74% 73% 74% 74% 72% 72%
1 Refer to pages 57 to 61 for further information on how capital, RWAs and
leverage are calculated.
Barclays UK
Q425 Q325 Q225 Q125 Q424(1) Q324 Q224 Q124
Income statement information £m £m £m £m £m £m £m £m
Net interest income 2,015 1,961 1,855 1,822 1,815 1,666 1,597 1,549
Net fee, commission and other income 247 292 264 252 800 280 290 277
Total income 2,262 2,253 2,119 2,074 2,615 1,946 1,887 1,826
Operating costs (1,274) (1,189) (1,168) (1,115) (1,170) (1,017) (1,041) (1,007)
UK regulatory levies (41) (1) - (43) (36) 12 - (54)
Litigation and conduct (14) (8) (27) (2) (9) (1) (4) (2)
Total operating expenses (1,329) (1,198) (1,195) (1,160) (1,215) (1,006) (1,045) (1,063)
Other net income - - - - - - - -
Profit before impairment 933 1,055 924 914 1,400 940 842 763
Credit impairment charges (74) (102) (79) (158) (283) (16) (8) (58)
Profit before tax 859 953 845 756 1,117 924 834 705
Attributable profit 706 647 580 510 781 621 584 479
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 216.5 213.4 211.2 209.6 207.7 199.3 198.7 200.8
Customer deposits at amortised cost 244.6 241.5 241.3 243.1 244.2 236.3 236.8 237.2
Loan: deposit ratio 94% 95% 94% 93% 92% 92% 91% 92%
Risk weighted assets 85.8 86.7 86.1 85.0 84.5 77.5 76.5 76.5
Period end allocated tangible equity 11.8 11.9 11.8 11.8 11.6 10.7 10.6 10.7
Performance measures
Return on average allocated tangible equity 23.8% 21.8% 19.7% 17.4% 28.0% 23.4% 22.3% 18.5%
Average allocated tangible equity (£bn) 11.9 11.9 11.8 11.7 11.2 10.6 10.5 10.4
Cost: income ratio 59% 53% 56% 56% 46% 52% 55% 58%
Loan loss rate (bps) 13 18 14 28 49 3 1 11
Net interest margin 3.72% 3.68% 3.55% 3.55% 3.53% 3.34% 3.22% 3.09%
1 Q424 includes the day 1 impacts from the acquisition of Tesco Bank: total
Income includes a £556m gain, and credit impairment charges includes a £209m
charge.
Analysis of Barclays UK Q425 Q325 Q225 Q125 Q424(1) Q324 Q224 Q124
Analysis of total income £m £m £m £m £m £m £m £m
Retail Banking 1,702 1,708 1,599 1,573 2,078 1,433 1,402 1,357
Business Banking 560 545 520 501 537 513 485 469
Total income 2,262 2,253 2,119 2,074 2,615 1,946 1,887 1,826
Analysis of credit impairment (charges)/releases
Retail Banking (72) (98) (59) (145) (279) (12) (51) (52)
Business Banking (2) (4) (20) (13) (4) (4) 43 (6)
Total credit impairment charges (74) (102) (79) (158) (283) (16) (8) (58)
Analysis of loans and advances to customers at amortised cost £bn £bn £bn £bn £bn £bn £bn £bn
Retail Banking 198.6 195.2 192.4 190.4 188.0 178.7 177.5 178.8
Business Banking 17.9 18.2 18.8 19.2 19.7 20.6 21.2 22.0
Total loans and advances to customers at amortised cost 216.5 213.4 211.2 209.6 207.7 199.3 198.7 200.8
Analysis of customer deposits at amortised cost
Retail Banking 192.7 189.3 189.3 190.8 191.4 182.9 183.3 183.4
Business Banking 51.9 52.2 52.0 52.3 52.8 53.4 53.5 53.8
Total customer deposits at amortised cost 244.6 241.5 241.3 243.1 244.2 236.3 236.8 237.2
1 Q424 includes the day 1 impacts from the acquisition of Tesco Bank: total
Income includes a £556m gain, and credit impairment charges includes a £209m
charge.
Barclays UK Corporate Bank
Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
Income statement information £m £m £m £m £m £m £m £m
Net interest income 396 383 359 342 324 309 296 277
Net fee, commission, trading and other income 143 139 160 142 134 136 147 157
Total income 539 522 519 484 458 445 443 434
Operating costs (272) (243) (240) (234) (250) (229) (235) (221)
UK regulatory levies (14) 9 - (24) (14) 7 - (30)
Litigation and conduct - - (39) - (1) - - -
Total operating expenses (286) (234) (279) (258) (265) (222) (235) (251)
Other net expenses - - - - - - - -
Profit before impairment 253 288 240 226 193 223 208 183
Credit impairment charges (1) (5) (12) (19) (40) (13) (8) (15)
Profit before tax 252 283 228 207 153 210 200 168
Attributable profit 168 196 142 142 98 144 135 113
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 30.0 29.0 27.9 26.7 25.4 24.8 25.7 25.7
Deposits at amortised cost 88.7 86.7 85.3 85.3 83.1 82.3 84.9 81.7
Risk weighted assets 26.5 25.2 25.3 24.2 23.9 22.1 21.9 21.4
Period end allocated tangible equity 3.7 3.4 3.5 3.4 3.3 3.0 3.0 3.0
Performance measures
Return on average allocated tangible equity 19.1% 22.8% 16.6% 17.1% 12.3% 18.8% 18.0% 15.2%
Average allocated tangible equity (£bn) 3.5 3.4 3.4 3.3 3.2 3.1 3.0 3.0
Cost: income ratio 53% 45% 54% 53% 58% 50% 53% 58%
Loan loss rate (bps) 1 7 17 28 62 21 12 23
Analysis of total income £m £m £m £m £m £m £m £m
Corporate lending 97 90 90 80 71 67 57 72
Transaction banking 442 432 429 404 387 378 386 362
Total income 539 522 519 484 458 445 443 434
Barclays Private Bank and Wealth Management
Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
Income statement information £m £m £m £m £m £m £m £m
Net interest income 202 190 203 204 216 189 187 175
Net fee, commission and other income 146 145 145 145 135 137 133 137
Total income 348 335 348 349 351 326 320 312
Operating costs (279) (243) (238) (234) (255) (222) (220) (214)
UK regulatory levies (7) (1) - (2) (7) 1 - (3)
Litigation and conduct (10) 1 - - (1) - 1 -
Total operating expenses (296) (243) (238) (236) (263) (221) (219) (217)
Other net income - - - - - - - -
Profit before impairment 52 92 110 113 88 105 101 95
Credit impairment (charges)/releases (2) (1) 2 9 (2) (7) 3 -
Profit before tax 50 91 112 122 86 98 104 95
Attributable profit 35 72 88 96 63 74 77 74
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 14.7 14.9 14.5 14.5 14.5 14.0 13.9 13.7
Deposits at amortised cost 72.0 70.6 66.7 73.1 69.5 64.8 64.6 61.9
Risk weighted assets 8.0 7.9 7.9 8.0 7.9 7.3 7.0 7.2
Period end allocated tangible equity 1.1 1.1 1.1 1.1 1.1 1.0 1.0 1.0
Client assets and liabilities(1) 227.6 221.5 213.4 212.4 208.9 201.5 198.5 189.1
Performance measures
Return on average allocated tangible equity 12.6% 26.4% 31.9% 34.5% 23.9% 29.0% 30.8% 28.7%
Average allocated tangible equity (£bn) 1.1 1.1 1.1 1.1 1.1 1.0 1.0 1.0
Cost: income ratio 85% 73% 68% 68% 75% 68% 68% 70%
Loan loss rate (bps) 5 3 (5) (25) 5 19 (9) -
1 Client assets and liabilities refers to deposits, lending and invested assets.
Barclays Investment Bank
Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
Income statement information £m £m £m £m £m £m £m £m
Net interest income 356 347 334 297 284 282 268 197
Net trading income 1,294 1,581 1,906 2,416 1,262 1,512 1,485 1,982
Net fee, commission and other income 1,142 1,155 1,067 1,160 1,061 1,057 1,266 1,149
Total income 2,792 3,083 3,307 3,873 2,607 2,851 3,019 3,328
Operating costs (1,924) (2,010) (1,932) (2,061) (1,903) (1,906) (1,900) (1,957)
UK regulatory levies (159) 5 - (27) (161) 7 - (33)
Litigation and conduct (8) (9) (8) (3) (26) (17) (3) (9)
Total operating expenses (2,091) (2,014) (1,940) (2,091) (2,090) (1,916) (1,903) (1,999)
Other net expenses - - - - - - - -
Profit before impairment 701 1,069 1,367 1,782 517 935 1,116 1,329
Credit impairment (charges)/releases (22) (144) (67) (72) (46) (43) (44) 10
Profit before tax 679 925 1,300 1,710 471 892 1,072 1,339
Attributable profit 294 723 876 1,199 247 652 715 899
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 70.0 68.6 66.8 68.6 69.7 64.5 66.6 64.6
Loans and advances to banks at amortised cost 7.4 7.5 7.1 7.4 6.8 6.7 6.6 7.6
Debt securities at amortised cost 52.9 53.0 52.4 53.1 47.9 44.8 41.7 40.4
Loans and advances at amortised cost 130.3 129.1 126.3 129.1 124.4 116.0 114.9 112.6
Trading portfolio assets 189.5 191.3 186.1 185.5 166.1 185.8 197.2 195.3
Derivative financial instrument assets 251.5 263.8 279.0 253.6 291.6 256.7 251.4 248.9
Financial assets at fair value through the income statement 183.6 222.8 215.2 209.5 190.4 210.8 211.7 225.1
Cash collateral and settlement balances 121.6 152.1 145.0 148.8 111.1 134.7 139.8 129.8
Deposits at amortised cost 156.1 152.8 148.7 148.9 140.5 139.8 151.3 151.1
Derivative financial instrument liabilities 240.6 252.0 265.1 245.1 279.0 249.4 241.8 241.5
Risk weighted assets 196.7 199.1 196.4 195.9 198.8 194.2 203.3 200.4
Period end allocated tangible equity 28.9 29.1 28.7 28.9 29.3 28.4 29.7 29.6
Performance measures
Return on average allocated tangible equity 4.0% 10.1% 12.2% 16.2% 3.4% 8.8% 9.6% 12.0%
Average allocated tangible equity (£bn) 29.6 28.6 28.7 29.6 29.3 29.5 29.9 30.0
Income over average risk weighted assets 5.5% 6.3% 6.7% 7.7% 5.2% 5.7% 5.9% 6.5%
Cost: income ratio 75% 65% 59% 54% 80% 67% 63% 60%
Loan loss rate (bps) 7 44 21 23 15 15 15 (4)
Analysis of total income £m £m £m £m £m £m £m £m
FICC 1,024 1,256 1,450 1,699 934 1,180 1,149 1,404
Equities 703 689 870 963 604 692 696 883
Global Markets 1,727 1,945 2,320 2,662 1,538 1,872 1,845 2,287
Advisory 214 196 123 143 189 186 138 148
Equity capital markets 56 71 81 70 98 64 121 68
Debt capital markets 336 379 364 431 327 344 420 401
Banking Fees and Underwriting 606 646 568 644 614 594 679 617
Corporate lending 27 68 (4) 156 45 (21) 87 42
Transaction banking 432 424 423 411 410 406 408 382
International Corporate Banking 459 492 419 567 455 385 495 424
Investment Banking 1,065 1,138 987 1,211 1,069 979 1,174 1,041
Total income 2,792 3,083 3,307 3,873 2,607 2,851 3,019 3,328
Barclays US Consumer Bank
Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
Income statement information £m £m £m £m £m £m £m £m
Net interest income 776 726 640 678 678 647 646 688
Net fee, commission, trading and other income 277 215 183 186 179 144 173 171
Total income 1,053 941 823 864 857 791 819 859
Operating costs (427) (407) (396) (407) (433) (384) (408) (387)
UK regulatory levies - - - - - - - -
Litigation and conduct (5) - - (3) - (9) (2) (3)
Total operating expenses (432) (407) (396) (410) (433) (393) (410) (390)
Other net income - - - - - - - -
Profit before impairment 621 534 427 454 424 398 409 469
Credit impairment charges (431) (379) (312) (399) (298) (276) (309) (410)
Profit before tax 190 155 115 55 126 122 100 59
Attributable profit 144 118 87 41 94 89 75 44
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 21.1 20.0 18.2 18.8 20.0 23.2 24.3 23.6
Deposits at amortised cost 24.2 23.7 22.5 23.8 23.3 19.4 20.0 20.3
Risk weighted assets 27.4 25.8 24.7 25.6 26.8 23.2 24.4 23.9
Period end allocated tangible equity 3.8 3.5 3.4 3.5 3.7 3.2 3.3 3.3
Performance measures
Return on average allocated tangible equity 15.8% 13.5% 10.2% 4.5% 11.2% 10.9% 9.2% 5.3%
Average allocated tangible equity (£bn) 3.6 3.5 3.4 3.6 3.4 3.3 3.3 3.3
Cost: income ratio 41% 43% 48% 47% 51% 50% 50% 46%
Loan loss rate (bps)(1) 558 505 456 562 395 411 438 610
Net interest margin 11.63% 11.50% 10.83% 10.53% 10.66% 10.38% 10.43% 11.12%
1 LLR includes held for sale portfolios to remain consistent with the treatment
of impairment.
Head Office
Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
Income statement information £m £m £m £m £m £m £m £m
Net interest income (11) 138 114 174 183 215 62 186
Net fee, commission and other income 94 (105) (43) (109) (107) (27) (226) 8
Total income 83 33 71 65 76 188 (164) 194
Operating costs (203) (162) (175) (207) (233) (197) (195) (211)
UK regulatory levies (8) - - - (9) - - -
Litigation and conduct (13) (239) (2) (3) (84) (7) 1 (44)
Total operating expenses (224) (401) (177) (210) (326) (204) (194) (255)
Other net (expenses)/income (25) 39 (9) 18 - 21 4 12
(Loss)/profit before impairment (166) (329) (115) (127) (250) 5 (354) (49)
Credit impairment charges (5) (1) (1) (4) (42) (19) (18) (40)
Loss before tax (171) (330) (116) (131) (292) (14) (372) (89)
Attributable loss (152) (299) (114) (124) (318) (16) (349) (59)
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Risk weighted assets 12.3 12.7 12.6 12.7 16.2 16.1 18.3 20.2
Period end allocated tangible equity 7.5 5.8 5.9 4.7 2.4 4.9 2.7 3.0
Performance measures
Average allocated tangible equity (£bn) 6.7 6.6 5.5 3.8 3.4 3.5 2.1 2.8
Performance Management
Margins and balances
Year ended 31.12.25 Year ended 31.12.24
Net interest income Average customer assets Net interest margin Net interest income Average customer assets Net interest margin
£m £m % £m £m %
Barclays UK 7,653 210,925 3.63 6,627 201,152 3.29
Barclays UK Corporate Bank 1,480 26,142 5.66 1,206 22,776 5.30
Barclays Private Bank and Wealth Management 799 14,827 5.39 767 13,983 5.49
Barclays US Consumer Bank(1) 2,820 25,313 11.14 2,659 24,978 10.65
Group excluding IB and Head Office(1) 12,752 277,207 4.60 11,259 262,889 4.28
Barclays Investment Bank 1,334 1,031
Head Office 415 646
Barclays Group Net interest income 14,501 12,936
The Group excluding IB and Head Office net interest margin increased by 32bps
from 4.28% in 2024 to 4.60% in 2025, due to higher structural hedge income,
partially offset by retail deposit dynamics.
Quarterly analysis
Q425 Q325 Q225 Q125 Q424
Net interest income £m £m £m £m £m
Barclays UK 2,015 1,961 1,855 1,822 1,815
Barclays UK Corporate Bank 396 383 359 342 324
Barclays Private Bank and Wealth Management 202 190 203 204 216
Barclays US Consumer Bank 776 726 640 678 678
Group excluding IB and Head Office 3,389 3,260 3,057 3,046 3,033
Average customer assets £m £m £m £m £m
Barclays UK 214,770 211,384 209,649 208,305 204,793
Barclays UK Corporate Bank 27,841 26,645 25,478 24,605 23,450
Barclays Private Bank and Wealth Management 15,105 14,802 14,729 14,674 14,381
Barclays US Consumer Bank(1) 26,470 25,037 23,713 26,106 25,314
Group excluding IB and Head Office(1) 284,186 277,868 273,569 273,690 267,938
Net interest margin % % % % %
Barclays UK 3.72 3.68 3.55 3.55 3.53
Barclays UK Corporate Bank 5.64 5.70 5.65 5.64 5.50
Barclays Private Bank and Wealth Management 5.31 5.09 5.53 5.64 5.98
Barclays US Consumer Bank 11.63 11.50 10.83 10.53 10.66
Group excluding IB and Head Office 4.73 4.65 4.48 4.51 4.50
1 Includes average customer asset balances classified as held for sale.
Structural hedge
The Group employs a structural hedge programme designed to stabilise NIM on
fixed rate non-maturity balance sheet items that are behaviourally stable. As
interest rates move, such balances would otherwise drive material income
volatility where there is a re-pricing mismatch with floating rate assets.
The structural hedge predominantly covers non-interest-bearing current
accounts and the fixed portion of instant access savings accounts as well as
equity, which are invested into either floating rate customer assets or
balances at central banks, creating an exposure to changes in interest rates.
The structural hedge is executed via a portfolio of receive-fixed, pay
variable interest rate swaps, with an amortising structure so that a small
portion matures and is reinvested each month at prevailing market rates. The
pay-floating leg of the interest rate swaps nets down a proportion of the
receive-floating income from the customer assets, leaving a receive-fixed
income stream from the structural hedge.
The purpose of the structural hedge is to smooth the Group NII through time.
The floating leg of the swap will re-price immediately, whereas the fixed rate
yield on the portfolio reprices gradually, as a portion of the swap portfolio
matures and the roll is re-invested onto new market rates.
When interest rates are higher than our structural hedge yield, the
pay-floating rate will typically be higher than our average receive-fixed
rate. In this scenario, when viewed in isolation, the structural hedge will be
a net drag to Group NII. When floating rates are lower than our structural
hedge yield, the hedge in isolation will be a net benefit.
Since the receive-fixed swaps are booked for a specific term, an element of
NII is 'locked in'. The income stabilising feature of the structural hedge
provides greater net interest income certainty through the interest rate
cycle.
The structural hedge is one component of a larger portfolio of interest rate
risk management activities that includes non-structural hedging (e.g.
pay-fixed and receive-variable flows for asset hedging), and other offsetting
flows. The net risk of these positions is executed externally through interest
rate swaps and managed for accounting risk (i.e. income volatility arising
from the accounting mismatch of swaps at fair value through profit and loss
and underlying hedged items at amortised cost) within the cash flow hedging
reserve.
Overall the Group has external derivatives designated as cash flow hedges that
hedge interest rate risk with a notional £114.6bn (December 2024: £105.6bn)
which reflects the structural hedge notional of £236.1bn (December 2024:
£232.3bn) netted with non-structural hedging positions of £121.5bn (December
2024: £126.7bn). The majority of these interest rate swaps are cleared with
Central Clearing Counterparties and margined daily.
Economic risk management objectives and strategies have remained consistent.
The stability of the hedgeable balances through 2025 have supported the full
reinvestment of maturing hedges, increasing the notional by £4bn, and an
increase in the average hedge duration from c.3 to c.3.5 years, which further
increase the stability of income.
Gross structural hedge contributions were £5,923m (2024: £4,708m). Gross
structural hedge contributions represent the absolute interest income earned
on the fixed legs of the swaps in the structural hedge as the floating leg is
offset by the base rate funding of the deposits.
Performance Management
Remuneration
Deferred bonuses are payable only once an employee meets certain conditions,
including a specified period of future service. This creates a timing
difference between the communication of the bonus pool and the charges that
are recognised in the income statement which are reconciled in the table below
to show the charge for performance costs. Refer to the Remuneration Report on
pages 158 to 198 of the Barclays PLC Annual Report 2025 for further detail on
remuneration. The table below includes the other elements of compensation and
staff costs.
Year ended 31.12.25 Year ended 31.12.24
£m £m % Change
Incentive awards granted:
Current year bonus 1,422 1,278 (11)
Deferred bonus 786 636 (24)
Total incentive awards granted 2,208 1,914 (15)
Reconciliation of incentive awards granted to income statement charge:
Less: deferred bonuses granted but not charged in current year (555) (452) (23)
Add: current year charges for deferred bonuses from previous years 426 405 (5)
Other differences between incentive awards granted and income statement charge 3 (2) (250)
Income statement charge for performance costs 2,082 1,865 (12)
Other income statement charges:
Salaries 5,099 4,994 (2)
Social security costs 863 754 (14)
Retirement benefits(1) 572 558 (3)
Other compensation costs 637 587 (9)
Total compensation costs(2) 9,253 8,758 (6)
Other resourcing costs
Outsourcing 929 693 (34)
Redundancy and restructuring 199 235 15
Temporary staff costs 70 61 (15)
Other 156 129 (21)
Total other resourcing costs 1,354 1,118 (21)
Total staff costs 10,607 9,876 (7)
Group compensation costs as a % of total income 31.8 32.7
Group staff costs as a % of total income 36.4 36.9
One of the primary considerations for performance costs are Group and business
level returns, alongside other financial and non-financial measures, including
strategic delivery, risk and conduct, aligning colleague, shareholder and
wider stakeholder interests.
1 Retirement benefits charge includes £382m (2024: £377m) in respect of
defined contribution schemes and £190m (2024: £181m) in respect of defined
benefit schemes.
2 £834m (2024: £875m) of Group compensation cost was capitalised as internally
generated software and excluded from the staff cost disclosed above.
Deferred bonuses have been awarded and are expected to be charged to the
income statement in the years outlined in the table that follows:
Year in which income statement charge is expected to be taken for deferred
bonuses awarded to date(1)
Actual Expected(1, 2)
Year ended Year ended Year ended 2027 and
31.12.24 31.12.25 31.12.26 beyond
£m £m £m £m
Deferred bonuses from 2022 and earlier bonus pools 186 80 11 -
Deferred bonuses from 2023 bonus pool 219 132 66 13
Deferred bonuses from 2024 bonus pool 184 214 150 105
Deferred bonuses from 2025 bonus pool - 231 220 251
Income statement charge for deferred bonuses 589 657 447 369
1 The actual amount charged depends upon whether conditions have been met and
may vary compared with the above expectation.
2 Does not include the impact of grants which will be made in 2026 and beyond.
Charging of deferred bonus profile(1)
Grant date Expected payment Year Income statement charge %
date(s)(2) and percentage profile of 2025 onwards(3),(4)
of the deferred bonus
paid
March 2026 2025 33%
2026 31%
March 2027 (33.3%) 2027 21%
March 2028 (33.3%) 2028 12%
March 2029 (33.3%) 2029 2%
1 Represents a typical vesting schedule for deferred awards. Certain awards may
be subject to a 3, 4, 5 or 7 year deferral in line with regulatory
requirements.
2 Share awards may be subject to an additional holding period.
3 The income statement charge is based on the period over which conditions are
met.
4 Income statement charge profile % disclosed as a percentage of the award
excluding lapse.
Risk Management
Risk management and principal risks
The roles and responsibilities across the Group, including Risk and
Compliance, in the management of risk are defined in the Enterprise Risk
Management Framework (ERMF). The purpose of the ERMF is to identify the
principal risks of the Group, the process by which the Group sets its appetite
for these risks in its business activities, and the consequent limits which it
places on related risk taking.
The ERMF identifies ten principal risks: climate risk, credit risk, market
risk, treasury and capital risk, operational risk, model risk, compliance
risk, financial crime risk, reputation risk and legal risk. Further detail on
these principal risks and material existing and emerging risks and how such
risks are managed is available in the Barclays PLC Annual Report 2025, which
can be accessed at home.barclays/annualreport
(https://home.barclays/investor-relations/reports-and-events/annual-reports/)
.
The following sections give an overview of credit risk, market risk, and
treasury and capital risk for the period.
Credit Risk
Loans and advances at amortised cost by geography
Total loans and advances at amortised cost in the credit risk section includes
loans and advances at amortised cost to banks and loans and advances at
amortised cost to customers.
The table below presents a product and geographical breakdown of loans and
advances at amortised cost and the impairment allowance by stage; and includes
purchased or originated credit-impaired (POCI) balances. POCI balances
represent a fixed pool of assets purchased at a deep discount to face value
reflecting credit losses incurred from the point of origination to date of
acquisition. The table also presents stage allocation of debt securities and
off-balance sheet loan commitments and financial guarantee contracts.
The impairment allowance under IFRS 9 considers both the drawn and the undrawn
counterparty exposure. For retail portfolios, the total impairment allowance
is allocated to gross loans and advances to the extent allowance does not
exceed the drawn exposure and any excess is reported on the liabilities side
of the balance sheet as a provision. For wholesale portfolios, impairment
allowance on undrawn exposure is reported on the liability side of the balance
sheet as a provision.
Gross exposure Impairment allowance
Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total
As at 31.12.25 £m £m £m £m £m £m £m £m £m £m
Retail mortgages 159,825 13,757 1,836 - 175,418 15 16 60 - 91
Retail credit cards 14,922 1,943 279 24 17,168 171 398 174 - 743
Retail other 9,867 1,512 286 15 11,680 98 178 214 - 490
Corporate loans(1) 54,182 6,936 1,392 - 62,510 125 180 422 - 727
Total UK 238,796 24,148 3,793 39 266,776 409 772 870 - 2,051
Retail mortgages 1,829 72 131 - 2,032 2 - 24 - 26
Retail credit cards 18,801 2,536 1,776 - 23,113 395 796 1,395 - 2,586
Retail other 2,482 206 63 - 2,751 3 5 19 - 27
Corporate loans 66,671 3,702 1,767 - 72,140 82 135 382 - 599
Total Rest of the World 89,783 6,516 3,737 - 100,036 482 936 1,820 - 3,238
Total loans and advances at amortised cost 328,579 30,664 7,530 39 366,812 891 1,708 2,690 - 5,289
Debt securities at amortised cost 68,126 371 - - 68,497 13 9 - - 22
Total loans and advances at amortised cost including debt securities 396,705 31,035 7,530 39 435,309 904 1,717 2,690 - 5,311
Off-balance sheet loan commitments and financial guarantee contracts(2) 410,493 16,473 812 5 427,783 144 240 32 - 416
Total(3,4) 807,198 47,508 8,342 44 863,092 1,048 1,957 2,722 - 5,727
Net exposure Coverage ratio
Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total
As at 31.12.25 £m £m £m £m £m % % % % %
Retail mortgages 159,810 13,741 1,776 - 175,327 - 0.1 3.3 - 0.1
Retail credit cards 14,751 1,545 105 24 16,425 1.1 20.5 62.4 - 4.3
Retail other 9,769 1,334 72 15 11,190 1.0 11.8 74.8 - 4.2
Corporate loans(1) 54,057 6,756 970 - 61,783 0.2 2.6 30.3 - 1.2
Total UK 238,387 23,376 2,923 39 264,725 0.2 3.2 22.9 - 0.8
Retail mortgages 1,827 72 107 - 2,006 0.1 - 18.3 - 1.3
Retail credit cards 18,406 1,740 381 - 20,527 2.1 31.4 78.5 - 11.2
Retail other 2,479 201 44 - 2,724 0.1 2.4 30.2 - 1.0
Corporate loans 66,589 3,567 1,385 - 71,541 0.1 3.6 21.6 - 0.8
Total Rest of the World 89,301 5,580 1,917 - 96,798 0.5 14.4 48.7 - 3.2
Total loans and advances at amortised cost 327,688 28,956 4,840 39 361,523 0.3 5.6 35.7 - 1.4
Debt securities at amortised cost 68,113 362 - - 68,475 - 2.4 - - -
Total loans and advances at amortised cost including debt securities 395,801 29,318 4,840 39 429,998 0.2 5.5 35.7 - 1.2
Off-balance sheet loan commitments and financial guarantee contracts(2) 410,349 16,233 780 5 427,367 - 1.5 3.9 - 0.1
Total(3,4) 806,150 45,551 5,620 44 857,365 0.1 4.1 32.6 - 0.7
1 Includes Business Banking, which has a gross exposure of £12.4bn and an
impairment allowance of £326m. This comprises £62m impairment allowance on
£9.3bn Stage 1 exposure, £50m on £2.3bn Stage 2 exposure and £214m on
£0.8bn Stage 3 exposure. Excluding this, total coverage for corporate loans
in UK is 0.8%.
2 Excludes loan commitments and financial guarantees of £22.2bn carried at fair
value and includes exposure relating to financial assets classified as assets
held for sale.
3 Other financial assets subject to impairment excluded in the table above
include cash collateral and settlement balances, reverse repurchase agreements
and other similar secured lending, financial assets at fair value through
other comprehensive income and other assets. These have a total gross exposure
of £224.1bn and an impairment allowance of £150m. This comprises £18m
impairment allowance on £222.4bn Stage 1 exposure, £8m on £1.6bn Stage 2
exposure and £124m on £127m Stage 3 exposure.
4 The annualised loan loss rate is 52bps after applying the total impairment
charge of £2,279m.
Gross exposure Impairment allowance
Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total
As at 31.12.24 £m £m £m £m £m £m £m £m £m £m
Retail mortgages 145,039 19,507 1,793 - 166,339 36 61 61 - 158
Retail credit cards 13,497 2,064 179 40 15,780 219 440 91 - 750
Retail other 10,606 1,218 257 17 12,098 135 110 138 - 383
Corporate loans(1) 52,284 7,266 2,171 - 61,721 133 196 420 - 749
Total UK 221,426 30,055 4,400 57 255,938 523 807 710 - 2,040
Retail mortgages 1,651 89 169 - 1,909 2 1 26 - 29
Retail credit cards 17,629 2,953 1,724 - 22,306 334 807 1,416 - 2,557
Retail other 1,844 155 121 - 2,120 3 1 23 - 27
Corporate loans 64,224 3,901 945 - 69,070 76 135 206 - 417
Total Rest of the World 85,348 7,098 2,959 - 95,405 415 944 1,671 - 3,030
Total loans and advances at amortised cost 306,774 37,153 7,359 57 351,343 938 1,751 2,381 - 5,070
Debt securities at amortised cost 64,988 3,245 - - 68,233 12 11 - - 23
Total loans and advances at amortised cost including debt securities 371,762 40,398 7,359 57 419,576 950 1,762 2,381 - 5,093
Off-balance sheet loan commitments and financial guarantee contracts(2) 412,255 18,728 1,168 6 432,157 164 250 25 - 439
Total(3,4) 784,017 59,126 8,527 63 851,733 1,114 2,012 2,406 - 5,532
Net exposure Coverage ratio
Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total
As at 31.12.24 £m £m £m £m £m % % % % %
Retail mortgages 145,003 19,446 1,732 - 166,181 - 0.3 3.4 - 0.1
Retail credit cards 13,278 1,624 88 40 15,030 1.6 21.3 50.8 - 4.8
Retail other 10,471 1,108 119 17 11,715 1.3 9.0 53.7 - 3.2
Corporate loans(1) 52,151 7,070 1,751 - 60,972 0.3 2.7 19.3 - 1.2
Total UK 220,903 29,248 3,690 57 253,898 0.2 2.7 16.1 - 0.8
Retail mortgages 1,649 88 143 - 1,880 0.1 1.1 15.4 - 1.5
Retail credit cards 17,295 2,146 308 - 19,749 1.9 27.3 82.1 - 11.5
Retail other 1,841 154 98 - 2,093 0.2 0.6 19.0 - 1.3
Corporate loans 64,148 3,766 739 - 68,653 0.1 3.5 21.8 - 0.6
Total Rest of the World 84,933 6,154 1,288 - 92,375 0.5 13.3 56.5 - 3.2
Total loans and advances at amortised cost 305,836 35,402 4,978 57 346,273 0.3 4.7 32.4 - 1.4
Debt securities at amortised cost 64,976 3,234 - - 68,210 - 0.3 - - -
Total loans and advances at amortised cost including debt securities 370,812 38,636 4,978 57 414,483 0.3 4.4 32.4 - 1.2
Off-balance sheet loan commitments and financial guarantee contracts(2) 412,091 18,478 1,143 6 431,718 - 1.3 2.1 - 0.1
Total(3,4) 782,903 57,114 6,121 63 846,201 0.1 3.4 28.2 - 0.6
1 Includes Business Banking, which has a gross exposure of £13.1bn and an
impairment allowance of £356m. This comprises £60m impairment allowance on
£8.9bn Stage 1 exposure, £60m on £2.8bn Stage 2 exposure and £236m on
£1.5bn Stage 3 exposure. Excluding this, total coverage for corporate loans
in UK is 0.8%.
2 Excludes loan commitments and financial guarantees of £16.3bn carried at fair
value and includes exposure relating to financial assets classified as assets
held for sale.
3 Other financial assets subject to impairment excluded in the table above
include cash collateral and settlement balances, reverse repurchase agreements
and other similar secured lending, financial assets at fair value through
other comprehensive income and other assets. These have a total gross exposure
of £204.2bn and an impairment allowance of £156m. This comprises £19m
impairment allowance on £202.7bn Stage 1 exposure, £7m on £1.3bn Stage 2
exposure and £130m on £139m Stage 3 exposure.
4 The annualised loan loss rate is 46bps after applying the total impairment
charge of £1,982m.
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 31.12.25 Stage 1 Not past due <=30 days past due >30 days past due Total Stage 3 excluding POCI Stage 3 POCI Total
Gross exposure £m £m £m £m £m £m £m £m
Retail mortgages 161,654 11,072 2,033 724 13,829 1,967 - 177,450
Retail credit cards 33,723 3,832 317 330 4,479 2,055 24 40,281
Retail other 12,349 1,398 207 113 1,718 349 15 14,431
Corporate loans 120,853 10,409 71 158 10,638 3,159 - 134,650
Total 328,579 26,711 2,628 1,325 30,664 7,530 39 366,812
Impairment allowance
Retail mortgages 17 9 4 3 16 84 - 117
Retail credit cards 566 840 138 216 1,194 1,569 - 3,329
Retail other 101 126 28 29 183 233 - 517
Corporate loans 207 298 7 10 315 804 - 1,326
Total 891 1,273 177 258 1,708 2,690 - 5,289
Net exposure
Retail mortgages 161,637 11,063 2,029 721 13,813 1,883 - 177,333
Retail credit cards 33,157 2,992 179 114 3,285 486 24 36,952
Retail other 12,248 1,272 179 84 1,535 116 15 13,914
Corporate loans 120,646 10,111 64 148 10,323 2,355 - 133,324
Total 327,688 25,438 2,451 1,067 28,956 4,840 39 361,523
Coverage ratio % % % % % % % %
Retail mortgages - 0.1 0.2 0.4 0.1 4.3 - 0.1
Retail credit cards 1.7 21.9 43.5 65.5 26.7 76.4 - 8.3
Retail other 0.8 9.0 13.5 25.7 10.7 66.8 - 3.6
Corporate loans 0.2 2.9 9.9 6.3 3.0 25.5 - 1.0
Total 0.3 4.8 6.7 19.5 5.6 35.7 - 1.4
As at 31.12.24
Gross exposure £m £m £m £m £m £m £m £m
Retail mortgages 146,690 16,790 2,034 772 19,596 1,962 - 168,248
Retail credit cards 31,126 4,435 303 279 5,017 1,903 40 38,086
Retail other 12,450 1,056 211 106 1,373 378 17 14,218
Corporate loans 116,508 10,849 144 174 11,167 3,116 - 130,791
Total 306,774 33,130 2,692 1,331 37,153 7,359 57 351,343
Impairment allowance
Retail mortgages 38 42 13 7 62 87 - 187
Retail credit cards 553 959 122 166 1,247 1,507 - 3,307
Retail other 138 76 17 18 111 161 - 410
Corporate loans 209 316 7 8 331 626 - 1,166
Total 938 1,393 159 199 1,751 2,381 - 5,070
Net exposure
Retail mortgages 146,652 16,748 2,021 765 19,534 1,875 - 168,061
Retail credit cards 30,573 3,476 181 113 3,770 396 40 34,779
Retail other 12,312 980 194 88 1,262 217 17 13,808
Corporate loans 116,299 10,533 137 166 10,836 2,490 - 129,625
Total 305,836 31,737 2,533 1,132 35,402 4,978 57 346,273
Coverage ratio % % % % % % % %
Retail mortgages - 0.3 0.6 0.9 0.3 4.4 - 0.1
Retail credit cards 1.8 21.6 40.3 59.5 24.9 79.2 - 8.7
Retail other 1.1 7.2 8.1 17.0 8.1 42.6 - 2.9
Corporate loans 0.2 2.9 4.9 4.6 3.0 20.1 - 0.9
Total 0.3 4.2 5.9 15.0 4.7 32.4 - 1.4
Movement in gross exposures and impairment allowance including provisions for
loan commitments and financial guarantees
The following tables present a reconciliation of the opening to the closing
balance of the gross exposure and impairment allowance.
Transfers between stages in the tables have been reflected as if they had
taken place at the beginning of the period. 'Net drawdowns, repayments, net
re-measurement and movements due to exposure and risk parameter changes'
includes additional drawdowns and partial repayments from existing facilities.
Additionally, the below tables do not include other financial assets subject
to impairment such as debt securities at amortised cost, reverse repurchase
agreements and other similar secured lending, cash collateral and settlement
balances, financial assets at fair value through other comprehensive income
and other assets.
The movements are measured over a 12-month period.
Loans and advances at amortised cost
Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total
Gross exposure ECL Gross exposure ECL Gross exposure ECL Gross exposure ECL Gross exposure ECL
Retail mortgages £m £m £m £m £m £m £m £m £m £m
As at 1 January 2025 146,690 38 19,596 62 1,962 87 - - 168,248 187
Transfers from Stage 1 to Stage 2 (8,750) (3) 8,750 3 - - - - - -
Transfers from Stage 2 to Stage 1 12,686 26 (12,686) (26) - - - - - -
Transfers to Stage 3 (389) (1) (502) (5) 891 6 - - - -
Transfers from Stage 3 108 2 119 - (227) (2) - - - -
Business activity in the period 32,944 4 1,186 2 7 - - - 34,137 6
Refinements to models used for calculation(1) - (19) - (36) - 6 - - - (49)
Net drawdowns, repayments, net re-measurement and movement due to exposure and (7,660) (26) (683) 25 (113) 30 - - (8,456) 29
risk parameter changes
Final repayments (13,634) (3) (1,802) (5) (431) (20) - - (15,867) (28)
Disposals(2) (341) (1) (149) (4) (104) (5) - - (594) (10)
Write-offs - - - - (18) (18) - - (18) (18)
As at 31 December 2025 161,654 17 13,829 16 1,967 84 - - 177,450 117
Retail credit cards
As at 1 January 2025 31,126 553 5,017 1,247 1,903 1,507 40 - 38,086 3,307
Transfers from Stage 1 to Stage 2 (1,716) (51) 1,716 51 - - - - - -
Transfers from Stage 2 to Stage 1 2,220 444 (2,220) (444) - - - - - -
Transfers to Stage 3 (728) (26) (922) (351) 1,650 377 - - - -
Transfers from Stage 3 30 15 20 8 (50) (23) - - - -
Business activity in the period(3) 4,999 111 617 188 75 54 - - 5,691 353
Refinements to models used for calculation(1) - 57 - (274) - 1 - - - (216)
Net drawdowns, repayments, net re-measurement and movement due to exposure and (1,906) (526) 290 782 (6) 1,074 (16) - (1,638) 1,330
risk parameter changes(4)
Final repayments (302) (11) (39) (13) (35) (28) - - (376) (52)
Disposals(2) - - - - (457) (368) - - (457) (368)
Write-offs - - - - (1,025) (1,025) - - (1,025) (1,025)
As at 31 December 2025 33,723 566 4,479 1,194 2,055 1,569 24 - 40,281 3,329
1 Refinements to models used for calculation reported within Retail mortgages
include a £(49)m movement in the calculated ECL for the UK Mortgages
portfolio. In Retail credit cards, this include a £(204)m movement in UK
Cards and a £(12)m movement in US Cards portfolio, respectively. These
reflect model enhancements made during the period. Barclays continually
reviews the output of models to determine accuracy of the ECL calculation
including review of model monitoring, external benchmarking and experience of
model operation over an extended period of time. This helps to ensure that the
models used continue to reflect the risks inherent in the businesses.
2 The £594m of gross disposals reported within Retail mortgages include £584m
transfer of facilities to a non-consolidated SPV for the purpose of
securitisation and £10m relates to sale of the Italian mortgage loans. The
£457m of gross disposals reported within Retail credit cards relate to debt
sales undertaken during the period.
3 Business activity in the year reported within Retail credit cards include
£1.2bn related to acquisition of the GM co-branded card portfolio within
USCB.
4 'Net drawdowns, repayments, net re-measurement and movements due to exposure
and risk parameter changes' reported within Retail credit cards include a gain
recognised on the reassessment of purchased or originated credit-impaired
(POCI) assets, where the expected credit loss on POCI assets is lower than
anticipated at the time of purchase. The resulting increase in carrying value
is recognised within gross exposure rather than as a negative impairment
allowance.
Loans and advances at amortised cost
Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total
Gross exposure ECL Gross exposure ECL Gross exposure ECL Gross exposure ECL Gross exposure ECL
Retail other £m £m £m £m £m £m £m £m £m £m
As at 1 January 2025 12,450 138 1,373 111 378 161 17 - 14,218 410
Transfers from Stage 1 to Stage 2 (733) (12) 733 12 - - - - - -
Transfers from Stage 2 to Stage 1 372 24 (372) (24) - - - - - -
Transfers to Stage 3 (206) (3) (119) (28) 325 31 - - - -
Transfers from Stage 3 58 2 4 4 (62) (6) - - - -
Business activity in the period 4,683 37 494 58 37 34 - - 5,214 129
Refinements to models used for calculation - - - - - - - - - -
Net drawdowns, repayments, net re-measurement and movement due to exposure and (1,080) (62) (16) 55 34 180 (2) - (1,064) 173
risk parameter changes(1)
Final repayments (3,195) (23) (379) (5) (205) (20) - - (3,779) (48)
Disposals(2) - - - - (43) (32) - - (43) (32)
Write-offs - - - - (115) (115) - - (115) (115)
As at 31 December 2025 12,349 101 1,718 183 349 233 15 - 14,431 517
Corporate loans
As at 1 January 2025 116,508 209 11,167 331 3,116 626 - - 130,791 1,166
Transfers from Stage 1 to Stage 2 (3,993) (19) 3,993 19 - - - - - -
Transfers from Stage 2 to Stage 1 3,316 70 (3,316) (70) - - - - - -
Transfers to Stage 3 (895) (5) (748) (32) 1,643 37 - - - -
Transfers from Stage 3 441 18 459 14 (900) (32) - - - -
Business activity in the period(3) 28,142 49 1,134 40 341 29 - - 29,617 118
Refinements to models used for calculation(4) - (65) - (24) - - - - - (89)
Net drawdowns, repayments, net re-measurement and movement due to exposure and 3,727 (21) (41) 95 (108) 476 - - 3,578 550
risk parameter changes
Final repayments (26,236) (28) (2,008) (56) (511) (10) - - (28,755) (94)
Disposals(2) (157) (1) (2) (2) (121) (21) - - (280) (24)
Write-offs - - - - (301) (301) - - (301) (301)
As at 31 December 2025 120,853 207 10,638 315 3,159 804 - - 134,650 1,326
1 'Net drawdowns, repayments, net re-measurement and movements due to exposure
and risk parameter changes' reported within Retail other include a gain
recognised on the reassessment of purchased or originated credit-impaired
(POCI) assets, where the expected credit loss on POCI assets is lower than
anticipated at the time of purchase. The resulting increase in carrying value
is recognised within gross exposure rather than as a negative impairment
allowance.
2 The £43m of gross disposals reported within Retail other and £280m of gross
disposals reported within Corporate loans relate to debt sales undertaken
during the period.
3 Business activity in the year reported within Corporate loans include £0.1bn
related to acquisition of the GM co-branded card portfolio within USCB.
4 Refinements to models used for calculation reported within Corporate loans
include a £(89)m movement in the calculated ECL for the UKCB and IB
portfolio. These reflect model enhancements made during the period. Barclays
continually reviews the output of models to determine accuracy of the ECL
calculation including review of model monitoring, external benchmarking and
experience of model operation over an extended period of time. This helps to
ensure that the models used continue to reflect the risks inherent in the
businesses.
Reconciliation of ECL movement to impairment charge/(release) for the period
Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total
£m £m £m £m £m
Retail mortgages (20) (42) 20 - (42)
Retail credit cards 13 (53) 1,455 - 1,415
Retail other (37) 72 219 - 254
Corporate loans (1) (14) 500 - 485
ECL movements excluding disposals and write-offs(1) (45) (37) 2,194 - 2,112
ECL movement on loan commitments and other financial guarantees (20) (10) 7 - (23)
ECL movement on other financial assets (1) 1 (6) - (6)
ECL movement on debt securities at amortised cost 1 (2) - - (1)
Recoveries and reimbursements(2) 9 (29) (147) - (167)
ECL charge on assets held for sale(3) 181
Total exchange and other adjustments 183
Total income statement charge for the period 2,279
1 In 2025, gross write-offs amounted to £1,459m (2024: £1,547m) and post
write-off recoveries amounted to £83m (2024: £76m). Net write-offs represent
gross write-offs less post write-off recoveries and amounted to £1,376m
(2024: £1,471m).
2 Recoveries and reimbursements include £84m (2024: £15m) for reimbursements
where the Group has entered into financial guarantee contracts which provide
credit protection over certain assets with third parties and cash recoveries
of previously written-off amounts of £83m (2024: £76m).
3 ECL charge on assets held for sale relate to the charges on a co-branded card
portfolio in USCB and the German consumer finance business.
Loan commitments and financial guarantees(1)
Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total
Gross ECL Gross ECL Gross ECL Gross ECL Gross ECL
exposure exposure exposure exposure exposure
Retail mortgages £m £m £m £m £m £m £m £m £m £m
As at 1 January 2025 11,093 - 340 - 2 - - - 11,435 -
Net transfers between stages 131 - (141) - 10 - - - - -
Business activity in the period 8,970 - - - - - - - 8,970 -
Net drawdowns, repayments, net re-measurement and movement due to exposure and (8,097) - (44) - (10) - - - (8,151) -
risk parameter changes
Limit management and final repayments (342) - (30) - (2) - - - (374) -
As at 31 December 2025 11,755 - 125 - - - - - 11,880 -
Retail credit cards
As at 1 January 2025 162,471 53 2,515 13 122 - 6 - 165,114 66
Net transfers between stages (1,837) 13 1,760 (13) 77 - - - - -
Business activity in the period 28,148 18 341 3 1 - - - 28,490 21
Net drawdowns, repayments, net re-measurement and movement due to exposure and (6,183) (24) (1,845) 9 (72) - (1) - (8,101) (15)
risk parameter changes
Limit management and final repayments (13,584) (8) (220) (9) (24) - - - (13,828) (17)
Disposals(2) (5,291) - (221) - (10) - - - (5,522) -
As at 31 December 2025 163,724 52 2,330 3 94 - 5 - 166,153 55
Retail other
As at 1 January 2025 8,416 6 440 - 25 - - - 8,881 6
Net transfers between stages (31) - 28 - 3 - - - - -
Business activity in the period 625 - 1 - - - - - 626 -
Net drawdowns, repayments, net re-measurement and movement due to exposure and (341) (5) 7 - 12 - - - (322) (5)
risk parameter changes
Limit management and final repayments (797) - (33) - (20) - - - (850) -
Disposals(2) (756) - (30) - (1) - - - (787) -
As at 31 December 2025 7,116 1 413 - 19 - - - 7,548 1
Corporate loans
As at 1 January 2025 230,275 105 15,433 237 1,019 25 - - 246,727 367
Net transfers between stages (122) 41 216 (41) (94) - - - - -
Business activity in the period 48,961 28 2,701 61 405 - - - 52,067 89
Net drawdowns, repayments, net re-measurement and movement due to exposure and 9,733 (57) (480) 36 (291) 11 - - 8,962 (10)
risk parameter changes
Limit management and final repayments (60,949) (26) (4,265) (56) (340) (4) - - (65,554) (86)
As at 31 December 2025 227,898 91 13,605 237 699 32 - - 242,202 360
1 Loan commitments reported also include exposure relating to financial assets
classified as held for sale.
2 The gross disposals reported within Retail credit cards and Retail other
relate to the German consumer finance business; sale of which was completed in
Q125.
Management adjustments to models for impairment
Management adjustments to impairment models are applied in order to factor in
certain conditions or changes in policy that are not fully incorporated into
the impairment models, or to reflect additional facts and circumstances at the
period end. Management adjustments are reviewed and incorporated into future
model development where applicable.
Management adjustments are captured through "Economic uncertainty" and "Other"
adjustments, and are presented by product and geography below:
Management adjustments to models for impairment allowance presented by product
and geography
Impairment allowance pre management adjustments(1) Economic uncertainty adjustments Other adjustments Management adjustments(2) Total impairment allowance(3) Proportion of Management adjustments to total impairment allowance
(a) (b) (a+b)
As at 31.12.25 £m £m £m £m £m %
Retail mortgages 76 - 15 15 91 16.5
Retail credit cards 761 - - - 761 -
Retail other 406 - 85 85 491 17.3
Corporate loans 714 39 53 92 806 11.4
Total UK 1,957 39 153 192 2,149 8.9
Retail mortgages 25 - 1 1 26 3.8
Retail credit cards 2,505 31 87 118 2,623 4.5
Retail other 27 - - - 27 -
Corporate loans 823 44 13 57 880 6.5
Total Rest of the World 3,380 75 101 176 3,556 4.9
Total 5,337 114 254 368 5,705 6.5
Debt securities at amortised cost 21 1 - 1 22 4.5
Total including debt securities at amortised cost 5,358 115 254 369 5,727 6.4
As at 31.12.24 £m £m £m £m £m %
Retail mortgages 51 36 71 107 158 67.7
Retail credit cards 787 - (22) (22) 765 (2.9)
Retail other 298 - 90 90 388 23.2
Corporate loans 759 42 39 81 840 9.6
Total UK 1,895 78 178 256 2,151 11.9
Retail mortgages 29 - - - 29 -
Retail credit cards 2,631 - (23) (23) 2,608 (0.9)
Retail other 24 - 4 4 28 14.3
Corporate loans 695 - (2) (2) 693 (0.3)
Total Rest of the World 3,379 - (21) (21) 3,358 (0.6)
Total 5,274 78 157 235 5,509 4.3
Debt securities at amortised cost 30 - (7) (7) 23 (30.4)
Total including debt securities at amortised cost 5,304 78 150 228 5,532 4.1
1 Includes £4.3bn (December 2024: £4.7bn) of modelled ECL, £0.7bn (December
2024: £0.5bn) of individually assessed impairments, £(0.2)bn (December 2024:
£(0.3)bn) of ECL from assets held for sale (co-branded card portfolio) and
£0.6bn (December 2024: £0.4bn) of ECL from benchmarked exposures and debt
securities.
2 Management adjustments related to other financial assets subject to impairment
not included in the table above include cash collateral and settlement
balances £1m (December 2024: £(1)m), reverse repurchase agreements £1m
(December 2024: £(2)m) and financial assets at fair value through other
comprehensive income £nil (December 2024: £(2)m) within the IB portfolio.
3 Total impairment allowance consists of ECL stock on drawn and undrawn
exposures.
Economic uncertainty adjustments presented by stage
Stage 1 Stage 2 Stage 3 Total
As at 31.12.25 £m £m £m £m
Retail mortgages - - - -
Retail credit cards - - - -
Retail other - - - -
Corporate loans 23 10 6 39
Total UK 23 10 6 39
Retail mortgages - - - -
Retail credit cards - 31 - 31
Retail other - - - -
Corporate loans 13 31 - 44
Total Rest of the World 13 62 - 75
Total 36 72 6 114
Debt securities at amortised cost 1 - - 1
Total including debt securities at amortised cost 37 72 6 115
As at 31.12.24 £m £m £m £m
Retail mortgages 7 18 11 36
Retail credit cards - - - -
Retail other - - - -
Corporate loans 26 10 6 42
Total UK 33 28 17 78
Retail mortgages - - - -
Retail credit cards - - - -
Retail other - - - -
Corporate loans - - - -
Total Rest of the World - - - -
Total 33 28 17 78
Debt securities at amortised cost - - - -
Total including debt securities at amortised cost 33 28 17 78
Economic uncertainty adjustments
Economic uncertainty adjustments are captured in two ways. First, customer
uncertainty: the identification of customers and clients who may be more
vulnerable to economic instability; and second, model uncertainty: to capture
the impact of model limitations and sensitivities to specific macroeconomic
parameters, which are applied at a portfolio level.
The Group continues to monitor the elevated tariffs, trade tensions, and
geopolitical risks, especially in the US. In response, an adjustment of £81m
introduced during Q125 has been retained, with any resulting effects on
customer behaviour yet to materialise.
Total economic uncertainty adjustments as at 31 December 2025 are £115m
(December 2024: £78m) and include:
Customer and client uncertainty provisions of £115m (December 2024: £53m):
● Retail mortgages (UK) £nil (December 2024: £11m): The prior refinancing risk
adjustment was retired following the rebuild of the UK Mortgages impairment
models, which now better capture sensitivity to interest rate and inflation
movements
● Retail credit cards (ROW) £31m (December 2024: £nil): This adjustment
reflects elevated US macroeconomic uncertainty, with impacts yet to
materialise in consumer behaviour
● Corporate loans (UK) £39m (December 2024: £42m): This adjustment reflects
potential cross-default risk on Barclays' lending in respect of clients who
have taken out Bounce Back Loans
● Corporate loans (ROW) £44m (December 2024: £nil): This adjustment reflects
elevated US macroeconomic uncertainty, with impacts yet to materialise in
borrower behaviour
Model uncertainty provisions of £nil (December 2024: £25m):
● Retail mortgages (UK) £nil (December 2024: £25m): The prior adjustment to
address model over-sensitivity was retired following the rebuild of the UK
Mortgages impairment models, which now better capture consumer responses to
the macroeconomic outlook
Other adjustments
Other adjustments are operational and remain in place until incorporated into
the underlying models. These adjustments result from data limitations and
model performance related issues identified through model monitoring and other
established governance processes.
Total other adjustments as at 31 December 2025 are £254m (December 2024:
£150m) and include:
● Retail mortgages (UK) £15m (December 2024: £71m): The reduction is driven by
the retirement of adjustments following the rebuild of the UK Mortgages
impairment models
● Retail credit cards (UK) £nil (December 2024: £(22)m): The prior adjustment
to address default over-prediction was retired following model remediation in
the UK Cards portfolio
● Retail credit cards (ROW) £87m (December 2024: £(23)m): This adjustment
reflects provisioning for the GM consumer cards portfolio acquired during the
year, while the previously held high-risk account management (HRAM) adjustment
was retired following model remediation in USCB
● Retail other (UK) £85m (December 2024: £90m) and Corporate loans (UK) £53m
(December 2024: £39m): These include adjustments for definition of default
(DOD) criteria under the Capital Requirements Regulation and model monitoring
outcomes, which were re-sized during the year
● Corporate loans (ROW) £13m (December 2024: £(2)m): This adjustment reflects
provisioning for the GM business cards portfolio acquired during the year
● Debt securities £nil (December 2024: £(7)m): The movement is driven by the
retirement of the Exposure at Default recalibration adjustment following model
remediation in the IB portfolio
Measurement uncertainty
Scenarios used to calculate the Group's ECL charge were refreshed in Q425,
with the Baseline scenario reflecting the latest consensus macroeconomic
forecasts available at the time of the scenario refresh. The Baseline scenario
continues to reflect the rapidly changing trade policies and uncertainty
around potential tariffs to be imposed by the US administration and responses
by other governments. Global growth slows modestly as rising US tariffs and
retaliatory measures disrupt trade flows, dampen business confidence, and
weigh on investment, though domestic demand in advanced economies remains
resilient. UK and US GDP growth in 2026 is expected to be 1.1% and 2.0%,
respectively. Labour markets in major economies soften slightly amid increased
uncertainty and slower export-orientated activity. However, the weakening is
contained and does not rise significantly from current levels. UK and US
quarterly unemployment rates peak at 4.9% and 4.5%, respectively. Central
Banks continue to loosen monetary policy with both the Bank of England and the
Federal Reserve finishing 2026 with an interest rate of 3.25%.
The Downside scenarios have been calibrated to capture an escalation of trade
tensions, where tariffs imposed by the US prompt retaliation from its trading
partners with adverse implications for consumer prices and investment
sentiment. A sharp slowdown in immigration coupled with mass deportations
disrupts the US labour market, compounding downside risks to growth. In
addition, global supply chains are severely disrupted as firms delay
investment, reassess production locations and hoard production inputs. Imports
into the US contract sharply due to higher prices and exports fall due to
retaliation. The combination of trade impact and consumer uncertainty triggers
a sharp recession, not only in the US but also in the UK and Europe driven by
a severe decline in exports, business sentiment and with investment and
consumption plans being put on hold. The rapid fall in external demand and a
retrenchment in business investment push up unemployment rates, where job
losses are concentrated in trade-exposed sectors (machinery, autos, consumer
durables) but also spill into services. The Federal Reserve initially holds
rates steady, weighing the inflation shock against the deteriorating real
economy. However, as the slowdown deepens and the labour market loosens, the
Federal Reserve cuts rates swiftly to stimulate aggregate demand. The Bank of
England eases monetary policy amid a disinflationary environment and looser
labour markets.
In the Upside scenarios, a rise in labour force participation and higher
productivity contribute to accelerated economic growth, without creating new
inflationary pressures. Central banks lower interest rates stimulating private
consumption and investment growth. Demand for labour increases and
unemployment rates stabilise and start falling again. As geopolitical tensions
ease, low inflation supports consumer purchasing power and contributes further
to healthy GDP growth. The strong economic outlook and lower interest rates
provide a boost to house prices growth and support bullish financial markets.
The methodology for estimating scenario weights involves simulating a range of
future paths for UK and US GDP using historical data with the five scenarios
mapped against the distribution of these future paths. The median is centred
around the Baseline with scenarios further from the Baseline attracting a
lower weighting before the five weights are normalised to total 100%. The
movement in weights is driven by the combined impact of two factors: (i)
improvement in GDP growth in the Baseline scenario, bringing the Baseline
scenario closer to the Upside scenarios; and (ii) model improvements, which
increase the Baseline weight and reduce the weights of the tail scenarios. For
further details see page 43.
The Group has retained the £81m uncertainty adjustment introduced in Q125
across the US Consumer Bank and Investment Bank businesses, reflecting
elevated tariffs, trade tensions, and geopolitical risks, with any resulting
effects on customer behaviour yet to materialise. For further details see page
38.
The following tables show the key macroeconomic variables used in the five
scenarios (5-year annual paths) and the weights applied to each scenario.
1 Significant Risk Transfer (SRT) refers to risk transfer transactions used to
enhance risk management capabilities.
Macroeconomic variables used in the calculation of ECL
As at 31.12.25 2025 2026 2027 2028 2029
Baseline % % % % %
UK GDP(1) 1.5 1.1 1.4 1.4 1.4
UK unemployment(2) 4.7 4.9 4.8 4.8 4.7
UK HPI(3) 1.5 2.9 2.5 4.3 3.8
UK bank rate(6) 4.2 3.4 3.4 3.5 3.6
US GDP(1) 2.1 2.0 2.0 2.0 2.0
US unemployment(4) 4.2 4.5 4.4 4.4 4.4
US HPI(5) 3.2 1.7 1.9 2.6 2.6
US federal funds rate(6) 4.2 3.4 3.3 3.3 3.5
Downside 2
UK GDP(1) 1.5 (2.5) (1.2) 2.8 1.1
UK unemployment(2) 4.7 5.8 7.7 6.9 5.7
UK HPI(3) 1.5 (24.9) (5.1) 9.6 14.2
UK bank rate(6) 4.2 2.3 0.5 0.4 1.1
US GDP(1) 2.1 (2.7) (2.8) 1.6 2.4
US unemployment(4) 4.2 5.7 8.0 7.9 5.9
US HPI(5) 3.2 (8.2) (1.7) 7.2 7.7
US federal funds rate(6) 4.2 3.6 2.4 1.4 1.2
Downside 1
UK GDP(1) 1.5 (0.7) 0.1 2.1 1.3
UK unemployment(2) 4.7 5.3 6.3 5.8 5.2
UK HPI(3) 1.5 (11.8) (1.3) 6.9 8.9
UK bank rate(6) 4.2 2.9 2.0 1.9 2.4
US GDP(1) 2.1 (0.3) (0.4) 1.8 2.2
US unemployment(4) 4.2 5.1 6.2 6.1 5.1
US HPI(5) 3.2 (3.3) 0.1 4.9 5.1
US federal funds rate(6) 4.2 3.6 2.8 2.4 2.4
Upside 2
UK GDP(1) 1.5 2.7 3.7 2.9 2.4
UK unemployment(2) 4.7 4.3 4.0 3.9 3.8
UK HPI(3) 1.5 11.9 8.4 5.1 4.1
UK bank rate(6) 4.2 3.1 2.3 2.3 2.6
US GDP(1) 2.1 2.8 3.1 2.8 2.8
US unemployment(4) 4.2 3.9 3.7 3.7 3.7
US HPI(5) 3.2 6.2 4.7 4.8 4.9
US federal funds rate(6) 4.2 3.0 2.5 2.5 2.5
Upside 1
UK GDP(1) 1.5 1.9 2.6 2.2 1.9
UK unemployment(2) 4.7 4.6 4.4 4.4 4.3
UK HPI(3) 1.5 7.4 5.4 4.7 3.9
UK bank rate(6) 4.2 3.2 2.8 2.8 3.1
US GDP(1) 2.1 2.4 2.6 2.4 2.4
US unemployment(4) 4.2 4.2 4.1 4.1 4.1
US HPI(5) 3.2 4.0 3.3 3.7 3.7
US federal funds rate(6) 4.2 3.3 2.8 2.8 3.0
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax HPI Meth2 All Houses, All Buyers index.
4 Average US civilian unemployment rate 16-year+.
5 Change in year end US HPI = FHFA House Price Index, relative to prior year
end.
6 Average rate.
As at 31.12.24 2024 2025 2026 2027 2028
Baseline % % % % %
UK GDP(1) 1.0 1.4 1.5 1.6 1.5
UK unemployment(2) 4.3 4.4 4.5 4.4 4.4
UK HPI(3) 2.8 3.3 1.6 4.5 3.0
UK bank rate(6) 5.1 4.3 4.0 4.0 3.8
US GDP(1) 2.7 2.0 2.0 2.0 2.0
US unemployment(4) 4.1 4.3 4.2 4.2 4.2
US HPI(5) 6.5 2.6 2.7 3.0 3.0
US federal funds rate(6) 5.1 4.1 4.0 3.8 3.8
Downside 2
UK GDP(1) 1.0 (2.3) (1.3) 2.6 2.3
UK unemployment(2) 4.3 6.2 8.1 6.6 5.5
UK HPI(3) 2.8 (24.8) (5.2) 10.0 14.6
UK bank rate(6) 5.1 3.5 1.7 0.6 1.1
US GDP(1) 2.7 (1.3) (1.3) 3.3 2.9
US unemployment(4) 4.1 5.8 7.2 6.2 5.5
US HPI(5) 6.5 (8.0) (0.7) 5.2 4.0
US federal funds rate(6) 5.1 2.5 0.6 0.8 1.5
Downside 1
UK GDP(1) 1.0 (0.5) 0.1 2.1 1.9
UK unemployment(2) 4.3 5.3 6.3 5.5 5.0
UK HPI(3) 2.8 (11.6) (1.8) 7.2 8.7
UK bank rate(6) 5.1 3.9 2.9 2.3 2.4
US GDP(1) 2.7 0.3 0.4 2.7 2.4
US unemployment(4) 4.1 5.1 5.7 5.2 4.9
US HPI(5) 6.5 (2.7) 1.0 4.1 3.5
US federal funds rate(6) 5.1 3.4 2.3 2.3 2.7
Upside 2
UK GDP(1) 1.0 3.0 3.7 2.9 2.4
UK unemployment(2) 4.3 3.8 3.4 3.5 3.5
UK HPI(3) 2.8 11.9 8.4 5.1 4.1
UK bank rate(6) 5.1 3.9 2.9 2.8 2.8
US GDP(1) 2.7 2.8 3.1 2.8 2.8
US unemployment(4) 4.1 3.8 3.5 3.5 3.5
US HPI(5) 6.5 6.2 4.7 4.8 4.9
US federal funds rate(6) 5.1 3.7 3.3 3.1 2.8
Upside 1
UK GDP(1) 1.0 2.2 2.6 2.2 2.0
UK unemployment(2) 4.3 4.1 4.0 4.0 4.0
UK HPI(3) 2.8 7.6 4.9 4.8 3.5
UK bank rate(6) 5.1 4.1 3.5 3.4 3.3
US GDP(1) 2.7 2.4 2.6 2.4 2.4
US unemployment(4) 4.1 4.0 3.9 3.9 3.9
US HPI(5) 6.5 4.4 3.7 3.9 3.9
US federal funds rate(6) 5.1 4.0 3.8 3.6 3.3
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax All Houses, All Buyers index, relative to
prior year end.
4 Average US civilian unemployment rate 16-year+.
5 Change in year end US HPI = FHFA House Price Index, relative to prior year
end.
6 Average rate.
Scenario weighting Upside 2 Upside 1 Baseline Downside 1 Downside 2
% % % % %
As at 31.12.25
Scenario weighting 14.4 27.4 38.5 12.7 7.0
As at 31.12.24
Scenario weighting 17.4 26.8 32.5 14.7 8.6
Specific bases show the most extreme position of each variable in the context
of the downside/upside scenarios, for example, the highest unemployment for
downside scenarios, average unemployment for baseline scenarios and lowest
unemployment for upside scenarios. GDP and HPI downside and upside scenario
data represent the lowest and highest cumulative position relative to the
start point in the 20 quarter period.
Macroeconomic variables (specific bases)(1)
Upside 2 Upside 1 Baseline Downside 1 Downside 2
As at 31.12.25 % % % % %
UK GDP(2) 14.5 10.8 1.4 (0.3) (3.5)
UK unemployment(3) 3.8 4.3 4.8 6.5 8.1
UK HPI(4) 34.6 24.9 3.0 (12.6) (28.0)
UK bank rate(3) 2.3 2.8 3.6 4.6 4.6
US GDP(2) 14.6 12.4 2.0 (0.2) (4.6)
US unemployment(3) 3.7 4.1 4.4 6.6 8.8
US HPI(4) 26.2 19.3 2.4 (1.5) (8.1)
US federal funds rate(3) 2.5 2.8 3.5 4.3 4.3
As at 31.12.24 % % % % %
UK GDP(2) 15.0 11.6 1.4 0.2 (2.9)
UK unemployment(3) 3.4 3.9 4.4 6.5 8.4
UK HPI(4) 36.3 25.9 3.0 (11.3) (26.8)
UK bank rate(3) 2.8 3.3 4.2 5.3 5.3
US GDP(2) 14.9 12.8 2.2 0.4 (2.1)
US unemployment(3) 3.5 3.8 4.2 5.9 7.5
US HPI(4) 30.1 24.4 3.5 1.1 (4.0)
US federal funds rate(3) 2.8 3.3 4.2 5.3 5.3
1 UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK
unemployment rate 16-year+; UK HPI (31.12.24) = Halifax All Houses, All Buyers
Index; UK HPI (31.12.25) = Halifax HPI Meth2 All Houses, All Buyers index; US
GDP = Real GDP growth seasonally adjusted; US unemployment = US civilian
unemployment rate 16-year+; US HPI = FHFA House Price Index. 20 quarter period
starts from Q125 (2024: Q124).
2 Maximum growth relative to Q424 (2024: Q423), based on 20 quarter period in
Upside scenarios; 5-year yearly average CAGR in Baseline; minimum growth
relative to Q424 (2024: Q423), based on 20 quarter period in Downside
scenarios.
3 Lowest quarter in 20 quarter period in Upside scenarios; 5-year average in
Baseline; highest quarter 20 quarter period in Downside scenarios.
4 Maximum growth relative to Q424 (2024: Q423), based on 20 quarter period in
Upside scenarios; 5-year quarter end CAGR in Baseline; minimum growth relative
to Q424 (2024: Q423), based on 20 quarter period in Downside scenarios.
Average basis represents the average quarterly value of variables in the 20
quarter period with GDP and HPI based on yearly average and quarterly CAGRs
respectively.
Macroeconomic variables (5-year averages)(1)
Upside 2 Upside 1 Baseline Downside 1 Downside 2
As at 31.12.25 % % % % %
UK GDP(2) 2.7 2.0 1.4 0.9 0.3
UK unemployment(3) 4.1 4.5 4.8 5.5 6.2
UK HPI(4) 6.1 4.5 3.0 0.6 (2.0)
UK bank rate(3) 2.9 3.2 3.6 2.7 1.7
US GDP(2) 2.7 2.4 2.0 1.1 0.1
US unemployment(3) 3.9 4.1 4.4 5.4 6.3
US HPI(4) 4.8 3.6 2.4 1.9 1.5
US federal funds rate(3) 2.9 3.2 3.5 3.1 2.5
As at 31.12.24 % % % % %
UK GDP(2) 2.6 2.0 1.4 0.9 0.5
UK unemployment(3) 3.7 4.0 4.4 5.3 6.1
UK HPI(4) 6.4 4.7 3.0 0.8 (1.6)
UK bank rate(3) 3.5 3.9 4.2 3.3 2.4
US GDP(2) 2.9 2.5 2.2 1.7 1.2
US unemployment(3) 3.7 3.9 4.2 5.0 5.8
US HPI(4) 5.4 4.5 3.5 2.4 1.2
US federal funds rate(3) 3.6 4.0 4.2 3.2 2.1
1 UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK
unemployment rate 16-year+; UK HPI (31.12.24) = Halifax All Houses, All Buyers
Index; UK HPI (31.12.25) = Halifax HPI Meth2 All Houses, All Buyers index; US
GDP = Real GDP growth seasonally adjusted; US unemployment = US civilian
unemployment rate 16-year+; US HPI = FHFA House Price Index. 20 quarter period
starts from Q125 (2024: Q124).
2 5-year yearly average CAGR, starting 2024 (2024: 2023).
3 5-year average. Period based on 20 quarters from Q125 (2024: Q124).
4 5-year quarter end CAGR, starting Q424 (2024: Q423).
ECL sensitivity analysis
The table below shows the modelled ECL assuming each of the five modelled
scenarios are 100% weighted with the dispersion of results around the
Baseline, highlighting the impact on exposure and ECL across the scenarios.
Model exposure uses exposure at default (EAD) values and is not directly
comparable to gross exposure used in other disclosures.
Scenarios
As at 31.12.25 Weighted(1) Upside 2 Upside 1 Baseline Downside 1 Downside 2
Stage 1 Model Exposure (£m)
Retail mortgages 149,004 151,314 150,144 148,760 146,786 144,360
Retail credit cards(2) 61,320 61,096 61,204 61,325 61,569 61,724
Retail other 6,260 6,378 6,326 6,268 6,106 5,927
Corporate loans(2) 220,292 222,057 221,337 220,646 218,634 213,827
Stage 1 Model ECL (£m)
Retail mortgages 3 1 2 2 6 13
Retail credit cards(2) 561 523 541 561 599 637
Retail other 32 30 31 31 35 38
Corporate loans(2) 231 201 212 221 274 329
Stage 1 Coverage (%)
Retail mortgages - - - - - -
Retail credit cards 0.9 0.9 0.9 0.9 1.0 1.0
Retail other 0.5 0.5 0.5 0.5 0.6 0.6
Corporate loans 0.1 0.1 0.1 0.1 0.1 0.2
Stage 2 Model Exposure (£m)
Retail mortgages 13,586 11,276 12,446 13,830 15,804 18,230
Retail credit cards(2) 5,307 5,133 5,224 5,301 5,478 5,759
Retail other 1,164 1,046 1,098 1,156 1,318 1,497
Corporate loans(2) 18,172 16,264 17,037 17,836 19,979 24,927
Stage 2 Model ECL (£m)
Retail mortgages 16 6 8 11 33 79
Retail credit cards(2) 1,183 1,099 1,138 1,175 1,277 1,415
Retail other 81 67 72 77 102 134
Corporate loans(2) 477 383 415 454 604 879
Stage 2 Coverage (%)
Retail mortgages 0.1 0.1 0.1 0.1 0.2 0.4
Retail credit cards 22.3 21.4 21.8 22.2 23.3 24.6
Retail other 7.0 6.4 6.6 6.7 7.7 9.0
Corporate loans 2.6 2.4 2.4 2.5 3.0 3.5
Stage 3 Model Exposure (£m)(3)
Retail mortgages 1,621 1,621 1,621 1,621 1,621 1,621
Retail credit cards(2) 2,158 2,158 2,158 2,158 2,158 2,158
Retail other 128 128 128 128 128 128
Corporate loans(2) 3,650 3,650 3,650 3,650 3,650 3,650
Stage 3 Model ECL (£m)
Retail mortgages 43 32 35 38 59 98
Retail credit cards(2) 1,592 1,548 1,573 1,596 1,632 1,663
Retail other 79 76 77 77 80 87
Corporate loans(2,4) 60 57 57 59 64 71
Stage 3 Coverage (%)
Retail mortgages 2.7 2.0 2.2 2.3 3.6 6.0
Retail credit cards 73.8 71.7 72.9 74.0 75.6 77.1
Retail other 61.7 59.4 60.2 60.2 62.5 68.0
Corporate loans(4) 1.6 1.6 1.6 1.6 1.8 1.9
Total Model ECL (£m)
Retail mortgages 62 39 45 51 98 190
Retail credit cards(2) 3,336 3,170 3,252 3,332 3,508 3,715
Retail other 192 173 180 185 217 259
Corporate loans(2,4) 768 641 684 734 942 1,279
Total Model ECL 4,358 4,023 4,161 4,302 4,765 5,443
Reconciliation to total ECL £m
Total weighted model ECL 4,358
ECL from individually assessed exposures(4) 672
ECL from benchmarked exposures and others(5) 542
ECL from debt securities at amortised cost 22
ECL from held for sale assets (co-branded card portfolio) (235)
ECL from post model management adjustments 368
Of which: ECL from economic uncertainty adjustments 114
Total ECL 5,727
1 Model exposures are allocated to a stage based on an individual scenario
rather than a probability-weighted approach as required for Barclays reported
impairment allowances. As a result, it is not possible to back solve the final
reported weighted ECL from individual scenarios given balances may be assigned
to a different stage dependent on the scenario.
2 Model exposure and ECL reported within Retail credit cards and Corporate loans
continue to include a co-branded card portfolio in USCB, classified as assets
held for sale.
3 Model exposures allocated to Stage 3 do not change in any of the scenarios as
the transition criteria relies only on observable evidence of default as at 31
December 2025 and not on the macroeconomic scenario.
4 Material corporate loan defaults are individually assessed across different
recovery strategies. As a result, ECL of £672m is reported as an individually
assessed impairment in the reconciliation table.
5 ECL from benchmarked exposures and others includes ECL on Tesco Bank of £400m
calculated using a benchmarked approach based on UK cards and UK retail loans.
The sensitivity of these exposures would materially reflect the sensitivity of
the benchmarked model.
The use of five scenarios with associated weightings results in a total
weighted ECL uplift from the Baseline ECL of 1.3%.
Retail mortgages: Total weighted ECL of £62m represents a 21.6% increase over
the Baseline ECL (£51m). Total ECL increases to £190m under the Downside 2
scenario, driven by a fall in UK HPI.
Retail credit cards: Total weighted ECL of £3,336m is broadly aligned to the
Baseline ECL (£3,332m). Total ECL increases to £3,715m under the Downside 2
scenario, driven by an increase in UK and US unemployment rate.
Retail other: Total weighted ECL of £192m represents a 3.8% increase over the
Baseline ECL (£185m). Total ECL increases to £259m under the Downside 2
scenario, largely driven by an increase in UK unemployment rate.
Corporate loans: Total weighted ECL of £768m represents a 4.6% increase over
the Baseline ECL (£734m). Total ECL increases to £1,279m under the Downside
2 scenario, driven by a decrease in UK and US GDP.
Scenarios(1)
As at 31.12.24 Weighted(2) Upside 2 Upside 1 Baseline Downside 1 Downside 2
Stage 1 Model Exposure (£m)
Retail mortgages 139,086 140,828 140,079 139,188 136,671 134,861
Retail credit cards 63,937 63,821 63,859 63,894 63,980 63,975
Retail other 7,952 8,074 8,025 7,968 7,804 7,614
Corporate loans 213,905 216,064 215,215 214,293 212,007 207,062
Stage 1 Model ECL (£m)
Retail mortgages 1 - 1 1 3 6
Retail credit cards 535 512 523 534 560 586
Retail other 34 32 32 33 36 40
Corporate loans 270 235 247 258 311 363
Stage 1 Coverage (%)
Retail mortgages - - - - - -
Retail credit cards 0.8 0.8 0.8 0.8 0.9 0.9
Retail other 0.4 0.4 0.4 0.4 0.5 0.5
Corporate loans 0.1 0.1 0.1 0.1 0.1 0.2
Stage 2 Model Exposure (£m)
Retail mortgages 20,401 18,178 19,072 20,134 23,359 26,339
Retail credit cards 6,904 6,747 6,817 6,889 7,052 7,310
Retail other 1,232 1,110 1,159 1,215 1,380 1,570
Corporate loans 21,197 18,889 19,793 20,827 23,238 28,340
Stage 2 Model ECL (£m)
Retail mortgages 4 1 2 3 8 16
Retail credit cards 1,473 1,387 1,422 1,459 1,567 1,714
Retail other 81 68 72 77 101 134
Corporate loans 532 424 461 505 655 932
Stage 2 Coverage (%)
Retail mortgages - - - - - 0.1
Retail credit cards 21.3 20.6 20.9 21.2 22.2 23.4
Retail other 6.6 6.1 6.2 6.3 7.3 8.5
Corporate loans 2.5 2.2 2.3 2.4 2.8 3.3
Stage 3 Model Exposure (£m)(3)
Retail mortgages 1,062 1,062 1,062 1,062 1,062 1,062
Retail credit cards 2,197 2,197 2,197 2,197 2,197 2,197
Retail other 158 158 158 158 158 158
Corporate loans 4,051 4,051 4,051 4,051 4,051 4,051
Stage 3 Model ECL (£m)
Retail mortgages 19 12 14 17 29 41
Retail credit cards 1,625 1,585 1,606 1,627 1,663 1,695
Retail other 92 90 91 92 95 97
Corporate loans(4) 71 66 67 69 79 89
Stage 3 Coverage (%)
Retail mortgages 1.8 1.1 1.3 1.6 2.7 3.9
Retail credit cards 74.0 72.1 73.1 74.1 75.7 77.2
Retail other 58.2 57.0 57.6 58.2 60.1 61.4
Corporate loans(4) 1.8 1.6 1.7 1.7 2.0 2.2
Total Model ECL (£m)
Retail mortgages 24 13 17 21 40 63
Retail credit cards 3,633 3,484 3,551 3,620 3,790 3,995
Retail other 207 190 195 202 232 271
Corporate loans(4) 873 725 775 832 1,045 1,384
Total Model ECL 4,737 4,412 4,538 4,675 5,107 5,713
Reconciliation to total ECL £m
Total weighted model ECL 4,737
ECL from individually assessed exposures(4) 461
ECL from benchmarked exposures and others(5) 358
ECL from debt securities at amortised cost 23
ECL from held for sale assets (co-branded card portfolio) (282)
ECL from post model management adjustments 235
Of which: ECL from economic uncertainty adjustments 78
Total ECL 5,532
1 Model exposure and ECL reported within Retail credit cards and Retail Other
excludes the German consumer finance business, sale of which completed after
the balance sheet date. Model exposure and ECL reported within Retail credit
cards and Corporate loans continue to include a co-branded card portfolio, as
its sale is expected to close in 2026.
2 Model exposures are allocated to a stage based on an individual scenario
rather than a probability-weighted approach as required for Barclays reported
impairment allowances. As a result, it is not possible to back solve the final
reported weighted ECL from individual scenarios given balances may be assigned
to a different stage dependent on the scenario.
3 Model exposures allocated to Stage 3 do not change in any of the scenarios as
the transition criteria relies only on observable evidence of default as at 31
December 2024 and not on the macroeconomic scenario.
4 Material corporate loan defaults are individually assessed across different
recovery strategies. As a result, ECL of £461m is reported as an individually
assessed impairment in the reconciliation table.
5 ECL from benchmarked exposures and others includes ECL on Tesco Bank of £209m
calculated using a benchmarked approach based on UK cards and UK retail loans.
The sensitivity of these exposures would materially reflect the sensitivity of
the benchmarked model.
Analysis of specific portfolios and asset types
Secured home loans
The UK home loan portfolio primarily comprises first lien mortgages and
accounts for 97% (December 2024: 97%) of the Group's total home loans balance.
Barclays UK
Home loans principal portfolios As at 31.12.25 As at 31.12.24
Gross loans and advances (£m) 172,415 163,197
90 day arrears rate, excluding recovery book (%) 0.1 0.2
Annualised gross charge-off rates - 180 days past due (%) 0.5 0.5
Recovery book proportion of outstanding balances (%) 0.6 0.6
Recovery book impairment coverage ratio (%)(1) 4.3 3.7
Average marked to market LTV
Balance weighted % 55.2 53.0
Valuation weighted % 41.5 39.7
New lending Year ended 31.12.25 Year ended 31.12.24
New home loan bookings (£m) 34,326 23,895
New home loan proportion > 90% LTV (%) 2.8 0.9
Average LTV on new home loans: balance weighted (%) 69.6 65.5
Average LTV on new home loans: valuation weighted (%) 61.1 56.3
1 Recovery Book Impairment Coverage Ratio excludes Kensington Mortgages Company.
Home loans principal portfolios - distribution of balances by LTV(1)
Distribution of balances Distribution of impairment allowance Coverage ratio
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
Barclays UK % % % % % % % % % % % %
As at 31.12.25
<=75% 73.4 6.9 0.9 81.2 3.3 14.1 49.9 67.3 - 0.1 2.5 -
>75% and <=90% 16.0 1.0 0.1 17.1 4.3 6.3 11.7 22.3 - 0.3 7.3 0.1
>90% and <=100% 1.7 - - 1.7 0.8 0.5 5.4 6.7 - 0.7 22.7 0.2
>100% - - - - - 0.1 3.6 3.7 - 2.9 31.3 5.9
As at 31.12.24
<=75% 74.5 10.7 0.9 86.1 8.3 15.8 18.7 42.8 - 0.1 1.8 -
>75% and <=90% 11.8 1.2 0.1 13.1 10.2 24.2 9.7 44.1 0.1 1.7 13.0 0.3
>90% and <=100% 0.8 - - 0.8 1.3 2.3 4.0 7.6 0.1 4.9 35.8 0.8
>100% - - - - 0.2 1.4 3.9 5.5 1.6 45.9 68.7 24.8
1 Portfolio marked to market based on the most updated valuation including
recovery book balances. Updated valuations reflect the application of the
latest HPI available as at 31 December 2025.
New home loans bookings increased 44% to £34.3bn, in line with business
strategy and a larger mortgage market.
Retail credit cards and Retail other
The principal portfolios listed below accounted for 91% (December 2024: 91%)
of the Group's total retail credit cards and retail other.
Principal portfolios Gross exposure 30 day arrears rate, excluding recovery book 90 day arrears rate, excluding recovery book Annualised gross write-off rate Annualised net write-off rate
As at 31.12.25 £m % % % %
Barclays UK
UK cards(1) 17,169 0.8 0.2 1.0 0.8
UK personal loans(1) 8,515 1.1 0.5 0.7 0.6
Barclays Partner Finance 1,210 0.7 0.3 1.2 1.2
Barclays US Consumer Bank
US cards(2) 29,100 3.0 1.6 3.4 3.2
As at 31.12.24
Barclays UK
UK cards(1) 15,781 0.7 0.2 1.1 0.9
UK personal loans(1) 8,051 1.0 0.4 0.7 0.5
Barclays Partner Finance 1,609 0.6 0.3 1.0 1.0
Barclays US Consumer Bank
US cards(2) 28,548 3.0 1.6 3.8 3.7
1 Includes Tesco Bank. Tesco Bank arrears rates are calculated using POCI
balances adjusted to fair value.
2 Includes a co-branded card portfolio in USCB, classified as held for sale (see
table below).
UK cards: Gross exposure increased from £15.8bn to £17.2bn following a
growth in spend and new promotional balance lending. 30 and 90 day arrears
rates remained stable at 0.8% (2024: 0.7%) and 0.2% (2024: 0.2%) respectively.
Gross and net write-off rates reduced slightly to 1.0% (2024: 1.1%) and 0.8%
(2024: 0.9%), reflecting the impact of reduced flow into delinquency in 2024
flowing into write-off.
UK personal loans: Gross exposure increased from £8.1bn to £8.5bn due to a
growth in new lending. 30 and 90 day arrears rates remained stable at 1.1%
(2024: 1.0%) and 0.5% (2024: 0.4%) respectively. Gross and net write off rates
also remained stable at 0.7% (2024: 0.7%) and 0.6% (2024: 0.5%) respectively.
Barclays Partner Finance: 30 and 90 day arrears rates remained stable at 0.7%
(2024: 0.6%) and 0.3% (2024: 0.3%) respectively with total exposure reducing
to £1.2bn (2024: £1.6bn) due to a strategic decision to reduce the number of
active partner businesses. Both annualised gross and net write off rates
increased to 1.2% (2024: 1.0%) following the reduction in gross exposure.
US cards: 30 day and 90 day arrears rates remained flat at 3.0% (2024: 3.0%)
and 1.6% (2024: 1.6%) respectively. Gross and net write off rates reduced to
3.4% (2024: 3.8%) and 3.2% (2024: 3.7%) respectively reflecting lower default
volumes and stable recovery performance.
Retail Credit Cards and Retail Other held for sale Gross exposure 30 day arrears rate, excluding recovery book 90 day arrears rate, excluding recovery book Annualised gross write-off rate Annualised net write-off rate
As at 31.12.25 £m % % % %
Barclays US Consumer Bank 5,988 1.8 0.9 2.1 1.9
As at 31.12.24
Barclays US Consumer Bank 6,241 1.3 0.5 2.0 2.0
Head Office - German consumer finance business 3,733 1.8 0.9 1.3 1.2
Assets held for sale
This section presents a co-branded card portfolio in USCB classified as assets
held for sale. Further, the sale of the German consumer finance business was
completed in Q125.
For further details on assets held for sale, see Note 40 to the financial
statements in Barclays PLC Annual Report 2025.
Loans and advances by product
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 31.12.25 £m £m % £m £m % £m £m % £m £m %
Retail credit cards - US 5,468 65 1.2 466 124 26.6 54 44 81.5 5,988 233 3.9
Retail credit cards - Germany - - - - - - - - - - - -
Retail other - Germany - - - - - - - - - - - -
Corporate loans - US 43 1 2.3 6 2 33.3 - - - 49 3 6.1
Total Rest of the World 5,511 66 1.2 472 126 26.7 54 44 81.5 6,037 236 3.9
As at 31.12.24
Retail credit cards - US 5,495 64 1.2 689 161 23.4 57 46 80.7 6,241 271 4.3
Retail credit cards - Germany 1,908 18 0.9 307 29 9.4 93 69 74.2 2,308 116 5.0
Retail other - Germany 1,134 16 1.4 220 33 15.0 71 48 67.6 1,425 97 6.8
Corporate loans - US 49 1 2.0 9 3 33.3 1 1 100.0 59 5 8.5
Total Rest of the World 8,586 99 1.2 1,225 226 18.4 222 164 73.9 10,033 489 4.9
Management adjustments to models for impairment
Management adjustments to models for impairment allowance presented by product
Impairment allowance pre management adjustments Economic uncertainty adjustments(1) Other adjustments Management adjustments Total impairment allowance Proportion of Management adjustments to total impairment allowance
As at 31.12.25 £m £m £m £m £m %
Retail credit cards - US 232 5 - 5 237 2.1
Retail credit cards - Germany - - - - - -
Retail other - Germany - - - - - -
Corporate loans - US 3 - - - 3 -
Total Rest of the World 235 5 - 5 240 2.1
As at 31.12.24 £m £m £m £m £m %
Retail credit cards - US 277 - - - 277 -
Retail credit cards - Germany 101 - 16 16 117 13.7
Retail other - Germany 80 - 17 17 97 17.5
Corporate loans - US 5 - - - 5 -
Total Rest of the World 463 - 33 33 496 6.7
1 Reflects a Stage 2 adjustment for elevated US macroeconomic uncertainty; with
impacts yet to materialise in consumer behaviour.
Market Risk
Analysis of management value at risk (VaR)
The table below shows the total management VaR on a diversified basis by risk
factor. Total management VaR includes all trading positions in Barclays Group
and it is calculated with a one-day holding period. VaR limits are applied to
total management VaR and by risk factor. Additionally, the market risk
management function applies VaR sub-limits to material businesses and trading
desks.
Management VaR (95%) by risk factor
Year ended 31.12.25 Year ended 31.12.24
Average High Low Average High Low
£m £m £m £m £m £m
Credit risk 15 21 11 21 27 17
Interest rate risk 15 25 5 15 25 7
Equity risk 7 14 4 6 12 2
Basis risk 6 9 4 5 8 4
Spread risk 5 7 3 5 7 3
Foreign exchange risk 5 10 3 4 9 2
Commodity risk - 1 - - 1 -
Inflation risk 5 8 3 4 5 2
Diversification effect(1) (40) n/a n/a (34) n/a n/a
Total management VaR 18 30 8 26 36 15
1 Diversification effects recognise that forecast losses from different assets
or businesses are unlikely to occur concurrently, hence the expected aggregate
loss is lower than the sum of the expected losses from each area. Historical
correlations between losses are taken into account in making these
assessments. The high and low VaR figures reported for each category did not
necessarily occur on the same day as the high and low total management VaR.
Consequently, a diversification effect balance for the high and low VaR
figures would not be meaningful and is therefore omitted from the above table.
Average Management VaR decreased 30% to £18m (2024: £26m). The decrease was
mainly due to a combination of a reduction in the size of the funded, fair
value leverage loan exposure in 2025 as well as an overall prudent risk
positioning.
Treasury and Capital Risk
The Group has established a comprehensive set of policies, standards and
controls for managing its liquidity risk; together these set out the
requirements for Barclays' liquidity risk framework. The liquidity risk
framework meets the PRA standards and enables Barclays to maintain liquidity
resources that are sufficient in amount and quality, and a funding profile
that is appropriate to meet the Group's Liquidity Risk Appetite. The liquidity
risk framework is delivered via a combination of policy formation, review and
challenge, governance, analysis, stress testing, limit setting and monitoring.
Liquidity risk stress testing
The Internal Liquidity Stress Tests (ILST) measure the potential contractual
and contingent stress outflows under a range of scenarios, which are then used
to determine the size of the liquidity pool that is immediately available to
meet anticipated outflows if a stress occurs. The short-term scenarios include
a 30 day Barclays-specific stress event, a 90 day market-wide stress event and
a 30 day combined scenario consisting of both a Barclays specific and
market-wide stress event. The Group also runs a liquidity stress test which
measures the anticipated outflows over a 12 month market-wide scenario.
The LCR requirement takes into account the relative stability of different
sources of funding and potential incremental funding requirements in a stress.
The LCR is designed to promote short-term resilience of a bank's liquidity
risk profile by holding sufficient high quality liquid assets to survive an
acute stress scenario lasting for 30 days.
Barclays implemented a new methodology for calculating net stress outflows
related to secured financing transactions in the LCR. This change materialised
from June 2025, with the Group headline ratio expected to contract over time
from recent elevated levels whilst remaining broadly within ranges reported
over recent years. The revised methodology models a more asymmetric unwind of
client activity, resulting in a higher net outflow calculation. Barclays has
always maintained, and intends to continue to maintain, a significant
liquidity buffer which allows for this impact to be readily absorbed within
the Group surplus.
As at 31 December 2025 the average LCR was 170.0% (December 2024: 172.4%). The
Group held eligible liquid assets in excess of 100% of net stress outflows as
measured according to both its internal ILST and external regulatory
requirements.
Liquidity coverage ratio(1) As at 31.12.25 As at 31.12.24
£bn £bn
LCR Eligible High Quality Liquid Assets (HQLA) 321.4 304.4
Net stress outflows (190.2) (176.9)
Surplus 131.2 127.5
Liquidity coverage ratio 170.0% 172.4%
1 Represents the average of the last 12 spot month end ratios. In June 2025,
Barclays implemented a new methodology for calculating net stress outflows
related to secured financing transactions in the liquidity coverage ratio.
Net Stable Funding Ratio
The external NSFR metric requires banks to maintain a stable funding profile
taking into account both on and certain off-balance sheet exposures over a
medium to long term period. The ratio is defined as the Available Stable
Funding (capital and certain liabilities which are treated as stable sources
of funding) relative to the Required Stable Funding (a measure of assets on
the balance sheet and certain off-balance sheet exposures which may require
longer term funding). The NSFR (average of last four quarter ends) as at 31
December 2025 was 135.2%, which was a surplus above the regulatory requirement
of £166.3bn.
Net Stable Funding Ratio(2) As at 31.12.25 As at 31.12.24
£bn £bn
Total Available Stable Funding 639.4 629.6
Total Required Stable Funding 473.1 466.7
Surplus 166.3 162.9
Net Stable Funding Ratio 135.2% 134.9%
2 Represents average of the last four spot quarter end ratios.
As part of the liquidity risk appetite, Barclays establishes minimum LCR, NSFR
and internal liquidity stress test limits. Risks to market funding conditions,
the Group's liquidity position and funding profile are assessed continuously,
and actions are taken to manage the size of the liquidity pool and the funding
profile as appropriate.
Composition of the Group liquidity pool
LCR eligible(1) High Quality Liquid Assets (HQLA) Liquidity pool
Cash Level 1 Level 2A Level 2B Total 2025 2024
£bn £bn £bn £bn £bn £bn £bn
Cash and deposits with central banks(2) 219 219 237 216
Government bonds(3)
AAA to AA- 55 7 62 62 55
A+ to A- 14 14 14 2
BBB+ to BBB- 2 2 2 1
Other LCR Ineligible Government bonds
Total government bonds 71 7 78 78 58
Other
Government Guaranteed Issuers, PSEs and GSEs 4 4 7 9
International Organisations and MDBs 7 7 7 7
Covered bonds 3 4 7 8 7
Other 5 5 1
Total other 14 4 5 23 23 23
Total as at 31 December 2025 219 85 11 5 320 338
Total as at 31 December 2024 196 74 9 2 281 297
1 The LCR eligible HQLA is adjusted under the Liquidity Coverage Ratio (CRR)
Part of the PRA Rulebook for operational restrictions upon consolidation, such
as trapped liquidity within Barclays subsidiaries. It also reflects
differences in eligibility of assets between the LCR and Barclays' Liquidity
Pool.
2 Includes cash held at central banks and surplus cash at central banks related
to payment schemes. Over 99.5% (December 2024: over 98%) was placed with the
Bank of England, US Federal Reserve, European Central Bank, Bank of Japan and
Swiss National Bank.
3 Of which over 85% (December 2024: over 85%) comprised UK, US, French, German,
Japanese, Swiss and Dutch securities.
The Group liquidity pool was £337.8bn as at December 2025, increased by
£40.9 vs. December 2024 (December 2024: £296.9bn).
In Q4 2025, the month-end liquidity pool ranged from £326bn to £352bn (2024:
£297bn to £341bn), and the month-end average balance was £337bn (2024:
£322bn). The liquidity pool is held unencumbered and represents readily
accessible funds to meet potential cash outflows during stress periods.
As at 31 December 2025, 68% (December 2024: 60%) of the liquidity pool was
located in Barclays Bank PLC, 17% (December 2024: 23%) in Barclays Bank UK PLC
and 9% (December 2024: 9%) in Barclays Bank Ireland PLC. The residual portion
of the liquidity pool is held outside of these entities, predominantly in US
subsidiaries, to meet entity-specific stress outflows and local regulatory
requirements. To the extent the use of this residual portion of the liquidity
pool is restricted due to local regulatory requirements, it is assumed to be
unavailable to the rest of the Group in calculating the LCR.
The composition of the pool is subject to limits set by the Board and the
second-line liquidity, credit and market risk functions. In addition, the
investment of the liquidity pool is monitored for concentration by issuer,
currency and asset type. Given returns generated by these highly liquid
assets, the risk and reward profile is continuously managed.
Deposit funding
As at 31.12.25 As at 31.12.24
Loans and advances, debt securities at amortised cost Deposits at amortised cost Loan: deposit ratio(1) Loan: deposit ratio(1)
Funding of loans and advances £bn £bn % %
Barclays UK 230 245 94 92
Barclays UK Corporate Bank 30 89 34 31
Barclays Private Bank and Wealth Management 15 72 21 21
Barclays Investment Bank 130 156 83 88
Barclays US consumer Bank 22 24 92 91
Head Office 3 -
Barclays Group 430 586 73 74
1 The loan: deposit ratio is calculated as loans and advances at amortised cost
and debt securities at amortised cost divided by deposits at amortised cost.
Funding structure and funding relationships
The basis for sound liquidity risk management is a funding structure that
reduces the probability of a liquidity stress leading to an inability to meet
funding obligations as they fall due. The Group's overall funding strategy is
to develop a diversified funding base (geographically, by type and by
counterparty) and maintain access to a variety of alternative funding sources,
to provide protection against unexpected fluctuations, while minimising the
cost of funding.
Within this, the Group aims to align the sources and uses of funding. As such,
retail and corporate loans and advances are largely funded by deposits in the
relevant entities, with the surplus primarily funding the liquidity pool. The
majority of reverse repurchase agreements are matched by repurchase
agreements. Derivative liabilities and assets are largely matched. A
substantial proportion of balance sheet derivative positions qualify for
counterparty netting and the remaining portions are largely offset when netted
against cash collateral received and paid. Wholesale debt and equity is used
to fund residual assets.
These funding relationships as at 31 December 2025 are summarised below:
As at 31.12.25 As at 31.12.24 As at 31.12.25 As at 31.12.24
Assets £bn £bn Liabilities and equity £bn £bn
Loans and advances at amortised cost(1) 400 392 Deposits at amortised cost 586 561
Group liquidity pool 338 297 <1 Year wholesale funding 84 55
>1 Year wholesale funding 136 131
Reverse repurchase agreements, trading portfolio assets, cash collateral and 471 433 Repurchase agreements, trading portfolio liabilities, cash collateral and 359 358
settlement balances settlement balances
Derivative financial instruments 252 294 Derivative financial instruments 241 279
Other assets(2) 83 102 Other liabilities 60 62
Equity 78 72
Total assets 1,544 1,518 Total liabilities and equity 1,544 1,518
1 Adjusted for liquidity pool debt securities reported at amortised cost of
£30bn (December 2024: £22bn).
2 Other assets include fair value assets that are not part of reverse repurchase
agreements or trading portfolio assets, and other asset categories.
Composition of wholesale funding
Wholesale funding outstanding (excluding repurchase agreements) was £220.1bn
(December 2024: £186.0bn). In FY25, the Group issued £16.1bn of MREL
eligible instruments from Barclays PLC (the Parent company) in a range of
tenors and currencies.
Our operating companies also access wholesale funding markets to maintain
their stable and diversified funding bases. Barclays Bank PLC continued to
issue in the shorter-term and medium-term notes markets. In addition, Barclays
Bank UK PLC continued to issue in the shorter-term markets and maintains
active secured funding programmes.
Wholesale funding of £83.9bn (December 2024: £55.0bn) matures in less than
one year, representing 38% (December 2024: 30%) of total wholesale funding
outstanding. This includes £28.4bn (December 2024: £22.0bn) related to term
funding(1).
Maturity profile of wholesale funding(2)
<1 month 1-3 months 3-6 months 6-12 months <1 year 1-2 years 2-3 years 3-4 years 4-5 years >5 years Total
£bn £bn £bn £bn £bn £bn £bn £bn £bn £bn £bn
Barclays PLC (the Parent company)
Senior unsecured (Public benchmark) 1.9 - 0.6 - 2.5 7.3 7.5 8.6 3.8 27.0 56.7
Senior unsecured (Privately placed) - - - - - - - 0.1 0.1 0.9 1.1
Subordinated liabilities - - 1.5 - 1.5 - 1.5 - 1.1 7.1 11.2
Barclays Bank Group
Senior unsecured (Privately placed)(3) 2.7 5.8 5.5 9.5 23.5 12.9 12.1 9.9 8.0 20.3 86.7
Certificates of deposit and commercial paper 0.6 2.3 22.1 14.8 39.8 - - - - - 39.8
Asset backed commercial paper 2.3 8.9 1.1 - 12.3 - - - - - 12.3
Asset backed securities - - 0.4 0.1 0.5 0.2 1.3 0.1 0.1 2.7 4.9
Subordinated liabilities - - - 0.4 0.4 0.3 0.1 - - 0.3 1.1
Barclays Bank UK Group
Senior unsecured (Privately placed) - - - - - - - - 0.1 0.1 0.2
Certificates of deposit and commercial paper 2.9 - - - 2.9 - - - - - 2.9
Covered bonds - - - - - 0.5 0.2 0.6 0.6 0.1 2.0
Asset backed securities - - 0.3 0.2 0.5 - - - - - 0.5
Subordinated liabilities - - - - - - - - - 0.7 0.7
Total as at 31 December 2025 10.4 17.0 31.5 25.0 83.9 21.2 22.7 19.3 13.8 59.2 220.1
Of which secured 2.3 8.9 1.8 0.3 13.3 0.7 1.5 0.7 0.7 3.5 20.4
Of which unsecured 8.1 8.1 29.7 24.7 70.6 20.5 21.2 18.6 13.1 55.7 199.7
Total as at 31 December 2024 7.9 21.3 11.9 13.9 55.0 23.0 17.5 18.6 15.1 56.8 186.0
Of which secured 2.4 8.8 2.1 0.8 14.1 1.1 0.5 0.9 0.6 3.3 20.5
Of which unsecured 5.5 12.5 9.8 13.1 40.9 21.9 17.0 17.7 14.5 53.5 165.5
1 Term funding comprises public benchmark and privately placed senior unsecured
notes, covered bonds, asset-backed securities and subordinated debt where the
original maturity of the instrument is more than 1 year.
2 The composition of wholesale funds comprises the balance sheet reported
financial liabilities at fair value, debt securities in issue and subordinated
liabilities. It does not include participation in the central bank facilities
reported within repurchase agreements and other similar secured borrowing.
3 Includes structured notes of £73.5bn, of which £21.8bn matures within one
year.
Regulatory minimum requirements
Capital
As at 31 December 2025, the Group's Overall Capital Requirement for CET1,
excluding any applicable PRA buffer, was 12.2% and comprised a 4.5% Pillar 1
minimum, a 2.5% Capital Conservation Buffer (CCB), a 1.5% Global Systemically
Important Institution (G-SII) buffer, a 2.7% Pillar 2A requirement and a 1.0%
Countercyclical Capital Buffer (CCyB).
The Group's CCyB is based on the buffer rate applicable for each jurisdiction
in which the Group has exposures. The buffer rates set by other national
authorities for non-UK exposures are not currently material.
The Group's Pillar 2A requirement is 4.8% with at least 56.25% to be met with
CET1 capital, equating to 2.7% of RWAs. The Pillar 2A requirement, based on a
point in time assessment, has been set as a proportion of RWAs and is subject
to at least annual review.
The Group's CET1 target ratio of 13-14% takes into account minimum capital
requirements and applicable buffers. The Group remains above its minimum
capital regulatory requirements and applicable buffers.
Leverage
As at 31 December 2025, the Group was subject to a UK leverage ratio
requirement of 4.1%. This comprised the 3.25% minimum requirement, a G-SII
additional leverage ratio buffer (G-SII ALRB) of 0.53% and a countercyclical
leverage ratio buffer (CCLB) of 0.3%. The Group is also required to disclose
an average UK leverage ratio which is based on capital on the last day of each
month in the quarter and an exposure measure for each day in the quarter.
MREL
As at 31 December 2025, the Group was required to meet the higher of: (i) two
times the sum of 8% Pillar 1 and 4.8% Pillar 2A equating to 25.5% of RWAs; and
(ii) 6.75% of leverage exposures. CET1 capital cannot be counted towards both
MREL and the buffers, meaning that the buffers, including the confidential
institution-specific PRA buffer, will effectively be applied above MREL
requirements.
Significant regulatory updates in the period
The Prudential Regulation Authority (PRA) has continued its phased
implementation of the Basel 3.1 standards. Following near final policy
statements in December 2023 and September 2024, the PRA announced in January
2025 that full implementation would be delayed until 1 January 2027, a
timeline that has now been confirmed in the PRA's final rules published in
January 2026.
In July 2025, the PRA consulted on targeted amendments to the market risk
framework and confirmed a staged approach to the Fundamental Review of the
Trading Book (FRTB), under which implementation of the Internal Models
Approach (IMA) will be deferred by one year to 1 January 2028, while all other
FRTB elements remain scheduled for implementation from 1 January 2027. This
timeline was also confirmed by the PRA in January 2026.
Capital ratios(1,2) As at 31.12.25 As at 30.09.25 As at 31.12.24
CET1 14.3% 14.1% 13.6%
T1 17.9% 17.8% 16.9%
Total regulatory capital 20.4% 20.4% 19.6%
MREL ratio as a percentage of total RWAs 35.8% 35.8% 34.4%
Own funds and eligible liabilities £m £m £m
Total equity excluding non-controlling interests per the balance sheet 77,784 76,394 71,821
Less: other equity instruments (recognised as AT1 capital) (12,725) (13,243) (12,075)
Adjustment to retained earnings for foreseeable ordinary share dividends (778) (478) (786)
Adjustment to retained earnings for foreseeable repurchase of shares (271) (477) -
Adjustment to retained earnings for foreseeable other equity coupons (36) (44) (35)
Other regulatory adjustments and deductions
Additional value adjustments (PVA) (1,956) (1,941) (2,051)
Goodwill and intangible assets (8,255) (8,228) (8,272)
Deferred tax assets that rely on future profitability excluding temporary (1,069) (1,225) (1,451)
differences
Fair value reserves related to gains or losses on cash flow hedges 666 1,312 2,930
Excess of expected losses over impairment (436) (423) (403)
Gains or losses on liabilities at fair value resulting from own credit 904 988 981
Defined benefit pension fund assets (2,398) (2,261) (2,367)
Direct and indirect holdings by an institution of own CET1 instruments (14) (3) (1)
Adjustment under IFRS 9 transitional arrangements - - 138
Other regulatory adjustments (346) (117) 129
CET1 capital 51,070 50,254 48,558
AT1 capital
Capital instruments and related share premium accounts 12,758 13,289 12,108
Other regulatory adjustments and deductions (33) (46) (32)
AT1 capital 12,725 13,243 12,076
T1 capital 63,795 63,498 60,634
T2 capital
Capital instruments and related share premium accounts 8,835 9,528 9,150
Qualifying T2 capital (including minority interests) issued by subsidiaries 55 65 367
Other regulatory adjustments and deductions (71) (118) (33)
Total regulatory capital 72,614 72,974 70,118
Less : Ineligible T2 capital (including minority interests) issued by (55) (65) (367)
subsidiaries
Eligible liabilities 55,106 55,142 53,547
Total own funds and eligible liabilities(3) 127,665 128,050 123,298
Total RWAs 356,774 357,378 358,127
1 2024 comparatives for Capital and RWAs have been calculated applying the IFRS
9 transitional arrangements in accordance with the CRR. Effective from 1
January 2025, the IFRS 9 transitional arrangements no longer applied.
2 2024 comparatives for total capital were calculated applying the
grandfathering of certain capital instruments within Tier 2 capital. Effective
from 29 June 2025, the grandfathered instruments no longer qualified as Tier 2
capital.
3 As at 31 December 2025, the Group's MREL requirement, excluding the
institution-specific confidential PRA buffer, was to hold £108.9bn of own
funds and eligible liabilities equating to 30.5% of RWAs. The Group remains
above its MREL regulatory requirement including the institution-specific
confidential PRA buffer.
Movement in CET1 capital Three months ended 31.12.25 Twelve months ended 31.12.25
£m £m
Opening CET1 capital 50,254 48,558
Profit for the period attributable to equity holders 1,453 7,172
Own credit relating to derivative liabilities - (15)
Ordinary share dividends paid and foreseen (300) (1,200)
Purchased and foreseeable share repurchase (500) (2,500)
Other equity coupons paid and foreseen (250) (998)
Increase in retained regulatory capital generated from earnings 403 2,459
Net impact of share schemes 4 190
Fair value through other comprehensive income reserve 296 773
Currency translation reserve 5 (1,132)
Other reserves 5 (68)
Increase/(Decrease) in other qualifying reserves 310 (237)
Pension remeasurements within reserves 117 (14)
Defined benefit pension fund asset deduction (137) (31)
Net impact of pensions (20) (45)
Additional value adjustments (PVA) (15) 95
Goodwill and intangible assets (27) 17
Deferred tax assets that rely on future profitability excluding those arising 156 382
from temporary differences
Excess of expected loss over impairment (13) (33)
Direct and indirect holdings by an institution of own CET1 instruments (11) (13)
Adjustment under IFRS 9 transitional arrangements - (138)
Other regulatory adjustments 33 25
Increase in regulatory capital due to adjustments and deductions 123 335
Closing CET1 capital 51,070 51,070
CET1 capital increased by £2.5bn to £51.1bn (December 2024: £48.6bn).
Significant movements in the period were:
● £7.2bn of capital generated from profit partially offset by distributions of
£4.7bn comprising:
- £2.5bn share buybacks including the now completed £1.0bn announced with FY24
results and £1.0bn announced with H125 results and the ongoing £0.5bn share
buyback announced with Q325 results
- £1.2bn of ordinary share dividends paid and foreseen reflecting £0.4bn
interim dividend paid in September 2025 and a £0.8bn accrual towards the FY25
dividend
- £1.0bn of equity coupons paid and foreseen
● £0.2bn decrease in other qualifying reserves including a £1.1bn reduction in
the currency translation reserve primarily as a result of the strengthening of
spot GBP against USD, partially offset by a £0.8bn gain in the fair value
through other comprehensive income reserve.
RWAs by risk type and business
Credit risk Counterparty credit risk Market Risk Operational risk Total RWAs
STD IRB STD IRB Settlement Risk CVA STD IMA
As at 31.12.25 £m £m £m £m £m £m £m £m £m £m
Barclays UK 16,731 55,037 132 8 - 43 177 - 13,697 85,825
Barclays UK Corporate Bank 3,878 18,341 89 312 1 4 31 343 3,510 26,509
Barclays Private Bank & Wealth Management 4,981 580 112 19 - 11 39 240 2,054 8,036
Barclays Investment Bank 44,961 49,750 21,986 19,442 165 3,030 12,018 20,111 25,238 196,701
Barclays US Consumer Bank 21,050 1,004 - 1 - - - - 5,393 27,448
Head Office 5,405 5,439 1 5 - - 219 59 1,127 12,255
Barclays Group 97,006 130,151 22,320 19,787 166 3,088 12,484 20,753 51,019 356,774
As at 30.09.25
Barclays UK 16,142 56,992 138 7 - 50 224 - 13,196 86,749
Barclays UK Corporate Bank 3,983 17,023 92 323 - 8 16 425 3,282 25,152
Barclays Private Bank & Wealth Management 4,907 615 127 17 - 11 33 298 1,870 7,878
Barclays Investment Bank 42,790 48,162 24,129 21,714 82 2,613 14,922 20,430 24,293 199,135
Barclays US Consumer Bank 19,976 962 - 2 - - - - 4,856 25,796
Head Office 5,923 5,415 1 4 - 1 27 74 1,223 12,668
Barclays Group 93,721 129,169 24,487 22,067 82 2,683 15,222 21,227 48,720 357,378
As at 31.12.24
Barclays UK 15,516 55,301 146 11 - 74 228 - 13,181 84,457
Barclays UK Corporate Bank 3,932 15,680 106 336 - 12 16 548 3,282 23,912
Barclays Private Bank & Wealth Management 5,058 434 118 31 - 16 44 330 1,859 7,890
Barclays Investment Bank 40,957 49,231 21,889 24,094 70 2,913 12,442 23,023 24,164 198,783
Barclays US Consumer Bank 21,019 966 - - - - - - 4,864 26,849
Head Office 6,580 8,162 1 20 - 4 - 212 1,257 16,236
Barclays Group 93,062 129,774 22,260 24,492 70 3,019 12,730 24,113 48,607 358,127
Movement analysis of RWAs Credit risk Counterparty credit risk Market risk Operational risk Total RWAs
£m £m £m £m £m
RWAs as at 31.12.24 222,836 49,841 36,843 48,607 358,127
Book size 13,766 (1,994) (3,031) 2,412 11,153
Acquisitions and disposals (3,322) - - - (3,322)
Book quality (1,888) (618) - - (2,506)
Model updates 304 68 - - 372
Methodology and policy (305) (229) - - (534)
Foreign exchange movements(1) (4,234) (1,707) (575) - (6,516)
Total RWA movements 4,321 (4,480) (3,606) 2,412 (1,353)
RWAs as at 31.12.25 227,157 45,361 33,237 51,019 356,774
1 Foreign exchange movements does not include the impact of foreign exchange for
modelled market risk or operational risk.
Total RWAs decreased £1.4bn to £356.8bn (Dec 2024: £358.1bn).
Credit risk RWAs increased £4.3bn:
● A £13.8bn increase in book size primarily reflecting lending growth in UK
businesses and business activity within IB
● A £3.3bn decrease in acquisitions and disposals reflecting the sale of the
German Consumer Finance business and of Barclays' joint venture interest in
Entercard, partially offset by the acquisition of the GM portfolio
● A £1.9bn decrease in book quality RWAs primarily driven by improvements in
credit quality within the Barclays UK mortgages portfolio
● A £4.2bn decrease as a result of foreign exchange movements primarily due to
the strengthening of spot GBP against USD
Counterparty credit risk RWAs decreased £4.5bn:
● A £4.5bn decrease in the RWAs primarily reflecting trading activity and the
impact of foreign exchange movements due to the strengthening of spot GBP
against USD
Market risk RWAs decreased £3.6bn:
● A £3.0bn decrease in book size due to trading activity within Global Markets
Operational risk RWAs increased £2.4bn:
● A £2.4bn increase in book size primarily driven by the inclusion of higher
2025 income compared to 2022
Leverage ratios(1) As at 31.12.25 As at 30.09.25 As at 31.12.24
£m £m £m
UK leverage ratio(2) 5.1% 4.9% 5.0%
T1 capital 63,795 63,498 60,634
UK leverage exposure 1,247,313 1,285,291 1,206,502
Average UK leverage ratio 4.7% 4.7% 4.6%
Average T1 capital 63,277 62,556 60,291
Average UK leverage exposure 1,358,364 1,339,336 1,308,335
1 2024 comparatives for UK leverage ratios have been calculated applying the
IFRS 9 transitional arrangements in accordance with the CRR. Effective from 1
January 2025, the IFRS 9 transitional arrangements no longer applied.
2 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 £6.6bn
and against the 0.3% CCLB was £3.7bn.
The UK leverage ratio increased to 5.1% (December 2024: 5.0%), as Tier 1
capital increased by £3.2bn, partially offset by a £40.8bn increase in
leverage exposure to £1,247.3bn. The increase in leverage exposure was
largely driven by an increase in trading activity in IB and higher lending in
Barclays UK and UKCB, partially offset by the strengthening of spot GBP
against USD.
Condensed Consolidated Financial Statements
Condensed consolidated income statement
Year ended 31.12.25 Year ended 31.12.24
£m £m
Interest and similar income 36,189 38,326
Interest and similar expense (21,688) (25,390)
Net interest income 14,501 12,936
Fee and commission income 11,282 10,847
Fee and commission expense (3,784) (3,600)
Net fee and commission income 7,498 7,247
Net trading income 7,042 5,768
Net investment income 10 216
Gain on acquisition - 556
Other income 89 65
Total income 29,140 26,788
Staff costs (10,607) (9,876)
Infrastructure, administration and general expenses (6,433) (6,319)
UK regulatory levies (313) (320)
Litigation and conduct (392) (220)
Operating expenses (17,745) (16,735)
Share of post-tax results of associates and joint ventures 66 37
Loss on disposal of subsidiaries, associates and joint ventures (43) -
Profit before impairment 11,418 10,090
Credit impairment charges (2,279) (1,982)
Profit before tax 9,139 8,108
Tax charge (1,926) (1,752)
Profit after tax 7,213 6,356
Attributable to:
Shareholders of the parent 6,175 5,316
Other equity holders 997 991
Equity holders of the parent 7,172 6,307
Non-controlling interests 41 49
Profit after tax 7,213 6,356
Earnings per share
Basic earnings per ordinary share 43.8p 36.0p
Diluted earnings per ordinary share 42.3p 34.8p
Condensed consolidated statement of comprehensive income
Year ended 31.12.25 Year ended 31.12.24
£m £m
Profit after tax 7,213 6,356
Other comprehensive income/(loss) that may be recycled to profit or loss:
Currency translation reserve
Currency translation differences(1) (1,131) (59)
Tax (1) 13
Fair value through other comprehensive income reserve
Net gains/(losses) from changes in fair value 1,024 (863)
Net losses/(gains) transferred to net profit on disposal 191 (164)
Net (gain)/losses relating to (releases of) impairment (3) 1
Net (losses)/gains due to fair value hedging (142) 325
Tax (297) 194
Cash flow hedging reserve
Net gains/(losses) from changes in fair value 3,675 (784)
Net (gains)/losses transferred to net profit (522) 1,842
Tax (889) (281)
Other comprehensive income that may be recycled to profit or loss 1,905 224
Other comprehensive income/(loss) not recycled to profit or loss:
Retirement benefit remeasurements (10) (427)
Own credit 89 (1,130)
Tax (30) 432
Other comprehensive income/(loss) not recycled to profit or loss 49 (1,125)
Other comprehensive income/(loss) for the year 1,954 (901)
Total comprehensive income for the period 9,167 5,455
Attributable to:
Equity holders of the parent 9,126 5,406
Non-controlling interests 41 49
Total comprehensive income for the period 9,167 5,455
1 Includes £44m loss (2024: £1m loss) on recycling of currency translation
differences to net profit.
Condensed consolidated balance sheet
As at 31.12.25 As at 31.12.24
Assets £m £m
Cash and balances at central banks 229,752 210,184
Cash collateral and settlement balances 130,532 119,843
Debt securities at amortised cost 68,475 68,210
Loans and advances at amortised cost to banks 8,638 8,327
Loans and advances at amortised cost to customers 352,885 337,946
Reverse repurchase agreements and other similar secured lending at amortised 17,622 4,734
cost
Trading portfolio assets 190,061 166,453
Financial assets at fair value through the income statement 186,857 193,734
Derivative financial instruments 252,459 293,530
Financial assets at fair value through other comprehensive income 74,394 78,059
Investments in associates and joint ventures 739 891
Goodwill and intangible assets 8,284 8,275
Current tax assets 276 155
Deferred tax assets 4,992 6,321
Assets included in a disposal group classified as held for sale 5,932 9,854
Other assets 12,267 11,686
Total assets 1,544,165 1,518,202
Liabilities
Deposits at amortised cost from banks 20,413 13,203
Deposits at amortised cost from customers 565,200 547,460
Cash collateral and settlement balances 117,583 106,229
Repurchase agreements and other similar secured borrowings at amortised cost 25,170 39,415
Debt securities in issue 119,033 92,402
Subordinated liabilities 12,954 11,921
Trading portfolio liabilities 57,737 56,908
Financial liabilities designated at fair value 294,108 282,224
Derivative financial instruments 240,808 279,415
Current tax liabilities 868 566
Deferred tax liabilities 13 18
Liabilities included in a disposal group classified as held for sale - 3,726
Other liabilities 12,042 12,234
Total liabilities 1,465,929 1,445,721
Equity
Called up share capital and share premium 4,178 4,186
Other reserves 1,628 (468)
Retained earnings 59,253 56,028
Shareholders' equity attributable to ordinary shareholders of the parent 65,059 59,746
Other equity instruments 12,725 12,075
Total equity excluding non-controlling interests 77,784 71,821
Non-controlling interests 452 660
Total equity 78,236 72,481
Total liabilities and equity 1,544,165 1,518,202
Condensed consolidated statement of changes in equity
Called up share capital and share premium(1,2) Other equity instruments(3) Other reserves(4) Non-controlling interests
Total equity
Retained earnings Total
Year ended 31.12.2025 £m £m £m £m £m £m £m
Balance as at 1 January 2025 4,186 12,075 (468) 56,028 71,821 660 72,481
Profit after tax - 997 - 6,175 7,172 41 7,213
Currency translation movements - - (1,132) - (1,132) - (1,132)
Fair value through other comprehensive income reserve - - 773 - 773 - 773
Cash flow hedges - - 2,264 - 2,264 - 2,264
Retirement benefit remeasurements - - - (14) (14) - (14)
Own credit - - 63 - 63 - 63
Total comprehensive income for the period - 997 1,968 6,161 9,126 41 9,167
Employee share schemes and hedging thereof 150 - - 1,127 1,277 - 1,277
Issue and redemption of other equity instruments - 651 - (4) 647 - 647
Other equity instruments coupon paid - (997) - - (997) - (997)
Redemption of preference shares - - - (59) (59) (211) (270)
Vesting of employee share schemes net of purchases (36) (554) (590) (590)
Dividends paid - - - (1,213) (1,213) (41) (1,254)
Repurchase of shares (158) - 158 (2,241) (2,241) - (2,241)
Other movements (1) 6 8 13 3 16
Balance as at 31 December 2025 4,178 12,725 1,628 59,253 77,784 452 78,236
Year ended 31.12.2024 £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 - 991 - 5,316 6,307 49 6,356
Currency translation movements - - (46) - (46) - (46)
Fair value through other comprehensive income reserve - - (507) - (507) - (507)
Cash flow hedges - - 777 - 777 - 777
Retirement benefit remeasurements - - - (303) (303) - (303)
Own credit - - (822) - (822) - (822)
Total comprehensive income for the period - 991 (598) 5,013 5,406 49 5,455
Employee share schemes and hedging thereof 103 - - 874 977 - 977
Issue and redemption of other equity instruments - (1,155) - (96) (1,251) - (1,251)
Other equity instruments coupon paid - (991) - - (991) - (991)
Vesting of employee shares scheme net of purchases - - (1) (508) (509) - (509)
Dividends paid - - - (1,221) (1,221) (49) (1,270)
Repurchase of shares (205) - 205 (1,760) (1,760) - (1,760)
Other movements - (29) 3 (8) (34) - (34)
Balance as at 31 December 2024 4,186 12,075 (468) 56,028 71,821 660 72,481
1 As at 31 December 2025, Called up share capital comprises 13,867m (December
2024: 14,420m) ordinary shares of 25p each.
2 For the period ended 31 December 2025, Barclays PLC fully executed two share
buybacks and partially executed one share buyback totalling £2,232m.
Accordingly, it repurchased and cancelled 636m shares. The nominal value of
£158m has been transferred from Share capital to Capital redemption reserve
within Other reserves. For the year ended 31 December 2024, two share buybacks
were executed, totalling £1,750m. Accordingly, Barclays PLC repurchased and
cancelled 818m shares. The nominal value of £205m was transferred from Share
capital to Capital redemption reserve within Other reserves.
3 Other equity instruments of £12,725m (December 2024: £12,075m) comprise AT1
securities issued by Barclays PLC. There were four issuances in the form of
Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities
for £3,784m (net of £15m issuance costs) and three redemptions of £3,133m
(net of £13m issuance costs, transferred to retained earnings on redemption)
for the period ended 31 December 2025. During the period ended 31 December
2024, there were two issuances in the form of Fixed Rate Resetting Perpetual
Subordinated Contingent Convertible Securities, for £1,598m, which includes
issuance costs of £6m and two redemptions totalling £2,753m.
4 See Note 8 Other reserves
Condensed consolidated cash flow statement
Year ended 31.12.25 Year ended 31.12.24
£m £m
Profit before tax 9,139 8,108
Adjustment for non-cash and other items 11,054 6,620
Net (increase)/decrease in loans and advances at amortised cost (17,403) 284
Net increase in deposits at amortised cost 24,950 14,952
Net increase/(decrease) in debt securities in issue 20,925 (9,978)
Changes in other operating assets and liabilities (28,533) (11,590)
Corporate income tax paid (1,393) (1,283)
Net cash from operating activities 18,739 7,113
Net cash from investing activities 1,595 (17,886)
Net cash from financing activities(1) 2,256 784
Effect of exchange rates on cash and cash equivalents (1,738) (2,407)
Net increase/(decrease) in cash and cash equivalents 20,852 (12,396)
Cash and cash equivalents at beginning of the period 235,611 248,007
Cash and cash equivalents at end of the period 256,463 235,611
1 Issuance and redemption of debt securities included in financing activities
relate to instruments that qualify as eligible liabilities and satisfy
regulatory requirements for MREL instruments which came into effect during
2019.
Financial Statement Notes
1. Tax
The tax charge for 2025 was £1,926m (2024: £1,752m), representing an
effective tax rate (ETR) of 21.1% (2024: 21.6%). Included in the 2025 tax
charge is a credit in respect of payments made on AT1 instruments that are
classified as equity for accounting purposes.
As at 31.12.25 As at 31.12.24
Deferred tax assets and liabilities £m £m
UK 3,408 4,451
USA 1,260 1,432
Other territories 324 438
Deferred tax assets 4,992 6,321
Deferred tax liabilities (13) (18)
Analysis of deferred tax assets
Temporary differences 3,895 4,787
Tax losses 1,097 1,534
Deferred tax assets 4,992 6,321
2. Earnings per share
Year ended 31.12.25 Year ended 31.12.24
£m £m
Profit attributable to ordinary equity holders of the parent 6,175 5,316
m m
Basic weighted average number of shares in issue 14,112 14,755
Number of potential ordinary shares 492 516
Diluted weighted average number of shares 14,604 15,271
p p
Basic earnings per ordinary share 43.8 36.0
Diluted earnings per ordinary share 42.3 34.8
3. Dividends on ordinary shares
Year ended 31.12.25 Year ended 31.12.24
Per share Total Per share Total
Dividends paid during the period p £m p £m
Full year dividend paid during the period 5.50 791 5.30 796
Interim dividend paid during the period 3.00 422 2.90 425
Total Dividend 8.50 1,213 8.20 1,221
It is Barclays' policy to declare and pay dividends on a semi-annual basis.
The 2025 full year dividend of 5.6p per ordinary share will be paid on 31
March 2026 to the shareholders on the Share Register on 20 February 2026. The
financial statements for the year ended 31 December 2025 do not reflect this
dividend, which will be accounted for in Shareholders' Equity as an
appropriation of retained profits in the year ending 31 December 2026. A half
year dividend for 2025 of 3.0p (H124: 2.9p) per ordinary share was paid on 16
September 2025.
The Directors have confirmed their intention to initiate a share buyback of up
to £1.0bn after the balance sheet date. The share buyback is expected to
commence in the first quarter of 2026. The financial statements for the year
ended 31 December 2025 do not reflect the impact of the proposed share
buyback, which will be accounted for as and when shares are repurchased by the
Company. Dividends and share buybacks are funded out of distributable
reserves.
4. Fair value of financial instruments
This section should be read in conjunction with Note 17, Fair value of
financial instruments of the Barclays PLC Annual Report 2025 which provides
more detail regarding accounting policies adopted, valuation methodologies
used in calculating fair value and the valuation control framework which
governs oversight of valuations. There have been no changes in the accounting
policies adopted in the period.
Assets and liabilities transferred between levels
During the year ended 31 December 2025, there were £42.7bn assets and
£(9.9)bn liabilities transferred from Level 2 to Level 1 (year ended 31
December 2024: there were no material transfers). Additionally, there were
£0.8bn assets and £(2.8)bn liabilities transferred from Level 2 to Level 3
(year ended 31 December 2024: there were no material transfers). These
transfers reflect enhancement to the Group's levelling policy, including the
use of additional data in the active market assessment of Level 1 government
bonds and updated assessments of unobservable market parameters for government
bonds and issued debt; resulting in an increase in Level 3 balances.
The following table shows the Group's assets and liabilities that are held at
fair value disaggregated by the fair value hierarchy and balance sheet
classification:
2025 2024
Valuation techniques used Valuation techniques used
Quoted market price Observable inputs Significant unobservable inputs Quoted market price Observable inputs Significant unobservable inputs
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
As at 31 December £m £m £m £m £m £m £m £m
Trading portfolio assets 111,158 68,556 10,347 190,061 77,761 78,577 10,115 166,453
Financial assets at fair value through the income statement 5,140 173,140 8,577 186,857 3,526 181,784 8,424 193,734
Derivative financial assets 108 250,639 1,712 252,459 101 291,352 2,077 293,530
Financial assets at fair value through other comprehensive income 51,717 19,578 3,099 74,394 25,913 48,407 3,739 78,059
Investment property - - 43 43 - - 9 9
Total assets 168,123 511,913 23,778 703,814 107,301 600,120 24,364 731,785
Trading portfolio liabilities (42,917) (14,733) (87) (57,737) (27,694) (28,819) (395) (56,908)
Financial liabilities designated at fair value (1,702) (287,532) (4,874) (294,108) (181) (278,785) (3,258) (282,224)
Derivative financial liabilities (93) (237,650) (3,065) (240,808) (86) (276,148) (3,181) (279,415)
Total liabilities (44,712) (539,915) (8,026) (592,653) (27,961) (583,752) (6,834) (618,547)
5. Subordinated liabilities
Year ended 31.12.25 Year ended 31.12.24
£m £m
Opening balance as at 1 January 11,921 10,494
Issuances 1,772 1,870
Redemptions (727) (476)
Other (12) 33
Closing balance 12,954 11,921
Issuances of £1,772m comprise £1,045m EUR 4.616% Fixed Rate Resetting
Subordinated Callable Notes issued externally by Barclays PLC and £727m
mezzanine and junior securitisation notes issued externally by a Barclays
securitisation special purpose vehicle (SPV).
Redemptions of £727m comprise £500m GBP 3.750% Fixed Rate Resetting
Subordinated Callable Notes, £115m SGD 3.750% Fixed Rate Resetting
Subordinated Callable Notes issued externally by Barclays PLC and £112m USD
Floating Rate Notes issued externally by a Barclays subsidiary.
Other movements predominantly comprise foreign exchange movements and fair
value hedge adjustments.
6. Provisions
As at 31.12.25 As at 31.12.24
£m £m
Customer redress 543 299
Legal, competition and regulatory matters 79 59
Redundancy and restructuring 190 213
Undrawn contractually committed facilities and guarantees 416 439
Onerous contracts 41 14
Sundry provisions 395 359
Total 1,664 1,383
Customer redress provisions comprise the estimated cost of making redress
payments to customers, clients and counterparties for losses or damages
associated with inappropriate judgement in the execution of the Group's
business activities.
Motor finance provision
From 2003 to late 2019, Clydesdale Financial Services Limited (CFSL), a
wholly-owned subsidiary of the Group, provided motor finance to customers in
the UK.
In January 2024, the FCA appointed a skilled person to undertake a review of
the historical use of discretionary commission arrangements and sales in the
motor finance market across several firms. This review followed two final
decisions by the UK Financial Ombudsman Service (FOS) and a number of
complaints and court claims, including some against CFSL.
On 7 October 2025, the FCA began consulting on an industry wide compensation
scheme for eligible motor finance customers. Barclays has engaged with the FCA
as part of its consultation process and the FCA has stated that, if it
introduces a redress scheme, it expects to publish a policy statement and
final rules in February or March 2026, with compensation to consumers
beginning later in 2026. The FCA has indicated that it expects to lift the
existing pause on the handling of certain motor finance complaints on 31 May
2026, subject to the terms of the FCA redress scheme, if adopted.
Barclays considers it more likely than not that a redress scheme will be
implemented by the FCA. As a result, Barclays has recognised a provision of
£325m in respect of this matter as at 31 December 2025 (as at 31 December
2024: £90m). Recognising that the proposed terms of the FCA redress scheme
are subject to consultation, in calculating potential redress costs and the
amount of provision required, Barclays has applied a weighted average of
multiple scenarios, each incorporating differing evaluations of the FCA's
current proposals. The current provision reflects the estimated number of
motor finance cases falling within the scope of the FCA redress scheme as
proposed by the FCA consultation paper (which covers regulated motor finance
agreements between 6 April 2007 and 1 November 2024 where a commission was
payable by the lender to the broker), the anticipated level of customer
redress reflecting the FCA's proposed methodology, the estimated customer
response rate with reference to Barclays previous remediation exercises, and
the costs associated with implementing the FCA's proposed approach to customer
engagement.
The final terms of the FCA redress scheme remain uncertain pending publication
of the FCA's policy statement and final scheme rules. Accordingly, the legal
and regulatory outcomes and the nature, extent and timing of any remediation
action, if required, remain uncertain. The ultimate financial impact on
Barclays could differ from the recognised provision, which represents
Barclays' best estimate of the cost of redress based on the information
currently available to Barclays.
7. Retirement benefits
As at 31 December 2025, the Group's IAS 19 net retirement benefit assets were
£3.0bn (December 2024: £3.0bn). The UK Retirement Fund (UKRF), which is the
Group's main scheme, had an IAS 19 net surplus of £3.3bn (December
2024: £3.2bn).
The UKRF annual funding update as at 30 September 2024 showed a funding
surplus of £1.75bn. The 30 September 2025 funding update is not available at
the date of this report, as the triennial funding valuations for the UKRF are
due to be completed in 2026 with an effective date of 30 September 2025.
Sectionalisation of the UKRF
Between 1 January 2025 and 30 June 2025, Barclays Bank PLC was the principal
employer of the UKRF, with Barclays Bank UK PLC and Barclays Execution
Services Limited as the participating employers.
From 1 July 2025, the UKRF was amended to become a sectionalised scheme to
meet the requirements of the Financial Services and Markets Act 2000 (Banking
Reform) (Pensions) Regulations 2015, creating two separate sections - the
Barclays Bank Section and the Barclays UK Section. From 1 July 2025, Barclays
Bank PLC became the principal employer of the Barclays Bank Section, with
Barclays Execution Services Limited as a participating employer. From that
date, Barclays Bank UK PLC participates only in the Barclays UK Section and is
solely responsible for funding that section.
Sectionalisation did not change the balance sheet position of the UKRF from
the Group's perspective, and employees' benefits are unchanged.
8. Other reserves
Currency translation reserve
The currency translation reserve represents the cumulative gains and losses on
the retranslation of the Group's net investment in foreign operations, net of
the effects of hedging.
Fair value through other comprehensive income reserve
The fair value through other comprehensive income reserve represents the total
of unrealised gains and losses on fair value through other comprehensive
income investments since initial recognition.
Cash flow hedging reserve
The cash flow hedging reserve represents the cumulative gains and losses on
effective cash flow hedging instruments that will be recycled to the income
statement when the hedged transactions affect profit or loss
Own credit reserve
The own credit reserve reflects the cumulative own credit gains and losses on
financial liabilities at fair value. Amounts in the own credit reserve are not
recycled to profit or loss in future periods.
Other reserves and treasury shares
Other reserves relate to redeemed ordinary and preference shares issued by the
Group. Treasury shares relate to Barclays PLC shares held principally in
relation to the Group's various share schemes. Treasury shares are deducted
from shareholders' equity within other reserves.
As at 31.12.25 As at 31.12.24
£m £m
Currency translation reserve 2,493 3,625
Fair value through other comprehensive income reserve (1,100) (1,873)
Cash flow hedging reserve (666) (2,930)
Own credit reserve (990) (1,059)
Other reserves and treasury shares 1,891 1,769
Total 1,628 (468)
Appendix: Non-IFRS Performance Measures
The Group's management believes that the non-IFRS performance measures
included in this document provide valuable information to the readers of the
financial statements, as they enable the reader to identify a more consistent
basis for comparing the businesses' performance between financial periods, and
provide more detail concerning the elements of performance which the managers
of these businesses are most directly able to influence or are relevant for an
assessment of the Group. They also reflect an important aspect of the way in
which operating targets are defined and performance is monitored by
management.
However, any non-IFRS performance measures in this document are not a
substitute for IFRS measures and readers should consider the IFRS measures as
well.
Non-IFRS performance measures glossary
Measure Definition
Loan: deposit ratio Total loans and advances at amortised cost divided by total deposits at
amortised cost.
Period end tangible equity refers to:
Period end tangible shareholders' equity (for Barclays Group) Shareholders' equity attributable to ordinary shareholders of the parent,
adjusted for the deduction of goodwill and intangible assets.
Period end allocated tangible equity (for businesses) Allocated tangible equity is calculated as 13.5% (2024: 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) Group attributable profit, as a proportion of average tangible shareholders'
equity. The components of the calculation have been included on page 71.
Return on average allocated tangible equity (for businesses) Business attributable profit, as a proportion of that business's average
allocated tangible equity. The components of the calculation have been
included on pages 73 to 74.
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 (including portfolios
reclassified to assets held for sale) at the balance sheet date. The
components of the calculation have been included on pages 75 to 77.
Net interest margin Net interest income divided by the sum of average customer assets. The
components of the calculation have been included on page 26.
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 79.
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.
Net New Assets Under Management The net inflows and outflows of client balances within Discretionary Portfolio
Management and Advisory mandates. Excludes market performance and foreign
exchange translation but includes reinvested dividend payments.
Assets under Management (AUM) Total market value of client investment balances managed within investment
mandates where Barclays provides discretionary portfolio management or
advisory services. Total Assets Under Management excludes uninvested cash held
under an investment mandate.
Assets under Supervision (AUS) Total market value of client investment balances where Barclays provides
custodian or transactional services.
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.
Income over average risk weighted assets Represents total income as a proportion of average risk weighted assets.
Average risk weighted assets calculated as the average of the previous month's
period end risk weighted assets and the current month's period end risk
weighted assets. Average risk weighted assets for the period is the average of
the monthly averages within that period.
Returns
Year ended 31.12.25
Barclays UK Barclays UK Corporate Bank Barclays Private Bank and Wealth Management Barclays Investment Bank Barclays US Consumer Bank Head Office Barclays Group
Return on average tangible equity £m £m £m £m £m £m £m
Attributable profit/(loss) 2,443 648 291 3,092 390 (689) 6,175
£bn £bn £bn £bn £bn £bn £bn
Average equity 15.8 3.4 1.2 29.1 4.1 9.3 62.9
Average goodwill and intangibles (4.0) - (0.1) - (0.6) (3.6) (8.3)
Average tangible equity 11.8 3.4 1.1 29.1 3.5 5.7 54.6
Return on average tangible equity 20.7% 18.9% 26.3% 10.6% 11.0% n/m 11.3%
Year ended 31.12.24
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) 2,465 490 288 2,513 302 (742) 5,316
£bn £bn £bn £bn £bn £bn £bn
Average equity 14.6 3.1 1.1 29.7 3.7 6.5 58.7
Average goodwill and intangibles (3.9) - (0.1) - (0.4) (3.6) (8.0)
Average tangible equity 10.7 3.1 1.0 29.7 3.3 2.9 50.7
Return on average tangible equity 23.1% 16.0% 28.1% 8.5% 9.1% n/m 10.5%
Barclays Group
Return on average tangible shareholders' equity Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
£m £m £m £m £m £m £m £m
Attributable profit 1,195 1,457 1,659 1,864 965 1,564 1,237 1,550
£bn £bn £bn £bn £bn £bn £bn £bn
Average shareholders' equity 64.8 63.3 62.1 61.4 59.7 59.1 57.7 58.3
Average goodwill and intangibles (8.3) (8.2) (8.2) (8.3) (8.2) (8.1) (7.9) (7.8)
Average tangible shareholders' equity 56.5 55.1 53.9 53.1 51.5 51.0 49.8 50.5
Return on average tangible shareholders' equity 8.5% 10.6% 12.3% 14.0% 7.5% 12.3% 9.9% 12.3%
Barclays UK
Return on average allocated tangible equity Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
£m £m £m £m £m £m £m £m
Attributable profit 706 647 580 510 781 621 584 479
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 15.9 15.9 15.8 15.7 15.1 14.5 14.4 14.3
Average goodwill and intangibles (4.0) (4.0) (4.0) (4.0) (3.9) (3.9) (3.9) (3.9)
Average allocated tangible equity 11.9 11.9 11.8 11.7 11.2 10.6 10.5 10.4
Return on average allocated tangible equity 23.8% 21.8% 19.7% 17.4% 28.0% 23.4% 22.3% 18.5%
Barclays UK Corporate Bank
Return on average allocated tangible equity Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
£m £m £m £m £m £m £m £m
Attributable profit 168 196 142 142 98 144 135 113
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 3.5 3.4 3.4 3.3 3.2 3.1 3.0 3.0
Average goodwill and intangibles - - - - - - - -
Average allocated tangible equity 3.5 3.4 3.4 3.3 3.2 3.1 3.0 3.0
Return on average allocated tangible equity 19.1% 22.8% 16.6% 17.1% 12.3% 18.8% 18.0% 15.2%
Barclays Private Bank and Wealth Management
Return on average allocated tangible equity Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
£m £m £m £m £m £m £m £m
Attributable profit 35 72 88 96 63 74 77 74
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.1
Average goodwill and intangibles (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1)
Average allocated tangible equity 1.1 1.1 1.1 1.1 1.1 1.0 1.0 1.0
Return on average allocated tangible equity 12.6% 26.4% 31.9% 34.5% 23.9% 29.0% 30.8% 28.7%
Barclays Investment Bank
Return on average allocated tangible equity Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
£m £m £m £m £m £m £m £m
Attributable profit 294 723 876 1,199 247 652 715 899
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 29.6 28.6 28.7 29.6 29.3 29.5 29.9 30.0
Average goodwill and intangibles - - - - - - - -
Average allocated tangible equity 29.6 28.6 28.7 29.6 29.3 29.5 29.9 30.0
Return on average allocated tangible equity 4.0% 10.1% 12.2% 16.2% 3.4% 8.8% 9.6% 12.0%
Barclays US Consumer Bank
Return on average allocated tangible equity Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
£m £m £m £m £m £m £m £m
Attributable profit 144 118 87 41 94 89 75 44
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 4.2 4.0 4.0 4.2 4.0 3.8 3.6 3.6
Average goodwill and intangibles (0.6) (0.5) (0.6) (0.6) (0.6) (0.5) (0.3) (0.3)
Average allocated tangible equity 3.6 3.5 3.4 3.6 3.4 3.3 3.3 3.3
Return on average allocated tangible equity 15.8% 13.5% 10.2% 4.5% 11.2% 10.9% 9.2% 5.3%
Loan loss rates
Year ended 31.12.25
Barclays UK Barclays UK Corporate Bank Barclays Private Bank and Wealth Management Barclays Investment Bank Barclays US Consumer Bank Head Office Barclays Group
Loan loss rate £m £m £m £m £m £m £m
Credit impairment (charges)/ releases (413) (37) 8 (305) (1,521) (11) (2,279)
£bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 231.9 30.2 15.1 131.0 30.6 2.5 441.3
reclassified as held for sale)(1)
Loan loss rate (bps) 18 12 (5) 23 496 n/m 52
Year ended 31.12.24
Barclays UK Barclays UK Corporate Bank Barclays Private Bank and Wealth Management Barclays Investment Bank Barclays US Consumer Bank Head Office Barclays Group
Loan loss rate £m £m £m £m £m £m £m
Credit impairment charges (365) (76) (6) (123) (1,293) (119) (1,982)
£bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 227.5 25.8 14.7 124.9 30.0 6.7 429.6
reclassified as held for sale)(1)
Loan loss rate (bps) 16 29 4 10 431 n/m 46
1 Includes gross loans and advances to customers and banks, in addition to debt
securities.
Barclays Group
Loan loss rate Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
£m £m £m £m £m £m £m £m
Credit impairment charges (535) (632) (469) (643) (711) (374) (384) (513)
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 441.3 437.5 428.4 430.4 429.6 408.3 409.1 407.6
reclassified as held for sale)
Loan loss rate (bps) 48 57 44 61 66 37 38 51
Barclays UK
Loan loss rate Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
£m £m £m £m £m £m £m £m
Credit impairment charges (74) (102) (79) (158) (283) (16) (8) (58)
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 231.9 230.9 228.5 227.5 227.5 218.4 217.3 219.4
reclassified as held for sale)
Loan loss rate (bps) 13 18 14 28 49 3 1 11
Barclays UK Corporate Bank
Loan loss rate Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
£m £m £m £m £m £m £m £m
Credit impairment charges (1) (5) (12) (19) (40) (13) (8) (15)
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 30.2 29.2 28.2 27.0 25.8 25.2 26.0 26.1
reclassified as held for sale)
Loan loss rate (bps) 1 7 17 28 62 21 12 23
Barclays Private Bank and Wealth Management
Loan loss rate Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
£m £m £m £m £m £m £m £m
Credit impairment (charges)/releases (2) (1) 2 9 (2) (7) 3 -
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 15.1 15.2 14.8 14.8 14.7 14.3 14.1 14.1
reclassified as held for sale)
Loan loss rate (bps) 5 3 (5) (25) 5 19 (9) -
Barclays Investment Bank
Loan loss rate Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
£m £m £m £m £m £m £m £m
Credit impairment (charges)/releases (22) (144) (67) (72) (46) (43) (44) 10
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 131.0 129.8 126.8 129.6 124.9 116.5 115.5 113.2
reclassified as held for sale)
Loan loss rate (bps) 7 44 21 23 15 15 15 (4)
Barclays US Consumer Bank
Loan loss rate Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
£m £m £m £m £m £m £m £m
Credit impairment charges (431) (379) (312) (399) (298) (276) (309) (410)
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 30.6 29.8 27.4 28.9 30.0 26.7 28.4 27.0
reclassified as held for sale)
Loan loss rate (bps) 558 505 456 562 395 411 438 610
Income over average RWAs
Barclays Investment Bank Year ended 31.12.25 Year ended 31.12.24
£m £m
Income 13,055 11,805
£bn £bn
Average RWAs 198.6 202.7
Income over average RWAs 6.6% 5.8%
Barclays Investment Bank Q425 Q325 Q225 Q125 Q424 Q324 Q224 Q124
£m £m £m £m £m £m £m £m
Income 2,792 3,083 3,307 3,873 2,607 2,851 3,019 3,328
£bn £bn £bn £bn £bn £bn £bn £bn
Average RWAs 202.1 194.9 196.1 201.4 199.9 201.8 204.9 204.4
Income over average RWAs 5.5% 6.3% 6.7% 7.7% 5.2% 5.7% 5.9% 6.5%
Tangible net asset value per share As at 31.12.25 As at 31.12.24
£m £m
Total equity excluding non-controlling interests 77,784 71,821
Other equity instruments (12,725) (12,075)
Goodwill and intangibles (8,284) (8,275)
Tangible shareholders' equity attributable to ordinary shareholders of the 56,775 51,471
parent
m m
Shares in issue(1) 13,867 14,420
p p
Tangible net asset value per share 409 357
1 The number of shares of 13,867m as at 31 December 2025 is different from the
13,865m quoted in the 2 January 2026 announcement entitled "Total Voting
Rights" because the share buyback transaction executed on 30 December 2025 did
not settle until 2 January 2026.
Shareholder Information
Results timetable(1) Date
Ex-dividend date 19 February 2026
Dividend record date 20 February 2026
DRIP last election date 10 March 2026
Dividend payment date 31 March 2026
Q1 2026 Results Announcement 28 April 2026
For qualifying ADR holders, the 2025 full year dividend of 5.6p per ordinary
share becomes 22.4p per ADS (representing four shares). The ex-dividend date
for ADR holders is 20 February 2026. The dividend record and dividend payment
dates for ADR holders are as shown above.
A Dividend Re-Investment Plan (DRIP) is provided by Equiniti Financial
Services Limited. The DRIP enables the Company's shareholders to elect to have
their cash dividend payments used to purchase the Company's shares.
More information can be found at shareview.co.uk/info/drip
(https://www.shareview.co.uk/4/Info/Portfolio/Default/en/Home/Pages/Home.aspx)
DRIP participants will usually receive their additional ordinary shares (in
lieu of a cash dividend) three to four days after the dividend payment date.
Qualifying ADR holders should contact Shareowner Services for further details
regarding the DRIP.
Barclays PLC ordinary shares ISIN code: GB0031348658
Barclays PLC ordinary shares TIDM Code: BARC
%
Exchange rates 31.12.25 31.12.24 Change(2)
Period end - USD/GBP 1.34 1.25 8%
YTD average - USD/GBP 1.32 1.28 3%
3 month average - USD/GBP 1.33 1.28 4%
Period end - EUR/GBP 1.15 1.21 (5)%
YTD average - EUR/GBP 1.17 1.18 (1)%
3 month average - EUR/GBP 1.14 1.20 (5)%
Share price data
Barclays PLC (p) 476 268
Barclays PLC number of shares (m)(3) 13,867 14,420
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/investor-relations/)
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)(4)(.)
American Depositary Receipts (ADRs)
Shareowner Services
P.O. Box 64504
St. Paul, MN 55164-0504
United States of America
shareowneronline.com (https://www.shareowneronline.com/)
Toll Free Number (US and Canada): +1 800-990-1135
Outside the US and Canada: +1 651-453-2128
Delivery of ADR certificates and overnight mail
Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN
55120-4100, USA.
1 Note that these dates are provisional and subject to change.
2 The change is the impact to GBP reported information.
3 The number of shares of 13,867m as at 31 December 2025 is different from the
13,865m quoted in the 2 January 2026 announcement entitled "Total Voting
Rights" because the share buyback transaction executed on 30 December 2025 did
not settle until 2 January 2026.
4 Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding UK public
holidays in England and Wales.
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