REG - Barclays PLC - 3rd Quarter Results
26/10/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221026:nRSZ0969Ea&default-theme=true
RNS Number : 0969E Barclays PLC 26 October 2022
Barclays PLC
Q3 2022 Results Announcement
30 September 2022
Notes
The terms Barclays and Group refer to Barclays PLC together with its
subsidiaries. Unless otherwise stated, the income statement analysis compares
the nine months ended 30 September 2022 to the corresponding nine months of
2021 and the three months ended 30 September 2022 to the corresponding three
months in 2021 and balance sheet analysis as at 30 September 2022 with
comparatives relating to 31 December 2021 and 30 September 2021. The
historical financial information used for the purposes of such analysis has
been restated. Please refer to Supplementary Information contained herein for
further information. The abbreviations '£m' and '£bn' represent millions and
thousands of millions of Pounds Sterling respectively; the abbreviations '$m'
and '$bn' represent millions and thousands of millions of US Dollars
respectively; and the abbreviations '€m' and '€bn' represent millions and
thousands of millions of Euros respectively.
There are a number of key judgement areas, for example impairment
calculations, which are based on models and which are subject to ongoing
adjustment and modifications. Reported numbers reflect best estimates and
judgements at the given point in time.
Relevant terms that are used in this document but are not defined under
applicable regulatory guidance or International Financial Reporting Standards
(IFRS) are explained in the results glossary, which can be accessed at
home.barclays/investor-relations.
The information in this announcement, which was approved by the Board of
Directors on 25 October 2022, does not comprise statutory accounts within the
meaning of Section 434 of the Companies Act 2006. Statutory accounts for the
year ended 31 December 2021, which contained an unmodified audit report under
Section 495 of the Companies Act 2006 (which did not make any statements under
Section 498 of the Companies Act 2006) have been delivered to the Registrar of
Companies in accordance with Section 441 of the Companies Act 2006.
These results will be furnished on Form 6-K with the US Securities and
Exchange Commission (SEC) as soon as practicable following their publication.
Once furnished with the SEC, a copy of the Form 6-K will be available from the
SEC's website at www.sec.gov (http://www.sec.gov) .
Barclays is a frequent issuer in the debt capital markets and regularly meets
with investors via formal road-shows and other ad hoc meetings. Consistent
with its usual practice, Barclays expects that from time to time over the
coming quarter it will meet with investors globally to discuss these results
and other matters relating to the Group.
Non-IFRS performance measures
Barclays' management believes that the non-IFRS performance measures included
in this document provide valuable information to the readers of the financial
statements as they enable the reader to identify a more consistent basis for
comparing the businesses' performance between financial periods and provide
more detail concerning the elements of performance which the managers of these
businesses are most directly able to influence or are relevant for an
assessment of the Group. They also reflect an important aspect of the way in
which operating targets are defined and performance is monitored by Barclays'
management. However, any non-IFRS performance measures in this document are
not a substitute for IFRS measures and readers should consider the IFRS
measures as well. Refer to the appendix on pages 53 to 59 for further
information and calculations of non-IFRS performance measures included
throughout this document, and the most directly comparable IFRS measures.
Forward-looking statements
This document contains certain forward-looking statements within the meaning
of Section 21E of the US Securities Exchange Act of 1934, as amended, and
Section 27A of the US Securities Act of 1933, as amended, with respect to the
Group. Barclays cautions readers that no forward-looking statement is a
guarantee of future performance and that actual results or other financial
condition or performance measures could differ materially from those contained
in the forward-looking statements. Forward-looking statements can be
identified by the fact that they do not relate only to historical or current
facts. Forward-looking statements sometimes use words such as 'may', 'will',
'seek', 'continue', 'aim', 'anticipate', 'target', 'projected', 'expect',
'estimate', 'intend', 'plan', 'goal', 'believe', 'achieve' or other words of
similar meaning. Forward-looking statements can be made in writing but also
may be made verbally by members of the management of the Group (including,
without limitation, during management presentations to financial analysts) in
connection with this document. Examples of forward-looking statements include,
among others, statements or guidance regarding or relating to the Group's
future financial position, income levels, assets and liabilities, impairment
charges, provisions, capital, leverage and other regulatory ratios, capital
distributions (including dividend pay-out ratios and expected payment
strategies), projected levels of growth in banking and financial markets,
projected expenditures, costs or savings, any commitments and targets
(including, without limitation, environmental, social and governance (ESG)
commitments and targets), business strategy, plans and objectives for future
operations, group structure, IFRS impacts and other statements that are not
historical or current facts. By their nature, forward-looking statements
involve risk and uncertainty because they relate to future events and
circumstances. Forward-looking statements speak only as at the date on which
they are made. Forward-looking statements may be affected by a number of
factors, including, without limitation: changes in legislation, regulation and
the interpretation thereof, the development of IFRS and other accounting
standards, including evolving practices with regard to the interpretation and
application of accounting standards, emerging and developing ESG reporting
standards, the outcome of current and future legal proceedings and regulatory
investigations and any related impact on provisions, the policies and actions
of governmental and regulatory authorities, the Group's ability along with
governments and other stakeholders to measure, manage and mitigate the impacts
of climate change effectively, environmental, social and geopolitical risks
and incidents or similar events beyond the Group's control, and the impact of
competition. In addition, factors including (but not limited to) the following
may have an effect: capital, leverage and other regulatory rules applicable to
past, current and future periods; UK, US, Eurozone and global macroeconomic
and business conditions, including inflation; volatility in credit and capital
markets; market-related risks such as changes in interest rates and foreign
exchange rates; changes in valuation of credit market exposures; changes in
valuation of issued securities; changes in credit ratings of any entity within
the Group or any securities issued by such entities; changes in counterparty
risk; changes in consumer behaviour; the direct and indirect consequences of
the Russia-Ukraine war on European and global macroeconomic conditions,
political stability and financial markets; direct and indirect impacts of the
coronavirus (COVID-19) pandemic; instability as a result of the UK's exit from
the European Union (EU), the effects of the EU-UK Trade and Cooperation
Agreement and the disruption that may subsequently result in the UK and
globally; the risk of cyber-attacks, information or security breaches or
technology failures on the Group's reputation, business or operations; the
Group's ability to access funding; and the success of acquisitions, disposals
and other strategic transactions. A number of these influences and factors are
beyond the Group's control. As a result, the Group's actual financial
position, future results, capital distributions, capital, leverage or other
regulatory ratios or other financial and non-financial metrics or performance
measures or ability to meet commitments and targets may differ materially from
the statements or guidance set forth in the Group's forward-looking
statements. Additional risks and factors which may impact the Group's future
financial condition and performance are identified in Barclays PLC's filings
with the SEC (including, without limitation, Barclays PLC's Annual Report on
Form 20-F for the financial year ended 31 December 2021, as amended, and
Interim Results Announcement for the six months ended 30 June 2022 filed on
Form 6-K), which are available on the SEC's website at www.sec.gov
(http://www.sec.gov) .
Subject to Barclays' 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
Strong Q3 performance with profit before tax of £2.0bn and return on tangible
equity (RoTE) of 12.5%, contributing to Q3 year to date profit before tax of
£5.7bn and RoTE of 10.9%
C. S. Venkatakrishnan, Group Chief Executive, commented
"We delivered another quarter of strong returns, and achieved income growth in
each of our three businesses(1), with a 17% increase in Group income to
£6.4bn(1). Our performance in FICC was particularly strong and we continued
to build momentum in our consumer businesses in the UK and US.
We are ready to provide support for customers and clients facing an uncertain
economic environment and higher cost pressures. Whether helping retail
customers to manage their finances or corporate clients navigate markets
volatility, we will continue to be focused on meeting their needs."
Key financial metrics:
Income Cost: income ratio Profit before tax Attributable profit RoTE EPS CET1 TNAV per share
ratio
Q322 £6.0bn 60% £2.0bn £1.5bn 12.5% 9.4p 13.8% 286p
Q322 YTD £19.2bn 66% £5.7bn £4.0bn 10.9% 24.2p
Q322 Performance highlights(2):
· Attributable profit was £1.5bn (Q321: £1.4bn) and RoTE was 12.5% (Q321:
11.4%)
· Excluding the impact of the Over-issuance of Securities in the US
(Over-issuance of Securities)(3)
- Group income was £6.4bn, up 17% year-on-year, with continued momentum in both
Consumer, Cards and Payments (CC&P) and Barclays UK. Within Corporate and
Investment Bank (CIB), strong client activity in Markets more than offset the
impact of a reduced fee pool in Investment Banking. Group income benefited
from the appreciation of USD against GBP
- Group operating expenses were £4.1bn, up 18% year-on-year. Within this,
operating costs (which exclude all litigation and conduct) were £3.9bn, up
14% year-on-year driven by the appreciation of USD against GBP, impact of
inflation and investment in the business
· On a statutory basis, including the impact of the Over-issuance of Securities:
- Group income was £6.0bn, up 9% year-on-year, including an income reduction of
£0.5bn from hedging arrangements in relation to the Over-issuance of
Securities
- Total Group operating expenses were £3.6bn (Q321: £3.6bn), including a
provision reduction of £0.5bn in relation to the Over-issuance of Securities
(Q321: £0.1bn charge)
- The total impact of the Over-issuance of Securities, net of tax, was £29m
positive in Q322
· Credit impairment charges were £0.4bn (Q321: £0.1bn). Delinquencies remained
below historical levels and coverage levels have been broadly maintained at
the portfolio level in light of an uncertain macroeconomic backdrop. The
deteriorating macroeconomic forecast resulted in an increased charge,
partially offset by consuming economic uncertainty post-model adjustments
(PMAs), which were established in prior periods in anticipation of the future
deterioration, which is now captured within the modelled output
· Capital: Common Equity Tier 1 (CET1) ratio of 13.8% (December 2021: 15.1% and
June 2022: 13.6%) and tangible net asset value (TNAV) per share of 286p
(December 2021: 291p and June 2022: 297p)
· Capital distributions: Barclays paid a half-year dividend of 2.25p per share
on 16 September 2022, and completed a share buyback of £0.5bn on 3 October
2022, bringing the total capital return equivalent to c.5.25p per share as
announced at H122 results
1 Excluding the Q322 income reduction of £0.5bn from hedging arrangements
related to the Over-issuance of Securities, CIB income was up 5% to £3.3bn
and Group income was up 17% to £6.4bn in Q322
2 2021 financial and capital metrics have been restated to reflect the impact of
the Over-issuance of Securities. See Supplementary Information on page 51 for
more information.
3 Denotes the Over-issuance of Securities under Barclays Bank PLC's US shelf
registration statements on Form F-3 filed with the SEC in 2018 and 2019.
Outlook:
· Returns: targeting a RoTE of greater than 10% in 2022
· Income: diversified income streams position the Group well for the current
economic and market environment including rising interest rates
· Costs: FY22 total operating expenses are expected to be in line with the
outlook given at H122 results of around £16.7bn(1), with a reduction in
litigation and conduct charges of around £0.3bn broadly offset by headwinds
from FX and other movements
· Impairment: expect the credit impairment charges at a portfolio level to trend
towards a through-the-cycle loan loss rate, acknowledging the risk of further
deterioration in the economic outlook
· Capital: targeting a CET1 ratio within the range of 13-14%
· Capital returns: capital distribution policy incorporates a progressive
ordinary dividend, supplemented with buybacks as appropriate. Dividends will
continue to be paid semi-annually, with the half year dividend expected to
represent, under normal circumstances, around one-third of the total dividend
for the year
1 Group cost outlook is based on an average USD/GBP FX rate of 1.12 in Q422 and
subject to foreign currency movements.
Barclays Group results Nine months ended Three months ended
30.09.22 Restated(1) 30.09.22 Restated(1)
30.09.21 30.09.21
£m £m % Change £m £m % Change
Barclays UK 5,289 4,837 9 1,916 1,638 17
Corporate and Investment Bank 10,792 9,702 11 2,821 3,129 (10)
Consumer, Cards and Payments 3,213 2,453 31 1,244 808 54
Barclays International 14,005 12,155 15 4,065 3,937 3
Head Office (139) (212) 34 (30) (110) 73
Total income 19,155 16,780 14 5,951 5,465 9
Credit impairment (charges)/releases (722) 622 (381) (120)
Net operating income 18,433 17,402 6 5,570 5,345 4
Operating costs (11,209) (10,578) (6) (3,939) (3,446) (14)
Litigation and conduct (1,518) (305) 339 (129)
Total operating expenses (12,727) (10,883) (17) (3,600) (3,575) (1)
Other net (expenses)/ income (4) 247 (1) 94
Profit before tax 5,702 6,766 (16) 1,969 1,864 6
Tax charge (1,072) (1,034) (4) (249) (292) 15
Profit after tax 4,630 5,732 (19) 1,720 1,572 9
Non-controlling interests (23) (20) (15) (2) (1)
Other equity instrument holders (620) (586) (6) (206) (197) (5)
Attributable profit 3,987 5,126 (22) 1,512 1,374 10
Performance measures
Return on average tangible shareholders' equity 10.9% 14.5% 12.5% 11.4%
Average tangible shareholders' equity (£bn) 48.8 47.1 48.6 48.3
Cost: income ratio 66% 65% 60% 65%
Loan loss rate (bps) 23 (23) 36 13
Basic earnings per share 24.2p 30.0p 9.4p 8.0p
Basic weighted average number of shares (m) 16,503 17,062 (3) 16,148 17,062 (5)
Period end number of shares (m) 15,888 16,851 (6) 15,888 16,851 (6)
As at 30.09.22 As at 30.06.22 Restated(1) Restated(1)
As at 31.12.21 As at 30.09.21
Balance sheet and capital management(2) £bn £bn £bn £bn
Loans and advances at amortised cost 413.7 395.8 361.5 353.0
Loans and advances at amortised cost impairment coverage ratio 1.4% 1.4% 1.6% 1.7%
Total assets 1,726.9 1,589.2 1,384.3 1,406.5
Deposits at amortised cost 574.4 568.7 519.4 510.2
Tangible net asset value per share 286p 297p 291p 286p
Common equity tier 1 ratio 13.8% 13.6% 15.1% 15.3%
Common equity tier 1 capital 48.6 46.7 47.3 47.2
Risk weighted assets 350.8 344.5 314.1 307.7
UK leverage ratio 5.0% 5.1% 5.2% 5.1%
UK leverage exposure 1,232.1 1,151.2 1,137.9 1,162.7
Average UK leverage ratio 4.8% 4.7% 4.9% 4.9%
Average UK leverage exposure 1,259.6 1,233.5 1,229.0 1,201.1
Funding and liquidity
Group liquidity pool (£bn) 326 343 291 293
Liquidity coverage ratio 151% 156% 168% 161%
Loan: deposit ratio 72% 70% 70% 69%
1 2021 financial and capital metrics have been restated to reflect the impact of
the Over-issuance of Securities. See Supplementary Information on page 51 for
more information.
2 Refer to pages 39 to 45 for further information on how capital, Risk Weighted
Assets (RWAs) and leverage are calculated.
Reconciliation of financial results excluding the impact of the Over-issuance
of Securities
Nine months ended 30.09.22 Restated(1)
Nine months ended 30.09.21
Statutory Impact of the Over-issuance of Securities Excluding impact of the Over-issuance of Securities Statutory Impact of the Over-issuance of Securities Excluding impact of the Over-issuance of Securities
£m £m £m £m £m £m % Change
Barclays UK 5,289 - 5,289 4,837 - 4,837 9
Corporate and Investment Bank 10,792 292 10,500 9,702 - 9,702 8
Consumer, Cards and Payments 3,213 - 3,213 2,453 - 2,453 31
Barclays International 14,005 292 13,713 12,155 - 12,155 13
Head Office (139) - (139) (212) - (212) 34
Total income 19,155 292 18,863 16,780 - 16,780 12
Credit impairment (charges)/releases (722) - (722) 622 - 622
Operating costs (11,209) - (11,209) (10,578) - (10,578) (6)
Litigation and conduct (1,518) (966) (552) (305) (174) (131)
Total operating expenses (12,727) (966) (11,761) (10,883) (174) (10,709) (10)
Other net (expenses)/ income (4) - (4) 247 - 247
Profit before tax 5,702 (674) 6,376 6,766 (174) 6,940 (8)
Attributable profit 3,987 (552) 4,539 5,126 (132) 5,258 (14)
Average tangible shareholders' equity 48.8 48.8 47.1 47.1
Return on average tangible shareholders' equity 10.9% 12.4% 14.5% 14.9%
Three months ended 30.09.22 Restated(1)
Three months ended 30.09.21
Statutory Impact of the Over-issuance of Securities Excluding impact of the Over-issuance of Securities Statutory Impact of the Over-issuance of Securities Excluding impact of the Over-issuance of Securities
£m £m £m £m £m £m % Change
Barclays UK 1,916 - 1,916 1,638 - 1,638 17
Corporate and Investment Bank 2,821 (466) 3,287 3,129 - 3,129 5
Consumer, Cards and Payments 1,244 - 1,244 808 - 808 54
Barclays International 4,065 (466) 4,531 3,937 - 3,937 15
Head Office (30) - (30) (110) - (110) 73
Total income 5,951 (466) 6,417 5,465 - 5,465 17
Credit impairment charges (381) - (381) (120) - (120)
Operating costs (3,939) - (3,939) (3,446) - (3,446) (14)
Litigation and conduct 339 503 (164) (129) (97) (32)
Total operating expenses (3,600) 503 (4,103) (3,575) (97) (3,478) (18)
Other net (expenses)/ income (1) - (1) 94 - 94
Profit before tax 1,969 37 1,932 1,864 (97) 1,961 (1)
Attributable profit 1,512 29 1,483 1,374 (72) 1,446 3
Average tangible shareholders' equity 48.6 48.6 48.3 48.3
Return on average tangible shareholders' equity 12.5% 12.2% 11.4% 12.0%
1 2021 financial and capital metrics have been restated to reflect the impact of
the Over-issuance of Securities. See Supplementary Information on page 51 for
more information.
Group Finance Director's Review
Group performance Q322 YTD(1)
· Barclays delivered a profit before tax of £5,702m (Q321 YTD: £6,766m), RoTE
of 10.9% (Q321 YTD: 14.5%), and earnings per share (EPS) of 24.2p (Q321 YTD:
30.0p)
· The Group has a diverse income profile across businesses and geographies
including a significant presence in the US. The 9% appreciation of average USD
against GBP positively impacted income and profits and adversely impacted
credit impairment charges and total operating expenses
· Total income increased to £19,155m (Q321 YTD: £16,780m). Barclays UK income
increased to £5,289m (Q321 YTD: £4,837m). Barclays International income
increased to £14,005m (Q321 YTD: £12,155m), with CIB income increasing to
£10,792m (Q321 YTD: £9,702m) and CC&P income increasing to £3,213m
(Q321 YTD £2,453m). Excluding the income benefit of £292m from hedging
arrangements related to the Over-issuance of Securities, total Group income
was £18,863m, up 12% year-on-year, Barclays International income was
£13,713m, up 13% year-on-year and CIB income was £10,500m, up 8%
year-on-year
· Credit impairment charges were £722m (Q321 YTD: £622m net release). Whilst
delinquencies remained below historical levels, the deterioration in the
macroeconomic forecast has been reflected in the total impairment provision as
at 30 September 2022 of £6.4bn. The YTD credit impairment charges reflect
consumption of £1.0bn of the PMAs for economic uncertainty, which is now
captured in the modelled output, leaving a balance of £0.7bn
· Total Group operating expenses increased to £12,727m (Q321 YTD: £10,883m)
mainly due to higher litigation and conduct charges:
- Operating costs (which exclude litigation and conduct charges) increased 6% to
£11,209m, reflecting continued investment and business growth, the impact of
inflation and the appreciation of average USD against GBP, partially offset by
efficiency savings and the non-recurrence of structural cost actions primarily
relating to the real estate review in June 2021
- Litigation and conduct charges were £1,518m (Q321 YTD: £305m) including
£966m impact from the Over-issuance of Securities, £282m of customer
remediation costs relating to legacy loan portfolios in CC&P and £165m
related to the Devices Settlements(2) recognised in Q222
· The effective tax rate (ETR) was 18.8% (Q321 YTD: 15.3%). The tax charge
included £346m for the re-measurement of the Group's UK deferred tax assets
(DTAs) due to the enactment of legislation in Q122 to reduce the UK banking
surcharge rate from 8% to 3% effective from 1 April 2023. The ETR excluding
the impact of this downward re-measurement of UK DTAs was 12.7%, reflecting
the impact of tax benefits arising in the current year as well as beneficial
adjustments in respect of prior years
· Attributable profit was £3,987m (Q321 YTD: £5,126m) despite the £552m
impact of the Over-issuance of Securities, delivering EPS of 24.2p for the
year to date
· Total assets increased to £1,726.9bn (December 2021: £1,384.3bn) reflecting
higher levels of activity as we supported our clients through a period of
market volatility, and the appreciation of USD against GBP
· TNAV per share decreased to 286p (December 2021: 291p) with EPS of 24.2p and
currency movements more than offset by net negative reserve movements due to
higher interest rates, primarily in the cash flow hedging reserve
Capital distributions
· Barclays paid a half-year dividend of 2.25p per share on 16 September 2022,
and completed a share buyback of £0.5bn on 3 October 2022, bringing the total
capital return equivalent to c.5.25p per share as announced at H122 results
· Barclays is committed to maintaining an appropriate balance between delivering
attractive total cash returns to shareholders, investment in the business and
maintaining a strong capital position. Barclays pays a progressive ordinary
dividend, taking into account these objectives and the earnings outlook of the
Group. The Board will also continue to supplement the ordinary dividends as
appropriate, including with share buybacks
· Dividends will continue to be paid semi-annually, with the half year dividend
expected to represent, under normal circumstances, around one-third of the
total dividend for the year
1 2021 financial and capital metrics have been restated to reflect the impact of
the Over-issuance of Securities. See Supplementary Information on page 51 for
more information.
2 Refers to the settlements with the SEC and Commodity Futures Trading
Commission (CFTC) in connection with their investigations of the use of
unauthorised devices for business communications. See Other matters on page
10.
Barclays UK
Barclays UK delivered a RoTE of 18.7% (Q321 YTD: 17.9%) and a lower cost:
income ratio of 60% (Q321 YTD: 66%), reflecting improved income performance
whilst maintaining broadly stable total operating expenses. Barclays UK
continues to navigate a challenging operating environment with a focus on
supporting customers through affordability challenges and retaining elevated
unsecured lending coverage ratios, while remaining well positioned to benefit
from rising rates
· Profit before tax was broadly in line at £1,979m (Q321 YTD: £1,957m), with
the non-recurrence of a prior year credit impairment release offsetting
benefits from the rising rate environment in the UK
· Total income increased 9% to £5,289m. Net interest income increased 10% to
£4,293m with a net interest margin of 2.78% (Q321 YTD: 2.53%) primarily
driven by the rising interest rate environment in the UK. Net fee, commission
and other income increased 5% to £996m
- Personal Banking income increased 14% to £3,311m, driven by rising interest
rates and the benefit of strong mortgage origination in 2021, partially offset
by mortgage margin compression
- Barclaycard Consumer UK income decreased 8% to £824m as higher transaction
based revenues from improved customer spend volumes were more than offset by
lower interest earning lending (IEL) balances. Lower IEL balances were
impacted by higher customer repayments and reduced borrowing
- Business Banking income increased 11% to £1,154m driven by rising interest
rates alongside improved transaction based revenues, partially offset by lower
government scheme lending income as repayments continue
· Credit impairment charges were £129m (Q321 YTD: £306m net release) driven by
a deteriorating macroeconomic forecast, in particular from customer
vulnerability to high inflation and rising interest rates. This was partially
offset by consuming economic uncertainty PMAs which were established in prior
periods in anticipation of the future deterioration, which is now captured
within the modelled output. As at 30 September 2022, 30 and 90 day arrears
rates in UK cards were 1.0% (Q321: 1.0%) and 0.3% (Q321: 0.3%) respectively.
The arrears rates in the UK cards business remain below historical levels
although provision levels remain elevated in light of affordability headwinds
as reflected in the UK credit card and consumer loan business total coverage
ratio of 8.3% (December 2021: 10.9%)
· Total operating expenses was broadly stable at £3,180m (Q321 YTD: £3,187m)
driven by increased investment spend and the impact of inflation, offset by
efficiency savings
· Loans and advances to customers at amortised cost decreased 2% to £205.1bn as
£3.1bn of mortgage growth was more than offset by a £7.3bn decrease in
Business Banking balances due to the repayment of government scheme lending
and the yield curve impact from rising interest rates on the Education, Social
Housing and Local Authority portfolio carrying value
· Customer deposits at amortised cost remained stable at £261.0bn (December
2021: £260.6bn), maintaining a strong loan: deposit ratio of 86% (December
2021: 85%)
· RWAs remained broadly stable at £73.2bn (December 2021: £72.3bn)
Barclays International(1)
Barclays International delivered a RoTE of 11.5%, with a CIB RoTE of 11.9%
reflecting the benefits of income diversification and continued investment in
the business. CC&P delivered a RoTE of 8.9% as continued momentum across
the business, including the GAP portfolio acquisition, was impacted by a
provision for customer remediation costs relating to a legacy loan portfolio.
· Profit before tax decreased 22% to £4,169m with a RoTE of 11.5% (Q321 YTD:
15.9%), reflecting a RoTE of 11.9% (Q321 YTD: 15.8%) in CIB and 8.9% (Q321
YTD: 16.2%) in CC&P
· Barclays International has a diverse income profile across businesses and
geographies including a significant presence in the US. The 9% appreciation of
average USD against GBP positively impacted income and profits and adversely
impacted credit impairment charges, total operating expenses and RWAs
· Total income increased to £14,005m (Q321 YTD: £12,155m)
- CIB income increased 11% to £10,792m
- Global Markets income increased 38% to £7,428m representing the best Q3 YTD
for both Markets and FICC on a comparable basis(2). FICC income increased 63%
to £4,719m, mainly in macro, reflecting higher levels of activity as we
supported our clients through a period of market volatility. Equities income
of £2,709m (Q321 YTD: £2,466m) included £292m of income related to hedging
arrangements to manage the risks of the rescission offer in relation to the
Over-issuance of Securities
- Investment Banking fees income decreased 36% to £1,735m due to the reduced
fee pool, particularly in Equity and Debt capital markets(3), and a strong
prior year comparative
- Within Corporate, Transaction banking income increased 42% to £1,732m driven
by improved margins and balance growth in deposits, and higher fee income.
Corporate lending income was an expense of £103m (Q321 YTD: £412m income)
due to fair value losses on leverage finance lending of c.£255m net of mark
to market gains on related hedges, of which c.£190m fair value losses was
recognised in Q322, and higher costs of hedging and credit protection
- CC&P income increased 31% to £3,213m
- International Cards and Consumer Bank income increased 33% to £2,053m as
higher average cards balances, including the impact of the GAP portfolio
acquisition, were partially offset by higher customer acquisition costs
- Private Bank income increased 25% to £729m, reflecting client balance growth
and improved margins partially offset by the non-recurrence of a gain on a
property sale in the prior year
- Payments income increased 30% to £431m driven by turnover growth following
the easing of lockdown restrictions in the past year
· Credit impairment charges were £605m (Q321 YTD: £311m net release) driven by
a deteriorating economic forecast
- CIB credit impairment charge of £78m (Q321 YTD: £400m net release) was
driven by a net increase in modelled impairment and single name wholesale loan
charges partially offset by the benefit of credit protection. The prior year
included a net release resulting from an improved macroeconomic outlook
scenario refresh
- CC&P credit impairment charges increased to £527m (Q321 YTD: £89m)
driven by higher balances in US cards, including the day one impact of
acquiring the GAP portfolio, and the deteriorating macroeconomic forecast, in
particular from customer vulnerability to high inflation and rising interest
rates. This was partially offset by consuming economic uncertainty PMAs which
were established in prior periods in anticipation of the future deterioration,
which is now captured within the modelled output . As at 30 September 2022, 30
and 90 day arrears in US cards were 2.0% (Q321: 1.5%) and 0.8% (Q321: 0.7%)
respectively. The arrears rates in the US cards business remain below
historical levels and continue to be supported by elevated provision levels in
light of affordability headwinds as reflected in the total coverage ratio of
8.3% (December 2021: 10.6%)
· Total operating expenses increased 29% to £9,254m
- CIB total operating expenses increased 28% to £6,968m. Operating costs
increased 11% to £5,834m driven by investment in talent, systems and
technology, and the impact of inflation. Litigation and conduct charges were
£1,134m (Q321 YTD: £178m) including £966m of rescission offer costs in
relation to the Over-issuance of Securities and the £165m provision relating
to the Devices Settlements(4) recognised in Q222
- CC&P total operating expenses increased 31% to £2,286m primarily driven
by £302m of litigation and conduct costs, mainly relating to provisions for
higher customer remediation costs relating to a legacy loan portfolio.
Operating costs increased 20% to £1,984m, including the impact of higher
investment spend reflecting an increase in marketing and costs for existing
and new partnerships
· RWAs increased to £269.3bn (December 2021: £230.9bn) resulting from the
impact of the appreciation of USD against GBP, increased client activity
within CIB, regulatory changes that took effect from 1 January 2022 and higher
CC&P balances driven mainly by the GAP portfolio acquisition
1 2021 financial and capital metrics have been restated to reflect the impact of
the Over-issuance of Securities. See Supplementary Information on page 51 for
more information.
2 Period covering Q114-Q322. Pre 2014 data was not restated following
re-segmentation in Q116.
3 Data source: Dealogic for the period covering 1 January to 30 September 2022.
4 Refers to the settlements with the SEC and CFTC in connection with their
investigations of the use of unauthorised devices for business communications.
See Other matters on page 10.
Head Office
· Loss before tax was £446m (Q321 YTD: £517m)
· Total income was an expense of £139m (Q321 YTD: £212m) which primarily
reflected hedge accounting, funding costs on legacy capital instruments,
treasury items, as well as a £74m loss on sale arising from disposals of
Barclays' equity stake in Absa Group Limited (Absa) in April 2022 and
September 2022. This was partially offset by the gain of £86m from the sale
and leaseback of UK data centres and the receipt of dividends from Absa prior
to disposal
· Total operating expenses reduced to £293m (Q321 YTD: £519m) reflecting the
non-recurrence of the £266m charge related to structural cost actions taken
as part of the real estate review in June 2021, partially offset by higher
litigation and conduct charges
· Other net income was an expense of £26m (Q321 YTD: £209m income) driven by a
fair value loss on investments held by the Business Growth Fund in which
Barclays has an associate interest
· RWAs reduced to £8.2bn (December 2021: £11.0bn) reflecting the disposals of
Barclays' equity stake in Absa in April 2022 and September 2022
Group capital and leverage(1)
· The reported CET1 ratio decreased by c.130bps to 13.8% (December 2021: 15.1%)
as RWAs increased by £36.6bn to £350.8bn partially offset by a CET1 capital
increase of £1.2bn to £48.6bn
- c.90bps largely driven by returns to shareholders including the 2.25p dividend
paid in September 2022 and £1.5bn of share buybacks which have now completed.
It also included £0.6bn of AT1 coupon payments and an accrual towards a FY22
dividend
- c.80bps reduction to the CET1 ratio due to the impact of regulatory change on
1 January 2022 as CET1 capital decreased by £1.7bn and RWAs increased by
£6.6bn
- c.20bps reduction due to the impact of the Over-issuance of Securities
reflecting the £0.6bn net of tax impact to CET1 capital
- Excluding the impacts above, the CET1 ratio increased by c.60bps reflecting an
increase in CET1 capital of £6.5bn partially offset by a £30.0bn increase in
RWAs:
- The £6.5bn increase in CET1 capital largely reflects profits offset by a
decrease in the fair value through other comprehensive income reserve. An
increase in the currency translation reserve was broadly offset by increases
in RWAs due to the appreciation of USD against GBP
- The £30.0bn increase in RWAs was primarily due to foreign exchange movements,
increased client activity within CIB and higher CC&P balances mainly
driven by the GAP portfolio acquisition. This was marginally offset by the
disposal of Barclays' equity stake in Absa
· The UK leverage ratio decreased to 5.0% (December 2021: 5.2%) primarily due to
an increase in the leverage exposure of £94.2bn to £1,232.1bn partially
offset by an increase in Tier 1 Capital of £2.3bn to £61.8bn
1 2021 financial and capital metrics have been restated to reflect the impact of
the Over-issuance of Securities. See Supplementary Information on page 51 for
more information.
Group funding and liquidity
· The liquidity pool was £326bn (December 2021: £291bn) and the liquidity
coverage ratio (LCR) remained significantly above the 100% regulatory
requirement at 151% (December 2021: 168%), equivalent to a surplus of £107bn
(December 2021: £116bn). The increase in the liquidity pool, due to increased
deposits and wholesale funding, was more than offset by increased net stress
outflows resulting in a lower LCR ratio
· Wholesale funding outstanding, excluding repurchase agreements, was £188.9bn
(December 2021: £167.5bn). The Group issued £9.3bn equivalent of minimum
requirement for own funds and eligible liabilities (MREL) instruments from
Barclays PLC (the Parent company) in the year to date. The Group has a strong
MREL position with a ratio of 31.9% of RWAs which is in excess of its
regulatory requirement of 28.4%, excluding the confidential institution
specific PRA buffer. The Group remains above its MREL regulatory requirement
including the PRA buffer
Other matters
· Over-issuance of Securities: consistent with Barclays' announcement on 30
September 2022
- Barclays recognised a net attributable loss of £0.6bn year to date (Q322
attributable profit of £29m), materially in line with the financial impact
disclosed in the Barclays PLC (BPLC) and Barclays Bank PLC (BBPLC) H122
results. This included a monetary penalty of $200m (£165m(1)) following the
resolution of the SEC's investigation of BPLC and BBPLC relating to the
Over-issuance of Securities
- The external counsel-led review (the Review) of the facts and circumstances
relating to the over-issuance and the control environment related to such
issuances is now complete. The Review found that the over-issuance occurred
because Barclays did not put in place a mechanism to track issuances after
BBPLC was subjected to a limit on issuance. Among the principal causes of the
over-issuance were, first, the failure to identify and escalate to senior
executives the consequences of the loss of well-known seasoned issuer status,
and, secondly, a decentralised ownership structure for securities issuance
- The Review further concluded that the over-issuance was not the result of a
general lack of attention to controls by Barclays, and that Barclays'
management has consistently emphasised the importance of maintaining effective
controls
As previously disclosed, Barclays has a contingent liability in relation to
current and potential private civil claims and other potential enforcement
actions relating to the Over-issuance of Securities
For further details see the "Update on related litigation and conduct matters"
on page 52.
· SEC and CFTC devices investigation: further to the previously disclosed
settlements in principle by BBPLC and Barclays Capital Inc. (BCI) with the SEC
and CFTC in relation to their investigations of compliance with recordkeeping
obligations in connection with business-related communications sent over
unapproved electronic messaging platforms, in September 2022 the SEC and CFTC
announced the final terms of the settlements, under which Barclays Bank PLC
and BCI have agreed to pay a combined $125m (£103m(1)) civil monetary penalty
to the SEC and a $75m (£62m(1)) civil monetary penalty to the CFTC
· Legacy Loan Portfolio: a customer remediation provision of £282m has been
recognised, of which £181m was recognised in Q122 relating to a legacy
timeshare loan portfolio brokered by Azure Services Limited, and £101m was
recognised in Q322 in relation to other legacy loan portfolios. Barclays
continues to review complaints regarding these loans
· Financial Conduct Authority (FCA) proceedings: further to the disclosures in
the H122 results in relation to the FCA investigation into disclosure-related
matters arising out of BPLC's June and November 2008 capital raisings:
- In September 2022, the FCA's Regulatory Decisions Committee (RDC) issued
Decision Notices finding that BPLC and BBPLC breached certain
disclosure-related listing rules. The RDC also found that in relation to the
disclosures made in the capital raising of November 2008, BPLC and BBPLC acted
recklessly, and that BPLC breached Listing Principle 3. The RDC upheld the
combined penalty of £50m on BPLC and BBPLC, the same penalty as in the
Warning Notices issued by the FCA in relation to this matter in 2013
- BPLC and BBPLC have referred the RDC's findings to the Upper Tribunal for
reconsideration
- A provision for £50m has been recognised as at 30 September 2022 in relation
to this matter and it is reported as a litigation and conduct expense within
Head Office
· GAP portfolio acquisition: on 21 June 2022 Barclays completed the acquisition
of a US credit card portfolio of $3.3bn (£2.7bn(2)) of receivables, in
partnership with GAP Inc. The acquisition reduced the Group CET1 ratio by
approximately 15bps at Q222. The partnership broadens Barclays product
offering in the retail sector and store cards, advancing our strategy and
growth ambitions in the United States
· Kensington Mortgage Company acquisition: on 24 June 2022 Barclays PLC
announced that Barclays Bank UK PLC has agreed to acquire UK specialist
mortgage lender Kensington Mortgage Company Limited, thereby broadening
Barclays' capabilities and product offering in the UK mortgage market. The
transaction is subject to regulatory approval and is expected to complete in
late Q422 or early Q123
· Absa sale: on 21 April 2022, Barclays sold 63m ordinary shares in Absa (7.4%
of Absa's issued share capital) at a price of ZAR 164.0 per share, raising
aggregate gross sale proceeds of ZAR 10.3bn (£516m(3)). On 1 September 2022,
Barclays sold its remaining shareholding of 63m ordinary shares in Absa at a
price of ZAR 169.0 per share raising aggregate gross sale proceeds of ZAR
10.7bn (£535m(4))
· Pensions: during 2019 and 2020, the UK Retirement Fund, the Group's main
pension scheme, subscribed for non-transferable listed senior fixed rate notes
for £1.25bn. Following the PRA's statement on 13 April 2022, Barclays is
planning to unwind these transactions in Q422, which is expected to result in
an accelerated c.30bps reduction to the CET1 ratio, which otherwise would have
been reflected in subsequent periods
· UK Corporation Tax: an increase in the UK corporation tax rate from 19% to 25%
was enacted in 2021 and a reduction in the UK banking surcharge from 8% to 3%
was enacted in Q122, both to be effective from 1 April 2023. On 14 October
2022 the UK Government announced that it intended to proceed with the increase
in the corporation tax rate and that an update on the banking surcharge will
be provided as part of its Medium-Term Fiscal Plan currently scheduled for 31
October 2022. It is therefore expected that from 1 April 2023 the corporation
tax rate will be 25%, while the future rate of banking surcharge remains
uncertain
1 Exchange rate GBP/USD 1.22 as at 30 June 2022.
2 Exchange rate GBP/USD 1.23 as at 21 June 2022
3 Exchange rate GBP/ZAR 20.04 as at 21 April 2022.
4 Exchange rate GBP/ZAR 19.93 as at 1 September 2022.
Group targets
Barclays continues to target the following over the medium term:
· Returns: RoTE of greater than 10%
· Cost efficiency: cost: income ratio below 60%
· Capital adequacy: CET1 ratio in the range of 13-14%
Anna Cross, Group Finance Director
Results by Business
Barclays UK Nine months ended Three months ended
30.09.22 30.09.21 30.09.22 30.09.21
Income statement information £m £m % Change £m £m % Change
Net interest income 4,293 3,889 10 1,561 1,303 20
Net fee, commission and other income 996 948 5 355 335 6
Total income 5,289 4,837 9 1,916 1,638 17
Credit impairment (charges)/releases (129) 306 (81) (137) 41
Net operating income 5,160 5,143 - 1,835 1,501 22
Operating costs (3,152) (3,155) - (1,069) (1,041) (3)
Litigation and conduct (28) (32) 13 (3) (10) 70
Total operating expenses (3,180) (3,187) - (1,072) (1,051) (2)
Other net (expenses)/income (1) 1 (1) 1
Profit before tax 1,979 1,957 1 762 451 69
Attributable profit 1,403 1,336 5 549 317 73
Performance measures
Return on average allocated tangible equity 18.7% 17.9% 22.1% 12.7%
Average allocated tangible equity (£bn) 10.0 9.9 9.9 10.0
Cost: income ratio 60% 66% 56% 64%
Loan loss rate (bps) 8 (18) 14 24
Net interest margin 2.78% 2.53% 3.01% 2.49%
As at 30.09.22 As at 31.12.21 As at 30.09.21
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 205.1 208.8 208.6
Total assets 316.8 321.2 312.1
Customer deposits at amortised cost 261.0 260.6 256.8
Loan: deposit ratio 86% 85% 86%
Risk weighted assets 73.2 72.3 73.2
Period end allocated tangible equity 10.1 10.0 10.0
Analysis of Barclays UK Nine months ended Three months ended
30.09.22 30.09.21 30.09.22 30.09.21
Analysis of total income £m £m % Change £m £m % Change
Personal Banking 3,311 2,900 14 1,212 990 22
Barclaycard Consumer UK 824 898 (8) 283 293 (3)
Business Banking 1,154 1,039 11 421 355 19
Total income 5,289 4,837 9 1,916 1,638 17
Analysis of credit impairment (charges)/releases
Personal Banking (47) 20 (26) (30) 13
Barclaycard Consumer UK 42 290 (86) 2 (108)
Business Banking (124) (4) (57) 1
Total credit impairment (charges)/releases (129) 306 (81) (137) 41
As at 30.09.22 As at 31.12.21 As at 30.09.21
Analysis of loans and advances to customers at amortised cost £bn £bn £bn
Personal Banking 168.7 165.4 164.6
Barclaycard Consumer UK 9.0 8.7 8.6
Business Banking 27.4 34.7 35.4
Total loans and advances to customers at amortised cost 205.1 208.8 208.6
Analysis of customer deposits at amortised cost
Personal Banking 197.3 196.4 193.3
Barclaycard Consumer UK - - -
Business Banking 63.7 64.2 63.5
Total customer deposits at amortised cost 261.0 260.6 256.8
Barclays International Nine months ended Three months ended
30.09.22 Restated(1) 30.09.22 Restated(1)
30.09.21 30.09.21
Income statement information £m £m % Change £m £m % Change
Net interest income 3,462 2,308 50 1,497 749
Net trading income 6,540 4,904 33 1,328 1,515 (12)
Net fee, commission and other income 4,003 4,943 (19) 1,240 1,673 (26)
Total income 14,005 12,155 15 4,065 3,937 3
Credit impairment (charges)/releases (605) 311 (295) 18
Net operating income 13,400 12,466 7 3,770 3,955 (5)
Operating costs (7,818) (6,916) (13) (2,776) (2,310) (20)
Litigation and conduct (1,436) (261) 396 (100)
Total operating expenses (9,254) (7,177) (29) (2,380) (2,410) 1
Other net income 23 37 (38) 10 15 (33)
Profit before tax 4,169 5,326 (22) 1,400 1,560 (10)
Attributable profit 3,219 3,829 (16) 1,136 1,191 (5)
Performance measures
Return on average allocated tangible equity 11.5% 15.9% 11.6% 14.9%
Average allocated tangible equity (£bn) 37.2 32.2 39.1 31.8
Cost: income ratio 66% 59% 59% 61%
Loan loss rate (bps) 43 (32) 62 (6)
Net interest margin 4.78% 3.96% 5.58% 4.02%
As at 30.09.22 As at 31.12.21 As at 30.09.21
Balance sheet information £bn £bn £bn
Loans and advances at amortised cost 184.2 133.8 125.9
Trading portfolio assets 126.3 146.9 144.8
Derivative financial instrument assets 415.7 261.5 257.0
Financial assets at fair value through the income statement 244.7 188.2 200.5
Cash collateral and settlement balances 163.3 88.1 115.9
Other assets 257.2 225.6 231.8
Total assets 1,391.4 1,044.1 1,075.9
Deposits at amortised cost 313.2 258.8 253.3
Derivative financial instrument liabilities 394.2 256.4 252.3
Loan: deposit ratio 59% 52% 50%
Risk weighted assets 269.3 230.9 222.7
Period end allocated tangible equity 38.8 33.2 31.8
1 2021 financial and capital metrics have been restated to reflect the impact of
the Over-issuance of Securities. See Supplementary Information on page 51 for
more information.
Analysis of Barclays International
Corporate and Investment Bank Nine months ended Three months ended
30.09.22 Restated(1) 30.09.22 Restated(1)
30.09.21 30.09.21
Income statement information £m £m % Change £m £m % Change
Net interest income 1,401 919 52 606 279
Net trading income 6,532 4,878 34 1,344 1,467 (8)
Net fee, commission and other income 2,859 3,905 (27) 871 1,383 (37)
Total income 10,792 9,702 11 2,821 3,129 (10)
Credit impairment (charges)/releases (78) 400 (46) 128
Net operating income 10,714 10,102 6 2,775 3,257 (15)
Operating costs (5,834) (5,256) (11) (2,043) (1,747) (17)
Litigation and conduct (1,134) (178) 498 (99)
Total operating expenses (6,968) (5,434) (28) (1,545) (1,846) 16
Other net income - 1 - -
Profit before tax 3,746 4,669 (20) 1,230 1,411 (13)
Attributable profit 2,910 3,337 (13) 1,015 1,085 (6)
Performance measures
Return on average allocated tangible equity 11.9% 15.8% 11.9% 15.6%
Average allocated tangible equity (£bn) 32.5 28.2 34.0 27.8
Cost: income ratio 65% 56% 55% 59%
Loan loss rate (bps) 7 (56) 13 (54)
As at 30.09.22 As at 31.12.21 As at 30.09.21
Balance sheet information £bn £bn £bn
Loans and advances at amortised cost 140.0 100.0 93.8
Trading portfolio assets 126.1 146.7 144.7
Derivative financial instrument assets 415.5 261.5 256.9
Financial assets at fair value through the income statement 244.6 188.1 200.4
Cash collateral and settlement balances 162.6 87.2 115.1
Other assets 220.6 195.8 200.4
Total assets 1,309.4 979.3 1,011.3
Deposits at amortised cost 229.5 189.4 185.8
Derivative financial instrument liabilities 394.2 256.4 252.2
Risk weighted assets 230.6 200.7 192.5
Analysis of total income £m £m % Change £m £m % Change
FICC 4,719 2,902 63 1,546 803 93
Equities 2,709 2,466 10 246 757 (68)
Global Markets 7,428 5,368 38 1,792 1,560 15
Advisory 571 634 (10) 150 253 (41)
Equity capital markets 126 655 (81) 42 186 (77)
Debt capital markets 1,038 1,414 (27) 341 532 (36)
Investment Banking fees 1,735 2,703 (36) 533 971 (45)
Corporate lending (103) 412 (181) 168
Transaction banking 1,732 1,219 42 677 430 57
Corporate 1,629 1,631 - 496 598 (17)
Total income 10,792 9,702 11 2,821 3,129 (10)
1 2021 financial and capital metrics have been restated to reflect the impact of
the Over-issuance of Securities. See Supplementary Information on page 51 for
more information.
Analysis of Barclays International
Consumer, Cards and Payments Nine months ended Three months ended
30.09.22 30.09.21 30.09.22 30.09.21
Income statement information £m £m % Change £m £m % Change
Net interest income 2,061 1,390 48 891 471 89
Net fee, commission, trading and other income 1,152 1,063 8 353 337 5
Total income 3,213 2,453 31 1,244 808 54
Credit impairment charges (527) (89) (249) (110)
Net operating income 2,686 2,364 14 995 698 43
Operating costs (1,984) (1,660) (20) (733) (563) (30)
Litigation and conduct (302) (83) (102) (1)
Total operating expenses (2,286) (1,743) (31) (835) (564) (48)
Other net income 23 36 (36) 10 15 (33)
Profit before tax 423 657 (36) 170 149 14
Attributable profit 309 492 (37) 121 106 14
Performance measures
Return on average allocated tangible equity 8.9% 16.2% 9.5% 10.5%
Average allocated tangible equity (£bn) 4.7 4.0 5.1 4.0
Cost: income ratio 71% 71% 67% 70%
Loan loss rate (bps) 150 35 211 127
As at 30.09.22 As at 31.12.21 As at 30.09.21
Balance sheet information £bn £bn £bn
Loans and advances at amortised cost 44.2 33.8 32.1
Total assets 82.0 64.8 64.6
Deposits at amortised cost 83.7 69.4 67.5
Risk weighted assets 38.7 30.2 30.2
Analysis of total income £m £m % Change £m £m % Change
International Cards and Consumer Bank 2,053 1,540 33 824 490 68
Private Bank 729 581 25 270 188 44
Payments 431 332 30 150 130 15
Total income 3,213 2,453 31 1,244 808 54
Head Office Nine months ended Three months ended
30.09.22 30.09.21 30.09.22 30.09.21
Income statement information £m £m % Change £m £m % Change
Net interest income 76 (354) 10 (112)
Net fee, commission and other income (215) 142 (40) 2
Total income (139) (212) 34 (30) (110) 73
Credit impairment releases/(charges) 12 5 (5) (1)
Net operating income (127) (207) 39 (35) (111) 68
Operating costs (239) (507) 53 (94) (95) 1
Litigation and conduct (54) (12) (54) (19)
Total operating expenses (293) (519) 44 (148) (114) (30)
Other net (expenses)/income (26) 209 (10) 78
Loss before tax (446) (517) 14 (193) (147) (31)
Attributable loss (635) (39) (173) (134) (29)
Performance measures
Average allocated tangible equity (£bn) 1.6 5.0 (0.4) 6.5
As at 30.09.22 Restated(1) Restated(1)
As at 31.12.21 As at 30.09.21
Balance sheet information £bn £bn £bn
Total assets 18.7 19.0 18.5
Risk weighted assets 8.2 11.0 11.8
Period end allocated tangible equity (3.5) 5.5 6.3
1 2021 financial and capital metrics have been restated to reflect the impact of
the Over-issuance of Securities. See Supplementary Information on page 51 for
more information.
Quarterly Results Summary
Barclays Group
Q322 Q222 Q122 Q421(1) Q321(1) Q221(1) Q121 Q420
Income statement information £m £m £m £m £m £m £m £m
Net interest income 3,068 2,422 2,341 2,230 1,940 2,052 1,851 1,845
Net fee, commission and other income 2,883 4,286 4,155 2,930 3,525 3,363 4,049 3,096
Total income 5,951 6,708 6,496 5,160 5,465 5,415 5,900 4,941
Credit impairment (charges)/releases (381) (200) (141) 31 (120) 797 (55) (492)
Net operating income 5,570 6,508 6,355 5,191 5,345 6,212 5,845 4,449
Operating costs (3,939) (3,682) (3,588) (3,514) (3,446) (3,587) (3,545) (3,480)
UK bank levy - - - (170) - - - (299)
Litigation and conduct 339 (1,334) (523) (92) (129) (143) (33) (47)
Total operating expenses (3,600) (5,016) (4,111) (3,776) (3,575) (3,730) (3,578) (3,826)
Other net (expenses)/income (1) 7 (10) 13 94 21 132 23
Profit before tax 1,969 1,499 2,234 1,428 1,864 2,503 2,399 646
Tax charge (249) (209) (614) (104) (292) (246) (496) (163)
Profit after tax 1,720 1,290 1,620 1,324 1,572 2,257 1,903 483
Non-controlling interests (2) (20) (1) (27) (1) (15) (4) (37)
Other equity instrument holders (206) (199) (215) (218) (197) (194) (195) (226)
Attributable profit 1,512 1,071 1,404 1,079 1,374 2,048 1,704 220
Performance measures
Return on average tangible shareholders' equity 12.5% 8.7% 11.5% 9.0% 11.4% 17.6% 14.7% 1.8%
Average tangible shareholders' equity (£bn) 48.6 49.0 48.8 48.0 48.3 46.5 46.5 47.6
Cost: income ratio 60% 75% 63% 73% 65% 69% 61% 77%
Loan loss rate (bps) 36 20 15 (3) 13 (90) 6 56
Basic earnings per share 9.4p 6.4p 8.4p 6.4p 8.0p 11.9p 9.9p 1.3p
Basic weighted average number of shares (m) 16,148 16,684 16,682 16,985 17,062 17,140 17,293 17,300
Period end number of shares (m) 15,888 16,531 16,762 16,752 16,851 16,998 17,223 17,359
Balance sheet and capital management(2) £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances at amortised cost 413.7 395.8 371.7 361.5 353.0 348.5 345.8 342.6
Loans and advances at amortised cost impairment coverage ratio 1.4% 1.4% 1.5% 1.6% 1.7% 1.8% 2.2% 2.4%
Total assets 1,726.9 1,589.2 1,496.1 1,384.3 1,406.5 1,376.3 1,379.7 1,349.5
Deposits at amortised cost 574.4 568.7 546.5 519.4 510.2 500.9 498.8 481.0
Tangible net asset value per share 286p 297p 294p 291p 286p 280p 267p 269p
Common equity tier 1 ratio 13.8% 13.6% 13.8% 15.1% 15.3% 15.0% 14.6% 15.1%
Common equity tier 1 capital 48.6 46.7 45.3 47.3 47.2 46.2 45.9 46.3
Risk weighted assets 350.8 344.5 328.8 314.1 307.7 307.4 313.4 306.2
UK leverage ratio 5.0% 5.1% 5.0% 5.2% 5.1% 5.0% 5.0% 5.3%
UK leverage exposure 1,232.1 1,151.2 1,123.5 1,137.9 1,162.7 1,154.9 1,145.4 1,090.9
Average UK leverage ratio 4.8% 4.7% 4.8% 4.9% 4.9% 4.8% 4.9% 5.0%
Average UK leverage exposure 1,259.6 1,233.5 1,179.4 1,229.0 1,201.1 1,192.7 1,174.9 1,146.9
Funding and liquidity
Group liquidity pool (£bn) 326 343 320 291 293 291 290 266
Liquidity coverage ratio 151% 156% 159% 168% 161% 162% 161% 162%
Loan: deposit ratio 72% 70% 68% 70% 69% 70% 69% 71%
1 The comparative capital and financial metrics relating to Q221 - Q421 have
been restated to reflect the impact of the Over-issuance of Securities. See
Supplementary Information on page 51 for more information.
2 Refer to pages 39 to 45 for further information on how capital, RWAs and
leverage are calculated.
Quarterly Results by Business
Barclays UK
Q322 Q222 Q122 Q421 Q321 Q221 Q121 Q420
Income statement information £m £m £m £m £m £m £m £m
Net interest income 1,561 1,393 1,339 1,313 1,303 1,305 1,281 1,317
Net fee, commission and other income 355 331 310 386 335 318 295 309
Total income 1,916 1,724 1,649 1,699 1,638 1,623 1,576 1,626
Credit impairment (charges)/releases (81) - (48) 59 (137) 520 (77) (170)
Net operating income 1,835 1,724 1,601 1,758 1,501 2,143 1,499 1,456
Operating costs (1,069) (1,085) (998) (1,202) (1,041) (1,078) (1,036) (1,134)
UK bank levy - - - (36) - - - (50)
Litigation and conduct (3) (16) (9) (5) (10) (19) (3) 4
Total operating expenses (1,072) (1,101) (1,007) (1,243) (1,051) (1,097) (1,039) (1,180)
Other net (expenses)/income (1) - - (1) 1 - - 6
Profit before tax 762 623 594 514 451 1,046 460 282
Attributable profit 549 458 396 420 317 721 298 160
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 205.1 205.9 207.3 208.8 208.6 207.8 205.7 205.4
Total assets 316.8 318.8 317.2 321.2 312.1 311.2 309.1 289.1
Customer deposits at amortised cost 261.0 261.5 260.3 260.6 256.8 255.5 247.5 240.5
Loan: deposit ratio 86% 85% 85% 85% 86% 87% 88% 89%
Risk weighted assets 73.2 72.2 72.7 72.3 73.2 72.2 72.7 73.7
Period end allocated tangible equity 10.1 9.9 10.1 10.0 10.0 9.9 10.0 9.7
Performance measures
Return on average allocated tangible equity 22.1% 18.4% 15.6% 16.8% 12.7% 29.1% 12.0% 6.5%
Average allocated tangible equity (£bn) 9.9 10.0 10.1 10.0 10.0 9.9 9.9 9.8
Cost: income ratio 56% 64% 61% 73% 64% 68% 66% 73%
Loan loss rate (bps) 14 - 9 (10) 24 (93) 14 31
Net interest margin 3.01% 2.71% 2.62% 2.49% 2.49% 2.55% 2.54% 2.56%
Analysis of Barclays UK Q322 Q222 Q122 Q421 Q321 Q221 Q121 Q420
Analysis of total income £m £m £m £m £m £m £m £m
Personal Banking 1,212 1,077 1,022 983 990 987 923 895
Barclaycard Consumer UK 283 265 276 352 293 290 315 354
Business Banking 421 382 351 364 355 346 338 377
Total income 1,916 1,724 1,649 1,699 1,638 1,623 1,576 1,626
Analysis of credit impairment (charges)/releases
Personal Banking (26) (42) 21 8 (30) 72 (22) (68)
Barclaycard Consumer UK 2 84 (44) 114 (108) 434 (36) (78)
Business Banking (57) (42) (25) (63) 1 14 (19) (24)
Total credit impairment (charges)/releases (81) - (48) 59 (137) 520 (77) (170)
Analysis of loans and advances to customers at amortised cost £bn £bn £bn £bn £bn £bn £bn £bn
Personal Banking 168.7 167.1 166.5 165.4 164.6 162.4 160.4 157.3
Barclaycard Consumer UK 9.0 8.8 8.4 8.7 8.6 8.8 8.7 9.9
Business Banking 27.4 30.0 32.4 34.7 35.4 36.6 36.6 38.2
Total loans and advances to customers at amortised cost 205.1 205.9 207.3 208.8 208.6 207.8 205.7 205.4
Analysis of customer deposits at amortised cost
Personal Banking 197.3 197.0 196.6 196.4 193.3 191.0 186.0 179.7
Barclaycard Consumer UK - - - - - 0.1 0.1 0.1
Business Banking 63.7 64.5 63.7 64.2 63.5 64.4 61.4 60.7
Total customer deposits at amortised cost 261.0 261.5 260.3 260.6 256.8 255.5 247.5 240.5
Barclays International
Q322 Q222 Q122 Q421(1) Q321(1) Q221(1) Q121 Q420
Income statement information £m £m £m £m £m £m £m £m
Net interest income 1,497 1,029 936 955 749 811 748 614
Net trading income 1,328 2,766 2,446 789 1,515 1,455 1,934 1,372
Net fee, commission and other income 1,240 1,321 1,442 1,766 1,673 1,553 1,717 1,500
Total income 4,065 5,116 4,824 3,510 3,937 3,819 4,399 3,486
Credit impairment (charges)/releases (295) (209) (101) (23) 18 271 22 (291)
Net operating income 3,770 4,907 4,723 3,487 3,955 4,090 4,421 3,195
Operating costs (2,776) (2,537) (2,505) (2,160) (2,310) (2,168) (2,438) (2,133)
UK bank levy - - - (134) - - - (240)
Litigation and conduct 396 (1,319) (513) (84) (100) (140) (21) (9)
Total operating expenses (2,380) (3,856) (3,018) (2,378) (2,410) (2,308) (2,459) (2,382)
Other net income 10 5 8 3 15 13 9 9
Profit before tax 1,400 1,056 1,713 1,112 1,560 1,795 1,971 822
Attributable profit 1,136 783 1,300 818 1,191 1,207 1,431 441
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances at amortised cost 184.2 167.3 144.8 133.8 125.9 121.9 123.5 122.7
Trading portfolio assets 126.3 126.9 134.1 146.9 144.8 147.1 131.1 127.7
Derivative financial instrument assets 415.7 343.5 288.8 261.5 257.0 255.4 269.4 301.8
Financial assets at fair value through the income statement 244.7 209.3 203.8 188.2 200.5 190.4 197.5 170.7
Cash collateral and settlement balances 163.3 128.5 132.0 88.1 115.9 108.5 109.7 97.5
Other assets 257.2 275.1 255.5 225.6 231.8 223.5 221.7 221.4
Total assets 1,391.4 1,250.6 1,159.0 1,044.1 1,075.9 1,046.8 1,052.9 1,041.8
Deposits at amortised cost 313.2 307.4 286.1 258.8 253.3 245.4 251.2 240.5
Derivative financial instrument liabilities 394.2 321.2 277.2 256.4 252.3 246.9 260.2 300.4
Loan: deposit ratio 59% 54% 51% 52% 50% 50% 49% 51%
Risk weighted assets 269.3 263.8 245.1 230.9 222.7 223.2 230.0 222.3
Period end allocated tangible equity 38.8 38.0 35.6 33.2 31.8 31.8 32.7 30.2
Performance measures
Return on average allocated tangible equity 11.6% 8.4% 14.8% 9.9% 14.9% 14.9% 17.7% 5.8%
Average allocated tangible equity (£bn) 39.1 37.3 35.1 32.9 31.8 32.4 32.3 30.5
Cost: income ratio 59% 75% 63% 68% 61% 60% 56% 68%
Loan loss rate (bps) 62 49 28 7 (6) (87) (7) 90
Net interest margin 5.58% 4.52% 4.15% 4.14% 4.02% 3.96% 3.92% 3.41%
1 The comparative capital and financial metrics relating to Q221 - Q421 have
been restated to reflect the impact of the Over-issuance of Securities. See
Supplementary Information on page 51 for more information.
Analysis of Barclays International
Corporate and Investment Bank Q322 Q222 Q122 Q421(1) Q321(1) Q221(1) Q121 Q420
Income statement information £m £m £m £m £m £m £m £m
Net interest income 606 410 385 432 279 370 270 110
Net trading income 1,344 2,738 2,450 774 1,467 1,494 1,917 1,397
Net fee, commission and other income 871 885 1,103 1,426 1,383 1,115 1,407 1,131
Total income 2,821 4,033 3,938 2,632 3,129 2,979 3,594 2,638
Credit impairment (charges)/releases (46) (65) 33 73 128 229 43 (52)
Net operating income 2,775 3,968 3,971 2,705 3,257 3,208 3,637 2,586
Operating costs (2,043) (1,870) (1,921) (1,562) (1,747) (1,623) (1,886) (1,603)
UK bank levy - - - (128) - - - (226)
Litigation and conduct 498 (1,314) (318) (59) (99) (78) (1) 2
Total operating expenses (1,545) (3,184) (2,239) (1,749) (1,846) (1,701) (1,887) (1,827)
Other net income - - - 1 - - 1 2
Profit before tax 1,230 784 1,732 957 1,411 1,507 1,751 761
Attributable profit 1,015 579 1,316 695 1,085 989 1,263 413
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances at amortised cost 140.0 125.8 109.6 100.0 93.8 91.0 94.3 92.4
Trading portfolio assets 126.1 126.7 134.0 146.7 144.7 147.0 130.9 127.5
Derivative financial instruments assets 415.5 343.4 288.7 261.5 256.9 255.3 269.4 301.7
Financial assets at fair value through the income statement 244.6 209.2 203.8 188.1 200.4 190.3 197.3 170.4
Cash collateral and settlement balances 162.6 127.7 131.2 87.2 115.1 107.7 108.8 96.7
Other assets 220.6 237.2 222.5 195.8 200.4 192.5 190.8 194.9
Total assets 1,309.4 1,170.0 1,089.8 979.3 1,011.3 983.8 991.5 983.6
Deposits at amortised cost 229.5 229.5 214.7 189.4 185.8 178.2 185.2 175.2
Derivative financial instrument liabilities 394.2 321.2 277.1 256.4 252.2 246.8 260.2 300.3
Risk weighted assets 230.6 227.6 213.5 200.7 192.5 194.3 201.3 192.2
Performance measures
Return on average allocated tangible equity 11.9% 7.1% 17.1% 9.7% 15.6% 14.0% 17.9% 6.3%
Average allocated tangible equity (£bn) 34.0 32.7 30.8 28.7 27.8 28.4 28.2 26.3
Cost: income ratio 55% 79% 57% 66% 59% 57% 53% 69%
Loan loss rate (bps) 13 20 (12) (29) (54) (100) (18) 22
Analysis of total income £m £m £m £m £m £m £m £m
FICC 1,546 1,529 1,644 546 803 895 1,204 812
Equities 246 1,411 1,052 501 757 777 932 542
Global Markets 1,792 2,940 2,696 1,047 1,560 1,672 2,136 1,354
Advisory 150 236 185 287 253 218 163 232
Equity capital markets 42 37 47 158 186 226 243 104
Debt capital markets 341 281 416 511 532 429 453 418
Investment Banking fees 533 554 648 956 971 873 859 754
Corporate lending (181) (47) 125 176 168 38 206 186
Transaction banking 677 586 469 453 430 396 393 344
Corporate 496 539 594 629 598 434 599 530
Total income 2,821 4,033 3,938 2,632 3,129 2,979 3,594 2,638
1 The comparative capital and financial metrics relating to Q221 - Q421 have
been restated to reflect the impact of the Over-issuance of Securities. See
Supplementary Information on page 51 for more information.
Analysis of Barclays International
Consumer, Cards and Payments Q322 Q222 Q122 Q421 Q321 Q221 Q121 Q420
Income statement information £m £m £m £m £m £m £m £m
Net interest income 891 619 551 522 471 441 478 504
Net fee, commission, trading and other income 353 464 335 356 337 399 327 344
Total income 1,244 1,083 886 878 808 840 805 848
Credit impairment (charges)/releases (249) (144) (134) (96) (110) 42 (21) (239)
Net operating income 995 939 752 782 698 882 784 609
Operating costs (733) (667) (584) (598) (563) (545) (552) (530)
UK bank levy - - - (6) - - - (14)
Litigation and conduct (102) (5) (195) (25) (1) (62) (20) (11)
Total operating expenses (835) (672) (779) (629) (564) (607) (572) (555)
Other net income 10 5 8 2 15 13 8 7
Profit/(loss) before tax 170 272 (19) 155 149 288 220 61
Attributable profit/(loss) 121 204 (16) 123 106 218 168 28
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances at amortised cost 44.2 41.5 35.2 33.8 32.1 30.9 29.2 30.3
Total assets 82.0 80.6 69.2 64.8 64.6 63.0 61.4 58.2
Deposits at amortised cost 83.7 77.9 71.4 69.4 67.5 67.2 66.0 65.3
Risk weighted assets 38.7 36.2 31.6 30.2 30.2 29.0 28.8 30.1
Performance measures
Return on average allocated tangible equity 9.5% 17.8% (1.5)% 11.7% 10.5% 21.8% 16.5% 2.7%
Average allocated tangible equity (£bn) 5.1 4.6 4.3 4.2 4.0 4.0 4.1 4.2
Cost: income ratio 67% 62% 88% 72% 70% 72% 71% 65%
Loan loss rate (bps) 211 132 145 105 127 (49) 27 286
Analysis of total income £m £m £m £m £m £m £m £m
International Cards and Consumer Bank 824 691 538 552 490 517 533 576
Private Bank 270 245 214 200 188 214 179 174
Payments 150 147 134 126 130 109 93 98
Total income 1,244 1,083 886 878 808 840 805 848
Head Office
Q322 Q222 Q122 Q421 Q321 Q221 Q121 Q420
Income statement information £m £m £m £m £m £m £m £m
Net interest income 10 - 66 (38) (112) (64) (178) (86)
Net fee, commission and other income (40) (132) (43) (11) 2 37 103 (85)
Total income (30) (132) 23 (49) (110) (27) (75) (171)
Credit impairment (charges)/releases (5) 9 8 (5) (1) 6 - (31)
Net operating income (35) (123) 31 (54) (111) (21) (75) (202)
Operating costs (94) (60) (85) (152) (95) (341) (71) (213)
UK bank levy - - - - - - - (9)
Litigation and conduct (54) 1 (1) (3) (19) 16 (9) (42)
Total operating expenses (148) (59) (86) (155) (114) (325) (80) (264)
Other net (expenses)/income (10) 2 (18) 11 78 8 123 8
Loss before tax (193) (180) (73) (198) (147) (338) (32) (458)
Attributable (loss)/profit (173) (170) (292) (159) (134) 120 (25) (381)
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Total assets 18.7 19.8 19.9 19.0 18.5 18.3 17.7 18.6
Risk weighted assets(1) 8.2 8.6 11.0 11.0 11.8 12.0 10.7 10.2
Period end allocated tangible equity(1) (3.5) 1.1 3.6 5.5 6.3 5.9 3.3 6.8
Performance measures(1)
Average allocated tangible equity (£bn) (0.4) 1.7 3.6 5.1 6.5 4.2 4.3 7.3
1 The comparative capital and financial metrics relating to Q221 - Q421 have
been restated to reflect the impact of the Over-issuance of Securities. See
Supplementary Information on page 51 for more information.
Performance Management
Margins and balances
Nine months ended 30.09.22 Nine months ended 30.09.21
Net interest income Average customer assets Net interest margin Net interest income Average customer assets Net interest margin
£m £m % £m £m %
Barclays UK 4,293 206,308 2.78 3,889 205,889 2.53
Barclays International(1) 3,302 92,441 4.78 2,301 77,628 3.96
Total Barclays UK and Barclays International 7,595 298,749 3.40 6,190 283,517 2.92
Other(2) 236 (347)
Total Barclays Group 7,831 5,843
1 Barclays International margins include the lending related investment bank
business.
2 Other includes Head Office and the non-lending related investment bank
businesses not included in Barclays International margins.
The Group's combined product and equity structural hedge notional as at
30 September 2022 was £266bn (30 September 2021: £224bn), with an average
duration of close to 3 years (2021: average duration close to 3 years). Gross
structural hedge contributions of £1,487m (Q321 YTD: £1,042m) and net
structural hedge contributions of £(361)m (Q321 YTD: £889m) are included in
Group net interest income. Gross structural hedge contributions represent the
absolute level of interest earned from the fixed receipts on swaps in the
structural hedge, while the net structural hedge contributions represent the
net interest earned on the difference between the structural hedge rate and
prevailing floating rates.
Quarterly analysis for Barclays UK and Barclays International Net interest income Average customer assets Net interest margin
Three months ended 30.09.22 £m £m %
Barclays UK 1,561 205,881 3.01
Barclays International(1) 1,420 100,910 5.58
Total Barclays UK and Barclays International 2,981 306,791 3.85
Three months ended 30.06.22
Barclays UK 1,393 205,834 2.71
Barclays International(1) 1,016 92,371 4.41
Total Barclays UK and Barclays International 2,409 298,205 3.24
Three months ended 31.03.22
Barclays UK 1,339 207,607 2.62
Barclays International(1) 867 84,838 4.15
Total Barclays UK and Barclays International 2,206 292,445 3.06
Three months ended 31.12.21
Barclays UK 1,313 209,064 2.49
Barclays International(1) 848 81,244 4.14
Total Barclays UK and Barclays International 2,161 290,308 2.95
Three months ended 30.09.21
Barclays UK 1,303 207,692 2.49
Barclays International(1) 783 77,364 4.02
Total Barclays UK and Barclays International 2,086 285,056 2.90
1 Barclays International margins include the lending related investment bank
business.
Credit Risk
Loans and advances at amortised cost by stage
The table below presents a stage allocation and business segment analysis of
loans and advances at amortised cost by gross exposure, impairment allowance,
impairment charge and coverage ratio as at 30 September 2022. Also included
are a stage allocation of off-balance sheet loan commitments and financial
guarantee contracts by gross exposure, impairment allowance and coverage as at
30 September 2022.
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 Net exposure
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
As at 30.09.22 £m £m £m £m £m £m £m £m £m
Barclays UK 161,995 23,111 2,805 187,911 224 741 684 1,649 186,262
Barclays International 34,489 3,928 1,729 40,146 607 1,082 879 2,568 37,578
Head Office 3,749 233 674 4,656 3 21 353 377 4,279
Total Barclays Group retail 200,233 27,272 5,208 232,713 834 1,844 1,916 4,594 228,119
Barclays UK 35,598 2,700 842 39,140 146 97 88 331 38,809
Barclays International 129,621 16,710 1,136 147,467 282 247 324 853 146,614
Head Office 156 - 20 176 - - 20 20 156
Total Barclays Group wholesale(1) 165,375 19,410 1,998 186,783 428 344 432 1,204 185,579
Total loans and advances at amortised cost 365,608 46,682 7,206 419,496 1,262 2,188 2,348 5,798 413,698
Off-balance sheet loan commitments and financial guarantee contracts(2) 396,483 30,856 1,231 428,570 284 282 26 592 427,978
Total(3) 762,091 77,538 8,437 848,066 1,546 2,470 2,374 6,390 841,676
As at 30.09.22 Nine months ended 30.09.22
Coverage ratio Loan impairment charge/(release) and loan loss rate
Stage 1 Stage 2 Stage 3 Total Loan impairment charge/(release) Loan loss rate
% % % % £m bps
Barclays UK 0.1 3.2 24.4 0.9 36 3
Barclays International 1.8 27.5 50.8 6.4 501 167
Head Office 0.1 9.0 52.4 8.1 (12) -
Total Barclays Group retail 0.4 6.8 36.8 2.0 525 30
Barclays UK 0.4 3.6 10.5 0.8 87 30
Barclays International 0.2 1.5 28.5 0.6 79 7
Head Office - - 100.0 11.4
Total Barclays Group wholesale(1) 0.3 1.8 21.6 0.6 166 12
Total loans and advances at amortised cost 0.3 4.7 32.6 1.4 691 22
Off-balance sheet loan commitments and financial guarantee contracts(2) 0.1 0.9 2.1 0.1 (2)
Other financial assets subject to impairment(3) 33
Total(4) 0.2 3.2 28.1 0.8 722
1 Includes Wealth UK and Private Banking exposures measured on an individual
customer exposure basis and excludes Business Banking exposures, including
lending under the government backed Bounce Back Loan Scheme (BBLS) of £7.4bn
that are managed on a collective basis and reported within Barclays UK Retail.
The net impact is a difference in total exposure of £3.5bn of balances
reported as wholesale loans on page 28 in the Loans and advances at amortised
cost by product disclosure.
2 Excludes loan commitments and financial guarantees of £18.2bn carried at fair
value.
3 Other financial assets subject to impairment not included in the table above
include cash collateral and settlement balances, financial assets at fair
value through other comprehensive income and other assets. These have a total
gross exposure of £237.0bn and impairment allowance of £168m. This comprises
£12m ECL on £234.6bn Stage 1 assets, £8m on £2.3bn Stage 2 fair value
through other comprehensive income assets, cash collateral and settlement
balances and £147m on £155m Stage 3 other assets.
4 The loan loss rate is 23bps after applying the total impairment charge of
£722m.
Gross exposure Impairment allowance Net exposure
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
As at 31.12.21 £m £m £m £m £m £m £m £m £m
Barclays UK 160,695 22,779 2,915 186,389 261 949 728 1,938 184,451
Barclays International 25,981 2,691 1,566 30,238 603 795 858 2,256 27,982
Head Office 3,735 429 705 4,869 2 36 347 385 4,484
Total Barclays Group retail 190,411 25,899 5,186 221,496 866 1,780 1,933 4,579 216,917
Barclays UK 35,571 1,917 969 38,457 153 43 111 307 38,150
Barclays International 92,341 13,275 1,059 106,675 187 192 458 837 105,838
Head Office 542 2 21 565 - - 19 19 546
Total Barclays Group wholesale(1) 128,454 15,194 2,049 145,697 340 235 588 1,163 144,534
Total loans and advances at amortised cost 318,865 41,093 7,235 367,193 1,206 2,015 2,521 5,742 361,451
Off-balance sheet loan commitments and financial guarantee contracts(2) 312,142 34,815 1,298 348,255 217 302 23 542 347,713
Total(3) 631,007 75,908 8,533 715,448 1,423 2,317 2,544 6,284 709,164
As at 31.12.21 Year ended 31.12.21
Coverage ratio Loan impairment charge/(release) and loan loss rate
Stage 1 Stage 2 Stage 3 Total Loan impairment charge/(release) Loan loss rate
% % % % £m bps
Barclays UK 0.2 4.2 25.0 1.0 (227) -
Barclays International 2.3 29.5 54.8 7.5 181 60
Head Office 0.1 8.4 49.2 7.9 - -
Total Barclays Group retail 0.5 6.9 37.3 2.1 (46) -
Barclays UK 0.4 2.2 11.5 0.8 122 32
Barclays International 0.2 1.4 43.2 0.8 (197) -
Head Office - - 90.5 3.4 - -
Total Barclays Group wholesale(1) 0.3 1.5 28.7 0.8 (75) -
Total loans and advances at amortised cost 0.4 4.9 34.8 1.6 (121) -
Off-balance sheet loan commitments and financial guarantee contracts(2) 0.1 0.9 1.8 0.2 (514)
Other financial assets subject to impairment(3) (18)
Total 0.2 3.1 29.8 0.9 (653)
1 Includes Wealth and Private Banking exposures measured on an individual basis,
and excludes Business Banking exposures, including BBLS of £9.4bn that are
managed on a collective basis and reported within Barclays UK Retail. The net
impact is a difference in total exposure of £6.0bn of balances reported as
wholesale loans on page 28 in the Loans and advances at amortised cost by
product disclosure.
2 Excludes loan commitments and financial guarantees of £18.8bn carried at fair
value.
3 Other financial assets subject to impairment not included in the table above
include cash collateral and settlement balances, financial assets at fair
value through other comprehensive income and other assets. These have a total
gross exposure of £155.2bn and impairment allowance of £114m. This comprises
£6m ECL on £154.9bn Stage 1 assets, £1m on £157.0bn Stage 2 fair value
through other comprehensive income assets, other assets and cash collateral
and settlement balances and £107m on £110m Stage 3 other assets.
Loans and advances at amortised cost by product
The table below presents a breakdown of loans and advances at amortised cost
and the impairment allowance with stage allocation by asset classification.
Stage 2
As at 30.09.22 Stage 1 Not past due <=30 days past due >30 days past due Total Stage 3 Total
Gross exposure £m £m £m £m £m £m £m
Home loans 153,932 15,050 1,742 824 17,616 2,042 173,590
Credit cards, unsecured loans and other retail lending 46,310 6,107 310 470 6,887 2,455 55,652
Wholesale loans 165,366 21,656 375 148 22,179 2,709 190,254
Total 365,608 42,813 2,427 1,442 46,682 7,206 419,496
Impairment allowance
Home loans 20 34 7 6 47 405 472
Credit cards, unsecured loans and other retail lending 793 1,478 115 167 1,760 1,426 3,979
Wholesale loans 449 376 4 1 381 517 1,347
Total 1,262 1,888 126 174 2,188 2,348 5,798
Net exposure
Home loans 153,912 15,016 1,735 818 17,569 1,637 173,118
Credit cards, unsecured loans and other retail lending 45,517 4,629 195 303 5,127 1,029 51,673
Wholesale loans 164,917 21,280 371 147 21,798 2,192 188,907
Total 364,346 40,925 2,301 1,268 44,494 4,858 413,698
Coverage ratio % % % % % % %
Home loans - 0.2 0.4 0.7 0.3 19.8 0.3
Credit cards, unsecured loans and other retail lending 1.7 24.2 37.1 35.5 25.6 58.1 7.1
Wholesale loans 0.3 1.7 1.1 0.7 1.7 19.1 0.7
Total 0.3 4.4 5.2 12.1 4.7 32.6 1.4
As at 31.12.21
Gross exposure £m £m £m £m £m £m £m
Home loans 148,058 17,133 1,660 707 19,500 2,122 169,680
Credit cards, unsecured loans and other retail lending 37,840 5,102 300 248 5,650 2,332 45,822
Wholesale loans 132,967 15,246 306 391 15,943 2,781 151,691
Total 318,865 37,481 2,266 1,346 41,093 7,235 367,193
Impairment allowance
Home loans 19 46 6 7 59 397 475
Credit cards, unsecured loans and other retail lending 824 1,493 85 123 1,701 1,504 4,029
Wholesale loans 363 248 4 3 255 620 1,238
Total 1,206 1,787 95 133 2,015 2,521 5,742
Net exposure
Home loans 148,039 17,087 1,654 700 19,441 1,725 169,205
Credit cards, unsecured loans and other retail lending 37,016 3,609 215 125 3,949 828 41,793
Wholesale loans 132,604 14,998 302 388 15,688 2,161 150,453
Total 317,659 35,694 2,171 1,213 39,078 4,714 361,451
Coverage ratio % % % % % % %
Home loans - 0.3 0.4 1.0 0.3 18.7 0.3
Credit cards, unsecured loans and other retail lending 2.2 29.3 28.3 49.6 30.1 64.5 8.8
Wholesale loans 0.3 1.6 1.3 0.8 1.6 22.3 0.8
Total 0.4 4.8 4.2 9.9 4.9 34.8 1.6
Measurement uncertainty
Scenarios used to calculate the Group's ECL charge were refreshed in Q322 with
the current Baseline scenario reflecting the latest consensus macroeconomic
forecasts available at the time of the scenario refresh. In the Baseline
scenario, further inflation increases impact household income which, along
with significant monetary policy tightening, contribute to lower growth
prospects. GDP growth for 2023 drops to 0.3% in the UK and 1.1% in the US.
Unemployment rates increase slightly in the near term, reaching 4.5% in the UK
and 4.2% in the US. Central banks continue raising interest rates as currently
expected with the UK Bank Rate reaching 3.50%, while the US Federal Funds Rate
peaks at 3.75%. Higher interest rates are expected to adversely impact the
housing markets in major economies but house price growth remains positive
over the forecast horizon.
In the Downside 2 scenario, increasing and persistent inflationary pressures
cause the central banks to raise interest rates sharply. The UK Bank Rate and
the US Federal Funds Rate both reach 5.0% in Q423. These higher borrowing
costs derail economies with unemployment peaking in 2024 at 9.5% in the UK and
9.75% in the US. With already stretched valuations, the sharp increase in
borrowing costs sees house prices decrease significantly. In the Upside 2
scenario, supply disruptions are resolved, and aggregate demand is supported
by a release of household savings, accelerating GDP growth. Recovering labour
force participation limits domestic inflationary pressures, while lower energy
prices add downward pressure on prices globally. As a result of easing
inflation, central banks keep interest rates lower for longer.
The methodology for estimating scenario probability weights involves
simulating a range of future paths for UK and US GDP using historical data
with the five scenarios mapped against the distribution of these future paths.
The median is centred around the Baseline with scenarios further from the
Baseline attracting a lower weighting before the five weights are normalised
to total 100%. The small weighting increase in the Baseline and modest
reduction in the Downside was due to the slight shift in the relative position
of the Downside scenarios to the Baseline scenario.
Management has applied economic uncertainty and other adjustments to modelled
ECL outputs. The economic uncertainty adjustments of £0.7bn (30 June 2022:
£1.0bn) have been determined with reference to the latest consensus
macroeconomic forecasts subsequent to the modelled refresh and consist
primarily of a provision for customers and clients considered most vulnerable
to rising costs and supply chain disruption.
The tables below show the key consensus macroeconomic variables used in the
scenarios (5-year annual paths) and the probability weights applied to each
scenario.
Baseline average macroeconomic variables used in the calculation of ECL
2022 2023 2024 2025 2026
As at 30.09.22 % % % % %
UK GDP(1) 3.6 0.3 1.6 1.8 1.9
UK unemployment(2) 3.9 4.4 3.9 3.8 3.8
UK HPI(3) 6.6 0.6 0.4 2.0 2.8
UK bank rate 1.7 3.4 2.8 2.4 2.2
US GDP(1) 1.6 1.1 1.5 1.5 1.5
US unemployment(4) 3.7 4.0 4.2 4.2 4.2
US HPI(5) 6.4 3.4 3.4 3.4 3.4
US federal funds rate 2.1 3.4 2.8 2.3 2.3
2022 2023 2024 2025 2026
As at 30.06.22 % % % % %
UK GDP(1) 3.9 1.7 1.6 1.6 1.6
UK unemployment(2) 4.0 4.1 3.9 3.9 3.9
UK HPI(3) 4.3 1.0 2.2 2.5 2.8
UK bank rate 1.5 2.7 2.4 2.1 2.0
US GDP(1) 3.3 2.2 2.1 2.1 2.1
US unemployment(4) 3.6 3.5 3.5 3.5 3.5
US HPI(5) 4.1 3.4 3.4 3.4 3.4
US federal funds rate 1.5 3.2 2.9 2.7 2.5
2021 2022 2023 2024 2025
As at 31.12.21 % % % % %
UK GDP(1) 6.2 4.9 2.3 1.9 1.7
UK unemployment(2) 4.8 4.7 4.5 4.3 4.2
UK HPI(3) 4.7 1.0 1.9 1.9 2.3
UK bank rate 0.1 0.8 1.0 1.0 0.8
US GDP(1) 5.5 3.9 2.6 2.4 2.4
US unemployment(4) 5.5 4.2 3.6 3.6 3.6
US HPI(5) 11.8 4.5 5.2 4.9 5.0
US federal funds rate 0.2 0.3 0.9 1.2 1.3
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.
Downside 2 average economic variables used in the calculation of ECL
2022 2023 2024 2025 2026
As at 30.09.22 % % % % %
UK GDP(1) 3.4 (5.0) (2.5) 4.0 4.3
UK unemployment(2) 4.4 8.1 9.0 7.0 6.0
UK HPI(3) 4.8 (22.3) (14.1) 15.8 12.8
UK bank rate 1.8 4.6 4.6 3.0 2.7
US GDP(1) 1.4 (4.2) (2.5) 2.6 2.3
US unemployment(4) 4.1 7.9 9.5 8.3 6.7
US HPI(5) 5.2 (7.2) (0.3) 5.3 4.1
US federal funds rate 2.2 4.6 4.6 3.4 2.8
2022 2023 2024 2025 2026
As at 30.06.22 % % % % %
UK GDP(1) 3.1 (4.8) (0.4) 4.3 3.6
UK unemployment(2) 5.2 8.4 8.6 6.8 5.9
UK HPI(3) 0.2 (26.2) (3.6) 17.9 10.2
UK bank rate 1.8 4.7 4.3 2.6 2.3
US GDP(1) 2.4 (4.1) (0.2) 3.4 2.7
US unemployment(4) 4.6 8.0 9.0 7.1 5.8
US HPI(5) (0.2) (11.7) (0.2) 5.5 3.5
US federal funds rate 1.8 4.8 4.6 3.6 3.0
2021 2022 2023 2024 2025
As at 31.12.21 % % % % %
UK GDP(1) 6.2 0.2 (4.0) 2.8 4.3
UK unemployment(2) 4.8 7.2 9.0 7.6 6.3
UK HPI(3) 4.7 (14.3) (21.8) 11.9 15.2
UK bank rate 0.1 2.2 3.9 3.1 2.2
US GDP(1) 5.5 (0.8) (3.5) 2.5 3.2
US unemployment(4) 5.5 6.4 9.1 8.1 6.4
US HPI(5) 11.8 (6.6) (9.0) 5.9 6.7
US federal funds rate 0.2 2.1 3.4 2.6 2.0
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax All Houses, All Buyers index, relative to
prior year end.
4 Average US civilian unemployment rate 16-year+.
5 Change in year end US HPI = FHFA House Price Index, relative to prior year
end.
Downside 1 average economic variables used in the calculation of ECL
2022 2023 2024 2025 2026
As at 30.09.22 % % % % %
UK GDP(1) 3.5 (2.3) (0.4) 2.9 3.1
UK unemployment(2) 4.1 6.3 6.5 5.4 4.9
UK HPI(3) 5.7 (11.4) (7.0) 8.8 7.7
UK bank rate 1.7 3.9 3.8 2.7 2.4
US GDP(1) 1.5 (1.6) (0.5) 2.0 1.9
US unemployment(4) 3.9 6.0 6.9 6.3 5.5
US HPI(5) 5.8 (2.0) 1.5 4.3 3.8
US federal funds rate 2.2 4.1 3.8 2.9 2.5
2022 2023 2024 2025 2026
As at 30.06.22 % % % % %
UK GDP(1) 3.5 (1.6) 0.6 3.0 2.6
UK unemployment(2) 4.6 6.2 6.2 5.3 4.9
UK HPI(3) 2.3 (13.2) (0.8) 10.0 6.5
UK bank rate 1.6 3.8 3.4 2.4 2.0
US GDP(1) 2.7 (1.0) 1.1 2.9 2.5
US unemployment(4) 4.1 5.7 6.2 5.3 4.6
US HPI(5) 1.9 (4.4) 1.6 4.4 3.4
US federal funds rate 1.7 3.9 3.8 3.2 2.8
2021 2022 2023 2024 2025
As at 31.12.21 % % % % %
UK GDP(1) 6.2 2.8 (0.7) 2.3 2.9
UK unemployment(2) 4.8 6.2 6.8 6.0 5.3
UK HPI(3) 4.7 (6.8) (10.5) 6.9 8.6
UK bank rate 0.1 1.6 2.7 2.3 1.6
US GDP(1) 5.5 1.6 (0.4) 2.4 2.7
US unemployment(4) 5.5 5.4 6.6 6.1 5.2
US HPI(5) 11.8 (1.2) (2.1) 4.8 5.2
US federal funds rate 0.2 1.3 2.3 2.1 1.8
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax All Houses, All Buyers index, relative to
prior year end.
4 Average US civilian unemployment rate 16-year+.
5 Change in year end US HPI = FHFA House Price Index, relative to prior year
end.
Upside 2 average economic variables used in the calculation of ECL
2022 2023 2024 2025 2026
As at 30.09.22 % % % % %
UK GDP(1) 4.0 4.0 3.3 2.8 2.4
UK unemployment(2) 3.8 3.5 3.4 3.4 3.4
UK HPI(3) 7.2 10.3 5.7 4.5 4.1
UK bank rate 1.6 1.9 1.4 1.3 1.3
US GDP(1) 1.9 3.7 3.2 2.8 2.8
US unemployment(4) 3.6 3.3 3.3 3.3 3.3
US HPI(5) 7.0 5.7 4.8 4.5 4.5
US federal funds rate 2.0 2.5 1.8 1.3 1.3
2022 2023 2024 2025 2026
As at 30.06.22 % % % % %
UK GDP(1) 5.0 5.2 3.1 2.4 2.0
UK unemployment(2) 3.8 3.7 3.6 3.6 3.6
UK HPI(3) 6.5 11.2 6.2 4.7 3.7
UK bank rate 1.2 1.5 1.4 1.3 1.3
US GDP(1) 4.0 4.9 3.6 3.4 3.4
US unemployment(4) 3.4 3.0 3.1 3.1 3.1
US HPI(5) 5.4 5.5 4.6 4.5 4.5
US federal funds rate 1.1 2.2 1.9 1.7 1.5
2021 2022 2023 2024 2025
As at 31.12.21 % % % % %
UK GDP(1) 6.2 7.2 4.0 2.7 2.1
UK unemployment(2) 4.8 4.5 4.1 4.0 4.0
UK HPI(3) 4.7 8.5 9.0 5.2 4.2
UK bank rate 0.1 0.2 0.5 0.5 0.3
US GDP(1) 5.5 5.3 4.1 3.5 3.4
US unemployment(4) 5.5 3.9 3.4 3.3 3.3
US HPI(5) 11.8 10.6 8.5 7.2 6.6
US federal funds rate 0.2 0.3 0.4 0.7 1.0
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax All Houses, All Buyers index, relative to
prior year end.
4 Average US civilian unemployment rate 16-year+.
5 Change in year end US HPI = FHFA House Price Index, relative to prior year
end.
Upside 1 average economic variables used in the calculation of ECL
2022 2023 2024 2025 2026
As at 30.09.22 % % % % %
UK GDP(1) 3.8 2.1 2.5 2.3 2.1
UK unemployment(2) 3.8 3.7 3.6 3.6 3.6
UK HPI(3) 6.9 5.4 3.0 3.3 3.4
UK bank rate 1.7 2.6 2.2 1.8 1.6
US GDP(1) 1.8 2.4 2.3 2.2 2.2
US unemployment(4) 3.6 3.7 3.8 3.8 3.8
US HPI(5) 6.7 4.5 4.1 3.9 3.9
US federal funds rate 2.0 2.9 2.3 1.8 1.8
2022 2023 2024 2025 2026
As at 30.06.22 % % % % %
UK GDP(1) 4.5 3.5 2.4 2.0 1.8
UK unemployment(2) 3.9 3.8 3.8 3.8 3.8
UK HPI(3) 5.4 6.3 4.1 3.6 3.2
UK bank rate 1.3 2.0 1.6 1.5 1.5
US GDP(1) 3.7 3.7 3.0 2.9 2.9
US unemployment(4) 3.5 3.2 3.3 3.3 3.3
US HPI(5) 4.7 4.4 4.0 3.9 3.9
US federal funds rate 1.3 2.4 2.2 1.9 1.8
2021 2022 2023 2024 2025
As at 31.12.21 % % % % %
UK GDP(1) 6.2 6.0 3.1 2.3 1.9
UK unemployment(2) 4.8 4.6 4.3 4.2 4.1
UK HPI(3) 4.7 5.0 5.0 3.9 3.3
UK bank rate 0.1 0.6 0.8 0.8 0.5
US GDP(1) 5.5 4.6 3.4 2.9 2.9
US unemployment(4) 5.5 4.0 3.5 3.5 3.5
US HPI(5) 11.8 8.3 7.0 6.0 5.7
US federal funds rate 0.2 0.3 0.6 1.0 1.1
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax All Houses, All Buyers index, relative to
prior year end.
4 Average US civilian unemployment rate 16-year+.
5 Change in year end US HPI = FHFA House Price Index, relative to prior year
end.
Scenario probability weighting
Upside 2 Upside 1 Baseline Downside 1 Downside 2
% % % % %
As at 30.09.22
Scenario probability weighting 13.2 26.1 39.8 14.2 6.7
As at 30.06.22
Scenario probability weighting 14.0 25.6 37.8 15.2 7.4
As at 31.12.21
Scenario probability weighting 20.9 27.2 30.1 14.8 7.0
ECL under 100% weighted scenarios for modelled portfolios
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 prior disclosures.
The economic uncertainty adjustments of £0.7bn in the below reconciliation
provides headroom for a modelled move from Weighted to Downside 1 scenario.
Scenarios
As at 30 September 2022 Weighted(1) Upside 2 Upside 1 Baseline Downside 1 Downside 2
Stage 1 Model Exposure (£m)
Home loans 145,014 146,430 145,833 145,170 144,042 142,451
Credit cards, unsecured loans and other retail lending(2) 49,525 49,489 49,195 48,759 47,647 46,230
Wholesale loans 190,267 194,085 192,450 190,757 187,497 180,876
Stage 1 Model ECL (£m)
Home loans 4 3 3 3 6 13
Credit cards, unsecured loans and other retail lending 456 430 439 450 481 504
Wholesale loans 295 244 265 284 347 403
Stage 1 Coverage (%)
Home loans - - - - - -
Credit cards, unsecured loans and other retail lending 0.9 0.9 0.9 0.9 1.0 1.1
Wholesale loans 0.2 0.1 0.1 0.1 0.2 0.2
Stage 2 Model Exposure (£m)
Home loans 17,615 16,199 16,796 17,459 18,587 20,178
Credit cards, unsecured loans and other retail lending(2) 7,719 6,759 7,081 7,595 8,962 10,776
Wholesale loans 27,647 23,829 25,464 27,157 30,417 37,038
Stage 2 Model ECL (£m)
Home loans 21 13 15 18 32 55
Credit cards, unsecured loans and other retail lending 1,596 1,353 1,436 1,563 1,937 2,449
Wholesale loans 559 412 457 529 779 1,303
Stage 2 Coverage (%)
Home loans 0.1 0.1 0.1 0.1 0.2 0.3
Credit cards, unsecured loans and other retail lending 20.7 20.0 20.3 20.6 21.6 22.7
Wholesale loans 2.0 1.7 1.8 1.9 2.6 3.5
Stage 3 Model Exposure (£m)(3)
Home loans 1,586 1,586 1,586 1,586 1,586 1,586
Credit cards, unsecured loans and other retail lending 1,790 1,790 1,790 1,790 1,790 1,790
Wholesale loans 2,671 2,671 2,671 2,671 2,671 2,671
Stage 3 Model ECL (£m)
Home loans 322 311 314 318 338 364
Credit cards, unsecured loans and other retail lending 1,207 1,191 1,199 1,205 1,225 1,240
Wholesale loans(4) 45 41 42 44 49 54
Stage 3 Coverage (%)
Home loans 20.3 19.6 19.8 20.1 21.3 23.0
Credit cards, unsecured loans and other retail lending 67.4 66.5 67.0 67.3 68.4 69.3
Wholesale loans(4) 1.7 1.5 1.6 1.6 1.8 2.0
Total Model ECL (£m)
Home loans 347 327 332 339 376 432
Credit cards, unsecured loans and other retail lending 3,259 2,974 3,074 3,218 3,643 4,193
Wholesale loans(4) 899 697 764 857 1,175 1,760
Total Model ECL 4,505 3,998 4,170 4,414 5,194 6,385
Reconciliation to total ECL £m
Total weighted model ECL 4,505
ECL from individually assessed impairments(4) 426
ECL from non-modelled exposures and others 363
ECL from post model management adjustments 1,096
Of which: ECL from economic uncertainty adjustments 735
Total ECL 6,390
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 For Credit cards, unsecured loans and other retail lending, an average EAD
measure is used (12-month or lifetime), depending on stage allocation for each
scenario. Therefore, the model exposure movement into Stage 2 is higher than
the corresponding Stage 1 reduction.
3 Model exposures allocated to Stage 3 does not change in any of the scenarios
as the transition criteria relies only on an observable evidence of default as
at 30 September 2022 and not on macroeconomic scenario.
4 Material wholesale loan defaults are individually assessed across different
recovery strategies. As a result, ECL of £426m is reported as an individually
assessed impairment in the reconciliation table.
The use of five scenarios with associated weightings results in a total
weighted ECL uplift from the Baseline ECL of 2.1%.
Home loans: Total weighted ECL of £347m represents a 2.4% increase over the
Baseline ECL (£339m) with coverage ratios steady across the Upside scenarios,
Baseline and Downside 1 scenario. Under the Downside 2 scenario, total ECL
increases to £432m driven by a significant fall in UK HPI to 22.3% reflecting
the non-linearity of the UK portfolio.
Credit cards, unsecured loans and other retail lending: Total weighted ECL of
£3,259m represents a 1.3% increase over the Baseline ECL (£3,218m). Total
ECL increases to £4,193m under the Downside 2 scenario, driven by the
significant increase in UK unemployment rate to 8.1% and US unemployment rate
to 7.9% in 2023.
Wholesale loans: Total weighted ECL of £899m represents an 4.9% increase over
the Baseline ECL (£857m). Total ECL increases to £1,760m under Downside 2
scenario, driven by a significant decrease in UK GDP to (5.0)% and US GDP to
(4.2)% in 2023.
Scenarios
As at 31 December 2021 Weighted(1) Upside 2 Upside 1 Baseline Downside 1 Downside 2
Stage 1 Model Exposure (£m)
Home loans 137,279 139,117 138,424 137,563 135,544 133,042
Credit cards, unsecured loans and other retail lending(2) 45,503 46,170 45,963 45,751 43,131 38,820
Wholesale loans 174,249 177,453 176,774 175,451 169,814 161,998
Stage 1 Model ECL (£m)
Home loans 4 2 2 3 6 14
Credit cards, unsecured loans and other retail lending 324 266 272 279 350 418
Wholesale loans 290 240 262 286 327 350
Stage 1 Coverage (%)
Home loans - - - - - -
Credit cards, unsecured loans and other retail lending 0.7 0.6 0.6 0.6 0.8 1.1
Wholesale loans 0.2 0.1 0.1 0.2 0.2 0.2
Stage 2 Model Exposure (£m)
Home loans 22,915 21,076 21,769 22,631 24,649 27,151
Credit cards, unsecured loans and other retail lending(2) 7,200 6,260 6,521 6,795 9,708 14,290
Wholesale loans 32,256 29,052 29,732 31,054 36,692 44,507
Stage 2 Model ECL (£m)
Home loans 15 10 11 12 22 47
Credit cards, unsecured loans and other retail lending 1,114 925 988 1,058 1,497 3,295
Wholesale loans 572 431 467 528 851 1,510
Stage 2 Coverage (%)
Home loans 0.1 - 0.1 0.1 0.1 0.2
Credit cards, unsecured loans and other retail lending 15.5 14.8 15.2 15.6 15.4 23.1
Wholesale loans 1.8 1.5 1.6 1.7 2.3 3.4
Stage 3 Model Exposure (£m)(3)
Home loans 1,724 1,724 1,724 1,724 1,724 1,724
Credit cards, unsecured loans and other retail lending 1,922 1,922 1,922 1,922 1,922 1,922
Wholesale loans 1,811 1,811 1,811 1,811 1,811 1,811
Stage 3 Model ECL (£m)
Home loans 303 292 295 299 320 346
Credit cards, unsecured loans and other retail lending 1,255 1,236 1,245 1,255 1,277 1,297
Wholesale loans(4) 323 321 322 323 326 332
Stage 3 Coverage (%)
Home loans 17.6 16.9 17.1 17.3 18.6 20.1
Credit cards, unsecured loans and other retail lending 65.3 64.3 64.8 65.3 66.4 67.5
Wholesale loans(4) 17.8 17.7 17.8 17.8 18.0 18.3
Total Model ECL (£m)
Home loans 322 304 308 314 348 407
Credit cards, unsecured loans and other retail lending 2,693 2,427 2,505 2,592 3,124 5,010
Wholesale loans(4) 1,185 992 1,051 1,137 1,504 2,192
Total Model ECL 4,200 3,723 3,864 4,043 4,976 7,609
Reconciliation to total ECL £m
Total model ECL 4,200
ECL from individually assessed impairments(4) 524
ECL from non-modelled exposures and others 74
ECL from post model management adjustments(5) 1,486
Of which: ECL from economic uncertainty adjustments 1,692
Total ECL 6,284
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 For Credit cards, unsecured loans and other retail lending, an average EAD
measure is used (12-month or lifetime), depending on stage allocation for each
scenario. Therefore, the model exposure movement into Stage 2 is higher than
the corresponding Stage 1 reduction.
3 Model exposures allocated to Stage 3 does not change in any of the scenarios
as the transition criteria relies only on an observable evidence of default as
at 30 September 2022 and not on macroeconomic scenario.
4 Material wholesale loan defaults are individually assessed across different
recovery strategies. As a result, ECL of £524m is reported as an individually
assessed impairment in the reconciliation table.
5 Post Model Adjustments include negative adjustments reflecting operational
post model adjustments.
Treasury and Capital Risk
Regulatory minimum requirements
Capital
The Group's Overall Capital Requirement for CET1 is 10.9% comprising a 4.5%
Pillar 1 minimum, a 2.5% Capital Conservation Buffer (CCB), a 1.5% Global
Systemically Important Institution (G-SII) buffer, a 2.4% Pillar 2A
requirement and a 0% Countercyclical Capital Buffer (CCyB).
The Group's CCyB is based on the buffer rate applicable for each jurisdiction
in which the Group has exposures. On 11 March 2020, the Financial Policy
Committee (FPC) set the CCyB rate for UK exposures at 0% with immediate
effect. The buffer rates set by other national authorities for non-UK
exposures are not currently material. Overall, this results in a 0.0% CCyB for
the Group. On 13 December 2021, the FPC announced that a CCyB rate of 1% for
UK exposures has been re-introduced with effect from 13 December 2022. On 5
July 2022, the FPC announced that the UK CCyB rate will be increased from 1%
to 2% with effect from 5 July 2023.
The Group's Pillar 2A requirement as per the PRA's Individual Capital
Requirement was set as a nominal amount. When expressed as a percentage of
RWAs this was 4.2% of which at least 56.25% needed to be met with CET1
capital, equating to approximately 2.4% of RWAs. The Pillar 2A requirement is
subject to at least annual review and is based on a point in time assessment.
The Group's CET1 target ratio of 13-14% takes into account headroom above
requirements which includes a confidential institution-specific PRA buffer.
The Group remains above its minimum capital regulatory requirements including
the PRA buffer.
Leverage
The Group is subject to a UK leverage ratio requirement of 3.8%. This
comprises the 3.25% minimum requirement, a G-SII additional leverage ratio
buffer (G-SII ALRB) of 0.53% and a countercyclical leverage ratio buffer of
0.0%. Although the leverage ratio is expressed in terms of Tier 1 (T1)
capital, 75% of the minimum requirement, equating to 2.4375%, needs to be met
with CET1 capital. In addition, the G-SII ALRB must be covered solely with
CET1 capital. The CET1 capital held against the 0.53% G-SII ALRB was £6.5bn.
The Group is also required to disclose an average UK leverage ratio which is
based on capital on the last day of each month in the quarter and an exposure
measure for each day in the quarter.
MREL
The Group is required to meet the higher of: (i) two times the sum of 8%
Pillar 1 and 4.2% Pillar 2A; and (ii) 6.75% of leverage exposures plus capital
buffers, including the above mentioned confidential institution-specific PRA
buffer. CET1 capital cannot be counted towards both MREL and the capital
buffers, meaning that the buffers will effectively be applied above MREL
requirements.
Significant regulatory updates in the period
Capital and RWAs
On 1 January 2022, the PRA's implementation of Basel III standards took effect
including the re-introduction of the 100% CET1 capital deduction for
qualifying software intangible assets and the introduction of the Standardised
Approach for Counterparty Credit Risk (SA-CCR) which replaces the Current
Exposure Method for Standardised derivative exposures as a more risk sensitive
approach. In addition, the PRA also implemented IRB roadmap changes which
includes revisions to the criteria for definition of default, probability of
default and loss given default estimation to ensure supervisory consistency
and increase transparency of IRB models.
Leverage
From 1 January 2022, UK banks became subject to a single UK leverage ratio
requirement meaning that the CRR leverage ratio no longer applies. Central
bank claims can be excluded from the UK leverage ratio measure as long as they
are matched by qualifying liabilities (rather than deposits).
References to CRR, as amended by CRR II mean, the capital regulatory
requirements, as they form part of domestic law by virtue of the European
Union (Withdrawal) Act 2018, as amended.
Restated(1)
Capital ratios(2,3,4) As at 30.09.22 As at 30.06.22 As at 31.12.21
CET1 13.8% 13.6% 15.1%
T1 17.6% 17.1% 19.1%
Total regulatory capital 20.3% 19.9% 22.2%
Capital resources £m £m £m
Total equity excluding non-controlling interests per the balance sheet 67,034 69,627 69,052
Less: other equity instruments (recognised as AT1 capital) (13,270) (12,357) (12,259)
Adjustment to retained earnings for foreseeable ordinary share dividends (494) (595) (666)
Adjustment to retained earnings for foreseeable repurchase of shares (9) (568) -
Adjustment to retained earnings for foreseeable other equity coupons (82) (32) (32)
Other regulatory adjustments and deductions
Additional value adjustments (PVA) (1,850) (1,810) (1,585)
Goodwill and intangible assets (8,356) (8,232) (6,804)
Deferred tax assets that rely on future profitability excluding temporary (1,034) (1,010) (1,028)
differences
Fair value reserves related to gains or losses on cash flow hedges 9,451 4,673 852
Excess of expected losses over impairment (7) - -
Gains or losses on liabilities at fair value resulting from own credit (773) (62) 892
Defined benefit pension fund assets (3,162) (3,785) (2,619)
Direct and indirect holdings by an institution of own CET1 instruments (20) (20) (50)
Adjustment under IFRS 9 transitional arrangements 759 642 1,229
Other regulatory adjustments 387 220 345
CET1 capital 48,574 46,691 47,327
AT1 capital
Capital instruments and related share premium accounts 13,270 12,357 12,259
Qualifying AT1 capital (including minority interests) issued by subsidiaries - - 637
Other regulatory adjustments and deductions (60) (60) (80)
AT1 capital 13,210 12,297 12,816
T1 capital 61,784 58,988 60,143
T2 capital
Capital instruments and related share premium accounts 8,524 8,442 8,713
Qualifying T2 capital (including minority interests) issued by subsidiaries 1,176 1,277 1,113
Credit risk adjustments (excess of impairment over expected losses) - 73 73
Other regulatory adjustments and deductions (160) (160) (160)
Total regulatory capital 71,324 68,620 69,882
Total RWAs 350,774 344,516 314,136
1 Capital metrics as at 31 December 2021 have been restated to reflect the
impact of the Over-issuance of Securities. See Supplementary Information on
page 51 for more information. The transitional CET1 ratio remains unchanged at
15.1%.
2 CET1, T1 and T2 capital, and RWAs are calculated applying the transitional
arrangements of the CRR as amended by CRR II. This includes IFRS 9
transitional arrangements and the grandfathering of CRR II non-compliant
capital instruments. December 2021 comparatives include the grandfathering of
CRR non-compliant capital instruments.
3 The fully loaded CET1 ratio, as is relevant for assessing against the
conversion trigger in Barclays PLC AT1 securities, was 13.6%, with £47.8bn of
CET1 capital and £350.5bn of RWAs calculated without applying the
transitional arrangements of the CRR as amended by CRR II.
4 The Group's CET1 ratio, as is relevant for assessing against the conversion
trigger in Barclays Bank PLC 7.625% Contingent Capital Notes, was 13.8%. For
this calculation CET1 capital and RWAs are calculated applying the
transitional arrangements under the CRR as amended by CRR II, including the
IFRS 9 transitional arrangements. The benefit of the Financial Services
Authority (FSA) October 2012 interpretation of the transitional provisions,
relating to the implementation of CRD IV, expired in December 2017.
Movement in CET1 capital Three months ended 30.09.22 Nine months ended 30.09.22
£m £m
Opening CET1 capital(1) 46,691 47,327
Profit for the period attributable to equity holders 1,718 4,607
Own credit relating to derivative liabilities (78) (175)
Ordinary share dividends paid and foreseen (263) (856)
Purchased and foreseeable share repurchase (500) (1,500)
Other equity coupons paid and foreseen (256) (670)
Increase in retained regulatory capital generated from earnings 621 1,406
Net impact of share schemes 145 9
Fair value through other comprehensive income reserve (408) (1,167)
Currency translation reserve 1,730 3,433
Other reserves 23 58
Increase in other qualifying reserves 1,490 2,333
Pension remeasurements within reserves (765) 325
Defined benefit pension fund asset deduction 623 (543)
Net impact of pensions (142) (218)
Additional value adjustments (PVA) (40) (265)
Goodwill and intangible assets (124) (1,552)
Deferred tax assets that rely on future profitability excluding those arising (24) (6)
from temporary differences
Excess of expected loss over impairment (7) (7)
Direct and indirect holdings by an institution of own CET1 instruments - 30
Adjustment under IFRS 9 transitional arrangements 117 (470)
Other regulatory adjustments (8) (4)
Decrease in regulatory capital due to adjustments and deductions (86) (2,274)
Closing CET1 capital 48,574 48,574
1 Opening balance as at 31 December 2021 has been restated to reflect the impact
of the Over-issuance of Securities. See Supplementary Information on page 51
for further details.
CET1 capital increased £1.2bn to £48.6bn (December 2021: £47.3bn).
CET1 capital decreased by £1.7bn as a result of regulatory changes that took
effect from 1 January 2022 including the re-introduction of the 100% CET1
capital deduction for qualifying software intangible assets and a reduction in
IFRS9 transitional relief due to the relief applied to the pre-2020 impairment
charge reducing to 25% in 2022 from 50% in 2021 and the relief applied to the
post-2020 impairment charge reducing to 75% in 2022 from 100% in 2021.
£4.6bn of capital generated from profits, after absorbing the £0.6bn net of
tax impact of the Over-issuance of Securities, was partially offset by
distributions of £3bn comprising:
· £1bn buyback announced with FY21 results and the £0.5bn buyback announced
with H122 results, both of which have completed
· £0.9bn of ordinary share dividend paid and foreseen reflecting £0.4bn half
year 2022 dividend paid and a £0.5bn accrual towards a full year 2022
dividend
· £0.7bn of equity coupons paid and foreseen
Other significant movements in the period were:
· £1.2bn decrease in the fair value through other comprehensive income reserve
primarily due to losses on bonds as a result of an increase in yields
· £3.4bn increase in the currency translation reserves driven by the
appreciation of period end USD against GBP
RWAs by risk type and business
Credit risk Counterparty credit risk Market Risk Operational risk Total RWAs
STD IRB STD IRB Settlement Risk CVA STD IMA
As at 30.09.22 £m £m £m £m £m £m £m £m £m £m
Barclays UK 6,487 55,121 246 - - 84 256 - 11,047 73,241
Corporate and Investment Bank 38,886 75,561 20,115 24,735 446 3,111 15,596 26,879 25,296 230,625
Consumer, Cards and Payments 28,180 3,597 279 35 - 69 - 104 6,424 38,688
Barclays International 67,066 79,158 20,394 24,770 446 3,180 15,596 26,983 31,720 269,313
Head Office 2,785 6,431 - - - - - - (996) 8,220
Barclays Group 76,338 140,710 20,640 24,770 446 3,264 15,852 26,983 41,771 350,774
As at 30.06.22
Barclays UK 6,613 53,958 253 - - 76 236 - 11,047 72,183
Corporate and Investment Bank 40,055 71,737 18,739 22,099 440 3,357 17,466 28,423 25,296 227,612
Consumer, Cards and Payments 25,516 3,643 256 34 - 64 28 195 6,424 36,160
Barclays International 65,571 75,380 18,995 22,133 440 3,421 17,494 28,618 31,720 263,772
Head Office 3,488 6,069 - - - - - - (996) 8,561
Barclays Group 75,672 135,407 19,248 22,133 440 3,497 17,730 28,618 41,771 344,516
As at 31.12.21
Barclays UK 7,195 53,408 426 - - 138 100 - 11,022 72,289
Corporate and Investment Bank 29,420 64,416 15,223 19,238 105 2,289 17,306 27,308 25,359 200,664
Consumer, Cards and Payments 20,770 2,749 215 18 - 21 - 57 6,391 30,221
Barclays International 50,190 67,165 15,438 19,256 105 2,310 17,306 27,365 31,750 230,885
Head Office 4,733 7,254 - - - - - - (1,025) 10,962
Barclays Group 62,118 127,827 15,864 19,256 105 2,448 17,406 27,365 41,747 314,136
Movement analysis of RWAs Credit risk Counterparty credit risk Market risk Operational risk Total RWAs
£m £m £m £m £m
Opening RWAs (as at 31.12.21) 189,945 37,673 44,771 41,747 314,136
Book size 10,661 2,504 (4,509) 24 8,680
Acquisitions and disposals (1,081) - - - (1,081)
Book quality (2,774) 944 - - (1,830)
Model updates - - - - -
Methodology and policy 4,523 3,353 - - 7,876
Foreign exchange movements(1) 15,774 4,646 2,573 - 22,993
Total RWA movements 27,103 11,447 (1,936) 24 36,638
Closing RWAs (as at 30.09.22) 217,048 49,120 42,835 41,771 350,774
1 Foreign exchange movements does not include foreign exchange for modelled
market risk or operational risk.
Overall RWAs increased £36.6bn to £350.8bn (December 2021: £314.1bn)
Credit risk RWAs increased £27.1bn:
· A £10.7bn increase in book size primarily driven by an increase in lending
activities across CIB, CC&P and growth in mortgages within Barclays UK
· A £1.1bn decrease in acquisitions and disposals primarily driven by the
disposal of Barclays' equity stake in Absa, offset by GAP portfolio
acquisition
· A £2.7bn decrease in book quality primarily driven by the benefit in
mortgages from an increase in the House Price Index (HPI)
· A £4.5bn increase in methodology and policy primarily as a result of
regulatory changes relating to implementation of IRB roadmap changes,
partially offset by the reversal of the software intangibles benefit
· A £15.8bn increase in FX primarily due to appreciation of period end USD
against GBP
Counterparty Credit risk RWAs increased £11.4bn:
· A £2.5bn increase in book size primarily due to an increase in trading
activities within SFTs and derivatives
· A £3.4bn increase in methodology and policy as a result of regulatory changes
relating to the introduction of SA-CCR
· A £4.6bn increase in FX primarily due to appreciation of period end USD
against GBP
Market risk RWAs decreased £1.9bn:
· A £4.5bn decrease in book size primarily driven by a £4.7bn decrease in
Stressed Value at Risk (SVaR) model adjustment as a result of changes in
portfolio composition and a £1.4bn reduction in Structural FX, partially
offset by a £1.6bn increase due to client and trading activities
· A £2.6bn increase in FX primarily due to appreciation of period end USD
against GBP
Restated(1)
Leverage ratios(2,3) As at 30.09.22 As at 30.06.22 As at 31.12.21
£m £m £m
Average UK leverage ratio 4.8% 4.7% 4.9%
Average T1 capital 60,651 57,689 59,739
Average UK leverage exposure 1,259,648 1,233,537 1,229,041
UK leverage ratio 5.0% 5.1% 5.2%
CET1 capital 48,574 46,691 47,327
AT1 capital 13,210 12,297 12,179
T1 capital 61,784 58,988 59,506
UK leverage exposure 1,232,105 1,151,214 1,137,904
UK leverage exposure
Accounting assets
Derivative financial instruments 416,908 344,855 262,572
Derivative cash collateral 90,948 66,909 58,177
Securities financing transactions (SFTs) 224,978 193,682 170,853
Loans and advances and other assets 994,065 983,784 892,683
Total IFRS assets 1,726,899 1,589,230 1,384,285
Regulatory consolidation adjustments (6,598) (3,546) (3,665)
Derivatives adjustments
Derivatives netting (347,999) (288,727) (236,881)
Adjustments to collateral (76,083) (53,328) (50,929)
Net written credit protection 26,838 28,102 15,509
Potential future exposure (PFE) on derivatives 84,597 85,469 137,291
Total derivatives adjustments (312,647) (228,484) (135,010)
SFTs adjustments 30,477 29,784 24,544
Regulatory deductions and other adjustments (21,582) (22,758) (20,219)
Weighted off-balance sheet commitments 135,222 127,400 115,047
Qualifying central bank claims (267,792) (294,477) (210,134)
Settlement netting (51,874) (45,935) (16,944)
UK leverage exposure 1,232,105 1,151,214 1,137,904
1 Capital and leverage metrics as at 31 December 2021 have been restated to
reflect the impact of the Over-issuance of Securities. See Supplementary
Information on page 51 for further details.
2 Capital and leverage measures are calculated applying the transitional
arrangements of the CRR as amended by CRR II.
3 Fully loaded average UK leverage ratio was 4.8%, with £59.9bn of T1 capital
and £1,258.9bn of leverage exposure. Fully loaded UK leverage ratio was 5.0%,
with £61.0bn of T1 capital and £1,231.3bn of leverage exposure. Fully loaded
UK leverage ratios are calculated without applying the transitional
arrangements of the CRR as amended by CRR II.
The UK leverage ratio decreased to 5.0% (December 2021: 5.2%) primarily due to
a £94.2bn increase in the leverage exposure, partially offset by a £2.3bn
increase in Tier 1 Capital. The UK leverage exposure increased to £1,232.1bn
(December 2021: £1,137.9bn) largely due to the following movements:
· £60.1bn increase in SFTs primarily driven by client activity in CIB
· £50.8bn increase in derivative financial instruments post additional
regulatory netting and adjustments for cash collateral primarily driven by
client and trading activity in CIB and the application of a 1.4 multiplier
introduced under SA-CCR
· £42.7bn increase in loans and advances and other assets (excluding cash at
central banks and settlement balances which are subject to regulatory
exemptions) primarily due to increased lending
· £11.3bn increase in net written credit protection largely due to the
inclusion of credit default swap options from 1 January 2022
· £52.7bn decrease in PFE on derivatives largely driven by increased netting
eligibility due to the introduction of SA-CCR
· £39.2bn decrease in cash at central banks net of the qualifying central bank
claims exemption primarily due to the matching of allowable liabilities rather
than deposits introduced under the UK leverage framework review and an
increase in eligible Euro denominated assets and liabilities.
The average UK leverage ratio decreased to 4.8% (December 2021: 4.9%)
primarily due to a £30.6bn increase in average leverage exposure partially
offset by a £0.9bn increase in average T1 capital. The increase in average UK
leverage exposure was due to the movements broadly in line with UK Leverage
exposure that were in turn driven by increased client activity during the year
and the regulatory changes that came into effect from 1 January 2022 under UK
leverage ratio framework.
MREL
MREL requirements including buffers(1,2,3,4) Total requirement (£m) based on Requirement as a percentage of:
Restated(1) Restated(1)
As at 30.09.22 As at 30.06.22 As at 31.12.21 As at 30.09.22 As at 30.06.22 As at 31.12.21
Requirement based on RWAs (minimum requirement) 99,596 98,096 77,302 28.4% 28.5% 24.6%
Requirement based on UK leverage exposure(4) 97,243 91,532 93,975 7.9% 8.0% 6.9%
Restated(1)
Own funds and eligible liabilities(1,3) As at 30.09.22 As at 30.06.22 As at 31.12.21
£m £m £m
CET1 capital 48,574 46,691 47,327
AT1 capital instruments and related share premium accounts(5) 13,210 12,297 12,179
T2 capital instruments and related share premium accounts(5) 8,364 8,355 8,626
Eligible liabilities 41,744 39,137 39,889
Total Barclays PLC (the Parent company) own funds and eligible liabilities 111,892 106,480 108,021
Total RWAs 350,774 344,516 314,136
Total UK leverage exposure(4) 1,232,105 1,151,214 1,356,191
Restated(1)
Own funds and eligible liabilities ratios as a percentage of:(1) As at 30.09.22 As at 30.06.22 As at 31.12.21
Total RWAs 31.9% 30.9% 34.4%
Total UK leverage exposure(4) 9.1% 9.2% 8.0%
As at 30 September 2022, Barclays PLC (the Parent company) held £111.9bn of
own funds and eligible liabilities equating to 31.9% of RWAs. This was in
excess of the Group's MREL requirement, excluding the PRA buffer, to hold
£99.6bn of own funds and eligible liabilities equating to 28.4% of RWAs. The
Group remains above its MREL regulatory requirement including the PRA buffer.
1 Capital and leverage metrics as at 31 December 2021 have been restated to
reflect the impact of the Over-issuance of Securities. See Supplementary
Information on page 51 for further details.
2 Minimum requirement excludes the confidential institution-specific PRA buffer.
3 CET1, T1 and T2 capital, and RWAs are calculated applying the transitional
arrangements of the CRR as amended by CRR II including IFRS 9 transitional
arrangements.
4 As at 31 December 2021, MREL requirements were on a CRR leverage basis which,
from 1 January 2022, was no longer applicable for UK banks.
5 Includes other AT1 capital regulatory adjustments and deductions of £60m
(December 2021: £80m), and other T2 credit risk adjustments and deductions of
£160m (December 2021: £87m).
Condensed Consolidated Financial Statements
Condensed consolidated income statement (unaudited)
Restated(1)
Nine months ended 30.09.22 Nine months ended 30.09.21
£m £m
Total income 19,155 16,780
Credit impairment (charges)/releases (722) 622
Net operating income 18,433 17,402
Operating expenses excluding litigation and conduct (11,209) (10,578)
Litigation and conduct (1,518) (305)
Operating expenses (12,727) (10,883)
Other net (expenses)/income (4) 247
Profit before tax 5,702 6,766
Tax charge (1,072) (1,034)
Profit after tax 4,630 5,732
Attributable to:
Equity holders of the parent 3,987 5,126
Other equity instrument holders 620 586
Total equity holders of the parent 4,607 5,712
Non-controlling interests 23 20
Profit after tax 4,630 5,732
Earnings per share p p
Basic earnings per ordinary share 24.2 30.0
1 2021 financial metrics have been restated to reflect the impact of the
Over-issuance of Securities. See Supplementary Information on page 60 for more
information.
Condensed consolidated balance sheet (unaudited)
Restated(1)
As at 30.09.22 As at 31.12.21
Assets £m £m
Cash and balances at central banks 257,070 238,574
Cash collateral and settlement balances 167,831 92,542
Loans and advances at amortised cost 413,697 361,451
Reverse repurchase agreements and other similar secured lending 1,286 3,227
Trading portfolio assets 126,374 147,035
Financial assets at fair value through the income statement 247,770 191,972
Derivative financial instruments 416,908 262,572
Financial assets at fair value through other comprehensive income 65,655 61,753
Investments in associates and joint ventures 916 999
Goodwill and intangible assets 8,371 8,061
Current tax assets 449 261
Deferred tax assets 7,272 4,619
Other assets 13,300 11,219
Total assets 1,726,899 1,384,285
Liabilities
Deposits at amortised cost 574,386 519,433
Cash collateral and settlement balances 145,086 79,371
Repurchase agreements and other similar secured borrowing 27,644 28,352
Debt securities in issue 119,722 98,867
Subordinated Liabilities 12,321 12,759
Trading portfolio liabilities 87,323 54,169
Financial liabilities designated at fair value 280,744 250,960
Derivative financial instruments 394,795 256,883
Current tax liabilities 533 689
Deferred tax liabilities 6 37
Other liabilities 16,336 12,724
Total liabilities 1,658,896 1,314,244
Equity
Called up share capital and share premium 4,358 4,536
Other reserves (2,923) 1,770
Retained earnings 52,329 50,487
Shareholders' equity attributable to ordinary shareholders of the parent 53,764 56,793
Other equity instruments 13,270 12,259
Total equity excluding non-controlling interests 67,034 69,052
Non-controlling interests 969 989
Total equity 68,003 70,041
Total liabilities and equity 1,726,899 1,384,285
1 2021 financial metrics have been restated to reflect the impact of the
Over-issuance of Securities. See Supplementary Information on page 51 for more
information.
Condensed consolidated statement of changes in equity (unaudited)
Called up share capital and share premium Other equity instruments Other reserves Restated(1) Restated(1) Non-controlling interests Restated(1)
Retained earnings Total Total equity
Nine months ended 30.09.22 £m £m £m £m £m £m £m
Balance as at 1 January 2022 4,536 12,259 1,770 50,487 69,052 989 70,041
Profit after tax - 620 - 3,987 4,607 23 4,630
Currency translation movements - - 3,433 - 3,433 - 3,433
Fair value through other comprehensive income reserve - - (1,167) - (1,167) - (1,167)
Cash flow hedges - - (8,596) - (8,596) - (8,596)
Retirement benefit remeasurements - - - 325 325 - 325
Own credit - - 1,526 - 1,526 - 1,526
Total comprehensive income for the period - 620 (4,804) 4,312 128 23 151
Employee share schemes and hedging thereof 46 - - 383 429 - 429
Issue and redemption of other equity instruments - 1,032 - 20 1,052 (20) 1,032
Other equity instruments coupon paid - (620) - - (620) - (620)
Disposal of ABSA holding - - (84) 84 - - -
Vesting of employee share schemes - - 7 (473) (466) - (466)
Dividends paid - - - (1,028) (1,028) (23) (1,051)
Repurchase of shares (224) - 224 (1,491) (1,491) - (1,491)
Own credit realisation - - (36) 36 - - -
Other movements - (21) - (1) (22) - (22)
Balance as at 30 September 2022 4,358 13,270 (2,923) 52,329 67,034 969 68,003
Three months ended 30.09.22
Balance as at 1 July 2022 4,508 12,357 (218) 52,980 69,627 969 70,596
Profit after tax - 206 - 1,512 1,718 2 1,720
Currency translation movements - - 1,730 - 1,730 - 1,730
Fair value through other comprehensive income reserve - - (408) - (408) - (408)
Cash flow hedges - - (4,778) - (4,778) - (4,778)
Retirement benefit remeasurements - - - (765) (765) - (765)
Own credit - - 671 - 671 - 671
Total comprehensive income for the period - 206 (2,785) 747 (1,832) 2 (1,830)
Employee share schemes and hedging thereof 13 - - (34) (21) - (21)
Issue and redemption of other equity instruments - 917 - (5) 912 - 912
Other equity instruments coupon paid - (206) - - (206) - (206)
Disposal of ABSA holding - - (45) 45 - - -
Vesting of employee share schemes - - - (9) (9) - (9)
Dividends paid - - - (364) (364) (2) (366)
Repurchase of shares (163) - 163 (1,059) (1,059) - (1,059)
Own credit realisation - - (36) 36 - - -
Other movements - (4) (2) (8) (14) - (14)
Balance as at 30 September 2022 4,358 13,270 (2,923) 52,329 67,034 969 68,003
1 2021 financial metrics have been restated to reflect the impact of the
Over-issuance of Securities. See Supplementary Information on page 51 for more
information.
As at 30.09.22 As at 31.12.21
Other reserves £m £m
Currency translation reserve 6,173 2,740
Fair value through other comprehensive income reserve (1,534) (283)
Cash flow hedging reserve (9,449) (853)
Own credit reserve 530 (960)
Other reserves and treasury shares 1,357 1,126
Total (2,923) 1,770
Over-issuance of US securities under the Barclays Bank PLC US Shelf
Restatement of financial statements
A proportion of the costs associated with the rights of rescission of certain
investors are attributable to BPLC's financial statements for the year ended
31 December 2021. The comparatives in the quarterly financial information for
2021 and for the nine months ended 30 September 2021, including those in the
consolidated income statement, the consolidated balance sheet and the
consolidated statement of changes in equity included in this document, have
been restated to reflect a provision in respect of the impact of the
Over-issuance of Securities.
The table below reflects each of the consolidated financial statement line
items that were affected by the restatement:
Impact on the consolidated income statement As reported Restatement As restated
Nine months ended 30.09.21 £m £m £m
Litigation and conduct (131) (174) (305)
Operating expenses (10,709) (174) (10,883)
Profit before tax 6,940 (174) 6,766
Taxation (1,076) 42 (1,034)
Profit after tax 5,864 (132) 5,732
Year ended 31.12.21 £m £m £m
Litigation and conduct (177) (220) (397)
Operating expenses (14,439) (220) (14,659)
Profit before tax 8,414 (220) 8,194
Taxation (1,188) 50 (1,138)
Profit after tax 7,226 (170) 7,056
Impact on the consolidated balance sheet
As at 31.12.21 £m £m £m
Current tax liabilities 739 (50) 689
Provisions 1,688 220 1,908
Total liabilities 1,314,074 170 1,314,244
Retained earnings 50,657 (170) 50,487
Total equity 70,211 (170) 70,041
This omission in the financial statements has resulted in the restatement of
the prior period Capital comparatives with the following impact:
· CET1 capital decreased £0.2bn from £47.5bn to £47.3bn. Both transitional
and fully loaded CET1 ratios remained unchanged at 15.1% and 14.7%
respectively. The transitional T1 ratio moved from 19.2% to 19.1% and Total
transitional capital ratio moved from 22.3% to 22.2%
· Leverage exposure increased by £1.9bn with the UK leverage ratio decreasing
from 5.3% to 5.2% and the average UK leverage ratio remaining unchanged at
4.9%
· Total own funds and eligible liabilities decreased £0.2bn to £108bn, which
was in excess of a restated requirement to hold £94bn of own funds and
eligible liabilities
Update on related litigation and conduct matters
Over-issuance of Securities under the Barclays Bank PLC US Shelf
In September 2022, the SEC announced the resolution of its investigation of
BPLC and BBPLC relating to the Over-issuance of Securities by BBPLC under
certain of its US shelf registration statements. Pursuant to the terms of the
resolution, BPLC and BBPLC will pay a combined penalty of $200m (£165m(1)),
without admitting or denying the SEC's findings. The SEC has confirmed that
the independent rescission offer made by BBPLC to holders of the relevant
over-issued securities (which offer commenced on 1 August 2022 and expired on
12 September 2022) satisfies its requirements for disgorgement and related
prejudgment interest.
The Group is engaged with, and responding to inquiries and requests for
information from, various other regulators who may seek to impose fines,
penalties and/or other sanctions as a result of this matter. Furthermore,
BBPLC and/or its affiliates may incur costs and liabilities in relation to
private civil claims which have been filed and may face other potential
private civil claims, class actions or other enforcement actions in relation
to this matter. For example, in September 2022, a purported class action claim
was filed in the US District Court in Manhattan by two Florida pension plans
seeking to hold BPLC and former and current executives responsible for
declines in the prices of its American depositary receipts, which plaintiffs
claim occurred as a result of alleged misstatements and omissions in its
public disclosures.
Any liabilities, claims or actions in connection with the Over-issuance of
Securities under BBPLC's US shelf registration statements could have an
adverse effect on the Group's business, financial condition, results of
operations and reputation as a frequent issuer in the securities markets.
1 Exchange rate GBP/USD 1.22 as at 30 June 2022.
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 Loans and advances at amortised cost divided by deposits at amortised cost.
Period end allocated tangible equity Allocated tangible equity is calculated as 13.5% (2021: 13.5%) of RWAs for
each business, adjusted for capital deductions, excluding goodwill and
intangible assets, reflecting the assumptions the Group uses for capital
planning purposes. Head Office allocated tangible equity represents the
difference between the Group's tangible shareholders' equity and the amounts
allocated to businesses.
Average tangible shareholders' equity Calculated as the average of the previous month's period end tangible equity
and the current month's period end tangible equity. The average tangible
shareholders' equity for the period is the average of the monthly averages
within that period.
Average allocated tangible equity 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 average tangible shareholders' equity Annualised profit after tax attributable to ordinary equity holders of the
parent, as a proportion of average shareholders' equity excluding
non-controlling interests and other equity instruments adjusted for the
deduction of intangible assets and goodwill. The components of the calculation
have been included on pages 54 to 56.
Return on average allocated tangible equity Annualised profit after tax attributable to ordinary equity holders of the
parent, as a proportion of average allocated tangible equity. The components
of the calculation have been included on pages 54 to 57.
Cost: income ratio Total operating expenses divided by total income.
Loan loss rate Quoted in basis points and represents total annualised impairment charges
divided by gross loans and advances held at amortised cost at the balance
sheet date.
Net interest margin Annualised net interest income divided by the sum of average customer assets.
The components of the calculation have been included on page 25.
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 58.
Returns
Return on average tangible equity is calculated as profit after tax
attributable to ordinary equity holders of the parent as a proportion of
average tangible equity, excluding non-controlling and other equity interests
for businesses. Allocated tangible equity has been calculated as 13.5% (2021:
13.5%) of RWAs for each business, adjusted for capital deductions, excluding
goodwill and intangible assets, reflecting the assumptions the Group uses for
capital planning purposes. Head Office average allocated tangible equity
represents the difference between the Group's average tangible shareholders'
equity and the amounts allocated to businesses.
Profit/(loss) attributable to ordinary equity holders of the parent Average tangible equity Return on average tangible equity
Nine months ended 30.09.22 £m £bn %
Barclays UK 1,403 10.0 18.7
Corporate and Investment Bank 2,910 32.5 11.9
Consumer, Cards and Payments 309 4.7 8.9
Barclays International 3,219 37.2 11.5
Head Office (635) 1.6 n/m
Barclays Group 3,987 48.8 10.9
Nine months ended 30.09.21(1)
Barclays UK 1,336 9.9 17.9
Corporate and Investment Bank 3,337 28.2 15.8
Consumer, Cards and Payments 492 4.0 16.2
Barclays International 3,829 32.2 15.9
Head Office (39) 5.0 n/m
Barclays Group 5,126 47.1 14.5
1 2021 financial metrics have been restated to reflect the impact of the
Over-issuance of Securities. See Supplementary Information on page 51 for more
information.
Nine months ended 30.09.22
Barclays UK Corporate and Investment Bank Consumer, Cards and Payments Barclays International Head Office Barclays Group
Return on average tangible shareholders' equity £m £m £m £m £m £m
Attributable profit/(loss) 1,403 2,910 309 3,219 (635) 3,987
£bn £bn £bn £bn £bn £bn
Average shareholders' equity 13.6 32.5 5.6 38.1 5.2 56.9
Average goodwill and intangibles (3.6) - (0.9) (0.9) (3.6) (8.1)
Average tangible shareholders' equity 10.0 32.5 4.7 37.2 1.6 48.8
Return on average tangible shareholders' equity 18.7% 11.9% 8.9% 11.5% n/m 10.9%
Nine months ended 30.09.21(1)
Barclays UK Corporate and Investment Bank Consumer, Cards and Payments Barclays International Head Office Barclays Group
Return on average tangible shareholders' equity £m £m £m £m £m £m
Attributable profit/(loss) 1,336 3,337 492 3,829 (39) 5,126
£bn £bn £bn £bn £bn £bn
Average shareholders' equity 13.5 28.2 4.7 32.9 8.7 55.1
Average goodwill and intangibles (3.6) - (0.7) (0.7) (3.7) (8.0)
Average tangible shareholders' equity 9.9 28.2 4.0 32.2 5.0 47.1
Return on average tangible shareholders' equity 17.9% 15.8% 16.2% 15.9% n/m 14.5%
1 2021 financial metrics have been restated to reflect the impact of the
Over-issuance of Securities. See Supplementary Information on page 51 for more
information.
Barclays Group
Return on average tangible shareholders' equity Q322 Q222 Q122 Q421(1) Q321(1) Q221(1) Q121 Q420
£m £m £m £m £m £m £m £m
Attributable profit 1,512 1,071 1,404 1,079 1,374 2,048 1,704 220
£bn £bn £bn £bn £bn £bn £bn £bn
Average shareholders' equity 56.8 57.1 56.9 56.1 56.5 54.4 54.4 55.7
Average goodwill and intangibles (8.2) (8.1) (8.1) (8.1) (8.2) (7.9) (7.9) (8.1)
Average tangible shareholders' equity 48.6 49.0 48.8 48.0 48.3 46.5 46.5 47.6
Return on average tangible shareholders' equity 12.5% 8.7% 11.5% 9.0% 11.4% 17.6% 14.7% 1.8%
Barclays UK
Return on average allocated tangible equity Q322 Q222 Q122 Q421 Q321 Q221 Q121 Q420
£m £m £m £m £m £m £m £m
Attributable profit 549 458 396 420 317 721 298 160
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 13.5 13.6 13.7 13.6 13.6 13.5 13.5 13.4
Average goodwill and intangibles (3.6) (3.6) (3.6) (3.6) (3.6) (3.6) (3.6) (3.6)
Average allocated tangible equity 9.9 10.0 10.1 10.0 10.0 9.9 9.9 9.8
Return on average allocated tangible equity 22.1% 18.4% 15.6% 16.8% 12.7% 29.1% 12.0% 6.5%
1 2021 financial metrics have been restated to reflect the impact of the
Over-issuance of Securities. See Supplementary Information on page 51 for more
information.
Barclays International
Return on average allocated tangible equity Q322 Q222 Q122 Q421(1) Q321(1) Q221(1) Q121 Q420
£m £m £m £m £m £m £m £m
Attributable profit 1,136 783 1,300 818 1,191 1,207 1,431 441
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 40.1 38.2 36.0 33.8 32.7 33.0 32.8 31.1
Average goodwill and intangibles (1.0) (0.9) (0.9) (0.9) (0.9) (0.6) (0.5) (0.6)
Average allocated tangible equity 39.1 37.3 35.1 32.9 31.8 32.4 32.3 30.5
Return on average allocated tangible equity 11.6% 8.4% 14.8% 9.9% 14.9% 14.9% 17.7% 5.8%
Corporate and Investment Bank
Return on average allocated tangible equity Q322 Q222 Q122 Q421(1) Q321(1) Q221(1) Q121 Q420
£m £m £m £m £m £m £m £m
Attributable profit 1,015 579 1,316 695 1,085 989 1,263 413
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 34.0 32.7 30.8 28.7 27.8 28.4 28.2 26.3
Average goodwill and intangibles - - - - - - - -
Average allocated tangible equity 34.0 32.7 30.8 28.7 27.8 28.4 28.2 26.3
Return on average allocated tangible equity 11.9% 7.1% 17.1% 9.7% 15.6% 14.0% 17.9% 6.3%
Consumer, Cards and Payments
Return on average allocated tangible equity Q322 Q222 Q122 Q421 Q321 Q221 Q121 Q420
£m £m £m £m £m £m £m £m
Attributable profit/(loss) 121 204 (16) 123 106 218 168 28
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 6.1 5.5 5.2 5.1 4.9 4.6 4.6 4.8
Average goodwill and intangibles (1.0) (0.9) (0.9) (0.9) (0.9) (0.6) (0.5) (0.6)
Average allocated tangible equity 5.1 4.6 4.3 4.2 4.0 4.0 4.1 4.2
Return on average allocated tangible equity 9.5% 17.8% (1.5)% 11.7% 10.5% 21.8% 16.5% 2.7%
1 2021 financial metrics have been restated to reflect the impact of the
Over-issuance of Securities. See Supplementary Information on page 51 for more
information.
Tangible net asset value per share As at 30.09.22 Restated(1) Restated(1)
As at 31.12.21 As at 30.09.21
£m £m £m
Total equity excluding non-controlling interests 67,034 69,052 68,565
Other equity instruments (13,270) (12,259) (12,252)
Goodwill and intangibles (8,371) (8,061) (8,147)
Tangible shareholders' equity attributable to ordinary shareholders of the 45,393 48,732 48,166
parent
m m m
Shares in issue 15,888 16,752 16,851
p p p
Tangible net asset value per share 286 291 286
1 2021 financial metrics have been restated to reflect the impact of the
Over-issuance of Securities. See Supplementary Information on page 51 for more
information.
Notable Items
Nine months ended 30.09.22 Th
re
e
mo
nt
hs
en
de
d
30
.0
9.
22
£m Profit before tax Attributable profit Profit before tax Attributable profit
Statutory 5,702 3,987 1,969 1,512
Net impact from the Over-issuance of Securities (674) (552) 37 29
Customer remediation costs on legacy loan portfolio (282) (228) (101) (81)
Settlements in principle in respect of industry-wide devices investigations by (165) (165) - -
SEC and CFTC
Other litigation and conduct (105) (98) (63) (60)
Re-measurement of UK DTAs - (346) - -
Excluding the impact of notable items 6,928 5,376 2,096 1,624
Nine months ended 30.09.21 Three months ended 30.09.21
£m Profit before tax Attributable profit Profit before tax Attributable profit
Statutory(1) 6,766 5,126 1,864 1,374
Net impact from the Over-issuance of Securities (174) (132) (97) (73)
Structural cost action - June 2021 real estate review (266) (203) - -
Other litigation and conduct (131) (107) (32) (21)
Re-measurement of UK DTAs - 402 - 10
Excluding the impact of notable items 7,337 5,166 1,993 1,458
1 2021 financial and capital metrics have been restated to reflect the impact of
the Over-issuance of Securities. See Supplementary Information on page 51 for
more information.
The Group's management believes that the Non-GAAP financial measures excluding
notable items, included in the table above, provide valuable information to
enable users of the financial statements to assess the performance of the
Group. The notable items are separately identified within the Group's results
disclosures which, when excluded from Barclays' statutory financials, provide
an underlying profit and loss performance of the Group and enables consistent
comparison of performance from one period to another.
These non-GAAP financial measures excluding notable items are included as a
reference point only and are not incorporated within any of the key financial
metrics used in our Group Targets, which are measured on a statutory basis.
Shareholder Information
% Change(2)
Exchange rates(1) 30.09.22 30.06.22 30.09.21 30.06.22 30.09.21
Period end - USD/GBP 1.12 1.22 1.35 (8)% (17)%
YTD average - USD/GBP 1.26 1.30 1.39 (3)% (9)%
3 month average - USD/GBP 1.18 1.26 1.38 (6)% (14)%
Period end - EUR/GBP 1.14 1.16 1.16 (2)% (2)%
YTD average - EUR/GBP 1.18 1.19 1.16 (1)% 2%
3 month average - EUR/GBP 1.17 1.18 1.17 (1)% -
Share price data
Barclays PLC (p) 144.30 153.12 189.60
Barclays PLC number of shares (m)(3) 15,888 16,531 16,851
For further information please contact
Investor relations Media relations
Chris Manners +44 (0) 20 7773 2136 Tom Hoskin +44 (0) 20 7116 4755
More information on Barclays can be found on our website: home.barclays
Registered office
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000.
Company number: 48839.
Registrar
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United
Kingdom.
Tel: 0371 384 2055(4) from the UK or +44 121 415 7004 from overseas.
American Depositary Receipts (ADRs)
EQ Shareowner Services
P.O. Box 64504
St. Paul, MN 55164-0854
United States of America
shareowneronline.com/information/contact-us
Toll Free Number: +1 800-990-1135
Outside the US +1 651-453-2128
Delivery of ADR certificates and overnight mail
EQ Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights,
MN 55120-4100, USA.
1 The average rates shown above are derived from daily spot rates during the
year.
2 The change is the impact to GBP reported information.
3 The number of shares of 15,888m as at 30 September is different from the
15,865m quoted in the 3 October 2022 announcement because the share buyback
transactions executed on 29 and 30 September 2022 did not settle until 1
October 2022 and 3 October 2022 respectively.
4 Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding UK public
holidays in England and Wales.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END QRTUVSWRUAURUAARecent news on Barclays
See all newsREG - Barclays PLC NCC Group PLC - Form 8.3 NCC GROUP PLC
AnnouncementREG - Barclays PLC Intnl Personal Fin - Form 8.3 INTERNATIONAL PERSONAL FINANCE PLC
AnnouncementREG - Barclays PLC Just Group plc - Form 8.3 JUST GROUP PLC
AnnouncementREG - Barclays PLC British Land Co PLC - Form 8.3 BRITISH LAND COMPANY PLC, THE
AnnouncementREG - Barclays PLC Life Science REIT - Form 8.3 LIFE SCIENCE REIT PLC
Announcement