REG - Barclays PLC - 1st Quarter Results
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RNS Number : 7081G Barclays PLC 30 April 2025
Barclays PLC
Q1 2025 Results Announcement
31 March 2025
Notes
The terms Barclays and Group refer to Barclays PLC together with its
subsidiaries. Unless otherwise stated, the income statement analysis compares
the three months ended 31 March 2025 to the corresponding three months of 2024
and balance sheet analysis as at 31 March 2025 with comparatives relating to
31 December 2024 and 31 March 2024. The abbreviations '£m' and '£bn'
represent millions and thousands of millions of Pounds Sterling respectively;
the abbreviations '$m' and '$bn' represent millions and thousands of millions
of US Dollars respectively; and the abbreviations '€m' and '€bn' represent
millions and thousands of millions of Euros respectively.
There are a number of key judgement areas, for example impairment
calculations, which are based on models and which are subject to ongoing
adjustment and modifications. Reported numbers reflect best estimates and
judgements at the given point in time.
Relevant terms that are used in this document but are not defined under
applicable regulatory guidance or International Financial Reporting Standards
(IFRS) are explained in the results glossary, which can be accessed at
home.barclays/investor-relations (https://home.barclays/investor-relations/) .
The information in this announcement, which was approved by the Board of
Directors on 29 April 2025, does not comprise statutory accounts within the
meaning of Section 434 of the Companies Act 2006. Statutory accounts for the
year ended 31 December 2024, which contain an unmodified audit report under
Section 495 of the Companies Act 2006 (which does not make any statements
under Section 498 of the Companies Act 2006) will be delivered to the
Registrar of Companies in accordance with Section 441 of the Companies Act
2006.
These results will be furnished on Form 6-K to the US Securities and Exchange
Commission (SEC) as soon as practicable following publication of this
document. Once furnished to the SEC, a copy of the Form 6-K will be available
from the SEC's website at www.sec.gov (https://www.sec.gov/) .
Barclays is a frequent issuer in the debt capital markets and regularly meets
with investors via formal roadshows and other ad hoc meetings. Consistent with
its usual practice, Barclays expects that from time to time over the coming
quarter it will meet with investors globally to discuss these results and
other matters relating to the Group.
Non-IFRS performance measures
Barclays' management believes that the non-IFRS performance measures included
in this document provide valuable information to the readers of the financial
statements as they enable the reader to identify a more consistent basis for
comparing the businesses' performance between financial periods and provide
more detail concerning the elements of performance which the managers of these
businesses are most directly able to influence or are relevant for an
assessment of the Group. They also reflect an important aspect of the way in
which operating targets are defined and performance is monitored by Barclays'
management. However, any non-IFRS performance measures in this document are
not a substitute for IFRS measures and readers should consider the IFRS
measures as well. Refer to the appendix on pages 41 to 48 for definitions and
calculations of non-IFRS performance measures included throughout this
document, and reconciliations to the most directly comparable IFRS measures.
Forward-looking statements
This document contains certain forward-looking statements within the meaning
of Section 21E of the US Securities Exchange Act of 1934, as amended, and
Section 27A of the US Securities Act of 1933, as amended, with respect to the
Group. Barclays cautions readers that no forward-looking statement is a
guarantee of future performance and that actual results or other financial
condition or performance measures could differ materially from those contained
in the forward-looking statements. Forward-looking statements can be
identified by the fact that they do not relate only to historical or current
facts. Forward-looking statements sometimes use words such as 'may', 'will',
'seek', 'continue', 'aim', 'anticipate', 'target', 'projected', 'expect',
'estimate', 'intend', 'plan', 'goal', 'believe', 'achieve' or other words of
similar meaning. Forward-looking statements can be made in writing but also
may be made verbally by directors, officers and employees of the Group
(including during management presentations) in connection with this document.
Examples of forward-looking statements include, among others, statements or
guidance regarding or relating to the Group's future financial position,
business strategy, income levels, costs, assets and liabilities, impairment
charges, provisions, capital leverage and other regulatory ratios, capital
distributions (including policy on dividends and share buybacks), return on
tangible equity, projected levels of growth in banking and financial markets,
industry trends, any commitments and targets (including environmental, social
and governance ("ESG") commitments and targets), plans and objectives for
future operations, International Financial Reporting Standards ("IFRS") and
other statements that are not historical or current facts. By their nature,
forward-looking statements involve risk and uncertainty because they relate to
future events and circumstances. Forward-looking statements speak only as at
the date on which they are made. Forward-looking statements may be affected by
a number of factors, including, without limitation: changes in legislation,
regulations, governmental and regulatory policies, expectations and actions,
voluntary codes of practices and the interpretation thereof, changes in IFRS
and other accounting standards, including practices with regard to the
interpretation and application thereof and emerging and developing
sustainability reporting standards (including emissions accounting
methodologies); the outcome of current and future legal proceedings and
regulatory investigations; the Group's ability along with governments and
other stakeholders to measure, manage and mitigate the impacts of climate
change effectively or navigate inconsistencies and conflicts in the manner in
which climate policy is implemented in the regions where the Group operates,
including as a result of the adoption of anti-ESG rules and regulations, or
other forms of governmental and regulatory action against ESG policies;
environmental, social and geopolitical risks and incidents and similar events
beyond the Group's control; financial crime; the impact of competition in the
banking and financial services industry; capital, liquidity, leverage and
other regulatory rules and requirements applicable to past, current and future
periods; UK, US, Eurozone and global macroeconomic and business conditions,
including inflation; volatility in credit and capital markets; market related
risks such as changes in interest rates and foreign exchange rates; reforms to
benchmark interest rates and indices; higher or lower asset valuations;
changes in credit ratings of any entity within the Group or any securities
issued by it; changes in counterparty risk; changes in consumer behaviour;
changes in trade policy, including the imposition of tariffs or other
protectionist measures; the direct and indirect consequences of the conflicts
in Ukraine and the Middle East on European and global macroeconomic
conditions, political stability and financial markets; political elections,
including the impact of the US elections in 2024 and subsequent changes in
legislation and policy; developments in the UK's relationship with the
European Union; the risk of cyberattacks, information or security breaches,
technology failures or operational disruptions and any subsequent impact on
the Group's reputation, business or operations; the Group's ability to access
funding; and the success of acquisitions (including the acquisition of Tesco
Bank completed in November 2024), disposals, joint ventures and other
strategic transactions. A number of these factors are beyond the Group's
control. As a result, the Group's actual financial position, results,
financial and non-financial metrics or performance measures or its ability to
meet commitments and targets may differ materially from the statements or
guidance set forth in the Group's forward-looking statements. In setting its
targets and outlook for the period 2024-2026, Barclays has made certain
assumptions about the macroeconomic environment, including, without
limitation, inflation, interest and unemployment rates, the different markets
and competitive conditions in which Barclays operates, and its ability to grow
certain businesses and achieve costs savings and other structural actions.
Additional risks and factors which may impact the Group's future financial
condition and performance are identified in Barclays PLC's filings with the US
Securities and Exchange Commission ("SEC") (including, without limitation,
Barclays PLC's Annual Report on Form 20-F for the financial year ended 31
December 2024), which are available on the SEC's website at www.sec.gov.
(https://www.sec.gov/)
Subject to Barclays PLC's obligations under the applicable laws and
regulations of any relevant jurisdiction (including, without limitation, the
UK and the US) in relation to disclosure and ongoing information, we undertake
no obligation to update publicly or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Performance Highlights
In Q125 Barclays delivered a return on tangible equity (RoTE) of 14.0%, and is
on track to deliver 2025 guidance and 2026 targets
C. S. Venkatakrishnan, Group Chief Executive, commented
"I am very pleased with our performance in Q125, which represents another
strong quarter of execution. Compared to Q124, we grew our top line income by
11%, our profit before tax by 19%, our earnings per share (EPS) by 26%, and
delivered a Group RoTE of 14.0%. We also ended the quarter with a Common
Equity Tier 1 (CET1) ratio of 13.9% and a liquidity coverage ratio (LCR) of
175%.
Our high quality, diversified businesses, together with proactive risk,
capital and liquidity management and a robust balance sheet, position us well
to support our customers and clients and deliver strong risk-adjusted returns
in a wide range of macroeconomic scenarios. We remain committed to and
confident in delivering our previously announced financial and distribution
targets for 2025 and 2026."
• Q125 Group statutory RoTE of 14.0% with EPS improving to 13.0p
(Q124: 10.3p)
• Guidance for 2025 Group NII excluding Barclays Investment Bank
and Head Office increased from c.£12.2bn to greater than £12.5bn. Within
this, Barclays UK NII guidance increased from c.£7.4bn to greater than
£7.6bn
• Q125 Group cost: income ratio of 57% (FY25 guidance of c.61%)
- Delivered c.£150m of gross cost efficiency savings in Q125 (FY25
guidance of c.£0.5bn)
• Q125 loan loss rate (LLR) of 61bps, including a net £74m post
model adjustment for elevated US macroeconomic uncertainty
- Trends across our portfolios do not currently show signs of
deterioration
- Delinquencies remained broadly stable for US cards and UK cards:
- US cards 30 and 90 day arrears were 3.0%(1) (Q124: 3.1%) and 1.6%(1)
(Q124: 1.7%) respectively
- UK cards 30 and 90 day arrears were 0.7%(2) (Q124: 0.9%) and 0.2%(2)
(Q124: 0.2%) respectively
• Strong balance sheet with CET1 ratio of 13.9%, at upper end of
target range of 13-14%
• Tangible net asset value (TNAV) per share of 372p (December
2024: 357p)
• Completed sale of German consumer finance business, resulting in
a c.10bps CET1 ratio increase in Q125
• Announced long-term strategic partnership for Payment Acceptance
business
Key financial metrics:
Income Profit before tax Attributable profit Cost: income ratio LLR RoTE EPS TNAV per share CET1 ratio
Q125 £7.7bn £2.7bn £1.9bn 57% 61bps 14.0% 13.0p 372p 13.9%
Q125 Performance highlights:
• Group RoTE was 14.0% (Q124: 12.3%) with profit before tax of
£2.7bn (Q124: £2.3bn)
• Group income of £7.7bn was up 11% year-on-year, with Group NII
excluding Barclays Investment Bank and Head Office of £3.0bn, up 13%
year-on-year
- Barclays UK income increased 14%, driven by higher structural hedge
income and the acquisition of Tesco Bank
- Barclays UK Corporate Bank (UKCB) income increased 12%, reflecting
higher average deposit balances
- Barclays Private Bank and Wealth Management (PBWM) income increased
12%, reflecting higher client balances and transactional activity
- Barclays Investment Bank (IB) income increased 16%, including a 21%
increase in FICC in Global Markets and higher Investment Banking income
- Barclays US Consumer Bank (USCB) income increased 1% reflecting card
balance growth
• Group total operating expenses were £4.4bn, up 5% year-on-year
- Group operating costs increased 7% to £4.3bn, reflecting Tesco Bank
costs, further investment spend and business growth, inflation and the c.£50m
expense for the employee share grant announced at FY24 Results, partially
offset by c.£150m of cost efficiency savings
• Credit impairment charges were £0.6bn (Q124: £0.5bn) with an
LLR of 61bps (Q124: 51bps)
• CET1 ratio of 13.9% (December 2024: 13.6%), with risk weighted
assets (RWAs) of £351.3bn (December 2024: £358.1bn) and TNAV per share of
372p (December 2024: 357p)
1 Including a co-branded cards portfolio classified as assets held for sale.
2 Excludes Tesco Bank to aid comparability year-on-year.
Group financial guidance and targets(1):
2025 guidance
• Returns: RoTE of c.11%
• Capital returns: progressive increase in total capital returns
versus 2024
• Income: Group NII excluding IB and Head Office of greater than
£12.5bn, of which Barclays UK NII of greater than £7.6bn
• Costs: Group cost: income ratio of c.61%. This includes total
gross efficiency savings of c.£0.5bn in 2025
• Impairment: LLR of 50-60bps through the cycle
• Capital: CET1 ratio target range of 13-14%
2026 targets
• Returns: RoTE of greater than 12%
• Capital returns: plan to return at least £10bn of capital to
shareholders between 2024 and 2026, through dividends and share buybacks, with
a continued preference for buybacks
- Plan to keep total dividend stable at 2023 level in absolute terms,
with progressive dividend per share growth driven through share count
reduction as a result of increased share buybacks
- Dividends will continue to be paid semi-annually. This multi-year plan
is subject to supervisory and Board approval, anticipated financial
performance and our published CET1 ratio target range of 13-14%
• Income: Group total income of c.£30bn
• Costs: Group cost: income ratio of high 50s in percentage terms,
implying Group total operating expenses of c.£17bn, based on targeted Group
total income of c.£30bn. Cost target includes total gross efficiency savings
of c.£2bn by 2026
• Impairment: expect an LLR of 50-60bps through the cycle
• Capital: CET1 ratio target range of 13-14%
- Targeting IB RWAs of c.50% of Group RWAs in 2026
- Impact of regulatory change on RWAs in line with our prior guidance of
c.£19-26bn
- c.£3-10bn RWAs from Basel 3.1, with implementation expected on 1
January 2027
- c.£16bn RWAs from USCB moving to an Internal Ratings Based (IRB) model,
subject to model build and portfolio changes, implementation could be beyond
2026
- 0.1% increase in Pillar 2A from Q125 until model implementation
1 Our targets and guidance are based on management's current expectations as to
the macroeconomic environment and the business and may be subject to change.
Barclays Group results Three months ended
31.03.25 31.03.24
£m £m % Change
Barclays UK 2,074 1,826 14
Barclays UK Corporate Bank 484 434 12
Barclays Private Bank and Wealth Management 349 312 12
Barclays Investment Bank 3,873 3,328 16
Barclays US Consumer Bank 864 859 1
Head Office 65 194 (66)
Total income 7,709 6,953 11
Operating costs (4,258) (3,998) (7)
UK regulatory levies (96) (120) 20
Litigation and conduct (11) (57) 81
Total operating expenses (4,365) (4,175) (5)
Other net income 18 12 50
Profit before impairment 3,362 2,790 21
Credit impairment charges (643) (513) (25)
Profit before tax 2,719 2,277 19
Tax charge (621) (465) (34)
Profit after tax 2,098 1,812 16
Non-controlling interests (2) (3) 33
Other equity instrument holders (232) (259) 10
Attributable profit 1,864 1,550 20
Performance measures
Return on average tangible shareholders' equity 14.0% 12.3%
Average tangible shareholders' equity (£bn) 53.1 50.5
Cost: income ratio 57% 60%
Loan loss rate (bps) 61 51
Basic earnings per ordinary share 13.0p 10.3p
Basic weighted average number of shares (m) 14,314 14,983 (4)
Period end number of shares (m) 14,336 15,091 (5)
Period end tangible shareholders' equity (£bn) 53.4 50.6
As at 31.03.25 As at 31.12.24 As at 31.03.24
Balance sheet and capital management(1) £bn £bn £bn
Loans and advances at amortised cost 419.4 414.5 397.9
Loans and advances at amortised cost impairment coverage ratio 1.2% 1.2% 1.4%
Total assets 1,593.5 1,518.2 1,577.1
Deposits at amortised cost 574.3 560.7 552.3
Tangible net asset value per share 372p 357p 335p
Common equity tier 1 ratio 13.9% 13.6% 13.5%
Common equity tier 1 capital 48.8 48.6 47.1
Risk weighted assets 351.3 358.1 349.6
UK leverage ratio 5.0% 5.0% 4.9%
UK leverage exposure 1,252.8 1,206.5 1,226.5
Funding and liquidity
Group liquidity pool (£bn) 336.3 296.9 323.5
Liquidity coverage ratio(2) 175.3% 172.4% 163.2%
Net stable funding ratio(3) 136.2% 134.9% 135.7%
Loan: deposit ratio 73% 74% 72%
1 Refer to pages 33 to 37 for further information on how capital, RWAs and
leverage are calculated.
2 Represents average of the last 12 spot month end ratios.
3 Represents average of the last four spot quarter end positions.
Group Finance Director's Review
Q125 Group performance
• Barclays delivered a profit before tax of £2,719m (Q124:
£2,277m), RoTE of 14.0% (Q124: 12.3%) and EPS of 13.0p (Q124: 10.3p)
• The Group has a diverse income profile across businesses and
geographies including a significant presence in the US. The average GBP/USD
exchange rate in Q125 was broadly the same as prior year. The strengthening of
the spot GBP/USD exchange rate since December 2024(1) reduced the value of USD
denominated assets and liabilities
• Group statutory income increased 11% to £7,709m (Q124:
£6,953m), driven by higher structural hedge income, higher income in Global
Markets, particularly in FICC, and Tesco Bank
• Group total operating expenses increased to £4,365m (Q124:
£4,175m). Group operating costs increased 7% to £4,258m, reflecting Tesco
Bank costs, further investment spend and business growth, inflation and the
c.£50m expense for the employee share grant announced at FY24 Results,
partially offset by c.£150m of cost efficiency savings
• Credit impairment charges increased to £643m (Q124: £513m),
primarily driven by a post model adjustment of net £74m for elevated US
macroeconomic uncertainty, and stage migration impact for Tesco Bank post day
1 acquisition. Total coverage ratio remains stable at 1.2% (December 2024:
1.2%)
• The effective tax rate (ETR) was 22.8% (Q124: 20.4%). The Q124
ETR was lower as a result of tax benefits in that period
• Attributable profit was £1,864m (Q124: £1,550m)
• Total assets increased to £1,593.5bn (December 2024:
£1,518.2bn), driven by an increase in trading activity in IB and an increase
in the liquidity pool from increased deposits and wholesale funding. This was
partially offset by a reduction in derivatives
• TNAV per share increased to 372p (December 2024: 357p) including
EPS of 13.0p. An increase in the cash flow hedging reserve was partially
offset by a movement in the currency translation reserve
Group capital and leverage
• The CET1 ratio increased by c.30bps to 13.9% (December 2024:
13.6%) as CET1 capital increased by £0.2bn to £48.8bn and RWAs decreased by
£6.8bn to £351.3bn:
- c.50bps increase from attributable profit
- c.40bps decrease driven by shareholder distributions including the
£1.0bn share buyback announced with FY24 Results and an accrual towards the
FY25 dividend
- c.10bps increase from other CET1 capital movements
- c.10bps increase as a result of a £3.7bn decrease in RWAs, excluding
the impact of foreign exchange movements, primarily driven by the disposal of
the German consumer finance business
- A £0.5bn decrease in CET1 capital due to a decrease in the currency
translation reserve was broadly offset by a £3.1bn decrease in RWAs as a
result of foreign exchange movements
• The UK leverage ratio remained stable at 5.0% (December 2024:
5.0%), as leverage exposure increased by £46.3bn to £1,252.8bn (December
2024: £1,206.5bn) partially offset by an increase in Tier 1 capital of
£1.4bn. The increase in leverage exposure was largely driven by an increase
in trading activity in IB
Group funding and liquidity
• The liquidity metrics remain well above regulatory requirements,
underpinned by well-diversified sources of funding, a stable global deposit
franchise and a highly liquid balance sheet
• The liquidity pool was £336.3bn, an increase of £39.4bn from
December 2024 (£296.9bn). The increase in the liquidity pool was primarily
driven by deposit growth in IB, UKCB and PBWM, and in term wholesale funding
• The average(2) LCR increased to 175.3% (December 2024: 172.4%),
equivalent to a surplus of £132.0bn (December 2024: £127.6bn)
• Total deposits increased by £13.6bn to £574.3bn (December
2024: £560.7bn), driven by inflows of customer deposits in IB, PBWM and UKCB
• The average(3) Net Stable Funding Ratio (NSFR) was 136.2%
(December 2024: 134.9%), which represents a £169.5bn surplus (December 2024:
£162.9bn) above the 100% regulatory requirement
• Wholesale funding outstanding, excluding repurchase agreements,
was £195.6bn (December 2024: £186.0bn)
• The Group issued £6.9bn equivalent of minimum requirement for
own funds and eligible liabilities (MREL) instruments from Barclays PLC (the
Parent company) in Q125. The Group has a strong MREL position with a ratio of
36.2%, which is in excess of the regulatory requirement of 30.7% plus a
confidential, institution specific, PRA buffer
1 Refer to page 49 for more information on FX rates.
2 Represents average of the last 12 spot month end ratios.
3 Represents average of the last four spot quarter end ratios.
Other matters
• Disposal of German consumer finance business: In Q125, Barclays
Bank Ireland PLC announced the completion of the sale of its German consumer
finance business to BAWAG P.S.K., a wholly owned subsidiary of BAWAG Group AG.
The sale released c.£3.3bn of RWAs, increasing Barclays' CET1 ratio by
c.10bps in Q125
• Long-term strategic partnership for Payment Acceptance business:
On 17 April 2025, Barclays announced it had entered into a long-term strategic
partnership with Brookfield Asset Management Ltd to grow and transform
Barclays' Payment Acceptance business, previously referred to as the merchant
acquiring business
Anna Cross, Group Finance Director
Results by Business
Barclays UK Three months ended
31.03.25 31.03.24
Income statement information £m £m % Change
Net interest income 1,822 1,549 18
Net fee, commission and other income 252 277 (9)
Total income 2,074 1,826 14
Operating costs (1,115) (1,007) (11)
UK regulatory levies (43) (54) 20
Litigation and conduct (2) (2)
Total operating expenses (1,160) (1,063) (9)
Other net income - -
Profit before impairment 914 763 20
Credit impairment charges (158) (58)
Profit before tax 756 705 7
Attributable profit 510 479 6
Performance measures
Return on average allocated tangible equity 17.4% 18.5%
Average allocated tangible equity (£bn) 11.7 10.4
Cost: income ratio 56% 58%
Loan loss rate (bps) 28 11
Net interest margin 3.55% 3.09%
As at 31.03.25 As at 31.12.24 As at 31.03.24
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 209.6 207.7 200.8
Total assets 301.4 299.8 293.3
Customer deposits at amortised cost 243.1 244.2 237.2
Loan: deposit ratio 93% 92% 92%
Risk weighted assets 85.0 84.5 76.5
Period end allocated tangible equity 11.8 11.6 10.7
Analysis of Barclays UK Three months ended
31.03.25 31.03.24
Analysis of total income £m £m % Change
Personal Banking(1) 1,348 1,128 20
Barclaycard Consumer UK 225 229 (2)
Business Banking 501 469 7
Total income 2,074 1,826 14
Analysis of credit impairment charges
Personal Banking(1) (107) (14)
Barclaycard Consumer UK (38) (38) -
Business Banking (13) (6)
Total credit impairment charges (158) (58)
As at 31.03.25 As at 31.12.24 As at 31.03.24
Analysis of loans and advances to customers at amortised cost £bn £bn £bn
Personal Banking(1) 179.3 177.0 169.0
Barclaycard Consumer UK 11.1 11.0 9.8
Business Banking 19.2 19.7 22.0
Total loans and advances to customers at amortised cost 209.6 207.7 200.8
Analysis of customer deposits at amortised cost
Personal Banking(1) 190.8 191.4 183.4
Barclaycard Consumer UK - - -
Business Banking 52.3 52.8 53.8
Total customer deposits at amortised cost 243.1 244.2 237.2
1 Following the completion of the acquisition on 1 November 2024, Tesco Bank is
reported in Personal Banking.
Barclays UK delivered a RoTE of 17.4% (Q124: 18.5%) supported by robust
income, strong asset quality and disciplined cost management, with continued
investment in delivering a simpler, better and more balanced retail bank.
Income statement - Q125 compared to Q124
• Profit before tax increased 7% to £756m
• Total income increased 14% to £2,074m. NII increased 18% to
£1,822m, as continued structural hedge momentum and the impact from the
acquisition of Tesco Bank was partially offset by adverse deposit dynamics,
which stabilised through 2024, and mortgage margin compression. Net fee,
commission and other income decreased 9% to £252m
• Total operating expenses increased 9% to £1,160m, driven by
Tesco Bank costs and inflation. Ongoing efficiency savings continue to be
reinvested, to drive sustainable improvement to the cost: income ratio
• Credit impairment charges were £158m (Q124: £58m), driven by
stage migration impact for Tesco Bank post day 1 acquisition, consistent low
delinquencies in UK cards and high quality mortgage lending portfolio. UK
cards (excluding Tesco Bank) 30 and 90 day arrears remained low at 0.7% (Q124:
0.9%) and 0.2% (Q124: 0.2%) respectively. The UK cards total coverage ratio
increased to 4.9% (December 2024: 4.8%) due to stage migration in Tesco Bank
Balance sheet - 31 March 2025 compared to 31 December 2024
• Loans and advances to customers at amortised cost increased by
£1.9bn to £209.6bn, primarily driven by growth in mortgage lending,
partially offset by continued repayment of government scheme lending in
Business Banking
• Customer deposits at amortised cost decreased by £1.1bn to
£243.1bn, driven by a reduction in retail savings and Business Banking
current account balances due to seasonality. The loan: deposit ratio remained
stable at 93% (December 2024: 92%)
• RWAs increased to £85.0bn (December 2024: £84.5bn) primarily
due to mortgage lending growth
Barclays UK Corporate Bank Three months ended
31.03.25 31.03.24
Income statement information £m £m % Change
Net interest income 342 277 23
Net fee, commission, trading and other income 142 157 (10)
Total income 484 434 12
Operating costs (234) (221) (6)
UK regulatory levies (24) (30) 20
Litigation and conduct - -
Total operating expenses (258) (251) (3)
Other net income - -
Profit before impairment 226 183 23
Credit impairment charges (19) (15) (27)
Profit before tax 207 168 23
Attributable profit 142 113 26
Performance measures
Return on average allocated tangible equity 17.1% 15.2%
Average allocated tangible equity (£bn) 3.3 3.0
Cost: income ratio 53% 58%
Loan loss rate (bps) 28 23
As at 31.03.25 As at 31.12.24 As at 31.03.24
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 26.7 25.4 25.7
Deposits at amortised cost 85.3 83.1 81.7
Risk weighted assets 24.2 23.9 21.4
Period end allocated tangible equity 3.4 3.3 3.0
Three months ended
31.03.25 31.03.24
Analysis of total income £m £m % Change
Corporate lending 80 72 11
Transaction banking 404 362 12
Total income 484 434 12
UKCB delivered a RoTE of 17.1% (Q124: 15.2%), as increased income from higher
average deposits and lending balances was partially offset by continuing
investment to support future growth ambitions.
Income statement - Q125 compared to Q124
• Profit before tax increased 23% to £207m
• Total income increased 12% to £484m. Net interest income
increased 23% to £342m driven by higher average deposits and lending
balances. Net fee, commission, trading and other income decreased 10% to
£142m due to the non-repeat of prior year one-off gains
• Total operating expenses increased 3% to £258m, reflecting
higher investment spend to support business growth ambitions with ongoing
efficiency savings offsetting inflationary headwinds
• Credit impairment charges were £19m (Q124: £15m), driven by
stable underlying credit performance and limited single name charges
Balance sheet - 31 March 2025 compared to 31 December 2024
• Loans and advances to customers at amortised cost increased to
£26.7bn (December 2024: £25.4bn), reflecting the strategic focus to grow
customer lending
• Customer deposits at amortised cost increased to £85.3bn
(December 2024: £83.1bn), driven by an inflow of balances from new and
existing customers
• RWAs were broadly stable at £24.2bn (December 2024: £23.9bn)
Barclays Private Bank and Wealth Management Three months ended
31.03.25 31.03.24
Income statement information £m £m % Change
Net interest income 204 175 17
Net fee, commission and other income 145 137 6
Total income 349 312 12
Operating costs (234) (214) (9)
UK regulatory levies (2) (3) 33
Litigation and conduct - -
Total operating expenses (236) (217) (9)
Other net income - -
Profit before impairment 113 95 19
Credit impairment releases 9 -
Profit before tax 122 95 28
Attributable profit 96 74 30
Performance measures
Return on average allocated tangible equity 34.5% 28.7%
Average allocated tangible equity (£bn) 1.1 1.0
Cost: income ratio 68% 70%
Loan loss rate (bps) (25) -
As at 31.03.25 As at 31.12.24 As at 31.03.24
Key facts £bn £bn £bn
Net new assets under management(1) 1.0 0.7 0.2
Invested assets(2) 124.4 124.6 113.2
Clients assets and liabilities(3) 212.4 208.9 189.1
As at 31.03.25 As at 31.12.24 As at 31.03.24
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 14.5 14.5 13.7
Deposits at amortised cost 73.1 69.5 61.9
Risk weighted assets 8.0 7.9 7.2
Period end allocated tangible equity 1.1 1.1 1.0
PBWM delivered a RoTE of 34.5% (Q124: 28.7%), as strong growth in income due
to continued inflow of client balances was partially offset by continued
investment in people, product and platform.
Income statement - Q125 compared to Q124
• Profit before tax increased 28% to £122m
• Total income increased 12% to £349m driven by growth in
deposits and invested asset balances from net new inflows and market
movements, along with higher transactional activity due to market volatility
• Total operating expenses increased 9% to £236m, reflecting
higher investment spend to support business growth ambitions with ongoing
efficiency savings offsetting inflationary headwinds
Balance sheet - 31 March 2025 compared to 31 December 2024
• Client assets and liabilities increased £3.5bn to £212.4bn,
driven by net new deposits and assets under management inflows, partially
offset by the impact of FX and market movements
• RWAs were stable at £8.0bn (December 2024: £7.9bn)
1 Net new assets under management reflects the net inflows and outflows of
client balances within Discretionary and Advisory mandates. It excludes market
performance and foreign exchange translation, but includes dividend payments.
2 Invested assets represent assets under management and supervision.
3 Client assets and liabilities refers to customer deposits, lending and
invested assets
Barclays Investment Bank Three months ended
31.03.25 31.03.24
Income statement information £m £m % Change
Net interest income 297 197 51
Net trading income 2,416 1,982 22
Net fee, commission and other income 1,160 1,149 1
Total income 3,873 3,328 16
Operating costs (2,061) (1,957) (5)
UK regulatory levies (27) (33) 18
Litigation and conduct (3) (9) 67
Total operating expenses (2,091) (1,999) (5)
Other net income - -
Profit before impairment 1,782 1,329 34
Credit impairment (charges)/releases (72) 10
Profit before tax 1,710 1,339 28
Attributable profit 1,199 899 33
Performance measures
Return on average allocated tangible equity 16.2% 12.0%
Average allocated tangible equity (£bn) 29.6 30.0
Cost: income ratio 54% 60%
Loan loss rate (bps) 23 (4)
As at 31.03.25 As at 31.12.24 As at 31.03.24
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 68.6 69.7 64.6
Loans and advances to banks at amortised cost 7.4 6.8 7.6
Debt securities at amortised cost 53.1 47.9 40.4
Loans and advances at amortised cost 129.1 124.4 112.6
Trading portfolio assets 185.5 166.1 195.3
Derivative financial instrument assets 253.6 291.6 248.9
Financial assets at fair value through the income statement 209.5 190.4 225.1
Cash collateral and settlement balances 148.8 111.1 129.8
Deposits at amortised cost 148.9 140.5 151.1
Derivative financial instrument liabilities 245.1 279.0 241.5
Risk weighted assets 195.9 198.8 200.4
Period end allocated tangible equity 28.9 29.3 29.6
Three months ended
31.03.25 31.03.24
Analysis of total income £m £m % Change
FICC 1,699 1,404 21
Equities 963 883 9
Global Markets 2,662 2,287 16
Advisory 143 148 (3)
Equity capital markets 70 68 3
Debt capital markets 431 401 7
Banking fees and underwriting 644 617 4
Corporate lending 156 42
Transaction banking 411 382 8
International Corporate Bank 567 424 34
Investment Banking 1,211 1,041 16
Total income 3,873 3,328 16
IB delivered a RoTE of 16.2% (Q124: 12.0%) with Markets and Investment Banking
supporting clients in a volatile environment. This was supported by improved
RWA productivity and positive operating jaws.
Income statement - Q125 compared to Q124
• Profit before tax increased to £1,710m (Q124: £1,339m)
• Total income increased 16% to £3,873m
- Global Markets income increased 16% to £2,662m driven by increased
income across FICC and Equities
- FICC income increased 21% to £1,699m, reflecting increased volatility
and client activity, including a strong performance in Macro and Securitised
Products, and continued strength in Financing
- Equities income increased 9% to £963m, (27% excluding the prior year
£125m fair value gain on Visa B shares), reflecting elevated volatility and
client activity in Derivatives and growth in Prime
- Investment Banking income increased 16% to £1,211m
- Banking fees and underwriting income increased 4% to £644m reflecting
increased market share(1)
- International Corporate Bank income increased 34% to £567m. Corporate
lending income increased to £156m due to fair value gains on leverage finance
lending (c.£105m). Transaction banking income increased 8% to £411m, as
higher income from growth in deposit balances was partially offset by margin
compression due to change in deposits product mix
• Total operating expenses increased 5% to £2,091m driven by the
impact of inflation, partially offset by efficiency savings
• Credit impairment charges were £72m (Q124: £10m release),
primarily driven by a post model adjustment of net £36m for elevated US
macroeconomic uncertainty, and single name charges including the benefit of
credit protection
Balance sheet - 31 March 2025 compared to 31 December 2024
• Loans and advances at amortised costs increased £4.7bn to
£129.1bn (December £124.4bn), driven by stable lending and increased
investment in debt securities in treasury
• Trading portfolio assets increased £19.4bn to £185.5bn
(December £166.1bn), driven by increased trading in debt securities to
facilitate client demand in Global Markets
• Derivative assets decreased £38.0bn to £253.6bn and
liabilities decreased £33.9bn to £245.1bn, primarily driven by decreased
mark-to-market value on FX derivatives as a result of USD depreciation in Q125
• Deposits at amortised cost increased £8.4bn to £148.9bn,
driven by growth in deposits across the business
• RWAs decreased to £195.9bn (December 2024: £198.8bn) mainly
driven by FX as GBP strengthened against USD, with lower credit risk offset by
higher market risk as we continued to support clients through a period of
volatility
1 Data source: Dealogic for the period covering 1 January to 31 March 2025.
Barclays US Consumer Bank Three months ended
31.03.25 31.03.24
Income statement information £m £m % Change
Net interest income 678 688 (1)
Net fee, commission and other income 186 171 9
Total income 864 859 1
Operating costs (407) (387) (5)
UK regulatory levies - -
Litigation and conduct (3) (3)
Total operating expenses (410) (390) (5)
Other net income - -
Profit before impairment 454 469 (3)
Credit impairment charges (399) (410) 3
Profit before tax 55 59 (7)
Attributable profit 41 44 (7)
Performance measures
Return on average allocated tangible equity 4.5% 5.3%
Average allocated tangible equity (£bn) 3.6 3.3
Cost: income ratio 47% 46%
Loan loss rate (bps) 562 610
Net interest margin 10.53% 11.12%
As at 31.03.25 As at 31.12.24 As at 31.03.24
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 18.8 20.0 23.6
Deposits at amortised cost 23.8 23.3 20.3
Risk weighted assets 25.6 26.8 23.9
Period end allocated tangible equity 3.5 3.7 3.3
USCB delivered a RoTE of 4.5% (Q124: 5.3%), as income improvement and broadly
stable delinquencies were offset by higher costs and the inclusion of a post
model adjustment for elevated US macroeconomic uncertainty.
Income statement - Q125 compared to Q124
• Profit before tax was £55m (Q124: £59m)
• Total income increased 1% to £864m, as underlying business
growth was offset by the non-repeat of a gain on sale and foregone interest
income from $1.1bn receivables sold to Blackstone in Q124. NII reduced 1% to
£678m reflecting margin compression from the lower interest rate environment.
Net fee, commission and other income increased 9% to £186m driven by account
and purchase growth as well as benefits from interest rate hedges which offset
the margin compression in NII
• Total operating expenses increased 5% to £410m, driven by
business growth and inflation, partially offset by efficiency savings
• Credit impairment charges were £399m (Q124: £410m), including
a post model adjustment of £38m for elevated US macroeconomic uncertainty,
with broadly stable delinquencies in US cards. US cards 30 and 90 day arrears
were 3.0%(1) (Q124: 3.1%) and 1.6%(1) (Q124: 1.7%) respectively. The USCB
total coverage ratio was 12.0% (December 2024: 11.4%)
Balance sheet - 31 March 2025 compared to 31 December 2024
• Loans and advances to customers at amortised cost reduced to
£18.8bn (December 2024: £20.0bn), reflecting a decrease in receivables due
to seasonality and the strengthening of GBP against USD
• Customer deposits at amortised cost increased to £23.8bn
(December 2024: £23.3bn), with growth in underlying retail savings which is
in line with USCB's ambition to grow core deposits, partially offset by the
strengthening of GBP against USD
• RWAs decreased to £25.6bn (December 2024: £26.8bn), driven by
decreased balances due to seasonality and the strengthening of GBP against USD
1 Including a co-branded cards portfolio classified as assets held for sale.
Head Office Three months ended
31.03.25 31.03.24
Income statement information £m £m % Change
Net interest income 174 186 (6)
Net fee, commission and other income (109) 8
Total income 65 194 (66)
Operating costs (207) (211) 2
UK regulatory levies - -
Litigation and conduct (3) (44) 93
Total operating expenses (210) (255) 18
Other net income 18 12 50
Loss before impairment (127) (49)
Credit impairment charges (4) (40) 90
Loss before tax (131) (89) (47)
Attributable loss (124) (59)
Performance measures
Average allocated tangible equity (£bn) 3.8 2.8
As at 31.03.25 As at 31.12.24 As at 31.03.24
Balance sheet information £bn £bn £bn
Risk weighted assets 12.7 16.2 20.2
Period end allocated tangible equity 4.7 2.4 3.0
Income statement - Q125 compared to Q124
• Loss before tax was £131m (Q124: £89m)
• Total income decreased to £65m (Q124: £194m), primarily from
the non-recurrence of the prior year gain on disposal of a legacy investment
and the impact of the disposal of the German consumer finance business in
early Q125
• Total operating expenses decreased to £210m (Q124: £255m),
primarily from lower litigation and conduct charges and the impact of the
disposal of the German consumer finance business in early Q125, partially
offset by the c.£50m expense for the employee share grant announced at FY24
Results
• Credit impairment charges decreased to £4m (Q124: £40m),
driven by the disposal of the German consumer finance business in early Q125
and the disposal of the Italian mortgage portfolios in FY24
Balance sheet - 31 March 2025 compared to 31 December 2024
• RWAs decreased to £12.7bn (December 2024: £16.2bn), primarily
driven by the disposal of the German consumer finance business
Quarterly Results Summary
Barclays Group
Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
Income statement information £m £m £m £m £m £m £m £m
Net interest income 3,517 3,500 3,308 3,056 3,072 3,139 3,247 3,270
Net fee, commission and other income 4,192 3,464 3,239 3,268 3,881 2,459 3,011 3,015
Total income 7,709 6,964 6,547 6,324 6,953 5,598 6,258 6,285
Operating costs (4,258) (4,244) (3,954) (3,999) (3,998) (4,735) (3,949) (3,919)
UK regulatory levies (96) (227) 27 - (120) (180) - -
Litigation and conduct (11) (121) (35) (7) (57) (5) - (33)
Total operating expenses (4,365) (4,592) (3,962) (4,006) (4,175) (4,920) (3,949) (3,952)
Other net income/(expenses) 18 - 21 4 12 (16) 9 3
Profit before impairment 3,362 2,372 2,606 2,322 2,790 662 2,318 2,336
Credit impairment charges (643) (711) (374) (384) (513) (552) (433) (372)
Profit before tax 2,719 1,661 2,232 1,938 2,277 110 1,885 1,964
Tax (charges)/credit (621) (448) (412) (427) (465) 23 (343) (353)
Profit after tax 2,098 1,213 1,820 1,511 1,812 133 1,542 1,611
Non-controlling interests (2) (20) (3) (23) (3) (25) (9) (22)
Other equity instrument holders (232) (228) (253) (251) (259) (219) (259) (261)
Attributable profit/(loss) 1,864 965 1,564 1,237 1,550 (111) 1,274 1,328
Performance measures
Return on average tangible shareholders' equity 14.0% 7.5% 12.3% 9.9% 12.3% (0.9)% 11.0% 11.4%
Average tangible shareholders' equity (£bn) 53.1 51.5 51.0 49.8 50.5 48.9 46.5 46.7
Cost: income ratio 57% 66% 61% 63% 60% 88% 63% 63%
Loan loss rate (bps) 61 66 37 38 51 54 42 37
Basic earnings per ordinary share 13.0p 6.7p 10.7p 8.3p 10.3p (0.7)p 8.3p 8.6p
Basic weighted average number of shares (m) 14,314 14,432 14,648 14,915 14,983 15,092 15,405 15,523
Period end number of shares (m) 14,336 14,420 14,571 14,826 15,091 15,155 15,239 15,556
Period end tangible shareholders' equity (£bn) 53.4 51.5 51.1 50.4 50.6 50.2 48.2 45.3
Balance sheet and capital management(1) £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 338.6 337.9 326.5 329.8 332.1 333.3 339.6 337.4
Loans and advances to banks at amortised cost 9.4 8.3 8.1 8.0 8.5 9.5 11.5 10.9
Debt securities at amortised cost 71.4 68.2 64.6 61.7 57.4 56.7 54.3 53.1
Loans and advances at amortised cost 419.4 414.5 399.2 399.5 397.9 399.5 405.4 401.4
Loans and advances at amortised cost impairment coverage ratio 1.2% 1.2% 1.3% 1.4% 1.4% 1.4% 1.4% 1.4%
Total assets 1,593.5 1,518.2 1,531.1 1,576.6 1,577.1 1,477.5 1,591.7 1,549.7
Deposits at amortised cost 574.3 560.7 542.8 557.5 552.3 538.8 561.3 554.7
Tangible net asset value per share 372p 357p 351p 340p 335p 331p 316p 291p
Common equity tier 1 ratio 13.9% 13.6% 13.8% 13.6% 13.5% 13.8% 14.0% 13.8%
Common equity tier 1 capital 48.8 48.6 47.0 47.7 47.1 47.3 48.0 46.6
Risk weighted assets 351.3 358.1 340.4 351.4 349.6 342.7 341.9 336.9
UK leverage ratio 5.0% 5.0% 4.9% 5.0% 4.9% 5.2% 5.0% 5.1%
UK leverage exposure 1,252.8 1,206.5 1,197.4 1,222.7 1,226.5 1,168.3 1,202.4 1,183.7
Funding and liquidity
Group liquidity pool (£bn) 336.3 296.9 311.7 328.7 323.5 298.1 335.0 330.7
Liquidity coverage ratio 175.3% 172.4% 170.1% 167.0% 163.2% 161.4% 158.7% 157.2%
Net stable funding ratio 136.2% 134.9% 135.6% 136.4% 135.7% 138.0% 138.2% 138.8%
Loan: deposit ratio 73% 74% 74% 72% 72% 74% 72% 72%
1 Refer to pages 33 to 37 for further information on how capital, RWAs and
leverage are calculated.
Barclays UK
Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
Income statement information £m £m £m £m £m £m £m £m
Net interest income 1,822 1,815 1,666 1,597 1,549 1,575 1,578 1,660
Net fee, commission and other income 252 800 280 290 277 217 295 301
Total income 2,074 2,615 1,946 1,887 1,826 1,792 1,873 1,961
Operating costs (1,115) (1,170) (1,017) (1,041) (1,007) (1,153) (1,058) (1,090)
UK regulatory levies (43) (36) 12 - (54) (30) - -
Litigation and conduct (2) (9) (1) (4) (2) (4) 9 5
Total operating expenses (1,160) (1,215) (1,006) (1,045) (1,063) (1,187) (1,049) (1,085)
Other net income - - - - - - - -
Profit before impairment 914 1,400 940 842 763 605 824 876
Credit impairment charges (158) (283) (16) (8) (58) (37) (59) (95)
Profit before tax 756 1,117 924 834 705 568 765 781
Attributable profit 510 781 621 584 479 382 531 534
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 209.6 207.7 199.3 198.7 200.8 202.8 204.9 206.8
Customer deposits at amortised cost 243.1 244.2 236.3 236.8 237.2 241.1 243.2 249.8
Loan: deposit ratio 93% 92% 92% 91% 92% 92% 92% 90%
Risk weighted assets 85.0 84.5 77.5 76.5 76.5 73.5 73.2 73.0
Period end allocated tangible equity 11.8 11.6 10.7 10.6 10.7 10.2 10.1 10.1
Performance measures
Return on average allocated tangible equity 17.4% 28.0% 23.4% 22.3% 18.5% 14.9% 21.0% 20.9%
Average allocated tangible equity (£bn) 11.7 11.2 10.6 10.5 10.4 10.2 10.1 10.2
Cost: income ratio 56% 46% 52% 55% 58% 66% 56% 55%
Loan loss rate (bps) 28 49 3 1 11 7 10 17
Net interest margin 3.55% 3.53% 3.34% 3.22% 3.09% 3.07% 3.04% 3.22%
Analysis of Barclays UK Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
Analysis of total income £m £m £m £m £m £m £m £m
Personal Banking(1) 1,348 1,847 1,184 1,174 1,128 1,067 1,165 1,244
Barclaycard Consumer UK 225 231 249 228 229 242 238 237
Business Banking 501 537 513 485 469 483 470 480
Total income 2,074 2,615 1,946 1,887 1,826 1,792 1,873 1,961
Analysis of credit impairment (charges)/releases
Personal Banking(1) (107) (244) 3 (26) (14) 35 (85) (92)
Barclaycard Consumer UK (38) (35) (15) (25) (38) (73) 29 (35)
Business Banking (13) (4) (4) 43 (6) 1 (3) 32
Total credit impairment charges (158) (283) (16) (8) (58) (37) (59) (95)
Analysis of loans and advances to customers at amortised cost £bn £bn £bn £bn £bn £bn £bn £bn
Personal Banking(1) 179.3 177.0 168.1 167.3 169.0 170.1 172.3 173.3
Barclaycard Consumer UK 11.1 11.0 10.6 10.2 9.8 9.7 9.6 9.3
Business Banking 19.2 19.7 20.6 21.2 22.0 23.0 23.0 24.2
Total loans and advances to customers at amortised cost 209.6 207.7 199.3 198.7 200.8 202.8 204.9 206.8
Analysis of customer deposits at amortised cost
Personal Banking(1) 190.8 191.4 182.9 183.3 183.4 185.4 186.1 191.1
Barclaycard Consumer UK - - - - - - - -
Business Banking 52.3 52.8 53.4 53.5 53.8 55.7 57.1 58.7
Total customer deposits at amortised cost 243.1 244.2 236.3 236.8 237.2 241.1 243.2 249.8
1 Following the completion of the acquisition on 1 November 2024, Tesco Bank is
reported in Personal Banking.
Barclays UK Corporate Bank
Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
Income statement information £m £m £m £m £m £m £m £m
Net interest income 342 324 309 296 277 247 304 299
Net fee, commission, trading and other income 142 134 136 147 157 148 136 173
Total income 484 458 445 443 434 395 440 472
Operating costs (234) (250) (229) (235) (221) (258) (224) (213)
UK regulatory levies (24) (14) 7 - (30) (8) - -
Litigation and conduct - (1) - - - (1) 2 -
Total operating expenses (258) (265) (222) (235) (251) (267) (222) (213)
Other net (expenses)/income - - - - - (5) - 1
Profit before impairment 226 193 223 208 183 123 218 260
Credit impairment (charges)/releases (19) (40) (13) (8) (15) (18) (15) 84
Profit before tax 207 153 210 200 168 105 203 344
Attributable profit 142 98 144 135 113 59 129 239
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 26.7 25.4 24.8 25.7 25.7 26.4 26.9 26.9
Deposits at amortised cost 85.3 83.1 82.3 84.9 81.7 84.9 82.7 82.6
Risk weighted assets 24.2 23.9 22.1 21.9 21.4 20.9 19.5 20.6
Period end allocated tangible equity 3.4 3.3 3.0 3.0 3.0 3.0 2.8 2.9
Performance measures
Return on average allocated tangible equity 17.1% 12.3% 18.8% 18.0% 15.2% 8.4% 18.3% 32.9%
Average allocated tangible equity (£bn) 3.3 3.2 3.1 3.0 3.0 2.8 2.8 2.9
Cost: income ratio 53% 58% 50% 53% 58% 68% 50% 45%
Loan loss rate (bps) 28 62 21 12 23 27 21 (123)
Analysis of total income £m £m £m £m £m £m £m £m
Corporate lending 80 71 67 57 72 64 69 68
Transaction banking 404 387 378 386 362 331 371 404
Total income 484 458 445 443 434 395 440 472
Barclays Private Bank and Wealth Management
Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
Income statement information £m £m £m £m £m £m £m £m
Net interest income 204 216 189 187 175 182 219 186
Net fee, commission and other income 145 135 137 133 137 131 118 113
Total income 349 351 326 320 312 313 337 299
Operating costs (234) (255) (222) (220) (214) (255) (214) (182)
UK regulatory levies (2) (7) 1 - (3) (4) - -
Litigation and conduct - (1) - 1 - 2 - -
Total operating expenses (236) (263) (221) (219) (217) (257) (214) (182)
Other net income - - - - - - - -
Profit before impairment 113 88 105 101 95 56 123 117
Credit impairment releases/(charges) 9 (2) (7) 3 - 4 2 (7)
Profit before tax 122 86 98 104 95 60 125 110
Attributable profit 96 63 74 77 74 47 102 91
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 14.5 14.5 14.0 13.9 13.7 13.6 13.4 13.8
Deposits at amortised cost 73.1 69.5 64.8 64.6 61.9 60.3 59.7 59.2
Risk weighted assets 8.0 7.9 7.3 7.0 7.2 7.2 7.2 7.2
Period end allocated tangible equity 1.1 1.1 1.0 1.0 1.0 1.0 1.0 1.0
Client assets and liabilities(1) 212.4 208.9 201.5 198.5 189.1 182.9 178.7 174.1
Performance measures
Return on average allocated tangible equity 34.5% 23.9% 29.0% 30.8% 28.7% 19.1% 41.2% 35.9%
Average allocated tangible equity (£bn) 1.1 1.1 1.0 1.0 1.0 1.0 1.0 1.0
Cost: income ratio 68% 75% 68% 68% 70% 82% 63% 61%
Loan loss rate (bps) (25) 5 19 (9) - (10) (7) 20
1 Client assets and liabilities refers to customer deposits, lending and
invested assets.
Barclays Investment Bank
Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
Income statement information £m £m £m £m £m £m £m £m
Net interest income 297 284 282 268 197 282 397 555
Net trading income 2,416 1,262 1,512 1,485 1,982 757 1,497 1,351
Net fee, commission and other income 1,160 1,061 1,057 1,266 1,149 998 792 837
Total income 3,873 2,607 2,851 3,019 3,328 2,037 2,686 2,743
Operating costs (2,061) (1,903) (1,906) (1,900) (1,957) (1,934) (1,840) (1,813)
UK regulatory levies (27) (161) 7 - (33) (123) - -
Litigation and conduct (3) (26) (17) (3) (9) (2) 6 (1)
Total operating expenses (2,091) (2,090) (1,916) (1,903) (1,999) (2,059) (1,834) (1,814)
Other net (expenses)/income - - - - - (1) 2 -
Profit/(loss) before impairment 1,782 517 935 1,116 1,329 (23) 854 929
Credit impairment (charges)/releases (72) (46) (43) (44) 10 (23) 23 (77)
Profit/(loss) before tax 1,710 471 892 1,072 1,339 (46) 877 852
Attributable profit/(loss) 1,199 247 652 715 899 (149) 580 562
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 68.6 69.7 64.5 66.6 64.6 62.7 62.3 59.1
Loans and advances to banks at amortised cost 7.4 6.8 6.7 6.6 7.6 7.3 9.5 9.0
Debt securities at amortised cost 53.1 47.9 44.8 41.7 40.4 38.9 36.3 35.1
Loans and advances at amortised cost 129.1 124.4 116.0 114.9 112.6 108.9 108.1 103.2
Trading portfolio assets 185.5 166.1 185.8 197.2 195.3 174.5 155.3 165.0
Derivative financial instrument assets 253.6 291.6 256.7 251.4 248.9 255.1 280.4 264.8
Financial assets at fair value through the income statement 209.5 190.4 210.8 211.7 225.1 202.5 237.2 231.1
Cash collateral and settlement balances 148.8 111.1 134.7 139.8 129.8 102.3 134.6 122.1
Deposits at amortised cost 148.9 140.5 139.8 151.3 151.1 132.7 154.2 142.9
Derivative financial instrument liabilities 245.1 279.0 249.4 241.8 241.5 249.7 268.3 254.5
Risk weighted assets 195.9 198.8 194.2 203.3 200.4 197.3 201.1 197.2
Period end allocated tangible equity 28.9 29.3 28.4 29.7 29.6 29.0 29.0 28.7
Performance measures
Return on average allocated tangible equity 16.2% 3.4% 8.8% 9.6% 12.0% (2.1)% 8.0% 7.7%
Average allocated tangible equity (£bn) 29.6 29.3 29.5 29.9 30.0 28.9 28.8 29.0
Cost: income ratio 54% 80% 67% 63% 60% 101% 68% 66%
Loan loss rate (bps) 23 15 15 15 (4) 8 (8) 30
Analysis of total income £m £m £m £m £m £m £m £m
FICC 1,699 934 1,180 1,149 1,404 724 1,147 1,186
Equities 963 604 692 696 883 431 675 563
Global Markets 2,662 1,538 1,872 1,845 2,287 1,155 1,822 1,749
Advisory 143 189 186 138 148 171 80 130
Equity capital markets 70 98 64 121 68 38 62 69
Debt capital markets 431 327 344 420 401 301 233 273
Banking Fees and Underwriting 644 614 594 679 617 510 375 472
Corporate lending 156 45 (21) 87 42 (23) 103 100
Transaction banking 411 410 406 408 382 395 386 422
International Corporate Banking 567 455 385 495 424 372 489 522
Investment Banking 1,211 1,069 979 1,174 1,041 882 864 994
Total income 3,873 2,607 2,851 3,019 3,328 2,037 2,686 2,743
Barclays US Consumer Bank
Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
Income statement information £m £m £m £m £m £m £m £m
Net interest income 678 678 647 646 688 686 662 622
Net fee, commission, trading and other income 186 179 144 173 171 180 147 145
Total income 864 857 791 819 859 866 809 767
Operating costs (407) (433) (384) (408) (387) (418) (404) (401)
UK regulatory levies - - - - - - - -
Litigation and conduct (3) - (9) (2) (3) (2) - (4)
Total operating expenses (410) (433) (393) (410) (390) (420) (404) (405)
Other net income - - - - - - - -
Profit before impairment 454 424 398 409 469 446 405 362
Credit impairment charges (399) (298) (276) (309) (410) (449) (404) (264)
Profit/(loss) before tax 55 126 122 100 59 (3) 1 98
Attributable profit/(loss) 41 94 89 75 44 (3) 3 72
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 18.8 20.0 23.2 24.3 23.6 24.2 24.3 22.9
Deposits at amortised cost 23.8 23.3 19.4 20.0 20.3 19.7 19.3 17.9
Risk weighted assets 25.6 26.8 23.2 24.4 23.9 24.8 24.1 22.5
Period end allocated tangible equity 3.5 3.7 3.2 3.3 3.3 3.4 3.3 3.1
Performance measures
Return on average allocated tangible equity 4.5% 11.2% 10.9% 9.2% 5.3% (0.3)% 0.4% 9.3%
Average allocated tangible equity (£bn) 3.6 3.4 3.3 3.3 3.3 3.3 3.1 3.1
Cost: income ratio 47% 51% 50% 50% 46% 48% 50% 53%
Loan loss rate (bps)(1) 562 395 411 438 610 636 582 411
Net interest margin 10.53% 10.66% 10.38% 10.43% 11.12% 10.88% 10.88% 10.66%
1 LLR includes held for sale portfolios to remain consistent with the treatment
of impairment.
Head Office
Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
Income statement information £m £m £m £m £m £m £m £m
Net interest income 174 183 215 62 186 167 87 (52)
Net fee, commission and other income (109) (107) (27) (226) 8 28 26 95
Total income 65 76 188 (164) 194 195 113 43
Operating costs (207) (233) (197) (195) (211) (717) (210) (221)
UK regulatory levies - (9) - - - (14) - -
Litigation and conduct (3) (84) (7) 1 (44) 1 (16) (32)
Total operating expenses (210) (326) (204) (194) (255) (730) (226) (253)
Other net income/(expenses) 18 - 21 4 12 (10) 7 2
(Loss)/profit before impairment (127) (250) 5 (354) (49) (545) (106) (208)
Credit impairment (charges)/releases (4) (42) (19) (18) (40) (29) 20 (13)
Loss before tax (131) (292) (14) (372) (89) (574) (86) (221)
Attributable loss (124) (318) (16) (349) (59) (447) (71) (170)
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Risk weighted assets 12.7 16.2 16.1 18.3 20.2 19.0 16.8 16.4
Period end allocated tangible equity 4.7 2.4 4.9 2.7 3.0 3.6 2.0 (0.5)
Performance measures
Average allocated tangible equity (£bn) 3.8 3.4 3.5 2.1 2.8 2.7 0.7 0.5
Performance Management
Margins and balances
Three months ended 31.03.25 Three months ended 31.03.24
Net interest income Average customer assets Net interest margin Net interest income Average customer assets Net interest margin
£m £m % £m £m %
Barclays UK 1,822 208,305 3.55 1,549 201,669 3.09
Barclays UK Corporate Bank 342 24,605 5.64 277 22,257 5.00
Barclays Private Bank and Wealth Management 204 14,674 5.64 175 13,593 5.17
Barclays US Consumer Bank(1) 678 26,106 10.53 688 24,880 11.12
Group excluding IB and Head Office(1) 3,046 273,690 4.51 2,689 262,399 4.12
Barclays Investment Bank 297 197
Head Office 174 186
Barclays Group Net interest income 3,517 3,072
1 Average customer assets includes held for sale balances generating net
interest income.
The Group excluding IB and Head Office Net interest margin (NIM) increased by
39bps from 4.12% in Q124 to 4.51% in Q125, due to continued structural hedge
momentum, and the impact from the acquisition of Tesco Bank, partially offset
by higher average customer assets.
Quarterly analysis
Q125 Q424 Q324 Q224 Q124
Net interest income £m £m £m £m £m
Barclays UK 1,822 1,815 1,666 1,597 1,549
Barclays UK Corporate Bank 342 324 309 296 277
Barclays Private Bank and Wealth Management 204 216 189 187 175
Barclays US Consumer Bank 678 678 647 646 688
Group excluding IB and Head Office 3,046 3,033 2,811 2,726 2,689
Average customer assets £m £m £m £m £m
Barclays UK 208,305 204,793 198,616 199,529 201,669
Barclays UK Corporate Bank 24,605 23,450 23,049 22,474 22,257
Barclays Private Bank and Wealth Management 14,674 14,381 14,061 13,931 13,593
Barclays US Consumer Bank(1) 26,106 25,314 24,798 24,899 24,880
Group excluding IB and Head Office 273,690 267,938 260,524 260,833 262,399
Net interest margin % % % % %
Barclays UK 3.55 3.53 3.34 3.22 3.09
Barclays UK Corporate Bank 5.64 5.50 5.33 5.30 5.00
Barclays Private Bank and Wealth Management 5.64 5.98 5.35 5.40 5.17
Barclays US Consumer Bank 10.53 10.66 10.38 10.43 11.12
Group excluding IB and Head Office 4.51 4.50 4.29 4.20 4.12
1 Average customer assets includes held for sale balances generating net
interest income.
Structural hedge
The Group employs a structural hedge programme designed to stabilise NIM on
fixed rate non-maturity balance sheet items that are behaviourally stable. As
interest rates move, such balances would otherwise drive material income
volatility where there is a re-pricing mismatch with floating rate assets.
The structural hedge predominantly covers non-interest-bearing current
accounts and the fixed portion of instant access savings accounts as well as
equity, which are invested into either floating rate customer assets or
balances at central banks, creating an exposure to changes in interest rates.
The structural hedge is executed via a portfolio of receive-fixed, pay
variable interest rate swaps, with an amortising structure so that a small
portion matures and is reinvested each month at prevailing market rates. The
pay-floating leg of the interest rate swaps nets down a proportion of the
receive-floating income from the customer assets, leaving a receive-fixed
income stream from the structural hedge.
The purpose of the structural hedge is to smooth the Group NII through time.
The floating leg of the swap will re-price immediately, whereas the fixed rate
yield on the portfolio reprices gradually, as a portion of the swap portfolio
matures and the roll is re-invested onto new market rates.
When interest rates are higher than our structural hedge yield, the
pay-floating rate will typically be higher than our average receive-fixed
rate. In this scenario, when viewed in isolation, the structural hedge will be
a net drag to Group NII. When floating rates are lower than our structural
hedge yield, the hedge in isolation will be a net benefit.
Since the receive-fixed swaps are booked for a specific term, an element of
NII is 'locked in'. The income stabilising feature of the structural hedge
provides greater net interest income certainty through the interest rate
cycle.
The structural hedge is one component of a larger portfolio of interest rate
risk management activities that includes non-structural hedging (e.g.
pay-fixed and receive-variable flows for asset hedging), and other offsetting
flows. The net risk of these positions is executed externally through interest
rate swaps and managed for accounting risk (i.e. income volatility arising
from the accounting mismatch of swaps at fair value through profit and loss
and underlying hedged items at amortised cost) within the cash flow hedge
reserve.
Overall the Group has external derivatives designated as cash flow hedges that
hedge interest rate risk with a notional £103.7bn (December 2024: £105.6bn)
which reflects the structural hedge notional of £232.2bn (December 2024:
£232.3bn) netted with non-structural hedging positions of £128.5bn (December
2024: £126.7bn). The majority of these interest rate swaps are cleared with
Central Clearing Counterparties and margined daily with an average structural
hedge duration of 3 years.
Gross structural hedge contributions in Q125 were £1,335m (Q124: £1,066m).
Gross structural hedge contributions represent the absolute interest income
earned on the fixed legs of the swaps in the structural hedge as the floating
leg is offset by the base rate funding of the deposits.
Credit Risk
Loans and advances at amortised cost by geography
Total loans and advances at amortised cost in the credit risk performance
section includes loans and advances at amortised cost to banks and loans and
advances at amortised cost to customers.
The table below presents a product and geographical breakdown by stages of
loans and advances at amortised cost and the impairment allowance, including
purchased or originated credit-impaired (POCI) balances. POCI balances
represent a fixed pool of assets purchased at a deep discount to face value
reflecting credit losses incurred from the point of origination to date of
acquisition. Also included are stage allocation of debt securities and
off-balance sheet loan commitments and financial guarantee contracts by gross
exposure, impairment allowance and coverage ratio.
Impairment allowance under IFRS 9 considers both the drawn and the undrawn
counterparty exposure. For retail portfolios, the total impairment allowance
is allocated to gross loans and advances to the extent allowance does not
exceed the drawn exposure and any excess is reported on the liabilities side
of the balance sheet as a provision. For corporate portfolios, impairment
allowance on undrawn exposure is reported on the liability side of the balance
sheet as a provision.
Gross exposure Impairment allowance
Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total
As at 31.03.25 £m £m £m £m £m £m £m £m £m £m
Retail mortgages 148,158 18,717 1,851 - 168,726 33 61 62 - 156
Retail credit cards 13,308 2,244 208 32 15,792 170 492 109 - 771
Retail other 10,194 1,517 280 15 12,006 117 151 157 - 425
Corporate loans(1) 53,850 6,914 2,049 - 62,813 139 210 386 - 735
Total UK 225,510 29,392 4,388 47 259,337 459 914 714 - 2,087
Retail mortgages 1,617 102 172 - 1,891 2 - 24 - 26
Retail credit cards 16,389 2,855 1,761 - 21,005 317 816 1,409 - 2,542
Retail other 1,981 167 149 - 2,297 3 2 23 - 28
Corporate loans 63,481 4,274 872 - 68,627 73 157 196 - 426
Total Rest of the World 83,468 7,398 2,954 - 93,820 395 975 1,652 - 3,022
Total loans and advances at amortised cost 308,978 36,790 7,342 47 353,157 854 1,889 2,366 - 5,109
Debt securities at amortised cost 68,404 2,994 - - 71,398 10 19 - - 29
Total loans and advances at amortised cost including debt securities 377,382 39,784 7,342 47 424,555 864 1,908 2,366 - 5,138
Off-balance sheet loan commitments and financial guarantee contracts(2) 404,967 17,861 1,040 6 423,874 176 244 25 - 445
Total(3,4) 782,349 57,645 8,382 53 848,429 1,040 2,152 2,391 - 5,583
Net exposure Coverage ratio
Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total
As at 31.03.25 £m £m £m £m £m % % % % %
Retail mortgages 148,125 18,656 1,789 - 168,570 - 0.3 3.3 - 0.1
Retail credit cards 13,138 1,752 99 32 15,021 1.3 21.9 52.4 - 4.9
Retail other 10,077 1,366 123 15 11,581 1.1 10.0 56.1 - 3.5
Corporate loans(1) 53,711 6,704 1,663 - 62,078 0.3 3.0 18.8 - 1.2
Total UK 225,051 28,478 3,674 47 257,250 0.2 3.1 16.3 - 0.8
Retail mortgages 1,615 102 148 - 1,865 0.1 - 14.0 - 1.4
Retail credit cards 16,072 2,039 352 - 18,463 1.9 28.6 80.0 - 12.1
Retail other 1,978 165 126 - 2,269 0.2 1.2 15.4 - 1.2
Corporate loans 63,408 4,117 676 - 68,201 0.1 3.7 22.5 - 0.6
Total Rest of the World 83,073 6,423 1,302 - 90,798 0.5 13.2 55.9 - 3.2
Total loans and advances at amortised cost 308,124 34,901 4,976 47 348,048 0.3 5.1 32.2 - 1.4
Debt securities at amortised cost 68,394 2,975 - - 71,369 - 0.6 - - -
Total loans and advances at amortised cost including debt securities 376,518 37,876 4,976 47 419,417 0.2 4.8 32.2 - 1.2
Off-balance sheet loan commitments and financial guarantee contracts(2) 404,791 17,617 1,015 6 423,429 - 1.4 2.4 - 0.1
Total(3,4) 781,309 55,493 5,991 53 842,846 0.1 3.7 28.5 - 0.7
1 Includes Business Banking, which has a gross exposure of £12.9bn and an
impairment allowance of £342m. This comprises £60m impairment allowance on
£8.8bn Stage 1 exposure, £59m on £2.7bn Stage 2 exposure and £223m on
£1.4bn Stage 3 exposure. Excluding this, total coverage for corporate loans
in UK is 0.8%.
2 Excludes loan commitments and financial guarantees of £21.3bn carried at fair
value and includes exposures relating to financial assets classified as assets
held for sale.
3 Other financial assets subject to impairment excluded in the table above
include cash collateral and settlement balances, reverse repurchase agreements
and other similar secured lending, financial assets at fair value through
other comprehensive income and other assets. These have a total gross exposure
of £248.8bn and an impairment allowance of £158m. This comprises £23m
impairment allowance on £247.3bn Stage 1 exposure, £7m on £1.4bn Stage 2
exposure and £128m on £138m Stage 3 exposure.
4 The annualised loan loss rate is 61bps after applying the total impairment
charge of £643m.
Gross exposure Impairment allowance
Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total
As at 31.12.24 £m £m £m £m £m £m £m £m £m £m
Retail mortgages 145,039 19,507 1,793 - 166,339 36 61 61 - 158
Retail credit cards 13,497 2,064 179 40 15,780 219 440 91 - 750
Retail other 10,606 1,218 257 17 12,098 135 110 138 - 383
Corporate loans(1) 52,284 7,266 2,171 - 61,721 133 196 420 - 749
Total UK 221,426 30,055 4,400 57 255,938 523 807 710 - 2,040
Retail mortgages 1,651 89 169 - 1,909 2 1 26 - 29
Retail credit cards 17,629 2,953 1,724 - 22,306 334 807 1,416 - 2,557
Retail other 1,844 155 121 - 2,120 3 1 23 - 27
Corporate loans 64,224 3,901 945 - 69,070 76 135 206 - 417
Total Rest of the World 85,348 7,098 2,959 - 95,405 415 944 1,671 - 3,030
Total loans and advances at amortised cost 306,774 37,153 7,359 57 351,343 938 1,751 2,381 - 5,070
Debt securities at amortised cost 64,988 3,245 - - 68,233 12 11 - - 23
Total loans and advances at amortised cost including debt securities 371,762 40,398 7,359 57 419,576 950 1,762 2,381 - 5,093
Off-balance sheet loan commitments and financial guarantee contracts(2) 412,255 18,728 1,168 6 432,157 164 250 25 - 439
Total(3,4) 784,017 59,126 8,527 63 851,733 1,114 2,012 2,406 - 5,532
Net exposure Coverage ratio
Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total
As at 31.12.24 £m £m £m £m £m % % % % %
Retail mortgages 145,003 19,446 1,732 - 166,181 - 0.3 3.4 - 0.1
Retail credit cards 13,278 1,624 88 40 15,030 1.6 21.3 50.8 - 4.8
Retail other 10,471 1,108 119 17 11,715 1.3 9.0 53.7 - 3.2
Corporate loans(1) 52,151 7,070 1,751 - 60,972 0.3 2.7 19.3 - 1.2
Total UK 220,903 29,248 3,690 57 253,898 0.2 2.7 16.1 - 0.8
Retail mortgages 1,649 88 143 - 1,880 0.1 1.1 15.4 - 1.5
Retail credit cards 17,295 2,146 308 - 19,749 1.9 27.3 82.1 - 11.5
Retail other 1,841 154 98 - 2,093 0.2 0.6 19.0 - 1.3
Corporate loans 64,148 3,766 739 - 68,653 0.1 3.5 21.8 - 0.6
Total Rest of the World 84,933 6,154 1,288 - 92,375 0.5 13.3 56.5 - 3.2
Total loans and advances at amortised cost 305,836 35,402 4,978 57 346,273 0.3 4.7 32.4 - 1.4
Debt securities at amortised cost 64,976 3,234 - - 68,210 - 0.3 - - -
Total loans and advances at amortised cost including debt securities 370,812 38,636 4,978 57 414,483 0.3 4.4 32.4 - 1.2
Off-balance sheet loan commitments and financial guarantee contracts(2) 412,091 18,478 1,143 6 431,718 - 1.3 2.1 - 0.1
Total(3,4) 782,903 57,114 6,121 63 846,201 0.1 3.4 28.2 - 0.6
1 Includes Business Banking, which has a gross exposure of £13.1bn and an
impairment allowance of £356m. This comprises £60m impairment allowance on
£8.9bn Stage 1 exposure, £60m on £2.8bn Stage 2 exposure and £236m on
£1.5bn Stage 3 exposure. Excluding this, total coverage for corporate loans
in UK is 0.8%.
2 Excludes loan commitments and financial guarantees of £16.3bn carried at fair
value and includes exposures relating to financial assets classified as assets
held for sale.
3 Other financial assets subject to impairment excluded in the table above
include cash collateral and settlement balances, reverse repurchase agreements
and other similar secured lending, financial assets at fair value through
other comprehensive income and other assets. These have a total gross exposure
of £204.2bn and an impairment allowance of £156m. This comprises £19m
impairment allowance on £202.7bn Stage 1 exposure, £7m on £1.3bn Stage 2
exposure and £130m on £139m Stage 3 exposure.
4 The annualised loan loss rate is 46bps after applying the total impairment
charge of £1,982m.
Assets held for sale
This table presents a co-branded card portfolio in USCB classified as assets
held for sale. Further, the sale of the German consumer finance business was
completed in early Q125.
Loans and advances to customers classified as assets held for sale
Stage 1 Stage 2 Stage 3 Total
Gross ECL Coverage Gross ECL Coverage Gross ECL Coverage Gross ECL Coverage
As at 31.03.25 £m £m % £m £m % £m £m % £m £m %
Retail credit cards - US 5,102 59 1.2 660 148 22.4 58 46 79.3 5,820 253 4.3
Retail credit cards - Germany - - - - - - - - - - - -
Retail other - Germany - - - - - - - - - - - -
Corporate loans - US 47 1 2.1 8 3 37.5 1 1 100.0 56 5 8.9
Total Rest of the World 5,149 60 1.2 668 151 22.6 59 47 79.7 5,876 258 4.4
As at 31.12.24
Retail credit cards - US 5,495 64 1.2 689 161 23.4 57 46 80.7 6,241 271 4.3
Retail credit cards - Germany 1,908 18 0.9 307 29 9.4 93 69 74.2 2,308 116 5.0
Retail other - Germany 1,134 16 1.4 220 33 15.0 71 48 67.6 1,425 97 6.8
Corporate loans - US 49 1 2.0 9 3 33.3 1 1 100.0 59 5 8.5
Total Rest of the World 8,586 99 1.2 1,225 226 18.4 222 164 73.9 10,033 489 4.9
Loans and advances at amortised cost by product
The table below presents a product breakdown by stages of loans and advances
at amortised cost. Also included is a breakdown of Stage 2 past due balances.
Stage 2
As at 31.03.25 Stage 1 Not past due <=30 days past due >30 days past due Total Stage 3 excluding POCI Stage 3 POCI Total
Gross exposure £m £m £m £m £m £m £m £m
Retail mortgages 149,775 16,046 2,062 711 18,819 2,023 - 170,617
Retail credit cards 29,697 4,492 322 285 5,099 1,969 32 36,797
Retail other 12,175 1,263 204 217 1,684 429 15 14,303
Corporate loans 117,331 11,070 31 87 11,188 2,921 - 131,440
Total 308,978 32,871 2,619 1,300 36,790 7,342 47 353,157
Impairment allowance
Retail mortgages 35 37 14 10 61 86 - 182
Retail credit cards 487 1,021 123 164 1,308 1,518 - 3,313
Retail other 120 105 24 24 153 180 - 453
Corporate loans 212 349 8 10 367 582 - 1,161
Total 854 1,512 169 208 1,889 2,366 - 5,109
Net exposure
Retail mortgages 149,740 16,009 2,048 701 18,758 1,937 - 170,435
Retail credit cards 29,210 3,471 199 121 3,791 451 32 33,484
Retail other 12,055 1,158 180 193 1,531 249 15 13,850
Corporate loans 117,119 10,721 23 77 10,821 2,339 - 130,279
Total 308,124 31,359 2,450 1,092 34,901 4,976 47 348,048
Coverage ratio % % % % % % % %
Retail mortgages - 0.2 0.7 1.4 0.3 4.3 - 0.1
Retail credit cards 1.6 22.7 38.2 57.5 25.7 77.1 - 9.0
Retail other 1.0 8.3 11.8 11.1 9.1 42.0 - 3.2
Corporate loans 0.2 3.2 25.8 11.5 3.3 19.9 - 0.9
Total 0.3 4.6 6.5 16.0 5.1 32.2 - 1.4
As at 31.12.24
Gross exposure £m £m £m £m £m £m £m £m
Retail mortgages 146,690 16,790 2,034 772 19,596 1,962 - 168,248
Retail credit cards 31,126 4,435 303 279 5,017 1,903 40 38,086
Retail other 12,450 1,056 211 106 1,373 378 17 14,218
Corporate loans 116,508 10,849 144 174 11,167 3,116 - 130,791
Total 306,774 33,130 2,692 1,331 37,153 7,359 57 351,343
Impairment allowance
Retail mortgages 38 42 13 7 62 87 - 187
Retail credit cards 553 959 122 166 1,247 1,507 - 3,307
Retail other 138 76 17 18 111 161 - 410
Corporate loans 209 316 7 8 331 626 - 1,166
Total 938 1,393 159 199 1,751 2,381 - 5,070
Net exposure
Retail mortgages 146,652 16,748 2,021 765 19,534 1,875 - 168,061
Retail credit cards 30,573 3,476 181 113 3,770 396 40 34,779
Retail other 12,312 980 194 88 1,262 217 17 13,808
Corporate loans 116,299 10,533 137 166 10,836 2,490 - 129,625
Total 305,836 31,737 2,533 1,132 35,402 4,978 57 346,273
Coverage ratio % % % % % % % %
Retail mortgages - 0.3 0.6 0.9 0.3 4.4 - 0.1
Retail credit cards 1.8 21.6 40.3 59.5 24.9 79.2 - 8.7
Retail other 1.1 7.2 8.1 17.0 8.1 42.6 - 2.9
Corporate loans 0.2 2.9 4.9 4.6 3.0 20.1 - 0.9
Total 0.3 4.2 5.9 15.0 4.7 32.4 - 1.4
Measurement uncertainty
Scenarios used to calculate the Group's ECL charge were refreshed in Q125 with
the Baseline scenario reflecting the latest consensus macroeconomic forecasts
available at the time of the scenario refresh. In the Baseline scenario,
following a somewhat encouraging 2024, the growth in the UK economy is
gradually slowing when compared to consensus at FY24, though restrictive
monetary policy continues to loosen. UK and US GDP growth in 2025 is expected
to be 1.0% and 2.4%, respectively. Labour markets in major economies remain
broadly resilient with unemployment rates relatively close to historic lows
and are only expected to increase moderately. The UK unemployment rate peaks
at 4.5% where it remains for most of the 5-year projection period. US
unemployment peaks at 4.3%. The Bank of England cuts rates by 25bps three
times in 2025 and once more in 2026. The Fed follows a slower pace of monetary
policy loosening and finishes 2025 with rates at 4.3%. As lower rates feed
into new mortgages, UK house prices stabilise and resume the upward trend from
2025. US house prices continue to grow at a decent pace.
The Downside 2 scenario has been broadly aligned to the Group's 2024 Internal
Stress Test. Under this scenario, the restrictive monetary policy seen over
the last few years coupled with a loss of consumer and business confidence
amid persistent inflation leads to a sharp contraction in economic activity. A
sustained drop in consumer spending due to high household debt levels and
affordability loss amid stagnant wages leads to a significant reduction in
aggregate demand. The economic slowdown leads to rising unemployment rates as
lay-offs intensify. UK and US unemployment peaks at 8.4% and 7.5%
respectively, during 2026. In order to support the economy, Central banks
start to reduce rates. In the Upside 2 scenario, a rise in labour force
participation and higher productivity contribute to accelerated economic
growth, without creating new inflationary pressures. Central banks lower
interest rates stimulating private consumption and investment growth. Demand
for labour increases and unemployment rates stabilise and start falling again.
As geopolitical tensions ease, low inflation supports consumer purchasing
power and contributes further to a healthy GDP growth. The strong economic
outlook and lower interest rates provide a boost to house prices growth and
support bullish financial markets.
The methodology for estimating scenario probability weights involves
simulating a range of future paths for UK and US GDP using historical data
with the five scenarios mapped against the distribution of these future paths.
The median is centred around the Baseline with scenarios further from the
Baseline attracting a lower weighting before the five weights are normalised
to total 100%. The increases in the Upside scenario weightings were driven by
the improvement in US GDP in the Baseline scenario, bringing the Baseline
scenario closer to the Upside scenarios. For further details see page 32.
The Group continues to monitor the heightened uncertainty in the near-term
macroeconomic outlook, especially in the US. The broadening range of outcomes
coupled with a perceived lag in consensus suggests that a greater weighting
than that used in the modelled ECL output (see below) should be applied to the
Group's Downside scenarios to reflect the macroeconomic uncertainty. In
response, a gross £91m uncertainty PMA (a £74m income statement impact net
of SRT credit protection(1)) has been booked in Q125 across the US Consumer
Bank (£38m) and the Investment Bank (gross/net SRT(1) £53m/£36m). This
adjustment reflects a point in time impact based on the balance sheet as at 31
March 2025 for the uncertainty around macroeconomic variables. It does not
factor in future changes in customer utilisation or management actions the
Group might take to mitigate credit risk.
The following tables show the key macroeconomic variables used in the five
scenarios (5-year annual paths) and the probability weights applied to each
scenario.
1 Significant Risk Transfer (SRT) represents risk transfer transactions used to
enhance Barclays' risk management capabilities.
Macroeconomic variables used in the calculation of ECL
As at 31.03.25 2025 2026 2027 2028 2029
Baseline % % % % %
UK GDP(1) 1.0 1.4 1.4 1.4 1.4
UK unemployment(2) 4.5 4.4 4.5 4.5 4.5
UK HPI(3) 2.3 2.2 4.1 3.4 3.8
UK bank rate(6) 4.2 3.9 3.8 3.8 3.8
US GDP(1) 2.4 2.0 2.0 2.0 2.0
US unemployment(4) 4.2 4.2 4.2 4.2 4.2
US HPI(5) 2.8 2.7 2.9 3.0 3.0
US federal funds rate(6) 4.3 4.3 4.3 4.3 4.3
Downside 2
UK GDP(1) (1.3) (2.8) 2.3 2.5 1.4
UK unemployment(2) 5.4 8.0 7.0 5.6 5.2
UK HPI(3) (16.8) (13.9) 4.6 17.4 8.3
UK bank rate(6) 4.0 2.2 0.6 0.9 1.7
US GDP(1) 0.5 (2.8) 3.0 3.0 1.8
US unemployment(4) 5.1 7.3 6.4 5.6 5.1
US HPI(5) (4.7) (3.9) 4.0 5.0 3.5
US federal funds rate(6) 3.4 0.7 0.6 1.3 2.1
Downside 1
UK GDP(1) (0.1) (0.7) 1.9 1.9 1.4
UK unemployment(2) 4.9 6.2 5.8 5.1 4.8
UK HPI(3) (7.6) (6.0) 4.4 10.2 6.0
UK bank rate(6) 4.1 3.1 2.3 2.4 2.8
US GDP(1) 1.5 (0.4) 2.5 2.5 1.9
US unemployment(4) 4.7 5.7 5.3 4.9 4.6
US HPI(5) (0.9) (0.6) 3.5 4.0 3.2
US federal funds rate(6) 3.9 2.5 2.3 2.6 3.2
Upside 2
UK GDP(1) 1.8 4.0 3.1 2.5 2.3
UK unemployment(2) 4.1 3.8 3.6 3.6 3.6
UK HPI(3) 8.7 11.0 5.8 3.4 3.0
UK bank rate(6) 4.0 3.1 2.5 2.7 2.8
US GDP(1) 2.8 3.2 2.8 2.8 2.8
US unemployment(4) 3.9 3.5 3.5 3.5 3.5
US HPI(5) 6.2 4.2 4.9 4.9 4.9
US federal funds rate(6) 4.1 3.5 3.5 3.4 3.3
Upside 1
UK GDP(1) 1.4 2.7 2.2 1.9 1.9
UK unemployment(2) 4.3 4.1 4.1 4.1 4.1
UK HPI(3) 5.5 6.6 4.9 3.4 3.4
UK bank rate(6) 4.1 3.5 3.3 3.3 3.3
US GDP(1) 2.6 2.6 2.4 2.4 2.4
US unemployment(4) 4.0 3.8 3.8 3.8 3.8
US HPI(5) 4.5 3.4 3.9 3.9 3.9
US federal funds rate(6) 4.2 3.8 3.8 3.8 3.8
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax HPI Meth2 All Houses, All Buyers index.
4 Average US civilian unemployment rate 16-year+.
5 Change in year end US HPI = FHFA House Price Index, relative to prior year
end.
6 Average rate.
As at 31.12.24 2024 2025 2026 2027 2028
Baseline % % % % %
UK GDP(1) 1.0 1.4 1.5 1.6 1.5
UK unemployment(2) 4.3 4.4 4.5 4.4 4.4
UK HPI(3) 2.8 3.3 1.6 4.5 3.0
UK bank rate(6) 5.1 4.3 4.0 4.0 3.8
US GDP(1) 2.7 2.0 2.0 2.0 2.0
US unemployment(4) 4.1 4.3 4.2 4.2 4.2
US HPI(5) 6.5 2.6 2.7 3.0 3.0
US federal funds rate(6) 5.1 4.1 4.0 3.8 3.8
Downside 2
UK GDP(1) 1.0 (2.3) (1.3) 2.6 2.3
UK unemployment(2) 4.3 6.2 8.1 6.6 5.5
UK HPI(3) 2.8 (24.8) (5.2) 10.0 14.6
UK bank rate(6) 5.1 3.5 1.7 0.6 1.1
US GDP(1) 2.7 (1.3) (1.3) 3.3 2.9
US unemployment(4) 4.1 5.8 7.2 6.2 5.5
US HPI(5) 6.5 (8.0) (0.7) 5.2 4.0
US federal funds rate(6) 5.1 2.5 0.6 0.8 1.5
Downside 1
UK GDP(1) 1.0 (0.5) 0.1 2.1 1.9
UK unemployment(2) 4.3 5.3 6.3 5.5 5.0
UK HPI(3) 2.8 (11.6) (1.8) 7.2 8.7
UK bank rate(6) 5.1 3.9 2.9 2.3 2.4
US GDP(1) 2.7 0.3 0.4 2.7 2.4
US unemployment(4) 4.1 5.1 5.7 5.2 4.9
US HPI(5) 6.5 (2.7) 1.0 4.1 3.5
US federal funds rate(6) 5.1 3.4 2.3 2.3 2.7
Upside 2
UK GDP(1) 1.0 3.0 3.7 2.9 2.4
UK unemployment(2) 4.3 3.8 3.4 3.5 3.5
UK HPI(3) 2.8 11.9 8.4 5.1 4.1
UK bank rate(6) 5.1 3.9 2.9 2.8 2.8
US GDP(1) 2.7 2.8 3.1 2.8 2.8
US unemployment(4) 4.1 3.8 3.5 3.5 3.5
US HPI(5) 6.5 6.2 4.7 4.8 4.9
US federal funds rate(6) 5.1 3.7 3.3 3.1 2.8
Upside 1
UK GDP(1) 1.0 2.2 2.6 2.2 2.0
UK unemployment(2) 4.3 4.1 4.0 4.0 4.0
UK HPI(3) 2.8 7.6 4.9 4.8 3.5
UK bank rate(6) 5.1 4.1 3.5 3.4 3.3
US GDP(1) 2.7 2.4 2.6 2.4 2.4
US unemployment(4) 4.1 4.0 3.9 3.9 3.9
US HPI(5) 6.5 4.4 3.7 3.9 3.9
US federal funds rate(6) 5.1 4.0 3.8 3.6 3.3
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax All Houses, All Buyers index, relative to
prior year end.
4 Average US civilian unemployment rate 16-year+.
5 Change in year end US HPI = FHFA House Price Index, relative to prior year
end.
6 Average rate.
Scenario probability weighting Upside 2 Upside 1 Baseline Downside 1 Downside 2
% % % % %
As at 31.03.25
Scenario probability weighting 17.6 26.8 32.6 14.4 8.6
As at 31.12.24
Scenario probability weighting 17.4 26.8 32.5 14.7 8.6
Treasury and Capital Risk
Regulatory minimum requirements
Capital
As at 31 March 2025, the Group's Overall Capital Requirement for CET1
increased to 12.2% following the latest PRA Individual Capital Requirement
(ICR) notice and comprises a 4.5% Pillar 1 minimum, a 2.5% Capital
Conservation Buffer (CCB), a 1.5% Global Systemically Important Institution
(G-SII) buffer, a 2.7% Pillar 2A requirement and a 1.0% Countercyclical
Capital Buffer (CCyB).
The Group's CCyB is based on the buffer rate applicable for each jurisdiction
in which the Group has exposures. The buffer rates set by other national
authorities for non-UK exposures are not currently material.
The Group's updated Pillar 2A requirement increased by 23bps to 4.8% with at
least 56.25% to be met with CET1 capital, equating to 2.7% of RWAs. The Pillar
2A requirement, based on a point in time assessment, has been set as a
proportion of RWAs and is subject to at least annual review.
The Group's CET1 target ratio of 13-14% takes into account minimum capital
requirements and applicable buffers. The Group remains above its minimum
capital regulatory requirements and applicable buffers.
Leverage
As at 31 March 2025, the Group was subject to a UK leverage ratio requirement
of 4.1%. This comprises the 3.25% minimum requirement, a G-SII additional
leverage ratio buffer (G-SII ALRB) of 0.53% and a countercyclical leverage
ratio buffer (CCLB) of 0.3%. The Group is also required to disclose an average
UK leverage ratio which is based on capital on the last day of each month in
the quarter and an exposure measure for each day in the quarter.
MREL
As at 31 March 2025, the Group was required to meet the higher of: (i) two
times the sum of 8% Pillar 1 and 4.8% Pillar 2A equating to 25.7% of RWAs; and
(ii) 6.75% of leverage exposures. In addition, the higher of regulatory
capital and leverage buffers apply. CET1 capital cannot be counted towards
both MREL and the buffers, meaning that the buffers, including the above
mentioned confidential institution-specific PRA buffer, will effectively be
applied above MREL requirements.
Capital ratios(1,2) As at 31.03.25 As at 31.12.24
CET1 13.9% 13.6%
T1 17.7% 16.9%
Total regulatory capital 20.6% 19.6%
MREL ratio as a percentage of total RWAs 36.2% 34.4%
Own funds and eligible liabilities £m £m
Total equity excluding non-controlling interests per the balance sheet 74,880 71,821
Less: other equity instruments (recognised as AT1 capital) (13,263) (12,075)
Adjustment to retained earnings for foreseeable ordinary share dividends (1,086) (786)
Adjustment to retained earnings for foreseeable repurchase of shares (664) -
Adjustment to retained earnings for foreseeable other equity coupons (49) (35)
Other regulatory adjustments and deductions
Additional value adjustments (PVA) (1,795) (2,051)
Goodwill and intangible assets (8,247) (8,272)
Deferred tax assets that rely on future profitability excluding temporary (1,408) (1,451)
differences
Fair value reserves related to gains or losses on cash flow hedges 2,378 2,930
Excess of expected losses over impairment (306) (403)
Gains or losses on liabilities at fair value resulting from own credit 799 981
Defined benefit pension fund assets (2,326) (2,367)
Direct and indirect holdings by an institution of own CET1 instruments (4) (1)
Adjustment under IFRS 9 transitional arrangements - 138
Other regulatory adjustments (115) 129
CET1 capital 48,794 48,558
AT1 capital
Capital instruments and related share premium accounts 13,289 12,108
Other regulatory adjustments and deductions (26) (32)
AT1 capital 13,263 12,076
T1 capital 62,057 60,634
T2 capital
Capital instruments and related share premium accounts 9,988 9,150
Qualifying T2 capital (including minority interests) issued by subsidiaries 337 367
Other regulatory adjustments and deductions (43) (33)
Total regulatory capital 72,339 70,118
Less : Ineligible T2 capital (including minority interests) issued by (337) (367)
subsidiaries
Eligible liabilities 55,159 53,547
Total own funds and eligible liabilities(3) 127,161 123,298
Total RWAs 351,314 358,127
1 Capital and RWAs for 31 December 2024 have been calculated by applying the
IFRS 9 transitional arrangements in accordance with UK CRR. Effective from 1
January 2025, the IFRS 9 transitional arrangements no longer applied.
2 Total capital includes the grandfathering of certain capital instruments until
28 June 2025.
3 As at 31 March 2025, the Group's MREL requirement, excluding the PRA buffer,
was to hold £107.7bn of own funds and eligible liabilities equating to 30.7%
of RWAs. The Group remains above its MREL regulatory requirement including the
PRA buffer.
Movement in CET1 capital Three months ended 31.03.25
£m
Opening CET1 capital 48,558
Profit for the period attributable to equity holders 2,096
Own credit relating to derivative liabilities (17)
Ordinary share dividends paid and foreseen (300)
Purchased and foreseeable share repurchase (1,000)
Other equity coupons paid and foreseen (246)
Increase in retained regulatory capital generated from earnings 533
Net impact of share schemes (249)
Fair value through other comprehensive income reserve 233
Currency translation reserve (546)
Other reserves 2
Decrease in other qualifying reserves (560)
Pension remeasurements within reserves (48)
Defined benefit pension fund asset deduction 41
Net impact of pensions (7)
Additional value adjustments (PVA) 256
Goodwill and intangible assets 25
Deferred tax assets that rely on future profitability excluding those arising 43
from temporary differences
Excess of expected loss over impairment 97
Direct and indirect holdings by an institution of own CET1 instruments (3)
Adjustment under IFRS 9 transitional arrangements (138)
Other regulatory adjustments (10)
Increase in regulatory capital due to adjustments and deductions 270
Closing CET1 capital 48,794
CET1 capital increased by £0.2bn to £48.8bn (December 2024: £48.6bn).
Significant movements in the period were:
• £2.1bn of capital generated from profit partially offset by
distributions of £1.5bn comprising:
- £1.0bn of share buybacks announced with FY24 results
- £0.3bn accrual towards the FY25 dividend
- £0.2bn of equity coupons paid and foreseen
• £0.6bn decrease in other qualifying reserves including a £0.5bn
reduction in the currency translation reserve primarily as a result of the
strengthening of GBP against USD
RWAs by risk type and business
Credit risk Counterparty credit risk Market Risk Operational risk Total RWAs
STD IRB STD IRB Settlement Risk CVA STD IMA
As at 31.03.25 £m £m £m £m £m £m £m £m £m £m
Barclays UK 15,346 56,050 140 5 - 47 184 - 13,196 84,968
Barclays UK Corporate Bank 3,780 16,213 105 348 - 11 2 471 3,282 24,212
Barclays Private Bank & Wealth Management 5,025 495 127 51 - 18 48 330 1,870 7,964
Barclays Investment Bank 40,169 45,915 22,924 22,540 139 3,190 13,458 23,306 24,293 195,934
Barclays US Consumer Bank 19,723 993 - - - - - - 4,856 25,572
Head Office 5,516 5,808 1 13 - 2 19 82 1,223 12,664
Barclays Group 89,559 125,474 23,297 22,957 139 3,268 13,711 24,189 48,720 351,314
As at 31.12.24
Barclays UK 15,516 55,301 146 11 - 74 228 - 13,181 84,457
Barclays UK Corporate Bank 3,932 15,680 106 336 - 12 16 548 3,282 23,912
Barclays Private Bank & Wealth Management 5,058 434 118 31 - 16 44 330 1,859 7,890
Barclays Investment Bank 40,957 49,231 21,889 24,094 70 2,913 12,442 23,023 24,164 198,783
Barclays US Consumer Bank 21,019 966 - - - - - - 4,864 26,849
Head Office 6,580 8,162 1 20 - 4 - 212 1,257 16,236
Barclays Group 93,062 129,774 22,260 24,492 70 3,019 12,730 24,113 48,607 358,127
Movement analysis of RWAs Credit risk Counterparty credit risk Market risk Operational risk Total RWAs
£m £m £m £m £m
Opening RWAs (as at 31.12.24) 222,836 49,841 36,843 48,607 358,127
Book size (2,343) 935 1,355 113 60
Acquisitions and disposals (3,299) - - - (3,299)
Book quality (300) (246) - - (546)
Model updates - - - - -
Methodology and policy 29 - - - 29
Foreign exchange movements(1) (1,890) (869) (298) - (3,057)
Total RWA movements (7,803) (180) 1,057 113 (6,813)
Closing RWAs (as at 31.03.25) 215,033 49,661 37,900 48,720 351,314
1 Foreign exchange movements does not include the impact of foreign exchange for
modelled market risk or operational risk.
Overall RWAs decreased £6.8bn to £351.3bn (December 2024: £358.1bn).
Credit risk RWAs decreased £7.8bn:
• A £2.3bn decrease in book size primarily driven by business activity
within IB, partially offset by mortgage lending growth within Barclays UK
• A £3.3bn decrease in acquisitions and disposals reflecting the sale
of the German Consumer Finance business
• A £1.9bn decrease as a result of foreign exchange movements primarily
due to the strengthening of GBP against USD
Market risk RWAs increased £1.1bn:
• A £1.4bn increase in book size due to trading activity within Global
Markets
Leverage ratios(1) As at 31.03.25 As at 31.12.24
£m £m
UK leverage ratio(2) 5.0% 5.0%
T1 capital 62,057 60,634
UK leverage exposure 1,252,827 1,206,502
Average UK leverage ratio 4.6% 4.6%
Average T1 capital 61,641 60,291
Average UK leverage exposure 1,340,481 1,308,335
1 31 December 2024 UK leverage ratios have been calculated by applying the IFRS
9 transitional arrangements in accordance with UK CRR. Effective from 1
January 2025, the IFRS 9 transitional arrangements no longer applied.
2 Although the leverage ratio is expressed in terms of T1 capital, the leverage
ratio buffers and 75% of the minimum requirement must be covered solely with
CET1 capital. The CET1 capital held against the 0.53% G-SII ALRB was £6.6bn
and against the 0.3% CCLB was £3.8bn.
The UK leverage ratio remained stable at 5.0% (December 2024: 5.0%), as the
leverage exposure increased by £46.3bn to £1,252.8bn (December 2024:
£1,206.5bn) partially offset by an increase in T1 capital of £1.4bn. The
increase in leverage exposure was largely driven by an increase in trading
activity in IB.
Condensed Consolidated Financial Statements
Condensed consolidated income statement (unaudited)
Three months ended 31.03.25 Three months ended 31.03.24
£m £m
Total income 7,709 6,953
Operating expenses excluding UK regulatory levies & litigation and conduct (4,258) (3,998)
UK regulatory levies (96) (120)
Litigation and conduct (11) (57)
Operating expenses (4,365) (4,175)
Other net income 18 12
Profit before impairment 3,362 2,790
Credit impairment charges (643) (513)
Profit before tax 2,719 2,277
Tax charge (621) (465)
Profit after tax 2,098 1,812
Attributable to:
Shareholders of the parent 1,864 1,550
Other equity holders 232 259
Equity holders of the parent 2,096 1,809
Non-controlling interests 2 3
Profit after tax 2,098 1,812
Earnings per share
Basic earnings per ordinary share 13.0p 10.3p
Condensed consolidated balance sheet (unaudited)
As at 31.03.25 As at 31.12.24
Assets £m £m
Cash and balances at central banks 239,481 210,184
Cash collateral and settlement balances 158,754 119,843
Debt securities at amortised cost 71,369 68,210
Loans and advances at amortised cost to banks 9,409 8,327
Loans and advances at amortised cost to customers 338,639 337,946
Reverse repurchase agreements and other similar secured lending at amortised 8,084 4,734
cost
Trading portfolio assets 186,701 166,453
Financial assets at fair value through the income statement 212,967 193,734
Derivative financial instruments 255,062 293,530
Financial assets at fair value through other comprehensive income 80,279 78,059
Investments in associates and joint ventures 923 891
Goodwill and intangible assets 8,250 8,275
Current tax assets 196 155
Deferred tax assets 5,917 6,321
Assets included in a disposal group classified as held for sale 5,739 9,854
Other assets 11,719 11,686
Total assets 1,593,489 1,518,202
Liabilities
Deposits at amortised cost from banks 18,249 13,203
Deposits at amortised cost from customers 556,060 547,460
Cash collateral and settlement balances 145,439 106,229
Repurchase agreements and other similar secured borrowings at amortised cost 34,262 39,415
Debt securities in issue 97,525 92,402
Subordinated liabilities 13,001 11,921
Trading portfolio liabilities 70,503 56,908
Financial liabilities designated at fair value 324,156 282,224
Derivative financial instruments 245,386 279,415
Current tax liabilities 896 566
Deferred tax liabilities 18 18
Liabilities included in a disposal group classified as held for sale - 3,726
Other liabilities 12,454 12,234
Total liabilities 1,517,949 1,445,721
Equity
Called up share capital and share premium 4,218 4,186
Other reserves (22) (468)
Retained earnings 57,421 56,028
Shareholders' equity attributable to ordinary shareholders of the parent 61,617 59,746
Other equity instruments 13,263 12,075
Total equity excluding non-controlling interests 74,880 71,821
Non-controlling interests 660 660
Total equity 75,540 72,481
Total liabilities and equity 1,593,489 1,518,202
Condensed consolidated statement of changes in equity (unaudited)
Called up share capital and share premium Other equity instruments Other reserves Non-controlling interests
Retained earnings Total Total equity
Three months ended 31.03.2025 £m £m £m £m £m £m £m
Balance as at 1 January 2025 4,186 12,075 (468) 56,028 71,821 660 72,481
Profit after tax - 232 - 1,864 2,096 2 2,098
Retirement benefit remeasurements - - - (48) (48) - (48)
Other comprehensive profit after tax for the period - - 406 - 406 - 406
Total comprehensive income for the period - 232 406 1,816 2,454 2 2,456
Employee share schemes and hedging thereof 58 - - 476 534 - 534
Issue and redemption of other equity instruments - 1,181 - - 1,181 - 1,181
Other equity instruments coupon paid - (232) - - (232) - (232)
Vesting of employee share schemes net of purchases - - 13 (562) (549) - (549)
Dividends paid - - - - - (2) (2)
Repurchase of shares (26) - 26 (338) (338) - (338)
Other movements - 7 1 1 9 - 9
Balance as at 31 March 2025 4,218 13,263 (22) 57,421 74,880 660 75,540
As at 31.03.25 As at 31.12.24
Other Reserves £m £m
Currency translation reserve 3,079 3,625
Fair value through other comprehensive income reserve (1,640) (1,873)
Cash flow hedging reserve (2,378) (2,930)
Own credit reserve (891) (1,059)
Other reserves and treasury shares 1,808 1,769
Total (22) (468)
Appendix: Non-IFRS Performance Measures
The Group's management believes that the non-IFRS performance measures
included in this document provide valuable information to the readers of the
financial statements, as they enable the reader to identify a more consistent
basis for comparing the businesses' performance between financial periods, and
provide more detail concerning the elements of performance which the managers
of these businesses are most directly able to influence or are relevant for an
assessment of the Group. They also reflect an important aspect of the way in
which operating targets are defined and performance is monitored by
management.
However, any non-IFRS performance measures in this document are not a
substitute for IFRS measures and readers should consider the IFRS measures as
well.
Non-IFRS performance measures glossary
Measure Definition
Loan: deposit ratio Total loans and advances at amortised cost divided by total deposits at
amortised cost.
Attributable profit Profit after tax attributable to ordinary shareholders of the parent.
Period end tangible equity refers to:
Period end tangible shareholders' equity (for Barclays Group) Shareholders' equity attributable to ordinary shareholders of the parent,
adjusted for the deduction of goodwill and intangible assets.
Period end allocated tangible equity (for businesses) Allocated tangible equity is calculated as 13.5% (2024: 13.5%) of RWAs for
each business, adjusted for capital deductions, excluding goodwill and
intangible assets, reflecting the assumptions the Barclays Group uses for
capital planning purposes. Head Office allocated tangible equity represents
the difference between the Barclays Group's tangible shareholders' equity and
the amounts allocated to businesses.
Average tangible equity refers to:
Average tangible shareholders' equity (for Barclays Group) Calculated as the average of the previous month's period end tangible
shareholders' equity and the current month's period end tangible shareholders'
equity. The average tangible shareholders' equity for the period is the
average of the monthly averages within that period.
Average allocated tangible equity (for businesses) Calculated as the average of the previous month's period end allocated
tangible equity and the current month's period end allocated tangible equity.
The average allocated tangible equity for the period is the average of the
monthly averages within that period.
Return on tangible equity (RoTE) refers to:
Return on average tangible shareholders' equity (for Barclays Group) Annualised Group attributable profit, as a proportion of average tangible
shareholders' equity. The components of the calculation have been included on
pages 42 to 43.
Return on average allocated tangible equity (for businesses) Annualised business attributable profit, as a proportion of that business's
average allocated tangible equity. The components of the calculation have been
included on pages 42 to 44.
Operating expenses excluding litigation and conduct A measure of total operating expenses excluding litigation and conduct
charges.
Operating costs A measure of total operating expenses excluding litigation and conduct charges
and UK regulatory levies.
Cost: income ratio Total operating expenses divided by total income.
Loan loss rate Quoted in basis points and represents total impairment charges divided by
total gross loans and advances held at amortised cost (including portfolios
reclassified to assets held for sale) at the balance sheet date. The
components of the calculation have been included on pages 45 to 47.
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 24.
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 48.
Profit before impairment Calculated by excluding credit impairment charges or releases from profit
before tax.
Structural cost actions Cost actions taken to improve future financial performance.
Group net interest income excluding Barclays Investment Bank and Head Office A measure of Barclays Group net interest income, excluding the net interest
income reported in Barclays Investment Bank and Head Office.
Returns
Three months ended 31.03.25
Barclays UK Barclays UK Corporate Bank Barclays Private Bank and Wealth Management Barclays Investment Bank Barclays US Consumer Bank Head Office Barclays Group
Return on average tangible equity £m £m £m £m £m £m £m
Attributable profit/(loss) 510 142 96 1,199 41 (124) 1,864
£bn £bn £bn £bn £bn £bn £bn
Average equity 15.7 3.3 1.2 29.6 4.2 7.4 61.4
Average goodwill and intangibles (4.0) - (0.1) - (0.6) (3.6) (8.3)
Average tangible equity 11.7 3.3 1.1 29.6 3.6 3.8 53.1
Return on average tangible equity 17.4% 17.1% 34.5% 16.2% 4.5% n/m 14.0%
Three months ended 31.03.24
Barclays UK Barclays UK Corporate Bank Barclays Private Bank and Wealth Management Barclays Investment Bank Barclays US Consumer Bank Head Office Barclays Group
Return on average tangible equity £m £m £m £m £m £m £m
Attributable profit/(loss) 479 113 74 899 44 (59) 1,550
£bn £bn £bn £bn £bn £bn £bn
Average equity 14.3 3.0 1.1 30.0 3.6 6.3 58.3
Average goodwill and intangibles (3.9) - (0.1) - (0.3) (3.5) (7.8)
Average tangible equity 10.4 3.0 1.0 30.0 3.3 2.8 50.5
Return on average tangible equity 18.5% 15.2% 28.7% 12.0% 5.3% n/m 12.3%
Barclays Group
Return on average tangible shareholders' equity Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
£m £m £m £m £m £m £m £m
Attributable profit/(loss) 1,864 965 1,564 1,237 1,550 (111) 1,274 1,328
£bn £bn £bn £bn £bn £bn £bn £bn
Average shareholders' equity 61.4 59.7 59.1 57.7 58.3 57.1 55.1 55.4
Average goodwill and intangibles (8.3) (8.2) (8.1) (7.9) (7.8) (8.2) (8.6) (8.7)
Average tangible shareholders' equity 53.1 51.5 51.0 49.8 50.5 48.9 46.5 46.7
Return on average tangible shareholders' equity 14.0% 7.5% 12.3% 9.9% 12.3% (0.9)% 11.0% 11.4%
Barclays UK
Return on average allocated tangible equity Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
£m £m £m £m £m £m £m £m
Attributable profit 510 781 621 584 479 382 531 534
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 15.7 15.1 14.5 14.4 14.3 14.1 14.0 14.2
Average goodwill and intangibles (4.0) (3.9) (3.9) (3.9) (3.9) (3.9) (3.9) (4.0)
Average allocated tangible equity 11.7 11.2 10.6 10.5 10.4 10.2 10.1 10.2
Return on average allocated tangible equity 17.4% 28.0% 23.4% 22.3% 18.5% 14.9% 21.0% 20.9%
Barclays UK Corporate Bank
Return on average allocated tangible equity Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
£m £m £m £m £m £m £m £m
Attributable profit 142 98 144 135 113 59 129 239
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 3.3 3.2 3.1 3.0 3.0 2.8 2.8 2.9
Average goodwill and intangibles - - - - - - - -
Average allocated tangible equity 3.3 3.2 3.1 3.0 3.0 2.8 2.8 2.9
Return on average allocated tangible equity 17.1% 12.3% 18.8% 18.0% 15.2% 8.4% 18.3% 32.9%
Barclays Private Bank and Wealth Management
Return on average allocated tangible equity Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
£m £m £m £m £m £m £m £m
Attributable profit 96 63 74 77 74 47 102 91
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 1.2 1.2 1.1 1.1 1.1 1.1 1.1 1.1
Average goodwill and intangibles (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1)
Average allocated tangible equity 1.1 1.1 1.0 1.0 1.0 1.0 1.0 1.0
Return on average allocated tangible equity 34.5% 23.9% 29.0% 30.8% 28.7% 19.1% 41.2% 35.9%
Barclays Investment Bank
Return on average allocated tangible equity Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
£m £m £m £m £m £m £m £m
Attributable profit/(loss) 1,199 247 652 715 899 (149) 580 562
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 29.6 29.3 29.5 29.9 30.0 28.9 28.8 29.0
Average goodwill and intangibles - - - - - - - -
Average allocated tangible equity 29.6 29.3 29.5 29.9 30.0 28.9 28.8 29.0
Return on average allocated tangible equity 16.2% 3.4% 8.8% 9.6% 12.0% (2.1)% 8.0% 7.7%
Barclays US Consumer Bank
Return on average allocated tangible equity Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
£m £m £m £m £m £m £m £m
Attributable profit/(loss) 41 94 89 75 44 (3) 3 72
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 4.2 4.0 3.8 3.6 3.6 3.6 3.8 3.9
Average goodwill and intangibles (0.6) (0.6) (0.5) (0.3) (0.3) (0.3) (0.7) (0.8)
Average allocated tangible equity 3.6 3.4 3.3 3.3 3.3 3.3 3.1 3.1
Return on average allocated tangible equity 4.5% 11.2% 10.9% 9.2% 5.3% (0.3)% 0.4% 9.3%
Loan loss rates
Three months ended 31.03.25
Barclays UK Barclays UK Corporate Bank Barclays Private Bank and Wealth Management Barclays Investment Bank Barclays US Consumer Bank Head Office Barclays Group
Loan loss rate £m £m £m £m £m £m £m
Credit impairment charges (158) (19) 9 (72) (399) (4) (643)
£bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 227.5 27.0 14.8 129.6 28.9 2.6 430.4
reclassified as held for sale)(1)
Loan loss rate (bps) 28 28 (25) 23 562 n/m 61
Three months ended 31.03.24
Barclays UK Barclays UK Corporate Bank Barclays Private Bank and Wealth Management Barclays Investment Bank Barclays US Consumer Bank Head Office Barclays Group
Loan loss rate £m £m £m £m £m £m £m
Credit impairment charges (58) (15) - 10 (410) (40) (513)
£bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 219.4 26.1 14.1 113.2 27.0 7.8 407.6
reclassified as held for sale)(1)
Loan loss rate (bps) 11 23 - (4) 610 n/m 51
1 Includes gross loans and advances to customers and banks, in addition to debt
securities.
Barclays Group
Loan loss rate Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
£m £m £m £m £m £m £m £m
Credit impairment charges (643) (711) (374) (384) (513) (552) (433) (372)
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 430.4 429.6 408.3 409.1 407.6 409.3 411.2 407.0
reclassified as held for sale)
Loan loss rate (bps) 61 66 37 38 51 54 42 37
Barclays UK
Loan loss rate Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
£m £m £m £m £m £m £m £m
Credit impairment charges (158) (283) (16) (8) (58) (37) (59) (95)
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 227.5 227.5 218.4 217.3 219.4 223.3 225.7 227.7
reclassified as held for sale)
Loan loss rate (bps) 28 49 3 1 11 7 10 17
Barclays UK Corporate Bank
Loan loss rate Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
£m £m £m £m £m £m £m £m
Credit impairment charges (19) (40) (13) (8) (15) (18) (15) 84
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 27.0 25.8 25.2 26.0 26.1 26.6 27.2 27.2
reclassified as held for sale)
Loan loss rate (bps) 28 62 21 12 23 27 21 (123)
Barclays Private Bank and Wealth Management
Loan loss rate Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
£m £m £m £m £m £m £m £m
Credit impairment charges 9 (2) (7) 3 - 4 2 (7)
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 14.8 14.7 14.3 14.1 14.1 13.8 13.6 14.1
reclassified as held for sale)
Loan loss rate (bps) (25) 5 19 (9) - (10) (7) 20
Barclays Investment Bank
Loan loss rate Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
£m £m £m £m £m £m £m £m
Credit impairment charge (72) (46) (43) (44) 10 (23) 23 (77)
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 129.6 124.9 116.5 115.5 113.2 109.4 108.6 103.7
reclassified as held for sale)
Loan loss rate (bps) 23 15 15 15 (4) 8 (8) 30
Barclays US Consumer Bank
Loan loss rate Q125 Q424 Q324 Q224 Q124 Q423 Q323 Q223
£m £m £m £m £m £m £m £m
Credit impairment charges (399) (298) (276) (309) (410) (449) (404) (264)
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 28.9 30.0 26.7 28.4 27.0 28.0 27.5 25.8
reclassified as held for sale)
Loan loss rate (bps) 562 395 411 438 610 636 582 411
Tangible net asset value per share As at 31.03.25 As at 31.12.24 As at 31.03.24
£m £m £m
Total equity excluding non-controlling interests 74,880 71,821 71,680
Other equity instruments (13,263) (12,075) (13,241)
Goodwill and intangibles (8,250) (8,275) (7,813)
Tangible shareholders' equity attributable to ordinary shareholders of the 53,367 51,471 50,626
parent
m m m
Shares in issue 14,336 14,420 15,091
p p p
Tangible net asset value per share 372 357 335
Shareholder Information
Results timetable(1) Date
2025 Interim Results Announcement 29 July 2025
%
Change(3)
Exchange rates(2) 31.03.25 31.12.24 31.03.24 31.12.24 31.03.24
Period end - USD/GBP 1.29 1.25 1.26 3% 2%
3 month average - USD/GBP 1.26 1.28 1.27 (2)% (1)%
Period end - EUR/GBP 1.19 1.21 1.17 (2)% 2%
3 month average - EUR/GBP 1.20 1.20 1.17 -% 3%
Share price data
Barclays PLC (p) 287.80 268.15 183.20
Barclays PLC number of shares (m)(4) 14,336 14,420 15,091
For further information please contact
Investor relations Media relations
Marina Shchukina +44 (0) 20 7116 2526 Tom Hoskin +44 (0) 20 7116 4755
More information on Barclays can be found on our website: home.barclays
Registered office
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000.
Company number: 48839.
Registrar
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United
Kingdom.
Tel: +44 (0)371 384 2055 (UK and International telephone number)(5)(.)
American Depositary Receipts (ADRs)
Shareowner Services
P.O. Box 64504
St. Paul, MN 55164-0504
United States of America
shareowneronline.com
(https://www.shareowneronline.com/informational/contact-us/)
Toll Free Number (US and Canada): +1 800-990-1135
Outside the US and Canada: +1 651-453-2128
Delivery of ADR certificates and overnight mail
Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN
55120-4100, USA.
1 Note that this date is provisional and subject to change.
2 The average rates shown above are derived from daily spot rates during the
year.
3 The change is the impact to GBP reported information.
4 The number of shares of 14,336m as at 31 March 2025 is different from the
14,328m quoted in the 1 April 2025 announcement entitled "Total Voting Rights"
because the share buyback transactions executed on 28 and 31 March 2025 did
not settle until 1 and 2 April 2025 respectively.
5 Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding UK public
holidays in England and Wales.
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