REG - Barclays PLC - 1st Quarter Results
28/04/2026 07:00
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RNS Number : 1046C Barclays PLC 28 April 2026
Barclays PLC
Q126 Results Announcement
31 March 2026
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 2026 to the corresponding three months of
2025 and balance sheet analysis as at 31 March 2026 with comparatives
relating to 31 December 2025 and 31 March 2025. The abbreviations '£m' and
'£bn' represent millions and thousands of millions of Pounds Sterling
respectively; the abbreviations '$m' and '$bn' represent millions and
thousands of millions of US Dollars respectively; and the abbreviations '€m'
and '€bn' represent millions and thousands of millions of Euros
respectively.
There are a number of key judgement areas, for example impairment
calculations, which are based on models and which are subject to ongoing
adjustment and modifications. Reported numbers reflect best estimates and
judgements at the given point in time.
Relevant terms that are used in this document but are not defined under
applicable regulatory guidance or International Financial Reporting Standards
(IFRS) are explained in the results glossary, which can be accessed at
home.barclays/investor-relations.
(https://home.barclays/investor-relations/reports-and-events/financial-results/)
The information in this announcement, which was approved by the Board of
Directors on 27 April 2026, does not comprise statutory accounts within the
meaning of Section 434 of the Companies Act 2006. Statutory accounts for the
year ended 31 December 2025, which contain an unmodified audit report under
Section 495 of the Companies Act 2006 (which does not make any statements
under Section 498 of the Companies Act 2006) will be delivered to the
Registrar of Companies in accordance with Section 441 of the Companies Act
2006.
These results will be furnished on Form 6-K to the US Securities and Exchange
Commission (SEC) as soon as practicable following publication of this
document. Once furnished to the SEC, a copy of the Form 6-K will be available
from the SEC's website at www.sec.gov (http://www.sec.gov) .
Barclays is a frequent issuer in the debt capital markets and regularly meets
with investors via formal roadshows and other ad hoc meetings. Consistent with
its usual practice, Barclays expects that from time to time over the coming
quarter it will meet with investors globally to discuss these results and
other matters relating to the Group.
Non-IFRS performance measures
Barclays' management believes that the non-IFRS performance measures included
in this document provide valuable information to the readers of the financial
statements as they enable the reader to identify a more consistent basis for
comparing the businesses' performance between financial periods and provide
more detail concerning the elements of performance which the managers of these
businesses are most directly able to influence or are relevant for an
assessment of the Group. They also reflect an important aspect of the way in
which operating targets are defined and performance is monitored by Barclays'
management. However, any non-IFRS performance measures in this document are
not a substitute for IFRS measures and readers should consider the IFRS
measures as well. Refer to the appendix on pages 40 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 sustainability-related
commitments and targets), plans and objectives for future operations,
International Financial Reporting Standards ("IFRS") and other statements that
are not historical or current facts. By their nature, forward-looking
statements involve risk and uncertainty because they relate to future events
and circumstances. Forward-looking statements speak only as at the date on
which they are made. Forward-looking statements may be affected by a number of
factors, including, without limitation: changes in legislation, regulations,
governmental and regulatory policies, expectations and actions, voluntary
codes of practices and the interpretation thereof, changes in IFRS and other
accounting standards, including practices with regard to the interpretation
and application thereof and emerging and developing sustainability reporting
standards (including emissions accounting methodologies); changes in tax laws
and practice; the outcome of current and future legal proceedings and
regulatory investigations; the Group's ability along with governments and
other stakeholders to measure, manage and mitigate the impacts of climate
change effectively or navigate inconsistencies and conflicts in the manner in
which climate policy is implemented in the regions where the Group operates,
including as a result of the adoption of rules and regulations taking a
different or opposing position on sustainability matters, or other forms of
governmental and regulatory action against sustainability policies;
environmental, social and geopolitical risks and incidents and similar events
beyond the Group's control; financial crime; the impact of competition in the
banking and financial services industry; capital, liquidity, leverage and
other regulatory rules and requirements applicable to past, current and future
periods; UK, US, Eurozone and global macroeconomic and business conditions,
including inflation; volatility in credit and capital markets; market related
risks such as changes in interest rates and foreign exchange rates; reforms to
benchmark interest rates and indices; higher or lower asset valuations;
changes in credit ratings of any entity within the Group or any securities
issued by it; changes in counterparty risk; changes in consumer behaviour;
changes in trade policy, including the imposition of tariffs or other
protectionist measures; the direct and indirect consequences of the conflicts
in the Middle East and Ukraine on European and global macroeconomic
conditions, political stability and financial markets; changes in US
legislation and policy; developments in the UK's relationship with the
European Union; the risk of cyberattacks, information or security breaches,
technology failures or operational disruptions and any subsequent impact on
the Group's reputation, business or operations; the use of new technology,
including artificial intelligence; the Group's ability to access funding; and
the success of acquisitions, disposals, joint ventures and other strategic
transactions. A number of these factors are beyond the Group's control. As a
result, the Group's actual financial position, results, financial and
non-financial metrics or performance measures or its ability to meet
commitments and targets may differ materially from the statements or guidance
set forth in the Group's forward-looking statements. In setting its targets
and outlook for the period 2026-2028, Barclays has made certain assumptions
about the macroeconomic environment, including, without limitation, inflation,
interest and unemployment rates, the different markets and competitive
conditions in which Barclays operates, and its ability to grow certain
businesses and achieve costs savings and other structural actions. Additional
risks and factors which may impact the Group's future financial condition and
performance are identified in Barclays PLC's filings with the US Securities
and Exchange Commission ("SEC") (including, without limitation, Barclays PLC's
Annual Report on Form 20-F for the financial year ended 31 December 2025),
which are available on the SEC's website at www.sec.gov (http://www.sec.gov) .
Subject to Barclays PLC's obligations under the applicable laws and
regulations of any relevant jurisdiction (including, without limitation, the
UK and the US) in relation to disclosure and ongoing information, we undertake
no obligation to update publicly or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Performance Highlights
For Q126, Barclays delivered a return on tangible equity (RoTE) of 13.5%,
announced a £500m buyback and reiterated all 2026 and 2028 targets
C. S. Venkatakrishnan, Group Chief Executive, commented
"Barclays delivered another solid quarter with a 13.5% RoTE in Q126, and
double-digit returns in all our businesses. This was despite a one-off charge
and impairments in the quarter. Top line income grew 6% year-on-year, driven
by broad based divisional performance including in the Investment Bank, where
we generated over £4bn quarterly income for the first time. The cost: income
ratio improved to 56% and earnings per share (EPS) grew by 8% to 14.1p. Our
capital position remains robust with a 14.1% common equity tier 1 (CET1) ratio
and we are announcing a £500m buyback today. The breadth and quality of our
businesses mean we remain confident in delivering all our financial targets
across a range of environments. This includes greater than 12% RoTE in 2026
and greater than 14% RoTE in 2028."
● Q126 Group RoTE of 13.5% (Q125: 14.0%) with EPS of 14.1p (Q125: 13.0p)
● Announced intention to initiate a share buyback of up to £500m following the
completion of the ongoing £1bn share buyback announced at FY25 Results
● Q126 Group net interest income (NII) excluding Barclays Investment Bank (IB)
and Head office of £3.4bn, of which Barclays UK was £2.0bn, on track to meet
the 2026 guidance of greater than £13.5bn and £8.1-£8.3bn respectively
● 5% growth in UK lending year-on-year in Q126
- Delivered £22bn of c.£30bn planned UK risk weighted assets (RWAs) growth
since 2024¹, of which £15bn was organic growth
● Q126 Group cost: income ratio improving to 56% (Q125: 57%) driven by positive
operating leverage
- Delivered c.£150m of gross cost efficiency savings in Q126
● Q126 Group loan loss rate (LLR) of 74bps included a £0.2bn single name
impairment charge in the IB which had a c.20bps impact on Group LLR
- As a result, Group LLR in FY26 is expected to be around the top of the
50-60bps through the cycle guidance range
● Strong balance sheet with CET1 ratio of 14.1%
- Taking into account the impact of the £500m share buyback announced today,
the CET1 ratio as of 31 March 2026 would be reduced to 13.9%, at the top end
of the 13-14% range
Key financial metrics:
Income Profit before tax Attributable profit Cost: income ratio LLR RoTE EPS TNAV per share CET1 ratio Total capital return
Q126 £8.2bn £2.8bn £1.9bn 56% 74bps 13.5% 14.1p 405p 14.1% £0.5bn
Q126 Performance highlights:
● Group RoTE was 13.5% (Q125: 14.0%) with profit before tax of £2.8bn (Q125:
£2.7bn). All divisions delivered double-digit RoTE in Q126
● Group income of £8.2bn increased 6% year-on-year. Group NII excluding IB and
Head Office was £3.4bn, up 12% year-on-year
- Barclays UK income increased 9%, as higher structural hedge income was
partially offset by retail deposit dynamics
- Barclays UK Corporate Bank (UKCB) income increased 10%, reflecting higher
average deposit and lending balances, and higher structural hedge income
- Barclays Private Bank and Wealth Management (PBWM) income was broadly stable,
as growth from higher client balances was offset by the impact of deposit mix
- Barclays Investment Bank (IB) income increased 4%, driven by Global Markets
and Investment Banking fees partially offset by the strengthening of average
GBP against USD
- Barclays US Consumer Bank (USCB) income increased 14%, driven by business
growth and increased purchase activity, partially offset by the strengthening
of average GBP against USD
● Group total operating expenses were £4.5bn, up 4% year on year
- Group operating costs increased 2% to £4.4bn, reflecting further investment
spend, business growth and inflation, partially offset by c.£0.2bn of cost
efficiency savings and FX movements
- Litigation and conduct charges of £0.1bn primarily reflected an increase in
the provision for the UK Financial Conduct Authority (FCA) motor finance
redress scheme
1 Represents RWAs from business growth in Barclays UK, UK Corporate Bank and
Private Bank and Wealth Management since January 2024, excluding the effects
of securitisations, model updates and other methodological changes. Also
excludes additional Operational Risk RWAs related to organic growth.
Q126 Performance highlights (continued):
● Credit impairment charges were £0.8bn (Q125: £0.6bn) with an LLR of 74bps
(Q125: 61bps), including a £0.2bn single name charge in the IB
● CET1 ratio of 14.1% (December 2025: 14.3%), with RWAs of £364.5bn (December
2025: £356.8bn). Tangible net asset value (TNAV) per share of 405p (December
2025: 409p)
Group financial targets(1):
2026 targets
● Returns: Group RoTE of greater than 12%
● Capital returns(2): plan to return at least £10bn of capital to shareholders
between 2024 and 2026, through dividends and share buybacks, with a continued
preference for buybacks
- Progressive increase in total capital returns versus 2025
- Share buybacks announced quarterly
- Dividends to be paid semi-annually, including planned £2bn dividend for 2026
● Income: Group total income of c.£31bn
- Group NII excluding IB and Head Office greater than £13.5bn and Barclays UK
NII of £8.1bn - £8.3bn
● Costs: Group cost: income ratio of high 50s in percentage terms
● Impairment: expect Group LLR to be around the top of the 50-60bps through the
cycle range
● Capital: CET1 ratio target range of 13-14%
- IB RWAs mid 50s% of Group RWAs
- Impact of regulatory change on RWAs in line with our prior guidance of
c.£19-26bn
- c.£3-10bn RWAs from Basel 3.1, with implementation expected from 1 January
2027(3)
- c.£16bn RWAs from USCB moving to an Internal Ratings Based (IRB) model,
subject to portfolio changes and regulatory approval, c.£5bn expected on 1
January 2027 with remainder anticipated later in 2027
- Expect Pillar 2A capital to reduce upon implementation of Basel 3.1 and USCB
IRB
2028 targets
● Returns: Group RoTE of greater than 14%
● Capital returns(2): plan to return greater than £15bn of capital to
shareholders between 2026 and 2028, through dividends and share buybacks. This
provides capacity for additional investment and growth, exceeding the level of
investment in the current plan
● Income: greater than 5% compound annual growth rate (CAGR) 2025-2028
● Costs: Group cost: income ratio of low 50s in percentage terms. Cost target
includes total gross efficiency savings of c.£2bn in 2026-2028
● Impairment: expect Group LLR of 50-60bps through the cycle
● Capital: CET1 ratio target range of 13-14%
- IB RWAs of c.50% of Group RWAs
1 Our targets and guidance are based on management's current expectations as to
the macroeconomic environment and the business and may be subject to change.
2 This multi-year plan is subject to supervisory and Board approvals,
anticipated financial performance and our published CET1 ratio target range of
13-14%.
3 Fundamental review of the trading book (FRTB) impact mostly expected in 2027.
Barclays Group results Three months ended
31.03.26 31.03.25
£m £m % Change
Barclays UK 2,258 2,074 9
Barclays UK Corporate Bank 530 484 10
Barclays Private Bank and Wealth Management 347 349 (1)
Barclays Investment Bank 4,028 3,873 4
Barclays US Consumer Bank 983 864 14
Head Office 17 65 (74)
Total income 8,163 7,709 6
Operating costs (4,359) (4,258) (2)
UK regulatory levies (84) (96) 13
Litigation and conduct (104) (11)
Total operating expenses (4,547) (4,365) (4)
Other net income 21 18 17
Profit before impairment 3,637 3,362 8
Credit impairment charges (823) (643) (28)
Profit before tax 2,814 2,719 3
Tax charge (638) (621) (3)
Profit after tax 2,176 2,098 4
Non-controlling interests - (2)
Other equity instrument holders (244) (232) (5)
Attributable profit 1,932 1,864 4
Performance measures
Return on average tangible shareholders' equity 13.5% 14.0%
Average tangible shareholders' equity (£bn) 57.2 53.1
Cost: income ratio 56% 57%
Loan loss rate (bps) 74 61
Basic earnings per ordinary share 14.1p 13.0p 8
Share buybacks announced (£m) 500 -
Total payout equivalent per share c.3.6p -
Basic weighted average number of shares (m) 13,727 14,314 (4)
Period end number of shares (m) 13,737 14,336 (4)
Period end tangible shareholders' equity (£bn) 55.6 53.4
As at 31.03.26 As at 31.12.25 As at 31.03.25
Balance sheet and capital management(1) £bn £bn £bn
Loans and advances at amortised cost 438.6 430.0 419.4
Loans and advances at amortised cost impairment coverage ratio 1.3% 1.2% 1.2%
Total assets 1,694.8 1,544.2 1,593.5
Deposits at amortised cost 587.6 585.6 574.3
Tangible net asset value per share 405p 409p 372p
Common equity tier 1 ratio 14.1% 14.3% 13.9%
Common equity tier 1 capital 51.2 51.1 48.8
Risk weighted assets 364.5 356.8 351.3
UK leverage ratio 4.8% 5.1% 5.0%
UK leverage exposure 1,321.3 1,247.3 1,252.8
Funding and liquidity
Group liquidity pool (£bn) 326.1 337.8 336.3
Liquidity coverage ratio(2) 165.4% 170.0% 175.3%
Net stable funding ratio(3) 135.4% 135.2% 136.2%
Loan: deposit ratio 75% 73% 73%
1 Refer to pages 32 to 36 for further information on how capital, RWAs and
leverage are calculated.
2 Represents average of the last 12 spot month end ratios. In June 2025,
Barclays implemented a new methodology for calculating net stress outflows
related to secured financing transactions in the liquidity coverage ratio
(LCR).
3 Represents average of the last four spot quarter end positions.
Group Finance Director's Review
Q126 Group performance
● Barclays delivered a profit before tax of £2,814m (Q125: £2,719m), RoTE of
13.5% (Q125: 14.0%) and EPS of 14.1p (Q125: 13.0p)
● The Group has a diverse income profile across businesses and geographies. The
7% year-on-year appreciation of average GBP against USD negatively impacted
income and profits, and positively impacted credit impairment charges and
total operating expenses
● Group income increased 6% to £8,163m, as increased NII, supported by higher
structural hedge income and lending growth, and higher income in Global
Markets and Investment Banking fees, were partially offset by net losses on
fair value lending in IB(1)
● Group total operating expenses increased to £4,547m (Q125: £4,365m)
- Group operating costs increased 2% to £4,359m, reflecting further investment
spend, business growth and inflation, partially offset by c.£150m of cost
efficiency savings and FX movements
- Litigation and conduct charges of £104m primarily reflected a £105m increase
in the provision for the FCA motor finance redress scheme
● Credit impairment charges increased to £823m (Q125: £643m), primarily driven
by a single name charge of £228m in IB. Uncertainty persists and this is
reflected in a net £20m increase in related management adjustments. As a
result, total coverage ratio increased to 1.3% (December 2025: 1.2%)
● The effective tax rate (ETR) was 22.7% (Q125: 22.8%)
● Attributable profit was £1,932m (Q125: £1,864m)
● Total assets increased to £1,694.8bn (December 2025: £1,544.2bn) driven by
higher activity in Global Markets as we continue to support clients through a
range of environments
● TNAV per share decreased to 405p (December 2025: 409p) as EPS of 14.1p and a
3p benefit from the currency translation reserve was more than offset by an
11p negative movement in the cash flow hedging reserve, a 6p impact from FY25
dividends paid in Q126, and 6p impact from share awards vesting
Group capital and leverage
● The CET1 ratio decreased to 14.1% (December 2025: 14.3%). Taking into account
the impact of the £500m share buyback announced today, the CET1 ratio as of
31 March 2026 would be reduced to 13.9% (at the top end of the 13-14% target
range)
● The 26bps decrease in the CET1 ratio at Q126, driven by an RWAs increase of
£7.7bn to £364.5bn, partially offset by an increase in CET1 capital of
£0.1bn to £51.2bn, was due to:
- 53bps increase from attributable profit
- 41bps decrease driven by shareholder distributions including the £1.0bn share
buyback announced with FY25 results and the accrual for the FY26 dividend
- 17bps decrease from other CET1 capital movements, including the net impact of
share awards vesting
- 22bps decrease as a result of a £5.5bn increase in RWAs, excluding the impact
of foreign exchange movements, primarily driven by lending growth in UK
businesses and higher activity in Global Markets
- A £0.4bn increase in CET1 capital due to an increase in the currency
translation reserve was partially offset by a £2.1bn increase in RWAs as a
result of foreign exchange movements
● The UK leverage ratio decreased to 4.8% (December 2025: 5.1%) as the leverage
exposure increased by £74.0bn to £1,321.3bn (December 2025: £1,247.3bn).
The increase in leverage exposure was primarily driven by higher activity in
Global Markets
Group funding and liquidity
● The liquidity metrics remain above regulatory requirements, underpinned by
well-diversified sources of funding, a stable global deposit franchise and a
highly liquid balance sheet
● The liquidity pool was £326.1bn, a decrease of £11.7bn from December 2025.
The decrease in the liquidity pool was primarily driven by increased
utilisation across Markets and Investment Banking and higher Treasury usage
● The average(2) LCR was 165.4% (December 2025: 170.0%), equivalent to a surplus
of £125.9bn (December 2025: £131.2bn)
● Total deposits increased to £587.6bn (December 2025: £585.6bn), primarily
driven by deposit growth in International Corporate Bank in IB
● The average(3) Net Stable Funding Ratio (NSFR) was 135.4% (December 2025:
135.2%), which represents a £166.9bn surplus (December 2025: £166.3bn) above
the 100% regulatory requirement
1 Q126 includes c.£40m of fair value losses on lending. Q125 included c.£105m
of fair value gains on leverage finance lending.
2 Represents average of the last 12 spot month end ratios. In June 2025,
Barclays implemented a new methodology for calculating net stress outflows
related to secured financing transactions in the liquidity coverage ratio.
3 Represents average of the last four spot quarter end ratios.
Group funding and liquidity (continued)
● Wholesale funding outstanding, excluding repurchase agreements, was £227.0bn
(December 2025: £220.1bn)
● The Group issued £3.0bn equivalent of minimum requirement for own funds and
eligible liabilities (MREL) instruments from Barclays PLC (the Parent company)
as of Q126. The Group has a strong MREL position with a ratio of 35.4%, which
is in excess of the regulatory requirement of 30.5% excluding any applicable
Prudential Regulation Authority (PRA) buffer
Other matters
● Motor finance commission arrangements:
From 2003 to late 2019, Barclays, through Clydesdale Financial Services
Limited (CFSL), a wholly owned subsidiary of the group, provided motor finance
to customers in the UK.
In January 2024, the FCA appointed a skilled person to review the historical
use of discretionary commission arrangements and sales in the UK motor finance
market. In October 2025, the FCA consulted on an industry-wide redress scheme
for eligible motor finance customers, and Barclays engaged with the FCA as
part of this process.
In March 2026, the FCA published its final rules giving effect to two redress
schemes for eligible motor finance customers where a commission was payable by
the lender to the broker (one scheme for each of the pre and post 1 April 2014
periods).
Barclays increased its provision in Q126 by £105m to reflect the expected
financial impact of the redress schemes. The increase in provision is
primarily driven by moving from a multi-scenario approach to a single scenario
based on the FCA's final rules and higher compensatory interest. This resulted
in a provision of £430m in respect of this matter as at 31 March 2026 (as at
31 December 2025: £325m). The provision as at 31 March 2026 reflects
Barclays' estimate of cases in scope of the FCA redress schemes, the
anticipated level of customer redress under the FCA's methodology (including
compensatory interest at a minimum of 3% per annum), the estimated customer
response rate (with reference to prior remediation exercises across the
Group), and implementation costs. The ultimate financial impact could differ
from the current estimate due to factors such as customer response rates and
average cost of redress.
Barclays has decided not to challenge the FCA's final rules in the interests
of enabling a swift resolution for customers. However, Barclays strongly
disagrees with aspects which require financial redress even where customers
suffered no demonstrable financial harm.
Barclays understands that it is likely there will be at least one legal
challenge to the FCA's final rules. The legal and regulatory outcomes and the
nature, extent and timing of any remediation action, therefore remain
uncertain. Barclays has not incorporated the potential impact of any legal
challenge into the provision estimate.
● USCB portfolio changes in Q226:
- American Airlines co-branded credit card portfolio exit: On 24 April 2026
Barclays exited its American Airlines co-branded credit card partnership,
releasing c.$5bn of RWAs and generating an estimated gain on sale of c.$300m
- Best Egg, Inc. (Best Egg) acquisition: On or around 1 May 2026, Barclays
expects to complete the acquisition of Best Egg for $800m, subject to
customary post-completion purchase price adjustments and satisfaction of
remaining conditions to closing. Best Egg is a leading US direct-to-consumer
personal loan origination platform focused on prime borrowers. The acquisition
is expected to generate c.$500m of goodwill and intangibles
- The estimated net impact of both transactions is expected to marginally
increase the Barclays Group CET1 ratio in Q226
Anna Cross, Group Finance Director
Results by Business
Barclays UK Three months ended
31.03.26 31.03.25
Income statement information £m £m % Change
Net interest income 1,986 1,822 9
Net fee, commission and other income 272 252 8
Total income 2,258 2,074 9
Operating costs (1,174) (1,115) (5)
UK regulatory levies (44) (43) (2)
Litigation and conduct 1 (2)
Total operating expenses (1,217) (1,160) (5)
Other net income - - -
Profit before impairment 1,041 914 14
Credit impairment charges (178) (158) (13)
Profit before tax 863 756 14
Attributable profit 591 510 16
Performance measures
Return on average allocated tangible equity 19.7% 17.4%
Average allocated tangible equity (£bn) 12.0 11.7
Cost: income ratio 54% 56%
Loan loss rate (bps) 31 28
Net interest margin 3.72% 3.55%
As at 31.03.26 As at 31.12.25 As at 31.03.25
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 217.8 216.5 209.6
Total assets 298.4 299.6 301.4
Customer deposits at amortised cost 243.9 244.6 243.1
Loan: deposit ratio 95% 94% 93%
Risk weighted assets 87.5 85.8 85.0
Period end allocated tangible equity 12.0 11.8 11.8
Analysis of Barclays UK Three months ended
31.03.26 31.03.25
Analysis of total income £m £m % Change
Retail Banking 1,725 1,573 10
Business Banking 533 501 6
Total income 2,258 2,074 9
Analysis of credit impairment (charges)/releases
Retail Banking (179) (145) (23)
Business Banking 1 (13)
Total credit impairment charges (178) (158) (13)
As at 31.03.26 As at 31.12.25 As at 31.03.25
Analysis of loans and advances to customers at amortised cost £bn £bn £bn
Retail Banking 200.1 198.6 190.4
Business Banking 17.7 17.9 19.2
Total loans and advances to customers at amortised cost 217.8 216.5 209.6
Analysis of customer deposits at amortised cost
Retail Banking 193.1 192.7 190.8
Business Banking 50.8 51.9 52.3
Total customer deposits at amortised cost 243.9 244.6 243.1
Barclays UK delivered a RoTE of 19.7% (Q125: 17.4%) supported by robust
income, disciplined cost management and underpinned by strong asset quality
Income statement - Q126 compared to Q125
● Profit before tax increased 14% to £863m
● Total income increased 9% to £2,258m. NII increased 9% to £1,986m, as higher
structural hedge income was partially offset by retail deposit dynamics. Net
fee, commission and other income increased 8% to £272m
● Total operating expenses increased 5% to £1,217m, driven by higher
investments and inflation. Ongoing efficiency savings continue to be
reinvested, to drive sustainable improvement to the cost: income ratio
● Credit impairment charges were £178m (Q125: £158m), reflecting stable
underlying credit performance, high quality mortgage lending portfolio with a
marginal increase in delinquencies in Retail credit cards. A £10m adjustment
has been recognised in the Retail credit cards portfolio, reflecting a
marginally weaker UK unemployment baseline than assumed in the Q126 scenario.
Retail credit cards 30 and 90 day arrears rates were 0.9% (Q125: 0.7%) and
0.3% (Q125: 0.2%) respectively. The Retail credit cards total coverage ratio
was 4.6% (December 2025: 4.3%)
Balance sheet - 31 March 2026 compared to 31 December 2025
● Loans and advances to customers at amortised cost increased £1.3bn to
£217.8bn, primarily driven by growth in mortgages
● Customer deposits at amortised cost decreased by £0.7bn to £243.9bn, driven
by seasonality. The loan: deposit ratio remained broadly stable at 95%
(December 2025: 94%)
● RWAs increased to £87.5bn (December 2025: £85.8bn), primarily due to growth
in mortgages lending
Barclays UK Corporate Bank Three months ended
31.03.26 31.03.25
Income statement information £m £m % Change
Net interest income 394 342 15
Net fee, commission and other income 136 142 (4)
Total income 530 484 10
Operating costs (239) (234) (2)
UK regulatory levies (15) (24) 38
Litigation and conduct - -
Total operating expenses (254) (258) 2
Other net income - - -
Profit before impairment 276 226 22
Credit impairment charges (3) (19) 84
Profit before tax 273 207 32
Attributable profit 187 142 32
Performance measures
Return on average allocated tangible equity 19.9% 17.1%
Average allocated tangible equity (£bn) 3.8 3.3
Cost: income ratio 48% 53%
Loan loss rate (bps) 4 28
As at 31.03.26 As at 31.12.25 As at 31.03.25
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 30.8 30.0 26.7
Deposits at amortised cost 88.0 88.7 85.3
Risk weighted assets 27.3 26.5 24.2
Period end allocated tangible equity 3.7 3.7 3.4
31.03.26 31.03.25
Analysis of total income £m £m % Change
Corporate lending 89 80 11
Transaction banking 441 404 9
Total income 530 484 10
UKCB delivered a RoTE of 19.9% (Q125: 17.1%), as increased income from higher
average deposit and lending balances, and positive operating jaws were
partially offset by higher RWAs to support future growth ambitions.
Income statement - Q126 compared to Q125
● Profit before tax increased 32% to £273m
● Total income increased 10% to £530m, NII increased 15% to £394m, driven by
higher average deposit and lending balances, and structural hedge income
benefit. Net fee, commission, trading and other income was broadly stable at
£136m
● Total operating expenses decreased 2% to £254m, reflecting a reduction in UK
regulatory levies to £15m (Q125: £24m). Operating costs increased 2% to
£239m, reflecting higher investment spend to support business growth
ambitions, with ongoing efficiency savings offsetting inflationary headwinds
● Credit impairment charges were £3m (Q125: £19m), reflecting strong
underlying credit performance and limited single name charges
Balance sheet - 31 March 2026 compared to 31 December 2025
● Loans and advances to customers at amortised cost increased to £30.8bn
(December 2025: £30.0bn), reflecting the strategic focus to grow lending
● Deposits at amortised cost of £88.0bn (December 2025: £88.7bn) were broadly
stable
● RWAs increased to £27.3bn (December 2025: £26.5bn), reflecting higher client
lending limits and growth in lending balances
Barclays Private Bank and Wealth Management Three months ended
31.03.26 31.03.25
Income statement information £m £m % Change
Net interest income 204 204 -
Net fee, commission and other income 143 145 (1)
Total income 347 349 (1)
Operating costs (254) (234) (9)
UK regulatory levies (3) (2) (50)
Litigation and conduct - -
Total operating expenses (257) (236) (9)
Other net income - - -
Profit before impairment 90 113 (20)
Credit impairment releases 2 9 (78)
Profit before tax 92 122 (25)
Attributable profit 73 96 (24)
Performance measures
Return on average allocated tangible equity 25.5% 34.5%
Average allocated tangible equity (£bn) 1.1 1.1
Cost: income ratio 74% 68%
Loan loss rate (bps) (6) (25)
Key facts £bn £bn
Net new assets under management(1) 1.5 1.0
As at 31.03.26 As at 31.12.25 As at 31.03.25
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 14.7 14.7 14.5
Deposits at amortised cost 73.3 72.0 73.1
Risk weighted assets 8.2 8.0 8.0
Period end allocated tangible equity 1.1 1.1 1.1
Invested assets(2) 135.4 140.6 124.4
Of which:
Assets under management(1) 51.6 52.9 47.8
Assets under supervision(1) 83.8 87.7 76.6
Client assets and liabilities(3) 223.8 227.6 212.4
PBWM delivered a RoTE of 25.5% (Q125: 34.5%), reflecting higher costs from
accelerated investment to support future growth and efficiency ambitions, and
a lower credit impairment release.
Income statement - Q126 compared to Q125
● Profit before tax decreased 25% to £92m
● Total income was broadly stable at £347m, as growth from higher client
balances was offset by the impact of deposit mix
● Total operating expenses increased 9% to £257m, reflecting ongoing investment
to support business growth ambitions and inflationary headwinds, partially
offset by efficiency savings
Balance sheet - 31 March 2026 compared to 31 December 2025
● Client assets and liabilities decreased £3.8bn to £223.8bn, driven by the
impact of negative market movements on invested assets, partially offset by
net new inflows and FX impacts
● RWAs were broadly stable at £8.2bn (December 2025: £8.0bn)
1 Refer to page 40 for further information on net new assets under management,
assets under management and assets under supervision.
2 Invested assets (held off-balance sheet) represent assets under management and
supervision. Uninvested cash held under an investment mandate and reported
within deposits is excluded from invested assets.
3 Client assets and liabilities refers to deposits, lending and invested assets.
Barclays Investment Bank Three months ended
31.03.26 31.03.25
Income statement information £m £m % Change
Net interest income 383 297 29
Net trading income 2,358 2,416 (2)
Net fee, commission and other income 1,287 1,160 11
Total income 4,028 3,873 4
Operating costs (2,107) (2,061) (2)
UK regulatory levies (22) (27) 19
Litigation and conduct 2 (3)
Total operating expenses (2,127) (2,091) (2)
Other net income - - -
Profit before impairment 1,901 1,782 7
Credit impairment charges (279) (72)
Profit before tax 1,622 1,710 (5)
Attributable profit 1,111 1,199 (7)
Performance measures
Return on average allocated tangible equity 15.0% 16.2%
Average allocated tangible equity (£bn) 29.7 29.6
Income over average risk weighted assets 8.0% 7.7%
Cost: income ratio 53% 54%
Loan loss rate (bps) 82 23
As at 31.03.26 As at 31.12.25 As at 31.03.25
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 73.6 70.0 68.6
Loans and advances to banks at amortised cost 10.0 7.4 7.4
Debt securities at amortised cost 52.9 52.9 53.1
Loans and advances at amortised cost 136.5 130.3 129.1
Trading portfolio assets 189.3 189.5 185.5
Derivative financial instrument assets 285.4 251.5 253.6
Financial assets at fair value through the income statement 215.6 183.6 209.5
Cash collateral and settlement balances 189.2 121.6 148.8
Deposits at amortised cost 157.4 156.1 148.9
Derivative financial instrument liabilities 272.6 240.6 245.1
Risk weighted assets 201.7 196.7 195.9
Period end allocated tangible equity 29.6 28.9 28.9
Three months ended
31.03.26 31.03.25
Analysis of total income £m £m % Change
FICC 1,716 1,699 1
Equities 1,116 963 16
Global Markets 2,832 2,662 6
Advisory 255 143 78
Equity capital markets 92 70 31
Debt capital markets 407 431 (6)
Banking fees and underwriting 754 644 17
Corporate lending(1) 16 156 (90)
Transaction banking 426 411 4
International Corporate Bank 442 567 (22)
Investment Banking 1,196 1,211 (1)
Total income 4,028 3,873 4
1 Q126 includes c.£40m of fair value losses on lending. Q125 included c.£105m
of fair value gains on leverage finance lending.
IB delivered a RoTE of 15.0% (Q125: 16.2%), driven by Global Markets and
Investment Banking fees and underwriting income, whilst maintaining cost and
capital discipline, driving positive operating jaws and improved RWA
productivity.
Income statement - Q126 compared to Q125
● Profit before tax decreased to £1,622m (Q125: £1,710m)
● IB has a diverse income profile across businesses and geographies. The 7%
appreciation of average GBP against USD adversely impacted income and profits,
and positively impacted credit impairment charges and total operating expenses
● Total income increased 4% to £4,028m, including the adverse impact of
strengthening average GBP against USD
- Global Markets income increased 6% to £2,832m, driven by increased income
in Equities and Credit
- FICC income was broadly stable at £1,716m (Q125: £1,699m), as we continued
to provide support to clients through a range of environments
- Equities income increased 16% to £1,116m, reflecting growth in Prime
Financing, and elevated volatility in Derivatives
- Investment Banking income was broadly stable at £1,196m (Q125: £1,211m)
- Banking fees and underwriting income increased 17% to £754m, primarily driven
by Advisory and Equity Capital Markets, up 78% and 31% respectively, partially
offset by Debt Capital Markets due to a strong prior year comparator
- International Corporate Bank (ICB) income decreased 22% to £442m. Transaction
banking income increased 4% to £426m, as higher income from growth in deposit
balances was partially offset by margin compression due to change in deposits
product mix. Corporate lending income decreased to £16m due to net losses
on fair value lending¹
● Total operating expenses were broadly stable at £2,127m, driven by efficiency
savings, offset by higher performance costs
● Credit impairment charges increased to £279m (Q125: £72m), primarily driven
by a single name charge of £228m. The tariff related adjustment from Q125 of
£35m² was released, due to the lack of tariff-driven credit deterioration
and losses. However, geopolitical uncertainty persists and is reflected
through a management adjustment of £52m² to capture increased downside risk.
Balance sheet - 31 March 2026 compared to 31 December 2025
● Loans and advances at amortised cost increased to £136.5bn (December 2025:
£130.3bn), driven by increased lending across Global Markets and Banking
● Cash collateral and settlement balances increased to £189.2bn (December 2025:
£121.6bn), primarily driven by seasonality and higher client activity during
a period of elevated volatility
● Financial assets at fair value through the income statement increased to
£215.6bn (December 2025: £183.6bn), driven by an increase in activity as we
continue to support clients through a range of environments
● Derivative financial instrument assets increased to £285.4bn (December 2025:
£251.5bn) and liabilities increased to £272.6bn (December 2025: £240.6bn),
primarily driven by the strengthening of spot USD against GBP in Q126 and
elevated volatility
● RWAs increased to £201.7bn (December 2025: £196.7bn), mainly driven by
higher activity in Global Markets as we continued to support clients through a
range of environments
1 Q126 includes c.£40m of fair value losses on lending. Q125 included c.£105m
of fair value gains on leverage finance lending.
2 Net of Significant Risk Transfer (SRT).
Barclays US Consumer Bank Three months ended
31.03.26 31.03.25
Income statement information £m £m % Change
Net interest income 823 678 21
Net fee, commission and other income 160 186 (14)
Total income 983 864 14
Operating costs (380) (407) 7
UK regulatory levies - -
Litigation and conduct - (3)
Total operating expenses (380) (410) 7
Other net income - -
Profit before impairment 603 454 33
Credit impairment charges (367) (399) 8
Profit before tax 236 55
Attributable profit 176 41
Performance measures
Return on average allocated tangible equity 18.8% 4.5%
Average allocated tangible equity (£bn) 3.8 3.6
Cost: income ratio 39% 47%
Loan loss rate (bps) 491 562
Net interest margin 12.76% 10.53%
As at 31.03.26 As at 31.12.25 As at 31.03.25
Balance sheet information £bn £bn £bn
Loans and advances to customers at amortised cost 21.0 21.1 18.8
Deposits at amortised cost 25.0 24.2 23.8
Risk weighted assets 27.6 27.4 25.6
Period end allocated tangible equity 3.8 3.8 3.5
USCB delivered a RoTE of 18.8% (Q125: 4.5%), reflecting continued operational
progress, with increased income from business growth and higher net interest
margin, positive operating jaws, and lower credit impairment charges.
Income statement - Q126 compared to Q125
● Profit before tax increased to £236m (Q125: £55m)
● The 7% appreciation of average GBP against USD adversely impacted income and
profits, and positively impacted credit impairment charges and total operating
expenses
● Total income increased 14% to £983m, driven by organic business growth, the
acquisition of the General Motors co-branded cards portfolio (GM portfolio)
and increased purchase activity, partially offset by the strengthening of
average GBP against USD. NII increased 21% to £823m with a net interest
margin (NIM) of 12.76% (Q125: 10.53%), including business growth and repricing
initiatives. Net fee, commission and other income decreased 14% to £160m
driven by the Q425 partner reward updates, partially offset by purchases and
fee growth
● Total operating expenses decreased 7% to £380m, reflecting the strengthening
of average GBP against USD, as business growth and inflationary headwinds were
broadly offset by lower partner related expenses and ongoing efficiency
savings
● Credit impairment charges decreased to £367m (Q125: £399m), reflecting
stable underlying credit performance. The tariff related management adjustment
from Q125 of £36m was released, due to the lack of tariff-driven credit
deterioration and losses. However, geopolitical uncertainty persists and is
reflected through holding back a £29m release arising from the Q126
macroeconomic scenario. US cards 30 and 90 day arrears rates(1) were 3.1%
(Q125: 3.0%) and 1.7% (Q125: 1.6%) respectively. The USCB total coverage ratio
was 11.5% (December 2025: 11.1%)
Balance sheet - 31 March 2026 compared to 31 December 2025
● Loans and advances to customers at amortised cost were broadly stable at
£21.0bn (December 2025: £21.1bn)
● Deposits at amortised cost increased to £25.0bn (December 2025: £24.2bn),
with growth in retail savings which is in line with USCB's ambition to grow
core deposits
● RWAs were broadly stable at £27.6bn (December 2025: £27.4bn)
1 Including a co-branded cards portfolio classified as assets held for sale.
Head Office Three months ended
31.03.26 31.03.25
Income statement information £m £m % Change
Net interest income (53) 174
Net fee, commission and other income 70 (109)
Total income 17 65 (74)
Operating costs (205) (207) 1
UK regulatory levies - -
Litigation and conduct (107) (3)
Total operating expenses (312) (210) (49)
Other net income 21 18 17
Loss before impairment (274) (127)
Credit impairment releases/(charges) 2 (4)
Loss before tax (272) (131)
Attributable loss (206) (124) (66)
Performance measures
Average allocated tangible equity (£bn) 6.8 3.8
As at 31.03.26 As at 31.12.25 As at 31.03.25
Balance sheet information £bn £bn £bn
Risk weighted assets 12.3 12.3 12.7
Period end allocated tangible equity 5.4 7.5 4.7
Income statement - Q126 compared to Q125
● Loss before tax was £272m (Q125: £131m)
● Total income decreased to £17m (Q125: £65m), driven by the impact of the
disposal of the German consumer finance business in Q125, and mark-to-market
losses on legacy investments
● Total operating expenses increased to £312m (Q125: £210m), reflecting a
£105m increase in the provision for the FCA motor finance redress scheme
Balance sheet - 31 March 2026 compared to 31 December 2025
● RWAs were stable at £12.3bn (December 2025: £12.3bn)
Quarterly Results Summary
Barclays Group
Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
Income statement information £m £m £m £m £m £m £m £m
Net interest income 3,737 3,734 3,745 3,505 3,517 3,500 3,308 3,056
Net fee, commission and other income 4,426 3,343 3,422 3,682 4,192 3,464 3,239 3,268
Total income 8,163 7,077 7,167 7,187 7,709 6,964 6,547 6,324
Operating costs (4,359) (4,379) (4,254) (4,149) (4,258) (4,244) (3,954) (3,999)
UK regulatory levies (84) (229) 12 - (96) (227) 27 -
Litigation and conduct (104) (50) (255) (76) (11) (121) (35) (7)
Total operating expenses (4,547) (4,658) (4,497) (4,225) (4,365) (4,592) (3,962) (4,006)
Other net income/(expenses) 21 (25) 39 (9) 18 - 21 4
Profit before impairment 3,637 2,394 2,709 2,953 3,362 2,372 2,606 2,322
Credit impairment charges (823) (535) (632) (469) (643) (711) (374) (384)
Profit before tax 2,814 1,859 2,077 2,484 2,719 1,661 2,232 1,938
Tax charges (638) (388) (365) (552) (621) (448) (412) (427)
Profit after tax 2,176 1,471 1,712 1,932 2,098 1,213 1,820 1,511
Non-controlling interests - (18) - (21) (2) (20) (3) (23)
Other equity instrument holders (244) (258) (255) (252) (232) (228) (253) (251)
Attributable profit 1,932 1,195 1,457 1,659 1,864 965 1,564 1,237
Performance measures
Return on average tangible shareholders' equity 13.5% 8.5% 10.6% 12.3% 14.0% 7.5% 12.3% 9.9%
Average tangible shareholders' equity (£bn) 57.2 56.5 55.1 53.9 53.1 51.5 51.0 49.8
Cost: income ratio 56% 66% 63% 59% 57% 66% 61% 63%
Loan loss rate (bps) 74 48 57 44 61 66 37 38
Basic earnings per ordinary share 14.1p 8.6p 10.4p 11.7p 13.0p 6.7p 10.7p 8.3p
Basic weighted average number of shares (m) 13,727 13,883 14,045 14,211 14,314 14,432 14,648 14,915
Period end number of shares (m) 13,737 13,867 13,996 14,180 14,336 14,420 14,571 14,826
Period end tangible shareholders' equity (£bn) 55.6 56.8 54.9 54.5 53.4 51.5 51.1 50.4
Balance sheet and capital management(1) £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 358.3 352.8 346.4 339.2 338.6 337.9 326.5 329.8
Loans and advances to banks at amortised cost 12.0 8.7 9.4 8.7 9.4 8.3 8.1 8.0
Debt securities at amortised cost 68.3 68.5 70.7 69.9 71.4 68.2 64.6 61.7
Loans and advances at amortised cost 438.6 430.0 426.5 417.8 419.4 414.5 399.2 399.5
Loans and advances at amortised cost impairment coverage ratio 1.3% 1.2% 1.2% 1.2% 1.2% 1.2% 1.3% 1.4%
Total assets 1,694.8 1,544.2 1,629.2 1,598.7 1,593.5 1,518.2 1,531.1 1,576.6
Deposits at amortised cost 587.6 585.6 575.3 564.5 574.3 560.7 542.8 557.5
Tangible net asset value per share 405p 409p 392p 384p 372p 357p 351p 340p
Common equity tier 1 ratio 14.1% 14.3% 14.1% 14.0% 13.9% 13.6% 13.8% 13.6%
Common equity tier 1 capital 51.2 51.1 50.3 49.5 48.8 48.6 47.0 47.7
Risk weighted assets 364.5 356.8 357.4 353.0 351.3 358.1 340.4 351.4
UK leverage ratio 4.8% 5.1% 4.9% 5.0% 5.0% 5.0% 4.9% 5.0%
UK leverage exposure 1,321.3 1,247.3 1,285.3 1,259.8 1,252.8 1,206.5 1,197.4 1,222.7
Funding and liquidity
Group liquidity pool (£bn) 326.1 337.8 332.9 333.7 336.3 296.9 311.7 328.7
Liquidity coverage ratio 165.4% 170.0% 174.6% 177.7% 175.3% 172.4% 170.1% 167.0%
Net stable funding ratio 135.4% 135.2% 135.3% 135.6% 136.2% 134.9% 135.6% 136.4%
Loan: deposit ratio 75% 73% 74% 74% 73% 74% 74% 72%
1 Refer to pages 32 to 36 for further information on how capital, RWAs and
leverage are calculated.
Barclays UK
Q126 Q425 Q325 Q225 Q125 Q424(1) Q324 Q224
Income statement information £m £m £m £m £m £m £m £m
Net interest income 1,986 2,015 1,961 1,855 1,822 1,815 1,666 1,597
Net fee, commission and other income 272 247 292 264 252 800 280 290
Total income 2,258 2,262 2,253 2,119 2,074 2,615 1,946 1,887
Operating costs (1,174) (1,274) (1,189) (1,168) (1,115) (1,170) (1,017) (1,041)
UK regulatory levies (44) (41) (1) - (43) (36) 12 -
Litigation and conduct 1 (14) (8) (27) (2) (9) (1) (4)
Total operating expenses (1,217) (1,329) (1,198) (1,195) (1,160) (1,215) (1,006) (1,045)
Other net income - - - - - - - -
Profit before impairment 1,041 933 1,055 924 914 1,400 940 842
Credit impairment charges (178) (74) (102) (79) (158) (283) (16) (8)
Profit before tax 863 859 953 845 756 1,117 924 834
Attributable profit 591 706 647 580 510 781 621 584
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 217.8 216.5 213.4 211.2 209.6 207.7 199.3 198.7
Customer deposits at amortised cost 243.9 244.6 241.5 241.3 243.1 244.2 236.3 236.8
Loan: deposit ratio 95% 94% 95% 94% 93% 92% 92% 91%
Risk weighted assets 87.5 85.8 86.7 86.1 85.0 84.5 77.5 76.5
Period end allocated tangible equity 12.0 11.8 11.9 11.8 11.8 11.6 10.7 10.6
Performance measures
Return on average allocated tangible equity 19.7% 23.8% 21.8% 19.7% 17.4% 28.0% 23.4% 22.3%
Average allocated tangible equity (£bn) 12.0 11.9 11.9 11.8 11.7 11.2 10.6 10.5
Cost: income ratio 54% 59% 53% 56% 56% 46% 52% 55%
Loan loss rate (bps) 31 13 18 14 28 49 3 1
Net interest margin 3.72% 3.72% 3.68% 3.55% 3.55% 3.53% 3.34% 3.22%
1 Q424 includes the day 1 impacts from the acquisition of Tesco Bank: total
Income includes a £556m gain, and credit impairment charges includes a £209m
charge.
Analysis of Barclays UK Q126 Q425 Q325 Q225 Q125 Q424(1) Q324 Q224
Analysis of total income £m £m £m £m £m £m £m £m
Retail Banking 1,725 1,702 1,708 1,599 1,573 2,078 1,433 1,402
Business Banking 533 560 545 520 501 537 513 485
Total income 2,258 2,262 2,253 2,119 2,074 2,615 1,946 1,887
Analysis of credit impairment (charges)/releases
Retail Banking (179) (72) (98) (59) (145) (279) (12) (51)
Business Banking 1 (2) (4) (20) (13) (4) (4) 43
Total credit impairment charges (178) (74) (102) (79) (158) (283) (16) (8)
Analysis of loans and advances to customers at amortised cost £bn £bn £bn £bn £bn £bn £bn £bn
Retail Banking 200.1 198.6 195.2 192.4 190.4 188.0 178.7 177.5
Business Banking 17.7 17.9 18.2 18.8 19.2 19.7 20.6 21.2
Total loans and advances to customers at amortised cost 217.8 216.5 213.4 211.2 209.6 207.7 199.3 198.7
Analysis of customer deposits at amortised cost
Retail Banking 193.1 192.7 189.3 189.3 190.8 191.4 182.9 183.3
Business Banking 50.8 51.9 52.2 52.0 52.3 52.8 53.4 53.5
Total customer deposits at amortised cost 243.9 244.6 241.5 241.3 243.1 244.2 236.3 236.8
1 Q424 includes the day 1 impacts from the acquisition of Tesco Bank: total
Income includes a £556m gain, and credit impairment charges includes a £209m
charge.
Barclays UK Corporate Bank
Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
Income statement information £m £m £m £m £m £m £m £m
Net interest income 394 396 383 359 342 324 309 296
Net fee, commission, trading and other income 136 143 139 160 142 134 136 147
Total income 530 539 522 519 484 458 445 443
Operating costs (239) (272) (243) (240) (234) (250) (229) (235)
UK regulatory levies (15) (14) 9 - (24) (14) 7 -
Litigation and conduct - - - (39) - (1) - -
Total operating expenses (254) (286) (234) (279) (258) (265) (222) (235)
Other net income - - - - - - - -
Profit before impairment 276 253 288 240 226 193 223 208
Credit impairment charges (3) (1) (5) (12) (19) (40) (13) (8)
Profit before tax 273 252 283 228 207 153 210 200
Attributable profit 187 168 196 142 142 98 144 135
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 30.8 30.0 29.0 27.9 26.7 25.4 24.8 25.7
Deposits at amortised cost 88.0 88.7 86.7 85.3 85.3 83.1 82.3 84.9
Risk weighted assets 27.3 26.5 25.2 25.3 24.2 23.9 22.1 21.9
Period end allocated tangible equity 3.7 3.7 3.4 3.5 3.4 3.3 3.0 3.0
Performance measures
Return on average allocated tangible equity 19.9% 19.1% 22.8% 16.6% 17.1% 12.3% 18.8% 18.0%
Average allocated tangible equity (£bn) 3.8 3.5 3.4 3.4 3.3 3.2 3.1 3.0
Cost: income ratio 48% 53% 45% 54% 53% 58% 50% 53%
Loan loss rate (bps) 4 1 7 17 28 62 21 12
Analysis of total income £m £m £m £m £m £m £m £m
Corporate lending 89 97 90 90 80 71 67 57
Transaction banking 441 442 432 429 404 387 378 386
Total income 530 539 522 519 484 458 445 443
Barclays Private Bank and Wealth Management
Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
Income statement information £m £m £m £m £m £m £m £m
Net interest income 204 202 190 203 204 216 189 187
Net fee, commission and other income 143 146 145 145 145 135 137 133
Total income 347 348 335 348 349 351 326 320
Operating costs (254) (279) (243) (238) (234) (255) (222) (220)
UK regulatory levies (3) (7) (1) - (2) (7) 1 -
Litigation and conduct - (10) 1 - - (1) - 1
Total operating expenses (257) (296) (243) (238) (236) (263) (221) (219)
Other net income - - - - - - - -
Profit before impairment 90 52 92 110 113 88 105 101
Credit impairment releases/(charges) 2 (2) (1) 2 9 (2) (7) 3
Profit before tax 92 50 91 112 122 86 98 104
Attributable profit 73 35 72 88 96 63 74 77
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 14.7 14.7 14.9 14.5 14.5 14.5 14.0 13.9
Deposits at amortised cost 73.3 72.0 70.6 66.7 73.1 69.5 64.8 64.6
Risk weighted assets 8.2 8.0 7.9 7.9 8.0 7.9 7.3 7.0
Period end allocated tangible equity 1.1 1.1 1.1 1.1 1.1 1.1 1.0 1.0
Client assets and liabilities(1) 223.8 227.6 221.5 213.4 212.4 208.9 201.5 198.5
Performance measures
Return on average allocated tangible equity 25.5% 12.6% 26.4% 31.9% 34.5% 23.9% 29.0% 30.8%
Average allocated tangible equity (£bn) 1.1 1.1 1.1 1.1 1.1 1.1 1.0 1.0
Cost: income ratio 74% 85% 73% 68% 68% 75% 68% 68%
Loan loss rate (bps) (6) 5 3 (5) (25) 5 19 (9)
1 Client assets and liabilities refers to deposits, lending and invested assets.
Barclays Investment Bank
Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
Income statement information £m £m £m £m £m £m £m £m
Net interest income 383 356 347 334 297 284 282 268
Net trading income 2,358 1,294 1,581 1,906 2,416 1,262 1,512 1,485
Net fee, commission and other income 1,287 1,142 1,155 1,067 1,160 1,061 1,057 1,266
Total income 4,028 2,792 3,083 3,307 3,873 2,607 2,851 3,019
Operating costs (2,107) (1,924) (2,010) (1,932) (2,061) (1,903) (1,906) (1,900)
UK regulatory levies (22) (159) 5 - (27) (161) 7 -
Litigation and conduct 2 (8) (9) (8) (3) (26) (17) (3)
Total operating expenses (2,127) (2,091) (2,014) (1,940) (2,091) (2,090) (1,916) (1,903)
Other net income - - - - - - - -
Profit before impairment 1,901 701 1,069 1,367 1,782 517 935 1,116
Credit impairment charges (279) (22) (144) (67) (72) (46) (43) (44)
Profit before tax 1,622 679 925 1,300 1,710 471 892 1,072
Attributable profit 1,111 294 723 876 1,199 247 652 715
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 73.6 70.0 68.6 66.8 68.6 69.7 64.5 66.6
Loans and advances to banks at amortised cost 10.0 7.4 7.5 7.1 7.4 6.8 6.7 6.6
Debt securities at amortised cost 52.9 52.9 53.0 52.4 53.1 47.9 44.8 41.7
Loans and advances at amortised cost 136.5 130.3 129.1 126.3 129.1 124.4 116.0 114.9
Trading portfolio assets 189.3 189.5 191.3 186.1 185.5 166.1 185.8 197.2
Derivative financial instrument assets 285.4 251.5 263.8 279.0 253.6 291.6 256.7 251.4
Financial assets at fair value through the income statement 215.6 183.6 222.8 215.2 209.5 190.4 210.8 211.7
Cash collateral and settlement balances 189.2 121.6 152.1 145.0 148.8 111.1 134.7 139.8
Deposits at amortised cost 157.4 156.1 152.8 148.7 148.9 140.5 139.8 151.3
Derivative financial instrument liabilities 272.6 240.6 252.0 265.1 245.1 279.0 249.4 241.8
Risk weighted assets 201.7 196.7 199.1 196.4 195.9 198.8 194.2 203.3
Period end allocated tangible equity 29.6 28.9 29.1 28.7 28.9 29.3 28.4 29.7
Performance measures
Return on average allocated tangible equity 15.0% 4.0% 10.1% 12.2% 16.2% 3.4% 8.8% 9.6%
Average allocated tangible equity (£bn) 29.7 29.6 28.6 28.7 29.6 29.3 29.5 29.9
Income over average risk weighted assets 8.0% 5.5% 6.3% 6.7% 7.7% 5.2% 5.7% 5.9%
Cost: income ratio 53% 75% 65% 59% 54% 80% 67% 63%
Loan loss rate (bps) 82 7 44 21 23 15 15 15
Analysis of total income £m £m £m £m £m £m £m £m
FICC 1,716 1,024 1,256 1,450 1,699 934 1,180 1,149
Equities 1,116 703 689 870 963 604 692 696
Global Markets 2,832 1,727 1,945 2,320 2,662 1,538 1,872 1,845
Advisory 255 214 196 123 143 189 186 138
Equity capital markets 92 56 71 81 70 98 64 121
Debt capital markets 407 336 379 364 431 327 344 420
Banking Fees and Underwriting 754 606 646 568 644 614 594 679
Corporate lending 16 27 68 (4) 156 45 (21) 87
Transaction banking 426 432 424 423 411 410 406 408
International Corporate Banking 442 459 492 419 567 455 385 495
Investment Banking 1,196 1,065 1,138 987 1,211 1,069 979 1,174
Total income 4,028 2,792 3,083 3,307 3,873 2,607 2,851 3,019
Barclays US Consumer Bank
Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
Income statement information £m £m £m £m £m £m £m £m
Net interest income 823 776 726 640 678 678 647 646
Net fee, commission, trading and other income 160 277 215 183 186 179 144 173
Total income 983 1,053 941 823 864 857 791 819
Operating costs (380) (427) (407) (396) (407) (433) (384) (408)
UK regulatory levies - - - - - - - -
Litigation and conduct - (5) - - (3) - (9) (2)
Total operating expenses (380) (432) (407) (396) (410) (433) (393) (410)
Other net income - - - - - - - -
Profit before impairment 603 621 534 427 454 424 398 409
Credit impairment charges (367) (431) (379) (312) (399) (298) (276) (309)
Profit before tax 236 190 155 115 55 126 122 100
Attributable profit 176 144 118 87 41 94 89 75
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers at amortised cost 21.0 21.1 20.0 18.2 18.8 20.0 23.2 24.3
Deposits at amortised cost 25.0 24.2 23.7 22.5 23.8 23.3 19.4 20.0
Risk weighted assets 27.6 27.4 25.8 24.7 25.6 26.8 23.2 24.4
Period end allocated tangible equity 3.8 3.8 3.5 3.4 3.5 3.7 3.2 3.3
Performance measures
Return on average allocated tangible equity 18.8% 15.8% 13.5% 10.2% 4.5% 11.2% 10.9% 9.2%
Average allocated tangible equity (£bn) 3.8 3.6 3.5 3.4 3.6 3.4 3.3 3.3
Cost: income ratio 39% 41% 43% 48% 47% 51% 50% 50%
Loan loss rate (bps)(1) 491 558 505 456 562 395 411 438
Net interest margin 12.76% 11.63% 11.50% 10.83% 10.53% 10.66% 10.38% 10.43%
1 LLR includes held for sale portfolios to remain consistent with the treatment
of impairment.
Head Office
Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
Income statement information £m £m £m £m £m £m £m £m
Net interest income (53) (11) 138 114 174 183 215 62
Net fee, commission and other income 70 94 (105) (43) (109) (107) (27) (226)
Total income 17 83 33 71 65 76 188 (164)
Operating costs (205) (203) (162) (175) (207) (233) (197) (195)
UK regulatory levies - (8) - - - (9) - -
Litigation and conduct (107) (13) (239) (2) (3) (84) (7) 1
Total operating expenses (312) (224) (401) (177) (210) (326) (204) (194)
Other net income/(expenses) 21 (25) 39 (9) 18 - 21 4
(Loss)/profit before impairment (274) (166) (329) (115) (127) (250) 5 (354)
Credit impairment releases/(charges) 2 (5) (1) (1) (4) (42) (19) (18)
Loss before tax (272) (171) (330) (116) (131) (292) (14) (372)
Attributable loss (206) (152) (299) (114) (124) (318) (16) (349)
Balance sheet information £bn £bn £bn £bn £bn £bn £bn £bn
Risk weighted assets 12.3 12.3 12.7 12.6 12.7 16.2 16.1 18.3
Period end allocated tangible equity 5.4 7.5 5.8 5.9 4.7 2.4 4.9 2.7
Performance measures
Average allocated tangible equity (£bn) 6.8 6.7 6.6 5.5 3.8 3.4 3.5 2.1
Performance Management
Margins and balances
Three months ended 31.03.26 Three months ended 31.03.25
Net interest income Average customer assets Net interest margin Net interest income Average customer assets Net interest margin
£m £m % £m £m %
Barclays UK 1,986 216,623 3.72 1,822 208,305 3.55
Barclays UK Corporate Bank 394 28,536 5.60 342 24,605 5.64
Barclays Private Bank and Wealth Management 204 15,022 5.51 204 14,674 5.64
Barclays US Consumer Bank(1) 823 26,163 12.76 678 26,106 10.53
Group excluding IB and Head Office(1) 3,407 286,344 4.83 3,046 273,690 4.51
Barclays Investment Bank 383 297
Head Office (53) 174
Barclays Group Net interest income 3,737 3,517
The Group excluding IB and Head Office net interest margin increased by 32bps
from 4.51% in Q125 to 4.83% in Q126 due to higher Group structural hedge
income and partner reward updates in USCB.
Quarterly analysis
Q126 Q425 Q325 Q225 Q125
Net interest income £m £m £m £m £m
Barclays UK 1,986 2,015 1,961 1,855 1,822
Barclays UK Corporate Bank 394 396 383 359 342
Barclays Private Bank and Wealth Management 204 202 190 203 204
Barclays US Consumer Bank 823 776 726 640 678
Group excluding IB and Head Office 3,407 3,389 3,260 3,057 3,046
Average customer assets £m £m £m £m £m
Barclays UK 216,623 214,770 211,384 209,649 208,305
Barclays UK Corporate Bank 28,536 27,841 26,645 25,478 24,605
Barclays Private Bank and Wealth Management 15,022 15,105 14,802 14,729 14,674
Barclays US Consumer Bank(1) 26,163 26,470 25,037 23,713 26,106
Group excluding IB and Head Office(1) 286,344 284,186 277,868 273,569 273,690
Net interest margin % % % % %
Barclays UK 3.72 3.72 3.68 3.55 3.55
Barclays UK Corporate Bank 5.60 5.64 5.70 5.65 5.64
Barclays Private Bank and Wealth Management 5.51 5.31 5.09 5.53 5.64
Barclays US Consumer Bank 12.76 11.63 11.50 10.83 10.53
Group excluding IB and Head Office 4.83 4.73 4.65 4.48 4.51
1 Includes average customer asset balances classified as held for sale.
Structural hedge
The Group employs a structural hedge programme designed to stabilise NIM on
fixed rate non-maturity balance sheet items that are behaviourally stable. As
interest rates move, such balances would otherwise drive material income
volatility where there is a re-pricing mismatch with floating rate assets.
The structural hedge predominantly covers non-interest-bearing current
accounts and the fixed portion of instant access savings accounts as well as
equity, which are invested into either floating rate customer assets or
balances at central banks, creating an exposure to changes in interest rates.
The structural hedge is executed via a portfolio of receive-fixed, pay
variable interest rate swaps, with an amortising structure so that a small
portion matures and is reinvested each month at prevailing market rates. The
pay-floating leg of the interest rate swaps nets down a proportion of the
receive-floating income from the customer assets, leaving a receive-fixed
income stream from the structural hedge.
The purpose of the structural hedge is to smooth the Group NII through time.
The floating leg of the swap will re-price immediately, whereas the fixed rate
yield on the portfolio reprices gradually, as a portion of the swap portfolio
matures and the roll is re-invested onto new market rates.
When interest rates are higher than our structural hedge yield, the
pay-floating rate will typically be higher than our average receive-fixed
rate. In this scenario, when viewed in isolation, the structural hedge will be
a net drag to Group NII. When floating rates are lower than our structural
hedge yield, the hedge in isolation will be a net benefit.
Since the receive-fixed swaps are booked for a specific term, an element of
NII is 'locked in'. The income stabilising feature of the structural hedge
provides greater net interest income certainty through the interest rate
cycle.
The structural hedge is one component of a larger portfolio of interest rate
risk management activities that includes non-structural hedging (e.g.
pay-fixed and receive-variable flows for asset hedging), and other offsetting
flows. The net risk of these positions is executed externally through interest
rate swaps and managed for accounting risk (i.e. income volatility arising
from the accounting mismatch of swaps at fair value through profit and loss
and underlying hedged items at amortised cost) within the cash flow hedging
reserve.
Overall the Group has external derivatives designated as cash flow hedges that
hedge interest rate risk with a notional £120.9bn (December 2025: £114.6bn)
which reflects the structural hedge notional of £241.8bn (December 2025:
£236.1bn) netted with non-structural hedging positions of £120.9bn (December
2025: £121.5bn). The majority of these interest rate swaps are cleared with
Central Clearing Counterparties and margined daily with an average structural
hedge duration of c3.5 years.
Gross structural hedge contributions in Q126 were £1,660m (Q125: £1,335m).
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 section includes
loans and advances at amortised cost to banks and loans and advances at
amortised cost to customers.
The table below presents a product and geographical breakdown of loans and
advances at amortised cost and the impairment allowance by stage; and includes
purchased or originated credit-impaired (POCI) balances. POCI balances
represent a fixed pool of assets purchased at a deep discount to face value
reflecting credit losses incurred from the point of origination to date of
acquisition. The table also presents stage allocation of debt securities and
off-balance sheet loan commitments and financial guarantee contracts.
The impairment allowance under IFRS 9 considers both the drawn and the undrawn
counterparty exposure. For retail portfolios, the total impairment allowance
is allocated to gross loans and advances to the extent allowance does not
exceed the drawn exposure and any excess is reported on the liabilities side
of the balance sheet as a provision. For wholesale portfolios, impairment
allowance on undrawn exposure is reported on the liability side of the balance
sheet as a provision.
Gross exposure Impairment allowance
Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total
As at 31.03.26 £m £m £m £m £m £m £m £m £m £m
Retail mortgages 161,120 13,982 1,883 - 176,985 12 19 64 - 95
Retail credit cards 14,657 2,024 291 18 16,990 176 425 183 - 784
Retail other 9,906 1,526 322 11 11,765 109 175 214 - 498
Corporate loans(1) 56,541 6,037 1,650 - 64,228 116 169 670 - 955
Total UK 242,224 23,569 4,146 29 269,968 413 788 1,131 - 2,332
Retail mortgages 1,838 31 158 - 2,027 2 - 24 - 26
Retail credit cards 18,547 2,651 1,842 - 23,040 394 791 1,488 - 2,673
Retail other 2,462 260 61 - 2,783 5 5 20 - 30
Corporate loans 71,802 4,533 1,732 - 78,067 76 150 296 - 522
Total Rest of the World 94,649 7,475 3,793 - 105,917 477 946 1,828 - 3,251
Total loans and advances at amortised cost 336,873 31,044 7,939 29 375,885 890 1,734 2,959 - 5,583
Debt securities at amortised cost 67,940 404 - - 68,344 9 10 - - 19
Total loans and advances at amortised cost including debt securities 404,813 31,448 7,939 29 444,229 899 1,744 2,959 - 5,602
Off-balance sheet loan commitments and financial guarantee contracts(2) 420,832 16,039 857 5 437,733 148 245 32 - 425
Total(3,4) 825,645 47,487 8,796 34 881,962 1,047 1,989 2,991 - 6,027
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 31.03.26 £m £m £m £m £m % % % % %
Retail mortgages 161,108 13,963 1,819 - 176,890 - 0.1 3.4 - 0.1
Retail credit cards 14,481 1,599 108 18 16,206 1.2 21.0 62.9 - 4.6
Retail other 9,797 1,351 108 11 11,267 1.1 11.5 66.5 - 4.2
Corporate loans(1) 56,425 5,868 980 - 63,273 0.2 2.8 40.6 - 1.5
Total UK 241,811 22,781 3,015 29 267,636 0.2 3.3 27.3 - 0.9
Retail mortgages 1,836 31 134 - 2,001 0.1 - 15.2 - 1.3
Retail credit cards 18,153 1,860 354 - 20,367 2.1 29.8 80.8 - 11.6
Retail other 2,457 255 41 - 2,753 0.2 1.9 32.8 - 1.1
Corporate loans 71,726 4,383 1,436 - 77,545 0.1 3.3 17.1 - 0.7
Total Rest of the World 94,172 6,529 1,965 - 102,666 0.5 12.7 48.2 - 3.1
Total loans and advances at amortised cost 335,983 29,310 4,980 29 370,302 0.3 5.6 37.3 - 1.5
Debt securities at amortised cost 67,931 394 - - 68,325 - 2.5 - - -
Total loans and advances at amortised cost including debt securities 403,914 29,704 4,980 29 438,627 0.2 5.5 37.3 - 1.3
Off-balance sheet loan commitments and financial guarantee contracts(2) 420,684 15,794 825 5 437,308 - 1.5 3.7 - 0.1
Total(3,4) 824,598 45,498 5,805 34 875,935 0.1 4.2 34.0 - 0.7
1 Includes Business Banking, which has a gross exposure of £12.4bn and an
impairment allowance of £318m. This comprises £60m impairment allowance on
£9.7bn Stage 1 exposure, £51m on £2.1bn Stage 2 exposure and £207m on
£0.6bn Stage 3 exposure. Excluding this, total coverage for corporate loans
in UK is 1.2%.
2 Excludes loan commitments and financial guarantees of £25.4bn carried at fair
value and includes exposure relating to financial assets classified as assets
held for sale.
3 Other financial assets subject to impairment excluded in the table above
include cash collateral and settlement balances, reverse repurchase agreements
and other similar secured lending, financial assets at fair value through
other comprehensive income and other assets. These have a total gross exposure
of £293.7bn and an impairment allowance of £151m. This comprises £18m
impairment allowance on £292.8bn Stage 1 exposure, £8m on £0.8bn Stage 2
exposure and £125m on £128m Stage 3 exposure.
4 The annualised loan loss rate is 74bps after applying the total impairment
charge of £823m.
Gross exposure Impairment allowance
Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total
As at 31.12.25 £m £m £m £m £m £m £m £m £m £m
Retail mortgages 159,825 13,757 1,836 - 175,418 15 16 60 - 91
Retail credit cards 14,922 1,943 279 24 17,168 171 398 174 - 743
Retail other 9,867 1,512 286 15 11,680 98 178 214 - 490
Corporate loans(1) 54,182 6,936 1,392 - 62,510 125 180 422 - 727
Total UK 238,796 24,148 3,793 39 266,776 409 772 870 - 2,051
Retail mortgages 1,829 72 131 - 2,032 2 - 24 - 26
Retail credit cards 18,801 2,536 1,776 - 23,113 395 796 1,395 - 2,586
Retail other 2,482 206 63 - 2,751 3 5 19 - 27
Corporate loans 66,671 3,702 1,767 - 72,140 82 135 382 - 599
Total Rest of the World 89,783 6,516 3,737 - 100,036 482 936 1,820 - 3,238
Total loans and advances at amortised cost 328,579 30,664 7,530 39 366,812 891 1,708 2,690 - 5,289
Debt securities at amortised cost 68,126 371 - - 68,497 13 9 - - 22
Total loans and advances at amortised cost including debt securities 396,705 31,035 7,530 39 435,309 904 1,717 2,690 - 5,311
Off-balance sheet loan commitments and financial guarantee contracts(2) 410,493 16,473 812 5 427,783 144 240 32 - 416
Total(3,4) 807,198 47,508 8,342 44 863,092 1,048 1,957 2,722 - 5,727
Net exposure Coverage ratio
Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total Stage 1 Stage 2 Stage 3 excluding POCI Stage 3 POCI Total
As at 31.12.25 £m £m £m £m £m % % % % %
Retail mortgages 159,810 13,741 1,776 - 175,327 - 0.1 3.3 - 0.1
Retail credit cards 14,751 1,545 105 24 16,425 1.1 20.5 62.4 - 4.3
Retail other 9,769 1,334 72 15 11,190 1.0 11.8 74.8 - 4.2
Corporate loans(1) 54,057 6,756 970 - 61,783 0.2 2.6 30.3 - 1.2
Total UK 238,387 23,376 2,923 39 264,725 0.2 3.2 22.9 - 0.8
Retail mortgages 1,827 72 107 - 2,006 0.1 - 18.3 - 1.3
Retail credit cards 18,406 1,740 381 - 20,527 2.1 31.4 78.5 - 11.2
Retail other 2,479 201 44 - 2,724 0.1 2.4 30.2 - 1.0
Corporate loans 66,589 3,567 1,385 - 71,541 0.1 3.6 21.6 - 0.8
Total Rest of the World 89,301 5,580 1,917 - 96,798 0.5 14.4 48.7 - 3.2
Total loans and advances at amortised cost 327,688 28,956 4,840 39 361,523 0.3 5.6 35.7 - 1.4
Debt securities at amortised cost 68,113 362 - - 68,475 - 2.4 - - -
Total loans and advances at amortised cost including debt securities 395,801 29,318 4,840 39 429,998 0.2 5.5 35.7 - 1.2
Off-balance sheet loan commitments and financial guarantee contracts(2) 410,349 16,233 780 5 427,367 - 1.5 3.9 - 0.1
Total(3,4) 806,150 45,551 5,620 44 857,365 0.1 4.1 32.6 - 0.7
1 Includes Business Banking, which has a gross exposure of £12.4bn and an
impairment allowance of £326m. This comprises £62m impairment allowance on
£9.3bn Stage 1 exposure, £50m on £2.3bn Stage 2 exposure and £214m on
£0.8bn Stage 3 exposure. Excluding this, total coverage for corporate loans
in UK is 0.8%.
2 Excludes loan commitments and financial guarantees of £22.2bn carried at fair
value and includes exposure relating to financial assets classified as assets
held for sale.
3 Other financial assets subject to impairment excluded in the table above
include cash collateral and settlement balances, reverse repurchase agreements
and other similar secured lending, financial assets at fair value through
other comprehensive income and other assets. These have a total gross exposure
of £224.1bn and an impairment allowance of £150m. This comprises £18m
impairment allowance on £222.4bn Stage 1 exposure, £8m on £1.6bn Stage 2
exposure and £124m on £127m Stage 3 exposure.
4 The annualised loan loss rate is 52bps after applying the total impairment
charge of £2,279m.
Assets held for sale
This section presents a co-branded card portfolio in USCB classified as assets
held for sale.
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 31.03.26 £m £m % £m £m % £m £m % £m £m %
Retail credit cards - US 5,061 66 1.3 484 122 25.2 57 47 82.5 5,602 235 4.2
Corporate loans - US 44 1 2.3 6 2 33.3 - - - 50 3 6.0
Total Rest of the World 5,105 67 1.3 490 124 25.3 57 47 82.5 5,652 238 4.2
As at 31.12.25
Retail credit cards - US 5,468 65 1.2 466 124 26.6 54 44 81.5 5,988 233 3.9
Corporate loans - US 43 1 2.3 6 2 33.3 - - - 49 3 6.1
Total Rest of the World 5,511 66 1.2 472 126 26.7 54 44 81.5 6,037 236 3.9
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 31.03.26 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 162,958 10,682 2,559 772 14,013 2,041 - 179,012
Retail credit cards 33,204 4,006 362 307 4,675 2,133 18 40,030
Retail other 12,368 1,394 185 207 1,786 383 11 14,548
Corporate loans 128,343 10,271 104 195 10,570 3,382 - 142,295
Total 336,873 26,353 3,210 1,481 31,044 7,939 29 375,885
Impairment allowance
Retail mortgages 14 10 6 3 19 88 - 121
Retail credit cards 570 856 157 203 1,216 1,671 - 3,457
Retail other 114 117 32 31 180 234 - 528
Corporate loans 192 300 12 7 319 966 - 1,477
Total 890 1,283 207 244 1,734 2,959 - 5,583
Net exposure
Retail mortgages 162,944 10,672 2,553 769 13,994 1,953 - 178,891
Retail credit cards 32,634 3,150 205 104 3,459 462 18 36,573
Retail other 12,254 1,277 153 176 1,606 149 11 14,020
Corporate loans 128,151 9,971 92 188 10,251 2,416 - 140,818
Total 335,983 25,070 3,003 1,237 29,310 4,980 29 370,302
Coverage ratio % % % % % % % %
Retail mortgages - 0.1 0.2 0.4 0.1 4.3 - 0.1
Retail credit cards 1.7 21.4 43.4 66.1 26.0 78.3 - 8.6
Retail other 0.9 8.4 17.3 15.0 10.1 61.1 - 3.6
Corporate loans 0.1 2.9 11.5 3.6 3.0 28.6 - 1.0
Total 0.3 4.9 6.4 16.5 5.6 37.3 - 1.5
As at 31.12.25
Gross exposure £m £m £m £m £m £m £m £m
Retail mortgages 161,654 11,072 2,033 724 13,829 1,967 - 177,450
Retail credit cards 33,723 3,832 317 330 4,479 2,055 24 40,281
Retail other 12,349 1,398 207 113 1,718 349 15 14,431
Corporate loans 120,853 10,409 71 158 10,638 3,159 - 134,650
Total 328,579 26,711 2,628 1,325 30,664 7,530 39 366,812
Impairment allowance
Retail mortgages 17 9 4 3 16 84 - 117
Retail credit cards 566 840 138 216 1,194 1,569 - 3,329
Retail other 101 126 28 29 183 233 - 517
Corporate loans 207 298 7 10 315 804 - 1,326
Total 891 1,273 177 258 1,708 2,690 - 5,289
Net exposure
Retail mortgages 161,637 11,063 2,029 721 13,813 1,883 - 177,333
Retail credit cards 33,157 2,992 179 114 3,285 486 24 36,952
Retail other 12,248 1,272 179 84 1,535 116 15 13,914
Corporate loans 120,646 10,111 64 148 10,323 2,355 - 133,324
Total 327,688 25,438 2,451 1,067 28,956 4,840 39 361,523
Coverage ratio % % % % % % % %
Retail mortgages - 0.1 0.2 0.4 0.1 4.3 - 0.1
Retail credit cards 1.7 21.9 43.5 65.5 26.7 76.4 - 8.3
Retail other 0.8 9.0 13.5 25.7 10.7 66.8 - 3.6
Corporate loans 0.2 2.9 9.9 6.3 3.0 25.5 - 1.0
Total 0.3 4.8 6.7 19.5 5.6 35.7 - 1.4
Measurement uncertainty
Scenarios used to calculate the Group's modelled ECL charge were refreshed in
Q126, with the Baseline scenario reflecting the latest consensus macroeconomic
forecasts available at the time of the scenario refresh which predated the
most recent geopolitical escalation. However, the assessment of ECL includes
continued use of management judgement in overlaying modelled outcomes to
capture risks not fully reflected in forward‑looking macroeconomic
assumptions.
The Baseline scenario continues to reflect the rapidly changing trade policies
of the US administration and ongoing geopolitical uncertainty. Global growth
slows modestly as rising US tariffs and retaliatory measures disrupt trade
flows, dampen business confidence, and weigh on investment, though domestic
demand in advanced economies remains resilient. UK and US GDP growth in 2026
is expected to be 1.0% and 2.4%, respectively. Tariff-induced and supply side
pressures cause headline inflation to remain stickier in the near term. Labour
markets in major economies soften slightly amid increased uncertainty and
slower export-orientated activity; however, the weakening is contained and
does not rise significantly from current levels. UK and US quarterly
unemployment rates peak at 5.2% and 4.5%, respectively.
The Downside scenarios have been calibrated to capture an escalation of trade
tensions, where tariffs imposed by the US prompt retaliation from its trading
partners with adverse implications for consumer prices and investment
sentiment, and ongoing geopolitical uncertainty. The combination of trade
impact and consumer uncertainty triggers a sharp recession, not only in the US
but also in the UK and Europe driven by a severe decline in exports, business
sentiment and with investment and consumption plans being put on hold. The
rapid fall in external demand and a retrenchment in business investment push
up unemployment rates, where job losses are concentrated in trade-exposed
sectors but also spill into services. The Federal Reserve initially holds
rates steady, weighing the inflation shock against the deteriorating real
economy. However, as the slowdown deepens and the labour market loosens, the
Federal Reserve cuts rates swiftly to stimulate aggregate demand.
In the Upside scenarios, a rise in labour force participation and higher
productivity contribute to accelerated economic growth, without creating new
inflationary pressures. Central banks lower interest rates stimulating private
consumption and investment growth. Demand for labour increases and
unemployment rates stabilise and start falling again. As geopolitical tensions
ease, low inflation supports consumer purchasing power and contributes further
to healthy GDP growth.
The methodology for estimating scenario weights involves simulating a range of
future paths for UK and US GDP using historical data with the five scenarios
mapped against the distribution of these future paths. The small increase in
Upside weights is driven by improvement in UK and US GDP outlook. in the
Baseline scenario, bringing the Baseline scenario closer to the Upside
scenarios. For further details see page 31.
The refreshed scenarios predate the most recent geopolitical escalation, and
so may not reflect the potential associated near-term impacts including supply
chain disruption, higher energy prices and rising inflation. In response,
management adjustments of £101m have been introduced, partially offset by the
release of £81m tariff-related adjustments raised in Q125, resulting in a net
additional charge of £20m.
● Within Barclays UK, a £10m adjustment has been recognised in the Retail
credit cards portfolio, reflecting a marginally weaker UK unemployment
baseline than that assumed in the Q126 macroeconomic scenario.
● For USCB, the tariff-related adjustment from Q125 of £31m(1) was released due
to the lack of tariff-driven credit deterioration and losses. However,
uncertainty persists and has been reflected through holding back a £25m(1)
release arising from the Q126 macroeconomic scenario.
● In IB, the tariff-related adjustment from Q125 of £50m (£35m net of SRT(2)
credit protection) was released due to the lack of tariff-driven credit
deterioration and losses. However, geopolitical uncertainty persists and has
been reflected through a management adjustment of £66m (£52m net of SRT(2)
credit protection) to capture increased downside risk.
The following tables show the key macroeconomic variables used in the five
scenarios (5-year annual paths) and the weights applied to each scenario.
1 Excludes adjustments for held for sale portfolio comprising a £5m
tariff-related adjustment from Q125 and a £4m adjustment from the Q126
macroeconomic scenario.
2 Significant Risk Transfer (SRT) represents risk transfer transactions used to
enhance risk management capabilities.
Macroeconomic variables used in the calculation of ECL
As at 31.03.26 2026 2027 2028 2029 2030
Baseline % % % % %
UK GDP(1) 1.0 1.5 1.4 1.4 1.5
UK unemployment(2) 5.2 5.0 5.0 4.9 4.9
UK HPI(3) 1.9 2.6 3.4 3.4 3.6
UK bank rate(6) 3.4 3.3 3.5 3.6 3.8
US GDP(1) 2.4 2.0 2.0 2.0 2.0
US unemployment(4) 4.4 4.3 4.3 4.3 4.3
US HPI(5) 2.7 2.1 2.4 2.4 2.4
US federal funds rate(6) 3.4 3.0 3.2 3.3 3.5
Downside 2
UK GDP(1) (1.2) (2.8) 2.8 1.3 0.9
UK unemployment(2) 5.5 7.3 7.4 5.9 5.3
UK HPI(3) (16.9) (14.1) 4.6 16.9 8.4
UK bank rate(6) 2.8 0.8 0.2 0.9 1.7
US GDP(1) (0.5) (4.3) 1.0 2.5 1.2
US unemployment(4) 5.1 7.5 8.3 6.2 5.4
US HPI(5) (4.0) (4.9) 5.2 9.2 4.6
US federal funds rate(6) 3.8 2.7 1.6 1.1 1.8
Downside 1
UK GDP(1) (0.1) (0.7) 2.1 1.3 1.2
UK unemployment(2) 5.4 6.2 6.2 5.4 5.1
UK HPI(3) (7.8) (5.9) 4.0 10.0 6.0
UK bank rate(6) 3.2 2.2 2.1 2.4 2.9
US GDP(1) 0.9 (1.1) 1.5 2.3 1.6
US unemployment(4) 4.8 5.9 6.3 5.3 4.8
US HPI(5) (0.7) (1.5) 3.8 5.7 3.5
US federal funds rate(6) 3.6 2.9 2.6 2.3 2.9
Upside 2
UK GDP(1) 1.8 4.0 3.1 2.5 2.3
UK unemployment(2) 4.8 4.2 4.1 4.0 4.0
UK HPI(3) 8.6 11.0 5.8 3.4 3.0
UK bank rate(6) 3.2 2.4 2.3 2.6 2.8
US GDP(1) 2.7 3.2 2.8 2.8 2.8
US unemployment(4) 4.1 3.6 3.6 3.6 3.6
US HPI(5) 6.5 4.2 5.0 4.9 4.9
US federal funds rate(6) 3.2 2.3 2.4 2.5 2.5
Upside 1
UK GDP(1) 1.4 2.7 2.2 1.9 1.9
UK unemployment(2) 5.0 4.6 4.6 4.5 4.5
UK HPI(3) 5.2 6.8 4.6 3.4 3.3
UK bank rate(6) 3.3 3.0 3.2 3.3 3.3
US GDP(1) 2.5 2.6 2.4 2.4 2.4
US unemployment(4) 4.3 4.0 4.0 4.0 4.0
US HPI(5) 4.6 3.2 3.7 3.6 3.6
US federal funds rate(6) 3.4 3.0 3.2 3.2 3.0
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax HPI Meth2 All Houses, All Buyers index,
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.
As at 31.12.25 2025 2026 2027 2028 2029
Baseline % % % % %
UK GDP(1) 1.5 1.1 1.4 1.4 1.4
UK unemployment(2) 4.7 4.9 4.8 4.8 4.7
UK HPI(3) 1.5 2.9 2.5 4.3 3.8
UK bank rate(6) 4.2 3.4 3.4 3.5 3.6
US GDP(1) 2.1 2.0 2.0 2.0 2.0
US unemployment(4) 4.2 4.5 4.4 4.4 4.4
US HPI(5) 3.2 1.7 1.9 2.6 2.6
US federal funds rate(6) 4.2 3.4 3.3 3.3 3.5
Downside 2
UK GDP(1) 1.5 (2.5) (1.2) 2.8 1.1
UK unemployment(2) 4.7 5.8 7.7 6.9 5.7
UK HPI(3) 1.5 (24.9) (5.1) 9.6 14.2
UK bank rate(6) 4.2 2.3 0.5 0.4 1.1
US GDP(1) 2.1 (2.7) (2.8) 1.6 2.4
US unemployment(4) 4.2 5.7 8.0 7.9 5.9
US HPI(5) 3.2 (8.2) (1.7) 7.2 7.7
US federal funds rate(6) 4.2 3.6 2.4 1.4 1.2
Downside 1
UK GDP(1) 1.5 (0.7) 0.1 2.1 1.3
UK unemployment(2) 4.7 5.3 6.3 5.8 5.2
UK HPI(3) 1.5 (11.8) (1.3) 6.9 8.9
UK bank rate(6) 4.2 2.9 2.0 1.9 2.4
US GDP(1) 2.1 (0.3) (0.4) 1.8 2.2
US unemployment(4) 4.2 5.1 6.2 6.1 5.1
US HPI(5) 3.2 (3.3) 0.1 4.9 5.1
US federal funds rate(6) 4.2 3.6 2.8 2.4 2.4
Upside 2
UK GDP(1) 1.5 2.7 3.7 2.9 2.4
UK unemployment(2) 4.7 4.3 4.0 3.9 3.8
UK HPI(3) 1.5 11.9 8.4 5.1 4.1
UK bank rate(6) 4.2 3.1 2.3 2.3 2.6
US GDP(1) 2.1 2.8 3.1 2.8 2.8
US unemployment(4) 4.2 3.9 3.7 3.7 3.7
US HPI(5) 3.2 6.2 4.7 4.8 4.9
US federal funds rate(6) 4.2 3.0 2.5 2.5 2.5
Upside 1
UK GDP(1) 1.5 1.9 2.6 2.2 1.9
UK unemployment(2) 4.7 4.6 4.4 4.4 4.3
UK HPI(3) 1.5 7.4 5.4 4.7 3.9
UK bank rate(6) 4.2 3.2 2.8 2.8 3.1
US GDP(1) 2.1 2.4 2.6 2.4 2.4
US unemployment(4) 4.2 4.2 4.1 4.1 4.1
US HPI(5) 3.2 4.0 3.3 3.7 3.7
US federal funds rate(6) 4.2 3.3 2.8 2.8 3.0
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax HPI Meth2 All Houses, All Buyers index,
relative to prior year end.
4 Average US civilian unemployment rate 16-year+.
5 Change in year end US HPI = FHFA House Price Index, relative to prior year
end.
6 Average rate.
Scenario weighting Upside 2 Upside 1 Baseline Downside 1 Downside 2
% % % % %
As at 31.03.26
Scenario weighting 14.7 27.9 38.6 12.0 6.8
As at 31.12.25
Scenario weighting 14.4 27.4 38.5 12.7 7.0
Treasury and Capital Risk
Regulatory minimum requirements
Capital
As at 31 March 2026, the Group's Overall Capital Requirement for CET1,
excluding any applicable PRA buffer, was 12.2% and comprised a 4.5% Pillar 1
minimum, a 2.5% Capital Conservation Buffer (CCB), a 1.5% Global Systemically
Important Institution (G-SII) buffer, a 2.7% Pillar 2A requirement and a 1.0%
Countercyclical Capital Buffer (CCyB).
The Group's CCyB is based on the buffer rate applicable for each jurisdiction
in which the Group has exposures. The buffer rates set by other national
authorities for non-UK exposures are not currently material.
The Group's Pillar 2A requirement is 4.8% with at least 56.25% to be met with
CET1 capital, equating to 2.7% of RWAs. The Pillar 2A requirement, based on a
point in time assessment, has been set as a proportion of RWAs and is subject
to at least annual review.
The Group's CET1 target ratio of 13-14% takes into account minimum capital
requirements and applicable buffers. The Group remains above its minimum
capital regulatory requirements and applicable buffers.
Leverage
As at 31 March 2026, the Group was subject to a UK leverage ratio requirement
of 4.1%. This comprised the 3.25% minimum requirement, a G-SII additional
leverage ratio buffer (G-SII ALRB) of 0.53% and a countercyclical leverage
ratio buffer (CCLB) of 0.3%. The Group is also required to disclose an average
UK leverage ratio which is based on capital on the last day of each month in
the quarter and an exposure measure for each day in the quarter.
MREL
As at 31 March 2026, the Group was required to meet the higher of: (i) two
times the sum of 8% Pillar 1 and 4.8% Pillar 2A equating to 25.5% of RWAs; and
(ii) 6.75% of leverage exposures. CET1 capital cannot be counted towards both
MREL and the buffers, meaning that the buffers, including any applicable
confidential institution-specific Prudential Regulation Authority (PRA)
buffer, will effectively be applied above MREL requirements.
Significant regulatory updates in the period
In January 2026, the PRA confirmed the final implementation timetable for the
UK Basel 3.1 framework. The PRA's final rules reaffirm that Basel 3.1 will
be implemented from 1 January 2027.
The PRA also confirmed its approach to the Fundamental Review of the Trading
Book (FRTB), under which implementation of the Internal Models Approach (IMA)
will be deferred to 1 January 2028, while all other FRTB components will
take effect from 1 January 2027.
Capital ratios As at 31.03.26 As at 31.12.25
CET1 14.1% 14.3%
T1 17.5% 17.9%
Total regulatory capital 19.7% 20.4%
MREL ratio as a percentage of total RWAs 35.4% 35.8%
Own funds and eligible liabilities £m £m
Total equity excluding non-controlling interests per the balance sheet 76,668 77,784
Less: other equity instruments (recognised as AT1 capital) (12,714) (12,725)
Adjustment to retained earnings for foreseeable ordinary share dividends (500) (778)
Adjustment to retained earnings for foreseeable repurchase of shares (507) (271)
Adjustment to retained earnings for foreseeable other equity coupons (45) (36)
Other regulatory adjustments and deductions
Additional value adjustments (PVA) (2,103) (1,956)
Goodwill and intangible assets (8,327) (8,255)
Deferred tax assets that rely on future profitability excluding temporary (958) (1,069)
differences
Fair value reserves related to gains or losses on cash flow hedges 2,147 666
Excess of expected losses over impairment (446) (436)
Gains or losses on liabilities at fair value resulting from own credit 507 904
Defined benefit pension fund assets (2,352) (2,398)
Direct and indirect holdings by an institution of own CET1 instruments (7) (14)
Other regulatory adjustments (144) (346)
CET1 capital 51,219 51,070
AT1 capital
Capital instruments and related share premium accounts 12,758 12,758
Other regulatory adjustments and deductions (44) (33)
AT1 capital 12,714 12,725
T1 capital 63,933 63,795
T2 capital
Capital instruments and related share premium accounts 7,937 8,835
Qualifying T2 capital (including minority interests) issued by subsidiaries 53 55
Other regulatory adjustments and deductions (134) (71)
Total regulatory capital 71,789 72,614
Less : Ineligible T2 capital (including minority interests) issued by (53) (55)
subsidiaries
Eligible liabilities 57,113 55,106
Total own funds and eligible liabilities(1) 128,850 127,665
Total RWAs 364,462 356,774
1 As at 31 March 2026, the Group's MREL requirement, excluding any applicable
institution-specific confidential PRA buffer, was to hold £111.2bn of own
funds and eligible liabilities equating to 30.5% of RWAs. The Group remains
above its MREL regulatory requirement including any applicable
institution-specific confidential PRA buffer.
Movement in CET1 capital Three months ended 31.03.26
£m
Opening CET1 capital 51,070
Profit for the period attributable to equity holders 2,176
Own credit relating to derivative liabilities (18)
Ordinary share dividends paid and foreseen (500)
Purchased and foreseeable share repurchase (1,000)
Other equity coupons paid and foreseen (254)
Increase in retained regulatory capital generated from earnings 404
Net impact of share schemes (383)
Fair value through other comprehensive income reserve (39)
Currency translation reserve 353
Other reserves (5)
Decrease in other qualifying reserves (74)
Pension remeasurements within reserves (66)
Defined benefit pension fund asset deduction 47
Net impact of pensions (19)
Additional value adjustments (PVA) (147)
Goodwill and intangible assets (72)
Deferred tax assets that rely on future profitability excluding those arising 111
from temporary differences
Excess of expected loss over impairment (10)
Direct and indirect holdings by an institution of own CET1 instruments 7
Other regulatory adjustments (51)
Decrease in regulatory capital due to adjustments and deductions (162)
Closing CET1 capital 51,219
CET1 capital increased by £0.1bn to £51.2bn (December 2025: £51.1bn).
Significant movements in the period were:
● £2.2bn of capital generated from profit partially offset by distributions of
£1.8bn comprising:
- £1.0bn share buybacks announced with FY25 results
- £0.5bn accrual towards the total 2026 dividend
- £0.3bn of equity coupons paid and foreseen
● £0.1bn decrease in other qualifying reserves including a £0.4bn decrease
from the net impact of employee share schemes, partially offset by a £0.4bn
increase in the currency translation reserve as a result of foreign exchange
movements
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 31.03.26 £m £m £m £m £m £m £m £m £m £m
Barclays UK 16,737 56,662 117 9 - 37 118 - 13,804 87,484
Barclays UK Corporate Bank 4,097 18,921 87 267 - 3 19 330 3,530 27,254
Barclays Private Bank & Wealth Management 5,020 678 124 30 1 11 32 225 2,062 8,183
Barclays Investment Bank 42,919 51,782 24,119 21,504 243 2,522 11,978 21,380 25,275 201,722
Barclays US Consumer Bank 21,158 1,017 - - - - - - 5,394 27,569
Head Office 5,441 5,482 - - - - 237 - 1,090 12,250
Barclays Group 95,372 134,542 24,447 21,810 244 2,573 12,384 21,935 51,155 364,462
As at 31.12.25
Barclays UK 16,731 55,037 132 8 - 43 177 - 13,697 85,825
Barclays UK Corporate Bank 3,878 18,341 89 312 1 4 31 343 3,510 26,509
Barclays Private Bank & Wealth Management 4,981 580 112 19 - 11 39 240 2,054 8,036
Barclays Investment Bank 44,961 49,750 21,986 19,442 165 3,030 12,018 20,111 25,238 196,701
Barclays US Consumer Bank 21,050 1,004 - 1 - - - - 5,393 27,448
Head Office 5,405 5,439 1 5 - - 219 59 1,127 12,255
Barclays Group 97,006 130,151 22,320 19,787 166 3,088 12,484 20,753 51,019 356,774
Movement analysis of RWAs Credit risk Counterparty credit risk Market risk Operational risk Total RWAs
£m £m £m £m £m
RWAs as at 31.12.25 227,157 45,361 33,237 51,019 356,774
Book size 1,440 3,154 895 136 5,625
Acquisitions and disposals - - - - -
Book quality (72) (12) - - (84)
Model updates - - - - -
Methodology and policy 6 - - - 6
Foreign exchange movements(1) 1,383 571 187 - 2,141
Total RWA movements 2,757 3,713 1,082 136 7,688
RWAs as at 31.03.26 229,914 49,074 34,319 51,155 364,462
1 Foreign exchange movements does not include the impact of foreign exchange for
modelled market risk or operational risk.
Total RWAs increased £7.7bn to £364.5bn (Dec 2025: £356.8bn).
Credit risk RWAs increased £2.8bn:
● A £2.8bn increase primarily reflecting lending growth in UK businesses and
the impact of foreign exchange movements
Counterparty credit risk RWAs increased £3.7bn:
● A £3.7bn increase primarily driven by higher activity within Global Markets
and the impact of foreign exchange movements
Leverage ratios As at 31.03.26 As at 31.12.25
£m £m
UK leverage ratio(1) 4.8% 5.1%
T1 capital 63,933 63,795
UK leverage exposure 1,321,321 1,247,313
Average UK leverage ratio 4.6% 4.7%
Average T1 capital 63,239 63,277
Average UK leverage exposure 1,373,842 1,358,364
1 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 £7.0bn
and against the 0.3% CCLB was £4.0bn.
● The UK leverage ratio decreased to 4.8% (December 2025: 5.1%) as the leverage
exposure increased by £74.0bn to £1,321.3bn (December 2025: £1,247.3bn).
The increase in leverage exposure was primarily driven by higher activity in
Global Markets.
Condensed Consolidated Financial Statements
Condensed consolidated income statement (unaudited)
Three months Three months
ended ended
31.03.26 31.03.25
£m £m
Total income 8,163 7,709
Operating expenses excluding UK regulatory levies & litigation and conduct (4,359) (4,258)
UK regulatory levies (84) (96)
Litigation and conduct (104) (11)
Operating expenses (4,547) (4,365)
Other net income 21 18
Profit before impairment 3,637 3,362
Credit impairment charges (823) (643)
Profit before tax 2,814 2,719
Tax charge (638) (621)
Profit after tax 2,176 2,098
Attributable to:
Shareholders of the parent 1,932 1,864
Other equity holders 244 232
Equity holders of the parent 2,176 2,096
Non-controlling interests - 2
Profit after tax 2,176 2,098
Earnings per share
Basic earnings per ordinary share 14.1p 13.0p
Condensed consolidated balance sheet (unaudited)
As at 31.03.26 As at 31.12.25
Assets £m £m
Cash and balances at central banks 235,350 229,752
Cash collateral and settlement balances 197,420 130,532
Debt securities at amortised cost 68,325 68,475
Loans and advances at amortised cost to banks 11,996 8,638
Loans and advances at amortised cost to customers 358,306 352,885
Reverse repurchase agreements and other similar secured lending at amortised 11,556 17,622
cost
Trading portfolio assets 191,053 190,061
Financial assets at fair value through the income statement 218,729 186,857
Derivative financial instruments 286,388 252,459
Financial assets at fair value through other comprehensive income 83,095 74,394
Investments in associates and joint ventures 760 739
Goodwill and intangible assets 8,357 8,284
Current tax assets 228 276
Deferred tax assets 5,412 4,992
Assets included in a disposal group classified as held for sale 5,555 5,932
Other assets 12,256 12,267
Total assets 1,694,786 1,544,165
Liabilities
Deposits at amortised cost from banks 19,739 20,413
Deposits at amortised cost from customers 567,855 565,200
Cash collateral and settlement balances 174,566 117,583
Repurchase agreements and other similar secured borrowings at amortised cost 27,874 25,170
Debt securities in issue 124,647 119,033
Subordinated liabilities 12,192 12,954
Trading portfolio liabilities 82,911 57,737
Financial liabilities designated at fair value 321,632 294,108
Derivative financial instruments 272,778 240,808
Current tax liabilities 1,167 868
Deferred tax liabilities 13 13
Liabilities included in a disposal group classified as held for sale - -
Other liabilities 12,292 12,042
Total liabilities 1,617,666 1,465,929
Equity
Called up share capital and share premium 4,218 4,178
Other reserves 891 1,628
Retained earnings 58,845 59,253
Shareholders' equity attributable to ordinary shareholders of the parent 63,954 65,059
Other equity instruments 12,714 12,725
Total equity excluding non-controlling interests 76,668 77,784
Non-controlling interests 452 452
Total equity 77,120 78,236
Total liabilities and equity 1,694,786 1,544,165
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 31.03.2026 £m £m £m £m £m £m £m
Balance as at 1 January 2026 4,178 12,725 1,628 59,253 77,784 452 78,236
Profit after tax - 244 - 1,932 2,176 - 2,176
Currency translation movements - - 353 - 353 - 353
Fair value through other comprehensive income reserve - - (39) - (39) - (39)
Cash flow hedges - - (1,481) - (1,481) - (1,481)
Retirement benefit remeasurements - - - (66) (66) - (66)
Own credit - - 378 - 378 - 378
Total comprehensive income for the period - 244 (789) 1,866 1,321 - 1,321
Employee share schemes and hedging thereof 81 - - 195 276 - 276
Issue and redemption of other equity instruments - - - - - - -
Other equity instruments coupon paid - (244) - - (244) - (244)
Redemption of preference shares - - - - - - -
Vesting of employee share schemes net of purchases - - 7 (927) (920) - (920)
Dividends paid - - - (769) (769) - (769)
Repurchase of shares (41) - 41 (768) (768) - (768)
Other movements - (11) 4 (5) (12) - (12)
Balance as at 31 March 2026 4,218 12,714 891 58,845 76,668 452 77,120
As at 31.03.26 As at 31.12.25
Other Reserves £m £m
Currency translation reserve 2,846 2,493
Fair value through other comprehensive income reserve (1,139) (1,100)
Cash flow hedging reserve (2,147) (666)
Own credit reserve (608) (990)
Other reserves and treasury shares 1,939 1,891
Total 891 1,628
Appendix: Non-IFRS Performance Measures
The Group's management believes that the non-IFRS performance measures
included in this document provide valuable information to the readers of the
financial statements, as they enable the reader to identify a more consistent
basis for comparing the businesses' performance between financial periods, and
provide more detail concerning the elements of performance which the managers
of these businesses are most directly able to influence or are relevant for an
assessment of the Group. They also reflect an important aspect of the way in
which operating targets are defined and performance is monitored by
management.
However, any non-IFRS performance measures in this document are not a
substitute for IFRS measures and readers should consider the IFRS measures as
well.
Non-IFRS performance measures glossary
Measure Definition
Loan: deposit ratio Total loans and advances at amortised cost divided by total deposits at
amortised cost.
Period end tangible equity refers to:
Period end tangible shareholders' equity (for Barclays Group) Shareholders' equity attributable to ordinary shareholders of the parent,
adjusted for the deduction of goodwill and intangible assets.
Period end allocated tangible equity (for businesses) Allocated tangible equity is calculated as 13.5% (2025: 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
page 41.
Return on average allocated tangible equity (for businesses) Annualised business attributable profit, as a proportion of that business's
average allocated tangible equity. The components of the calculation have been
included on pages 42 to 43.
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 44 to 46.
Net interest margin Annualised net interest income divided by the sum of average customer assets.
The components of the calculation have been included on page 23.
Tangible net asset value per share Calculated by dividing shareholders' equity, excluding non-controlling
interests and other equity instruments, less goodwill and intangible assets,
by the number of issued ordinary shares. The components of the calculation
have been included on page 48.
Profit before impairment Calculated by excluding credit impairment charges or releases from profit
before tax.
Net New Assets Under Management The net inflows and outflows of client balances within Discretionary Portfolio
Management and Advisory mandates. Excludes market performance and foreign
exchange translation but includes reinvested dividend payments.
Assets under Management (AUM) Total market value of client investment balances managed within investment
mandates where Barclays provides discretionary portfolio management or
advisory services. Total Assets Under Management excludes uninvested cash
held under an investment mandate and reported within deposits.
Assets under Supervision (AUS) Total market value of client investment balances where Barclays provides
custodian or transactional services.
Group net interest income excluding Barclays Investment Bank and Head Office A measure of Barclays Group net interest income, excluding the net interest
income reported in Barclays Investment Bank and Head Office.
Income over average risk weighted assets Represents total income as a proportion of average risk weighted assets.
Average risk weighted assets calculated as the average of the previous month's
period end risk weighted assets and the
current month's period end risk weighted assets. Average risk weighted assets
for the period is the average of the monthly averages within that period.
Returns
Three months ended 31.03.26
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) 591 187 73 1,111 176 (206) 1,932
£bn £bn £bn £bn £bn £bn £bn
Average equity 15.9 3.8 1.2 29.7 4.3 10.6 65.5
Average goodwill and intangibles (3.9) - (0.1) - (0.5) (3.8) (8.3)
Average tangible equity 12.0 3.8 1.1 29.7 3.8 6.8 57.2
Return on average tangible equity 19.7% 19.9% 25.5% 15.0% 18.8% n/m 13.5%
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%
Barclays Group
Return on average tangible shareholders' equity Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
£m £m £m £m £m £m £m £m
Attributable profit 1,932 1,195 1,457 1,659 1,864 965 1,564 1,237
£bn £bn £bn £bn £bn £bn £bn £bn
Average shareholders' equity 65.5 64.8 63.3 62.1 61.4 59.7 59.1 57.7
Average goodwill and intangibles (8.3) (8.3) (8.2) (8.2) (8.3) (8.2) (8.1) (7.9)
Average tangible shareholders' equity 57.2 56.5 55.1 53.9 53.1 51.5 51.0 49.8
Return on average tangible shareholders' equity 13.5% 8.5% 10.6% 12.3% 14.0% 7.5% 12.3% 9.9%
Barclays UK
Return on average allocated tangible equity Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
£m £m £m £m £m £m £m £m
Attributable profit 591 706 647 580 510 781 621 584
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 15.9 15.9 15.9 15.8 15.7 15.1 14.5 14.4
Average goodwill and intangibles (3.9) (4.0) (4.0) (4.0) (4.0) (3.9) (3.9) (3.9)
Average allocated tangible equity 12.0 11.9 11.9 11.8 11.7 11.2 10.6 10.5
Return on average allocated tangible equity 19.7% 23.8% 21.8% 19.7% 17.4% 28.0% 23.4% 22.3%
Barclays UK Corporate Bank
Return on average allocated tangible equity Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
£m £m £m £m £m £m £m £m
Attributable profit 187 168 196 142 142 98 144 135
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 3.8 3.5 3.4 3.4 3.3 3.2 3.1 3.0
Average goodwill and intangibles - - - - - - - -
Average allocated tangible equity 3.8 3.5 3.4 3.4 3.3 3.2 3.1 3.0
Return on average allocated tangible equity 19.9% 19.1% 22.8% 16.6% 17.1% 12.3% 18.8% 18.0%
Barclays Private Bank and Wealth Management
Return on average allocated tangible equity Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
£m £m £m £m £m £m £m £m
Attributable profit 73 35 72 88 96 63 74 77
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1
Average goodwill and intangibles (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1)
Average allocated tangible equity 1.1 1.1 1.1 1.1 1.1 1.1 1.0 1.0
Return on average allocated tangible equity 25.5% 12.6% 26.4% 31.9% 34.5% 23.9% 29.0% 30.8%
Barclays Investment Bank
Return on average allocated tangible equity Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
£m £m £m £m £m £m £m £m
Attributable profit 1,111 294 723 876 1,199 247 652 715
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 29.7 29.6 28.6 28.7 29.6 29.3 29.5 29.9
Average goodwill and intangibles - - - - - - - -
Average allocated tangible equity 29.7 29.6 28.6 28.7 29.6 29.3 29.5 29.9
Return on average allocated tangible equity 15.0% 4.0% 10.1% 12.2% 16.2% 3.4% 8.8% 9.6%
Barclays US Consumer Bank
Return on average allocated tangible equity Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
£m £m £m £m £m £m £m £m
Attributable profit 176 144 118 87 41 94 89 75
£bn £bn £bn £bn £bn £bn £bn £bn
Average allocated equity 4.3 4.2 4.0 4.0 4.2 4.0 3.8 3.6
Average goodwill and intangibles (0.5) (0.6) (0.5) (0.6) (0.6) (0.6) (0.5) (0.3)
Average allocated tangible equity 3.8 3.6 3.5 3.4 3.6 3.4 3.3 3.3
Return on average allocated tangible equity 18.8% 15.8% 13.5% 10.2% 4.5% 11.2% 10.9% 9.2%
Loan loss rates
Three months ended 31.03.26
Barclays UK Barclays UK Corporate Bank Barclays Private Bank and Wealth Management Barclays Investment Bank Barclays US Consumer Bank Head Office Barclays Group
Loan loss rate £m £m £m £m £m £m £m
Credit impairment (charges)/ releases (178) (3) 2 (279) (367) 2 (823)
£bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 233.6 31.0 15.1 137.4 30.3 2.4 449.9
reclassified as held for sale)(1)
Loan loss rate (bps) 31 4 (6) 82 491 n/m 74
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)/releases (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
1 Includes gross loans and advances to customers and banks, in addition to debt
securities.
Barclays Group
Loan loss rate Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
£m £m £m £m £m £m £m £m
Credit impairment charges (823) (535) (632) (469) (643) (711) (374) (384)
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 449.9 441.3 437.5 428.4 430.4 429.6 408.3 409.1
reclassified as held for sale)
Loan loss rate (bps) 74 48 57 44 61 66 37 38
Barclays UK
Loan loss rate Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
£m £m £m £m £m £m £m £m
Credit impairment charges (178) (74) (102) (79) (158) (283) (16) (8)
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 233.6 231.9 230.9 228.5 227.5 227.5 218.4 217.3
reclassified as held for sale)
Loan loss rate (bps) 31 13 18 14 28 49 3 1
Barclays UK Corporate Bank
Loan loss rate Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
£m £m £m £m £m £m £m £m
Credit impairment charges (3) (1) (5) (12) (19) (40) (13) (8)
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 31.0 30.2 29.2 28.2 27.0 25.8 25.2 26.0
reclassified as held for sale)
Loan loss rate (bps) 4 1 7 17 28 62 21 12
Barclays Private Bank and Wealth Management
Loan loss rate Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
£m £m £m £m £m £m £m £m
Credit impairment releases/(charges) 2 (2) (1) 2 9 (2) (7) 3
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 15.1 15.1 15.2 14.8 14.8 14.7 14.3 14.1
reclassified as held for sale)
Loan loss rate (bps) (6) 5 3 (5) (25) 5 19 (9)
Barclays Investment Bank
Loan loss rate Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
£m £m £m £m £m £m £m £m
Credit impairment charges (279) (22) (144) (67) (72) (46) (43) (44)
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 137.4 131.0 129.8 126.8 129.6 124.9 116.5 115.5
reclassified as held for sale)
Loan loss rate (bps) 82 7 44 21 23 15 15 15
Barclays US Consumer Bank
Loan loss rate Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
£m £m £m £m £m £m £m £m
Credit impairment charges (367) (431) (379) (312) (399) (298) (276) (309)
£bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances held at amortised cost (including portfolios 30.3 30.6 29.8 27.4 28.9 30.0 26.7 28.4
reclassified as held for sale)
Loan loss rate (bps) 491 558 505 456 562 395 411 438
Income over average RWAs
Barclays Investment Bank Three months ended 31.03.26 Three months ended 31.03.25
£m £m
Income 4,028 3,873
£bn £bn
Average RWAs 202.0 201.4
Income over average RWAs 8.0% 7.7%
Barclays Investment Bank Q126 Q425 Q325 Q225 Q125 Q424 Q324 Q224
£m £m £m £m £m £m £m £m
Income 4,028 2,792 3,083 3,307 3,873 2,607 2,851 3,019
£bn £bn £bn £bn £bn £bn £bn £bn
Average RWAs 202.0 202.1 194.9 196.1 201.4 199.9 201.8 204.9
Income over average RWAs 8.0% 5.5% 6.3% 6.7% 7.7% 5.2% 5.7% 5.9%
Tangible net asset value per share As at 31.03.26 As at 31.12.25 As at 31.03.25
£m £m £m
Total equity excluding non-controlling interests 76,668 77,784 74,880
Other equity instruments (12,714) (12,725) (13,263)
Goodwill and intangibles (8,357) (8,284) (8,250)
Tangible shareholders' equity attributable to ordinary shareholders of the 55,597 56,775 53,367
parent
m m m
Shares in issue 13,737 13,867 14,336
p p p
Tangible net asset value per share 405 409 372
Shareholder Information
Results timetable(1) Date
2026 Interim Results Announcement 28 July 2026
% Change(2)
Exchange rates 31.03.26 31.12.25 31.03.25 31.12.25 31.03.25
Period end - GBP/USD 1.32 1.34 1.29 (2)% 2%
3 month average - GBP/USD 1.35 1.33 1.26 1% 7%
Period end - GBP/EUR 1.15 1.15 1.19 -% (4)%
3 month average - GBP/EUR 1.15 1.14 1.20 1% (4)%
Share price data
Barclays PLC (p) 389 476 288
Barclays PLC number of shares (m)(3) 13,737 13,867 14,336
For further information please contact
Investor relations Media relations
Marina Shchukina +44 (0) 20 7116 2526 Tom Hoskin +44 (0) 20 7116 4755
More information on Barclays can be found on our website: home.barclays
(https://home.barclays/investor-relations/reports-and-events/financial-results/)
Registered office
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000.
Company number: 48839.
Registrar
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United
Kingdom.
Tel: +44 (0)371 384 2055 (UK and International telephone number)(4)(.)
American Depositary Receipts (ADRs)
Shareowner Services
P.O. Box 64504
St. Paul, MN 55164-0504
United States of America
shareowneronline.com (https://www.shareowneronline.com/)
Toll Free Number (US and Canada): +1 800-990-1135
Outside the US and Canada: +1 651-453-2128
Delivery of ADR certificates and overnight mail
Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN
55120-4100, USA.
1 Note that this date is provisional and subject to change.
2 The change is the impact to GBP reported information.
3 The number of shares of 13,737m as at 31 March 2026 is different from the
13,725m quoted in the 1 April 2026 announcement entitled "Total Voting Rights"
because the share buyback transactions executed on 30 and 31 March 2026 did
not settle until 1 and 2 April 2026 respectively.
4 Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding UK public
holidays in England and Wales.
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