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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Barclays Plc | LSE:BARC | London | Ordinary Share | GB0031348658 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -4.30 | -2.11% | 199.70 | 199.60 | 199.72 | 202.90 | 199.20 | 202.00 | 7,114,673 | 08:46:50 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Commercial Banks, Nec | 25.38B | 5.26B | 0.3470 | 5.88 | 30.92B |
From Apr 2019 to Apr 2024
TIDMBARC
RNS Number : 9779L
Barclays PLC
10 July 2014
Barclays PLC
Group Reporting Changes
Q1 2014, 2013 & 2012 Results Restatement Document
Table of Contents
Restatement Document Page Overview of Reporting Changes 4 Performance Highlights 8 Barclays Results by Quarter 11 Results by Business * Personal and Corporate Banking 12 * Barclaycard 16 * Africa Banking 18 * Investment Bank 20 * Head Office 22 * Barclays Non-Core 24 Appendix I - Performance Management 26 Appendix II - CRD IV RWAs 29
BARCLAYS PLC, 1 CHURCHILL PLACE, LONDON, E14 5HP, UNITED KINGDOM. TELEPHONE: +44 (0) 20 7116 1000. COMPANY NO. 48839
Notes
The term Barclays or Group refers to Barclays PLC together with its subsidiaries. Balance sheet comparative figures have been restated to adopt the offsetting amendments to IAS 32, Financial Instruments: Presentation. The abbreviations GBPm and GBPbn represent millions and thousands of millions of Pounds Sterling.
Adjusted profit before tax, adjusted attributable profit and adjusted performance metrics have been presented to provide a more consistent basis for comparing business performance between periods. Adjusting items are considered to be significant and not representative of the underlying business performance. Items excluded from the adjusted measures are: the impact of own credit; disposal of the investment in BlackRock, Inc; the provision for Payment Protection Insurance redress payments and claims management costs (PPI redress); the provision for interest rate hedging products redress and claims management costs (interest rate hedging products redress); and goodwill impairment.
All capital measures, risk weighted assets and leverage disclosures are on a CRD IV basis unless otherwise stated.
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 that can be accessed at www.Barclays.com/results.
The information in this announcement does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2013, which included certain information required for the Joint Annual Report on Form 20-F of Barclays PLC and Barclays Bank PLC to the SEC and which contained an unqualified audit report under Section 495 of the Companies Act 2006 and which did not make any statements under Section 498 of the Companies Act 2006, have been delivered to the Registrar of Companies in accordance with Section 441 of the Companies Act 2006.
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 certain of the Barclays PLC's and its subsidiaries' (the Group) plans and its current goals and expectations relating to its future financial condition and performance. Barclays cautions readers that no forward-looking statement is a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statements. These 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. Examples of forward-looking statements include, among others, statements regarding the Group's future financial position, income growth, assets, impairment charges and provisions, business strategy, capital, leverage and other regulatory ratios, payment of dividends (including dividend pay-out ratios), projected levels of growth in the banking and financial markets, projected costs or savings, original and revised commitments and targets in connection with the Transform Programme and Group Strategy Update, run-down of assets and businesses within Barclays Non-Core, estimates of capital expenditures and plans and objectives for future operations, projected employee numbers and other statements that are not historical fact. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. These may be affected by changes in legislation, the development of standards and interpretations under International Financial Reporting Standards (IFRS), evolving practices with regard to the interpretation and application of accounting and regulatory standards, the outcome of current and future legal proceedings and regulatory investigations, future levels of conduct provisions, the policies and actions of governmental and regulatory authorities, geopolitical risks and the impact of competition. In addition, factors including (but not limited to) the following may have an effect: capital, leverage and other regulatory rules (including with regard to the future structure of the Group) applicable to past, current and future periods; UK, US, Africa Eurozone and global macroeconomic and business conditions; the effects of continued volatility in credit markets; market related risks such as changes in interest rates and foreign exchange rates; effects of changes in valuation of credit market exposures; changes in valuation of issued securities; volatility in capital markets; changes in credit ratings of the Group; the potential for one or more countries exiting the Eurozone; the implementation of the Transform Programme; and the success of future acquisitions, disposals and other strategic transactions. A number of these influences and factors are beyond the Group's control. As a result, the Group's actual future results, dividend payments, and capital and leverage ratios may differ materially from the plans, goals, and expectations set forth in the Group's forward-looking statements. Additional risks and factors are identified in our filings with the US Securities and Exchange Commission (SEC) including our Annual Report on Form 20-F for the fiscal year ended 31 December 2013 and our quarterly results to 31 March 2014 on form 6-K, which are available on the SEC's website at http://www.sec.gov.
Any forward-looking statements made herein speak only as of the date they are made and it should not be assumed that they have been revised or updated in the light of new information or future events. Except as required by the Prudential Regulation Authority, the Financial Conduct Authority, the London Stock Exchange plc (the LSE) or applicable law, Barclays expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Barclays' expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any additional disclosures that Barclays has made or may make in documents it has published or may publish via the Regulatory News Service of the LSE and/or has filed or may file with the US Securities and Exchange Commission.
Overview of reporting changes
This document provides further details of the impact on the Group's financial reporting as a result of the business reorganisation outlined in the Group Strategy Update on 8 May 2014.
Barclays will now focus on four Core businesses:
-- Personal and Corporate Banking; -- Barclaycard; -- Africa Banking; and -- Investment Bank.
A Non-Core segment has also been created, consisting of businesses and assets which are no longer considered a strategic fit with the Core business of Barclays. This segment comprises three main elements:
-- Parts of the Investment Bank; -- All of Europe Retail; and
-- Parts of the Corporate Bank in Europe and the Middle East, and certain long-dated Corporate loans.
The document outlines the impact on the Group's segmental results from the Group structure changes and the subsequent reallocation of elements of the Head Office results to the businesses post the resegmentation. While the Head Office allocation and resegmentation affects the reported results of the individual businesses, they have no impact on the Group's primary financial statements.
As Management principally reviews adjusting items at a Group level, segmental results are presented on an adjusted basis in accordance with IFRS 8 Operating Segments. Statutory and adjusted performance is reconciled at a Group level only.
A summary of the financial results for the resegmented Group for the year ended 31 December 2013 is shown in the table below:
Hot Features
Premium
2013 Barclays Results Adjusted
Personal
& Corporate Africa Investment Head Barclays Barclays Barclays
Banking Barclaycard Banking Bank Office Core Non-Core Group
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
============================= ============ =========== ======== ========== ======= ======== ========= ========
Total income net of
insurance claims 8,723 4,103 4,039 8,855 142 25,862 2,293 28,155
Credit impairment
(charges)/releases
and other provisions (621) (1,096) (479) 22 3 (2,171) (900) (3,071)
============================= ============ =========== ======== ========== ======= ======== ========= ========
Net operating income 8,102 3,007 3,560 8,877 145 23,691 1,393 25,084
Operating expenses
(excluding UK bank
levy and costs to achieve
Transform) (5,460) (1,786) (2,451) (6,172) (113) (15,982) (2,198) (18,180)
UK bank levy (66) (22) (42) (236) (29) (395) (109) (504)
Costs to achieve Transform (384) (49) (26) (190) (22) (671) (538) (1,209)
============================= ============ =========== ======== ========== ======= ======== ========= ========
Operating expenses (5,910) (1,857) (2,519) (6,598) (164) (17,048) (2,845) (19,893)
Other net income/(expense) 41 33 8 - 4 86 (110) (24)
============================= ============ =========== ======== ========== ======= ======== ========= ========
Profit/(loss) before
tax 2,233 1,183 1,049 2,279 (15) 6,729 (1,562) 5,167
Attributable profit/(loss) 1,681 822 356 1,515 (89) 4,285 (1,890) 2,395
Performance Measures
============================= ============ =========== ======== ========== ======= ======== ========= ========
Return on average tangible
equity 12.7% 19.9% 11.3% 9.8% 2.9%(1) 15.1% (9.8%)(1) 5.3%
Return on average equity 9.7% 15.5% 8.1% 9.4% 1.8%(1) 11.9% (7.4%)(1) 4.5%
Cost: income ratio 68% 45% 62% 75% 66% 124% 71%
Loan loss rate (bps) 28 332 128 (2) 55 107 64
Capital Management
(GBPbn)
============================= ============ =========== ======== ========== ======= ======== ========= ========
Risk weighted assets
- fully loaded CRD
IV 118 36 38 126 8 326 110 436
Average allocated tangible
equity 13 4 3 15 (8) 28 17 45
Average allocated equity 17 5 4 16 (7) 36 17 53
1 Return on average equity and average tangible equity for Head Office and Barclays Non-Core represents the dilution for Barclays Core and the Group respectively. The change in Barclays Non-Core return on average equity dilution, as compared to the Group Strategy Update on 8 May 2014, includes the transfer, to the Investment Bank, of the GBP259m gain recognised in Q2 2013 in respect of assets not yet received from the 2008 US Lehman acquisition. As the majority of the activities acquired in 2008 form part of the ongoing core Investment Bank activities and as a direct consequence of the acquisition, it has been determined more appropriate to include this gain within the Investment Bank comparative.
Overview of reporting changes
Segmental restatements
Group Structure changes
In this document the Q1 2014, full year 2013 and full year 2012 segmental results have been restated to align to the new organisational structure announced on 8 May 2014:
Personal and Corporate Banking combines core elements of UK Retail and Business Banking, global Wealth and Investment Management, and global Corporate Banking. Transfers to the Non-Core segment include the UK retail insurance underwriting and investment businesses; selected non-core corporate banking in Europe and the Middle East and certain long-dated corporate loans; local Wealth operations in certain overseas locations; and certain asset management businesses. The African businesses of Corporate Banking and Wealth Management have been moved to Africa Banking.
Barclaycard is largely unchanged, with the exception of the Africa Cards business moving to Africa Banking and the UK secured lending portfolio moving to Non-Core.
Africa Banking aligns the reporting of the business to how it is now managed. The previously reported Africa Retail and Business Banking has been combined with the other businesses across Africa previously reported within Barclaycard, the Investment Bank, Corporate Banking and Wealth Management. The Africa Head Office function has also been transferred to Africa Banking. This combined Africa Banking business is managed under three primary businesses: Retail and Business Banking; Wealth, Investment Management and Insurance; and Corporate and Investment Banking. The resulting African business comprises the Barclays Africa Group Limited (BAGL) listed entity, together with Barclays Egypt and Zimbabwe businesses.
The Investment Bank now consists of origination led and returns focused markets and banking businesses. Non-strategic and lower returning businesses have been moved to the Non-Core segment and the African Investment Banking business has been moved to Africa Banking. Investment Bank treasury operations have been moved to be reported where they are now managed alongside the Group treasury operations within Head Office and Other Operations.
Head Office and Other Operations is largely unchanged with the exception of the addition of Investment Bank treasury operations and the transfer of the Africa Head Office function.
Barclays Non-Core (BNC) groups together businesses and assets that are not strategically attractive to Barclays and that will be exited over time.
Businesses have been placed in BNC on the basis of two criteria:
-- Strategic focus - businesses and portfolios that do not fit with our strategic customer franchise or are a poor fit with our sources of competitive advantage; and
-- Returns on CRD IV capital and leverage exposure - businesses and portfolios that are capital and/or leverage intensive, with high cost structures, and do not expect to meet our return targets over the medium term.
Overview of reporting changes
BNC definition and allocations
Key judgments around the allocation of activity and related financial metrics between Core segments and BNC include the following:
Income
Where entire business lines have been determined not to be strategically attractive, they have been placed within BNC. In other areas, particularly within the Investment Bank, particular assets or areas of activity have been identified not to be strategically attractive and similarly placed within BNC. In certain instances, this has involved some judgment including, in particular, the two areas outlined below:
Fixed Income Financing
Following the Strategic Update, the core Fixed Income Financing business has been mandated to operate within limits defined by utilisation of leverage balance sheet. The Group's overall level of activity in this area will be reduced to come in line with these limits over time. Until then, activity in excess of the Investment Bank's mandate is Non-Core and BNC has assumed responsibility for that activity. This principally comprises the transfer of a proportion of the portfolio from the Investment Bank to BNC on arm's length terms. In addition, over time, specific asset types within the Fixed Income Financing business that are not aligned to the firm's ongoing strategy will be identified and transferred to BNC in their entirety, while being run down or exited.
Derivative portfolios
A number of derivative portfolios in the Investment Bank reflect activity that is no longer attractive for the bank following changes in the regulatory environment and related market behaviour and pricing. Such changes have happened over time but in the interests of simplicity, these portfolios have been defined to comprise positions entered into before the principal implementation of CRD IV. Accordingly, responsibility for those portfolios after that point has been transferred to BNC. The results for those portfolios prior to that point will remain in the historical Investment Bank results.
Expense
Cost allocation
The direct costs of Non-Core activity are reported within BNC. Where it has been necessary to make allocations of such costs between operating segments, this has been done with the objective of reporting costs in the same operating segment as the related income. Indirect costs, such as those arising from infrastructure and distribution, have been allocated by reference to the same objective, using appropriate measures of activity such as trade volume and time spent.
Litigation and conduct
Provisions and contingent liabilities relating to litigation and conduct matters are reported within BNC where they relate to Non-Core businesses. Payment Protection Insurance and Interest Rate Hedging Products redress provisions have been reported as adjusting items and are not attributed to any operating segment.
Tax
Tax is recognised within the operating segment that has recognised the associated profit or loss. Deferred tax balances have been allocated to the operating segment that originated the related temporary difference, tax loss or tax credit.
RWAs
RWAs have been allocated to operating segments directly where possible, otherwise using judgemental allocations. Where practicable and appropriate, these methodologies calculate RWAs for Core segments on a standalone basis (such that only the netting and diversification benefits attributable to that segment are incorporated), with the residual allocated to BNC. This would mean that the BNC RWAs are lower than they would be on a standalone basis.
Overview of reporting changes
Head Office Allocations
The Group allocates elements of the Head Office performance to business segments, so that the aggregate of those businesses' results is closely aligned to the Group's results, including Group return on equity.
The underlying principle of materially allocating all of the Head Office income and costs to businesses is unchanged, although the basis of allocation has been updated as part of the restatement, in particular in relation to the following:
-- In recognition of the local equity listing of the BAGL entity, the significant minority interest in the business and existing local Head Office functionality, Head Office allocations to Africa Banking have been restated to those that are deemed to be incrementally incurred as a consequence of Barclays operations in Africa. Investment Bank treasury operations have been resegmented to Head Office; and
-- Residual Group treasury funding costs have been allocated from Head Office to other segments using appropriate methodologies to reflect business accountability.
Barclays Performance Highlights
Adjusted Statutory
======== =========
Barclays Results
for the three months ended 31.03.14 31.03.14
Barclays Barclays Barclays Barclays
Core Non-Core Group Group
GBPm GBPm GBPm GBPm
================================ ======== ========= ======== ==========
Total income net of insurance
claims 6,277 373 6,650 6,769
Credit impairment charges
and other provisions (481) (67) (548) (548)
================================ ======== ========= ======== ==========
Net operating income 5,796 306 6,102 6,221
Operating expenses (excluding
costs to achieve Transform) (3,753) (442) (4,195) (4,195)
Costs to achieve Transform (216) (24) (240) (240)
================================ ======== ========= ======== ==========
Operating expenses (3,969) (466) (4,435) (4,435)
Other net income 20 6 26 26
================================ ======== ========= ======== ==========
Profit/(loss) before tax 1,847 (154) 1,693 1,812
Attributable profit/(loss)(1) 1,053 (171) 882 965
Performance Measures
================================ ======== ========= ======== ==========
Return on average tangible
shareholders' equity(2) 13.1% (5.6%) 7.5% 8.3%
Return on average shareholders'
equity(2) 10.6% (4.2%) 6.4% 7.1%
Cost: income ratio 63% 125% 67% 66%
Loan loss rate (bps) 45 45
Basic earnings per share 6.5p (1.1p) 5.4p 5.9p
Dividend per share 1.0p
Balance Sheet and Leverage
================================ ======== ========= ======== ==========
Net asset value per share(3) 331p
Net tangible asset value per
share(3) 284p
Estimated PRA leverage exposure GBP1,326bn
Capital Management
================================ ======== ========= ======== ==========
CRD IV fully loaded
Common equity tier 1 ratio 9.6%
Common equity tier 1 capital GBP41.4bn
Risk weighted assets GBP323bn GBP106bn GBP429bn
Estimated leverage ratio 3.3%
Estimated PRA leverage ratio 3.1%
Funding and Liquidity
================================ ======== ========= ======== ==========
Group liquidity pool GBP134bn
Loan: deposit ratio 101%
Estimated liquidity coverage
ratio 109%
Adjusted Profit Reconciliation
================================ ======== ========= ======== ==========
Adjusted profit before tax 1,693
Own credit 119
Statutory profit before tax 1,812
1 Attributable profit/(loss) comprises profit/(loss) after tax and non-controlling interests.
2 Return on average equity and average tangible equity for Barclays Non-Core represents the dilution for the Group.
3 Net asset value per share is calculated by dividing shareholders' equity, excluding non-controlling and other equity interests, by the number of issued ordinary shares. Net tangible asset value per share is calculated by dividing shareholders' equity, excluding non-controlling and other equity interests, less goodwill and intangible assets, by the number of issued ordinary shares.
Barclays Performance Highlights
Adjusted Statutory
======== =========
Barclays Results
for the twelve months ended 31.12.13 31.12.13
Barclays Barclays Barclays Barclays
Core Non-Core Group Group
GBPm GBPm GBPm GBPm
================================ ======== ========= ======== ==========
Total income net of insurance
claims 25,862 2,293 28,155 27,935
Credit impairment charges
and other provisions (2,171) (900) (3,071) (3,071)
================================ ======== ========= ======== ==========
Net operating income 23,691 1,393 25,084 24,864
Operating expenses (excluding
UK bank levy and costs to
achieve Transform) (15,982) (2,198) (18,180) (20,259)
UK bank levy (395) (109) (504) (504)
Costs to achieve Transform (671) (538) (1,209) (1,209)
================================ ======== ========= ======== ==========
Operating expenses (17,048) (2,845) (19,893) (21,972)
Other net income/(expense) 86 (110) (24) (24)
================================ ======== ========= ======== ==========
Profit/(loss) before tax 6,729 (1,562) 5,167 2,868
Attributable profit/(loss)(1) 4,285 (1,890) 2,395 540
Performance Measures
================================ ======== ========= ======== ==========
Return on average tangible
shareholders' equity(2) 15.1% (9.8%) 5.3% 1.2%
Return on average shareholders'
equity(2) 11.9% (7.4%) 4.5% 1.0%
Cost: income ratio 66% 124% 71% 79%
Loan loss rate (bps) 55 107 64 64
Basic earnings per share 29.9p (13.2p) 16.7p 3.8p
Dividend per share 6.5p
Balance Sheet and Leverage
================================ ======== ========= ======== ==========
Net asset value per share(3) 331p
Net tangible asset value per
share(3) 283p
Estimated PRA leverage exposure GBP1,365bn
Capital Management
================================ ======== ========= ======== ==========
CRD IV fully loaded
Common equity tier 1 ratio 9.3%
Common equity tier 1 capital GBP40.4bn
Risk weighted assets GBP326bn GBP110bn GBP436bn
Estimated leverage ratio 3.1%
Estimated PRA leverage ratio 3.0%
Funding and Liquidity
================================ ======== ========= ======== ==========
Group liquidity pool GBP127bn
Loan: deposit ratio 101%
Estimated liquidity coverage
ratio 102%
Estimated net stable funding
ratio 110%
Adjusted Profit Reconciliation
================================ ======== ========= ======== ==========
Adjusted profit before tax 5,167
Own credit (220)
Provision for PPI redress (1,350)
Provision for interest rate
hedging products redress (650)
Goodwill impairment (79)
================================ ======== ========= ======== ==========
Statutory profit before tax 2,868
1 Attributable profit/(loss) comprises profit/(loss) after tax and non-controlling interests.
2 Return on average equity and average tangible equity for Barclays Non-Core represents the dilution for the Group.
3 Net asset value per share is calculated by dividing shareholders' equity, excluding non-controlling and other equity interests, by the number of issued ordinary shares. Net tangible asset value per share is calculated by dividing shareholders' equity, excluding non-controlling and other equity interests, less goodwill and intangible assets, by the number of issued ordinary shares.
Barclays Performance Highlights
Adjusted Statutory
======== =========
Barclays Results
for the twelve months ended 31.12.12 31.12.12
Barclays Barclays Barclays Barclays
Core Non-Core Group Group
GBPm GBPm GBPm GBPm
================================ ======== ========= ======== ========
Total income net of insurance
claims 26,154 3,207 29,361 25,009
Credit impairment charges
and other provisions (2,378) (962) (3,340) (3,340)
================================ ======== ========= ======== ========
Net operating income 23,776 2,245 26,021 21,669
Operating expenses (excluding
UK bank levy) (16,209) (2,008) (18,217) (20,667)
UK bank levy (263) (82) (345) (345)
Operating expenses (16,472) (2,090) (18,562) (21,012)
Other net income 75 65 140 140
================================ ======== ========= ======== ========
Profit before tax 7,379 220 7,599 797
Attributable profit/(loss)(1) 4,120 515 4,635 (624)
Performance Measures
================================ ======== ========= ======== ========
Return on average tangible
shareholders' equity(2,3) 12.4% (1.8%) 10.6% (1.4%)
Return on average shareholders'
equity(2,3) 10.1% (1.1%) 9.0% (1.2%)
Cost: income ratio 63% 65% 63% 84%
Loan loss rate (bps) 63 93 70 70
Basic earnings per share 31.6p 3.9p 35.5p (4.8p)
Dividend per share 6.5p
Balance Sheet
================================ ======== ========= ======== ========
Net asset value per share(4) 414p
Net tangible asset value per
share(4) 349p
Capital Management
================================ ======== ========= ======== ========
CRD IV fully loaded
Risk weighted assets GBP468bn
Funding and Liquidity
================================ ======== ========= ======== ========
Group liquidity pool GBP150bn
Loan: deposit ratio 110%
Estimated liquidity coverage
ratio 126%
Estimated net stable funding
ratio 112%
Adjusted Profit Reconciliation
================================ ======== ========= ======== ========
Adjusted profit before tax 7,599
Own credit (4,579)
Gain on disposal of BlackRock,
Inc. investment 227
Provision for PPI redress (1,600)
Provision for interest rate
hedging products redress (850)
Statutory profit before tax 797
1 Attributable profit/(loss) comprises profit/(loss) after tax and non-controlling interests.
2 2012 returns calculated using average allocated equity based on CRD III RWAs and capital deductions.
3 Return on average equity and average tangible equity for Barclays Non-Core represents the dilution for the Group.
4 Net asset value per share is calculated by dividing shareholders' equity, excluding non-controlling and other equity interests, by the number of issued ordinary shares. Net tangible asset value per share is calculated by dividing shareholders' equity, excluding non-controlling and other equity interests, less goodwill and intangible assets, by the number of issued ordinary shares.
Barclays Performance Highlights
Restated Barclays Core Q114 Q413 Q313 Q213 Q113 Q412 Q312 Q212 Q112
Results by Quarter
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
============================== ======= ======= ======= ======= ======= ======= ======= ======= =======
Total income net of insurance
claims 6,277 6,189 6,076 6,773 6,824 6,115 6,278 6,658 7,103
Credit impairment charges
and other provisions (481) (542) (554) (558) (517) (600) (628) (590) (560)
============================== ======= ======= ======= ======= ======= ======= ======= ======= =======
Net operating income 5,796 5,647 5,522 6,215 6,307 5,515 5,650 6,068 6,543
Operating expenses (excluding
UK bank levy and costs
to achieve Transform) (3,753) (4,114) (3,776) (3,853) (4,239) (3,844) (3,906) (4,023) (4,436)
UK bank levy - (395) - - - (263) - - -
Costs to achieve Transform (216) (365) (84) (64) (158) - - - -
============================== ======= ======= ======= ======= ======= ======= ======= ======= =======
Operating expenses (3,969) (4,874) (3,860) (3,917) (4,397) (4,107) (3,906) (4,023) (4,436)
Other net income 20 15 15 13 43 21 12 31 11
============================== ======= ======= ======= ======= ======= ======= ======= ======= =======
Profit before tax 1,847 788 1,677 2,311 1,953 1,429 1,756 2,076 2,118
Attributable profit 1,053 601 1,009 1,360 1,315 687 895 1,157 1,381
Restated Barclays Non-Core Q114 Q413 Q313 Q213 Q113 Q412 Q312 Q212 Q112
Results by Quarter
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
Total income net of insurance
claims 373 450 368 564 911 752 724 726 1,005
Credit impairment charges
and other provisions (67) (176) (168) (367) (189) (226) (177) (335) (224)
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
Net operating income 306 274 200 197 722 526 547 391 781
Operating expenses (excluding
UK bank levy and costs
to achieve Transform) (442) (664) (485) (507) (542) (500) (447) (532) (529)
UK bank levy - (109) - - - (82) - - -
Costs to achieve Transform (24) (103) (17) (62) (356) - - - -
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
Operating expenses (466) (876) (502) (569) (898) (582) (447) (532) (529)
Other net income/(expense) 6 4 10 (135) 11 21 9 10 25
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
(Loss)/profit before tax (154) (598) (292) (507) (165) (35) 109 (131) 277
------------------------------ ----- ----- ----- ----- ----- ----- ----- ----- -----
Attributable (loss)/profit (171) (997) (274) (314) (305) 53 179 (83) 366
Results by Business
2013 Personal and Corporate Banking Restatement
Adjustments
Wealth
Corporate & Investment Head
UK RBB Banking M'gment Group Office 2013 as
Income Statement Information (Published) (Published) (Published) Structure Allocation Restated
GBPm GBPm GBPm GBPm GBPm GBPm
================================= ============ ============ ============= =========== =========== ==========
Net interest income 3,395 1,987 859 (270) (78) 5,893
Net fee and commission income 1,098 992 968 (335) - 2,723
Net trading income - 97 17 (60) - 54
Net investment income - 12 1 - - 13
Net premiums from insurance
contracts 46 - - (29) - 17
Other income/(expense) 1 27 (6) 1 - 23
================================= ============ ============ ============= =========== =========== ==========
Total income 4,540 3,115 1,839 (693) (78) 8,723
Net claims and benefits incurred
under insurance contracts (17) - - 17 - -
================================= ============ ============ ============= =========== =========== ==========
Total income net of insurance
claims 4,523 3,115 1,839 (676) (78) 8,723
Credit impairment charges
and other provisions (347) (510) (121) 357 - (621)
================================= ============ ============ ============= =========== =========== ==========
Net operating income 4,176 2,605 1,718 (319) (78) 8,102
Operating expenses (excluding
UK bank levy and costs to
achieve Transform) (2,812) (1,641) (1,586) 593 (14) (5,460)
UK bank levy (21) (51) (6) - 12 (66)
Costs to achieve Transform (175) (114) (158) 63 - (384)
Operating expenses (3,008) (1,806) (1,750) 656 (2) (5,910)
Other net income 27 2 13 (1) - 41
================================= ============ ============ ============= =========== =========== ==========
Profit/(loss) before tax 1,195 801 (19) 336 (80) 2,233
Attributable profit/(loss)(1) 917 247 (24) 606 (65) 1,681
Balance Sheet Information
================================= ============ ============ ============= =========== =========== ==========
Loans and advances to customers GBP136.5bn GBP61.1bn GBP23.1bn GBP(8.5bn) GBP212.2bn
at amortised cost
Loans and advances to customers - GBP15.7bn - GBP(15.4bn) GBP0.3bn
at fair value
Customer deposits GBP135.5bn GBP108.7bn GBP63.4bn GBP(11.7bn) GBP295.9bn
Total assets(2) GBP152.9bn GBP113.9bn GBP37.6bn GBP(25.9bn) GBP278.5bn
Risk weighted assets - fully GBP44.1bn GBP70.5bn GBP17.3bn GBP(13.6bn) GBP118.3bn
loaded CRD IV(2)
Performance Measures
================================= ============ ============ ============= =========== =========== ==========
Return on average tangible
equity(3) 20.0% 3.3% (1.4%) 12.7%
Return on average equity(3) 11.5% 3.1% (1.0%) 9.7%
Cost: income ratio 67% 58% 95% 68%
Loan loss rate (bps) 25 77 51 28
1 Attributable profit comprises profit after tax and non-controlling interests.
2 2013 total assets and risk weighted assets include an allocation of liquidity pool assets previously held centrally.
3 As part of the restatement, 2013 returns have been revised for the impact of calculating average allocated equity based on estimated fully loaded CRD IV RWAs and capital deductions (previously based on CRD III).
Results by Business
2012 Personal and Corporate Banking Restatement
Adjustments
Wealth
Corporate and Investment Head 2012
UK RBB Banking M'gment Group Office as
Income Statement Information (Published) (Published) (Published) Structure Allocation Restated
GBPm GBPm GBPm GBPm GBPm GBPm
================================= ============ ============ =============== =========== =========== ==========
Net interest income 3,190 1,911 856 (235) 8 5,730
Net fee and commission income 1,154 998 948 (323) - 2,777
Net trading income - 87 16 (86) - 17
Net investment income - 23 - (2) - 21
Net premiums from insurance
contracts 74 - - (49) - 25
Other (expense)/income (1) 27 - (17) - 9
================================= ============ ============ =============== =========== =========== ==========
Total income 4,417 3,046 1,820 (712) 8 8,579
Net claims and benefits incurred
under insurance contracts (33) - - 33 - -
================================= ============ ============ =============== =========== =========== ==========
Total income net of insurance
claims 4,384 3,046 1,820 (679) 8 8,579
Credit impairment charges
and other provisions (269) (885) (38) 566 - (626)
================================= ============ ============ =============== =========== =========== ==========
Net operating income 4,115 2,161 1,782 (113) 8 7,953
Operating expenses (excluding
UK bank levy) (2,877) (1,672) (1,505) 621 (23) (5,456)
UK bank levy (17) (39) (4) - 11 (49)
Operating expenses (2,894) (1,711) (1,509) 621 (12) (5,505)
Other net income 4 10 1 (8) - 7
================================= ============ ============ =============== =========== =========== ==========
Profit before tax 1,225 460 274 500 (4) 2,455
Attributable profit(1) 875 228 222 394 (16) 1,703
Balance Sheet Information
================================= ============ ============ =============== =========== =========== ==========
Loans and advances to customers GBP128.1bn GBP64.3bn GBP21.3bn GBP(9.9bn) GBP203.8bn
at amortised cost
Loans and advances to customers - GBP17.6bn - GBP(17.2bn) GBP0.4bn
at fair value
Customer deposits GBP116.0bn GBP99.6bn GBP53.8bn GBP(13.0bn) GBP256.4bn
Total assets GBP134.6bn GBP87.8bn GBP24.5bn GBP(31.2bn) GBP215.7bn
Performance Measures
================================= ============ ============ =============== =========== =========== ==========
Return on average tangible
equity(2) 22.9% 3.1% 15.5% 15.0%
Return on average equity(2) 12.3% 2.9% 11.2% 11.1%
Cost: income ratio 66% 56% 83% 64%
Loan loss rate (bps) 21 127 17 30
1 Attributable profit comprises profit after tax and non-controlling interests.
2 2012 returns calculated using average allocated equity based on CRD III RWAs and capital deductions.
Results by Business
Personal and Corporate
Banking
Income Statement Information Q114 Q413 Q313 Q213 Q113 Q412 Q312 Q212 Q112
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
============================== ======= ======= ======= ======= ======= ======= ======= ======= =======
Total income net of insurance
claims 2,173 2,166 2,252 2,192 2,113 2,153 2,151 2,146 2,129
Credit impairment charges
and other provisions (135) (169) (153) (165) (134) (191) (152) (118) (165)
============================== ======= ======= ======= ======= ======= ======= ======= ======= =======
Net operating income 2,038 1,997 2,099 2,027 1,979 1,962 1,999 2,028 1,964
Operating expenses (excluding
UK bank levy and Costs
to achieve Transform) (1,298) (1,388) (1,318) (1,378) (1,376) (1,337) (1,356) (1,329) (1,434)
UK bank levy - (66) - - - (49) - - -
Costs to achieve Transform (57) (219) (73) (55) (37) - - - -
Operating expenses (1,355) (1,673) (1,391) (1,433) (1,413) (1,386) (1,356) (1,329) (1,434)
Other net income/(expense) 5 3 1 7 30 3 7 (1) (2)
============================== ======= ======= ======= ======= ======= ======= ======= ======= =======
Profit before tax 688 327 709 601 596 579 650 698 528
Results by Business
Barclaycard Restatement Restatement
Adjustments Adjustments
Head 2013 Head 2012
Income Statement 2013 Group Office as 2012 Group Office as
Information (Published) Structure Allocation Restated (Published) Structure Allocation Restated
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
================== ============ ========== =========== ========= ============ ========== =========== =========
Net interest
income 3,318 (434) (55) 2,829 3,009 (347) (30) 2,632
Net fee and
commission
income 1,435 (179) - 1,256 1,292 (126) - 1,166
Net premiums from
insurance
contracts 26 (16) - 10 36 (21) - 15
Other income 7 1 - 8 7 (4) - 3
================== ============ =========== ========= ============ =========== =========
Total income net
of
insurance claims 4,786 (628) (55) 4,103 4,344 (498) (30) 3,816
Credit impairment
charges and other
provisions (1,264) 168 - (1,096) (1,049) 49 - (1,000)
================== ============ ========== =========== ========= ============ ========== =========== =========
Net operating
income 3,522 (460) (55) 3,007 3,295 (449) (30) 2,816
Operating expenses
(excluding UK
bank
levy and costs to
achieve
Transform) (1,975) 200 (11) (1,786) (1,826) 164 (7) (1,669)
UK bank levy (24) - 2 (22) (16) - 1 (15)
Costs to achieve
Transform (49) - - (49) - - - -
================== ============ ========== =========== ========= ============ ========== =========== =========
Operating expenses (2,048) 200 (9) (1,857) (1,842) 164 (6) (1,684)
Other net income 33 - - 33 29 - - 29
================== ============ ========== =========== ========= ============ ========== =========== =========
Profit before tax 1,507 (260) (64) 1,183 1,482 (285) (36) 1,161
Attributable
profit(1) 1,006 (132) (52) 822 975 (125) (38) 812
Balance Sheet
Information
================== ============ ========== =========== ========= ============ ========== =========== =========
Loans and advances GBP35.6bn GBP(4.1bn) GBP31.5bn GBP33.8bn GBP(5.0bn) GBP28.8bn
to customers at
amortised
cost
Customer deposits GBP5.2bn GBP(0.1bn) GBP5.1bn GBP2.8bn GBP(0.1bn) GBP2.7bn
Total assets(2) GBP38.9bn GBP(4.5bn) GBP34.4bn GBP38.2bn GBP(5.3bn) GBP32.9bn
Risk weighted GBP40.5bn GBP(4.8bn) GBP35.7bn
assets
- fully loaded
CRD IV(2)
Performance
Measures
================== ============ ========== =========== ========= ============ ========== =========== =========
Return on average
tangible
equity(3) 24.5% 19.9% 26.9% 23.7%
Return on average
equity(3) 18.4% 15.5% 19.8% 18.0%
Cost: income ratio 43% 45% 42% 44%
Loan loss rate
(bps) 337 332 294 328
1 Attributable profit comprises profit after tax and non-controlling interests.
2 2013 total assets and risk weighted assets include an allocation of liquidity pool assets previously held centrally.
3 As part of the restatement, 2013 returns have been revised for the impact of calculating average allocated equity based on estimated fully loaded CRD IV RWAs and capital deductions (previously based on CRD III). 2012 returns remain based on CRD III.
Results by Business
Barclaycard
Income Statement Information Q114 Q413 Q313 Q213 Q113 Q412 Q312 Q212 Q112
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
Total income net of insurance
claims 1,042 1,034 1,050 1,030 989 987 956 962 911
Credit impairment charges
and other provisions (269) (266) (290) (272) (268) (265) (259) (242) (234)
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
Net operating income 773 768 760 758 721 722 697 720 677
Operating expenses (excluding
UK bank levy and costs
to achieve Transform) (402) (457) (455) (424) (450) (472) (401) (402) (394)
UK bank levy - (22) - - - (15) - - -
Costs to achieve Transform (13) (38) (6) (5) - - - - -
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
Operating expenses (415) (517) (461) (429) (450) (487) (401) (402) (394)
Other net income 10 5 12 7 9 5 7 8 9
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
Profit before tax 368 256 311 336 280 240 303 326 292
Results by Business
Africa Banking
Restatement Restatement
Adjustments Adjustments
============== ==============
Africa Africa
RBB Head 2013 RBB Head 2012
Income Statement 2013 Group Office as 2012 Group Office as
Information (Published) Structure Allocation Restated (Published) Structure Allocation Restated
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
================== ============ ========== =========== ========= ============ ========== =========== =========
Net interest
income 1,437 662 146 2,245 1,654 531 128 2,313
Net fee and
commission
income 924 330 - 1,254 1,065 319 - 1,384
Net premiums from
insurance
contracts 359 15 - 374 417 15 - 432
Other
income/(expense) 81 270 - 351 (1) 394 - 393
================== ============ ========== =========== ========= ============ ========== =========== =========
Total income 2,801 1,277 146 4,224 3,135 1,259 128 4,522
Net claims and
benefits
incurred under
insurance
contracts (184) (1) - (185) (207) (1) - (208)
================== ============ ========== =========== ========= ============ ========== =========== =========
Total income net
of
insurance claims 2,617 1,276 146 4,039 2,928 1,258 128 4,314
Credit impairment
charges and other
provisions (324) (155) - (479) (632) (63) - (695)
================== ============ ========== =========== ========= ============ ========== =========== =========
Net operating
income 2,293 1,121 146 3,560 2,296 1,195 128 3,619
Operating expenses
(excluding UK
bank
levy and costs to
achieve
Transform) (1,842) (665) 56 (2,451) (1,960) (673) 49 (2,584)
UK bank levy (28) - (14) (42) (24) - (10) (34)
Costs to achieve
Transform (26) - - (26) - - - -
Operating expenses (1,896) (665) 42 (2,519) (1,984) (673) 39 (2,618)
Other net income 7 1 - 8 10 8 - 18
================== ============ ========== =========== ========= ============ ========== =========== =========
Profit before tax 404 457 188 1,049 322 530 167 1,019
Attributable
profit/(loss)(1) 9 189 158 356 (4) 224 127 347
Balance Sheet
Information
================== ============ ========== =========== ========= ============ ========== =========== =========
Loans and advances GBP24.2bn GBP10.7bn GBP34.9bn GBP29.9bn GBP11.3bn GBP41.2bn
to customers at
amortised
cost
Customer deposits GBP16.9bn GBP17.7bn GBP34.6bn GBP19.5bn GBP20.2bn GBP39.7bn
Total assets GBP33.5bn GBP21.4bn GBP54.9bn GBP42.2bn GBP22.7bn GBP64.9bn
Risk weighted GBP22.8bn GBP15.2bn GBP38.0bn
assets
- fully loaded
CRD IV
Performance
Measures
================== ============ ========== =========== ========= ============ ========== =========== =========
Return on average
tangible
equity(2) 0.8% 11.3% (0.2%) 10.0%
Return on average
equity(2) 0.4% 8.1% (0.1%) 7.2%
Cost: income ratio 72% 62% 68% 61%
Loan loss rate
(bps) 128 128 202 158
1 Attributable profit comprises profit after tax and non-controlling interests.
2 The equity used for return on equity has been restated to reflect Barclays' share of the statutory equity of the BAGL entity (together with that of the Barclays Egypt and Zimbabwe businesses which remain outside the BAGL corporate entity), as well as Barclays' goodwill on acquisition of these businesses. The tangible equity for return on tangible equity uses the same basis but excludes both Barclays' goodwill on acquisition and the goodwill and intangibles held within the statutory equity.
Results by Business
Africa Banking
Income Statement Information Q114 Q413 Q313 Q213 Q113 Q412 Q312 Q212 Q112
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
Total income net of insurance
claims 878 980 1,004 1,016 1,039 1,064 1,043 1,090 1,117
Credit impairment charges
and other provisions (96) (104) (101) (131) (143) (164) (192) (222) (117)
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
Net operating income 782 876 903 885 896 900 851 868 1,000
Operating expenses (excluding
UK bank levy and costs
to achieve Transform) (537) (616) (605) (597) (633) (605) (660) (624) (695)
UK bank levy - (42) - - - (34) - - -
Costs to achieve Transform (9) (15) (2) (9) - - - - -
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
Operating expenses (546) (673) (607) (606) (633) (639) (660) (624) (695)
Other net income 4 - 3 4 1 12 3 1 2
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
Profit before tax 240 203 299 283 264 273 194 245 307
Results by Business
Investment Bank
Restatement Restatement
Adjustments Adjustments
Head 2013 Head 2012
Income Statement 2013 Group Office as 2012 Group Office as
Information (Published) Structure Allocation Restated (Published) Structure Allocation Restated
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
=================== =========== ============ ========== ========== ============ ============ ========== ==========
Net interest
income 349 144 (100) 393 530 (292) (29) 209
Net fee and
commission
income 3,236 (4) - 3,232 3,029 (5) - 3,024
Net trading income 6,610 (1,641) - 4,969 7,688 (1,785) - 5,903
Net investment
income 530 (269) - 261 521 (558) - (37)
Other income 8 (8) - - 7 (2) - 5
=================== =========== ============ ========== ========== ============ ============ ========== ==========
Total income 10,733 (1,778) (100) 8,855 11,775 (2,642) (29) 9,104
Credit impairment
(charges)/releases
and other
provisions (220) 242 - 22 (204) 154 - (50)
=================== =========== ============ ========== ========== ============ ============ ========== ==========
Net operating
income 10,513 (1,536) (100) 8,877 11,571 (2,488) (29) 9,054
Operating expenses
(excluding UK
bank levy and
costs to achieve
Transform) (7,417) 1,259 (14) (6,172) (7,425) 1,074 (10) (6,361)
UK bank levy (333) - 97 (236) (206) - 67 (139)
Costs to achieve
Transform (262) 72 - (190) - - - -
Operating expenses (8,012) 1,331 83 (6,598) (7,631) 1,074 57 (6,500)
Other net income 22 (22) - - 50 (50) - -
=================== =========== ============ ========== ========== ============ ============ ========== ==========
Profit before
tax 2,523 (227) (17) 2,279 3,990 (1,464) 28 2,554
Attributable
profit(1) 1,548 (53) 20 1,515 2,680 (1,544) 99 1,235
Balance Sheet
Information
=================== =========== ============ ========== ========== ============ ============ ========== ==========
Loans and advances GBP149.3bn GBP(44.8bn) GBP104.5bn GBP151.5bn GBP(58.3bn) GBP93.2bn
to banks and
customers at
amortised cost
Customer deposits GBP86.0bn GBP(25.5bn) GBP60.5bn GBP81.3bn GBP(29.7bn) GBP51.6bn
Total assets(2) GBP895.2bn GBP(455.6bn) GBP439.6bn GBP1,097.7bn GBP(697.4bn) GBP400.3bn
Risk weighted GBP221.6bn GBP(95.6bn) GBP126.0bn
assets - fully
loaded CRD IV(2)
Performance
Measures
=================== =========== ============ ========== ========== ============ ============ ========== ==========
Return on average
tangible equity(3) 8.5% 9.8% 13.1% 10.1%
Return on average
equity(3) 8.2% 9.4% 12.7% 9.6%
Cost: income
ratio 75% 75% 65% 71%
Compensation:
income ratio 43.2% 44.8% 39.6% 45.7%
Loan loss rate
(bps) 14 (2) 13 6
Analysis of Total
Income
=================== =========== ============ ========== ========== ============ ============ ========== ==========
Investment
Banking 2,160 2,042
Lending(4) 325 109
=================== =========== ============ ========== ========== ============ ============ ========== ==========
Banking 2,485 2,151
Macro(5) 2,580 3,559
Credit(5) 1,257 1,402
Equities 2,297 2.025
=================== =========== ============ ========== ========== ============ ============ ========== ==========
Markets 6,134 6,986
Other(6) 236 (33)
=================== =========== ============ ========== ========== ============ ============ ========== ==========
Total income 8,855 9,104
1 Attributable profit comprises profit after tax and non-controlling interests.
2 2013 total assets and risk weighted assets reflect a reallocation of liquidity pool assets to other businesses.
3 As part of the restatement, 2013 returns have been revised for the impact of calculating average allocated equity based on estimated fully loaded CRD IV RWAs and capital deductions (previously based on CRD III). 2012 returns remain based on CRD III.
4 Lending income includes net interest income, fee income and risk management income or losses relating to the core loan portfolio. While net interest and fee income tends to be broadly stable over time, there is volatility in risk management income or losses.
5 Macro represent Rates, Currencies and Commodities income. Credit represent Credit and Securitised Products income.
6 Other income includes the GBP259m gain recognised in Q2 2013 in respect of assets not yet received from the 2008 US Lehman acquisition.
Results by Business
Investment Bank
Income Statement Information Q114 Q413 Q313 Q213 Q113 Q412 Q312 Q212 Q112
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
===================================== ======= ======= ======= ======= ======= ======= ======= ======= =======
Investment Banking 513 571 526 488 575 621 461 487 473
Lending 103 68 42 141 74 42 (38) 121 (16)
===================================== ======= ======= ======= ======= ======= ======= ======= ======= =======
Banking 616 639 568 629 649 663 423 608 457
Macro 552 494 457 689 940 609 841 850 1,259
Credit 346 231 308 239 479 248 356 330 468
Equities 591 421 524 750 602 419 490 603 513
===================================== ======= ======= ======= ======= ======= ======= ======= ======= =======
Markets 1,489 1,146 1,289 1,678 2,021 1,276 1,687 1,783 2,240
Other(1) (2) (3) (6) 252 (7) (8) (8) (7) (10)
===================================== ======= ======= ======= ======= ======= ======= ======= ======= =======
Total income 2,103 1,782 1,851 2,559 2,663 1,931 2,102 2,384 2,687
Credit impairment releases/(charges)
and other provisions 19 (6) (10) 10 28 21 (24) (5) (42)
===================================== ======= ======= ======= ======= ======= ======= ======= ======= =======
Net operating income 2,122 1,776 1,841 2,569 2,691 1,952 2,078 2,379 2,645
Operating expenses (excluding
UK bank levy and costs
to achieve Transform) (1,501) (1,606) (1,373) (1,429) (1,764) (1,360) (1,489) (1,583) (1,929)
UK bank levy - (236) - - - (139) - - -
Costs to achieve Transform (130) (71) (3) - (116) - - - -
===================================== ======= ======= ======= ======= ======= ======= ======= ======= =======
Operating expenses (1,631) (1,913) (1,376) (1,429) (1,880) (1,499) (1,489) (1,583) (1,929)
Profit/(loss) before tax 491 (137) 465 1,140 811 453 589 796 716
1 Other income includes the GBP259m gain recognised in Q2 2013 in respect of assets not yet received from the 2008 US Lehman acquisition.
Results by Business
Head Office and Other Operations
Restatement Restatement
Adjustments Adjustments
============== ==============
Head Head
Office 2013 Office 2012
Income Statement 2013 Group Allocation as 2012 Group Allocation as
Information (Published) Structure Revisions Restated (Published) Structure Revisions Restated
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
=================== =========== ========== =========== ========= =========== ========== =========== ==========
Net interest
(expense)/income (165) 34 63 (68) 76 175 (161) 90
Net fee and
commission
expense (109) (8) - (117) (198) 15 - (183)
Net trading income 35 136 - 171 117 - - 117
Net investment
income 57 11 - 68 267 (43) - 224
Net premiums from
insurance
contracts 25 - - 25 38 - - 38
Other income 33 30 - 63 56 (1) - 55
=================== =========== ========== =========== ========= =========== ========== =========== ==========
Total
(expense)/income (124) 203 63 142 356 146 (161) 341
Credit impairment
releases/(charges)
and other
provisions 2 1 - 3 (6) (1) - (7)
=================== =========== ========== =========== ========= =========== ========== =========== ==========
Net operating
(expense)/income (122) 204 63 145 350 145 (161) 334
Operating expenses
(excluding UK bank
levy and costs to
achieve Transform) (94) (64) 45 (113) (165) (17) 43 (139)
UK bank levy (15) - (14) (29) (19) 1 (8) (26)
Costs to achieve
Transform (22) - - (22) - - - -
=================== =========== ========== =========== ========= =========== ========== =========== ==========
Operating expenses (131) (64) 31 (164) (184) (16) 35 (165)
Other net income 5 (1) - 4 23 (2) - 21
=================== =========== ========== =========== ========= =========== ========== =========== ==========
(Loss)/profit
before
tax (248) 139 94 (15) 189 127 (126) 190
Attributable
(loss)/profit(1) (344) 102 153 (89) (64) 104 (17) 23
Balance Sheet
Information
=================== =========== ========== =========== ========= =========== ========== =========== ==========
Total assets(2) GBP26.7bn GBP(1.7bn) GBP25.0bn GBP41.3bn GBP105.2bn GBP146.5bn
Risk weighted GBP2.5bn GBP5.2bn GBP7.7bn
assets
- fully loaded
CRD IV(2)
1 Attributable loss/(profit) comprises (loss)/profit after tax and non-controlling interests.
2 2013 total assets and risk weighted assets reflect a reduction in the liquidity pool and a reallocation to businesses of liquidity pool assets previously held centrally.
Results by Business
Head Office and Other Operations
Income Statement Information Q114 Q413 Q313 Q213 Q113 Q412 Q312 Q212 Q112
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
===================================== ==== ==== ===== ==== ==== ===== ==== ==== ====
Total income/(expense)
net of insurance claims 81 227 (81) (24) 20 (20) 26 76 259
Credit impairment releases/(charges)
and other provisions - 3 - - - (1) (1) (3) (2)
===================================== ==== ==== ===== ==== ==== ===== ==== ==== ====
Net operating income/(expense) 81 230 (81) (24) 20 (21) 25 73 257
Operating expenses (excluding
UK bank levy and costs
to achieve Transform) (15) (47) (25) (25) (16) (70) - (85) 16
UK bank levy - (29) - - - (26) - - -
Costs to achieve Transform (7) (22) - 5 (5) - - - -
===================================== ==== ==== ===== ==== ==== ===== ==== ==== ====
Operating expenses (22) (98) (25) (20) (21) (96) - (85) 16
Other net income/(expense) 1 7 (1) (5) 3 1 (5) 23 2
===================================== ==== ==== ===== ==== ==== ===== ==== ==== ====
Profit/(loss) before tax 60 139 (107) (49) 2 (116) 20 11 275
Results by Business
Barclays Non-Core Restatement Restatement
Adjustments Adjustments
Europe Head 2013 Europe Head
Income Statement RBB 2013 Group Office as RBB 2012 Group Office 2012
Information (Published) Structure Allocation restated (Published) Structure Allocation as restated
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
================= =========== ========== =========== ========== =========== ========== =========== ===========
Net interest
income 420 (138) 25 307 428 167 85 680
Net fee and
commission
income 187 196 - 383 248 120 - 368
Net trading
income 17 1,310 - 1,327 7 1,539 - 1,546
Net investment
income 78 224 - 302 52 568 - 620
Net premiums from
insurance
contracts 276 30 - 306 331 55 - 386
Other
(expense)/income (4) (4) - (8) 1 (2) - (1)
================= =========== ========== =========== ========== =========== ========== =========== ===========
Total income 974 1,618 25 2,617 1,067 2,447 85 3,599
Net claims and
benefits
incurred under
insurance
contracts (308) (16) - (324) (359) (33) - (392)
================= =========== ========== =========== ========== =========== ========== =========== ===========
Total income net
of
insurance claims 666 1,602 25 2,293 708 2,414 85 3,207
Credit impairment
charges and
other
provisions (287) (613) - (900) (257) (705) - (962)
================= =========== ========== =========== ========== =========== ========== =========== ===========
Net operating
income 379 989 25 1,393 451 1,709 85 2,245
Operating
expenses
(excluding UK
bank
levy and costs
to
achieve
Transform) (813) (1,323) (62) (2,198) (787) (1,170) (51) (2,008)
UK bank levy (26) - (83) (109) (20) - (62) (82)
Costs to achieve
Transform (403) (135) - (538) - - - -
Operating
expenses (1,242) (1,458) (145) (2,845) (807) (1,170) (113) (2,090)
Other net
(expense)/income (133) 23 - (110) 13 52 - 65
================= =========== ========== =========== ========== =========== ========== =========== ===========
(Loss)/profit
before
tax (996) (446) (120) (1,562) (343) 591 (28) 220
Attributable
(loss)(1) (964) (713) (213) (1,890) (277) 947 (155) 515
Balance Sheet
Information
================= =========== ========== =========== ========== =========== ========== =========== ===========
Loans and GBP37.4bn GBP44.5bn GBP81.9bn GBP39.5bn GBP59.6bn GBP99.1bn
advances
to banks and
customers
at amortised cost
Loans and - GBP17.6bn GBP17.6bn - GBP20.2bn GBP20.2bn
advances
to customers at
fair
value
Customer deposits GBP16.3bn GBP13.0bn GBP29.3bn GBP17.6bn GBP14.3bn GBP31.9bn
Total assets(2) GBP45.0bn GBP466.2bn GBP511.2bn GBP46.1bn GBP605.7bn GBP651.8bn
Risk weighted GBP16.2bn GBP93.7bn GBP109.9bn
assets
- fully loaded
CRD IV(2)
Performance
Measures
================= =========== ========== =========== ========== =========== ========== =========== ===========
Return on average
tangible
equity(3) (9.8%) (1.8%)
Return on average
equity(3) (7.4%) (1.1%)
Cost: income
ratio 124% 65%
Loan loss rate
(bps) 75 107 64 93
1 Attributable loss comprises loss after tax and non-controlling interests.
2 As part of the restatement, 2013 total assets and risk weighted assets include an allocation of liquidity pool assets previously held centrally.
3 Return on average equity and average tangible equity represents the dilution for the Group. 2012 returns based on CRD III.
Results by Business
Barclays Non-Core
Income Statement Information Q114 Q413 Q313 Q213 Q113 Q412 Q312 Q212 Q112
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
Total income net of insurance
claims 373 450 368 564 911 752 724 726 1,005
Credit impairment charges
and other provisions (67) (176) (168) (367) (189) (226) (177) (335) (224)
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
Net operating income 306 274 200 197 722 526 547 391 781
Operating expenses (excluding
UK bank levy and costs
to achieve Transform) (442) (664) (485) (507) (542) (500) (447) (532) (529)
UK bank levy - (109) - - - (82) - - -
Costs to achieve Transform (24) (103) (17) (62) (356) - - - -
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
Operating expenses (466) (876) (502) (569) (898) (582) (447) (532) (529)
Other net income/(expense) 6 4 10 (135) 11 21 9 10 25
============================== ===== ===== ===== ===== ===== ===== ===== ===== =====
(Loss)/profit before tax (154) (598) (292) (507) (165) (35) 109 (131) 277
Appendix I - Performance Management
Restated Returns and Equity by Business
Adjusted
---------------------------------------
Three Months Three Months Year Ended Year Ended
Ended Ended
31.03.14 31.03.13(1) 31.12.13 31.12.12(1)
Return on Average Equity % % % %
================================== ============ ============ ========== ===========
Personal and Corporate Banking 11.1 10.0 9.7 11.1
Barclaycard 18.1 15.0 15.5 18.0
Africa Banking(2) 11.1 9.5 8.1 7.2
Investment Bank 6.0 14.3 9.4 9.6
================================== ============ ============ ========== ===========
Barclays Core excluding Head
Office 10.1 12.2 10.1 10.9
Head Office impact(3) 0.5 2.7 1.8 (0.8)
================================== ============ ============ ========== ===========
Barclays Core 10.6 14.9 11.9 10.1
Barclays Non-Core impact(3) (4.2) (7.3) (7.4) (1.1)
================================== ============ ============ ========== ===========
Barclays Group 6.4 7.6 4.5 9.0
Return on Average Tangible Equity
================================== ============ ============ ========== ===========
Personal and Corporate Banking 14.6 13.1 12.7 15.0
Barclaycard 22.5 19.4 19.9 23.7
Africa Banking(2) 15.5 13.2 11.3 10.0
Investment Bank 6.2 14.8 9.8 10.1
================================== ============ ============ ========== ===========
Barclays Core excluding Head
Office 12.2 14.6 12.2 13.4
Head Office impact(3) 0.9 4.4 2.9 (1.0)
================================== ============ ============ ========== ===========
Barclays Core 13.1 19.0 15.1 12.4
Barclays Non-Core impact(3) (5.6) (10.0) (9.8) (1.8)
================================== ============ ============ ========== ===========
Barclays Group 7.5 9.0 5.3 10.6
1 As part of the restatement, 2013 returns have been revised for the impact of calculating average allocated equity based on estimated fully loaded CRD IV RWAs and capital deductions. 2012 returns remain based on CRD III.
2 Africa Banking equity used for return on equity has been restated to reflect Barclays' share of the statutory equity of the BAGL entity (together with that of the Barclays Egypt and Zimbabwe businesses which remain outside the BAGL corporate entity), as well as Barclays' goodwill on acquisition of these businesses. The tangible equity for return on tangible equity uses the same basis but excludes both Barclays' goodwill on acquisition and the goodwill and intangibles held within the statutory equity.
3 Return on average equity and average tangible equity for Head Office and Barclays Non-Core represents the dilution for Barclays Core and the Group respectively.
Appendix I - Performance Management
Restated Returns and Equity by Business
Adjusted
Three Months Three Months Year ended Year ended
Ended Ended
31.03.14 31.03.13 31.12.13 31.12.12
Profit attributable to ordinary GBPm GBPm GBPm GBPm
equity holders of the parent
================================ ============ ============ ========== ==========
Personal and Corporate Banking 480 427 1,681 1,703
Barclaycard 254 195 822 812
Africa Banking 103 114 356 347
Investment Bank 231 594 1,515 1,235
Head Office(1) (15) (15) (89) 23
================================ ============ ============ ========== ==========
Barclays Core 1,053 1,315 4,285 4,120
Barclays Non-Core (171) (305) (1,890) 515
================================ ============ ============ ========== ==========
Barclays Group 882 1,010 2,395 4,635
Average Allocated Equity
GBPm GBPm GBPm GBPm
=============================== ========= ========= ======== =======
Personal and Corporate Banking 17,385 17,062 17,330 15,353
Barclaycard 5,620 5,212 5,289 4,505
Africa Banking 3,699 4,799 4,387 4,855
Investment Bank 15,553 16,581 16,095 12,832
Head Office(1) (2,636) (8,377) (7,136) 3,221
=============================== ========= ========= ======== =======
Barclays Core 39,621 35,277 35,965 40,766
Barclays Non-Core 15,215 17,532 17,053 10,805
=============================== ========= ========= ======== =======
Barclays Group 54,836 52,809 53,018 51,571
Average Allocated Tangible Equity
GBPm GBPm GBPm GBPm
=============================== ======= ======= ======= ======
Personal and Corporate Banking 13,125 12,998 13,198 11,381
Barclaycard 4,511 4,037 4,130 3,421
Africa Banking 2,662 3,473 3,160 3,465
Investment Bank 14,889 15,999 15,498 12,241
Head Office(1) (3,035) (8,872) (7,589) 2,700
=============================== ======= ======= ======= ======
Barclays Core 32,152 27,635 28,397 33,208
Barclays Non-Core 15,020 17,255 16,771 10,523
=============================== ======= ======= ======= ======
Barclays Group 47,172 44,890 45,168 43,731
1 Includes risk weighted assets and capital deductions in Head Office, plus the residual balance of average ordinary shareholders' equity and tangible ordinary shareholders' equity.
Appendix I - Performance Management
Restated Transform Update
Quarterly CTA Spend
====================
Total
CTA Spend
Q113 Q213 Q313 Q413 Q114 to Date
GBPm GBPm GBPm GBPm GBPm GBPm
======================== ====== ====== ====== ====== ====== ===========
Personal and Corporate
Banking (37) (55) (73) (219) (57) (441)
Barclaycard - (5) (6) (38) (13) (62)
Africa Banking - (9) (2) (15) (9) (35)
Investment Bank (116) - (3) (71) (130) (320)
Head Office (5) 5 - (22) (7) (29)
======================== ====== ====== ====== ====== ====== ===========
Barclays Core (158) (64) (84) (365) (216) (887)
Barclays Non-Core (356) (62) (17) (103) (24) (562)
======================== ====== ====== ====== ====== ====== ===========
Barclays Group (514) (126) (101) (468) (240) (1,449)
Q1 2014 Restated Adjusted Performance Measures excluding CTA
Return Cost:
on Average Income
Profit/(Loss) Before Tax Equity(1) Ratio
31.03.14 31.03.13 31.03.14 31.03.14
GBPm GBPm % Change % %
======================== ========= ========= ========= ========= =========
Personal and Corporate
Banking 745 632 18 12.1% 60%
Barclaycard 381 280 36 18.7% 39%
Africa Banking 249 264 (6) 11.8% 61%
Investment Bank 621 927 (33) 8.3% 71%
Head Office 66 6 0.7% 19%
======================== ========= ========= ========= ========= =========
Barclays Core 2,062 2,109 (2) 12.2% 60%
Barclays Non-Core (129) 191 (4.5%) 118%
======================== ========= ========= ========= ========= =========
Barclays Group 1,933 2,300 (16) 7.7% 63%
2013 and 2012 Restated Adjusted Performance Measures excluding
CTA
Return Cost:
on Average Income
Profit/(Loss) Before Tax Equity(1) Ratio
31.12.13 31.12.12 31.12.13 31.12.13
GBPm GBPm % Change % %
======================== ========= ========= ========= ========= =========
Personal and Corporate
Banking 2,617 2,455 7 11.3% 63%
Barclaycard 1,232 1,161 6 16.2% 44%
Africa Banking 1,075 1,019 5 8.5% 62%
Investment Bank 2,470 2,554 (3) 10.2% 72%
Head Office 6 190 (97) 2.0% 100%
======================== ========= ========= ========= ========= =========
Barclays Core 7,400 7,379 - 13.2% 63%
Barclays Non-Core (1,024) 220 (7.1%) 101%
======================== ========= ========= ========= ========= =========
Barclays Group 6,376 7,599 (16) 6.1% 66%
1 Return on average equity and average tangible equity for Head Office and Barclays Non-Core represents the dilution for Barclays Core and the Group respectively.
Appendix II - RWAs
CRD IV RWAs Q1 2014 2013
GBPbn GBPbn
=============================== ======= =====
Personal and Corporate Banking 116.1 118.3
Barclaycard 36.4 35.7
Africa Banking 36.6 38.0
Investment Bank 126.8 126.0
Head Office 7.5 7.7
=============================== ======= =====
Barclays Core 323.4 325.7
Barclays Non-Core 106.0 109.9
=============================== ======= =====
Barclays Group 429.4 435.6
This information is provided by RNS
The company news service from the London Stock Exchange
END
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