We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Barclays PLC | NYSE:BCS | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.07 | -0.68% | 10.20 | 10.295 | 10.17 | 10.26 | 3,855,180 | 15:30:28 |
|
BARCLAYS
PLC
|
|
(Registrant)
|
|
By: /s/
Garth Wright
--------------------------------
|
|
Garth
Wright
|
|
Assistant
Secretary
|
|
C. S. Venkatakrishnan, Group Chief Executive,
commented
"A strong Q1 performance demonstrated
Barclays' ability to deliver broad-based income growth across all
operating businesses. Group income was up 10% to £6.5bn,
alongside profit before tax of £2.2bn and a RoTE of 11.5%. Our
performance includes the relevant costs1 relating
to the over-issuance of securities in the US and customer
remediation of a legacy loan portfolio. Our income growth was
driven partly by Global Markets, which has been helping clients
navigate ongoing market volatility caused by geopolitical and
economic challenges including the devastating war in Ukraine, and
by the impact of higher interest rates in the US and
UK.
We remain focused on the impact higher prices are having on our
customers and our small business and corporate clients, all of whom
are facing far harder conditions this year as a result of
inflation, supply chain issues and higher energy costs. We will
support them through this difficult period wherever we can, and
support the wider economy just as we did through the COVID-19
pandemic.
Our diversified income streams, focus on costs and a Common Equity
Tier 1 (CET1) ratio of 13.8% provide a strong platform to deliver
our target of a greater than 10% RoTE for 2022. We remain focused
on our three strategic priorities as the year progresses:
delivering next-generation, digitised consumer financial services,
producing sustainable growth in the Corporate and Investment Bank
(CIB), and capturing opportunities as we transition to a low-carbon
economy."
|
|
Income
|
Cost: income ratio
|
Profit before tax
|
RoTE
|
EPS
|
CET1
ratio
|
TNAV per share
|
Q122
|
£6.5bn
|
63%
|
£2.2bn
|
11.5%
|
8.4p
|
13.8%
|
294p
|
●
|
Attributable profit was £1.4bn (Q121:
£1.7bn) including
litigation and conduct charges net of tax of
£0.4bn
|
|
●
|
Group income was £6.5bn (Q121: £5.9bn) up 10%
year-on-year
|
|
|
-
|
Strong CIB income: strong
FICC and Equities performance with higher levels of activity as we
supported our clients through a period of market volatility, more
than offsetting weaker Investment Banking fees driven by a reduced
fee pool2
|
|
-
|
Consumer and payments businesses recovering: robust UK mortgage lending, positive trends
in UK and US consumer spending and payments volumes, and tailwind
from rising rates
|
●
|
Costs impacted by litigation and conduct
charges: total operating
expenses of £4.1bn (Q121: £3.6bn) included litigation and
conduct charges of £0.5bn relating to the over-issuance of
securities by Barclays Bank PLC in the US and customer remediation
costs relating to a legacy loan portfolio
|
|
|
-
|
Group costs excluding litigation and conduct were £3.6bn, up
1% year-on-year
|
●
|
Credit impairment charges: £0.1bn charge (Q121: £0.1bn)
driven by low delinquencies and a benign credit environment, with
unsecured lending provision levels remaining appropriate in light
of inflationary headwinds
|
|
●
|
Capital: CET1 ratio of 13.8%
(December 2021: 15.1%) and tangible net asset value (TNAV) per
share of 294p (December 2021: 291p)
|
●
|
Returns: Barclays
continues to target a RoTE of greater than 10% in
2022
|
●
|
Income: Barclays'
diversified income streams position the Group well for the current
economic and market environment and rising interest
rates
|
●
|
Costs: given £0.5bn
of litigation and conduct charges in Q122 and current expectations
for inflation and performance costs, Barclays now expects FY22
total operating expenses to be around
£15.0bn3
|
●
|
Impairment: acknowledging
geopolitical uncertainty and cost of living pressures, the
impairment charge is expected to remain below pre-pandemic levels
in coming quarters given reduced unsecured lending balances and
appropriate coverage ratios
|
●
|
Capital: Barclays
continues to target a CET1 ratio within the range of
13-14%
|
●
|
Capital returns: Barclays'
capital distribution policy incorporates a progressive ordinary
dividend, supplemented as appropriate, including with share
buybacks. Barclays remains committed to the share buyback programme
and the intention would be to launch it as soon as practicable
following resolution of filing requirements being reached with the
SEC and the appropriate 20-F filings having been made. See
Supplementary Information on pages 30 to 31 for further
details
|
1
|
To reflect the over-issuance of US securities under the Barclays
Bank PLC US Shelf, 2021 comparatives have been restated. See Basis
of preparation on page 31 for further details.
|
2
|
Data source: Dealogic for the period covering 1 January to 31 March
2022.
|
3
|
Group cost outlook is based on an average USD/GBP FX rate of 1.31
during 2022 and subject to foreign currency movements.
|
Barclays Group results
for the three months ended
|
|
|
|
31.03.22
|
31.03.211
|
|
|
|
£m
|
£m
|
% Change
|
Net interest income
|
2,341
|
1,851
|
26
|
Net fee, commission and other income
|
4,155
|
4,049
|
3
|
Total income
|
6,496
|
5,900
|
10
|
Credit impairment charges
|
(141)
|
(55)
|
|
Net operating income
|
6,355
|
5,845
|
9
|
Operating costs
|
(3,588)
|
(3,545)
|
(1)
|
Litigation and conduct
|
(523)
|
(33)
|
|
Total operating expenses
|
(4,111)
|
(3,578)
|
(15)
|
Other net (expenses)/income
|
(10)
|
132
|
|
Profit before tax]
|
2,234
|
2,399
|
(7)
|
Tax charge
|
(614)
|
(496)
|
(24)
|
Profit after tax
|
1,620
|
1,903
|
(15)
|
Non-controlling interests
|
(1)
|
(4)
|
75
|
Other equity instrument holders
|
(215)
|
(195)
|
(10)
|
Attributable profit
|
1,404
|
1,704
|
(18)
|
|
|
|
|
Performance measures
|
|
|
|
Return on average tangible shareholders' equity
|
11.5%
|
14.7%
|
|
Average tangible shareholders' equity (£bn)
|
48.8
|
46.5
|
|
Cost: income ratio
|
63%
|
61%
|
|
Loan loss rate (bps)
|
15
|
6
|
|
Basic earnings per share
|
8.4p
|
9.9p
|
|
Basic weighted average number of shares (m)
|
16,682
|
17,293
|
(4)
|
Period end number of shares (m)
|
16,762
|
17,223
|
(3)
|
|
|
|
|
|
As at 31.03.22
|
Restated2
As at 31.12.21
|
As at 31.03.21
|
Balance sheet and capital management
|
£bn
|
£bn
|
£bn
|
Loans and advances at amortised cost
|
371.7
|
361.5
|
345.8
|
Loans and advances at amortised cost impairment coverage
ratio
|
1.5%
|
1.6%
|
2.2%
|
Total assets
|
1,496.1
|
1,384.3
|
1,379.7
|
Deposits at amortised cost
|
546.5
|
519.4
|
498.8
|
Tangible net asset value per share
|
294p
|
291p
|
267p
|
Common equity tier 1 ratio
|
13.8%
|
15.1%
|
14.6%
|
Common equity tier 1 capital
|
45.3
|
47.3
|
45.9
|
Risk weighted assets
|
328.8
|
314.1
|
313.4
|
UK leverage ratio
|
5.0%
|
5.2%
|
5.0%
|
UK leverage exposure
|
1,123.5
|
1,137.9
|
1,145.4
|
Average UK leverage ratio
|
4.8%
|
4.9%
|
4.9%
|
Average UK leverage exposure
|
1,179.4
|
1,229.0
|
1,174.9
|
|
|
|
|
Funding and liquidity
|
|
|
|
Group liquidity pool (£bn)
|
320
|
291
|
290
|
Liquidity coverage ratio
|
159%
|
168%
|
161%
|
Loan: deposit ratio
|
68%
|
70%
|
69%
|
1
|
The income statement comparatives for Q121 are not impacted by the
over-issuance of US securities under the Barclays Bank PLC US
Shelf. See Basis of preparation on page 31 for further
details.
|
2
|
31 December 2021 financial and capital metrics have been restated
to reflect the over-issuance of US securities under the Barclays
Bank PLC US Shelf. See Basis of preparation on page 31 for further
details.
|
●
|
Barclays' diversified model delivered a profit before tax of
£2,234m (Q121: £2,399m), RoTE of 11.5% (Q121: 14.7%), and
earnings per share (EPS) of 8.4p (Q121: 9.9p)
|
●
|
Total income increased to £6,496m (Q121: £5,900m).
Barclays UK income increased 5%. Barclays International income
increased 10%, with CIB income up 10% and Consumer, Cards and
Payments (CC&P) income up 10%
|
●
|
Credit impairment charges of £141m (Q121: £55m) were
driven by ongoing flows to delinquency in unsecured lending.
Coverage levels remained materially in line with Q421 and were
considered appropriate having been assessed against rising
inflation and affordability headwinds
|
●
|
Total operating expenses increased to £4,111m (Q121:
£3,578m) due to litigation and conduct charges of £523m
including a provision in CIB of £320m (post-tax impact of
£240m) relating to the over-issuance of securities by Barclays
Bank PLC in the US and higher customer remediation costs relating
to a legacy loan portfolio in CC&P. This resulted in a cost:
income ratio of 63% (Q121: 61%). Costs excluding litigation and
conduct increased 1% to £3,588m, reflecting continued
investment and business growth, partially offset by lower
performance costs and efficiency savings
|
●
|
The effective tax rate (ETR) was 27.5% (Q121: 20.7%). The tax
charge included a £346m charge recognised for the
re-measurement of the Group's UK deferred tax assets (DTAs) due to
the enactment of legislation in Q122 which will result in the UK
banking surcharge rate being reduced from 8% to 3% effective from 1
April 2023 (the ETR excluding the impact of this downward
re-measurement of UK DTAs was 12.0%). Tax credits relating to
adjustments in respect of prior years partially offset the impact
of the downward UK DTA re-measurement
|
●
|
Attributable profit was £1,404m (Q121: £1,704m) including
litigation and conduct charges net of tax of
£405m
|
●
|
Total assets increased to £1,496bn (December 2021:
£1,384bn) primarily due to an increase in client and trading
activity, and growth in the liquidity pool
|
●
|
TNAV per share increased to 294p (December 2021:
291p1)
primarily reflecting 8.4p of EPS, partially offset by net negative
reserve movements driven by higher interest
rates
|
●
|
Profit before tax increased to £594m (Q121: £460m). RoTE
was 15.6% (Q121: 12.0%) reflecting the resilience of the business
which is well positioned within the current UK operating
environment
|
|
●
|
Total income increased 5% to £1,649m. Net interest income
increased 5% to £1,339m with a net interest margin of 2.62%
(Q121: 2.54%) primarily driven by the rising interest rate
environment in the UK. Net fee, commission and other income
increased 5% to £310m
|
|
|
-
|
Personal Banking income increased 11% to £1,022m, driven by
rising interest rates and supported by the benefit of strong 2021
mortgage origination
|
|
-
|
Barclaycard Consumer UK income decreased 12% to £276m as
higher transaction based revenues from improved customer spend
volumes were more than offset by lower interest earning lending
(IEL) balances. Lower IEL balances were impacted by higher customer
repayments and reduced borrowing
|
|
-
|
Business Banking income increased 4% to £351m driven by rising
interest rates alongside improved transaction based revenues,
partially offset by lower government scheme lending income as
repayments continue
|
●
|
Credit impairment charges decreased 38% to £48m reflecting
lower unsecured lending balances and lower delinquency rates. As at
31 March 2022, 30 and 90 day arrears rates in UK cards were 1.0%
(Q121: 1.6%) and 0.3% (Q121: 0.8%) respectively. The credit card
and consumer loan businesses maintain appropriate provision levels
in light of emerging affordability headwinds, as reflected in a
total coverage ratio of 10.6% (December 2021: 10.9%)
|
|
●
|
Total operating expenses decreased 3% to £1,007m driven by
lower operational costs and efficiency savings, partially offset by
increased investment spend
|
|
●
|
Loans and advances to customers at amortised cost decreased 1% in
the quarter to £207.3bn as £1.0bn of mortgage growth was
more than offset by a £2.3bn decrease in Business Banking
balances due to the repayment of government scheme lending and the
yield curve impact from rising interest rates on the Education,
Social Housing and Local Authority portfolio carrying
value
|
|
●
|
Customer deposits at amortised cost remained broadly stable at
£260.3bn, maintaining a strong loan: deposit ratio of 85%
(December 2021: 85%)
|
|
●
|
RWAs remained stable at £72.7bn (December 2021:
£72.3bn)
|
1
|
31 December 2021 financial and capital metrics have been restated
to reflect the over-issuance of US securities under the Barclays
Bank PLC US Shelf. See Basis of preparation on page 31 for further
details.
|
●
|
Profit before tax decreased 13% to £1,713m with a RoTE of
14.8% (Q121: 17.7%), reflecting a RoTE of 17.1% (Q121: 17.9%) in
CIB and (1.5)% (Q121: 16.5%) in CC&P
|
|
||
●
|
Total income increased to £4,824m (Q121:
£4,399m)
|
|
||
|
-
|
CIB income increased 10% to £3,938m reflecting the benefit of
a diversified business model
|
||
|
|
-
|
Global Markets income increased 26% to £2,696m driven by
strong performances in FICC and Equities, reflecting higher levels
of activity as we supported our clients through a period of market
volatility. FICC income increased 37% to £1,644m, mainly in
macro, and Equities income increased 13% to £1,052m driven by
derivatives
|
|
|
|
-
|
Investment Banking fees income decreased 25% to £648m due to
the reduced fee pool, particularly in Equity capital
markets1,
and a strong prior year comparative
|
|
|
|
-
|
Within Corporate, Transaction banking income increased 19% to
£469m driven by deposit balance growth, improved margins and
higher payments volumes. Corporate lending income decreased 39% to
£125m due to higher costs of hedging and credit
protection
|
|
|
-
|
CC&P income increased 10% to £886m
|
||
|
|
-
|
International Cards and Consumer Bank income was stable at
£538m as higher average cards balances were offset by higher
customer acquisition costs
|
|
|
|
-
|
Private Bank income increased 20% to £214m, reflecting client
balance growth and improved margins
|
|
|
|
-
|
Unified Payments income increased 44% to £134m driven by
turnover growth following the easing of lockdown restrictions in
the past year
|
|
●
|
Credit impairment charges were £101m (Q121: £22m net
release) reflecting a continued benign credit
environment
|
|
||
|
-
|
CIB credit impairment net release of £33m (Q121: £43m net
release) was driven by improvements in the portfolio and limited
material single name wholesale loan charges
|
||
|
-
|
CC&P credit impairment charges increased to £134m (Q121:
£21m charge) driven by higher unsecured lending balances in US
cards. As at 31 March 2022, 30 and 90 day arrears in US cards were
1.6% (Q121: 2.1%) and 0.8% (Q121: 1.2%) respectively. The US cards
business continues to maintain appropriate provision levels in
light of potential emerging affordability headwinds, as reflected
in a total coverage ratio of 10.4% (December 2021:
10.6%)
|
||
●
|
Total operating expenses increased 23% to £3,018m
|
|
||
|
-
|
CIB total operating expenses increased 19% to £2,239m
primarily driven by a £320m provision relating to the expected
losses resulting from a rescission offer to repurchase certain
securities issuances identified as being in excess of the
registered amount. Operating costs increased 2% to £1,921m as
investment in talent, systems and technology were partially offset
by lower performance costs
|
||
|
-
|
CC&P total operating expenses increased 36% to £779m
driven by £195m of litigation and conduct costs, including a
provision for higher customer remediation costs relating to a
legacy loan portfolio, and higher investment spend reflecting an
increase in marketing and costs for existing and new
partnerships
|
||
●
|
RWAs increased to £245.1bn (December 2021: £230.9bn)
resulting from regulatory changes that took effect from 1 January
2022, increased client and trading activity within CIB and an
increase in respect of short-term hedging arrangements designed to
manage the risks of the rescission offer
|
|
●
|
Loss before tax was £73m (Q121: £32m)
|
●
|
Total income was £23m (Q121: £75m expense) which included
a one-off gain of £86m from the sale and leaseback of UK data
centres, partially offset by hedge accounting, funding costs on
legacy capital instruments and treasury items
|
●
|
Total operating expenses were £86m (Q121:
£80m)
|
●
|
Other net income was an expense of £18m (Q121: £123m
income) driven by a fair value loss in Barclays associate
investment holding in the Business Growth Fund
|
●
|
RWAs were £11.0bn (December 2021: £11.0bn)
|
1
|
Data source: Dealogic for the period covering 1 January to 31 March
2022.
|
●
|
The CET1 ratio decreased by 130bps to 13.8% (December 2021: 15.1%)
as capital decreased by £2.1bn to £45.3bn and RWAs
increased by £14.7bn to £328.8bn
|
|
|
-
|
The expected impact of regulatory change on 1 January 2022 reduced
the CET1 ratio by c80bps as CET1 capital decreased £1.7bn and
RWAs increased £6.6bn with a further c30bps reduction due to
the £1bn buyback announced with FY21 results
|
|
-
|
The impact of the over-issuance of securities in the US reduced the
CET1 ratio by c20bps due to a £0.2bn (post-tax) increase to
the provision reducing CET1 capital and a £2.8bn increase in
RWAs reflecting the short-term hedging arrangements designed to
manage the risk of the rescission offer
|
|
-
|
Excluding the above impacts there was an increase to the CET1 ratio
as CET1 capital increased by £0.9bn reflecting profits
(excluding the increase in provision for the over-issuance of
securities in the US), an accrual toward a FY22 dividend, equity
coupons paid, and an increased deduction for prudent valuation
adjustments (PVA). This was largely offset by an RWA increase of
£5.3bn primarily due to increased client and trading activity
within the CIB
|
●
|
The UK leverage ratio decreased to 5.0% (December 2021: 5.2%)
primarily due to the decrease in CET1 capital and the £1bn
redemption of Additional Tier 1 (AT1) instruments partially offset
by a decrease in the leverage exposure of £14.4bn to
£1,123.5bn (December 2021: £1,137.9bn)
|
●
|
The liquidity pool was £320bn (December 2021: £291bn) and
the liquidity coverage ratio remained significantly above the 100%
regulatory requirement at 159% (December 2021: 168%), equivalent to
a surplus of £115bn (December 2021: £116bn). The increase
in the pool was driven by deposit growth and an increase in
wholesale funding, which were partly offset by an increase in
business funding consumption
|
●
|
Wholesale funding outstanding, excluding repurchase agreements, was
£178.1bn (December 2021: £167.5bn). The Group issued
£1.4bn equivalent of minimum requirement for own funds and
eligible liabilities (MREL) instruments from Barclays PLC (the
Parent company) during the year. The Group has a strong MREL
position with a ratio of 31.2% of RWAs which is in excess of its
regulatory requirement of 28.9%
|
●
|
Over-issuance of US securities under the Barclays Bank PLC US
Shelf: as per Barclays'
RNS announcement on 28 March 2022, Barclays has commissioned a
review by external counsel of the facts and circumstances relating
to the matter and is assisting regulators with their inquiries and
requests for information. Barclays Bank PLC has elected to make a
rescission offer to certain purchasers of the affected securities
issued in excess of the registered amount, which is expected to
commence during the second quarter of 2022. Barclays remains
committed to its structured products business in the US and expects
Barclays Bank PLC to file a new shelf registration statement with
the SEC, and resume issuance of structured notes, during the second
quarter of 2022. The final cost of any rescission offer will be
impacted by prevailing market conditions at the date of that offer.
Hedges have been put in place to minimise this volatility, but the
final impact may differ from the provision reflected at Q122. For
further details, please refer to Supplementary Information on pages
30 to 31
|
●
|
Legacy loan portfolio: a
customer remediation provision of £181m has been recognised in
relation to a legacy timeshare loan portfolio brokered by Azure
Services Limited (ASL). The provision represents the best estimate
as at Q122. Barclays continues to review complaints regarding
legacy partner finance loans, however it is not currently possible
to predict the outcome of this review
|
●
|
Absa sale: on 21 April
2022, Barclays sold 63m ordinary shares in Absa Group Limited (7.4%
of Absa's issued share capital) at a price of ZAR 164.0 per share,
raising aggregate gross sale proceeds of ZAR 10.3bn
(£516m2).
The sale is expected to result in an increase of approximately 10
basis points to Barclays' CET1 ratio in the second quarter of 2022
primarily due to reduced capital deductions and RWAs, partially
offset by a loss on sale of £42m through the income
statement
|
●
|
Pensions: during 2019 and
2020, the UK Retirement Fund (UKRF), the Group's main pension
scheme, subscribed for non-transferable listed senior fixed rate
notes for £1.25bn. As a result of these transactions, the CET1
impact of the UKRF was deferred until 2023, 2024 and 2025 upon
maturity of the notes. Following the PRA's statement on 13 April
2022, Barclays is planning to unwind these transactions and to
agree the terms and timing of this unwind with the UKRF Trustee as
part of the next triennial actuarial valuation as at 30 September
2022. Upon unwind, this would result in a c30bps reduction to the
CET1 ratio potentially being accelerated to Q422 from 2023, 2024
and 2025. As at 31 March 2022, the UKRF was in an accounting
surplus of £4.4bn on an IAS 19 basis and as at 30 September
2021 was in a funding surplus of £0.6bn. There may also be a
pension related reduction in Pillar 2A requirements in 2022 which
could partially mitigate the impact of the unwind on the Group
surplus capital position
|
1
|
31 December 2021 financial and capital metrics have been restated
to reflect the over-issuance of US securities under the Barclays
Bank PLC US Shelf. See Basis of preparation on page 31 for further
details.
|
2
|
Exchange rate GBP/ZAR 20.04 as of 21 April 2022.
|
●
|
Barclays is committed to maintaining an appropriate balance between
delivering attractive total cash returns to shareholders,
investment in the business and maintaining a strong capital
position. Barclays pays a progressive ordinary dividend, taking
into account these objectives and the earnings outlook of the
Group. The Board will also continue to supplement the ordinary
dividends as appropriate, including with share
buybacks
|
●
|
In its 28 March 2022 announcement, Barclays indicated that its
previously announced £1bn share buyback programme was expected
to commence in Q222 following the publication of Q1 results.
Barclays' Q1 performance, including a profit before tax of
£2.2bn, a RoTE of 11.5% and a CET1 ratio of 13.8% continues to
provide a strong platform for returning capital through the
previously announced buyback programme. Due to the ongoing
discussions with the SEC regarding the potential restatement of the
2021 financial statements included in Barclays PLC's Form 20-F
filed with the SEC, Barclays believes that it is prudent to delay
the commencement of the buyback programme until those discussions
have been concluded. Barclays remains committed to the share
buyback programme and the intention would be to launch it as soon
as practicable following resolution of filing requirements being
reached with the SEC and the appropriate 20-F filings having been
made. For further details regarding discussions with the SEC, see
Supplementary Information on pages 30 to 31
|
●
|
Returns: RoTE of greater than 10%
|
●
|
Cost efficiency: cost: income ratio below 60%
|
●
|
Capital adequacy: CET1 ratio in the range of 13-14%
|
Barclays UK
|
Three months ended
|
Three months ended
|
|
|
31.03.22
|
31.03.21
|
|
Income statement information
|
£m
|
£m
|
% Change
|
Net interest income
|
1,339
|
1,281
|
5
|
Net fee, commission and other income
|
310
|
295
|
5
|
Total income
|
1,649
|
1,576
|
5
|
Credit impairment charges
|
(48)
|
(77)
|
38
|
Net operating income
|
1,601
|
1,499
|
7
|
Operating costs
|
(998)
|
(1,036)
|
4
|
Litigation and conduct
|
(9)
|
(3)
|
|
Total operating expenses
|
(1,007)
|
(1,039)
|
3
|
Other net income
|
-
|
-
|
|
Profit before tax
|
594
|
460
|
29
|
Attributable profit
|
396
|
298
|
33
|
|
|
|
|
|
As at 31.03.22
|
As at 31.12.21
|
As at 31.03.21
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
Loans and advances to customers at amortised cost
|
207.3
|
208.8
|
205.7
|
Total assets
|
317.2
|
321.2
|
309.1
|
Customer deposits at amortised cost
|
260.3
|
260.6
|
247.5
|
Loan: deposit ratio
|
85%
|
85%
|
88%
|
Risk weighted assets
|
72.7
|
72.3
|
72.7
|
Period end allocated tangible equity
|
10.1
|
10.0
|
10.0
|
|
|
|
|
|
Three months ended
|
Three months ended
|
|
Performance measures
|
31.03.22
|
31.03.21
|
|
Return on average allocated tangible equity
|
15.6%
|
12.0%
|
|
Average allocated tangible equity (£bn)
|
10.1
|
9.9
|
|
Cost: income ratio
|
61%
|
66%
|
|
Loan loss rate (bps)
|
9
|
14
|
|
Net interest margin
|
2.62%
|
2.54%
|
|
Analysis of Barclays UK
|
Three months ended
|
Three months ended
|
|
31.03.22
|
31.03.21
|
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
Personal Banking
|
1,022
|
923
|
11
|
Barclaycard Consumer UK
|
276
|
315
|
(12)
|
Business Banking
|
351
|
338
|
4
|
Total income
|
1,649
|
1,576
|
5
|
|
|
|
|
Analysis of credit impairment charges
|
|
|
|
Personal Banking
|
21
|
(22)
|
|
Barclaycard Consumer UK
|
(44)
|
(36)
|
(22)
|
Business Banking
|
(25)
|
(19)
|
(32)
|
Total credit impairment charges
|
(48)
|
(77)
|
38
|
|
|
|
|
|
As at 31.03.22
|
As at 31.12.21
|
As at 31.03.21
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
£bn
|
£bn
|
Personal Banking
|
166.5
|
165.4
|
160.4
|
Barclaycard Consumer UK
|
8.4
|
8.7
|
8.7
|
Business Banking
|
32.4
|
34.7
|
36.6
|
Total loans and advances to customers at amortised
cost
|
207.3
|
208.8
|
205.7
|
|
|
|
|
Analysis of customer deposits at amortised cost
|
|
|
|
Personal Banking
|
196.6
|
196.4
|
186.0
|
Barclaycard Consumer UK
|
-
|
-
|
0.1
|
Business Banking
|
63.7
|
64.2
|
61.4
|
Total customer deposits at amortised cost
|
260.3
|
260.6
|
247.5
|
Barclays International
|
Three months ended
|
Three months ended1
|
|
|
31.03.22
|
31.03.21
|
|
Income statement information
|
£m
|
£m
|
% Change
|
Net interest income
|
936
|
748
|
25
|
Net trading income
|
2,446
|
1,934
|
26
|
Net fee, commission and other income
|
1,442
|
1,717
|
(16)
|
Total income
|
4,824
|
4,399
|
10
|
Credit impairment (charges)/releases
|
(101)
|
22
|
|
Net operating income
|
4,723
|
4,421
|
7
|
Operating costs
|
(2,505)
|
(2,438)
|
(3)
|
Litigation and conduct
|
(513)
|
(21)
|
|
Total operating expenses
|
(3,018)
|
(2,459)
|
(23)
|
Other net income
|
8
|
9
|
(11)
|
Profit before tax
|
1,713
|
1,971
|
(13)
|
Attributable profit
|
1,300
|
1,431
|
(9)
|
|
|
|
|
|
As at 31.03.22
|
As at 31.12.21
|
As at 31.03.21
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
Loans and advances at amortised cost
|
144.8
|
133.8
|
123.5
|
Trading portfolio assets
|
134.1
|
146.9
|
131.1
|
Derivative financial instrument assets
|
288.8
|
261.5
|
269.4
|
Financial assets at fair value through the income
statement
|
203.8
|
188.2
|
197.5
|
Cash collateral and settlement balances
|
132.0
|
88.1
|
109.7
|
Other assets
|
255.5
|
225.6
|
221.7
|
Total assets
|
1,159.0
|
1,044.1
|
1,052.9
|
Deposits at amortised cost
|
286.1
|
258.8
|
251.2
|
Derivative financial instrument liabilities
|
277.2
|
256.4
|
260.2
|
Loan: deposit ratio
|
51%
|
52%
|
49%
|
Risk weighted assets
|
245.1
|
230.9
|
230.0
|
Period end allocated tangible equity
|
35.6
|
33.2
|
32.7
|
|
|
|
|
|
Three months ended
|
Three months ended
|
|
Performance measures
|
31.03.22
|
31.03.21
|
|
Return on average allocated tangible equity
|
14.8%
|
17.7%
|
|
Average allocated tangible equity (£bn)
|
35.1
|
32.3
|
|
Cost: income ratio
|
63%
|
56%
|
|
Loan loss rate (bps)
|
28
|
(7)
|
|
Net interest margin
|
4.15%
|
3.92%
|
|
1
|
The income statement comparatives for Q121 are not impacted by the
over-issuance of US securities under the Barclays Bank PLC US
Shelf. See Basis of preparation on page 31 for further
details.
|
Analysis of Barclays International
|
|
|
|
Corporate and Investment Bank
|
Three months ended
|
Three months ended1
|
|
|
31.03.22
|
31.03.21
|
|
Income statement information
|
£m
|
£m
|
% Change
|
Net interest income
|
385
|
270
|
43
|
Net trading income
|
2,450
|
1,917
|
28
|
Net fee, commission and other income
|
1,103
|
1,407
|
(22)
|
Total income
|
3,938
|
3,594
|
10
|
Credit impairment releases
|
33
|
43
|
(23)
|
Net operating income
|
3,971
|
3,637
|
9
|
Operating costs
|
(1,921)
|
(1,886)
|
(2)
|
Litigation and conduct
|
(318)
|
(1)
|
|
Total operating expenses
|
(2,239)
|
(1,887)
|
(19)
|
Other net income
|
-
|
1
|
|
Profit before tax
|
1,732
|
1,751
|
(1)
|
Attributable profit
|
1,316
|
1,263
|
4
|
|
|
|
|
|
As at 31.03.22
|
As at 31.12.21
|
As at 31.03.21
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
Loans and advances at amortised cost
|
109.6
|
100.0
|
94.3
|
Trading portfolio assets
|
134.0
|
146.7
|
130.9
|
Derivative financial instrument assets
|
288.7
|
261.5
|
269.4
|
Financial assets at fair value through the income
statement
|
203.8
|
188.1
|
197.3
|
Cash collateral and settlement balances
|
131.2
|
87.2
|
108.8
|
Other assets
|
222.5
|
195.8
|
190.8
|
Total assets
|
1,089.8
|
979.3
|
991.5
|
Deposits at amortised cost
|
214.7
|
189.4
|
185.2
|
Derivative financial instrument liabilities
|
277.1
|
256.4
|
260.2
|
Risk weighted assets
|
213.5
|
200.7
|
201.3
|
|
|
|
|
|
Three months ended
|
Three months ended
|
|
Performance measures
|
31.03.22
|
31.03.21
|
|
Return on average allocated tangible equity
|
17.1%
|
17.9%
|
|
Average allocated tangible equity (£bn)
|
30.8
|
28.2
|
|
Cost: income ratio
|
57%
|
53%
|
|
|
|
|
|
|
|
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
FICC
|
1,644
|
1,204
|
37
|
Equities
|
1,052
|
932
|
13
|
Global Markets
|
2,696
|
2,136
|
26
|
Advisory
|
185
|
163
|
13
|
Equity capital markets
|
47
|
243
|
(81)
|
Debt capital markets
|
416
|
453
|
(8)
|
Investment Banking fees
|
648
|
859
|
(25)
|
Corporate lending
|
125
|
206
|
(39)
|
Transaction banking
|
469
|
393
|
19
|
Corporate
|
594
|
599
|
(1)
|
Total income
|
3,938
|
3,594
|
10
|
1
|
The income statement comparatives for Q121 are not impacted by the
over-issuance of US securities under the Barclays Bank PLC US
Shelf. See Basis of preparation on page 31 for further
details.
|
Analysis of Barclays International
|
|
|
|
Consumer, Cards and Payments
|
Three months ended
|
Three months ended
|
|
|
31.03.22
|
31.03.21
|
|
Income statement information
|
£m
|
£m
|
% Change
|
Net interest income
|
551
|
478
|
15
|
Net fee, commission, trading and other income
|
335
|
327
|
2
|
Total income
|
886
|
805
|
10
|
Credit impairment charges
|
(134)
|
(21)
|
|
Net operating income
|
752
|
784
|
(4)
|
Operating costs
|
(584)
|
(552)
|
(6)
|
Litigation and conduct
|
(195)
|
(20)
|
|
Total operating expenses
|
(779)
|
(572)
|
(36)
|
Other net income
|
8
|
8
|
-
|
(Loss)/profit before tax
|
(19)
|
220
|
|
Attributable (loss)/profit
|
(16)
|
168
|
|
|
|
|
|
|
As at 31.03.22
|
As at 31.12.21
|
As at 31.03.21
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
Loans and advances at amortised cost
|
35.2
|
33.8
|
29.2
|
Total assets
|
69.2
|
64.8
|
61.4
|
Deposits at amortised cost
|
71.4
|
69.4
|
66.0
|
Risk weighted assets
|
31.6
|
30.2
|
28.8
|
|
|
|
|
|
Three months ended
|
Three months ended
|
|
Performance measures
|
31.03.22
|
31.03.21
|
|
Return on average allocated tangible equity
|
(1.5)%
|
16.5%
|
|
Average allocated tangible equity (£bn)
|
4.3
|
4.1
|
|
Cost: income ratio
|
88%
|
71%
|
|
Loan loss rate (bps)
|
145
|
27
|
|
|
|
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
International Cards and Consumer Bank
|
538
|
533
|
1
|
Private Bank
|
214
|
179
|
20
|
Unified Payments
|
134
|
93
|
44
|
Total income
|
886
|
805
|
10
|
Head Office
|
Three months ended
|
Three months ended
|
|
|
31.03.22
|
31.03.21
|
|
Income statement information
|
£m
|
£m
|
% Change
|
Net interest income
|
66
|
(178)
|
|
Net fee, commission and other income
|
(43)
|
103
|
|
Total income
|
23
|
(75)
|
|
Credit impairment releases
|
8
|
-
|
|
Net operating income
|
31
|
(75)
|
|
Operating costs
|
(85)
|
(71)
|
(20)
|
Litigation and conduct
|
(1)
|
(9)
|
89
|
Total operating expenses
|
(86)
|
(80)
|
(8)
|
Other net (expenses)/income
|
(18)
|
123
|
|
Loss before tax
|
(73)
|
(32)
|
|
Attributable loss
|
(292)
|
(25)
|
|
|
|
|
|
|
As at 31.03.22
|
As at 31.12.21
|
As at 31.03.21
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
Total assets
|
19.9
|
19.0
|
17.7
|
Risk weighted assets
|
11.0
|
11.0
|
10.7
|
Period end allocated tangible equity
|
3.6
|
5.7
|
3.3
|
|
|
|
|
|
Three months ended
|
Three months ended
|
|
Performance measures
|
31.03.22
|
31.03.21
|
|
Average allocated tangible equity (£bn)
|
3.6
|
4.3
|
|
Margins and balances
|
||||||
|
Three months ended 31.03.22
|
Three months ended 31.03.21
|
||||
|
Net interest income
|
Average customer assets
|
Net interest margin
|
Net interest income
|
Average customer assets
|
Net interest margin
|
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
Barclays UK
|
1,339
|
207,607
|
2.62
|
1,281
|
204,663
|
2.54
|
Barclays International1
|
867
|
84,838
|
4.15
|
755
|
78,230
|
3.92
|
Total Barclays UK and Barclays International
|
2,206
|
292,445
|
3.06
|
2,036
|
282,893
|
2.92
|
Other2
|
135
|
|
|
(185)
|
|
|
Total Barclays Group
|
2,341
|
|
|
1,851
|
|
|
1
|
Barclays International margins include the lending related
investment bank business.
|
2
|
Other includes Head Office and the non-lending related investment
bank businesses not included in Barclays International
margins.
|
Quarterly analysis for Barclays UK and Barclays
International
|
Net interest income
|
Average customer assets
|
Net interest margin
|
Three months ended 31.12.21
|
£m
|
£m
|
%
|
Barclays UK
|
1,313
|
209,064
|
2.49
|
Barclays International1
|
848
|
81,244
|
4.14
|
Total Barclays UK and Barclays International
|
2,161
|
290,308
|
2.95
|
|
|
|
|
Three months ended 30.09.21
|
|
|
|
Barclays UK
|
1,303
|
207,692
|
2.49
|
Barclays International1
|
783
|
77,364
|
4.02
|
Total Barclays UK and Barclays International
|
2,086
|
285,056
|
2.90
|
|
|
|
|
Three months ended 30.06.21
|
|
|
|
Barclays UK
|
1,305
|
205,168
|
2.55
|
Barclays International1
|
763
|
77,330
|
3.96
|
Total Barclays UK and Barclays International
|
2,068
|
282,498
|
2.94
|
|
|
|
|
Three months ended 31.03.21
|
|
|
|
Barclays UK
|
1,281
|
204,663
|
2.54
|
Barclays International1
|
755
|
78,230
|
3.92
|
Total Barclays UK and Barclays International
|
2,036
|
282,893
|
2.92
|
1
|
Barclays International margins include the lending related
investment bank business.
|
|
Gross exposure
|
|
Impairment allowance
|
Net exposure
|
||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
As at 31.03.22
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
Barclays UK
|
158,707
|
25,003
|
3,049
|
186,759
|
|
221
|
943
|
704
|
1,868
|
184,891
|
Barclays International
|
26,627
|
2,792
|
1,574
|
30,993
|
|
575
|
873
|
795
|
2,243
|
28,750
|
Head Office
|
3,688
|
380
|
691
|
4,759
|
|
1
|
27
|
347
|
375
|
4,384
|
Total Barclays Group retail
|
189,022
|
28,175
|
5,314
|
222,511
|
|
797
|
1,843
|
1,846
|
4,486
|
218,025
|
Barclays UK
|
35,052
|
1,848
|
914
|
37,814
|
|
142
|
48
|
103
|
293
|
37,521
|
Barclays International
|
102,476
|
13,271
|
1,014
|
116,761
|
|
195
|
177
|
364
|
736
|
116,025
|
Head Office
|
124
|
1
|
22
|
147
|
|
-
|
-
|
20
|
20
|
127
|
Total Barclays Group
wholesale1
|
137,652
|
15,120
|
1,950
|
154,722
|
|
337
|
225
|
487
|
1,049
|
153,673
|
Total loans and advances at amortised cost
|
326,674
|
43,295
|
7,264
|
377,233
|
|
1,134
|
2,068
|
2,333
|
5,535
|
371,698
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
330,717
|
27,886
|
1,724
|
360,327
|
|
207
|
275
|
21
|
503
|
359,824
|
Total3
|
657,391
|
71,181
|
8,988
|
737,560
|
|
1,341
|
2,343
|
2,354
|
6,038
|
731,522
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 31.03.22
|
|
Three months ended 31.03.22
|
|
||||||
|
Coverage ratio
|
|
Loan impairment charge/(release) and loan loss rate
|
|
||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Loan impairment charge/(release)
|
Loan loss rate
|
|
||
|
%
|
%
|
%
|
%
|
|
£m
|
bps
|
|
||
Barclays UK
|
0.1
|
3.8
|
23.1
|
1.0
|
|
|
43
|
|
9
|
|
Barclays International
|
2.2
|
31.3
|
50.5
|
7.2
|
|
|
128
|
|
167
|
|
Head Office
|
-
|
7.1
|
50.2
|
7.9
|
|
|
(7)
|
|
-
|
|
Total Barclays Group retail
|
0.4
|
6.5
|
34.7
|
2.0
|
|
|
164
|
|
30
|
|
Barclays UK
|
0.4
|
2.6
|
11.3
|
0.8
|
|
|
8
|
|
9
|
|
Barclays International
|
0.2
|
1.3
|
35.9
|
0.6
|
|
|
(7)
|
|
-
|
|
Head Office
|
-
|
-
|
90.9
|
13.6
|
|
|
(1)
|
|
-
|
|
Total Barclays Group
wholesale1
|
0.2
|
1.5
|
25.0
|
0.7
|
|
|
-
|
|
-
|
|
Total loans and advances at amortised cost
|
0.3
|
4.8
|
32.1
|
1.5
|
|
|
164
|
|
18
|
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
0.1
|
1.0
|
1.2
|
0.1
|
|
|
(42)
|
|
|
|
Other financial assets subject to impairment3
|
|
|
|
|
|
|
19
|
|
|
|
Total4
|
0.2
|
3.3
|
26.2
|
0.8
|
|
|
141
|
|
|
|
1
|
Includes Wealth and Private Banking exposures measured on an
individual basis, and excludes Business Banking exposures,
including lending under the government backed Bounce Back Loan
Scheme (BBLs) of £9.0bn that are managed on a collective basis
and reported within Barclays UK Retail. The net impact is a
difference in total exposure of £5,199m of balances reported
as wholesale loans on page 17 in the Loans and advances at
amortised cost by product disclosure.
|
2
|
Excludes loan commitments and financial guarantees of £14bn
carried at fair value.
|
3
|
Other financial assets subject to impairment not included in the
table above include cash collateral and settlement balances,
financial assets at fair value through other comprehensive income
and other assets. These have a total gross exposure of
£198.8bn and impairment allowance of £135m. This
comprises £7m ECL on £198.5bn Stage 1 assets, £0m on
£130m Stage 2 fair value through other comprehensive income
assets, cash collateral and settlement balances and £128m on
£135m Stage 3 other assets.
|
4
|
The loan loss rate is 15bps after applying the total impairment
charge of £141m.
|
|
Gross exposure
|
|
Impairment allowance
|
Net exposure
|
||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
As at 31.12.21
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
Barclays UK
|
160,695
|
22,779
|
2,915
|
186,389
|
|
261
|
949
|
728
|
1,938
|
184,451
|
Barclays International
|
25,981
|
2,691
|
1,566
|
30,238
|
|
603
|
795
|
858
|
2,256
|
27,982
|
Head Office
|
3,735
|
429
|
705
|
4,869
|
|
2
|
36
|
347
|
385
|
4,484
|
Total Barclays Group retail
|
190,411
|
25,899
|
5,186
|
221,496
|
|
866
|
1,780
|
1,933
|
4,579
|
216,917
|
Barclays UK
|
35,571
|
1,917
|
969
|
38,457
|
|
153
|
43
|
111
|
307
|
38,150
|
Barclays International
|
92,341
|
13,275
|
1,059
|
106,675
|
|
187
|
192
|
458
|
837
|
105,838
|
Head Office
|
542
|
2
|
21
|
565
|
|
-
|
-
|
19
|
19
|
546
|
Total Barclays Group
wholesale1
|
128,454
|
15,194
|
2,049
|
145,697
|
|
340
|
235
|
588
|
1,163
|
144,534
|
Total loans and advances at amortised cost
|
318,865
|
41,093
|
7,235
|
367,193
|
|
1,206
|
2,015
|
2,521
|
5,742
|
361,451
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
312,142
|
34,815
|
1,298
|
348,255
|
|
217
|
302
|
23
|
542
|
347,713
|
Total3
|
631,007
|
75,908
|
8,533
|
715,448
|
|
1,423
|
2,317
|
2,544
|
6,284
|
709,164
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 31.12.21
|
|
Year ended 31.12.21
|
|
||||||
|
Coverage ratio
|
|
Loan impairment charge/(release) and loan loss rate
|
|
||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Loan impairment charge/(release)
|
Loan loss rate
|
|
||
|
%
|
%
|
%
|
%
|
|
£m
|
bps
|
|
||
Barclays UK
|
0.2
|
4.2
|
25.0
|
1.0
|
|
|
(227)
|
|
-
|
|
Barclays International
|
2.3
|
29.5
|
54.8
|
7.5
|
|
|
181
|
|
60
|
|
Head Office
|
0.1
|
8.4
|
49.2
|
7.9
|
|
|
-
|
|
-
|
|
Total Barclays Group retail
|
0.5
|
6.9
|
37.3
|
2.1
|
|
|
(46)
|
|
-
|
|
Barclays UK
|
0.4
|
2.2
|
11.5
|
0.8
|
|
|
122
|
|
32
|
|
Barclays International
|
0.2
|
1.4
|
43.2
|
0.8
|
|
|
(197)
|
|
-
|
|
Head Office
|
-
|
-
|
90.5
|
3.4
|
|
|
-
|
|
-
|
|
Total Barclays Group
wholesale1
|
0.3
|
1.5
|
28.7
|
0.8
|
|
|
(75)
|
|
-
|
|
Total loans and advances at amortised cost
|
0.4
|
4.9
|
34.8
|
1.6
|
|
|
(121)
|
|
-
|
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
0.1
|
0.9
|
1.8
|
0.2
|
|
|
(514)
|
|
|
|
Other financial assets subject to impairment3
|
|
|
|
|
|
|
(18)
|
|
|
|
Total
|
0.2
|
3.1
|
29.8
|
0.9
|
|
|
(653)
|
|
|
|
1
|
Includes Wealth and Private Banking exposures measured on an
individual basis, and excludes Business Banking exposures,
including BBLs of £9.4bn that are managed on a collective
basis and reported within Barclays UK Retail. The net impact is a
difference in total exposure of £5,994m of balances reported
as wholesale loans on page 17 in the Loans and advances at
amortised cost by product disclosure.
|
2
|
Excludes loan commitments and financial guarantees of £18.8bn
carried at fair value.
|
3
|
Other financial assets subject to impairment not included in the
table above include cash collateral and settlement balances,
financial assets at fair value through other comprehensive income
and other assets. These have a total gross exposure of
£155.2bn and impairment allowance of £114m. This
comprises £6m ECL on £154.9bn Stage 1 assets, £1m on
£157.0bn Stage 2 fair value through other comprehensive income
assets, other assets and cash collateral and settlement balances
and £107m on £110m Stage 3 other assets.
|
|
|
Stage 2
|
|
|
|||
As at 31.03.22
|
Stage 1
|
Not past due
|
<=30 days past due
|
>30 days past due
|
Total
|
Stage 3
|
Total
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Home loans
|
147,839
|
18,815
|
1,370
|
805
|
20,990
|
2,148
|
170,977
|
Credit cards, unsecured loans and other retail lending
|
37,963
|
5,259
|
318
|
454
|
6,031
|
2,341
|
46,335
|
Wholesale loans
|
140,872
|
15,057
|
948
|
269
|
16,274
|
2,775
|
159,921
|
Total
|
326,674
|
39,131
|
2,636
|
1,528
|
43,295
|
7,264
|
377,233
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
Home loans
|
18
|
43
|
3
|
7
|
53
|
397
|
468
|
Credit cards, unsecured loans and other retail lending
|
759
|
1,526
|
116
|
133
|
1,775
|
1,393
|
3,927
|
Wholesale loans
|
357
|
235
|
3
|
2
|
240
|
543
|
1,140
|
Total
|
1,134
|
1,804
|
122
|
142
|
2,068
|
2,333
|
5,535
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
Home loans
|
147,821
|
18,772
|
1,367
|
798
|
20,937
|
1,751
|
170,509
|
Credit cards, unsecured loans and other retail lending
|
37,204
|
3,733
|
202
|
321
|
4,256
|
948
|
42,408
|
Wholesale loans
|
140,515
|
14,822
|
945
|
267
|
16,034
|
2,232
|
158,781
|
Total
|
325,540
|
37,327
|
2,514
|
1,386
|
41,227
|
4,931
|
371,698
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Home loans
|
-
|
0.2
|
0.2
|
0.9
|
0.3
|
18.5
|
0.3
|
Credit cards, unsecured loans and other retail lending
|
2.0
|
29.0
|
36.5
|
29.3
|
29.4
|
59.5
|
8.5
|
Wholesale loans
|
0.3
|
1.6
|
0.3
|
0.7
|
1.5
|
19.6
|
0.7
|
Total
|
0.3
|
4.6
|
4.6
|
9.3
|
4.8
|
32.1
|
1.5
|
|
|
|
|
|
|
|
|
As at 31.12.21
|
|
|
|
|
|
|
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Home loans
|
148,058
|
17,133
|
1,660
|
707
|
19,500
|
2,122
|
169,680
|
Credit cards, unsecured loans and other retail lending
|
37,840
|
5,102
|
300
|
248
|
5,650
|
2,332
|
45,822
|
Wholesale loans
|
132,967
|
15,246
|
306
|
391
|
15,943
|
2,781
|
151,691
|
Total
|
318,865
|
37,481
|
2,266
|
1,346
|
41,093
|
7,235
|
367,193
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
Home Loans
|
19
|
46
|
6
|
7
|
59
|
397
|
475
|
Credit cards, unsecured loans and other retail lending
|
824
|
1,493
|
85
|
123
|
1,701
|
1,504
|
4,029
|
Wholesale Loans
|
363
|
248
|
4
|
3
|
255
|
620
|
1,238
|
Total
|
1,206
|
1,787
|
95
|
133
|
2,015
|
2,521
|
5,742
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
Home loans
|
148,039
|
17,087
|
1,654
|
700
|
19,441
|
1,725
|
169,205
|
Credit cards, unsecured loans and other retail lending
|
37,016
|
3,609
|
215
|
125
|
3,949
|
828
|
41,793
|
Wholesale loans
|
132,604
|
14,998
|
302
|
388
|
15,688
|
2,161
|
150,453
|
Total
|
317,659
|
35,694
|
2,171
|
1,213
|
39,078
|
4,714
|
361,451
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Home loans
|
-
|
0.3
|
0.4
|
1.0
|
0.3
|
18.7
|
0.3
|
Credit cards, unsecured loans and other retail lending
|
2.2
|
29.3
|
28.3
|
49.6
|
30.1
|
64.5
|
8.8
|
Wholesale loans
|
0.3
|
1.6
|
1.3
|
0.8
|
1.6
|
22.3
|
0.8
|
Total
|
0.4
|
4.8
|
4.2
|
9.9
|
4.9
|
34.8
|
1.6
|
1
|
Average Real GDP seasonally adjusted change in year.
|
2
|
Average UK unemployment rate 16-year+.
|
3
|
Change in year end UK HPI = Halifax All Houses, All Buyers index,
relative to prior year end.
|
4
|
Average US civilian unemployment rate 16-year+.
|
5
|
Change in year end US HPI = FHFA House Price Index, relative to
prior year end.
|
Scenario probability weighting
|
|||||
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
|
%
|
%
|
%
|
%
|
%
|
As at 31.03.22
|
|
|
|
|
|
Scenario probability weighting
|
20.9
|
27.2
|
30.1
|
14.8
|
7.0
|
As at 31.12.21
|
|
|
|
|
|
Scenario probability weighting
|
20.9
|
27.2
|
30.1
|
14.8
|
7.0
|
|
|
Restated1
|
Capital
ratios2,3,4
|
As at 31.03.22
|
As at 31.12.21
|
CET1
|
13.8%
|
15.1%
|
T1
|
17.1%
|
19.1%
|
Total regulatory capital
|
20.1%
|
22.2%
|
|
|
|
Capital resources
|
£m
|
£m
|
Total equity excluding non-controlling interests per the balance
sheet
|
68,465
|
69,052
|
Less: other equity instruments (recognised as AT1
capital)
|
(11,119)
|
(12,259)
|
Adjustment to retained earnings for foreseeable ordinary share
dividends
|
(968)
|
(666)
|
Adjustment to retained earnings for foreseeable repurchase of
shares
|
(1,000)
|
-
|
Adjustment to retained earnings for foreseeable other equity
coupons
|
(39)
|
(32)
|
|
|
|
Other regulatory adjustments and deductions
|
|
|
Additional value adjustments (PVA)
|
(1,864)
|
(1,585)
|
Goodwill and intangible assets
|
(8,035)
|
(6,804)
|
Deferred tax assets that rely on future profitability excluding
temporary differences
|
(938)
|
(1,028)
|
Fair value reserves related to gains or losses on cash flow
hedges
|
3,343
|
852
|
Gains or losses on liabilities at fair value resulting from own
credit
|
4
|
892
|
Defined benefit pension fund assets
|
(3,225)
|
(2,619)
|
Direct and indirect holdings by an institution of own CET1
instruments
|
(20)
|
(50)
|
Adjustment under IFRS 9 transitional arrangements
|
601
|
1,229
|
Other regulatory adjustments
|
64
|
345
|
CET1 capital
|
45,269
|
47,327
|
|
|
|
AT1 capital
|
|
|
Capital instruments and related share premium accounts
|
11,119
|
12,259
|
Qualifying AT1 capital (including minority interests) issued by
subsidiaries
|
-
|
637
|
Other regulatory adjustments and deductions
|
(60)
|
(80)
|
AT1 capital
|
11,059
|
12,816
|
|
|
|
T1 capital
|
56,328
|
60,143
|
|
|
|
T2 capital
|
|
|
Capital instruments and related share premium accounts
|
8,334
|
8,713
|
Qualifying T2 capital (including minority interests) issued by
subsidiaries
|
1,540
|
1,113
|
Credit risk adjustments (excess of impairment over expected
losses)
|
98
|
73
|
Other regulatory adjustments and deductions
|
(160)
|
(160)
|
Total regulatory capital
|
66,140
|
69,882
|
|
|
|
Total RWAs
|
328,830
|
314,136
|
1
|
Capital metrics as at 31 December 2021 have been restated. See
Basis of preparation on page 31 for further details. The
transitional CET1 ratio remains unchanged at 15.1%.
|
2
|
CET1, T1 and T2 capital, and RWAs are calculated applying the
transitional arrangements of the CRR as amended by CRR II. This
includes IFRS 9 transitional arrangements and the grandfathering of
CRR II non-compliant capital instruments. Prior period comparatives
include the grandfathering of CRR non-compliant capital
instruments.
|
3
|
The fully loaded CET1 ratio, as is relevant for assessing against
the conversion trigger in Barclays PLC AT1 securities, was 13.6%,
with £44.7bn of CET1 capital and £328.6bn of RWAs
calculated without applying the transitional arrangements of the
CRR as amended by CRR II.
|
4
|
The Group's CET1 ratio, as is relevant for assessing against the
conversion trigger in Barclays Bank PLC 7.625% Contingent Capital
Notes, was 13.8%. For this calculation CET1 capital and RWAs are
calculated applying the transitional arrangements under the CRR as
amended by CRR II, including the IFRS 9 transitional arrangements.
The benefit of the Financial Services Authority (FSA) October 2012
interpretation of the transitional provisions, relating to the
implementation of CRD IV, expired in December 2017.
|
|
Restated1
|
Movement in CET1 capital
|
Three months ended 31.03.22
|
|
£m
|
Opening CET1 capital
|
47,327
|
|
|
Profit for the period attributable to equity holders
|
1,619
|
Own credit relating to derivative liabilities
|
(21)
|
Ordinary share dividends paid and foreseen
|
(302)
|
Purchased and foreseeable share repurchase
|
(1,000)
|
Other equity coupons paid and foreseen
|
(222)
|
Increase in retained regulatory capital generated from
earnings
|
74
|
|
|
Net impact of share schemes
|
(268)
|
Fair value through other comprehensive income reserve
|
(209)
|
Currency translation reserve
|
370
|
Other reserves
|
24
|
Decrease in other qualifying reserves
|
(83)
|
|
|
Pension remeasurements within reserves
|
667
|
Defined benefit pension fund asset deduction
|
(606)
|
Net impact of pensions
|
61
|
|
|
Additional value adjustments (PVA)
|
(279)
|
Goodwill and intangible assets
|
(1,231)
|
Deferred tax assets that rely on future profitability excluding
those arising from temporary differences
|
90
|
Direct and indirect holdings by an institution of own CET1
instruments
|
30
|
Adjustment under IFRS 9 transitional arrangements
|
(628)
|
Other regulatory adjustments
|
(92)
|
Decrease in regulatory capital due to adjustments and
deductions
|
(2,110)
|
|
|
Closing CET1 capital
|
45,269
|
1
|
Opening balance as at 31 December 2021 has been restated. See Basis
of preparation on page 31 for further details.
|
●
|
£1bn for share buybacks announced with FY21
results
|
●
|
£0.3bn accrual towards a FY22 dividend
|
●
|
£0.2bn of equity coupons paid
|
●
|
£0.3bn increase in the PVA deduction as a result of increased
volatility and uncertainty in the market
|
●
|
£0.2bn decrease in the Fair value through other comprehensive
income reserve primarily due to losses on bonds as a result of an
increase in yields, partially offset by gains in value of the Absa
investment
|
Movement analysis of RWAs
|
|
|
|
|
|
|
Credit risk
|
Counterparty credit risk
|
Market risk
|
Operational risk
|
Total RWAs
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
Opening RWAs (as at 31.12.21)
|
189,945
|
37,673
|
44,771
|
41,747
|
314,136
|
Book size
|
10,139
|
290
|
(4,236)
|
24
|
6,217
|
Acquisitions and disposals
|
(70)
|
-
|
-
|
-
|
(70)
|
Book quality
|
(1,239)
|
(154)
|
-
|
-
|
(1,393)
|
Model updates
|
-
|
-
|
-
|
-
|
-
|
Methodology and policy
|
3,278
|
3,349
|
-
|
-
|
6,627
|
Foreign exchange movements1
|
2,099
|
831
|
383
|
-
|
3,313
|
Total RWA movements
|
14,207
|
4,316
|
(3,853)
|
24
|
14,694
|
Closing RWAs (as at 31.03.22)
|
204,152
|
41,989
|
40,918
|
41,771
|
328,830
|
1
|
Foreign exchange movements does not include foreign exchange for
modelled market risk or operational risk.
|
●
|
A £10.1bn increase in book size primarily driven by lending
activities within CIB and an increase in short-term hedging
arrangements designed to manage the risks of the rescission offer,
expected to unwind after completion of such rescission
offer
|
●
|
A £1.2bn decrease in book quality primarily driven by the
benefit in mortgages from an increase in the House Price Index
(HPI)
|
●
|
A £3.3bn increase in methodology and policy as a result of
regulatory changes that took effect from 1 January 2022, relating
to implementation of IRB roadmap changes partially offset by the
reversal of the software intangibles benefit
|
●
|
A £2.1bn increase in FX due to appreciation of period end USD
and EUR against GBP
|
●
|
A £3.3bn increase in methodology and policy as a result of
regulatory changes that took effect from 1 January 2022, relating
to the introduction of SA-CCR
|
●
|
A £4.2bn decrease in book size primarily due to a decrease in
Stressed Value at Risk (SVaR) model adjustment as a result of
changes in portfolio composition and a reduction in Structural FX.
This was partially offset by increased client and trading
activities.
|
|
|
Restated1
|
Leverage
ratios2,3
|
As at 31.03.22
|
As at 31.12.21
|
£m
|
£m
|
|
Average UK leverage ratio
|
4.8%
|
4.9%
|
Average T1 capital
|
56,701
|
59,739
|
Average UK leverage exposure
|
1,179,381
|
1,229,041
|
|
|
|
UK leverage ratio
|
5.0%
|
5.2%
|
|
|
|
CET1 capital
|
45,269
|
47,327
|
AT1 capital
|
11,059
|
12,179
|
T1 capital
|
56,328
|
59,506
|
|
|
|
UK leverage exposure
|
1,123,531
|
1,137,904
|
|
|
|
UK leverage exposure
|
|
|
Accounting assets
|
|
|
Derivative financial instruments
|
289,822
|
262,572
|
Derivative cash collateral
|
64,836
|
58,177
|
Securities financing transactions (SFTs)
|
186,417
|
170,853
|
Loans and advances and other assets
|
955,020
|
892,683
|
Total IFRS assets
|
1,496,095
|
1,384,285
|
|
|
|
Regulatory consolidation adjustments
|
(3,605)
|
(3,665)
|
|
|
|
Derivatives adjustments
|
|
|
Derivatives netting
|
(235,071)
|
(236,881)
|
Adjustments to collateral
|
(52,181)
|
(50,929)
|
Net written credit protection
|
19,729
|
15,509
|
Potential future exposure (PFE) on derivatives
|
85,619
|
137,291
|
Total derivatives adjustments
|
(181,904)
|
(135,010)
|
|
|
|
SFTs adjustments
|
29,095
|
24,544
|
|
|
|
Regulatory deductions and other adjustments
|
(22,332)
|
(20,219)
|
|
|
|
Weighted off-balance sheet commitments
|
119,933
|
115,047
|
|
|
|
Qualifying central bank claims
|
(260,196)
|
(210,134)
|
|
|
|
Settlement netting
|
(53,555)
|
(16,944)
|
|
|
|
UK leverage exposure
|
1,123,531
|
1,137,904
|
1
|
Capital and leverage metrics as at 31 December 2021 have been
restated. See Basis of preparation on page 31 for further
details.
|
2
|
Capital and leverage measures are calculated applying the
transitional arrangements of the CRR as amended by CRR
II.
|
3
|
Fully loaded average UK leverage ratio was 4.8%, with £56.1bn
of T1 capital and £1,178.8bn of leverage exposure. Fully
loaded UK leverage ratio was 5.0%, with £55.7bn of T1 capital
and £1,122.9bn of leverage exposure. Fully loaded UK leverage
ratios are calculated without applying the transitional
arrangements of the CRR as amended by CRR II.
|
●
|
£51.7bn decrease in PFE on derivatives primarily driven by
increased netting eligibility due to the introduction of
SA-CCR
|
●
|
£23.7bn decrease due to a £50.1bn increase in qualifying
central bank claims exemption due to the matching of allowable
liabilities rather than deposits introduced under the UK leverage
framework review, partially offset by a £26.3bn increase in
cash
|
●
|
£34.5bn increase in derivative financial instruments post
additional regulatory netting and adjustments for cash collateral
primarily driven by client and trading activity in CIB and the
application of a 1.4 multiplier introduced under
SA-CCR
|
●
|
£20.1bn increase in SFTs primarily driven by client activity
in CIB
|
MREL requirements including
buffers1,2,3
|
Total requirement (£m) based on
|
|
Requirement as a percentage of:
|
||
|
|
Restated1
|
|
|
Restated1
|
|
As at 31.03.22
|
As at 31.12.21
|
|
As at 31.03.22
|
As at 31.12.21
|
Requirement based on RWAs (minimum requirement)
|
94,947
|
77,302
|
|
28.9%
|
24.6%
|
Requirement based on UK leverage exposure3
|
89,025
|
93,975
|
|
7.9%
|
6.9%
|
|
|
|
|
|
|
|
|
|
|
|
Restated1
|
Own funds and eligible
liabilities1,2
|
|
|
|
As at 31.03.22
|
As at 31.12.21
|
|
|
|
|
£m
|
£m
|
CET1 capital
|
|
|
|
45,269
|
47,327
|
AT1 capital instruments and related share premium
accounts4
|
|
|
|
11,059
|
12,179
|
T2 capital instruments and related share premium
accounts4
|
|
|
|
8,272
|
8,626
|
Eligible liabilities
|
|
|
|
37,886
|
39,889
|
Total Barclays PLC (the Parent company) own funds and eligible
liabilities
|
|
|
|
102,486
|
108,021
|
|
|
|
|
|
|
Total RWAs
|
|
|
|
328,830
|
314,136
|
Total UK leverage
exposure3
|
|
|
|
1,123,531
|
1,356,191
|
|
|
|
|
|
|
|
|
|
|
|
Restated1
|
Own funds and eligible liabilities
ratios as a percentage of:1
|
|
|
|
As at 31.03.22
|
As at 31.12.21
|
Total RWAs
|
|
|
|
31.2%
|
34.4%
|
Total UK leverage
exposure3
|
|
|
|
9.1%
|
8.0%
|
1
|
Capital and leverage metrics as at 31 December 2021 have been
restated. See Basis of preparation on page 31 for further
details.
|
2
|
CET1, T1 and T2 capital, and RWAs are calculated applying IFRS 9
transitional arrangements.
|
3
|
As at 31 December 2021, MREL requirements were on a CRR leverage
basis which, from 1 January 2022, was no longer applicable for UK
banks.
|
4
|
Includes other AT1 capital regulatory adjustments and deductions of
£60m (December 2021: £80m), and other T2 credit risk
adjustments and deductions of £62m (December 2021:
£81m).
|
Condensed consolidated income statement (unaudited)
|
|||
|
|
Three months ended 31.03.22
|
Three months ended
31.03.211
|
|
|
£m
|
£m
|
Total income
|
|
6,496
|
5,900
|
Credit impairment charges
|
|
(141)
|
(55)
|
Net operating income
|
|
6,355
|
5,845
|
Operating expenses excluding litigation and conduct
|
|
(3,588)
|
(3,545)
|
Litigation and conduct
|
|
(523)
|
(33)
|
Operating expenses
|
|
(4,111)
|
(3,578)
|
Other net (expenses)/income
|
|
(10)
|
132
|
Profit before tax
|
|
2,234
|
2,399
|
Tax charge
|
|
(614)
|
(496)
|
Profit after tax
|
|
1,620
|
1,903
|
|
|
|
|
Attributable to:
|
|
|
|
Equity holders of the parent
|
|
1,404
|
1,704
|
Other equity instrument holders
|
|
215
|
195
|
Total equity holders of the parent
|
|
1,619
|
1,899
|
Non-controlling interests
|
|
1
|
4
|
Profit after tax
|
|
1,620
|
1,903
|
|
|
|
|
Earnings per share
|
|
p
|
p
|
Basic earnings per ordinary share
|
|
8.4
|
9.9
|
1
|
The income statement comparatives for Q121 are not impacted by the
over-issuance of US securities under the Barclays Bank PLC US
Shelf. See Basis of preparation on page 31 for further
details.
|
Condensed consolidated balance sheet (unaudited)
|
|||
|
|
|
Restated1
|
|
|
As at 31.03.22
|
As at 31.12.21
|
Assets
|
|
£m
|
£m
|
Cash and balances at central banks
|
|
264,916
|
238,574
|
Cash collateral and settlement balances
|
|
136,289
|
92,542
|
Loans and advances at amortised cost
|
|
371,698
|
361,451
|
Reverse repurchase agreements and other similar secured
lending
|
|
2,999
|
3,227
|
Trading portfolio assets
|
|
134,208
|
147,035
|
Financial assets at fair value through the income
statement
|
|
207,392
|
191,972
|
Derivative financial instruments
|
|
289,822
|
262,572
|
Financial assets at fair value through other comprehensive
income
|
|
61,858
|
61,753
|
Investments in associates and joint ventures
|
|
988
|
999
|
Goodwill and intangible assets
|
|
8,046
|
8,061
|
Current tax assets
|
|
342
|
261
|
Deferred tax assets
|
|
5,171
|
4,619
|
Other assets
|
|
12,366
|
11,219
|
Total assets
|
|
1,496,095
|
1,384,285
|
|
|
|
|
Liabilities
|
|
|
|
Deposits at amortised cost
|
|
546,482
|
519,433
|
Cash collateral and settlement balances
|
|
121,299
|
79,371
|
Repurchase agreements and other similar secured
borrowing
|
|
29,013
|
28,352
|
Debt securities in issue
|
|
110,658
|
98,867
|
Subordinated Liabilities
|
|
11,630
|
12,759
|
Trading portfolio liabilities
|
|
78,092
|
54,169
|
Financial liabilities designated at fair value
|
|
238,913
|
250,960
|
Derivative financial instruments
|
|
277,466
|
256,883
|
Current tax liabilities
|
|
1,050
|
689
|
Deferred tax liabilities
|
|
37
|
37
|
Other liabilities
|
|
12,021
|
12,724
|
Total liabilities
|
|
1,426,661
|
1,314,244
|
|
|
|
|
Equity
|
|
|
|
Called up share capital and share premium
|
|
4,551
|
4,536
|
Other reserves
|
|
317
|
1,770
|
Retained earnings
|
|
52,478
|
50,487
|
Shareholders' equity attributable to ordinary shareholders of the
parent
|
|
57,346
|
56,793
|
Other equity instruments
|
|
11,119
|
12,259
|
Total equity excluding non-controlling interests
|
|
68,465
|
69,052
|
Non-controlling interests
|
|
969
|
989
|
Total equity
|
|
69,434
|
70,041
|
|
|
|
|
Total equity and liabilities
|
|
1,496,095
|
1,384,285
|
1
|
See Basis of preparation on page 31 for further details on
restatement of prior period comparatives.
|
1
|
See Basis of preparation on page 31 for further details on
restatement of opening balances.
|
|
As at 31.03.2022
|
As at 31.12.2021
|
Other reserves
|
£m
|
£m
|
Currency translation reserve
|
3,110
|
2,740
|
Fair value through other comprehensive income reserve
|
(492)
|
(283)
|
Cash flow hedging reserve
|
(3,343)
|
(853)
|
Own credit reserve
|
(93)
|
(960)
|
Other reserves and treasury shares
|
1,135
|
1,126
|
Total
|
317
|
1,770
|
●
|
Financial Statements in BPLC 2021 ARA: The directors do not believe
it is appropriate under UK company law and financial reporting
standards to revise the financial statements of Barclays PLC (BPLC)
included in its 2021 Annual Report and Accounts (BPLC 2021 ARA) to
reflect the impact of the over-issuance, but Barclays will instead
record a pre-tax provision of £220m (£170m post-tax) as
at 31 December 2021 as a prior year adjustment in the financial
statements of BPLC for the year ended 31 December 2022 in relation
to these matters. This and subsequent results announcements will
therefore also reflect the impact of this adjustment in the
appropriate prior year quarters.
|
●
|
Financial Statements in BPLC 2021 Form 20-F: Barclays is currently
in discussions with the SEC regarding whether the fact that the
financial statements of BPLC included in its Annual Report on Form
20-F for the year ended 31 December 2021 (the BPLC 2021 Form 20-F)
do not reflect the £220m provision at 31 December 2021 for the
over-issuance of structured notes and a contingent liability
disclosure in respect of the over-issuance of exchange traded notes
(ETNs) and related potential claims and enforcement actions against
BBPLC and its affiliates constitutes a material accounting error
under US securities laws. Depending on the outcome of those
discussions, Barclays may be required to withdraw and refile
(Restate or Restatement) the financial statements included in the
BPLC 2021 Form 20-F to reflect these matters. In any event,
Barclays will be required to reflect the financial impact of these
matters by adjusting the comparative financial periods in its
subsequent financial filings until the error has been fully
corrected.
|
●
|
BBPLC Financial Statements: Similarly, the directors of BBPLC do
not believe it is appropriate under UK company law and financial
reporting standards, to revise the financial statements of BBPLC
included in its 2021 Annual Report and Accounts (BBPLC 2021 ARA),
but Barclays will instead record the pre-tax provision of
£220m as a prior year adjustment in the financial statements
of BBPLC for the year ended 31 December 2022. However, due to the
lower applicable materiality threshold for BBPLC, on 27 April 2022
the directors of BBPLC determined that BBPLC would Restate the
financial statements included in its Annual Report on Form 20-F for
the year ended 31 December 2021 (the BBPLC 2021 20-F) previously
filed with the SEC. BBPLC intends to Restate such financial
statements to reflect both the provision and the contingent
liability referred to above. There will therefore be differences
between the 2021 financial statements included in the BBPLC 2021
Form 20-F once amended and the BBPLC 2021 ARA, and investors are
therefore cautioned to exercise care in using these financial
statements during the course of 2022.
|
●
|
Assessment of Control Environment: In light of the ongoing Review,
management has concluded that, by virtue of the fact that the
over-issuance occurred and was not immediately identified, both
BPLC and BBPLC had a material weakness in relation to certain
aspects of their internal control environment and, as a
consequence, their internal control over financial reporting for
the year ended 31 December 2021 was not effective under the
applicable Committee of Sponsoring Organizations (COSO) Framework.
The material weakness that has been identified relates to a failure
to monitor issuances of structured notes and ETNs under BBPLC's US
Shelf during the period in which BBPLC's status changed from a
"well-known seasoned issuer" to an "ineligible issuer" for US
securities law purposes, and BBPLC was required to pre-register a
set amount of securities to be issued under its US Shelf with the
SEC. As a result of this failure, BBPLC issued securities in excess
of that set amount.
|
●
|
Amendments to Forms 20-F: BPLC is preparing an amendment to the
BPLC 2021 Form 20-F to reflect the change in management's
assessment of BPLC's internal control over financial reporting and
KPMG's auditor attestation thereon as well as its disclosure
controls and procedures. BBPLC is preparing an amendment to the
BBPLC 2021 Form 20-F to include its Restated 2021 financial
statements and to reflect the change in management's assessment of
internal control over financial reporting and disclosure controls
and procedures. These amendments will be filed as soon as
practicable. Until the BPLC 2021 Form 20-F has been amended to
disclose that its internal controls were not effective, KPMG's
audit report should not be relied upon by users of BPLC's financial
statements. Until BBPLC has Restated its financial statements for
the year ended 31 December 2021 and amended the BBPLC 2021 Form
20-F, investors and other users of BBPLC's filings with the SEC are
cautioned not to rely on the financial statements included in the
BBPLC 2021 Form 20-F.
|
●
|
Remediation Plans: Following a review of other issuance programmes
utilised by members of the Group, management have determined that
the Group is not in excess of any limit applicable to such
programmes. Barclays is nonetheless enhancing the internal controls
relating to its debt securities issuance activity in all relevant
jurisdictions.
|
-
|
Litigation and conduct charges in the income statement in relation
to 2021 were under reported by £220m increasing total
operating expenses from a reported £14,439m to £14,659m.
Provisions on the balance sheet have increased from a reported
£1,688m to £1,908m.
|
-
|
Taxation charge in the income statement has reduced by £50m
from a reported £1,188m to £1,138m with a corresponding
decrease in current tax liabilities on the balance sheet from
£739m to £689m.
|
-
|
CET1 capital decreased £0.2bn from £47.5bn to
£47.3bn with the CET1 ratio remaining unchanged at 15.1%. The
T1 ratio moved from 19.2% to 19.1% and Total capital ratio moved
from 22.3% to 22.2%
|
-
|
Leverage exposure increased £1.9bn with the UK leverage ratio
decreasing from 5.3% to 5.2% and the average UK leverage ratio
remaining unchanged at 4.9%
|
-
|
Total own funds and eligible liabilities decreased £0.2bn to
£108bn, which was in excess of a restated requirement to hold
£94bn of own funds and eligible liabilities.
|
Measure
|
Definition
|
Loan: deposit ratio
|
Loans and advances at amortised cost divided by deposits at
amortised cost.
|
Period end allocated tangible equity
|
Allocated tangible equity is calculated as 13.5% (2021: 13.5%) of
RWAs for each business, adjusted for capital deductions, excluding
goodwill and intangible assets, reflecting the assumptions the
Group uses for capital planning purposes. Head Office allocated
tangible equity represents the difference between the Group's
tangible shareholders' equity and the amounts allocated to
businesses.
|
Average tangible shareholders' equity
|
Calculated as the average of the previous month's period end
tangible equity and the current month's period end tangible equity.
The average tangible shareholders' equity for the period is the
average of the monthly averages within that period.
|
Average allocated tangible equity
|
Calculated as the average of the previous month's period end
allocated tangible equity and the current month's period end
allocated tangible equity. The average allocated tangible equity
for the period is the average of the monthly averages within that
period.
|
Return on average tangible shareholders' equity
|
Annualised profit after tax attributable to ordinary equity holders
of the parent, as a proportion of average shareholders' equity
excluding non-controlling interests and other equity instruments
adjusted for the deduction of intangible assets and goodwill. The
components of the calculation have been included on pages 33 to
34.
|
Return on average allocated tangible equity
|
Annualised profit after tax attributable to ordinary equity holders
of the parent, as a proportion of average allocated tangible
equity. The components of the calculation have been included on
pages 33 to 35.
|
Cost: income ratio
|
Total operating expenses divided by total income.
|
Loan loss rate
|
Quoted in basis points and represents total annualised impairment
charges divided by gross loans and advances held at amortised cost
at the balance sheet date. The components of the calculation have
been included on page 15. Quoted as zero when credit impairment is
a net release.
|
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 14.
|
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 36.
|
|
Profit/(loss) attributable to ordinary equity holders of the
parent
|
|
Average tangible equity
|
|
Return on average tangible equity
|
Three months ended 31.03.22
|
£m
|
|
£bn
|
|
%
|
Barclays UK
|
396
|
|
10.1
|
|
15.6
|
Corporate and Investment Bank
|
1,316
|
|
30.8
|
|
17.1
|
Consumer, Cards and Payments
|
(16)
|
|
4.3
|
|
(1.5)
|
Barclays International
|
1,300
|
|
35.1
|
|
14.8
|
Head Office
|
(292)
|
|
3.6
|
|
n/m
|
Barclays Group
|
1,404
|
|
48.8
|
|
11.5
|
|
|
|
|
|
|
Three months ended
31.03.211
|
|
|
|
|
|
Barclays UK
|
298
|
|
9.9
|
|
12.0
|
Corporate and Investment Bank
|
1,263
|
|
28.2
|
|
17.9
|
Consumer, Cards and Payments
|
168
|
|
4.1
|
|
16.5
|
Barclays International
|
1,431
|
|
32.3
|
|
17.7
|
Head Office
|
(25)
|
|
4.3
|
|
n/m
|
Barclays Group
|
1,704
|
|
46.5
|
|
14.7
|
1
|
The income statement comparatives for Q121 are not impacted by the
over-issuance of US securities under the Barclays Bank PLC US
Shelf. See Basis of preparation on page 31 for further
details.
|
1
|
The income statement comparatives for Q121 are not impacted by the
over-issuance of US securities under the Barclays Bank PLC US
Shelf. See Basis of preparation on page 31 for further
details.
|
1
|
The income statement comparatives for Q121 are not impacted by the
over-issuance of US securities under the Barclays Bank PLC US
Shelf. See Basis of preparation on page 31 for further
details.
|
Tangible net asset value per share
|
As at 31.03.22
|
Restated1
As at 31.12.21
|
As at 31.03.21
|
|
£m
|
£m
|
£m
|
Total equity excluding non-controlling interests
|
68,465
|
69,052
|
65,105
|
Other equity instruments
|
(11,119)
|
(12,259)
|
(11,179)
|
Goodwill and intangibles
|
(8,046)
|
(8,061)
|
(7,867)
|
Tangible shareholders' equity attributable to ordinary shareholders
of the parent
|
49,300
|
48,732
|
46,059
|
|
|
|
|
|
m
|
m
|
m
|
Shares in issue
|
16,762
|
16,752
|
17,223
|
|
|
|
|
|
p
|
p
|
p
|
Tangible net asset value per share
|
294
|
291
|
267
|
1
|
To reflect the over-issuance of US securities under the Barclays
Bank PLC US Shelf, 2021 comparatives have been restated. See Basis
of preparation on page 31 for further details.
|
Results timetable1
|
|
|
Date
|
|
|
|
2022 Interim Results Announcement
|
|
|
28 July 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change3
|
|||
Exchange rates2
|
31.03.22
|
31.12.21
|
31.03.21
|
|
31.12.21
|
31.03.21
|
Period end - USD/GBP
|
1.31
|
1.35
|
1.38
|
|
(3)%
|
(5)%
|
3 month average - USD/GBP
|
1.34
|
1.35
|
1.38
|
|
(1)%
|
(3)%
|
Period end - EUR/GBP
|
1.19
|
1.19
|
1.18
|
|
-
|
1%
|
3 month average - EUR/GBP
|
1.20
|
1.18
|
1.14
|
|
2%
|
5%
|
|
|
|
|
|
|
|
Share price data
|
|
|
|
|
|
|
Barclays PLC (p)
|
148.30
|
187.00
|
185.92
|
|
|
|
Barclays PLC number of shares (m)
|
16,762
|
16,752
|
17,223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For further information please contact
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor relations
|
Media relations
|
|||||
Chris Manners +44 (0) 20 7773 2136
|
Tom Hoskin +44 (0) 20 7116 4755
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
More information on Barclays can be found on our
website: home.barclays.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered office
|
|
|
|
|
|
|
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20
7116 1000. Company number: 48839.
|
|
|||||
|
|
|
|
|
|
|
Registrar
|
|
|
|
|
|
|
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99
6DA, United Kingdom.
|
|
|||||
Tel: 0371 384 20554 from
the UK or +44 121 415 7004 from overseas.
|
|
|||||
|
|
|
|
|
|
|
American Depositary Receipts (ADRs)
|
|
|
|
|
|
|
EQ Shareowner Services
|
||||||
P.O. Box 64504
|
||||||
St. Paul, MN 55164-0504
|
||||||
United States of America
|
||||||
https://www.shareowneronline.com
|
|
|
|
|
|
|
Toll Free Number: +1 800-233-5601
|
|
|
|
|
|
|
Outside the U.S. +1 651-453-2128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delivery of ADR certificates and overnight mail
|
|
|
|
|
|
|
Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota
Heights, MN 55120, USA.
|
1
|
Note that this date is provisional and subject to
change.
|
2
|
The average rates shown above are derived from daily spot rates
during the year.
|
3
|
The change is the impact to GBP reported information.
|
4
|
Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding
UK public holidays in England and Wales.
|
1 Year Barclays Chart |
1 Month Barclays Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions