FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of
the Securities Exchange Act of 1934
April 29, 2015
Barclays PLC and Barclays Bank PLC
(Names of Registrants)
1 Churchill Place
London E14 5HP
England
(Address
of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F or Form 40-F.
Indicate by check mark whether the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation
S-T Rule 101(b)(7):
THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENTS ON FORM F-3 (NO. 333-190038) AND FORM S-8
(NOS. 333-112796, 333-112797, 333-149301 AND 333-149302) OF BARCLAYS BANK PLC AND THE REGISTRATION STATEMENTS ON FORM S-8 (NO. 333-153723, 333-167232, 333-173899,
333-183110 AND 333-195098) AND FORM F-3 (333-195645) OF BARCLAYS PLC AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY
FILED OR FURNISHED.
This Report is a joint Report on Form 6-K filed by Barclays PLC and Barclays Bank PLC. All of the
issued ordinary share capital of Barclays Bank PLC is owned by Barclays PLC.
The Report comprises the following:
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Exhibit 99.1 |
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Results of Barclays PLC Group as of, and for the three months ended, 31 March 2015. |
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Exhibit 99.2 |
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A table setting forth the issued share capital of Barclays PLC and the Barclays PLC Groups total shareholders equity, indebtedness and contingent liabilities
as at 31 March 2015. |
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Exhibit 99.3 |
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A table setting forth the issued share capital of Barclays Bank PLC and the Barclays Bank PLC Groups total shareholders equity, indebtedness and contingent
liabilities as at 31 March 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
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BARCLAYS PLC |
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(Registrant) |
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Date: April 29, 2015
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By: |
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/s/ Marie Smith |
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Name: Marie Smith |
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Title: Assistant Secretary |
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BARCLAYS BANK PLC |
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(Registrant) |
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Date: April 29, 2015
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By: |
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/s/ Marie Smith |
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Name: Marie Smith |
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Title: Assistant Secretary |
Exhibit 99.1
Barclays PLC
This document includes portions from the previously published Results
Announcement of Barclays PLC relating to the three months ended 31 March 2015, as amended in part to comply with the requirements of Regulation G and Item 10(e) of Regulation S-K promulgated by the US Securities and Exchange Commission
(SEC), including the reconciliation of certain financial information to comparable measures prepared in accordance with International Financial Reporting Standards (IFRS). The purpose of this document is to provide such additional disclosure as
required by Regulation G and Regulation S-K item 10(e), to delete certain information not in compliance with SEC regulations and to include reconciliations of certain non IFRS figures to the most directly equivalent IFRS figures for the periods
presented. This document does not update or otherwise supplement the information contained in the previously published Results Announcement. Any reference to a website in this document is made for informational purposes only, and information found
at such websites is not incorporated by reference into this document.
An audit opinion has not been rendered in respect of this
document.
Table of Contents
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Results Announcement |
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Performance
Highlights |
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3 |
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Group Performance
Review |
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6 |
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Quarterly Results
Summary |
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9 |
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Quarterly Core Results by
Business |
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11 |
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Performance
Management |
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15 |
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● Returns and equity by business |
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15 |
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● Margins and balances |
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17 |
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Condensed Consolidated Financial
Statements |
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18 |
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Capital |
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20 |
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Leverage |
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22 |
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Shareholder
Information |
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23 |
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Appendix 1
Glossary |
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24 |
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BARCLAYS PLC, 1 CHURCHILL PLACE, LONDON, E14 5HP, UNITED KINGDOM. TELEPHONE: +44 (0) 20 7116 1000. COMPANY NO.
48839
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Barclays PLC |
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Notes
The term Barclays or Group refers to Barclays PLC together with its subsidiaries. Unless otherwise stated, the income statement
analysis compares the three months to 31 March 2015 to the corresponding three months of 2014 and balance sheet analysis as at 31 March with comparatives relating to 31 December 2014. The abbreviations £m and
£bn represent millions and thousands of millions of Pounds Sterling respectively; and the abbreviations $m and $bn represent millions and thousands of millions of US Dollars respectively.
The comparatives pre Q214 have been restated to reflect the implementation of the Group structure changes and the reallocation of elements of the
Head Office results under the revised business structure. These restatements were detailed in our Form 6-K filed with the SEC date 14 July 2014.
References throughout this document to provisions for investigations and litigation primarily relating to Foreign Exchange means provisions held for certain aspects of ongoing investigations
involving certain authorities and litigation primarily relating to Foreign Exchange.
The information in this document does not
comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2014, which included certain information required for the Joint Annual Report on Form 20-F of
Barclays PLC and Barclays Bank PLC filed with the SEC and which contained an unqualified audit report under Section 495 of the Companies Act 2006 (which did not make any statements under Section 498 of the Companies Act 2006), have been
delivered to the Registrar of Companies in accordance with Section 441 of the Companies Act 2006.
Certain non-IFRS measures
Barclays management believes that the non-International Financial Reporting Standards (non-IFRS) measures included in this document provide
valuable information to readers of its financial statements because they enable the reader to identify a more consistent basis for comparing the business performance between financial periods, and provide more detail concerning the elements of
performance which the managers of these businesses are most directly able to influence or are relevant for an assessment of the Group. They also reflect an important aspect of the way in which operating targets are defined and performance is
monitored by Barclays management. However, any non-IFRS measures in this document are not a substitute for IFRS measures and readers should consider the IFRS measures as well. As management reviews the adjusting items described below at a Group
level, segmental results are presented excluding these items in accordance with IFRS 8; Operating Segments. Statutory and adjusted performance is reconciled at a Group level only.
Key non-IFRS measures included in this document, and the most directly comparable IFRS measures, are:
Adjusted profit before tax is the non-IFRS equivalent of profit before tax as it excludes the impact of own credit, goodwill impairment,
provisions for Payment Protection Insurance and claims management costs (PPI) and interest rate hedging redress, gain on US Lehman acquisition assets, provisions for investigations and litigation primarily relating to Foreign Exchange, loss on sale
of the Spanish business; Education, Social Housing, and Local Authority (ESHLA) valuation revision, and gain on valuation of a component of the defined retirement benefit liability. A reconciliation to IFRS is presented on page 9;
Adjusted profit after tax represents profit after tax excluding the post-tax impact of own credit; provision for PPI redress; provisions for
investigations and litigation primarily relating to Foreign Exchange; loss on sale of the Spanish business and gain on valuation of a component of the defined retirement benefit liability. A reconciliation to IFRS is presented on page 5 for the
Group;
Adjusted attributable profit represents adjusted profit after tax less profit attributable to non-controlling interests.
The comparable IFRS measure is attributable profit;
Adjusted income and adjusted total income net of insurance claims represents
total income net of insurance claims excluding the impact of own credit. A reconciliation to IFRS is presented on page 9 for the Group;
Adjusted net operating income represents net operating income excluding the impact of own credit. A reconciliation to IFRS is presented on
page 9 for the Group;
Adjusted total operating expenses represents operating expenses excluding the provision for PPI redress;
provisions for investigations and litigation primarily relating to Foreign Exchange and gain on valuation of a component of the defined retirement benefit liability. A reconciliation to IFRS is presented on page 9 for the Group;
Adjusted litigation and conduct represents litigation and conduct excluding the provision for PPI redress and provisions for investigations
and litigation primarily relating to Foreign Exchange. A reconciliation to IFRS is presented on page 9 for the Group;
Adjusted
basic earnings per share represents adjusted attributable profit divided by the basic weighted average number of shares in issue. The comparable IFRS measure is basic earnings per share, which represents profit after tax and non-controlling
interests, divided by the basic weighted average number of shares in issue;
Adjusted cost: income ratio represents cost: income
ratio excluding the impact of own credit; the provisions for PPI redress; gain on US Lehman acquisition assets; and provisions for investigations and litigation primarily relating to Foreign Exchange and gain on valuation of a component of the
defined retirement benefit liability. The comparable IFRS measure is cost: income ratio, which represents operating expenses to income net of insurance claims. A reconciliation to IFRS is presented on page 9 for the Group;
Adjusted return on average shareholders equity represents annualised adjusted profit after tax for the period attributable to ordinary
shareholders, including an adjustment for the tax credit in reserves in respect of other equity instruments, as a proportion of average shareholders equity, excluding non-controlling interests and other equity instruments. The comparable IFRS
measure is return on average shareholders equity which represents annualised profit after tax for the period attributable to ordinary shareholders, including an adjustment for the tax credit in
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Barclays PLC |
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1 |
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reserves in respect of other equity instruments, as a proportion of average shareholders equity, excluding non-controlling interests and other equity instruments;
Adjusted return on average tangible shareholders equity represents annualised adjusted profit after tax for the period attributable to
ordinary shareholders, including an adjustment for the tax credit in reserves in respect of other equity instruments, 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 comparable IFRS measure is return on average tangible shareholders equity which represents annualised profit after tax for the period attributable to ordinary shareholders, including an
adjustment for the tax credit in reserves in respect of other equity instruments, as a proportion of average shareholders equity excluding non-controlling interests and other equity instruments adjusted for the deduction of intangible assets
and goodwill;
Barclays Core results are non-IFRS measures because they represent the sum of five Operating Segments, each of
which is prepared in accordance with IFRS 8; Operating Segments: Personal and Corporate Banking, Barclaycard, Africa Banking, Investment Bank and Head Office. A reconciliation to the corresponding statutory Group measures is provided on
page 10;
Constant currency results in Africa Banking are calculated by converting ZAR results into GBP using the average
exchange rate for the three months ended 31 March 2015 for the income statement and the 31 March 2015 closing exchange rate for the balance sheet and applying those rates to the results as of and for the three months ended 31 March
2014, in order to eliminate the impact of movement in exchange rates between the two periods;
Liquidity Coverage Ratio (LCR) is
calculated according to the Commission Delegated Regulation of October 2014 that supplements Regulation (EU) 575/2013 (CRDIV) published by the European Commission in June 2013. The metric is a ratio that is not yet fully implemented in local
regulations and, as such, represents a non-IFRS measure;
Transitional CET1 ratio according to FSA October 2012. This measure is
calculated by taking into account the statement of the Financial Services Authority, the predecessor of the Prudential Regulation Authority, on CRD IV transitional provisions in October 2012, assuming such provisions were applied as at
1 January 2014. This ratio is used as the relevant measure starting 1 January 2014 for purposes of determining whether the automatic write-down trigger (specified as a Transitional CET1 ratio according to FSA October 2012 of less than
7.00%) has occurred under the terms of the Contingent Capital Notes issued by Barclays Bank PLC on November 21, 2012 (CUSIP: 06740L8C2) and April 10, 2013 (CUSIP: 06739FHK0). Please refer to page 20 for a reconciliation of this
measure to CRD IV CET1 ratio.
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 Groups 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
Groups 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 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 impact of EU and US sanctions
on Russia; 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 Groups control. As a result, the Groups
actual future results, dividend payments, and capital and leverage ratios may differ materially from the plans, goals, and expectations set forth in the Groups forward-looking statements. Additional risks and factors are identified in our
filings with the SEC including our Annual Report on Form 20-F for the fiscal year ended 31 December 2014 (2014 20-F), which are available on the SECs 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 SEC, including the 2014 20-F.
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Barclays PLC |
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Performance Highlights
Further progress on Transform: higher
Group adjusted profit before tax, driven by positive cost to income jaws in the Core business, partially offset by an increase in Non-Core loss before tax as run down progresses as planned
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Group adjusted profit before tax increased 9% to £1,848m as Core adjusted profit before tax increased 14% to £2,104m. This was partially
offset by an increase in Non-Core loss before tax to £256m (Q114: £154m) |
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Statutory profit before tax decreased 26% to £1,337m which reflected adjusting items of a net loss of £511m (Q114: net gain of
£119m) |
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Total adjusted operating expenses decreased 7% to £4,124m, driven by a 49% reduction in Non-Core operating expenses to £239m and a
reduction in Core costs to achieve Transform to £109m (Q114: £216m). Total statutory operating expenses increased 5% to £4,645m due to an increase in the provisions for investigations and litigation primarily relating to Foreign
Exchange of £800m (Q114: £nil) and an increase in the provision for PPI redress of £150m (Q114: £nil), offset by a £429m (Q114: £nil) gain on valuation of a component of the defined retirement benefit liability
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Core income increased 2% to £6,420m, while Core operating expenses were down 2% to £3,885m. Core return on average equity increased to
10.9% (Q114: 10.7%), absorbing an increase in average allocated equity of £7bn to £47bn |
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Non-Core run-down continued, with risk weighted assets (RWAs) reducing £10bn from December 2014 to £65bn. Non-Core dilution of the
Groups return on average equity was 3.3% (Q114: 4.2%), having reduced average allocated equity by £5bn to £10bn |
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Fully loaded Common Equity Tier 1 (CET1) ratio increased to 10.6% (December 2014: 10.3%) reflecting an increase in CET1 capital to £41.8bn
(December 2014: £41.5bn) and a reduction in RWAs to £396bn (December 2014: £402bn), largely due to the sale of the Spanish business. The leverage ratio remained stable at 3.7% |
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Net tangible asset value per share increased to 288p (December 2014: 285p) |
Material adjusting items:
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Provisions of £2,050m (Q114: £nil) have been made for investigations and litigation primarily relating to Foreign Exchange. This includes
additional provisions of £800m recognised in Q115 |
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A £429m (Q114: £nil) gain was recognised as the valuation of a component of the defined retirement benefit liability was aligned to statutory
provisions |
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An additional PPI redress provision of £150m (Q114: £nil) was recognised based on an updated estimate of future redress and associated costs
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A £118m (Q114: £nil) loss primarily relating to accumulated currency translation reserves recycled upon the completion of the Spanish business
sale |
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Barclays PLC |
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3 |
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Performance Highlights
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Barclays Group results |
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Adjusted |
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Statutory |
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for the three months ended |
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31.03.15 |
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31.03.14 |
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31.03.15 |
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31.03.14 |
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£m |
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£m |
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% Change |
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£m |
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£m |
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% Change |
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Total income net of insurance claims |
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6,430 |
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6,650 |
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(3) |
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6,558 |
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6,769 |
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(3) |
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Credit impairment charges and other provisions |
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(477) |
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(548) |
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13 |
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(477) |
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(548) |
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13 |
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Net operating income |
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5,953 |
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6,102 |
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(2) |
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6,081 |
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6,221 |
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(2) |
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Operating expenses |
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(3,923) |
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(4,130) |
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5 |
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(3,494) |
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(4,130) |
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15 |
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Litigation and conduct |
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(81) |
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(65) |
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(25) |
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(1,031) |
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(65) |
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Operating expenses excluding costs to achieve Transform |
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(4,004) |
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(4,195) |
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5 |
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(4,525) |
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(4,195) |
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(8) |
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Costs to achieve Transform |
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(120) |
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(240) |
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50 |
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(120) |
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(240) |
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50 |
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Total operating expenses |
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(4,124) |
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(4,435) |
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7 |
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(4,645) |
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(4,435) |
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(5) |
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Loss on sale of the Spanish business |
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- |
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- |
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- |
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(118) |
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- |
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Other net income |
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19 |
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26 |
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(27) |
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19 |
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26 |
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(27) |
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Profit before tax |
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1,848 |
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1,693 |
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9 |
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1,337 |
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1,812 |
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(26) |
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Tax
charge1 |
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(529) |
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(561) |
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6 |
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(612) |
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(597) |
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(3) |
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Profit after tax |
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1,319 |
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1,132 |
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17 |
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725 |
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1,215 |
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(40) |
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Non-controlling interests |
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(180) |
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(201) |
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10 |
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(180) |
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(201) |
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10 |
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Other equity
interests2 |
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(80) |
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(49) |
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(63) |
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(80) |
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(49) |
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(63) |
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Attributable profit |
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1,059 |
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882 |
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20 |
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465 |
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965 |
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(52) |
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Performance measures |
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Return on average tangible shareholders
equity2 |
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8.8% |
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7.6% |
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4.0% |
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8.4% |
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Average tangible shareholders equity (£bn) |
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49 |
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47 |
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48 |
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46 |
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Return on average shareholders
equity2 |
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7.6% |
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6.5% |
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3.4% |
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7.2% |
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Average shareholders equity (£bn) |
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57 |
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55 |
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56 |
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54 |
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Cost: income ratio |
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64% |
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67% |
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71% |
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66% |
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Loan loss rate (bps) |
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37 |
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45 |
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37 |
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45 |
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Basic earnings per share2 |
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6.5p |
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5.5p |
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2.9p |
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6.0p |
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Dividend per share |
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1.0p |
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1.0p |
|
|
|
|
|
|
|
|
|
1.0p |
|
|
|
1.0p |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet and leverage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.03.15 |
|
|
|
31.12.14 |
|
|
|
|
|
Net tangible asset value per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
288p |
|
|
|
285p |
|
|
|
|
|
Net asset value per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
337p |
|
|
|
335p |
|
|
|
|
|
Leverage exposure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£1,255bn |
|
|
|
£1,233bn |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital management |
|
|
|
|
|
|
|
|
|
|
|
|
31.03.15 |
|
|
31.12.14 |
|
|
|
|
CRD IV fully loaded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.6% |
|
|
|
10.3% |
|
|
|
|
|
Common equity tier 1 capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£41.8bn |
|
|
|
£41.5bn |
|
|
|
|
|
Tier 1 capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£46.3bn |
|
|
|
£46.0bn |
|
|
|
|
|
Risk weighted assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£396bn |
|
|
|
£402bn |
|
|
|
|
|
Leverage ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.7% |
|
|
|
3.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Funding and liquidity |
|
|
|
|
|
|
|
|
|
|
|
|
31.03.15 |
|
|
31.12.14 |
|
|
|
|
Group liquidity pool |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£148bn |
|
|
|
£149bn |
|
|
|
|
|
Estimated CRD IV liquidity coverage ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
122% |
|
|
|
124% |
|
|
|
|
|
Loan: deposit ratio3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
89% |
|
|
|
89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted profit reconciliation for the three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
31.03.15 |
|
|
31.03.14 |
|
|
|
|
Adjusted profit before tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,848 |
|
|
|
1,693 |
|
|
|
|
|
Own credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
128 |
|
|
|
119 |
|
|
|
|
|
Gain on valuation of a component of the defined retirement benefit liability |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
429 |
|
|
|
- |
|
|
|
|
|
Provisions for investigations and litigation primarily relating to Foreign Exchange |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(800) |
|
|
|
- |
|
|
|
|
|
Provision for PPI redress |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(150) |
|
|
|
- |
|
|
|
|
|
Loss on sale of the Spanish business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(118) |
|
|
|
- |
|
|
|
|
|
Statutory profit before tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,337 |
|
|
|
1,812 |
|
|
|
|
|
1 |
The effective tax rate for Q115 is the expected full year rate adjusted for the impact of significant one off items. The tax impacts of such items, which include
adjusting items and the UK bank levy, are recognised in the quarter in which they occur. |
2 |
The profit after tax attributable to other equity holders of £80m (Q114: £49m) is offset by a tax credit recorded in reserves of £16m (Q114:
£11m). The net amount of £64m (Q114: £38m), along with non-controlling interests (NCI) is deducted from profit after tax in order to calculate earnings per share, return on average tangible shareholders equity and return
on average shareholders equity. |
3 |
Loan: deposit ratio for PCB, Barclaycard, Africa Banking and Non-Core retail. |
|
|
|
|
|
Barclays PLC |
|
4 |
|
|
Performance Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays Core and Non-Core results |
|
Barclays Core |
|
|
|
|
Barclays Non-Core |
|
for the three months ended |
|
31.03.15 |
|
|
31.03.14 |
|
|
|
|
|
|
|
31.03.15 |
|
|
31.03.14 |
|
|
|
|
|
|
|
£m |
|
|
|
£m |
|
|
|
% Change |
|
|
|
|
|
£m |
|
|
|
£m |
|
|
|
% Change |
|
Total income net of insurance claims |
|
|
6,420 |
|
|
|
6,277 |
|
|
|
2 |
|
|
|
|
|
10 |
|
|
|
373 |
|
|
|
(97) |
|
Credit impairment charges and other provisions |
|
|
(448) |
|
|
|
(481) |
|
|
|
7 |
|
|
|
|
|
(29) |
|
|
|
(67) |
|
|
|
57 |
|
Net operating income/(expense) |
|
|
5,972 |
|
|
|
5,796 |
|
|
|
3 |
|
|
|
|
|
(19) |
|
|
|
306 |
|
|
|
|
|
Operating expenses |
|
|
(3,704) |
|
|
|
(3,710) |
|
|
|
- |
|
|
|
|
|
(219) |
|
|
|
(419) |
|
|
|
48 |
|
Litigation and conduct |
|
|
(72) |
|
|
|
(43) |
|
|
|
(67) |
|
|
|
|
|
(9) |
|
|
|
(23) |
|
|
|
61 |
|
|
|
|
|
|
|
|
|
Costs to achieve Transform |
|
|
(109) |
|
|
|
(216) |
|
|
|
50 |
|
|
|
|
|
(11) |
|
|
|
(24) |
|
|
|
54 |
|
Total operating expenses |
|
|
(3,885) |
|
|
|
(3,969) |
|
|
|
2 |
|
|
|
|
|
(239) |
|
|
|
(466) |
|
|
|
49 |
|
Other net income |
|
|
17 |
|
|
|
20 |
|
|
|
(15) |
|
|
|
|
|
2 |
|
|
|
6 |
|
|
|
(67) |
|
Profit/(loss) before tax |
|
|
2,104 |
|
|
|
1,847 |
|
|
|
14 |
|
|
|
|
|
(256) |
|
|
|
(154) |
|
|
|
(66) |
|
Tax (charge)/credit |
|
|
(615) |
|
|
|
(589) |
|
|
|
(4) |
|
|
|
|
|
86 |
|
|
|
28 |
|
|
|
|
|
Profit/(loss) after tax |
|
|
1,489 |
|
|
|
1,258 |
|
|
|
18 |
|
|
|
|
|
(170) |
|
|
|
(126) |
|
|
|
(35) |
|
Non-controlling interests |
|
|
(164) |
|
|
|
(167) |
|
|
|
2 |
|
|
|
|
|
(16) |
|
|
|
(34) |
|
|
|
53 |
|
Other equity interests |
|
|
(67) |
|
|
|
(38) |
|
|
|
(76) |
|
|
|
|
|
(13) |
|
|
|
(11) |
|
|
|
(18) |
|
Attributable profit/(loss) |
|
|
1,258 |
|
|
|
1,053 |
|
|
|
19 |
|
|
|
|
|
(199) |
|
|
|
(171) |
|
|
|
(16) |
|
|
|
|
|
|
|
|
|
Performance measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity1 |
|
|
13.2% |
|
|
|
13.2% |
|
|
|
|
|
|
|
|
|
(4.4%) |
|
|
|
(5.6%) |
|
|
|
|
|
Average allocated tangible equity (£bn) |
|
|
39 |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
10 |
|
|
|
15 |
|
|
|
|
|
Return on average equity1 |
|
|
10.9% |
|
|
|
10.7% |
|
|
|
|
|
|
|
|
|
(3.3%) |
|
|
|
(4.2%) |
|
|
|
|
|
Average allocated equity (£bn) |
|
|
47 |
|
|
|
40 |
|
|
|
|
|
|
|
|
|
10 |
|
|
|
15 |
|
|
|
|
|
Period end allocated equity (£bn) |
|
|
47 |
|
|
|
40 |
|
|
|
|
|
|
|
|
|
10 |
|
|
|
15 |
|
|
|
|
|
Cost: income ratio |
|
|
61% |
|
|
|
63% |
|
|
|
|
|
|
|
|
|
n/a |
|
|
|
n/a |
|
|
|
|
|
Basic earnings per share contribution |
|
|
7.7p |
|
|
|
6.6p |
|
|
|
|
|
|
|
|
|
(1.2p) |
|
|
|
(1.1p) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital management |
|
|
31.03.15 |
|
|
|
31.12.14 |
|
|
|
|
|
|
|
|
|
31.03.15 |
|
|
|
31.12.14 |
|
|
|
|
|
Risk weighted assets |
|
|
£331bn |
|
|
|
£327bn |
|
|
|
|
|
|
|
|
|
£65bn |
|
|
|
£75bn |
|
|
|
|
|
Leverage exposure |
|
|
£1,019bn |
|
|
|
£956bn |
|
|
|
|
|
|
|
|
|
£236bn |
|
|
|
£277bn |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income by business |
|
|
|
|
31.03.15
£m |
|
|
|
|
|
|
|
31.03.14
£m |
|
|
|
|
|
% Change |
|
Personal and Corporate Banking |
|
|
|
|
|
|
2,174 |
|
|
|
|
|
|
|
|
|
2,173 |
|
|
|
|
|
|
|
- |
|
Barclaycard |
|
|
|
|
|
|
1,135 |
|
|
|
|
|
|
|
|
|
1,042 |
|
|
|
|
|
|
|
9 |
|
Africa Banking |
|
|
|
|
|
|
948 |
|
|
|
|
|
|
|
|
|
878 |
|
|
|
|
|
|
|
8 |
|
Investment Bank |
|
|
|
|
|
|
2,149 |
|
|
|
|
|
|
|
|
|
2,103 |
|
|
|
|
|
|
|
2 |
|
Head Office |
|
|
|
|
|
|
14 |
|
|
|
|
|
|
|
|
|
81 |
|
|
|
|
|
|
|
(83) |
|
Barclays Core |
|
|
|
|
|
|
6,420 |
|
|
|
|
|
|
|
|
|
6,277 |
|
|
|
|
|
|
|
2 |
|
Barclays Non-Core |
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
373 |
|
|
|
|
|
|
|
(97) |
|
Barclays Group adjusted income |
|
|
|
|
|
|
6,430 |
|
|
|
|
|
|
|
|
|
6,650 |
|
|
|
|
|
|
|
(3) |
|
Barclays Group statutory income |
|
|
|
|
|
|
6,588 |
|
|
|
|
|
|
|
|
|
6,769 |
|
|
|
|
|
|
|
(3) |
|
|
|
|
|
|
|
|
|
Profit/(loss) before tax by business |
|
|
|
|
31.03.15
£m |
|
|
|
|
|
|
|
31.03.14
£m |
|
|
|
|
|
% Change |
|
Personal and Corporate Banking |
|
|
|
|
|
|
787 |
|
|
|
|
|
|
|
|
|
688 |
|
|
|
|
|
|
|
14 |
|
Barclaycard |
|
|
|
|
|
|
366 |
|
|
|
|
|
|
|
|
|
368 |
|
|
|
|
|
|
|
(1) |
|
Africa Banking |
|
|
|
|
|
|
295 |
|
|
|
|
|
|
|
|
|
240 |
|
|
|
|
|
|
|
23 |
|
Investment Bank |
|
|
|
|
|
|
675 |
|
|
|
|
|
|
|
|
|
491 |
|
|
|
|
|
|
|
37 |
|
Head Office |
|
|
|
|
|
|
(19) |
|
|
|
|
|
|
|
|
|
60 |
|
|
|
|
|
|
|
|
|
Barclays Core |
|
|
|
|
|
|
2,104 |
|
|
|
|
|
|
|
|
|
1,847 |
|
|
|
|
|
|
|
14 |
|
Barclays Non-Core |
|
|
|
|
|
|
(256) |
|
|
|
|
|
|
|
|
|
(154) |
|
|
|
|
|
|
|
(66) |
|
Barclays Group adjusted profit before tax |
|
|
|
|
|
|
1,848 |
|
|
|
|
|
|
|
|
|
1,693 |
|
|
|
|
|
|
|
9 |
|
Barclays Group statutory profit before tax |
|
|
|
|
|
|
1,337 |
|
|
|
|
|
|
|
|
|
1,812 |
|
|
|
|
|
|
|
(26) |
|
1 |
Return on average equity and average tangible equity for Barclays Non-Core represents its impact on the Group, being the difference between Barclays Group returns and Barclays
Core returns. This does not represent the return on average equity and average tangible equity of the Non-Core business. |
|
|
|
|
|
Barclays PLC |
|
5 |
|
|
Group Performance Review
Income statement
Group performance
● |
|
Adjusted profit before tax increased 9% to £1,848m reflecting improvements in the Investment Bank, Personal and Corporate Banking (PCB) and Africa
Banking |
● |
|
Statutory profit before tax decreased 26% to £1,337m (Q114: £1,812m), which also included £800m (Q114: £nil) of provisions for
investigations and litigation primarily relating to Foreign Exchange, an additional £150m (Q114: £nil) provision for PPI redress, a £118m (Q114: £nil) loss on the sale of the Spanish business, a £429m (Q114: £nil)
gain on the valuation of a component of the defined retirement benefit liability and an own credit gain of £128m (Q114: £119m) |
● |
|
Adjusted income decreased 3% to £6,430m and statutory income decreased 3% to £6,588m as Non-Core income reduced £363m to £10m. This
was partially offset by Core income increasing 2% to £6,420m |
● |
|
Impairment reduced 13% to £477m, with the Group loan loss rate improving 8bps to 37bps |
● |
|
Adjusted total operating expenses were down 7% to £4,124m, as a result of restructuring savings from Transform programmes, particularly in Non-Core, the
Investment Bank and PCB. This included costs to achieve Transform of £120m (Q114: £240m) and litigation and conduct charges of £81m (Q114: £65m) |
● |
|
Statutory total operating expenses were up 5% to £4,645m (Q114: £4,435m) which included £800m (Q114: £nil) of provisions for
investigations and litigation primarily relating to Foreign Exchange £800m (Q114 £nil) and an additional £150m (Q114: £nil) provision for PPI redress, offset in part by a £429m (Q114: £nil) gain on valuation of a
component of the defined retirement benefit liability |
● |
|
The effective tax rate on adjusted profit before tax decreased to 28.6% (Q114: 33.1%) and the effective tax rate on statutory profit before tax increased to
45.8% (Q114: 32.9%), principally due to non-deductible expenses, including the provisions for investigations and litigation primarily relating to Foreign Exchange |
● |
|
Adjusted Group attributable profit was £1,059m (Q114: £882m), resulting in an adjusted Group return on average shareholders equity of 7.6%
(Q114: 6.5%). Statutory Group attributable profit was £465m (Q114: £965m), resulting in a statutory Group return on average shareholders equity of 3.4% (Q114: 7.2%) |
Core performance
● |
|
Profit before tax increased 14% to £2,104m, with improvements of 37% to £675m in the Investment Bank, 14% to £787m in PCB and 23% to
£295m in Africa Banking |
● |
|
Income increased 2% to £6,420m |
|
|
|
Barclaycard income increased 9% to £1,135m reflecting continued net lending growth across all geographies |
|
|
|
Africa Banking income increased 8% to £948m reflecting an increase in transactional income in South Africa, higher trading income and an increase in net
interest income |
|
|
|
Net interest income in PCB, Barclaycard and Africa Banking increased 6% to £2,955m driven by strong savings income growth in PCB, and volume growth in
Barclaycard and Africa Banking. Net interest margin increased 4bps to 414bps |
|
|
|
Investment Bank income increased 2% to £2,149m reflecting higher Banking, Macro and Equities income which was partially offset by lower Credit income
|
● |
|
Credit impairment charges improved 7% to £448m, reflecting lower impairments in PCB due to the improving UK economic environment resulting in lower
default rates and charges in corporate. This was partially offset by an increase of 8% in Barclaycard, which was accompanied by loans and advances growth of 15%; the loan loss rate reduced 20bps to 305bps |
● |
|
Total operating expenses decreased 2% to £3,885m, reflecting savings from Transform programmes, principally in the Investment Bank and PCB, and lower
costs to achieve Transform of £109m (Q114: £216m). Barclaycard operating expenses increased £75m to £490m primarily due to continued business growth |
● |
|
Attributable profit increased 19% to £1,258m, while average allocated equity increased £7bn to £47bn, resulting in Core return on equity
increasing to 10.9% (Q114: 10.7%) |
Non-Core performance
● |
|
Loss before tax increased to £256m (Q114: £154m), reflecting: |
|
|
|
A reduction in income of £363m to £10m following assets and securities run-down, business disposals and a fair value loss on the Education, Social
Housing, and Local Authority (ESHLA) portfolio of £149m (Q114: £21m), partially offset by a £91m release of a provision relating to a litigation matter |
|
|
|
An improvement in impairment to £29m (Q114: £67m) reflecting, in particular, the disposal of the Spanish business |
|
|
|
|
|
Barclays PLC |
|
6 |
|
|
Group Performance Review
|
|
|
A 49% reduction in total operating expenses to £239m due to savings from Transform programmes, the sale of the Spanish business and reduced costs to
achieve Transform |
● |
|
Non-Core return on equity dilution was 3.3% (Q114: 4.2%), reflecting a reduction in average allocated equity to £10bn (Q114: £15bn)
|
Balance sheet and capital
Balance sheet
● |
|
Total assets increased 4% from 31 December 2014 to £1,416bn |
|
|
|
Total loans and advances increased £34bn to £504bn driven by a £30bn increase in settlement and cash collateral balances and lending growth
of £3bn and £1bn in PCB and Africa Banking respectively |
|
|
|
Derivative assets increased £40bn to £480bn consistent with the increase in derivative liabilities of £44bn to £484bn. The derivative
assets increase was driven by interest rate derivatives of £33bn, as major interest rate forward curves reduced, and foreign exchange derivatives of £11bn due to depreciation of EUR against USD, GBP and CHF |
|
|
|
Reverse repurchase agreements and other similar secured lending decreased £8bn to £124bn primarily driven by lower matched book trading due to
balance sheet deleveraging |
● |
|
Customer accounts increased £19bn to £447bn driven by an increase in settlement balances of £13bn and cash collateral balances of £6bn
|
● |
|
Total shareholders equity including non-controlling interests increased to £67.1bn (December 2014: £66.0bn). Excluding non-controlling
interests, shareholders equity increased to £60.7bn (December 2014: £59.6bn), reflecting a £0.8bn increase in the currency translation reserve as GBP weakened against USD, a £0.6bn increase in share capital and share
premium, due to the issuance of shares under employee share schemes, and an increase in profit after tax of £0.5bn partially offset by a £0.8bn decrease in other reserves |
● |
|
Net asset value and net tangible asset value per share increased to 337p (December 2014: 335p) and 288p (December 2014: 285p) respectively
|
Leverage exposure
● |
|
Leverage exposure increased £22bn to £1,255bn during Q115 due to increases in the Core business, including an increase in settlement balances,
partially offset by continued reductions in Non-Core exposure |
Capital ratios
● |
|
The fully loaded CRD IV CET1 ratio increased to 10.6% (December 2014: 10.3%), due to a £6bn reduction in RWAs to £396bn, and an increase in the
fully loaded CRD IV CET1 capital of £0.4bn to £41.8bn |
|
|
|
The increase in CET1 capital was driven by profit for the period of £0.5bn, after absorbing £0.6bn of adjusting items, a £0.4bn increase in
other qualifying reserves partially offset by £0.4bn recognised for dividends and a £0.2bn reduction for the movement in own credit |
|
|
|
The RWA reduction was mainly driven by a £10bn reduction in Non-Core to £65bn including the sale of the Spanish business and the run-down of
legacy structured and credit products |
● |
|
The leverage ratio remained stable at 3.7% (December 2014: 3.7%), despite an increase in the leverage exposure to £1,255bn (December 2014:
£1,233bn) |
|
|
|
|
|
Barclays PLC |
|
7 |
|
|
Group Performance Review
Funding and liquidity
● |
|
The Group maintained a surplus to its internal and regulatory requirements in Q115 with a liquidity pool of £148bn (December 2014: £149bn). This
continues to position the Group for potential credit rating changes as sovereign support in Barclays Bank PLC credit ratings is assessed. The estimated CRD IV Liquidity Coverage Ratio (LCR) decreased slightly to 122% (December 2014: 124%),
equivalent to a surplus of £28bn (December 2014: £30bn) |
● |
|
Wholesale funding outstanding excluding repurchase agreements was £178bn (December 2014: £171bn). The Group issued £4bn of term funding net
of early redemptions during the quarter, of which £2bn was in senior unsecured debt issued by the holding company, Barclays PLC. These proceeds have been used to subscribe for senior unsecured debt at Barclays Bank PLC, the operating company.
This demonstrates further progress on the transition towards a holding company capital and funding model |
● |
|
In line with credit rating agencies intentions to reassess sovereign support in their ratings to reflect evolving regulation, S&P and Moodys
took action on Barclays and peers credit ratings during the quarter. S&P put the A/A-1 ratings of Barclays Bank PLC, the operating company, on CreditWatch with negative implications and downgraded Barclays PLC, the holding
company, by two notches to BBB/A-2/Stable. Moodys implemented its new Bank Rating Methodology and reassessed sovereign support in its ratings, which resulted in an affirmation of Barclays Bank PLCs ratings of A2/P-1 and a change of the
outlook to Stable from Negative. Moodys also put the ratings of Barclays PLC (A3/P-2) on review for potential downgrade to Baa3. The outcomes of these reviews are expected to be announced in Q215 |
Other matters
● |
|
Provisions of £2,471m (December 2014: £1,690m) are held for Legal, Competition and Regulatory matters. This includes provisions of £2,092m
(Q114: £nil) for investigations and litigation primarily relating to Foreign Exchange, £800m of which was recognised in Q115 reflecting developments with certain authorities since the year end reporting date |
● |
|
The provision for PPI redress was £943m (December 2014: £1,059m) following the recognition of an additional amount of £150m (Q114:
£nil) in Q115 based on an updated estimate of future redress and associated costs |
● |
|
A £429m (Q114: £nil) gain was recognised as the valuation of a component of the defined retirement benefit liability was revised to use the long
term Consumer Price Index rather than the Retail Price Index, consistent with statutory provisions |
● |
|
A £118m (Q114: £nil) loss was recognised primarily relating to accumulated currency translation reserves recycled upon the completion of the
Spanish business sale |
Dividends
● |
|
A first interim dividend of 1.0p will be paid on 15 June 2015 |
|
|
|
|
|
Barclays PLC |
|
8 |
|
|
Quarterly Results Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays results by quarter |
|
Q115 |
|
|
|
|
Q414 |
|
|
Q314 |
|
|
Q214 |
|
|
Q114 |
|
|
|
|
Q413 |
|
|
Q313 |
|
|
Q213 |
|
|
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
Statutory basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income net of insurance claims |
|
|
6,558
|
|
|
|
|
|
5,021
|
|
|
|
6,883
|
|
|
|
6,615
|
|
|
|
6,769
|
|
|
|
|
|
6,544
|
|
|
|
6,234
|
|
|
|
7,674
|
|
Credit impairment charges and other provisions |
|
|
(477) |
|
|
|
|
|
(573) |
|
|
|
(509) |
|
|
|
(538) |
|
|
|
(548) |
|
|
|
|
|
(718) |
|
|
|
(722) |
|
|
|
(925) |
|
Net operating income |
|
|
6,081 |
|
|
|
|
|
4,448 |
|
|
|
6,374 |
|
|
|
6,077 |
|
|
|
6,221 |
|
|
|
|
|
5,826 |
|
|
|
5,512 |
|
|
|
6,749 |
|
Operating expenses |
|
|
(4,525) |
|
|
|
|
|
(5,032) |
|
|
|
(4,487) |
|
|
|
(5,088) |
|
|
|
(4,195) |
|
|
|
|
|
(4,856) |
|
|
|
(4,262) |
|
|
|
(6,359) |
|
Costs to achieve Transform |
|
|
(120) |
|
|
|
|
|
(339) |
|
|
|
(332) |
|
|
|
(254) |
|
|
|
(240) |
|
|
|
|
|
(468) |
|
|
|
(101) |
|
|
|
(126) |
|
UK bank levy |
|
|
- |
|
|
|
|
|
(462) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(504) |
|
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
|
(4,645) |
|
|
|
|
|
(5,833) |
|
|
|
(4,819) |
|
|
|
(5,342) |
|
|
|
(4,435) |
|
|
|
|
|
(5,828) |
|
|
|
(4,363) |
|
|
|
(6,485) |
|
Other net income/(expenses) |
|
|
(99) |
|
|
|
|
|
(81) |
|
|
|
(334) |
|
|
|
(46) |
|
|
|
26 |
|
|
|
|
|
19 |
|
|
|
25 |
|
|
|
(122) |
|
Statutory profit before tax |
|
|
1,337 |
|
|
|
|
|
(1,466) |
|
|
|
1,221 |
|
|
|
689 |
|
|
|
1,812 |
|
|
|
|
|
17 |
|
|
|
1,714 |
|
|
|
142 |
|
Statutory profit after tax |
|
|
725 |
|
|
|
|
|
(1,381) |
|
|
|
620 |
|
|
|
391 |
|
|
|
1,215 |
|
|
|
|
|
(514) |
|
|
|
728 |
|
|
|
39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary equity holders of the parent |
|
|
465 |
|
|
|
|
|
(1,679) |
|
|
|
379 |
|
|
|
161 |
|
|
|
965 |
|
|
|
|
|
(642) |
|
|
|
511 |
|
|
|
(168) |
|
Other equity holders |
|
|
80 |
|
|
|
|
|
80 |
|
|
|
80 |
|
|
|
41 |
|
|
|
49 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Non-controlling interests |
|
|
180 |
|
|
|
|
|
218 |
|
|
|
161 |
|
|
|
189 |
|
|
|
201 |
|
|
|
|
|
128 |
|
|
|
217 |
|
|
|
207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income net of insurance claims |
|
|
6,430 |
|
|
|
|
|
6,018 |
|
|
|
6,378 |
|
|
|
6,682 |
|
|
|
6,650 |
|
|
|
|
|
6,639 |
|
|
|
6,445 |
|
|
|
7,078 |
|
Credit impairment charges and other provisions |
|
|
(477) |
|
|
|
|
|
(573) |
|
|
|
(509) |
|
|
|
(538) |
|
|
|
(548) |
|
|
|
|
|
(718) |
|
|
|
(722) |
|
|
|
(925) |
|
Net operating income |
|
|
5,953 |
|
|
|
|
|
5,445 |
|
|
|
5,869 |
|
|
|
6,144 |
|
|
|
6,102 |
|
|
|
|
|
5,921 |
|
|
|
5,723 |
|
|
|
6,153 |
|
Operating expenses |
|
|
(3,923) |
|
|
|
|
|
(3,942) |
|
|
|
(3,879) |
|
|
|
(4,042) |
|
|
|
(4,130) |
|
|
|
|
|
(4,500) |
|
|
|
(4,223) |
|
|
|
(4,282) |
|
Litigation and conduct |
|
|
(81) |
|
|
|
|
|
(140) |
|
|
|
(98) |
|
|
|
(146) |
|
|
|
(65) |
|
|
|
|
|
(277) |
|
|
|
(39) |
|
|
|
(77) |
|
Costs to achieve Transform |
|
|
(120) |
|
|
|
|
|
(339) |
|
|
|
(332) |
|
|
|
(254) |
|
|
|
(240) |
|
|
|
|
|
(468) |
|
|
|
(101) |
|
|
|
(126) |
|
UK bank levy |
|
|
- |
|
|
|
|
|
(462) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(504) |
|
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
|
(4,124) |
|
|
|
|
|
(4,883) |
|
|
|
(4,309) |
|
|
|
(4,442) |
|
|
|
(4,435) |
|
|
|
|
|
(5,749) |
|
|
|
(4,363) |
|
|
|
(4,485) |
|
Other net income/(expenses) |
|
|
19 |
|
|
|
|
|
1 |
|
|
|
30 |
|
|
|
(46) |
|
|
|
26 |
|
|
|
|
|
19 |
|
|
|
25 |
|
|
|
(122) |
|
Adjusted profit before tax |
|
|
1,848 |
|
|
|
|
|
563 |
|
|
|
1,590 |
|
|
|
1,656 |
|
|
|
1,693 |
|
|
|
|
|
191 |
|
|
|
1,385 |
|
|
|
1,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusting items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Own credit1 |
|
|
(128) |
|
|
|
|
|
62 |
|
|
|
(44) |
|
|
|
67 |
|
|
|
(119) |
|
|
|
|
|
95 |
|
|
|
211 |
|
|
|
(337) |
|
Gain on US Lehman acquisition assets1 |
|
|
- |
|
|
|
|
|
- |
|
|
|
(461) |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
(259) |
|
ESHLA valuation revision1 |
|
|
- |
|
|
|
|
|
935 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Gain on valuation of a component of the defined retirement benefit liability2 |
|
|
(429) |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provisions for investigations and litigation primarily relating to Foreign Exchange2 |
|
|
800 |
|
|
|
|
|
750 |
|
|
|
500 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision for PPI and interest rate hedging redress2 |
|
|
150 |
|
|
|
|
|
200 |
|
|
|
10 |
|
|
|
900 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
2,000 |
|
Goodwill impairment2 |
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
79 |
|
|
|
- |
|
|
|
- |
|
Loss on sale of the Spanish business3 |
|
|
118 |
|
|
|
|
|
82 |
|
|
|
364 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted performance measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders equity |
|
|
8.8% |
|
|
|
|
|
1.7% |
|
|
|
7.1% |
|
|
|
7.5% |
|
|
|
7.6% |
|
|
|
|
|
(3.4%) |
|
|
|
6.7% |
|
|
|
7.4% |
|
Average tangible shareholders equity |
|
|
48.7 |
|
|
|
|
|
48.9 |
|
|
|
47.6 |
|
|
|
47.5 |
|
|
|
47.2 |
|
|
|
|
|
47.1 |
|
|
|
43.5 |
|
|
|
45.2 |
|
Return on average shareholders equity |
|
|
7.6% |
|
|
|
|
|
1.5% |
|
|
|
6.1% |
|
|
|
6.4% |
|
|
|
6.5% |
|
|
|
|
|
(2.9%) |
|
|
|
5.7% |
|
|
|
6.3% |
|
Average shareholders equity |
|
|
57.0 |
|
|
|
|
|
57.1 |
|
|
|
55.6 |
|
|
|
55.3 |
|
|
|
54.8 |
|
|
|
|
|
54.9 |
|
|
|
51.3 |
|
|
|
53.0 |
|
Cost: income ratio |
|
|
64% |
|
|
|
|
|
81% |
|
|
|
68% |
|
|
|
66% |
|
|
|
67% |
|
|
|
|
|
87% |
|
|
|
68% |
|
|
|
63% |
|
Basic earnings/(loss) per share |
|
|
6.5p |
|
|
|
|
|
1.3p |
|
|
|
5.2p |
|
|
|
5.4p |
|
|
|
5.5p |
|
|
|
|
|
(2.8p) |
|
|
|
5.4p |
|
|
|
6.2p |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statutory performance measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders equity |
|
|
4.0% |
|
|
|
|
|
(13.8%) |
|
|
|
3.4% |
|
|
|
1.4% |
|
|
|
8.4% |
|
|
|
|
|
(5.5%) |
|
|
|
4.8% |
|
|
|
(1.5%) |
|
Average tangible shareholders equity |
|
|
48.1 |
|
|
|
|
|
48.3 |
|
|
|
46.8 |
|
|
|
46.7 |
|
|
|
46.4 |
|
|
|
|
|
46.3 |
|
|
|
42.8 |
|
|
|
44.2 |
|
Return on average shareholders equity |
|
|
3.4% |
|
|
|
|
|
(11.8%) |
|
|
|
2.9% |
|
|
|
1.2% |
|
|
|
7.2% |
|
|
|
|
|
(4.7%) |
|
|
|
4.0% |
|
|
|
(1.3%) |
|
Average shareholders equity |
|
|
56.3 |
|
|
|
|
|
56.4 |
|
|
|
54.8 |
|
|
|
54.5 |
|
|
|
54.0 |
|
|
|
|
|
54.1 |
|
|
|
50.6 |
|
|
|
52.0 |
|
Cost: income ratio |
|
|
71% |
|
|
|
|
|
116% |
|
|
|
70% |
|
|
|
81% |
|
|
|
66% |
|
|
|
|
|
89% |
|
|
|
70% |
|
|
|
85% |
|
Loan loss rate (bps) |
|
|
37 |
|
|
|
|
|
48 |
|
|
|
42 |
|
|
|
44 |
|
|
|
45 |
|
|
|
|
|
59 |
|
|
|
58 |
|
|
|
71 |
|
Basic earnings/(loss) per share |
|
|
2.9p |
|
|
|
|
|
(10.2p) |
|
|
|
2.4p |
|
|
|
1.0p |
|
|
|
6.0p |
|
|
|
|
|
(4.5p) |
|
|
|
3.8p |
|
|
|
(1.2p) |
|
1 |
Adjusting item recorded in total income net of insurance claims. |
2 |
Adjusting item recorded in operating expenses. |
3 |
Adjusting item recorded in other net (expense)/income. |
|
|
|
|
|
Barclays PLC |
|
9 |
|
|
Quarterly Results Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays Core1 |
|
Q115 |
|
|
|
|
Q414 |
|
|
Q314 |
|
|
Q214 |
|
|
Q114 |
|
|
|
|
Q413 |
|
|
Q3132 |
|
|
Q2132 |
|
Income statement information |
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
Total income net of insurance claims |
|
|
6,420 |
|
|
|
|
|
5,996 |
|
|
|
6,008 |
|
|
|
6,397 |
|
|
|
6,277 |
|
|
|
|
|
6,189 |
|
|
|
6,076 |
|
|
|
6,514 |
|
Credit impairment charges and other provisions |
|
|
(448) |
|
|
|
|
|
(571) |
|
|
|
(492) |
|
|
|
(456) |
|
|
|
(481) |
|
|
|
|
|
(542) |
|
|
|
(554) |
|
|
|
(558) |
|
Net operating income |
|
|
5,972 |
|
|
|
|
|
5,425 |
|
|
|
5,516 |
|
|
|
5,941 |
|
|
|
5,796 |
|
|
|
|
|
5,647 |
|
|
|
5,522 |
|
|
|
5,956 |
|
Operating expenses |
|
|
(3,704) |
|
|
|
|
|
(3,614) |
|
|
|
(3,557) |
|
|
|
(3,602) |
|
|
|
(3,710) |
|
|
|
|
|
(4,045) |
|
|
|
(3,758) |
|
|
|
(3,802) |
|
Litigation and conduct |
|
|
(72) |
|
|
|
|
|
(56) |
|
|
|
(16) |
|
|
|
(136) |
|
|
|
(43) |
|
|
|
|
|
(69) |
|
|
|
(18) |
|
|
|
(51) |
|
Costs to achieve Transform |
|
|
(109) |
|
|
|
|
|
(298) |
|
|
|
(202) |
|
|
|
(237) |
|
|
|
(216) |
|
|
|
|
|
(365) |
|
|
|
(84) |
|
|
|
(64) |
|
UK bank levy |
|
|
- |
|
|
|
|
|
(371) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(395) |
|
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
|
(3,885) |
|
|
|
|
|
(4,339) |
|
|
|
(3,775) |
|
|
|
(3,975) |
|
|
|
(3,969) |
|
|
|
|
|
(4,874) |
|
|
|
(3,860) |
|
|
|
(3,917) |
|
Other net income |
|
|
17 |
|
|
|
|
|
9 |
|
|
|
6 |
|
|
|
27 |
|
|
|
20 |
|
|
|
|
|
15 |
|
|
|
15 |
|
|
|
13 |
|
Profit before tax |
|
|
2,104 |
|
|
|
|
|
1,095 |
|
|
|
1,747 |
|
|
|
1,993 |
|
|
|
1,847 |
|
|
|
|
|
788 |
|
|
|
1,677 |
|
|
|
2,052 |
|
Attributable profit |
|
|
1,258 |
|
|
|
|
|
638 |
|
|
|
1,002 |
|
|
|
1,171 |
|
|
|
1,053 |
|
|
|
|
|
601 |
|
|
|
1,009 |
|
|
|
1,153 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information |
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
Total assets |
|
|
949.6 |
|
|
|
|
|
886.5 |
|
|
|
899.3 |
|
|
|
846.3 |
|
|
|
863.7 |
|
|
|
|
|
832.4 |
|
|
|
n/a |
|
|
|
n/a |
|
Risk weighted assets |
|
|
331.1 |
|
|
|
|
|
326.6 |
|
|
|
331.9 |
|
|
|
323.6 |
|
|
|
330.3 |
|
|
|
|
|
332.6 |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity |
|
|
13.2% |
|
|
|
|
|
7.0% |
|
|
|
11.5% |
|
|
|
13.8% |
|
|
|
13.2% |
|
|
|
|
|
7.6% |
|
|
|
15.1% |
|
|
|
16.5% |
|
Average allocated tangible equity (£bn) |
|
|
38.5 |
|
|
|
|
|
37.0 |
|
|
|
35.2 |
|
|
|
34.0 |
|
|
|
32.2 |
|
|
|
|
|
31.4 |
|
|
|
26.7 |
|
|
|
27.9 |
|
Return on average equity |
|
|
10.9% |
|
|
|
|
|
5.8% |
|
|
|
9.5% |
|
|
|
11.3% |
|
|
|
10.7% |
|
|
|
|
|
6.2% |
|
|
|
11.8% |
|
|
|
13.0% |
|
Average allocated equity (£bn) |
|
|
46.7 |
|
|
|
|
|
45.0 |
|
|
|
43.0 |
|
|
|
41.6 |
|
|
|
39.6 |
|
|
|
|
|
38.9 |
|
|
|
34.2 |
|
|
|
35.4 |
|
Cost: income ratio |
|
|
61% |
|
|
|
|
|
72% |
|
|
|
63% |
|
|
|
62% |
|
|
|
63% |
|
|
|
|
|
79% |
|
|
|
64% |
|
|
|
60% |
|
|
|
|
|
|
|
|
|
|
|
|
Barclays Non-Core |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income statement information |
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
Businesses |
|
|
122 |
|
|
|
|
|
228 |
|
|
|
327 |
|
|
|
245 |
|
|
|
301 |
|
|
|
|
|
322 |
|
|
|
354 |
|
|
|
370 |
|
Securities and Loans |
|
|
(73) |
|
|
|
|
|
(142) |
|
|
|
106 |
|
|
|
66 |
|
|
|
87 |
|
|
|
|
|
121 |
|
|
|
60 |
|
|
|
104 |
|
Derivatives |
|
|
(39) |
|
|
|
|
|
(64) |
|
|
|
(63) |
|
|
|
(26) |
|
|
|
(15) |
|
|
|
|
|
7 |
|
|
|
(46) |
|
|
|
90 |
|
Total income net of insurance claims |
|
|
10 |
|
|
|
|
|
22 |
|
|
|
370 |
|
|
|
285 |
|
|
|
373 |
|
|
|
|
|
450 |
|
|
|
368 |
|
|
|
564 |
|
Credit impairment charges and other provisions |
|
|
(29) |
|
|
|
|
|
(2) |
|
|
|
(17) |
|
|
|
(82) |
|
|
|
(67) |
|
|
|
|
|
(176) |
|
|
|
(168) |
|
|
|
(367) |
|
Net operating (expense)/income |
|
|
(19) |
|
|
|
|
|
20 |
|
|
|
353 |
|
|
|
203 |
|
|
|
306 |
|
|
|
|
|
274 |
|
|
|
200 |
|
|
|
197 |
|
Operating expenses |
|
|
(219) |
|
|
|
|
|
(329) |
|
|
|
(321) |
|
|
|
(441) |
|
|
|
(419) |
|
|
|
|
|
(456) |
|
|
|
(464) |
|
|
|
(481) |
|
Litigation and conduct |
|
|
(9) |
|
|
|
|
|
(83) |
|
|
|
(82) |
|
|
|
(10) |
|
|
|
(23) |
|
|
|
|
|
(208) |
|
|
|
(21) |
|
|
|
(26) |
|
Costs to achieve Transform |
|
|
(11) |
|
|
|
|
|
(41) |
|
|
|
(130) |
|
|
|
(17) |
|
|
|
(24) |
|
|
|
|
|
(103) |
|
|
|
(17) |
|
|
|
(62) |
|
UK bank levy |
|
|
- |
|
|
|
|
|
(91) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(109) |
|
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
|
(239) |
|
|
|
|
|
(544) |
|
|
|
(533) |
|
|
|
(468) |
|
|
|
(466) |
|
|
|
|
|
(876) |
|
|
|
(502) |
|
|
|
(569) |
|
Other net income/(expense) |
|
|
2 |
|
|
|
|
|
(8) |
|
|
|
23 |
|
|
|
(72) |
|
|
|
6 |
|
|
|
|
|
4 |
|
|
|
10 |
|
|
|
(135) |
|
Loss before tax |
|
|
(256) |
|
|
|
|
|
(532) |
|
|
|
(157) |
|
|
|
(337) |
|
|
|
(154) |
|
|
|
|
|
(598) |
|
|
|
(292) |
|
|
|
(507) |
|
Attributable loss |
|
|
(199) |
|
|
|
|
|
(448) |
|
|
|
(173) |
|
|
|
(294) |
|
|
|
(171) |
|
|
|
|
|
(997) |
|
|
|
(274) |
|
|
|
(314) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information |
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
Loans and advances to banks and customers at amortised cost |
|
|
65.6 |
|
|
|
|
|
63.9 |
|
|
|
64.5 |
|
|
|
75.5 |
|
|
|
83.4 |
|
|
|
|
|
81.9 |
|
|
|
n/a |
|
|
|
n/a |
|
Loans and advances to customers at fair value |
|
|
18.5 |
|
|
|
|
|
18.7 |
|
|
|
18.1 |
|
|
|
17.0 |
|
|
|
17.5 |
|
|
|
|
|
17.6 |
|
|
|
n/a |
|
|
|
n/a |
|
Trading portfolio assets |
|
|
14.6 |
|
|
|
|
|
15.9 |
|
|
|
19.2 |
|
|
|
22.9 |
|
|
|
29.4 |
|
|
|
|
|
30.7 |
|
|
|
n/a |
|
|
|
n/a |
|
Derivative financial instrument assets |
|
|
301.9 |
|
|
|
|
|
285.4 |
|
|
|
249.6 |
|
|
|
227.0 |
|
|
|
231.5 |
|
|
|
|
|
239.3 |
|
|
|
n/a |
|
|
|
n/a |
|
Derivative financial instrument liabilities |
|
|
295.6 |
|
|
|
|
|
277.1 |
|
|
|
240.0 |
|
|
|
215.0 |
|
|
|
220.9 |
|
|
|
|
|
228.3 |
|
|
|
n/a |
|
|
|
n/a |
|
Reverse repurchase agreements and other similar secured lending |
|
|
42.8 |
|
|
|
|
|
49.3 |
|
|
|
73.9 |
|
|
|
86.8 |
|
|
|
98.3 |
|
|
|
|
|
104.7 |
|
|
|
n/a |
|
|
|
n/a |
|
Total assets |
|
|
466.8 |
|
|
|
|
|
471.5 |
|
|
|
466.5 |
|
|
|
468.6 |
|
|
|
498.4 |
|
|
|
|
|
511.2 |
|
|
|
n/a |
|
|
|
n/a |
|
Customer deposits |
|
|
20.5 |
|
|
|
|
|
21.6 |
|
|
|
22.2 |
|
|
|
28.6 |
|
|
|
30.7 |
|
|
|
|
|
29.3 |
|
|
|
n/a |
|
|
|
n/a |
|
Risk weighted assets |
|
|
64.8 |
|
|
|
|
|
75.3 |
|
|
|
81.0 |
|
|
|
87.5 |
|
|
|
106.0 |
|
|
|
|
|
109.9 |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity |
|
|
(4.4%) |
|
|
|
|
|
(5.3%) |
|
|
|
(4.4%) |
|
|
|
(6.3%) |
|
|
|
(5.6%) |
|
|
|
|
|
(11.0%) |
|
|
|
(8.4%) |
|
|
|
(9.1%) |
|
Average allocated tangible equity (£bn) |
|
|
10.2 |
|
|
|
|
|
11.9 |
|
|
|
12.4 |
|
|
|
13.5 |
|
|
|
15.0 |
|
|
|
|
|
15.7 |
|
|
|
16.8 |
|
|
|
17.3 |
|
Return on average equity |
|
|
(3.3%) |
|
|
|
|
|
(4.3%) |
|
|
|
(3.4%) |
|
|
|
(4.9%) |
|
|
|
(4.2%) |
|
|
|
|
|
(9.1%) |
|
|
|
(6.1%) |
|
|
|
(6.7%) |
|
Average allocated equity (£bn) |
|
|
10.3 |
|
|
|
|
|
12.1 |
|
|
|
12.6 |
|
|
|
13.7 |
|
|
|
15.2 |
|
|
|
|
|
16.0 |
|
|
|
17.1 |
|
|
|
17.6 |
|
Period end allocated equity (£bn) |
|
|
9.7 |
|
|
|
|
|
11.0 |
|
|
|
12.1 |
|
|
|
12.7 |
|
|
|
14.9 |
|
|
|
|
|
15.1 |
|
|
|
16.3 |
|
|
|
17.5 |
|
1 |
Barclays Core represents the sum of five Operating Segments results outlined on pages 11 to 14, each of which is prepared in accordance with IFRS 8; Operating
Segments: Personal and Corporate Banking, Barclaycard, Africa Banking, Investment Bank and Head Office. |
2 |
RWAs are on a CRD IV fully loaded basis. CRD IV rules came into effect in Q413; therefore no Q313 and Q213 comparatives are available. Average allocated equity and tangible
equity are shown on an estimated CRD IV basis. Balance sheet comparative figures have also been restated from Q413 to adopt the offsetting amendments to IAS32, Financial Instruments: Presentation; therefore no Q313 and Q213 comparatives are
available. |
|
|
|
|
|
Barclays PLC |
|
10 |
|
|
Quarterly Core Results by Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal and Corporate Banking |
|
Q115 |
|
|
|
|
Q414 |
|
|
Q314 |
|
|
Q214 |
|
|
Q114 |
|
|
|
|
Q413 |
|
|
Q3131 |
|
|
Q2131 |
|
Income statement information |
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
Total income |
|
|
2,174 |
|
|
|
|
|
2,231 |
|
|
|
2,236 |
|
|
|
2,188 |
|
|
|
2,173 |
|
|
|
|
|
2,166 |
|
|
|
2,252 |
|
|
|
2,192 |
|
Credit impairment charges and other provisions |
|
|
(79) |
|
|
|
|
|
(123) |
|
|
|
(129) |
|
|
|
(95) |
|
|
|
(135) |
|
|
|
|
|
(169) |
|
|
|
(153) |
|
|
|
(165) |
|
Net operating income |
|
|
2,095 |
|
|
|
|
|
2,108 |
|
|
|
2,107 |
|
|
|
2,093 |
|
|
|
2,038 |
|
|
|
|
|
1,997 |
|
|
|
2,099 |
|
|
|
2,027 |
|
Operating expenses |
|
|
(1,268) |
|
|
|
|
|
(1,219) |
|
|
|
(1,232) |
|
|
|
(1,256) |
|
|
|
(1,298) |
|
|
|
|
|
(1,388) |
|
|
|
(1,318) |
|
|
|
(1,378) |
|
Costs to achieve Transform |
|
|
(42) |
|
|
|
|
|
(195) |
|
|
|
(90) |
|
|
|
(58) |
|
|
|
(57) |
|
|
|
|
|
(219) |
|
|
|
(73) |
|
|
|
(55) |
|
UK bank levy |
|
|
- |
|
|
|
|
|
(70) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(66) |
|
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
|
(1,310) |
|
|
|
|
|
(1,484) |
|
|
|
(1,322) |
|
|
|
(1,314) |
|
|
|
(1,355) |
|
|
|
|
|
(1,673) |
|
|
|
(1,391) |
|
|
|
(1,433) |
|
Other net income |
|
|
2 |
|
|
|
|
|
4 |
|
|
|
4 |
|
|
|
1 |
|
|
|
5 |
|
|
|
|
|
3 |
|
|
|
1 |
|
|
|
7 |
|
Profit before tax |
|
|
787 |
|
|
|
|
|
628 |
|
|
|
789 |
|
|
|
780 |
|
|
|
688 |
|
|
|
|
|
327 |
|
|
|
709 |
|
|
|
601 |
|
Attributable profit |
|
|
576 |
|
|
|
|
|
441 |
|
|
|
578 |
|
|
|
559 |
|
|
|
480 |
|
|
|
|
|
281 |
|
|
|
518 |
|
|
|
454 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information |
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
Loans and advances to customers at amortised cost |
|
|
219.0 |
|
|
|
|
|
217.0 |
|
|
|
215.7 |
|
|
|
216.7 |
|
|
|
215.5 |
|
|
|
|
|
212.2 |
|
|
|
210.1 |
|
|
|
211.3 |
|
Total assets |
|
|
294.1 |
|
|
|
|
|
285.0 |
|
|
|
275.7 |
|
|
|
268.1 |
|
|
|
271.5 |
|
|
|
|
|
278.5 |
|
|
|
278.3 |
|
|
|
288.3 |
|
Customer deposits |
|
|
298.1 |
|
|
|
|
|
299.2 |
|
|
|
295.9 |
|
|
|
298.3 |
|
|
|
297.2 |
|
|
|
|
|
295.9 |
|
|
|
289.3 |
|
|
|
289.5 |
|
Risk weighted assets |
|
|
122.5 |
|
|
|
|
|
120.2 |
|
|
|
120.0 |
|
|
|
117.9 |
|
|
|
116.1 |
|
|
|
|
|
118.3 |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity |
|
|
17.1% |
|
|
|
|
|
13.3% |
|
|
|
17.8% |
|
|
|
17.5% |
|
|
|
14.7% |
|
|
|
|
|
8.6% |
|
|
|
15.4% |
|
|
|
13.8% |
|
Average allocated tangible equity (£bn) |
|
|
13.6 |
|
|
|
|
|
13.4 |
|
|
|
13.1 |
|
|
|
12.9 |
|
|
|
13.1 |
|
|
|
|
|
13.1 |
|
|
|
13.5 |
|
|
|
13.2 |
|
Return on average equity |
|
|
12.9% |
|
|
|
|
|
10.0% |
|
|
|
13.4% |
|
|
|
13.1% |
|
|
|
11.1% |
|
|
|
|
|
6.5% |
|
|
|
11.8% |
|
|
|
10.5% |
|
Average allocated equity (£bn) |
|
|
18.1 |
|
|
|
|
|
17.8 |
|
|
|
17.5 |
|
|
|
17.2 |
|
|
|
17.4 |
|
|
|
|
|
17.4 |
|
|
|
17.6 |
|
|
|
17.3 |
|
Cost: income ratio |
|
|
60% |
|
|
|
|
|
67% |
|
|
|
59% |
|
|
|
60% |
|
|
|
62% |
|
|
|
|
|
77% |
|
|
|
62% |
|
|
|
65% |
|
Loan loss rate (bps) |
|
|
14 |
|
|
|
|
|
22 |
|
|
|
23 |
|
|
|
17 |
|
|
|
25 |
|
|
|
|
|
31 |
|
|
|
28 |
|
|
|
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of total income |
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
Personal |
|
|
1,009 |
|
|
|
|
|
1,045 |
|
|
|
1,061 |
|
|
|
1,027 |
|
|
|
1,026 |
|
|
|
|
|
1,037 |
|
|
|
1,033 |
|
|
|
1,018 |
|
Corporate |
|
|
907 |
|
|
|
|
|
922 |
|
|
|
902 |
|
|
|
889 |
|
|
|
879 |
|
|
|
|
|
866 |
|
|
|
956 |
|
|
|
911 |
|
Wealth |
|
|
258 |
|
|
|
|
|
264 |
|
|
|
273 |
|
|
|
272 |
|
|
|
268 |
|
|
|
|
|
263 |
|
|
|
263 |
|
|
|
263 |
|
Total income |
|
|
2,174 |
|
|
|
|
|
2,231 |
|
|
|
2,236 |
|
|
|
2,188 |
|
|
|
2,173 |
|
|
|
|
|
2,166 |
|
|
|
2,252 |
|
|
|
2,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of loans and advances to customers at amortised cost |
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
Personal |
|
|
137.5 |
|
|
|
|
|
136.8 |
|
|
|
136.5 |
|
|
|
135.9 |
|
|
|
134.9 |
|
|
|
|
|
133.8 |
|
|
|
132.7 |
|
|
|
132.6 |
|
Corporate |
|
|
66.5 |
|
|
|
|
|
65.1 |
|
|
|
63.1 |
|
|
|
64.8 |
|
|
|
64.2 |
|
|
|
|
|
62.5 |
|
|
|
62.5 |
|
|
|
63.4 |
|
Wealth |
|
|
15.0 |
|
|
|
|
|
15.1 |
|
|
|
16.1 |
|
|
|
16.0 |
|
|
|
16.4 |
|
|
|
|
|
15.9 |
|
|
|
14.9 |
|
|
|
15.3 |
|
Loans and advances to customers at amortised cost |
|
|
219.0 |
|
|
|
|
|
217.0 |
|
|
|
215.7 |
|
|
|
216.7 |
|
|
|
215.5 |
|
|
|
|
|
212.2 |
|
|
|
210.1 |
|
|
|
211.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of customer deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal |
|
|
145.3 |
|
|
|
|
|
145.8 |
|
|
|
143.0 |
|
|
|
141.6 |
|
|
|
141.3 |
|
|
|
|
|
140.5 |
|
|
|
139.2 |
|
|
|
140.1 |
|
Corporate |
|
|
120.9 |
|
|
|
|
|
122.2 |
|
|
|
120.7 |
|
|
|
123.7 |
|
|
|
120.9 |
|
|
|
|
|
118.5 |
|
|
|
114.5 |
|
|
|
113.6 |
|
Wealth |
|
|
31.9 |
|
|
|
|
|
31.2 |
|
|
|
32.2 |
|
|
|
33.0 |
|
|
|
35.0 |
|
|
|
|
|
36.9 |
|
|
|
35.6 |
|
|
|
35.8 |
|
Customer deposits |
|
|
298.1 |
|
|
|
|
|
299.2 |
|
|
|
295.9 |
|
|
|
298.3 |
|
|
|
297.2 |
|
|
|
|
|
295.9 |
|
|
|
289.3 |
|
|
|
289.5 |
|
1 |
RWAs are on a CRD IV fully loaded basis. CRD IV rules came into effect in Q413; therefore no Q313 and Q213 comparatives are available. Average allocated equity and tangible
equity are shown on an estimated CRD IV basis. |
|
|
|
|
|
Barclays PLC |
|
11 |
|
|
Quarterly Core Results by Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclaycard |
|
Q115 |
|
|
|
|
Q414 |
|
|
Q314 |
|
|
Q214 |
|
|
Q114 |
|
|
|
|
Q413 |
|
|
Q3131 |
|
|
Q2131 |
|
Income statement information |
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
Total income |
|
|
1,135 |
|
|
|
|
|
1,109 |
|
|
|
1,123 |
|
|
|
1,082 |
|
|
|
1,042 |
|
|
|
|
|
1,034 |
|
|
|
1,050 |
|
|
|
1,030 |
|
Credit impairment charges and other provisions |
|
|
(290) |
|
|
|
|
|
(362) |
|
|
|
(284) |
|
|
|
(268) |
|
|
|
(269) |
|
|
|
|
|
(266) |
|
|
|
(290) |
|
|
|
(272) |
|
Net operating income |
|
|
845 |
|
|
|
|
|
747 |
|
|
|
839 |
|
|
|
814 |
|
|
|
773 |
|
|
|
|
|
768 |
|
|
|
760 |
|
|
|
758 |
|
Operating expenses |
|
|
(465) |
|
|
|
|
|
(456) |
|
|
|
(449) |
|
|
|
(420) |
|
|
|
(402) |
|
|
|
|
|
(457) |
|
|
|
(455) |
|
|
|
(424) |
|
Costs to achieve Transform |
|
|
(25) |
|
|
|
|
|
(50) |
|
|
|
(32) |
|
|
|
(23) |
|
|
|
(13) |
|
|
|
|
|
(38) |
|
|
|
(6) |
|
|
|
(5) |
|
UK bank levy |
|
|
- |
|
|
|
|
|
(29) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(22) |
|
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
|
(490) |
|
|
|
|
|
(535) |
|
|
|
(481) |
|
|
|
(443) |
|
|
|
(415) |
|
|
|
|
|
(517) |
|
|
|
(461) |
|
|
|
(429) |
|
Other net income |
|
|
11 |
|
|
|
|
|
1 |
|
|
|
4 |
|
|
|
25 |
|
|
|
10 |
|
|
|
|
|
5 |
|
|
|
12 |
|
|
|
7 |
|
Profit before tax |
|
|
366 |
|
|
|
|
|
213 |
|
|
|
362 |
|
|
|
396 |
|
|
|
368 |
|
|
|
|
|
256 |
|
|
|
311 |
|
|
|
336 |
|
Attributable profit |
|
|
259 |
|
|
|
|
|
137 |
|
|
|
262 |
|
|
|
285 |
|
|
|
254 |
|
|
|
|
|
169 |
|
|
|
214 |
|
|
|
243 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information |
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
Loans and advances to customers at amortised cost |
|
|
36.8 |
|
|
|
|
|
36.6 |
|
|
|
34.8 |
|
|
|
33.2 |
|
|
|
31.9 |
|
|
|
|
|
31.5 |
|
|
|
30.4 |
|
|
|
30.1 |
|
Total assets |
|
|
42.4 |
|
|
|
|
|
41.3 |
|
|
|
38.9 |
|
|
|
36.2 |
|
|
|
35.0 |
|
|
|
|
|
34.4 |
|
|
|
33.4 |
|
|
|
34.3 |
|
Customer deposits |
|
|
8.0 |
|
|
|
|
|
7.3 |
|
|
|
6.5 |
|
|
|
5.9 |
|
|
|
5.8 |
|
|
|
|
|
5.1 |
|
|
|
4.7 |
|
|
|
4.4 |
|
Risk weighted assets |
|
|
39.9 |
|
|
|
|
|
39.9 |
|
|
|
38.6 |
|
|
|
37.7 |
|
|
|
36.4 |
|
|
|
|
|
35.7 |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity |
|
|
21.0% |
|
|
|
|
|
11.2% |
|
|
|
21.8% |
|
|
|
24.7% |
|
|
|
22.6% |
|
|
|
|
|
16.1% |
|
|
|
20.2% |
|
|
|
24.0% |
|
Average allocated tangible equity (£bn) |
|
|
5.0 |
|
|
|
|
|
4.9 |
|
|
|
4.8 |
|
|
|
4.6 |
|
|
|
4.5 |
|
|
|
|
|
4.2 |
|
|
|
4.2 |
|
|
|
4.1 |
|
Return on average equity |
|
|
16.6% |
|
|
|
|
|
9.0% |
|
|
|
17.5% |
|
|
|
19.7% |
|
|
|
18.2% |
|
|
|
|
|
12.7% |
|
|
|
15.9% |
|
|
|
18.6% |
|
Average allocated equity (£bn) |
|
|
6.3 |
|
|
|
|
|
6.2 |
|
|
|
6.0 |
|
|
|
5.8 |
|
|
|
5.6 |
|
|
|
|
|
5.3 |
|
|
|
5.4 |
|
|
|
5.2 |
|
Cost: income ratio |
|
|
43% |
|
|
|
|
|
48% |
|
|
|
43% |
|
|
|
41% |
|
|
|
40% |
|
|
|
|
|
50% |
|
|
|
44% |
|
|
|
42% |
|
Loan loss rate (bps) |
|
|
305 |
|
|
|
|
|
374 |
|
|
|
309 |
|
|
|
309 |
|
|
|
325 |
|
|
|
|
|
320 |
|
|
|
360 |
|
|
|
343 |
|
1 |
RWAs are on a CRD IV fully loaded basis. CRD IV rules came into effect in Q413; therefore no Q313 and Q213 comparatives are available. Average allocated equity and tangible
equity are shown on an estimated CRD IV basis. |
|
|
|
|
|
Barclays PLC |
|
12 |
|
|
Quarterly Core Results by Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa Banking |
|
Q115 |
|
|
|
|
Q414 |
|
|
Q314 |
|
|
Q214 |
|
|
Q114 |
|
|
|
|
Q413 |
|
|
Q3131 |
|
|
Q2131 |
|
Income statement information |
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
Total income net of insurance claims |
|
|
948 |
|
|
|
|
|
963 |
|
|
|
928 |
|
|
|
895 |
|
|
|
878 |
|
|
|
|
|
980 |
|
|
|
1,004 |
|
|
|
1,016 |
|
Credit impairment charges and other provisions |
|
|
(90) |
|
|
|
|
|
(79) |
|
|
|
(74) |
|
|
|
(100) |
|
|
|
(96) |
|
|
|
|
|
(104) |
|
|
|
(101) |
|
|
|
(131) |
|
Net operating income |
|
|
858 |
|
|
|
|
|
884 |
|
|
|
854 |
|
|
|
795 |
|
|
|
782 |
|
|
|
|
|
876 |
|
|
|
903 |
|
|
|
885 |
|
Operating expenses |
|
|
(559) |
|
|
|
|
|
(591) |
|
|
|
(573) |
|
|
|
(545) |
|
|
|
(537) |
|
|
|
|
|
(616) |
|
|
|
(605) |
|
|
|
(597) |
|
Costs to achieve Transform |
|
|
(6) |
|
|
|
|
|
(23) |
|
|
|
(11) |
|
|
|
(8) |
|
|
|
(9) |
|
|
|
|
|
(15) |
|
|
|
(2) |
|
|
|
(9) |
|
UK bank levy |
|
|
- |
|
|
|
|
|
(45) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(42) |
|
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
|
(565) |
|
|
|
|
|
(659) |
|
|
|
(584) |
|
|
|
(553) |
|
|
|
(546) |
|
|
|
|
|
(673) |
|
|
|
(607) |
|
|
|
(606) |
|
Other net income |
|
|
2 |
|
|
|
|
|
3 |
|
|
|
2 |
|
|
|
2 |
|
|
|
4 |
|
|
|
|
|
- |
|
|
|
3 |
|
|
|
4 |
|
Profit before tax |
|
|
295 |
|
|
|
|
|
228 |
|
|
|
272 |
|
|
|
244 |
|
|
|
240 |
|
|
|
|
|
203 |
|
|
|
299 |
|
|
|
283 |
|
Attributable profit |
|
|
112 |
|
|
|
|
|
88 |
|
|
|
91 |
|
|
|
78 |
|
|
|
103 |
|
|
|
|
|
30 |
|
|
|
104 |
|
|
|
108 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information |
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
Loans and advances to customers at amortised cost |
|
|
35.7 |
|
|
|
|
|
35.2 |
|
|
|
34.5 |
|
|
|
33.8 |
|
|
|
35.0 |
|
|
|
|
|
34.9 |
|
|
|
36.5 |
|
|
|
38.7 |
|
Total assets |
|
|
57.8 |
|
|
|
|
|
55.5 |
|
|
|
54.6 |
|
|
|
52.4 |
|
|
|
54.1 |
|
|
|
|
|
54.9 |
|
|
|
57.3 |
|
|
|
61.2 |
|
Customer deposits |
|
|
35.0 |
|
|
|
|
|
35.0 |
|
|
|
33.4 |
|
|
|
33.2 |
|
|
|
34.0 |
|
|
|
|
|
34.6 |
|
|
|
35.4 |
|
|
|
37.9 |
|
Risk weighted assets |
|
|
39.3 |
|
|
|
|
|
38.5 |
|
|
|
37.9 |
|
|
|
36.5 |
|
|
|
36.6 |
|
|
|
|
|
38.0 |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity |
|
|
14.7% |
|
|
|
|
|
11.9% |
|
|
|
13.1% |
|
|
|
11.3% |
|
|
|
15.5% |
|
|
|
|
|
4.2% |
|
|
|
14.1% |
|
|
|
12.8% |
|
Average allocated tangible equity (£bn) |
|
|
3.1 |
|
|
|
|
|
2.9 |
|
|
|
2.8 |
|
|
|
2.8 |
|
|
|
2.7 |
|
|
|
|
|
2.8 |
|
|
|
3.0 |
|
|
|
3.4 |
|
Return on average equity |
|
|
10.8% |
|
|
|
|
|
8.7% |
|
|
|
9.5% |
|
|
|
8.1% |
|
|
|
11.1% |
|
|
|
|
|
3.0% |
|
|
|
10.0% |
|
|
|
9.3% |
|
Average allocated equity (£bn) |
|
|
4.1 |
|
|
|
|
|
4.0 |
|
|
|
3.8 |
|
|
|
3.8 |
|
|
|
3.7 |
|
|
|
|
|
4.0 |
|
|
|
4.1 |
|
|
|
4.6 |
|
Cost: income ratio |
|
|
60% |
|
|
|
|
|
68% |
|
|
|
63% |
|
|
|
62% |
|
|
|
62% |
|
|
|
|
|
69% |
|
|
|
60% |
|
|
|
60% |
|
Loan loss rate (bps) |
|
|
94 |
|
|
|
|
|
83 |
|
|
|
79 |
|
|
|
111 |
|
|
|
104 |
|
|
|
|
|
105 |
|
|
|
104 |
|
|
|
133 |
|
|
|
|
|
|
|
|
|
|
|
|
Constant Currency2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income statement information |
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
Total income net of insurance claims |
|
|
948 |
|
|
|
|
|
954 |
|
|
|
941 |
|
|
|
903 |
|
|
|
883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit impairment charges and other provisions |
|
|
(90) |
|
|
|
|
|
(78) |
|
|
|
(75) |
|
|
|
(101) |
|
|
|
(97) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income |
|
|
858 |
|
|
|
|
|
876 |
|
|
|
866 |
|
|
|
802 |
|
|
|
786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
(559) |
|
|
|
|
|
(585) |
|
|
|
(579) |
|
|
|
(548) |
|
|
|
(541) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs to achieve Transform |
|
|
(6) |
|
|
|
|
|
(23) |
|
|
|
(11) |
|
|
|
(9) |
|
|
|
(9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK bank levy |
|
|
- |
|
|
|
|
|
(45) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
(565) |
|
|
|
|
|
(653) |
|
|
|
(590) |
|
|
|
(557) |
|
|
|
(550) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other net income |
|
|
2 |
|
|
|
|
|
3 |
|
|
|
1 |
|
|
|
1 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before tax |
|
|
295 |
|
|
|
|
|
226 |
|
|
|
277 |
|
|
|
246 |
|
|
|
241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable profit |
|
|
112 |
|
|
|
|
|
88 |
|
|
|
94 |
|
|
|
84 |
|
|
|
102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information |
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
|
|
|
|
|
|
|
|
|
|
Loans and advances to customers at amortised cost |
|
|
35.7 |
|
|
|
|
|
35.3 |
|
|
|
35.1 |
|
|
|
34.1 |
|
|
|
34.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
57.8 |
|
|
|
|
|
55.4 |
|
|
|
55.3 |
|
|
|
53.0 |
|
|
|
52.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer deposits |
|
|
35.0 |
|
|
|
|
|
35.1 |
|
|
|
33.9 |
|
|
|
33.5 |
|
|
|
33.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
RWAs are on a CRD IV fully loaded basis. CRD IV rules came into effect in Q413; therefore no Q313 and Q213 comparatives are available. |
2 |
Constant currency results are calculated by converting ZAR results into GBP using the average exchange rate for the three months ended 31 March 2015 for the income
statement and the 31 March 2015 exchange rate for the balance sheet to eliminate the impact of movement in exchange rates between the periods. |
|
|
|
|
|
Barclays PLC |
|
13 |
|
|
Quarterly Core Results by Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Bank |
|
Q115 |
|
|
|
|
Q414 |
|
|
Q314 |
|
|
Q214 |
|
|
Q114 |
|
|
|
|
Q413 |
|
|
Q3131 |
|
|
Q2131 |
|
Income statement information |
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
Investment Banking fees |
|
|
549 |
|
|
|
|
|
527 |
|
|
|
410 |
|
|
|
661 |
|
|
|
513 |
|
|
|
|
|
571 |
|
|
|
526 |
|
|
|
488 |
|
Lending |
|
|
83 |
|
|
|
|
|
111 |
|
|
|
137 |
|
|
|
66 |
|
|
|
103 |
|
|
|
|
|
68 |
|
|
|
42 |
|
|
|
141 |
|
Banking |
|
|
632 |
|
|
|
|
|
638 |
|
|
|
547 |
|
|
|
727 |
|
|
|
616 |
|
|
|
|
|
639 |
|
|
|
568 |
|
|
|
629 |
|
Credit |
|
|
274 |
|
|
|
|
|
173 |
|
|
|
255 |
|
|
|
270 |
|
|
|
346 |
|
|
|
|
|
231 |
|
|
|
308 |
|
|
|
239 |
|
Equities |
|
|
619 |
|
|
|
|
|
431 |
|
|
|
395 |
|
|
|
629 |
|
|
|
591 |
|
|
|
|
|
421 |
|
|
|
524 |
|
|
|
750 |
|
Macro |
|
|
624 |
|
|
|
|
|
424 |
|
|
|
470 |
|
|
|
504 |
|
|
|
552 |
|
|
|
|
|
494 |
|
|
|
457 |
|
|
|
689 |
|
Markets |
|
|
1,517 |
|
|
|
|
|
1,028 |
|
|
|
1,120 |
|
|
|
1,403 |
|
|
|
1,489 |
|
|
|
|
|
1,146 |
|
|
|
1,289 |
|
|
|
1,678 |
|
Banking & Markets |
|
|
2,149 |
|
|
|
|
|
1,666 |
|
|
|
1,667 |
|
|
|
2,130 |
|
|
|
2,105 |
|
|
|
|
|
1,785 |
|
|
|
1,857 |
|
|
|
2,307 |
|
Other |
|
|
- |
|
|
|
|
|
- |
|
|
|
(2) |
|
|
|
24 |
|
|
|
(2) |
|
|
|
|
|
(3) |
|
|
|
(6) |
|
|
|
(7) |
|
Total income |
|
|
2,149 |
|
|
|
|
|
1,666 |
|
|
|
1,665 |
|
|
|
2,154 |
|
|
|
2,103 |
|
|
|
|
|
1,782 |
|
|
|
1,851 |
|
|
|
2,300 |
|
Credit impairment releases/(charges) and other provisions |
|
|
11 |
|
|
|
|
|
(7) |
|
|
|
(5) |
|
|
|
7 |
|
|
|
19 |
|
|
|
|
|
(6) |
|
|
|
(10) |
|
|
|
10 |
|
Net operating income |
|
|
2,160 |
|
|
|
|
|
1,659 |
|
|
|
1,660 |
|
|
|
2,161 |
|
|
|
2,122 |
|
|
|
|
|
1,776 |
|
|
|
1,841 |
|
|
|
2,310 |
|
Operating expenses |
|
|
(1,454) |
|
|
|
|
|
(1,384) |
|
|
|
(1,306) |
|
|
|
(1,442) |
|
|
|
(1,501) |
|
|
|
|
|
(1,606) |
|
|
|
(1,373) |
|
|
|
(1,429) |
|
Costs to achieve Transform |
|
|
(31) |
|
|
|
|
|
(22) |
|
|
|
(70) |
|
|
|
(152) |
|
|
|
(130) |
|
|
|
|
|
(71) |
|
|
|
(3) |
|
|
|
- |
|
UK bank levy |
|
|
- |
|
|
|
|
|
(218) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(236) |
|
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
|
(1,485) |
|
|
|
|
|
(1,624) |
|
|
|
(1,376) |
|
|
|
(1,594) |
|
|
|
(1,631) |
|
|
|
|
|
(1,913) |
|
|
|
(1,376) |
|
|
|
(1,429) |
|
Profit/(loss) before tax |
|
|
675 |
|
|
|
|
|
35 |
|
|
|
284 |
|
|
|
567 |
|
|
|
491 |
|
|
|
|
|
(137) |
|
|
|
465 |
|
|
|
881 |
|
Attributable profit/(loss) |
|
|
344 |
|
|
|
|
|
(150) |
|
|
|
112 |
|
|
|
204 |
|
|
|
231 |
|
|
|
|
|
(74) |
|
|
|
283 |
|
|
|
505 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information |
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
Loans and advances to banks and customers at amortised cost2 |
|
|
134.4 |
|
|
|
|
|
106.3 |
|
|
|
123.1 |
|
|
|
117.2 |
|
|
|
129.7 |
|
|
|
|
|
104.5 |
|
|
|
n/a |
|
|
|
n/a |
|
Trading portfolio assets |
|
|
99.1 |
|
|
|
|
|
94.8 |
|
|
|
98.8 |
|
|
|
101.2 |
|
|
|
101.2 |
|
|
|
|
|
96.6 |
|
|
|
n/a |
|
|
|
n/a |
|
Derivative financial instrument assets |
|
|
175.9 |
|
|
|
|
|
152.6 |
|
|
|
131.4 |
|
|
|
104.2 |
|
|
|
99.9 |
|
|
|
|
|
108.7 |
|
|
|
n/a |
|
|
|
n/a |
|
Derivative financial instrument liabilities |
|
|
186.0 |
|
|
|
|
|
160.6 |
|
|
|
137.6 |
|
|
|
109.5 |
|
|
|
106.7 |
|
|
|
|
|
116.6 |
|
|
|
n/a |
|
|
|
n/a |
|
Reverse repurchase agreements and other similar secured lending |
|
|
58.0 |
|
|
|
|
|
64.3 |
|
|
|
82.8 |
|
|
|
83.0 |
|
|
|
86.6 |
|
|
|
|
|
78.2 |
|
|
|
n/a |
|
|
|
n/a |
|
Total assets |
|
|
509.6 |
|
|
|
|
|
455.7 |
|
|
|
488.4 |
|
|
|
446.2 |
|
|
|
469.4 |
|
|
|
|
|
438.0 |
|
|
|
n/a |
|
|
|
n/a |
|
Risk weighted assets |
|
|
123.0 |
|
|
|
|
|
122.4 |
|
|
|
127.9 |
|
|
|
123.9 |
|
|
|
125.2 |
|
|
|
|
|
124.4 |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity |
|
|
9.7% |
|
|
|
|
|
(3.9%) |
|
|
|
3.3% |
|
|
|
5.6% |
|
|
|
6.4% |
|
|
|
|
|
(2.1%) |
|
|
|
7.5% |
|
|
|
12.8% |
|
Average allocated tangible equity (£bn) |
|
|
14.5 |
|
|
|
|
|
14.7 |
|
|
|
14.2 |
|
|
|
14.8 |
|
|
|
14.7 |
|
|
|
|
|
14.4 |
|
|
|
15.1 |
|
|
|
15.8 |
|
Return on average equity |
|
|
9.1% |
|
|
|
|
|
(3.7%) |
|
|
|
3.1% |
|
|
|
5.3% |
|
|
|
6.1% |
|
|
|
|
|
(2.0%) |
|
|
|
7.2% |
|
|
|
12.3% |
|
Average allocated equity (£bn) |
|
|
15.4 |
|
|
|
|
|
15.6 |
|
|
|
15.0 |
|
|
|
15.5 |
|
|
|
15.4 |
|
|
|
|
|
15.1 |
|
|
|
15.7 |
|
|
|
16.4 |
|
Cost: income ratio |
|
|
69% |
|
|
|
|
|
97% |
|
|
|
83% |
|
|
|
74% |
|
|
|
78% |
|
|
|
|
|
107% |
|
|
|
74% |
|
|
|
62% |
|
|
|
|
|
|
|
|
|
|
|
|
Head Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income statement information |
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
|
|
£m |
|
|
£m |
|
|
£m |
|
Total income/(expense) |
|
|
14 |
|
|
|
|
|
27 |
|
|
|
56 |
|
|
|
78 |
|
|
|
81 |
|
|
|
|
|
227 |
|
|
|
(81) |
|
|
|
(24) |
|
Credit impairment releases |
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
3 |
|
|
|
- |
|
|
|
- |
|
Net operating income/(expense) |
|
|
14 |
|
|
|
|
|
27 |
|
|
|
56 |
|
|
|
78 |
|
|
|
81 |
|
|
|
|
|
230 |
|
|
|
(81) |
|
|
|
(24) |
|
Operating expenses |
|
|
(30) |
|
|
|
|
|
(19) |
|
|
|
(13) |
|
|
|
(76) |
|
|
|
(15) |
|
|
|
|
|
(47) |
|
|
|
(25) |
|
|
|
(25) |
|
Costs to achieve Transform |
|
|
(5) |
|
|
|
|
|
(8) |
|
|
|
- |
|
|
|
5 |
|
|
|
(7) |
|
|
|
|
|
(22) |
|
|
|
- |
|
|
|
5 |
|
UK bank levy |
|
|
- |
|
|
|
|
|
(9) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(29) |
|
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
|
(35) |
|
|
|
|
|
(36) |
|
|
|
(13) |
|
|
|
(71) |
|
|
|
(22) |
|
|
|
|
|
(98) |
|
|
|
(25) |
|
|
|
(20) |
|
Other net income/(expense) |
|
|
2 |
|
|
|
|
|
- |
|
|
|
(3) |
|
|
|
(1) |
|
|
|
1 |
|
|
|
|
|
7 |
|
|
|
(1) |
|
|
|
(5) |
|
(Loss)/profit before tax |
|
|
(19) |
|
|
|
|
|
(9) |
|
|
|
40 |
|
|
|
6 |
|
|
|
60 |
|
|
|
|
|
139 |
|
|
|
(107) |
|
|
|
(49) |
|
Attributable (loss)/profit |
|
|
(33) |
|
|
|
|
|
122 |
|
|
|
(41) |
|
|
|
45 |
|
|
|
(15) |
|
|
|
|
|
192 |
|
|
|
(110) |
|
|
|
(157) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information |
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
|
|
|
£bn |
|
|
£bn |
|
|
£bn |
|
Total assets |
|
|
45.7 |
|
|
|
|
|
49.1 |
|
|
|
41.5 |
|
|
|
43.3 |
|
|
|
33.7 |
|
|
|
|
|
26.6 |
|
|
|
n/a |
|
|
|
n/a |
|
Risk weighted assets |
|
|
6.3 |
|
|
|
|
|
5.6 |
|
|
|
7.5 |
|
|
|
7.6 |
|
|
|
16.0 |
|
|
|
|
|
16.2 |
|
|
|
n/a |
|
|
|
n/a |
|
Average allocated tangible equity |
|
|
2.3 |
|
|
|
|
|
1.1 |
|
|
|
0.3 |
|
|
|
(1.1) |
|
|
|
(2.8) |
|
|
|
|
|
(3.1) |
|
|
|
(9.1) |
|
|
|
(8.6) |
|
Average allocated equity |
|
|
2.8 |
|
|
|
|
|
1.4 |
|
|
|
0.7 |
|
|
|
(0.7) |
|
|
|
(2.5) |
|
|
|
|
|
(2.9) |
|
|
|
(8.6) |
|
|
|
(8.1) |
|
1 |
RWAs are on a CRD IV fully loaded basis. CRD IV rules came into effect in Q413; therefore no Q313 and Q213 comparatives are available. Average allocated equity and tangible
equity are shown on an estimated CRD IV basis. Balance sheet comparative figures have also been restated from Q413 to adopt the offsetting amendments to IAS32, Financial Instruments: Presentation; therefore no Q313 and Q213 comparatives for the
Investment Bank are available. |
2 |
As at 31 March 2015 loans and advances included £107.1bn (December 2014: £86.4bn) of loans and advances to customers (including settlement balances of
£39.3bn (December 2014: £25.8bn) and cash collateral of £38.4bn (December 2014: £32.2bn) and loans and advances to banks of £27.2bn (December 2014: £19.9bn) (including settlement balances of £6.6bn (December
2014: £2.7bn) and cash collateral of £8.4bn (December 2014: £6.9bn)). |
|
|
|
|
|
Barclays PLC |
|
14 |
|
|
Performance Management
Returns and equity by business
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
31.03.15 |
|
|
Three months
ended
31.03.14 |
|
Return on average tangible equity |
|
|
% |
|
|
|
% |
|
Personal and Corporate Banking |
|
|
17.1 |
|
|
|
14.7 |
|
Barclaycard |
|
|
21.0 |
|
|
|
22.6 |
|
Africa Banking |
|
|
14.7 |
|
|
|
15.5 |
|
Investment Bank |
|
|
9.7 |
|
|
|
6.4 |
|
Barclays Core excluding Head Office |
|
|
14.4 |
|
|
|
12.3 |
|
Head Office
impact1 |
|
|
(1.2) |
|
|
|
0.9 |
|
Barclays Core |
|
|
13.2 |
|
|
|
13.2 |
|
Barclays Non-Core
impact1 |
|
|
(4.4) |
|
|
|
(5.6) |
|
Barclays Group adjusted total |
|
|
8.8 |
|
|
|
7.6 |
|
Barclays Group statutory total |
|
|
4.0 |
|
|
|
8.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
31.03.15 |
|
|
Three months
ended
31.03.14 |
|
Return on average equity |
|
|
% |
|
|
|
% |
|
Personal and Corporate Banking |
|
|
12.9 |
|
|
|
11.1 |
|
Barclaycard |
|
|
16.6 |
|
|
|
18.2 |
|
Africa Banking |
|
|
10.8 |
|
|
|
11.1 |
|
Investment Bank |
|
|
9.1 |
|
|
|
6.1 |
|
Barclays Core excluding Head Office |
|
|
11.9 |
|
|
|
10.2 |
|
Head Office
impact1 |
|
|
(1.0) |
|
|
|
0.5 |
|
Barclays Core |
|
|
10.9 |
|
|
|
10.7 |
|
Barclays Non-Core
impact1 |
|
|
(3.3) |
|
|
|
(4.2) |
|
Barclays Group adjusted total |
|
|
7.6 |
|
|
|
6.5 |
|
Barclays Group statutory total |
|
|
3.4 |
|
|
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
31.03.15 |
|
|
Three months
ended
31.03.14 |
|
Profit/(loss) attributable to ordinary equity holders of the
parent2 |
|
|
£m |
|
|
|
£m |
|
Personal and Corporate Banking |
|
|
581 |
|
|
|
484 |
|
Barclaycard |
|
|
261 |
|
|
|
255 |
|
Africa Banking |
|
|
112 |
|
|
|
103 |
|
Investment Bank |
|
|
350 |
|
|
|
235 |
|
Head Office |
|
|
(31) |
|
|
|
(16) |
|
Barclays Core |
|
|
1,273 |
|
|
|
1,061 |
|
Barclays Non-Core |
|
|
(197) |
|
|
|
(168) |
|
Barclays Group adjusted
total3 |
|
|
1,076 |
|
|
|
893 |
|
Barclays Group statutory total |
|
|
465 |
|
|
|
965 |
|
1 |
Return on average equity and average tangible equity for Head Office and Barclays Non-Core represents their impact on Barclays Core and the Group
respectively. This does not represent the return on average equity and average tangible equity of Head Office or the Non-Core business. |
2 |
The profit after tax attributable to other equity holders of £80m (Q114: £49m) is offset by a tax credit recorded in reserves of £16m
(Q114: £11m) allocated across the businesses. The net amount of £64m, along with NCI, is deducted from profit after tax in order to calculate return on average tangible shareholders equity and return on average
shareholders equity. Hence, Q115 attributable profit of £1,059m has been adjusted for the tax credit recorded in reserves of £16m (Q114: £11m). |
3 |
Adjusted Barclays Group profit excludes the post-tax impact of the provision for PPI redress of £150m (Q114: £nil); provisions for
investigations and litigation primarily relating to Foreign Exchange £800m (Q114: nil), the own credit adjustment of £128m gain (Q114: £119m gain); the gain on valuation of a component of the defined retirement benefit liability
£429m (Q114: £nil) and the loss on sale of the Spanish business £118m (Q114: £nil). |
|
|
|
|
|
Barclays PLC |
|
15 |
|
|
Performance Management
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
31.03.15 |
|
|
Three months
ended
31.03.14 |
|
Average allocated tangible equity |
|
|
£bn |
|
|
|
£bn |
|
Personal and Corporate Banking |
|
|
13.6 |
|
|
|
13.1 |
|
Barclaycard |
|
|
5.0 |
|
|
|
4.5 |
|
Africa Banking |
|
|
3.1 |
|
|
|
2.7 |
|
Investment Bank |
|
|
14.5 |
|
|
|
14.7 |
|
Head
Office1 |
|
|
2.3 |
|
|
|
(2.8) |
|
Barclays Core |
|
|
38.5 |
|
|
|
32.2 |
|
Barclays Non-Core |
|
|
10.2 |
|
|
|
15.0 |
|
Barclays Group adjusted
total2 |
|
|
48.7 |
|
|
|
47.2 |
|
Barclays Group statutory total |
|
|
48.1 |
|
|
|
46.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
31.03.15 |
|
|
Three months
ended
31.03.14 |
|
Average allocated equity |
|
|
£bn |
|
|
|
£bn |
|
Personal and Corporate Banking |
|
|
18.1 |
|
|
|
17.4 |
|
Barclaycard |
|
|
6.3 |
|
|
|
5.6 |
|
Africa Banking |
|
|
4.1 |
|
|
|
3.7 |
|
Investment Bank |
|
|
15.4 |
|
|
|
15.4 |
|
Head
Office1 |
|
|
2.8 |
|
|
|
(2.5) |
|
Barclays Core |
|
|
46.7 |
|
|
|
39.6 |
|
Barclays Non-Core |
|
|
10.3 |
|
|
|
15.2 |
|
Barclays Group adjusted
total2 |
|
|
57.0 |
|
|
|
54.8 |
|
Barclays Group statutory total |
|
|
56.3 |
|
|
|
54.0 |
|
|
|
|
|
|
|
|
|
|
|
|
31.03.15 |
|
|
31.12.14 |
|
Period end allocated equity |
|
|
£bn |
|
|
|
£bn |
|
Personal and Corporate Banking |
|
|
18.1 |
|
|
|
17.9 |
|
Barclaycard |
|
|
6.2 |
|
|
|
6.2 |
|
Africa Banking |
|
|
4.0 |
|
|
|
4.0 |
|
Investment Bank |
|
|
14.7 |
|
|
|
14.7 |
|
Head
Office1 |
|
|
4.2 |
|
|
|
2.1 |
|
Barclays Core |
|
|
47.2 |
|
|
|
44.9 |
|
Barclays Non-Core |
|
|
9.7 |
|
|
|
11.0 |
|
Barclays Group adjusted total |
|
|
56.9 |
|
|
|
55.9 |
|
Barclays Group statutory total |
|
|
56.4 |
|
|
|
54.4 |
|
1 |
Based on risk weighted assets and capital deductions in Head Office and Other Operations, plus the residual balance of average ordinary shareholders
equity and tangible ordinary shareholders equity. The residual balance is caused by the Groups fully loaded CRD IV CET1 ratio being on average in the period below the 10.5% used to allocate equity and tangible equity to the businesses.
|
2 |
Adjusted Barclays Group average allocated equity and average allocated tangible equity exclude the cumulative impact of own credit charge on
retained earnings. |
|
|
|
|
|
Barclays PLC |
|
16 |
|
|
Performance Management
Margins and balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended 31.03.15 |
|
|
Three months ended 31.03.14 |
|
|
|
Net interest income |
|
|
Average customer assets |
|
|
Net interest margin |
|
|
Net interest income |
|
|
Average customer assets |
|
|
Net interest margin |
|
|
|
£m |
|
|
£m |
|
|
% |
|
|
£m |
|
|
£m |
|
|
% |
|
Personal and Corporate Banking |
|
|
1,601 |
|
|
|
214,645 |
|
|
|
3.02 |
|
|
|
1,528 |
|
|
|
207,433 |
|
|
|
2.99 |
|
Barclaycard |
|
|
821 |
|
|
|
37,909 |
|
|
|
8.78 |
|
|
|
746 |
|
|
|
32,911 |
|
|
|
9.19 |
|
Africa Banking |
|
|
533 |
|
|
|
36,603 |
|
|
|
5.91 |
|
|
|
503 |
|
|
|
34,488 |
|
|
|
5.91 |
|
Total Personal and Corporate Banking, Barclaycard and Africa Banking |
|
|
2,955 |
|
|
|
289,157 |
|
|
|
4.14 |
|
|
|
2,777 |
|
|
|
274,832 |
|
|
|
4.10 |
|
Other |
|
|
76 |
|
|
|
|
|
|
|
|
|
|
|
321 |
|
|
|
|
|
|
|
|
|
Total net interest income |
|
|
3,031 |
|
|
|
|
|
|
|
|
|
|
|
3,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly analysis for PCB, Barclaycard and Africa Banking
|
|
Quarter ended 31.03.15 |
|
|
Net interest
income
£m |
|
|
Average customer
assets
£m |
|
|
Net interest margin
% |
|
Personal and Corporate Banking |
|
|
1,601 |
|
|
|
214,645 |
|
|
|
3.02 |
|
Barclaycard |
|
|
821 |
|
|
|
37,909 |
|
|
|
8.78 |
|
Africa Banking |
|
|
533 |
|
|
|
36,603 |
|
|
|
5.91 |
|
Total Personal and Corporate Banking, Barclaycard and Africa Banking |
|
|
2,955 |
|
|
|
289,157 |
|
|
|
4.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended 31.12.14 |
|
Personal and Corporate Banking |
|
|
1,619 |
|
|
|
212,444 |
|
|
|
3.02 |
|
Barclaycard |
|
|
757 |
|
|
|
36,932 |
|
|
|
8.13 |
|
Africa Banking |
|
|
546 |
|
|
|
36,465 |
|
|
|
5.94 |
|
Total Personal and Corporate Banking, Barclaycard and Africa Banking |
|
|
2,922 |
|
|
|
285,841 |
|
|
|
4.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended 30.09.14 |
|
Personal and Corporate Banking |
|
|
1,622 |
|
|
|
210,859 |
|
|
|
3.05 |
|
Barclaycard |
|
|
787 |
|
|
|
35,308 |
|
|
|
8.84 |
|
Africa Banking |
|
|
540 |
|
|
|
35,026 |
|
|
|
6.12 |
|
Total Personal and Corporate Banking, Barclaycard and Africa Banking |
|
|
2,949 |
|
|
|
281,193 |
|
|
|
4.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended 30.06.14 |
|
Personal and Corporate Banking |
|
|
1,529 |
|
|
|
209,040 |
|
|
|
2.93 |
|
Barclaycard |
|
|
754 |
|
|
|
33,904 |
|
|
|
8.92 |
|
Africa Banking |
|
|
504 |
|
|
|
34,660 |
|
|
|
5.83 |
|
Total Personal and Corporate Banking, Barclaycard and Africa Banking |
|
|
2,787 |
|
|
|
277,604 |
|
|
|
4.03 |
|
|
|
|
|
|
Barclays PLC |
|
17 |
|
|
Condensed Consolidated Financial Statements
Consolidated summary income statement
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Three months ended |
|
Continuing operations |
|
31.03.15 |
|
|
31.03.2014 |
|
|
|
£m |
|
|
£m |
|
Total income net of insurance claims |
|
|
6,558 |
|
|
|
6,769 |
|
Credit impairment charges and other provisions |
|
|
(477) |
|
|
|
(548) |
|
Net operating income |
|
|
6,081 |
|
|
|
6,221 |
|
|
|
|
|
|
|
|
|
|
Staff costs |
|
|
(2,213) |
|
|
|
(2,943) |
|
Administration and general expenses |
|
|
(2,432) |
|
|
|
(1,492) |
|
Operating expenses |
|
|
(4,645) |
|
|
|
(4,435) |
|
|
|
|
|
|
|
|
|
|
Share of post-tax results of associates and joint ventures |
|
|
20 |
|
|
|
26 |
|
(Loss)/profit on disposal of subsidiaries, associates and joint ventures |
|
|
(119) |
|
|
|
- |
|
Profit before tax |
|
|
1,337 |
|
|
|
1,812 |
|
Tax |
|
|
(612) |
|
|
|
(597) |
|
Profit after tax |
|
|
725 |
|
|
|
1,215 |
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
Ordinary equity holders of the parent |
|
|
465 |
|
|
|
965 |
|
Other equity holders |
|
|
80 |
|
|
|
49 |
|
Total equity holders |
|
|
545 |
|
|
|
1,014 |
|
Non-controlling interests |
|
|
180 |
|
|
|
201 |
|
Profit after tax |
|
|
725 |
|
|
|
1,215 |
|
|
|
|
|
|
|
|
|
|
Earnings per share from continuing operations |
|
|
|
|
|
|
|
|
Basic earnings per ordinary share1 |
|
|
2.9p |
|
|
|
6.0p |
|
1 |
The profit after tax attributable to other equity holders of £80m (March 2014: £49m) is offset by a tax credit recorded in reserves of £16m (March 2014:
£11m). The net amount of £64m (March 2014: £38m), along with NCI, is deducted from profit after tax in order to calculate earnings per share. |
|
|
|
|
|
Barclays PLC |
|
18 |
|
|
Condensed Consolidated Financial Statements
Consolidated summary balance sheet
|
|
|
|
|
|
|
|
|
|
|
|
As at |
|
|
|
As at |
|
Assets |
|
31.03.15 |
|
|
31.12.2014 |
|
|
|
£m |
|
|
£m |
|
Cash, balances at central banks |
|
|
33,191 |
|
|
|
39,695 |
|
Items in the course of collection from other banks |
|
|
1,382 |
|
|
|
1,210 |
|
Trading portfolio assets |
|
|
118,601 |
|
|
|
114,717 |
|
Financial assets designated at fair value |
|
|
36,917 |
|
|
|
38,300 |
|
Derivative financial instruments |
|
|
480,144 |
|
|
|
439,909 |
|
Available for sale financial investments |
|
|
95,222 |
|
|
|
86,066 |
|
Loans and advances to banks |
|
|
52,122 |
|
|
|
42,111 |
|
Loans and advances to customers |
|
|
451,715 |
|
|
|
427,767 |
|
Reverse repurchase agreements and other similar secured lending |
|
|
123,581 |
|
|
|
131,753 |
|
Other assets |
|
|
23,534 |
|
|
|
36,378 |
|
Total assets |
|
|
1,416,409 |
|
|
|
1,357,906 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Deposits from banks |
|
|
69,056 |
|
|
|
58,390 |
|
Items in the course of collection due to banks |
|
|
1,616 |
|
|
|
1,177 |
|
Customer accounts |
|
|
446,514 |
|
|
|
427,704 |
|
Repurchase agreements and other similar secured borrowing |
|
|
115,506 |
|
|
|
124,479 |
|
Trading portfolio liabilities |
|
|
45,460 |
|
|
|
45,124 |
|
Financial liabilities designated at fair value |
|
|
57,302 |
|
|
|
56,972 |
|
Derivative financial instruments |
|
|
483,755 |
|
|
|
439,320 |
|
Debt securities in issue |
|
|
89,203 |
|
|
|
86,099 |
|
Subordinated liabilities |
|
|
21,385 |
|
|
|
21,153 |
|
Other liabilities |
|
|
19,524 |
|
|
|
31,530 |
|
Total liabilities |
|
|
1,349,321 |
|
|
|
1,291,948 |
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Called up share capital and share premium |
|
|
21,381 |
|
|
|
20,809 |
|
Other reserves1 |
|
|
3,679 |
|
|
|
2,724 |
|
Retained earnings |
|
|
31,310 |
|
|
|
31,712 |
|
Shareholders equity attributable to ordinary shareholders of the parent |
|
|
56,370 |
|
|
|
55,245 |
|
Other equity instruments |
|
|
4,323 |
|
|
|
4,322 |
|
Total equity excluding non-controlling interests |
|
|
60,693 |
|
|
|
59,567 |
|
Non-controlling interests |
|
|
6,395 |
|
|
|
6,391 |
|
Total equity |
|
|
67,088 |
|
|
|
65,958 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
|
1,416,409 |
|
|
|
1,357,906 |
|
Consolidated statement of changes in equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended 31.03.15 |
|
Called up share capital and share premium |
|
|
Other equity instruments |
|
|
Other reserves1 |
|
|
Retained earnings |
|
|
Total |
|
|
Non- controlling interests |
|
|
Total equity |
|
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
Balance at 1 January 2015 |
|
|
20,809 |
|
|
|
4,322 |
|
|
|
2,724 |
|
|
|
31,712 |
|
|
|
59,567 |
|
|
|
6,391 |
|
|
|
65,958 |
|
Profit after tax |
|
|
- |
|
|
|
80 |
|
|
|
- |
|
|
|
465 |
|
|
|
545 |
|
|
|
180 |
|
|
|
725 |
|
Other comprehensive profit after tax for the period |
|
|
- |
|
|
|
- |
|
|
|
962 |
|
|
|
(303) |
|
|
|
659 |
|
|
|
21 |
|
|
|
680 |
|
Issue of shares |
|
|
572 |
|
|
|
- |
|
|
|
- |
|
|
|
150 |
|
|
|
722 |
|
|
|
- |
|
|
|
722 |
|
Issue and exchange of equity instruments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(193) |
|
|
|
(193) |
|
Coupons paid on other equity instruments |
|
|
- |
|
|
|
(80) |
|
|
|
- |
|
|
|
16 |
|
|
|
(64) |
|
|
|
- |
|
|
|
(64) |
|
Treasury shares |
|
|
- |
|
|
|
- |
|
|
|
(7) |
|
|
|
(695) |
|
|
|
(702) |
|
|
|
- |
|
|
|
(702) |
|
Other movements |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
(35) |
|
|
|
(34) |
|
|
|
(4) |
|
|
|
(38) |
|
Balance at 31 March 2015 |
|
|
21,381 |
|
|
|
4,323 |
|
|
|
3,679 |
|
|
|
31,310 |
|
|
|
60,693 |
|
|
|
6,395 |
|
|
|
67,088 |
|
1 |
Other Reserves includes currency translation reserve of £0.2bn (December 2014: £0.6bn debit), available for sale investments of £0.5bn (December 2014:
£0.6bn), cash flow hedge reserve of £2.0bn (December 2014: £1.8bn), other reserves and treasury shares of £0.9bn (December 2014: £0.9bn). |
|
|
|
|
|
Barclays PLC |
|
19 |
|
|
Capital
CRD IV capital
The Capital Requirements Regulation and Capital Requirements Directive implemented Basel 3 within the EU (collectively known as CRD IV) on
1 January 2014. The rules are supplemented by Regulatory Technical Standards and the PRAs rulebook, including the implementation of transitional rules. However, rules and guidance are still subject to change as certain aspects of CRD IV
are dependent on final technical standards and clarifications to be issued by the EBA and adopted by the European Commission and the PRA. All capital, RWA and leverage calculations reflect Barclays interpretation of the current rules.
|
|
|
|
|
|
|
|
|
Capital ratios |
|
As at 31.03.15 |
|
|
As at 31.12.14 |
|
Fully loaded Common Equity Tier 1 |
|
|
10.6% |
|
|
|
10.3% |
|
PRA Transitional Common Equity Tier 11,2 |
|
|
10.6% |
|
|
|
10.2% |
|
PRA Transitional Tier 13,4 |
|
|
13.3% |
|
|
|
13.0% |
|
PRA Transitional Total Capital3,4 |
|
|
16.8% |
|
|
|
16.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital resources |
|
£m |
|
|
£m |
|
Shareholders equity (excluding non controlling interests) per the balance sheet |
|
|
60,693 |
|
|
|
59,567 |
|
- Less: Other equity instruments (recognised as AT1 capital) |
|
|
(4,323) |
|
|
|
(4,322) |
|
Adjustment to retained earnings for foreseeable dividends |
|
|
(981) |
|
|
|
(615) |
|
|
|
|
|
|
|
|
|
|
Minority interests (amount allowed in consolidated CET1) |
|
|
1,249 |
|
|
|
1,227 |
|
|
|
|
|
|
|
|
|
|
Other regulatory adjustments and deductions: |
|
|
|
|
|
|
|
|
Additional value adjustments (PVA) |
|
|
(1,984) |
|
|
|
(2,199) |
|
Goodwill and intangible assets |
|
|
(8,255) |
|
|
|
(8,127) |
|
Deferred tax assets that rely on future profitability excluding temporary differences |
|
|
(1,180) |
|
|
|
(1,080) |
|
Fair value reserves related to gains or losses on cash flow hedges |
|
|
(2,029) |
|
|
|
(1,814) |
|
Excess of expected losses over impairment |
|
|
(1,727) |
|
|
|
(1,772) |
|
Gains or losses on liabilities at fair value resulting from own credit |
|
|
497 |
|
|
|
658 |
|
Direct and indirect holdings by an institution of own CET1 instruments |
|
|
(56) |
|
|
|
(25) |
|
Other regulatory adjustments |
|
|
(72) |
|
|
|
(45) |
|
Fully loaded CET1 capital |
|
|
41,833 |
|
|
|
41,453 |
|
Regulatory adjustments relating to unrealised gains1 |
|
|
- |
|
|
|
(583) |
|
PRA Transitional CET1 capital |
|
|
41,833 |
|
|
|
40,870 |
|
|
|
|
|
|
|
|
|
|
Additional Tier 1 (AT1) capital |
|
|
|
|
|
|
|
|
Capital instruments and related share premium accounts |
|
|
4,323 |
|
|
|
4,322 |
|
Qualifying AT1 capital (including minority interests) issued by subsidiaries |
|
|
6,815 |
|
|
|
6,870 |
|
Other regulatory adjustments and deductions |
|
|
(130) |
|
|
|
- |
|
Transitional Additional Tier 1 capital |
|
|
11,008 |
|
|
|
11,192 |
|
PRA Transitional Tier 1 capital |
|
|
52,841 |
|
|
|
52,062 |
|
|
|
|
|
|
|
|
|
|
Tier 2 (T2) capital |
|
|
|
|
|
|
|
|
Capital instruments and related share premium accounts |
|
|
840 |
|
|
|
800 |
|
Qualifying T2 capital (including minority interests) issued by subsidiaries |
|
|
13,126 |
|
|
|
13,529 |
|
Other regulatory adjustments and deductions |
|
|
(254) |
|
|
|
(48) |
|
PRA Transitional total regulatory capital |
|
|
66,553 |
|
|
|
66,343 |
|
|
|
|
|
|
|
|
|
|
Risk weighted assets |
|
|
395,899 |
|
|
|
401,900 |
|
1 |
The transitional regulatory adjustment for unrealised gains is no longer applicable from 1 January 2015 resulting in CET 1 capital on a fully loaded basis being equal to
that on a transitional basis. |
2 |
The CRD IV CET1 ratio (FSA October 2012 transitional statement) as applicable to Barclays Tier 2 Contingent Capital Notes was 12.3% based on £48.5bn of
transitional CRD IV CET1 capital and £395.9bn of RWAs. This is calculated as CET1 capital as adjusted for the transitional relief (£48.5bn), divided by CRD IV RWAs. The following transitional relief items are added back to CET1 capital:
Goodwill and Intangibles (£5.0bn), Deferred tax asset (£0.7bn), Debit valuation adjustment (£0.2bn), Expected losses over impairment (£1.0bn) and Excess minority interest (£0.2bn), partially offset by the defined
benefit pension adjustment (£0.4bn) |
3 |
The PRA transitional capital is based on guidance provided in policy statement PS 7/13 on strengthening capital standards published in December 2013.
|
4 |
As at 31 March 2015, Barclays fully loaded Tier 1 capital was £46,322m, and the fully loaded Tier 1 ratio was 11.7%. Fully loaded total regulatory capital was
£61,863m and the fully loaded total capital ratio was 15.6%. The fully loaded Tier 1 capital and total capital measures are calculated without applying the transitional provisions set out in CRD IV and assessing compliance of AT1 and T2
instruments against the relevant criteria in CRD IV. |
|
|
|
|
|
Barclays PLC |
|
20 |
|
|
Capital
|
|
|
|
|
Movement in Common Equity Tier 1 (CET1) capital |
|
Three months ended 31.03.15
£m |
|
Opening CET1 capital |
|
|
41,453 |
|
|
|
|
|
|
|
|
Profit for the period |
|
|
545 |
|
Movement in own credit |
|
|
(161) |
|
Movement in dividends |
|
|
(430) |
|
Retained regulatory capital generated from earnings |
|
|
(46) |
|
|
|
|
|
|
|
|
Movement in reserves - net impact of share schemes |
|
|
20 |
|
Movement in available for sale reserves |
|
|
(55) |
|
Movement in currency translation reserves |
|
|
813 |
|
Movement in retirement benefits |
|
|
(314) |
|
Other reserves movements |
|
|
(34) |
|
Movement in other qualifying reserves |
|
|
430 |
|
|
|
|
|
|
|
|
Minority interests |
|
|
22 |
|
Additional value adjustments (PVA) |
|
|
215 |
|
Goodwill and intangible assets |
|
|
(128) |
|
Deferred tax assets that rely on future profitability excluding those arising from temporary differences |
|
|
(100) |
|
Excess of expected loss over impairment |
|
|
45 |
|
Direct and indirect holdings by an institution of own CET1 instruments |
|
|
(31) |
|
Other regulatory adjustments |
|
|
(27) |
|
Movement in regulatory adjustments and deductions |
|
|
(4) |
|
|
|
|
|
|
Closing CET 1 capital |
|
|
41,833 |
|
|
|
|
|
|
Barclays PLC |
|
21 |
|
|
Leverage
Leverage ratio requirements
In January 2014, the Basel Committee finalised its revised standards (BCBS 270) for calculating the Basel 3 leverage ratio. The European Commission
has implemented the amendments into the CRR via a delegated act which came into force from January 2015. The leverage calculation below uses the end-point CRR definition of Tier 1 capital for the numerator and the CRR definition of leverage exposure
as adopted by a European Union delegated act.
Barclays does not believe that there is a material difference between the BCBS 270
leverage exposure previously disclosed and a leverage exposure calculated in accordance with the delegated act.
At 31 March 2015
Barclays leverage ratio was 3.7%, which is in line with the expected minimum fully loaded requirement outlined by the Financial Policy Committee (FPC) of 3.7%, comprising the 3% minimum requirement, and the fully phased-in G-SII buffer.
|
|
|
|
|
|
|
|
|
Leverage impact |
|
As at 31.03.15 |
|
|
As at 31.12.14 |
|
Leverage exposure |
|
£bn |
|
|
£bn |
|
|
|
|
|
|
|
|
|
|
Accounting assets |
|
|
|
|
|
|
|
|
Derivative financial instruments |
|
|
480 |
|
|
|
440 |
|
Cash collateral |
|
|
80 |
|
|
|
73 |
|
Reverse repurchase agreements |
|
|
124 |
|
|
|
132 |
|
Loans and advances and other assets |
|
|
732 |
|
|
|
713 |
|
Total IFRS assets |
|
|
1,416 |
|
|
|
1,358 |
|
|
|
|
|
|
|
|
|
|
Regulatory consolidation adjustments |
|
|
(8) |
|
|
|
(8) |
|
|
|
|
|
|
|
|
|
|
Derivatives adjustments |
|
|
|
|
|
|
|
|
Derivatives netting |
|
|
(436) |
|
|
|
(395) |
|
Adjustments to cash collateral |
|
|
(63) |
|
|
|
(53) |
|
Net written credit protection |
|
|
25 |
|
|
|
27 |
|
Potential Future Exposure on derivatives |
|
|
176 |
|
|
|
179 |
|
Total derivatives adjustments |
|
|
(298) |
|
|
|
(242) |
|
|
|
|
|
|
|
|
|
|
Securities financing transactions (SFTs) adjustments |
|
|
46 |
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
Regulatory deductions and other adjustments |
|
|
(15) |
|
|
|
(15) |
|
Weighted off balance sheet commitments |
|
|
114 |
|
|
|
115 |
|
|
|
|
|
|
|
|
|
|
Total fully loaded leverage exposure |
|
|
1,255 |
|
|
|
1,233 |
|
|
|
|
|
|
|
|
|
|
Fully loaded CET 1 capital |
|
|
41.8 |
|
|
|
41.5 |
|
Fully loaded AT1 capital |
|
|
4.5 |
|
|
|
4.6 |
|
Fully loaded Tier 1 capital |
|
|
46.3 |
|
|
|
46.0 |
|
|
|
|
|
|
|
|
|
|
Fully loaded leverage ratio |
|
|
3.7% |
|
|
|
3.7% |
|
|
|
|
|
|
Barclays PLC |
|
22 |
|
|
Shareholder Information
|
|
|
Results timetable1 |
|
Date |
Ex-dividend date |
|
7 May 2015 |
Dividend Record date |
|
8 May 2015 |
Scrip reference share price set and made available to shareholders |
|
14 May 2015 |
|
|
Cut off time of 4.30 pm (London time) for the receipt of Mandate Forms or Revocation Forms (as applicable) |
|
22 May 2015 |
Dividend Payment date /first day of dealing in new shares |
|
15 June 2015 |
2015 interim results announcement |
|
29 July 2015 |
For qualifying US and Canadian resident ADR holders, the first interim dividend of 1p per ordinary share becomes 4p per
ADS (representing four shares). The ADR depositary will post the first interim dividend on Monday 15 June 2015 to ADR holders on the record at close of business on Friday 8 May 2015. The ex-dividend date will be Wednesday 6 May 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change3 |
|
Exchange rates2 |
|
31.03.15 |
|
|
31.12.14 |
|
|
31.03.14 |
|
|
31.12.14 |
|
|
31.03.14 |
|
Period end - USD/GBP |
|
|
1.49 |
|
|
|
1.56 |
|
|
|
1.67 |
|
|
|
(4%) |
|
|
|
(11%) |
|
3 Month average - USD/GBP |
|
|
1.51 |
|
|
|
1.58 |
|
|
|
1.66 |
|
|
|
(4%) |
|
|
|
(9%) |
|
Period end - EUR/GBP |
|
|
1.38 |
|
|
|
1.28 |
|
|
|
1.21 |
|
|
|
8% |
|
|
|
14% |
|
3 Month average - EUR/GBP |
|
|
1.35 |
|
|
|
1.27 |
|
|
|
1.21 |
|
|
|
6% |
|
|
|
12% |
|
Period end - ZAR/GBP |
|
|
18.00 |
|
|
|
18.03 |
|
|
|
17.54 |
|
|
|
- |
|
|
|
3% |
|
3 Month average - ZAR/GBP |
|
|
17.79 |
|
|
|
17.75 |
|
|
|
17.97 |
|
|
|
- |
|
|
|
(1%) |
|
|
|
|
|
|
|
Share price data |
|
31.03.15 |
|
|
31.12.14 |
|
|
31.03.14 |
|
|
|
|
|
|
|
Barclays PLC (p) |
|
|
242.60 |
|
|
|
243.50 |
|
|
|
233.40 |
|
|
|
|
|
|
|
|
|
Barclays PLC number of shares (m) |
|
|
16,717 |
|
|
|
16,498 |
|
|
|
16,390 |
|
|
|
|
|
|
|
|
|
Barclays Africa Group Limited (formerly Absa Group Limited) (ZAR) |
|
|
185.00 |
|
|
|
182.00 |
|
|
|
149.00 |
|
|
|
|
|
|
|
|
|
Barclays Africa Group Limited (formerly Absa Group Limited) number of shares (m) |
|
|
848 |
|
|
|
848 |
|
|
|
848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For further information please contact |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor relations |
|
Media relations |
Charlie Rozes +44 (0) 20 7116 5752 |
|
Will Bowen +44 (0) 20 3134 7744 |
More information on Barclays can be found on our website: Barclays.com
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: 0871 384 20554 from the UK or +44 121 415 7004 from overseas.
Global Systemically Important
Institutions
Barclays is required by the PRA following an EBA request to publicly disclose the Global Systemically Important Institutions
template for the reporting period 31 December 2014. This will be available at: http://www.barclays.com/barclays-investor-relations/investor-news.html on 30 April 2015.
1 |
Note that these announcement dates are provisional and subject to change. Any changes to the Scrip Dividend Programme dates will be made available at
Barclays.com/dividends. |
2 |
The average rates shown above are derived from daily spot rates during the year used to convert foreign currency transactions into GBP for accounting
purposes. |
3 |
The change is the impact to GBP reported information. |
4 |
Calls cost 8p per minute plus network extras. Lines open 8.30am to 5.30pm UK time, Monday to Friday, excluding UK public holidays.
|
|
|
|
|
|
Barclays PLC |
|
23 |
|
|
Glossary
Glossary of terms
A-IRB / Advanced-Internal Ratings Based See Internal Ratings Based (IRB) approach.
ABS CDO Super Senior Super senior tranches of debt linked to collateralised debt obligations of asset backed securities (defined below). Payment of
super senior tranches takes priority over other obligations.
Acceptances and endorsements An acceptance is an undertaking by a bank to pay
a bill of exchange drawn on a customer. The Group expects most acceptances to be presented, but reimbursement by the customer is normally immediate. Endorsements are residual liabilities of the Group in respect of bills of exchange which have been
paid and subsequently rediscounted.
Additional Tier 1 (AT1) capital In the context of CRD IV, a measure of a banks financial strength
as defined the Capital Requirements Regulation.
Additional Tier 1 (AT1) securities Securities that are traded as additional tier 1 (AT1)
capital in the context of CRD IV.
Adjusted attributable profit Adjusted profit, after tax and non-controlling interests share,
attributable to the shareholders of Barclays PLC.
Adjusted basic earnings per share Basic earnings per share, based on adjusted
attributable earnings.
Adjusted compensation: net operating income Compensation costs as a proportion of adjusted net operating income
(adjusted income less credit impairment charges and other provisions).
Adjusted cost: income ratio Adjusted operating expenses (defined
below) compared to adjusted income (defined below).
Adjusted income Total income net of insurance claims adjusted to exclude the impact of own
credit, Education, Social Housing, and Local Authority (ESHLA) valuation revision and gain on US Lehman acquisition assets.
Adjusted total
operating expenses Total operating expenses adjusted to exclude goodwill impairment, provisions for Payment Protection Insurance and claims management costs (PPI) and interest rate hedging redress, provisions for investigations and litigation
primarily relating to Foreign Exchange and gain on valuation of a component of the defined retirement benefit liability.
Adjusted profit before
tax Profit before tax adjusted to exclude the impact of own credit, goodwill impairment, provisions for Payment Protection Insurance and claims management costs (PPI) and interest rate hedging redress, gain on US Lehman acquisition assets,
provisions for investigations and litigation primarily relating to Foreign Exchange, loss on sale of the Spanish business; Education, Social Housing, and Local Authority (ESHLA) valuation revision, and gain on valuation of a component of the defined
retirement benefit liability.
Adjusted return on average risk weighted assets Annualised adjusted profit after tax as a proportion of
average risk weighted assets.
Adjusted return on average shareholders equity Annualised adjusted profit after tax attributable to
ordinary shareholders, including an adjustment for the tax credit in reserves in respect of other equity instruments, as a proportion of average shareholders equity, excluding non-controlling interests and other equity instruments.
Adjusted return on average tangible shareholders equity Annualised adjusted profit after tax attributable to ordinary shareholders, including an
adjustment for the tax credit in reserves in respect of other equity instruments, as a proportion of average shareholders equity excluding non-controlling interests and other equity instruments adjusted for the deduction of intangible assets
and goodwill.
|
|
|
|
|
Barclays PLC |
|
24 |
|
|
Glossary
Advanced Measurement Approach Under Basel II, operational risk charges can be calculated by using one
of three methods (or approaches) that increase in sophistication and risk sensitivity: (i) the Basic Indicator Approach; (ii) the Standardised Approach; and (iii) Advanced Measurement Approaches (AMA). Under AMA the banks are allowed
to develop their own empirical model to quantify required capital for operational risk. Banks can only use this approach subject to approval from their local regulators.
Africa Banking The previously reported Africa Retail and Business Banking combined with other businesses across Africa previously reported within Barclaycard, the Investment Bank, Corporate Banking and
Wealth Management. The Africa head office function is also included in 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.
Agencies Bonds issued by state and / or government agencies or government-sponsored entities.
Agency Mortgage-Backed Securities Mortgage-Backed Securities issued by government-sponsored institutions.
All price risk (APR) An estimate of all the material market risks, including rating migration and default for the correlation trading portfolio.
American Depository Receipts (ADR) A negotiable certificate that represents the ownership of shares in a non-US company (for example
Barclays) trading in US financial markets.
Americas Geographic segment comprising the USA, Canada and countries where Barclays operates
within Latin America.
Annual Earnings at Risk (AEaR) Impact on earnings of a parallel (upward or downward) movement in interest rates.
Application scorecards Algorithm based decision tools used to aid business decisions and manage credit risk based on available customer
data at the point of application for a product.
Arrears Customers are said to be in arrears when they are behind in fulfilling their
obligations with the result that an outstanding loan is unpaid or overdue. Such customers are also said to be in a state of delinquency. When a customer is in arrears, their entire outstanding balance is said to be delinquent, meaning that
delinquent balances are the total outstanding loans on which payments are overdue.
Arrears Managed accounts Arrears Managed accounts are
principally Business Lending customers in arrears with an exposure limit less than £50,000 in the UK and 100,000 in Europe,
supervised using processes designed to manage a homogeneous set of assets.
Asia Geographic segment comprising countries where Barclays
operates within Asia (including Singapore, Japan, China and India), Australasia and the Middle East.
Asset Backed Commercial Paper
Typically short-term notes secured on specified assets issued by consolidated special purpose entities for funding purposes.
Asset Backed
Securities (ABS) Securities that represent an interest in an underlying pool of referenced assets. The referenced pool can comprise any assets which attract a set of associated cash flows but are commonly pools of residential or commercial
mortgages and, in the case of Collateralised Debt Obligations (CDOs), the referenced pool may be ABS or other classes of assets.
Attributable
profit Profit after tax that is attributable to ordinary equity holders of the parent adjusted for the after tax amounts of capital securities classified as equity.
|
|
|
|
|
Barclays PLC |
|
25 |
|
|
Glossary
Back testing Includes a number of techniques that assess the continued statistical validity of a model
by simulating how the model would have predicted recent experience.
Balance weighted Loan to Value (LTV) ratio In the context of the credit
risk disclosures on secured home loans, a means of calculating marked to market LTVs derived by calculating individual LTVs at account level and weighting it by the balances to arrive at the average position. Balance weighted loan to value is
calculated using the following formula: LTV = ((loan balance 1 x MTM LTV% for loan 1) + (loan balance 2 x MTM LTV% for loan 2) +
)) / total outstandings in portfolio.
The Bank Barclays Bank PLC.
Barclaycard An international consumer payments company serving
the needs of businesses and consumers through credit cards, consumer lending, merchant acquiring, commercial cards and point of sale finance. Barclaycard has scaled operations in UK, US, Germany, Iberia and Scandinavia.
Barclays Core The Core Barclays business of Personal and Corporate Banking, Barclaycard, Africa Banking and the Investment Bank, along with Head Office
and Other Operations. See also Barclays Non-Core
Barclays Direct A Barclays brand, comprising the savings and mortgage
businesses acquired from ING Direct UK in March 2013.
Barclays Non-Core This unit groups together businesses and assets that are not
strategically attractive to Barclays and that will be exited, or run down, over time. See also Barclays Core
Basel 2 The second
of the Basel accords. It sets a framework of minimum capital requirements for banks covering credit, operational and market risk; supervisory review of banks assessment of capital adequacy and disclosure requirements.
Basel 3 The third of the Basel Accords on banking supervision. Developed in response to the financial crisis of 2008, setting new requirements on
composition of capital, counterparty credit risk, liquidity and leverage ratios.
Basel Committee of Banking Supervisors (BCBS or The Basel
Committee) A forum for regular cooperation on banking supervisory matters which develops global supervisory standards for the banking industry. Its members are officials from central banks or prudential supervisors from 27 countries and
territories.
BCBS 270 leverage exposure The denominator of the internationally agreed Basel III leverage ratio. The exposure measure makes
certain adjustments to Total assets under IFRS in accordance with the requirements stated in BCBS 270 (Basel III leverage ratio framework and disclosure requirements).
Basis point(s) / bp(s) One hundredth of a per cent (0.01%); 100 basis points is 1%. The measure is used in quoting movements in interest rates, yields on securities and for other purposes.
Basis risk Measures the impact of changes in tenor basis (e.g., the basis between swaps vs. 3 month (3M) Libor and swaps vs. 6 month
(6M) Libor) and cross currency basis.
Behavioural scorecards Algorithm based decision tools used to aid business decisions and
manage credit risk based on existing customer data derived from account usage.
BIPRU The Prudential sourcebook for Banks Building Societies
and Investment Firms maintained by the FCA.
Book quality In the context of the Funding Risk, Capital section, changes in RWAs caused by
factors such as underlying customer behaviour or demographics leading to changes in risk profile.
|
|
|
|
|
Barclays PLC |
|
26 |
|
|
Glossary
Book size In the context of the Funding Risk, Capital section, changes in RWAs driven by business
activity, including net originations or repayments.
Businesses In the context of Non-Core Analysis of Total income, Non Core Businesses
comprise ongoing businesses seeking to be sold-off or run down including Europe retail and non-core elements of the Investment Bank and other non strategic businesses.
Business Lending Business Lending in Personal and Corporate Banking that primarily relates to small and medium enterprises typically with exposures up to £3m or with a turnover up to £5m.
Business scenario stresses Multi asset scenario analysis of extreme, but plausible events that may impact the market risk exposures of the
Investment Bank.
Buy to let mortgage A mortgage where the intention of the customer (investor) was to let the property at origination.
Capital Conservation Buffer (CCB) Additional Common Tier 1 capital required to be held under Basel III rules to ensure that banks build up
surplus capital outside periods of stress which can be drawn down if losses are incurred.
Capital ratios Key financial ratios measuring the
Groups capital adequacy or financial strength. These include the CET 1 ratio, Tier 1 capital ratio and Total Capital ratio.
Capital
requirements Amount to be held by the Group to cover the risk of losses to a certain confidence level.
Capital resources Financial
instruments on balance sheet that are eligible to satisfy capital requirements.
Central Counterparty / Central Clearing
Counterparties (CCPs) A clearing house mediating between the buyer and the seller in a financial transaction, such as a derivative contract or repurchase agreement (repo). Where a central counterparty is used, a single bi-lateral contract
between the buyer and seller is replaced with two contracts, one between the buyer and the CCP and one between the CCP and the seller. The use of CCPs allows for greater oversight and improved credit risk mitigation in over-the-counter (OTC)
markets.
Charge-off In the retail segment this refers to the point in time when collections activity changes from the collection of arrears
to the recovery of the full balance. This is normally when six payments are in arrears.
Charges add-on and non VaR In the context of risk
weighted assets, any additional Market Risk not captured within Modelled VaR, including Incremental Risk charges and Correlation Risk.
Client
Assets Assets managed or administered by Barclays on behalf of clients including Assets under Management (AUM), Custody assets, Assets under Administration and client deposits.
CLOs and Other insured assets Highly rated CLO positions wrapped by monolines, non-CLOs wrapped by monolines and other assets wrapped with Credit Support Annex (CSA) protection.
Collateralised Debt Obligation (CDO) Securities issued by a third party which reference Asset Backed Securities (ABSs) (defined above) and/or certain
other related assets purchased by the issuer. CDOs may feature exposure to sub-prime mortgage assets through the underlying assets.
Collateralised Loan Obligation (CLO) A security backed by the repayments from a pool of commercial loans. The payments may be made to different classes
of owners (in tranches).
Collateralised Mortgage Obligation (CMO) A type of security backed by mortgages. A special purpose entity receives
income from the mortgages and passes them on to investors of the security.
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Collectively assessed impairment allowances Impairment of financial assets is measured collectively
where a portfolio comprises homogenous assets and where appropriate statistical techniques are available.
Commercial paper (CP) Short-term
notes issued by entities, including banks, for funding purposes.
Commercial real estate Commercial real estate includes office buildings,
industrial property, medical centres, hotels, retail stores, shopping centres, farm land, multifamily housing buildings, warehouses, garages, and industrial properties and other similar properties. Commercial real estate loans are loans backed by a
package of commercial real estate. Note: for the purposes of the Credit Risk section, the UK CRE portfolio includes property investment, development, trading and housebuilders but excludes social housing contractors.
Committee of Sponsoring Organisations of the Treadway Commission Framework (COSO) A joint initiative of five private sector organisations dedicated to
providing development of frameworks and guidance on enterprise risk management, internal control and fraud deterrence.
Commodity
derivatives Exchange traded and over-the-counter (OTC) derivatives based on an underlying commodity (e.g. metals, precious metals, oil and oil related, power and natural gas).
Commodity risk Measures the impact of changes in commodity prices and volatilities, including the basis between related commodities (e.g. Brent vs. WTI crude prices).
Common Equity Tier 1 (CET1) capital In the context of CRD IV, a measure of capital that is predominantly common equity as defined by the Capital
Requirements Regulation.
Common Equity Tier 1 (CET 1) ratio A measure of the Groups common equity capital as a percentage of
risk-weighted assets under CRD IV. The Group must meet a prescribed ratio.
Compensation: income ratio The ratio of compensation paid to
employees over total income net of insurance claims. Compensation represents total staff costs less non-compensation items consisting of outsourcing, bank payroll tax, staff training, redundancy costs and retirement costs.
Constant Currency Basis Excludes the impact of foreign currency conversion to GBP when comparing financial results in two different financial periods.
Contingent capital notes (CCNs) Interest bearing debt securities issued by Barclays PLC or its subsidiaries that are either permanently
written off or converted into an equity instrument from the issuers perspective in the event of Barclays PLC Groups core tier 1 (CT1) or common equity tier 1 (CET1) ratio, as appropriate, falling below a specified level.
Core deposit intangibles Premium paid to acquire the deposit base of an institution
Correlation risk Refers to the change in marked to market value of a security when the correlation between the underlying assets changes over time.
Cost: income ratio Operating expenses compared to total income net of insurance claims.
Cost of Equity The rate of return targeted by the equity holders of a company.
Cost: net operating
income ratio Operating expenses compared to total income net of insurance claims less credit impairment charges and other provisions.
Cost
to Achieve (CTA) Non-recurring investment in initiatives which drive Barclays ambition to become the Go-To Bank.
Cost to income
jaws Relationship of the percentage change movement in total operating expenses relative to total income net of insurance claims
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Counter-Cyclical Capital Buffer (CCCB) Regulatory Capital of up to 2.5% of risk weighted assets that
is required to be held under Basel III rules to ensure that banks build up surplus capital when macroeconomics conditions indicate areas of the economy are overheating.
Counterparty credit risk In the context of Risk Weighted Assets by Risk, a component of risk weighted assets that represents the risk of loss in derivatives, repurchase agreements and similar
transactions resulting from the default of the counterparty.
Coverage ratio In the context of the credit risk disclosures, impairment
allowances as a percentage of credit risk loan balances.
Covered bonds Debt securities backed by a portfolio of mortgages that are
segregated from the issuers other assets solely for the benefit of the holders of the covered bonds.
CRD III The Third Capital
Requirements Directive. An EU Directive that came into force on 31 December 2011 updating market risk capital requirements and requirements relating to securitisation.
CRD IV The Fourth Capital Requirements Directive, an EU Directive and an accompanying Regulation that together prescribe EU capital adequacy and liquidity requirements and implements Basel 3 in the
European Union. CRD IV has come into effect on 1 January 2014.
Credit conversion factor (CCF) Factor used to estimate the risk from
off-balance sheet commitments for the purpose of calculating the total Exposure at Default (EAD) used to calculate risk weighted assets (RWAs).
Credit default swaps (CDS) A contract under which the protection seller receives premiums or interest-related payments in return for contracting to
make payments to the protection buyer in the event of a defined credit event. Credit events normally include bankruptcy, payment default on a reference asset or assets, or downgrades by a rating agency.
Credit derivatives (CDs) An arrangement whereby the credit risk of an asset (the reference asset) is transferred from the buyer to the seller of the
protection.
Credit enhancements See Liquidity and Credit enhancements.
Credit impairment charges Also known as credit impairment. Impairment charges on loans and advances to customers and banks and in respect
of undrawn facilities and guarantees (see Loan impairment) and impairment charges on available for sale assets and reverse repurchase agreements.
Credit market exposures Assets and other instruments relating to commercial real estate and leveraged finance businesses that have been significantly impacted by the deterioration in the global credit
markets. The exposures include positions subject to fair value movements in the Income Statement, positions that are classified as loans and advances and available for sale and other assets.
Credit Products Represents Credit and Securitised Products income.
Credit quality step In
the context of the Standardised Approach to calculating credit risk RWAs, a credit quality assessment scale maps the credit assessments of a recognised credit rating agency or export credit agency to credit quality steps that determine
the risk weight to be applied to an exposure.
Credit risk The risk of the Group suffering financial loss if a counterparty fails to fulfil
its contractual obligations to the Group under a loan agreement or similar. In the context of Risk Weighted Assets by Risk, it is the component of risk weighted assets that represents the risk of loss in loans and advances and similar transactions
resulting from the default of the counterparty.
Credit Risk Loans (CRLs) A loan becomes a credit risk loan when evidence of deterioration
has been observed, for example a missed payment or other breach of covenant. A loan may be reported in one of three categories: impaired loans, accruing past due 90 days or more, impaired or restructured loans. These
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may include loans which, while impaired, are still performing but have associated individual impairment allowances raised against them.
Credit risk mitigation A range of techniques and strategies to actively mitigate credit risks to which the bank is exposed. These can be broadly divided into three types; Collateral, Netting and
set-off, and Risk Transfer.
Credit spread The premium over the benchmark or risk-free rate required by the market to accept a lower credit
quality.
Credit Valuation Adjustment (CVA) The difference between the risk-free value of a portfolio of trades and the market value which
takes into account the counterpartys risk of default. The CVA therefore represents an estimate of the adjustment to fair value that a market participant would make to incorporate the credit risk of the counterparty due to any failure to
perform on contractual agreements.
CRL Coverage Impairment allowances as a percentage of total CRL (See Credit Risk Loans).
Also known as the CRL coverage ratio.
Customer assets Represents loans and advances to customers. Average balances are
calculated as the sum of all daily balances for the year to date divided by number of days in the year to date.
Customer deposits In the
context of Funding Risk, Liquidity section, money deposited by all individuals and companies that are not credit institutions. Such funds are recorded as liabilities in the Groups balance sheet under Customer Accounts.
Customer liabilities Customer deposits.
Customer net interest income The sum of customer asset and customer liability net interest income. Customer net interest income reflects interest
related to customer assets and liabilities only and does not include any interest on securities or other non-customer assets and liabilities.
CVA
volatility charge The volatility charge added to exposures that adjusts for mid-market valuation on a portfolio of transactions with a counterparty. This is to reflect the current market value of the credit risk associated with the
counterparty to the Bank.
Daily Value at Risk (DVaR) An estimate of the potential loss which might arise from market movements under normal
market conditions, if the current positions were to be held unchanged for one business day, measured to a specified confidence level.
DBRS
A credit rating agency.
Debit Valuation Adjustment (DVA) The opposite of credit valuation adjustment (CVA). It is the difference between
the risk-free value of a portfolio of trades and the market value which takes into account the Groups risk of default. The DVA, therefore, represents an estimate of the adjustment to fair value that a market participant would make to
incorporate the credit risk of the Group due to any failure to perform on contractual agreements. The DVA decreases the value of a liability to take into account a reduction in the remaining balance that would be settled should the Group default or
not perform in terms of contractual agreements.
Debt buy-backs Purchases of the Groups issued debt securities, including equity
accounted instruments, leading to their de-recognition from the balance sheet.
Debt securities in issue Transferable certificates of
indebtedness of the Group to the bearer of the certificates. These are liabilities of the Group and include certificates of deposit.
Default
grades Barclays classify ranges of default probabilities into a set of 21 intervals called default grades, in order to distinguish differences in the probability of default risk.
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Derivatives In the context of Non-Core Analysis of Total income, Derivatives comprise non strategic
businesses from the non-core Investment Bank
Derivatives netting Adjustments applied across asset and liability mark-to-market derivative
positions pursuant to legally enforceable bilateral netting agreements and eligible cash collateral received in derivative transactions that meet the requirements of BCBS 270.
Diversification effect Reflects the fact the risk of a diversified portfolio is smaller than the sum of the risks of its constituent parts. It is measured as the sum of the individual asset class DVaR
(see above) estimates less the total DVaR.
Dodd-Frank Act (DFA) The US Dodd-Frank Wall Street Reform and Consumer Protection Act. The
DFA is intended to address perceived deficiencies and gaps in the regulatory framework for financial services in the United States and implements comprehensive changes across the financial regulatory landscape.
Early warning lists (EWL) Categorisations for wholesale customers used within Personal and Corporate Banking to identify at an early stage those
customers where it is believed that difficulties may develop, allowing timely corrective action to be taken. There are three categories of EWL, with risk increasing from EWL 1 (caution) to EWL 2 (medium) and EWL 3 (high). It is expected that most
cases would be categorised EWL 1 before moving to 2 or 3, but it is recognised that some cases may be categorised to EWL 2 or 3 directly.
Early
Warning List (EWL) Managed accounts EWL Managed accounts are Business Lending customers that exceed the Arrears Managed limits and are monitored with standard processes that record heightened levels of risk through an EWL grading.
Earnings per Share contribution The attributable profit or loss generated by a particular business or segment divided by the weighted average number of
Barclays shares in issue to illustrate on a per share basis how that business or segment contributes total EPS.
Economic Value of Equity
(EVE) Change in the present value of the banking book of a parallel (upward or downward) interest rate shock.
Encumbrance The use of
assets to secure liabilities, such as by way of a lien or charge.
Enterprise Risk Management Framework (ERMF) Barclays Risk management
responsibilities are laid out in the Enterprise Risk Management Framework. This framework, which was introduced in 2013, creates clear ownership and accountability, ensures the Groups most significant risk exposures are controlled, understood
and managed in accordance with agreed risk appetite, and ensures regular reporting of both risk exposures and the operating effectiveness of controls. This framework also clarifies the definition of the three lines of defence and extends its
scope to all businesses and functions.
Equities Trading businesses encompassing Cash Equities, Equity Derivatives & Equity
Financing
Equity and stock index derivatives Derivatives whose value is derived from equity securities. This category includes equity and
stock index swaps and options (including warrants, which are equity options listed on an exchange). The Group also enters into fund-linked derivatives, being swaps and options whose underlyings include mutual funds, hedge funds, indices and
multi-asset portfolios. An equity swap is an agreement between two parties to exchange periodic payments, based upon a notional principal amount, with one side paying fixed or floating interest and the other side paying based on the actual
return of the stock or stock index. An equity option provides the buyer with the right, but not the obligation, either to purchase or sell a specified stock, basket of stocks or stock index at a specified price or level on or before a
specified date.
Equity risk In the context of trading book capital requirements, the risk of change in market value of an equity
investment.
Equity structural hedge An interest rate hedge in place to manage the volatility in net earnings generated by businesses on the
Groups equity, with the impact allocated to businesses in line with their economic capital usage.
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Euro Interbank Offered Rate (EURIBOR) A benchmark interest rate at which banks can borrow funds from
other banks in the European interbank market.
Europe Geographic segment comprising countries in which Barclays operates within the EU
(excluding UK), Northern Continental and Eastern Europe.
European Securities and Markets Authority (ESMA) An independent European
Supervisory Authority with the remit of enhancing the protection of investors and reinforcing stable and well-functioning financial markets in the European Union. ESMA replaced the Committee of European Securities Regulators (CESR) on 1 January
2011.
Expected losses The Groups measure of anticipated losses for exposures captured under an internal ratings based credit risk
approach for capital adequacy calculations. It is measured as the Barclays modelled view of anticipated losses based on Probability of Default (PD), Loss Given Default (LGD) and Exposure at Default (EAD), with a one year time horizon.
Expert lender models Models of risk measures that are used for parts of the portfolio where the risk drivers are specific to a particular counterparty,
but where there is insufficient data to support the construction of a statistical model. These models utilise the knowledge of credit experts that have in depth experience of the specific customer type being modelled.
Exposure Generally refers to positions or actions taken by the firm, or consequences thereof, that may put a certain amount of a banks resources
at risk.
Exposure At Default (EAD) The estimation of the extent to which Barclays may be exposed to a customer or counterparty in the event
of, and at the time of, that counterpartys default. At default, the customer may not have drawn the loan fully or may already have repaid some of the principal, so that exposure may be less than the approved loan limit.
External Credit Assessment Institutions (ECAI) Institutions whose credit assessments may be used by credit institutions for the determination of risk
weight exposures according to the Capital Requirements Directives (CRD).
F-IRB / Foundation-Internal Ratings Based See Internal
Ratings Based (IRB) approach.
Financial Conduct Authority (FCA) The statutory body responsible for conduct of business regulation and
supervision of UK authorised firms from 1 April 2013. The FCA also has responsibility for the prudential regulation of firms that do not fall within the PRAs scope.
Financial Services Compensation Scheme (FSCS) The UKs fund for compensation of authorised financial services firms that are unable to pay claims.
Fitch A credit rating agency.
Forbearance
Forbearance programmes to assist customers in financial difficulty through agreements to accept less than contractual amounts due where financial distress would otherwise prevent satisfactory repayment within the original terms and conditions of the
contract. These agreements may be initiated by the customer, Barclays or a third party and include approved debt counselling plans, minimum due reductions, interest rate concessions and switches from capital and interest repayments to interest-only
payments.
Forbearance Programmes for Credit Cards Can be split into 2 main types: Repayment plans- A temporary reduction in the minimum payment
due, for a maximum of 60 months. This may involve a reduction in interest rates to prevent negative amortization; Fully amortising- A permanent conversion of the outstanding balance into a fully amortising loan, over a maximum period of 60
months for cards and 120 months for loans.
Forbearance Programmes for Home Loans Can be split into 4 main types: Interest-only
conversions- A temporary change from a capital and interest repayment to an interest-only repayment, for a maximum of 24
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months; Interest rate reductions- A temporary reduction in interest rate, for a maximum of 12 months;
Payment concessions- An agreement to temporarily accept reduced loan repayments, for a maximum of 24 months; Term extensions- A permanent extension to the loan maturity date which may involve a reduction in interest rates, and usually
involves the capitalisation of arrears.
Forbearance Programmes for Unsecured Loans Can be split into 4 main types: Payment
concessions- An agreement to temporarily accept reduced loan repayments, for a maximum of 12 months; Term extensions- A permanent extension to the loan maturity date, usually involving the capitalisation of arrears; Fully
amortising- A permanent conversion of the outstanding balance into a fully amortising loan, over a maximum period of 60 months for cards and 120 months for loans.
Foreclosures in Progress The process by which the bank initiates legal action against a customer with the intention of terminating a loan agreement whereby the bank may repossess the property subject to
local law and recover amounts it is owed.
Foreign exchange derivatives The Groups principal exchange rate-related contracts are
forward foreign exchange contracts, currency swaps and currency options. Forward foreign exchange contracts are agreements to buy or sell a specified quantity of foreign currency, usually on a specified future date at an agreed rate. A
currency swap generally involves the exchange, or notional exchange, of equivalent amounts of two currencies and a commitment to exchange interest periodically until the principal amounts are re-exchanged on a future date. Currency
options provide the buyer with the right, but not the obligation, either to purchase or sell a fixed amount of a currency at a specified exchange rate on or before a future date. As compensation for assuming the option risk, the option writer
generally receives a premium at the start of the option period.
Foreign exchange risk In the context of DVaR, the impact of changes in
foreign exchange rates and volatilities.
Front Arena A deal solution that helps to trade and manage positions and risk in the global
capital markets.
Full time equivalent Full time equivalent units are the on-job hours paid for employee services divided by the number of
ordinary-time hours normally paid for a full-time staff member when on the job (or contract employees where applicable).
Fully loaded When
a measure is presented or described as being on a fully loaded basis, it is calculated without applying the transitional provisions set out in Part Ten of the CRD IV Regulation.
Fully loaded CET1 ratio An estimated risk based ratio calculated as CRD IV Common Equity Tier 1 capital divided by CRD IV Risk Weighted Assets (before the application of transitional provisions set out
in CRD IV and interpretive guidance published by the PRA).
Funding for Lending Scheme (FLS) Scheme launched by the Bank of England in July
2012 to incentivise banks and building societies to lend to UK households and non-financial companies through reduced funding costs, the benefits of which are passed on to UK borrowers in the form of cheaper and more easily available loans.
Funding mismatch In the context of Eurozone balance sheet funding exposures, the excess of local euro denominated external assets, such as
customer loans, over local euro denominated liabilities, such as customer deposits.
Funding risk The risk that the Group may not be able to
achieve its business plans due to being unable to maintain appropriate capital ratios (Capital Risk), being unable to meet its obligations as they fall due or meet regulatory liquidity requirements (Liquidity Risk), or of adverse changes in interest
rate curves impacting structural hedges of non interest bearing assets/ liabilities or on income or foreign exchange rates on capital ratios (Structural risk).
Funds and fund-linked products Includes holdings in mutual funds, hedge funds, fund of funds and fund linked derivatives.
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Gains on acquisitions The amount by which the acquirers interest in the net fair value of the
identifiable assets, liabilities and contingent liabilities, recognised in a business combination, exceeds the cost of the combination.
General
market risk The risk of a price change in a financial instrument due to a change in level of interest rates or owing to a broad equity market movement unrelated to any specific attributes of individual securities.
General Prudential Sourcebook (GENPRU) Along with the Prudential sourcebook for Banks, Building Societies and Investment Firms (BIPRU),
GENPRU contains the rules that implement the Capital Requirements Directive in the United Kingdom.
Globally-Systemically Important Financial
Institutions (G-SIFIs) Global financial institutions whose size, complexity and systemic interconnectedness, mean that their distress or failure would cause significant disruption to the wider financial system and economic activity. The
Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (BCBS) have identified an initial group of 29 globally systemically important banks.
Grandfathering In the context of CRD IV capital resources, the application of the rules on instrument eligibility during the transitional period as defined in the Capital Requirements Regulation.
Gross charge-off rates Represents the balances charged-off to recoveries in the reporting period, expressed as a percentage of average
outstanding balances excluding balances in recoveries. Charge-off to recoveries generally occurs when the collections focus switches from the collection of arrears to the recovery of the entire outstanding balance, and represents a fundamental
change in the relationship between the bank and the customer. This is a measure of the proportion of customers that have gone into default during the period.
Gross new lending New lending advanced to customers during the period.
Group Barclays PLC
together with its subsidiaries.
Guarantee Unless otherwise described, an undertaking by a third party to pay a creditor should a debtor
fail to do so. It is a form of credit substitution.
Head Office and Other Operations A business segment comprising Brand and Marketing,
Finance, Head Office, Human Resources, Internal Audit, Legal and Compliance, Risk, Treasury and Tax and other operations.
High Net Worth
Businesses within Personal and Corporate Banking that provide banking and other services to high net worth customers.
High Risk In Retail,
High Risk is defined as the subset of up-to-date customers who, either through an event or observed behaviour exhibit potential financial difficulty. Where appropriate, these customers are proactively contacted to assess whether
financial assistance is required.
Home loan A loan to purchase a residential property. The property is then used as collateral to guarantee
repayment of the loan. The borrower gives the lender a lien against the property and the lender can foreclose on the property if the borrower does not repay the loan per the agreed terms. Also known as a residential mortgage.
IMA / Internal Model Approach In the context of Risk Weighted Assets by Risk Type, Risk Weighted Assets for which the exposure amount has been derived
via the use of a PRA approved internal market risk model.
Impaired loans Loans are reported as credit risk loans (defined above) and
comprise loans where individually identified impairment allowances have been raised and also includes loans which are fully collateralised or where indebtedness has already been written down to the expected realisable value. The impaired loan
category may include loans, which, while impaired, are still performing.
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Impairment allowances A provision held on the balance sheet as a result of the raising of a charge
against profit for incurred losses in the lending book. An impairment allowance may either be identified or unidentified and individual or collective.
Income Total income net of insurance claims, unless otherwise specified.
Incremental Risk Charge An estimate of the incremental risk arising from rating migrations and defaults beyond what is already captured in specific market risk VaR for the non correlation trading
portfolio.
Independent Commission on Banking (ICB) Body set up by HM Government to identify structural and non-structural measures to
reform the UK banking system and promote competition.
Individual liquidity guidance (ILG) Guidance given to a firm about the amount,
quality and funding profile of liquidity resources that the PRA has asked the firm to maintain.
Inflation risk In the context of DVaR, the
impact of changes in inflation rates and volatilities on cash instruments and derivatives.
Insurance Risk The risk of the Groups aggregate
insurance premiums received from policyholders under a portfolio of insurance contracts being inadequate to cover the claims arising from those policies.
Interchange Income paid to a credit card issuer for the clearing and settlement of a sale or cash advance transaction.
Interest only home loans Under the terms of these loans, the customer makes payments of interest only for the entire term of the mortgage, although
customers may make early repayments of the principal within the terms of their agreement. The customer is responsible for repaying the entire outstanding principal on maturity, which may require the sale of the mortgaged property.
Interest rate derivatives Derivatives linked to interest rates. This category includes interest rate swaps, collars, floors options and swaptions. An
interest rate swap is an agreement between two parties to exchange fixed rate and floating rate interest by means of periodic payments based upon a notional principal amount and the interest rates defined in the contract. Certain agreements combine
interest rate and foreign currency swap transactions, which may or may not include the exchange of principal amounts. A basis swap is a form of interest rate swap, in which both parties exchange interest payments based on floating rates, where the
floating rates are based upon different underlying reference indices. In a forward rate agreement, two parties agree a future settlement of the difference between an agreed rate and a future interest rate, applied to a notional principal amount. The
settlement, which generally occurs at the start of the contract period, is the discounted present value of the payment that would otherwise be made at the end of that period.
Interest rate risk The risk of interest rate volatility adversely impacting the Groups net interest margin. In the context of the calculation of market risk DVaR, measures the impact of changes in
interest (swap) rates and volatilities on cash instruments and derivatives.
Internal Assessment Approach (IAA) one of three types of
calculation that a firm with permission to use the Internal Ratings Based (IRB) approach may apply to securitisation exposures. It consists of mapping a firms internal rating methodology for credit exposures to those of an external credit
assessment institution (ECAI) to determine the appropriate risk weight based on the ratings based approach. Its applicability is limited to ABCP programmes related to liquidity facilities and credit enhancement.
Internal Capital Adequacy Assessment Process (ICAAP) Companies are required to perform a formal internal Capital Adequacy Assessment Process (ICAAP) as
part of the Pillar 2 requirements (BIPRU) and to provide this document to the PRA on a yearly basis. The ICAAP document summarises the groups risk management framework, including approach to managing all risks (i.e. Pillar 1 and non-Pillar 1
risks); and, the groups risk appetite, economic capital and stress testing frameworks.
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IMM / Internal model method In the context of Risk Weighted Assets by Risk Type, Risk
Weighted Assets for which the exposure amount has been derived via the use of a PRA approved internal counterparty credit risk model.
Internal-Ratings Based (IRB) An approach under the CRR framework that relies on the banks internal models to derive the risk weights. The IRB
approach is divided into two alternative applications, Advanced and Foundation:
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Advanced IRB (AIRB): the bank uses its own estimates of probability of default (PD), loss given default (LGD) and credit conversion factor to model a
given risk exposure. |
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Foundation IRB: the bank applies its own PD as for Advanced, but it uses standard parameters for the LGD and the credit conversion factor. The Foundation IRB
approach is specifically designed for wholesale credit exposures. Hence retail, equity, securitisation positions and non-credit obligations asset exposures are treated under Standardised or A-IRB. |
Investment Bank Consists of origination led and returns focused markets and banking business.
Investment Banking Fees In the context of Investment Bank Analysis of Total Income, fees generated from origination activity businesses including financial advisory, Debt and Equity underwriting.
Investment grade A debt security, treasury bill or similar instrument with a credit rating of AAA to BBB as measured by external agencies.
ISDA Master Agreement The most commonly used master contract for OTC derivative transactions internationally. It is part of a framework of
documents, designed to enable OTC derivatives to be documented fully and flexibly. The framework consists of a master agreement, a schedule, confirmations, definition booklets, and a credit support annex. The ISDA master agreement is published by
the International Swaps and Derivatives Association (ISDA).
Key Risk Scenarios (KRS) Key Risk Scenarios are a summary of the extreme
potential risk exposure for each Key Risk in each business and function, including an assessment of the potential frequency of risk events, the average size of losses and three extreme scenarios. The Key Risk Scenario assessments are a key input to
the Advanced Measurement Approach calculation of regulatory and economic capital requirements.
Lending In the context of Investment Bank
Analysis of Total Income, lending income includes net interest income, gains or losses on loan sale activity, and risk management activity relating to the loan portfolio.
Letters of credit A letter typically used for the purposes of international trade guaranteeing that a debtors payment to a creditor will be made on time and in full. In the event that the debtor
is unable to make payment, the bank will be required to cover the full or remaining amount of the purchase.
Level 1 assets High quality
liquid assets under the Basel Committees Liquidity Coverage Ratio, including cash, central bank reserves and higher quality government securities.
Level 2 assets Under the Basel Committees Liquidity Coverage Ratio (LCR) high quality liquid assets (HQLA) are comprised of Level 1 and Level 2
assets, with the latter comprised of Level 2A and Level 2B assets. Level 2A assets include, for example, lower quality government securities, covered bonds and corporate debt securities. Level 2B assets include lower rated corporate bonds,
residential mortgage backed securities and equities that meet certain conditions.
Leverage ratio A measure prescribed by the regulators
under Basel 3, which is the ratio of CRD IV Tier 1 capital to total leverage exposure.
Liquidity Coverage Ratio (LCR) The ratio of the
stock of high quality liquid assets to expected net cash outflows over the next 30 days. High-quality liquid assets should be unencumbered, liquid in markets during a time of stress and, ideally, be central bank eligible. These include, for
example, cash and claims on central
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governments and central banks. The Basel 3 rules require this ratio to be at least 100% and it is expected to apply from 2015.
Liquidity Pool The Group liquidity pool comprises cash at central banks and highly liquid collateral specifically held by the Group as a contingency to enable the bank to meet cash outflows in the event
of stressed market conditions.
Liquidity risk appetite (LRA) The level of liquidity risk that the Group chooses to take in pursuit of its
business objectives and in meeting its regulatory obligations.
Liquidity Risk Management Framework (the Liquidity Framework) The Liquidity
Risk Management Framework (the Liquidity Framework), which is sanctioned by the Board Risk Committee (BRC), incorporates liquidity policies, systems and controls that the Group has implemented to manage liquidity risk within tolerances approved by
the Board and regulatory agencies.
Litigation and conduct charges Litigation and conduct charges include regulatory fines, litigation
settlements and conduct related customer redress.
Loan loss rate Is quoted in basis points and represents total annualised loan impairment
divided by gross loans and advances to customers and banks held at amortised cost at the balance sheet date.
Loan to deposit ratio The
ratio of loans and advances to customer accounts calculated for PCB, Africa Banking, Barclaycard and Non-Core Retail. This excludes particular liabilities issued by the retail businesses that have characteristics comparable to retail deposits (for
example structured Certificates of Deposit and retail bonds), which are included within debt securities in issue.
Loan to value (LTV) ratio
Expresses the amount borrowed against an asset (i.e. a mortgage) as a percentage of the appraised value of the asset. The ratios are used in determining the appropriate level of risk for the loan and are generally reported as an average for new
mortgages or an entire portfolio. Also see Marked to market (MMT) LTV ratio.
London Interbank Offered Rate (LIBOR) A benchmark
interest rate at which banks can borrow funds from other banks in the London interbank market.
Long-term refinancing operation (LTRO) The
European Central Banks 3 year long term bank refinancing operation.
Loss Given Default (LGD) The fraction of Exposure at Default
(EAD) (defined above) that will not be recovered following default. LGD comprises the actual loss (the part that is not expected to be recovered), together with the economic costs associated with the recovery process.
Macro Products Represents Rates, Currency and Commodities income.
Management DVaR For internal market risk management purposes, the investment bank uses a Daily Value at Risk (DVaR) with a two-year equally weighted historical period, at a 95% confidence level, for all
trading portfolios and certain banking books.
Mandatory break clause In the context of counterparty credit risk, a contract clause that
means a trade will be ended on a particular date.
Marked to market (MTM) LTV ratio The loan amount as a percentage of the current value of
the asset used to secure the loan. Also see Balance weighted Loan to Value (LTV) ratio and Valuation weighted Loan to Value (LTV) ratio.
Market risk The risk of the Group suffering financial loss due to changes in market prices. In the context of Risk Weighted Assets by Risk, it is the component of risk weighted assets that represents
the risk of loss
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resulting from fluctuations in the market value of positions held in equities, commodities, currencies, derivatives and interest rates.
Master netting agreements An agreement that provides for a single net settlement of all financial instruments and collateral covered by the agreement in the event of the counterpartys default or
bankruptcy or insolvency, resulting in a reduced exposure.
Master trust securitisation programmes A securitisation structure where a trust
is set up for the purpose of acquiring a pool of receivables. The trust issues multiple series of securities backed by these receivables.
Matchbook (or matched book) An asset/liability management strategy where assets are matched against liabilities of equivalent value and maturity.
Methodology and policy In the context of the Funding Risk, Capital section, the effect on RWAs of methodology changes driven by
regulatory policy changes.
Minimum capital requirement Under Pillar 1 of the Basel framework, the amount of capital required for an
exposure.
Model updates In the context of the Funding Risk, Capital section, changes in RWAs caused by model implementation, changes in
model scope or any changes required to address model malfunctions.
Model validation Process through which models are independently
challenged, tested and verified to prove that they have been built, implemented and used correctly, and that they continue to be fit-for-purpose.
ModelledVaR In the context of risk weighted assets, market risk calculated using value at risk models laid down by the PRA (BIPRU).
Money market funds Investment funds typically invested in short-term debt securities.
Monoline derivatives Derivatives with a monoline insurer such as credit default swaps referencing the underlying exposures held.
Moodys A credit rating agency.
Mortgage Current Accounts (MCA) Reserves A secured
overdraft facility available to home loan customers which allows them to borrow against the equity in their home. It allows draw-down up to an agreed available limit on a separate but connected account to the main mortgage loan facility. The
balance drawn must be repaid on redemption of the mortgage
Multilateral development banks Financial institutions created for the purposes
of development, where membership transcends national boundaries.
National discretion Discretions in CRD IV given to member states to allow
the local regulator additional powers in the application of certain CRD IV rules in its jurisdiction.
Net asset value per share Calculated
by dividing shareholders equity, excluding non-controlling interests and other equity instruments, by the number of issued ordinary shares.
Net
interest income The difference between interest received on assets and interest paid on liabilities.
Net interest margin Annualised
net interest income divided by the sum of the average assets and average liabilities for those businesses.
Net investment income Changes in
the fair value of financial instruments designated at fair value, dividend income and the net result on disposal of available for sale assets.
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Net Stable Funding Ratio (NSFR) The ratio of available stable funding to required stable funding over
a one year time horizon, assuming a stressed scenario. The ratio is required to be over 100% with effect from 2015. Available stable funding would include such items as equity capital, preferred stock with a maturity of over 1 year, or liabilities
with a maturity of over 1 year. The required amount of stable funding is calculated as the sum of the value of the assets held and funded by the institution, multiplied by a specific Required Stable Funding (RSF) factor assigned to each particular
asset type, added to the amount of potential liquidity exposure multiplied by its associated RSF factor.
Net tangible 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.
Net trading income Gains and losses arising from trading positions which are held at fair value, in respect of both market-making and customer business, together with interest, dividends and funding
costs relating to trading activities.
Net written credit protection In the context of leverage exposure, the net notional value of credit
derivatives protection sold and credit derivatives protection bought.
New bookings The total of the original balance on accounts opened in
the reporting period, including any applicable fees and charges included in the loan amount.
Non-asset backed debt instruments Debt
instruments not backed by collateral, including government bonds; US agency bonds; corporate bonds; commercial paper; certificates of deposit; convertible bonds; corporate bonds and issued notes.
Non-customer net interest income(NII) / Non-customer interest income Principally comprises the impact of product and equity structural
hedges, as well as certain other net interest income received on government bonds and other debt securities held for the purposes of interest rate hedging and liquidity for local banking activities.
Non-model method (NMM) In the context of Risk Weighted Assets, Counterparty credit risk, Risk Weighted Assets where the exposure amount has been
derived through the use of FSA / PRA (BIPRU) norms, as opposed to an internal model.
Non-performance costs Costs other than performance
costs.
Non-performing proportion of outstanding balances Defined as balances greater than 90 days delinquent (including forbearance
accounts greater than 90 days and accounts charged off to recoveries), expressed as a percentage of outstanding balances.
Non-significant
holdings in financial institutions Investments that the Group holds in the capital of banking, financial or insurance entities that are outside the scope of regulatory consolidation and where the bank owns less than 10% of the issued share
capital of the entity.
Non-Traded Market Risk The risk of a reduction to earnings or capital due to an inability to hedge the banking book
balance sheet.
Notch A single unit of measurement in a credit rating scale.
Notional amount The nominal or face amount of a financial instrument, such as a loan or a derivative, that is used to calculate payments made on that instrument.
Operational risk The risk of loss resulting from inadequate or failed internal processes, people and systems or from external events, including legal
risk. In the context of Risk Weighted Assets, it is the component of risk weighted assets that represents the risk of loss resulting from these risks.
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Operational RiskData eXchange (ORX) The Operational Riskdata eXchange Association (ORX) is a
not-for-profit industry association dedicated to advancing the measurement and management of operational risk in the global financial services industry. Barclays is a member of ORX.
Origination led Focus on high margin low capital fee based activities and related hedging opportunities.
Over-the-counter (OTC) derivatives Derivative contracts that are traded (and privately negotiated) directly between two parties. They offer flexibility
because, unlike standardised exchange-traded products, they can be tailored to fit specific needs.
Own credit The effect of changes in the
Groups own credit standing on the fair value of financial liabilities.
Owner occupied mortgage A mortgage where the intention of the
customer was to occupy the property at origination.
Past due items Refers to loans where the borrower has failed to make a payment when due
under the terms of the loan contract.
Payment Protection Insurance (PPI) redress Provision for the settlement of PPI miss-selling claims
and related claims management costs.
Pension Risk The risk of the Groups earnings and capital being adversely impacted by the
Groups defined benefit obligations increasing or the value of the assets backing these defined benefit obligations decreasing due to changes in both the level and volatility of prices.
Performance costs The accounting charge recognised in the period for performance awards. For deferred incentives and long-term incentives, the accounting charge is spread over the relevant periods in
which the employee delivers service.
Personal and Corporate Banking An operating segment that 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.
Pillar 1 The part of the Basel framework that sets outs the rules that govern the calculation of minimum capital requirements for credit,
market and operational risks.
Pillar 2 The part of the Basel framework that covers the supervisory reviews of the banks internal
assessment of capital to ensure that firms have adequate capital to support all the relevant risks in their business.
Pillar 3 The part of
the Basel framework that covers external communication of risk and capital information by banks to promote transparency and good risk management.
Post-model adjustment (PMA) In the context of Basel models, a PMA is a short term increase in regulatory capital applied at portfolio level to account
for model input data deficiencies, inadequate model performance or changes to regulatory definitions (e.g. definition of default) to ensure the model output is accurate, complete and appropriate.
Potential Credit Risk Loans (PCRLs) Comprise the outstanding balances to Potential Problem Loans (defined below) and the three categories of Credit
Risk Loans (defined above).
Potential Future Exposure on Derivatives A regulatory calculation in respect of the Groups potential
future credit exposure on both exchange traded and OTC derivative contracts, calculated by assigning a
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standardised percentage (based on the underlying risk category and residual trade maturity) to the gross notional value of each contract.
Potential Problem Loans (PPLs) Loans where serious doubt exists as to the ability of the borrowers to continue to comply with repayment terms in the near future.
PRA (/FSA) waivers PRA(/FSA) approvals that specifically give permission to the Bank to either modify or waive existing rules. Waivers are specific to
an organisation and require applications being submitted to and approved by the FSA/PRA.
Primary securitisations The issuance of securities
(bonds and commercial papers) for fund-raising.
Primary Stress Tests In the context of Traded Market Risk, stress testing provides an
estimate of potentially significant future losses that might arise from extreme market moves or scenarios. Primary stress tests apply stress moves to key liquid risk factors for each of the major trading asset classes.
Prime Services Involves financing of fixed income and equity positions using Repo and Stock Lending facilities. The Prime Services business also
provides brokerage facilitation services for Hedge Fund clients offering execution and clearance facilities for a variety of asset classes.
Principal In the context of a loan, the amount borrowed, or the part of the amount borrowed which remains unpaid (excluding interest).
Principal Investments Private equity investments.
Private equity investments Equity securities in operating companies not quoted on a public exchange. Investment in private equity often involves the
investment of capital in private companies or the acquisition of a public company that results in the delisting of public equity. Capital for private equity investment is raised by retail or institutional investors and used to fund investment
strategies such as leveraged buyouts, venture capital, growth capital, distressed investments and mezzanine capital.
Private-label
securitisation Residential mortgage backed security transactions sold or guaranteed by entities that are not sponsored or owned by the government.
Probability of Default (PD) The likelihood that a loan will not be repaid and will fall into default. PD may be calculated for each client who has a
loan (normally applicable to wholesale customers/clients) or for a portfolio of clients with similar attributes (normally applicable to retail customers). To calculate PD, Barclays assesses the credit quality of borrowers and other counterparties
and assigns them an internal risk rating. Multiple rating methodologies may be used to inform the rating decision on individual large credits, such as internal and external models, rating agency ratings, and for wholesale assets market information
such as credit spreads. For smaller credits, a single source may suffice such as the result from an internal rating model.
Product structural
hedge An interest rate hedge that converts short term interest margin volatility on product balances (such as non-interest bearing current accounts and managed rate deposits) into a more stable medium term rate and which is built on a monthly
basis to achieve a targeted maturity profile.
Properties in Possession held as Loans and Advances to Customers Properties in the UK
and Italy where the customer continues to retain legal title but where the bank has enforced the possession order as part of the foreclosure process to allow for the disposal of the asset or the court has ordered the auction of the property.
Properties in Possession held as Other Real Estate Owned Properties in South Africa, Spain and Portugal where the bank has taken
legal ownership of the title as a result of purchase at an auction or similar and treated as Other Real Estate Owned within other assets on the banks balance sheet.
Proprietary trading When a bank, brokerage or other financial institution trades on its own account, at its own risk, rather than on behalf of customers, so as to make a profit for itself.
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Prudential Regulation Authority (PRA) The statutory body responsible for the prudential supervision of
banks, building societies, insurers and a small number of significant investment firms in the UK from 1 April 2013. The PRA is a subsidiary of the Bank of England.
Prudential valuation adjustment (PVA) A calculation which adjusts the accounting values of positions held on balance sheet at fair value to comply with regulatory valuation standards, which place
greater emphasis on the inherent uncertainty around the value at which a trading book position could be exited.
Public benchmark Unsecured
medium term notes issued in public syndicated transactions.
Qualifying Revolving Retail Exposure (QRRE) In the context of the IRB approach
to credit risk RWA calculations, an exposure meeting the criteria set out in BIPRU 4.6.42 R (2). Includes most types of credit card exposure.
Rates In the context of Investment Bank income analysis, trading revenue relating to government bonds and linear interest rate derivatives.
Re-aging Re-aging is the returning of a delinquent account to up-to-date status without collecting the full arrears (principal, interest and fees).
Real Estate Mortgage Investment Conduits (Re-REMICs) An entity that holds a fixed pool of mortgages and that is separated into multiple
classes of interests for issuance to investors.
Recoveries Impairment Coverage Ratio Impairment allowance held against recoveries balances
expressed as a percentage of balance in recoveries.
Recoveries proportion of outstanding balances Represents the amount of recoveries
(gross month-end customer balances of all accounts that have charged-off) as at the period end compared to total outstanding balances. The size of the recoveries book would ultimately have an impact on the overall impairment requirement on the
portfolio. Balances in recoveries will decrease if: assets are written-off; amounts are collected; assets are sold to a third party (i.e. debt sale).
Redenomination risk The risk of financial loss to the Group should one or more countries exit from the Euro, potentially leading to the devaluation of
local balance sheet assets and liabilities.
Regulatory capital The amount of capital that a bank holds to satisfy regulatory requirements.
Renegotiated loans Loans are generally renegotiated either as part of an ongoing customer relationship or in response to an adverse change
in the circumstances of the borrower. In the latter case renegotiation can result in an extension of the due date of payment or repayment plans under which the Group offers a concessionary rate of interest to genuinely distressed borrowers. This
will result in the asset continuing to be overdue and will be individually impaired where the renegotiated payments of interest and principal will not recover the original carrying amount of the asset. In other cases, renegotiation will lead to a
new agreement, which is treated as a new loan.
Repricing lag risk The risk that when underlying interest rates change it can take a number
of months to change the customer rate e.g. should rates decrease then we would need to let our variable savings rate customers know that we would be decreasing their savings rates. This could result in a loss of income as this may take several
months whereas the funding/investment benefit reduces immediately.
Repurchase agreement (repo) / reverse repurchase
agreement (reverse repo) Arrangements that allow counterparties to use financial securities as collateral for an interest bearing cash loan. The borrower agrees to sell a security to the lender subject to a commitment to repurchase the asset
at a specified price on a given date. For the party selling the security (and agreeing to repurchase it in the future) it is a repurchase agreement or repo; for the counterparty to the transaction (buying the security and agreeing to sell in the
future) it is a reverse repurchase agreement or reverse repo.
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Re-securitisations The repackaging of securitised products into securities. The resulting securities
are therefore securitisation positions where the underlying assets are also predominantly securitisation positions.
Reserve Capital Instruments
(RCIs) Hybrid issued capital securities which may be debt or equity accounted, depending on the terms.
Residential Mortgage-Backed
Securities (RMBS) Securities that represent interests in a group of residential mortgages. Investors in these securities have the right to cash received from future mortgage payments (interest and/or principal).
Residual maturity The remaining contractual term of a credit obligation associated with a credit exposure.
Restructured loans Comprises loans where, for economic or legal reasons related to the debtors financial difficulties, a concession has been
granted to the debtor that would not otherwise be considered. Where the concession results in the expected cash flows discounted at the original effective interest rate being less than the loans carrying value, an impairment allowance will be
raised.
Retail Loans Loans to individuals or small and medium enterprises rather than to financial institutions and larger businesses. It
includes both secured and unsecured loans such as mortgages and credit card balances, as well as loans to certain smaller business customers, typically with exposures up to £3m or with a turnover up to £5m.
Return on average risk weighted assets Annualised statutory profit as a proportion of average risk weighted assets.
Return on average shareholders equity Annualised statutory profit after tax attributable to ordinary shareholders, including an adjustment for
the tax credit in reserves in respect of other equity instruments, as a proportion of average shareholders equity, excluding non-controlling interests and other equity instruments.
Return on average tangible shareholders equity Annualised statutory profit after tax attributable to ordinary shareholders, including an adjustment for the tax credit in reserves in respect of
other equity instruments, as a proportion of average shareholders equity excluding non-controlling interests and other equity instruments adjusted for the deduction of intangible assets and goodwill.
Risk Appetite Risk Appetite is defined as the level of risk that Barclays is prepared to accept whilst pursuing its business strategy, recognising a
range of possible outcomes as business plans are implemented.
Risk weighted assets (RWAs) A measure of a banks assets adjusted for
their associated risks. Risk weightings are established in accordance with the Basel Capital Accord as implemented by the PRA.
Risks not in VaR
(RNIVS) Refers to all the key risks which are not captured or not well captured within the VaR model framework.
Roll rate analysis
The measurement of the rate at which retail accounts deteriorate through delinquency phases.
Sales commissions, commitments and other
incentives Includes commission-based arrangements, guaranteed incentives and Long Term Incentive Plan awards.
Sarbanes-Oxley
requirements The Sarbanes-Oxley Act 2002 (SOX) was introduced by the U.S. Government to safeguard against corporate governance scandals such as Enron, WorldCom and Tyco. All US-listed companies must comply with SOX.
Second Lien Debt that is issued against the same collateral as higher lien debt but that is subordinate to it. In the case of default, compensation for
this debt will only be received after the first lien has been repaid and thus represents a riskier investment than the first lien.
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Secondary Stress Tests Secondary stress tests are used in measuring potential losses arising from
illiquid market risks that cannot be hedged or reduced within the time period covered in Primary Stress tests.
Securities and loans In the
context of Non-Core Analysis of Total income, Non-Core Securities and Loans comprise non strategic businesses, predominantly from the non-core Investment Bank and Corporate.
Securities Financing Transactions (SFT) In the context of risk weighted assets (RWAs), any of the following transactions: a repurchase transaction, a securities or commodities lending or borrowing
transaction, or a margin lending transaction whereby cash collateral is received or paid in respect of the transfer of a related asset.
Securities financing transactions adjustments In the context of leverage ratio, a regulatory add-on calculated as exposure less collateral, taking into
account master netting agreements.
Securities lending arrangements Arrangements whereby securities are legally transferred to a third party
subject to an agreement to return them at a future date. The counterparty generally provides collateral against non performance in the form of cash or other assets.
Securitisation Typically, a process by which debt instruments such as mortgage loans or credit card balances are aggregated into a pool, which is used to back new securities. A company sells assets to a
special purpose vehicle (SPV) which then issues securities backed by the assets. This allows the credit quality of the assets to be separated from the credit rating of the original borrower and transfers risk to external investors.
Securitised Products A business within Investment Bank that offers a range of products relating to residential mortgage backed securities, commercial
mortgage backed securities and other asset backed securities, in addition to restructuring and unwinding legacy credit structures.
Set-off
clauses In the context of counterparty credit risk, contract clauses that allow Barclays to set off amounts owed to us by a counterparty against amounts owed by us to the counterparty.
Settlement balances Are receivables or payables recorded between the date (the trade date) a financial instrument (such as a bond or derivative) is sold, purchased or otherwise closed out, and the date
the asset is delivered by or to the entity (the settlement date) and cash is received or paid.
Slotting Slotting is a Basel 2 approach that
requires a standard set of rules to be used in the calculation of RWAs, based upon an assessment of factors such as the financial strength of the counterparty. The requirements for the application of the Slotting approach is detailed in BIPRU 4.5.
South Africa The operations of Africa Banking based in South Africa.
Sovereign exposure(s) Exposures to central governments, including holdings in government bonds and local government bonds.
Specific market risk A risk that is due to the individual nature of an asset and can potentially be diversified or the risk of a price change in an investment due to factors related to the issuer or, in
the case of a derivative, the issuer of the underlying investment.
Spread risk Measures the impact of changes to the swap spread, i.e. the
difference between swap rates and government bond yields.
Standards & Poors A credit rating agency.
Standby facilities, credit lines and other commitments Agreements to lend to a customer in the future, subject to certain conditions. Such commitments
are either made for a fixed period, or have no specific maturity but are cancellable by the lender subject to notice requirements.
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Statutory Line items of income, expense, profit or loss, assets, liabilities or equity stated in
accordance with the requirements of the UK Companies Act 2006, which incorporates the requirements of International Financial Reporting Standards (IFRS). See Adjusted profit before tax for details of the adjustments made to the statutory
results in arriving at the adjusted profit.
Statutory return on average shareholders equity Statutory profit after tax attributable
to ordinary shareholders as a proportion of average shareholders equity.
STD / Standardised approach A method of
calculating Risk Weighted Assets that relies on a mandatory framework set by the regulator to derive risk weights based on counterparty type and a credit rating provided by an External Credit Assessment Institute.
Stress Testing A process which involves identifying possible future adverse events or changes in economic conditions that could have unfavourable
effects on the Group (either financial or non-financial), assessing the Groups ability to withstand such changes, and identifying management actions to mitigate the impact.
Stressed Value at Risk (SVaR) An estimate of the potential loss arising from a 12 month period of significant financial stress over a one day horizon.
Structured entity An entity in which voting or similar rights are not the dominant factor in deciding control. Structured entities are generally
created to achieve a narrow and well defined objective with restrictions around their ongoing activities.
Structural hedge /
hedging An interest rate hedge which functions to reduce the impact of the volatility of short-term interest rate movements on positions that exist within the balance sheet that carry interest rates that do not re-price with market
rates. See also Equity structural hedge and Product structural hedge.
Structural model of default A model based on
the assumption that an obligor will default when its assets are insufficient to cover its liabilities.
Structured credit Includes legacy
structured credit portfolio primarily comprising derivative exposure and financing exposure to structured credit vehicles.
Subordinated
liabilities Liabilities which, in the event of insolvency or liquidation of the issuer, are subordinated to the claims of depositors and other creditors of the issuer.
Supranational bonds Bonds issued by an international organisation, where membership transcends national boundaries (e.g. the European Union or World Trade Organisation).
Synthetic Securitisation Transactions Securitisation transactions effected through the use of derivatives.
Tangible equity Shareholders equity excluding non-controlling interests adjusted for the deduction of intangible assets and goodwill.
Term premium Additional interest required by investors to hold assets with a longer period to maturity.
The three lines of defence The three lines of defence operating model enables Barclays to separate risk management activities between those parties
that: own and take risk, and implement controls (first line); oversee and challenge the first line, provide second line risk management activity and support controls (second line); and, provide assurance that the E-R-M process is fit-for-purpose,
and that it is being carried out as intended (third line).
Tier 1 capital ratio The ratio expresses Tier 1 capital as a percentage of risk
weighted assets.
Tier 2 (T2) capital In the context of CRD IV, a measure of a banks financial strength, including qualifying
subordinated debt and other Tier 2 securities as defined the Capital Requirements Regulation.
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Total capital ratio Total regulatory capital as a percentage of risk weighted assets.
Total outstanding balance In Retail, total outstanding balance is defined as the gross month-end customer balances on all accounts including accounts
charged off to recoveries.
Total return swap An instrument whereby the seller of protection receives the full return of the asset,
including both the income and change in the capital value of the asset. The buyer of the protection in return receives a predetermined amount.
Traded Market Risk The risk of a reduction to earnings or capital due to volatility of trading book positions.
Trading book All positions in financial instruments and commodities held by an institution either with trading intent, or in order to hedge positions
held with trading intent.
Traditional Securitisation Transactions Securitisation transactions in which an underlying pool of assets
generates cash flows to service payments to investors.
Transform Package of measures to realise Barclays goal of becoming the Go-
to Bank, including delivering returns on equity higher than cost of equity in all of the Groups businesses, and longer-term action in culture, rewards, control and costs.
Transitional In the context of CRD IV a measure is described as transitional when the transitional provisions set out in Part Ten of the CRD IV Regulation are applied in its calculation.
Turnbull guidance The Turnbull guidance sets out best practice on internal control for UK listed companies, and assists them in applying section C.2 of
the Combined Code on Corporate Governance.
United Kingdom (UK) Geographic segment where Barclays operates comprising the UK.
UK Bank levy A levy that applies to UK banks, building societies and the UK operations of foreign banks. The levy is payable based on a percentage of
the chargeable equity and liabilities of the bank on its balance sheet date.
US Partner Portfolio Co-branded credit card programs with
companies across various sectors including travel, entertainment, retail and financial sectors.
US Residential Mortgages Securities that
represent interests in a group of US residential mortgages.
Unencumbered Assets not used to secure liabilities or otherwise pledged.
Valuation weighted Loan to Value (LTV) Ratio In the context of credit risk disclosures on secured home loans, a means of calculating marked
to market LTVs derived by comparing total outstanding balance and the value of total collateral we hold against these balances. Valuation weighted loan to value is calculated using the following formula: LTV = total outstandings in portfolio /total
property values of total outstandings in portfolio.
Value at Risk (VaR) See DVaR.
Weighted off balance sheet commitments Regulatory add-ons to the leverage exposure measure based on credit conversion factors used in the standardised
approach to credit risk
Wholesale loans / lending Lending to larger businesses, financial institutions and sovereign entities.
Write down After an advance has been identified as impaired and is subject to an impairment allowance, the stage may be reached whereby it
is concluded that there is no realistic prospect of further recovery. Write downs will occur when, and to the extent that, the whole or part of a debt is considered irrecoverable.
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Write-off Refers to the point where it is determined that an asset is irrecoverable, or it is no
longer considered economically viable to try to recover the asset or it is deemed immaterial or full and final settlement is reached and the shortfall written off. In the event of write-off, the customer balance is removed from the balance sheet and
the impairment reserve held against the asset is released.
Wrong-way risk Arises, in a trading exposure, when there is significant
correlation between the underlying asset and the counterparty, which in the event of default would lead to a significant mark to market loss. When assessing the credit exposure of a wrong-way trade, analysts take into account the correlation between
the counterparty and the underlying asset as part of the sanctioning process.
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Capitalisation and Indebtedness
The following table sets out the issued share capital of Barclays PLC and its consolidated total shareholders equity, indebtedness and contingent liabilities as at 31 December 2014. The information has
been prepared in accordance with the International Financial Reporting Standards (IFRS).
|
|
|
|
|
|
|
As at 31 December
2014 |
|
|
|
(000) |
|
Share capital of Barclays PLC |
|
|
|
|
|
|
Ordinary shares - issued and fully paid shares of £0.25 each |
|
|
16,498,184 |
|
|
|
Group shareholders equity |
|
|
£m |
|
|
|
Called up share capital |
|
|
4,125 |
|
|
|
Share premium account |
|
|
16,684 |
|
|
|
Other reserves |
|
|
2,724 |
|
|
|
Other equity instruments |
|
|
4,322 |
|
|
|
Retained earnings |
|
|
31,712 |
|
|
|
Shareholders equity excluding non-controlling interests |
|
|
59,567 |
|
|
|
Non-controlling interests |
|
|
6,391 |
|
|
|
Total shareholders equity |
|
|
65,958 |
|
|
|
Group indebtedness(1) |
|
|
|
|
|
|
Subordinated liabilities |
|
|
21,153 |
|
|
|
Debt securities in issue |
|
|
86,099 |
|
|
|
Total indebtedness |
|
|
107,252 |
|
|
|
|
|
|
|
|
Total capitalisation and indebtedness |
|
|
173,210 |
|
|
|
|
|
|
|
|
Group contingent liabilities |
|
|
|
|
|
|
Guarantees and letters of credit pledged as collateral security |
|
|
14,547 |
|
|
|
Performance guarantees, acceptances and endorsements |
|
|
6,777 |
|
|
|
Total contingent liabilities |
|
|
21,324 |
|
|
|
|
|
|
|
|
|
|
Documentary credits and other short-term trade related transactions |
|
|
1,091 |
|
|
|
|
|
|
|
|
|
|
Forward starting reverse repurchase agreements, standby facilities, credit lines and other commitments |
|
|
290,171 |
|
1. |
Group indebtedness includes interest accrued as at 31 Dec 2014 in accordance with International Financial Reporting Standards. |
|
|
|
|
|
Barclays PLC |
|
|
|
|
Capitalisation and Indebtedness
The following table sets out the issued share capital of Barclays Bank PLC and its consolidated total shareholders equity, indebtedness and contingent liabilities as at 31 December 2014. The information
has been prepared in accordance with International Financial Reporting Standards (IFRS).
|
|
|
|
|
|
|
As at 31 December 2014 |
|
|
|
Share capital of Barclays Bank PLC |
|
(000) |
|
|
|
Ordinary shares - issued and fully paid shares of £1 each |
|
|
2,342,559 |
|
|
|
Preference shares - issued and fully paid shares of £100 each |
|
|
21 |
|
|
|
Preference shares - issued and fully paid shares of £1 each |
|
|
1 |
|
|
|
Preference shares - issued and fully paid shares of U.S.$100 each |
|
|
58 |
|
|
|
Preference shares - issued and fully paid shares of U.S.$0.25 each |
|
|
237,000 |
|
|
|
Preference shares - issued and fully paid shares of 100 each |
|
|
32 |
|
|
|
Group shareholders equity |
|
|
£m |
|
|
|
Called up share capital |
|
|
2,380 |
|
|
|
Share premium account |
|
|
12,092 |
|
|
|
Other reserves |
|
|
1,837 |
|
|
|
Other equity instruments |
|
|
4,350 |
|
|
|
Other shareholders funds |
|
|
485 |
|
|
|
Retained earnings |
|
|
42,650 |
|
|
|
Shareholders equity excluding non-controlling interests |
|
|
63,794 |
|
|
|
Non-controlling interests |
|
|
2,251 |
|
|
|
Total shareholders equity |
|
|
66,045 |
|
|
|
Group indebtedness(1) |
|
|
|
|
|
|
Subordinated liabilities |
|
|
21,685 |
|
|
|
Debt securities in issue |
|
|
86,099 |
|
|
|
Total indebtedness |
|
|
107,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capitalisation and indebtedness |
|
|
173,829 |
|
|
|
Group contingent liabilities |
|
|
|
|
|
|
Guarantees and letters of credit pledged as collateral security |
|
|
14,547 |
|
|
|
Performance guarantees, acceptances and endorsements |
|
|
6,777 |
|
|
|
Total contingent liabilities |
|
|
21,324 |
|
|
|
|
|
|
|
|
|
|
Documentary credits and other short-term trade related transactions |
|
|
1,091 |
|
|
|
|
|
|
|
|
|
|
Forward starting reverse repurchase agreements, standby facilities, credit lines and other commitments |
|
|
290,171 |
|
1. |
Group indebtedness includes interest accrued as at 31 Dec 2014 in accordance with International Financial Reporting Standards. |
|
|
|
|
|
Barclays Bank PLC |
|
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