| BARCLAYS PLC | |
| (Registrant) |
By: /s/ Garth Wright -------------------------------- | |
| Garth Wright | |
| Assistant Secretary |
C. S. Venkatakrishnan, Group Chief Executive, commented "A strong Q1 performance demonstrated Barclays' ability to deliver broad-based income growth across all operating businesses. Group income was up 10% to £6.5bn, alongside profit before tax of £2.2bn and a RoTE of 11.5%. Our performance includes the relevant costs1 relating to the over-issuance of securities in the US and customer remediation of a legacy loan portfolio. Our income growth was driven partly by Global Markets, which has been helping clients navigate ongoing market volatility caused by geopolitical and economic challenges including the devastating war in Ukraine, and by the impact of higher interest rates in the US and UK. We remain focused on the impact higher prices are having on our customers and our small business and corporate clients, all of whom are facing far harder conditions this year as a result of inflation, supply chain issues and higher energy costs. We will support them through this difficult period wherever we can, and support the wider economy just as we did through the COVID-19 pandemic. Our diversified income streams, focus on costs and a Common Equity Tier 1 (CET1) ratio of 13.8% provide a strong platform to deliver our target of a greater than 10% RoTE for 2022. We remain focused on our three strategic priorities as the year progresses: delivering next-generation, digitised consumer financial services, producing sustainable growth in the Corporate and Investment Bank (CIB), and capturing opportunities as we transition to a low-carbon economy." |
| Income | Cost: income ratio | Profit before tax | RoTE | EPS | CET1 ratio | TNAV per share | |
| Q122 | £6.5bn | 63% | £2.2bn | 11.5% | 8.4p | 13.8% | 294p |
| ● | Attributable profit was £1.4bn (Q121: £1.7bn) including litigation and conduct charges net of tax of £0.4bn | |
| ● | Group income was £6.5bn (Q121: £5.9bn) up 10% year-on-year | |
| - | Strong CIB income: strong FICC and Equities performance with higher levels of activity as we supported our clients through a period of market volatility, more than offsetting weaker Investment Banking fees driven by a reduced fee pool2 | |
| - | Consumer and payments businesses recovering: robust UK mortgage lending, positive trends in UK and US consumer spending and payments volumes, and tailwind from rising rates | |
| ● | Costs impacted by litigation and conduct charges: total operating expenses of £4.1bn (Q121: £3.6bn) included litigation and conduct charges of £0.5bn relating to the over-issuance of securities by Barclays Bank PLC in the US and customer remediation costs relating to a legacy loan portfolio | |
| - | Group costs excluding litigation and conduct were £3.6bn, up 1% year-on-year | |
| ● | Credit impairment charges: £0.1bn charge (Q121: £0.1bn) driven by low delinquencies and a benign credit environment, with unsecured lending provision levels remaining appropriate in light of inflationary headwinds | |
| ● | Capital: CET1 ratio of 13.8% (December 2021: 15.1%) and tangible net asset value (TNAV) per share of 294p (December 2021: 291p) | |
| ● | Returns: Barclays continues to target a RoTE of greater than 10% in 2022 |
| ● | Income: Barclays' diversified income streams position the Group well for the current economic and market environment and rising interest rates |
| ● | Costs: given £0.5bn of litigation and conduct charges in Q122 and current expectations for inflation and performance costs, Barclays now expects FY22 total operating expenses to be around £15.0bn3 |
| ● | Impairment: acknowledging geopolitical uncertainty and cost of living pressures, the impairment charge is expected to remain below pre-pandemic levels in coming quarters given reduced unsecured lending balances and appropriate coverage ratios |
| ● | Capital: Barclays continues to target a CET1 ratio within the range of 13-14% |
| ● | Capital returns: Barclays' capital distribution policy incorporates a progressive ordinary dividend, supplemented as appropriate, including with share buybacks. Barclays remains committed to the share buyback programme and the intention would be to launch it as soon as practicable following resolution of filing requirements being reached with the SEC and the appropriate 20-F filings having been made. See Supplementary Information on pages 30 to 31 for further details |
| 1 | To reflect the over-issuance of US securities under the Barclays Bank PLC US Shelf, 2021 comparatives have been restated. See Basis of preparation on page 31 for further details. |
| 2 | Data source: Dealogic for the period covering 1 January to 31 March 2022. |
| 3 | Group cost outlook is based on an average USD/GBP FX rate of 1.31 during 2022 and subject to foreign currency movements. |
Barclays Group results for the three months ended | |||
| 31.03.22 | 31.03.211 | ||
| £m | £m | % Change | |
| Net interest income | 2,341 | 1,851 | 26 |
| Net fee, commission and other income | 4,155 | 4,049 | 3 |
| Total income | 6,496 | 5,900 | 10 |
| Credit impairment charges | (141) | (55) | |
| Net operating income | 6,355 | 5,845 | 9 |
| Operating costs | (3,588) | (3,545) | (1) |
| Litigation and conduct | (523) | (33) | |
| Total operating expenses | (4,111) | (3,578) | (15) |
| Other net (expenses)/income | (10) | 132 | |
| Profit before tax] | 2,234 | 2,399 | (7) |
| Tax charge | (614) | (496) | (24) |
| Profit after tax | 1,620 | 1,903 | (15) |
| Non-controlling interests | (1) | (4) | 75 |
| Other equity instrument holders | (215) | (195) | (10) |
| Attributable profit | 1,404 | 1,704 | (18) |
| Performance measures | |||
| Return on average tangible shareholders' equity | 11.5% | 14.7% | |
| Average tangible shareholders' equity (£bn) | 48.8 | 46.5 | |
| Cost: income ratio | 63% | 61% | |
| Loan loss rate (bps) | 15 | 6 | |
| Basic earnings per share | 8.4p | 9.9p | |
| Basic weighted average number of shares (m) | 16,682 | 17,293 | (4) |
| Period end number of shares (m) | 16,762 | 17,223 | (3) |
| As at 31.03.22 | Restated2 As at 31.12.21 | As at 31.03.21 | |
| Balance sheet and capital management | £bn | £bn | £bn |
| Loans and advances at amortised cost | 371.7 | 361.5 | 345.8 |
| Loans and advances at amortised cost impairment coverage ratio | 1.5% | 1.6% | 2.2% |
| Total assets | 1,496.1 | 1,384.3 | 1,379.7 |
| Deposits at amortised cost | 546.5 | 519.4 | 498.8 |
| Tangible net asset value per share | 294p | 291p | 267p |
| Common equity tier 1 ratio | 13.8% | 15.1% | 14.6% |
| Common equity tier 1 capital | 45.3 | 47.3 | 45.9 |
| Risk weighted assets | 328.8 | 314.1 | 313.4 |
| UK leverage ratio | 5.0% | 5.2% | 5.0% |
| UK leverage exposure | 1,123.5 | 1,137.9 | 1,145.4 |
| Average UK leverage ratio | 4.8% | 4.9% | 4.9% |
| Average UK leverage exposure | 1,179.4 | 1,229.0 | 1,174.9 |
| Funding and liquidity | |||
| Group liquidity pool (£bn) | 320 | 291 | 290 |
| Liquidity coverage ratio | 159% | 168% | 161% |
| Loan: deposit ratio | 68% | 70% | 69% |
| 1 | The income statement comparatives for Q121 are not impacted by the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 31 for further details. |
| 2 | 31 December 2021 financial and capital metrics have been restated to reflect the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 31 for further details. |
| ● | Barclays' diversified model delivered a profit before tax of £2,234m (Q121: £2,399m), RoTE of 11.5% (Q121: 14.7%), and earnings per share (EPS) of 8.4p (Q121: 9.9p) |
| ● | Total income increased to £6,496m (Q121: £5,900m). Barclays UK income increased 5%. Barclays International income increased 10%, with CIB income up 10% and Consumer, Cards and Payments (CC&P) income up 10% |
| ● | Credit impairment charges of £141m (Q121: £55m) were driven by ongoing flows to delinquency in unsecured lending. Coverage levels remained materially in line with Q421 and were considered appropriate having been assessed against rising inflation and affordability headwinds |
| ● | Total operating expenses increased to £4,111m (Q121: £3,578m) due to litigation and conduct charges of £523m including a provision in CIB of £320m (post-tax impact of £240m) relating to the over-issuance of securities by Barclays Bank PLC in the US and higher customer remediation costs relating to a legacy loan portfolio in CC&P. This resulted in a cost: income ratio of 63% (Q121: 61%). Costs excluding litigation and conduct increased 1% to £3,588m, reflecting continued investment and business growth, partially offset by lower performance costs and efficiency savings |
| ● | The effective tax rate (ETR) was 27.5% (Q121: 20.7%). The tax charge included a £346m charge recognised for the re-measurement of the Group's UK deferred tax assets (DTAs) due to the enactment of legislation in Q122 which will result in the UK banking surcharge rate being reduced from 8% to 3% effective from 1 April 2023 (the ETR excluding the impact of this downward re-measurement of UK DTAs was 12.0%). Tax credits relating to adjustments in respect of prior years partially offset the impact of the downward UK DTA re-measurement |
| ● | Attributable profit was £1,404m (Q121: £1,704m) including litigation and conduct charges net of tax of £405m |
| ● | Total assets increased to £1,496bn (December 2021: £1,384bn) primarily due to an increase in client and trading activity, and growth in the liquidity pool |
| ● | TNAV per share increased to 294p (December 2021: 291p1) primarily reflecting 8.4p of EPS, partially offset by net negative reserve movements driven by higher interest rates |
| ● | Profit before tax increased to £594m (Q121: £460m). RoTE was 15.6% (Q121: 12.0%) reflecting the resilience of the business which is well positioned within the current UK operating environment | |
| ● | Total income increased 5% to £1,649m. Net interest income increased 5% to £1,339m with a net interest margin of 2.62% (Q121: 2.54%) primarily driven by the rising interest rate environment in the UK. Net fee, commission and other income increased 5% to £310m | |
| - | Personal Banking income increased 11% to £1,022m, driven by rising interest rates and supported by the benefit of strong 2021 mortgage origination | |
| - | Barclaycard Consumer UK income decreased 12% to £276m as higher transaction based revenues from improved customer spend volumes were more than offset by lower interest earning lending (IEL) balances. Lower IEL balances were impacted by higher customer repayments and reduced borrowing | |
| - | Business Banking income increased 4% to £351m driven by rising interest rates alongside improved transaction based revenues, partially offset by lower government scheme lending income as repayments continue | |
| ● | Credit impairment charges decreased 38% to £48m reflecting lower unsecured lending balances and lower delinquency rates. As at 31 March 2022, 30 and 90 day arrears rates in UK cards were 1.0% (Q121: 1.6%) and 0.3% (Q121: 0.8%) respectively. The credit card and consumer loan businesses maintain appropriate provision levels in light of emerging affordability headwinds, as reflected in a total coverage ratio of 10.6% (December 2021: 10.9%) | |
| ● | Total operating expenses decreased 3% to £1,007m driven by lower operational costs and efficiency savings, partially offset by increased investment spend | |
| ● | Loans and advances to customers at amortised cost decreased 1% in the quarter to £207.3bn as £1.0bn of mortgage growth was more than offset by a £2.3bn decrease in Business Banking balances due to the repayment of government scheme lending and the yield curve impact from rising interest rates on the Education, Social Housing and Local Authority portfolio carrying value | |
| ● | Customer deposits at amortised cost remained broadly stable at £260.3bn, maintaining a strong loan: deposit ratio of 85% (December 2021: 85%) | |
| ● | RWAs remained stable at £72.7bn (December 2021: £72.3bn) | |
| 1 | 31 December 2021 financial and capital metrics have been restated to reflect the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 31 for further details. |
| ● | Profit before tax decreased 13% to £1,713m with a RoTE of 14.8% (Q121: 17.7%), reflecting a RoTE of 17.1% (Q121: 17.9%) in CIB and (1.5)% (Q121: 16.5%) in CC&P | |||
| ● | Total income increased to £4,824m (Q121: £4,399m) | |||
| - | CIB income increased 10% to £3,938m reflecting the benefit of a diversified business model | |||
| - | Global Markets income increased 26% to £2,696m driven by strong performances in FICC and Equities, reflecting higher levels of activity as we supported our clients through a period of market volatility. FICC income increased 37% to £1,644m, mainly in macro, and Equities income increased 13% to £1,052m driven by derivatives | |||
| - | Investment Banking fees income decreased 25% to £648m due to the reduced fee pool, particularly in Equity capital markets1, and a strong prior year comparative | |||
| - | Within Corporate, Transaction banking income increased 19% to £469m driven by deposit balance growth, improved margins and higher payments volumes. Corporate lending income decreased 39% to £125m due to higher costs of hedging and credit protection | |||
| - | CC&P income increased 10% to £886m | |||
| - | International Cards and Consumer Bank income was stable at £538m as higher average cards balances were offset by higher customer acquisition costs | |||
| - | Private Bank income increased 20% to £214m, reflecting client balance growth and improved margins | |||
| - | Unified Payments income increased 44% to £134m driven by turnover growth following the easing of lockdown restrictions in the past year | |||
| ● | Credit impairment charges were £101m (Q121: £22m net release) reflecting a continued benign credit environment | |||
| - | CIB credit impairment net release of £33m (Q121: £43m net release) was driven by improvements in the portfolio and limited material single name wholesale loan charges | |||
| - | CC&P credit impairment charges increased to £134m (Q121: £21m charge) driven by higher unsecured lending balances in US cards. As at 31 March 2022, 30 and 90 day arrears in US cards were 1.6% (Q121: 2.1%) and 0.8% (Q121: 1.2%) respectively. The US cards business continues to maintain appropriate provision levels in light of potential emerging affordability headwinds, as reflected in a total coverage ratio of 10.4% (December 2021: 10.6%) | |||
| ● | Total operating expenses increased 23% to £3,018m | |||
| - | CIB total operating expenses increased 19% to £2,239m primarily driven by a £320m provision relating to the expected losses resulting from a rescission offer to repurchase certain securities issuances identified as being in excess of the registered amount. Operating costs increased 2% to £1,921m as investment in talent, systems and technology were partially offset by lower performance costs | |||
| - | CC&P total operating expenses increased 36% to £779m driven by £195m of litigation and conduct costs, including a provision for higher customer remediation costs relating to a legacy loan portfolio, and higher investment spend reflecting an increase in marketing and costs for existing and new partnerships | |||
| ● | RWAs increased to £245.1bn (December 2021: £230.9bn) resulting from regulatory changes that took effect from 1 January 2022, increased client and trading activity within CIB and an increase in respect of short-term hedging arrangements designed to manage the risks of the rescission offer | |||
| ● | Loss before tax was £73m (Q121: £32m) |
| ● | Total income was £23m (Q121: £75m expense) which included a one-off gain of £86m from the sale and leaseback of UK data centres, partially offset by hedge accounting, funding costs on legacy capital instruments and treasury items |
| ● | Total operating expenses were £86m (Q121: £80m) |
| ● | Other net income was an expense of £18m (Q121: £123m income) driven by a fair value loss in Barclays associate investment holding in the Business Growth Fund |
| ● | RWAs were £11.0bn (December 2021: £11.0bn) |
| 1 | Data source: Dealogic for the period covering 1 January to 31 March 2022. |
| ● | The CET1 ratio decreased by 130bps to 13.8% (December 2021: 15.1%) as capital decreased by £2.1bn to £45.3bn and RWAs increased by £14.7bn to £328.8bn | |
| - | The expected impact of regulatory change on 1 January 2022 reduced the CET1 ratio by c80bps as CET1 capital decreased £1.7bn and RWAs increased £6.6bn with a further c30bps reduction due to the £1bn buyback announced with FY21 results | |
| - | The impact of the over-issuance of securities in the US reduced the CET1 ratio by c20bps due to a £0.2bn (post-tax) increase to the provision reducing CET1 capital and a £2.8bn increase in RWAs reflecting the short-term hedging arrangements designed to manage the risk of the rescission offer | |
| - | Excluding the above impacts there was an increase to the CET1 ratio as CET1 capital increased by £0.9bn reflecting profits (excluding the increase in provision for the over-issuance of securities in the US), an accrual toward a FY22 dividend, equity coupons paid, and an increased deduction for prudent valuation adjustments (PVA). This was largely offset by an RWA increase of £5.3bn primarily due to increased client and trading activity within the CIB | |
| ● | The UK leverage ratio decreased to 5.0% (December 2021: 5.2%) primarily due to the decrease in CET1 capital and the £1bn redemption of Additional Tier 1 (AT1) instruments partially offset by a decrease in the leverage exposure of £14.4bn to £1,123.5bn (December 2021: £1,137.9bn) | |
| ● | The liquidity pool was £320bn (December 2021: £291bn) and the liquidity coverage ratio remained significantly above the 100% regulatory requirement at 159% (December 2021: 168%), equivalent to a surplus of £115bn (December 2021: £116bn). The increase in the pool was driven by deposit growth and an increase in wholesale funding, which were partly offset by an increase in business funding consumption |
| ● | Wholesale funding outstanding, excluding repurchase agreements, was £178.1bn (December 2021: £167.5bn). The Group issued £1.4bn equivalent of minimum requirement for own funds and eligible liabilities (MREL) instruments from Barclays PLC (the Parent company) during the year. The Group has a strong MREL position with a ratio of 31.2% of RWAs which is in excess of its regulatory requirement of 28.9% |
| ● | Over-issuance of US securities under the Barclays Bank PLC US Shelf: as per Barclays' RNS announcement on 28 March 2022, Barclays has commissioned a review by external counsel of the facts and circumstances relating to the matter and is assisting regulators with their inquiries and requests for information. Barclays Bank PLC has elected to make a rescission offer to certain purchasers of the affected securities issued in excess of the registered amount, which is expected to commence during the second quarter of 2022. Barclays remains committed to its structured products business in the US and expects Barclays Bank PLC to file a new shelf registration statement with the SEC, and resume issuance of structured notes, during the second quarter of 2022. The final cost of any rescission offer will be impacted by prevailing market conditions at the date of that offer. Hedges have been put in place to minimise this volatility, but the final impact may differ from the provision reflected at Q122. For further details, please refer to Supplementary Information on pages 30 to 31 |
| ● | Legacy loan portfolio: a customer remediation provision of £181m has been recognised in relation to a legacy timeshare loan portfolio brokered by Azure Services Limited (ASL). The provision represents the best estimate as at Q122. Barclays continues to review complaints regarding legacy partner finance loans, however it is not currently possible to predict the outcome of this review |
| ● | Absa sale: on 21 April 2022, Barclays sold 63m ordinary shares in Absa Group Limited (7.4% of Absa's issued share capital) at a price of ZAR 164.0 per share, raising aggregate gross sale proceeds of ZAR 10.3bn (£516m2). The sale is expected to result in an increase of approximately 10 basis points to Barclays' CET1 ratio in the second quarter of 2022 primarily due to reduced capital deductions and RWAs, partially offset by a loss on sale of £42m through the income statement |
| ● | Pensions: during 2019 and 2020, the UK Retirement Fund (UKRF), the Group's main pension scheme, subscribed for non-transferable listed senior fixed rate notes for £1.25bn. As a result of these transactions, the CET1 impact of the UKRF was deferred until 2023, 2024 and 2025 upon maturity of the notes. Following the PRA's statement on 13 April 2022, Barclays is planning to unwind these transactions and to agree the terms and timing of this unwind with the UKRF Trustee as part of the next triennial actuarial valuation as at 30 September 2022. Upon unwind, this would result in a c30bps reduction to the CET1 ratio potentially being accelerated to Q422 from 2023, 2024 and 2025. As at 31 March 2022, the UKRF was in an accounting surplus of £4.4bn on an IAS 19 basis and as at 30 September 2021 was in a funding surplus of £0.6bn. There may also be a pension related reduction in Pillar 2A requirements in 2022 which could partially mitigate the impact of the unwind on the Group surplus capital position |
| 1 | 31 December 2021 financial and capital metrics have been restated to reflect the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 31 for further details. |
| 2 | Exchange rate GBP/ZAR 20.04 as of 21 April 2022. |
| ● | Barclays is committed to maintaining an appropriate balance between delivering attractive total cash returns to shareholders, investment in the business and maintaining a strong capital position. Barclays pays a progressive ordinary dividend, taking into account these objectives and the earnings outlook of the Group. The Board will also continue to supplement the ordinary dividends as appropriate, including with share buybacks |
| ● | In its 28 March 2022 announcement, Barclays indicated that its previously announced £1bn share buyback programme was expected to commence in Q222 following the publication of Q1 results. Barclays' Q1 performance, including a profit before tax of £2.2bn, a RoTE of 11.5% and a CET1 ratio of 13.8% continues to provide a strong platform for returning capital through the previously announced buyback programme. Due to the ongoing discussions with the SEC regarding the potential restatement of the 2021 financial statements included in Barclays PLC's Form 20-F filed with the SEC, Barclays believes that it is prudent to delay the commencement of the buyback programme until those discussions have been concluded. Barclays remains committed to the share buyback programme and the intention would be to launch it as soon as practicable following resolution of filing requirements being reached with the SEC and the appropriate 20-F filings having been made. For further details regarding discussions with the SEC, see Supplementary Information on pages 30 to 31 |
| ● | Returns: RoTE of greater than 10% |
| ● | Cost efficiency: cost: income ratio below 60% |
| ● | Capital adequacy: CET1 ratio in the range of 13-14% |
| Barclays UK | Three months ended | Three months ended | |
| 31.03.22 | 31.03.21 | ||
| Income statement information | £m | £m | % Change |
| Net interest income | 1,339 | 1,281 | 5 |
| Net fee, commission and other income | 310 | 295 | 5 |
| Total income | 1,649 | 1,576 | 5 |
| Credit impairment charges | (48) | (77) | 38 |
| Net operating income | 1,601 | 1,499 | 7 |
| Operating costs | (998) | (1,036) | 4 |
| Litigation and conduct | (9) | (3) | |
| Total operating expenses | (1,007) | (1,039) | 3 |
| Other net income | - | - | |
| Profit before tax | 594 | 460 | 29 |
| Attributable profit | 396 | 298 | 33 |
| As at 31.03.22 | As at 31.12.21 | As at 31.03.21 | |
| Balance sheet information | £bn | £bn | £bn |
| Loans and advances to customers at amortised cost | 207.3 | 208.8 | 205.7 |
| Total assets | 317.2 | 321.2 | 309.1 |
| Customer deposits at amortised cost | 260.3 | 260.6 | 247.5 |
| Loan: deposit ratio | 85% | 85% | 88% |
| Risk weighted assets | 72.7 | 72.3 | 72.7 |
| Period end allocated tangible equity | 10.1 | 10.0 | 10.0 |
| Three months ended | Three months ended | ||
| Performance measures | 31.03.22 | 31.03.21 | |
| Return on average allocated tangible equity | 15.6% | 12.0% | |
| Average allocated tangible equity (£bn) | 10.1 | 9.9 | |
| Cost: income ratio | 61% | 66% | |
| Loan loss rate (bps) | 9 | 14 | |
| Net interest margin | 2.62% | 2.54% |
| Analysis of Barclays UK | Three months ended | Three months ended | |
| 31.03.22 | 31.03.21 | ||
| Analysis of total income | £m | £m | % Change |
| Personal Banking | 1,022 | 923 | 11 |
| Barclaycard Consumer UK | 276 | 315 | (12) |
| Business Banking | 351 | 338 | 4 |
| Total income | 1,649 | 1,576 | 5 |
| Analysis of credit impairment charges | |||
| Personal Banking | 21 | (22) | |
| Barclaycard Consumer UK | (44) | (36) | (22) |
| Business Banking | (25) | (19) | (32) |
| Total credit impairment charges | (48) | (77) | 38 |
| As at 31.03.22 | As at 31.12.21 | As at 31.03.21 | |
| Analysis of loans and advances to customers at amortised cost | £bn | £bn | £bn |
| Personal Banking | 166.5 | 165.4 | 160.4 |
| Barclaycard Consumer UK | 8.4 | 8.7 | 8.7 |
| Business Banking | 32.4 | 34.7 | 36.6 |
| Total loans and advances to customers at amortised cost | 207.3 | 208.8 | 205.7 |
| Analysis of customer deposits at amortised cost | |||
| Personal Banking | 196.6 | 196.4 | 186.0 |
| Barclaycard Consumer UK | - | - | 0.1 |
| Business Banking | 63.7 | 64.2 | 61.4 |
| Total customer deposits at amortised cost | 260.3 | 260.6 | 247.5 |
| Barclays International | Three months ended | Three months ended1 | |
| 31.03.22 | 31.03.21 | ||
| Income statement information | £m | £m | % Change |
| Net interest income | 936 | 748 | 25 |
| Net trading income | 2,446 | 1,934 | 26 |
| Net fee, commission and other income | 1,442 | 1,717 | (16) |
| Total income | 4,824 | 4,399 | 10 |
| Credit impairment (charges)/releases | (101) | 22 | |
| Net operating income | 4,723 | 4,421 | 7 |
| Operating costs | (2,505) | (2,438) | (3) |
| Litigation and conduct | (513) | (21) | |
| Total operating expenses | (3,018) | (2,459) | (23) |
| Other net income | 8 | 9 | (11) |
| Profit before tax | 1,713 | 1,971 | (13) |
| Attributable profit | 1,300 | 1,431 | (9) |
| As at 31.03.22 | As at 31.12.21 | As at 31.03.21 | |
| Balance sheet information | £bn | £bn | £bn |
| Loans and advances at amortised cost | 144.8 | 133.8 | 123.5 |
| Trading portfolio assets | 134.1 | 146.9 | 131.1 |
| Derivative financial instrument assets | 288.8 | 261.5 | 269.4 |
| Financial assets at fair value through the income statement | 203.8 | 188.2 | 197.5 |
| Cash collateral and settlement balances | 132.0 | 88.1 | 109.7 |
| Other assets | 255.5 | 225.6 | 221.7 |
| Total assets | 1,159.0 | 1,044.1 | 1,052.9 |
| Deposits at amortised cost | 286.1 | 258.8 | 251.2 |
| Derivative financial instrument liabilities | 277.2 | 256.4 | 260.2 |
| Loan: deposit ratio | 51% | 52% | 49% |
| Risk weighted assets | 245.1 | 230.9 | 230.0 |
| Period end allocated tangible equity | 35.6 | 33.2 | 32.7 |
| Three months ended | Three months ended | ||
| Performance measures | 31.03.22 | 31.03.21 | |
| Return on average allocated tangible equity | 14.8% | 17.7% | |
| Average allocated tangible equity (£bn) | 35.1 | 32.3 | |
| Cost: income ratio | 63% | 56% | |
| Loan loss rate (bps) | 28 | (7) | |
| Net interest margin | 4.15% | 3.92% |
| 1 | The income statement comparatives for Q121 are not impacted by the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 31 for further details. |
| Analysis of Barclays International | |||
| Corporate and Investment Bank | Three months ended | Three months ended1 | |
| 31.03.22 | 31.03.21 | ||
| Income statement information | £m | £m | % Change |
| Net interest income | 385 | 270 | 43 |
| Net trading income | 2,450 | 1,917 | 28 |
| Net fee, commission and other income | 1,103 | 1,407 | (22) |
| Total income | 3,938 | 3,594 | 10 |
| Credit impairment releases | 33 | 43 | (23) |
| Net operating income | 3,971 | 3,637 | 9 |
| Operating costs | (1,921) | (1,886) | (2) |
| Litigation and conduct | (318) | (1) | |
| Total operating expenses | (2,239) | (1,887) | (19) |
| Other net income | - | 1 | |
| Profit before tax | 1,732 | 1,751 | (1) |
| Attributable profit | 1,316 | 1,263 | 4 |
| As at 31.03.22 | As at 31.12.21 | As at 31.03.21 | |
| Balance sheet information | £bn | £bn | £bn |
| Loans and advances at amortised cost | 109.6 | 100.0 | 94.3 |
| Trading portfolio assets | 134.0 | 146.7 | 130.9 |
| Derivative financial instrument assets | 288.7 | 261.5 | 269.4 |
| Financial assets at fair value through the income statement | 203.8 | 188.1 | 197.3 |
| Cash collateral and settlement balances | 131.2 | 87.2 | 108.8 |
| Other assets | 222.5 | 195.8 | 190.8 |
| Total assets | 1,089.8 | 979.3 | 991.5 |
| Deposits at amortised cost | 214.7 | 189.4 | 185.2 |
| Derivative financial instrument liabilities | 277.1 | 256.4 | 260.2 |
| Risk weighted assets | 213.5 | 200.7 | 201.3 |
| Three months ended | Three months ended | ||
| Performance measures | 31.03.22 | 31.03.21 | |
| Return on average allocated tangible equity | 17.1% | 17.9% | |
| Average allocated tangible equity (£bn) | 30.8 | 28.2 | |
| Cost: income ratio | 57% | 53% | |
| Analysis of total income | £m | £m | % Change |
| FICC | 1,644 | 1,204 | 37 |
| Equities | 1,052 | 932 | 13 |
| Global Markets | 2,696 | 2,136 | 26 |
| Advisory | 185 | 163 | 13 |
| Equity capital markets | 47 | 243 | (81) |
| Debt capital markets | 416 | 453 | (8) |
| Investment Banking fees | 648 | 859 | (25) |
| Corporate lending | 125 | 206 | (39) |
| Transaction banking | 469 | 393 | 19 |
| Corporate | 594 | 599 | (1) |
| Total income | 3,938 | 3,594 | 10 |
| 1 | The income statement comparatives for Q121 are not impacted by the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 31 for further details. |
| Analysis of Barclays International | |||
| Consumer, Cards and Payments | Three months ended | Three months ended | |
| 31.03.22 | 31.03.21 | ||
| Income statement information | £m | £m | % Change |
| Net interest income | 551 | 478 | 15 |
| Net fee, commission, trading and other income | 335 | 327 | 2 |
| Total income | 886 | 805 | 10 |
| Credit impairment charges | (134) | (21) | |
| Net operating income | 752 | 784 | (4) |
| Operating costs | (584) | (552) | (6) |
| Litigation and conduct | (195) | (20) | |
| Total operating expenses | (779) | (572) | (36) |
| Other net income | 8 | 8 | - |
| (Loss)/profit before tax | (19) | 220 | |
| Attributable (loss)/profit | (16) | 168 | |
| As at 31.03.22 | As at 31.12.21 | As at 31.03.21 | |
| Balance sheet information | £bn | £bn | £bn |
| Loans and advances at amortised cost | 35.2 | 33.8 | 29.2 |
| Total assets | 69.2 | 64.8 | 61.4 |
| Deposits at amortised cost | 71.4 | 69.4 | 66.0 |
| Risk weighted assets | 31.6 | 30.2 | 28.8 |
| Three months ended | Three months ended | ||
| Performance measures | 31.03.22 | 31.03.21 | |
| Return on average allocated tangible equity | (1.5)% | 16.5% | |
| Average allocated tangible equity (£bn) | 4.3 | 4.1 | |
| Cost: income ratio | 88% | 71% | |
| Loan loss rate (bps) | 145 | 27 | |
| Analysis of total income | £m | £m | % Change |
| International Cards and Consumer Bank | 538 | 533 | 1 |
| Private Bank | 214 | 179 | 20 |
| Unified Payments | 134 | 93 | 44 |
| Total income | 886 | 805 | 10 |
| Head Office | Three months ended | Three months ended | |
| 31.03.22 | 31.03.21 | ||
| Income statement information | £m | £m | % Change |
| Net interest income | 66 | (178) | |
| Net fee, commission and other income | (43) | 103 | |
| Total income | 23 | (75) | |
| Credit impairment releases | 8 | - | |
| Net operating income | 31 | (75) | |
| Operating costs | (85) | (71) | (20) |
| Litigation and conduct | (1) | (9) | 89 |
| Total operating expenses | (86) | (80) | (8) |
| Other net (expenses)/income | (18) | 123 | |
| Loss before tax | (73) | (32) | |
| Attributable loss | (292) | (25) | |
| As at 31.03.22 | As at 31.12.21 | As at 31.03.21 | |
| Balance sheet information | £bn | £bn | £bn |
| Total assets | 19.9 | 19.0 | 17.7 |
| Risk weighted assets | 11.0 | 11.0 | 10.7 |
| Period end allocated tangible equity | 3.6 | 5.7 | 3.3 |
| Three months ended | Three months ended | ||
| Performance measures | 31.03.22 | 31.03.21 | |
| Average allocated tangible equity (£bn) | 3.6 | 4.3 |
| Margins and balances | ||||||
| Three months ended 31.03.22 | Three months ended 31.03.21 | |||||
| Net interest income | Average customer assets | Net interest margin | Net interest income | Average customer assets | Net interest margin | |
| £m | £m | % | £m | £m | % | |
| Barclays UK | 1,339 | 207,607 | 2.62 | 1,281 | 204,663 | 2.54 |
Barclays International1 | 867 | 84,838 | 4.15 | 755 | 78,230 | 3.92 |
| Total Barclays UK and Barclays International | 2,206 | 292,445 | 3.06 | 2,036 | 282,893 | 2.92 |
Other2 | 135 | (185) | ||||
| Total Barclays Group | 2,341 | 1,851 | ||||
| 1 | Barclays International margins include the lending related investment bank business. |
| 2 | Other includes Head Office and the non-lending related investment bank businesses not included in Barclays International margins. |
| Quarterly analysis for Barclays UK and Barclays International | Net interest income | Average customer assets | Net interest margin |
| Three months ended 31.12.21 | £m | £m | % |
| Barclays UK | 1,313 | 209,064 | 2.49 |
Barclays International1 | 848 | 81,244 | 4.14 |
| Total Barclays UK and Barclays International | 2,161 | 290,308 | 2.95 |
| Three months ended 30.09.21 | |||
| Barclays UK | 1,303 | 207,692 | 2.49 |
Barclays International1 | 783 | 77,364 | 4.02 |
| Total Barclays UK and Barclays International | 2,086 | 285,056 | 2.90 |
| Three months ended 30.06.21 | |||
| Barclays UK | 1,305 | 205,168 | 2.55 |
Barclays International1 | 763 | 77,330 | 3.96 |
| Total Barclays UK and Barclays International | 2,068 | 282,498 | 2.94 |
| Three months ended 31.03.21 | |||
| Barclays UK | 1,281 | 204,663 | 2.54 |
Barclays International1 | 755 | 78,230 | 3.92 |
| Total Barclays UK and Barclays International | 2,036 | 282,893 | 2.92 |
| 1 | Barclays International margins include the lending related investment bank business. |
| Gross exposure | Impairment allowance | Net exposure | ||||||||
| Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | |||
| As at 31.03.22 | £m | £m | £m | £m | £m | £m | £m | £m | £m | |
| Barclays UK | 158,707 | 25,003 | 3,049 | 186,759 | 221 | 943 | 704 | 1,868 | 184,891 | |
| Barclays International | 26,627 | 2,792 | 1,574 | 30,993 | 575 | 873 | 795 | 2,243 | 28,750 | |
| Head Office | 3,688 | 380 | 691 | 4,759 | 1 | 27 | 347 | 375 | 4,384 | |
| Total Barclays Group retail | 189,022 | 28,175 | 5,314 | 222,511 | 797 | 1,843 | 1,846 | 4,486 | 218,025 | |
| Barclays UK | 35,052 | 1,848 | 914 | 37,814 | 142 | 48 | 103 | 293 | 37,521 | |
| Barclays International | 102,476 | 13,271 | 1,014 | 116,761 | 195 | 177 | 364 | 736 | 116,025 | |
| Head Office | 124 | 1 | 22 | 147 | - | - | 20 | 20 | 127 | |
Total Barclays Group wholesale1 | 137,652 | 15,120 | 1,950 | 154,722 | 337 | 225 | 487 | 1,049 | 153,673 | |
| Total loans and advances at amortised cost | 326,674 | 43,295 | 7,264 | 377,233 | 1,134 | 2,068 | 2,333 | 5,535 | 371,698 | |
Off-balance sheet loan commitments and financial guarantee contracts2 | 330,717 | 27,886 | 1,724 | 360,327 | 207 | 275 | 21 | 503 | 359,824 | |
Total3 | 657,391 | 71,181 | 8,988 | 737,560 | 1,341 | 2,343 | 2,354 | 6,038 | 731,522 | |
| As at 31.03.22 | Three months ended 31.03.22 | |||||||||
| Coverage ratio | Loan impairment charge/(release) and loan loss rate | |||||||||
| Stage 1 | Stage 2 | Stage 3 | Total | Loan impairment charge/(release) | Loan loss rate | |||||
| % | % | % | % | £m | bps | |||||
| Barclays UK | 0.1 | 3.8 | 23.1 | 1.0 | 43 | 9 | ||||
| Barclays International | 2.2 | 31.3 | 50.5 | 7.2 | 128 | 167 | ||||
| Head Office | - | 7.1 | 50.2 | 7.9 | (7) | - | ||||
| Total Barclays Group retail | 0.4 | 6.5 | 34.7 | 2.0 | 164 | 30 | ||||
| Barclays UK | 0.4 | 2.6 | 11.3 | 0.8 | 8 | 9 | ||||
| Barclays International | 0.2 | 1.3 | 35.9 | 0.6 | (7) | - | ||||
| Head Office | - | - | 90.9 | 13.6 | (1) | - | ||||
Total Barclays Group wholesale1 | 0.2 | 1.5 | 25.0 | 0.7 | - | - | ||||
| Total loans and advances at amortised cost | 0.3 | 4.8 | 32.1 | 1.5 | 164 | 18 | ||||
Off-balance sheet loan commitments and financial guarantee contracts2 | 0.1 | 1.0 | 1.2 | 0.1 | (42) | |||||
Other financial assets subject to impairment3 | 19 | |||||||||
Total4 | 0.2 | 3.3 | 26.2 | 0.8 | 141 | |||||
| 1 | Includes Wealth and Private Banking exposures measured on an individual basis, and excludes Business Banking exposures, including lending under the government backed Bounce Back Loan Scheme (BBLs) of £9.0bn that are managed on a collective basis and reported within Barclays UK Retail. The net impact is a difference in total exposure of £5,199m of balances reported as wholesale loans on page 17 in the Loans and advances at amortised cost by product disclosure. |
| 2 | Excludes loan commitments and financial guarantees of £14bn carried at fair value. |
| 3 | Other financial assets subject to impairment not included in the table above include cash collateral and settlement balances, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of £198.8bn and impairment allowance of £135m. This comprises £7m ECL on £198.5bn Stage 1 assets, £0m on £130m Stage 2 fair value through other comprehensive income assets, cash collateral and settlement balances and £128m on £135m Stage 3 other assets. |
| 4 | The loan loss rate is 15bps after applying the total impairment charge of £141m. |
| Gross exposure | Impairment allowance | Net exposure | ||||||||
| Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | |||
| As at 31.12.21 | £m | £m | £m | £m | £m | £m | £m | £m | £m | |
| Barclays UK | 160,695 | 22,779 | 2,915 | 186,389 | 261 | 949 | 728 | 1,938 | 184,451 | |
| Barclays International | 25,981 | 2,691 | 1,566 | 30,238 | 603 | 795 | 858 | 2,256 | 27,982 | |
| Head Office | 3,735 | 429 | 705 | 4,869 | 2 | 36 | 347 | 385 | 4,484 | |
| Total Barclays Group retail | 190,411 | 25,899 | 5,186 | 221,496 | 866 | 1,780 | 1,933 | 4,579 | 216,917 | |
| Barclays UK | 35,571 | 1,917 | 969 | 38,457 | 153 | 43 | 111 | 307 | 38,150 | |
| Barclays International | 92,341 | 13,275 | 1,059 | 106,675 | 187 | 192 | 458 | 837 | 105,838 | |
| Head Office | 542 | 2 | 21 | 565 | - | - | 19 | 19 | 546 | |
Total Barclays Group wholesale1 | 128,454 | 15,194 | 2,049 | 145,697 | 340 | 235 | 588 | 1,163 | 144,534 | |
| Total loans and advances at amortised cost | 318,865 | 41,093 | 7,235 | 367,193 | 1,206 | 2,015 | 2,521 | 5,742 | 361,451 | |
Off-balance sheet loan commitments and financial guarantee contracts2 | 312,142 | 34,815 | 1,298 | 348,255 | 217 | 302 | 23 | 542 | 347,713 | |
Total3 | 631,007 | 75,908 | 8,533 | 715,448 | 1,423 | 2,317 | 2,544 | 6,284 | 709,164 | |
| As at 31.12.21 | Year ended 31.12.21 | |||||||||
| Coverage ratio | Loan impairment charge/(release) and loan loss rate | |||||||||
| Stage 1 | Stage 2 | Stage 3 | Total | Loan impairment charge/(release) | Loan loss rate | |||||
| % | % | % | % | £m | bps | |||||
| Barclays UK | 0.2 | 4.2 | 25.0 | 1.0 | (227) | - | ||||
| Barclays International | 2.3 | 29.5 | 54.8 | 7.5 | 181 | 60 | ||||
| Head Office | 0.1 | 8.4 | 49.2 | 7.9 | - | - | ||||
| Total Barclays Group retail | 0.5 | 6.9 | 37.3 | 2.1 | (46) | - | ||||
| Barclays UK | 0.4 | 2.2 | 11.5 | 0.8 | 122 | 32 | ||||
| Barclays International | 0.2 | 1.4 | 43.2 | 0.8 | (197) | - | ||||
| Head Office | - | - | 90.5 | 3.4 | - | - | ||||
Total Barclays Group wholesale1 | 0.3 | 1.5 | 28.7 | 0.8 | (75) | - | ||||
| Total loans and advances at amortised cost | 0.4 | 4.9 | 34.8 | 1.6 | (121) | - | ||||
Off-balance sheet loan commitments and financial guarantee contracts2 | 0.1 | 0.9 | 1.8 | 0.2 | (514) | |||||
Other financial assets subject to impairment3 | (18) | |||||||||
| Total | 0.2 | 3.1 | 29.8 | 0.9 | (653) | |||||
| 1 | Includes Wealth and Private Banking exposures measured on an individual basis, and excludes Business Banking exposures, including BBLs of £9.4bn that are managed on a collective basis and reported within Barclays UK Retail. The net impact is a difference in total exposure of £5,994m of balances reported as wholesale loans on page 17 in the Loans and advances at amortised cost by product disclosure. |
| 2 | Excludes loan commitments and financial guarantees of £18.8bn carried at fair value. |
| 3 | Other financial assets subject to impairment not included in the table above include cash collateral and settlement balances, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of £155.2bn and impairment allowance of £114m. This comprises £6m ECL on £154.9bn Stage 1 assets, £1m on £157.0bn Stage 2 fair value through other comprehensive income assets, other assets and cash collateral and settlement balances and £107m on £110m Stage 3 other assets. |
| Stage 2 | |||||||
| As at 31.03.22 | Stage 1 | Not past due | <=30 days past due | >30 days past due | Total | Stage 3 | Total |
| Gross exposure | £m | £m | £m | £m | £m | £m | £m |
| Home loans | 147,839 | 18,815 | 1,370 | 805 | 20,990 | 2,148 | 170,977 |
| Credit cards, unsecured loans and other retail lending | 37,963 | 5,259 | 318 | 454 | 6,031 | 2,341 | 46,335 |
| Wholesale loans | 140,872 | 15,057 | 948 | 269 | 16,274 | 2,775 | 159,921 |
| Total | 326,674 | 39,131 | 2,636 | 1,528 | 43,295 | 7,264 | 377,233 |
| Impairment allowance | |||||||
| Home loans | 18 | 43 | 3 | 7 | 53 | 397 | 468 |
| Credit cards, unsecured loans and other retail lending | 759 | 1,526 | 116 | 133 | 1,775 | 1,393 | 3,927 |
| Wholesale loans | 357 | 235 | 3 | 2 | 240 | 543 | 1,140 |
| Total | 1,134 | 1,804 | 122 | 142 | 2,068 | 2,333 | 5,535 |
| Net exposure | |||||||
| Home loans | 147,821 | 18,772 | 1,367 | 798 | 20,937 | 1,751 | 170,509 |
| Credit cards, unsecured loans and other retail lending | 37,204 | 3,733 | 202 | 321 | 4,256 | 948 | 42,408 |
| Wholesale loans | 140,515 | 14,822 | 945 | 267 | 16,034 | 2,232 | 158,781 |
| Total | 325,540 | 37,327 | 2,514 | 1,386 | 41,227 | 4,931 | 371,698 |
| Coverage ratio | % | % | % | % | % | % | % |
| Home loans | - | 0.2 | 0.2 | 0.9 | 0.3 | 18.5 | 0.3 |
| Credit cards, unsecured loans and other retail lending | 2.0 | 29.0 | 36.5 | 29.3 | 29.4 | 59.5 | 8.5 |
| Wholesale loans | 0.3 | 1.6 | 0.3 | 0.7 | 1.5 | 19.6 | 0.7 |
| Total | 0.3 | 4.6 | 4.6 | 9.3 | 4.8 | 32.1 | 1.5 |
| As at 31.12.21 | |||||||
| Gross exposure | £m | £m | £m | £m | £m | £m | £m |
| Home loans | 148,058 | 17,133 | 1,660 | 707 | 19,500 | 2,122 | 169,680 |
| Credit cards, unsecured loans and other retail lending | 37,840 | 5,102 | 300 | 248 | 5,650 | 2,332 | 45,822 |
| Wholesale loans | 132,967 | 15,246 | 306 | 391 | 15,943 | 2,781 | 151,691 |
| Total | 318,865 | 37,481 | 2,266 | 1,346 | 41,093 | 7,235 | 367,193 |
| Impairment allowance | |||||||
| Home Loans | 19 | 46 | 6 | 7 | 59 | 397 | 475 |
| Credit cards, unsecured loans and other retail lending | 824 | 1,493 | 85 | 123 | 1,701 | 1,504 | 4,029 |
| Wholesale Loans | 363 | 248 | 4 | 3 | 255 | 620 | 1,238 |
| Total | 1,206 | 1,787 | 95 | 133 | 2,015 | 2,521 | 5,742 |
| Net exposure | |||||||
| Home loans | 148,039 | 17,087 | 1,654 | 700 | 19,441 | 1,725 | 169,205 |
| Credit cards, unsecured loans and other retail lending | 37,016 | 3,609 | 215 | 125 | 3,949 | 828 | 41,793 |
| Wholesale loans | 132,604 | 14,998 | 302 | 388 | 15,688 | 2,161 | 150,453 |
| Total | 317,659 | 35,694 | 2,171 | 1,213 | 39,078 | 4,714 | 361,451 |
| Coverage ratio | % | % | % | % | % | % | % |
| Home loans | - | 0.3 | 0.4 | 1.0 | 0.3 | 18.7 | 0.3 |
| Credit cards, unsecured loans and other retail lending | 2.2 | 29.3 | 28.3 | 49.6 | 30.1 | 64.5 | 8.8 |
| Wholesale loans | 0.3 | 1.6 | 1.3 | 0.8 | 1.6 | 22.3 | 0.8 |
| Total | 0.4 | 4.8 | 4.2 | 9.9 | 4.9 | 34.8 | 1.6 |
| Baseline average macroeconomic variables used in the calculation of ECL | |||||
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| As at 31.03.22 | % | % | % | % | % |
UK GDP1 | 5.7 | 2.5 | 2.0 | 1.8 | 1.7 |
UK unemployment2 | 4.8 | 4.5 | 4.4 | 4.2 | 4.2 |
UK HPI3 | 1.1 | 1.7 | 1.9 | 2.2 | 2.2 |
| UK bank rate | 0.6 | 1.0 | 1.0 | 0.8 | 0.8 |
US GDP1 | 4.3 | 2.9 | 2.4 | 2.4 | 2.4 |
US unemployment4 | 4.3 | 3.7 | 3.6 | 3.6 | 3.6 |
US HPI5 | 4.8 | 5.3 | 4.9 | 5.0 | 5.0 |
| US federal funds rate | 0.3 | 0.8 | 1.1 | 1.3 | 1.3 |
| 2021 | 2022 | 2023 | 2024 | 2025 | |
| As at 31.12.21 | % | % | % | % | % |
UK GDP1 | 6.2 | 4.9 | 2.3 | 1.9 | 1.7 |
UK unemployment2 | 4.8 | 4.7 | 4.5 | 4.3 | 4.2 |
UK HPI3 | 4.7 | 1.0 | 1.9 | 1.9 | 2.3 |
| UK bank rate | 0.1 | 0.8 | 1.0 | 1.0 | 0.8 |
US GDP1 | 5.5 | 3.9 | 2.6 | 2.4 | 2.4 |
US unemployment4 | 5.5 | 4.2 | 3.6 | 3.6 | 3.6 |
US HPI5 | 11.8 | 4.5 | 5.2 | 4.9 | 5.0 |
| US federal funds rate | 0.2 | 0.3 | 0.9 | 1.2 | 1.3 |
| 1 | Average Real GDP seasonally adjusted change in year. |
| 2 | Average UK unemployment rate 16-year+. |
| 3 | Change in year end UK HPI = Halifax All Houses, All Buyers index, relative to prior year end. |
| 4 | Average US civilian unemployment rate 16-year+. |
| 5 | Change in year end US HPI = FHFA House Price Index, relative to prior year end. |
| Scenario probability weighting | |||||
| Upside 2 | Upside 1 | Baseline | Downside 1 | Downside 2 | |
| % | % | % | % | % | |
| As at 31.03.22 | |||||
| Scenario probability weighting | 20.9 | 27.2 | 30.1 | 14.8 | 7.0 |
| As at 31.12.21 | |||||
| Scenario probability weighting | 20.9 | 27.2 | 30.1 | 14.8 | 7.0 |
Restated1 | ||
Capital ratios2,3,4 | As at 31.03.22 | As at 31.12.21 |
| CET1 | 13.8% | 15.1% |
| T1 | 17.1% | 19.1% |
| Total regulatory capital | 20.1% | 22.2% |
| Capital resources | £m | £m |
| Total equity excluding non-controlling interests per the balance sheet | 68,465 | 69,052 |
| Less: other equity instruments (recognised as AT1 capital) | (11,119) | (12,259) |
| Adjustment to retained earnings for foreseeable ordinary share dividends | (968) | (666) |
| Adjustment to retained earnings for foreseeable repurchase of shares | (1,000) | - |
| Adjustment to retained earnings for foreseeable other equity coupons | (39) | (32) |
| Other regulatory adjustments and deductions | ||
| Additional value adjustments (PVA) | (1,864) | (1,585) |
| Goodwill and intangible assets | (8,035) | (6,804) |
| Deferred tax assets that rely on future profitability excluding temporary differences | (938) | (1,028) |
| Fair value reserves related to gains or losses on cash flow hedges | 3,343 | 852 |
| Gains or losses on liabilities at fair value resulting from own credit | 4 | 892 |
| Defined benefit pension fund assets | (3,225) | (2,619) |
| Direct and indirect holdings by an institution of own CET1 instruments | (20) | (50) |
| Adjustment under IFRS 9 transitional arrangements | 601 | 1,229 |
| Other regulatory adjustments | 64 | 345 |
| CET1 capital | 45,269 | 47,327 |
| AT1 capital | ||
| Capital instruments and related share premium accounts | 11,119 | 12,259 |
| Qualifying AT1 capital (including minority interests) issued by subsidiaries | - | 637 |
| Other regulatory adjustments and deductions | (60) | (80) |
| AT1 capital | 11,059 | 12,816 |
| T1 capital | 56,328 | 60,143 |
| T2 capital | ||
| Capital instruments and related share premium accounts | 8,334 | 8,713 |
| Qualifying T2 capital (including minority interests) issued by subsidiaries | 1,540 | 1,113 |
| Credit risk adjustments (excess of impairment over expected losses) | 98 | 73 |
| Other regulatory adjustments and deductions | (160) | (160) |
| Total regulatory capital | 66,140 | 69,882 |
| Total RWAs | 328,830 | 314,136 |
| 1 | Capital metrics as at 31 December 2021 have been restated. See Basis of preparation on page 31 for further details. The transitional CET1 ratio remains unchanged at 15.1%. |
| 2 | CET1, T1 and T2 capital, and RWAs are calculated applying the transitional arrangements of the CRR as amended by CRR II. This includes IFRS 9 transitional arrangements and the grandfathering of CRR II non-compliant capital instruments. Prior period comparatives include the grandfathering of CRR non-compliant capital instruments. |
| 3 | The fully loaded CET1 ratio, as is relevant for assessing against the conversion trigger in Barclays PLC AT1 securities, was 13.6%, with £44.7bn of CET1 capital and £328.6bn of RWAs calculated without applying the transitional arrangements of the CRR as amended by CRR II. |
| 4 | The Group's CET1 ratio, as is relevant for assessing against the conversion trigger in Barclays Bank PLC 7.625% Contingent Capital Notes, was 13.8%. For this calculation CET1 capital and RWAs are calculated applying the transitional arrangements under the CRR as amended by CRR II, including the IFRS 9 transitional arrangements. The benefit of the Financial Services Authority (FSA) October 2012 interpretation of the transitional provisions, relating to the implementation of CRD IV, expired in December 2017. |
Restated1 | |
| Movement in CET1 capital | Three months ended 31.03.22 |
| £m | |
| Opening CET1 capital | 47,327 |
| Profit for the period attributable to equity holders | 1,619 |
| Own credit relating to derivative liabilities | (21) |
| Ordinary share dividends paid and foreseen | (302) |
| Purchased and foreseeable share repurchase | (1,000) |
| Other equity coupons paid and foreseen | (222) |
| Increase in retained regulatory capital generated from earnings | 74 |
| Net impact of share schemes | (268) |
| Fair value through other comprehensive income reserve | (209) |
| Currency translation reserve | 370 |
| Other reserves | 24 |
| Decrease in other qualifying reserves | (83) |
| Pension remeasurements within reserves | 667 |
| Defined benefit pension fund asset deduction | (606) |
| Net impact of pensions | 61 |
| Additional value adjustments (PVA) | (279) |
| Goodwill and intangible assets | (1,231) |
| Deferred tax assets that rely on future profitability excluding those arising from temporary differences | 90 |
| Direct and indirect holdings by an institution of own CET1 instruments | 30 |
| Adjustment under IFRS 9 transitional arrangements | (628) |
| Other regulatory adjustments | (92) |
| Decrease in regulatory capital due to adjustments and deductions | (2,110) |
| Closing CET1 capital | 45,269 |
| 1 | Opening balance as at 31 December 2021 has been restated. See Basis of preparation on page 31 for further details. |
| ● | £1bn for share buybacks announced with FY21 results |
| ● | £0.3bn accrual towards a FY22 dividend |
| ● | £0.2bn of equity coupons paid |
| ● | £0.3bn increase in the PVA deduction as a result of increased volatility and uncertainty in the market |
| ● | £0.2bn decrease in the Fair value through other comprehensive income reserve primarily due to losses on bonds as a result of an increase in yields, partially offset by gains in value of the Absa investment |
| RWAs by risk type and business | |||||||||||||
| Credit risk | Counterparty credit risk | Market Risk | Operational risk | Total RWAs | |||||||||
| STD | IRB | STD | IRB | Settlement Risk | CVA | STD | IMA | ||||||
| As at 31.03.22 | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |||
| Barclays UK | 6,989 | 54,241 | 229 | - | - | 57 | 155 | - | 11,047 | 72,718 | |||
| Corporate and Investment Bank | 35,325 | 70,831 | 16,422 | 21,047 | 268 | 3,675 | 17,068 | 23,551 | 25,296 | 213,483 | |||
| Consumer, Cards and Payments | 21,289 | 3,459 | 242 | 12 | - | 37 | 110 | 34 | 6,424 | 31,607 | |||
| Barclays International | 56,614 | 74,290 | 16,664 | 21,059 | 268 | 3,712 | 17,178 | 23,585 | 31,720 | 245,090 | |||
| Head Office | 5,532 | 6,486 | - | - | - | - | - | - | (996) | 11,022 | |||
| Barclays Group | 69,135 | 135,017 | 16,893 | 21,059 | 268 | 3,769 | 17,333 | 23,585 | 41,771 | 328,830 | |||
| As at 31.12.21 | |||||||||||||
| Barclays UK | 7,195 | 53,408 | 426 | - | - | 138 | 100 | - | 11,022 | 72,289 | |||
| Corporate and Investment Bank | 29,420 | 64,416 | 15,223 | 19,238 | 105 | 2,289 | 17,306 | 27,308 | 25,359 | 200,664 | |||
| Consumer, Cards and Payments | 20,770 | 2,749 | 215 | 18 | - | 21 | - | 57 | 6,391 | 30,221 | |||
| Barclays International | 50,190 | 67,165 | 15,438 | 19,256 | 105 | 2,310 | 17,306 | 27,365 | 31,750 | 230,885 | |||
| Head Office | 4,733 | 7,254 | - | - | - | - | - | - | (1,025) | 10,962 | |||
| Barclays Group | 62,118 | 127,827 | 15,864 | 19,256 | 105 | 2,448 | 17,406 | 27,365 | 41,747 | 314,136 | |||
| Movement analysis of RWAs | |||||
| Credit risk | Counterparty credit risk | Market risk | Operational risk | Total RWAs | |
| £m | £m | £m | £m | £m | |
| Opening RWAs (as at 31.12.21) | 189,945 | 37,673 | 44,771 | 41,747 | 314,136 |
| Book size | 10,139 | 290 | (4,236) | 24 | 6,217 |
| Acquisitions and disposals | (70) | - | - | - | (70) |
| Book quality | (1,239) | (154) | - | - | (1,393) |
| Model updates | - | - | - | - | - |
| Methodology and policy | 3,278 | 3,349 | - | - | 6,627 |
Foreign exchange movements1 | 2,099 | 831 | 383 | - | 3,313 |
| Total RWA movements | 14,207 | 4,316 | (3,853) | 24 | 14,694 |
| Closing RWAs (as at 31.03.22) | 204,152 | 41,989 | 40,918 | 41,771 | 328,830 |
| 1 | Foreign exchange movements does not include foreign exchange for modelled market risk or operational risk. |
| ● | A £10.1bn increase in book size primarily driven by lending activities within CIB and an increase in short-term hedging arrangements designed to manage the risks of the rescission offer, expected to unwind after completion of such rescission offer |
| ● | A £1.2bn decrease in book quality primarily driven by the benefit in mortgages from an increase in the House Price Index (HPI) |
| ● | A £3.3bn increase in methodology and policy as a result of regulatory changes that took effect from 1 January 2022, relating to implementation of IRB roadmap changes partially offset by the reversal of the software intangibles benefit |
| ● | A £2.1bn increase in FX due to appreciation of period end USD and EUR against GBP |
| ● | A £3.3bn increase in methodology and policy as a result of regulatory changes that took effect from 1 January 2022, relating to the introduction of SA-CCR |
| ● | A £4.2bn decrease in book size primarily due to a decrease in Stressed Value at Risk (SVaR) model adjustment as a result of changes in portfolio composition and a reduction in Structural FX. This was partially offset by increased client and trading activities. |
Restated1 | ||
Leverage ratios2,3 | As at 31.03.22 | As at 31.12.21 |
| £m | £m | |
| Average UK leverage ratio | 4.8% | 4.9% |
| Average T1 capital | 56,701 | 59,739 |
| Average UK leverage exposure | 1,179,381 | 1,229,041 |
| UK leverage ratio | 5.0% | 5.2% |
| CET1 capital | 45,269 | 47,327 |
| AT1 capital | 11,059 | 12,179 |
| T1 capital | 56,328 | 59,506 |
| UK leverage exposure | 1,123,531 | 1,137,904 |
| UK leverage exposure | ||
| Accounting assets | ||
| Derivative financial instruments | 289,822 | 262,572 |
| Derivative cash collateral | 64,836 | 58,177 |
| Securities financing transactions (SFTs) | 186,417 | 170,853 |
| Loans and advances and other assets | 955,020 | 892,683 |
| Total IFRS assets | 1,496,095 | 1,384,285 |
| Regulatory consolidation adjustments | (3,605) | (3,665) |
| Derivatives adjustments | ||
| Derivatives netting | (235,071) | (236,881) |
| Adjustments to collateral | (52,181) | (50,929) |
| Net written credit protection | 19,729 | 15,509 |
| Potential future exposure (PFE) on derivatives | 85,619 | 137,291 |
| Total derivatives adjustments | (181,904) | (135,010) |
| SFTs adjustments | 29,095 | 24,544 |
| Regulatory deductions and other adjustments | (22,332) | (20,219) |
| Weighted off-balance sheet commitments | 119,933 | 115,047 |
| Qualifying central bank claims | (260,196) | (210,134) |
| Settlement netting | (53,555) | (16,944) |
| UK leverage exposure | 1,123,531 | 1,137,904 |
| 1 | Capital and leverage metrics as at 31 December 2021 have been restated. See Basis of preparation on page 31 for further details. |
| 2 | Capital and leverage measures are calculated applying the transitional arrangements of the CRR as amended by CRR II. |
| 3 | Fully loaded average UK leverage ratio was 4.8%, with £56.1bn of T1 capital and £1,178.8bn of leverage exposure. Fully loaded UK leverage ratio was 5.0%, with £55.7bn of T1 capital and £1,122.9bn of leverage exposure. Fully loaded UK leverage ratios are calculated without applying the transitional arrangements of the CRR as amended by CRR II. |
| ● | £51.7bn decrease in PFE on derivatives primarily driven by increased netting eligibility due to the introduction of SA-CCR |
| ● | £23.7bn decrease due to a £50.1bn increase in qualifying central bank claims exemption due to the matching of allowable liabilities rather than deposits introduced under the UK leverage framework review, partially offset by a £26.3bn increase in cash |
| ● | £34.5bn increase in derivative financial instruments post additional regulatory netting and adjustments for cash collateral primarily driven by client and trading activity in CIB and the application of a 1.4 multiplier introduced under SA-CCR |
| ● | £20.1bn increase in SFTs primarily driven by client activity in CIB |
MREL requirements including buffers1,2,3 | Total requirement (£m) based on | Requirement as a percentage of: | |||
Restated1 | Restated1 | ||||
| As at 31.03.22 | As at 31.12.21 | As at 31.03.22 | As at 31.12.21 | ||
| Requirement based on RWAs (minimum requirement) | 94,947 | 77,302 | 28.9% | 24.6% | |
Requirement based on UK leverage exposure3 | 89,025 | 93,975 | 7.9% | 6.9% | |
Restated1 | |||||
Own funds and eligible liabilities1,2 | As at 31.03.22 | As at 31.12.21 | |||
| £m | £m | ||||
| CET1 capital | 45,269 | 47,327 | |||
AT1 capital instruments and related share premium accounts4 | 11,059 | 12,179 | |||
T2 capital instruments and related share premium accounts4 | 8,272 | 8,626 | |||
| Eligible liabilities | 37,886 | 39,889 | |||
| Total Barclays PLC (the Parent company) own funds and eligible liabilities | 102,486 | 108,021 | |||
| Total RWAs | 328,830 | 314,136 | |||
Total UK leverage exposure3 | 1,123,531 | 1,356,191 | |||
Restated1 | |||||
Own funds and eligible liabilities ratios as a percentage of:1 | As at 31.03.22 | As at 31.12.21 | |||
| Total RWAs | 31.2% | 34.4% | |||
Total UK leverage exposure3 | 9.1% | 8.0% | |||
| 1 | Capital and leverage metrics as at 31 December 2021 have been restated. See Basis of preparation on page 31 for further details. |
| 2 | CET1, T1 and T2 capital, and RWAs are calculated applying IFRS 9 transitional arrangements. |
| 3 | As at 31 December 2021, MREL requirements were on a CRR leverage basis which, from 1 January 2022, was no longer applicable for UK banks. |
| 4 | Includes other AT1 capital regulatory adjustments and deductions of £60m (December 2021: £80m), and other T2 credit risk adjustments and deductions of £62m (December 2021: £81m). |
| Condensed consolidated income statement (unaudited) | |||
| Three months ended 31.03.22 | Three months ended 31.03.211 | ||
| £m | £m | ||
| Total income | 6,496 | 5,900 | |
| Credit impairment charges | (141) | (55) | |
| Net operating income | 6,355 | 5,845 | |
| Operating expenses excluding litigation and conduct | (3,588) | (3,545) | |
| Litigation and conduct | (523) | (33) | |
| Operating expenses | (4,111) | (3,578) | |
| Other net (expenses)/income | (10) | 132 | |
| Profit before tax | 2,234 | 2,399 | |
| Tax charge | (614) | (496) | |
| Profit after tax | 1,620 | 1,903 | |
| Attributable to: | |||
| Equity holders of the parent | 1,404 | 1,704 | |
| Other equity instrument holders | 215 | 195 | |
| Total equity holders of the parent | 1,619 | 1,899 | |
| Non-controlling interests | 1 | 4 | |
| Profit after tax | 1,620 | 1,903 | |
| Earnings per share | p | p | |
| Basic earnings per ordinary share | 8.4 | 9.9 | |
| 1 | The income statement comparatives for Q121 are not impacted by the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 31 for further details. |
| Condensed consolidated balance sheet (unaudited) | |||
Restated1 | |||
| As at 31.03.22 | As at 31.12.21 | ||
| Assets | £m | £m | |
| Cash and balances at central banks | 264,916 | 238,574 | |
| Cash collateral and settlement balances | 136,289 | 92,542 | |
| Loans and advances at amortised cost | 371,698 | 361,451 | |
| Reverse repurchase agreements and other similar secured lending | 2,999 | 3,227 | |
| Trading portfolio assets | 134,208 | 147,035 | |
| Financial assets at fair value through the income statement | 207,392 | 191,972 | |
| Derivative financial instruments | 289,822 | 262,572 | |
| Financial assets at fair value through other comprehensive income | 61,858 | 61,753 | |
| Investments in associates and joint ventures | 988 | 999 | |
| Goodwill and intangible assets | 8,046 | 8,061 | |
| Current tax assets | 342 | 261 | |
| Deferred tax assets | 5,171 | 4,619 | |
| Other assets | 12,366 | 11,219 | |
| Total assets | 1,496,095 | 1,384,285 | |
| Liabilities | |||
| Deposits at amortised cost | 546,482 | 519,433 | |
| Cash collateral and settlement balances | 121,299 | 79,371 | |
| Repurchase agreements and other similar secured borrowing | 29,013 | 28,352 | |
| Debt securities in issue | 110,658 | 98,867 | |
| Subordinated Liabilities | 11,630 | 12,759 | |
| Trading portfolio liabilities | 78,092 | 54,169 | |
| Financial liabilities designated at fair value | 238,913 | 250,960 | |
| Derivative financial instruments | 277,466 | 256,883 | |
| Current tax liabilities | 1,050 | 689 | |
| Deferred tax liabilities | 37 | 37 | |
| Other liabilities | 12,021 | 12,724 | |
| Total liabilities | 1,426,661 | 1,314,244 | |
| Equity | |||
| Called up share capital and share premium | 4,551 | 4,536 | |
| Other reserves | 317 | 1,770 | |
| Retained earnings | 52,478 | 50,487 | |
| Shareholders' equity attributable to ordinary shareholders of the parent | 57,346 | 56,793 | |
| Other equity instruments | 11,119 | 12,259 | |
| Total equity excluding non-controlling interests | 68,465 | 69,052 | |
| Non-controlling interests | 969 | 989 | |
| Total equity | 69,434 | 70,041 | |
| Total equity and liabilities | 1,496,095 | 1,384,285 | |
| 1 | See Basis of preparation on page 31 for further details on restatement of prior period comparatives. |
| Condensed consolidated statement of changes in equity (unaudited) | |||||||
Restated1 | Restated1 | Restated1 | |||||
Called up share capital and share premium | Other equity instruments | Other reserves | Retained earnings | Total | Non- controlling interests | Total equity | |
| Three months ended 31.03.22 | £m | £m | £m | £m | £m | £m | £m |
| Balance as at 01 January 2022 | 4,536 | 12,259 | 1,770 | 50,487 | 69,052 | 989 | 70,041 |
| Profit after tax | - | 215 | - | 1,404 | 1,619 | 1 | 1,620 |
| Retirement benefit remeasurements | - | - | - | 667 | 667 | - | 667 |
| Other | - | - | (1,462) | - | (1,462) | - | (1,462) |
| Total comprehensive income for the period | - | 215 | (1,462) | 2,071 | 824 | 1 | 825 |
| Employee share schemes and hedging thereof | 15 | - | - | 351 | 366 | - | 366 |
| Issue and redemption of other equity instruments | - | (1,132) | - | 25 | (1,107) | (20) | (1,127) |
| Other equity instruments coupon paid | - | (215) | - | - | (215) | - | (215) |
| Vesting of employee share schemes | - | - | 9 | (454) | (445) | - | (445) |
| Dividends paid | - | - | - | - | - | (1) | (1) |
| Other movements | - | (8) | - | (2) | (10) | - | (10) |
| Balance as at 31 March 2022 | 4,551 | 11,119 | 317 | 52,478 | 68,465 | 969 | 69,434 |
| 1 | See Basis of preparation on page 31 for further details on restatement of opening balances. |
| As at 31.03.2022 | As at 31.12.2021 | |
| Other reserves | £m | £m |
| Currency translation reserve | 3,110 | 2,740 |
| Fair value through other comprehensive income reserve | (492) | (283) |
| Cash flow hedging reserve | (3,343) | (853) |
| Own credit reserve | (93) | (960) |
| Other reserves and treasury shares | 1,135 | 1,126 |
| Total | 317 | 1,770 |
| ● | Financial Statements in BPLC 2021 ARA: The directors do not believe it is appropriate under UK company law and financial reporting standards to revise the financial statements of Barclays PLC (BPLC) included in its 2021 Annual Report and Accounts (BPLC 2021 ARA) to reflect the impact of the over-issuance, but Barclays will instead record a pre-tax provision of £220m (£170m post-tax) as at 31 December 2021 as a prior year adjustment in the financial statements of BPLC for the year ended 31 December 2022 in relation to these matters. This and subsequent results announcements will therefore also reflect the impact of this adjustment in the appropriate prior year quarters. |
| ● | Financial Statements in BPLC 2021 Form 20-F: Barclays is currently in discussions with the SEC regarding whether the fact that the financial statements of BPLC included in its Annual Report on Form 20-F for the year ended 31 December 2021 (the BPLC 2021 Form 20-F) do not reflect the £220m provision at 31 December 2021 for the over-issuance of structured notes and a contingent liability disclosure in respect of the over-issuance of exchange traded notes (ETNs) and related potential claims and enforcement actions against BBPLC and its affiliates constitutes a material accounting error under US securities laws. Depending on the outcome of those discussions, Barclays may be required to withdraw and refile (Restate or Restatement) the financial statements included in the BPLC 2021 Form 20-F to reflect these matters. In any event, Barclays will be required to reflect the financial impact of these matters by adjusting the comparative financial periods in its subsequent financial filings until the error has been fully corrected. |
| ● | BBPLC Financial Statements: Similarly, the directors of BBPLC do not believe it is appropriate under UK company law and financial reporting standards, to revise the financial statements of BBPLC included in its 2021 Annual Report and Accounts (BBPLC 2021 ARA), but Barclays will instead record the pre-tax provision of £220m as a prior year adjustment in the financial statements of BBPLC for the year ended 31 December 2022. However, due to the lower applicable materiality threshold for BBPLC, on 27 April 2022 the directors of BBPLC determined that BBPLC would Restate the financial statements included in its Annual Report on Form 20-F for the year ended 31 December 2021 (the BBPLC 2021 20-F) previously filed with the SEC. BBPLC intends to Restate such financial statements to reflect both the provision and the contingent liability referred to above. There will therefore be differences between the 2021 financial statements included in the BBPLC 2021 Form 20-F once amended and the BBPLC 2021 ARA, and investors are therefore cautioned to exercise care in using these financial statements during the course of 2022. |
| ● | Assessment of Control Environment: In light of the ongoing Review, management has concluded that, by virtue of the fact that the over-issuance occurred and was not immediately identified, both BPLC and BBPLC had a material weakness in relation to certain aspects of their internal control environment and, as a consequence, their internal control over financial reporting for the year ended 31 December 2021 was not effective under the applicable Committee of Sponsoring Organizations (COSO) Framework. The material weakness that has been identified relates to a failure to monitor issuances of structured notes and ETNs under BBPLC's US Shelf during the period in which BBPLC's status changed from a "well-known seasoned issuer" to an "ineligible issuer" for US securities law purposes, and BBPLC was required to pre-register a set amount of securities to be issued under its US Shelf with the SEC. As a result of this failure, BBPLC issued securities in excess of that set amount. |
| ● | Amendments to Forms 20-F: BPLC is preparing an amendment to the BPLC 2021 Form 20-F to reflect the change in management's assessment of BPLC's internal control over financial reporting and KPMG's auditor attestation thereon as well as its disclosure controls and procedures. BBPLC is preparing an amendment to the BBPLC 2021 Form 20-F to include its Restated 2021 financial statements and to reflect the change in management's assessment of internal control over financial reporting and disclosure controls and procedures. These amendments will be filed as soon as practicable. Until the BPLC 2021 Form 20-F has been amended to disclose that its internal controls were not effective, KPMG's audit report should not be relied upon by users of BPLC's financial statements. Until BBPLC has Restated its financial statements for the year ended 31 December 2021 and amended the BBPLC 2021 Form 20-F, investors and other users of BBPLC's filings with the SEC are cautioned not to rely on the financial statements included in the BBPLC 2021 Form 20-F. |
| ● | Remediation Plans: Following a review of other issuance programmes utilised by members of the Group, management have determined that the Group is not in excess of any limit applicable to such programmes. Barclays is nonetheless enhancing the internal controls relating to its debt securities issuance activity in all relevant jurisdictions. |
| - | Litigation and conduct charges in the income statement in relation to 2021 were under reported by £220m increasing total operating expenses from a reported £14,439m to £14,659m. Provisions on the balance sheet have increased from a reported £1,688m to £1,908m. |
| - | Taxation charge in the income statement has reduced by £50m from a reported £1,188m to £1,138m with a corresponding decrease in current tax liabilities on the balance sheet from £739m to £689m. |
| - | CET1 capital decreased £0.2bn from £47.5bn to £47.3bn with the CET1 ratio remaining unchanged at 15.1%. The T1 ratio moved from 19.2% to 19.1% and Total capital ratio moved from 22.3% to 22.2% |
| - | Leverage exposure increased £1.9bn with the UK leverage ratio decreasing from 5.3% to 5.2% and the average UK leverage ratio remaining unchanged at 4.9% |
| - | Total own funds and eligible liabilities decreased £0.2bn to £108bn, which was in excess of a restated requirement to hold £94bn of own funds and eligible liabilities. |
| Measure | Definition |
| Loan: deposit ratio | Loans and advances at amortised cost divided by deposits at amortised cost. |
| Period end allocated tangible equity | Allocated tangible equity is calculated as 13.5% (2021: 13.5%) of RWAs for each business, adjusted for capital deductions, excluding goodwill and intangible assets, reflecting the assumptions the Group uses for capital planning purposes. Head Office allocated tangible equity represents the difference between the Group's tangible shareholders' equity and the amounts allocated to businesses. |
| Average tangible shareholders' equity | Calculated as the average of the previous month's period end tangible equity and the current month's period end tangible equity. The average tangible shareholders' equity for the period is the average of the monthly averages within that period. |
| Average allocated tangible equity | Calculated as the average of the previous month's period end allocated tangible equity and the current month's period end allocated tangible equity. The average allocated tangible equity for the period is the average of the monthly averages within that period. |
| Return on average tangible shareholders' equity | Annualised profit after tax attributable to ordinary equity holders of the parent, as a proportion of average shareholders' equity excluding non-controlling interests and other equity instruments adjusted for the deduction of intangible assets and goodwill. The components of the calculation have been included on pages 33 to 34. |
| Return on average allocated tangible equity | Annualised profit after tax attributable to ordinary equity holders of the parent, as a proportion of average allocated tangible equity. The components of the calculation have been included on pages 33 to 35. |
| Cost: income ratio | Total operating expenses divided by total income. |
| Loan loss rate | Quoted in basis points and represents total annualised impairment charges divided by gross loans and advances held at amortised cost at the balance sheet date. The components of the calculation have been included on page 15. Quoted as zero when credit impairment is a net release. |
| Net interest margin | Annualised net interest income divided by the sum of average customer assets. The components of the calculation have been included on page 14. |
| Tangible net asset value per share | Calculated by dividing shareholders' equity, excluding non-controlling interests and other equity instruments, less goodwill and intangible assets, by the number of issued ordinary shares. The components of the calculation have been included on page 36. |
| Profit/(loss) attributable to ordinary equity holders of the parent | Average tangible equity | Return on average tangible equity | |||
| Three months ended 31.03.22 | £m | £bn | % | ||
| Barclays UK | 396 | 10.1 | 15.6 | ||
| Corporate and Investment Bank | 1,316 | 30.8 | 17.1 | ||
| Consumer, Cards and Payments | (16) | 4.3 | (1.5) | ||
| Barclays International | 1,300 | 35.1 | 14.8 | ||
| Head Office | (292) | 3.6 | n/m | ||
| Barclays Group | 1,404 | 48.8 | 11.5 | ||
Three months ended 31.03.211 | |||||
| Barclays UK | 298 | 9.9 | 12.0 | ||
| Corporate and Investment Bank | 1,263 | 28.2 | 17.9 | ||
| Consumer, Cards and Payments | 168 | 4.1 | 16.5 | ||
| Barclays International | 1,431 | 32.3 | 17.7 | ||
| Head Office | (25) | 4.3 | n/m | ||
| Barclays Group | 1,704 | 46.5 | 14.7 |
| 1 | The income statement comparatives for Q121 are not impacted by the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 31 for further details. |
| Barclays Group | ||
| Return on average tangible shareholders' equity | Q122 | Q1211 |
| £m | £m | |
| Attributable profit | 1,404 | 1,704 |
| £bn | £bn | |
| Average shareholders' equity | 56.9 | 54.4 |
| Average goodwill and intangibles | (8.1) | (7.9) |
| Average tangible shareholders' equity | 48.8 | 46.5 |
| Return on average tangible shareholders' equity | 11.5% | 14.7% |
| Barclays UK | ||
| Q122 | Q121 | |
| Return on average allocated tangible equity | £m | £m |
| Attributable profit | 396 | 298 |
| £bn | £bn | |
| Average allocated equity | 13.7 | 13.5 |
| Average goodwill and intangibles | (3.6) | (3.6) |
| Average allocated tangible equity | 10.1 | 9.9 |
| Return on average allocated tangible equity | 15.6% | 12.0% |
| 1 | The income statement comparatives for Q121 are not impacted by the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 31 for further details. |
| Barclays International | ||
| Q122 | Q1211 | |
| Return on average allocated tangible equity | £m | £m |
| Attributable profit | 1,300 | 1,431 |
| £bn | £bn | |
| Average allocated equity | 36.0 | 32.8 |
| Average goodwill and intangibles | (0.9) | (0.5) |
| Average allocated tangible equity | 35.1 | 32.3 |
| Return on average allocated tangible equity | 14.8% | 17.7% |
| Corporate and Investment Bank | ||
| Q122 | Q1211 | |
| Return on average allocated tangible equity | £m | £m |
| Attributable profit | 1,316 | 1,263 |
| £bn | £bn | |
| Average allocated equity | 30.8 | 28.2 |
| Average goodwill and intangibles | - | - |
| Average allocated tangible equity | 30.8 | 28.2 |
| Return on average allocated tangible equity | 17.1% | 17.9% |
| Consumer, Cards and Payments | ||
| Q122 | Q121 | |
| Return on average allocated tangible equity | £m | £m |
| Attributable (loss)/profit | (16) | 168 |
| £bn | £bn | |
| Average allocated equity | 5.2 | 4.6 |
| Average goodwill and intangibles | (0.9) | (0.5) |
| Average allocated tangible equity | 4.3 | 4.1 |
| Return on average allocated tangible equity | (1.5)% | 16.5% |
| 1 | The income statement comparatives for Q121 are not impacted by the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 31 for further details. |
| Tangible net asset value per share | As at 31.03.22 | Restated1 As at 31.12.21 | As at 31.03.21 |
| £m | £m | £m | |
| Total equity excluding non-controlling interests | 68,465 | 69,052 | 65,105 |
| Other equity instruments | (11,119) | (12,259) | (11,179) |
| Goodwill and intangibles | (8,046) | (8,061) | (7,867) |
| Tangible shareholders' equity attributable to ordinary shareholders of the parent | 49,300 | 48,732 | 46,059 |
| m | m | m | |
| Shares in issue | 16,762 | 16,752 | 17,223 |
| p | p | p | |
| Tangible net asset value per share | 294 | 291 | 267 |
| 1 | To reflect the over-issuance of US securities under the Barclays Bank PLC US Shelf, 2021 comparatives have been restated. See Basis of preparation on page 31 for further details. |
Results timetable1 | Date | |||||
| 2022 Interim Results Announcement | 28 July 2022 | |||||
% Change3 | ||||||
Exchange rates2 | 31.03.22 | 31.12.21 | 31.03.21 | 31.12.21 | 31.03.21 | |
| Period end - USD/GBP | 1.31 | 1.35 | 1.38 | (3)% | (5)% | |
| 3 month average - USD/GBP | 1.34 | 1.35 | 1.38 | (1)% | (3)% | |
| Period end - EUR/GBP | 1.19 | 1.19 | 1.18 | - | 1% | |
| 3 month average - EUR/GBP | 1.20 | 1.18 | 1.14 | 2% | 5% | |
| Share price data | ||||||
| Barclays PLC (p) | 148.30 | 187.00 | 185.92 | |||
| Barclays PLC number of shares (m) | 16,762 | 16,752 | 17,223 | |||
| For further information please contact | ||||||
| Investor relations | Media relations | |||||
| Chris Manners +44 (0) 20 7773 2136 | Tom Hoskin +44 (0) 20 7116 4755 | |||||
More information on Barclays can be found on our website: home.barclays. | ||||||
| Registered office | ||||||
| 1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000. Company number: 48839. | ||||||
| Registrar | ||||||
| Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom. | ||||||
Tel: 0371 384 20554 from the UK or +44 121 415 7004 from overseas. | ||||||
| American Depositary Receipts (ADRs) | ||||||
| EQ Shareowner Services | ||||||
| P.O. Box 64504 | ||||||
| St. Paul, MN 55164-0504 | ||||||
| United States of America | ||||||
| https://www.shareowneronline.com | ||||||
| Toll Free Number: +1 800-233-5601 | ||||||
| Outside the U.S. +1 651-453-2128 | ||||||
| Delivery of ADR certificates and overnight mail | ||||||
| Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120, USA. | ||||||
| 1 | Note that this date is provisional and subject to change. |
| 2 | The average rates shown above are derived from daily spot rates during the year. |
| 3 | The change is the impact to GBP reported information. |
| 4 | Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding UK public holidays in England and Wales. |
