6-K 1 a3850j.htm 3RD QUARTER RESULTS a3850j
美國
證券交易委員會
華盛頓特區20549
 
 
表格6-K
 
 
外國私人發行人報告
根據第13A-16或15D-16條規定
根據1934年證券交易所法案
 
2024年10月24日
 
巴克萊銀行 PLC
(申請人姓名)
 
1 聖丘吉爾廣場
倫敦 E14 5HP
英格蘭
(主要行政辦公地址)
 
在選框內表示,登記資本管制投資名單項目之申請者正在或將要進行年度報告的申報
根據20-F表格或40-F表格的覆蓋。
 
申報表 20-F x 40-F 表格
 
這份6-k表格的報告由巴克萊銀行提交。
 
這份報告包括:
 
提供給倫敦證券交易所並根據要求提供的信息
一般 指示b 至第六季表格的一般說明。
 
 
展覽 指數
 

 


 
  
 
 
簽名
 
 
 
根據1934年證券交易法的要求,申報人已經授權本人在其授權的情況下代表其簽署此報告。
 
 
 
巴克萊銀行 PLC
 
(註冊者)
 
 
 
日期: 2024年10月24日
 
 
 
作者:/s/ 加思特·萊特
--------------------------------
 
加思特 萊特
 
助理 秘書
 
 
 


 
巴克萊銀行 PLC
2024年第三季度業績公佈
 
2024年9月30日
 

筆記
 
巴克萊銀行和集團一詞指的是與其附屬公司一起的巴克萊 PLC。除非另有說明,收入表分析比較了2024年9月30日結束的九個月與2023年相應的九個月,資產負債表分析則比較了2024年9月30日與2013年12月31日和2013年9月30日相關的數據。縮寫“£m”和“£bn”分別表示 英磅的百萬和千兆;縮寫“$m”和“$bn”分別表示 美元的百萬和千兆;縮寫“€m”和“€bn”分別表示 歐元的百萬和千兆。
 
有許多關鍵判斷領域,例如減損計算,這些都是基於模型並且不斷地受到調整和修改。報告的數字反映出特定時間點上的最佳估計和判斷。
 
本文件中使用的相關術語若未在適用監管指導或國際財務報告準則(IFRS)下定義,請參考結果術語表進行解釋,可在該處訪問。 home.巴克萊銀行/投資者關係.
 
此公告的資訊已於2024年10月23日獲董事會批准,不屬於根據2006年公司法第434條的法定帳目。根據2006年公司法第495條,在2023年12月31日結束的年度的法定帳目已根據2006年公司法第441條的規定提交給公司注冊處,其中包含經根據2006年公司法第495條進行未經修改的審計報告(該報告未根據2006年公司法第498條做出任何聲明)。
 
這些結果將盡快在本文件發布後提交6-k表格給美國證券交易委員會(SEC)。提交給SEC後,6-k表格的副本將可從SEC的網站上獲得 在 www.sec.gov.
 
巴克萊銀行是資本市場中頻繁發行人,並定期通過正式路演和其他臨時會議與投資者會面。與其通常作法一致,巴克萊銀行預計在未來一季會定期與全球投資者會面,討論這些結果和其他關於該集團的事項。 .
 
非IFRS績效指標
 
巴克萊銀行的管理層認為,本文件中包含的非IFRS績效指標可為基本報表的讀者提供有價值的資訊,因為這些指標使讀者能夠識別更一致的基準來比較業務在各財務期間的表現,並提供更多有關這些業務管理者最直接能夠影響或對集團評估相關的績效要素的詳細資訊。它們也反映了巴克萊銀行管理層定義運營目標的方式的重要方面以及績效如何受控。儘管如此,在本文件中的任何非IFRS績效指標均不能取代IFRS指標,讀者也應考慮IFRS指標。有關本文件中沿用的非IFRS績效指標之定義和計算,以及與最直接可比IFRS指標的調和,請參閱附件第42至47頁。
 
前瞻性陳述
 
本文件包含Barclays Group 相關的一些前瞻性陳述,根據經修改的1934年美國證券交易法第21E條及1933年美國證券法第27A條解釋,與該集團有關。巴克萊銀行提醒讀者,任何前瞻性陳述都不是對未來業績的保證,實際結果或其他財務狀況或績效指標可能與前瞻性陳述中所包含的內容有實質差異。前瞻性陳述可透過其不僅與歷史或當前事實有關來識別。前瞻性陳述有時候使用「可能」、「將會」、「尋求」、「繼續」、「旨在」、「預計」、「目標」、「預計的」、「期望」、「估計」、「打算」、「目標」、「相信」、「實現」或其他具有相似含義的詞語。前瞻性陳述可以書面發表,也可能由該文件所述該集團的董事、高管和員工口頭發表(包括在管理報告中)。前瞻性陳述的示例包括有關或涉及該集團未來財政狀況、業務策略、收入水平、成本、資產和負債、減損損失、提供、資本槓桿及其他監管比率、資本分配(包括分紅政策和股份回購政策)、有形股本回報、銀行和金融市場增長水平、行業趨勢、任何承諾和目標(包括環境、社會和治理(esg)承諾和目標)、未來營運計劃和目標、國際財務報告準則(“ifrs”)和其他非歷史或當前事實的陳述。鑒於其特性,前瞻性陳述涉及風險和不確定性,因為它們涉及未來事件和情況。前瞻性陳述僅反映其發表日期上的情況。前瞻性陳述受許多因素的影響,包括但不限於:法律、法規、政府和監管政策的變化、期望和行動、自願實踐守則及其解釋、ifrs和其他會計準則的變化,包括對其解釋和應用的慣例,以及新興和發展中的esg報告標準;當前和未來法律程序和監管調查的結果;集團以及政府和其他利益相關者有效測量、管理和減輕氣候變化對其影響的能力;集團無法控制的環境、社會和地緣政治風險和事件以及類似事件的影響;銀行和金融服務行業競爭的影響;過去、現在和未來時期適用的資本、流動性、槓桿和其他監管規則和要求;英國、美國、歐元區和全球宏觀經濟和商業狀況,包括通脹;信用和資本市場的波動性;市場相關風險,如利率和匯率變化、利率和指數改革;資產估值的升高或降低;集團或其發行的任何實體的信用評級變化;交易對手風險的變化;消費者行為的變化;烏克蘭和中東沖突對歐洲和全球宏觀經濟環境、政治穩定和金融市場的直接和間接影響;政治選舉,包括2024年英國、歐洲和美國選舉對的影響;英國與歐盟關係的發展;網絡攻擊、信息或安全漏洞、技術故障或運營中斷的風險以及對集團聲譽、業務或運營的任何後果;集團取得資金的能力;以及收購、處置和其他戰略交易的成功與否。其中許多因素超出了該集團的控制範圍。因此,該集團的實際財務狀況、結果、財務和非財務指標或績效指標,以及其能力達成承諾和目標,可能與該集團前瞻性陳述所設定的陳述或指導有實質差異。在為2024-2026年間制定其目標和展望時,巴克萊已對宏觀環境進行了一些假設,包括但不限於通貨膨脹率、利率和失業率、巴克萊活動市場和競爭條件以及其增長特定業務、實現成本節省和其他構造行動的能力。可能影響該集團未來財務狀況和業績的其他風險和因素,已在巴克萊銀行PLC向美國證券交易委員會(“sec”)提交的文件中確定(包括但不限於,巴克萊銀行PLC於2023年12月31日結束的財政年度的20-f表格年度報告),該報告可在sec網站上獲得。 www.sec.gov.
 
根據巴克萊銀行在任何相關司法管轄區(包括但不限於英國和美國)的適用法律和法規所負的義務,就披露和持續信息而言,我們不承擔向公眾更新或修訂任何前瞻性陳述的義務,無論是出於新資訊、未來事件或其他原因。
 
表現亮點
 
巴克萊銀行在2024年和2026年的目標中,Q324的有形權益回報率(RoTE)為12.3%,Q324至今的有形權益回報率為11.5%,持續朝目標邁進。
 
 
C. S. Venkatakrishnan集團首席執行官評論
 
"我們繼續專注於執行我們的三年計劃,並對迄今為止的進展感到鼓舞。雖然還有更多工作要做,但集團正朝著在2026年實現12%以上的RoTE目標邁進。在Barclays的第324季度,RoTE達到12.3%,支持我們在2024年達到10%以上的目標。每股有形淨資產價值(TNAV)增加至351便士,較上一季度增加11便士,較去年同期增加35便士。預計於2024年11月1日完成的Tesco Bank收購,是我們投資英國的承諾的一部分。我們繼續實行成本紀律,並且在季度結束時具有足夠的資本,Common Equity Tier 1 (CET1)比率為13.8%。"
 
集團2024年第3季單季法定RoTE為12.3%,截至第3季的年度法定RoTE為11.5%,2024年集團RoTE目標保持不變。
2024年集團淨利息收入(NII)指引,不包括投資銀行(IB)和總部,在約£11.0十億英鎊增加至超過£11.0十億英鎊。在這之中,巴克萊銀行英國的NII指引從約£6.3十億英鎊增加至約£6.5十億英鎊。1
2024年第三季度和截至2024年第三季度的集團成本收入比率為61%,2024年集團成本收入比率目標約63%仍然不變。
-
在Q324進一步實現了30億英鎊的毛成本效益節省,使得Q324年至今的節省金額達到70億英鎊,有望在2024年實現約10億英鎊的毛成本效益節省。
Q324貸款損失率謹慎管理,37個基本點(bps) 以及 Q324年初至今的貸款損失率為42個基本點(bps),低於通過整個週期的目標區間50-60個基本點(bps),預計FY24將處於這個區間底部,包括Tesco銀行併購的首日影響
財務狀況強勁,CET1比率為13.8%,在13-14%的目標區間內。
截至H124公布的每股等值總派息為2.9美分:現時已支付股息,並且75000萬英鎊的股票回購進展順利
每股TNAV為351便士(2023年12月:331便士)
 
重要財務指標:
 
法定
 
不包括
無機
活動2
 
收入
利潤
盈利之前
稅收
歸屬
利潤
成本:
收入
比率
LLR
RoTE
每股收益
TNAV
每股收益
分享
CET1
比率
 
RoTE
Q324
£6.5十億英鎊
£2.2十億英鎊
1.6十億英鎊
61%
37個基點
12.3%
10.7p
351p
13.8%
 
12.3%
第三季度到第四季度累計
十九十八十億英鎊
六十四十億英鎊
四十四十億英鎊
61%
42個基點
11.5%
29.3p
 
12.1%
 
Q324 績效亮點:
 
集團法定RoTE為12.3%(Q323:11.0%),稅前盈利為22億英鎊(Q323:19億英鎊)
-
Q324 沒有進行任何無形資產交易。2
集團收入為65億英鎊,較去年同期增長5%。,其中不包括Ib和總部在內的集團NII為28億英鎊,其中巴克萊銀行的英國NII為17億英鎊。
-
巴克萊銀行 英國收入增加4%,由於結構性對沖收入較高,部分抵消了按揭利差壓力以及存款中不利的產品動態,這在整個2024年已經穩定。
-
巴克萊銀行 英國企業銀行(UKCB)的收入增長了1%,這是由於更高的平均存款餘額推動的
-
巴克萊銀行 私人銀行和财富管理(PBWM)收入下降了3%,因爲客戶餘額的增長被Q323的一次性因素的非重複所抵消
   -
巴克萊銀行 投資銀行(IB)收入增長了6%。全球貨幣市場收入 增長了3%,其中FICC和股票分別上漲了3%。投資銀行收入增長了13%,因顧問和債務股權資本市場中更高的費收入部分抵消 了國際公司銀行收入的下降
-
巴克萊銀行 美元指數消費銀行(USCB)收入下降了2%,主要是由於英鎊對美元匯率上升,部分抵消了更高的餘額
 
集團總營業費用穩定在40億英鎊, 通過30億英鎊的成本效益節省超過通貨膨脹,促進投資支出和業務增長
信用減值損失爲 40億英鎊(Q323:40億英鎊) LLR爲37個點子(Q323:42個點子)
 
1
這不包括2024年對樂購銀行零售銀行業務的收購對淨利息收入的影響,預計將於2024年11月1日完成,初始年化淨利息收入約爲40000萬英鎊。有關收購的詳細信息,請參閱第7頁的其他事項。
2
非內部活動是指作爲FY23投資者更新的一部分宣佈的某些非內部交易,旨在提高2024年以後的集團RoTE。在Q324 YTD中,這包括對錶現良好的意大利零售按揭組合的2.2億英鎊損失,以及對德國消費金融業務的2千萬英鎊處置損失,均發生在H124。在Q324中沒有發生非內部交易。
 
Q324年度表現亮點:
 
集團法定RoTE爲11.5%(Q323 YTD:12.5%),稅前利潤爲64億英鎊(Q323 YTD:64億英鎊)
-
不考慮無機活動的影響1, 群體RoTE爲12.1%
集團收入爲198億英鎊,同比持平,集團NII不包括Ib和總部爲82億英鎊 爲82億英鎊 其中巴克萊銀行英國NII爲48億英鎊
集團總營業費用爲121億英鎊,同比增長1%, 包括銀行英格蘭銀行(BoE)徵稅計劃的影響9300萬英鎊2
-
集團運營成本穩定在 120億英鎊, 其中7億英鎊的成本效率節省超過通貨膨脹,從而實現投資支出和業務增長
信貸減值費爲13億英鎊(截至Q323年初至今:13億英鎊) LLR率爲42個點子(截至Q323年初至今:43個點子)
資本充足率爲13.8%(2023年12月 2023年:13.8%), 風險加權資產(RWAs)爲340.4億英鎊(2023年12月: 342.7億英鎊),每股淨資產爲351便士(2023年12月: 331便士)
 
財務目標和展望:
 
2024
 
收益: 針對RoTE高於10%和約10.5% 不包括非有機活動1
-
所有無機活動對FY24集團RoTE的累積影響目前預計將基本上是中立的,在Q424完成Tesco銀行收購後預計會有淨收益,與我們意大利零售抵押貸款組合以及德國消費業務出售所造成的損失基本上會相互抵消。
收入: 針對巴克萊集團不包括國際銀行和總部的淨利息收入目標超過110億英鎊(先前的目標約爲110億英鎊),其中巴克萊英國的淨利息收入現在約爲65億英鎊 (比先前的目標約爲63億英鎊高)3
成本: 目標集團成本:收入比率約爲63%,其中包括2024年約10億英鎊的毛效率節約。
減值: 預計在整個週期中的LLR爲50-60個點子
資本: 預計將在CET1比率目標區間13-14%內運營
 
2026
 
懷舊口味"橙子片"回歸目標爲大於12%的RoTE
資本回報: 計劃在2024年至2026年之間至少向股東返還100億英鎊的資本,通過分紅和股票回購,並繼續偏愛回購。
-
計劃將總股息絕對數保持穩定在2023年水平,通過股份的減少實現每股股息的逐步增長,因爲回購數量的增加導致股份減少
-
分紅派息將繼續每半年支付。 這個跨年度計劃將根據監管和董事會批准、預期的財務表現以及我們公佈的CET1比率目標區間爲13-14%。
收入: 以總收入爲目標的集團,約30億英鎊
成本: 目標是將集團總營業費用控制在約170億英鎊,並以50%以上的集團成本收入比率爲目標。其中包括到2026年實現的約20億英鎊的總淨效益節約。
減值損失預計在整個週期內LLR爲50-60個點子
資本預期在覈心一級資本比率目標區間內運營,即13-14%
-
2026年,目標是將Ib RWAs定爲集團RWAs的約50%。
-
監管變化對風險加權資產的影響符合我們之前的指引,預計將在集團風險加權資產的5-10%的下限範圍內。4
-
之前估計的由於USCb轉向內部評級模型(IRB)預計會產生約160億英鎊的風險加權資產(RWAs)影響與先前的指導保持一致,但會改變時間,而且還取決於模型構建和投資組合變化。其中約50億英鎊將在2026年實施巴塞爾3.1時反映出來,其餘部分將在此之後跟隨。
-
2025年某個時間點開始,Pillar 2A可能會適度增加,在模型實施前生效
 
1
無機活動指的是作爲FY23投資者更新的一部分宣佈的特定無機交易,旨在改善2024年之後集團RoTE。2021年第四季度至今,其中包括出售意大利零售抵押貸款組合導致的2.20億英鎊虧損,以及在H124發生的德國消費信貸業務的2,000萬英鎊處置虧損。2021年第四季度沒有發生無機交易。對於2024財年,預計還將包括出售意大利不良抵押貸款組合導致的虧損,以及對樂購銀行收購的影響。
2
2024年8月,巴克萊銀行在2024/2025財年的BoE徵稅計劃最終收費確認爲9300萬英鎊,低於在Q124中確認的12000萬英鎊估計收費。因此,在2024年第三季度確認了2700萬英鎊的減少。請參閱第7頁的其他事項。
3
這不包括對樂購銀行零售銀行業務的2024年影響,預計將於2024年11月1日完成,預期初始年化NII約4億英鎊。有關收購的更多詳情,請參閱第7頁的其他事項。
4
基於3427億英鎊的2023年12月風險加權資產。
 
巴克萊銀行集團業績
截至九個月的時間
 
截至三個月的時間
 
30.09.24
30.09.23
 
 
30.09.24
30.09.23
 
 
£百萬
£百萬
% 變化
 
£百萬
£百萬
% 變化
巴克萊銀行 英國
5,659
5,795
(2)
 
1,946
1,873
4
巴克萊銀行 英國企業銀行
1,322
1,375
(4)
 
445
440
1
巴克萊銀行 私人銀行和财富管理
958
895
7
 
326
337
(3)
巴克萊銀行 投資銀行
9,198
8,998
2
 
2,851
2,686
6
巴克萊銀行 美國消費銀行
2,469
2,402
3
 
791
809
(2)
總部
218
315
(31)
 
188
113
66
總收入
19,824
19,780
 
6,547
6,258
5
公司運營成本主要包括(i)開發會員、商家和廣告商的營銷和促銷費用,(ii)升級、優化和維護其網站和移動應用的網站和設施維護費用,(iii)員工薪酬和福利費用,(iv)專業和商務諮詢費用,以及(v)進行公司業務的其他一般辦公費用。運營成本在發生時作爲費用。需要判斷是否分別呈現收入成本、銷售費用和一般和行政費用。公司考慮實質性問題、運營成本可以單獨識別的方式以及對財務報表用戶最有用的方式,並選擇將所有成本和運營成本顯示爲一項「成本、銷售、一般和行政費用」,如在未經審計的簡明合併利潤表中反映的一樣。管理層認爲這樣的呈現方式在考慮公司運營性質和公司管理業務的方式時是有意義的。
(11,951)
(11,979)
 
(3,954)
(3,949)
英國 監管費用1
(93)
除數爲0!
 
27
除數爲0!
訴訟 及合規
(99)
(32)
 
 
(35)
除數爲0!
總營業費用
(12,143)
(12,011)
(1)
 
(3,962)
(3,949)
其他 淨利潤
37
7
 
 
21
9
 
減值前利潤
7,718
7,776
(1)
 
2,606
2,318
12
信用減值損失
(1,271)
(1,329)
4
 
(374)
(433)
14
稅前利潤
6,447
6,447
 
2,232
1,885
18
稅收 費用
(1,304)
(1,257)
(4)
 
(412)
(343)
(20)
稅後利潤
5,143
5,190
(1)
 
1,820
1,542
18
非控股權益
(29)
(39)
26
 
(3)
(9)
67
其他 股本工具持有人
(763)
(766)
 
(253)
(259)
2
可歸屬利潤
4,351
4,385
(1)
 
1,564
1,274
23
 
 
 
 
 
 
 
 
績效衡量指標
 
 
 
 
 
 
 
普通股東權益的平均回報率
11.5%
12.5%
 
 
12.3%
11.0%
 
普通股東權益的平均價值(十億英鎊)
50.4
47.0
 
 
51.0
46.5
 
成本:收益比
61%
61%
 
 
61%
63%
 
貸款損失率(基礎點)
42
43
 
 
37
42
 
每股普通股基本收益
29.3p
28.2p
 
 
10.7p
8.3p
 
每股普通股基本加權平均股數(百萬)
14,863
15,564
(5)
 
14,648
15,405
(5)
期末股份數(百萬)
14,571
15,239
(4)
 
 
 
 
期末有形股東權益(十億英鎊)
51.1
48.2
 
 
 
 
 
 
 
截至
30.09.24
截至
31.12.23
截至
30.09.23
資產負債表和資本管理2
十億英鎊
十億英鎊
十億英鎊
按攤銷成本計提的貸款和墊款
399.2
399.5
405.4
按攤銷成本計量的貸款和存放準備率
1.3%
1.4%
1.4%
總資產
1,531.1
1,477.5
1,591.7
按攤銷成本計量的存入資金
542.8
538.8
561.3
每股有形資產淨值
351p
331p
316p
普通股一級資本比率
13.8%
13.8%
14.0%
普通股一級資本
47.0
47.3
48.0
風險加權資產
340.4
342.7
341.9
英國槓桿比率
4.9%
5.2%
5.0%
英國 槓桿暴露
1,197.4
1,168.3
1,202.4
 
 
 
 
資金和流動性
 
 
 
集團 流動性池(十億英鎊)
311.7
298.1
335.0
流動性 覆蓋比率
170.1%
161.4%
158.7%
淨 穩定資金比率3
135.6%
138.0%
138.2%
貸款: 存入資金比率
74%
74%
72%
 
1
包括英國銀行徵稅計劃和英國銀行徵稅的影響。
2
有關資本、風險加權資產和槓桿率如何計算的更多信息,請參閱第34至38頁。
3
代表最近四個實時季度末數據的平均值。
 
財務結果的調解 不包括非有機活動1
九個月結束了
30.09.24
 
30.09.23
 
 
 
法定的
非有機的
活動
不包括
非有機的
活動
 
法定的
 
 
 
£百萬
£百萬
£百萬
 
£百萬
 
% 變化
巴克萊銀行 英國
5,659
5,659
 
5,795
 
(2)
巴克萊銀行 英國企業銀行
1,322
1,322
 
1,375
 
(4)
巴克萊銀行 私人銀行和财富管理
958
958
 
895
 
7
巴克萊銀行 投資銀行
9,198
9,198
 
8,998
 
2
巴克萊銀行 美國消費銀行
2,469
2,469
 
2,402
 
3
總部
218
(240)
458
 
315
 
45
總收入
19,824
(240)
20,064
 
19,780
 
1
公司運營成本主要包括(i)開發會員、商家和廣告商的營銷和促銷費用,(ii)升級、優化和維護其網站和移動應用的網站和設施維護費用,(iii)員工薪酬和福利費用,(iv)專業和商務諮詢費用,以及(v)進行公司業務的其他一般辦公費用。運營成本在發生時作爲費用。需要判斷是否分別呈現收入成本、銷售費用和一般和行政費用。公司考慮實質性問題、運營成本可以單獨識別的方式以及對財務報表用戶最有用的方式,並選擇將所有成本和運營成本顯示爲一項「成本、銷售、一般和行政費用」,如在未經審計的簡明合併利潤表中反映的一樣。管理層認爲這樣的呈現方式在考慮公司運營性質和公司管理業務的方式時是有意義的。
(11,951)
(11,951)
 
(11,979)
 
英國 監管費用
(93)
(93)
 
 
DIV/0!
訴訟 和行爲
(99)
(99)
 
(32)
 
 
總營業費用
(12,143)
(12,143)
 
(12,011)
 
(1)
其他 淨利潤
37
37
 
7
 
 
減少減值前利潤
7,718
(240)
7,958
 
7,776
 
2
信用 減值損失
(1,271)
(1,271)
 
(1,329)
 
4
稅前利潤
6,447
(240)
6,687
 
6,447
 
4
歸屬利潤
4,351
(233)
4,584
 
4,385
 
5
 
 
 
 
 
 
 
 
平均 有形股東權益(十億英鎊)
50.4
 
50.4
 
47.0
 
 
平均有形股東權益回報率
11.5%
 
12.1%
 
12.5%
 
 
成本: 收入比率
61%
 
61%
 
61%
 
 
 
三個月結束了
30.09.24
 
30.09.23
 
 
 
法定
無機
活動
不包括
無機的
活動
 
法定
 
 
 
m 英鎊
m 英鎊
m 英鎊
 
m 英鎊
 
% 改變
巴克萊 英國
1,946
1,946
 
1,873
 
4
巴克萊 英國企業銀行
445
445
 
440
 
1
巴克萊 私人銀行和财富管理
326
326
 
337
 
(3)
巴克萊 投資銀行
2,851
2,851
 
2,686
 
6
巴克萊 美國消費者銀行
791
791
 
809
 
(2)
頭 辦公室
188
188
 
113
 
66
總收入
6,547
6,547
 
6,258
 
5
運營 成本
(3,954)
(3,954)
 
(3,949)
 
英國 監管稅
27
27
 
 
DIV/0!
訴訟 並進行
(35)
(35)
 
 
DIV/0!
運營費用總額
(3,962)
(3,962)
 
(3,949)
 
其他 淨收入
21
21
 
9
 
 
減值前利潤
2,606
2,606
 
2,318
 
12
信用 減值費用
(374)
(374)
 
(433)
 
14
稅前利潤
2,232
2,232
 
1,885
 
18
應占利潤
1,564
1,564
 
1,274
 
23
 
 
 
 
 
 
 
 
平均值 有形股東權益(十億英鎊)
51.0
 
51.0
 
46.5
 
 
平均有形股東權益回報率
12.3%
 
12.3%
 
11.0%
 
 
成本:收入比率
61%
 
61%
 
63%
 
 
 
1
無機活動指特定的無機交易,作爲FY23投資者更新的一部分宣佈,旨在改善2024年之後的集團RoTE。在截至Q324的YTD中,這包括賣出表現不佳的意大利零售抵押貸款組合導致的2.2億英鎊虧損,以及德國消費金融業務的2千萬英鎊處置虧損,均產生於H124。Q324中沒有發生無機交易。對於FY24,預計還將包括出售非表現不佳的意大利抵押貸款組合所導致的虧損,以及Tesco銀行收購的影響。
 
財團董事財務總監審查
 
Q324集團整體表現
巴克萊銀行在稅前利潤中獲得了644700萬英鎊(Q323 YTD: 6,447百萬英鎊),RoTE爲11.5%(Q323 YTD: 12.5%),每股收益(EPS)爲29.3便士(Q323 YTD: 28.2便士)
集團在美國及其他地區的業務和地理位置多樣,不同來源的收入佔比較大。 英鎊對美元的升值對收入和利潤產生了負面影響,但對信貸減值損失、總營業費用和風險加權資產帶來了積極影響。
集團法定收入穩定在1982400萬英鎊, 包括非有機活動的影響1
-
除去非自然增長影響外,集團收入增長1%,主要由於結構對沖收入增加、投資銀行手續費增加、股票收入增加以及美元業務餘額增長部分抵消了FICC收入下降以及巴克萊銀行英國存款和房屋抵押品的不利產品動態。
集團總營業費用增至1,214,300萬英鎊(截至第三季度底:120.11億英鎊), 其中包括英國銀行業協會徵費方案所產生的9300萬英鎊影響2
-
集團運營成本穩定在1195100萬英鎊,0.7億英鎊的成本效率節省超過通貨膨脹,從而實現投資支出和業務增長
信貸減值損失額爲£127100萬(Q323 YTD: £1,329億), 由於美國信用卡逾期情況預計較高,部分彌補信用風險管理措施和方法改進的影響,以及跨投資組合的宏觀經濟前景改善。總體覆蓋率爲1.3%(2023年12月:1.4%)
有效稅率(ETR)爲20.2% (截至Q323年截止到日期爲 19.5%)
歸屬於股東的利潤爲£435100萬(Q323 YTD: £4,385億)
總資產增加至1,531.1億英鎊 (2023年12月:1,477.5億英鎊), 受交易證券增加和投資銀行相對於FY23季節性增加的驅動,部分抵消英鎊對美元升值
每股淨資產值增至 351便士(2023年12月:331便士) 其中包括每股收益29.3便士,現金 流對沖儲備帶來的9便士收益,以及由於宣佈股票回購 項目的完成以及在H124業績公佈後宣佈的持續股票回購 項目導致股數減少帶來的大約6便士的收益。 這些部分抵消了 Q324截至目前已支付的每股8便士的分紅帶來的減少以及淨負面 其他儲備變動
 
資本和槓桿組
CET1比率保持穩定在13.8% (2023年12月:13.8%),因風險加權資產減少23億英鎊至340.4億英鎊,抵消了CET1資本減少3億英鎊至47.0億英鎊。
-
c.130個點子 來自歸屬利潤的增長
-
淨利率下降約80個點子,其中包括股東分配,包括宣佈的與FY23和H124業績相關的18億英鎊的股份回購以及FY24股息的預提。
-
c.20bps decrease from other capital movements
-
c.20bps decrease as a result of a £5.2bn increase in RWAs, excluding the impact of foreign exchange movements, which includes regulatory model changes in Barclays UK
-
A £1.3bn decrease in CET1 capital due to a decrease in the currency translation reserve was primarily offset by a £7.5bn decrease in RWAs as a result of foreign exchange movements
The UK leverage ratio decreased to 4.9% (December 2023: 5.2%) due to a reduction in Tier 1 Capital of £1.7bn and increase in exposure of £29.2bn to £1,197.4bn (December 2023: £1,168.3bn). The decrease in capital was driven by the redemption of an AT1 instrument during the period. The increase in exposure was largely driven by an increase in trading securities and secured lending in IB, partially offset by the strengthening of GBP against USD
 
Group funding and liquidity
The liquidity metrics remain well above regulatory requirements, underpinned by well-diversified sources of funding, a stable global deposit franchise and a highly liquid balance sheet
The liquidity pool was £311.7bn (December 2023: £298.1bn). The increase in the liquidity pool was primarily driven by deposit growth in International Corporate Bank within the IB and in term wholesale funding
The average3 Liquidity Coverage Ratio (LCR) increased to 170.1% (December 2023: 161.4%), equivalent to a surplus of £126.0bn (December 2023: £117.7bn)
Total deposits increased by £4.0bn to £542.8bn (December 2023: £538.8bn)
The average4 Net Stable Funding Ratio (NSFR) was 135.6% (December 2023: 138.0%), which represents a £164.0bn (December 2023: £167.1bn) surplus above the 100% regulatory requirement
Wholesale funding outstanding, excluding repurchase agreements, was £178.9bn (December 2023: £176.8bn)
 
1
Inorganic activity refers to certain inorganic transactions announced as part of the FY23 Investor Update designed to improve Group RoTE beyond 2024. In Q324 YTD this included the £220m loss on sale of the performing Italian retail mortgage portfolio and the £20m loss on disposal from the German consumer finance business, both incurred in H124. There were no inorganic transactions in Q324. For FY24 this is expected to also include the loss on sale of the non-performing Italian mortgage portfolio and the impact of the Tesco Bank acquisition.
2
In August 2024, Barclays' final charge for the BoE levy scheme in the 2024/2025 financial year was confirmed at £93m, lower than the estimated charge of £120m recognised in Q124. As a result, a £27m release has been recognised in Q324. See Other Matters on page 7.
3
Represents average of the last 12 spot month end ratios.
4
Represents average of the last four spot quarter end ratios.
 
Group funding and liquidity (continued)
The Group issued £12.8bn equivalent of minimum requirement for own funds and eligible liabilities (MREL) instruments from Barclays PLC (the Parent company) in H124. The Group has a strong MREL position with a ratio of 34.9%, which is in excess of the regulatory requirement of 30.1% plus a confidential, institution specific, Prudential Regulation Authority (PRA) buffer
 
Other matters
The cumulative impact of all inorganic activity in 2024 is currently expected to reduce the Group’s CET1 ratio by c.10bps, and have a broadly neutral impact on FY24 Group RoTE as the estimated net gain upon the completion of the Tesco Bank acquisition in Q424 should broadly offset the losses on disposals from the Italian retail mortgage portfolios as well as from the disposal of the German consumer finance business:
Acquisition of Tesco Bank's retail banking business: on 9 February 2024, Barclays entered into an agreement with Tesco Personal Finance plc to acquire certain assets and liabilities of its retail banking business (including credit cards, unsecured loans and deposits) conducted under the "Tesco Bank" brand. The High Court approved the transfer on 17 October 2024, and it is expected to become effective on 1 November 2024
-
The acquisition is expected to generate an income gain of c.£0.5bn as a result of consideration payable for the net assets being lower than fair value, partially offset by an expected post-acquisition impairment charge from IFRS 9 recognition of c.£0.2bn, generating a day 1 net profit before tax impact of c.£0.3bn, and c.50bps increase to the FY24 Group RoTE. Including the day 1 profit before tax impact, Barclays Group’s CET1 ratio is now estimated to reduce by c.20bps (previously c.30bps) on completion primarily as a result of the addition of c.£7bn RWAs. These impacts will be confirmed as part of Barclays' FY24 Results
Disposal of Italian retail mortgages: on 24 April 2024, Barclays announced a transaction under which Barclays Bank Ireland PLC intended to dispose of its performing Italian retail mortgage portfolio, held in Head Office. The sale completed in Q224, generating a loss on disposal of £220m and reduced RWAs by £0.8bn. The transaction was broadly neutral to Barclays’ CET1 ratio and will reduce FY24 Group RoTE by c.40bps
-
On 22 October 2024 Barclays agreed the sale of its non-performing Italian retail mortgage portfolio. The sale of the majority of loans within this portfolio has now completed, with the sale of the remainder expected to complete later in Q424. The transaction is expected to generate a small pre-tax loss of approximately €30m, and reduce RWAs by c.€125m. As a result, the transaction is expected to be broadly neutral to Barclays’ CET1 ratio
-
Barclays remains in discussion with respect to the disposal of the remaining Swiss-Franc linked Italian retail mortgage portfolio. Should the sale occur, it is expected to generate a further small loss on sale, but be broadly neutral to Barclays’ CET1 ratio
Disposal of German consumer finance business: on 4 July 2024, Barclays Bank Ireland PLC agreed the sale of its German consumer finance business (comprising credit cards, unsecured personal loans and deposits) to BAWAG P.S.K., a wholly-owned subsidiary of BAWAG Group AG, for a small premium to net assets. When including disposal costs and accounting adjustments as required by IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations), Barclays has recorded a £20m loss for the disposal group within Head Office in Q224, with an expected c.5bps reduction to FY24 Group RoTE. Completion of the sale, which is subject to certain conditions, including regulatory approvals and the sanction of the relevant courts, is expected to occur in Q424 or Q125. Once complete, the sale is expected to release c.£3.4bn of RWAs, increasing Barclays' CET1 ratio by c.10bps
FCA motor finance review: in January 2024, the UK Financial Conduct Authority (FCA) announced that it was appointing a skilled person to undertake a review of the historical use of discretionary commission arrangements and sales in the motor finance market across several firms. This follows two final decisions by the UK Financial Ombudsman Service (FOS), including one upholding a complaint against Clydesdale Financial Services Limited (CFS) (a subsidiary of Barclays PLC) in relation to commission arrangements and disclosure in the sale of motor finance products and a number of complaints and court claims, including some against CFS. We have commenced a judicial review challenge against the FOS in the High Court in relation to this decision. Barclays will co-operate fully with the FCA’s skilled person review, the outcome of which is unknown, including any potential financial impact. The FCA currently plans to set out next steps on this matter in May 2025. Barclays ceased operating in the motor finance market in late 2019 whilst CFS was a subsidiary of the Barclays Bank group
BoE levy scheme: following parliamentary approval, the new levy process commenced in Q124 replacing the Cash Ratio Deposit scheme as a means of funding the BoE's monetary policy and financial stability operations moving the charge from negative income to an operating expense. In August 2024, Barclays' final charge in the 2024/2025 financial year was confirmed at £93m, lower than the estimated charge of £120m recognised in Q124. As a result, a £27m release has been recognised in Q324. The £93m charge will be partially offset by increased income of c.£75m through lower funding costs during 2024
 
Anna Cross, Group Finance Director
 
Results by Business
 
Barclays UK
Nine months ended
 
Three months ended
 
30.09.24
30.09.23
 
 
30.09.24
30.09.23
 
Income statement information
£m
£m
% Change
 
£m
£m
% Change
Net interest income
4,812
4,856
(1)
 
1,666
1,578
6
Net fee, commission and other income
847
939
(10)
 
280
295
(5)
Total income
5,659
5,795
(2)
 
1,946
1,873
4
Operating costs
(3,065)
(3,240)
5
 
(1,017)
(1,058)
4
UK regulatory levies
(42)
DIV/0!
 
12
DIV/0!
Litigation and conduct
(7)
12
 
 
(1)
9
 
Total operating expenses
(3,114)
(3,228)
4
 
(1,006)
(1,049)
4
Other net income
 
 
DIV/0!
Profit before impairment
2,545
2,567
(1)
 
940
824
14
Credit impairment charges
(82)
(267)
69
 
(16)
(59)
73
Profit before tax
2,463
2,300
7
 
924
765
21
Attributable profit
1,684
1,580
7
 
621
531
17
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
Return on average allocated tangible equity
21.4%
20.6%
 
 
23.4%
21.0%
 
Average allocated tangible equity (£bn)
10.5
10.2
 
 
10.6
10.1
 
Cost: income ratio
55%
56%
 
 
52%
56%
 
Loan loss rate (bps)
5
16
 
 
3
10
 
Net interest margin
3.21%
3.15%
 
 
3.34%
3.04%
 
 
 
 
 
 
 
 
 
 
As at
30.09.24
As at
31.12.23
As at
30.09.23
 
 
 
 
Balance sheet information
£bn
£bn
£bn
 
 
 
 
Loans and advances to customers at amortised cost
199.3
202.8
204.9
 
 
 
 
Total assets
292.2
293.1
299.9
 
 
 
 
Customer deposits at amortised cost
236.3
241.1
243.2
 
 
 
 
Loan: deposit ratio
92%
92%
92%
 
 
 
 
Risk weighted assets
77.5
73.5
73.2
 
 
 
 
Period end allocated tangible equity
10.7
10.2
10.1
 
 
 
 
 
Analysis of Barclays UK
Nine months ended
 
Three months ended
30.09.24
30.09.23
 
 
30.09.24
30.09.23
 
Analysis of total income
£m
£m
% Change
 
£m
£m
% Change
Personal Banking
3,486
3,662
(5)
 
1,184
1,165
2
Barclaycard Consumer UK
706
722
(2)
 
249
238
5
Business Banking
1,467
1,411
4
 
513
470
9
Total income
5,659
5,795
(2)
 
1,946
1,873
4
 
 
 
 
 
 
 
 
Analysis of credit impairment (charges)/releases
 
 
 
 
 
 
 
Personal Banking
(37)
(205)
82
 
3
(85)
 
Barclaycard Consumer UK
(78)
(89)
12
 
(15)
29
 
Business Banking
33
27
22
 
(4)
(3)
(33)
Total credit impairment charges
(82)
(267)
69
 
(16)
(59)
73
 
 
 
 
 
 
 
 
 
As at
30.09.24
As at
31.12.23
As at
30.09.23
 
 
 
 
Analysis of loans and advances to customers at amortised cost
£bn
£bn
£bn
 
 
 
 
Personal Banking
168.1
170.1
172.3
 
 
 
 
Barclaycard Consumer UK
10.6
9.7
9.6
 
 
 
 
Business Banking
20.6
23.0
23.0
 
 
 
 
Total loans and advances to customers at amortised cost
199.3
202.8
204.9
 
 
 
 
 
 
 
 
 
 
 
 
Analysis of customer deposits at amortised cost
 
 
 
 
 
 
 
Personal Banking
182.9
185.4
186.1
 
 
 
 
Barclaycard Consumer UK
 
 
 
 
Business Banking
53.4
55.7
57.1
 
 
 
 
Total customer deposits at amortised cost
236.3
241.1
243.2
 
 
 
 
 
Barclays UK delivered a RoTE of 21.4% (Q323 YTD: 20.6%) supported by robust income, strong asset quality and disciplined cost management, with continued investment in our transformation into a simpler, better and more balanced retail bank.
 
Income statement - Q324 YTD compared to Q323 YTD
Profit before tax increased 7% to £2,463m with a RoTE of 21.4% (Q323 YTD: 20.6%)
Total income decreased 2% to £5,659m. NII decreased 1% to £4,812m, as continued structural hedge momentum was more than offset by mortgage margin pressure and adverse product dynamics in deposits, which have stabilised throughout 2024. Net fee, commission and other income decreased 10% to £847m primarily from the impact of the transfer of Wealth Management & Investments (WM&I) to PBWM1
Total operating expenses decreased 4% to £3,114m, driven by the transfer of WM&I to PBWM1 partially offset by the impact of inflation. Ongoing efficiency savings continue to be reinvested, which includes investment in our transformation programme to drive sustainable improvement to the cost: income ratio
Credit impairment charges were £82m (Q323 YTD: £267m), driven by low delinquencies in UK cards, high quality mortgage lending portfolio and the improved macroeconomic outlook. UK cards 30 and 90 day arrears remained low at 0.7% (Q323: 0.9%) and 0.2% (Q323: 0.2%) respectively. The UK cards total coverage ratio reduced to 5.6% (December 2023: 6.8%) driven by release of the affordability linked adjustments, supported by a resilient credit performance
 
Balance sheet - 30 September 2024 compared to 31 December 2023
Loans and advances to customers at amortised cost decreased by £3.5bn to £199.3bn, driven by subdued mortgage lending reflecting wider market factors and continued repayment of government scheme lending in Business Banking
Customer deposits at amortised cost decreased £4.8bn to £236.3bn, driven by reduced Business Banking and retail current account balances, reflecting broader market trends. The loan: deposit ratio remained stable at 92% (December 2023: 92%)
RWAs increased to £77.5bn (December 2023: £73.5bn), primarily driven by regulatory model changes
 
1
WM&I was transferred in May 2023.
 
Barclays UK Corporate Bank
Nine months ended
 
Three months ended
 
30.09.24
30.09.23
 
 
30.09.24
30.09.23
 
Income statement information
£m
£m
% Change
 
£m
£m
% Change
Net interest income
882
913
(3)
 
309
304
2
Net fee, commission, trading and other income
440
462
(5)
 
136
136
Total income
1,322
1,375
(4)
 
445
440
1
Operating costs
(685)
(647)
(6)
 
(229)
(224)
(2)
UK regulatory levies
(23)
DIV/0!
 
7
DIV/0!
Litigation and conduct
2
 
 
2
 
Total operating expenses
(708)
(645)
(10)
 
(222)
(222)
Other net income
2
 
 
DIV/0!
Profit before impairment
614
732
(16)
 
223
218
2
Credit impairment (charges)/releases
(36)
45
 
 
(13)
(15)
13
Profit before tax
578
777
(26)
 
210
203
3
Attributable profit
392
525
(25)
 
144
129
12
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
Return on average allocated tangible equity
17.3%
24.4%
 
 
18.8%
18.3%
 
Average allocated tangible equity (£bn)
3.0
2.9
 
 
3.1
2.8
 
Cost: income ratio
54%
47%
 
 
50%
50%
 
Loan loss rate (bps)
19
(22)
 
 
21
21
 
 
 
 
 
 
 
 
 
 
As at
30.09.24
As At
31.12.23
As at
30.09.23
 
 
 
 
Balance sheet information
£bn
£bn
£bn
 
 
 
 
Loans and advances to customers at amortised cost
24.8
26.4
26.9
 
 
 
 
Deposits at amortised cost
82.3
84.9
82.7
 
 
 
 
Risk weighted assets
22.1
20.9
19.5
 
 
 
 
Period end allocated tangible equity
3.0
3.0
2.8
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended
 
Three months ended
 
30.09.24
30.09.23
 
 
30.09.24
30.09.23
 
Analysis of total income
£m
£m
% Change
 
£m
£m
% Change
Corporate lending
196
198
(1)
 
67
69
(3)
Transaction banking
1,126
1,177
(4)
 
378
371
2
Total income
1,322
1,375
(4)
 
445
440
1
 
 
UKCB delivered a RoTE of 17.3% (Q323 YTD: 24.4%), as income from increased average deposits is offset by lower liquidity pool income, the year-to-date impact of continuing investment to support future growth ambitions and the BoE levy scheme.
 
Income statement - Q324 YTD compared to Q323 YTD
Profit before tax decreased 26% to £578m (Q323 YTD: £777m)
Total income decreased 4% to £1,322m as increased deposit income from higher average balances in the higher interest rate environment was more than offset by lower liquidity pool income
Total operating expenses increased 10% to £708m, reflecting higher ongoing spend to support growth ambitions and the year-to-date impact of the BoE levy scheme
Credit impairment charges were £36m (Q323 YTD: £45m release), driven by resilient underlying credit performance and limited single name charges. The release in the prior period was driven by the improved macroeconomic outlook
 
Balance sheet - 30 September 2024 compared to 31 December 2023
Loans and advances to customers at amortised cost decreased by £1.6bn to £24.8bn (December 2023: £26.4bn) with underlying growth more than offset by a c.£2bn reduction from refinements to the perimeter with the International Corporate Bank within IB
Customer deposits at amortised cost decreased by £2.6bn at £82.3bn (December 2023: £84.9bn) primarily driven by a c.£2bn reduction from refinements to the perimeter with the International Corporate Bank within IB
RWAs increased to £22.1bn (December 2023: £20.9bn) reflecting higher client lending limits, supporting future lending growth
 
Barclays Private Bank and Wealth Management
Nine months ended
 
Three months ended
 
30.09.24
30.09.23
 
 
30.09.24
30.09.23
 
Income statement information
£m
£m
% Change
 
£m
£m
% Change
Net interest income
551
586
(6)
 
189
219
(14)
Net fee, commission and other income
407
309
32
 
137
118
16
Total income
958
895
7
 
326
337
(3)
Operating costs
(656)
(540)
(21)
 
(222)
(214)
(4)
UK regulatory levies
(2)
DIV/0!
 
1
DIV/0!
Litigation and conduct
1
 
 
 
Total operating expenses
(657)
(540)
(22)
 
(221)
(214)
(3)
Other net income
DIV/0!
`
DIV/0!
Profit before impairment
301
355
(15)
 
105
123
(15)
Credit impairment (charges)/releases
(4)
(8)
50
 
(7)
2
 
Profit before tax
297
347
(14)
 
98
125
(22)
Attributable profit
225
283
(20)
 
74
102
(27)
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
Return on average allocated tangible equity
29.5%
37.1%
 
 
29.0%
41.2%
 
Average allocated tangible equity (£bn)
1.0
1.0
 
 
1.0
1.0
 
Cost: income ratio
 
69%
60%
 
 
68%
63%
 
Loan loss rate (bps)
4
7
 
 
19
(7)
 
 
 
 
 
 
 
 
 
Key facts
£bn
£bn
 
 
 
 
 
Invested assets1
122.4
105.4
 
 
 
 
 
Clients assets and liabilities2
201.5
178.7
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As at
30.09.24
As At
31.12.23
As at
30.09.23
 
 
 
 
Balance sheet information
£bn
£bn
£bn
 
 
 
 
Loans and advances to customers at amortised cost
14.0
13.6
13.4
 
 
 
 
Deposits at amortised cost
64.8
60.3
59.7
 
 
 
 
Risk weighted assets
7.3
7.2
7.2
 
 
 
 
Period end allocated tangible equity
1.0
1.0
1.0
 
 
 
 
 
 
PBWM delivered a RoTE of 29.5% (Q323 YTD: 37.1%), supported by 13% growth year-on-year in client balances to £201.5bn, which is predominantly driven by invested assets1 as a result of market movements and underlying growth.
 
Income statement - Q324 YTD compared to Q323 YTD
Profit before tax decreased 14% to £297m with a RoTE of 29.5% (Q323 YTD: 37.1%)
Total income increased 7% to £958m reflecting the transfer of WM&I from Barclays UK3 and higher client assets and liabilities balances, partially offset by lower liquidity pool income
Total operating expenses increased 22% to £657m, reflecting the transfer of WM&I from Barclays UK and higher ongoing spend, including hiring, to support business growth
 
Balance sheet - 30 September 2024 compared to 31 December 2023
Client assets and liabilities increased £18.6bn to £201.5bn, driven by £13.6bn increase in invested assets as a result of market movements and underlying growth, as well as £4.5bn increase in deposits and £0.5bn increase in gross loans to clients
Deposits at amortised cost increased £4.5bn to £64.8bn, driven by underlying growth from client inflows
RWAs were stable at £7.3bn (December 2023: £7.2bn)
 
1
Invested assets represent assets under management and supervision.
2
Client assets and liabilities refers to customer deposits, lending and invested assets.
3
WM&I was transferred in May 2023.
 
Barclays Investment Bank
Nine months ended
 
Three months ended
 
30.09.24
30.09.23
 
 
30.09.24
30.09.23
 
Income statement information
£m
£m
% Change
 
£m
£m
% Change
Net interest income
747
1,111
(33)
 
282
397
(29)
Net trading income
4,979
5,283
(6)
 
1,512
1,497
1
Net fee, commission and other income
3,472
2,604
33
 
1,057
792
33
Total income
9,198
8,998
2
 
2,851
2,686
6
Operating costs
(5,763)
(5,685)
(1)
 
(1,906)
(1,840)
(4)
UK regulatory levies
(26)
DIV/0!
 
7
DIV/0!
Litigation and conduct
(29)
7
 
 
(17)
6
 
Total operating expenses
(5,818)
(5,678)
(2)
 
(1,916)
(1,834)
(4)
Other net income
1
 
 
2
 
Profit before impairment
3,380
3,321
2
 
935
854
9
Credit impairment (charges)/releases
(77)
(79)
3
 
(43)
23
 
Profit before tax
3,303
3,242
2
 
892
877
2
Attributable profit
2,266
2,190
3
 
652
580
12
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
Return on average allocated tangible equity
10.1%
10.1%
 
 
8.8%
8.0%
 
Average allocated tangible equity (£bn)
29.8
29.0
 
 
29.5
28.8
 
Cost: income ratio
63%
63%
 
 
67%
68%
 
Loan loss rate (bps)
9
10
 
 
15
(8)
 
 
 
 
 
 
 
 
 
 
As at
30.09.24
As at
31.12.23
As at
30.09.23
 
 
 
 
Balance sheet information
£bn
£bn
£bn
 
 
 
 
Loans and advances to customers at amortised cost
64.5
62.7
62.3
 
 
 
 
Loans and advances to banks at amortised cost
6.7
7.3
9.5
 
 
 
 
Debt securities at amortised cost
44.8
38.9
36.3
 
 
 
 
Loans and advances at amortised cost
116.0
108.9
108.1
 
 
 
 
Trading portfolio assets
185.8
174.5
155.3
 
 
 
 
Derivative financial instrument assets
256.7
255.1
280.4
 
 
 
 
Financial assets at fair value through the income statement
210.8
202.5
237.2
 
 
 
 
Cash collateral and settlement balances
134.7
102.3
134.6
 
 
 
 
Deposits at amortised cost
139.8
132.7
154.2
 
 
 
 
Derivative financial instrument liabilities
249.4
249.7
268.3
 
 
 
 
Risk weighted assets
194.2
197.3
201.1
 
 
 
 
Period end allocated tangible equity
28.4
29.0
29.0
 
 
 
 
 
 
Nine months ended
 
Three months ended
 
30.09.24
30.09.23
 
 
30.09.24
30.09.23
 
Analysis of total income
£m
£m
% Change
 
£m
£m
% Change
FICC
3,733
4,121
(9)
 
1,180
1,147
3
Equities
2,271
1,942
17
 
692
675
3
Global Markets
6,004
6,063
(1)
 
1,872
1,822
3
Advisory
472
422
12
 
186
80
 
Equity capital markets
253
181
40
 
64
62
3
Debt capital markets
1,165
847
38
 
344
233
48
Banking fees and underwriting
1,890
1,450
30
 
594
375
58
Corporate lending
108
236
(54)
 
(21)
103
 
Transaction banking
1,196
1,249
(4)
 
406
386
5
International Corporate Bank
1,304
1,485
(12)
 
385
489
(21)
Investment Banking
3,194
2,935
9
 
979
864
13
Total income
9,198
8,998
2
 
2,851
2,686
6
 
 
IB delivered a RoTE of 10.1% (Q323 YTD: 10.1%) reflecting the benefit of diversified income streams across businesses and geographies. An increase in Banking fees and underwriting and Equities income was partially offset by a decrease in FICC and International Corporate Bank income. Costs were marginally up while impairment remained below prior year.
 
Income statement - Q324 YTD compared to Q323 YTD
IB has a diverse income profile across businesses and geographies including a significant presence in the US. The appreciation of GBP against USD adversely impacted income and profits, and positively impacted credit impairment charges, total operating expenses and RWAs
Profit before tax increased to £3,303m (Q323 YTD: £3,242m)
Total income increased 2% to £9,198m
-
Global Markets income decreased 1% to £6,004m as increased income in Equities was more than offset by lower income in FICC
-
Equities income increased 17% to £2,271m, reflecting increased client activity in Derivatives and Cash products, additionally supported by a £125m fair value gain on Visa B shares in Q124
-
FICC income decreased 9% to £3,733m, reflecting lower client activity in Macro and the non-repeat of the inflation benefit from prior year, partially offset by strong performance in securitised products
-
Investment Banking income increased 9% to £3,194m
-
Banking fees and underwriting income increased 30% to £1,890m. Equity capital markets fees increased 40% driven by increased deal activity including fees booked on a large UK rights issue completed in Q224. Debt capital markets fees increased 38% driven by increased activity in leverage finance and investment grade issuance. Advisory fee income increased 12% to £472m
-
International Corporate Bank income decreased 12% to £1,304m, including the £85m impact of fair value losses on leverage finance lending in Q324, which decreased Corporate lending income. Transaction banking income decreased 4% to £1,196m driven by margin compression as customers continue to migrate to higher interest returning products and lower liquidity pool income
Total operating expenses increased 2% to £5,818m reflecting the impact of inflation, Q224 structural cost actions and the estimated impact of the BoE levy scheme, partially offset by efficiency savings
Credit impairment charges were £77m (Q323 YTD: £79m), driven by single name charges, partially offset by the benefit of credit protection and the improved macroeconomic outlook
 
Balance sheet - 30 September 2024 compared to 31 December 2023
Loans and advances at amortised costs increased £7.1bn to £116.0bn driven by increased investment in debt securities and c.£2bn from refinements to the perimeter with UKCB
Trading portfolio assets increased £11.3bn to £185.8bn driven by increased trading in debt securities to facilitate client demand in Global Markets
Derivative assets increased £1.6bn to £256.7bn and liabilities remained broadly stable at £249.4bn, reflecting increased client activity in Equities, offset by a decrease in Macro due to lower market volatility
Financial assets at fair value through the income statement increased £8.3bn to £210.8bn driven by increased secured lending balances
Deposits at amortised cost increased £7.1bn to £139.8bn driven by growth in deposits, primarily in International Corporate Bank and c.£2bn from refinements to the perimeter with UKCB
RWAs decreased to £194.2bn (December 2023: £197.3bn) driven by the strengthening of GBP against USD
 
Barclays US Consumer Bank
Nine months ended
 
Three months ended
 
30.09.24
30.09.23
 
 
30.09.24
30.09.23
 
Income statement information
£m
£m
% Change
 
£m
£m
% Change
Net interest income
1,981
1,918
3
 
647
662
(2)
Net fee, commission and other income
488
484
1
 
144
147
(2)
Total income
2,469
2,402
3
 
791
809
(2)
Operating costs
(1,179)
(1,232)
4
 
(384)
(404)
5
UK regulatory levies
DIV/0!
 
DIV/0!
Litigation and conduct
(14)
(4)
 
 
(9)
DIV/0!
Total operating expenses
(1,193)
(1,236)
3
 
(393)
(404)
3
Other net income
DIV/0!
 
DIV/0!
Profit before impairment
1,276
1,166
9
 
398
405
(2)
Credit impairment charges
(995)
(989)
(1)
 
(276)
(404)
32
Profit before tax
281
177
59
 
122
1
 
Attributable profit
208
134
55
 
89
3
 
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
Return on average allocated tangible equity
8.4%
5.7%
 
 
10.9%
0.4%
 
Average allocated tangible equity (£bn)
3.3
3.2
 
 
3.3
3.1
 
Cost: income ratio
48%
51%
 
 
50%
50%
 
Loan loss rate (bps)
497
480
 
 
411
582
 
Net interest margin
10.64%
10.84%
 
 
10.38%
10.88%
 
 
 
 
 
 
 
 
 
 
As at
30.09.24
As at
31.12.23
As at
30.09.23
 
 
 
 
Balance sheet information
£bn
£bn
£bn
 
 
 
 
Loans and advances to customers at amortised cost
23.2
24.2
24.3
 
 
 
 
Deposits at amortised cost
19.4
19.7
19.3
 
 
 
 
Risk weighted assets
23.2
24.8
24.1
 
 
 
 
Period end allocated tangible equity
3.2
3.4
3.3
 
 
 
 
 
 
USCB delivered a RoTE of 8.4% (Q323 YTD: 5.7%) with underlying growth in cards balances driving higher income, partially offset by the strengthening of GBP against USD. c.£0.9bn ($1.1bn) of the outstanding credit card receivables were sold to Blackstone in Q124, providing a benefit from reduced RWAs.
 
Income statement - Q324 YTD compared to Q323 YTD
The appreciation of GBP against USD adversely impacted income and profits, and positively impacted credit impairment charges, total operating expenses and RWAs
Profit before tax was £281m (Q323 YTD: £177m)
Total income increased 3% to £2,469m. NII increased 3% to £1,981m reflecting underlying growth in cards balances, partially offset by the strengthening of GBP against USD. Net fee, commission and other income increased 1% to £488m driven by higher purchases and account growth1
Total operating expenses decreased 3% to £1,193m, driven by efficiency savings and the strengthening of GBP against USD
Credit impairment charges were £995m (Q323 YTD: £989m), driven by anticipated higher delinquencies in US cards, which led to higher coverage ratios, partially offset by the impact of credit risk management actions and methodology enhancements. 30 and 90 day arrears for US cards were 3.0% (Q323: 2.7%) and 1.6% (Q323: 1.3%) respectively. The USCB total coverage ratio was 10.3% (December 2023: 10.1%) as ongoing reserve build was partially offset by the impact of a debt sale in Q324
 
Balance sheet - 30 September 2024 compared to 31 December 2023
Loans and advances to customers at amortised cost remained broadly stable at £23.2bn (December 2023: £24.2bn) with underlying growth in cards balances more than offset by the strengthening of GBP against USD
Customer deposits at amortised cost were broadly stable at £19.4bn (December 2023: £19.7bn), with underlying deposit growth, in line with USCB's ambition to grow core deposits, more than offset by the strengthening of GBP against USD
RWAs decreased to £23.2bn (December 2023: £24.8bn), reflecting the sale of receivables to Blackstone in Q124 and strengthening of GBP against USD
 
1
Includes Barclays accounts and those serviced for third parties.
 
Head Office
Nine months ended
 
Three months ended
 
30.09.24
30.09.23
 
 
30.09.24
30.09.23
 
Income statement information
£m
£m
% Change
 
£m
£m
% Change
Net interest income
463
185
 
 
215
87
 
Net fee, commission and other income
(245)
130
 
 
(27)
26
 
Total income
218
315
(31)
 
188
113
66
Operating costs
(603)
(635)
5
 
(197)
(210)
6
UK regulatory levies
DIV/0!
 
DIV/0!
Litigation and conduct
(50)
(49)
(2)
 
(7)
(16)
56
Total operating expenses
(653)
(684)
5
 
(204)
(226)
10
Other net income
37
4
 
 
21
7
 
(Loss)/profit before impairment
(398)
(365)
(9)
 
5
(106)
 
Credit impairment (charges)/releases
(77)
(31)
 
 
(19)
20
 
Loss before tax
(475)
(396)
(20)
 
(14)
(86)
84
Attributable loss
(424)
(327)
(30)
 
(16)
(71)
77
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
Average allocated tangible equity (£bn)
2.8
0.7
 
 
3.5
0.7
 
 
 
 
 
 
 
 
 
 
As at
30.09.24
As at
31.12.23
As at
30.09.23
 
 
 
 
Balance sheet information
£bn
£bn
£bn
 
 
 
 
Risk weighted assets
16.1
19.0
16.8
 
 
 
 
Period end allocated tangible equity
4.9
3.6
2.0
 
 
 
 
 
Income statement - Q324 YTD compared to Q323 YTD
Loss before tax was £475m (Q323 YTD: £396m)
Total income decreased to £218m (Q323 YTD: £315m) mainly driven by the loss on sale of the performing Italian retail mortgage portfolio and the impact of the disposal of the German consumer finance business. These were partially offset by a gain on disposal of a legacy investment and hedge accounting
Total operating expenses decreased to £653m (Q323 YTD: £684m)
Credit impairment charges were £77m (Q323 YTD: £31m), reflecting stable credit performance. The lower charge in the prior period was influenced by easing inflationary pressure in the modelled German consumer finance business
 
Balance sheet - 30 September 2024 compared to 31 December 2023
RWAs decreased to £16.1bn (December 2023: £19.0bn) mainly from the sale of the performing Italian retail mortgage portfolio and a decrease in relation to merchant acquiring cash in transit settlement balances
 
Quarterly Results Summary
 
Barclays Group
 
 
 
 
 
 
 
 
 
 
 
Q324
Q224
Q124
 
Q423
Q323
Q223
Q123
 
Q422
Income statement information
£m
£m
£m
 
£m
£m
£m
£m
 
£m
Net interest income
3,308
3,056
3,072
 
3,139
3,247
3,270
3,053
 
2,741
Net fee, commission and other income
3,239
3,268
3,881
 
2,459
3,011
3,015
4,184
 
3,060
Total income
6,547
6,324
6,953
 
5,598
6,258
6,285
7,237
 
5,801
Operating costs
(3,954)
(3,999)
(3,998)
 
(4,735)
(3,949)
(3,919)
(4,111)
 
(3,748)
UK regulatory levies1
27
(120)
 
(180)
 
(176)
Litigation and conduct
(35)
(7)
(57)
 
(5)
(33)
1
 
(79)
Total operating expenses
(3,962)
(4,006)
(4,175)
 
(4,920)
(3,949)
(3,952)
(4,110)
 
(4,003)
Other net income/(expenses)
21
4
12
 
(16)
9
3
(5)
 
10
Profit before impairment
2,606
2,322
2,790
 
662
2,318
2,336
3,122
 
1,808
Credit impairment charges
(374)
(384)
(513)
 
(552)
(433)
(372)
(524)
 
(498)
Profit before tax
2,232
1,938
2,277
 
110
1,885
1,964
2,598
 
1,310
Tax (charges)/credit
(412)
(427)
(465)
 
23
(343)
(353)
(561)
 
33
Profit after tax
1,820
1,511
1,812
 
133
1,542
1,611
2,037
 
1,343
Non-controlling interests
(3)
(23)
(3)
 
(25)
(9)
(22)
(8)
 
(22)
Other equity instrument holders
(253)
(251)
(259)
 
(219)
(259)
(261)
(246)
 
(285)
Attributable profit/(loss)
1,564
1,237
1,550
 
(111)
1,274
1,328
1,783
 
1,036
 
 
 
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
 
 
 
Return on average tangible shareholders' equity
12.3%
9.9%
12.3%
 
(0.9)%
11.0%
11.4%
15.0%
 
8.9%
Average tangible shareholders' equity (£bn)
51.0
49.8
50.5
 
48.9
46.5
46.7
47.6
 
46.7
Cost: income ratio
61%
63%
60%
 
88%
63%
63%
57%
 
69%
Loan loss rate (bps)
37
38
51
 
54
42
37
52
 
49
Basic earnings per ordinary share
10.7p
8.3p
10.3p
 
(0.7)p
8.3p
8.6p
11.3p
 
6.5p
Basic weighted average number of shares (m)
14,648
14,915
14,983
 
15,092
15,405
15,523
15,770
 
15,828
Period end number of shares (m)
14,571
14,826
15,091
 
15,155
15,239
15,556
15,701
 
15,871
Period end tangible shareholders' equity (£bn)
51.1
50.4
50.6
 
50.2
48.2
45.3
47.3
 
46.8
 
 
 
 
 
 
 
 
 
 
 
Balance sheet and capital management2
£bn
£bn
£bn
 
£bn
£bn
£bn
£bn
 
£bn
Loans and advances to customers at amortised cost
326.5
329.8
332.1
 
333.3
339.6
337.4
343.6
 
343.3
Loans and advances to banks at amortised cost
8.1
8.0
8.5
 
9.5
11.5
10.9
11.0
 
10.0
Debt securities at amortised cost
64.6
61.7
57.4
 
56.7
54.3
53.1
48.9
 
45.5
Loans and advances at amortised cost
399.2
399.5
397.9
 
399.5
405.4
401.4
403.5
 
398.8
Loans and advances at amortised cost impairment coverage ratio
1.3%
1.4%
1.4%
 
1.4%
1.4%
1.4%
1.4%
 
1.4%
Total assets
1,531.1
1,576.6
1,577.1
 
1,477.5
1,591.7
1,549.7
1,539.1
 
1,513.7
Deposits at amortised cost
542.8
557.5
552.3
 
538.8
561.3
554.7
555.7
 
545.8
Tangible net asset value per share
351p
340p
335p
 
331p
316p
291p
301p
 
295p
Common equity tier 1 ratio
13.8%
13.6%
13.5%
 
13.8%
14.0%
13.8%
13.6%
 
13.9%
Common equity tier 1 capital
47.0
47.7
47.1
 
47.3
48.0
46.6
46.0
 
46.9
Risk weighted assets
340.4
351.4
349.6
 
342.7
341.9
336.9
338.4
 
336.5
UK leverage ratio
4.9%
5.0%
4.9%
 
5.2%
5.0%
5.1%
5.1%
 
5.3%
UK leverage exposure
1,197.4
1,222.7
1,226.5
 
1,168.3
1,202.4
1,183.7
1,168.9
 
1,130.0
 
 
 
 
 
 
 
 
 
 
 
Funding and liquidity
 
 
 
 
 
 
 
 
 
 
Group liquidity pool (£bn)
311.7
328.7
323.5
 
298.1
335.0
330.7
333.0
 
318.0
Liquidity coverage ratio
170.1%
167.0%
163.2%
 
161.4%
158.7%
157.2%
156.6%
 
155.5%
Net stable funding ratio
135.6%
136.4%
135.7%
 
138.0%
138.2%
138.8%
139.2%
 
137.0%
Loan: deposit ratio
74%
72%
72%
 
74%
72%
72%
73%
 
73%
 
1
Comprises the impact of the BoE levy scheme and the UK bank levy.
2
Refer to pages 34 to 38 for further information on how capital, RWAs and leverage are calculated.
 
Barclays UK
 
 
 
 
 
 
 
 
 
 
 
Q324
Q224
Q124
 
Q423
Q323
Q223
Q123
 
Q422
Income statement information
£m
£m
£m
 
£m
£m
£m
£m
 
£m
Net interest income
1,666
1,597
1,549
 
1,575
1,578
1,660
1,618
 
1,600
Net fee, commission and other income
280
290
277
 
217
295
301
343
 
370
Total income
1,946
1,887
1,826
 
1,792
1,873
1,961
1,961
 
1,970
Operating costs
(1,017)
(1,041)
(1,007)
 
(1,153)
(1,058)
(1,090)
(1,092)
 
(1,108)
UK regulatory levies
12
(54)
 
(30)
 
(26)
Litigation and conduct
(1)
(4)
(2)
 
(4)
9
5
(2)
 
(13)
Total operating expenses
(1,006)
(1,045)
(1,063)
 
(1,187)
(1,049)
(1,085)
(1,094)
 
(1,147)
Other net income
 
 
1
Profit before impairment
940
842
763
 
605
824
876
867
 
824
Credit impairment charges
(16)
(8)
(58)
 
(37)
(59)
(95)
(113)
 
(157)
Profit before tax
924
834
705
 
568
765
781
754
 
667
Attributable profit
621
584
479
 
382
531
534
515
 
474
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information
£bn
£bn
£bn
 
£bn
£bn
£bn
£bn
 
£bn
Loans and advances to customers at amortised cost
199.3
198.7
200.8
 
202.8
204.9
206.8
208.2
 
205.1
Customer deposits at amortised cost
236.3
236.8
237.2
 
241.1
243.2
249.8
254.3
 
258.0
Loan: deposit ratio
92%
91%
92%
 
92%
92%
90%
90%
 
87%
Risk weighted assets
77.5
76.5
76.5
 
73.5
73.2
73.0
74.6
 
73.1
Period end allocated tangible equity
10.7
10.6
10.7
 
10.2
10.1
10.1
10.3
 
10.1
 
 
 
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
23.4%
22.3%
18.5%
 
14.9%
21.0%
20.9%
20.0%
 
18.7%
Average allocated tangible equity (£bn)
10.6
10.5
10.4
 
10.2
10.1
10.2
10.3
 
10.2
Cost: income ratio
52%
55%
58%
 
66%
56%
55%
56%
 
58%
Loan loss rate (bps)
3
1
11
 
7
10
17
20
 
27
Net interest margin
3.34%
3.22%
3.09%
 
3.07%
3.04%
3.22%
3.18%
 
3.10%
 
Analysis of Barclays UK
Q324
Q224
Q124
 
Q423
Q323
Q223
Q123
 
Q422
Analysis of total income
£m
£m
£m
 
£m
£m
£m
£m
 
£m
Personal Banking
1,184
1,174
1,128
 
1,067
1,165
1,244
1,253
 
1,229
Barclaycard Consumer UK
249
228
229
 
242
238
237
247
 
269
Business Banking
513
485
469
 
483
470
480
461
 
472
Total income
1,946
1,887
1,826
 
1,792
1,873
1,961
1,961
 
1,970
 
 
 
 
 
 
 
 
 
 
 
Analysis of credit impairment (charges)/releases
 
 
 
 
 
 
 
 
 
 
Personal Banking
3
(26)
(14)
 
35
(85)
(92)
(28)
 
(120)
Barclaycard Consumer UK
(15)
(25)
(38)
 
(73)
29
(35)
(83)
 
(12)
Business Banking
(4)
43
(6)
 
1
(3)
32
(2)
 
(25)
Total credit impairment charges
(16)
(8)
(58)
 
(37)
(59)
(95)
(113)
 
(157)
 
 
 
 
 
 
 
 
 
 
 
Analysis of loans and advances to customers at amortised cost
£bn
£bn
£bn
 
£bn
£bn
£bn
£bn
 
£bn
Personal Banking
168.1
167.3
169.0
 
170.1
172.3
173.3
173.6
 
169.7
Barclaycard Consumer UK
10.6
10.2
9.8
 
9.7
9.6
9.3
9.0
 
9.2
Business Banking
20.6
21.2
22.0
 
23.0
23.0
24.2
25.6
 
26.2
Total loans and advances to customers at amortised cost
199.3
198.7
200.8
 
202.8
204.9
206.8
208.2
 
205.1
 
 
 
 
 
 
 
 
 
 
 
Analysis of customer deposits at amortised cost
 
 
 
 
 
 
 
 
 
 
Personal Banking
182.9
183.3
183.4
 
185.4
186.1
191.1
194.3
 
195.6
Barclaycard Consumer UK
 
 
Business Banking
53.4
53.5
53.8
 
55.7
57.1
58.7
60.0
 
62.4
Total customer deposits at amortised cost
236.3
236.8
237.2
 
241.1
243.2
249.8
254.3
 
258.0
 
Barclays UK Corporate Bank
 
 
 
 
 
 
 
 
 
 
 
Q324
Q224
Q124
 
Q423
Q323
Q223
Q123
 
Q422
Income statement information
£m
£m
£m
 
£m
£m
£m
£m
 
£m
Net interest income
309
296
277
 
247
304
299
310
 
324
Net fee, commission, trading and other income
136
147
157
 
148
136
173
153
 
153
Total income
445
443
434
 
395
440
472
463
 
477
Operating costs
(229)
(235)
(221)
 
(258)
(224)
(213)
(210)
 
(213)
UK regulatory levies
7
(30)
 
(8)
 
(7)
Litigation and conduct
 
(1)
2
 
Total operating expenses
(222)
(235)
(251)
 
(267)
(222)
(213)
(210)
 
(220)
Other net (expenses)/income
 
(5)
1
1
 
1
Profit before impairment
223
208
183
 
123
218
260
254
 
258
Credit impairment (charges)/releases
(13)
(8)
(15)
 
(18)
(15)
84
(24)
 
(52)
Profit before tax
210
200
168
 
105
203
344
230
 
206
Attributable profit
144
135
113
 
59
129
239
157
 
131
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information
£bn
£bn
£bn
 
£bn
£bn
£bn
£bn
 
£bn
Loans and advances to customers at amortised cost
24.8
25.7
25.7
 
26.4
26.9
26.9
27.2
 
26.9
Deposits at amortised cost
82.3
84.9
81.7
 
84.9
82.7
82.6
83.6
 
84.4
Risk weighted assets
22.1
21.9
21.4
 
20.9
19.5
20.6
20.2
 
21.1
Period end allocated tangible equity
3.0
3.0
3.0
 
3.0
2.8
2.9
2.9
 
3.0
 
 
 
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
18.8%
18.0%
15.2%
 
8.4%
18.3%
32.9%
21.7%
 
17.8%
Average allocated tangible equity (£bn)
3.1
3.0
3.0
 
2.8
2.8
2.9
2.9
 
2.9
Cost: income ratio
50%
53%
58%
 
68%
50%
45%
45%
 
46%
Loan loss rate (bps)
21
12
23
 
27
21
(123)
36
 
74
 
 
 
 
 
 
 
 
 
 
 
Analysis of total income
£m
£m
£m
 
£m
£m
£m
£m
 
£m
Corporate lending
67
57
72
 
64
69
68
61
 
66
Transaction banking
378
386
362
 
331
371
404
402
 
411
Total income
445
443
434
 
395
440
472
463
 
477
 
Barclays Private Bank and Wealth Management
 
 
 
 
 
 
 
 
 
 
 
Q324
Q224
Q124
 
Q423
Q323
Q223
Q123
 
Q422
Income statement information
£m
£m
£m
 
£m
£m
£m
£m
 
£m
Net interest income
189
187
175
 
182
219
186
181
 
205
Net fee, commission and other income
137
133
137
 
131
118
113
78
 
81
Total income
326
320
312
 
313
337
299
259
 
286
Operating costs
(222)
(220)
(214)
 
(255)
(214)
(182)
(144)
 
(153)
UK regulatory levies
1
(3)
 
(4)
 
(4)
Litigation and conduct
1
 
2
 
Total operating expenses
(221)
(219)
(217)
 
(257)
(214)
(182)
(144)
 
(157)
Other net income
 
 
Profit before impairment
105
101
95
 
56
123
117
115
 
129
Credit impairment (charges)/releases
(7)
3
 
4
2
(7)
(3)
 
(10)
Profit before tax
98
104
95
 
60
125
110
112
 
119
Attributable profit
74
77
74
 
47
102
91
90
 
92
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information
£bn
£bn
£bn
 
£bn
£bn
£bn
£bn
 
£bn
Loans and advances to customers at amortised cost
14.0
13.9
13.7
 
13.6
13.4
13.8
14.3
 
14.4
Deposits at amortised cost
64.8
64.6
61.9
 
60.3
59.7
59.2
60.8
 
62.3
Risk weighted assets
7.3
7.0
7.2
 
7.2
7.2
7.2
7.5
 
7.8
Period end allocated tangible equity
1.0
1.0
1.0
 
1.0
1.0
1.0
1.0
 
1.1
Client assets and liabilities1
201.5
198.5
189.1
 
182.9
178.7
174.1
141.5
 
139.4
 
 
 
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
29.0%
30.8%
28.7%
 
19.1%
41.2%
35.9%
34.5%
 
34.9%
Average allocated tangible equity (£bn)
1.0
1.0
1.0
 
1.0
1.0
1.0
1.0
 
1.1
Cost: income ratio
68%
68%
70%
 
82%
63%
61%
56%
 
55%
Loan loss rate (bps)
19
(9)
 
(10)
(7)
20
7
 
26
 
1
Client assets and liabilities refers to customer deposits, lending and invested assets.
 
Barclays Investment Bank
 
 
 
 
 
 
 
 
 
 
 
Q324
Q224
Q124
 
Q423
Q323
Q223
Q123
 
Q422
Income statement information
£m
£m
£m
 
£m
£m
£m
£m
 
£m
Net interest income
282
268
197
 
282
397
555
159
 
228
Net trading income
1,512
1,485
1,982
 
757
1,497
1,351
2,435
 
1,197
Net fee, commission and other income
1,057
1,266
1,149
 
998
792
837
975
 
731
Total income
2,851
3,019
3,328
 
2,037
2,686
2,743
3,569
 
2,156
Operating costs
(1,906)
(1,900)
(1,957)
 
(1,934)
(1,840)
(1,813)
(2,032)
 
(1,619)
UK regulatory levies
7
(33)
 
(123)
 
(119)
Litigation and conduct
(17)
(3)
(9)
 
(2)
6
(1)
2
 
(55)
Total operating expenses
(1,916)
(1,903)
(1,999)
 
(2,059)
(1,834)
(1,814)
(2,030)
 
(1,793)
Other net (expenses)/income
 
(1)
2
(1)
 
1
Profit/(loss) before impairment
935
1,116
1,329
 
(23)
854
929
1,538
 
364
Credit impairment (charges)/releases
(43)
(44)
10
 
(23)
23
(77)
(25)
 
(22)
Profit/(loss) before tax
892
1,072
1,339
 
(46)
877
852
1,513
 
342
Attributable profit/(loss)
652
715
899
 
(149)
580
562
1,048
 
313
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information
£bn
£bn
£bn
 
£bn
£bn
£bn
£bn
 
£bn
Loans and advances to customers at amortised cost
64.5
66.6
64.6
 
62.7
62.3
59.1
63.1
 
64.6
Loans and advances to banks at amortised cost
6.7
6.6
7.6
 
7.3
9.5
9.0
9.1
 
8.1
Debt securities at amortised cost
44.8
41.7
40.4
 
38.9
36.3
35.1
30.7
 
27.2
Loans and advances at amortised cost
116.0
114.9
112.6
 
108.9
108.1
103.2
102.9
 
99.9
Trading portfolio assets
185.8
197.2
195.3
 
174.5
155.3
165.0
137.6
 
133.7
Derivative financial instrument assets
256.7
251.4
248.9
 
255.1
280.4
264.8
256.5
 
301.6
Financial assets at fair value through the income statement
210.8
211.7
225.1
 
202.5
237.2
231.1
243.8
 
209.4
Cash collateral and settlement balances
134.7
139.8
129.8
 
102.3
134.6
122.1
124.3
 
106.2
Deposits at amortised cost
139.8
151.3
151.1
 
132.7
154.2
142.9
137.3
 
121.5
Derivative financial instrument liabilities
249.4
241.8
241.5
 
249.7
268.3
254.5
246.7
 
288.9
Risk weighted assets
194.2
203.3
200.4
 
197.3
201.1
197.2
198.0
 
195.9
Period end allocated tangible equity
28.4
29.7
29.6
 
29.0
29.0
28.7
28.9
 
28.6
 
 
 
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
8.8%
9.6%
12.0%
 
(2.1)%
8.0%
7.7%
14.4%
 
4.0%
Average allocated tangible equity (£bn)
29.5
29.9
30.0
 
28.9
28.8
29.0
29.1
 
30.9
Cost: income ratio
67%
63%
60%
 
101%
68%
66%
57%
 
83%
Loan loss rate (bps)
15
15
(4)
 
8
(8)
30
10
 
9
 
 
 
 
 
 
 
 
 
 
 
Analysis of total income
£m
£m
£m
 
£m
£m
£m
£m
 
£m
FICC
1,180
1,149
1,404
 
724
1,147
1,186
1,788
 
976
Equities
692
696
883
 
431
675
563
704
 
440
Global Markets
1,872
1,845
2,287
 
1,155
1,822
1,749
2,492
 
1,416
Advisory
186
138
148
 
171
80
130
212
 
197
Equity capital markets
64
121
68
 
38
62
69
50
 
40
Debt capital markets
344
420
401
 
301
233
273
341
 
243
Banking Fees and Underwriting
594
679
617
 
510
375
472
603
 
480
Corporate lending
(21)
87
42
 
(23)
103
100
33
 
(194)
Transaction banking
406
408
382
 
395
386
422
441
 
454
International Corporate Banking
385
495
424
 
372
489
522
474
 
260
Investment Banking
979
1,174
1,041
 
882
864
994
1,077
 
740
Total income
2,851
3,019
3,328
 
2,037
2,686
2,743
3,569
 
2,156
 
Barclays US Consumer Bank
 
 
 
 
 
 
 
 
 
 
 
Q324
Q224
Q124
 
Q423
Q323
Q223
Q123
 
Q422
Income statement information
£m
£m
£m
 
£m
£m
£m
£m
 
£m
Net interest income
647
646
688
 
686
662
622
634
 
639
Net fee, commission, trading and other income
144
173
171
 
180
147
145
192
 
149
Total income
791
819
859
 
866
809
767
826
 
788
Operating costs
(384)
(408)
(387)
 
(418)
(404)
(401)
(427)
 
(425)
UK regulatory levies
 
 
Litigation and conduct
(9)
(2)
(3)
 
(2)
(4)
 
(3)
Total operating expenses
(393)
(410)
(390)
 
(420)
(404)
(405)
(427)
 
(428)
Other net income
 
 
Profit before impairment
398
409
469
 
446
405
362
399
 
360
Credit impairment charges
(276)
(309)
(410)
 
(449)
(404)
(264)
(321)
 
(224)
Profit/(loss) before tax
122
100
59
 
(3)
1
98
78
 
136
Attributable profit/(loss)
89
75
44
 
(3)
3
72
59
 
101
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information
£bn
£bn
£bn
 
£bn
£bn
£bn
£bn
 
£bn
Loans and advances to customers at amortised cost
23.2
24.3
23.6
 
24.2
24.3
22.9
22.5
 
23.6
Deposits at amortised cost
19.4
20.0
20.3
 
19.7
19.3
17.9
18.1
 
18.3
Risk weighted assets
23.2
24.4
23.9
 
24.8
24.1
22.5
22.5
 
23.9
Period end allocated tangible equity
3.2
3.3
3.3
 
3.4
3.3
3.1
3.1
 
3.3
 
 
 
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
10.9%
9.2%
5.3%
 
(0.3)%
0.4%
9.3%
7.5%
 
12.6%
Average allocated tangible equity (£bn)
3.3
3.3
3.3
 
3.3
3.1
3.1
3.1
 
3.2
Cost: income ratio
50%
50%
46%
 
48%
50%
53%
52%
 
54%
Loan loss rate (bps)
411
438
610
 
636
582
411
515
 
337
Net interest margin
10.38%
10.43%
11.12%
 
10.88%
10.88%
10.66%
10.97%
 
10.64%
 
Head Office
 
 
 
 
 
 
 
 
 
 
 
Q324
Q224
Q124
 
Q423
Q323
Q223
Q123
 
Q422
Income statement information
£m
£m
£m
 
£m
£m
£m
£m
 
£m
Net interest income
215
62
186
 
167
87
(52)
151
 
(255)
Net fee, commission and other income
(27)
(226)
8
 
28
26
95
8
 
379
Total income
188
(164)
194
 
195
113
43
159
 
124
Operating costs
(197)
(195)
(211)
 
(717)
(210)
(221)
(204)
 
(229)
UK regulatory levies
 
(14)
 
(20)
Litigation and conduct
(7)
1
(44)
 
1
(16)
(32)
(1)
 
(9)
Total operating expenses
(204)
(194)
(255)
 
(730)
(226)
(253)
(205)
 
(258)
Other net income/(expenses)
21
4
12
 
(10)
7
2
(5)
 
7
Profit/(loss) before impairment
5
(354)
(49)
 
(545)
(106)
(208)
(51)
 
(127)
Credit impairment (charges)/releases
(19)
(18)
(40)
 
(29)
20
(13)
(38)
 
(33)
Loss before tax
(14)
(372)
(89)
 
(574)
(86)
(221)
(89)
 
(160)
Attributable loss
(16)
(349)
(59)
 
(447)
(71)
(170)
(86)
 
(75)
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information
£bn
£bn
£bn
 
£bn
£bn
£bn
£bn
 
£bn
Risk weighted assets
16.1
18.3
20.2
 
19.0
16.8
16.4
15.6
 
14.7
Period end allocated tangible equity
4.9
2.7
3.0
 
3.6
2.0
(0.5)
1.1
 
0.7
 
 
 
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
 
 
 
Average allocated tangible equity (£bn)
3.5
2.1
2.8
 
2.7
0.7
0.5
1.2
 
(1.6)
 
Performance Management
 
Margins and balances
 
 
 
 
 
 
 
Nine months ended 30.09.24
Nine months ended 30.09.23
 
Net interest
income
Average
customer
assets
Net interest
margin
Net interest
income
Average
customer
assets
Net interest
margin
 
£m
£m
%
£m
£m
%
Barclays UK
4,812
199,938
3.21
4,856
206,338
3.15
Barclays UK Corporate Bank
882
22,552
5.22
913
23,157
5.27
Barclays Private Bank and Wealth Management
551
13,862
5.31
586
14,071
5.57
Barclays US Consumer Bank
1,981
24,864
10.64
1,918
23,661
10.84
Group excluding IB and Head Office
8,226
261,216
4.21
8,273
267,227
4.14
Barclays Investment Bank
747
 
 
1,111
 
 
Head Office
463
 
 
185
 
 
Total Barclays Group net interest income
9,436
 
 
9,570
 
 
 
The Group excluding IB and Head Office net interest margin (NIM) increased by 7bps from 4.14% in Q323 to 4.21% in Q324, due to continued structural hedge momentum and higher cards balances in USCB, partially offset by mortgage margin pressure in Barclays UK and adverse product dynamics in deposits.
 
Quarterly analysis
 
 
 
Q324
Q224
Q124
Q423
Q323
Net interest income
£m
£m
£m
£m
£m
Barclays UK
1,666
1,597
1,549
1,575
1,578
Barclays UK Corporate Bank
309
296
277
247
304
Barclays Private Bank and Wealth Management
189
187
175
182
219
Barclays US Consumer Bank
647
646
688
686
662
Group excluding IB and Head Office
2,811
2,726
2,689
2,690
2,763
 
 
 
 
 
 
Average customer assets
£m
£m
£m
£m
£m
Barclays UK
198,616
199,529
201,669
203,646
205,693
Barclays UK Corporate Bank
23,049
22,474
22,257
23,354
23,225
Barclays Private Bank and Wealth Management
14,061
13,931
13,593
13,525
13,594
Barclays US Consumer Bank
24,798
24,899
24,880
25,012
24,128
Group excluding IB and Head Office
260,524
260,833
262,399
265,537
266,640
 
 
 
 
 
 
Net interest margin
%
%
%
%
%
Barclays UK
3.34
3.22
3.09
3.07
3.04
Barclays UK Corporate Bank
5.33
5.30
5.00
4.19
5.19
Barclays Private Bank and Wealth Management
5.35
5.40
5.17
5.33
6.40
Barclays US Consumer Bank
10.38
10.43
11.12
10.88
10.88
Group excluding IB and Head Office
4.29
4.20
4.12
4.02
4.11
 
Structural hedge
 
The Group employs a structural hedge programme designed to stabilise NIM on fixed rate non-maturity balance sheet items that are behaviourally stable. As interest rates move, such balances would otherwise drive material income volatility where there is a re-pricing mismatch with floating rate assets.
 
The structural hedge predominantly covers non-interest-bearing current accounts and the fixed portion of instant access savings accounts as well as equity, which are invested into either floating rate customer assets or balances at central banks, creating an exposure to changes in interest rates. The structural hedge is executed via a portfolio of receive fixed, pay variable interest rate swaps, with an amortising structure so that a small portion matures and is reinvested each month at prevailing market rates. The pay-floating leg of the interest rate swaps nets down a proportion of the receive-floating income from the customer assets, leaving a receive-fixed income stream from the structural hedge.
 
The purpose of the structural hedge is to smooth the Group NII through time. The floating leg of the swap will re-price immediately, whereas the fixed rate yield on the portfolio reprices gradually, as a portion of the swap portfolio matures and the roll is re-invested onto new market rates.
 
When interest rates are higher than our structural hedge yield, the pay floating rate will typically be higher than our average receive fixed rate. In this scenario, when viewed in isolation, the structural hedge will be a net drag to Group NII. When floating rates are lower than our structural hedge yield, the hedge in isolation will be a net benefit.
 
Since the receive-fixed swaps are booked for a specific term, an element of NII is ‘locked in’. The income stabilising feature of the structural hedge provides greater net interest income certainty through the interest rate cycle.
 
The structural hedge is one component of a larger portfolio of interest rate risk management activities that includes non-structural hedging (e.g. pay fixed and receive variable flows for asset hedging), and other offsetting flows. The net risk of these positions is executed externally through interest rate swaps and managed for accounting risk (i.e. income volatility arising from the accounting mismatch of swaps at fair value through profit and loss and underlying hedged items at amortised cost) within the cash flow hedge reserve. Overall the Group has external derivatives designated as cash flow hedges that hedge interest rate risk with a notional £98bn (December 2023: £128bn) which reflects the structural hedge notional of £234bn (December 2023: £246bn) netted with non-structural hedging positions of £136bn (December 2023: £118bn). The majority of these interest rate swaps are cleared with Central Clearing Counterparties and margined daily with an average duration of between 2.5 years and 3 years.
 
Gross structural hedge contributions were £3,430m (Q323: £2,609m). Gross structural hedge contributions represent the absolute interest income earned on the fixed legs of the swaps in the structural hedge as the floating leg is offset by the base rate funding of the deposits.
 
Credit Risk
 
Loans and advances at amortised cost by geography
 
Total loans and advances at amortised cost in the credit risk performance section includes loans and advances at amortised cost to banks and loans and advances at amortised cost to customers.
The table below presents a product and geographical breakdown by stages of loans and advances at amortised cost and the impairment allowance. Also included are stage allocation of debt securities and off-balance sheet loan commitments and financial guarantee contracts by gross exposure, impairment allowance and coverage ratio.
Impairment allowance under IFRS 9 considers both the drawn and the undrawn counterparty exposure. For retail portfolios, the total impairment allowance is allocated to gross loans and advances to the extent allowance does not exceed the drawn exposure and any excess is reported on the liabilities side of the balance sheet as a provision. For corporate portfolios, impairment allowance on undrawn exposure is reported on the liability side of the balance sheet as a provision.
 
 
Gross exposure
 
Impairment allowance
 
Stage 1
Stage 2
Stage 3
Total
 
Stage 1
Stage 2
Stage 3
Total
 
As at 30.09.24
£m
£m
£m
£m
 
£m
£m
£m
£m
 
Retail mortgages
145,587
18,026
1,692
165,305
 
31
60
105
196
 
Retail credit cards
9,080
1,993
186
11,259
 
107
429
95
631
 
Retail other
6,605
1,202
221
8,028
 
56
104
141
301
 
Corporate loans1
52,404
7,156
1,789
61,349
 
155
168
379
702
 
Total UK
213,676
28,377
3,888
245,941
 
349
761
720
1,830
 
Retail mortgages
1,701
29
494
2,224
 
2
278
280
 
Retail credit cards
20,427
3,448
1,652
25,527
 
358
960
1,338
2,656
 
Retail other
1,624
148
130
1,902
 
2
1
26
29
 
Corporate loans
59,315
3,895
982
64,192
 
78
141
225
444
 
Total Rest of the World
83,067
7,520
3,258
93,845
 
440
1,102
1,867
3,409
 
Total loans and advances at amortised cost
296,743
35,897
7,146
339,786
 
789
1,863
2,587
5,239
 
Debt securities at amortised cost
61,342
3,316
64,658
 
10
11
21
 
Total loans and advances at amortised cost including debt securities
358,085
39,213
7,146
404,444
 
799
1,874
2,587
5,260
 
Off-balance sheet loan commitments and financial guarantee contracts2
378,879
17,441
1,046
397,366
 
171
231
28
430
 
Total3,4
736,964
56,654
8,192
801,810
 
970
2,105
2,615
5,690
 
 
 
 
 
 
 
 
 
 
 
 
 
Net exposure
 
Coverage ratio
 
Stage 1
Stage 2
Stage 3
Total
 
Stage 1
Stage 2
Stage 3
Total
 
As at 30.09.24
£m
£m
£m
£m
 
%
%
%
%
 
Retail mortgages
145,556
17,966
1,587
165,109
 
0.3
6.2
0.1
 
Retail credit cards
8,973
1,564
91
10,628
 
1.2
21.5
51.1
5.6
 
Retail other
6,549
1,098
80
7,727
 
0.8
8.7
63.8
3.7
 
Corporate loans1
52,249
6,988
1,410
60,647
 
0.3
2.3
21.2
1.1
 
Total UK
213,327
27,616
3,168
244,111
 
0.2
2.7
18.5
0.7
 
Retail mortgages
1,699
29
216
1,944
 
0.1
56.3
12.6
 
Retail credit cards
20,069
2,488
314
22,871
 
1.8
27.8
81.0
10.4
 
Retail other
1,622
147
104
1,873
 
0.1
0.7
20.0
1.5
 
Corporate loans
59,237
3,754
757
63,748
 
0.1
3.6
22.9
0.7
 
Total Rest of the World
82,627
6,418
1,391
90,436
 
0.5
14.7
57.3
3.6
 
Total loans and advances at amortised cost
295,954
34,034
4,559
334,547
 
0.3
5.2
36.2
1.5
 
Debt securities at amortised cost
61,332
3,305
64,637
 
0.3
 
Total loans and advances at amortised cost including debt securities
357,286
37,339
4,559
399,184
 
0.2
4.8
36.2
1.3
 
Off-balance sheet loan commitments and financial guarantee contracts2
378,708
17,210
1,018
396,936
 
1.3
2.7
0.1
 
Total3,4
735,994
54,549
5,577
796,120
 
0.1
3.7
31.9
0.7
 
 
1
Includes Business Banking, which has a gross exposure of £13.6bn and an impairment allowance of £365m. This comprises £80m impairment allowance on £9.5bn Stage 1 exposure, £56m on £3.0bn Stage 2 exposure and £229m on £1.1bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is 0.7%.
2
Excludes loan commitments and financial guarantees of £20.7bn carried at fair value and includes exposures relating to financial assets classified as assets held for sale.
3
Other financial assets subject to impairment excluded in the table above include cash collateral and settlement balances, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of £224.0bn and an impairment allowance of £139m. This comprises £13m impairment allowance on £222.8bn Stage 1 exposure, £3m on £1.1bn Stage 2 exposure and £123m on £129m Stage 3 exposure.
4
The annualised loan loss rate is 42bps after applying the total impairment charge of £1,271m.
 
 
Gross exposure
 
Impairment allowance
 
Stage 1
Stage 2
Stage 3
Total
 
Stage 1
Stage 2
Stage 3
Total
As at 31.12.23
£m
£m
£m
£m
 
£m
£m
£m
£m
Retail mortgages
146,001
19,123
1,812
166,936
 
43
77
112
232
Retail credit cards
8,094
2,128
198
10,420
 
111
492
107
710
Retail other
6,832
1,252
264
8,348
 
56
117
144
317
Corporate loans1
54,257
8,673
1,692
64,622
 
191
214
346
751
Total UK
215,184
31,176
3,966
250,326
 
401
900
709
2,010
Retail mortgages
4,201
346
612
5,159
 
7
28
316
351
Retail credit cards
22,315
3,450
1,522
27,287
 
412
1,138
1,226
2,776
Retail other
1,637
91
229
1,957
 
3
1
32
36
Corporate loans
58,248
4,629
862
63,739
 
96
200
252
548
Total Rest of the World
86,401
8,516
3,225
98,142
 
518
1,367
1,826
3,711
Total loans and advances at amortised cost
301,585
39,692
7,191
348,468
 
919
2,267
2,535
5,721
Debt securities
52,869
3,907
56,776
 
11
16
27
Total loans and advances at amortised cost including debt securities
354,454
43,599
7,191
405,244
 
930
2,283
2,535
5,748
Off-balance sheet loan commitments and financial guarantee contracts2
374,063
24,208
1,037
399,308
 
173
287
44
504
Total3,4
728,517
67,807
8,228
804,552
 
1,103
2,570
2,579
6,252
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net exposure
 
Coverage ratio
 
Stage 1
Stage 2
Stage 3
Total
 
Stage 1
Stage 2
Stage 3
Total
As at 31.12.23
£m
£m
£m
£m
 
%
%
%
%
Retail mortgages
145,958
19,046
1,700
166,704
 
0.4
6.2
0.1
Retail credit cards
7,983
1,636
91
9,710
 
1.4
23.1
54.0
6.8
Retail other
6,776
1,135
120
8,031
 
0.8
9.3
54.5
3.8
Corporate loans1
54,066
8,459
1,346
63,871
 
0.4
2.5
20.4
1.2
Total UK
214,783
30,276
3,257
248,316
 
0.2
2.9
17.9
0.8
Retail mortgages
4,194
318
296
4,808
 
0.2
8.1
51.6
6.8
Retail credit cards
21,903
2,312
296
24,511
 
1.8
33.0
80.6
10.2
Retail other
1,634
90
197
1,921
 
0.2
1.1
14.0
1.8
Corporate loans
58,152
4,429
610
63,191
 
0.2
4.3
29.2
0.9
Total Rest of the World
85,883
7,149
1,399
94,431
 
0.6
16.1
56.6
3.8
Total loans and advances at amortised cost
300,666
37,425
4,656
342,747
 
0.3
5.7
35.3
1.6
Debt securities
52,858
3,891
56,749
 
0.4
Total loans and advances at amortised cost including debt securities
353,524
41,316
4,656
399,496
 
0.3
5.2
35.3
1.4
Off-balance sheet loan commitments and financial guarantee contracts2
373,890
23,921
993
398,804
 
1.2
4.2
0.1
Total3,4
727,414
65,237
5,649
798,300
 
0.2
3.8
31.3
0.8
 
1
Includes Business Banking, which has a gross exposure of £15.2bn and an impairment allowance of £431m. This comprises £99m impairment allowance on £9.8bn Stage 1 exposure, £81m on £4.1bn Stage 2 exposure and £251m on £1.3bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is 0.6%.
2
Excludes loan commitments and financial guarantees of £16.5bn carried at fair value and includes exposures relating to financial assets classified as assets held for sale.
3
Other financial assets subject to impairment excluded in the table above include cash collateral and settlement balances, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of £183.6bn and impairment allowance of £151m. This comprises £16m impairment allowance on £182.8bn Stage 1 exposure, £2m on £0.6bn Stage 2 exposure and £133m on £140m Stage 3 exposure.
4
The annualised loan loss rate is 46bps after applying the total impairment charge of £1,881m
 
Assets held for sale
 
During 2023, gross loans and advances and related impairment allowances for the German consumer finance business portfolio were reclassified from loans and advances to customers to assets held for sale in the balance sheet.
 
Loans and advances to customers classified as assets held for sale
 
Stage 1
 
Stage 2
 
Stage 3
 
Total
 
Gross
ECL
Coverage
 
Gross
ECL
Coverage
 
Gross
ECL
Coverage
 
Gross
ECL
Coverage
As at 30.09.24
£m
£m
%
 
£m
£m
%
 
£m
£m
%
 
£m
£m
%
Retail credit cards
1,779
18
1.0
 
412
37
9.0
 
91
66
72.5
 
2,282
121
5.3
Retail other
1,290
18
1.4
 
254
36
14.2
 
74
50
67.6
 
1,618
104
6.4
Total Rest of the World
3,069
36
1.2
 
666
73
11.0
 
165
116
70.3
 
3,900
225
5.8
 
As at 31.12.23
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail credit cards
1,621
15
0.9
 
445
41
9.2
 
92
68
73.9
 
2,158
124
5.7
Retail other
1,561
20
1.3
 
288
32
11.1
 
84
60
71.4
 
1,933
112
5.8
Total Rest of the World
3,182
35
1.1
 
733
73
10.0
 
176
128
72.7
 
4,091
236
5.8
 
Loans and advances at amortised cost by product
 
The table below presents a product breakdown by stages of loans and advances at amortised cost. Also included is a breakdown of Stage 2 past due balances.
 
 
Stage 2
 
 
As at 30.09.24
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
Retail mortgages
147,288
15,123
2,071
861
18,055
2,186
167,529
Retail credit cards
29,507
4,768
370
303
5,441
1,838
36,786
Retail other
8,229
1,006
165
179
1,350
351
9,930
Corporate loans
111,719
10,855
64
132
11,051
2,771
125,541
Total
296,743
31,752
2,670
1,475
35,897
7,146
339,786
 
 
 
 
 
 
 
 
Impairment allowance
 
 
 
 
 
 
 
Retail mortgages
33
30
12
18
60
383
476
Retail credit cards
465
1,060
150
179
1,389
1,433
3,287
Retail other
58
70
16
19
105
167
330
Corporate loans
233
295
5
9
309
604
1,146
Total
789
1,455
183
225
1,863
2,587
5,239
 
 
 
 
 
 
 
 
Net exposure
 
 
 
 
 
 
 
Retail mortgages
147,255
15,093
2,059
843
17,995
1,803
167,053
Retail credit cards
29,042
3,708
220
124
4,052
405
33,499
Retail other
8,171
936
149
160
1,245
184
9,600
Corporate loans
111,486
10,560
59
123
10,742
2,167
124,395
Total
295,954
30,297
2,487
1,250
34,034
4,559
334,547
 
 
 
 
 
 
 
 
Coverage ratio
%
%
%
%
%
%
%
Retail mortgages
0.2
0.6
2.1
0.3
17.5
0.3
Retail credit cards
1.6
22.2
40.5
59.1
25.5
78.0
8.9
Retail other
0.7
7.0
9.7
10.6
7.8
47.6
3.3
Corporate loans
0.2
2.7
7.8
6.8
2.8
21.8
0.9
Total
0.3
4.6
6.9
15.3
5.2
36.2
1.5
 
As at 31.12.23
 
 
 
 
 
 
 
Gross exposure
£m
£m
£m
£m
£m
£m
£m
Retail mortgages
150,202
16,834
1,971
664
19,469
2,424
172,095
Retail credit cards
30,409
4,858
392
328
5,578
1,720
37,707
Retail other
8,469
1,094
126
123
1,343
493
10,305
Corporate loans
112,505
12,960
179
163
13,302
2,554
128,361
Total
301,585
35,746
2,668
1,278
39,692
7,191
348,468
 
 
 
 
 
 
 
 
Impairment allowance
 
 
 
 
 
 
 
Retail mortgages
50
73
20
12
105
428
583
Retail credit cards
523
1,257
166
207
1,630
1,333
3,486
Retail other
59
82
18
18
118
176
353
Corporate loans
287
399
8
7
414
598
1,299
Total
919
1,811
212
244
2,267
2,535
5,721
 
 
 
 
 
 
 
 
Net exposure
 
 
 
 
 
 
 
Retail mortgages
150,152
16,761
1,951
652
19,364
1,996
171,512
Retail credit cards
29,886
3,601
226
121
3,948
387
34,221
Retail other
8,410
1,012
108
105
1,225
317
9,952
Corporate loans
112,218
12,561
171
156
12,888
1,956
127,062
Total
300,666
33,935
2,456
1,034
37,425
4,656
342,747
 
 
 
 
 
 
 
 
Coverage ratio
%
%
%
%
%
%
%
Retail mortgages
0.4
1.0
1.8
0.5
17.7
0.3
Retail credit cards
1.7
25.9
42.3
63.1
29.2
77.5
9.2
Retail other
0.7
7.5
14.3
14.6
8.8
35.7
3.4
Corporate loans
0.3
3.1
4.5
4.3
3.1
23.4
1.0
Total
0.3
5.1
7.9
19.1
5.7
35.3
1.6
 
Measurement uncertainty
 
Scenarios used to calculate the Group’s expected credit losses charge were refreshed in Q324 with the Baseline scenario reflecting the latest consensus macroeconomic forecasts available at the time of the scenario refresh. In the Baseline scenario, the UK economy is gradually recovering and is further stimulated as restrictive monetary policy continues loosening. US GDP growth falls to 1.8% in 2025 but then stabilises at 2.0%. Labour markets remain broadly resilient. The UK unemployment rate peaks at 4.6% during 2025 before stabilising at 4.4%. US unemployment increases slightly to 4.2% at end of 2024 where it remains for the rest of the projection period. With the significant decline in inflationary pressures, major central banks continue to cut rates throughout 2025. UK house prices keep falling in 2024 before stabilising and resuming the upward trend from 2025. The housing market in the US remains more resilient, with house prices continuing to grow.
 
In the Downside 2 scenario, inflationary pressures are assumed to intensify again, mainly driven by strong wage growth. Central banks raise rates further, with the UK bank rate and the US federal funds rate each reaching 8.5% in Q225. Major economies experience a rapid tightening of financial conditions alongside a significant increase in market volatility resulting in a sharp repricing of assets and higher credit losses. Central banks are forced to cut interest rates aggressively. Falling demand reduces UK and US GDP and headline inflation drops significantly following a temporary surge. In the Upside 2 scenario, a rise in labour force participation and higher productivity contribute to accelerated economic growth without creating new inflationary pressures. With inflation continuing to fall, central banks lower interest rates, further stimulating aggregate demand, leading to reduced unemployment and healthy GDP growth.
 
The methodology for estimating scenario probability weights involves simulating a range of future paths for UK and US GDP using historical data with the five scenarios mapped against the distribution of these future paths. The median is centred around the Baseline with scenarios further from the Baseline attracting a lower weighting before the five weights are normalised to total 100%. The increases in the Upside scenario weightings were driven by the improvement in GDP in the Baseline scenario, bringing the Baseline scenario closer to the Upside scenarios. For further details see page 33.
 
Economic uncertainty adjustments of £102m (30 June 2024: £151m) were applied as overlays to the modelled ECL output. The decrease reflected a release of affordability linked adjustments in the UK unsecured lending portfolio, supported by a resilient credit performance from UK customers, as evidenced by continued low and stable delinquencies.
 
The following tables show the key macroeconomic variables used in the five scenarios (5-year annual paths) and the probability weights applied to each scenario.
 
Macroeconomic variables used in the calculation of ECL
As at 30.09.24
2024
2025
2026
2027
2028
Baseline
%
%
%
%
%
UK GDP1
0.9
1.3
1.5
1.7
1.6
UK unemployment2
4.4
4.5
4.4
4.4
4.4
UK HPI3
0.7
2.6
2.6
4.6
3.2
UK bank rate6
5.0
3.9
3.4
3.3
3.3
US GDP1
2.3
1.8
2.0
2.0
2.0
US unemployment4
4.0
4.2
4.2
4.2
4.2
US HPI5
3.2
3.0
3.1
3.1
3.1
US federal funds rate6
5.0
3.4
3.1
3.0
3.3
 
 
 
 
 
 
Downside 2
 
 
 
 
 
UK GDP1
0.8
(2.3)
(1.0)
2.3
1.4
UK unemployment2
4.4
5.6
7.4
5.6
4.8
UK HPI3
(0.4)
(18.1)
(6.7)
16.6
8.9
UK bank rate6
5.5
5.5
1.0
1.0
1.0
US GDP1
2.2
(2.1)
(0.4)
3.1
1.7
US unemployment4
4.1
5.6
6.8
5.4
5.0
US HPI5
2.3
(9.4)
(1.7)
7.6
5.6
US federal funds rate6
5.5
5.4
1.5
1.5
1.5
 
 
 
 
 
 
Downside 1
 
 
 
 
 
UK GDP1
0.9
(0.5)
0.3
2.0
1.5
UK unemployment2
4.4
5.1
5.9
5.0
4.6
UK HPI3
0.1
(8.1)
(2.1)
10.5
6.0
UK bank rate6
5.3
4.7
2.2
2.1
2.1
US GDP1
2.2
(0.2)
0.8
2.6
1.9
US unemployment4
4.1
4.9
5.5
4.8
4.6
US HPI5
2.7
(3.3)
0.7
5.3
4.4
US federal funds rate6
5.2
4.4
2.3
2.3
2.4
 
 
 
 
 
 
Upside 2
 
 
 
 
 
UK GDP1
1.1
3.5
3.4
2.8
2.4
UK unemployment2
4.4
3.7
3.5
3.5
3.5
UK HPI3
2.3
14.0
6.9
4.0
4.3
UK bank rate6
5.0
3.3
2.3
2.3
2.3
US GDP1
2.4
2.9
3.0
2.8
2.8
US unemployment4
4.0
3.6
3.5
3.5
3.5
US HPI5
4.3
4.5
4.9
4.5
4.6
US federal funds rate6
5.0
2.9
2.3
2.3
2.3
 
 
 
 
 
 
Upside 1
 
 
 
 
 
UK GDP1
1.0
2.4
2.5
2.2
2.0
UK unemployment2
4.4
4.1
4.0
4.0
4.0
UK HPI3
1.5
8.2
4.8
4.3
3.7
UK bank rate6
5.0
3.6
2.9
2.8
2.8
US GDP1
2.3
2.3
2.5
2.4
2.4
US unemployment4
4.0
3.9
3.9
3.9
3.9
US HPI5
3.8
3.8
4.0
3.8
3.8
US federal funds rate6
5.0
3.2
2.7
2.6
2.8
 
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.
6
Average rate
 
As at 30.06.24
2024
2025
2026
2027
2028
Baseline
%
%
%
%
%
UK GDP1
0.7
1.2
1.6
1.7
1.6
UK unemployment2
4.3
4.4
4.4
4.4
4.4
UK HPI3
(1.2)
1.6
3.0
4.4
3.2
UK bank rate6
5.0
4.3
3.8
3.6
3.5
US GDP1
2.3
1.7
2.0
2.0
2.0
US unemployment4
4.0
4.1
4.1
4.1
4.1
US HPI5
3.3
3.0
3.3
3.3
3.3
US federal funds rate6
5.3
4.4
4.0
3.8
3.8
 
 
 
 
 
 
Downside 2
 
 
 
 
 
UK GDP1
0.2
(3.2)
0.5
2.1
1.3
UK unemployment2
4.4
6.4
6.9
5.3
4.7
UK HPI3
(3.6)
(23.3)
2.8
15.6
7.7
UK bank rate6
5.9
4.0
1.0
1.0
1.0
US GDP1
1.8
(2.9)
1.2
2.8
1.6
US unemployment4
4.2
6.3
6.4
5.3
4.9
US HPI5
0.9
(10.7)
2.0
8.0
5.3
US federal funds rate6
5.9
4.1
1.5
1.5
1.5
 
 
 
 
 
 
Downside 1
 
 
 
 
 
UK GDP1
0.4
(1.0)
1.0
1.9
1.5
UK unemployment2
4.3
5.4
5.6
4.9
4.6
UK HPI3
(2.4)
(11.5)
2.9
9.9
5.5
UK bank rate6
5.5
4.1
2.4
2.3
2.3
US GDP1
2.0
(0.6)
1.6
2.4
1.8
US unemployment4
4.1
5.2
5.3
4.7
4.5
US HPI5
2.1
(4.0)
2.7
5.6
4.3
US federal funds rate6
5.6
4.3
2.8
2.6
2.6
 
 
 
 
 
 
Upside 2
 
 
 
 
 
UK GDP1
1.1
3.9
3.2
2.6
2.3
UK unemployment2
4.1
3.4
3.4
3.3
3.2
UK HPI3
4.9
14.2
6.8
2.7
3.8
UK bank rate6
4.9
3.4
2.6
2.6
2.5
US GDP1
2.6
3.2
2.9
2.8
2.8
US unemployment4
3.7
3.5
3.4
3.4
3.4
US HPI5
5.3
3.9
5.0
4.6
4.6
US federal funds rate6
5.2
3.7
3.1
2.8
2.8
 
 
 
 
 
 
Upside 1
 
 
 
 
 
UK GDP1
0.9
2.5
2.4
2.2
2.0
UK unemployment2
4.2
3.9
3.9
3.9
3.8
UK HPI3
1.8
7.8
4.9
3.6
3.5
UK bank rate6
5.0
3.8
3.2
3.1
3.0
US GDP1
2.4
2.5
2.4
2.4
2.4
US unemployment4
3.8
3.8
3.8
3.8
3.8
US HPI5
4.3
3.5
4.2
3.9
3.9
US federal funds rate6
5.3
4.1
3.5
3.3
3.3
 
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.
6
Average rate.
 
As at 31.12.23
2023
2024
2025
2026
2027
Baseline
%
%
%
%
%
UK GDP1
0.5
0.3
1.2
1.6
1.6
UK unemployment2
4.2
4.7
4.7
4.8
5.0
UK HPI3
(3.3)
(5.1)
0.7
3.1
5.3
UK bank rate6
4.7
4.9
4.1
3.8
3.5
US GDP1
2.4
1.3
1.7
1.9
1.9
US unemployment4
3.7
4.3
4.3
4.3
4.3
US HPI5
5.4
3.4
3.0
3.3
3.3
US federal funds rate6
5.1
5.0
3.9
3.8
3.8
 
 
 
 
 
 
Downside 2
 
 
 
 
 
UK GDP1
0.5
(1.5)
(2.6)
2.4
1.6
UK unemployment2
4.2
5.2
7.9
6.3
5.5
UK HPI3
(3.3)
(19.3)
(16.8)
14.5
12.4
UK bank rate6
4.7
6.6
1.3
1.0
1.0
US GDP1
2.4
(0.6)
(2.0)
3.1
2.0
US unemployment4
3.7
5.2
7.2
5.9
5.2
US HPI5
5.4
(6.5)
(5.7)
7.2
6.4
US federal funds rate6
5.1
6.3
1.8
1.5
1.5
 
 
 
 
 
 
Downside 1
 
 
 
 
 
UK GDP1
0.5
(0.6)
(0.7)
2.0
1.6
UK unemployment2
4.2
4.9
6.3
5.6
5.2
UK HPI3
(3.3)
(12.4)
(8.3)
8.7
8.8
UK bank rate6
4.7
5.8
2.7
2.5
2.3
US GDP1
2.4
0.3
(0.2)
2.5
1.9
US unemployment4
3.7
4.7
5.8
5.1
4.8
US HPI5
5.4
(1.7)
(1.4)
5.2
4.8
US federal funds rate6
5.1
5.7
2.9
2.8
2.8
 
 
 
 
 
 
Upside 2
 
 
 
 
 
UK GDP1
0.5
2.4
3.7
2.9
2.4
UK unemployment2
4.2
3.9
3.5
3.6
3.6
UK HPI3
(3.3)
7.8
7.6
4.5
5.6
UK bank rate6
4.7
4.3
2.7
2.5
2.5
US GDP1
2.4
2.8
3.1
2.8
2.8
US unemployment4
3.7
3.5
3.6
3.6
3.6
US HPI5
5.4
6.1
4.3
4.5
4.6
US federal funds rate6
5.1
4.3
2.9
2.8
2.8
 
 
 
 
 
 
Upside 1
 
 
 
 
 
UK GDP1
0.5
1.4
2.5
2.3
2.0
UK unemployment2
4.2
4.3
4.1
4.2
4.3
UK HPI3
(3.3)
1.2
4.1
3.8
5.4
UK bank rate6
4.7
4.6
3.4
3.3
3.0
US GDP1
2.4
2.0
2.4
2.4
2.4
US unemployment4
3.7
3.9
3.9
4.0
4.0
US HPI5
5.4
4.7
3.7
3.9
3.9
US federal funds rate6
5.1
4.7
3.5
3.3
3.3
 
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.
6
Average rate.
 
Scenario probability weighting
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
 
%
%
%
%
%
As at 30.09.24
 
 
 
 
 
Scenario probability weighting
16.8
26.4
32.7
15.9
8.2
As at 30.06.24
 
 
 
 
 
Scenario probability weighting
16.5
26.1
32.6
16.2
8.6
As at 31.12.23
 
 
 
 
 
Scenario probability weighting
13.8
24.7
32.4
18.3
10.8
 
Treasury and Capital Risk
 
Regulatory minimum requirements
 
Capital
 
The Group’s Overall Capital Requirement for CET1 remained at 12.0% comprising a 4.5% Pillar 1 minimum, a 2.5% Capital Conservation Buffer (CCB), a 1.5% Global Systemically Important Institution (G-SII) buffer, a 2.6% Pillar 2A requirement and a 1.0% Countercyclical Capital Buffer (CCyB).
 
The Group’s CCyB is based on the buffer rate applicable for each jurisdiction in which the Group has exposures. The buffer rates set by other national authorities for non-UK exposures are not currently material.
 
The Group’s Pillar 2A requirement as per the PRA's Individual Capital Requirement is 4.6% of which at least 56.25% needs to be met with CET1 capital, equating to 2.6% of RWAs. The Pillar 2A requirement, based on a point in time assessment, has been set as a proportion of RWAs and is subject to at least annual review.
 
The Group’s CET1 target ratio of 13-14% takes into account headroom above requirements which includes a confidential institution-specific PRA buffer. The Group remains above its minimum capital regulatory requirements including the PRA buffer.
 
Leverage
 
The Group is subject to a UK leverage ratio requirement of 4.1%. This comprises the 3.25% minimum requirement, a G-SII additional leverage ratio buffer (G-SII ALRB) of 0.53% and a countercyclical leverage ratio buffer (CCLB) of 0.3%. The Group is also required to disclose an average UK leverage ratio which is based on capital on the last day of each month in the quarter and an exposure measure for each day in the quarter.
 
MREL
 
The Group is required to meet the higher of: (i) two times the sum of 8% Pillar 1 and 4.6% Pillar 2A equating to 25.2% of RWAs; and (ii) 6.75% of leverage exposures. In addition, the higher of regulatory capital and leverage buffers apply. CET1 capital cannot be counted towards both MREL and the buffers, meaning that the buffers, including the above mentioned confidential institution-specific PRA buffer, will effectively be applied above MREL requirements.
 
Significant regulatory updates in the period
 
Following its 12 December 2023 publication of ‘Implementation of the Basel 3.1 standards near-final part 1’ (PS12/23), covering Credit Valuation Adjustments, Counterparty Credit Risk, Market Risk and Operational Risk, on 12 September 2024 the PRA published its near-final policy statement ‘Implementation of the Basel 3.1 standards near-final part 2’ (PS9/24) covering the remaining aspects of the Basel 3.1 standards. This covered Credit Risk, Credit Risk Mitigation, the Output Floor, and Reporting and Disclosure requirements. Additionally, the policy statement confirmed that the implementation date for Basel 3.1 within the United Kingdom will be deferred by 6 months to 1 January 2026.
 
Capital ratios1,2
As at 30.09.24
As at 30.06.24
As at 31.12.23
CET1
13.8%
13.6%
13.8%
T1
17.3%
17.3%
17.7%
Total regulatory capital
19.9%
19.9%
20.1%
MREL ratio as a percentage of total RWAs
34.9%
33.5%
33.6%
 
 
 
 
Own funds and eligible liabilities
£m
£m
£m
Total equity excluding non-controlling interests per the balance sheet
70,972
71,173
71,204
Less: other equity instruments (recognised as AT1 capital)
(11,739)
(12,959)
(13,259)
Adjustment to retained earnings for foreseeable ordinary share dividends
(493)
(645)
(795)
Adjustment to retained earnings for foreseeable repurchase of shares
(385)
(222)
Adjustment to retained earnings for foreseeable other equity coupons
(40)
(41)
(43)
 
 
 
 
Other regulatory adjustments and deductions
 
 
 
Additional value adjustments (PVA)
(1,850)
(1,887)
(1,901)
Goodwill and intangible assets
(8,111)
(7,835)
(7,790)
Deferred tax assets that rely on future profitability excluding temporary differences
(1,482)
(1,630)
(1,630)
Fair value reserves related to gains or losses on cash flow hedges
2,298
3,799
3,707
Excess of expected losses over impairment
(440)
(324)
(296)
Gains or losses on liabilities at fair value resulting from own credit
656
622
136
Defined benefit pension fund assets
(2,534)
(2,564)
(2,654)
Direct and indirect holdings by an institution of own CET1 instruments
(5)
(5)
(20)
Adjustment under IFRS 9 transitional arrangements
83
123
288
Other regulatory adjustments
100
90
357
CET1 capital
47,030
47,695
47,304
 
 
 
 
AT1 capital
 
 
 
Capital instruments and related share premium accounts
11,755
13,000
13,263
Other regulatory adjustments and deductions
(16)
(41)
(60)
AT1 capital
11,739
12,959
13,203
 
 
 
 
T1 capital
58,769
60,654
60,507
 
 
 
 
T2 capital
 
 
 
Capital instruments and related share premium accounts
8,587
8,836
7,966
Qualifying T2 capital (including minority interests) issued by subsidiaries
379
385
569
Credit risk adjustments (excess of impairment over expected losses)
39
Other regulatory adjustments and deductions
(19)
(43)
(160)
Total regulatory capital
67,716
69,871
68,882
 
 
 
 
Less : Ineligible T2 capital (including minority interests) issued by subsidiaries
(379)
(385)
(569)
Eligible liabilities
51,330
48,299
46,995
 
 
 
 
Total own funds and eligible liabilities3
118,667
117,785
115,308
 
 
 
 
Total RWAs
340,401
351,433
342,717
 
1
CET1, T1 and T2 capital, and RWAs are calculated applying the transitional arrangements in accordance with UK CRR. This includes IFRS 9 transitional arrangements and the grandfathering of certain capital instruments until 28 June 2025.
2
The fully loaded CET1 ratio, as is relevant for assessing against the conversion trigger in Barclays PLC AT1 securities, was 13.8%, with £46.9bn of CET1 capital and £340.4bn of RWAs calculated without applying the transitional arrangements in accordance with UK CRR.
3
As at 30 September 2024, the Group's MREL requirement, excluding the PRA buffer, was to hold £102.6bn of own funds and eligible liabilities equating to 30.1% of RWAs. The Group remains above its MREL regulatory requirement including the PRA buffer.
 
Movement in CET1 capital
Three months
ended 30.09.24
Nine months
ended 30.09.24
 
£m
£m
Opening CET1 capital
47,695
47,304
 
 
 
Profit for the period attributable to equity holders
1,817
5,114
Own credit relating to derivative liabilities
3
27
Ordinary share dividends paid and foreseen
(273)
(918)
Purchased and foreseeable share repurchase
(750)
(1,750)
Other equity coupons paid and foreseen
(252)
(760)
Increase in retained regulatory capital generated from earnings
545
1,713
 
 
 
Net impact of share schemes
164
94
Fair value through other comprehensive income reserve
119
(150)
Currency translation reserve
(1,244)
(1,328)
Other reserves
(8)
(111)
Decrease in other qualifying reserves
(969)
(1,495)
 
 
 
Pension remeasurements within reserves
(30)
(127)
Defined benefit pension fund asset deduction
30
120
Net impact of pensions
(7)
 
 
 
Additional value adjustments (PVA)
37
51
Goodwill and intangible assets
(276)
(321)
Deferred tax assets that rely on future profitability excluding those arising from temporary differences
148
148
Excess of expected loss over impairment
(116)
(144)
Direct and indirect holdings by an institution of own CET1 instruments
15
Adjustment under IFRS 9 transitional arrangements
(40)
(205)
Other regulatory adjustments
6
(29)
Decrease in regulatory capital due to adjustments and deductions
(241)
(485)
 
 
 
Closing CET1 capital
47,030
47,030
 
CET1 capital decreased £0.3bn to £47.0bn (December 2023: £47.3bn). Significant movements in the period were:
 
£5.1bn of capital generated from profit partially offset by distributions of £3.4bn comprising:
-
£1.8bn of share buybacks announced with FY23 and H124 results
-
£0.9bn accrual towards the FY24 dividend
-
£0.8bn of equity coupons paid and foreseen
£1.5bn decrease in other qualifying reserves including a reduction in the currency translation reserve due to the strengthening of GBP against USD
 
RWAs by risk type and business
 
Credit risk
 
Counterparty credit risk
 
Market Risk
 
Operational risk
Total RWAs
 
 
 
 
 
 
Settlement 
 
 
 
 
 
 
 
 
STD
IRB
 
STD
IRB
Risk
CVA
 
STD
IMA
 
 
 
As at 30.09.24
£m
£m
 
£m
£m
£m
£m
 
£m
£m
 
£m
£m
Barclays UK
9,606
55,792
 
100
13
52
 
199
 
11,715
77,477
Barclays UK Corporate Bank
3,790
14,275
 
93
389
10
 
5
507
 
3,024
22,093
Barclays Private Bank & Wealth Management
4,846
482
 
80
24
11
 
41
305
 
1,546
7,335
Barclays Investment Bank
38,757
47,864
 
20,458
23,709
118
2,466
 
13,087
23,559
 
24,179
194,197
Barclays US Consumer Bank
18,316
839
 
 
 
4,051
23,206
Head Office
6,488
8,346
 
1
15
3
 
1
196
 
1,043
16,093
Barclays Group
81,803
127,598
 
20,732
24,150
118
2,542
 
13,333
24,567
 
45,558
340,401
As at 30.06.24
 
 
 
 
 
 
 
 
 
 
 
 
 
Barclays UK
9,349
55,055
 
101
12
72
 
169
 
11,715
76,473
Barclays UK Corporate Bank
4,033
13,881
 
91
327
12
 
3
487
 
3,024
21,858
Barclays Private Bank & Wealth Management
4,612
467
 
85
33
13
 
293
 
1,546
7,049
Barclays Investment Bank
41,151
50,854
 
20,426
23,636
159
2,897
 
14,173
25,811
 
24,179
203,286
Barclays US Consumer Bank
19,462
917
 
 
 
4,051
24,430
Head Office
6,470
10,609
 
1
21
4
 
1
188
 
1,043
18,337
Barclays Group
85,077
131,783
 
20,704
24,029
159
2,998
 
14,346
26,779
 
45,558
351,433
As at 31.12.23
 
 
 
 
 
 
 
 
 
 
 
 
 
Barclays UK
10,472
50,761
 
178
94
 
274
 
11,715
73,494
Barclays UK Corporate Bank
3,458
13,415
 
262
167
14
 
2
541
 
3,024
20,883
Barclays Private Bank & Wealth Management
4,611
455
 
182
27
30
 
1
322
 
1,546
7,174
Barclays Investment Bank
37,749
52,190
 
18,512
21,873
159
3,248
 
14,623
24,749
 
24,179
197,282
Barclays US Consumer Bank
19,824
966
 
 
 
4,051
24,841
Head Office
6,772
10,951
 
1
21
6
 
1
248
 
1,043
19,043
Barclays Group
82,886
128,738
 
19,135
22,088
159
3,392
 
14,901
25,860
 
45,558
342,717
 
Movement analysis of RWAs
Credit risk
Counterparty
credit risk
Market risk
Operational
risk
Total RWAs
 
£m
£m
£m
£m
£m
Opening RWAs (as at 31.12.23)
211,624
44,774
40,761
45,558
342,717
Book size
(69)
4,115
(2,123)
1,923
Acquisitions and disposals
(856)
(856)
Book quality
(1,054)
(245)
(1,299)
Model updates
196
680
876
Methodology and policy
4,155
398
4,553
Foreign exchange movements1
(4,595)
(2,180)
(738)
(7,513)
Total RWA movements
(2,223)
2,768
(2,861)
(2,316)
Closing RWAs (as at 30.09.24)
209,401
47,542
37,900
45,558
340,401
 
1
Foreign exchange movements does not include the impact of foreign exchange for modelled market risk or operational risk.
 
Overall RWAs decreased £2.3bn to £340.4bn (December 2023: £342.7bn).
 
Credit risk RWAs decreased £2.2bn:
A £0.9bn decrease in acquisitions and disposals due to the sale of the performing Italian mortgage portfolio
A £1.1bn decrease in book quality RWAs mainly driven by changes in risk parameters primarily within IB
A £4.2bn increase in methodology and policy including regulatory model changes in Barclays UK
A £4.6bn decrease as a result of foreign exchange movements primarily due to the strengthening of GBP against USD
 
Counterparty Credit risk RWAs increased £2.8bn:
A £4.1bn increase in book size including the seasonal increase relative to FY23
A £2.2bn decrease as a result of foreign exchange movements primarily due to the strengthening of GBP against USD
 
Market risk RWAs decreased £2.9bn:
A £2.1bn decrease in book size due to trading activity
 
Leverage ratios1,2
As at 30.09.24
As at 30.06.24
As at 31.12.23
£m
£m
£m
UK leverage ratio3
4.9%
5.0%
5.2%
T1 capital
58,769
60,654
60,507
UK leverage exposure
1,197,445
1,222,722
1,168,275
Average UK leverage ratio
4.6%
4.7%
4.8%
Average T1 capital
59,328
60,617
60,343
Average UK leverage exposure
1,277,714
1,300,424
1,266,880
 
1
Capital and leverage measures are calculated applying the transitional arrangements in accordance with UK CRR.
2
Fully loaded UK leverage ratio was 4.9%, with £58.7bn of T1 capital and £1,197.4bn of leverage exposure. Fully loaded average UK leverage ratio was 4.6% with £59.2bn of T1 capital and £1,277.6bn of leverage exposure. Fully loaded UK leverage ratios are calculated without applying the transitional arrangements in accordance with UK CRR.
3
Although the leverage ratio is expressed in terms of T1 capital, the leverage ratio buffers and 75% of the minimum requirement must be covered solely with CET1 capital. The CET1 capital held against the 0.53% G-SII ALRB was £6.3bn and against the 0.3% CCLB was £3.6bn.
 
The UK leverage ratio decreased to 4.9% (December 2023: 5.2%) due to a reduction in Tier 1 Capital of £1.7bn and increase in exposure of £29.2bn to £1,197.4bn (December 2023: £1,168.3bn). The decrease in capital was driven by the redemption of an AT1 instrument during the period. The increase in exposure was largely driven by an increase in trading securities and secured lending in IB, partially offset by the strengthening of GBP against USD.
 
Condensed Consolidated Financial Statements
 
Condensed consolidated income statement (unaudited)
 
Nine months
ended
30.09.24
Nine months
ended
30.09.23
 
£m
£m
Total income
19,824
19,780
Operating expenses excluding UK regulatory levies & litigation and conduct
(11,951)
(11,979)
UK regulatory levies1
(93)
Litigation and conduct
(99)
(32)
Operating expenses
(12,143)
(12,011)
Other net income
37
7
Profit before impairment
7,718
7,776
Credit impairment charges
(1,271)
(1,329)
Profit before tax
6,447
6,447
Tax charge
(1,304)
(1,257)
Profit after tax
5,143
5,190
 
 
 
Attributable to:
 
 
Shareholders of the parent
4,351
4,385
Other equity holders
763
766
Equity holders of the parent
5,114
5,151
Non-controlling interests
29
39
Profit after tax
5,143
5,190
 
 
 
Earnings per share
 
 
Basic earnings per ordinary share
29.3p
28.2p
 
 
 
 
1
Comprises the impact of the BoE levy scheme. Please refer to Group Finance Director’s Review, Other matters for details.
 
Condensed consolidated balance sheet (unaudited)
 
As at 30.09.24
As at 31.12.23
Assets
£m
£m
Cash and balances at central banks
215,061
224,634
Cash collateral and settlement balances
141,703
108,889
Debt securities at amortised cost
64,637
56,749
Loans and advances at amortised cost to banks
8,120
9,459
Loans and advances at amortised cost to customers
326,427
333,288
Reverse repurchase agreements and other similar secured lending at amortised cost
3,579
2,594
Trading portfolio assets
187,400
174,605
Financial assets at fair value through the income statement
214,257
206,651
Derivative financial instruments
258,622
256,836
Financial assets at fair value through other comprehensive income
80,778
71,836
Investments in associates and joint ventures
894
879
Goodwill and intangible assets
8,123
7,794
Current tax assets
144
121
Deferred tax assets
5,569
5,960
Other assets
15,821
17,192
Total assets
1,531,135
1,477,487
 
 
 
Liabilities
 
 
Deposits at amortised cost from banks
18,037
14,472
Deposits at amortised cost from customers
524,717
524,317
Cash collateral and settlement balances
135,060
94,084
Repurchase agreements and other similar secured borrowings at amortised cost
45,250
41,601
Debt securities in issue
89,424
96,825
Subordinated liabilities
11,322
10,494
Trading portfolio liabilities
64,284
58,669
Financial liabilities designated at fair value
305,328
297,539
Derivative financial instruments
249,861
250,044
Current tax liabilities
625
529
Deferred tax liabilities
22
22
Other liabilities
15,573
17,027
Total liabilities
1,459,503
1,405,623
 
 
 
Equity
 
 
Called up share capital and share premium
4,205
4,288
Other reserves
(476)
(77)
Retained earnings
55,504
53,734
Shareholders' equity attributable to ordinary shareholders of the parent
59,233
57,945
Other equity instruments
11,739
13,259
Total equity excluding non-controlling interests
70,972
71,204
Non-controlling interests
660
660
Total equity
71,632
71,864
 
 
 
Total liabilities and equity
1,531,135
1,477,487
 
Condensed consolidated statement of changes in equity (unaudited)
 
Called up
share capital
and share premium
Other equity
instruments
Other
reserves
 
 
Retained
earnings
 
 
Total
Non-
controlling
interests
 
Total
equity
Nine months ended 30.09.2024
£m
£m
£m
£m
£m
£m
£m
Balance as at 1 January 2024
4,288
13,259
(77)
53,734
71,204
660
71,864
Profit after tax
763
4,351
5,114
29
5,143
Currency translation movements
(1,328)
(1,328)
(1,328)
Fair value through other comprehensive income reserve
(150)
(150)
(150)
Cash flow hedges
1,409
1,409
1,409
Retirement benefit remeasurements
(127)
(127)
(127)
Own credit
(491)
(491)
(491)
Total comprehensive income for the period
763
(560)
4,224
4,427
29
4,456
Employee share schemes and hedging thereof
80
740
820
820
Issue and redemption of other equity instruments
(1,508)
(97)
(1,605)
(1,605)
Other equity instruments coupon paid
(763)
(763)
(763)
Vesting of employee share schemes
(4)
(495)
(499)
(499)
Dividends paid
(1,221)
(1,221)
(29)
(1,250)
Repurchase of shares
(163)
163
(1,373)
(1,373)
(1,373)
Other movements
(12)
2
(8)
(18)
(18)
Balance as at 30 September 2024
4,205
11,739
(476)
55,504
70,972
660
71,632
 
Three months ended 30.09.2024
£m
£m
£m
£m
£m
£m
£m
Balance as at 1 July 2024
4,256
12,959
(882)
54,840
71,173
660
71,833
Profit after tax
253
1,564
1,817
3
1,820
Currency translation movements
(1,244)
(1,244)
(1,244)
Fair value through other comprehensive income reserve
119
119
119
Cash flow hedges
1,499
1,499
1,499
Retirement benefit remeasurements
(30)
(30)
(30)
Own credit
(29)
(29)
(29)
Total comprehensive income for the period
253
345
1,534
2,132
3
2,135
Employee share schemes and hedging thereof
15
158
173
173
Issue and redemption of other equity instruments
(1,245)
(5)
(1,250)
(1,250)
Other equity instruments coupon paid
(253)
(253)
(253)
Vesting of employee share schemes
(7)
(7)
(14)
(14)
Dividends paid
(425)
(425)
(3)
(428)
Repurchase of shares
(66)
66
(591)
(591)
(591)
Other movements
25
2
27
27
Balance as at 30 September 2024
4,205
11,739
(476)
55,504
70,972
660
71,632
 
 
As at 30.09.24
As at 31.12.23
Other Reserves
£m
£m
Currency translation reserve
2,343
3,671
Fair value through other comprehensive income reserve
(1,516)
(1,366)
Cash flow hedging reserve
(2,298)
(3,707)
Own credit reserve
(729)
(240)
Other reserves and treasury shares
1,724
1,565
Total
(476)
(77)
 
Appendix: Non-IFRS Performance Measures
 
The Group’s management believes that the non-IFRS performance measures included in this document provide valuable information to the readers of the financial statements, as they enable the reader to identify a more consistent basis for comparing the businesses’ performance between financial periods, and provide more detail concerning the elements of performance which the managers of these businesses are most directly able to influence or are relevant for an assessment of the Group. They also reflect an important aspect of the way in which operating targets are defined and performance is monitored by management.
 
However, any non-IFRS performance measures in this document are not a substitute for IFRS measures and readers should consider the IFRS measures as well.
 
Non-IFRS performance measures glossary
 
Measure
Definition
Loan: deposit ratio
Total loans and advances at amortised cost divided by total deposits at amortised cost.
Attributable profit
Profit after tax attributable to ordinary shareholders of the parent.
Period end tangible equity refers to:
Period end tangible shareholders' equity (for Barclays Group)
Shareholders' equity attributable to ordinary shareholders of the parent, adjusted for the deduction of goodwill and intangible assets.
Period end allocated tangible equity (for businesses)
Allocated tangible equity is calculated as 13.5% (2023: 13.5%) of RWAs for each business, adjusted for capital deductions, excluding goodwill and intangible assets, reflecting the assumptions the Barclays Group uses for capital planning purposes. Head Office allocated tangible equity represents the difference between the Barclays Group’s tangible shareholders’ equity and the amounts allocated to businesses.
Average tangible equity refers to:
Average tangible shareholders’ equity (for Barclays Group)
Calculated as the average of the previous month’s period end tangible shareholders' equity and the current month’s period end tangible shareholders' equity. The average tangible shareholders’ equity for the period is the average of the monthly averages within that period.
Average allocated tangible equity (for businesses)
Calculated as the average of the previous month’s period end allocated tangible equity and the current month’s period end allocated tangible equity. The average allocated tangible equity for the period is the average of the monthly averages within that period.
Return on tangible equity (RoTE) refers to:
Return on average tangible shareholders’ equity (for Barclays Group)
Annualised Group attributable profit, as a proportion of average tangible shareholders’ equity. The components of the calculation have been included on pages 43 to 441.
Return on average allocated tangible equity (for businesses)
Annualised business attributable profit, as a proportion of that business's average allocated tangible equity. The components of the calculation have been included on pages 43 to 45.
Operating expenses excluding litigation and conduct
A measure of total operating expenses excluding litigation and conduct charges.
Operating costs
A measure of total operating expenses excluding litigation and conduct charges and UK regulatory levies.
Cost: income ratio
Total operating expenses divided by total income.
Loan loss rate
Quoted in basis points and represents total impairment charges divided by total gross loans and advances held at amortised cost at the balance sheet date.
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 47.
Profit before impairment
Calculated by excluding credit impairment charges or releases from profit before tax.
Structural cost actions
Cost actions taken to improve future financial performance.
Group net interest income excluding Barclays Investment Bank and Head Office
A measure of Barclays Group net interest income, excluding the net interest income reported in Barclays Investment Bank and Head Office.
Inorganic activity
Inorganic activity refers to certain inorganic transactions announced as part of the FY23 Investor Update designed to improve Group RoTE beyond 2024. In Q324 YTD this included the £220m loss on sale of the performing Italian retail mortgage portfolio and the £20m loss on disposal from the German consumer finance business, both incurred in H124. There were no inorganic transactions in Q324. For FY24 this is expected to also include the loss on sale of the non-performing Italian mortgage portfolio and the impact of the Tesco Bank acquisition.
Performance measures excluding the impact of inorganic activity
Calculated by excluding the impact of inorganic activity from performance measures. The components of the calculations for Barclays Group and businesses have been included on page 5 and on page 46.
 
Returns
 
Nine months ended 30.09.24
 
 
Barclays UK
Barclays UK
Corporate
Bank
Barclays
Private Bank
and Wealth
Management
Barclays
Investment
Bank
Barclays US
Consumer
Bank
Head Office
Barclays
Group
Return on average tangible equity
£m
£m
£m
£m
£m
£m
£m
Attributable profit/(loss)
1,684
392
225
2,266
208
(424)
4,351
 
 
 
 
 
 
 
 
 
£bn
£bn
£bn
£bn
£bn
£bn
£bn
Average equity
14.4
3.0
1.1
29.8
3.7
6.3
58.3
Average goodwill and intangibles
(3.9)
(0.1)
(0.4)
(3.5)
(7.9)
Average tangible equity
10.5
3.0
1.0
29.8
3.3
2.8
50.4
 
 
 
 
 
 
 
 
Return on average tangible equity
21.4%
17.3%
29.5%
10.1%
8.4%
n/m
11.5%
 
 
Nine months ended 30.09.23
 
 
Barclays UK
Barclays UK
Corporate
Bank
Barclays
Private Bank
and Wealth
Management
Barclays
Investment
Bank
Barclays US
Consumer
Bank
Head Office
Barclays
Group
Return on average tangible equity
£m
£m
£m
£m
£m
£m
£m
Attributable profit/(loss)
1,580
525
283
2,190
134
(327)
4,385
 
 
 
 
 
 
 
 
 
£bn
£bn
£bn
£bn
£bn
£bn
£bn
Average equity
14.0
2.9
1.1
29.0
3.9
4.6
55.5
Average goodwill and intangibles
(3.8)
(0.1)
(0.7)
(3.9)
(8.5)
Average tangible equity
10.2
2.9
1.0
29.0
3.2
0.7
47.0
 
 
 
 
 
 
 
 
Return on average tangible equity
20.6%
24.4%
37.1%
10.1%
5.7%
n/m
12.5%
 
Barclays Group
 
 
 
 
 
 
 
 
 
 
Return on average tangible shareholders' equity
Q324
Q224
Q124
 
Q423
Q323
Q223
Q123
 
Q422
£m
£m
£m
 
£m
£m
£m
£m
 
£m
Attributable profit/(loss)
1,564
1,237
1,550
 
(111)
1,274
1,328
1,783
 
1,036
 
 
 
 
 
 
 
 
 
 
 
 
£bn
£bn
£bn
 
£bn
£bn
£bn
£bn
 
£bn
Average shareholders' equity
59.1
57.7
58.3
 
57.1
55.1
55.4
55.9
 
54.9
Average goodwill and intangibles
(8.1)
(7.9)
(7.8)
 
(8.2)
(8.6)
(8.7)
(8.3)
 
(8.2)
Average tangible shareholders' equity
51.0
49.8
50.5
 
48.9
46.5
46.7
47.6
 
46.7
 
 
 
 
 
 
 
 
 
 
 
Return on average tangible shareholders' equity
12.3%
9.9%
12.3%
 
(0.9)%
11.0%
11.4%
15.0%
 
8.9%
 
Barclays UK
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
Q324
Q224
Q124
 
Q423
Q323
Q223
Q123
 
Q422
£m
£m
£m
 
£m
£m
£m
£m
 
£m
Attributable profit
621
584
479
 
382
531
534
515
 
474
 
 
 
 
 
 
 
 
 
 
 
 
£bn
£bn
£bn
 
£bn
£bn
£bn
£bn
 
£bn
Average allocated equity
14.5
14.4
14.3
 
14.1
14.0
14.2
13.9
 
13.7
Average goodwill and intangibles
(3.9)
(3.9)
(3.9)
 
(3.9)
(3.9)
(4.0)
(3.6)
 
(3.5)
Average allocated tangible equity
10.6
10.5
10.4
 
10.2
10.1
10.2
10.3
 
10.2
 
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
23.4%
22.3%
18.5%
 
14.9%
21.0%
20.9%
20.0%
 
18.7%
 
 
 
 
 
 
 
 
 
 
 
 
Barclays UK Corporate Bank
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
Q324
Q224
Q124
 
Q423
Q323
Q223
Q123
 
Q422
£m
£m
£m
 
£m
£m
£m
£m
 
£m
Attributable profit
144
135
113
 
59
129
239
157
 
131
 
 
 
 
 
 
 
 
 
 
 
 
£bn
£bn
£bn
 
£bn
£bn
£bn
£bn
 
£bn
Average allocated equity
3.1
3.0
3.0
 
2.8
2.8
2.9
2.9
 
2.9
Average goodwill and intangibles
 
 
Average allocated tangible equity
3.1
3.0
3.0
 
2.8
2.8
2.9
2.9
 
2.9
 
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
18.8%
18.0%
15.2%
 
8.4%
18.3%
32.9%
21.7%
 
17.8%
 
Barclays Private Bank and Wealth Management
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
Q324
Q224
Q124
 
Q423
Q323
Q223
Q123
 
Q422
£m
£m
£m
 
£m
£m
£m
£m
 
£m
Attributable profit
74
77
74
 
47
102
91
90
 
92
 
 
 
 
 
 
 
 
 
 
 
 
£bn
£bn
£bn
 
£bn
£bn
£bn
£bn
 
£bn
Average allocated equity
1.1
1.1
1.1
 
1.1
1.1
1.1
1.1
 
1.2
Average goodwill and intangibles
(0.1)
(0.1)
(0.1)
 
(0.1)
(0.1)
(0.1)
(0.1)
 
(0.1)
Average allocated tangible equity
1.0
1.0
1.0
 
1.0
1.0
1.0
1.0
 
1.1
 
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
29.0%
30.8%
28.7%
 
19.1%
41.2%
35.9%
34.5%
 
34.9%
 
Barclays Investment Bank
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
Q324
Q224
Q124
 
Q423
Q323
Q223
Q123
 
Q422
£m
£m
£m
 
£m
£m
£m
£m
 
£m
Attributable profit/(loss)
652
715
899
 
(149)
580
562
1,048
 
313
 
 
 
 
 
 
 
 
 
 
 
 
£bn
£bn
£bn
 
£bn
£bn
£bn
£bn
 
£bn
Average allocated equity
29.5
29.9
30.0
 
28.9
28.8
29.0
29.1
 
30.9
Average goodwill and intangibles
 
 
Average allocated tangible equity
29.5
29.9
30.0
 
28.9
28.8
29.0
29.1
 
30.9
 
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
8.8%
9.6%
12.0%
 
(2.1)%
8.0%
7.7%
14.4%
 
4.0%
 
 
 
 
 
 
 
 
 
 
 
 
Barclays US Consumer Bank
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
Q324
Q224
Q124
 
Q423
Q323
Q223
Q123
 
Q422
£m
£m
£m
 
£m
£m
£m
£m
 
£m
Attributable profit/(loss)
89
75
44
 
(3)
3
72
59
 
101
 
 
 
 
 
 
 
 
 
 
 
 
£bn
£bn
£bn
 
£bn
£bn
£bn
£bn
 
£bn
Average allocated equity
3.8
3.6
3.6
 
3.6
3.8
3.9
3.9
 
4.1
Average goodwill and intangibles
(0.5)
(0.3)
(0.3)
 
(0.3)
(0.7)
(0.8)
(0.8)
 
(0.9)
Average allocated tangible equity
3.3
3.3
3.3
 
3.3
3.1
3.1
3.1
 
3.2
 
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
10.9%
9.2%
5.3%
 
(0.3)%
0.4%
9.3%
7.5%
 
12.6%
 
 
 
 
 
 
 
 
 
 
 
 
Performance measures excluding the impact of inorganic activity
 
Nine months ended 30.09.24
 
 
Barclays UK
Barclays UK
Corporate
Bank
Barclays
Private Bank and
Wealth Management
Barclays
Investment
Bank
Barclays US
Consumer
Bank
Head Office
Barclays
Group
 
£m
£m
£m
£m
£m
£m
£m
Total income
5,659
1,322
958
9,198
2,469
218
19,824
Inorganic activity
(240)
(240)
Total income excluding inorganic activity
5,659
1,322
958
9,198
2,469
458
20,064
 
 
 
 
 
 
 
 
Total operating expenses
(3,114)
(708)
(657)
(5,818)
(1,193)
(653)
(12,143)
 
 
 
 
 
 
 
 
Cost: income ratio excluding inorganic activity
55%
54%
69%
63%
48%
n/a
61%
 
 
 
 
 
 
 
 
Attributable profit/(loss)
1,684
392
225
2,266
208
(424)
4,351
Post-tax impact of inorganic activity
(233)
(233)
Attributable profit/(loss) excluding inorganic activity
1,684
392
225
2,266
208
(191)
4,584
 
 
 
 
 
 
 
 
Average tangible equity (£bn)
10.5
3.0
1.0
29.8
3.3
2.8
50.4
 
 
 
 
 
 
 
 
Return on average tangible equity excluding inorganic activity
21.4%
17.3%
29.5%
10.1%
8.4%
n/a
12.1%
 
 
Three months ended 30.09.24
 
 
Barclays UK
Barclays UK
Corporate
Bank
Barclays
Private Bank and
Wealth Management
Barclays
Investment
Bank
Barclays US C
onsumer
Bank
Head Office
Barclays
Group
 
£m
£m
£m
£m
£m
£m
£m
Total income
1,946
445
326
2,851
791
188
6,547
Inorganic activity
Total income excluding inorganic activity
1,946
445
326
2,851
791
188
6,547
 
 
 
 
 
 
 
 
Total operating expenses
(1,006)
(222)
(221)
(1,916)
(393)
(204)
(3,962)
 
 
 
 
 
 
 
 
Cost: income ratio excluding inorganic activity
52%
50%
68%
67%
50%
n/a
61%
 
 
 
 
 
 
 
 
Attributable profit/(loss)
621
144
74
652
89
(16)
1,564
Post-tax impact of inorganic activity
Attributable profit/(loss) excluding inorganic activity
621
144
74
652
89
(16)
1,564
 
 
 
 
 
 
 
 
Average tangible equity (£bn)
10.6
3.1
1.0
29.5
3.3
3.5
51.0
 
 
 
 
 
 
 
 
Return on average tangible equity excluding inorganic activity
23.4%
18.8%
29.0%
8.8%
10.9%
n/a
12.3%
 
Tangible net asset value per share
As at 30.09.24
As at 31.12.23
As at 30.09.23
 
£m
£m
£m
Total equity excluding non-controlling interests
70,972
71,204
68,315
Other equity instruments
(11,739)
(13,259)
(11,857)
Goodwill and intangibles
(8,123)
(7,794)
(8,265)
Tangible shareholders' equity attributable to ordinary shareholders of the parent
51,110
50,151
48,193
 
 
 
 
 
m
m
m
Shares in issue
14,571
15,155
15,239
 
 
 
 
 
p
p
p
Tangible net asset value per share
351
331
316
 
Shareholder Information
 
Results timetable1
 
 
 
 
Date
 
2024 Full Year Results and Annual Report
 
 
 
 
13 February 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% Change3
Exchange rates2
30.09.24
30.06.24
31.12.23
30.09.23
 
30.06.24
31.12.23
30.09.23
Period end - USD/GBP
1.34
1.26
1.28
1.22
 
6%
5%
10%
YTD average - USD/GBP
1.28
1.30
1.24
1.24
 
(2)%
3%
3%
3 month average - USD/GBP
1.30
1.26
1.24
1.27
 
3%
5%
2%
Period end - EUR/GBP
1.20
1.18
1.15
1.15
 
2%
4%
4%
YTD average - EUR/GBP
1.17
1.19
1.15
1.15
 
(2)%
2%
2%
3 month average - EUR/GBP
1.18
1.18
1.15
1.16
 
—%
3%
2%
 
 
 
 
 
 
 
 
 
Share price data
 
 
 
 
 
 
 
 
Barclays PLC (p)
224.55
208.90
153.78
158.94
 
 
 
 
Barclays PLC number of shares (m)4
14,571
14,826
15,155
15,239
 
 
 
 
 
 
 
 
 
 
 
 
 
For further information please contact
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investor relations
Media relations
Marina Shchukina +44 (0) 20 7116 2526
Tom Hoskin +44 (0) 20 7116 4755
 
 
More information on Barclays can be found on our website: home.barclays
 
 
 
 
 
 
 
 
 
Registered office
 
 
 
 
 
 
 
 
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000. Company number: 48839.
 
 
 
 
 
 
 
 
 
Registrar
 
 
 
 
 
 
 
 
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom.
 
Tel: +44 (0)371 384 2055 (UK and International telephone number)5.
 
 
 
 
 
 
 
 
 
 
American Depositary Receipts (ADRs)
 
 
 
 
 
 
 
 
EQ Shareowner Services
P.O. Box 64504
St. Paul, MN 55164-0504
United States of America
shareowneronline.com
 
 
 
 
 
 
 
Toll Free Number: +1 800-990-1135
 
 
 
 
 
 
 
 
Outside the US: +1 651-453-2128
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Delivery of ADR certificates and overnight mail
 
 
 
 
 
 
 
EQ Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120-4100, USA.
 
1
Note that this date is provisional and subject to change.
2
The average rates shown above are derived from daily spot rates during the year.
3
The change is the impact to GBP reported information.
4
The number of shares of 14,571m as at 30 September 2024 is different from the 14,561m quoted in the 1 October 2024 announcement entitled “Total Voting Rights” because the share buyback transactions executed on 27 and 30 September 2024 did not settle until 1 and 2 October 2024 respectively.
5
Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding UK public holidays in England and Wales.