UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
 
FORM 6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
April 25, 2019
 
Barclays PLC
(Name of Registrant)
 
1 Churchill Place
London E14 5HP
England
(Address of Principal Executive Office)
 
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
 
Form 20-F x Form 40-F
 
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
Yes No x
 
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b):
 
This Report on Form 6-K is filed by Barclays PLC.
 
This Report comprises:
 
Information given to The London Stock Exchange and furnished pursuant to
General Instruction B to the General Instructions to Form 6-K.
 
 
EXHIBIT INDEX
 
 
 
 
 
 


 
 
SIGNATURES
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
BARCLAYS PLC
 
(Registrant)
 
 
 
Date: April 25, 2019
 
 
 
By: /s/ Garth Wright
--------------------------------
 
Garth Wright
 
Assistant Secretary
 
 
 
 
 
 
 
Barclays PLC
Results Announcement
 
31 March 2019
 
 
 
Performance Highlights
 
 
Resilient performance with Group return on tangible equity of 9.6%1
 
 
●
Barclays has continued to implement its strategy in pursuit of improved returns for shareholders
●
Financial targets remain unchanged. Barclays is focused on achieving the 2019 and 2020 Group return on tangible equity (RoTE) targets of >9% and >10% respectively
●
The income environment in the quarter was challenging and if this were to persist for the remainder of the year Barclays expects to reduce costs below the Group cost guidance of £13.6-13.9bn for 2019
 
 
Returns1
 
Group RoTE targets of >9% in 2019 and >10% in 2020
●
Profit before tax of £1.5bn (Q118: £1.7bn) and earnings per share (EPS) of 6.3p (Q118: 7.1p)
●
Group RoTE of 9.6% (Q118: 11.0%)
-
Barclays UK RoTE of 16.4% (Q118: 15.7%)
-
Barclays International RoTE of 10.6% (Q118: 13.6%), with the Corporate and Investment Bank (CIB) RoTE of 9.5% (Q118: 13.2%), in the challenging income environment, and Consumer, Cards and Payments of 15.4% (Q118: 15.7%)
Cost efficiency
 
Group cost guidance of £13.6-13.9bn1 in 2019
Cost: income ratio of <60% over time
●
Group operating expenses1 decreased 3% to £3.3bn, resulting in a cost: income ratio of 62% (Q118: 63%) and positive cost: income jaws for the Group
●
2019 Group cost guidance remains unchanged at £13.6-13.9bn. However, should the challenging income environment experienced in Q119 continue, management expect to reduce 2019 costs below £13.6bn
Capital and dividends
 
At end-state CET1 ratio target of c.13%
●
Common equity tier 1 (CET1) ratio of 13.0% (December 2018: 13.2%), as 39bps of organic capital generation from profits was offset by a £7.8bn increase in Risk Weighted Assets (RWAs) primarily due to seasonality, 14bps from dividends paid and foreseen, and 8bps relating to employee share awards
●
Maintain our capital returns policy, incorporating a progressive ordinary dividend, supplemented by share buybacks as and when appropriate
 
 
●
Barclays Group profit before tax was £1.5bn (Q118: loss of £0.2bn). Excluding litigation and conduct, Group profit before tax was £1.5bn (Q118: £1.7bn). Income was down 2% and operating expenses were reduced by 3%. The cost: income ratio was 62% (Q118: 63%). Credit impairment charges increased to £0.4bn (Q118: £0.3bn) and were £0.2bn lower than in Q418, which included a £150m specific charge for the impact of the anticipated economic uncertainty in the UK
●
Barclays UK profit before tax increased to £0.6bn (Q118: £0.2bn). Excluding litigation and conduct, profit before tax increased 1% to £0.6bn reflecting a 5% reduction in credit impairment charges due to a reduced risk appetite and continued benign economic environment. Operating expenses decreased 1% reflecting improved operating efficiency, partially offset by continued investment in digital. Income declined 1%, as continuing margin pressures were partially offset by sustainable growth in mortgages and deposits
●
Barclays International profit before tax decreased to £1.1bn (Q118: £1.4bn), reflecting challenging markets for the CIB.Income was down 6%, as growth in Consumer, Cards and Payments was more than offset by the reduction in CIB, reflecting reduced client activity, lower volatility and a smaller banking fee pool across the industry2. Operating expenses reduced by 4% as variable compensation accruals were reduced, reflecting income performance in the CIB. Credit impairment charges increased by £0.2bn, due to the non-recurrence of a favourable US macroeconomic forecast update in Q118
●
Attributable profit was £1.0bn (Q118: loss of £0.8bn). This reflected the non-recurrence of Q118 litigation and conduct charges of £2.0bn, principally relating to the Residential Mortgage Backed Securities settlement and Payment Protection Insurance (PPI). Basic earnings per share was 6.3p (Q118: 7.1p) excluding litigation and conduct
●
Tangible net asset value (TNAV) per share increased 4p in Q119 to 266p as 6.3p of EPS, excluding litigation and conduct, was partially offset by reserve movements, including the impact of changes in FX, the pension re-measurement and employee share awards
 
1
Excluding litigation and conduct, with returns targets based on a Barclays Group CET1 ratio of c.13%.
2
Source: Dealogic.
 
James E Staley, Group Chief Executive Officer, said:
 
"Today we have announced that Barclays earned just over £1bn of attributable profit in the first quarter of 2019, or 6.1 pence per share.
 
Group RoTE was 9.2% in spite of a mixed environment for global banks. TNAV increased 4p to 266p, which has now grown in each of the last four quarters.
 
Group profits before tax were £1.5bn, with positive jaws driven by a 3% reduction in costs, excluding litigation and conduct, versus a 2% reduction in revenues.
 
Barclays UK produced a strong RoTE of 16.4%, excluding litigation and conduct - an improvement on an increased equity base compared to Q1 of 2018, which included a 12% increase in Business Banking income.
 
Barclays International also delivered a double digit RoTE of 10.6%, excluding litigation and conduct, though this was down from a very profitable comparable period last year.
 
Within Barclays International, our Consumer Cards & Payments business had another good quarter, with improved performance in our US franchise in particular, driving a RoTE of 15.4%.
 
Our Corporate and Investment Bank achieved a RoTE of 9.5%, compared to 13.2% in Q1 of 2018. From a revenue perspective, we had a weak quarter in investment banking fees.
 
Our Markets business outperformed US peer average for the sixth consecutive quarter, and like Q1 last year, generated a double-digit return on tangible equity.
 
Our total operating expenses in the first quarter were £3.3bn. Three years ago, we took a charge of just under £400m to allow us to better align variable compensation accruals with the firm's revenues.
 
What you see in the first quarter is Barclays using this discretion around variable compensation to manage our costs and deliver expected profitability.
 
A 9.6% RoTE, excluding litigation and conduct, in the first quarter of this year is a good step towards our objective of delivering a RoTE of greater than 9% in 2019 and greater than 10% in 2020."
 
James E Staley, Group Chief Executive Officer
 
Barclays Group results
 
for the three months ended
31.03.19
31.03.18
 
 
£m
£m
% Change
Total income
5,252
5,358
(2)
Credit impairment charges and other provisions
(448)
(288)
(56)
Net operating income
4,804
5,070
(5)
Operating expenses
(3,257)
(3,364)
3
Litigation and conduct
(61)
(1,961)
97
Total operating expenses
(3,318)
(5,325)
38
Other net (expenses)/ income
(3)
19
 
Profit/(loss) before tax
1,483
(236)
 
Tax charge1
(248)
(304)
18
Profit/(loss) after tax
1,235
(540)
 
Non-controlling interests
(17)
(53)
68
Other equity instrument holders1
(180)
(171)
(5)
Attributable profit/(loss)
1,038
(764)
 
 
 
 
 
Performance measures
 
 
 
Return on average tangible shareholders' equity1
9.2%
(6.5%)
 
Average tangible shareholders' equity (£bn)
45.2
44.2
 
Cost: income ratio
63%
99%
 
Loan loss rate (bps)
54
36
 
Basic earnings/(loss) per share1
6.1p
(4.2p)
 
 
 
 
 
Performance measures excluding litigation and conduct2
 
 
 
Profit before tax
1,544
1,725
(10)
Attributable profit
1,084
1,166
(7)
Return on average tangible shareholders' equity1
9.6%
11.0%
 
Cost: income ratio
62%
63%
 
Basic earnings per share1
6.3p
7.1p
 
 
 
 
 
 
As at 31.03.19
As at 31.12.18
 As at 31.03.18
Balance sheet and capital management3
£bn
£bn
£bn
Tangible net asset value per share
266p
262p
251p
Common equity tier 1 ratio
13.0%
13.2%
12.7%
Common equity tier 1 capital
41.4
41.1
40.2
Risk weighted assets
319.7
311.9
317.9
UK leverage ratio
4.9%
5.1%
4.8%
UK leverage exposure
1,065
999
1,031
Average UK leverage ratio
4.6%
4.5%
4.6%
Average UK leverage exposure
1,106
1,110
1,090
 
 
 
 
Funding and liquidity
 
 
 
Group liquidity pool (£bn)
232
227
207
Liquidity coverage ratio
160%
169%
147%
Loan: deposit ratio
80%
83%
84%
 
 
 
 
 
1
From 2019, due to an IAS 12 update, the tax relief on payments in relation to Additional Tier 1 instruments has been recognised in the tax charge of the income statement, whereas it was previously recorded in reserves. The Q119 tax credit was £48m (Q118: £46m). This change does not impact earnings per share or return on average tangible shareholders' equity.
2
Refer to pages 29 to 35 for further information and calculations of performance measures excluding litigation and conduct.
3
Capital, RWAs and leverage measures are calculated applying the transitional arrangements of the Capital Requirements Regulation (CRR). This includes IFRS 9 transitional arrangements.
4
The fully loaded CET1 ratio was 12.6%, with £40.3bn of CET1 capital and £319.6bn of RWAs, calculated without applying the transitional arrangements of the CRR.
 
Group Finance Director's Review
 
The Group return on tangible equity, excluding litigation and conduct, was 9.6% with earnings per share of 6.3p. Income decreased 2% and operating expenses were reduced by 3% resulting in positive jaws and an improved cost: income ratio of 62%.
 
Group performance
 
●
Profit before tax was £1,483m (Q118: loss of £236m). Excluding litigation and conduct, profit before tax was £1,544m (Q118: £1,725m), reflecting the challenging income environment for the CIB, and an increase in impairment due to the non-recurrence of a favourable US macroeconomic forecast update in Q118. The 6% appreciation of average USD against GBP positively impacted profits
●
Total income decreased 2% to £5,252m. Barclays UK income decreased 1% reflecting margin pressures partially offset by continued balance sheet growth. Barclays International income decreased 6%, as the impact of the challenging income environment for the CIB were partially offset by 6% growth in Consumer Cards and Payments
●
Credit impairment charges increased to £448m (Q118: £288m) primarily driven by the non-recurrence of a favourable US macroeconomic forecast update in Q118. There were no significant changes in the macroeconomic variables used in impairment modelling during the quarter. Delinquencies in unsecured lending remained stable, reflecting the continued prudent management of credit risk. The Barclays Group loan loss rate was 54bps (Q118: 36bps)
●
Operating expenses of £3,257m reduced by 3% driven by lower variable compensation accruals in CIB, reflecting reduced income, whilst investment to grow the business and improve future operating efficiency continued. The cost: income ratio, excluding litigation and conduct, reduced to 62% (Q118: 63%)
●
The effective tax rate was 16.7%, which reflected a change in accounting standards from 2019 requiring tax relief on payments made under Additional Tier 1 (AT1) instruments, which in prior periods was recognised in retained earnings but taken into account for RoTE and EPS calculations, to be recognised in the income statement
●
Attributable profit was £1,038m (Q118: loss of £764m). Excluding litigation and conduct, attributable profit was £1,084m (Q118: £1,166m), generating a RoTE of 9.6% (Q118: 11.0%) and EPS of 6.3p (Q118: 7.1p)
●
TNAV per share increased 4p in Q119 to 266p as 6.3p of EPS, excluding litigation and conduct, was partially offset by reserve movements, including the impact of changes in FX, the pension re-measurement and employee share awards
 
Barclays UK
 
●
RoTE excluding litigation and conduct was 16.4% (Q118: 15.7%) reflecting the continuing strength of the Barclays UK business
●
Total income decreased 1% to £1,777m as lower lending margins were partially offset by continuing mortgage and deposit growth
 
-
Personal Banking income decreased 1% to £964m, reflecting continuing mortgage margin pressure, partially offset by mortgage and deposit balance growth and improved liability margins
 
-
Barclaycard Consumer UK income decreased 7% to £490m reflecting the continued reduced risk appetite in light of economic uncertainty
 
-
Business Banking income increased 12% to £323m driven by strong deposit growth and the non-recurrence of a client remediation provision in Q118
 
-
Net interest margin decreased 2bps in Q119 to 3.18% driven by continuing pressure on mortgage margins and the mix effect from the focus on growing secured over unsecured lending
●
Credit impairment charges decreased 5% to £191m reflecting the continued reduced credit risk appetite and benign UK economic environment as reflected in the stable 30 and 90 day arrears rates in UK cards of 1.9% (Q118: 2.0%) and 0.9% (Q118: 0.9%) respectively
●
Operating expenses, excluding litigation and conduct, decreased 1% to £999m as continued investment to grow the business, including digitisation, was offset by the non-recurrence of Q118 ring-fencing set-up costs and cost efficiencies. The cost: income ratio, excluding litigation and conduct, was 56% (Q118: 56%)
●
RWAs increased to £76.6bn (December 2018: £75.2bn) including the recognition of property leases following IFRS 16 implementation and change in mix of the liquidity pool
 
Barclays International
 
●
Profit before tax, excluding litigation and conduct, decreased 20% to £1,137m resulting in a RoTE of 10.6% (Q118: 13.6%), reflecting reduced returns in the CIB of 9.5% (Q118: 13.2%) and Consumer, Cards and Payments of 15.4% (Q118: 15.7%)
●
The 6% appreciation of average USD against GBP positively impacted profits and income, and adversely impacted credit impairment charges and operating expenses
●
Total income decreased 6% to £3,570m
 
-
CIB income of £2,505m decreased 11% reflecting reduced client activity, lower volatility and a smaller banking fee pool across the industry1. Markets income decreased 6% to £1,369m, Banking fees income decreased 17% to £569m, and Corporate income decreased 13% to £567m
 
 
-
Within Markets, FICC income increased 4% to £902m driven by a strong performance in Rates. Equities income decreased 21% to £467m driven by equity derivatives which was impacted by reduced client activity and subdued volumes, compared to a strong Q118 that saw higher levels of volatility
 
 
-
Banking fees income decreased 17% to £569m reflecting the reduced fee pool across the industry and a strong Q118. Barclays share of the global fee pool has increased since FY181
 
 
-
Within Corporate, Corporate lending income reduced to £152m (Q118: £240m). Excluding mark-to-market movements on loan hedges, Corporate lending income was stable at c.£200m. Transaction banking income was stable at £415m (Q118: £414m)
 
-
Consumer, Cards and Payments income increased 6% to £1,065m reflecting growth in US cards partnership portfolio business and FX
●
Credit impairment charges increased to £245m (Q118: £93m)
 
-
CIB credit impairment charges increased to £52m (Q118: release of £159m) primarily due to the non-recurrence of a favourable US macroeconomic forecast update in Q118
 
-
Consumer, Cards and Payments credit impairment charges decreased 23% reflecting less pronounced seasonal effects. Credit metrics were stable, with US cards 30 and 90 day arrears of 2.6% (Q118: 2.6%) and 1.4% (Q118: 1.4%) respectively
●
Total operating expenses decreased 4% to £2,225m as variable compensation accruals were reduced in response to the income performance in the quarter
●
RWAs increased to £216.1bn (December 2018: £210.7bn), driven by increased CIB seasonal activity
 
Head Office
 
●
Loss before tax, excluding litigation and conduct, was £181m (Q118: £284m). Including litigation and conduct charges of £39m (Q118: £1,535m), loss before tax was £220m (Q118: £1,819m)
●
Total income was an expense of £95m (Q118: £238m) which included legacy capital instrument funding costs and hedge accounting expenses partially offset by the recognition of dividends on Barclays stake in Absa Group Limited. The reduction on prior year reflects lower net expenses from treasury operations
●
Operating expenses, excluding litigation and conduct, decreased to £52m (Q118: £59m)
●
RWAs increased to £27.0bn (December 2018: £26.0bn) driven by recognition of property leases following IFRS 16 implementation
 
1
Source: Dealogic.
 
Group capital and leverage
 
●
The CET1 ratio remained at the end-state target of c.13% having decreased to 13.0% in the quarter (December 2018: 13.2%), primarily due to an increase in RWAs of £7.8bn partially offset by a £0.3bn increase in CET1 capital
 
-
The increase in RWAs was principally due to seasonality in the CIB and the implementation of IFRS 16 within Barclays UK and Head Office
 
-
CET1 capital increased by £0.3bn to £41.4bn as underlying profit generation of £1.2bn, was partially offset by £0.5bn for dividends paid and foreseen and £0.3bn from share awards
●
The average UK leverage ratio increased to 4.6% (December 2018: 4.5%) primarily driven by the issuance of AT1 securities, and was flat year-on-year. The average UK leverage exposure was stable at £1,106bn (December 2018: £1,110bn). The UK leverage ratio decreased to 4.9% (December 2018: 5.1%) primarily driven by a seasonal increase in balances, partially offset by an increase in capital, including the issuance of AT1 securities
 
Group funding and liquidity
 
●
The liquidity pool increased to £232bn (December 2018: £227bn) reflecting the Group's prudent liquidity management approach, given the prevailing macroeconomic uncertainty, while continuing to support seasonal business activity. The liquidity coverage ratio (LCR) remained well above the 100% regulatory requirement at 160% (December 2018: 169%), equivalent to a surplus of £84bn (December 2018: £90bn). The LCR declined in the quarter reflecting the seasonal increase in business activity. The Group also continued to maintain surpluses to its internal liquidity requirements
●
Wholesale funding outstanding, excluding repurchase agreements, was £158bn (December 2018: £154bn). The Group issued £2.2bn equivalent of minimum requirement for own funds and eligible liabilities (MREL) instruments year-to-date from Barclays PLC (the Parent company). The Group is well advanced in its MREL issuance plans, with a Barclays PLC MREL ratio of 27.7% as at 31 March 2019 relative to an estimated requirement including requisite buffers of 29.9% by 1 January 2022
 
Other matters
 
●
The remaining PPI provision as at 31 March 2019 was £0.6bn (December 2018: £0.9bn) to cover claims through to the deadline of 29 August 2019
●
Following regulatory approval, Barclays intends to redeem its £3bn 14% Reserve Capital Instruments to be effected on 15 June 2019, which will result in an ongoing earnings benefit
 
Outlook
 
●
The Group continues to target 2019 and 2020 RoTE of >9% and >10% respectively. The Group cost guidance for 2019 remains £13.6-13.9bn. However, should the challenging income environment experienced in Q119 persist, management expect to reduce 2019 costs below £13.6bn
 
Tushar Morzaria, Group Finance Director
 
Quarterly Results Summary
 
Barclays Group
 
 
 
 
 
 
 
 
 
 
 
Q119
 
Q418
Q318
Q218
Q118
 
Q417
Q317
Q2171
Income statement information
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Net interest income
2,258
 
2,296
2,388
2,190
2,188
 
2,272
2,475
2,579
Net fee, commission and other income
2,994
 
2,777
2,741
3,386
3,170
 
2,750
2,698
2,479
Total income
5,252
 
5,073
5,129
5,576
5,358
 
5,022
5,173
5,058
Credit impairment charges and other provisions
(448)
 
(643)
(254)
(283)
(288)
 
(573)
(709)
(527)
Net operating income
4,804
 
4,430
4,875
5,293
5,070
 
4,449
4,464
4,531
Operating costs
(3,257)
 
(3,624)
(3,329)
(3,310)
(3,364)
 
(3,621)
(3,274)
(3,398)
UK bank levy
-
 
(269)
-
-
-
 
(365)
-
-
Operating expenses
(3,257)
 
(3,893)
(3,329)
(3,310)
(3,364)
 
(3,986)
(3,274)
(3,398)
Guaranteed Minimum Pensions (GMP) charge
-
 
(140)
-
-
-
 
-
-
-
Litigation and conduct
(61)
 
(60)
(105)
(81)
(1,961)
 
(383)
(81)
(715)
Total operating expenses
(3,318)
 
(4,093)
(3,434)
(3,391)
(5,325)
 
(4,369)
(3,355)
(4,113)
Other net (expenses)/income
(3)
 
37
20
(7)
19
 
13
(2)
241
Profit/(loss) before tax
1,483
 
374
1,461
1,895
(236)
 
93
1,107
659
Tax charge
(248)
 
(145)
(240)
(433)
(304)
 
(1,138)
(324)
(305)
Profit/(loss) after tax in respect of continuing operations
1,235
 
229
1,221
1,462
(540)
 
(1,045)
783
354
Loss after tax in respect of discontinued operation
-
 
-
-
-
-
 
-
-
(1,537)
 
 
 
 
 
 
 
 
 
 
 
Attributable to:
 
 
 
 
 
 
 
 
 
 
Ordinary equity holders of the parent
1,038
 
(76)
1,002
1,232
(764)
 
(1,294)
583
(1,401)
Other equity instrument holders
180
 
230
176
175
171
 
181
157
162
Non-controlling interests in respect of continuing operations
17
 
75
43
55
53
 
68
43
59
Non-controlling interests in respect of discontinued operation
-
 
-
-
-
-
 
-
-
(3)
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information
£bn
 
£bn
£bn
£bn
£bn
 
£bn
£bn
£bn
Total assets
1,193.5
 
1,133.3
1,170.8
1,149.6
1,142.2
 
1,133.2
1,149.3
1,135.3
Tangible net asset value per share
266p
 
262p
260p
259p
251p
 
276p
281p
284p
Risk weighted assets
319.7
 
311.9
316.2
319.3
317.9
 
313.0
324.3
327.4
Average UK leverage exposure
1,105.5
 
1,110.0
1,119.0
1,081.8
1,089.9
 
1,044.6
1,035.1
1,092.2
 
 
 
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
 
 
 
Return on average tangible shareholders' equity
9.2%
 
(0.1%)
9.4%
11.8%
(6.5%)
 
(10.3%)
5.1%
(11.0%)
Average tangible shareholders' equity (£bn)
45.2
 
44.3
44.6
43.5
44.2
 
48.1
48.9
49.3
Cost: income ratio
63%
 
81%
67%
61%
99%
 
87%
65%
81%
Loan loss rate (bps)2
54
 
77
30
35
36
 
56
66
49
Basic earnings/(loss) per share
6.1p
 
(0.1p)
6.1p
7.5p
(4.2p)
 
(7.3p)
3.7p
(8.0p)
 
 
 
 
 
 
 
 
 
 
 
Performance measures excluding litigation and conduct3
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Profit before tax
1,544
 
434
1,566
1,976
1,725
 
476
1,188
1,374
Attributable profit/(loss)
1,084
 
(14)
1,087
1,291
1,166
 
(943)
660
(698)
Return on average tangible shareholders' equity
9.6%
 
0.4%
10.2%
12.3%
11.0%
 
(7.4%)
5.7%
(5.3%)
Cost: income ratio
62%
 
79%
65%
59%
63%
 
79%
63%
67%
Basic earnings/(loss) per share
6.3p
 
0.3p
6.6p
7.8p
7.1p
 
(5.3p)
4.1p
(3.8p)
 
1
Results included Barclays Non-Core and the Africa Banking discontinued operation; refer to pages 36 to 37 for further detail.
2
Prior to Q118 comparatives calculated based on gross loans and advances at amortised cost before the balance sheet presentation change and IAS 39 impairment charge.
3
Refer to pages 29 to 35 for further information and calculations of performance measures excluding litigation and conduct.
 
Quarterly Results by Business
 
Barclays UK
 
 
 
 
 
 
 
 
 
 
 
Q119
 
Q418
Q318
Q218
Q118
 
Q417
Q317
Q217
Income statement information
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Net interest income
1,469
 
1,513
1,529
1,493
1,493
 
1,540
1,501
1,534
Net fee, commission and other income
308
 
350
367
343
295
 
330
351
286
Total income
1,777
 
1,863
1,896
1,836
1,788
 
1,870
1,852
1,820
Credit impairment charges and other provisions
(191)
 
(296)
(115)
(214)
(201)
 
(184)
(201)
(220)
Net operating income
1,586
 
1,567
1,781
1,622
1,587
 
1,686
1,651
1,600
Operating costs
(999)
 
(1,114)
(988)
(968)
(1,005)
 
(1,117)
(980)
(974)
UK bank levy
-
 
(46)
-
-
-
 
(59)
-
-
Litigation and conduct
(3)
 
(15)
(54)
(3)
(411)
 
(53)
(11)
(699)
Total operating expenses
(1,002)
 
(1,175)
(1,042)
(971)
(1,416)
 
(1,229)
(991)
(1,673)
Other net income/(expenses)
1
 
(2)
1
5
(1)
 
(5)
1
(1)
Profit/(loss) before tax
585
 
390
740
656
170
 
452
661
(74)
Attributable profit/(loss)
422
 
232
500
464
(38)
 
245
423
(285)
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information
£bn
 
£bn
£bn
£bn
£bn
 
£bn
£bn
£bn
Loans and advances to customers at amortised cost
187.5
 
187.6
186.7
185.3
184.3
 
183.8
182.2
166.6
Total assets
253.1
 
249.7
252.0
245.9
235.2
 
237.4
230.4
203.4
Customer deposits at amortised cost
197.3
 
197.3
195.8
194.3
192.0
 
193.4
189.3
187.4
Loan: deposit ratio
96%
 
96%
96%
96%
96%
 
95%
97%
89%
Risk weighted assets
76.6
 
75.2
74.8
75.0
72.5
 
70.9
70.0
66.1
Period end allocated tangible equity
10.5
 
10.2
10.1
10.2
9.8
 
9.6
9.5
8.6
 
 
 
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
16.3%
 
9.6%
20.1%
18.8%
(1.1%)
 
10.7%
18.4%
(12.7%)
Average allocated tangible equity (£bn)
10.4
 
10.1
10.1
10.1
9.8
 
9.6
9.4
8.7
Cost: income ratio
56%
 
63%
55%
53%
79%
 
66%
54%
92%
Loan loss rate (bps)1
40
 
61
24
45
43
 
39
43
52
Net interest margin
3.18%
 
3.20%
3.22%
3.22%
3.27%
 
3.32%
3.28%
3.70%
 
 
 
 
 
 
 
 
 
 
 
Performance measures excluding litigation and conduct2
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Profit before tax
588
 
405
794
659
581
 
505
672
625
Attributable profit
424
 
244
548
465
373
 
282
431
406
Return on average allocated tangible equity
16.4%
 
10.1%
22.0%
18.8%
15.7%
 
12.3%
18.7%
19.1%
Cost: income ratio
56%
 
62%
52%
53%
56%
 
63%
53%
54%
 
1
Prior to Q118 comparatives calculated based on gross loans and advances at amortised cost before the balance sheet presentation change and IAS 39 impairment charge.
2
Refer to pages 29 to 35 for further information and calculations of performance measures excluding litigation and conduct.
 
Analysis of Barclays UK
Q119
 
Q418
Q318
Q218
Q118
 
Q417
Q317
Q217
Analysis of total income
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Personal Banking
964
 
998
1,021
1,015
972
 
1,116
1,022
1,033
Barclaycard Consumer UK
490
 
522
551
504
527
 
445
539
495
Business Banking
323
 
343
324
317
289
 
309
291
292
Total income
1,777
 
1,863
1,896
1,836
1,788
 
1,870
1,852
1,820
 
 
 
 
 
 
 
 
 
 
 
Analysis of credit impairment (charges)/releases and other provisions
 
 
 
 
 
 
 
 
 
 
Personal Banking
(52)
 
(44)
(8)
(49)
(72)
 
(56)
(57)
(60)
Barclaycard Consumer UK
(140)
 
(250)
(88)
(139)
(113)
 
(124)
(145)
(149)
Business Banking
1
 
(2)
(19)
(26)
(16)
 
(4)
1
(11)
Total credit impairment charges and other provisions
(191)
 
(296)
(115)
(214)
(201)
 
(184)
(201)
(220)
 
 
 
 
 
 
 
 
 
 
 
Analysis of loans and advances to customers at amortised cost
£bn
 
£bn
£bn
£bn
£bn
 
£bn
£bn
£bn
Personal Banking
145.9
 
146.0
145.4
143.6
142.1
 
141.3
140.4
138.6
Barclaycard Consumer UK
15.0
 
15.3
15.3
15.2
15.2
 
16.4
16.3
16.2
Business Banking
26.6
 
26.3
26.0
26.5
27.0
 
26.1
25.5
11.8
Total loans and advances to customers at amortised cost
187.5
 
187.6
186.7
185.3
184.3
 
183.8
182.2
166.6
 
 
 
 
 
 
 
 
 
 
 
Analysis of customer deposits at amortised cost
 
 
 
 
 
 
 
 
 
 
Personal Banking
154.1
 
154.0
153.4
152.9
151.9
 
153.1
152.1
151.1
Barclaycard Consumer UK
-
 
-
-
-
-
 
-
-
-
Business Banking
43.2
 
43.3
42.4
41.4
40.1
 
40.3
37.2
36.3
Total customer deposits at amortised cost
197.3
 
197.3
195.8
194.3
192.0
 
193.4
189.3
187.4
 
Barclays International
 
 
 
 
 
 
 
 
 
 
 
Q119
 
Q418
Q318
Q218
Q118
 
Q417
Q317
Q217
Income statement information
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Net interest income
900
 
984
965
853
1,013
 
987
1,148
1,060
Net trading income
1,144
 
837
1,103
1,094
1,416
 
935
815
1,039
Net fee, commission and other income
1,526
 
1,400
1,222
1,760
1,379
 
1,397
1,352
1,511
Total income
3,570
 
3,221
3,290
3,707
3,808
 
3,319
3,315
3,610
Credit impairment charges and other provisions
(245)
 
(354)
(143)
(68)
(93)
 
(386)
(495)
(279)
Net operating income
3,325
 
2,867
3,147
3,639
3,715
 
2,933
2,820
3,331
Operating costs
(2,206)
 
(2,441)
(2,277)
(2,306)
(2,300)
 
(2,428)
(2,182)
(2,276)
UK bank levy
-
 
(210)
-
-
-
 
(265)
-
-
Litigation and conduct
(19)
 
(33)
(32)
(47)
(15)
 
(255)
(5)
4
Total operating expenses
(2,225)
 
(2,684)
(2,309)
(2,353)
(2,315)
 
(2,948)
(2,187)
(2,272)
Other net income
18
 
32
12
11
13
 
21
19
202
Profit before tax
1,118
 
215
850
1,297
1,413
 
6
652
1,261
Attributable profit/(loss)
788
 
(72)
650
890
973
 
(1,168)
359
819
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information
£bn
 
£bn
£bn
£bn
£bn
 
£bn
£bn
£bn
Loans and advances at amortised cost
130.9
 
127.2
132.4
125.5
117.5
 
126.8
134.4
135.2
Trading portfolio assets
117.2
 
104.0
124.6
116.5
114.9
 
113.0
91.2
83.3
Derivative financial instrument assets
217.3
 
222.1
214.8
228.2
214.1
 
236.2
242.8
108.4
Derivative financial instrument liabilities
213.5
 
219.6
213.7
224.9
210.8
 
237.8
242.9
116.8
Financial assets at fair value through the income statement
153.5
 
144.7
147.8
141.2
150.6
 
104.1
103.7
94.1
Total assets
919.0
 
862.1
900.2
886.5
866.6
 
856.1
867.1
681.6
Deposits at amortised cost
215.5
 
197.2
200.3
191.0
167.2
 
187.3
191.9
192.0
Loan: deposit ratio
61%
 
65%
66%
66%
70%
 
68%
70%
70%
Risk weighted assets
216.1
 
210.7
214.6
218.0
214.2
 
210.3
218.2
212.2
Period end allocated tangible equity
30.6
 
29.9
30.2
30.5
30.0
 
27.5
28.0
26.8
 
 
 
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
10.4%
 
(0.3%)
8.8%
11.8%
13.4%
 
(15.9%)
5.4%
12.4%
Average allocated tangible equity (£bn)
30.5
 
31.3
31.1
31.4
30.1
 
28.5
28.9
27.4
Cost: income ratio
62%
 
83%
70%
63%
61%
 
89%
66%
63%
Loan loss rate (bps)1
73
 
107
41
22
31
 
76
88
54
Net interest margin
3.99%
 
3.98%
3.87%
4.03%
4.57%
 
4.31%
4.21%
4.07%
 
 
 
 
 
 
 
 
 
 
 
Performance measures excluding litigation and conduct2
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Profit before tax
1,137
 
248
882
1,344
1,428
 
261
657
1,257
Attributable profit/(loss)
804
 
(38)
676
924
985
 
(918)
363
816
Return on average allocated tangible equity
10.6%
 
0.2%
9.2%
12.2%
13.6%
 
(12.4%)
5.5%
12.3%
Cost: income ratio
62%
 
82%
69%
62%
60%
 
81%
66%
63%
 
1
Prior to Q118 comparatives calculated based on gross loans and advances at amortised cost before the balance sheet presentation change and IAS 39 impairment charge.
2
Refer to pages 29 to 35 for further information and calculations of performance measures excluding litigation and conduct.
 
Analysis of Barclays International
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate and Investment Bank
Q119
 
Q418
Q318
Q218
Q118
 
Q417
Q317
Q217
Income statement information
£m
 
£m
£m
£m
£m
 
£m
£m
£m
FICC
902
 
570
688
736
869
 
607
627
752
Equities
467
 
375
471
601
590
 
362
350
455
Markets
1,369
 
945
1,159
1,337
1,459
 
969
977
1,207
Banking fees
569
 
625
519
704
683
 
605
607
674
Corporate lending
152
 
243
197
198
240
 
269
277
278
Transaction banking
415
 
412
416
385
414
 
408
419
404
Corporate
567
 
655
613
583
654
 
677
696
682
Other1
-
 
(74)
(56)
(44)
3
 
1
-
1
Total income
2,505
 
2,151
2,235
2,580
2,799
 
2,252
2,280
2,564
Credit impairment (charges)/releases and other
provisions
(52)
 
(35)
3
23
159
 
(127)
(36)
1
Net operating income
2,453
 
2,116
2,238
2,603
2,958
 
2,125
2,244
2,565
Operating expenses
(1,619)
 
(2,023)
(1,712)
(1,773)
(1,773)
 
(2,129)
(1,656)
(1,760)
Litigation and conduct
(19)
 
(23)
(32)
-
(13)
 
(255)
(5)
4
Total operating expenses
(1,638)
 
(2,046)
(1,744)
(1,773)
(1,786)
 
(2,384)
(1,661)
(1,756)
Other net income
12
 
15
4
5
3
 
7
10
116
Profit/(loss) before tax
827
 
85
498
835
1,175
 
(252)
593
925
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information
£bn
 
£bn
£bn
£bn
£bn
 
£bn
£bn
£bn
Loans and advances at amortised cost
90.6
 
86.4
93.3
87.8
81.3
 
88.2
95.4
96.7
Deposits at amortised cost
151.4
 
136.3
137.6
130.3
107.6
 
128.0
133.4
134.1
Risk weighted assets
176.6
 
170.9
175.9
180.4
181.3
 
176.2
185.2
178.9
 
 
 
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
9.3%
 
(1.3%)
6.6%
9.1%
13.0%
 
(20.2%)
5.9%
11.1%
Average allocated tangible equity (£bn)
25.1
 
26.0
25.9
26.4
25.6
 
24.3
24.8
23.3
 
 
 
 
 
 
 
 
 
 
 
Performance measures excluding litigation and conduct2
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Profit before tax
846
 
108
530
835
1,188
 
3
598
921
Return on average allocated tangible equity
9.5%
 
(0.9%)
7.0%
9.1%
13.2%
 
(16.1%)
6.0%
11.1%
 
1
From Q119, treasury items previously included in Other have been allocated to businesses.
2
Refer to pages 29 to 35 for further information and calculations of performance measures excluding litigation and conduct.
 
Analysis of Barclays International
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer, Cards and Payments
Q119
 
Q418
Q318
Q218
Q118
 
Q417
Q317
Q217
Income statement information
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Total income
1,065
 
1,070
1,055
1,127
1,009
 
1,067
1,035
1,046
Credit impairment charges and other provisions
(193)
 
(319)
(146)
(91)
(252)
 
(259)
(459)
(280)
Net operating income
872
 
751
909
1,036
757
 
808
576
766
Operating expenses
(587)
 
(628)
(565)
(533)
(527)
 
(564)
(526)
(516)
Litigation and conduct
-
 
(10)
-
(47)
(2)
 
-
-
-
Total operating expenses
(587)
 
(638)
(565)
(580)
(529)
 
(564)
(526)
(516)
Other net income
6
 
17
8
6
10
 
14
9
86
Profit before tax
291
 
130
352
462
238
 
258
59
336
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information
£bn
 
£bn
£bn
£bn
£bn
 
£bn
£bn
£bn
Loans and advances at amortised cost
40.3
 
40.8
39.1
37.7
36.2
 
38.6
39.0
38.5
Deposits at amortised cost
64.1
 
60.9
62.7
60.7
59.6
 
59.3
58.5
57.9
Risk weighted assets
39.5
 
39.8
38.7
37.6
32.9
 
34.1
33.0
33.3
 
 
 
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
15.4%
 
4.8%
19.8%
26.2%
15.6%
 
8.9%
2.2%
19.4%
Average allocated tangible equity (£bn)
5.4
 
5.3
5.2
5.0
4.5
 
4.2
4.2
4.1
 
 
 
 
 
 
 
 
 
 
 
Performance measures excluding litigation and conduct1
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Profit before tax
291
 
140
352
509
240
 
258
59
336
Return on average allocated tangible equity
15.4%
 
5.4%
19.9%
28.9%
15.7%
 
9.0%
2.2%
19.4%
 
1
Refer to pages 29 to 35 for further information and calculations of performance measures excluding litigation and conduct.
 
Head Office
 
 
 
 
 
 
 
 
 
 
 
Q119
 
Q418
Q318
Q218
Q118
 
Q417
Q317
Q217
Income statement information
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Net interest income
(111)
 
(201)
(106)
(156)
(318)
 
(254)
(174)
108
Net fee, commission and other income
16
 
190
49
189
80
 
87
180
(24)
Total income
(95)
 
(11)
(57)
33
(238)
 
(167)
6
84
Credit impairment (charges)/releases and other provisions
(12)
 
7
4
(1)
6
 
(3)
(13)
(1)
Net operating (expenses)/income
(107)
 
(4)
(53)
32
(232)
 
(170)
(7)
83
Operating costs
(52)
 
(69)
(64)
(36)
(59)
 
(76)
(112)
(40)
UK bank levy
-
 
(13)
-
-
-
 
(41)
-
-
GMP charge
-
 
(140)
-
-
-
 
-
-
-
Litigation and conduct
(39)
 
(12)
(19)
(31)
(1,535)
 
(75)
(65)
(1)
Total operating expenses
(91)
 
(234)
(83)
(67)
(1,594)
 
(192)
(177)
(41)
Other net (expenses)/income
(22)
 
7
7
(23)
7
 
(3)
(22)
(164)
Loss before tax
(220)
 
(231)
(129)
(58)
(1,819)
 
(365)
(206)
(122)
Attributable loss
(172)
 
(236)
(148)
(122)
(1,699)
 
(371)
(199)
(175)
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information
£bn
 
£bn
£bn
£bn
£bn
 
£bn
£bn
£bn
Total assets
21.4
 
21.5
18.6
17.2
40.4
 
39.7
51.7
17.3
Risk weighted assets
27.0
 
26.0
26.8
26.3
31.2
 
31.8
36.1
26.2
Period end allocated tangible equity
4.5
 
4.9
4.2
3.6
3.0
 
10.0
10.4
9.0
 
 
 
 
 
 
 
 
 
 
 
Performance measures
 
 
 
 
 
 
 
 
 
 
Average allocated tangible equity (£bn)
4.3
 
2.9
3.4
2.0
4.3
 
10.0
10.5
8.8
 
 
 
 
 
 
 
 
 
 
 
Performance measures excluding litigation and conduct1
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Loss before tax
(181)
 
(219)
(110)
(27)
(284)
 
(290)
(141)
(121)
Attributable loss
(144)
 
(220)
(137)
(98)
(192)
 
(307)
(134)
(174)
 
1
Refer to pages 29 to 35 for further information and calculations of performance measures excluding litigation and conduct.
 
Performance Management
 
Margins and balances
 
 
 
 
 
 
 
Three months ended 31.03.19
Three months ended 31.03.181
 
Net interest
income
Average
customer
assets
Net interest
margin
Net interest
income
Average customer
assets
Net interest
margin
 
£m
£m
%
£m
£m
%
Barclays UK
1,469
187,570
3.18
1,493
185,351
3.27
Barclays International2
967
98,313
3.99
1,065
94,530
4.57
Total Barclays UK and Barclays International
2,436
285,883
3.46
2,558
279,881
3.71
Other3
(178)
 
 
(370)
 
 
Total Barclays Group4
2,258
 
 
2,188
 
 
 
1
The Group's treasury results are reported directly within Barclays UK and Barclays International following ring-fencing, resulting in gains and losses made on certain activities being recognised as Other income. These amounts had previously been included in Net interest income and the Net interest margin through transfer pricing.
2
Barclays International margins include interest earning lending balances within the investment banking business.
3
Other includes Head Office and investment banking businesses not included in Barclays International margins.
4
Group Net interest income includes gross structural hedge contributions of £0.4bn (Q118: £0.4bn).
 
Quarterly analysis for Barclays UK and Barclays International
Net interest
income
Average
customer
assets
Net interest
margin
Three months ended 31.12.18
£m
£m
%
Barclays UK
1,513
187,813
3.20
Barclays International1
994
99,137
3.98
Total Barclays UK and Barclays International
2,507
286,950
3.47
 
 
 
 
Three months ended 30.09.18
 
 
 
Barclays UK
1,529
188,239
3.22
Barclays International1
945
96,785
3.87
Total Barclays UK and Barclays International
2,474
285,024
3.44
 
 
 
 
Three months ended 30.06.18
 
 
 
Barclays UK
1,493
186,053
3.22
Barclays International1
962
95,728
4.03
Total Barclays UK and Barclays International
2,455
281,781
3.49
 
 
 
1
 
Barclays International margins include interest earning lending balances within the investment banking business.
 
 
Credit Risk
 
Loans and advances at amortised cost by stage
 
The table below presents an analysis of loans and advances at amortised cost by gross exposure, impairment allowance, impairment charge and coverage ratio by stage allocation and business segment as at 31 March 2019. Also included are off-balance sheet loan commitments and financial guarantee contracts by gross exposure, impairment allowance and coverage ratio by stage allocation as at 31 March 2019. Barclays does not hold any material purchased or originated credit impaired assets as at period-end.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross exposure
 
Impairment allowance
Net exposure
 
Stage 1
Stage 2
Stage 3
Total
 
Stage 1
Stage 2
Stage 3
Total
As at 31.03.19
£m
£m
£m
£m
 
£m
£m
£m
£m
£m
Barclays UK
134,661
25,504
2,886
163,051
 
180
1,377
1,069
2,626
160,425
Barclays International
26,099
4,724
1,823
32,646
 
309
898
1,294
2,501
30,145
Head Office
6,064
605
872
7,541
 
8
46
297
351
7,190
Total Barclays Group retail
166,824
30,833
5,581
203,238
 
497
2,321
2,660
5,478
197,760
Barclays UK
24,137
3,937
1,329
29,403
 
17
55
114
186
29,217
Barclays International
91,215
8,800
1,612
101,627
 
135
259
446
840
100,787
Head Office
2,922
-
38
2,960
 
1
-
38
39
2,921
Total Barclays Group wholesale
118,274
12,737
2,979
133,990
 
153
314
598
1,065
132,925
Total loans and advances at amortised cost
285,098
43,570
8,560
337,228
 
650
2,635
3,258
6,543
330,685
Off-balance sheet loan commitments and financial guarantee contracts1
312,363
22,891
512
335,766
 
104
151
24
279
335,487
Total2
597,461
66,461
9,072
672,994
 
754
2,786
3,282
6,822
666,172
 
 
 
 
 
 
 
 
 
 
 
 
As at 31.03.19
 
Three months ended 31.03.19
 
 
Coverage ratio
 
Loan impairment charge and loan loss rate3
 
 
Stage 1
Stage 2
Stage 3
Total
 
Loan impairment charge
Loan loss rate
 
 
%
%
%
%
 
£m
bps
 
Barclays UK
0.1
5.4
37.0
1.6
 
195
49
 
Barclays International
1.2
19.0
71.0
7.7
 
199
247
 
Head Office
0.1
7.6
34.1
4.7
 
12
65
 
Total Barclays Group retail
0.3
7.5
47.7
2.7
 
406
81
 
Barclays UK
0.1
1.4
8.6
0.6
 
(6)
-
 
Barclays International
0.1
2.9
27.7
0.8
 
33
13
 
Head Office
-
-
100.0
1.3
 
-
-
 
Total Barclays Group wholesale
0.1
2.5
20.1
0.8
 
27
8
 
Total loans and advances at amortised cost
0.2
6.0
38.1
1.9
 
433
52
 
Off-balance sheet loan commitments and financial guarantee contracts1
-
0.7
4.7
0.1
 
 
13
 
 
 
Other financial assets subject to impairment
 
 
 
 
 
 
2
 
 
 
Total
0.1
4.2
36.2
1.0
 
 
448
 
 
 
 
1
Excludes loan commitments and financial guarantees of £20.3bn carried at fair value.
2
Other financial assets subject to impairment not included in the table above include cash collateral and settlement balances, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of £170.5bn and impairment allowance of £16m. This comprises £13m Expected Credit Losses (ECL) on £170.0bn stage 1 assets and £3m on £0.5bn stage 2 fair value through other comprehensive income assets.
3
Q119 loan impairment charge represents three months of impairment charge, annualised to calculate the loan loss rate. The loan loss rate for Q119 is 54bps after applying the total impairment charge of £448m.
 
 
Gross exposure
 
Impairment allowance
Net exposure
 
Stage 1
Stage 2
Stage 3
Total
 
Stage 1
Stage 2
Stage 3
Total
As at 31.12.18
£m
£m
£m
£m
 
£m
£m
£m
£m
£m
Barclays UK
134,911
25,279
3,040
163,230
 
183
1,389
1,152
2,724
160,506
Barclays International
26,714
4,634
1,830
33,178
 
352
965
1,315
2,632
30,546
Head Office
6,510
636
938
8,084
 
9
47
306
362
7,722
Total Barclays Group retail
168,135
30,549
5,808
204,492
 
544
2,401
2,773
5,718
198,774
Barclays UK
22,824
4,144
1,272
28,240
 
16
70
117
203
28,037
Barclays International
87,344
8,754
1,382
97,480
 
128
244
439
811
96,669
Head Office
2,923
-
41
2,964
 
-
-
38
38
2,926
Total Barclays Group wholesale
113,091
12,898
2,695
128,684
 
144
314
594
1,052
127,632
Total loans and advances at amortised cost
281,226
43,447
8,503
333,176
 
688
2,715
3,367
6,770
326,406
Off-balance sheet loan commitments and financial guarantee contracts1
309,989
22,126
684
332,799
 
99
150
22
271
332,528
Total2
591,215
65,573
9,187
665,975
 
787
2,865
3,389
7,041
658,934
 
 
 
 
 
 
 
 
 
 
 
 
As at 31.12.18
 
Year ended 31.12.18
 
 
Coverage ratio
 
Loan impairment charge and loan loss rate
 
 
Stage 1
Stage 2
Stage 3
Total
 
Loan impairment charge
Loan loss rate
 
 
%
%
%
%
 
 
£m
 
bps
 
Barclays UK
0.1
5.5
37.9
1.7
 
 
830
 
51
 
Barclays International
1.3
20.8
71.9
7.9
 
 
844
 
254
 
Head Office
0.1
7.4
32.6
4.5
 
 
15
 
19
 
Total Barclays Group retail
0.3
7.9
47.7
2.8
 
 
1,689
 
83
 
Barclays UK
0.1
1.7
9.2
0.7
 
 
74
 
26
 
Barclays International
0.1
2.8
31.8
0.8
 
 
(142)
 
-
 
Head Office
-
-
92.7
1.3
 
 
(31)
 
-
 
Total Barclays Group wholesale
0.1
2.4
22.0
0.8
 
 
(99)
 
-
 
Total loans and advances at amortised cost
0.2
6.2
39.6
2.0
 
 
1,590
 
48
 
Off-balance sheet loan commitments and financial guarantee contracts1
-
0.7
3.2
0.1
 
 
(125)
 
 
 
Other financial assets subject to impairment
 
 
 
 
 
 
3
 
 
 
Total
0.1
4.4
36.9
1.1
 
 
1,468
 
 
 
 
1
Excludes loan commitments and financial guarantees of £11.7bn carried at fair value.
2
Other financial assets subject to impairment not included in the table above include cash collateral and settlement balances, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of £129.9bn and impairment allowance of £12m. This comprises £10m ECL on £129.3bn stage 1 assets and £2m on £0.6bn stage 2 fair value through other comprehensive income assets.
 
Loans and advances at amortised cost by product
 
The table below presents a breakdown of loans and advances at amortised cost and the impairment allowance with stage allocation by asset classification.
 
 
 
Stage 2
 
 
As at 31.03.19
Stage 1
Not past due
<=30 days past due
>30 days past due
Total
Stage 3
Total
Gross exposure
£m
£m
£m
£m
£m
£m
£m
Home loans
129,625
15,959
1,694
809
18,462
2,367
150,454
Credit cards, unsecured loans and other retail lending
45,138
11,243
591
429
12,263
3,645
61,046
Corporate loans
110,335
11,916
511
418
12,845
2,548
125,728
Total
285,098
39,118
2,796
1,656
43,570
8,560
337,228
 
 
 
 
 
 
 
 
Impairment allowance
 
 
 
 
 
 
 
Home loans
32
54
15
15
84
339
455
Credit cards, unsecured loans and other retail lending
478
1,821
174
226
2,221
2,400
5,099
Corporate loans
140
304
20
6
330
519
989
Total
650
2,179
209
247
2,635
3,258
6,543
 
 
 
 
 
 
 
 
Net exposure
 
 
 
 
 
 
 
Home loans
129,593
15,905
1,679
794
18,378
2,028
149,999
Credit cards, unsecured loans and other retail lending
44,660
9,422
417
203
10,042
1,245
55,947
Corporate loans
110,195
11,612
491
412
12,515
2,029
124,739
Total
284,448
36,939
2,587
1,409
40,935
5,302
330,685
 
 
 
 
 
 
 
 
Coverage ratio
%
%
%
%
%
%
%
Home loans
-
0.3
0.9
1.9
0.5
14.3
0.3
Credit cards, unsecured loans and other retail lending
1.1
16.2
29.4
52.7
18.1
65.8
8.4
Corporate loans
0.1
2.6
3.9
1.4
2.6
20.4
0.8
Total
0.2
5.6
7.5
14.9
6.0
38.1
1.9
 
 
 
 
 
 
 
 
As at 31.12.18
 
 
 
 
 
 
 
Gross exposure
£m
£m
£m
£m
£m
£m
£m
Home loans
130,066
15,672
1,672
862
18,206
2,476
150,748
Credit cards, unsecured loans and other retail lending
45,785
11,262
530
437
12,229
3,760
61,774
Corporate loans
105,375
12,177
360
475
13,012
2,267
120,654
Total
281,226
39,111
2,562
1,774
43,447
8,503
333,176
 
 
 
 
 
 
 
 
Impairment allowance
 
 
 
 
 
 
 
Home loans
31
56
13
13
82
351
464
Credit cards, unsecured loans and other retail lending
528
1,895
169
240
2,304
2,511
5,343
Corporate loans
129
300
16
13
329
505
963
Total
688
2,251
198
266
2,715
3,367
6,770
 
 
 
 
 
 
 
 
Net exposure
 
 
 
 
 
 
 
Home loans
130,035
15,616
1,659
849
18,124
2,125
150,284
Credit cards, unsecured loans and other retail lending
45,257
9,367
361
197
9,925
1,249
56,431
Corporate loans
105,246
11,877
344
462
12,683
1,762
119,691
Total
280,538
36,860
2,364
1,508
40,732
5,136
326,406
 
 
 
 
 
 
 
 
Coverage ratio
%
%
%
%
%
%
%
Home loans
-
0.4
0.8
1.5
0.5
14.2
0.3
Credit cards, unsecured loans and other retail lending
1.2
16.8
31.9
54.9
18.8
66.8
8.6
Corporate loans
0.1
2.5
4.4
2.7
2.5
22.3
0.8
Total
0.2
5.8
7.7
15.0
6.2
39.6
2.0
 
Treasury and Capital Risk
 
Capital
 
Barclays CET1 regulatory requirement is 11.7% 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 0.5% Countercyclical Capital Buffer (CCyB).
 
The Barclays CCyB is based on the buffer rate applicable for each jurisdiction in which Barclays have exposures. On 28 November 2018, the Financial Policy Committee set the CCyB rate for UK exposures at 1%. The buffer rates set by other national authorities for our non-UK exposures are not currently material. Overall, this results in a 0.5% CCyB for Barclays for Q119.
 
Barclays Pillar 2A requirement as per the PRA's Individual Capital Requirement for 2019 is 4.7%, of which at least 56.25% needs to be met in CET1 form, equating to approximately 2.6% of RWAs. Certain elements of the Pillar 2A requirement are a fixed quantum whilst others are a proportion of RWAs and are based on a point in time assessment. The Pillar 2A requirement is subject to at least annual review.
 
Capital ratios 1,2,3
 
 
 
 
As at 31.03.19
As at 31.12.18
CET1
 
13.0%
13.2%
Tier 1 (T1)
 
17.1%
17.0%
Total regulatory capital
 
20.8%
20.7%
 
 
 
 
Capital resources
 
£bn
£bn
Total equity excluding non-controlling interests per the balance sheet
 
64.7
62.6
Less: other equity instruments (recognised as AT1 capital)
 
(11.1)
(9.6)
Adjustment to retained earnings for foreseeable dividends
 
(1.0)
(0.7)
 
 
 
 
Other regulatory adjustments and deductions
 
 
 
Additional value adjustments (PVA)
 
(1.7)
(1.7)
Goodwill and intangible assets
 
(7.9)
(8.0)
Deferred tax assets that rely on future profitability excluding temporary differences
 
(0.4)
(0.5)
Fair value reserves related to gains or losses on cash flow hedges
 
(1.0)
(0.7)
Gains or losses on liabilities at fair value resulting from own credit
 
(0.2)
(0.1)
Defined benefit pension fund assets
 
(0.9)
(1.3)
Direct and indirect holdings by an institution of own CET1 instruments
 
(0.1)
(0.1)
Adjustment under IFRS 9 transitional arrangements
 
1.2
1.3
CET1 capital
 
41.4
41.1
 
 
 
 
AT1 capital
 
 
 
Capital instruments and related share premium accounts
 
11.1
9.6
Qualifying AT1 capital (including minority interests) issued by subsidiaries
 
2.3
2.4
Other regulatory adjustments and deductions
 
(0.1)
(0.1)
AT1 capital
 
13.3
11.9
 
 
 
 
T1 capital
 
54.7
53.0
 
 
 
 
T2 capital
 
 
 
Capital instruments and related share premium accounts
 
6.5
6.6
Qualifying T2 capital (including minority interests) issued by subsidiaries
 
5.5
5.3
Credit risk adjustments (excess of impairment over expected losses)
 
0.1
-
Other regulatory adjustments and deductions
 
(0.3)
(0.3)
Total regulatory capital
 
66.6
64.6
 
 
 
 
Total RWAs
 
319.7
311.9
 
1
CET1, T1 and T2 capital, and RWAs are calculated applying the transitional arrangements of the CRR. This includes IFRS 9 transitional arrangements and the grandfathering of CRR non-compliant capital instruments.
2
The fully loaded CET1 ratio, as is relevant for assessing against the conversion trigger in Barclays PLC additional tier 1 (AT1) securities, was 12.6%, with £40.3bn of CET1 capital and £319.6bn of RWAs calculated without applying the transitional arrangements of the CRR.
3
The Barclays PLC CET1 ratio, as is relevant for assessing against the conversion trigger in Barclays Bank PLC T2 Contingent Capital Notes, was 13.0%. For this calculation CET1 capital and RWAs are calculated applying the transitional arrangements under the CRR, including the IFRS 9 transitional arrangements. The benefit of the Financial Services Authority October 2012 interpretation of the transitional provisions, relating to the implementation of CRD IV, expired in December 2017.
 
Movement in CET1 capital
 
 
 
Three months ended
 
31.03.19
 
£bn
Opening CET1 capital
 
41.1
 
 
 
Profit for the period attributable to equity holders
 
1.2
Dividends paid and foreseen
 
(0.5)
Increase in retained regulatory capital generated from earnings
 
0.8
 
 
 
Net impact of share schemes
 
(0.3)
Fair value through other comprehensive income reserve
 
0.1
Currency translation reserve
 
(0.4)
Decrease in other qualifying reserves
 
(0.5)
 
 
 
Pension remeasurements within reserves
 
(0.4)
Defined benefit pension fund asset deduction
 
0.4
Net impact of pensions
 
-
 
 
 
Goodwill and intangible assets
 
0.1
Deferred tax assets that rely on future profitability excluding those arising from temporary differences
 
0.1
Adjustment under IFRS 9 transitional arrangements1
 
(0.1)
Increase in regulatory capital due to adjustments and deductions
 
0.1
 
 
 
Closing CET1 capital
 
41.4
 
 
 
 
1
The IFRS 9 transitional add back decreased £0.1bn primarily due to the change in the phasing of transitional relief from 95% in 2018 to 85% in 2019.
 
Risk weighted assets (RWAs) by risk type and business
 
Credit risk
 
Counterparty credit risk
 
Market risk
 
Operational risk
Total RWAs
 
Std
IRB
 
Std
IRB
Settlement risk
CVA
 
Std
IMA
 
 
 
As at 31.03.19
£bn
£bn
 
£bn
£bn
£bn
£bn
 
£bn
£bn
 
£bn
£bn
Barclays UK
3.8
60.7
 
0.2
-
-
-
 
0.1
-
 
11.8
76.6
Barclays International
56.2
68.5
 
10.3
15.9
0.1
4.1
 
16.5
15.6
 
28.9
216.1
Head Office
5.2
5.8
 
-
-
-
-
 
-
-
 
16.0
27.0
Barclays Group
65.2
135.0
 
10.5
15.9
0.1
4.1
 
16.6
15.6
 
56.7
319.7
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As at 31.12.18
 
 
 
 
 
 
 
 
 
 
 
 
 
Barclays UK
3.3
59.7
 
0.2
-
-
0.1
 
0.1
-
 
11.8
75.2
Barclays International
55.6
67.0
 
9.9
15.0
0.2
3.3
 
13.9
16.8
 
29.0
210.7
Head Office
4.3
5.8
 
-
-
-
-
 
-
-
 
15.9
26.0
Barclays Group
63.2
132.5
 
10.1
15.0
0.2
3.4
 
14.0
16.8
 
56.7
311.9
 
Movement analysis of RWAs
 
Credit risk
Counterparty credit risk
Market risk
Operational risk
Total RWAs
As at 31.03.19
£bn
£bn
£bn
£bn
£bn
Opening RWAs
195.6
28.8
30.8
56.7
311.9
Book size
4.2
1.4
-
-
5.6
Acquisitions and disposals
-
-
-
-
-
Book quality
0.6
(0.1)
-
-
0.5
Model updates
-
-
-
-
-
Methodology and policy
1.6
0.5
1.4
-
3.5
Foreign exchange movements1
(1.8)
-
-
-
(1.8)
Closing RWAs
200.2
30.6
32.2
56.7
319.7
 
1
Foreign exchange movements does not include foreign exchange for counterparty credit risk or market risk.
 
RWAs increased £7.8bn to £319.7bn:
 
●
Book size increased RWAs £5.6bn primarily due to increased CIB seasonal activity
●
Methodology and policy increased RWAs £3.5bn reflecting the implementation of IFRS 16 in credit risk RWAs
●
Foreign exchange movements decreased for credit risk RWAs by £1.8bn primarily due to the depreciation of period end USD against GBP
 
Leverage ratio and exposures
 
Barclays is subject to a leverage ratio requirement of 4.0% as at 31 March 2019. 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 0.2%. Although the leverage ratio is expressed in terms of T1 capital, 75% of the minimum requirement, equating to 2.4375%, needs to be met with CET1 capital. In addition, the G-SII ALRB and CCLB must be covered solely with CET1 capital. The CET1 capital held against the 0.53% G-SII ALRB was £5.8bn and the 0.2% CCLB was £2.2bn.
 
Barclays is 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. Barclays is also required to disclose a UK leverage ratio based on capital and exposure on the last day of the quarter. Both approaches exclude qualifying claims on central banks from the leverage exposures.
 
 
As at 31.03.19
As at 31.12.18
Leverage ratios1,2
£bn
£bn
UK leverage ratio
4.9%
5.1%
 
 
 
CET1 capital
41.4
 41.1
AT1 capital
11.0
 9.5
T1 capital3
52.4
 50.6
 
 
 
UK leverage exposure
1,065
999
 
 
 
Average UK leverage ratio
4.6%
4.5%
Average T1 capital3
51.2
 50.5
Average UK leverage exposure
1,106
 1,110
 
 
 
UK leverage exposure
 
 
Accounting assets
 
 
Derivative financial instruments
218
223
Derivative cash collateral
53
48
Securities financing transactions (SFTs)
135
121
Loans and advances and other assets
788
741
Total IFRS assets
1,194
1,133
 
 
 
Regulatory consolidation adjustments
(2)
(2)
 
 
 
Derivatives adjustments
 
 
Derivatives netting
(198)
(202)
Adjustments to cash collateral
(43)
(42)
Net written credit protection
16
19
Potential future exposure (PFE) on derivatives
125
123
Total derivatives adjustments
(100)
(102)
 
 
 
SFTs adjustments
17
17
 
 
 
Regulatory deductions and other adjustments
(11)
(11)
 
 
 
Weighted off-balance sheet commitments
108
108
 
 
 
Qualifying central bank claims
(141)
(144)
 
 
 
UK leverage exposure2
1,065
999
 
1
 
The fully loaded UK leverage ratio was 4.8%, with £51.3bn of T1 capital and £1,064bn of leverage exposure calculated without applying the transitional arrangements of the CRR.
 
2
 
Capital and leverage measures are calculated applying the transitional arrangements of the CRR.
 
3
 
The T1 capital is calculated in line with the PRA Handbook, which excludes grandfathered AT1 instruments allowed under the CRR.
 
 
 
 
The UK leverage ratio decreased to 4.9% (December 2018: 5.1%) driven by a seasonal increase in UK leverage exposure of £66bn to £1,065bn (December 2018: £999bn), partially offset by an increase in T1 capital primarily due to the issuance of $2bn AT1 securities. Leverage exposure movements included a seasonal increase in settlement balances, securities financing transactions (SFTs) and trading portfolio assets.
 
The average UK leverage ratio increased to 4.6% (December 2018: 4.5%) driven by £0.7bn increase in T1 capital primarily driven by the issuance of $2bn AT1 securities. The average UK leverage exposure was stable at £1,106bn (December 2018: £1,110bn).
 
The difference between the average UK leverage ratio and the UK leverage ratio was primarily driven by the issuance of AT1 securities in March 2019 and lower SFT exposures at quarter end.
 
Barclays is required to disclose a CRR leverage ratio. This is included in the additional Barclays regulatory disclosures, prepared in accordance with European Banking Authority (EBA) guidelines on disclosure requirements under Part Eight of Regulation (EU) No 575/2013 (see Barclays PLC Pillar 3 Report Q1 2019), due to be published by 25 April 2019, available at home.barclays/investor-relations/reports-and-events/latest-financial-results.
 
Minimum requirement for own funds and eligible liabilities (MREL)
 
Under the Bank of England's statement of policy on MREL, the Bank of England will set MREL for UK Global Systemically Important Banks (G-SIBs) as necessary to implement the total loss-absorbing capacity (TLAC) standard.
 
MREL is subject to phased implementation from 1 January 2019 and will be fully implemented by 1 January 2022, at which time G-SIBs with resolution entities incorporated in the UK, including Barclays, will be required to meet the higher of: (i) two times the sum of its Pillar 1 and Pillar 2A requirements or; (ii) the higher of two times its leverage ratio requirement or 6.75% of leverage exposures. However, the PRA will review the MREL calibration by the end of 2020, including assessing the proposal for Pillar 2A recapitalisation which may drive a different 1 January 2022 MREL than currently proposed. In addition, it is proposed that CET1 capital cannot be counted towards both MREL and the capital buffers, meaning that the buffers will effectively be applied above both the Pillar 1 and Pillar 2A requirements relating to own funds and MREL.
 
Barclays indicative MREL is currently expected to be 29.9% of RWAs from 1 January 2022 comprising:
 
●
Loss absorption and recapitalisation amounts consisting of two times the 8% Pillar 1 and 4.7% Pillar 2A requirement
●
Capital buffers including a 1.5% G-SII buffer, 2.5% CCB and 0.5% CCyB.
 
MREL ratios and position
 
 
 
 
 
MREL ratios1
As at 31.03.19
As at 31.12.18
CET1 capital
13.0%
13.2%
AT1 capital instruments and related share premium accounts2
3.4%
3.1%
T2 capital instruments and related share premium accounts2
2.0%
2.1%
Term senior unsecured funding
9.4%
9.7%
Total Barclays PLC (the Parent company) MREL ratio
27.7%
28.1%
Qualifying AT1 capital (including minority interests) issued by subsidiaries
0.7%
0.7%
Qualifying T2 capital (including minority interests) issued by subsidiaries
1.7%
1.6%
Total MREL ratio, including eligible Barclays Bank PLC instruments
30.2%
30.5%
 
 
 
MREL position1
£bn
£bn
CET1 capital
41.4
41.1
AT1 capital instruments and related share premium accounts2
11.0
9.6
T2 capital instruments and related share premium accounts2
6.3
6.6
Term senior unsecured funding
29.9
30.4
Total Barclays PLC (the Parent company) MREL position
88.7
87.7
Qualifying AT1 capital (including minority interests) issued by subsidiaries
2.3
2.3
Qualifying T2 capital (including minority interests) issued by subsidiaries
5.5
5.1
Total MREL position, including eligible Barclays Bank PLC instruments
96.5
95.1
 
 
 
Total RWAs1
319.7
311.9
 
1
 
CET1, T1 and T2 capital and RWAs are calculated applying the transitional arrangements of the CRR. This includes IFRS 9 transitional arrangements and the grandfathering of CRR non-compliant capital instruments.
 
2
 
Includes other AT1 capital regulatory adjustments and deductions of £0.1bn (included in AT1 issued by subsidiaries in December 2018: £0.1bn), and other T2 credit risk adjustments and deductions of £0.2bn (included in T2 issued by subsidiaries in December 2018: £0.3bn).
 
 
Condensed Consolidated Financial Statements
 
Condensed consolidated income statement
 
Three months ended
Three months ended
 
31.03.19
31.03.18
 
£m
£m
Total income
5,252
5,358
Credit impairment charges and other provisions
(448)
(288)
Net operating income
4,804
5,070
Operating expenses excluding litigation and conduct
(3,257)
(3,364)
Litigation and conduct
(61)
(1,961)
Operating expenses
(3,318)
(5,325)
Other net (expenses)/income
(3)
19
Profit/(loss) before tax
1,483
(236)
Tax charge
(248)
(304)
Profit/(loss) after tax
1,235
(540)
 
 
 
Attributable to:
 
 
Equity holders of the parent
1,038
(764)
Other equity instrument holders1
180
171
Total equity holders of the parent
1,218
(593)
Non-controlling interests
17
53
Profit/(loss) after tax
1,235
(540)
 
 
 
Earnings per share
 
 
Basic earnings/(loss) per ordinary share1
6.1p
(4.2p)
 
1
From 2019, due to an IAS 12 update, the tax relief on payments in relation to Additional Tier 1 instruments has been recognised in the tax charge of the income statement, whereas it was previously recorded in reserves. The Q119 tax credit was £48m (Q118: £46m). This change does not impact earnings per share or return on average tangible shareholders' equity.
 
Condensed consolidated balance sheet
 
 
 
 
 
 
As at 31.03.191
As at 31.12.18
Assets
 
£m
£m
Cash and balances at central banks
 
166,020
177,069
Cash collateral and settlement balances
 
101,551
77,222
Loans and advances at amortised cost
 
330,685
326,406
Reverse repurchase agreements and other similar secured lending
 
10,910
2,308
Trading portfolio assets
 
117,490
104,187
Financial assets at fair value through the income statement
 
158,386
149,648
Derivative financial instruments
 
217,703
222,538
Financial assets at fair value through other comprehensive income
 
66,715
52,816
Investments in associates and joint ventures
 
725
762
Goodwill and intangible assets
 
7,921
7,973
Current tax assets
 
799
798
Deferred tax assets
 
3,528
3,828
Other assets
 
11,110
7,728
Total assets
 
1,193,543
1,133,283
 
 
 
 
Liabilities
 
 
 
Deposits at amortised cost
 
412,710
394,838
Cash collateral and settlement balances
 
90,188
67,522
Repurchase agreements and other similar secured borrowing
 
20,832
18,578
Debt securities in issue
 
86,982
82,286
Subordinated liabilities
 
20,549
20,559
Trading portfolio liabilities
 
46,324
37,882
Financial liabilities designated at fair value
 
222,277
216,834
Derivative financial instruments
 
213,558
219,643
Current tax liabilities
 
600
628
Deferred tax liabilities
 
33
51
Other liabilities
 
13,606
10,683
Total liabilities
 
1,127,659
1,069,504
 
 
 
 
Equity
 
 
 
Called up share capital and share premium
 
4,320
4,311
Other reserves
 
5,408
5,153
Retained earnings
 
43,814
43,460
Shareholders' equity attributable to ordinary shareholders of the parent
 
53,542
52,924
Other equity instruments
 
11,119
9,632
Total equity excluding non-controlling interests
 
64,661
62,556
Non-controlling interests
 
1,223
1,223
Total equity
 
65,884
63,779
 
 
 
 
Total liabilities and equity
 
1,193,543
1,133,283
 
 
 
1
Barclays adopted the accounting standard IFRS 16 on 1 January 2019. The impact on adoption was an increase in other assets of £1.6bn, an increase in other liabilities of £1.6bn, with no material impact on retained earnings.
 
 
 
Condensed consolidated statement of changes in equity
 
Called up share capital
and share premium
Other equity
instruments
Other reserves
Retained earnings
Total
Non-controlling interests
Total equity
Three months ended 31.03.19
£m
£m
£m
£m
£m
£m
£m
Balance as at 1 January 2019
4,311
9,632
5,153
43,460
62,556
1,223
63,779
Profit after tax
-
180
-
1,038
1,218
17
1,235
Other comprehensive profit after tax for the period
-
-
255
(408)
(153)
-
(153)
Total comprehensive income for the period
-
180
255
630
1,065
17
1,082
Issue of new ordinary shares
-
-
-
-
-
-
-
Issue of shares under employee share schemes
9
-
-
112
121
-
121
Issue and exchange of other equity instruments
-
1,509
-
-
1,509
-
1,509
Other equity instruments coupons paid1
-
(180)
-
-
(180)
-
(180)
Vesting of shares under employee share schemes
-
-
-
(384)
(384)
-
(384)
Dividends paid
-
-
-
-
-
(17)
(17)
Other movements
-
(22)
-
(4)
(26)
-
(26)
Balance as at 31 March 2019
4,320
11,119
5,408
43,814
64,661
1,223
65,884
 
 
As at 31.03.19
As at 31.12.18
Other reserves
£m
£m
Currency translation reserve
3,508
3,888
Fair value through other comprehensive income reserve
(116)
(258)
Cash flow hedging reserve
969
660
Own credit reserve
63
(121)
Other reserves and treasury shares
984
984
Total
5,408
5,153
 
1
From 2019, due to an IAS 12 update, the tax relief on payments in relation to Additional Tier 1 instruments has been recognised in the tax charge of the income statement, whereas it was previously recorded in reserves. The Q119 tax credit was £48m (Q118: £46m). This change does not impact earnings per share or return on average tangible shareholders' equity.
 
Barclays PLC Parent Company
 
Summary balance sheet
 
 
 
As at 31.03.19
As at 31.12.18
Assets
£m
£m
Investment in subsidiaries
59,374
57,374
Loans and advances to subsidiaries
28,702
29,374
Financial assets at fair value through the income statement
7,212
6,945
Derivative financial instruments
126
168
Other assets
175
115
Total assets
95,589
93,976
 
 
 
Liabilities
 
 
Deposits at amortised cost
508
576
Debt securities in issue
31,587
32,373
Subordinated liabilities
6,616
6,775
Financial liabilities designated at fair value
140
-
Other liabilities
125
72
Total liabilities
38,976
39,796
 
 
 
Equity
 
 
Called up share capital and share premium
4,320
4,311
Other equity instruments
11,142
9,633
Other reserves
394
394
Retained earnings
40,757
39,842
Total equity
56,613
54,180
 
 
 
Total liabilities and equity
95,589
93,976
 
Investment in subsidiaries
 
The investment in subsidiaries of £59,374m (December 2018: £57,374m) predominantly relates to investments in Barclays Bank PLC and Barclays Bank UK PLC, as well as holdings of their AT1 securities of £11,163m (December 2018: £9,666m). The increase of £2,000m in the quarter was predominantly driven by a £504m capital contribution into Barclays Bank PLC and an additional $2,000m AT1 holding.
 
Subordinated liabilities and financial liabilities designated at fair value
 
In the three months ended 31 March 2019, Barclays PLC issued ¥20,000m Fixed-to-floating Rate Bonds, which are included within the financial liabilities designated at fair value balance of £140m (December 2018: £nil). Barclays PLC did not issue any subordinated liabilities in the period.
 
Other equity instruments
 
Other equity instruments comprises AT1 securities issued by Barclays PLC. In the quarter, Barclays PLC issued a $2,000m AT1 security.
 
Management of internal investments, loans and advances
 
Barclays PLC retains the discretion to manage the nature of its internal investments in subsidiaries according to their regulatory and business needs. Barclays PLC may invest capital and funding into Barclays Bank PLC, Barclays Bank UK PLC and other Barclays Group subsidiaries such as the Group Service Company and the US Intermediate Holding Company (IHC). In June 2018, the Bank of England published its updated statement of policy on 'The Bank of England's approach to setting a minimum requirement for own funds and eligible liabilities (MREL)'. Accordingly, during the course of December 2018 Barclays restructured certain investments in subsidiaries, including subordinating internal MREL instruments beneath operating liabilities, to the extent required to achieve compliance with internal MREL requirements which came in to effect on 1 January 2019.
 
Appendix: Non-IFRS Performance Measures
 
Barclays 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 Barclays Group. They also reflect an important aspect of the way in which operating targets are defined and performance is monitored by Barclays management.
 
However, any non-IFRS 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
Loans and advances at amortised cost divided by deposits at amortised cost.
Period end allocated tangible equity
Allocated tangible equity is calculated as 13.0% (2018: 13.0%) 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 shareholders' equity
Calculated as the average of the previous month's period end tangible equity and the current month's period end tangible equity. The average tangible shareholders' equity for the period is the average of the monthly averages within that period.
Average allocated tangible equity
Calculated as the average of the previous month's period end allocated tangible equity and the current month's period end allocated tangible equity. The average allocated tangible equity for the period is the average of the monthly averages within that period.
Return on average tangible shareholders' equity
Annualised profit after tax attributable to ordinary equity holders of the parent (pre 2019 included an adjustment for the tax credit in reserves in respect of other equity instruments), as a proportion of average shareholders' equity excluding non-controlling interests and other equity instruments adjusted for the deduction of intangible assets and goodwill. The components of the calculation have been included on page 30.
Return on average allocated tangible equity
Annualised profit after tax attributable to ordinary equity holders of the parent (pre 2019 included an adjustment for the tax credit in reserves in respect of other equity instruments), as a proportion of average allocated tangible equity. The components of the calculation have been included on page 30.
Cost: income ratio
Total operating expenses divided by total income.
Loan loss rate
Quoted in basis points and represents total annualised impairment charges divided by gross loans and advances held at amortised cost at the balance sheet date. The components of the calculation have been included on page 15.
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 35.
Performance measures excluding litigation and conduct
Calculated by excluding litigation and conduct charges from performance measures. The components of the calculations have been included on pages 31 to 35.
 
Returns
 
Return on average tangible equity is calculated as profit after tax attributable to ordinary equity holders of the parent (pre 2019 included an adjustment for the tax credit in reserves in respect of other equity instruments) as a proportion of average tangible equity, excluding non-controlling and other equity interests for businesses. Allocated tangible equity has been calculated as 13.0% (2018: 13.0%) 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 average allocated tangible equity represents the difference between the Barclays Group's average tangible shareholders' equity and the amounts allocated to businesses.
 
 
Attributable
profit/(loss)
Tax credit in
respect of
interest payments on
other equity instruments1
Profit/(loss) attributable to ordinary equity holders of the parent
 
Average tangible equity
 
Return on average tangible equity
Three months ended 31.03.19
£m
£m
£m
 
£bn
 
%
Barclays UK
422
 
422
 
10.4
 
16.3
    Corporate and Investment Bank
582
 
582
 
25.1
 
9.3
    Consumer, Cards and Payments
206
 
206
 
5.4
 
15.4
Barclays International
788
 
788
 
30.5
 
10.4
Head Office
(172)
 
(172)
 
4.3
 
n/m
Barclays Group
1,038
 
1,038
 
45.2
 
9.2
 
 
 
 
 
 
 
 
Three months ended 31.03.18
 
 
 
 
 
 
 
Barclays UK
(38)
12
(26)
 
9.8
 
(1.1)
    Corporate and Investment Bank
805
29
834
 
25.6
 
13.0
    Consumer, Cards and Payments
168
5
173
 
4.5
 
15.6
Barclays International
973
34
1,007
 
30.1
 
13.4
Head Office
(1,699)
-
(1,699)
 
4.3
 
n/m
Barclays Group
(764)
46
(718)
 
44.2
 
(6.5)
 
1
From 2019, the tax credit is recorded in the income statement tax charge, whereas it was previously recorded in reserves. As a result the tax credit is no longer adjusted for to calculate return on average tangible equity.
 
Performance measures excluding litigation and conduct
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Barclays Group
 
 
 
 
 
 
 
 
 
 
 
Q119
 
Q418
Q318
Q218
Q118
 
Q417
Q317
Q217
Cost: income ratio
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Total operating expenses
(3,318)
 
(4,093)
(3,434)
(3,391)
(5,325)
 
(4,369)
(3,355)
(4,113)
Impact of litigation and conduct
61
 
60
105
81
1,961
 
383
81
715
Operating expenses
(3,257)
 
(4,033)
(3,329)
(3,310)
(3,364)
 
(3,986)
(3,274)
(3,398)
 
 
 
 
 
 
 
 
 
 
 
Total income
5,252
 
5,073
5,129
5,576
5,358
 
5,022
5,173
5,058
 
 
 
 
 
 
 
 
 
 
 
Cost: income ratio excluding litigation and conduct
62%
 
79%
65%
59%
63%
 
79%
63%
67%
 
 
 
 
 
 
 
 
 
 
 
Profit before tax
 
 
 
 
 
 
 
 
 
 
Profit/(loss) before tax
1,483
 
374
1,461
1,895
(236)
 
93
1,107
659
Impact of litigation and conduct
61
 
60
105
81
1,961
 
383
81
715
Profit before tax excluding litigation and conduct
1,544
 
434
1,566
1,976
1,725
 
476
1,188
1,374
 
 
 
 
 
 
 
 
 
 
 
Profit attributable to ordinary equity holders of the parent
 
 
 
 
 
 
 
 
 
 
Attributable profit/(loss)
1,038
 
(76)
1,002
1,232
(764)
 
(1,294)
583
(1,401)
Post-tax impact of litigation and conduct
46
 
62
85
59
1,930
 
351
77
703
Attributable profit/(loss) excluding litigation and conduct
1,084
 
(14)
1,087
1,291
1,166
 
(943)
660
(698)
Tax credit in respect of interest payments on other equity instruments
-
 
62
48
47
46
 
49
43
44
Profit/(loss) attributable to ordinary equity holders of the parent excluding litigation and conduct
1,084
 
48
1,135
1,338
1,212
 
(894)
703
(654)
 
 
 
 
 
 
 
 
 
 
 
Return on average tangible shareholders' equity
£bn
 
£bn
£bn
£bn
£bn
 
£bn
£bn
£bn
Average shareholders' equity
53.2
 
52.2
52.5
51.3
52.0
 
55.9
56.6
57.5
Average goodwill and intangibles
(8.0)
 
(7.9)
(7.9)
(7.8)
(7.8)
 
(7.8)
(7.8)
(8.2)
Average tangible shareholders' equity
45.2
 
44.3
44.6
43.5
44.2
 
48.1
48.9
49.3
 
 
 
 
 
 
 
 
 
 
 
Return on average tangible shareholders' equity excluding litigation and conduct
9.6%
 
0.4%
10.2%
12.3%
11.0%
 
(7.4%)
5.7%
(5.3%)
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per ordinary share
 
 
 
 
 
 
 
 
 
 
Basic weighted average number of shares (m)
17,111
 
17,075
17,074
17,067
17,037
 
16,996
16,994
16,989
 
 
 
 
 
 
 
 
 
 
 
Basic earnings/(loss) per ordinary share excluding litigation and conduct
6.3p
 
0.3p
6.6p
7.8p
7.1p
 
(5.3p)
4.1p
(3.8p)
 
Barclays UK
 
 
 
 
 
 
 
 
 
 
 
Q119
 
Q418
Q318
Q218
Q118
 
Q417
Q317
Q217
Cost: income ratio
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Total operating expenses
(1,002)
 
(1,175)
(1,042)
(971)
(1,416)
 
(1,229)
(991)
(1,673)
Impact of litigation and conduct
3
 
15
54
3
411
 
53
11
699
Operating expenses
(999)
 
(1,160)
(988)
(968)
(1,005)
 
(1,176)
(980)
(974)
 
 
 
 
 
 
 
 
 
 
 
Total income
1,777
 
1,863
1,896
1,836
1,788
 
1,870
1,852
1,820
 
 
 
 
 
 
 
 
 
 
 
Cost: income ratio excluding litigation and conduct
56%
 
62%
52%
53%
56%
 
63%
53%
54%
 
 
 
 
 
 
 
 
 
 
 
Profit before tax
 
 
 
 
 
 
 
 
 
 
Profit/(loss) before tax
585
 
390
740
656
170
 
452
661
(74)
Impact of litigation and conduct
3
 
15
54
3
411
 
53
11
699
Profit before tax excluding litigation and conduct
588
 
405
794
659
581
 
505
672
625
 
 
 
 
 
 
 
 
 
 
 
Profit attributable to ordinary equity holders of the parent
 
 
 
 
 
 
 
 
 
 
Attributable profit/(loss)
422
 
232
500
464
(38)
 
245
423
(285)
Post-tax impact of litigation and conduct
2
 
12
48
1
411
 
37
8
691
Attributable profit excluding litigation and conduct
424
 
244
548
465
373
 
282
431
406
Tax credit in respect of interest payments on other equity instruments
-
 
9
10
9
12
 
13
9
9
Profit attributable to ordinary equity holders of the parent excluding litigation and conduct
424
 
253
558
474
385
 
295
440
415
 
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
£bn
 
£bn
£bn
£bn
£bn
 
£bn
£bn
£bn
Average allocated equity
13.9
 
13.6
13.7
13.6
13.4
 
13.1
14.0
13.5
Average goodwill and intangibles
(3.5)
 
(3.5)
(3.6)
(3.5)
(3.5)
 
(3.5)
(4.6)
(4.8)
Average allocated tangible equity
10.4
 
10.1
10.1
10.1
9.8
 
9.6
9.4
8.7
 
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity excluding litigation and conduct
16.4%
 
10.1%
22.0%
18.8%
15.7%
 
12.3%
18.7%
19.1%
 
Barclays International
 
 
 
 
 
 
 
 
 
 
 
Q119
 
Q418
Q318
Q218
Q118
 
Q417
Q317
Q217
Cost: income ratio
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Total operating expenses
(2,225)
 
(2,684)
(2,309)
(2,353)
(2,315)
 
(2,948)
(2,187)
(2,272)
Impact of litigation and conduct
19
 
33
32
47
15
 
255
5
(4)
Operating expenses
(2,206)
 
(2,651)
(2,277)
(2,306)
(2,300)
 
(2,693)
(2,182)
(2,276)
 
 
 
 
 
 
 
 
 
 
 
Total income
3,570
 
3,221
3,290
3,707
3,808
 
3,319
3,315
3,610
 
 
 
 
 
 
 
 
 
 
 
Cost: income ratio excluding litigation and conduct
62%
 
82%
69%
62%
60%
 
81%
66%
63%
 
 
 
 
 
 
 
 
 
 
 
Profit before tax
 
 
 
 
 
 
 
 
 
 
Profit before tax
1,118
 
215
850
1,297
1,413
 
6
652
1,261
Impact of litigation and conduct
19
 
33
32
47
15
 
255
5
(4)
Profit before tax excluding litigation and conduct
1,137
 
248
882
1,344
1,428
 
261
657
1,257
 
 
 
 
 
 
 
 
 
 
 
Profit attributable to ordinary equity holders of the parent
 
 
 
 
 
 
 
 
 
 
Attributable profit/(loss)
788
 
(72)
650
890
973
 
(1,168)
359
819
Post-tax impact of litigation and conduct
16
 
34
26
34
12
 
250
4
(3)
Attributable profit/(loss) excluding litigation and conduct
804
 
(38)
676
924
985
 
(918)
363
816
Tax credit in respect of interest payments on other equity instruments
-
 
51
37
36
34
 
34
32
27
Profit/(loss) attributable to ordinary equity holders of the parent excluding litigation and conduct
804
 
13
713
960
1,019
 
(884)
395
843
 
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
£bn
 
£bn
£bn
£bn
£bn
 
£bn
£bn
£bn
Average allocated equity
31.6
 
32.4
32.5
32.8
31.4
 
29.9
31.5
30.1
Average goodwill and intangibles
(1.1)
 
(1.1)
(1.3)
(1.4)
(1.4)
 
(1.4)
(2.6)
(2.8)
Average allocated tangible equity
30.5
 
31.3
31.1
31.4
30.1
 
28.5
28.9
27.4
 
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity excluding litigation and conduct
10.6%
 
0.2%
9.2%
12.2%
13.6%
 
(12.4%)
5.5%
12.3%
 
Corporate and Investment Bank
 
 
 
 
 
 
 
 
Q119
 
Q418
Q318
Q218
Q118
 
Q417
Q317
Q217
Profit before tax
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Profit/(loss) before tax
827
 
85
498
835
1,175
 
(252)
593
925
Impact of litigation and conduct
19
 
23
32
-
13
 
255
5
(4)
Profit before tax excluding litigation and conduct
846
 
108
530
835
1,188
 
3
598
921
 
 
 
 
 
 
 
 
 
 
 
Profit attributable to ordinary equity holders of the parent
 
 
 
 
 
 
 
 
 
 
Attributable profit/(loss)
582
 
(128)
397
567
805
 
(1,256)
340
623
Post-tax impact of litigation and conduct
16
 
27
25
-
10
 
250
4
(3)
Attributable profit/(loss) excluding litigation and conduct
598
 
(101)
422
567
815
 
(1,006)
344
620
Tax credit in respect of interest payments on other equity instruments
-
 
44
34
33
29
 
29
28
22
Profit/(loss) attributable to ordinary equity holders of the parent excluding litigation and conduct
598
 
(57)
456
600
844
 
(977)
372
642
 
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
£bn
 
£bn
£bn
£bn
£bn
 
£bn
£bn
£bn
Average allocated equity
25.2
 
26.0
26.2
26.7
25.9
 
24.7
25.8
24.4
Average goodwill and intangibles
(0.1)
 
-
(0.2)
(0.3)
(0.3)
 
(0.4)
(1.1)
(1.2)
Average allocated tangible equity
25.1
 
26.0
25.9
26.4
25.6
 
24.3
24.8
23.3
 
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity excluding litigation and conduct
9.5%
 
(0.9%)
7.0%
9.1%
13.2%
 
(16.1%)
6.0%
11.1%
 
Consumer, Cards and Payments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Profit before tax
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Profit before tax
291
 
130
352
462
238
 
258
59
336
Impact of litigation and conduct
-
 
10
-
47
2
 
-
-
-
Profit before tax excluding litigation and conduct
291
 
140
352
509
240
 
258
59
336
 
 
 
 
 
 
 
 
 
 
 
Profit attributable to ordinary equity holders of the parent
 
 
 
 
 
 
 
 
 
 
Attributable profit
206
 
56
253
323
168
 
88
19
196
Post-tax impact of litigation and conduct
-
 
7
1
34
2
 
-
-
-
Attributable profit excluding litigation and conduct
206
 
63
254
357
170
 
88
19
196
Tax credit in respect of interest payments on other equity instruments
-
 
7
3
3
5
 
5
4
5
Profit attributable to ordinary equity holders of the parent excluding litigation and conduct
206
 
70
257
360
175
 
93
23
201
 
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity
£bn
 
£bn
£bn
£bn
£bn
 
£bn
£bn
£bn
Average allocated equity
6.4
 
6.4
6.3
6.0
5.5
 
5.3
5.7
5.7
Average goodwill and intangibles
(1.0)
 
(1.1)
(1.1)
(1.1)
(1.0)
 
(1.1)
(1.5)
(1.6)
Average allocated tangible equity
5.4
 
5.3
5.2
5.0
4.5
 
4.2
4.2
4.1
 
 
 
 
 
 
 
 
 
 
 
Return on average allocated tangible equity excluding litigation and conduct
15.4%
 
5.4%
19.9%
28.9%
15.7%
 
9.0%
2.2%
19.4%
 
Head Office
 
 
 
 
 
 
 
 
 
 
 
Q119
 
Q418
Q318
Q218
Q118
 
Q417
Q317
Q217
Profit before tax
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Loss before tax
(220)
 
(231)
(129)
(58)
(1,819)
 
(365)
(206)
(122)
Impact of litigation and conduct
39
 
12
19
31
1,535
 
75
65
1
Loss before tax excluding litigation and conduct
(181)
 
(219)
(110)
(27)
(284)
 
(290)
(141)
(121)
 
 
 
 
 
 
 
 
 
 
 
Profit attributable to ordinary equity holders of the parent
 
 
 
 
 
 
 
 
 
 
Attributable loss
(172)
 
(236)
(148)
(122)
(1,699)
 
(371)
(199)
(175)
Post-tax impact of litigation and conduct
28
 
16
11
24
1,507
 
64
65
1
Attributable loss excluding litigation and conduct
(144)
 
(220)
(137)
(98)
(192)
 
(307)
(134)
(174)
 
Tangible net asset value
 
 
 
 
As at 31.03.19
As at 31.12.18
As at 31.03.18
 
£m
£m
£m
Total equity excluding non-controlling interests
64,661
62,556
59,519
Other equity instruments
(11,119)
(9,632)
(8,941)
Goodwill and intangibles
(7,921)
(7,973)
(7,806)
Tangible shareholders' equity attributable to ordinary shareholders of the parent
45,621
44,951
42,772
 
 
 
 
 
m
m
m
Shares in issue
17,139
17,133
17,069
 
 
 
 
 
p
p
p
Tangible net asset value per share
266
262
251
 
Appendix: Barclays Non-Core Results
 
The Barclays Non-Core segment was closed on 1 July 2017 with the residual assets and liabilities reintegrated into, and associated financial performance subsequently reported in, Barclays UK, Barclays International and Head Office. Financial results up until 30 June 2017 are reflected in the Non-Core segment within the Barclays Group's results.
 
Barclays Non-Core
 
 
 
 
 
 
 
 
 
 
 
Q119
 
Q418
Q318
Q218
Q118
 
Q417
Q317
Q217
Income statement information
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Net interest income
-
 
-
-
-
-
 
-
-
(123)
Net trading income
-
 
-
-
-
-
 
-
-
(411)
Net fee, commission and other income
-
 
-
-
-
-
 
-
-
78
Total income
-
 
-
-
-
-
 
-
-
(456)
Credit impairment charges and other provisions
-
 
-
-
-
-
 
-
-
(27)
Net operating expenses
-
 
-
-
-
-
 
-
-
(483)
Operating expenses
-
 
-
-
-
-
 
-
-
(108)
Litigation and conduct
-
 
-
-
-
-
 
-
-
(19)
Total operating expenses
-
 
-
-
-
-
 
-
-
(127)
Other net income
-
 
-
-
-
-
 
-
-
204
Loss before tax
-
 
-
-
-
-
 
-
-
(406)
Tax credit
-
 
-
-
-
-
 
-
-
207
Loss after tax
-
 
-
-
-
-
 
-
-
(199)
Non-controlling interests
-
 
-
-
-
-
 
-
-
(8)
Other equity instrument holders
-
 
-
-
-
-
 
-
-
(19)
Attributable loss
-
 
-
-
-
-
 
-
-
(226)
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information
£bn
 
£bn
£bn
£bn
£bn
 
£bn
£bn
£bn
Loans and advances to banks and customers at amortised cost
-
 
-
-
-
-
 
-
-
48.3
Derivative financial instrument assets
-
 
-
-
-
-
 
-
-
150.3
Derivative financial instrument liabilities
-
 
-
-
-
-
 
-
-
143.0
Financial assets designated at fair value
-
 
-
-
-
-
 
-
-
12.1
Total assets
-
 
-
-
-
-
 
-
-
233.0
Customer deposits
-
 
-
-
-
-
 
-
-
11.8
Risk weighted assets
-
 
-
-
-
-
 
-
-
22.8
 
Appendix: Discontinued Operation Results
 
Following the reduction of the Barclays Group's interest in BAGL in 2017, Barclays remaining holding of 14.9%, as at Q119, is reported as a financial asset at fair value through other comprehensive income in the Head Office segment, with Barclays share of Absa Group Limited's dividend recognised in the Head Office income statement.
 
Africa Banking
 
 
 
 
 
 
 
 
 
 
 
Q119
 
Q418
Q318
Q218
Q118
 
Q417
Q317
Q2171
Income statement information
£m
 
£m
£m
£m
£m
 
£m
£m
£m
Net interest income
-
 
-
-
-
-
 
-
-
407
Net fee, commission and other income
-
 
-
-
-
-
 
-
-
297
Total income
-
 
-
-
-
-
 
-
-
704
Credit impairment charges and other provisions
-
 
-
-
-
-
 
-
-
(71)
Net operating income
-
 
-
-
-
-
 
-
-
633
Operating expenses excluding impairment of Barclays holding in BAGL
-
 
-
-
-
-
 
-
-
(477)
Other net income excluding loss on sale of BAGL
-
 
-
-
-
-
 
-
-
3
Profit before tax excluding impairment of Barclays holding in BAGL and loss on sale of BAGL
-
 
-
-
-
-
 
-
-
159
Impairment of Barclays holding in BAGL
-
 
-
-
-
-
 
-
-
(206)
Loss on sale of BAGL
-
 
-
-
-
-
 
-
-
(1,435)
Loss before tax
-
 
-
-
-
-
 
-
-
(1,482)
Loss after tax
-
 
-
-
-
-
 
-
-
(1,537)
Attributable loss
-
 
-
-
-
-
 
-
-
(1,534)
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information
£bn
 
£bn
£bn
£bn
£bn
 
£bn
£bn
£bn
Total assets
-
 
-
-
-
-
 
-
-
-
Risk weighted assets
-
 
-
-
-
-
 
-
-
9.8
 
1
The Africa Banking income statement represents two months of results as a discontinued operation to 31 May 2017.
 
Shareholder Information
 
 
 
 
 
 
 
 
Results timetable1
 
Date
 
 
 
 
2019 Interim Results Announcement
 
1 August 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% Change3
Exchange rates2
31.03.19
31.12.18
31.03.18
 
31.12.18
31.03.18
Period end - USD/GBP
1.30
1.28
1.40
 
2%
(7%)
3 month average - USD/GBP
1.30
1.29
1.39
 
1%
(6%)
Period end - EUR/GBP
1.16
1.12
1.14
 
4%
2%
3 month average - EUR/GBP
1.15
1.13
1.13
 
2%
2%
 
 
 
 
 
 
 
Share price data
 
 
 
 
 
 
Barclays PLC (p)
154.68
150.52
206.50
 
 
 
Barclays PLC number of shares (m)
17,139
17,133
17,069
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For further information please contact
 
 
 
 
 
 
 
 
 
 
 
 
 
Investor relations
Media relations
 
 
 
Lisa Bartrip +44 (0) 20 7773 0708
Thomas Hoskin +44 (0) 20 7116 4755
 
 
 
 
 
 
 
 
 
 
More information on Barclays can be found on our website: home.barclays.
 
 
 
 
 
 
 
Registered office
 
 
 
 
 
 
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000. Company number: 48839.
 
 
 
 
 
 
 
Registrar
 
 
 
 
 
 
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom.
Tel: 0371 384 20554 from the UK or +44 121 415 7004 from overseas.
 
1
 
Note that these dates are provisional and subject to change.
 
2
 
The average rates shown above are derived from daily spot rates during the year.
 
3
 
The change is the impact to GBP reported information.
 
4
 
Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding UK public holidays in England and Wales.
 
 
Notes
 
The terms Barclays or Barclays Group refer to Barclays PLC together with its subsidiaries. Unless otherwise stated, the income statement analysis compares the three months ended 31 March 2019 to the corresponding three months of 2018 and balance sheet analysis as at 31 March 2019 with comparatives relating to 31 December 2018 and 31 March 2018. The abbreviations '£m' and '£bn' represent millions and thousands of millions of Pounds Sterling respectively; the abbreviations '$m' and '$bn' represent millions and thousands of millions of US Dollars respectively; the abbreviations '€m' and '€bn' represent millions and thousands of millions of Euros respectively.
 
There are a number of key judgement areas, for example impairment calculations, which are based on models and which are subject to ongoing adjustment and modifications. Reported numbers reflect best estimates and judgements at the given point in time
 
Relevant terms that are used in this document but are not defined under applicable regulatory guidance or International Financial Reporting Standards (IFRS) are explained in the results glossary that can be accessed at home.barclays/investor-relations/reports-and-events/latest-financial-results.
 
The information in this announcement, which was approved by the Board of Directors on 24 April 2019, does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2018, which contained an unqualified audit report under Section 495 of the Companies Act 2006 (which did not make any statements under Section 498 of the Companies Act 2006) have been delivered to the Registrar of Companies in accordance with Section 441 of the Companies Act 2006.
 
These results will be furnished as a Form 6-K to the SEC as soon as practicable following their publication. Once furnished with the SEC, a copy of the Form 6-K will be available from the SEC's website at www.sec.gov.
 
Barclays is a frequent issuer in the debt capital markets and regularly meets with investors via formal road-shows and other ad hoc meetings. Consistent with its usual practice, Barclays expects that from time to time over the coming quarter it will meet with investors globally to discuss these results and other matters relating to the Barclays Group.
 
Non-IFRS performance measures
 
Barclays 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 Barclays Group. They also reflect an important aspect of the way in which operating targets are defined and performance is monitored by Barclays management. However, any non-IFRS performance measures in this document are not a substitute for IFRS measures and readers should consider the IFRS measures as well. Refer to the appendix on pages 29 to 37 for further information and calculations of non-IFRS performance measures included throughout this document, and the most directly comparable IFRS measures.
 
Forward-looking statements
 
This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to the Barclays Group. Barclays cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as 'may', 'will', 'seek', 'continue', 'aim', 'anticipate', 'target', 'projected', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', 'achieve' or other words of similar meaning. Examples of forward-looking statements include, among others, statements or guidance regarding or relating to the Barclays Group's future financial position, income growth, assets, impairment charges, provisions, business strategy, capital, leverage and other regulatory ratios, payment of dividends (including dividend payout ratios and expected payment strategies), projected levels of growth in the banking and financial markets, projected costs or savings, any commitments and targets, estimates of capital expenditures, plans and objectives for future operations, projected employee numbers, IFRS impacts and other statements that are not historical fact. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. These may be affected by changes in legislation, the development of standards and interpretations under International Financial Reporting Standards including evolving practices with regard to the interpretation and application of accounting and regulatory standards, the outcome of current and future legal proceedings and regulatory investigations, future levels of conduct provisions, the policies and actions of governmental and regulatory authorities, geopolitical risks and the impact of competition. In addition, factors including (but not limited to) the following may have an effect: capital, leverage and other regulatory rules applicable to past, current and future periods; UK, US, Eurozone and global macroeconomic and business conditions; the effects of any volatility in credit markets; market related risks such as changes in interest rates and foreign exchange rates; effects of changes in valuation of credit market exposures; changes in valuation of issued securities; volatility in capital markets; changes in credit ratings of any entities within the Barclays Group or any securities issued by such entities; the potential for one or more countries exiting the Eurozone; instability as a result of the exit by the United Kingdom from the European Union and the disruption that may subsequently result in the UK and globally; and the success of future acquisitions, disposals and other strategic transactions. A number of these influences and factors are beyond the Barclays Group's control. As a result, the Barclays Group's actual future results, dividend payments, and capital and leverage ratios may differ materially from the plans, goals, expectations and guidance set forth in the Barclays Group's forward-looking statements. Additional risks and factors which may impact the Barclays Group's future financial condition and performance are identified in our filings with the SEC (including, without limitation, our Annual Report on Form 20-F for the fiscal year ended 31 December 2018), which are available on the SEC's website at www.sec.gov.
 
Subject to our obligations under the applicable laws and regulations of the United Kingdom and the United States in relation to disclosure and ongoing information, we undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.