EX-99.2 3 ex99-2.htm BARCLAYS PLC GROUP REPORTING CHANGES 2023 RESULTS RESEGMENTATION DOCUMENT

 

 

BARCLAYS PLC 6-K

 

Exhibit 99.2

 

Barclays PLC

 

Group Reporting Changes

 

2023 Results Resegmentation Document

 

 

   
   

 

 

 

Table of Contents

 

 

 

Resegmentation Document Page
   
Notes 1
   
Overview of Reporting Changes 2
   
Performance Highlights 3
   
Results by Business  
   
●   Barclays UK 7
   
●   Barclays UK Corporate Bank 9
   
●   Barclays Private Bank and Wealth Management 10
   
●   Barclays Investment Bank 11
   
●   Barclays US Consumer Bank 13
   
●   Head Office 14
   
Quarterly Results Summary 15
   
Quarterly Results by Business 16
   
Resegmentation Bridges 23
   
Appendix: Non-IFRS Performance Measures 38
   

 

BARCLAYS PLC, 1 CHURCHILL PLACE, LONDON, E14 5HP, UNITED KINGDOM. TELEPHONE: +44 (0) 20 7116 1000. COMPANY NO. 48839.

 

 

 

   
Barclays PLC  

 

 

 

Notes

 

 

The terms Barclays and Group refer to Barclays PLC together with subsidiaries.

 

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, which can be accessed at home.barclays/investor-relations.

 

The information in this document, which was approved by the Board of Directors on 19 February 2024, does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2023, which contain an unmodified audit report under Section 495 of the Companies Act 2006 (which does not make any statements under Section 498 of the Companies Act 2006) will be delivered to the Registrar of Companies in accordance with Section 441 of the Companies Act 2006. This document has not been audited.

 

This document will be furnished on Form 6-K to the US Securities and Exchange Commission (SEC) as soon as practicable following its publication. Once furnished to 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 roadshows 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 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 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 38 to 43 for definitions and calculations of non-IFRS performance measures included throughout this document, and reconciliations to 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 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. 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. Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of the Group (including during management presentations) in connection with this document. Examples of forward-looking statements include, among others, statements or guidance regarding or relating to the Group’s future financial position, business strategy, income levels, costs, assets and liabilities, impairment charges, provisions, capital, leverage and other regulatory ratios, capital distributions (including policy on dividends and share buybacks), return on tangible equity, projected levels of growth in banking and financial markets, industry trends, any commitments and targets (including environmental, social and governance (ESG) commitments and targets), plans and objectives for future operations and other statements that are not historical or current facts. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements speak only as at the date on which they are made. Forward-looking statements may be affected by a number of factors, including, without limitation: changes in legislation, regulations, governmental and regulatory policies, expectations and actions, voluntary codes of practices and the interpretation thereof, changes in IFRS and other accounting standards, including practices with regard to the interpretation and application thereof and emerging and developing ESG reporting standards; the outcome of current and future legal proceedings and regulatory investigations; the Group’s ability along with governments and other stakeholders to measure, manage and mitigate the impacts of climate change effectively; environmental, social and geopolitical risks and incidents, pandemics and similar events beyond the Group’s control; the impact of competition in the banking and financial services industry; capital, liquidity, leverage and other regulatory rules and requirements applicable to past, current and future periods; UK, US, Eurozone and global macroeconomic and business conditions, including inflation; volatility in credit and capital markets; market related risks such as changes in interest rates and foreign exchange rates; reforms to benchmark interest rates and indices; higher or lower asset valuations; changes in credit ratings of any entity within the Group or any securities issued by it; changes in counterparty risk; changes in consumer behaviour; the direct and indirect consequences of the conflicts in Ukraine and the Middle East on European and global macroeconomic conditions, political stability and financial markets; political elections; developments in the UK’s relationship with the European Union (EU), the risk of cyberattacks, information or security breaches, technology failures or operational disruptions and any subsequent impacts on the Group’s reputation, business or operations; the Group’s ability to access funding; and the success of acquisitions, disposals and other strategic transactions. A number of these factors are beyond the Group’s control. As a result, the Group’s actual financial position, results, financial and non-financial metrics or performance measures or its ability to meet commitments and targets may differ materially from the statements or guidance set forth in the Group’s forward-looking statements. In setting its targets and outlook for the period 2024-2026, Barclays has made certain assumptions about the macroeconomic environment, including, without limitation, inflation, interest and unemployment rates, the different markets and competitive conditions in which Barclays operates, and its ability to grow certain businesses and achieve costs savings and other structural actions. Additional risks and factors which may impact the Group’s future financial condition and performance are identified in Barclays PLC’s filings with the SEC (including, without limitation, Barclays PLC’s Annual Report on Form 20-F for the financial year ended 31 December 2023), which are available on the SEC’s website at www.sec.gov.

 

Subject to Barclays PLC’s obligations under the applicable laws and regulations of any relevant jurisdiction (including, without limitation, the UK and the US) 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.

 

   

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Overview of Reporting Changes

 

 

At FY23 Results Barclays reporting segments comprise Barclays UK and Barclays International, and within Barclays International, Corporate and Investment Bank (CIB) and Consumer, Cards and Payments (CC&P). As part of the 20 February 2024 Investor Update Barclays has announced changes to its operating divisions which impacts segmental reporting going forward.

 

This document provides details of the impact on the Group’s financial reporting as a result of such resegmentation, and re-presents segmental results for 2023 (full year and quarterly), 2022 (full year and quarterly), and 2021. These changes do not affect legal entities nor do they impact the Group’s consolidated financials.

 

Resegmentation under New Operating Divisions

 

Barclays UK is unaffected by the resegmentation and the financials remain aligned to those previously reported

The Barclays International segment, and within it CIB and CC&P, has been restructured to provide greater visibility, and to transfer certain businesses to Head Office

Head Office now incorporates certain businesses transferred from CC&P

From Q124, in addition to Head Office, the Group will present its financial disclosures through the following segments:

Barclays UK

Barclays UK Corporate Bank

Barclays Private Bank and Wealth Management

Barclays Investment Bank

Barclays US Consumer Bank

 

Barclays UK

 

This segment broadly represents businesses that sit within the UK ring-fenced bank entity, Barclays Bank UK PLC, and continues to comprise Personal Banking, Business Banking and Barclaycard Consumer UK. Note that the UK Wealth Management and Investments (WM&I) portfolio was transferred to CC&P in May 2023 and going forward the business will be reported within the new Barclays Private Bank and Wealth Management segment. Barclays UK’s financial results prior to May 2023 include the WM&I portfolio and have not been restated to reflect this transfer.

 

Barclays UK Corporate Bank

 

This division includes a large part of the Corporate Lending and Transaction Banking businesses previously reported within CIB, and the Payments issuing business previously reported within CC&P. It brings together lending, trade and working capital, liquidity, payments and FX solutions for corporate clients with turnover from £6.5m and higher, excluding those clients that form part of the FTSE 350, which are included within the Investment Bank. Barclays UK Corporate Bank clients will have access to Investment Bank solutions, but they are less likely to be regular users of these services.

 

Barclays Private Bank and Wealth Management

 

Previously reported within CC&P, this segment comprises the Private Bank business in addition to the Wealth Management & Investments portfolio transferred from Barclays UK in May 2023, providing holistic wealth and private banking solutions. The business has been structured to service clients from across the UK wealth spectrum and grow the Private Bank franchise in selected international markets.

 

Barclays Investment Bank

 

This segment incorporates the Global Markets, Investment Banking and International Corporate Banking businesses, serving FTSE 350, multinationals and financial institution clients that are regular users of Investment Bank services. These businesses were previously reported within the CIB.

 

Barclays US Consumer Bank

 

Previously reported within CC&P, the segment represents the US credit card business, particularly focused in the partnership market as well as an online deposit franchise. The business has grown significantly over recent years and is now a leading partnership card issuer in the US by receivables1.

 

Head Office

 

In addition to its existing elements, Head Office now includes the German consumer finance business, which is currently accounted for as held for sale, and the merchant acquiring component of the Payments business.

 

1Based on Q323 end net receivables reported by peers. Source: Gate One Consultancy Group at Q323.
   

   

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Performance Highlights

 

 

 

2023 Barclays re-presented Group results                    
    Barclays UK    Barclays UK Corporate Bank    Barclays Private Bank and Wealth Management    Barclays Investment Bank    Barclays US Consumer Bank    Head Office    Barclays Group 
Income statement information   £m    £m    £m    £m    £m    £m    £m 
Net interest income   6,431    1,160    768    1,393    2,604    353    12,709 
Net fee, commission, trading and other income   1,156    610    440    9,642    664    157    12,669 
Total income   7,587    1,770    1,208    11,035    3,268    510    25,378 
Operating costs   (4,393)   (905)   (795)   (7,619)   (1,650)   (1,352)   (16,714)
UK bank levy   (30)   (8)   (4)   (123)       (14)   (180)
Litigation and conduct   8    1    2    5    (6)   (48)   (37)
Total operating expenses   (4,415)   (912)   (797)   (7,737)   (1,656)   (1,414)   (16,931)
Other net expenses       (3)               (6)   (9)
Profit/(loss) before impairment   3,172    855    411    3,298    1,612    (910)   8,438 
Credit impairment (charges)/releases   (304)   27    (4)   (102)   (1,438)   (60)   (1,881)
Profit/(loss) before tax   2,868    882    407    3,196    174    (970)   6,557 
Attributable profit/(loss)   1,962    584    330    2,041    131    (774)   4,274 
                                    
Performance measures                                   
Return on average tangible equity   19.2%   20.5%   32.7%   7.0%   4.1%   n/m    9.0%
Average tangible equity (£bn)   10.2    2.9    1.0    29.0    3.2    1.1    47.4 
Cost: income ratio   58%   52%   66%   70%   51%   n/m    67%
Loan loss rate (bps)   14    (10)   3    9    514    n/m    46 
                                    
Performance measures excluding Q423 structural cost actions                                   
Q423 structural cost actions (£m)   (168)   (27)   (29)   (169)   (19)   (515)   (927)
Return on average tangible equity   20.4%   21.2%   35.1%   7.5%   4.6%   n/m    10.6%
Cost: income ratio   56%   50%   64%   69%   50%   n/m    63%
                                    
Balance sheet and capital management   £bn    £bn    £bn    £bn    £bn    £bn    £bn 
Risk weighted assets   73.5    20.9    7.2    197.3    24.8    19.0    342.7 
Period end tangible equity   10.2    3.0    1.0    29.0    3.4    3.6    50.2 

 

   

Barclays PLC - 2023, 2022 & 2021

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Performance Highlights

 

 

 

2022 Barclays re-presented Group results                    
    Barclays UK    Barclays UK Corporate Bank    Barclays Private Bank and Wealth Management    Barclays Investment Bank    Barclays US Consumer Bank    Head Office   Barclays Group 
Income statement information   £m    £m    £m    £m    £m    £m   £m 
Net interest income   5,893    1,132    715    836    1,972    24    10,572 
Net fee, commission, trading and other income   1,366    525    299    11,087    667    440    14,384 
Total income   7,259    1,657    1,014    11,923    2,639    464    24,956 
Operating costs   (4,260)   (812)   (545)   (6,955)   (1,525)   (860)   (14,957)
UK bank levy   (26)   (7)   (4)   (119)       (20)   (176)
Litigation and conduct   (41)           (1,189)   (3)   (364)   (1,597)
Total operating expenses   (4,327)   (819)   (549)   (8,263)   (1,528)   (1,244)   (16,730)
Other net income       1        1        4    6 
Profit/(loss) before impairment   2,932    839    465    3,661    1,111    (776)   8,232 
Credit impairment charges   (286)       (5)   (181)   (624)   (124)   (1,220)
Profit/(loss) before tax   2,646    839    460    3,480    487    (900)   7,012 
Attributable profit/(loss)   1,877    563    370    2,806    356    (949)   5,023 
                                    
Performance measures                                   
Return on average tangible equity   18.7%   19.2%   36.3%   9.3%   12.7%   n/m    10.4%
Average tangible equity (£bn)   10.0    2.9    1.0    30.0    2.8    1.6    48.3 
Cost: income ratio   60%   49%   54%   69%   58%   n/m    67%
Loan loss rate (bps)   13        4    18    237    n/m    30 
                                   
Balance sheet and capital management   £bn    £bn    £bn    £bn    £bn    £bn   £bn 
Risk weighted assets   73.1    21.1    7.8    195.9    23.9    14.7    336.5 
Period end tangible equity   10.1    3.0    1.1    28.6    3.3    0.7    46.8 

 

   

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Results Resegmentation Document 

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Performance Highlights

 

 

 

2021 Barclays re-presented Group results                    
    Barclays UK    Barclays UK Corporate Bank    Barclays Private Bank and Wealth Management    Barclays Investment Bank    Barclays US Consumer Bank    Head Office    Barclays Group 
Income statement information   £m    £m    £m    £m    £m    £m    £m 
Net interest income   5,202    936    505    433    1,125    (129)   8,073 
Net fee, commission, trading and other income   1,334    405    276    10,714    694    445    13,867 
Total income   6,536    1,341    781    11,147    1,819    316    21,940 
Operating costs   (4,357)   (778)   (534)   (6,171)   (1,087)   (1,165)   (14,092)
UK bank levy   (36)   (9)   (4)   (120)       (1)   (170)
Litigation and conduct   (37)       1    (237)   (4)   (120)   (397)
Total operating expenses   (4,430)   (787)   (537)   (6,528)   (1,091)   (1,286)   (14,659)
Other net (expenses)/income       (1)       3        258    260 
Profit/(loss) before impairment   2,106    553    244    4,622    728    (712)   7,541 
Credit impairment releases/(charges)   365    137    9    342    (211)   11    653 
Profit/(loss) before tax   2,471    690    253    4,964    517    (701)   8,194 
Attributable profit/(loss)   1,756    446    207    3,601    379    (184)   6,205 
                                    
Performance measures                                   
Return on average tangible equity   17.6%   13.9%   22.5%   14.3%   17.2%   n/m    13.1%
Average tangible equity (£bn)   10.0    3.2    0.9    25.2    2.2    5.8    47.3 
Cost: income ratio   68%   59%   69%   59%   60%   n/m    67%
Loan loss rate (bps)   (16)   (50)   (7)   (46)   116    n/m    (18)
                                    
Balance sheet and capital management   £bn    £bn    £bn    £bn    £bn    £bn    £bn 
Risk weighted assets   72.3    19.9    6.7    181.7    17.1    16.4    314.1 
Period end tangible equity   10.0    2.8    0.9    26.4    2.3    6.3    48.7 

 

   

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Performance Highlights

 

 

 

Barclays Group results  Year ended   % Change1 
    31.12.23    31.12.22    31.12.21    31.12.22 
Income statement information   £m    £m    £m      
Barclays UK   7,587    7,259    6,536    5 
Barclays UK Corporate Bank   1,770    1,657    1,341    7 
Barclays Private Bank and Wealth Management   1,208    1,014    781    19 
Barclays Investment Bank   11,035    11,923    11,147    (7)
Barclays US Consumer Bank   3,268    2,639    1,819    24 
Head Office   510    464    316    10 
Total income   25,378    24,956    21,940    2 
Operating costs   (16,714)   (14,957)   (14,092)   (12)
UK bank levy   (180)   (176)   (170)   (2)
Litigation and conduct   (37)   (1,597)   (397)   98 
Total operating expenses   (16,931)   (16,730)   (14,659)   (1)
Other net (expenses)/income   (9)   6    260      
Profit before impairment   8,438    8,232    7,541    3 
Credit impairment (charges)/releases   (1,881)   (1,220)   653    (54)
Profit before tax   6,557    7,012    8,194    (6)
Tax charge   (1,234)   (1,039)   (1,138)   (19)
Profit after tax   5,323    5,973    7,056    (11)
Non-controlling interests   (64)   (45)   (47)   (42)
Other equity instrument holders   (985)   (905)   (804)   (9)
Attributable profit   4,274    5,023    6,205    (15)
                     
Performance measures                    
Return on average tangible shareholders’ equity   9.0%   10.4%   13.1%     
Average tangible shareholders’ equity (£bn)   47.4    48.3    47.3      
Cost: income ratio   67%   67%   67%     
Loan loss rate (bps)   46    30    (18)     
Basic earnings per share   27.7p   30.8p   36.5p     
Dividend per share   8.0p   7.25p   6.0p     
Share buyback announced (£m)   1,750    1,000    1,500      
Total payout equivalent per share   c.19.4p    c.13.4p    15.0p     
Basic weighted average number of shares (m)   15,445    16,333    16,985      
Period end number of shares (m)   15,155    15,871    16,752      
                     
Balance sheet information   £bn    £bn    £bn      
Loans and advances at amortised cost   399.5    398.8    361.5      
Loans and advances at amortised cost impairment coverage ratio   1.4%   1.4%   1.6%     
Total assets   1,477.5    1,513.7    1,384.3      
Deposits at amortised cost   538.8    545.8    519.4      
Tangible net asset value per share   331p   295p   291p     
Common equity tier 1 ratio   13.8%   13.9%   15.1%     
Common equity tier 1 capital   47.3    46.9    47.3      
Risk weighted assets   342.7    336.5    314.1      
UK leverage ratio   5.2%   5.3%   5.2%     
UK leverage exposure   1,168.3    1,130.0    1,137.9      
                     
Funding and Liquidity                    
Group liquidity pool (£bn)   298.1    318.0    291.0      
Liquidity coverage ratio2   161%   156%   168%     
Net stable funding ratio3   138%   137%          
Loan: deposit ratio   74%   73%   70%     

 

1Movement between year ended 31 December 2023 and year ended 31 December 2022.

2The liquidity coverage ratio (LCR) is now shown on an average basis, based on the average of the last 12 spot month end ratios. Prior period LCR comparatives have been updated for consistency.

3Represents average of the last four spot quarter end positions.

   

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Results by Business

 

 

 

Barclays UK is unaffected by the resegmentation and financials are presented below for completeness only.

 

Barclays UK  Year ended   % Change1 
    31.12.23    31.12.22    31.12.21    31.12.22 
Income statement information   £m    £m    £m      
Net interest income   6,431    5,893    5,202    9 
Net fee, commission and other income   1,156    1,366    1,334    (15)
Total income   7,587    7,259    6,536    5 
Operating costs   (4,393)   (4,260)   (4,357)   (3)
UK bank levy   (30)   (26)   (36)   (15)
Litigation and conduct   8    (41)   (37)     
Total operating expenses   (4,415)   (4,327)   (4,430)   (2)
Other net income                 
Profit before impairment   3,172    2,932    2,106    8 
Credit impairment (charges)/releases   (304)   (286)   365    (6)
Profit before tax   2,868    2,646    2,471    8 
Attributable profit   1,962    1,877    1,756    5 
                     
Performance measures                    
Return on average allocated tangible equity   19.2%   18.7%   17.6%     
Average allocated tangible equity (£bn)   10.2    10.0    10.0      
Cost: income ratio   58%   60%   68%     
Loan loss rate (bps)   14    13    (16)     
Net interest margin   3.13%   2.86%   2.52%     
                     
Balance sheet information   £bn    £bn    £bn      
Loans and advances to customers at amortised cost   202.8    205.1    208.8      
Customer deposits at amortised cost   241.1    258.0    260.6      
Loan: deposit ratio   92%   87%   85%     
Risk weighted assets   73.5    73.1    72.3      
Period end allocated tangible equity   10.2    10.1    10.0      

 

1Movement between year ended 31 December 2023 and year ended 31 December 2022.

   

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Analysis of Barclays UK  Year ended       % Change1 
    31.12.23    31.12.22    31.12.21    31.12.22 
Analysis of total income   £m    £m    £m      
Personal Banking   4,729    4,540    3,883    4 
Barclaycard Consumer UK   964    1,093    1,250    (12)
Business Banking   1,894    1,626    1,403    16 
Total income   7,587    7,259    6,536    5 
                     
Analysis of credit impairment (charges)/releases                    
Personal Banking   (170)   (167)   28    (2)
Barclaycard Consumer UK   (162)   30    404      
Business Banking   28    (149)   (67)     
Total credit impairment (charges)/releases   (304)   (286)   365    (6)
                     
Analysis of loans and advances to customers at amortised cost   £bn    £bn    £bn      
Personal Banking   170.1    169.7    165.4      
Barclaycard Consumer UK   9.7    9.2    8.7      
Business Banking   23.0    26.2    34.7      
Total loans and advances to customers at amortised cost   202.8    205.1    208.8      
                     
Analysis of customer deposits at amortised cost                    
Personal Banking   185.4    195.6    196.4      
Barclaycard Consumer UK                 
Business Banking   55.7    62.4    64.2      
Total customer deposits at amortised cost   241.1    258.0    260.6      

 

Barclays UK 

Profit before tax increased 8% to £2,868m with a return on tangible equity (RoTE) of 19.2% (2022: 18.7%)

Total income increased 5% to £7,587m. Net interest income (NII) increased 9% to £6,431m with a net interest margin (NIM) of 3.13% (2022: 2.86%), as higher interest rates and associated structural hedge benefit outweighed mortgage margin pressure and adverse deposit dynamics reflecting wider market trends. Net fee, commission and other income decreased 15% to £1,156m including the impact of the transfer of WM&I to CC&P

Total operating expenses increased 2% to £4,415m, including £168m impact from Q423 structural cost actions. Excluding the impact of Q423 structural cost actions, operating expenses decreased 2%, driven by the transfer of WM&I to CC&P partially offset by the impact of inflation and the acquisition of Kensington Mortgage Company (KMC). Ongoing efficiency savings continue to be reinvested, including in our transformation programme to support sustainable improvement to the cost: income ratio over the longer term

Credit impairment charges increased to £304m (2022: £286m), consistent with low delinquencies in UK cards and a high quality mortgage lending portfolio. UK cards 30 and 90 day arrears remained low at 0.9% (Q422: 0.9%) and 0.2% (Q422: 0.2%) respectively. The UK cards total coverage ratio was 6.8% (December 2022: 7.6%)

Customer deposits at amortised cost decreased 7% to £241.1bn (December 2022: £258.0bn). Primarily driven by reduced current account balances in Personal and Business Banking, reflecting broader market trends. The loan: deposit ratio increased to 92% (December 2022: 87%)

Risk weighted assets (RWAs) increased to £73.5bn (December 2022: £73.1bn), primarily due to the acquisition of KMC, broadly offset by reduction across lending portfolios

 

1Movement between year ended 31 December 2023 and year ended 31 December 2022.

   

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Results by Business

 

 

 

Barclays UK Corporate Bank  Year ended   % Change1 
    31.12.23    31.12.22    31.12.21    31.12.22 
Income statement information   £m    £m    £m      
Net interest income   1,160    1,132    936    2 
Net fee, commission, trading and other income   610    525    405    16 
Total income   1,770    1,657    1,341    7 
Operating costs   (905)   (812)   (778)   (11)
UK bank levy   (8)   (7)   (9)   (14)
Litigation and conduct   1              
Total operating expenses   (912)   (819)   (787)   (11)
Other net (expenses)/income   (3)   1    (1)     
Profit before impairment   855    839    553    2 
Credit impairment releases   27        137      
Profit before tax   882    839    690    5 
Attributable profit   584    563    446    4 
                     
Performance measures                    
Return on average allocated tangible equity   20.5%   19.2%   13.9%     
Average allocated tangible equity (£bn)   2.9    2.9    3.2      
Cost: income ratio   52%   49%   59%     
Loan loss rate (bps)   (10)       (50)     
                     
Balance sheet information   £bn    £bn    £bn      
Loans and advances to customers at amortised cost   26.4    26.9    27.0      
Deposits at amortised cost   84.9    84.4    85.0      
Risk weighted assets   20.9    21.1    19.9      
Period end allocated tangible equity   3.0    3.0    2.8      
                     
                     
Analysis of total income   £m    £m    £m    % Change 
Corporate lending   262    247    316    6 
Transaction banking   1,508    1,410    1,025    7 
Total income   1,770    1,657    1,341    7 

 

Barclays UK Corporate Bank

Profit before tax increased 5% to £882m with a RoTE of 20.5% (2022: 19.2%). Excluding the impact of Q423 structural cost actions RoTE was 21.2%

Total income increased 7% to £1,770m, with NII increasing to £1,160m from improved margins. Net fee, commission, trading and other income increased 16% as a result of higher interest rate environment

Total operating expenses increased 11% to £912m, reflecting higher investment spend to support growth, £27m of Q423 structural cost actions and the impact of inflation partially offset by efficiency savings

Credit impairment releases were £27m (2022: £nil), driven by resilient underlying credit performance and the marginally improved year-on-year macroeconomic outlook

RWAs were broadly stable at £20.9bn (December 2022: £21.1bn)

 

1Movement between year ended 31 December 2023 and year ended 31 December 2022.

   

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Results by Business

 

 

 

Barclays Private Bank and Wealth Management  Year ended   % Change1 
    31.12.23    31.12.22    31.12.21    31.12.22 
Income statement information   £m    £m    £m      
Net interest income   768    715    505    7 
Net fee, commission and other income   440    299    276    47 
Total income   1,208    1,014    781    19 
Operating costs   (795)   (545)   (534)   (46)
UK bank levy   (4)   (4)   (4)     
Litigation and conduct   2        1      
Total operating expenses   (797)   (549)   (537)   (45)
Other net income                 
Profit before impairment   411    465    244    (12)
Credit impairment (charges)/releases   (4)   (5)   9    20 
Profit before tax   407    460    253    (12)
Attributable profit   330    370    207    (11)
                     
Performance measures                    
Return on average allocated tangible equity   32.7%   36.3%   22.5%     
Average allocated tangible equity (£bn)   1.0    1.0    0.9      
Cost: income ratio   66%   54%   69%     
Loan loss rate (bps)   3    4    (7)     
                     
Balance sheet information   £bn    £bn    £bn      
Loans and advances to customers at amortised cost   13.6    14.4    13.0      
Deposits at amortised cost   60.3    62.3    54.1      
Risk weighted assets   7.2    7.8    6.7      
Period end allocated tangible equity   1.0    1.1    0.9      

 

Barclays Private Bank and Wealth Management

Profit before tax decreased 12% to £407m with a RoTE of 32.7% (2022: 36.3%). Excluding the impact of Q423 structural cost actions, RoTE was 35.1%

Total income increased 19% to £1,208m, due to the transfer of WM&I from Barclays UK, client balance growth and improved deposit margins in the higher rate environment

Total operating expenses increased 45% to £797m, reflecting the transfer of WM&I from Barclays UK, £29m of Q423 structural cost actions, higher investment spend to support growth and the impact of inflation partially offset by efficiency savings

RWAs decreased to £7.2bn (December 2022: £7.8bn), reflecting reduction in lending balances as clients repaid balances in light of the higher interest rate environment

 

1Movement between year ended 31 December 2023 and year ended 31 December 2022.

   

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Results by Business

 

 

 

Barclays Investment Bank  Year ended   % Change1 
    31.12.23    31.12.22    31.12.21    31.12.22 
Income statement information   £m    £m    £m      
Net interest income   1,393    836    433    67 
Net trading income   6,040    7,724    5,653    (22)
Net fee, commission and other income   3,602    3,363    5,061    7 
Total income   11,035    11,923    11,147    (7)
Operating costs   (7,619)   (6,955)   (6,171)   (10)
UK bank levy   (123)   (119)   (120)   (3)
Litigation and conduct   5    (1,189)   (237)     
Total operating expenses   (7,737)   (8,263)   (6,528)   6 
Other net income       1    3      
Profit before impairment   3,298    3,661    4,622    (10)
Credit impairment (charges)/releases   (102)   (181)   342    44 
Profit before tax   3,196    3,480    4,964    (8)
Attributable profit   2,041    2,806    3,601    (27)
                     
Performance measures                    
Return on average allocated tangible equity   7.0%   9.3%   14.3%     
Average allocated tangible equity (£bn)   29.0    30.0    25.2      
Cost: income ratio   70%   69%   59%     
Loan loss rate (bps)   9    18    (46)     
                     
Balance sheet information   £bn    £bn    £bn      
Loans and advances to customers at amortised cost   62.7    64.6    47.2      
Loans and advances to banks at amortised cost   7.3    8.1    7.6      
Debt securities at amortised cost   38.9    27.2    19.0      
Loans and advances at amortised cost   108.9    99.9    73.8      
Trading portfolio assets   174.5    133.7    146.7      
Derivative financial instrument assets   255.1    301.6    261.5      
Financial assets at fair value through the income statement   202.5    209.4    186.5      
Cash collateral and settlement balances   102.3    106.2    86.4      
Deposits at amortised cost   132.7    121.5    104.3      
Derivative financial instrument liabilities   249.7    288.9    256.4      
Risk weighted assets   197.3    195.9    181.7      
Period end allocated tangible equity   29.0    28.6    26.4      
                     
Analysis of total income   £m    £m    £m    % Change 
FICC   4,845    5,695    3,448    (15)
Equities   2,373    3,149    2,967    (25)
Global Markets   7,218    8,844    6,415    (18)
Advisory   593    768    921    (23)
Equity capital markets   219    166    813    32 
Debt capital markets   1,148    1,281    1,925    (10)
Investment Banking fees   1,960    2,215    3,659    (12)
Corporate lending   213    (479)   273      
Transaction banking   1,644    1,343    800    22 
Total income   11,035    11,923    11,147    (7)

 

1Movement between year ended 31 December 2023 and year ended 31 December 2022.

   

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Results by Business 

 

 

 

Barclays Investment Bank

Barclays Investment Bank RoTE was 7.0% (2022: 9.3%) with a profit before tax of £3,196m (2022: £3,480m) including £169m of Q423 structural cost actions. Excluding the impact of Q423 structural cost actions, Barclays Investment Bank delivered a RoTE of 7.5%

Total income decreased 7% to £11,035m and decreased 5% excluding £292m impact from prior year hedging arrangements related to the Over-issuance of Securities1

Global Markets income decreased 18% to £7,218m against a record prior year comparative2. FICC income decreased 15% to £4,845m, reflecting lower market volatility and client activity. Equities income decreased 25% to £2,373m, driven by a decline in derivatives income reflecting less volatile equity market conditions

Investment Banking fees decreased 12% to £1,960m due to the reduced fee pool across the industry3. Advisory decreased 23% and Debt capital markets decreased 10%, while Equity capital markets increased 32%

Transaction banking income increased 22% to £1,644m driven by improved deposit margins in the higher interest rate environment. Corporate lending income increased to £213m (2022: £479m loss) mainly driven by lower costs of hedging and lower fair value losses on leverage finance lending net of mark to market gains on related hedges

Total operating expenses decreased 6% to £7,737m. Operating expenses excluding litigation and conduct charges increased 9% to £7,742m reflecting investment in talent and technology, £169m of Q423 structural cost actions and the impact of inflation, partially offset by efficiency savings

Credit impairment charges decreased to £102m (2022: £181m), driven by single name charges, partially offset by the benefit of credit protection

RWAs increased to £197.3bn (December 2022: £195.9bn)

 

12022 included £292m of income gain related to hedging arrangements to manage the risks of the rescission offer in relation to the Over-issuance of Securities, impacting Equities within Global Markets and Investment Bank.

2Period covering 2014-2023. Pre 2014 data was not restated following re-segmentation in 2016.

3Data source: Dealogic for the period covering 1 January to 31 December 2023.

   

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Results by Business
 

 

Barclays US Consumer Bank  Year ended   % Change1 
    31.12.23    31.12.22    31.12.21    31.12.22 
Income statement information   £m    £m    £m      
Net interest income   2,604    1,972    1,125    32 
Net fee, commission and other income   664    667    694     
Total income   3,268    2,639    1,819    24 
Operating costs   (1,650)   (1,525)   (1,087)   (8)
UK bank levy                 
Litigation and conduct   (6)   (3)   (4)     
Total operating expenses   (1,656)   (1,528)   (1,091)   (8)
Other net income                 
Profit before impairment   1,612    1,111    728    45 
Credit impairment charges   (1,438)   (624)   (211)     
Profit before tax   174    487    517    (64)
Attributable profit   131    356    379    (63)
                     
Performance measures                    
Return on average allocated tangible equity   4.1%   12.7%   17.2%     
Average allocated tangible equity (£bn)   3.2    2.8    2.2      
Cost: income ratio   51%   58%   60%     
Loan loss rate (bps)   514    237    116      
Net interest margin   10.85%   9.69%   7.63%     
                     
Balance sheet information   £bn    £bn    £bn      
Loans and advances to customers at amortised cost   24.2    23.6    15.8      
Deposits at amortised cost   19.7    18.3    14.5      
Risk weighted assets   24.8    23.9    17.1      
Period end allocated tangible equity   3.4    3.3    2.3      

 

Barclays US Consumer Bank 

Profit before tax was £174m (2022: £487m) with a RoTE of 4.1% (2022: 12.7%). Excluding the impact of Q423 structural cost actions RoTE was 4.6%

Total income increased 24% to £3,268m, reflecting higher cards balances and improved margins, including the Gap Inc. portfolio acquisition in Q222

Total operating expenses increased 8% to £1,656m, driven by higher investment spend to support growth, mainly in marketing and partnership costs, £19m of Q423 structural cost actions and the impact of inflation, partially offset by efficiency savings

Credit impairment charges increased to £1,438m (2022: £624m), driven by higher delinquencies in US cards, which was anticipated and led to higher coverage ratios. 30 and 90 day arrears at 2.9% (Q422: 2.2%) and 1.5% (Q422: 1.2%) respectively. The US cards total coverage ratio was 10.2% (December 2022: 8.1%)

RWAs increased to £24.8bn (December 2022: £23.9bn), reflecting balance growth

 

1Movement between year ended 31 December 2023 and year ended 31 December 2022.

   

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Results by Business
 

 

Head Office  Year ended   % Change1 
    31.12.23    31.12.22    31.12.21    31.12.22 
Income statement information   £m    £m    £m      
Net interest income   353    24    (129)     
Net fee, commission and other income   157    440    445    (64)
Total income   510    464    316    10 
Operating costs   (1,352)   (860)   (1,165)   (57)
UK bank levy   (14)   (20)   (1)   30 
Litigation and conduct   (48)   (364)   (120)   87 
Total operating expenses   (1,414)   (1,244)   (1,286)   (14)
Other net (expenses)/income   (6)   4    258      
Loss before impairment   (910)   (776)   (712)   (17)
Credit impairment (charges)/releases   (60)   (124)   11    52 
Loss before tax   (970)   (900)   (701)   (8)
Attributable loss   (774)   (949)   (184)   18 
                     
Performance measures                    
Average allocated tangible equity (£bn)   1.1    1.6    5.8      
                     
Balance sheet information   £bn    £bn    £bn      
Risk weighted assets   19.0    14.7    16.4      
Period end allocated tangible equity   3.6    0.7    6.3      

 

Head Office

Loss before tax was £970m (2022: £900m) including £515m of Q423 structural cost actions

Total income was broadly stable at £510m (2022: £464m)

Total operating expenses increased to £1,414m (2022: £1,244m) primarily driven by £515m of Q423 structural cost actions, partially offset by lower litigation and conduct charges

Head Office structural cost actions principally include the goodwill and intangible asset impairments related to the merchant acquiring Payment business, and the Canary Wharf office lease exit

Credit impairment charges were £60m (2022: £124m) driven by stable credit quality and easing inflationary pressure in the modelled German consumer finance business

RWAs increased to £19.0bn (December 2022: £14.7bn) primarily driven by methodology and policy updates including increases in non-customer assets in merchant acquiring relating to settlement balances

 

1Movement between year ended 31 December 2023 and year ended 31 December 2022.

   

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Quarterly Results Summary
 

 

Barclays Group                                
   Q423   Q323   Q223   Q123   Q422   Q322   Q222   Q122 
Income statement information  £m   £m   £m   £m   £m   £m   £m   £m 
Net interest income   3,139    3,247    3,270    3,053    2,741    3,068    2,422    2,341 
Net fee, commission, trading and other income   2,459    3,011    3,015    4,184    3,060    2,883    4,286    4,155 
Total income   5,598    6,258    6,285    7,237    5,801    5,951    6,708    6,496 
Operating costs   (4,735)   (3,949)   (3,919)   (4,111)   (3,748)   (3,939)   (3,682)   (3,588)
UK bank levy   (180)               (176)            
Litigation and conduct   (5)       (33)   1    (79)   339    (1,334)   (523)
Total operating expenses   (4,920)   (3,949)   (3,952)   (4,110)   (4,003)   (3,600)   (5,016)   (4,111)
Other net (expenses)/income   (16)   9    3    (5)   10    (1)   7    (10)
Profit before impairment   662    2,318    2,336    3,122    1,808    2,350    1,699    2,375 
Credit impairment charges   (552)   (433)   (372)   (524)   (498)   (381)   (200)   (141)
Profit/(loss) before tax   110    1,885    1,964    2,598    1,310    1,969    1,499    2,234 
Tax credit/(charge)   23    (343)   (353)   (561)   33    (249)   (209)   (614)
Profit after tax   133    1,542    1,611    2,037    1,343    1,720    1,290    1,620 
Non-controlling interests   (25)   (9)   (22)   (8)   (22)   (2)   (20)   (1)
Other equity instrument holders   (219)   (259)   (261)   (246)   (285)   (206)   (199)   (215)
Attributable (loss)/profit   (111)   1,274    1,328    1,783    1,036    1,512    1,071    1,404 
                                         
Performance measures                                        
Return on average tangible shareholders' equity   (0.9)%   11.0%   11.4%   15.0%   8.9%   12.5%   8.7%   11.5%
Average tangible shareholders' equity (£bn)   48.9    46.5    46.7    47.6    46.7    48.6    49.0    48.8 
Cost: income ratio   88%   63%   63%   57%   69%   60%   75%   63%
Loan loss rate (bps)   54    42    37    52    49    36    20    15 
Basic earnings per share   (0.7)p   8.3p   8.6p   11.3p   6.5p   9.4p   6.4p   8.4p
Basic weighted average number of shares (m)   15,092    15,405    15,523    15,770    15,828    16,148    16,684    16,682 
Period end number of shares (m)   15,155    15,239    15,556    15,701    15,871    15,888    16,531    16,762 
                                         
Balance sheet and capital management   £bn    £bn    £bn    £bn    £bn    £bn    £bn    £bn 
Loans and advances to customers at amortised cost   333.3    339.6    337.4    343.6    343.3    346.3    337.2    325.8 
Loans and advances to banks at amortised cost   9.5    11.5    10.9    11.0    10.0    12.5    12.5    11.4 
Debt securities at amortised cost   56.7    54.3    53.1    48.9    45.5    54.8    46.1    34.5 
Loans and advances at amortised cost   399.5    405.4    401.4    403.5    398.8    413.7    395.8    371.7 
Loans and advances at amortised cost impairment coverage ratio   1.4%   1.4%   1.4%   1.4%   1.4%   1.4%   1.4%   1.5%
Total assets   1,477.5    1,591.7    1,549.7    1,539.1    1,513.7    1,726.9    1,589.2    1,496.1 
Deposits at amortised cost   538.8    561.3    554.7    555.7    545.8    574.4    568.7    546.5 
Tangible net asset value per share   331p   316p   291p   301p   295p   286p   297p   294p
Common equity tier 1 ratio   13.8%   14.0%   13.8%   13.6%   13.9%   13.8%   13.6%   13.8%
Common equity tier 1 capital   47.3    48.0    46.6    46.0    46.9    48.6    46.7    45.3 
Risk weighted assets   342.7    341.9    336.9    338.4    336.5    350.8    344.5    328.8 
UK leverage ratio   5.2%   5.0%   5.1%   5.1%   5.3%   5.0%   5.1%   5.0%
UK leverage exposure   1,168.3    1,202.4    1,183.7    1,168.9    1,130.0    1,232.1    1,151.2    1,123.5 
                                         
Funding and liquidity                                        
Group liquidity pool (£bn)   298.1    335.0    330.7    333.0    318.0    325.8    342.5    319.8 
Liquidity coverage ratio   161%   159%   157%   157%   156%   156%   157%   159%
Net stable funding ratio   138%   138%   139%   139%   137%               
Loan: deposit ratio   74%   72%   72%   73%   73%   72%   70%   68%

 

   

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Results Resegmentation Document 

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Quarterly Results by Business
 

 

Barclays UK is unaffected by the resegmentation and financials are presented below for completeness only.

 

Barclays UK                                
   Q423   Q323   Q223   Q123   Q422   Q322   Q222   Q122 
Income statement information  £m   £m   £m   £m   £m   £m   £m   £m 
Net interest income   1,575    1,578    1,660    1,618    1,600    1,561    1,393    1,339 
Net fee, commission and other income   217    295    301    343    370    355    331    310 
Total income   1,792    1,873    1,961    1,961    1,970    1,916    1,724    1,649 
Operating costs   (1,153)   (1,058)   (1,090)   (1,092)   (1,108)   (1,069)   (1,085)   (998)
UK bank levy   (30)               (26)            
Litigation and conduct   (4)   9    5    (2)   (13)   (3)   (16)   (9)
Total operating expenses   (1,187)   (1,049)   (1,085)   (1,094)   (1,147)   (1,072)   (1,101)   (1,007)
Other net income/(expenses)                   1    (1)        
Profit before impairment   605    824    876    867    824    843    623    642 
Credit impairment charges   (37)   (59)   (95)   (113)   (157)   (81)       (48)
Profit before tax   568    765    781    754    667    762    623    594 
Attributable profit   382    531    534    515    474    549    458    396 
                                         
Balance sheet information   £bn    £bn    £bn    £bn    £bn    £bn    £bn    £bn 
Loans and advances to customers at amortised cost   202.8    204.9    206.8    208.2    205.1    205.1    205.9    207.3 
Customer deposits at amortised cost   241.1    243.2    249.8    254.3    258.0    261.0    261.5    260.3 
Loan: deposit ratio   92%   92%   90%   90%   87%   86%   85%   85%
Risk weighted assets   73.5    73.2    73.0    74.6    73.1    73.2    72.2    72.7 
Period end allocated tangible equity   10.2    10.1    10.1    10.3    10.1    10.1    9.9    10.1 
                                         
Performance measures                                        
Return on average allocated tangible equity   14.9%   21.0%   20.9%   20.0%   18.7%   22.1%   18.4%   15.6%
Average allocated tangible equity (£bn)   10.2    10.1    10.2    10.3    10.2    9.9    10.0    10.1 
Cost: income ratio   66%   56%   55%   56%   58%   56%   64%   61%
Loan loss rate (bps)   7    10    17    20    27    14        9 
Net interest margin   3.07%   3.04%   3.22%   3.18%   3.10%   3.01%   2.71%   2.62%

 

   

Barclays PLC - 2023, 2022 & 2021

Results Resegmentation Document 

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Quarterly Results by Business
 

 

Analysis of Barclays UK  Q423   Q323   Q223   Q123   Q422   Q322   Q222   Q122 
Analysis of total income  £m   £m   £m   £m   £m   £m   £m   £m 
Personal Banking   1,067    1,165    1,244    1,253    1,229    1,212    1,077    1,022 
Barclaycard Consumer UK   242    238    237    247    269    283    265    276 
Business Banking   483    470    480    461    472    421    382    351 
Total income   1,792    1,873    1,961    1,961    1,970    1,916    1,724    1,649 
                                         
Analysis of credit impairment charges                                        
Personal Banking   35    (85)   (92)   (28)   (120)   (26)   (42)   21 
Barclaycard Consumer UK   (73)   29    (35)   (83)   (12)   2    84    (44)
Business Banking   1    (3)   32    (2)   (25)   (57)   (42)   (25)
Total credit impairment charges   (37)   (59)   (95)   (113)   (157)   (81)       (48)
                                         
Analysis of loans and advances to customers at amortised cost   £bn    £bn    £bn    £bn    £bn    £bn    £bn    £bn 
Personal Banking   170.1    172.3    173.3    173.6    169.7    168.7    167.1    166.5 
Barclaycard Consumer UK   9.7    9.6    9.3    9.0    9.2    9.0    8.8    8.4 
Business Banking   23.0    23.0    24.2    25.6    26.2    27.4    30.0    32.4 
Total loans and advances to customers at amortised cost   202.8    204.9    206.8    208.2    205.1    205.1    205.9    207.3 
                                         
Analysis of customer deposits at amortised cost                                        
Personal Banking   185.4    186.1    191.1    194.3    195.6    197.3    197.0    196.6 
Barclaycard Consumer UK                                
Business Banking   55.7    57.1    58.7    60.0    62.4    63.7    64.5    63.7 
Total customer deposits at amortised cost   241.1    243.2    249.8    254.3    258.0    261.0    261.5    260.3 

 

   

Barclays PLC - 2023, 2022 & 2021

Results Resegmentation Document 

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Quarterly Results by Business
 

 

Barclays UK Corporate Bank                                
   Q423   Q323   Q223   Q123   Q422   Q322   Q222   Q122 
Income statement information  £m   £m   £m   £m   £m   £m   £m   £m 
Net interest income   247    304    299    310    324    309    266    233 
Net fee, commission, trading and other income   148    136    173    153    153    124    139    109 
Total income   395    440    472    463    477    433    405    342 
Operating costs   (258)   (224)   (213)   (210)   (213)   (209)   (198)   (192)
UK bank levy   (8)               (7)            
Litigation and conduct   (1)   2                         
Total operating expenses   (267)   (222)   (213)   (210)   (220)   (209)   (198)   (192)
Other net (expenses)/income   (5)       1    1    1             
Profit before impairment   123    218    260    254    258    224    207    150 
Credit impairment (charges)/releases   (18)   (15)   84    (24)   (52)   32    29    (9)
Profit before tax   105    203    344    230    206    256    236    141 
Attributable profit   59    129    239    157    131    172    166    94 
                                         
Balance sheet information   £bn    £bn    £bn    £bn    £bn    £bn    £bn    £bn 
Loans and advances to customers at amortised cost   26.4    26.9    26.9    27.2    26.9    27.2    27.1    27.1 
Deposits at amortised cost   84.9    82.7    82.6    83.6    84.4    86.1    87.1    83.8 
Risk weighted assets   20.9    19.5    20.6    20.2    21.1    20.4    21.0    20.4 
Period end allocated tangible equity   3.0    2.8    2.9    2.9    3.0    2.9    3.0    2.9 
                                         
Performance measures                                        
Return on average allocated tangible equity   8.4%   18.3%   32.9%   21.7%   17.8%   23.4%   22.3%   13.1%
Average allocated tangible equity (£bn)   2.8    2.8    2.9    2.9    2.9    2.9    3.0    2.9 
Cost: income ratio   68%   50%   45%   45%   46%   48%   49%   56%
Loan loss rate (bps)   27    21    (123)   36    74    (45)   (42)   14 
                                         
Analysis of total income   £m    £m    £m    £m    £m    £m    £m    £m 
Corporate lending   64    69    68    61    66    56    63    62 
Transaction banking   331    371    404    402    411    377    342    280 
Total income   395    440    472    463    477    433    405    342 

 

   

Barclays PLC - 2023, 2022 & 2021

Results Resegmentation Document 

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Quarterly Results by Business
 

 

Barclays Private Bank and Wealth Management                                
   Q423   Q323   Q223   Q123   Q422   Q322   Q222   Q122 
Income statement information  £m   £m   £m   £m   £m   £m   £m   £m 
Net interest income   182    219    186    181    205    197    167    146 
Net fee, commission, trading and other income   131    118    113    78    81    72    78    68 
Total income   313    337    299    259    286    269    245    214 
Operating costs   (255)   (214)   (182)   (144)   (153)   (135)   (138)   (119)
UK bank levy   (4)               (4)            
Litigation and conduct   2                             
Total operating expenses   (257)   (214)   (182)   (144)   (157)   (135)   (138)   (119)
Other net income                                
Profit before impairment   56    123    117    115    129    134    107    95 
Credit impairment releases/(charges)   4    2    (7)   (3)   (10)       3    2 
Profit before tax   60    125    110    112    119    134    110    97 
Attributable profit   47    102    91    90    92    108    85    85 
                                         
Balance sheet information   £bn    £bn    £bn    £bn    £bn    £bn    £bn    £bn 
Loans and advances to customers at amortised cost   13.6    13.4    13.8    14.3    14.4    14.6    14.3    13.6 
Deposits at amortised cost   60.3    59.7    59.2    60.8    62.3    62.9    59.1    55.4 
Risk weighted assets   7.2    7.2    7.2    7.5    7.8    7.9    7.4    7.2 
Period end allocated tangible equity   1.0    1.0    1.0    1.0    1.1    1.1    1.0    1.0 
                                         
Performance measures                                        
Return on average allocated tangible equity   19.1%   41.2%   35.9%   34.5%   34.9%   41.7%   33.5%   34.8%
Average allocated tangible equity (£bn)   1.0    1.0    1.0    1.0    1.1    1.0    1.0    1.0 
Cost: income ratio   82%   63%   61%   56%   55%   50%   56%   55%
Loan loss rate (bps)   (10)   (7)   20    7    26    1    (7)   (6)

 

   

Barclays PLC - 2023, 2022 & 2021

Results Resegmentation Document 

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Quarterly Results by Business
 

 

Barclays Investment Bank                                
   Q423   Q323   Q223   Q123   Q422   Q322   Q222   Q122 
Income statement information  £m   £m   £m   £m   £m   £m   £m   £m 
Net interest income   282    397    555    159    228    304    147    157 
Net trading income   757    1,497    1,351    2,435    1,197    1,346    2,734    2,447 
Net fee, commission and other income   998    792    837    975    731    794    801    1,037 
Total income   2,037    2,686    2,743    3,569    2,156    2,444    3,682    3,641 
Operating costs   (1,934)   (1,840)   (1,813)   (2,032)   (1,619)   (1,869)   (1,704)   (1,763)
UK bank levy   (123)               (119)            
Litigation and conduct   (2)   6    (1)   2    (55)   498    (1,314)   (318)
Total operating expenses   (2,059)   (1,834)   (1,814)   (2,030)   (1,793)   (1,371)   (3,018)   (2,081)
Other net (expenses)/income   (1)   2        (1)   1    1    (1)    
Profit before impairment   (23)   854    929    1,538    364    1,074    663    1,560 
Credit impairment (charges)/releases   (23)   23    (77)   (25)   (22)   (93)   (106)   40 
(Loss)/profit before tax   (46)   877    852    1,513    342    981    557    1,600 
Attributable (loss)/profit   (149)   580    562    1,048    313    847    418    1,228 
                                         
Balance sheet information   £bn    £bn    £bn    £bn    £bn    £bn    £bn    £bn 
Loans and advances to customers at amortised cost   62.7    62.3    59.1    63.1    64.6    67.5    60.5    53.4 
Loans and advances to banks at amortised cost   7.3    9.5    9.0    9.1    8.1    10.1    10.0    9.4 
Debt securities at amortised cost   38.9    36.3    35.1    30.7    27.2    36.2    29.3    20.7 
Loans and advances at amortised cost   108.9    108.1    103.2    102.9    99.9    113.8    99.8    83.5 
Trading portfolio assets   174.5    155.3    165.0    137.6    133.7    126.1    126.7    134.0 
Derivative financial instrument assets   255.1    280.4    264.8    256.5    301.6    415.5    343.4    288.7 
Financial assets at fair value through the income statement   202.5    237.2    231.1    243.8    209.4    243.6    208.0    202.4 
Cash collateral and settlement balances   102.3    134.6    122.1    124.3    106.2    162.2    127.1    130.6 
Deposits at amortised cost   132.7    154.2    142.9    137.3    121.5    143.4    142.5    130.9 
Derivative financial instrument liabilities   249.7    268.3    254.5    246.7    288.9    394.2    321.2    277.1 
Risk weighted assets   197.3    201.1    197.2    198.0    195.9    211.4    207.7    194.1 
Period end allocated tangible equity   29.0    29.0    28.7    28.9    28.6    30.8    30.3    28.5 
                                         
Performance measures                                        
Return on average allocated tangible equity   (2.1)%   8.0%   7.7%   14.4%   4.0%   10.9%   5.6%   17.5%
Average allocated tangible equity (£bn)   28.9    28.8    29.0    29.1    30.9    31.2    29.9    28.1 
Cost: income ratio   101%   68%   66%   57%   83%   56%   82%   57%
Loan loss rate (bps)   8    (8)   30    10    9    32    42    (19)
                                         
Analysis of total income   £m    £m    £m    £m    £m    £m    £m    £m 
FICC   724    1,147    1,186    1,788    976    1,546    1,529    1,644 
Equities   431    675    563    704    440    246    1,411    1,052 
Global Markets   1,155    1,822    1,749    2,492    1,416    1,792    2,940    2,696 
Advisory   171    80    130    212    197    150    236    185 
Equity capital markets   38    62    69    50    40    42    37    47 
Debt capital markets   301    233    273    341    243    341    281    416 
Investment Banking fees   510    375    472    603    480    533    554    648 
Corporate lending   (23)   103    100    33    (194)   (237)   (110)   62 
Transaction banking   395    386    422    441    454    356    298    235 
Total income   2,037    2,686    2,743    3,569    2,156    2,444    3,682    3,641 

 

   

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Quarterly Results by Business
 

 

Barclays US Consumer Bank                                
   Q423   Q323   Q223   Q123   Q422   Q322   Q222   Q122 
Income statement information  £m   £m   £m   £m   £m   £m   £m   £m 
Net interest income   686    662    622    634    639    616    389    328 
Net fee, commission, trading and other income   180    147    145    192    149    137    240    141 
Total income   866    809    767    826    788    753    629    469 
Operating costs   (418)   (404)   (401)   (427)   (425)   (429)   (365)   (306)
UK bank levy                                
Litigation and conduct   (2)       (4)       (3)            
Total operating expenses   (420)   (404)   (405)   (427)   (428)   (429)   (365)   (306)
Other net income                                
Profit before impairment   446    405    362    399    360    324    264    163 
Credit impairment charges   (449)   (404)   (264)   (321)   (224)   (172)   (108)   (120)
(Loss)/profit before tax   (3)   1    98    78    136    152    156    43 
Attributable (loss)/profit   (3)   3    72    59    101    107    118    30 
                                         
Balance sheet information   £bn    £bn    £bn    £bn    £bn    £bn    £bn    £bn 
Loans and advances to customers at amortised cost   24.2    24.3    22.9    22.5    23.6    23.6    21.0    16.2 
Deposits at amortised cost   19.7    19.3    17.9    18.1    18.3    19.8    17.8    15.1 
Risk weighted assets   24.8    24.1    22.5    22.5    23.9    23.6    21.7    17.7 
Period end allocated tangible equity   3.4    3.3    3.1    3.1    3.3    3.2    3.0    2.4 
                                         
Performance measures                                        
Return on average allocated tangible equity   (0.3)%   0.4%   9.3%   7.5%   12.6%   13.9%   18.2%   5.3%
Average allocated tangible equity (£bn)   3.3    3.1    3.1    3.1    3.2    3.1    2.6    2.4 
Cost: income ratio   48%   50%   53%   52%   54%   57%   58%   65%
Loan loss rate (bps)   636    582    411    515    337    257    179    259 
Net interest margin   10.88%   10.88%   10.66%   10.97%   10.64%   10.81%   8.37%   8.12%

 

   

Barclays PLC - 2023, 2022 & 2021

Results Resegmentation Document 

21 

 

 

Quarterly Results by Business
 

 

Head Office                                
   Q423   Q323   Q223   Q123   Q422   Q322   Q222   Q122 
Income statement information  £m   £m   £m   £m   £m   £m   £m   £m 
Net interest income   168    87    (52)   150    (253)   80    61    136 
Net fee, commission and other income   27    26    96    8    378    55    (38)   45 
Total income   195    113    43    159    124    136    23    181 
Operating costs   (717)   (209)   (220)   (206)   (230)   (228)   (192)   (210)
UK bank levy   (14)               (20)            
Litigation and conduct   1    (16)   (32)   (1)   (9)   (155)   (4)   (196)
Total operating expenses   (730)   (226)   (253)   (205)   (258)   (384)   (196)   (406)
Other net (expenses)/income   (10)   7    2    (5)   7    (1)   8    (10)
Loss before impairment   (545)   (106)   (208)   (51)   (127)   (249)   (165)   (235)
Credit impairment (charges)/releases   (29)   20    (13)   (38)   (33)   (67)   (18)   (6)
Loss before tax   (574)   (86)   (221)   (89)   (160)   (316)   (183)   (241)
Attributable loss   (447)   (71)   (170)   (86)   (75)   (271)   (174)   (429)
                                         
Balance sheet information   £bn    £bn    £bn    £bn    £bn    £bn    £bn    £bn 
Risk weighted assets   19.0    16.8    16.4    15.6    14.7    14.3    14.5    16.7 
Period end allocated tangible equity   3.6    2.0    (0.5)   1.1    0.7    (2.6)   1.9    4.4 
                                         
Performance measures                                        
Average allocated tangible equity (£bn)   2.7    0.7    0.5    1.2    (1.6)   0.5    2.5    4.3 

 

   

Barclays PLC - 2023, 2022 & 2021

Results Resegmentation Document 

22 

 

 

Resegmentation Bridges
 

 

2023 Barclays UK Corporate Bank            
             
       Moves from   Moves to     
   Corporate and
Investment Bank as
published
   Consumer, Cards
and Payments
   Barclays Investment
Bank
   Barclays UK
Corporate Bank
 
                 
Income statement information  £m   £m   £m   £m 
Net interest income   2,551    2    (1,393)   1,160 
Net fee, commission, trading and other income   10,059    193    (9,642)   610 
Total income   12,610    195    (11,035)   1,770 
Operating costs   (8,335)   (189)   7,619    (905)
UK bank levy   (129)   (2)   123    (8)
Litigation and conduct   6        (5)   1 
Total operating expenses   (8,458)   (192)   7,737    (912)
Other net expenses   (3)           (3)
Profit before impairment   4,149    3    (3,298)   855 
Credit impairment (charges)/releases   (23)   (52)   102    27 
Profit before tax   4,126    (49)   (3,196)   882 
Attributable profit   2,667    (41)   (2,041)   584 
                     
Performance measures                    
Return on average allocated tangible equity   8.4%             20.5%
Average allocated tangible equity (£bn)   31.7              2.9 
Cost: income ratio   67%             52%
Loan loss rate (bps)   2              (10)
                     
Performance measures excluding Q423 structural cost actions                    
Q423 structural cost actions (£m)   (188)   (7)   169    (27)
Return on average allocated tangible equity   8.9%             21.2%
Cost: income ratio   66%             50%