[6-K] Barclays PLC Current Report (Foreign Issuer)
Filing Impact
Filing Sentiment
Form Type
6-K
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
July
29, 2025
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
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.
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.
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BARCLAYS
PLC
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(Registrant)
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Date:
July 29, 2025
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By: /s/
Garth Wright
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Garth
Wright
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Assistant
Secretary
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Barclays PLC
Interim Results Announcement
30 June 2025
Table of Contents
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Results Announcement
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Page
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Notes
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1
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Performance Highlights
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2
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Group Finance Director’s Review
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5
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Results by Business
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● Barclays UK
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7
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● Barclays UK
Corporate
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10
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● Barclays Private Bank and Wealth
Management
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11
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● Barclays Investment
Bank
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12
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● Barclays US Consumer
Bank
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14
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● Head Office
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16
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Quarterly Results Summary
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17
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Quarterly Results by Business
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18
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Performance Management
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● Margins and
Balances
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25
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Risk Management
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● Risk Management and Principal
Risks
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27
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● Credit Risk
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28
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● Market Risk
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49
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● Treasury and Capital
Risk
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50
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Statement of Directors' Responsibilities
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60
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Independent Review Report to Barclays PLC
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61
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Condensed Consolidated Financial Statements
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63
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Financial Statement Notes
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69
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Appendix: Non-IFRS Performance Measures
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90
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Shareholder Information
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981
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Notes
The terms Barclays and Group refer to Barclays PLC together with
its subsidiaries. Unless otherwise stated, the income statement
analysis compares the six months ended 30 June 2025 to the
corresponding six months of 2024 and balance sheet analysis as at
30 June 2025 with comparatives relating to 31 December 2024 and 30
June 2024. 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; and 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,
which can be accessed at home.barclays/investor-relations.
The information in this announcement, which was approved by the
Board of Directors on 28 July 2025, does not comprise statutory
accounts within the meaning of Section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 December 2024, 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) have been delivered to the
Registrar of Companies in accordance with Section 441 of the
Companies Act 2006.
These results will be furnished on Form 6-K to the US Securities
and Exchange Commission (SEC) as soon as practicable following
publication of this document. 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 89 to 96 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, International Financial Reporting Standards
(“IFRS”) 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
sustainability reporting standards (including emissions accounting
methodologies); changes in tax laws and practice; 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 or navigate inconsistencies and conflicts in the
manner in which climate policy is implemented in the regions where
the Group operates, including as a result of the adoption of
anti-ESG rules and regulations, or other forms of governmental and
regulatory action against ESG policies; environmental, social and
geopolitical risks and incidents and similar events beyond the
Group’s control; financial crime; 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; changes in trade policy, including
the imposition of tariffs or other protectionist measures; 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; changes in US
legislation and policy following the US elections in 2024;
developments in the UK’s relationship with the European
Union; the risk of cyberattacks, information or security breaches,
technology failures or operational disruptions and any subsequent
impact on the Group’s reputation, business or operations; the
Group’s ability to access funding; and the success of
acquisitions (including the acquisition of Tesco Bank completed in
November 2024), disposals, joint ventures 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 US Securities and Exchange Commission
(“SEC”) (including, without limitation, Barclays
PLC’s Annual Report on Form 20-F for the financial year ended
31 December 2024), 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.
Performance Highlights
Barclays delivered a return on tangible equity (RoTE) of 13.2% in
H125, and announced £1.4bn total capital distributions to
shareholders in respect of the first half of 2025
C. S. Venkatakrishnan, Group Chief Executive,
commented
“We remain on track to achieve the objectives of our
three-year plan, delivering structurally higher and more stable
returns for our investors. At the mid-point of the plan, with six
quarters of consistent execution, we have achieved over half of the
c.£30bn planned UK risk weighted assets (RWAs) growth, half of
the target income growth and realised two-thirds of the £2bn
planned gross cost efficiency savings. In Q225 we delivered RoTE of
12.3%; year-on-year income grew by 14% and profit before tax by
28%. Earnings per share (EPS) grew by 41% reflecting profit growth
and the impact of share buybacks, with tangible net asset value
(TNAV) per share growth of 13%. Given strong organic capital
generation and common equity tier 1 (CET1) ratio of 14.0%, today we
announced a further £1bn share buyback and a half year
dividend of 3.0p per share, equating to £1.4bn of total
capital distributions in respect of the first half of 2025, a 21%
increase year-on-year."
●
H125
Group statutory RoTE of 13.2%, with EPS improving to 24.7p (H124:
18.6p)
-
Q225
Group statutory RoTE of 12.3%
●
Completed the £1bn share buyback announced
with FY24 Results. Announced intention to initiate a share buyback
of up to £1bn (H124: £750m) and a dividend of 3.0p per
share for H125 (H124: 2.9p), on
track to deliver progressive increase in total capital returns
versus 2024
●
Achieved £17bn1
of the c.£30bn planned UK RWA
growth, of which £10bn was organic growth
●
H125
Group loan loss rate (LLR) of 52bps (H124: 45bps), within the
through the cycle range of 50-60bps
●
H125
Group cost: income ratio improved to 58% (H124: 62%) driven by
positive operating leverage (FY25 guidance of c.61%)
-
Delivered
c.£350m of gross cost efficiency savings in H125 (FY25
guidance of c.£500m)
●
Strong
balance sheet with CET1 ratio of 14.0%
-
Taking
into account the impact of the £1bn share buyback announced
today, the CET1 ratio as of 30 June 2025 would be reduced by
c.30bps to 13.7%, in line with the 13-14% target range
●
TNAV
per share of 384p (December 2024: 357p)
Key financial metrics:
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Income
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Profit before tax
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Attributable profit
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Cost: income ratio
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LLR
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RoTE
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EPS
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TNAV per share
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CET1 ratio
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Total capital return
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Q225
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£7.2bn
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£2.5bn
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£1.7bn
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59%
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44bps
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12.3%
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11.7p
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384p
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14.0%
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£1.4bn
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H125
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£14.9bn
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£5.2bn
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£3.5bn
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58%
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52bps
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13.2%
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24.7p
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Q225 Performance highlights:
●
Group RoTE was 12.3% (Q224:
9.9%) with profit before tax of £2.5bn (Q224:
£1.9bn). All divisions
delivered double-digit RoTE in Q225
●
Group income of £7.2bn was
up 14% year-on-year2,
with Group net interest income (NII) excluding Barclays Investment
Bank and Head Office of £3.1bn, up 12%
year-on-year
-
Barclays
UK income increased 12%, driven by higher structural hedge income
and the Tesco Bank acquisition
-
Barclays
UK Corporate Bank (UKCB) income increased 17%, reflecting higher
average deposit and lending balances, and higher structural hedge
income
-
Barclays Private Bank and Wealth Management (PBWM)
income increased 9%,
reflecting higher client balances and
transactional activity
-
Barclays Investment Bank (IB) income
increased 10%,
driven by Global Markets, partially offset by Investment
Banking
-
Barclays US Consumer Bank (USCB) income was
stable, reflecting card balance
growth offset by the strengthening of GBP against USD. On a USD
basis income was up 7%
●
Group total operating expenses
were £4.2bn, up 5% year-on-year, with a cost: income ratio of 59% (Q224:
63%)
-
Group
operating costs increased 4% to £4.1bn, reflecting Tesco Bank
costs, further investment spend and business growth, inflation,
partially offset by c.£200m of cost efficiency
savings
●
Credit impairment charges were
£0.5bn (Q224: £0.4bn) with an LLR of 44bps (Q224: 38bps), including the
impact of Tesco Bank
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1
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Represents RWAs from business growth across Barclays UK, Private
Bank and Wealth Management, and UK Corporate Bank, excludes the
effects of securitisations, model updates and other methodological
changes. Also excludes additional Operational Risk RWAs related to
organic growth.
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2
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Q224 included a £220m loss on sale of the performing Italian
retail mortgage portfolio and a £20m loss on disposal from the
German consumer finance business.
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H125 Performance highlights:
●
Group RoTE was 13.2% (H124: 11.1%) with profit before tax of
£5.2bn (H124: £4.2bn)
●
Group income of £14.9bn
was up 12% year-on-year1 with
Group NII excluding Barclays Investment Bank and Head Office of
£6.1bn, up 13% year-on-year
●
Group total operating expenses were £8.6bn, up 5%
year-on-year
-
Group
operating costs increased 5% to £8.4bn, reflecting Tesco Bank
costs, further investment spend and business growth, inflation and
the c.£50m expense for the employee share grant announced at
FY24 Results, partially offset by c.£350m of cost efficiency
savings
●
Credit impairment charges were
£1.1bn (H124: £0.9bn) with an LLR of 52bps (H124: 45bps) including the
impact of Tesco Bank
●
CET1 ratio of 14.0% (December
2024: 13.6%), with RWAs of
£353.0bn (December 2024: £358.1bn) and TNAV per share of
384p (December 2024: 357p)
Group financial guidance and
targets2:
2025 guidance
●
Returns: RoTE of c.11%
●
Capital returns:
progressive increase in total capital
returns versus 2024
●
Income: Group NII excluding IB and Head Office of greater
than £12.5bn, of which Barclays UK NII of greater than
£7.6bn
●
Costs: Group cost: income ratio of c.61%. This includes
total gross efficiency savings of c.£500m in
2025
●
Impairment: LLR of 50-60bps through the
cycle
●
Capital: CET1 ratio target range of
13-14%
2026 targets
●
Returns: RoTE of greater than 12%
●
Capital returns:
plan to return at least £10bn of
capital to shareholders between 2024 and 2026, through dividends
and share buybacks, with a continued preference for
buybacks
-
Plan
to keep total dividend stable at 2023 level in absolute terms, with
progressive dividend per share growth driven through share count
reduction as a result of increased share buybacks
-
Dividends
will continue to be paid semi-annually
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This
multi-year plan is subject to supervisory and Board approval,
anticipated financial performance and our published CET1 ratio
target range of 13-14%
●
Income: Group total income of
c.£30bn
●
Costs: Group cost: income ratio of high 50s in percentage
terms, implying Group total operating expenses of c.£17bn,
based on targeted Group total income of c.£30bn. Cost target
includes total gross efficiency savings of c.£2bn by
2026
●
Impairment: expect an LLR of 50-60bps through the
cycle
●
Capital: CET1 ratio target range of
13-14%
-
Targeting
IB RWAs of c.50% of Group RWAs in 2026
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Impact
of regulatory change on RWAs in line with our prior guidance of
c.£19-26bn
-
c.£3-10bn RWAs from Basel 3.1, with
implementation expected from 1 January 2027
-
c.£16bn RWAs
from USCB moving to an Internal Ratings Based (IRB) model, subject
to model build and portfolio changes, implementation could be
beyond 2026
-
0.1%
increase in Pillar 2A from Q125 until model
implementation
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1
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H124 included a £220m loss on sale of the performing Italian
retail mortgage portfolio and a £20m loss on disposal from the
German consumer finance business.
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2
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Our targets and guidance are based on management's current
expectations as to the macroeconomic environment and the business
and may be subject to change.
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Barclays Group results
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Half year ended
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Three months ended
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30.06.25
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30.06.24
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30.06.25
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30.06.24
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£m
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£m
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% Change
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£m
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£m
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% Change
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Barclays
UK
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4,193
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3,713
|
13
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|
2,119
|
1,887
|
12
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|
Barclays
UK Corporate Bank
|
1,003
|
877
|
14
|
|
519
|
443
|
17
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|
Barclays
Private Bank and Wealth Management
|
697
|
632
|
10
|
|
348
|
320
|
9
|
|
Barclays
Investment Bank
|
7,180
|
6,347
|
13
|
|
3,307
|
3,019
|
10
|
|
Barclays
US Consumer Bank
|
1,687
|
1,678
|
1
|
|
823
|
819
|
—
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Head
Office
|
136
|
30
|
|
|
71
|
(164)
|
|
|
Total income
|
14,896
|
13,277
|
12
|
|
7,187
|
6,324
|
14
|
|
Operating costs
|
(8,407)
|
(7,997)
|
(5)
|
|
(4,149)
|
(3,999)
|
(4)
|
|
UK regulatory levies
|
(96)
|
(120)
|
20
|
|
—
|
—
|
—
|
|
Litigation and conduct
|
(87)
|
(64)
|
(36)
|
|
(76)
|
(7)
|
|
|
Total operating expenses
|
(8,590)
|
(8,181)
|
(5)
|
|
(4,225)
|
(4,006)
|
(5)
|
|
Other net income/(expenses)
|
9
|
16
|
(44)
|
|
(9)
|
4
|
|
|
Profit before impairment
|
6,315
|
5,112
|
24
|
|
2,953
|
2,322
|
27
|
|
Credit impairment charges
|
(1,112)
|
(897)
|
(24)
|
|
(469)
|
(384)
|
(22)
|
|
Profit before tax
|
5,203
|
4,215
|
23
|
|
2,484
|
1,938
|
28
|
|
Tax charge
|
(1,173)
|
(892)
|
(32)
|
|
(552)
|
(427)
|
(29)
|
|
Profit after tax
|
4,030
|
3,323
|
21
|
|
1,932
|
1,511
|
28
|
|
Non-controlling interests
|
(23)
|
(26)
|
12
|
|
(21)
|
(23)
|
9
|
|
Other equity instrument holders
|
(484)
|
(510)
|
5
|
|
(252)
|
(251)
|
—
|
|
Attributable profit
|
3,523
|
2,787
|
26
|
|
1,659
|
1,237
|
34
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
13.2%
|
11.1%
|
|
|
12.3%
|
9.9%
|
|
|
Average tangible shareholders' equity (£bn)
|
53.5
|
50.1
|
|
|
53.9
|
49.8
|
|
|
Cost: income ratio
|
58%
|
62%
|
|
|
59%
|
63%
|
|
|
Loan loss rate (bps)
|
52
|
45
|
|
|
44
|
38
|
|
|
Basic earnings per ordinary share
|
24.7p
|
18.6p
|
|
|
11.7p
|
8.3p
|
|
|
Dividend per share
|
3.0p
|
2.9p
|
3
|
|
|
|
|
|
Share buybacks announced (£m)
|
1,000
|
750
|
33
|
|
|
|
|
|
Total payout equivalent per share
|
c.10.1p
|
c.8.0p
|
26
|
|
|
|
|
|
Basic weighted average number of shares (m)
|
14,262
|
14,972
|
(5)
|
|
14,211
|
14,915
|
(5)
|
|
Period end number of shares (m)
|
14,180
|
14,826
|
(4)
|
|
|
|
|
|
Period end tangible shareholders' equity (£bn)
|
54.5
|
50.4
|
|
|
|
|
|
|
|
As at 30.06.25
|
As at 31.12.24
|
As at 30.06.24
|
|
Balance sheet and capital management1
|
£bn
|
£bn
|
£bn
|
|
Loans and advances at amortised cost
|
417.8
|
414.5
|
399.5
|
|
Loans and advances at amortised cost impairment coverage
ratio
|
1.2%
|
1.2%
|
1.4%
|
|
Total assets
|
1,598.7
|
1,518.2
|
1,576.6
|
|
Deposits at amortised cost
|
564.5
|
560.7
|
557.5
|
|
Tangible net asset value per share
|
384p
|
357p
|
340p
|
|
Common equity tier 1 ratio
|
14.0%
|
13.6%
|
13.6%
|
|
Common equity tier 1 capital
|
49.5
|
48.6
|
47.7
|
|
Risk weighted assets
|
353.0
|
358.1
|
351.4
|
|
UK leverage ratio
|
5.0%
|
5.0%
|
5.0%
|
|
UK leverage exposure
|
1,259.8
|
1,206.5
|
1,222.7
|
|
|
|
|
|
|
Funding and liquidity
|
|
|
|
|
Group liquidity pool (£bn)
|
333.7
|
296.9
|
328.7
|
|
Liquidity
coverage ratio2
|
177.7%
|
172.4%
|
167.0%
|
|
Net
stable funding ratio3
|
135.6%
|
134.9%
|
136.4%
|
|
Loan: deposit ratio
|
74%
|
74%
|
72%
|
|
1
|
Refer to pages 55 to 59 for further information on how capital,
RWAs and leverage are calculated.
|
|
2
|
Represents average of the last 12 spot month end ratios. From June
2025, Barclays is prospectively implementing a new methodology for
calculating net stress outflows related to secured financing
transactions in the liquidity coverage ratio (LCR), see page 50 for
additional information.
|
|
3
|
Represents average of the last four spot quarter end
positions.
|
Group Finance Director's Review
H125 Group performance
●
Barclays delivered a profit before tax of £5,203m (H124:
£4,215m), RoTE of 13.2% (H124: 11.1%) and EPS of 24.7p (H124:
18.6p)
●
The Group has a diverse income
profile across businesses and geographies. The appreciation of average GBP against USD
negatively impacted income and profits, and positively impacted
credit impairment charges and total operating
expenses
●
Group statutory income
increased 12% to £14,896m driven by higher income in Global Markets across
FICC and Equities, higher structural hedge income and Tesco Bank
income
●
Group total operating expenses increased to £8,590m (H124:
£8,181m)
-
Group
operating costs increased 5% to £8,407m, reflecting Tesco Bank
costs, further investment spend and business growth, inflation and
the c.£50m expense for the employee share grant announced at
FY24 Results, partially offset by c.£350m of cost efficiency
savings
●
Credit impairment charges
increased to £1,112m (H124: £897m), primarily driven by the acquisition of Tesco Bank and elevated US
macroeconomic uncertainty, including the post model adjustment
booked in Q125. Total coverage ratio remains stable at 1.2%
(December 2024: 1.2%)
●
The effective tax rate (ETR) was 22.5% (H124: 21.2%)
●
Attributable profit was £3,523m (H124:
£2,787m)
●
Total assets increased to
£1,598.7bn (December 2024: £1,518.2bn),
driven by an increase in trading
activity in IB and an increase in the liquidity pool from increased
wholesale funding. This was partially offset by a reduction in
derivative assets and the strengthening of spot GBP against
USD
●
TNAV per share increased to
384p (December 2024: 357p) including EPS of 24.7p and 11p benefit from the
cash flow hedging reserve. These were partially offset by a 6p
reduction from the FY24 dividend paid during H125 and net negative
other reserve movements
Group capital and leverage
●
The
CET1 ratio increased by c.50bps to 14.0% (December 2024: 13.6%) as
CET1 capital increased by £1.0bn to £49.5bn and RWAs
decreased by £5.1bn to £353.0bn:
-
c.100bps
increase from attributable profit
-
c.50bps
decrease driven by shareholder distributions including the
completed £1.0bn share buyback announced with FY24 results and
an accrual towards the total 2025 dividend
-
c.20bps
increase from other CET1 capital movements, including an increase
in the fair value through other comprehensive income
reserve
-
c.10bps
decrease as a result of a £3.7bn increase in RWAs, excluding
the impact of foreign exchange movements, primarily driven by
continued lending growth in Barclays UK and UKCB and trading
activity in IB, partially offset by the disposal of the German
consumer finance business
-
A
£1.6bn decrease in CET1 capital due to a decrease in the
currency translation reserve was partially offset by a £8.8bn
decrease in RWAs as a result of foreign exchange
movements
●
The
UK leverage ratio remained stable at 5.0% (December 2024: 5.0%), as
the leverage exposure increased by £53.3bn to £1,259.8bn
(December 2024: £1,206.5bn) offset by an increase of
£2.2bn in Tier 1 capital. The increase in leverage exposure
was largely driven by an increase in trading activity in IB,
partially offset by the strengthening of spot GBP against
USD
Group funding and liquidity
●
The
liquidity metrics remain well above regulatory requirements,
underpinned by well-diversified sources of funding, a stable global
deposit franchise and a highly liquid balance sheet
●
The
liquidity pool was £333.7bn, an increase of £36.8bn from
December 2024 (£296.9bn). The increase in the liquidity pool
was primarily driven by deposit growth across businesses and
increased term wholesale funding
●
The average1
LCR increased to 177.7% (December
2024: 172.4%), equivalent to a surplus of £135.0bn (December
2024: £127.5bn)
●
Total
deposits increased to £564.5bn (December 2024: £560.7bn),
primarily driven by customer deposit growth in IB and
UKCB
●
The average2
Net Stable Funding Ratio (NSFR) was
135.6% (December 2024: 134.9%), which represents a £166.6bn
surplus (December 2024: £162.9bn) above the 100% regulatory
requirement
●
Wholesale
funding outstanding, excluding repurchase agreements, was
£203.5bn (December 2024: £186.0bn)
●
The
Group issued £10.3bn equivalent of minimum requirement for own
funds and eligible liabilities (MREL) instruments from Barclays PLC
(the Parent company) in H125. The Group has a strong MREL position
with a ratio of 35.4%, which is in excess of the regulatory
requirement of 30.7% plus a confidential, institution specific, PRA
buffer
|
1
|
Represents average of the last 12 spot month end ratios. From June
2025, Barclays is prospectively implementing a new methodology for
calculating net stress outflows related to secured financing
transactions in the liquidity coverage ratio, see page 50 for
additional information
|
|
2
|
Represents average of the last four spot quarter end
ratios.
|
Other matters
●
Disposal of German consumer
finance business: In Q125,
Barclays Bank Ireland PLC announced the completion of the sale of
its German consumer finance business to BAWAG P.S.K., a wholly
owned subsidiary of BAWAG Group AG. The sale released c.£3.3bn
of RWAs, increasing Barclays’ CET1 ratio by c.10bps in
Q125
●
Long-term strategic partnership
for Payment Acceptance business: On 17 April 2025, Barclays announced it had
entered into a long-term strategic partnership with Brookfield
Asset Management Ltd to grow and transform Barclays' Payment
Acceptance business, previously referred to as the Merchant
Acquiring business
●
UK Financial Conduct Authority
(FCA) investigations concerning financial crime systems and
controls and compliance with the Money Laundering
Regulations: The UK FCA
conducted civil enforcement investigations into Barclays Bank
PLC’s and Barclays Bank UK PLC’s compliance with the
Money Laundering Regulations and the UK FCA’s Principles of
Business and Rules relating to anti-money laundering and financial
crime systems and controls. The UK FCA's investigation of Barclays
Bank PLC focused primarily on the historical oversight and
management of a customer with heightened risk. In July 2025,
Barclays Bank PLC agreed a settlement for £39m with the UK FCA
to resolve the investigation. At the same time, Barclays Bank UK
PLC reached a settlement with the UK FCA in a separate
investigation concerning the onboarding of a client money account
for an UK FCA-regulated firm. Barclays Bank UK PLC reached a
monetary settlement for £9m which included a £6m
voluntary payment for losses suffered by underlying investors. The
UK FCA recognised Barclays’ cooperation in both matters,
which are now concluded
●
Motor finance:
There has been no change to Barclays
Motor Finance provision in H125. The legal and regulatory outcomes
and the nature, extent and timing of any remediation action, if
required, remain uncertain and as a result the ultimate financial
impact could be materially different to the amount provided,
additional details of which are set out in Note 12 Provisions on
page 80 and Note 16 Legal, competition and regulatory matters on
page 83
Anna Cross, Group Finance Director
Results by Business
|
Barclays UK
|
Half year ended
|
|
Three months ended
|
||||
|
|
30.06.25
|
30.06.24
|
|
|
30.06.25
|
30.06.24
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
|
Net interest income
|
3,677
|
3,146
|
17
|
|
1,855
|
1,597
|
16
|
|
Net fee, commission and other income
|
516
|
567
|
(9)
|
|
264
|
290
|
(9)
|
|
Total income
|
4,193
|
3,713
|
13
|
|
2,119
|
1,887
|
12
|
|
Operating costs
|
(2,283)
|
(2,048)
|
(11)
|
|
(1,168)
|
(1,041)
|
(12)
|
|
UK regulatory levies
|
(43)
|
(54)
|
20
|
|
—
|
—
|
|
|
Litigation and conduct
|
(29)
|
(6)
|
|
|
(27)
|
(4)
|
|
|
Total operating expenses
|
(2,355)
|
(2,108)
|
(12)
|
|
(1,195)
|
(1,045)
|
(14)
|
|
Other net income
|
—
|
—
|
|
|
—
|
—
|
#DIV/0!
|
|
Profit before impairment
|
1,838
|
1,605
|
15
|
|
924
|
842
|
10
|
|
Credit impairment charges
|
(237)
|
(66)
|
|
|
(79)
|
(8)
|
|
|
Profit before tax
|
1,601
|
1,539
|
4
|
|
845
|
834
|
1
|
|
Attributable profit
|
1,090
|
1,063
|
3
|
|
580
|
584
|
(1)
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
18.6%
|
20.4%
|
|
|
19.7%
|
22.3%
|
|
|
Average allocated tangible equity (£bn)
|
11.7
|
10.4
|
|
|
11.8
|
10.5
|
|
|
Cost: income ratio
|
56%
|
57%
|
|
|
56%
|
55%
|
|
|
Loan loss rate (bps)
|
21
|
6
|
|
|
14
|
1
|
|
|
Net interest margin
|
3.55%
|
3.15%
|
|
|
3.55%
|
3.22%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key facts
|
As at 30.06.25
|
As at 30.06.24
|
|
|
|
|
|
|
UK mortgage balances (£bn)
|
166.8
|
161.1
|
|
|
|
|
|
|
Mortgage gross lending flow (£bn)
|
15.4
|
9.2
|
|
|
|
|
|
|
Average
LTV of mortgage portfolio1
|
54%
|
53%
|
|
|
|
|
|
|
Average
LTV of new mortgage lending1
|
70%
|
63%
|
|
|
|
|
|
|
Number of branches
|
207
|
228
|
|
|
|
|
|
|
Digitally
active customers (m)2
|
13.7
|
13.2
|
|
|
|
|
|
|
30 day arrears rate - total UK cards
|
0.7%
|
0.8%
|
|
|
|
|
|
|
90 day arrears rate - total UK cards
|
0.2%
|
0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.25
|
As at 31.12.24
|
As at 30.06.24
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
Loans and advances to customers at amortised cost
|
211.2
|
207.7
|
198.7
|
|
|
|
|
|
Total assets
|
299.7
|
299.8
|
293.0
|
|
|
|
|
|
Customer deposits at amortised cost
|
241.3
|
244.2
|
236.8
|
|
|
|
|
|
Loan: deposit ratio
|
94%
|
92%
|
91%
|
|
|
|
|
|
Risk weighted assets
|
86.1
|
84.5
|
76.5
|
|
|
|
|
|
Period end allocated tangible equity
|
11.8
|
11.6
|
10.6
|
|
|
|
|
|
1
|
Average loan to value (LTV) of mortgages is balance weighted and
reflects both residential and buy-to-let (BTL) mortgage portfolios
within the Home Loans portfolio.
|
|
2
|
Mobile active customers has been replaced by digitally active
customers as a more complete reflection of digital adoption by
Barclays UK customers. Excludes Tesco Bank.
|
During H125 Barclays UK revised its internal reporting structure to
align with strategic changes and allocation of resources. As a
result, a new business unit of Retail Banking will replace the
previously reported sub-segments of Personal Banking and
Barclaycard Consumer UK. There is no impact on the overall Barclays
UK and Barclays Group consolidated financials.
|
Analysis of Barclays UK
|
Half year ended
|
|
Three months ended
|
||||
|
30.06.25
|
30.06.24
|
|
|
30.06.25
|
30.06.24
|
|
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
|
Personal
Banking
|
2,729
|
2,302
|
19
|
|
1,381
|
1,174
|
18
|
|
Barclaycard
Consumer UK
|
443
|
457
|
(3)
|
|
218
|
228
|
(4)
|
|
Retail
Banking1
|
3,172
|
2,759
|
15
|
|
1,599
|
1,402
|
14
|
|
Business Banking
|
1,021
|
954
|
7
|
|
520
|
485
|
7
|
|
Total income
|
4,193
|
3,713
|
13
|
|
2,119
|
1,887
|
12
|
|
|
|
|
|
|
|
|
|
|
Analysis of credit impairment charges
|
|
|
|
|
|
|
|
|
Personal
Banking
|
(162)
|
(40)
|
|
|
(55)
|
(26)
|
|
|
Barclaycard
Consumer UK
|
(42)
|
(63)
|
33
|
|
(4)
|
(25)
|
84
|
|
Retail
Banking1
|
(204)
|
(103)
|
(98)
|
|
(59)
|
(51)
|
(16)
|
|
Business Banking
|
(33)
|
37
|
|
|
(20)
|
43
|
|
|
Total credit impairment charges
|
(237)
|
(66)
|
|
|
(79)
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.25
|
As at 31.12.24
|
As at 30.06.24
|
|
|
|
|
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
Personal
Banking
|
180.7
|
177.0
|
167.3
|
|
|
|
|
|
Barclaycard
Consumer UK
|
11.7
|
11.0
|
10.2
|
|
|
|
|
|
Retail
Banking1
|
192.4
|
188.0
|
177.5
|
|
|
|
|
|
Business Banking
|
18.8
|
19.7
|
21.2
|
|
|
|
|
|
Total loans and advances to customers at amortised
cost
|
211.2
|
207.7
|
198.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of customer deposits at amortised cost
|
|
|
|
|
|
|
|
|
Personal
Banking
|
189.3
|
191.4
|
183.3
|
|
|
|
|
|
Barclaycard
Consumer UK
|
—
|
—
|
—
|
|
|
|
|
|
Retail
Banking1
|
189.3
|
191.4
|
183.3
|
|
|
|
|
|
Business Banking
|
52.0
|
52.8
|
53.5
|
|
|
|
|
|
Total customer deposits at amortised cost
|
241.3
|
244.2
|
236.8
|
|
|
|
|
|
1
|
Following the completion of the acquisition on 1 November 2024,
Tesco Bank is reported in Retail Banking.
|
Barclays UK delivered a RoTE of 18.6% (H124: 20.4%)
supported by robust income,
disciplined cost management as Tesco Bank is integrated, and
normalising levels of impairment underpinned by strong asset
quality.
Income statement - H125 compared to H124
●
Profit before tax increased 4% to £1,601m
●
Total income increased 13% to
£4,193m. NII increased 17%
to £3,677m, as continued structural hedge momentum and the
impact from the acquisition of Tesco Bank was partially offset by
retail deposit dynamics. Net fee, commission and other income
decreased 9% to £516m
-
Retail Banking income
increased
15% to £3,172m driven
by continued structural hedge momentum and the impact from the
acquisition of Tesco Bank, partially offset by retail deposit
dynamics
Business Banking income
increased 7% to £1,021m driven by continued structural hedge momentum,
partially offset by lower government scheme lending as repayments
continue and lower deposit volumes
●
Total operating expenses
increased 12% to
£2,355m, driven by Tesco
Bank run and integration costs, and inflation. Ongoing efficiency
savings continue to be reinvested, to drive sustainable improvement
to the cost: income ratio
●
Credit impairment charges were
£237m (H124: £66m), underpinned by low UK cards 30 and 90 day arrears
rates of 0.7% (H124: 0.8%) and 0.2% (H124: 0.2%) respectively.
Total charges are higher than those in H124, which benefitted from
an improved macroeconomic outlook; and H125 charges also reflect
the impact from the acquisition of Tesco Bank. The UK cards total
coverage ratio decreased to 4.5% (December 2024: 4.8%) driven by
resilient customer behaviour
Balance sheet - 30 June 2025 compared to 31 December
2024
●
Loans and advances to customers
at amortised cost increased by £3.5bn to
£211.2bn, primarily driven
by growth in Retail
Banking mortgages and cards lending, partially offset by continued repayment of
government scheme lending in Business Banking
●
Customer deposits at amortised
cost decreased by £2.9bn to
£241.3bn, driven by a
reduction in Retail Banking deposits and Business Banking current
accounts. The loan: deposit ratio remained broadly stable at 94%
(December 2024: 92%)
●
RWAs increased to £86.1bn
(December 2024: £84.5bn) primarily due to Retail Banking mortgages and
cards lending growth
|
Barclays UK Corporate Bank
|
Half year ended
|
|
Three months ended
|
||||
|
|
30.06.25
|
30.06.24
|
|
|
30.06.25
|
30.06.24
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
|
Net interest income
|
701
|
573
|
22
|
|
359
|
296
|
21
|
|
Net fee, commission, trading and other income
|
302
|
304
|
(1)
|
|
160
|
147
|
9
|
|
Total income
|
1,003
|
877
|
14
|
|
519
|
443
|
17
|
|
Operating costs
|
(474)
|
(456)
|
(4)
|
|
(240)
|
(235)
|
(2)
|
|
UK regulatory levies
|
(24)
|
(30)
|
20
|
|
—
|
—
|
|
|
Litigation and conduct
|
(39)
|
—
|
|
|
(39)
|
—
|
|
|
Total operating expenses
|
(537)
|
(486)
|
(10)
|
|
(279)
|
(235)
|
(19)
|
|
Other net income
|
—
|
—
|
|
|
—
|
—
|
#DIV/0!
|
|
Profit before impairment
|
466
|
391
|
19
|
|
240
|
208
|
15
|
|
Credit impairment charges
|
(31)
|
(23)
|
(35)
|
|
(12)
|
(8)
|
(50)
|
|
Profit before tax
|
435
|
368
|
18
|
|
228
|
200
|
14
|
|
Attributable profit
|
284
|
248
|
15
|
|
142
|
135
|
5
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
16.8%
|
16.6%
|
|
|
16.6%
|
18.0%
|
|
|
Average allocated tangible equity (£bn)
|
3.4
|
3.0
|
|
|
3.4
|
3.0
|
|
|
Cost: income ratio
|
54%
|
55%
|
|
|
54%
|
53%
|
|
|
Loan loss rate (bps)
|
22
|
18
|
|
|
17
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.25
|
As at 31.12.24
|
As at 30.06.24
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
Loans and advances to customers at amortised cost
|
27.9
|
25.4
|
25.7
|
|
|
|
|
|
Deposits at amortised cost
|
85.3
|
83.1
|
84.9
|
|
|
|
|
|
Risk weighted assets
|
25.3
|
23.9
|
21.9
|
|
|
|
|
|
Period end allocated tangible equity
|
3.5
|
3.3
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year ended
|
|
Three months ended
|
||||
|
|
30.06.25
|
30.06.24
|
|
|
30.06.25
|
30.06.24
|
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
|
Corporate lending
|
170
|
129
|
32
|
|
90
|
57
|
58
|
|
Transaction banking
|
833
|
748
|
11
|
|
429
|
386
|
11
|
|
Total income
|
1,003
|
877
|
14
|
|
519
|
443
|
17
|
UKCB delivered a RoTE of 16.8% (H124: 16.6%), as increased income from higher average deposit
and lending balances was offset by a litigation and conduct charge,
continued investment and higher RWAs to support future growth
ambitions.
Income statement - H125 compared to H124
●
Profit before tax increased 18% to £435m
●
Total income increased 14% to
£1,003m. NII
increased 22% to £701m driven by higher average deposit and lending
balances, and higher
structural hedge income. Net
fee, commission, trading and other income was stable at
£302m
●
Total operating expenses
increased 10% to £537m, primarily driven by a litigation and conduct
charge of £39m. Operating costs increased 4% to £474m,
reflecting higher investment spend to support business growth
ambitions, with ongoing efficiency savings offsetting inflationary
headwinds
●
Credit impairment charges were
£31m (H124: £23m),
reflecting stable underlying credit performance and limited single
name charges
Balance sheet - 30 June 2025 compared to 31 December
2024
●
Loans and advances to customers
at amortised cost increased to £27.9bn (December 2024:
£25.4bn), reflecting the
strategic focus to grow customer lending
●
Deposits at amortised cost
increased to £85.3bn (December 2024: £83.1bn),
driven by an inflow of balances from
new and existing customers
●
RWAs increased to £25.3bn
(December 2024: £23.9bn), reflecting higher client
lending limits and growth in lending balances
|
Barclays Private Bank and Wealth Management
|
Half year ended
|
|
Three months ended
|
||||
|
|
30.06.25
|
30.06.24
|
|
|
30.06.25
|
30.06.24
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
|
Net interest income
|
407
|
362
|
12
|
|
203
|
187
|
9
|
|
Net fee, commission and other income
|
290
|
270
|
7
|
|
145
|
133
|
9
|
|
Total income
|
697
|
632
|
10
|
|
348
|
320
|
9
|
|
Operating costs
|
(472)
|
(434)
|
(9)
|
|
(238)
|
(220)
|
(8)
|
|
UK regulatory levies
|
(2)
|
(3)
|
33
|
|
—
|
—
|
|
|
Litigation and conduct
|
—
|
1
|
|
|
—
|
1
|
|
|
Total operating expenses
|
(474)
|
(436)
|
(9)
|
|
(238)
|
(219)
|
(9)
|
|
Other net income
|
—
|
—
|
#DIV/0!
|
`
|
—
|
—
|
#DIV/0!
|
|
Profit before impairment
|
223
|
196
|
14
|
|
110
|
101
|
9
|
|
Credit impairment releases
|
11
|
3
|
|
|
2
|
3
|
(33)
|
|
Profit before tax
|
234
|
199
|
18
|
|
112
|
104
|
8
|
|
Attributable profit
|
184
|
151
|
22
|
|
88
|
77
|
14
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
33.2%
|
29.7%
|
|
|
31.9%
|
30.8%
|
|
|
Average allocated tangible equity (£bn)
|
1.1
|
1.0
|
|
|
1.1
|
1.0
|
|
|
Cost: income ratio
|
68%
|
69%
|
|
|
68%
|
68%
|
|
|
Loan loss rate (bps)
|
(15)
|
(4)
|
|
|
(5)
|
(9)
|
|
|
|
|
|
|
|
|
|
|
|
Key facts
|
£bn
|
£bn
|
|
|
£bn
|
£bn
|
|
|
Net new
assets under management1
|
1.9
|
1.7
|
|
|
0.9
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.25
|
As at 31.12.24
|
As at 30.06.24
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
Loans and advances to customers at amortised cost
|
14.5
|
14.5
|
13.9
|
|
|
|
|
|
Deposits at amortised cost
|
66.7
|
69.5
|
64.6
|
|
|
|
|
|
Risk weighted assets
|
7.9
|
7.9
|
7.0
|
|
|
|
|
|
Period end allocated tangible equity
|
1.1
|
1.1
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invested
assets2
|
131.9
|
124.6
|
119.8
|
|
|
|
|
|
Clients
assets and liabilities3
|
213.4
|
208.9
|
198.5
|
|
|
|
|
PBWM delivered a RoTE of 33.2% (H124: 29.7%),
as strong growth in
income due to higher client balances was partially offset by
continued investment to support future growth
ambitions.
Income statement - H125 compared to H124
●
Profit before tax increased 18% to £234m
●
Total income increased 10% to
£697m, driven by growth in
deposit, invested assets and loan balances from net new inflows and
market movements, along with higher transactional
activity
●
Total operating expenses
increased 9% to £474m, reflecting higher investment spend to support
business growth ambitions, with ongoing efficiency savings
offsetting inflationary headwinds
Balance sheet - 30 June 2025 compared to 31 December
2024
●
Client assets and liabilities
increased £4.5bn to £213.4bn, driven by growth in invested assets from net new
inflows and market movements, partially offset by lower deposits
due to outflow of short-term balances, and FX
impact
●
RWAs were stable at £7.9bn (December 2024:
£7.9bn)
|
1
|
Net new assets under management reflects the net inflows and
outflows of client balances within discretionary portfolio
management and advisory mandates. It excludes market performance
and foreign exchange translation, but includes reinvested dividend
payments.
|
|
2
|
Invested assets (held off-balance sheet) represent assets under
management and supervision. Uninvested cash held under an
investment mandate and reported within customer deposits is
excluded from invested assets.
|
|
3
|
Client assets and liabilities refers to customer deposits, lending
and invested assets.
|
|
Barclays Investment Bank
|
Half year ended
|
|
Three months ended
|
||||
|
|
30.06.25
|
30.06.24
|
|
|
30.06.25
|
30.06.24
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
|
Net interest income
|
631
|
465
|
36
|
|
334
|
268
|
25
|
|
Net trading income
|
4,322
|
3,467
|
25
|
|
1,906
|
1,485
|
28
|
|
Net fee, commission and other income
|
2,227
|
2,415
|
(8)
|
|
1,067
|
1,266
|
(16)
|
|
Total income
|
7,180
|
6,347
|
13
|
|
3,307
|
3,019
|
10
|
|
Operating costs
|
(3,993)
|
(3,858)
|
(3)
|
|
(1,932)
|
(1,900)
|
(2)
|
|
UK regulatory levies
|
(27)
|
(33)
|
18
|
|
—
|
—
|
|
|
Litigation and conduct
|
(11)
|
(11)
|
—
|
|
(8)
|
(3)
|
|
|
Total operating expenses
|
(4,031)
|
(3,902)
|
(3)
|
|
(1,940)
|
(1,903)
|
(2)
|
|
Other net income
|
—
|
—
|
#DIV/0!
|
|
—
|
—
|
#DIV/0!
|
|
Profit before impairment
|
3,149
|
2,445
|
29
|
|
1,367
|
1,116
|
22
|
|
Credit impairment charges
|
(139)
|
(34)
|
|
|
(67)
|
(44)
|
(52)
|
|
Profit before tax
|
3,010
|
2,411
|
25
|
|
1,300
|
1,072
|
21
|
|
Attributable profit
|
2,075
|
1,614
|
29
|
|
876
|
715
|
23
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
14.2%
|
10.8%
|
|
|
12.2%
|
9.6%
|
|
|
Average allocated tangible equity (£bn)
|
29.2
|
30.0
|
|
|
28.7
|
29.9
|
|
|
Cost: income ratio
|
56%
|
61%
|
|
|
59%
|
63%
|
|
|
Loan loss rate (bps)
|
22
|
6
|
|
|
21
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.25
|
As at 31.12.24
|
As at 30.06.24
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
Loans and advances to customers at amortised cost
|
66.8
|
69.7
|
66.6
|
|
|
|
|
|
Loans and advances to banks at amortised cost
|
7.1
|
6.8
|
6.6
|
|
|
|
|
|
Debt securities at amortised cost
|
52.4
|
47.9
|
41.7
|
|
|
|
|
|
Loans and advances at amortised cost
|
126.3
|
124.4
|
114.9
|
|
|
|
|
|
Trading portfolio assets
|
186.1
|
166.1
|
197.2
|
|
|
|
|
|
Derivative financial instrument assets
|
279.0
|
291.6
|
251.4
|
|
|
|
|
|
Financial assets at fair value through the income
statement
|
215.2
|
190.4
|
211.7
|
|
|
|
|
|
Cash collateral and settlement balances
|
145.0
|
111.1
|
139.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits at amortised cost
|
148.7
|
140.5
|
151.3
|
|
|
|
|
|
Derivative financial instrument liabilities
|
265.1
|
279.0
|
241.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk weighted assets
|
196.4
|
198.8
|
203.3
|
|
|
|
|
|
Period end allocated tangible equity
|
28.7
|
29.3
|
29.7
|
|
|
|
|
|
|
Half year ended
|
|
Three months ended
|
||||
|
|
30.06.25
|
30.06.24
|
|
|
30.06.25
|
30.06.24
|
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
|
FICC
|
3,149
|
2,553
|
23
|
|
1,450
|
1,149
|
26
|
|
Equities
|
1,833
|
1,579
|
16
|
|
870
|
696
|
25
|
|
Global Markets
|
4,982
|
4,132
|
21
|
|
2,320
|
1,845
|
26
|
|
Advisory
|
266
|
286
|
(7)
|
|
123
|
138
|
(11)
|
|
Equity
capital markets
|
151
|
189
|
(20)
|
|
81
|
121
|
(33)
|
|
Debt
capital markets
|
795
|
821
|
(3)
|
|
364
|
420
|
(13)
|
|
Banking
fees and underwriting
|
1,212
|
1,296
|
(6)
|
|
568
|
679
|
(16)
|
|
Corporate
lending
|
152
|
129
|
18
|
|
(4)
|
87
|
|
|
Transaction
banking
|
834
|
790
|
6
|
|
423
|
408
|
4
|
|
International
Corporate Bank
|
986
|
919
|
7
|
|
419
|
495
|
(15)
|
|
Investment Banking
|
2,198
|
2,215
|
(1)
|
|
987
|
1,174
|
(16)
|
|
Total income
|
7,180
|
6,347
|
13
|
|
3,307
|
3,019
|
10
|
IB delivered a RoTE of 14.2% (H124: 10.8%) as progress on
strategic ambitions has enabled structurally higher returns,
reflecting deepened client relationships, supporting income in a
range of environments. Income growth whilst maintaining cost and
capital discipline, drove positive operating jaws and improved RWA
productivity.
Income statement - H125 compared to H124
●
Profit before tax increased to £3,010m (H124:
£2,411m)
●
IB has a diverse income profile
across businesses and geographies. The appreciation of average GBP against USD
adversely impacted income and profits, and positively impacted
credit impairment charges and total operating
expenses
●
Total income increased 13% to £7,180m, including adverse
average FX impacts
-
Global Markets income increased 21% to £4,982m across FICC and
Equities
-
FICC income increased 23% to £3,149m, reflecting continued
support provided to clients through a volatile market environment,
including a strong performance in Macro and Credit, and sustained
strength in Financing
-
Equities income increased 16% to £1,833m, (up 26% excluding
the prior year £125m fair value gain on Visa B shares in
Q124), reflecting growth in Prime and increased volatility and
client activity in Derivatives
-
Investment Banking income decreased 1% to £2,198m
-
Banking fees and
underwriting income decreased 6% to £1,212m, primarily driven
by a 20% decline in Equity Capital Markets fees due to a strong
prior year comparator, which included fees booked on a large UK
rights issue in Q224. Overall Banking fee share was stable at 3.4%
in a broadly stable fee pool environment1
-
International Corporate
Bank income increased 7% to £986m. Corporate lending income
increased 18%
to
£152m due to net gains on fair value lending
(c.£50m)2.
Transaction banking income increased 6% to £834m, as higher
income from growth in deposit
balances was partially offset by margin compression due to change
in deposits product mix
●
Total operating expenses
increased 3% to £4,031m, driven by the impact of inflationary headwinds and
higher performance costs, partially offset by efficiency savings
and FX
●
Credit impairment charges were
£139m (H124: £34m),
primarily driven by elevated US macroeconomic uncertainty,
including the post model adjustment booked in Q125 and single name
charges including the benefit of credit
protection
Balance sheet - 30 June 2025 compared to 31 December
2024
●
Loans and advances at amortised
costs increased £1.9bn to £126.3bn (December 2024:
£124.4bn), driven by
increased investment in debt securities in treasury, partially
offset by the strengthening of spot GBP against
USD
●
Trading portfolio assets
increased £20.0bn to £186.1bn (December 2024:
£166.1bn), driven by
increased trading activity in debt securities to facilitate client
demand in Global Markets, partially offset by the strengthening of
spot GBP against USD
●
Financial assets at fair value
through the income statement increased £24.8bn to
£215.2bn (December 2024: £190.4bn), driven by increased secured lending, partially
offset by the strengthening of spot GBP against
USD
●
Derivative assets decreased
£12.6bn to £279.0bn (December 2024: £291.6bn) and
liabilities decreased £13.9bn to £265.1bn (December 2024:
£279.0bn, primarily driven
by a reduction in mark-to-market on FX derivatives and
strengthening of spot GBP against USD, partially offset by an
increase in equity derivatives
●
Deposits at amortised cost
increased £8.2bn to £148.7bn (December 2024:
£140.5bn), driven by
growth in deposits across International Corporate Bank and
Treasury
●
RWAs decreased to £196.4bn
(December 2024: £198.8bn) mainly driven by the strengthening of spot GBP
against USD, partially offset by higher client and trading activity
as we continued to support clients through a period of
volatility
|
1
|
Data source: Dealogic as at 30 June 2025.
|
|
2
|
Q125 included c.£105m of fair value gains on leverage finance
lending. Q225 included c.£55m of fair value losses on
lending.
|
|
Barclays US Consumer Bank
|
Half year ended
|
|
Three months ended
|
||||
|
|
30.06.25
|
30.06.24
|
|
|
30.06.25
|
30.06.24
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
|
Net interest income
|
1,318
|
1,334
|
(1)
|
|
640
|
646
|
(1)
|
|
Net fee, commission and other income
|
369
|
344
|
7
|
|
183
|
173
|
6
|
|
Total income
|
1,687
|
1,678
|
1
|
|
823
|
819
|
—
|
|
Operating costs
|
(803)
|
(796)
|
(1)
|
|
(396)
|
(408)
|
3
|
|
UK regulatory levies
|
—
|
—
|
#DIV/0!
|
|
—
|
—
|
#DIV/0!
|
|
Litigation and conduct
|
(3)
|
(4)
|
25
|
|
—
|
(2)
|
|
|
Total operating expenses
|
(806)
|
(800)
|
(1)
|
|
(396)
|
(410)
|
3
|
|
Other net income
|
—
|
—
|
#DIV/0!
|
|
—
|
—
|
#DIV/0!
|
|
Profit before impairment
|
881
|
878
|
—
|
|
427
|
409
|
4
|
|
Credit impairment charges
|
(711)
|
(719)
|
1
|
|
(312)
|
(309)
|
(1)
|
|
Profit before tax
|
170
|
159
|
7
|
|
115
|
100
|
15
|
|
Attributable profit
|
128
|
119
|
8
|
|
87
|
75
|
16
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
7.3%
|
7.2%
|
|
|
10.2%
|
9.2%
|
|
|
Average allocated tangible equity (£bn)
|
3.5
|
3.3
|
|
|
3.4
|
3.3
|
|
|
Cost: income ratio
|
48%
|
48%
|
|
|
48%
|
50%
|
|
|
Loan loss rate (bps)
|
523
|
509
|
|
|
456
|
438
|
|
|
Net interest margin
|
10.68%
|
10.78%
|
|
|
10.83%
|
10.43%
|
|
|
|
|
|
|
|
|
|
|
|
Key facts
|
|
|
|
|
|
|
|
|
US cards 30 day arrears rate
|
2.8%
|
2.9%
|
|
|
|
|
|
|
US cards 90 days arrears rate
|
1.6%
|
1.6%
|
|
|
|
|
|
|
US cards customer FICO score distribution
|
|
|
|
|
|
|
|
|
<660
|
12%
|
12%
|
|
|
|
|
|
|
>660
|
88%
|
88%
|
|
|
|
|
|
|
End net receivables (reported) ($bn)
|
32.9
|
31.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.25
|
As at 31.12.24
|
As at 30.06.24
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
Loans and advances to customers at amortised cost
|
18.2
|
20.0
|
24.3
|
|
|
|
|
|
Deposits at amortised cost
|
22.5
|
23.3
|
20.0
|
|
|
|
|
|
Risk weighted assets
|
24.7
|
26.8
|
24.4
|
|
|
|
|
|
Period end allocated tangible equity
|
3.4
|
3.7
|
3.3
|
|
|
|
|
USCB delivered a RoTE of 7.3% (H124: 7.2%), as increased income from business growth and
broadly stable delinquencies was partially offset by higher costs,
including partner related expenses.
Income statement - H125 compared to H124
●
Profit before tax was £170m (H124: £159m)
●
The
3% appreciation of average GBP against USD adversely impacted
income and profits, and positively impacted credit impairment
charges and total operating expenses
●
Total income increased 1% to
£1,687m, driven by
business growth and increased purchase activity, partially offset
by FX. NII is broadly stable at £1,318m including business
growth. Net fee, commission and other income increased 7% to
£369m driven by purchases and fee growth
●
Total operating expenses
increased 1% to £806m, driven by partner related expenses, partially
offset by FX, with ongoing efficiency savings offsetting
inflationary headwinds
●
Credit impairment charges were
£711m (H124: £719m),
informed by broadly stable delinquencies in US cards and elevated
US macroeconomic uncertainty, including the post model adjustment
booked in Q125. US cards 30 and 90 day arrears were
2.8%1
(H124: 2.9%) and
1.6%1
(H124: 1.6%) respectively. The USCB
total coverage ratio was 11.6% (December 2024:
11.4%)
Balance sheet - 30 June 2025 compared to 31 December
2024
●
Loans and advances to customers
at amortised cost reduced to £18.2bn (December 2024:
£20.0bn), reflecting
seasonality and the strengthening of spot GBP against
USD
●
Deposits at amortised cost
decreased to £22.5bn (December 2024:
£23.3bn), with growth in
retail savings which is in line with USCB's ambition to grow core
deposits, more than offset by the strengthening of spot GBP against
USD
●
RWAs decreased to £24.7bn
(December 2024: £26.8bn), driven by seasonality and the strengthening of
spot GBP against USD
|
1
|
Including a co-branded cards portfolio classified as assets held
for sale.
|
|
Head Office
|
Half year ended
|
|
Three months ended
|
||||
|
|
30.06.25
|
30.06.24
|
|
|
30.06.25
|
30.06.24
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
|
Net interest income
|
288
|
248
|
16
|
|
114
|
62
|
84
|
|
Net fee, commission and other income
|
(152)
|
(218)
|
30
|
|
(43)
|
(226)
|
81
|
|
Total income
|
136
|
30
|
|
|
71
|
(164)
|
|
|
Operating costs
|
(382)
|
(406)
|
6
|
|
(175)
|
(195)
|
10
|
|
UK regulatory levies
|
—
|
—
|
|
|
—
|
—
|
#DIV/0!
|
|
Litigation and conduct
|
(5)
|
(43)
|
88
|
|
(2)
|
1
|
|
|
Total operating expenses
|
(387)
|
(449)
|
14
|
|
(177)
|
(194)
|
9
|
|
Other net income/(expenses)
|
9
|
16
|
(44)
|
|
(9)
|
4
|
|
|
Loss before impairment
|
(242)
|
(403)
|
40
|
|
(115)
|
(354)
|
68
|
|
Credit impairment charges
|
(5)
|
(58)
|
91
|
|
(1)
|
(18)
|
94
|
|
Loss before tax
|
(247)
|
(461)
|
46
|
|
(116)
|
(372)
|
69
|
|
Attributable loss
|
(238)
|
(408)
|
42
|
|
(114)
|
(349)
|
67
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
Average allocated tangible equity (£bn)
|
4.6
|
2.4
|
|
|
5.5
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.25
|
As at 31.12.24
|
As at 30.06.24
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
Risk weighted assets
|
12.6
|
16.2
|
18.3
|
|
|
|
|
|
Period end allocated tangible equity
|
5.9
|
2.4
|
2.7
|
|
|
|
|
Income statement - H125 compared to H124
●
Loss before tax was £247m (H124: £461m)
●
Total income increased to
£136m (H124: £30m), primarily from the non-recurrence of the prior
year loss on sale of the performing Italian retail mortgage
portfolio, partially offset by the impact of the disposal of the
German consumer finance business in Q125
●
Total operating expenses
decreased to £387m (H124: £449m), primarily from lower litigation and conduct
charges and the impact of the disposal of the German consumer
finance business in Q125, partially offset by the c.£50m
expense for the employee share grant announced at FY24
Results
●
Credit impairment charges
decreased to £5m (H124: £58m), driven by the disposal of the German consumer
finance business in Q125 and the disposal of the Italian mortgage
portfolios in FY24
Balance sheet - 30 June 2025 compared to 31 December
2024
●
RWAs decreased to £12.6bn
(December 2024: £16.2bn), primarily driven by the disposal of the German
consumer finance business
Quarterly Results Summary
|
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
|
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
Income statement information
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
Net interest income
|
3,505
|
3,517
|
|
3,500
|
3,308
|
3,056
|
3,072
|
|
3,139
|
3,247
|
|
Net fee, commission and other income
|
3,682
|
4,192
|
|
3,464
|
3,239
|
3,268
|
3,881
|
|
2,459
|
3,011
|
|
Total income
|
7,187
|
7,709
|
|
6,964
|
6,547
|
6,324
|
6,953
|
|
5,598
|
6,258
|
|
Operating costs
|
(4,149)
|
(4,258)
|
|
(4,244)
|
(3,954)
|
(3,999)
|
(3,998)
|
|
(4,735)
|
(3,949)
|
|
UK regulatory levies
|
—
|
(96)
|
|
(227)
|
27
|
—
|
(120)
|
|
(180)
|
—
|
|
Litigation and conduct
|
(76)
|
(11)
|
|
(121)
|
(35)
|
(7)
|
(57)
|
|
(5)
|
—
|
|
Total operating expenses
|
(4,225)
|
(4,365)
|
|
(4,592)
|
(3,962)
|
(4,006)
|
(4,175)
|
|
(4,920)
|
(3,949)
|
|
Other net (expenses)/income
|
(9)
|
18
|
|
—
|
21
|
4
|
12
|
|
(16)
|
9
|
|
Profit before impairment
|
2,953
|
3,362
|
|
2,372
|
2,606
|
2,322
|
2,790
|
|
662
|
2,318
|
|
Credit impairment charges
|
(469)
|
(643)
|
|
(711)
|
(374)
|
(384)
|
(513)
|
|
(552)
|
(433)
|
|
Profit before tax
|
2,484
|
2,719
|
|
1,661
|
2,232
|
1,938
|
2,277
|
|
110
|
1,885
|
|
Tax (charges)/credit
|
(552)
|
(621)
|
|
(448)
|
(412)
|
(427)
|
(465)
|
|
23
|
(343)
|
|
Profit after tax
|
1,932
|
2,098
|
|
1,213
|
1,820
|
1,511
|
1,812
|
|
133
|
1,542
|
|
Non-controlling interests
|
(21)
|
(2)
|
|
(20)
|
(3)
|
(23)
|
(3)
|
|
(25)
|
(9)
|
|
Other equity instrument holders
|
(252)
|
(232)
|
|
(228)
|
(253)
|
(251)
|
(259)
|
|
(219)
|
(259)
|
|
Attributable profit/(loss)
|
1,659
|
1,864
|
|
965
|
1,564
|
1,237
|
1,550
|
|
(111)
|
1,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
12.3%
|
14.0%
|
|
7.5%
|
12.3%
|
9.9%
|
12.3%
|
|
(0.9)%
|
11.0%
|
|
Average tangible shareholders' equity (£bn)
|
53.9
|
53.1
|
|
51.5
|
51.0
|
49.8
|
50.5
|
|
48.9
|
46.5
|
|
Cost: income ratio
|
59%
|
57%
|
|
66%
|
61%
|
63%
|
60%
|
|
88%
|
63%
|
|
Loan loss rate (bps)
|
44
|
61
|
|
66
|
37
|
38
|
51
|
|
54
|
42
|
|
Basic earnings per ordinary share
|
11.7p
|
13.0p
|
|
6.7p
|
10.7p
|
8.3p
|
10.3p
|
|
(0.7)p
|
8.3p
|
|
Basic weighted average number of shares (m)
|
14,211
|
14,314
|
|
14,432
|
14,648
|
14,915
|
14,983
|
|
15,092
|
15,405
|
|
Period end number of shares (m)
|
14,180
|
14,336
|
|
14,420
|
14,571
|
14,826
|
15,091
|
|
15,155
|
15,239
|
|
Period end tangible shareholders' equity (£bn)
|
54.5
|
53.4
|
|
51.5
|
51.1
|
50.4
|
50.6
|
|
50.2
|
48.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet and capital
management1
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
339.2
|
338.6
|
|
337.9
|
326.5
|
329.8
|
332.1
|
|
333.3
|
339.6
|
|
Loans and advances to banks at amortised cost
|
8.7
|
9.4
|
|
8.3
|
8.1
|
8.0
|
8.5
|
|
9.5
|
11.5
|
|
Debt securities at amortised cost
|
69.9
|
71.4
|
|
68.2
|
64.6
|
61.7
|
57.4
|
|
56.7
|
54.3
|
|
Loans and advances at amortised cost
|
417.8
|
419.4
|
|
414.5
|
399.2
|
399.5
|
397.9
|
|
399.5
|
405.4
|
|
Loans and advances at amortised cost impairment coverage
ratio
|
1.2%
|
1.2%
|
|
1.2%
|
1.3%
|
1.4%
|
1.4%
|
|
1.4%
|
1.4%
|
|
Total assets
|
1,598.7
|
1,593.5
|
|
1,518.2
|
1,531.1
|
1,576.6
|
1,577.1
|
|
1,477.5
|
1,591.7
|
|
Deposits at amortised cost
|
564.5
|
574.3
|
|
560.7
|
542.8
|
557.5
|
552.3
|
|
538.8
|
561.3
|
|
Tangible net asset value per share
|
384p
|
372p
|
|
357p
|
351p
|
340p
|
335p
|
|
331p
|
316p
|
|
Common equity tier 1 ratio
|
14.0%
|
13.9%
|
|
13.6%
|
13.8%
|
13.6%
|
13.5%
|
|
13.8%
|
14.0%
|
|
Common equity tier 1 capital
|
49.5
|
48.8
|
|
48.6
|
47.0
|
47.7
|
47.1
|
|
47.3
|
48.0
|
|
Risk weighted assets
|
353.0
|
351.3
|
|
358.1
|
340.4
|
351.4
|
349.6
|
|
342.7
|
341.9
|
|
UK leverage ratio
|
5.0%
|
5.0%
|
|
5.0%
|
4.9%
|
5.0%
|
4.9%
|
|
5.2%
|
5.0%
|
|
UK leverage exposure
|
1,259.8
|
1,252.8
|
|
1,206.5
|
1,197.4
|
1,222.7
|
1,226.5
|
|
1,168.3
|
1,202.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funding and liquidity
|
|
|
|
|
|
|
|
|
|
|
|
Group liquidity pool (£bn)
|
333.7
|
336.3
|
|
296.9
|
311.7
|
328.7
|
323.5
|
|
298.1
|
335.0
|
|
Liquidity coverage ratio
|
177.7%
|
175.3%
|
|
172.4%
|
170.1%
|
167.0%
|
163.2%
|
|
161.4%
|
158.7%
|
|
Net stable funding ratio
|
135.6%
|
136.2%
|
|
134.9%
|
135.6%
|
136.4%
|
135.7%
|
|
138.0%
|
138.2%
|
|
Loan: deposit ratio
|
74%
|
73%
|
|
74%
|
74%
|
72%
|
72%
|
|
74%
|
72%
|
|
1
|
Refer to pages 55 to 59 for further information on how capital,
RWAs and leverage are calculated.
|
|
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
|
|
Q225
|
Q125
|
|
Q4241
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
Income statement information
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
Net interest income
|
1,855
|
1,822
|
|
1,815
|
1,666
|
1,597
|
1,549
|
|
1,575
|
1,578
|
|
Net fee, commission and other income
|
264
|
252
|
|
800
|
280
|
290
|
277
|
|
217
|
295
|
|
Total income
|
2,119
|
2,074
|
|
2,615
|
1,946
|
1,887
|
1,826
|
|
1,792
|
1,873
|
|
Operating costs
|
(1,168)
|
(1,115)
|
|
(1,170)
|
(1,017)
|
(1,041)
|
(1,007)
|
|
(1,153)
|
(1,058)
|
|
UK regulatory levies
|
—
|
(43)
|
|
(36)
|
12
|
—
|
(54)
|
|
(30)
|
—
|
|
Litigation and conduct
|
(27)
|
(2)
|
|
(9)
|
(1)
|
(4)
|
(2)
|
|
(4)
|
9
|
|
Total operating expenses
|
(1,195)
|
(1,160)
|
|
(1,215)
|
(1,006)
|
(1,045)
|
(1,063)
|
|
(1,187)
|
(1,049)
|
|
Other net income
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
Profit before impairment
|
924
|
914
|
|
1,400
|
940
|
842
|
763
|
|
605
|
824
|
|
Credit impairment charges
|
(79)
|
(158)
|
|
(283)
|
(16)
|
(8)
|
(58)
|
|
(37)
|
(59)
|
|
Profit before tax
|
845
|
756
|
|
1,117
|
924
|
834
|
705
|
|
568
|
765
|
|
Attributable profit
|
580
|
510
|
|
781
|
621
|
584
|
479
|
|
382
|
531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
211.2
|
209.6
|
|
207.7
|
199.3
|
198.7
|
200.8
|
|
202.8
|
204.9
|
|
Customer deposits at amortised cost
|
241.3
|
243.1
|
|
244.2
|
236.3
|
236.8
|
237.2
|
|
241.1
|
243.2
|
|
Loan: deposit ratio
|
94%
|
93%
|
|
92%
|
92%
|
91%
|
92%
|
|
92%
|
92%
|
|
Risk weighted assets
|
86.1
|
85.0
|
|
84.5
|
77.5
|
76.5
|
76.5
|
|
73.5
|
73.2
|
|
Period end allocated tangible equity
|
11.8
|
11.8
|
|
11.6
|
10.7
|
10.6
|
10.7
|
|
10.2
|
10.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
19.7%
|
17.4%
|
|
28.0%
|
23.4%
|
22.3%
|
18.5%
|
|
14.9%
|
21.0%
|
|
Average allocated tangible equity (£bn)
|
11.8
|
11.7
|
|
11.2
|
10.6
|
10.5
|
10.4
|
|
10.2
|
10.1
|
|
Cost: income ratio
|
56%
|
56%
|
|
46%
|
52%
|
55%
|
58%
|
|
66%
|
56%
|
|
Loan loss rate (bps)
|
14
|
28
|
|
49
|
3
|
1
|
11
|
|
7
|
10
|
|
Net interest margin
|
3.55%
|
3.55%
|
|
3.53%
|
3.34%
|
3.22%
|
3.09%
|
|
3.07%
|
3.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Q424 includes the Day 1 impacts from the acquisition of Tesco Bank:
total Income includes a £556m gain, and credit impairment
charges includes a £209m charge.
|
|
Analysis of Barclays UK
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
Analysis of total income
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
Personal
Banking
|
1,381
|
1,348
|
|
1,847
|
1,184
|
1,174
|
1,128
|
|
1,067
|
1,165
|
|
Barclaycard
Consumer UK
|
218
|
225
|
|
231
|
249
|
228
|
229
|
|
242
|
238
|
|
Retail
Banking1
|
1,599
|
1,573
|
|
2,078
|
1,433
|
1,402
|
1,357
|
|
1,309
|
1,403
|
|
Business Banking
|
520
|
501
|
|
537
|
513
|
485
|
469
|
|
483
|
470
|
|
Total income
|
2,119
|
2,074
|
|
2,615
|
1,946
|
1,887
|
1,826
|
|
1,792
|
1,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of credit impairment (charges)/releases
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking
|
(55)
|
(107)
|
|
(244)
|
3
|
(26)
|
(14)
|
|
35
|
(85)
|
|
Barclaycard
Consumer UK
|
(4)
|
(38)
|
|
(35)
|
(15)
|
(25)
|
(38)
|
|
(73)
|
29
|
|
Retail
Banking1
|
(59)
|
(145)
|
|
(279)
|
(12)
|
(51)
|
(52)
|
|
(38)
|
(56)
|
|
Business Banking
|
(20)
|
(13)
|
|
(4)
|
(4)
|
43
|
(6)
|
|
1
|
(3)
|
|
Total credit impairment charges
|
(79)
|
(158)
|
|
(283)
|
(16)
|
(8)
|
(58)
|
|
(37)
|
(59)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Personal
Banking
|
180.7
|
179.3
|
|
177.0
|
168.1
|
167.3
|
169.0
|
|
170.1
|
172.3
|
|
Barclaycard
Consumer UK
|
11.7
|
11.1
|
|
11.0
|
10.6
|
10.2
|
9.8
|
|
9.7
|
9.6
|
|
Retail
Banking1
|
192.4
|
190.4
|
|
188.0
|
178.7
|
177.5
|
178.8
|
|
179.8
|
181.9
|
|
Business Banking
|
18.8
|
19.2
|
|
19.7
|
20.6
|
21.2
|
22.0
|
|
23.0
|
23.0
|
|
Total loans and advances to customers at amortised
cost
|
211.2
|
209.6
|
|
207.7
|
199.3
|
198.7
|
200.8
|
|
202.8
|
204.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of customer deposits at amortised cost
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking
|
189.3
|
190.8
|
|
191.4
|
182.9
|
183.3
|
183.4
|
|
185.4
|
186.1
|
|
Barclaycard
Consumer UK
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
Retail
Banking1
|
189.3
|
190.8
|
|
191.4
|
182.9
|
183.3
|
183.4
|
|
185.4
|
186.1
|
|
Business Banking
|
52.0
|
52.3
|
|
52.8
|
53.4
|
53.5
|
53.8
|
|
55.7
|
57.1
|
|
Total customer deposits at amortised cost
|
241.3
|
243.1
|
|
244.2
|
236.3
|
236.8
|
237.2
|
|
241.1
|
243.2
|
|
Barclays UK Corporate Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
Income statement information
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
Net interest income
|
359
|
342
|
|
324
|
309
|
296
|
277
|
|
247
|
304
|
|
Net fee, commission, trading and other income
|
160
|
142
|
|
134
|
136
|
147
|
157
|
|
148
|
136
|
|
Total income
|
519
|
484
|
|
458
|
445
|
443
|
434
|
|
395
|
440
|
|
Operating costs
|
(240)
|
(234)
|
|
(250)
|
(229)
|
(235)
|
(221)
|
|
(258)
|
(224)
|
|
UK regulatory levies
|
—
|
(24)
|
|
(14)
|
7
|
—
|
(30)
|
|
(8)
|
—
|
|
Litigation and conduct
|
(39)
|
—
|
|
(1)
|
—
|
—
|
—
|
|
(1)
|
2
|
|
Total operating expenses
|
(279)
|
(258)
|
|
(265)
|
(222)
|
(235)
|
(251)
|
|
(267)
|
(222)
|
|
Other net expenses
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
(5)
|
—
|
|
Profit before impairment
|
240
|
226
|
|
193
|
223
|
208
|
183
|
|
123
|
218
|
|
Credit impairment charges
|
(12)
|
(19)
|
|
(40)
|
(13)
|
(8)
|
(15)
|
|
(18)
|
(15)
|
|
Profit before tax
|
228
|
207
|
|
153
|
210
|
200
|
168
|
|
105
|
203
|
|
Attributable profit
|
142
|
142
|
|
98
|
144
|
135
|
113
|
|
59
|
129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
27.9
|
26.7
|
|
25.4
|
24.8
|
25.7
|
25.7
|
|
26.4
|
26.9
|
|
Deposits at amortised cost
|
85.3
|
85.3
|
|
83.1
|
82.3
|
84.9
|
81.7
|
|
84.9
|
82.7
|
|
Risk weighted assets
|
25.3
|
24.2
|
|
23.9
|
22.1
|
21.9
|
21.4
|
|
20.9
|
19.5
|
|
Period end allocated tangible equity
|
3.5
|
3.4
|
|
3.3
|
3.0
|
3.0
|
3.0
|
|
3.0
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
16.6%
|
17.1%
|
|
12.3%
|
18.8%
|
18.0%
|
15.2%
|
|
8.4%
|
18.3%
|
|
Average allocated tangible equity (£bn)
|
3.4
|
3.3
|
|
3.2
|
3.1
|
3.0
|
3.0
|
|
2.8
|
2.8
|
|
Cost: income ratio
|
54%
|
53%
|
|
58%
|
50%
|
53%
|
58%
|
|
68%
|
50%
|
|
Loan loss rate (bps)
|
17
|
28
|
|
62
|
21
|
12
|
23
|
|
27
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of total income
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
Corporate lending
|
90
|
80
|
|
71
|
67
|
57
|
72
|
|
64
|
69
|
|
Transaction banking
|
429
|
404
|
|
387
|
378
|
386
|
362
|
|
331
|
371
|
|
Total income
|
519
|
484
|
|
458
|
445
|
443
|
434
|
|
395
|
440
|
|
Barclays Private Bank and Wealth Management
|
|
|
|
|
|
|
|
|
|
|
|
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
Income statement information
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
Net interest income
|
203
|
204
|
|
216
|
189
|
187
|
175
|
|
182
|
219
|
|
Net fee, commission and other income
|
145
|
145
|
|
135
|
137
|
133
|
137
|
|
131
|
118
|
|
Total income
|
348
|
349
|
|
351
|
326
|
320
|
312
|
|
313
|
337
|
|
Operating costs
|
(238)
|
(234)
|
|
(255)
|
(222)
|
(220)
|
(214)
|
|
(255)
|
(214)
|
|
UK regulatory levies
|
—
|
(2)
|
|
(7)
|
1
|
—
|
(3)
|
|
(4)
|
—
|
|
Litigation and conduct
|
—
|
—
|
|
(1)
|
—
|
1
|
—
|
|
2
|
—
|
|
Total operating expenses
|
(238)
|
(236)
|
|
(263)
|
(221)
|
(219)
|
(217)
|
|
(257)
|
(214)
|
|
Other net income
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
Profit before impairment
|
110
|
113
|
|
88
|
105
|
101
|
95
|
|
56
|
123
|
|
Credit impairment releases/(charges)
|
2
|
9
|
|
(2)
|
(7)
|
3
|
—
|
|
4
|
2
|
|
Profit before tax
|
112
|
122
|
|
86
|
98
|
104
|
95
|
|
60
|
125
|
|
Attributable profit
|
88
|
96
|
|
63
|
74
|
77
|
74
|
|
47
|
102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
14.5
|
14.5
|
|
14.5
|
14.0
|
13.9
|
13.7
|
|
13.6
|
13.4
|
|
Deposits at amortised cost
|
66.7
|
73.1
|
|
69.5
|
64.8
|
64.6
|
61.9
|
|
60.3
|
59.7
|
|
Risk weighted assets
|
7.9
|
8.0
|
|
7.9
|
7.3
|
7.0
|
7.2
|
|
7.2
|
7.2
|
|
Period end allocated tangible equity
|
1.1
|
1.1
|
|
1.1
|
1.0
|
1.0
|
1.0
|
|
1.0
|
1.0
|
|
Client assets and liabilities1
|
213.4
|
212.4
|
|
208.9
|
201.5
|
198.5
|
189.1
|
|
182.9
|
178.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
31.9%
|
34.5%
|
|
23.9%
|
29.0%
|
30.8%
|
28.7%
|
|
19.1%
|
41.2%
|
|
Average allocated tangible equity (£bn)
|
1.1
|
1.1
|
|
1.1
|
1.0
|
1.0
|
1.0
|
|
1.0
|
1.0
|
|
Cost: income ratio
|
68%
|
68%
|
|
75%
|
68%
|
68%
|
70%
|
|
82%
|
63%
|
|
Loan loss rate (bps)
|
(5)
|
(25)
|
|
5
|
19
|
(9)
|
—
|
|
(10)
|
(7)
|
|
1
|
Client assets and liabilities refers to customer deposits, lending
and invested assets.
|
|
Barclays Investment Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
Income statement information
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
Net interest income
|
334
|
297
|
|
284
|
282
|
268
|
197
|
|
282
|
397
|
|
Net trading income
|
1,906
|
2,416
|
|
1,262
|
1,512
|
1,485
|
1,982
|
|
757
|
1,497
|
|
Net fee, commission and other income
|
1,067
|
1,160
|
|
1,061
|
1,057
|
1,266
|
1,149
|
|
998
|
792
|
|
Total income
|
3,307
|
3,873
|
|
2,607
|
2,851
|
3,019
|
3,328
|
|
2,037
|
2,686
|
|
Operating costs
|
(1,932)
|
(2,061)
|
|
(1,903)
|
(1,906)
|
(1,900)
|
(1,957)
|
|
(1,934)
|
(1,840)
|
|
UK regulatory levies
|
—
|
(27)
|
|
(161)
|
7
|
—
|
(33)
|
|
(123)
|
—
|
|
Litigation and conduct
|
(8)
|
(3)
|
|
(26)
|
(17)
|
(3)
|
(9)
|
|
(2)
|
6
|
|
Total operating expenses
|
(1,940)
|
(2,091)
|
|
(2,090)
|
(1,916)
|
(1,903)
|
(1,999)
|
|
(2,059)
|
(1,834)
|
|
Other net (expenses)/income
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
(1)
|
2
|
|
Profit/(loss) before impairment
|
1,367
|
1,782
|
|
517
|
935
|
1,116
|
1,329
|
|
(23)
|
854
|
|
Credit impairment (charges)/releases
|
(67)
|
(72)
|
|
(46)
|
(43)
|
(44)
|
10
|
|
(23)
|
23
|
|
Profit/(loss) before tax
|
1,300
|
1,710
|
|
471
|
892
|
1,072
|
1,339
|
|
(46)
|
877
|
|
Attributable profit/(loss)
|
876
|
1,199
|
|
247
|
652
|
715
|
899
|
|
(149)
|
580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
66.8
|
68.6
|
|
69.7
|
64.5
|
66.6
|
64.6
|
|
62.7
|
62.3
|
|
Loans and advances to banks at amortised cost
|
7.1
|
7.4
|
|
6.8
|
6.7
|
6.6
|
7.6
|
|
7.3
|
9.5
|
|
Debt securities at amortised cost
|
52.4
|
53.1
|
|
47.9
|
44.8
|
41.7
|
40.4
|
|
38.9
|
36.3
|
|
Loans and advances at amortised cost
|
126.3
|
129.1
|
|
124.4
|
116.0
|
114.9
|
112.6
|
|
108.9
|
108.1
|
|
Trading portfolio assets
|
186.1
|
185.5
|
|
166.1
|
185.8
|
197.2
|
195.3
|
|
174.5
|
155.3
|
|
Derivative financial instrument assets
|
279.0
|
253.6
|
|
291.6
|
256.7
|
251.4
|
248.9
|
|
255.1
|
280.4
|
|
Financial assets at fair value through the income
statement
|
215.2
|
209.5
|
|
190.4
|
210.8
|
211.7
|
225.1
|
|
202.5
|
237.2
|
|
Cash collateral and settlement balances
|
145.0
|
148.8
|
|
111.1
|
134.7
|
139.8
|
129.8
|
|
102.3
|
134.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits at amortised cost
|
148.7
|
148.9
|
|
140.5
|
139.8
|
151.3
|
151.1
|
|
132.7
|
154.2
|
|
Derivative financial instrument liabilities
|
265.1
|
245.1
|
|
279.0
|
249.4
|
241.8
|
241.5
|
|
249.7
|
268.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk weighted assets
|
196.4
|
195.9
|
|
198.8
|
194.2
|
203.3
|
200.4
|
|
197.3
|
201.1
|
|
Period end allocated tangible equity
|
28.7
|
28.9
|
|
29.3
|
28.4
|
29.7
|
29.6
|
|
29.0
|
29.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
12.2%
|
16.2 %
|
|
3.4 %
|
8.8 %
|
9.6%
|
12.0 %
|
|
(2.1)%
|
8.0%
|
|
Average allocated tangible equity (£bn)
|
28.7
|
29.6
|
|
29.3
|
29.5
|
29.9
|
30.0
|
|
28.9
|
28.8
|
|
Cost: income ratio
|
59%
|
54%
|
|
80%
|
67%
|
63%
|
60%
|
|
101%
|
68%
|
|
Loan loss rate (bps)
|
21
|
23
|
|
15
|
15
|
15
|
(4)
|
|
8
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of total income
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
FICC
|
1,450
|
1,699
|
|
934
|
1,180
|
1,149
|
1,404
|
|
724
|
1,147
|
|
Equities
|
870
|
963
|
|
604
|
692
|
696
|
883
|
|
431
|
675
|
|
Global Markets
|
2,320
|
2,662
|
|
1,538
|
1,872
|
1,845
|
2,287
|
|
1,155
|
1,822
|
|
Advisory
|
123
|
143
|
|
189
|
186
|
138
|
148
|
|
171
|
80
|
|
Equity
capital markets
|
81
|
70
|
|
98
|
64
|
121
|
68
|
|
38
|
62
|
|
Debt
capital markets
|
364
|
431
|
|
327
|
344
|
420
|
401
|
|
301
|
233
|
|
Banking
Fees and Underwriting
|
568
|
644
|
|
614
|
594
|
679
|
617
|
|
510
|
375
|
|
Corporate
lending
|
(4)
|
156
|
|
45
|
(21)
|
87
|
42
|
|
(23)
|
103
|
|
Transaction
banking
|
423
|
411
|
|
410
|
406
|
408
|
382
|
|
395
|
386
|
|
International
Corporate Banking
|
419
|
567
|
|
455
|
385
|
495
|
424
|
|
372
|
489
|
|
Investment Banking
|
987
|
1,211
|
|
1,069
|
979
|
1,174
|
1,041
|
|
882
|
864
|
|
Total income
|
3,307
|
3,873
|
|
2,607
|
2,851
|
3,019
|
3,328
|
|
2,037
|
2,686
|
|
Barclays US Consumer Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
Income statement information
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
Net interest income
|
640
|
678
|
|
678
|
647
|
646
|
688
|
|
686
|
662
|
|
Net fee, commission, trading and other income
|
183
|
186
|
|
179
|
144
|
173
|
171
|
|
180
|
147
|
|
Total income
|
823
|
864
|
|
857
|
791
|
819
|
859
|
|
866
|
809
|
|
Operating costs
|
(396)
|
(407)
|
|
(433)
|
(384)
|
(408)
|
(387)
|
|
(418)
|
(404)
|
|
UK regulatory levies
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
Litigation and conduct
|
—
|
(3)
|
|
—
|
(9)
|
(2)
|
(3)
|
|
(2)
|
—
|
|
Total operating expenses
|
(396)
|
(410)
|
|
(433)
|
(393)
|
(410)
|
(390)
|
|
(420)
|
(404)
|
|
Other net income
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
Profit before impairment
|
427
|
454
|
|
424
|
398
|
409
|
469
|
|
446
|
405
|
|
Credit impairment charges
|
(312)
|
(399)
|
|
(298)
|
(276)
|
(309)
|
(410)
|
|
(449)
|
(404)
|
|
Profit/(loss) before tax
|
115
|
55
|
|
126
|
122
|
100
|
59
|
|
(3)
|
1
|
|
Attributable profit/(loss)
|
87
|
41
|
|
94
|
89
|
75
|
44
|
|
(3)
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Loans and advances to customers at amortised cost
|
18.2
|
18.8
|
|
20.0
|
23.2
|
24.3
|
23.6
|
|
24.2
|
24.3
|
|
Deposits at amortised cost
|
22.5
|
23.8
|
|
23.3
|
19.4
|
20.0
|
20.3
|
|
19.7
|
19.3
|
|
Risk weighted assets
|
24.7
|
25.6
|
|
26.8
|
23.2
|
24.4
|
23.9
|
|
24.8
|
24.1
|
|
Period end allocated tangible equity
|
3.4
|
3.5
|
|
3.7
|
3.2
|
3.3
|
3.3
|
|
3.4
|
3.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
10.2%
|
4.5%
|
|
11.2%
|
10.9%
|
9.2%
|
5.3%
|
|
(0.3)%
|
0.4%
|
|
Average allocated tangible equity (£bn)
|
3.4
|
3.6
|
|
3.4
|
3.3
|
3.3
|
3.3
|
|
3.3
|
3.1
|
|
Cost: income ratio
|
48%
|
47%
|
|
51%
|
50%
|
50%
|
46%
|
|
48%
|
50%
|
|
Loan loss rate (bps)1
|
456
|
562
|
|
395
|
411
|
438
|
610
|
|
636
|
582
|
|
Net interest margin
|
10.83%
|
10.53%
|
|
10.66%
|
10.38%
|
10.43%
|
11.12%
|
|
10.88%
|
10.88%
|
|
1
|
LLR includes held for sale portfolios to remain consistent with the
treatment of impairment.
|
|
Head Office
|
|
|
|
|
|
|
|
|
|
|
|
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
Income statement information
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
Net interest income
|
114
|
174
|
|
183
|
215
|
62
|
186
|
|
167
|
87
|
|
Net fee, commission and other income
|
(43)
|
(109)
|
|
(107)
|
(27)
|
(226)
|
8
|
|
28
|
26
|
|
Total income
|
71
|
65
|
|
76
|
188
|
(164)
|
194
|
|
195
|
113
|
|
Operating costs
|
(175)
|
(207)
|
|
(233)
|
(197)
|
(195)
|
(211)
|
|
(717)
|
(210)
|
|
UK regulatory levies
|
—
|
—
|
|
(9)
|
—
|
—
|
—
|
|
(14)
|
—
|
|
Litigation and conduct
|
(2)
|
(3)
|
|
(84)
|
(7)
|
1
|
(44)
|
|
1
|
(16)
|
|
Total operating expenses
|
(177)
|
(210)
|
|
(326)
|
(204)
|
(194)
|
(255)
|
|
(730)
|
(226)
|
|
Other net (expenses)/income
|
(9)
|
18
|
|
—
|
21
|
4
|
12
|
|
(10)
|
7
|
|
(Loss)/profit before impairment
|
(115)
|
(127)
|
|
(250)
|
5
|
(354)
|
(49)
|
|
(545)
|
(106)
|
|
Credit impairment (charges)/releases
|
(1)
|
(4)
|
|
(42)
|
(19)
|
(18)
|
(40)
|
|
(29)
|
20
|
|
Loss before tax
|
(116)
|
(131)
|
|
(292)
|
(14)
|
(372)
|
(89)
|
|
(574)
|
(86)
|
|
Attributable loss
|
(114)
|
(124)
|
|
(318)
|
(16)
|
(349)
|
(59)
|
|
(447)
|
(71)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Risk weighted assets
|
12.6
|
12.7
|
|
16.2
|
16.1
|
18.3
|
20.2
|
|
19.0
|
16.8
|
|
Period end allocated tangible equity
|
5.9
|
4.7
|
|
2.4
|
4.9
|
2.7
|
3.0
|
|
3.6
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
|
Average allocated tangible equity (£bn)
|
5.5
|
3.8
|
|
3.4
|
3.5
|
2.1
|
2.8
|
|
2.7
|
0.7
|
Performance Management
|
Margins and balances
|
|
|
|
|
|
|
|
|
Half year ended 30.06.25
|
Half year ended 30.06.24
|
||||
|
|
Net interest income
|
Average customer assets
|
Net interest margin
|
Net interest income
|
Average customer assets
|
Net interest margin
|
|
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
|
Barclays UK
|
3,677
|
208,977
|
3.55
|
3,146
|
200,599
|
3.15
|
|
Barclays UK Corporate Bank
|
701
|
25,044
|
5.64
|
573
|
22,454
|
5.13
|
|
Barclays Private Bank and Wealth Management
|
407
|
14,701
|
5.58
|
362
|
13,762
|
5.29
|
|
Barclays US Consumer Bank1
|
1,318
|
24,897
|
10.68
|
1,334
|
24,890
|
10.78
|
|
Group excluding IB and Head
Office1
|
6,103
|
273,619
|
4.50
|
5,415
|
261,705
|
4.16
|
|
Barclays Investment Bank
|
631
|
|
|
465
|
|
|
|
Head Office
|
288
|
|
|
248
|
|
|
|
Barclays Group Net interest income
|
7,022
|
|
|
6,128
|
|
|
The Group excluding IB and Head Office Net interest margin
increased by 34bps from 4.16% in H124 to 4.50% in H125, due to
continued structural hedge momentum, and the impact from the
acquisition of Tesco Bank, partially offset by retail deposit
dynamics.
|
Quarterly analysis
|
|
|
|||
|
|
Q225
|
Q125
|
Q424
|
Q324
|
Q224
|
|
Net interest income
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Barclays UK
|
1,855
|
1,822
|
1,815
|
1,666
|
1,597
|
|
Barclays UK Corporate Bank
|
359
|
342
|
324
|
309
|
296
|
|
Barclays Private Bank and Wealth Management
|
203
|
204
|
216
|
189
|
187
|
|
Barclays US Consumer Bank
|
640
|
678
|
678
|
647
|
646
|
|
Group excluding IB and Head Office
|
3,057
|
3,046
|
3,033
|
2,811
|
2,726
|
|
|
|
|
|
|
|
|
Average customer assets
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Barclays UK
|
209,649
|
208,305
|
204,793
|
198,616
|
199,529
|
|
Barclays UK Corporate Bank
|
25,478
|
24,605
|
23,450
|
23,049
|
22,474
|
|
Barclays Private Bank and Wealth Management
|
14,729
|
14,674
|
14,381
|
14,061
|
13,931
|
|
Barclays US Consumer Bank1
|
23,713
|
26,106
|
25,314
|
24,798
|
24,899
|
|
Group excluding IB and Head Office
|
273,569
|
273,690
|
267,938
|
260,524
|
260,833
|
|
|
|
|
|
|
|
|
Net interest margin
|
%
|
%
|
%
|
%
|
%
|
|
Barclays UK
|
3.55
|
3.55
|
3.53
|
3.34
|
3.22
|
|
Barclays UK Corporate Bank
|
5.65
|
5.64
|
5.50
|
5.33
|
5.30
|
|
Barclays Private Bank and Wealth Management
|
5.53
|
5.64
|
5.98
|
5.35
|
5.40
|
|
Barclays US Consumer Bank
|
10.83
|
10.53
|
10.66
|
10.38
|
10.43
|
|
Group excluding IB and Head Office
|
4.48
|
4.51
|
4.50
|
4.29
|
4.20
|
|
1
|
Includes average customer asset balances classified as held for
sale.
|
Structural hedge
The Group employs a structural hedge programme designed to
stabilise NIM on fixed rate non-maturity balance sheet items that
are behaviourally stable. As interest rates move, such balances
would otherwise drive material income volatility where there is a
re-pricing mismatch with floating rate assets.
The structural hedge predominantly covers non-interest-bearing
current accounts and the fixed portion of instant access savings
accounts as well as equity, which are invested into either floating
rate customer assets or balances at central banks, creating an
exposure to changes in interest rates. The structural hedge is
executed via a portfolio of receive-fixed, pay variable interest
rate swaps, with an amortising structure so that a small portion
matures and is reinvested each month at prevailing market rates.
The pay-floating leg of the interest rate swaps nets down a
proportion of the receive-floating income from the customer assets,
leaving a receive-fixed income stream from the structural
hedge.
The purpose of the structural hedge is to smooth the Group NII
through time. The floating leg of the swap will re-price
immediately, whereas the fixed rate yield on the portfolio reprices
gradually, as a portion of the swap portfolio matures and the roll
is re-invested onto new market rates.
When interest rates are higher than our structural hedge yield, the
pay-floating rate will typically be higher than our average
receive-fixed rate. In this scenario, when viewed in isolation, the
structural hedge will be a net drag to Group NII. When floating
rates are lower than our structural hedge yield, the hedge in
isolation will be a net benefit.
Since the receive-fixed swaps are booked for a specific term, an
element of NII is ‘locked in’. The income stabilising
feature of the structural hedge provides greater net interest
income certainty through the interest rate cycle.
The structural hedge is one component of a larger portfolio of
interest rate risk management activities that includes
non-structural hedging (e.g. pay-fixed and receive-variable flows
for asset hedging), and other offsetting flows. The net risk of
these positions is executed externally through interest rate swaps
and managed for accounting risk (i.e. income volatility arising
from the accounting mismatch of swaps at fair value through profit
and loss and underlying hedged items at amortised cost) within the
cash flow hedge reserve.
Overall the Group has external derivatives designated as cash flow
hedges that hedge interest rate risk with a notional £112.5bn
(December 2024: £105.6bn) which reflects the structural hedge
notional of £232.4bn (December 2024: £232.3bn) netted
with non-structural hedging positions of £119.9bn (December
2024: £126.7bn). The majority of these interest rate swaps are
cleared with Central Clearing Counterparties and margined daily
with an average structural hedge duration of 3 years.
Gross structural hedge contributions were £2,778m (H124:
£2,222m). Gross structural hedge contributions represent the
absolute interest income earned on the fixed legs of the swaps in
the structural hedge as the floating leg is offset by the base rate
funding of the deposits.
Risk Management
Risk management and principal risks
The roles and responsibilities across the Group, including Risk and
Compliance, in the management of risk are defined in the Enterprise
Risk Management Framework (ERMF). The purpose of the ERMF is to
identify the principal risks of the Group, the process by which the
Group sets its appetite for these risks in its business activities,
and the consequent limits which it places on related risk
taking.
The ERMF identifies ten principal risks: credit risk, market risk,
treasury and capital risk, climate risk, operational risk, model
risk, compliance risk, financial crime risk, reputation risk and
legal risk. Further detail on these principal risks and material
existing and emerging risks and how such risks are managed is
available in the Barclays PLC Annual Report 2024, which can be
accessed at home.barclays/annualreport. There have been no
significant changes to these principal risks or previously
identified material existing and emerging risks in the period and
these risks are expected to be relevant for the remaining six
months of this year.
The following sections give an overview of credit risk, market
risk, and treasury and capital risk for the period.
Credit Risk
Loans and advances at amortised cost by geography
Total loans and advances at amortised cost in the credit risk
section includes loans and advances at amortised cost to banks and
loans and advances at amortised cost to customers.
The table below presents a product and geographical breakdown of
loans and advances at amortised cost and the impairment allowance
by stage; and includes purchased or originated credit-impaired
(POCI) balances. POCI balances represent a fixed pool of assets
purchased at a deep discount to face value reflecting credit losses
incurred from the point of origination to date of acquisition. The
table also presents stage allocation of debt securities and
off-balance sheet loan commitments and financial guarantee
contracts.
The impairment allowance under IFRS 9 considers both the drawn and
the undrawn counterparty exposure. For retail portfolios, the total
impairment allowance is allocated to gross loans and advances to
the extent allowance does not exceed the drawn exposure and any
excess is reported on the liabilities side of the balance sheet as
a provision. For wholesale portfolios, impairment allowance on
undrawn exposure is reported on the liability side of the balance
sheet as a provision.
|
|
Gross exposure
|
|
Impairment allowance
|
||||||||
|
|
Stage 1
|
Stage 2
|
Stage 3 excluding POCI
|
Stage 3 POCI
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3 excluding POCI
|
Stage 3 POCI
|
Total
|
|
As at 30.06.25
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Retail mortgages
|
151,153
|
17,151
|
1,721
|
—
|
170,025
|
|
35
|
59
|
64
|
—
|
158
|
|
Retail credit cards
|
13,793
|
2,401
|
233
|
28
|
16,455
|
|
160
|
441
|
136
|
—
|
737
|
|
Retail other
|
10,001
|
1,433
|
272
|
14
|
11,720
|
|
99
|
151
|
182
|
—
|
432
|
|
Corporate loans1
|
53,565
|
7,247
|
1,723
|
—
|
62,535
|
|
135
|
215
|
418
|
—
|
768
|
|
Total UK
|
228,512
|
28,232
|
3,949
|
42
|
260,735
|
|
429
|
866
|
800
|
—
|
2,095
|
|
Retail mortgages
|
1,708
|
74
|
163
|
—
|
1,945
|
|
2
|
—
|
20
|
—
|
22
|
|
Retail credit cards
|
15,975
|
2,663
|
1,615
|
—
|
20,253
|
|
297
|
751
|
1,323
|
—
|
2,371
|
|
Retail other
|
2,244
|
167
|
130
|
—
|
2,541
|
|
4
|
2
|
17
|
—
|
23
|
|
Corporate loans
|
62,334
|
3,704
|
1,262
|
—
|
67,300
|
|
81
|
141
|
213
|
—
|
435
|
|
Total Rest of the World
|
82,261
|
6,608
|
3,170
|
—
|
92,039
|
|
384
|
894
|
1,573
|
—
|
2,851
|
|
Total loans and advances at amortised cost
|
310,773
|
34,840
|
7,119
|
42
|
352,774
|
|
813
|
1,760
|
2,373
|
—
|
4,946
|
|
Debt securities at amortised cost
|
69,252
|
708
|
—
|
—
|
69,960
|
|
12
|
12
|
—
|
—
|
24
|
|
Total loans and advances at amortised cost including debt
securities
|
380,025
|
35,548
|
7,119
|
42
|
422,734
|
|
825
|
1,772
|
2,373
|
—
|
4,970
|
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
398,675
|
17,054
|
943
|
5
|
416,677
|
|
164
|
239
|
22
|
—
|
425
|
|
Total3,4
|
778,700
|
52,602
|
8,062
|
47
|
839,411
|
|
989
|
2,011
|
2,395
|
—
|
5,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
Coverage ratio
|
||||||||
|
|
Stage 1
|
Stage 2
|
Stage 3 excluding POCI
|
Stage 3 POCI
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3 excluding POCI
|
Stage 3 POCI
|
Total
|
|
As at 30.06.25
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
%
|
|
Retail mortgages
|
151,118
|
17,092
|
1,657
|
—
|
169,867
|
|
—
|
0.3
|
3.7
|
—
|
0.1
|
|
Retail credit cards
|
13,633
|
1,960
|
97
|
28
|
15,718
|
|
1.2
|
18.4
|
58.4
|
—
|
4.5
|
|
Retail other
|
9,902
|
1,282
|
90
|
14
|
11,288
|
|
1.0
|
10.5
|
66.9
|
—
|
3.7
|
|
Corporate loans1
|
53,430
|
7,032
|
1,305
|
—
|
61,767
|
|
0.3
|
3.0
|
24.3
|
—
|
1.2
|
|
Total UK
|
228,083
|
27,366
|
3,149
|
42
|
258,640
|
|
0.2
|
3.1
|
20.3
|
—
|
0.8
|
|
Retail mortgages
|
1,706
|
74
|
143
|
—
|
1,923
|
|
0.1
|
—
|
12.3
|
—
|
1.1
|
|
Retail credit cards
|
15,678
|
1,912
|
292
|
—
|
17,882
|
|
1.9
|
28.2
|
81.9
|
—
|
11.7
|
|
Retail other
|
2,240
|
165
|
113
|
—
|
2,518
|
|
0.2
|
1.2
|
13.1
|
—
|
0.9
|
|
Corporate loans
|
62,253
|
3,563
|
1,049
|
—
|
66,865
|
|
0.1
|
3.8
|
16.9
|
—
|
0.6
|
|
Total Rest of the World
|
81,877
|
5,714
|
1,597
|
—
|
89,188
|
|
0.5
|
13.5
|
49.6
|
—
|
3.1
|
|
Total loans and advances at amortised cost
|
309,960
|
33,080
|
4,746
|
42
|
347,828
|
|
0.3
|
5.1
|
33.3
|
—
|
1.4
|
|
Debt securities at amortised cost
|
69,240
|
696
|
—
|
—
|
69,936
|
|
—
|
1.7
|
—
|
—
|
—
|
|
Total loans and advances at amortised cost including debt
securities
|
379,200
|
33,776
|
4,746
|
42
|
417,764
|
|
0.2
|
5.0
|
33.3
|
—
|
1.2
|
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
398,511
|
16,815
|
921
|
5
|
416,252
|
|
—
|
1.4
|
2.3
|
—
|
0.1
|
|
Total3,4
|
777,711
|
50,591
|
5,667
|
47
|
834,016
|
|
0.1
|
3.8
|
29.7
|
—
|
0.6
|
|
1
|
Includes Business Banking, which has a gross exposure of
£12.7bn and an impairment allowance of £346m. This
comprises £61m impairment allowance on £8.8bn Stage 1
exposure, £62m on £2.8bn Stage 2 exposure and £223m
on £1.1bn Stage 3 exposure. Excluding this, total coverage for
corporate loans in UK is 0.8%.
|
|
2
|
Excludes loan commitments and financial guarantees of £18.8bn
carried at fair value.
|
|
3
|
Other financial assets subject to impairment excluded in the table
above include cash collateral and settlement balances, reverse
repurchase agreements and other similar secured lending, financial
assets at fair value through other comprehensive income and other
assets. These have a total gross exposure of £239.2bn and an
impairment allowance of £150m. This comprises £23m
impairment allowance on £238.2bn Stage 1 exposure, £4m on
£0.9bn Stage 2 exposure and £123m on £128m Stage 3
exposure.
|
|
4
|
The annualised loan loss rate is 52bps after applying the total
impairment charge of £1,112m.
|
|
|
Gross exposure
|
|
Impairment allowance
|
||||||||
|
|
Stage 1
|
Stage 2
|
Stage 3 excluding POCI
|
Stage 3 POCI
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3 excluding POCI
|
Stage 3 POCI
|
Total
|
|
As at 31.12.24
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Retail mortgages
|
145,039
|
19,507
|
1,793
|
—
|
166,339
|
|
36
|
61
|
61
|
—
|
158
|
|
Retail credit cards
|
13,497
|
2,064
|
179
|
40
|
15,780
|
|
219
|
440
|
91
|
—
|
750
|
|
Retail other
|
10,606
|
1,218
|
257
|
17
|
12,098
|
|
135
|
110
|
138
|
—
|
383
|
|
Corporate loans1
|
52,284
|
7,266
|
2,171
|
—
|
61,721
|
|
133
|
196
|
420
|
—
|
749
|
|
Total UK
|
221,426
|
30,055
|
4,400
|
57
|
255,938
|
|
523
|
807
|
710
|
—
|
2,040
|
|
Retail mortgages
|
1,651
|
89
|
169
|
—
|
1,909
|
|
2
|
1
|
26
|
—
|
29
|
|
Retail credit cards
|
17,629
|
2,953
|
1,724
|
—
|
22,306
|
|
334
|
807
|
1,416
|
—
|
2,557
|
|
Retail other
|
1,844
|
155
|
121
|
—
|
2,120
|
|
3
|
1
|
23
|
—
|
27
|
|
Corporate loans
|
64,224
|
3,901
|
945
|
—
|
69,070
|
|
76
|
135
|
206
|
—
|
417
|
|
Total Rest of the World
|
85,348
|
7,098
|
2,959
|
—
|
95,405
|
|
415
|
944
|
1,671
|
—
|
3,030
|
|
Total loans and advances at amortised cost
|
306,774
|
37,153
|
7,359
|
57
|
351,343
|
|
938
|
1,751
|
2,381
|
—
|
5,070
|
|
Debt securities at amortised cost
|
64,988
|
3,245
|
—
|
—
|
68,233
|
|
12
|
11
|
—
|
—
|
23
|
|
Total loans and advances at amortised cost including debt
securities
|
371,762
|
40,398
|
7,359
|
57
|
419,576
|
|
950
|
1,762
|
2,381
|
—
|
5,093
|
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
412,255
|
18,728
|
1,168
|
6
|
432,157
|
|
164
|
250
|
25
|
—
|
439
|
|
Total3,4
|
784,017
|
59,126
|
8,527
|
63
|
851,733
|
|
1,114
|
2,012
|
2,406
|
—
|
5,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
Coverage ratio
|
||||||||
|
|
Stage 1
|
Stage 2
|
Stage 3 excluding POCI
|
Stage 3 POCI
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3 excluding POCI
|
Stage 3 POCI
|
Total
|
|
As at 31.12.24
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
%
|
|
Retail mortgages
|
145,003
|
19,446
|
1,732
|
—
|
166,181
|
|
—
|
0.3
|
3.4
|
—
|
0.1
|
|
Retail credit cards
|
13,278
|
1,624
|
88
|
40
|
15,030
|
|
1.6
|
21.3
|
50.8
|
—
|
4.8
|
|
Retail other
|
10,471
|
1,108
|
119
|
17
|
11,715
|
|
1.3
|
9.0
|
53.7
|
—
|
3.2
|
|
Corporate loans1
|
52,151
|
7,070
|
1,751
|
—
|
60,972
|
|
0.3
|
2.7
|
19.3
|
—
|
1.2
|
|
Total UK
|
220,903
|
29,248
|
3,690
|
57
|
253,898
|
|
0.2
|
2.7
|
16.1
|
—
|
0.8
|
|
Retail mortgages
|
1,649
|
88
|
143
|
—
|
1,880
|
|
0.1
|
1.1
|
15.4
|
—
|
1.5
|
|
Retail credit cards
|
17,295
|
2,146
|
308
|
—
|
19,749
|
|
1.9
|
27.3
|
82.1
|
—
|
11.5
|
|
Retail other
|
1,841
|
154
|
98
|
—
|
2,093
|
|
0.2
|
0.6
|
19.0
|
—
|
1.3
|
|
Corporate loans
|
64,148
|
3,766
|
739
|
—
|
68,653
|
|
0.1
|
3.5
|
21.8
|
—
|
0.6
|
|
Total Rest of the World
|
84,933
|
6,154
|
1,288
|
—
|
92,375
|
|
0.5
|
13.3
|
56.5
|
—
|
3.2
|
|
Total loans and advances at amortised cost
|
305,836
|
35,402
|
4,978
|
57
|
346,273
|
|
0.3
|
4.7
|
32.4
|
—
|
1.4
|
|
Debt securities at amortised cost
|
64,976
|
3,234
|
—
|
—
|
68,210
|
|
—
|
0.3
|
—
|
—
|
—
|
|
Total loans and advances at amortised cost including debt
securities
|
370,812
|
38,636
|
4,978
|
57
|
414,483
|
|
0.3
|
4.4
|
32.4
|
—
|
1.2
|
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
412,091
|
18,478
|
1,143
|
6
|
431,718
|
|
—
|
1.3
|
2.1
|
—
|
0.1
|
|
Total3,4
|
782,903
|
57,114
|
6,121
|
63
|
846,201
|
|
0.1
|
3.4
|
28.2
|
—
|
0.6
|
|
1
|
Includes Business Banking, which has a gross exposure of
£13.1bn and an impairment allowance of £356m. This
comprises £60m impairment allowance on £8.9bn Stage 1
exposure, £60m on £2.8bn Stage 2 exposure and £236m
on £1.5bn Stage 3 exposure. Excluding this, total coverage for
corporate loans in UK is 0.8%.
|
|
2
|
Excludes loan commitments and financial guarantees of £16.3bn
carried at fair value and includes exposures relating to financial
assets classified as assets held for sale.
|
|
3
|
Other financial assets subject to impairment excluded in the table
above include cash collateral and settlement balances, reverse
repurchase agreements and other similar secured lending, financial
assets at fair value through other comprehensive income and other
assets. These have a total gross exposure of £204.2bn and an
impairment allowance of £156m. This comprises £19m
impairment allowance on £202.7bn Stage 1 exposure, £7m on
£1.3bn Stage 2 exposure and £130m on £139m Stage 3
exposure.
|
|
4
|
The annualised loan loss rate is 46bps after applying the total
impairment charge of £1,982m.
|
Loans and advances at amortised cost by product
The table below presents a product breakdown by stages of loans and
advances at amortised cost. Also included is a breakdown of Stage 2
past due balances.
|
|
|
Stage 2
|
|
|
|
|||
|
As at 30.06.25
|
Stage 1
|
Not past due
|
<=30 days past due
|
>30 days past due
|
Total
|
Stage 3 excluding POCI
|
Stage 3 POCI
|
Total
|
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Retail mortgages
|
152,861
|
14,293
|
2,149
|
783
|
17,225
|
1,884
|
—
|
171,970
|
|
Retail credit cards
|
29,768
|
4,518
|
292
|
254
|
5,064
|
1,848
|
28
|
36,708
|
|
Retail other
|
12,245
|
1,337
|
187
|
76
|
1,600
|
402
|
14
|
14,261
|
|
Corporate loans
|
115,899
|
10,778
|
79
|
94
|
10,951
|
2,985
|
—
|
129,835
|
|
Total
|
310,773
|
30,926
|
2,707
|
1,207
|
34,840
|
7,119
|
42
|
352,774
|
|
|
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
|
|
Retail mortgages
|
37
|
29
|
17
|
13
|
59
|
84
|
—
|
180
|
|
Retail credit cards
|
457
|
940
|
111
|
141
|
1,192
|
1,459
|
—
|
3,108
|
|
Retail other
|
103
|
104
|
24
|
25
|
153
|
199
|
—
|
455
|
|
Corporate loans
|
216
|
343
|
5
|
8
|
356
|
631
|
—
|
1,203
|
|
Total
|
813
|
1,416
|
157
|
187
|
1,760
|
2,373
|
—
|
4,946
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
|
|
Retail mortgages
|
152,824
|
14,264
|
2,132
|
770
|
17,166
|
1,800
|
—
|
171,790
|
|
Retail credit cards
|
29,311
|
3,578
|
181
|
113
|
3,872
|
389
|
28
|
33,600
|
|
Retail other
|
12,142
|
1,233
|
163
|
51
|
1,447
|
203
|
14
|
13,806
|
|
Corporate loans
|
115,683
|
10,435
|
74
|
86
|
10,595
|
2,354
|
—
|
128,632
|
|
Total
|
309,960
|
29,510
|
2,550
|
1,020
|
33,080
|
4,746
|
42
|
347,828
|
|
|
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
Retail mortgages
|
—
|
0.2
|
0.8
|
1.7
|
0.3
|
4.5
|
—
|
0.1
|
|
Retail credit cards
|
1.5
|
20.8
|
38.0
|
55.5
|
23.5
|
79.0
|
—
|
8.5
|
|
Retail other
|
0.8
|
7.8
|
12.8
|
32.9
|
9.6
|
49.5
|
—
|
3.2
|
|
Corporate loans
|
0.2
|
3.2
|
6.3
|
8.5
|
3.3
|
21.1
|
—
|
0.9
|
|
Total
|
0.3
|
4.6
|
5.8
|
15.5
|
5.1
|
33.3
|
—
|
1.4
|
|
As at 31.12.24
|
|
|
|
|
|
|
|
|
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Retail mortgages
|
146,690
|
16,790
|
2,034
|
772
|
19,596
|
1,962
|
—
|
168,248
|
|
Retail credit cards
|
31,126
|
4,435
|
303
|
279
|
5,017
|
1,903
|
40
|
38,086
|
|
Retail other
|
12,450
|
1,056
|
211
|
106
|
1,373
|
378
|
17
|
14,218
|
|
Corporate loans
|
116,508
|
10,849
|
144
|
174
|
11,167
|
3,116
|
—
|
130,791
|
|
Total
|
306,774
|
33,130
|
2,692
|
1,331
|
37,153
|
7,359
|
57
|
351,343
|
|
|
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
|
|
Retail mortgages
|
38
|
42
|
13
|
7
|
62
|
87
|
—
|
187
|
|
Retail credit cards
|
553
|
959
|
122
|
166
|
1,247
|
1,507
|
—
|
3,307
|
|
Retail other
|
138
|
76
|
17
|
18
|
111
|
161
|
—
|
410
|
|
Corporate loans
|
209
|
316
|
7
|
8
|
331
|
626
|
—
|
1,166
|
|
Total
|
938
|
1,393
|
159
|
199
|
1,751
|
2,381
|
—
|
5,070
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
|
|
Retail mortgages
|
146,652
|
16,748
|
2,021
|
765
|
19,534
|
1,875
|
—
|
168,061
|
|
Retail credit cards
|
30,573
|
3,476
|
181
|
113
|
3,770
|
396
|
40
|
34,779
|
|
Retail other
|
12,312
|
980
|
194
|
88
|
1,262
|
217
|
17
|
13,808
|
|
Corporate loans
|
116,299
|
10,533
|
137
|
166
|
10,836
|
2,490
|
—
|
129,625
|
|
Total
|
305,836
|
31,737
|
2,533
|
1,132
|
35,402
|
4,978
|
57
|
346,273
|
|
|
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
Retail mortgages
|
—
|
0.3
|
0.6
|
0.9
|
0.3
|
4.4
|
—
|
0.1
|
|
Retail credit cards
|
1.8
|
21.6
|
40.3
|
59.5
|
24.9
|
79.2
|
—
|
8.7
|
|
Retail other
|
1.1
|
7.2
|
8.1
|
17.0
|
8.1
|
42.6
|
—
|
2.9
|
|
Corporate loans
|
0.2
|
2.9
|
4.9
|
4.6
|
3.0
|
20.1
|
—
|
0.9
|
|
Total
|
0.3
|
4.2
|
5.9
|
15.0
|
4.7
|
32.4
|
—
|
1.4
|
Movement in gross exposures and impairment allowance including
provisions for loan commitments and financial
guarantees
The following tables present a reconciliation of the opening to the
closing balance of the gross exposure and impairment
allowance.
Transfers between stages in the tables have been reflected as if
they had taken place at the beginning of the period. 'Net
drawdowns, repayments, net re-measurement and movements due to
exposure and risk parameter changes' includes additional drawdowns
and partial repayments from existing facilities. Additionally, the
below tables do not include other financial assets subject to
impairment such as debt securities at amortised cost, reverse
repurchase agreements and other similar secured lending, cash
collateral and settlement balances, financial assets at fair value
through other comprehensive income and other assets.
The movements are measured over a six-month period.
Loans and advances at amortised cost
|
|
Stage 1
|
Stage 2
|
Stage 3 excluding POCI
|
Stage 3 POCI
|
Total
|
|||||
|
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
|
Retail mortgages
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
As at 1 January 2025
|
146,690
|
38
|
19,596
|
62
|
1,962
|
87
|
—
|
—
|
168,248
|
187
|
|
Transfers from Stage 1 to Stage 2
|
(5,409)
|
(2)
|
5,409
|
2
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Transfers from Stage 2 to Stage 1
|
6,592
|
21
|
(6,592)
|
(21)
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Transfers to Stage 3
|
(153)
|
—
|
(255)
|
(4)
|
408
|
4
|
—
|
—
|
—
|
—
|
|
Transfers from Stage 3
|
79
|
2
|
155
|
1
|
(234)
|
(3)
|
—
|
—
|
—
|
—
|
|
Business activity in the period
|
15,180
|
6
|
385
|
2
|
26
|
—
|
—
|
—
|
15,591
|
8
|
|
Refinements to models used for calculation
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
(3,839)
|
(26)
|
(563)
|
21
|
(63)
|
23
|
—
|
—
|
(4,465)
|
18
|
|
Final repayments
|
(6,279)
|
(2)
|
(909)
|
(3)
|
(193)
|
(9)
|
—
|
—
|
(7,381)
|
(14)
|
|
Disposals1s
|
—
|
—
|
(1)
|
(1)
|
(9)
|
(5)
|
—
|
—
|
(10)
|
(6)
|
|
Write-offs
|
—
|
—
|
—
|
—
|
(13)
|
(13)
|
—
|
—
|
(13)
|
(13)
|
|
As at 30 June 2025
|
152,861
|
37
|
17,225
|
59
|
1,884
|
84
|
—
|
—
|
171,970
|
180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail credit cards
|
|
|
|
|
|
|
|
|
|
|
|
As at 1 January 2025
|
31,126
|
553
|
5,017
|
1,247
|
1,903
|
1,507
|
40
|
—
|
38,086
|
3,307
|
|
Transfers from Stage 1 to Stage 2
|
(2,065)
|
(59)
|
2,065
|
59
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Transfers from Stage 2 to Stage 1
|
1,488
|
306
|
(1,488)
|
(306)
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Transfers to Stage 3
|
(298)
|
(12)
|
(636)
|
(272)
|
934
|
284
|
—
|
—
|
—
|
—
|
|
Transfers from Stage 3
|
12
|
6
|
15
|
6
|
(27)
|
(12)
|
—
|
—
|
—
|
—
|
|
Business activity in the period
|
1,951
|
31
|
171
|
38
|
1
|
1
|
—
|
—
|
2,123
|
70
|
|
Refinements to models used for calculation2
|
—
|
14
|
—
|
(47)
|
—
|
1
|
—
|
—
|
—
|
(32)
|
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
(2,310)
|
(377)
|
(69)
|
469
|
(200)
|
385
|
(12)
|
—
|
(2,591)
|
477
|
|
Final repayments
|
(136)
|
(5)
|
(11)
|
(2)
|
(2)
|
(1)
|
—
|
—
|
(149)
|
(8)
|
|
Disposals1
|
—
|
—
|
—
|
—
|
(245)
|
(190)
|
—
|
—
|
(245)
|
(190)
|
|
Write-offs
|
—
|
—
|
—
|
—
|
(516)
|
(516)
|
—
|
—
|
(516)
|
(516)
|
|
As at 30 June 2025
|
29,768
|
457
|
5,064
|
1,192
|
1,848
|
1,459
|
28
|
—
|
36,708
|
3,108
|
|
1
|
The £10m of gross disposals reported within Retail mortgages
relate to sale of the Italian mortgage loans. The £245m of
gross disposals reported within Retail credit cards relate to debt
sales undertaken during the period.
|
|
2
|
Refinements to models used for calculation reported within Retail
credit cards include a £(32)m movement in the calculated ECL
for the US Cards portfolio. These reflect model enhancements made
during the period. Barclays continually reviews the output of
models to determine accuracy of the ECL calculation including
review of model monitoring, external benchmarking and experience of
model operation over an extended period of time. This helps to
ensure that the models used continue to reflect the risks inherent
across the businesses.
|
|
Loans and advances at amortised cost
|
|
|
|
|
|
|||||
|
|
Stage 1
|
Stage 2
|
Stage 3 excluding POCI
|
Stage 3 POCI
|
Total
|
|||||
|
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
|
Retail other
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
As at 1 January 2025
|
12,450
|
138
|
1,373
|
111
|
378
|
161
|
17
|
—
|
14,218
|
410
|
|
Transfers from Stage 1 to Stage 2
|
(757)
|
(12)
|
757
|
12
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Transfers from Stage 2 to Stage 1
|
309
|
20
|
(309)
|
(20)
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Transfers to Stage 3
|
(85)
|
(1)
|
(84)
|
(22)
|
169
|
23
|
—
|
—
|
—
|
—
|
|
Transfers from Stage 3
|
23
|
1
|
3
|
2
|
(26)
|
(3)
|
—
|
—
|
—
|
—
|
|
Business activity in the period
|
2,969
|
23
|
180
|
19
|
11
|
4
|
—
|
—
|
3,160
|
46
|
|
Refinements to models used for calculation
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
(615)
|
(54)
|
(30)
|
54
|
67
|
98
|
(3)
|
—
|
(581)
|
98
|
|
Final repayments
|
(2,049)
|
(12)
|
(290)
|
(3)
|
(119)
|
(12)
|
—
|
—
|
(2,458)
|
(27)
|
|
Disposals1
|
—
|
—
|
—
|
—
|
(21)
|
(15)
|
—
|
—
|
(21)
|
(15)
|
|
Write-offs
|
—
|
—
|
—
|
—
|
(57)
|
(57)
|
—
|
—
|
(57)
|
(57)
|
|
As at 30 June 2025
|
12,245
|
103
|
1,600
|
153
|
402
|
199
|
14
|
—
|
14,261
|
455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate loans
|
|
|
|
|
|
|
|
|
|
|
|
As at 1 January 2025
|
116,508
|
209
|
11,167
|
331
|
3,116
|
626
|
—
|
—
|
130,791
|
1,166
|
|
Transfers from Stage 1 to Stage 2
|
(3,210)
|
(17)
|
3,210
|
17
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Transfers from Stage 2 to Stage 1
|
2,156
|
46
|
(2,156)
|
(46)
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Transfers to Stage 3
|
(374)
|
(2)
|
(461)
|
(25)
|
835
|
27
|
—
|
—
|
—
|
—
|
|
Transfers from Stage 3
|
207
|
10
|
220
|
10
|
(427)
|
(20)
|
—
|
—
|
—
|
—
|
|
Business activity in the period
|
16,320
|
26
|
1,290
|
27
|
373
|
25
|
—
|
—
|
17,983
|
78
|
|
Refinements to models used for calculation2
|
—
|
(8)
|
—
|
(6)
|
—
|
—
|
—
|
—
|
—
|
(14)
|
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes3
|
181
|
(33)
|
(732)
|
86
|
(370)
|
199
|
—
|
—
|
(921)
|
252
|
|
Final repayments
|
(15,888)
|
(14)
|
(1,585)
|
(36)
|
(260)
|
(44)
|
—
|
—
|
(17,733)
|
(94)
|
|
Disposals1
|
(1)
|
(1)
|
(2)
|
(2)
|
(121)
|
(21)
|
—
|
—
|
(124)
|
(24)
|
|
Write-offs
|
—
|
—
|
—
|
—
|
(161)
|
(161)
|
—
|
—
|
(161)
|
(161)
|
|
As at 30 June 2025
|
115,899
|
216
|
10,951
|
356
|
2,985
|
631
|
—
|
—
|
129,835
|
1,203
|
|
1
|
The £21m of gross disposals reported within Retail other and
£124m of gross disposals reported within Corporate loans
relate to debt sales undertaken during the period.
|
|
2
|
Refinements to models used for calculation reported within
Corporate loans include a £(14)m movement in the calculated
ECL for the IB portfolio. These reflect model enhancements made
during the period. Barclays continually reviews the output of
models to determine accuracy of the ECL calculation including
review of model monitoring, external benchmarking and experience of
model operation over an extended period of time. This helps to
ensure that the models used continue to reflect the risks inherent
across the businesses.
|
|
3
|
'Net drawdowns, repayments, net re-measurement and movements due to
exposure and risk parameter changes' reported within Corporate
loans includes assets of £0.2bn de-recognised due to payment
received on defaulted loans from government guarantees issued under
the Government’s Bounce Back Loan Scheme.
|
|
Reconciliation of ECL movement to impairment charge/(release) for
the period
|
|
|
||||||
|
|
|
|
|
Stage 1
|
Stage 2
|
Stage 3 excluding POCI
|
Stage 3 POCI
|
Total
|
|
|
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Retail mortgages
|
(1)
|
(2)
|
15
|
—
|
12
|
|||
|
Retail credit cards
|
(96)
|
(55)
|
658
|
—
|
507
|
|||
|
Retail other
|
(35)
|
42
|
110
|
—
|
117
|
|||
|
Corporate loans
|
8
|
27
|
187
|
—
|
222
|
|||
|
ECL movements excluding disposals and
write-offs1
|
(124)
|
12
|
970
|
—
|
858
|
|||
|
ECL movement on
loan commitments and other financial guarantees
|
—
|
(11)
|
(3)
|
—
|
(14)
|
|||
|
ECL movement on other financial assets
|
4
|
(3)
|
(7)
|
—
|
(6)
|
|||
|
ECL movement on debt securities at amortised cost
|
—
|
1
|
—
|
—
|
1
|
|||
|
Recoveries and reimbursements2
|
(4)
|
(20)
|
(77)
|
—
|
(101)
|
|||
|
ECL charge on assets held for sale3
|
|
|
|
|
105
|
|||
|
Total exchange and other adjustments
|
|
|
|
|
269
|
|||
|
Total income statement charge for the period
|
|
|
|
|
1,112
|
|||
|
1
|
In H125, gross write-offs amounted to £747m (H124: £760m)
and post write-off recoveries amounted to £43m (H124:
£38m). Net write-offs represent gross write-offs less post
write-off recoveries and amounted to £704m (H124:
£722m).
|
|
2
|
Recoveries and reimbursements include £58m (H124: £18m)
for reimbursements expected to be received under the arrangement
where Group has entered into financial guarantee contracts which
provide credit protection over certain assets with third parties
and cash recoveries of previously written off amounts of
£43m(H124: £38m).
|
|
3
|
ECL charge on assets held for sale relate to the charges on a
co-branded card portfolio in USCB and the German consumer finance
business.
|
|
Loan commitments and financial
guarantees1
|
||||||||||
|
|
Stage 1
|
Stage 2
|
Stage 3 excluding POCI
|
Stage 3 POCI
|
Total
|
|||||
|
|
Gross
exposure
|
ECL
|
Gross
exposure
|
ECL
|
Gross
exposure
|
ECL
|
Gross
exposure
|
ECL
|
Gross
exposure
|
ECL
|
|
Retail mortgages
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
As at 1 January 2025
|
11,093
|
—
|
340
|
—
|
2
|
—
|
—
|
—
|
11,435
|
—
|
|
Net transfers between stages
|
(22)
|
—
|
20
|
—
|
2
|
—
|
—
|
—
|
—
|
—
|
|
Business activity in the period
|
10,082
|
—
|
—
|
—
|
6
|
—
|
—
|
—
|
10,088
|
—
|
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
(8,050)
|
—
|
(27)
|
—
|
(2)
|
—
|
—
|
—
|
(8,079)
|
—
|
|
Limit management and final repayments
|
(171)
|
—
|
(19)
|
—
|
(1)
|
—
|
—
|
—
|
(191)
|
—
|
|
As at 30 June 2025
|
12,932
|
—
|
314
|
—
|
7
|
—
|
—
|
—
|
13,253
|
—
|
|
Retail credit cards
|
|
|
|
|
|
|
|
|
|
|
|
As at 1 January 2025
|
162,471
|
53
|
2,515
|
13
|
122
|
—
|
6
|
—
|
165,114
|
66
|
|
Net transfers between stages
|
(2,001)
|
10
|
1,977
|
(10)
|
24
|
—
|
—
|
—
|
—
|
—
|
|
Business activity in the period
|
9,162
|
11
|
136
|
2
|
—
|
—
|
—
|
—
|
9,298
|
13
|
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
(7,840)
|
(16)
|
(1,284)
|
14
|
(26)
|
—
|
(1)
|
—
|
(9,151)
|
(2)
|
|
Limit management and final repayments
|
(6,172)
|
(5)
|
(122)
|
(5)
|
(11)
|
—
|
—
|
—
|
(6,305)
|
(10)
|
|
Disposals2
|
(5,203)
|
—
|
(217)
|
—
|
(10)
|
—
|
—
|
—
|
(5,430)
|
—
|
|
As at 30 June 2025
|
150,417
|
53
|
3,005
|
14
|
99
|
—
|
5
|
—
|
153,526
|
67
|
|
Retail other
|
|
|
|
|
|
|
|
|
|
|
|
As at 1 January 2025
|
8,416
|
6
|
440
|
—
|
25
|
—
|
—
|
—
|
8,881
|
6
|
|
Net transfers between stages
|
(10)
|
—
|
10
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Business activity in the period
|
364
|
—
|
—
|
—
|
6
|
—
|
—
|
—
|
370
|
—
|
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
(126)
|
(3)
|
(14)
|
—
|
(7)
|
—
|
—
|
—
|
(147)
|
(3)
|
|
Limit management and final repayments
|
(573)
|
—
|
(25)
|
—
|
(3)
|
—
|
—
|
—
|
(601)
|
—
|
|
Disposals2
|
(743)
|
—
|
(30)
|
—
|
(1)
|
—
|
—
|
—
|
(774)
|
—
|
|
As at 30 June 2025
|
7,328
|
3
|
381
|
—
|
20
|
—
|
—
|
—
|
7,729
|
3
|
|
Corporate loans
|
|
|
|
|
|
|
|
|
|
|
|
As at 1 January 2025
|
230,275
|
105
|
15,433
|
237
|
1,019
|
25
|
—
|
—
|
246,727
|
367
|
|
Net transfers between stages
|
(77)
|
23
|
(77)
|
(22)
|
154
|
(1)
|
—
|
—
|
—
|
—
|
|
Business activity in the period
|
52,278
|
23
|
1,166
|
31
|
68
|
—
|
—
|
—
|
53,512
|
54
|
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
(4,520)
|
(29)
|
(1,182)
|
17
|
(261)
|
—
|
—
|
—
|
(5,963)
|
(12)
|
|
Limit management and final repayments
|
(49,958)
|
(14)
|
(1,986)
|
(38)
|
(163)
|
(2)
|
—
|
—
|
(52,107)
|
(54)
|
|
As at 30 June 2025
|
227,998
|
108
|
13,354
|
225
|
817
|
22
|
—
|
—
|
242,169
|
355
|
|
1
|
Loan commitments reported also include financial assets classified
as held for sale.
|
|
2
|
The gross disposals reported within Retail credit card and Retail
other relate to the German consumer finance business; sale of which
was completed in Q125.
|
Management adjustments to models for impairment
Management adjustments to impairment models are applied in order to
factor in certain conditions or changes in policy that are not
fully incorporated into the impairment models, or to reflect
additional facts and circumstances at the period end. Management
adjustments are reviewed and incorporated into future model
development where applicable.
Management adjustments are captured through “Economic
uncertainty” and “Other” adjustments, and are
presented by product and geography below:
Management adjustments to models for impairment
allowance presented by product and
geography1
|
|
Impairment allowance pre management
adjustments2
|
Economic uncertainty adjustments
|
Other adjustments
|
Management
adjustments3
|
Total impairment
allowance4
|
Proportion of Management adjustments to Total impairment
allowance
|
|
|
|
(a)
|
(b)
|
(a+b)
|
|
|
|
As at 30.06.25
|
£m
|
£m
|
£m
|
£m
|
£m
|
%
|
|
Retail mortgages
|
50
|
36
|
72
|
108
|
158
|
68.4
|
|
Retail credit cards
|
883
|
—
|
(127)
|
(127)
|
756
|
(16.8)
|
|
Retail other
|
350
|
—
|
84
|
84
|
434
|
19.4
|
|
Corporate loans
|
767
|
43
|
40
|
83
|
850
|
9.8
|
|
Total UK
|
2,050
|
79
|
69
|
148
|
2,198
|
6.7
|
|
Retail mortgages
|
22
|
—
|
—
|
—
|
22
|
—
|
|
Retail credit cards5
|
2,389
|
30
|
—
|
30
|
2,419
|
1.2
|
|
Retail other
|
24
|
—
|
—
|
—
|
24
|
—
|
|
Corporate loans5
|
719
|
44
|
(55)
|
(11)
|
708
|
(1.6)
|
|
Total Rest of the World
|
3,154
|
74
|
(55)
|
19
|
3,173
|
0.6
|
|
Total
|
5,204
|
153
|
14
|
167
|
5,371
|
3.1
|
|
Debt securities at amortised cost
|
23
|
1
|
—
|
1
|
24
|
4.2
|
|
Total including debt securities at amortised cost
|
5,227
|
154
|
14
|
168
|
5,395
|
3.1
|
|
|
|
|
|
|
|
|
|
As at 31.12.24
|
£m
|
£m
|
£m
|
£m
|
£m
|
%
|
|
Retail mortgages
|
51
|
36
|
71
|
107
|
158
|
67.7
|
|
Retail credit cards
|
787
|
—
|
(22)
|
(22)
|
765
|
(2.9)
|
|
Retail other
|
298
|
—
|
90
|
90
|
388
|
23.2
|
|
Corporate loans
|
759
|
42
|
39
|
81
|
840
|
9.6
|
|
Total UK
|
1,895
|
78
|
178
|
256
|
2,151
|
11.9
|
|
Retail mortgages
|
29
|
—
|
—
|
—
|
29
|
—
|
|
Retail credit cards
|
2,631
|
—
|
(23)
|
(23)
|
2,608
|
(0.9)
|
|
Retail other
|
24
|
—
|
4
|
4
|
28
|
14.3
|
|
Corporate loans
|
695
|
—
|
(2)
|
(2)
|
693
|
(0.3)
|
|
Total Rest of the World
|
3,379
|
—
|
(21)
|
(21)
|
3,358
|
(0.6)
|
|
Total
|
5,274
|
78
|
157
|
235
|
5,509
|
4.3
|
|
Debt securities at amortised cost
|
30
|
—
|
(7)
|
(7)
|
23
|
(30.4)
|
|
Total including debt securities at amortised cost
|
5,304
|
78
|
150
|
228
|
5,532
|
4.1
|
Economic uncertainty adjustments presented by stage
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
As at 30.06.25
|
£m
|
£m
|
£m
|
£m
|
|
Retail mortgages
|
7
|
18
|
11
|
36
|
|
Retail credit cards
|
—
|
—
|
—
|
—
|
|
Retail other
|
—
|
—
|
—
|
—
|
|
Corporate loans
|
25
|
12
|
6
|
43
|
|
Total UK
|
32
|
30
|
17
|
79
|
|
Retail mortgages
|
—
|
—
|
—
|
—
|
|
Retail credit cards
|
—
|
30
|
—
|
30
|
|
Retail other
|
—
|
—
|
—
|
—
|
|
Corporate loans
|
13
|
31
|
—
|
44
|
|
Total Rest of the World
|
13
|
61
|
—
|
74
|
|
Total
|
45
|
91
|
17
|
153
|
|
Debt securities at amortised cost
|
1
|
—
|
—
|
1
|
|
Total including debt securities at amortised cost
|
46
|
91
|
17
|
154
|
|
As at 31.12.24
|
£m
|
£m
|
£m
|
£m
|
|
Retail mortgages
|
7
|
18
|
11
|
36
|
|
Retail credit cards
|
—
|
—
|
—
|
—
|
|
Retail other
|
—
|
—
|
—
|
—
|
|
Corporate loans
|
26
|
10
|
6
|
42
|
|
Total UK
|
33
|
28
|
17
|
78
|
|
Retail mortgages
|
—
|
—
|
—
|
—
|
|
Retail credit cards
|
—
|
—
|
—
|
—
|
|
Retail other
|
—
|
—
|
—
|
—
|
|
Corporate loans
|
—
|
—
|
—
|
—
|
|
Total Rest of the World
|
—
|
—
|
—
|
—
|
|
Total
|
33
|
28
|
17
|
78
|
|
Debt securities at amortised cost
|
—
|
—
|
—
|
—
|
|
Total including debt securities at amortised cost
|
33
|
28
|
17
|
78
|
|
1
|
Positive values reflect an increase in impairment allowance and
negative values reflect a reduction in the impairment
allowance.
|
|
2
|
Includes £4.5bn (December 2024: £4.7bn) of modelled ECL,
£0.5bn (December 2024: £0.5bn) of individually assessed
impairments, £(0.2)bn (December 2024: £(0.3)bn) of ECL
from assets held for sale (co-branded card portfolio) and
£0.4bn (December 2024: £0.4bn) of ECL from non-modelled
exposures and debt securities.
|
|
3
|
Management adjustments related to other financial assets subject to
impairment not included in the table above include cash collateral
and settlement balances £nil (December 2024: £(1)m),
reverse repurchase agreements £1m (December 2024: £(2)m)
and financial assets at fair value through other comprehensive
income £nil (December 2024: £(2)m) within the IB
portfolio.
|
|
4
|
Total impairment allowance consists of ECL stock on drawn and
undrawn exposure.
|
|
5
|
Economic uncertainty adjustment of £87m is split £36m in
USCB (including £6m in HFS) and £51m in IB, primarily
reported within Corporate loans (ROW).
|
Economic uncertainty adjustments
Economic uncertainty adjustments continue to be captured in two
ways. Firstly, customer uncertainty: the identification of
customers and clients who may be more vulnerable to economic
instability; and secondly, model uncertainty: to capture the impact
from model limitations and sensitivities to specific macroeconomic
parameters which are applied at a portfolio level.
The Group continues to monitor the heightened uncertainty in the
near-term macroeconomic outlook, especially in the US. The
broadening range of outcomes coupled with volatile geopolitical
scenarios suggest that a greater weighting than that used in the
modelled ECL output should be applied to the Group's Downside
scenarios to reflect the macroeconomic uncertainty. In response, an
uncertainty PMA of £87m (£70m net of SRT credit
protection) has been introduced during the year. This adjustment
reflects a point in time impact based on the balance sheet as at 30
June 2025 for the uncertainty around macroeconomic variables. It
does not factor in future changes in customer utilisation or
management actions the Group might take to mitigate credit
risk.
The total economic uncertainty adjustments as at 30 June 2025 is
£154m (December 2024: £78m) and primarily
includes:
Customer and client uncertainty provisions of £128m (December
2024: £53m):
●
Retail mortgages (UK) £11m
(December 2024: £11m): This adjustment reflects the risk of borrowers
refinancing onto higher rates in the
medium-term
●
Retail credit cards (ROW)
£30m (December 2024: £nil): This adjustment is introduced during the year to
provide for the elevated US macroeconomic
uncertainty
●
Corporate loans:
-
UK £43m (December 2024:
£42m): This adjustment
reflects the possible cross default risk on Barclays’ lending
in respect of clients who have taken bounce back
loans
-
ROW £44m (December 2024:
£nil): This adjustment is
introduced during the year to provide for the elevated US
macroeconomic uncertainty
Model uncertainty provisions of £25m (December 2024:
£25m):
●
Retail mortgages
(UK) £25m (December 2024:
£25m): This adjustment
remediates the higher recovery expectations impacted by model
over-sensitivity to certain macroeconomic
variables
Other adjustments
Other adjustments are operational in nature and are expected to
remain in place until they can be reflected in the underlying
models. These adjustments result from data limitations and model
performance related issues identified through model
monitoring
and other established governance
processes.
Total other adjustments of £14m (December 2024: £150m)
includes:
Adjustments for definition of default under the Capital
Requirements Regulation and model monitoring across products; and a
recalibration adjustment to correct for Probability of Default (PD)
over-prediction in Retail credit cards (UK) and Corporate loans
(ROW).
●
Retail mortgages
(UK) £72m (December 2024:
£71m): The adjustments
remain broadly stable
●
Retail credit cards
(UK) £(127)m (December 2024:
£(22)m): The movement is
primarily driven by a recalibration adjustment to correct for
PD over-prediction driven by resilient customer
behaviour, underpinned by model monitoring
controls
●
Retail credit cards (ROW)
£nil (December 2024: £(23)m): The movement is informed by the retirement of an
adjustment in the US cards portfolio for high-risk account
management (HRAM) accounts following model remediation during the
year
●
Retail other (UK) £84m
(December 2024: £90m): The
adjustments remain broadly stable
●
Corporate loans (UK) £40m
(December 2024: £39m): The
adjustments remain broadly stable
●
Corporate loans (ROW)
£(55)m (December 2024: £(2)m): The movement is driven by a recalibration
adjustment to correct for PD over-prediction driven by resilient
customer behaviour, underpinned by model monitoring
controls
●
Debt securities £nil
(December 2024: £(7)m): The movement is informed by the retirement of an
adjustment following model remediation
Measurement uncertainty
Scenarios used to calculate the Group’s ECL charge were
refreshed in Q225, with the Baseline scenario reflecting the latest
consensus macroeconomic forecasts available at the time of the
scenario refresh. The Baseline scenario reflects the rapidly
changing trade policies and uncertainty around potential tariffs to
be imposed by the US administration and responses by other
governments. Global growth slows modestly as rising US tariffs and
retaliatory measures disrupt trade flows, dampen business
confidence, and weigh on investment, though domestic demand in
advanced economies remains resilient. UK and US GDP growth in 2025
is expected to be 0.7% and 1.9%, respectively. Labour markets in
major economies soften slightly amid increased uncertainty and
slower export-oriented activity. However, the weakening is
contained and does not rise significantly from current levels. UK
and US unemployment rates peak at 4.7% and 4.6%, respectively.
Central Banks continue to loosen monetary policy albeit at a faster
pace than initially anticipated given tariff-induced
uncertainty.
The Downside scenarios have been calibrated to capture an
escalation of trade tensions, where tariffs imposed by the US
prompt retaliation from its trading partners with adverse
implications for consumer prices and investment sentiment.
Large-scale deportation disrupts the US labour market, compounding
downside risks to growth. In addition, global supply chains are
severely disrupted as firms delay investment, reassess production
locations and hoard production inputs. Imports into the US contract
sharply due to higher prices and exports fall due to retaliation.
The combination of trade impact and consumer uncertainty triggers a
sharp recession, not only in the US but also in the UK and Europe
driven by a severe decline in net exports, business sentiment and
with investment and consumption plans being put on hold. The rapid
fall in external demand and a retrenchment in business investment
push up unemployment rates, where job losses are concentrated in
trade-exposed sectors (machinery, autos, consumer durables) but
also spill into services. The Fed initially holds rates steady,
weighing the inflation shock against the deteriorating real
economy. However, as the slowdown deepens and labour market
loosens, the Fed cuts rates swiftly to stimulate aggregate demand.
The Bank of England eases monetary policy amid a disinflationary
environment and looser labour markets.
In the Upside scenarios, a rise in labour force participation and
higher productivity contribute to accelerated economic growth,
without creating new inflationary pressures. Central banks lower
interest rates stimulating private consumption and investment
growth. Demand for labour increases and unemployment rates
stabilise and start falling again. As geopolitical tensions ease,
low inflation supports consumer purchasing power and contributes
further to healthy GDP growth. The strong economic outlook and
lower interest rates provide a boost to house prices growth and
support bullish financial markets.
The methodology for estimating scenario weights involves simulating
a range of future paths for UK and US GDP using historical data
with the five scenarios mapped against the distribution of these
future paths. The median is centred around the Baseline with
scenarios further from the Baseline attracting a lower weighting
before the five weights are normalised to total 100%. The increase
in the Downside 1 scenario weight was driven by the deterioration
in US GDP in the Baseline scenario, bringing the Baseline scenario
closer to the Downside scenarios, partially offset by the impact of
the increased severity of the Downside scenarios. For further
details see page 40.
The Group has retained the
£70m (net of SRT1
credit protection) uncertainty
adjustment introduced in Q125 across the US Consumer Bank and the
Investment Bank businesses as heightened uncertainty persists,
including tariffs and trade uncertainty and ongoing geopolitical
risk; the impacts of which are yet to be observed in customer
behaviour. For further details see page 36.
The following tables show the key macroeconomic variables used in
the five scenarios (5-year annual paths) and the weights applied to
each scenario.
|
1
|
Significant Risk Transfer (SRT) represents risk transfer
transactions used to enhance risk management
capabilities.
|
|
Macroeconomic variables used in the calculation of ECL
|
|||||
|
As at 30.06.25
|
2025
|
2026
|
2027
|
2028
|
2029
|
|
Baseline
|
%
|
%
|
%
|
%
|
%
|
|
UK GDP1
|
0.7
|
1.2
|
1.5
|
1.6
|
1.7
|
|
UK unemployment2
|
4.6
|
4.7
|
4.7
|
4.6
|
4.6
|
|
UK HPI3
|
2.1
|
2.3
|
2.3
|
3.5
|
3.9
|
|
UK bank rate6
|
4.1
|
3.8
|
3.8
|
3.8
|
3.9
|
|
US GDP1
|
1.9
|
1.4
|
2.0
|
2.0
|
2.0
|
|
US unemployment4
|
4.4
|
4.6
|
4.6
|
4.6
|
4.6
|
|
US HPI5
|
2.8
|
2.0
|
2.0
|
2.0
|
2.0
|
|
US federal funds rate6
|
4.3
|
3.6
|
3.6
|
3.8
|
3.8
|
|
|
|
|
|
|
|
|
Downside 2
|
|
|
|
|
|
|
UK GDP1
|
(0.2)
|
(3.4)
|
1.7
|
2.6
|
1.8
|
|
UK unemployment2
|
4.9
|
7.6
|
7.5
|
5.9
|
5.3
|
|
UK HPI3
|
(9.4)
|
(20.6)
|
1.2
|
18.1
|
10.0
|
|
UK bank rate6
|
4.0
|
1.4
|
0.2
|
0.8
|
1.5
|
|
US GDP1
|
0.9
|
(4.7)
|
(0.2)
|
2.3
|
2.3
|
|
US unemployment4
|
4.6
|
7.3
|
7.8
|
6.4
|
5.8
|
|
US HPI5
|
(1.6)
|
(6.6)
|
3.6
|
9.1
|
4.7
|
|
US federal funds rate6
|
4.5
|
4.1
|
2.4
|
1.4
|
1.2
|
|
|
|
|
|
|
|
|
Downside 1
|
|
|
|
|
|
|
UK GDP1
|
0.2
|
(1.1)
|
1.6
|
2.1
|
1.8
|
|
UK unemployment2
|
4.8
|
6.2
|
6.1
|
5.2
|
4.9
|
|
UK HPI3
|
(3.7)
|
(9.6)
|
1.7
|
10.7
|
7.0
|
|
UK bank rate6
|
4.1
|
3.1
|
2.2
|
2.3
|
2.7
|
|
US GDP1
|
1.4
|
(1.6)
|
0.9
|
2.1
|
2.1
|
|
US unemployment4
|
4.5
|
5.9
|
6.2
|
5.5
|
5.2
|
|
US HPI5
|
0.5
|
(2.4)
|
2.8
|
5.5
|
3.4
|
|
US federal funds rate6
|
4.3
|
3.9
|
2.9
|
2.6
|
2.6
|
|
|
|
|
|
|
|
|
Upside 2
|
|
|
|
|
|
|
UK GDP1
|
1.1
|
3.9
|
3.2
|
2.6
|
2.3
|
|
UK unemployment2
|
4.4
|
4.0
|
3.8
|
3.7
|
3.7
|
|
UK HPI3
|
4.4
|
14.2
|
6.8
|
2.7
|
3.8
|
|
UK bank rate6
|
4.1
|
3.1
|
2.5
|
2.6
|
2.9
|
|
US GDP1
|
2.3
|
3.1
|
2.9
|
2.8
|
2.8
|
|
US unemployment4
|
4.2
|
3.9
|
3.9
|
3.9
|
3.9
|
|
US HPI5
|
5.2
|
4.3
|
5.3
|
4.9
|
4.9
|
|
US federal funds rate6
|
4.1
|
2.9
|
2.8
|
2.8
|
2.8
|
|
|
|
|
|
|
|
|
Upside 1
|
|
|
|
|
|
|
UK GDP1
|
0.9
|
2.5
|
2.4
|
2.1
|
2.0
|
|
UK unemployment2
|
4.5
|
4.3
|
4.3
|
4.2
|
4.2
|
|
UK HPI3
|
3.2
|
8.1
|
4.5
|
3.1
|
3.9
|
|
UK bank rate6
|
4.1
|
3.4
|
3.3
|
3.3
|
3.4
|
|
US GDP1
|
2.1
|
2.3
|
2.4
|
2.4
|
2.4
|
|
US unemployment4
|
4.3
|
4.2
|
4.2
|
4.2
|
4.2
|
|
US HPI5
|
4.0
|
3.1
|
3.7
|
3.4
|
3.4
|
|
US federal funds rate6
|
4.3
|
3.3
|
3.3
|
3.5
|
3.5
|
|
1
|
Average Real GDP seasonally adjusted change in year.
|
|
2
|
Average UK unemployment rate 16-year+.
|
|
3
|
Change in year end UK HPI = Halifax HPI Meth2 All Houses, All
Buyers index.
|
|
4
|
Average US civilian unemployment rate 16-year+.
|
|
5
|
Change in year end US HPI = FHFA House Price Index, relative to
prior year end.
|
|
6
|
Average rate.
|
|
As at 31.12.24
|
2024
|
2025
|
2026
|
2027
|
2028
|
|
Baseline
|
%
|
%
|
%
|
%
|
%
|
|
UK GDP1
|
1.0
|
1.4
|
1.5
|
1.6
|
1.5
|
|
UK unemployment2
|
4.3
|
4.4
|
4.5
|
4.4
|
4.4
|
|
UK HPI3
|
2.8
|
3.3
|
1.6
|
4.5
|
3.0
|
|
UK bank rate6
|
5.1
|
4.3
|
4.0
|
4.0
|
3.8
|
|
US GDP1
|
2.7
|
2.0
|
2.0
|
2.0
|
2.0
|
|
US unemployment4
|
4.1
|
4.3
|
4.2
|
4.2
|
4.2
|
|
US HPI5
|
6.5
|
2.6
|
2.7
|
3.0
|
3.0
|
|
US federal funds rate6
|
5.1
|
4.1
|
4.0
|
3.8
|
3.8
|
|
|
|
|
|
|
|
|
Downside 2
|
|
|
|
|
|
|
UK GDP1
|
1.0
|
(2.3)
|
(1.3)
|
2.6
|
2.3
|
|
UK unemployment2
|
4.3
|
6.2
|
8.1
|
6.6
|
5.5
|
|
UK HPI3
|
2.8
|
(24.8)
|
(5.2)
|
10.0
|
14.6
|
|
UK bank rate6
|
5.1
|
3.5
|
1.7
|
0.6
|
1.1
|
|
US GDP1
|
2.7
|
(1.3)
|
(1.3)
|
3.3
|
2.9
|
|
US unemployment4
|
4.1
|
5.8
|
7.2
|
6.2
|
5.5
|
|
US HPI5
|
6.5
|
(8.0)
|
(0.7)
|
5.2
|
4.0
|
|
US federal funds rate6
|
5.1
|
2.5
|
0.6
|
0.8
|
1.5
|
|
|
|
|
|
|
|
|
Downside 1
|
|
|
|
|
|
|
UK GDP1
|
1.0
|
(0.5)
|
0.1
|
2.1
|
1.9
|
|
UK unemployment2
|
4.3
|
5.3
|
6.3
|
5.5
|
5.0
|
|
UK HPI3
|
2.8
|
(11.6)
|
(1.8)
|
7.2
|
8.7
|
|
UK bank rate6
|
5.1
|
3.9
|
2.9
|
2.3
|
2.4
|
|
US GDP1
|
2.7
|
0.3
|
0.4
|
2.7
|
2.4
|
|
US unemployment4
|
4.1
|
5.1
|
5.7
|
5.2
|
4.9
|
|
US HPI5
|
6.5
|
(2.7)
|
1.0
|
4.1
|
3.5
|
|
US federal funds rate6
|
5.1
|
3.4
|
2.3
|
2.3
|
2.7
|
|
|
|
|
|
|
|
|
Upside 2
|
|
|
|
|
|
|
UK GDP1
|
1.0
|
3.0
|
3.7
|
2.9
|
2.4
|
|
UK unemployment2
|
4.3
|
3.8
|
3.4
|
3.5
|
3.5
|
|
UK HPI3
|
2.8
|
11.9
|
8.4
|
5.1
|
4.1
|
|
UK bank rate6
|
5.1
|
3.9
|
2.9
|
2.8
|
2.8
|
|
US GDP1
|
2.7
|
2.8
|
3.1
|
2.8
|
2.8
|
|
US unemployment4
|
4.1
|
3.8
|
3.5
|
3.5
|
3.5
|
|
US HPI5
|
6.5
|
6.2
|
4.7
|
4.8
|
4.9
|
|
US federal funds rate6
|
5.1
|
3.7
|
3.3
|
3.1
|
2.8
|
|
|
|
|
|
|
|
|
Upside 1
|
|
|
|
|
|
|
UK GDP1
|
1.0
|
2.2
|
2.6
|
2.2
|
2.0
|
|
UK unemployment2
|
4.3
|
4.1
|
4.0
|
4.0
|
4.0
|
|
UK HPI3
|
2.8
|
7.6
|
4.9
|
4.8
|
3.5
|
|
UK bank rate6
|
5.1
|
4.1
|
3.5
|
3.4
|
3.3
|
|
US GDP1
|
2.7
|
2.4
|
2.6
|
2.4
|
2.4
|
|
US unemployment4
|
4.1
|
4.0
|
3.9
|
3.9
|
3.9
|
|
US HPI5
|
6.5
|
4.4
|
3.7
|
3.9
|
3.9
|
|
US federal funds rate6
|
5.1
|
4.0
|
3.8
|
3.6
|
3.3
|
|
1
|
Average Real GDP seasonally adjusted change in year.
|
|
2
|
Average UK unemployment rate 16-year+.
|
|
3
|
Change in year end UK HPI = Halifax All Houses, All Buyers index,
relative to prior year end.
|
|
4
|
Average US civilian unemployment rate 16-year+.
|
|
5
|
Change in year end US HPI = FHFA House Price Index, relative to
prior year end.
|
|
6
|
Average rate.
|
|
Scenario weighting
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
|
|
%
|
%
|
%
|
%
|
%
|
|
As at 30.06.25
|
|
|
|
|
|
|
Scenario weighting
|
15.5
|
26.4
|
34.4
|
15.2
|
8.5
|
|
As at 31.12.24
|
|
|
|
|
|
|
Scenario weighting
|
17.4
|
26.8
|
32.5
|
14.7
|
8.6
|
Specific bases show the most extreme position of each variable in
the context of the downside/upside scenarios, for example, the
highest unemployment for downside scenarios, average unemployment
for baseline scenarios and lowest unemployment for upside
scenarios. GDP and HPI downside and upside scenario data represent
the lowest and highest cumulative position relative to the start
point in the 20 quarter period.
|
Macroeconomic variables (specific
bases)1
|
|||||
|
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
|
As at 30.06.25
|
%
|
%
|
%
|
%
|
%
|
|
UK GDP2
|
14.5
|
10.9
|
1.3
|
(1.3)
|
(4.0)
|
|
UK unemployment3
|
3.7
|
4.2
|
4.6
|
6.5
|
8.4
|
|
UK HPI4
|
35.8
|
25.0
|
2.8
|
(13.2)
|
(28.1)
|
|
UK bank rate3
|
2.5
|
3.3
|
3.9
|
4.6
|
4.6
|
|
US GDP2
|
14.8
|
12.0
|
1.8
|
(1.4)
|
(5.3)
|
|
US unemployment3
|
3.9
|
4.1
|
4.5
|
6.5
|
8.4
|
|
US HPI4
|
27.1
|
19.0
|
2.2
|
(2.2)
|
(8.4)
|
|
US federal funds rate3
|
2.8
|
3.3
|
3.8
|
4.5
|
4.5
|
|
As at 31.12.24
|
%
|
%
|
%
|
%
|
%
|
|
UK GDP2
|
15.0
|
11.6
|
1.4
|
0.2
|
(2.9)
|
|
UK unemployment3
|
3.4
|
3.9
|
4.4
|
6.5
|
8.4
|
|
UK HPI4
|
36.3
|
25.9
|
3.0
|
(11.3)
|
(26.8)
|
|
UK bank rate3
|
2.8
|
3.3
|
4.2
|
5.3
|
5.3
|
|
US GDP2
|
14.9
|
12.8
|
2.2
|
0.4
|
(2.1)
|
|
US unemployment3
|
3.5
|
3.8
|
4.2
|
5.9
|
7.5
|
|
US HPI4
|
30.1
|
24.4
|
3.5
|
1.1
|
(4.0)
|
|
US federal funds rate3
|
2.8
|
3.3
|
4.2
|
5.3
|
5.3
|
|
1
|
UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK
unemployment rate 16-year+; UK HPI (31.12.24) = Halifax All Houses,
All Buyers Index; UK HPI (30.06.25) = Halifax HPI Meth2 All Houses,
All Buyers index; US GDP = Real GDP growth seasonally adjusted; US
unemployment = US civilian unemployment rate 16-year+; US HPI =
FHFA House Price Index. 20 quarter period starts from Q125 (2024:
Q124).
|
|
2
|
Maximum growth relative to Q424 (2024: Q423), based on 20 quarter
period in Upside scenarios; 5-year yearly average Compound Annual
Growth Rate(CAGR) in Baseline; minimum growth relative to Q424
(2024: Q423), based on 20 quarter period in Downside
scenarios.
|
|
3
|
Lowest quarter in 20 quarter period in Upside scenarios; 5-year
average in Baseline; highest quarter 20 quarter period in Downside
scenarios.
|
|
4
|
Maximum growth relative to Q424 (2024: Q423), based on 20 quarter
period in Upside scenarios; 5-year quarter end CAGR in Baseline;
minimum growth relative to Q424 (2024: Q423), based on 20 quarter
period in Downside scenarios.
|
Average basis represents the average quarterly value of variables
in the 20 quarter period with GDP and HPI based on yearly average
and quarterly CAGRs respectively.
|
Macroeconomic variables (5-year
averages)1
|
|||||
|
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
|
As at 30.06.25
|
%
|
%
|
%
|
%
|
%
|
|
UK GDP2
|
2.6
|
2.0
|
1.3
|
0.9
|
0.5
|
|
UK unemployment3
|
3.9
|
4.3
|
4.6
|
5.4
|
6.2
|
|
UK HPI4
|
6.3
|
4.6
|
2.8
|
0.9
|
(1.1)
|
|
UK bank rate3
|
3.0
|
3.5
|
3.9
|
2.9
|
1.6
|
|
US GDP2
|
2.8
|
2.3
|
1.8
|
1.0
|
0.1
|
|
US unemployment3
|
3.9
|
4.2
|
4.5
|
5.4
|
6.4
|
|
US HPI4
|
4.9
|
3.5
|
2.2
|
1.9
|
1.7
|
|
US federal funds rate3
|
3.1
|
3.6
|
3.8
|
3.3
|
2.7
|
|
As at 31.12.24
|
%
|
%
|
%
|
%
|
%
|
|
UK GDP2
|
2.6
|
2.0
|
1.4
|
0.9
|
0.5
|
|
UK unemployment3
|
3.7
|
4.0
|
4.4
|
5.3
|
6.1
|
|
UK HPI4
|
6.4
|
4.7
|
3.0
|
0.8
|
(1.6)
|
|
UK bank rate3
|
3.5
|
3.9
|
4.2
|
3.3
|
2.4
|
|
US GDP2
|
2.9
|
2.5
|
2.2
|
1.7
|
1.2
|
|
US unemployment3
|
3.7
|
3.9
|
4.2
|
5.0
|
5.8
|
|
US HPI4
|
5.4
|
4.5
|
3.5
|
2.4
|
1.2
|
|
US federal funds rate3
|
3.6
|
4.0
|
4.2
|
3.2
|
2.1
|
|
1
|
UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK
unemployment rate 16-year+; UK HPI (31.12.24) = Halifax All Houses,
All Buyers Index; UK HPI (30.06.25) = Halifax HPI Meth2 All Houses,
All Buyers index; US GDP = Real GDP growth seasonally adjusted; US
unemployment = US civilian unemployment rate 16-year+; US HPI =
FHFA House Price Index. 20 quarter period starts from Q125 (2024:
Q124).
|
|
2
|
5-year yearly average CAGR, starting 2024 (2024:
2023).
|
|
3
|
5-year average. Period based on 20 quarters from Q125 (2024:
Q124).
|
|
4
|
5-year quarter end CAGR, starting Q424 (2024: Q423).
|
ECL sensitivity analysis
The table below shows the modelled ECL assuming each of the five
modelled scenarios are 100% weighted with the dispersion of results
around the Baseline, highlighting the impact on exposure and ECL
across the scenarios.
Model exposure uses exposure at default (EAD) values and is not
directly comparable to gross exposure used in prior
disclosures.
|
|
Scenarios
|
|||||
|
As at 30.06.25
|
Weighted1
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
|
Stage 1 Model Exposure (£m)
|
|
|
|
|
|
|
|
Retail mortgages
|
143,893
|
144,499
|
144,220
|
143,894
|
142,404
|
140,285
|
|
Retail credit cards2
|
61,346
|
61,301
|
61,334
|
61,364
|
61,389
|
61,315
|
|
Retail other
|
6,361
|
6,488
|
6,436
|
6,375
|
6,217
|
6,047
|
|
Corporate loans2
|
206,132
|
208,928
|
208,025
|
206,540
|
204,086
|
197,488
|
|
Stage 1 Model ECL (£m)
|
|
|
|
|
|
|
|
Retail mortgages
|
2
|
1
|
1
|
1
|
3
|
5
|
|
Retail credit cards2
|
514
|
493
|
503
|
513
|
533
|
551
|
|
Retail other
|
31
|
28
|
29
|
30
|
33
|
35
|
|
Corporate loans2
|
288
|
251
|
264
|
274
|
332
|
385
|
|
Stage 1 Coverage (%)
|
|
|
|
|
|
|
|
Retail mortgages
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Retail credit cards
|
0.8
|
0.8
|
0.8
|
0.8
|
0.9
|
0.9
|
|
Retail other
|
0.5
|
0.4
|
0.5
|
0.5
|
0.5
|
0.6
|
|
Corporate loans
|
0.1
|
0.1
|
0.1
|
0.1
|
0.2
|
0.2
|
|
Stage 2 Model Exposure (£m)
|
|
|
|
|
|
|
|
Retail mortgages
|
17,837
|
16,768
|
17,185
|
17,673
|
19,831
|
23,057
|
|
Retail credit cards2
|
6,381
|
6,216
|
6,288
|
6,363
|
6,525
|
6,794
|
|
Retail other
|
1,181
|
1,054
|
1,106
|
1,167
|
1,325
|
1,495
|
|
Corporate loans2
|
20,327
|
17,378
|
18,338
|
19,936
|
22,509
|
29,237
|
|
Stage 2 Model ECL (£m)
|
|
|
|
|
|
|
|
Retail mortgages
|
3
|
1
|
2
|
2
|
5
|
9
|
|
Retail credit cards2
|
1,353
|
1,268
|
1,302
|
1,337
|
1,440
|
1,584
|
|
Retail other
|
79
|
66
|
70
|
75
|
98
|
127
|
|
Corporate loans2
|
550
|
418
|
462
|
517
|
693
|
1,045
|
|
Stage 2 Coverage (%)
|
|
|
|
|
|
|
|
Retail mortgages
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Retail credit cards
|
21.2
|
20.4
|
20.7
|
21.0
|
22.1
|
23.3
|
|
Retail other
|
6.7
|
6.3
|
6.3
|
6.4
|
7.4
|
8.5
|
|
Corporate loans
|
2.7
|
2.4
|
2.5
|
2.6
|
3.1
|
3.6
|
|
Stage 3 Model Exposure
(£m)3
|
|
|
|
|
|
|
|
Retail mortgages
|
1,128
|
1,128
|
1,128
|
1,128
|
1,128
|
1,128
|
|
Retail credit cards2
|
2,050
|
2,050
|
2,050
|
2,050
|
2,050
|
2,050
|
|
Retail other
|
133
|
133
|
133
|
133
|
133
|
133
|
|
Corporate loans2
|
3,858
|
3,858
|
3,858
|
3,858
|
3,858
|
3,858
|
|
Stage 3 Model ECL (£m)
|
|
|
|
|
|
|
|
Retail mortgages
|
18
|
11
|
14
|
16
|
27
|
35
|
|
Retail credit cards2
|
1,525
|
1,486
|
1,507
|
1,527
|
1,558
|
1,586
|
|
Retail other
|
75
|
73
|
73
|
74
|
78
|
82
|
|
Corporate loans2,4
|
61
|
58
|
58
|
60
|
66
|
72
|
|
Stage 3 Coverage (%)
|
|
|
|
|
|
|
|
Retail mortgages
|
1.6
|
1.0
|
1.2
|
1.4
|
2.4
|
3.1
|
|
Retail credit cards
|
74.4
|
72.5
|
73.5
|
74.5
|
76.0
|
77.4
|
|
Retail other
|
56.4
|
54.9
|
54.9
|
55.6
|
58.6
|
61.7
|
|
Corporate loans4
|
1.6
|
1.5
|
1.5
|
1.6
|
1.7
|
1.9
|
|
Total Model ECL (£m)
|
|
|
|
|
|
|
|
Retail mortgages
|
23
|
13
|
17
|
19
|
35
|
49
|
|
Retail credit cards2
|
3,392
|
3,247
|
3,312
|
3,377
|
3,531
|
3,721
|
|
Retail other
|
185
|
167
|
172
|
179
|
209
|
244
|
|
Corporate loans2,
|
899
|
727
|
784
|
851
|
1,091
|
1,502
|
|
Total Model ECL
|
4,499
|
4,154
|
4,285
|
4,426
|
4,866
|
5,516
|
|
Reconciliation to total ECL
|
£m
|
|
Total weighted model ECL
|
4,499
|
|
ECL from individually assessed exposures4
|
485
|
|
ECL from non-modelled exposures and others5
|
459
|
|
ECL from debt securities at amortised cost
|
24
|
|
ECL from held for sale assets (co-branded card
portfolio)
|
(239)
|
|
ECL from post model management adjustments
|
167
|
|
Of which: ECL from economic uncertainty adjustments
|
153
|
|
Total ECL
|
5,395
|
|
1
|
Model exposures are allocated to a stage based on an individual
scenario rather than a probability-weighted approach as required
for Barclays reported impairment allowances. As a result, it is not
possible to back solve the final reported weighted ECL from
individual scenarios given balances may be assigned to a different
stage dependent on the scenario.
|
|
2
|
Model exposure and ECL reported within Retail credit cards and
Corporate loans continues to include a co-branded card portfolio,
as its sale is expected to close in 2026.
|
|
3
|
Model exposures allocated to Stage 3 does not change in any of the
scenarios as the transition criteria relies only on an observable
evidence of default as at 30 June 2025 and not on macroeconomic
scenario.
|
|
4
|
Material corporate loan defaults are individually assessed across
different recovery strategies. As a result, ECL of £485m is
reported as an individually assessed impairment in the
reconciliation table.
|
|
5
|
ECL from non-modelled exposures and
others includes ECL on Tesco Bank's retail banking business of
£295m calculated using a
benchmarked approach based on UK cards and UK retail loans. The
sensitivity of the non-modelled exposures would materially reflect
the sensitivity of the benchmarked model.
|
The use of five scenarios with associated weightings results in a
total weighted ECL uplift from the Baseline ECL of
1.6%.
Retail mortgages: Total
weighted ECL of £23m represents a 21.1% increase over the
Baseline ECL (£19m) with coverage ratios remaining steady
across the Upside scenarios, Baseline and Downside 1 scenario.
Under the Downside 2 scenario, total ECL increases to £49m
driven by a fall in UK HPI.
Retail credit cards: Total
weighted ECL of £3,392m is broadly aligned to the Baseline ECL
(£3,377m). Total ECL increases to £3,721m under the
Downside 2 scenario, driven by an increase in UK and US
unemployment rate.
Retail other: Total weighted
ECL of £185m represents a 3.4% increase over the Baseline ECL
(£179m). Total ECL increases to £244m under the Downside
2 scenario, largely driven by an increase in UK unemployment
rate.
Corporate loans: Total weighted
ECL of £899m represents a 5.6% increase over the Baseline ECL
(£851m). Total ECL increases to £1,502m under the
Downside 2 scenario, driven by a decrease in UK and US
GDP.
|
|
Scenarios1
|
|||||
|
As at 31.12.24
|
Weighted2
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
|
Stage 1 Model Exposure (£m)
|
|
|
|
|
|
|
|
Retail mortgages
|
139,086
|
140,828
|
140,079
|
139,188
|
136,671
|
134,861
|
|
Retail credit cards
|
63,937
|
63,821
|
63,859
|
63,894
|
63,980
|
63,975
|
|
Retail other
|
7,952
|
8,074
|
8,025
|
7,968
|
7,804
|
7,614
|
|
Corporate loans
|
213,905
|
216,064
|
215,215
|
214,293
|
212,007
|
207,062
|
|
Stage 1 Model ECL (£m)
|
|
|
|
|
|
|
|
Retail mortgages
|
1
|
—
|
1
|
1
|
3
|
6
|
|
Retail credit cards
|
535
|
512
|
523
|
534
|
560
|
586
|
|
Retail other
|
34
|
32
|
32
|
33
|
36
|
40
|
|
Corporate loans
|
270
|
235
|
247
|
258
|
311
|
363
|
|
Stage 1 Coverage (%)
|
|
|
|
|
|
|
|
Retail mortgages
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Retail credit card
|
0.8
|
0.8
|
0.8
|
0.8
|
0.9
|
0.9
|
|
Retail other
|
0.4
|
0.4
|
0.4
|
0.4
|
0.5
|
0.5
|
|
Corporate loans
|
0.1
|
0.1
|
0.1
|
0.1
|
0.1
|
0.2
|
|
Stage 2 Model Exposure (£m)
|
|
|
|
|
|
|
|
Retail mortgages
|
20,401
|
18,178
|
19,072
|
20,134
|
23,359
|
26,339
|
|
Retail credit cards
|
6,904
|
6,747
|
6,817
|
6,889
|
7,052
|
7,310
|
|
Retail other
|
1,232
|
1,110
|
1,159
|
1,215
|
1,380
|
1,570
|
|
Corporate loans
|
21,197
|
18,889
|
19,793
|
20,827
|
23,238
|
28,340
|
|
Stage 2 Model ECL (£m)
|
|
|
|
|
|
|
|
Retail mortgages
|
4
|
1
|
2
|
3
|
8
|
16
|
|
Retail credit cards
|
1,473
|
1,387
|
1,422
|
1,459
|
1,567
|
1,714
|
|
Retail other
|
81
|
68
|
72
|
77
|
101
|
134
|
|
Corporate loans
|
532
|
424
|
461
|
505
|
655
|
932
|
|
Stage 2 Coverage (%)
|
|
|
|
|
|
|
|
Retail mortgages
|
—
|
—
|
—
|
—
|
—
|
0.1
|
|
Retail credit cards
|
21.3
|
20.6
|
20.9
|
21.2
|
22.2
|
23.4
|
|
Retail other
|
6.6
|
6.1
|
6.2
|
6.3
|
7.3
|
8.5
|
|
Corporate loans
|
2.5
|
2.2
|
2.3
|
2.4
|
2.8
|
3.3
|
|
Stage 3 Model Exposure
(£m)3
|
|
|
|
|
|
|
|
Retail mortgages
|
1,062
|
1,062
|
1,062
|
1,062
|
1,062
|
1,062
|
|
Retail credit cards
|
2,197
|
2,197
|
2,197
|
2,197
|
2,197
|
2,197
|
|
Retail other
|
158
|
158
|
158
|
158
|
158
|
158
|
|
Corporate loans
|
4,051
|
4,051
|
4,051
|
4,051
|
4,051
|
4,051
|
|
Stage 3 Model ECL (£m)
|
|
|
|
|
|
|
|
Retail mortgages
|
19
|
12
|
14
|
17
|
29
|
41
|
|
Retail credit cards
|
1,625
|
1,585
|
1,606
|
1,627
|
1,663
|
1,695
|
|
Retail other
|
92
|
90
|
91
|
92
|
95
|
97
|
|
Corporate loans4
|
71
|
66
|
67
|
69
|
79
|
89
|
|
Stage 3 Coverage (%)
|
|
|
|
|
|
|
|
Retail mortgages
|
1.8
|
1.1
|
1.3
|
1.6
|
2.7
|
3.9
|
|
Retail credit cards
|
74.0
|
72.1
|
73.1
|
74.1
|
75.7
|
77.2
|
|
Retail other
|
58.2
|
57.0
|
57.6
|
58.2
|
60.1
|
61.4
|
|
Corporate loans4
|
1.8
|
1.6
|
1.7
|
1.7
|
2.0
|
2.2
|
|
Total Model ECL (£m)
|
|
|
|
|
|
|
|
Retail mortgages
|
24
|
13
|
17
|
21
|
40
|
63
|
|
Retail credit cards
|
3,633
|
3,484
|
3,551
|
3,620
|
3,790
|
3,995
|
|
Retail other
|
207
|
190
|
195
|
202
|
232
|
271
|
|
Corporate loans4
|
873
|
725
|
775
|
832
|
1,045
|
1,384
|
|
Total Model ECL
|
4,737
|
4,412
|
4,538
|
4,675
|
5,107
|
5,713
|
|
Reconciliation to total ECL
|
£m
|
|
Total weighted model ECL
|
4,737
|
|
ECL from individually assessed exposures4
|
461
|
|
ECL from non-modelled exposures and others5
|
358
|
|
ECL from debt securities at amortised cost
|
23
|
|
ECL from held for sale assets (co-branded card
portfolio)
|
(282)
|
|
ECL from post model management adjustments
|
235
|
|
Of which: ECL from economic uncertainty adjustments
|
78
|
|
Total ECL
|
5,532
|
|
1
|
Model exposure and ECL reported within Retail credit cards and
Retail Other excludes the German consumer finance business, sale of
which completed after the balance sheet date. Model exposure and
ECL reported within Retail credit cards and Corporate loans
continues to include a co-branded card portfolio, as its sale is
expected to close in 2026.
|
|
2
|
Model exposures are allocated to a stage based on an individual
scenario rather than a probability-weighted approach as required
for Barclays reported impairment allowances. As a result, it is not
possible to back solve the final reported weighted ECL from
individual scenarios given balances may be assigned to a different
stage dependent on the scenario.
|
|
3
|
Model exposures allocated to Stage 3 does not change in any of the
scenarios as the transition criteria relies only on an observable
evidence of default as at 31 December 2024 and not on macroeconomic
scenario.
|
|
4
|
Material corporate loan defaults are individually assessed across
different recovery strategies. As a result, ECL of £461m is
reported as an individually assessed impairment in the
reconciliation table.
|
|
5
|
ECL from non-modelled exposures and
others includes ECL on Tesco Bank's retail banking business of
£209m calculated using a
benchmarked approach based on UK cards and UK retail loans. The
sensitivity of the non-modelled exposures would materially reflect
the sensitivity of the benchmarked model.
|
Analysis of specific portfolios and asset types
Secured home loans
The UK home loan portfolio primarily comprises first lien mortgages
and accounts for 97% (December 2024: 97%) of the Group’s
total home loans balance.
|
|
Barclays UK
|
|
|
Home loans principal portfolios
|
As at 30.06.25
|
As at 31.12.24
|
|
Gross loans and advances (£m)
|
166,960
|
163,197
|
|
90 day arrears rate, excluding recovery book (%)
|
0.2
|
0.2
|
|
Annualised gross charge-off rates - 180 days past due
(%)
|
0.5
|
0.5
|
|
Recovery book proportion of outstanding balances (%)
|
0.6
|
0.6
|
|
Recovery book impairment coverage ratio (%)1
|
4.1
|
3.7
|
|
|
|
|
|
Average marked to market LTV
|
|
|
|
Balance weighted %
|
53.8
|
53.0
|
|
Valuation weighted %
|
40.4
|
39.7
|
|
|
|
|
|
New lending
|
Half year ended 30.06.25
|
Half year ended 30.06.24
|
|
New home loan bookings (£m)
|
15,448
|
9,239
|
|
New home loan proportion > 90% LTV (%)
|
1.6
|
0.8
|
|
Average LTV on new home loans: balance weighted (%)
|
69.5
|
63.4
|
|
Average LTV on new home loans: valuation weighted (%)
|
60.7
|
54.1
|
|
1
|
Recovery Book Impairment Coverage Ratio excludes Kensington
Mortgages Company.
|
Home loans principal portfolios
– distribution of balances by LTV1
|
|
Distribution of balances
|
Distribution of impairment allowance
|
Coverage ratio
|
||||||||||
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
|
|
Barclays UK
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
|
As at 30.06.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
<=75%
|
74.3
|
9.1
|
0.9
|
84.3
|
7.9
|
14.3
|
19.2
|
41.4
|
—
|
0.1
|
2.0
|
—
|
|
|
>75% and <=90%
|
13.6
|
1.1
|
0.1
|
14.8
|
11.6
|
22.4
|
10.5
|
44.5
|
0.1
|
1.8
|
12.7
|
0.3
|
|
|
>90% and <=100%
|
0.9
|
—
|
—
|
0.9
|
1.3
|
1.8
|
4.2
|
7.3
|
0.1
|
4.4
|
35.7
|
0.7
|
|
|
>100%
|
—
|
—
|
—
|
—
|
0.3
|
2.1
|
4.4
|
6.8
|
1.7
|
75.7
|
78.0
|
27.8
|
|
|
As at 31.12.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
<=75%
|
74.5
|
10.7
|
0.9
|
86.1
|
8.3
|
15.8
|
18.7
|
42.8
|
—
|
0.1
|
1.8
|
—
|
|
|
>75% and <=90%
|
11.8
|
1.2
|
0.1
|
13.1
|
10.2
|
24.2
|
9.7
|
44.1
|
0.1
|
1.7
|
13.0
|
0.3
|
|
|
>90% and <=100%
|
0.8
|
—
|
—
|
0.8
|
1.3
|
2.3
|
4.0
|
7.6
|
0.1
|
4.9
|
35.8
|
0.8
|
|
|
>100%
|
—
|
—
|
—
|
—
|
0.2
|
1.4
|
3.9
|
5.5
|
1.6
|
45.9
|
68.7
|
24.8
|
|
1
|
Portfolio marked to market based on the most updated valuation
including recovery book balances. Updated valuations reflect the
application of the latest HPI available as at 30 June
2025.
|
New home loans bookings increased 67% to £15.4bn (H124: £9.2bn),
primarily driven by increased demand as interest rates reduced and
increased operational capacity. The stamp duty relief period and
its ending also created increased activity in the purchase market
in Q1 25, partially offset by reduced volumes in Q2
25.
The proportion of completions in LTV >90% increased from 0.8% in
H1 2024 to 1.6% in H1 2025, primarily driven by an increase in HMT
Mortgage Guarantee Scheme applications.
Retail credit cards and Retail other
The principal portfolios listed below accounted for 91% (December
2024: 91%) of the Group’s total retail credit cards and
retail other.
|
Principal portfolios
|
Gross exposure
|
30 day arrears rate, excluding recovery book
|
90 day arrears rate, excluding recovery book
|
Annualised gross write-off rate
|
Annualised net write-off rate
|
|
As at 30.06.25
|
£m
|
%
|
%
|
%
|
%
|
|
Barclays UK
|
|
|
|
|
|
|
UK cards1
|
16,455
|
0.7
|
0.2
|
0.9
|
0.8
|
|
UK personal loans1
|
8,389
|
1.0
|
0.4
|
0.8
|
0.7
|
|
Barclays Partner Finance
|
1,258
|
0.8
|
0.4
|
1.2
|
1.2
|
|
Barclays US Consumer Bank
|
|
|
|
|
|
|
US cards2
|
25,906
|
2.8
|
1.6
|
3.8
|
3.7
|
|
|
|
|
|
|
|
|
As at 31.12.24
|
|
|
|
|
|
|
Barclays UK
|
|
|
|
|
|
|
UK cards1
|
15,781
|
0.7
|
0.2
|
1.1
|
0.9
|
|
UK personal loans1
|
8,051
|
1.0
|
0.4
|
0.7
|
0.5
|
|
Barclays Partner Finance
|
1,609
|
0.6
|
0.3
|
1.0
|
1.0
|
|
Barclays US Consumer Bank
|
|
|
|
|
|
|
US cards2
|
28,548
|
3.0
|
1.6
|
3.8
|
3.7
|
|
1
|
Includes Tesco Bank. Tesco Bank arrears rates are calculated using
POCI balances adjusted to fair value.
|
|
2
|
Includes a co-branded card portfolio in USCB, classified as held
for sale (see table below).
|
UK cards: Gross exposure
increased from £15.8bn to £16.5bn following a growth in
spend and new promotional balance lending. 30 and 90 day arrears
rates remained stable at 0.7% (2024: 0.7%) and 0.2% (2024: 0.2%)
respectively. Gross and net write-off rates reduced to 0.9% (2024:
1.1%) and 0.8% (2024: 0.9%) reflecting the impact of reduced flow
into delinquency in 2024 flowing into
write-off.
UK personal loans: Gross
exposure increased from £8.1bn to £8.4bn due to a growth
in new lending. 30 and 90 day arrears rates remained stable at 1.0%
(2024: 1.0%) and 0.4% (2024: 0.4%) respectively. Gross and net
write off rates increased to 0.8% (2024: 0.7%) and 0.7% (2024:
0.5%) reflecting increased average balances flowing through to
write-off.
Barclays Partner Finance: 30
and 90 day arrears rates increased to 0.8% (2024: 0.6%) and 0.4%
(2024: 0.3%) respectively as total exposure reduced to £1.3bn
(2024: £1.6bn) due to a strategic decision to reduce the
number of active partner businesses. Both annualised gross and net
write off rates increased to 1.2% (2024: 1.0%) following the
reduction in gross exposure.
US cards: 30 day arrears rate decreased to 2.8% (2024: 3.0%)
and 90 day arrears rate remained flat at 1.6% (2024: 1.6%) in line
with seasonal expectations. Gross and net write-off rates remained
stable.
|
Retail Credit Cards and Retail Other held for sale
|
Gross exposure
|
30 day arrears rate, excluding recovery book
|
90 day arrears rate, excluding recovery book
|
Annualised gross write-off rate
|
Annualised net write-off rate
|
|
As at 30.06.25
|
£m
|
%
|
%
|
%
|
%
|
|
Barclays US Consumer Bank
|
5,653
|
1.7
|
0.9
|
1.9
|
1.8
|
|
|
|
|
|
|
|
|
As at 31.12.24
|
|
|
|
|
|
|
Barclays US Consumer Bank
|
6,241
|
1.3
|
0.5
|
2.0
|
2.0
|
|
Head Office - German consumer finance business
|
3,733
|
1.8
|
0.9
|
1.3
|
1.2
|
Assets held for sale
This table presents a co-branded card portfolio in USCB classified
as assets held for sale. Further, the sale of the German consumer
finance business was completed in Q125.
Loans and advances by product
|
Loans and advances to customers classified as assets held for
sale
|
|||||||||||||||
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
||||||||
|
|
Gross
|
ECL
|
Coverage
|
|
Gross
|
ECL
|
Coverage
|
|
Gross
|
ECL
|
Coverage
|
|
Gross
|
ECL
|
Coverage
|
|
As at 30.06.25
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
|
Retail credit cards - US
|
4,988
|
55
|
1.1
|
|
613
|
139
|
22.7
|
|
52
|
42
|
80.8
|
|
5,653
|
236
|
4.2
|
|
Retail credit cards - Germany
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
Retail other - Germany
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
Corporate loans - US
|
43
|
1
|
2.3
|
|
7
|
2
|
28.6
|
|
1
|
1
|
100.0
|
|
51
|
4
|
7.8
|
|
Total Rest of the World
|
5,031
|
56
|
1.1
|
|
620
|
141
|
22.7
|
|
53
|
43
|
81.1
|
|
5,704
|
240
|
4.2
|
|
As at 31.12.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail credit cards - US
|
5,495
|
64
|
1.2
|
|
689
|
161
|
23.4
|
|
57
|
46
|
80.7
|
|
6,241
|
271
|
4.3
|
|
Retail credit cards - Germany
|
1,908
|
18
|
0.9
|
|
307
|
29
|
9.4
|
|
93
|
69
|
74.2
|
|
2,308
|
116
|
5.0
|
|
Retail other - Germany
|
1,134
|
16
|
1.4
|
|
220
|
33
|
15.0
|
|
71
|
48
|
67.6
|
|
1,425
|
97
|
6.8
|
|
Corporate loans - US
|
49
|
1
|
2.0
|
|
9
|
3
|
33.3
|
|
1
|
1
|
100.0
|
|
59
|
5
|
8.5
|
|
Total Rest of the World
|
8,586
|
99
|
1.2
|
|
1,225
|
226
|
18.4
|
|
222
|
164
|
73.9
|
|
10,033
|
489
|
4.9
|
Management adjustments to models for impairment
|
Management adjustments to models for impairment allowance presented
by product
|
||||||
|
|
Impairment allowance pre management adjustments
|
Economic uncertainty
adjustments1
|
Other adjustments
|
Management adjustments
|
Total impairment allowance
|
Proportion of Management adjustments to Total impairment
allowance
|
|
|
|
|
|
|
|
|
|
As at 30.06.25
|
£m
|
£m
|
£m
|
£m
|
£m
|
%
|
|
Retail credit cards - US
|
235
|
6
|
—
|
6
|
241
|
2.5
|
|
Retail credit cards - Germany
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Retail other - Germany
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Corporate loans - US
|
4
|
—
|
—
|
—
|
4
|
—
|
|
Total Rest of the World
|
239
|
6
|
—
|
6
|
245
|
2.4
|
|
|
|
|
|
|
|
|
|
As at 31.12.24
|
£m
|
£m
|
£m
|
£m
|
£m
|
%
|
|
Retail credit cards - US
|
277
|
—
|
—
|
—
|
277
|
—
|
|
Retail credit cards - Germany
|
101
|
—
|
16
|
16
|
117
|
13.7
|
|
Retail other - Germany
|
80
|
—
|
17
|
17
|
97
|
17.5
|
|
Corporate loans - US
|
5
|
—
|
—
|
—
|
5
|
—
|
|
Total Rest of the World
|
463
|
—
|
33
|
33
|
496
|
6.7
|
|
1
|
Economic uncertainty adjustment of £6m (December 2024:
£nil) reflects an adjustment introduced during the year to
provide for the elevated US macroeconomic uncertainty and reported
in Stage 2.
|
Market Risk
Analysis of management value at risk (VaR)
The table below shows the total management VaR on a diversified
basis by asset class. Total management VaR includes all trading
positions in Barclays Group and it is calculated with a one-day
holding period. VaR limits are applied to total management VaR and
by asset class. Additionally, the market risk management function
applies VaR sub-limits to material businesses and trading
desks.
Management VaR (95%) by asset class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year ended 30.06.25
|
|
Half year ended 31.12.24
|
|
Half year ended 30.06.24
|
||||||
|
|
Average
|
High
|
Low
|
|
Average
|
High
|
Low
|
|
Average
|
High
|
Low
|
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Credit risk
|
16
|
20
|
13
|
|
20
|
24
|
17
|
|
22
|
27
|
19
|
|
Interest rate risk
|
15
|
25
|
5
|
|
14
|
22
|
7
|
|
16
|
25
|
9
|
|
Equity risk
|
8
|
14
|
5
|
|
5
|
12
|
2
|
|
6
|
9
|
4
|
|
Basis risk
|
5
|
7
|
4
|
|
5
|
6
|
4
|
|
6
|
8
|
4
|
|
Spread risk
|
5
|
7
|
4
|
|
4
|
7
|
3
|
|
5
|
7
|
4
|
|
Foreign exchange risk
|
4
|
7
|
3
|
|
4
|
7
|
3
|
|
4
|
9
|
2
|
|
Commodity risk
|
—
|
1
|
—
|
|
—
|
1
|
—
|
|
—
|
1
|
—
|
|
Inflation risk
|
5
|
8
|
3
|
|
4
|
5
|
2
|
|
4
|
5
|
2
|
|
Diversification effect1
|
(39)
|
n/a
|
n/a
|
|
(32)
|
n/a
|
n/a
|
|
(34)
|
n/a
|
n/a
|
|
Total management VaR
|
19
|
30
|
10
|
|
24
|
32
|
15
|
|
29
|
36
|
20
|
|
1
|
Diversification effects recognise that forecast losses from
different assets or businesses are unlikely to occur concurrently,
hence the expected aggregate loss is lower than the sum of the
expected losses from each area. Historical correlations between
losses are taken into account in making these assessments. The high
and low VaR figures reported for each category did not necessarily
occur on the same day as the high and low total management VaR.
Consequently, a diversification effect balance for the high and low
VaR figures would not be meaningful and is therefore omitted from
the above table.
|
Average Management VaR decreased 21% to £19m (H224:
£24m). The decrease is due to a combination of a
reduction in the size of the funded, fair value leverage loan
exposure in Q1 2025, as well as an overall prudent risk positioning
during the market volatility in Q2 2025.
Treasury and Capital Risk
The Group has established a comprehensive set of policies,
standards and controls for managing its liquidity risk; together
these set out the requirements for Barclays’ liquidity risk
framework. The liquidity risk framework meets the PRA standards and
enables Barclays to maintain liquidity resources that are
sufficient in amount and quality, and a funding profile that is
appropriate to meet the Group’s Liquidity Risk Appetite. The
liquidity risk framework is delivered via a combination of policy
formation, review and challenge, governance, analysis, stress
testing, limit setting and monitoring.
Liquidity risk stress testing
The Internal Liquidity Stress Tests (ILST) measure the potential
contractual and contingent stress outflows under a range of
scenarios, which are then used to determine the size of the
liquidity pool that is immediately available to meet anticipated
outflows if a stress occurs. The short-term scenarios include a 30
day Barclays-specific stress event, a 90 day market-wide stress
event and a 30 day combined scenario consisting of both a Barclays
specific and market-wide stress event. The Group also runs a
liquidity stress test which measures the anticipated outflows over
a 12 month market-wide scenario.
The LCR requirement takes into account the relative stability of
different sources of funding and potential incremental funding
requirements in a stress. The LCR is designed to promote short-term
resilience of a bank’s liquidity risk profile by holding
sufficient high quality liquid assets to survive an acute stress
scenario lasting for 30 days.
Barclays is prospectively implementing new methodology for
calculating net stress outflows related to secured financing
transactions in the LCR. This change materialises from June 2025,
with the Group headline ratio expected to contract over time from
recent elevated levels whilst remaining broadly within ranges
reported over recent years. The revised methodology models a more
asymmetric unwind of client activity, resulting in a higher net
outflow calculation. Barclays has always maintained, and intends to
continue to maintain, a significant liquidity buffer which allows
for this impact to be readily absorbed within the Group
surplus.
As at 30 June 2025 the average LCR was 177.7% (December 2024:
172.4%). The Group held eligible liquid assets in excess of 100% of
net stress outflows as measured according to both its internal ILST
and external regulatory requirements.
|
Liquidity coverage
ratio1
|
As at 30.06.25
|
As at 31.12.24
|
|
|
£bn
|
£bn
|
|
LCR Eligible High Quality Liquid Assets (HQLA)
|
309.7
|
304.4
|
|
Net stress outflows
|
(174.7)
|
(176.9)
|
|
Surplus
|
135.0
|
127.5
|
|
|
|
|
|
Liquidity coverage ratio
|
177.7%
|
172.4%
|
|
1
|
Represents the average of the last 12 spot month end
ratios.
|
Net Stable Funding Ratio
The external NSFR metric requires banks to maintain a stable
funding profile taking into account both on and certain off-balance
sheet exposures over a medium to long term period. The ratio is
defined as the Available Stable Funding (capital and certain
liabilities which are treated as stable sources of funding)
relative to the Required Stable Funding (a measure of assets on the
balance sheet and certain off-balance sheet exposures which may
require longer term funding). The NSFR (average of last four
quarter ends) as at 30 June 2025 was 135.6%, which was a surplus
above the regulatory requirement of £166.6bn.
|
Net Stable Funding
Ratio2
|
As at 30.06.25
|
As at 31.12.24
|
|
|
£bn
|
£bn
|
|
Total Available Stable Funding
|
634.2
|
629.6
|
|
Total Required Stable Funding
|
467.6
|
466.7
|
|
Surplus
|
166.6
|
162.9
|
|
|
|
|
|
Net Stable Funding Ratio
|
135.6%
|
134.9%
|
|
2
|
Represents the average of the last four spot month end
ratios
|
As part of the liquidity risk appetite, Barclays establishes
minimum LCR, NSFR and internal liquidity stress test limits. The
Group plans to maintain its surplus to the internal and regulatory
requirements at an efficient level. Risks to market funding
conditions, the Group’s liquidity position and funding
profile are assessed continuously, and actions are taken to manage
the size of the liquidity pool and the funding profile as
appropriate.
|
Composition of the Group liquidity pool
|
|
|
|
|
|
|
|
|
|
|
LCR eligible1
High Quality Liquid Assets
(HQLA)
|
|
Liquidity pool
|
|||||
|
|
Cash
|
Level 1
|
Level 2A
|
Level 2B
|
Total
|
|
2025
|
2024
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Cash and deposits with central
banks2
|
217
|
0
|
0
|
0
|
217
|
|
235
|
216
|
|
|
|
|
|
|
|
|
|
|
|
Government bonds3
|
|
|
|
|
|
|
|
|
|
AAA to AA-
|
|
72
|
3
|
|
75
|
|
72
|
55
|
|
A+ to A-
|
|
2
|
|
|
2
|
|
2
|
2
|
|
BBB+ to BBB-
|
|
1
|
|
|
1
|
|
1
|
1
|
|
Total government bonds
|
|
75
|
3
|
|
78
|
|
75
|
58
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
Government Guaranteed Issuers, PSEs and GSEs
|
|
4
|
2
|
|
6
|
|
9
|
9
|
|
International Organisations and MDBs
|
|
9
|
|
|
9
|
|
8
|
7
|
|
Covered bonds
|
|
2
|
4
|
|
6
|
|
6
|
7
|
|
Other
|
|
|
|
2
|
2
|
|
1
|
|
|
Total other
|
|
15
|
6
|
2
|
23
|
|
24
|
23
|
|
|
|
|
|
|
|
|
|
|
|
Total as at 30 June 2025
|
217
|
90
|
9
|
2
|
318
|
|
334
|
|
|
Total as at 31 December 2024
|
196
|
74
|
9
|
2
|
281
|
|
|
297
|
|
1
|
The LCR eligible HQLA is adjusted under the Liquidity Coverage
Ratio (CRR) Part of the PRA Rulebook for operational restrictions
upon consolidation, such as trapped liquidity within Barclays
subsidiaries. It also reflects differences in eligibility of assets
between the LCR and Barclays’ Liquidity Pool.
|
|
2
|
Includes cash held at central banks and surplus cash at central
banks related to payment schemes. Over 99% (December 2024: over
98%) was placed with the Bank of England, US Federal Reserve,
European Central Bank, Bank of Japan and Swiss National
Bank.
|
|
3
|
Of which over 86% (December 2024: over 85%) comprised UK, US,
French, German, Japanese, Swiss and Dutch securities.
|
The Group liquidity pool was £333.7bn as at June 2025,
increased by £36.8 vs December 2024 (December 2024:
£296.9bn).
In H125, the month-end
liquidity pool ranged from £326bn to £341bn (2024:
£297bn to £341bn), and the month-end average balance was
£333bn (2024: £322bn). The liquidity pool is held
unencumbered and represents readily accessible funds to meet
potential cash outflows during stress periods.
As at 30 June 2025, 66% (December 2024: 60%) of the liquidity pool
was located in Barclays Bank PLC, 19% (December 2024: 23%) in
Barclays Bank UK PLC and 9% (December 2024: 9%) in Barclays Bank
Ireland PLC. The residual portion of the liquidity pool is held
outside of these entities, predominantly in US subsidiaries, to
meet entity-specific stress outflows and local regulatory
requirements. To the extent the use of this residual portion of the
liquidity pool is restricted due to local regulatory requirements,
it is assumed to be unavailable to the rest of the Group in
calculating the LCR.
The composition of the pool is subject to limits set by the Board
and the independent liquidity risk, credit risk and market risk
functions. In addition, the investment of the liquidity pool is
monitored for concentration by issuer, currency and asset type.
Given returns generated by these highly liquid assets, the risk and
reward profile is continuously managed.
Deposit funding
|
|
As at 30.06.25
|
|
As at 31.12.24
|
||
|
|
Loans and advances, debt securities at amortised cost
|
Deposits at amortised cost
|
Loan: deposit ratio1
|
|
Loan: deposit ratio1
|
|
Funding of loans and advances
|
£bn
|
£bn
|
%
|
|
%
|
|
Barclays UK
|
227
|
241
|
94
|
|
92
|
|
Barclays UK Corporate Bank
|
28
|
85
|
33
|
|
31
|
|
Barclays Private Bank and Wealth Management
|
15
|
67
|
22
|
|
21
|
|
Barclays Investment Bank
|
126
|
149
|
85
|
|
88
|
|
Barclays US consumer Bank
|
19
|
23
|
83
|
|
91
|
|
Head Office
|
3
|
—
|
|
|
|
|
Barclays Group
|
418
|
565
|
74
|
|
74
|
|
1
|
The loan: deposit ratio is calculated as loans and advances at
amortised cost and debt securities at amortised cost divided by
deposits at amortised cost.
|
Funding structure and funding relationships
The basis for sound liquidity risk management is a funding
structure that reduces the probability of a liquidity stress
leading to an inability to meet funding obligations as they fall
due. The Group’s overall funding strategy is to develop a
diversified funding base (geographically, by type and by
counterparty) and maintain access to a variety of alternative
funding sources, to provide protection against unexpected
fluctuations, while minimising the cost of funding.
Within this, the Group aims to align the sources and uses of
funding. As such, retail and corporate loans and advances are
largely funded by deposits in the relevant entities, with the
surplus primarily funding the liquidity pool. The majority of
reverse repurchase agreements are matched by repurchase agreements.
Derivative liabilities and assets are largely matched. A
substantial proportion of balance sheet derivative positions
qualify for counterparty netting and the remaining portions are
largely offset when netted against cash collateral received and
paid. Wholesale debt and equity is used to fund residual
assets.
These funding relationships as at 30 June 2025 are summarised
below:
|
|
As at 30.06.25
|
As at 31.12.24
|
|
|
As at 30.06.25
|
As at 31.12.24
|
|
Assets
|
£bn
|
£bn
|
|
Liabilities and equity
|
£bn
|
£bn
|
|
Loans and advances at amortised cost1
|
390
|
392
|
|
Deposits at amortised cost
|
565
|
561
|
|
Group liquidity pool
|
334
|
297
|
|
<1 Year wholesale funding
|
73
|
55
|
|
|
|
|
|
>1 Year wholesale funding
|
131
|
131
|
|
Reverse repurchase agreements, trading portfolio assets, cash
collateral and settlement balances
|
507
|
433
|
|
Repurchase agreements, trading portfolio liabilities, cash
collateral and settlement balances
|
430
|
358
|
|
Derivative financial instruments
|
280
|
294
|
|
Derivative financial instruments
|
265
|
279
|
|
Other assets2
|
88
|
102
|
|
Other liabilities
|
59
|
62
|
|
|
|
|
|
Equity
|
76
|
72
|
|
Total assets
|
1,599
|
1,518
|
|
Total liabilities and equity
|
1,599
|
1,518
|
|
1
|
Adjusted for liquidity pool debt securities reported at amortised
cost of £28bn (December 2024: £22bn).
|
|
2
|
Other assets include fair value assets that are not part of reverse
repurchase agreements or trading portfolio assets, and other asset
categories.
|
Composition of wholesale funding
Wholesale funding outstanding (excluding repurchase agreements) was
£203.5bn (December 2024: £186.0bn). In H125, the Group
issued £10.3bn of MREL eligible instruments from Barclays PLC
(the Parent company) in a range of tenors and
currencies.
Our operating companies also access wholesale funding markets to
maintain their stable and diversified funding bases. Barclays Bank
PLC continued to issue in the shorter-term and medium-term notes
markets. In addition, Barclays Bank UK PLC continued to issue in
the shorter-term markets and maintains active secured funding
programmes.
Wholesale funding of £72.8.bn (December 2024: £55.0bn)
matures in less than one year, representing 36% (December 2024:
30%) of total wholesale funding outstanding. This includes
£29.3bn (December 2024: £22.0bn) related to term
funding1.
|
Maturity profile of wholesale
funding2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
<1 month
|
1-3 months
|
3-6 months
|
6-12 months
|
<1 year
|
1-2 years
|
2-3 years
|
3-4 years
|
4-5 years
|
>5 years
|
Total
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
|
Barclays PLC (the Parent company)
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior unsecured (Public benchmark)
|
—
|
—
|
—
|
3.9
|
3.9
|
5.7
|
6.7
|
6.6
|
4.7
|
26.7
|
54.3
|
|
Senior unsecured (Privately placed)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
0.2
|
0.8
|
1.0
|
|
Subordinated liabilities
|
—
|
—
|
—
|
1.5
|
1.5
|
—
|
1.5
|
—
|
1.0
|
7.4
|
11.4
|
|
Barclays Bank PLC (including subsidiaries)
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior unsecured (Privately placed)3
|
2.8
|
4.1
|
5.4
|
9.7
|
22.0
|
11.3
|
13.0
|
9.7
|
8.6
|
20.1
|
84.7
|
|
Certificates of deposit and commercial paper
|
3.0
|
3.1
|
11.9
|
9.8
|
27.8
|
0.3
|
—
|
—
|
—
|
—
|
28.1
|
|
Asset backed commercial paper
|
4.1
|
6.7
|
1.3
|
—
|
12.1
|
—
|
—
|
—
|
—
|
—
|
12.1
|
|
Asset backed securities
|
—
|
—
|
0.7
|
0.4
|
1.1
|
0.2
|
0.2
|
0.5
|
—
|
2.5
|
4.5
|
|
Subordinated liabilities
|
0.1
|
0.1
|
—
|
—
|
0.2
|
0.5
|
0.1
|
—
|
—
|
0.3
|
1.1
|
|
Barclays Bank UK PLC (including subsidiaries)
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior unsecured (Privately placed)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
0.2
|
0.2
|
|
Certificates of deposit and commercial paper
|
3.6
|
—
|
—
|
—
|
3.6
|
—
|
—
|
—
|
—
|
—
|
3.6
|
|
Covered bonds
|
—
|
—
|
—
|
—
|
—
|
—
|
0.5
|
0.7
|
0.7
|
—
|
1.9
|
|
Asset backed securities
|
—
|
—
|
—
|
0.6
|
0.6
|
—
|
—
|
—
|
—
|
—
|
0.6
|
|
Total as at 30 June 2025
|
13.6
|
14.0
|
19.3
|
25.9
|
72.8
|
18.0
|
22.0
|
17.5
|
15.2
|
58.0
|
203.5
|
|
Of which secured
|
4.1
|
6.7
|
2.0
|
1.0
|
13.8
|
0.2
|
0.7
|
1.2
|
0.7
|
2.5
|
19.1
|
|
Of which unsecured
|
9.5
|
7.3
|
17.3
|
24.9
|
59.0
|
17.8
|
21.3
|
16.3
|
14.5
|
55.5
|
184.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total as at 31 December 2024
|
7.9
|
21.3
|
11.9
|
13.9
|
55.0
|
23.0
|
17.5
|
18.6
|
15.1
|
56.8
|
186.0
|
|
Of which secured
|
2.4
|
8.8
|
2.1
|
0.8
|
14.1
|
1.1
|
0.5
|
0.9
|
0.6
|
3.3
|
20.5
|
|
Of which unsecured
|
5.5
|
12.5
|
9.8
|
13.1
|
40.9
|
21.9
|
17.0
|
17.7
|
14.5
|
53.5
|
165.5
|
|
1
|
Term funding comprises public benchmark and privately placed senior
unsecured notes, covered bonds, asset-backed securities and
subordinated debt where the original maturity of the instrument is
more than 1 year.
|
|
2
|
The composition of wholesale funds comprises the balance sheet
reported financial liabilities at fair value, debt securities in
issue and subordinated liabilities. It does not include
participation in the central bank facilities reported within
repurchase agreements and other similar secured
borrowing.
|
|
3
|
Includes structured notes of £71.0bn, of which £19.1bn
matures within one year.
|
Credit ratings
In addition to monitoring and managing key metrics related to the
financial strength of the Group, Barclays solicits independent
credit ratings from agencies such as Standard & Poor’s
Global (S&P), Moody’s and Fitch. These ratings assess the
creditworthiness of the Group, its subsidiaries and its branches,
and are based on reviews of a broad range of business and financial
attributes including capital strength, profitability, funding,
liquidity, asset quality, strategy and governance.
|
Barclays Bank PLC
|
Standard & Poor's
|
Moody's
|
Fitch
|
|
Long-term
|
A+ / Stable
|
A1 / Stable
|
A+ / Stable
|
|
Short-term
|
A-1
|
P-1
|
F1
|
|
|
|
|
|
|
Barclays Bank UK PLC
|
|
|
|
|
Long-term
|
A+ / Stable
|
A11
/ Stable
|
A+ / Stable
|
|
Short-term
|
A-1
|
P-11
|
F1
|
|
|
|
|
|
|
Barclays PLC
|
|
|
|
|
Long-term
|
BBB+ / Stable
|
Baa1 / Stable
|
A / Stable
|
|
Short-term
|
A-2
|
P-2
|
F1
|
|
1
|
Deposit ratings.
|
In H125, S&P and Fitch affirmed all ratings for Barclays PLC,
Barclays Bank PLC and Barclays Bank UK PLC.
A credit rating downgrade could result in outflows to meet
collateral requirements on existing contracts. Outflows related to
credit rating downgrades are included in the ILST scenarios and a
portion of the liquidity pool is held against this risk. Credit
ratings downgrades could also result in reduced funding capacity
and increased funding costs.
A one and two-notch long-term downgrade, with associated short-term
downgrades, across all credit ratings agencies would result in
outflows of £1bn and £3bn respectively on derivative
contracts and other off balance sheet products to satisfy the
contractual collateral requirements. This is provided for in
determining an appropriate liquidity pool size given the
Group’s liquidity risk appetite. These numbers do not assume
any management or restructuring actions that could be taken to
reduce posting requirements.
Regulatory minimum requirements
Capital
As at 30 June 2025, the Group’s Overall Capital Requirement
for CET1 was 12.2% and comprises a 4.5% Pillar 1 minimum, a 2.5%
Capital Conservation Buffer (CCB), a 1.5% Global Systemically
Important Institution (G-SII) buffer, a 2.7% Pillar 2A requirement
and a 1.0% Countercyclical Capital Buffer (CCyB).
The Group’s CCyB is based on the buffer rate applicable for
each jurisdiction in which the Group has exposures. The buffer
rates set by other national authorities for non-UK exposures are
not currently material.
The Group’s Pillar 2A requirement is 4.8% with at least
56.25% to be met with CET1 capital, equating to 2.7% of RWAs. The
Pillar 2A requirement, based on a point in time assessment, has
been set as a proportion of RWAs and is subject to at least annual
review.
The Group’s CET1 target ratio of 13-14% takes into account
minimum capital requirements and applicable buffers. The Group
remains above its minimum capital regulatory requirements and
applicable buffers.
Leverage
As at 30 June 2025, the Group was subject to a UK leverage ratio
requirement of 4.2%. 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 0.4%. The Group
is also required to disclose an average UK leverage ratio which is
based on capital on the last day of each month in the quarter and
an exposure measure for each day in the quarter.
MREL
As at 30 June 2025, the Group was required to meet the higher of:
(i) two times the sum of 8% Pillar 1 and 4.8% Pillar 2A equating to
25.7% of RWAs; and (ii) 6.75% of leverage exposures. In addition,
the higher of regulatory capital and leverage buffers apply. CET1
capital cannot be counted towards both MREL and the buffers,
meaning that the buffers, including the confidential
institution-specific PRA buffer, will effectively be applied above
MREL requirements.
|
Capital ratios1,2
|
As at 30.06.25
|
As at 31.03.25
|
As at 31.12.24
|
|
CET1
|
14.0%
|
13.9%
|
13.6%
|
|
T1
|
17.8%
|
17.7%
|
16.9%
|
|
Total regulatory capital
|
20.5%
|
20.6%
|
19.6%
|
|
MREL ratio as a percentage of total RWAs
|
35.4%
|
36.2%
|
34.4%
|
|
|
|
|
|
|
Own funds and eligible liabilities
|
£m
|
£m
|
£m
|
|
Total equity excluding non-controlling interests per the balance
sheet
|
75,906
|
74,880
|
71,821
|
|
Less: other equity instruments (recognised as AT1
capital)
|
(13,266)
|
(13,263)
|
(12,075)
|
|
Adjustment to retained earnings for foreseeable ordinary share
dividends
|
(600)
|
(1,086)
|
(786)
|
|
Adjustment to retained earnings for foreseeable repurchase of
shares
|
(171)
|
(664)
|
—
|
|
Adjustment to retained earnings for foreseeable other equity
coupons
|
(37)
|
(49)
|
(35)
|
|
|
|
|
|
|
Other regulatory adjustments and deductions
|
|
|
|
|
Additional value adjustments (PVA)
|
(1,887)
|
(1,795)
|
(2,051)
|
|
Goodwill and intangible assets
|
(8,158)
|
(8,247)
|
(8,272)
|
|
Deferred tax assets that rely on future profitability excluding
temporary differences
|
(1,303)
|
(1,408)
|
(1,451)
|
|
Fair value reserves related to gains or losses on cash flow
hedges
|
1,210
|
2,378
|
2,930
|
|
Excess of expected losses over impairment
|
(331)
|
(306)
|
(403)
|
|
Gains or losses on liabilities at fair value resulting from own
credit
|
456
|
799
|
981
|
|
Defined benefit pension fund assets
|
(2,177)
|
(2,326)
|
(2,367)
|
|
Direct and indirect holdings by an institution of own CET1
instruments
|
(5)
|
(4)
|
(1)
|
|
Adjustment under IFRS 9 transitional arrangements
|
—
|
—
|
138
|
|
Other regulatory adjustments
|
(92)
|
(115)
|
129
|
|
CET1 capital
|
49,545
|
48,794
|
48,558
|
|
|
|
|
|
|
AT1 capital
|
|
|
|
|
Capital instruments and related share premium accounts
|
13,289
|
13,289
|
12,108
|
|
Other regulatory adjustments and deductions
|
(23)
|
(26)
|
(32)
|
|
AT1 capital
|
13,266
|
13,263
|
12,076
|
|
|
|
|
|
|
T1 capital
|
62,811
|
62,057
|
60,634
|
|
|
|
|
|
|
T2 capital
|
|
|
|
|
Capital instruments and related share premium accounts
|
9,498
|
9,988
|
9,150
|
|
Qualifying T2 capital (including minority interests) issued by
subsidiaries
|
76
|
337
|
367
|
|
Other regulatory adjustments and deductions
|
(81)
|
(43)
|
(33)
|
|
Total regulatory capital
|
72,304
|
72,339
|
70,118
|
|
|
|
|
|
|
Less : Ineligible T2 capital (including minority interests) issued
by subsidiaries
|
(76)
|
(337)
|
(367)
|
|
Eligible liabilities
|
52,733
|
55,159
|
53,547
|
|
Total own funds and eligible
liabilities3
|
124,961
|
127,161
|
123,298
|
|
|
|
|
|
|
Total RWAs
|
353,043
|
351,314
|
358,127
|
|
1
|
2024 comparatives for Capital and RWAs have been calculated
applying the IFRS 9 transitional arrangements in accordance with
the CRR. Effective from 1 January 2025, the IFRS 9 transitional
arrangements no longer applied.
|
|
2
|
2024 and Q1 2025 comparatives for total capital were calculated
applying the grandfathering of certain capital instruments within
Tier 2 capital. Effective from 29 June 2025, the grandfathered
instruments no longer qualified as Tier 2 capital.
|
|
3
|
As at 30 June 2025, the Group's MREL requirement, excluding the
institution-specific confidential PRA buffer, was to hold
£108.3bn of own funds and eligible liabilities equating to
30.7% of RWAs. The Group remains above its MREL regulatory
requirement including the institution-specific confidential PRA
buffer.
|
|
Movement in CET1 capital
|
Three months ended 30.06.25
|
Six months ended 30.06.25
|
|
|
£m
|
£m
|
|
Opening CET1 capital
|
48,794
|
48,558
|
|
|
|
|
|
Profit for the period attributable to equity holders
|
1,911
|
4,007
|
|
Own credit relating to derivative liabilities
|
6
|
(11)
|
|
Ordinary share dividends paid and foreseen
|
(300)
|
(600)
|
|
Purchased and foreseeable share repurchase
|
—
|
(1,000)
|
|
Other equity coupons paid and foreseen
|
(240)
|
(486)
|
|
Increase in retained regulatory capital generated from
earnings
|
1,377
|
1,910
|
|
|
|
|
|
Net impact of share schemes
|
201
|
(48)
|
|
Fair value through other comprehensive income reserve
|
175
|
408
|
|
Currency translation reserve
|
(1,025)
|
(1,571)
|
|
Other reserves
|
(69)
|
(67)
|
|
Decrease in other qualifying reserves
|
(718)
|
(1,278)
|
|
|
|
|
|
Pension remeasurements within reserves
|
(152)
|
(200)
|
|
Defined benefit pension fund asset deduction
|
149
|
190
|
|
Net impact of pensions
|
(3)
|
(10)
|
|
|
|
|
|
Additional value adjustments (PVA)
|
(92)
|
164
|
|
Goodwill and intangible assets
|
89
|
114
|
|
Deferred tax assets that rely on future profitability excluding
those arising from temporary differences
|
105
|
148
|
|
Excess of expected loss over impairment
|
(25)
|
72
|
|
Direct and indirect holdings by an institution of own CET1
instruments
|
(1)
|
(4)
|
|
Adjustment under IFRS 9 transitional arrangements
|
—
|
(138)
|
|
Other regulatory adjustments
|
19
|
9
|
|
Increase in regulatory capital due to adjustments and
deductions
|
95
|
365
|
|
|
|
|
|
Closing CET1 capital
|
49,545
|
49,545
|
CET1 capital increased by £1.0bn to £49.5bn (December
2024: £48.6bn). Significant movements in the period
were:
●
£4.0bn
of capital generated from profit partially offset by distributions
of £2.1bn comprising:
-
£1.0bn
of completed share buybacks announced with FY24
results
-
£0.6bn
accrual towards the total 2025 dividend
-
£0.5bn
of equity coupons paid and foreseen
●
£1.3bn
decrease in other qualifying reserves including a £1.6bn
reduction in the currency translation reserve primarily as a result
of the strengthening of spot GBP against USD, partially offset by a
£0.4bn gain in the fair value through other comprehensive
income reserve.
|
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 30.06.25
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
Barclays UK
|
16,186
|
56,362
|
|
130
|
9
|
—
|
83
|
|
145
|
—
|
|
13,196
|
86,111
|
|
Barclays UK Corporate Bank
|
3,993
|
16,917
|
|
134
|
387
|
—
|
12
|
|
2
|
562
|
|
3,282
|
25,289
|
|
Barclays Private Bank & Wealth Management
|
4,892
|
497
|
|
172
|
26
|
1
|
19
|
|
49
|
394
|
|
1,870
|
7,920
|
|
Barclays Investment Bank
|
38,634
|
46,858
|
|
23,025
|
22,135
|
121
|
3,779
|
|
13,257
|
24,343
|
|
24,293
|
196,445
|
|
Barclays US Consumer Bank
|
18,900
|
889
|
|
—
|
6
|
—
|
—
|
|
—
|
—
|
|
4,856
|
24,651
|
|
Head Office
|
5,622
|
5,662
|
|
1
|
6
|
—
|
2
|
|
13
|
98
|
|
1,223
|
12,627
|
|
Barclays Group
|
88,227
|
127,185
|
|
23,462
|
22,569
|
122
|
3,895
|
|
13,466
|
25,397
|
|
48,720
|
353,043
|
|
As at 31.03.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK
|
15,346
|
56,050
|
|
140
|
5
|
—
|
47
|
|
184
|
—
|
|
13,196
|
84,968
|
|
Barclays UK Corporate Bank
|
3,780
|
16,213
|
|
105
|
348
|
—
|
11
|
|
2
|
471
|
|
3,282
|
24,212
|
|
Barclays Private Bank & Wealth Management
|
5,025
|
495
|
|
127
|
51
|
—
|
18
|
|
48
|
330
|
|
1,870
|
7,964
|
|
Barclays Investment Bank
|
40,169
|
45,915
|
|
22,924
|
22,540
|
139
|
3,190
|
|
13,458
|
23,306
|
|
24,293
|
195,934
|
|
Barclays US Consumer Bank
|
19,723
|
993
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
4,856
|
25,572
|
|
Head Office
|
5,516
|
5,808
|
|
1
|
13
|
—
|
2
|
|
19
|
82
|
|
1,223
|
12,664
|
|
Barclays Group
|
89,559
|
125,474
|
|
23,297
|
22,957
|
139
|
3,268
|
|
13,711
|
24,189
|
|
48,720
|
351,314
|
|
As at 31.12.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK
|
15,516
|
55,301
|
|
146
|
11
|
—
|
74
|
|
228
|
—
|
|
13,181
|
84,457
|
|
Barclays UK Corporate Bank
|
3,932
|
15,680
|
|
106
|
336
|
—
|
12
|
|
16
|
548
|
|
3,282
|
23,912
|
|
Barclays Private Bank & Wealth Management
|
5,058
|
434
|
|
118
|
31
|
—
|
16
|
|
44
|
330
|
|
1,859
|
7,890
|
|
Barclays Investment Bank
|
40,957
|
49,231
|
|
21,889
|
24,094
|
70
|
2,913
|
|
12,442
|
23,023
|
|
24,164
|
198,783
|
|
Barclays US Consumer Bank
|
21,019
|
966
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
4,864
|
26,849
|
|
Head Office
|
6,580
|
8,162
|
|
1
|
20
|
—
|
4
|
|
—
|
212
|
|
1,257
|
16,236
|
|
Barclays Group
|
93,062
|
129,774
|
|
22,260
|
24,492
|
70
|
3,019
|
|
12,730
|
24,113
|
|
48,607
|
358,127
|
|
Movement analysis of RWAs
|
Credit risk
|
Counterparty credit risk
|
Market risk
|
Operational risk
|
Total RWAs
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
RWAs as at 31.12.24
|
222,836
|
49,841
|
36,843
|
48,607
|
358,127
|
|
Book size
|
2,661
|
2,760
|
2,803
|
113
|
8,337
|
|
Acquisitions and disposals
|
(3,299)
|
—
|
—
|
—
|
(3,299)
|
|
Book quality
|
(1,121)
|
(121)
|
—
|
—
|
(1,242)
|
|
Model updates
|
304
|
68
|
—
|
—
|
372
|
|
Methodology and policy
|
(242)
|
(189)
|
—
|
—
|
(431)
|
|
Foreign exchange movements1
|
(5,727)
|
(2,311)
|
(783)
|
—
|
(8,821)
|
|
Total RWA movements
|
(7,424)
|
207
|
2,020
|
113
|
(5,084)
|
|
RWAs as at 30.06.25
|
215,412
|
50,048
|
38,863
|
48,720
|
353,043
|
|
1
|
Foreign exchange movements does not include the impact of foreign
exchange for modelled market risk or operational risk.
|
Overall RWAs decreased £5.1bn to £353.0bn (Dec 2024:
£358.1bn).
Credit risk RWAs decreased £7.4bn:
●
A
£2.7bn increase in book size primarily reflecting continued
lending growth in Barclays UK and UKCB
●
A
£3.3bn decrease in acquisitions and disposals reflecting the
sale of the German Consumer Finance business
●
A
£1.1bn decrease in book quality RWAs primarily driven by
improvements in credit quality within the Barclays UK mortgages
portfolio
●
A
£5.7bn decrease as a result of foreign exchange movements
primarily due to the strengthening of spot GBP against
USD
Counterparty credit risk RWAs increased £0.2bn:
●
A
£2.8bn increase in book size primarily driven by client
derivative activity within Global Markets, offset by a £2.3bn
decrease as a result of foreign exchange movements primarily due to
the strengthening of spot GBP against USD
Market risk RWAs increased £2.0bn:
●
A
£2.8bn increase in book size within Global Markets, partially
offset by foreign exchange movements primarily due to the
strengthening of spot GBP against USD
|
Leverage ratios1
|
As at 30.06.25
|
As at 31.03.25
|
As at 31.12.24
|
|
£m
|
£m
|
£m
|
|
|
UK leverage ratio2
|
5.0%
|
5.0%
|
5.0%
|
|
T1 capital
|
62,811
|
62,057
|
60,634
|
|
UK leverage exposure
|
1,259,772
|
1,252,827
|
1,206,502
|
|
Average UK leverage ratio
|
4.7%
|
4.6%
|
4.6%
|
|
Average T1 capital
|
61,716
|
61,641
|
60,291
|
|
Average UK leverage exposure
|
1,324,772
|
1,340,481
|
1,308,335
|
|
1
|
2024 comparatives for UK leverage ratios have been calculated
applying the IFRS 9 transitional arrangements in accordance with
the CRR. Effective from 1 January 2025, the IFRS 9 transitional
arrangements no longer applied.
|
|
2
|
Although the leverage ratio is expressed in terms of T1 capital,
the leverage ratio buffers and 75% of the minimum requirement must
be covered solely with CET1 capital. The CET1 capital held against
the 0.53% G-SII ALRB was £6.6bn and against the 0.4% CCLB was
£5.0bn.
|
The UK leverage ratio remained stable at 5.0% (December 2024:
5.0%), as the leverage exposure increased by £53.3bn to
£1,259.8bn (December 2024: £1,206.5bn) offset by an
increase of £2.2bn in Tier 1 capital. The increase in leverage
exposure was largely driven by an increase in trading activity in
IB, partially offset by the strengthening of spot GBP against
USD.
Statement of Directors' Responsibilities
The Directors (the names of whom are set out below) are required to
prepare the financial statements on a going concern basis unless it
is not appropriate to do so. In making this assessment, the
directors have considered information relating to present and
future conditions. Each of the Directors confirm that to the best
of their knowledge, the condensed consolidated interim financial
statements and notes have been prepared in accordance with
International Accounting Standard 34, ‘Interim Financial
Reporting’, as adopted by the UK, and that the interim
management report herein includes a fair review of the information
required by Disclosure Guidance and Transparency Rules 4.2.7R and
4.2.8R namely:
●
an
indication of important events that have occurred during the six
months ended 30 June 2025 and their impact on the condensed
consolidated interim financial statements, and a description of the
principal risks and uncertainties for the remaining six months of
the financial year
●
any
related party transactions in the six months ended 30 June 2025
that have materially affected the financial position or performance
of Barclays during that period and any changes in the related party
transactions described in the last Annual Report that could have a
material effect on the financial position or performance of
Barclays in the six months ended 30 June 2025
Signed on 28 July 2025 on behalf of the Board by
|
C.S. Venkatakrishnan
|
Anna Cross
|
|
Group Chief Executive
|
Group Finance Director
|
Barclays PLC Board of Directors
|
Chairman
|
Executive Directors
|
Non-Executive Directors
|
|
Nigel Higgins
|
C.S. Venkatakrishnan
|
Robert Berry
|
|
|
Anna Cross
|
Dawn Fitzpatrick
|
|
|
|
Mary Francis CBE
|
|
|
|
Brian Gilvary
|
|
|
|
Sir John Kingman
|
|
|
|
Diony Lebot
|
|
|
|
Mary Mack
|
|
|
|
Marc Moses
|
|
|
|
Brian Shea
|
|
|
|
Julia Wilson
|
|
|
|
|
Independent Review
Report to Barclays PLC
Conclusion
We have been engaged by Barclays PLC (“the Company” or
“the Group”) to review the condensed set of financial
statements in the Interim Results Announcement for the six months
ended 30 June 2025 which comprises:
●
the condensed
consolidated income statement and condensed consolidated statement
of comprehensive income for the period then ended;
●
the condensed
consolidated balance sheet as at 30 June 2025;
●
the condensed
consolidated statement of changes in equity for the period then
ended;
●
the condensed
consolidated cash flow statement for the period then ended;
and
●
the related
explanatory notes.
Based on our review, nothing has come to our attention that causes
us to believe that the condensed set of financial statements in the
Interim Results Announcement for the six months ended 30 June 2025
is not prepared, in all material respects, in accordance with IAS
34 Interim Financial Reporting as adopted for use in the UK and the
Disclosure Guidance and Transparency Rules (“the DTR”)
of the UK’s Financial Conduct Authority (“the UK
FCA”).
Basis for conclusion
We conducted our review in accordance with International Standard
on Review Engagements (UK) 2410 Review of Interim Financial
Information Performed by the Independent Auditor of the Entity
(“ISRE (UK) 2410”) issued for use in the UK. A review
of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. We
read the other information contained in the Interim Results
Announcement and consider whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those
performed in an audit as described in the Basis for conclusion
section of this report, nothing has come to our attention that
causes us to believe that the directors have inappropriately
adopted the going concern basis of accounting, or that the
directors have identified material uncertainties relating to going
concern that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in
accordance with ISRE (UK) 2410. However, future events or
conditions may cause the Group to cease to continue as a going
concern, and the above conclusions are not a guarantee that the
Group will continue in operation.
Directors’ responsibilities
The Interim Results Announcement is the responsibility of, and has
been approved by, the directors. The directors are responsible for
preparing the Interim Results Announcement in accordance with the
DTR of the UK FCA.
As disclosed in note 1, the annual financial statements of the
Group are prepared in accordance with UK-adopted international
accounting standards.
The directors are responsible for preparing the condensed set of
financial statements included in the Interim Results Announcement
in accordance with IAS 34 as adopted for use in the
UK.
In preparing the condensed set of financial statements, the
directors are responsible for assessing the Group’s ability
to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the
Group or to cease operations, or have no realistic alternative but
to do so.
Our responsibility
Our responsibility is to express to the Company a conclusion on the
condensed set of financial statements in the Interim Results
Announcement based on our review. Our conclusion, including our
conclusions relating to going concern, are based on procedures that
are less extensive than audit procedures, as described in the Basis
for conclusion section of this report.
The purpose of our review work and to whom we owe our
responsibilities
This report is made solely to the Company in accordance with the
terms of our engagement to assist the Company in meeting the
requirements of the DTR of the UK FCA. Our review has been
undertaken so that we might state to the Company those matters we
are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company for our
review work, for this report, or for the conclusions we have
reached.
Stuart Crisp
for and on behalf of KPMG LLP
Chartered Accountants
15
Canada Square
London,
E14 5GL
28th
July 2025
Condensed Consolidated Financial Statements
|
Condensed consolidated income statement (unaudited)
|
|||
|
|
|
Half year ended 30.06.25
|
Half year ended 30.06.24
|
|
|
Notes1
|
£m
|
£m
|
|
Interest and similar income
|
|
18,264
|
18,642
|
|
Interest and similar expense
|
|
(11,242)
|
(12,514)
|
|
Net interest income
|
|
7,022
|
6,128
|
|
Fee and commission income
|
3
|
5,656
|
5,429
|
|
Fee and commission expense
|
3
|
(1,972)
|
(1,691)
|
|
Net fee and commission income
|
3
|
3,684
|
3,738
|
|
Net trading income
|
|
4,171
|
3,228
|
|
Net investment (expense)/ income
|
|
(18)
|
160
|
|
Other income
|
|
37
|
23
|
|
Total income
|
|
14,896
|
13,277
|
|
|
|
|
|
|
Staff costs
|
4
|
(5,254)
|
(4,964)
|
|
Infrastructure, administration and general expenses
|
5
|
(3,153)
|
(3,033)
|
|
UK regulatory levies
|
|
(96)
|
(120)
|
|
Litigation and conduct
|
|
(87)
|
(64)
|
|
Operating expenses
|
|
(8,590)
|
(8,181)
|
|
|
|
|
|
|
Share of post-tax results of associates and joint
ventures
|
|
9
|
16
|
|
Profit before impairment
|
|
6,315
|
5,112
|
|
Credit impairment charges
|
|
(1,112)
|
(897)
|
|
Profit before tax
|
|
5,203
|
4,215
|
|
Tax charge
|
|
(1,173)
|
(892)
|
|
Profit after tax
|
|
4,030
|
3,323
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Shareholders of the parent
|
|
3,523
|
2,787
|
|
Other equity holders
|
|
484
|
510
|
|
Equity holders of the parent
|
|
4,007
|
3,297
|
|
Non-controlling interests
|
|
23
|
26
|
|
Profit after tax
|
|
4,030
|
3,323
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
Basic earnings per ordinary share
|
6
|
24.7p
|
18.6p
|
|
Diluted earnings per ordinary share
|
6
|
23.8p
|
18.1p
|
|
|
|
|
|
|
1
|
For Notes to the Financial Statements see pages 69 to
89.
|
|
Condensed consolidated statement of comprehensive income
(unaudited)
|
|||
|
|
|
Half year ended 30.06.25
|
Half year ended 30.06.24
|
|
|
Notes1
|
£m
|
£m
|
|
Profit after tax
|
|
4,030
|
3,323
|
|
|
|
|
|
|
Other comprehensive income/(loss) that
may be recycled to profit or loss:2
|
|
|
|
|
Currency translation reserve
|
14
|
(1,571)
|
(84)
|
|
Fair value through other comprehensive income reserve
|
14
|
408
|
(269)
|
|
Cash flow hedging reserve
|
14
|
1,720
|
(90)
|
|
Other comprehensive income/(loss) that may be recycled to
profit
|
|
557
|
(443)
|
|
|
|
|
|
|
Other comprehensive income/(loss) not
recycled to profit or loss:2
|
|
|
|
|
Retirement benefit remeasurements
|
13
|
(200)
|
(97)
|
|
Own credit
|
14
|
516
|
(462)
|
|
Other comprehensive income/(loss) not recycled to
profit
|
|
316
|
(559)
|
|
|
|
|
|
|
Other comprehensive income/(loss) for the period
|
|
873
|
(1,002)
|
|
|
|
|
|
|
Total comprehensive income for the period
|
|
4,903
|
2,321
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Equity holders of the parent
|
|
4,880
|
2,295
|
|
Non-controlling interests
|
|
23
|
26
|
|
Total comprehensive income for the period
|
|
4,903
|
2,321
|
|
|
|
|
|
|
1
|
For Notes to the Financial Statements see pages 69 to
89.
|
|
2
|
Reported net of tax.
|
|
Condensed consolidated balance sheet (unaudited)
|
|||
|
|
|
As at 30.06.25
|
As at 31.12.24
|
|
Assets
|
Notes1
|
£m
|
£m
|
|
Cash and balances at central banks
|
|
225,723
|
210,184
|
|
Cash collateral and settlement balances
|
|
152,316
|
119,843
|
|
Debt securities at amortised cost
|
|
69,936
|
68,210
|
|
Loans and advances at amortised cost to banks
|
|
8,697
|
8,327
|
|
Loans and advances at amortised cost to customers
|
|
339,131
|
337,946
|
|
Reverse repurchase agreements and other similar secured lending at
amortised cost
|
|
7,917
|
4,734
|
|
Trading portfolio assets
|
|
187,223
|
166,453
|
|
Financial assets at fair value through the income
statement
|
|
218,552
|
193,734
|
|
Derivative financial instruments
|
8
|
280,194
|
293,530
|
|
Financial assets at fair value through other comprehensive
income
|
|
77,311
|
78,059
|
|
Investments in associates and joint ventures
|
|
913
|
891
|
|
Goodwill and intangible assets
|
10
|
8,186
|
8,275
|
|
Property, plant and equipment
|
|
3,504
|
3,604
|
|
Current tax assets
|
|
174
|
155
|
|
Deferred tax assets
|
|
5,241
|
6,321
|
|
Retirement benefit assets
|
13
|
2,997
|
3,263
|
|
Assets included in a disposal group classified as held for
sale
|
|
5,585
|
9,854
|
|
Other assets
|
|
5,100
|
4,819
|
|
Total assets
|
|
1,598,700
|
1,518,202
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Deposits at amortised cost from banks
|
|
19,348
|
13,203
|
|
Deposits at amortised cost from customers
|
|
545,187
|
547,460
|
|
Cash collateral and settlement balances
|
|
140,011
|
106,229
|
|
Repurchase agreements and other similar secured borrowings at
amortised cost
|
|
35,469
|
39,415
|
|
Debt securities in issue
|
|
104,910
|
92,402
|
|
Subordinated liabilities
|
11
|
12,529
|
11,921
|
|
Trading portfolio liabilities
|
|
69,305
|
56,908
|
|
Financial liabilities designated at fair value
|
|
317,485
|
282,224
|
|
Derivative financial instruments
|
8
|
265,376
|
279,415
|
|
Current tax liabilities
|
|
905
|
566
|
|
Deferred tax liabilities
|
|
18
|
18
|
|
Retirement benefit liabilities
|
13
|
244
|
240
|
|
Provisions
|
12
|
1,364
|
1,383
|
|
Liabilities included in a disposal group classified as held for
sale
|
|
—
|
3,726
|
|
Other liabilities
|
|
10,194
|
10,611
|
|
Total liabilities
|
|
1,522,345
|
1,445,721
|
|
|
|
|
|
|
Equity
|
|
|
|
|
Called up share capital and share premium
|
|
4,201
|
4,186
|
|
Other reserves
|
14
|
693
|
(468)
|
|
Retained earnings
|
|
57,746
|
56,028
|
|
Shareholders' equity attributable to ordinary shareholders of the
parent
|
|
62,640
|
59,746
|
|
Other equity instruments
|
|
13,266
|
12,075
|
|
Total equity excluding non-controlling interests
|
|
75,906
|
71,821
|
|
Non-controlling interests2
|
|
449
|
660
|
|
Total equity
|
|
76,355
|
72,481
|
|
|
|
|
|
|
Total liabilities and equity
|
|
1,598,700
|
1,518,202
|
|
1
|
For Notes to the Financial Statements see pages 69 to
89.
|
|
2
|
On 16 June 2025, Barclays Bank PLC redeemed and cancelled the
outstanding 4.75% Non-Cumulative Callable Euro Preference Series 2
Shares. The principal outstanding was €319m. The movement of
£211m in non-controlling interests relates to transfer of the
share premium from the original issuance to retained
earnings.
|
|
Condensed consolidated statement of changes in equity
(unaudited)
|
|||||||
|
|
Called up share capital and share
premium1,2
|
Other equity
instruments3
|
Other reserves4
|
Retained earnings
|
Total
|
Non-controlling
interests5
|
Total equity
|
|
Half year ended 30.06.2025
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Balance as at 1 January 2025
|
4,186
|
12,075
|
(468)
|
56,028
|
71,821
|
660
|
72,481
|
|
Profit after tax
|
—
|
484
|
—
|
3,523
|
4,007
|
23
|
4,030
|
|
Currency translation movements
|
—
|
—
|
(1,571)
|
—
|
(1,571)
|
—
|
(1,571)
|
|
Fair value through other comprehensive income reserve
|
—
|
—
|
408
|
—
|
408
|
—
|
408
|
|
Cash flow hedges
|
—
|
—
|
1,720
|
—
|
1,720
|
—
|
1,720
|
|
Retirement benefit remeasurements
|
—
|
—
|
—
|
(200)
|
(200)
|
—
|
(200)
|
|
Own credit
|
—
|
—
|
516
|
—
|
516
|
—
|
516
|
|
Total comprehensive income for the period
|
—
|
484
|
1,073
|
3,323
|
4,880
|
23
|
4,903
|
|
Employee share schemes and hedging thereof
|
82
|
—
|
—
|
669
|
751
|
—
|
751
|
|
Issue and redemption of other equity instruments
|
—
|
1,182
|
—
|
(5)
|
1,177
|
—
|
1,177
|
|
Other equity instruments coupon paid
|
—
|
(484)
|
—
|
—
|
(484)
|
—
|
(484)
|
|
Redemption of preference shares
|
—
|
—
|
—
|
(59)
|
(59)
|
(211)
|
(270)
|
|
Vesting of employee share schemes net of purchases
|
—
|
—
|
19
|
(585)
|
(566)
|
—
|
(566)
|
|
Dividends paid
|
—
|
—
|
—
|
(791)
|
(791)
|
(23)
|
(814)
|
|
Repurchase of shares
|
(67)
|
—
|
67
|
(834)
|
(834)
|
—
|
(834)
|
|
Other movements
|
—
|
9
|
2
|
—
|
11
|
—
|
11
|
|
Balance as at 30 June 2025
|
4,201
|
13,266
|
693
|
57,746
|
75,906
|
449
|
76,355
|
|
Condensed consolidated statement of changes in equity
(unaudited)
|
|||||||
|
|
Called up share capital and share
premium1,
2
|
Other equity
instruments3
|
Other reserves4
|
Retained earnings
|
Total
|
Non-controlling interests
|
Total equity
|
|
Half year ended 31.12.2024
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Balance as at 1 July 2024
|
4,256
|
12,959
|
(882)
|
54,840
|
71,173
|
660
|
71,833
|
|
Profit after tax
|
—
|
481
|
—
|
2,529
|
3,010
|
23
|
3,033
|
|
Currency translation movements
|
—
|
—
|
38
|
—
|
38
|
—
|
38
|
|
Fair value through other comprehensive income reserve
|
—
|
—
|
(238)
|
—
|
(238)
|
—
|
(238)
|
|
Cash flow hedges
|
—
|
—
|
867
|
—
|
867
|
—
|
867
|
|
Retirement benefit remeasurements
|
—
|
—
|
—
|
(206)
|
(206)
|
—
|
(206)
|
|
Own credit
|
—
|
—
|
(360)
|
—
|
(360)
|
—
|
(360)
|
|
Total comprehensive income for the period
|
—
|
481
|
307
|
2,323
|
3,111
|
23
|
3,134
|
|
Employee share schemes and hedging thereof
|
38
|
—
|
—
|
292
|
330
|
—
|
330
|
|
Issue and redemption of other equity instruments
|
—
|
(892)
|
—
|
(4)
|
(896)
|
—
|
(896)
|
|
Other equity instruments coupon paid
|
—
|
(481)
|
—
|
—
|
(481)
|
—
|
(481)
|
|
Vesting of employee shares scheme net of purchases
|
—
|
—
|
(4)
|
(20)
|
(24)
|
—
|
(24)
|
|
Dividends paid
|
—
|
—
|
—
|
(425)
|
(425)
|
(23)
|
(448)
|
|
Repurchase of shares
|
(108)
|
—
|
108
|
(978)
|
(978)
|
—
|
(978)
|
|
Other movements
|
—
|
8
|
3
|
—
|
11
|
—
|
11
|
|
Balance as at 31 December 2024
|
4,186
|
12,075
|
(468)
|
56,028
|
71,821
|
660
|
72,481
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed consolidated statement of changes in equity
(unaudited)
|
|||||||
|
|
Called up share capital and share
premium1,
2
|
Other equity
instruments3
|
Other reserves4
|
Retained earnings
|
Total
|
Non-controlling interests
|
Total equity
|
|
Half year ended 30.06.24
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Balance as at 1 January 2024
|
4,288
|
13,259
|
(77)
|
53,734
|
71,204
|
660
|
71,864
|
|
Profit after tax
|
—
|
510
|
—
|
2,787
|
3,297
|
26
|
3,323
|
|
Currency translation movements
|
—
|
—
|
(84)
|
—
|
(84)
|
—
|
(84)
|
|
Fair value through other comprehensive income reserve
|
—
|
—
|
(269)
|
—
|
(269)
|
—
|
(269)
|
|
Cash flow hedges
|
—
|
—
|
(90)
|
—
|
(90)
|
—
|
(90)
|
|
Retirement benefit remeasurements
|
—
|
—
|
—
|
(97)
|
(97)
|
—
|
(97)
|
|
Own credit
|
—
|
—
|
(462)
|
—
|
(462)
|
—
|
(462)
|
|
Total comprehensive income for the period
|
—
|
510
|
(905)
|
2,690
|
2,295
|
26
|
2,321
|
|
Employee share schemes and hedging thereof
|
65
|
—
|
—
|
582
|
647
|
—
|
647
|
|
Issue and redemption of other equity instruments
|
—
|
(263)
|
—
|
(92)
|
(355)
|
—
|
(355)
|
|
Other equity instruments coupon paid
|
—
|
(510)
|
—
|
—
|
(510)
|
—
|
(510)
|
|
Vesting of employee shares scheme net of purchases
|
—
|
—
|
3
|
(488)
|
(485)
|
—
|
(485)
|
|
Dividends paid
|
—
|
—
|
—
|
(796)
|
(796)
|
(26)
|
(822)
|
|
Repurchase of shares
|
(97)
|
—
|
97
|
(782)
|
(782)
|
—
|
(782)
|
|
Other movements
|
—
|
(37)
|
—
|
(8)
|
(45)
|
—
|
(45)
|
|
Balance as at 30 June 2024
|
4,256
|
12,959
|
(882)
|
54,840
|
71,173
|
660
|
71,833
|
|
|
|
|
|
|
|
|
|
|
1
|
As at 30 June 2025, Called up share capital comprises 14,180m
(December 2024: 14,420m) ordinary shares of 25p each.
|
|
2
|
During the six months ended 30 June 2025, Barclays PLC announced,
alongside its FY24 results, a share buyback programme of
£1,000m. This programme was partially executed during the
period, with completion occurring on 24 July 2025. As part of this
buyback, 270 million shares were repurchased and cancelled in the
period. The nominal value of £67 million relating to these
shares was transferred from Share capital to the Capital redemption
reserve within Other reserves. In the year ended 31 December 2024,
Barclays PLC completed two separate share buyback programmes
totalling £1,750m. A total of 818 million shares were
repurchased and cancelled, with a nominal value of £205
million transferred from Share capital to the Capital redemption
reserve within Other reserves.
|
|
3
|
Other equity instruments of £13,266m (December 2024:
£12,075m) comprise AT1 securities issued by Barclays PLC.
There were two issuances in the form of Fixed Rate Resetting
Perpetual Subordinated Contingent Convertible Securities for
£2,177m (net of £9m issuance costs) and one redemption of
£995m (net of £5m issuance costs, transferred to retained
earnings on redemption) for the period ended 30 June 2025. During
the period ended 31 December 2024, there were two issuances in the
form of Fixed Rate Resetting Perpetual Subordinated Contingent
Convertible Securities, for £1,598m, which includes issuance
costs of £6m and two redemptions totalling
£2,753m.
|
|
4
|
Details are shown in Note 14 - Other reserves on page
81.
|
|
5
|
On 16 June 2025, Barclays Bank PLC redeemed and cancelled the
outstanding 4.75% Non-Cumulative Callable Euro Preference Series 2
Shares. The principal outstanding was €319m. The movement of
£211m in non-controlling interests relates to transfer of the
share premium from the original issuance to retained
earnings.
|
|
Condensed consolidated cash flow statement (unaudited)
|
||
|
|
Half year ended 30.06.25
|
Half year ended 30.06.24
|
|
|
£m
|
£m
|
|
Profit before tax
|
5,203
|
4,215
|
|
Adjustment for non-cash and other items
|
9,466
|
4,976
|
|
Net (increase)/decrease in loans and advances at amortised
cost
|
(1,950)
|
1,839
|
|
Net increase in deposits at amortised cost
|
3,872
|
18,663
|
|
Net increase/(decrease) in debt securities in issue
|
8,195
|
(1,686)
|
|
Changes in other operating assets and liabilities
|
(3,772)
|
10,103
|
|
Corporate income tax paid
|
(712)
|
(540)
|
|
Net cash from operating activities
|
20,302
|
37,570
|
|
Net cash from investing activities
|
(4,184)
|
(16,333)
|
|
Net cash from financing
activities1
|
3,720
|
166
|
|
Effect of exchange rates on cash and cash equivalents
|
(2,632)
|
(1,624)
|
|
Net increase in cash and cash equivalents
|
17,206
|
19,779
|
|
Cash and cash equivalents at beginning of the period
|
235,611
|
248,007
|
|
Cash and cash equivalents at end of the period
|
252,817
|
267,786
|
|
1
|
Issuance and redemption of debt securities included in financing
activities relate to instruments that qualify as eligible
liabilities and satisfy regulatory requirements for MREL
instruments which came into effect during 2019
|
Financial Statement Notes
1.
Basis of preparation
These condensed consolidated interim financial statements ("the
financial statements") for the six months ended 30 June 2025 have
been prepared in accordance with the Disclosure Guidance and
Transparency Rules (DTR) of the UK’s FCA, and IAS 34, Interim
Financial Reporting, as published by the International Accounting
Standards Board (IASB) and adopted by the UK.
The condensed consolidated interim financial statements should be
read in conjunction with the annual financial statements for the
year ended 31 December 2024. The annual financial statements
for the year ended 31 December 2024 were prepared in
accordance with international accounting standards in conformity
with the requirements of the Companies Act 2006 and in accordance
with International Financial Reporting Standards (IFRS) and
interpretations (IFRICs) as issued by the IASB and adopted by the
UK.
The accounting policies and methods of computation used in these
condensed consolidated interim financial statements are the same as
those used in the Barclays PLC Annual Report for the financial year
ended 31 December 2024.
i.
Going concern
The financial statements are prepared on a going concern basis, as
the Directors are satisfied that the Group and parent company have
the resources to continue in business for a period of at least 12
months from approval of the interim financial statements. In making
this assessment, the Directors have considered a wide range of
information relating to present and future conditions and includes
a review of a working capital report (WCR). The WCR is used by the
Directors to assess the future performance of the business and that
it has the resources in place that are required to meet its ongoing
regulatory requirements. The WCR also includes an assessment of the
impact of internally generated stress testing scenarios on the
liquidity and capital requirement forecasts. The stress tests used
were based upon an assessment of reasonably possible downside
economic scenarios that the Group could experience.
The WCR indicated that the Group had sufficient capital in place to
support its future business requirements and remained above its
regulatory minimum requirements in the internal stress
scenarios.
ii.
Other disclosures
The Credit risk disclosures on pages 28 to 48 form part of these
interim financial statements.
2.
Segmental reporting
|
Analysis of results by business
|
|
|
|
|
|
|
|
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
|
Half year ended 30.06.25
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Net interest income
|
3,677
|
701
|
407
|
631
|
1,318
|
288
|
7,022
|
|
Non-interest income/(expense)
|
516
|
302
|
290
|
6,549
|
369
|
(152)
|
7,874
|
|
Total income
|
4,193
|
1,003
|
697
|
7,180
|
1,687
|
136
|
14,896
|
|
Of which inter-segmental income/(expense)
|
1
|
985
|
915
|
(1,895)
|
(3)
|
(3)
|
—
|
|
|
|
|
|
|
|
|
|
|
Operating costs
|
(2,283)
|
(474)
|
(472)
|
(3,993)
|
(803)
|
(382)
|
(8,407)
|
|
UK regulatory levies
|
(43)
|
(24)
|
(2)
|
(27)
|
—
|
—
|
(96)
|
|
Litigation and conduct
|
(29)
|
(39)
|
—
|
(11)
|
(3)
|
(5)
|
(87)
|
|
Total operating expenses
|
(2,355)
|
(537)
|
(474)
|
(4,031)
|
(806)
|
(387)
|
(8,590)
|
|
Other net income1
|
—
|
—
|
—
|
—
|
—
|
9
|
9
|
|
Profit/(loss) before impairment
|
1,838
|
466
|
223
|
3,149
|
881
|
(242)
|
6,315
|
|
Credit impairment (charges)/ releases
|
(237)
|
(31)
|
11
|
(139)
|
(711)
|
(5)
|
(1,112)
|
|
Profit/(loss) before tax
|
1,601
|
435
|
234
|
3,010
|
170
|
(247)
|
5,203
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.25
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
|
Total assets
|
299.7
|
68.2
|
41.8
|
1,133.1
|
31.4
|
24.5
|
1,598.7
|
|
Total liabilities
|
282.8
|
101.9
|
76.3
|
1,026.6
|
23.6
|
11.1
|
1,522.3
|
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
|
Half year ended 30.06.24
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Net interest income
|
3,146
|
573
|
362
|
465
|
1,334
|
248
|
6,128
|
|
Non-interest income
|
567
|
304
|
270
|
5,882
|
344
|
(218)
|
7,149
|
|
Total income
|
3,713
|
877
|
632
|
6,347
|
1,678
|
30
|
13,277
|
|
Of which inter-segmental income/(expense)
|
(23)
|
1,221
|
1,045
|
(1,951)
|
(3)
|
(289)
|
—
|
|
|
|
|
|
|
|
|
|
|
Operating costs
|
(2,048)
|
(456)
|
(434)
|
(3,858)
|
(796)
|
(406)
|
(7,997)
|
|
UK regulatory levies
|
(54)
|
(30)
|
(3)
|
(33)
|
—
|
—
|
(120)
|
|
Litigation and conduct
|
(6)
|
—
|
1
|
(11)
|
(4)
|
(43)
|
(64)
|
|
Total operating expenses
|
(2,108)
|
(486)
|
(436)
|
(3,902)
|
(800)
|
(449)
|
(8,181)
|
|
Other net income
|
—
|
—
|
—
|
—
|
—
|
16
|
16
|
|
Profit/(loss) before impairment
|
1,605
|
391
|
196
|
2,445
|
878
|
(403)
|
5,112
|
|
Credit impairment (charges)/releases
|
(66)
|
(23)
|
3
|
(34)
|
(719)
|
(58)
|
(897)
|
|
Profit/(loss) before tax
|
1,539
|
368
|
199
|
2,411
|
159
|
(461)
|
4,215
|
|
|
|
|
|
|
|
|
|
|
As at 31.12.24
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
|
Total assets
|
299.8
|
61.2
|
34.1
|
1,053.9
|
35.4
|
33.8
|
1,518.2
|
|
Total liabilities
|
284.1
|
94.4
|
75.0
|
952.1
|
24.5
|
15.6
|
1,445.7
|
Inter-segmental income/(expense) refers to the internal charging of
revenues between different business segments, reflecting how
resources such as funding, capital, or services are utilised across
the organisation. Segments which operate with a net customer
deposit position contribute surplus deposits as a funding source
for other Group segment activities.
|
1
|
Other net income/(expense) represents the share of post-tax results
of associates and joint ventures, profit (or loss) on disposal of
subsidiaries, associates and joint ventures and gains on
acquisitions.
|
3.
Net fee and commission income
Fee and commission income is disaggregated below and includes a
total for fees in scope of IFRS 15, Revenue from Contracts with
Customers. Refer to Note 2 - Segmental reporting for information
about operating segments.
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US consumer Bank
|
Head Office
|
Barclays Group
|
|
Half year ended 30.06.25
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Fee type
|
|
|
|
|
|
|
|
|
Transactional
|
608
|
229
|
15
|
171
|
1,333
|
140
|
2,496
|
|
Advisory
|
—
|
—
|
166
|
282
|
—
|
—
|
448
|
|
Brokerage and execution
|
100
|
—
|
79
|
979
|
—
|
—
|
1,158
|
|
Underwriting and syndication
|
18
|
51
|
—
|
1,391
|
—
|
—
|
1,460
|
|
Other
|
6
|
—
|
—
|
—
|
—
|
9
|
15
|
|
Total revenue from contracts with customers
|
732
|
280
|
260
|
2,823
|
1,333
|
149
|
5,577
|
|
Other non-contract fee income
|
—
|
14
|
—
|
65
|
—
|
—
|
79
|
|
Fee and commission income
|
732
|
294
|
260
|
2,888
|
1,333
|
149
|
5,656
|
|
Fee and commission expense
|
(242)
|
(46)
|
(18)
|
(675)
|
(959)
|
(32)
|
(1,972)
|
|
Net fee and commission income
|
490
|
248
|
242
|
2,213
|
374
|
117
|
3,684
|
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US consumer Bank
|
Head Office
|
Barclays Group
|
|
Half year ended 30.06.24
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Fee type
|
|
|
|
|
|
|
|
|
Transactional
|
551
|
232
|
16
|
171
|
1,320
|
171
|
2,461
|
|
Advisory
|
—
|
—
|
156
|
325
|
—
|
—
|
481
|
|
Brokerage and execution
|
107
|
—
|
62
|
776
|
—
|
—
|
945
|
|
Underwriting and syndication
|
17
|
46
|
—
|
1,391
|
—
|
—
|
1,454
|
|
Other
|
13
|
—
|
—
|
—
|
—
|
6
|
19
|
|
Total revenue from contracts with customers
|
688
|
278
|
234
|
2,663
|
1,320
|
177
|
5,360
|
|
Other non-contract fee income
|
—
|
11
|
—
|
58
|
—
|
—
|
69
|
|
Fee and commission income
|
688
|
289
|
234
|
2,721
|
1,320
|
177
|
5,429
|
|
Fee and commission expense
|
(177)
|
(43)
|
(19)
|
(516)
|
(893)
|
(43)
|
(1,691)
|
|
Net fee and commission income
|
511
|
246
|
215
|
2,205
|
427
|
134
|
3,738
|
Fee types
Transactional fees are service charges on deposit accounts, cash
management services and transactional processing fees. These
include interchange and merchant fee income generated from credit
and bank card usage.
Advisory fees are generated from wealth management services and
investment banking advisory services related to mergers,
acquisitions and financial restructurings.
Brokerage and execution fees are earned for executing client
transactions with various exchanges and over-the-counter markets
and assisting clients in clearing transactions and facilitating
foreign exchange transactions for spot/forward
contracts.
Underwriting and syndication fees are earned for the distribution
of client equity or debt securities and the arrangement and
administration of a loan syndication. These include commitment fees
to provide loan financing.
4.
Staff costs
|
|
Half year ended 30.06.25
|
Half year ended 30.06.24
|
|
Compensation costs
|
£m
|
£m
|
|
Upfront bonus charge
|
679
|
675
|
|
Deferred bonus charge
|
304
|
269
|
|
Other incentives
|
29
|
35
|
|
Performance costs
|
1,012
|
979
|
|
Salaries
|
2,549
|
2,491
|
|
Social security costs
|
442
|
395
|
|
Post-retirement benefits
|
280
|
296
|
|
Other compensation costs
|
354
|
282
|
|
Total compensation costs
|
4,637
|
4,443
|
|
|
|
|
|
Other resourcing costs
|
|
|
|
Outsourcing
|
437
|
299
|
|
Redundancy and restructuring
|
83
|
138
|
|
Temporary staff costs
|
33
|
31
|
|
Other
|
64
|
53
|
|
Total other resourcing costs
|
617
|
521
|
|
|
|
|
|
Total staff costs
|
5,254
|
4,964
|
|
|
|
|
|
Barclays Group compensation costs as a % of total
income
|
31.1%
|
33.5%
|
5.
Infrastructure, administration and general expenses
|
|
Half year ended 30.06.25
|
Half year ended 30.06.24
|
|
Infrastructure costs
|
£m
|
£m
|
|
Property and equipment
|
923
|
857
|
|
Depreciation and amortisation
|
885
|
843
|
|
Impairment of property, equipment and intangible
assets
|
8
|
4
|
|
Total infrastructure costs
|
1,816
|
1,704
|
|
|
|
|
|
Administration and general expenses
|
|
|
|
Consultancy, legal and professional fees
|
371
|
388
|
|
Marketing and advertising
|
287
|
308
|
|
Other administration and general expenses
|
679
|
633
|
|
Total administration and general expenses
|
1,337
|
1,329
|
|
|
|
|
|
Total infrastructure, administration and general
expenses
|
3,153
|
3,033
|
6.
Earnings per share
|
|
Half year ended 30.06.25
|
Half year ended 30.06.24
|
|
|
£m
|
£m
|
|
Profit attributable to ordinary equity holders of the
parent
|
3,523
|
2,787
|
|
|
|
|
|
|
m
|
m
|
|
Basic weighted average number of shares in issue
|
14,262
|
14,972
|
|
Number of potential ordinary shares
|
513
|
445
|
|
Diluted weighted average number of shares
|
14,775
|
15,417
|
|
|
|
|
|
|
p
|
p
|
|
Basic earnings per ordinary share
|
24.7
|
18.6
|
|
Diluted earnings per ordinary share
|
23.8
|
18.1
|
7.
Dividends on ordinary shares
|
|
Half year ended 30.06.25
|
Half year ended 30.06.24
|
||
|
|
Per share
|
Total
|
Per share
|
Total
|
|
Dividends paid during the period
|
p
|
£m
|
p
|
£m
|
|
Full year dividend paid during period
|
5.50
|
791
|
5.30
|
796
|
It is Barclays' policy to declare and pay dividends on a
semi-annual basis. The 2024 full year dividend of 5.5p per ordinary
share was paid on 4 April 2025 to the shareholders on the Share
Register on 28 February 2025. A half year dividend for 2025 of 3.0p
(H124: 2.9p) per ordinary share will be paid on 16 September
2025.
For qualifying American Depositary Receipt (ADR) holders, the half
year dividend of 3.0p per ordinary share becomes 12.0p per American
Depositary Share (ADS) (representing four shares). The depositary
bank will post the half year dividend on 16 September 2025 to ADR
holders on the record at close of business on 8 August
2025.
The Directors have confirmed their intention to initiate a share
buyback of up to £1bn after the balance sheet date. The share
buyback is expected to commence in the third quarter of 2025. The
financial statements for the six months ended 30 June 2025 do not
reflect the impact of the proposed share buyback, which will be
accounted for as and when shares are repurchased by the Company.
Dividends and share buybacks are funded out of distributable
reserves.
8.
Derivative financial instruments
|
|
Contract notional amount
|
|
Fair value
|
|
|
|
|
Assets
|
Liabilities
|
|
|
As at 30.06.25
|
£m
|
|
£m
|
£m
|
|
Foreign exchange derivatives
|
9,404,176
|
|
96,359
|
(93,246)
|
|
Interest rate derivatives
|
81,608,401
|
|
95,461
|
(81,613)
|
|
Credit derivatives
|
1,710,599
|
|
8,471
|
(8,994)
|
|
Equity and stock index and commodity derivatives
|
3,488,521
|
|
76,562
|
(80,909)
|
|
Derivative assets/(liabilities) held for trading
|
96,211,697
|
|
276,853
|
(264,762)
|
|
|
|
|
|
|
|
Derivatives in hedge accounting relationships
|
|
|
|
|
|
Derivatives designated as cash flow hedges
|
151,346
|
|
3,070
|
(92)
|
|
Derivatives designated as fair value hedges
|
161,698
|
|
71
|
(476)
|
|
Derivatives designated as hedges of net investments
|
4,412
|
|
200
|
(46)
|
|
Derivative assets/(liabilities) designated in hedge accounting
relationships
|
317,456
|
|
3,341
|
(614)
|
|
|
|
|
|
|
|
Total recognised derivative assets/(liabilities)
|
96,529,153
|
|
280,194
|
(265,376)
|
|
|
|
|
|
|
|
As at 31.12.24
|
|
|
|
|
|
Foreign exchange derivatives
|
8,517,266
|
|
123,724
|
(116,671)
|
|
Interest rate derivatives
|
70,905,836
|
|
95,631
|
(83,967)
|
|
Credit derivatives
|
1,537,115
|
|
6,898
|
(7,455)
|
|
Equity and stock index and commodity derivatives
|
3,164,854
|
|
64,738
|
(70,502)
|
|
Derivative assets/(liabilities) held for trading
|
84,125,071
|
|
290,991
|
(278,595)
|
|
|
|
|
|
|
|
Derivatives in hedge accounting relationships
|
|
|
|
|
|
Derivatives designated as cash flow hedges
|
147,180
|
|
2,338
|
(320)
|
|
Derivatives designated as fair value hedges
|
159,182
|
|
165
|
(434)
|
|
Derivatives designated as hedges of net investments
|
4,014
|
|
36
|
(66)
|
|
Derivative assets/(liabilities) designated in hedge accounting
relationships
|
310,376
|
|
2,539
|
(820)
|
|
|
|
|
|
|
|
Total recognised derivative assets/(liabilities)
|
84,435,447
|
|
293,530
|
(279,415)
|
The IFRS netting posted against derivative assets was £43bn
including £5bn of cash collateral netted (December 2024:
£47bn including £5bn cash collateral netted) and
£43bn for liabilities including £4bn of cash collateral
netted (December 2024: £46bn including £6bn of cash
collateral netted). Derivative asset exposures would be £248bn
(December 2024: £261bn) lower than reported under IFRS if
netting were permitted for assets and liabilities with the same
counterparty or for which the Group holds cash collateral of
£32bn (December 2024: £31bn). Similarly, derivative
liabilities would be £240bn (December 2024: £254bn) lower
reflecting counterparty netting and cash collateral placed of
£23bn (December 2024: £23bn). In addition, non-cash
collateral of £13bn (December 2024: £13bn) was held in
respect of derivative assets £5bn (December 2024: £5bn)
was placed in respect of derivative liabilities. Collateral amounts
are limited to net on balance sheet exposure so as to not include
over-collateralisation
9.
Fair value of financial instruments
This section should be read in conjunction with Note 17, Fair value
of financial instruments of the Barclays PLC Annual Report 2024
which provides more detail regarding accounting policies adopted,
valuation methodologies used in calculating fair value and the
valuation control framework which governs oversight of valuations.
There have been no changes in the accounting policies adopted or
the valuation methodologies used in the period.
Valuation
The following table shows the Group’s assets and liabilities
that are held at fair value disaggregated by valuation technique
(fair value hierarchy) and balance sheet
classification:
|
|
Valuation technique using
|
|
||
|
|
Quoted market prices
|
Observable inputs
|
Significant unobservable inputs
|
|
|
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
|
As at 30.06.25
|
£m
|
£m
|
£m
|
£m
|
|
Trading portfolio assets
|
87,555
|
89,789
|
9,879
|
187,223
|
|
Financial assets at fair value through the income
statement
|
7,702
|
202,019
|
8,831
|
218,552
|
|
Derivative financial instruments
|
108
|
278,097
|
1,989
|
280,194
|
|
Financial assets at fair value through other comprehensive
income
|
24,755
|
49,378
|
3,178
|
77,311
|
|
Investment property
|
—
|
—
|
42
|
42
|
|
Total assets
|
120,120
|
619,283
|
23,919
|
763,322
|
|
Trading portfolio liabilities
|
(39,606)
|
(29,275)
|
(424)
|
(69,305)
|
|
Financial liabilities designated at fair value
|
(1,576)
|
(313,061)
|
(2,848)
|
(317,485)
|
|
Derivative financial instruments
|
(93)
|
(262,422)
|
(2,861)
|
(265,376)
|
|
Total liabilities
|
(41,275)
|
(604,758)
|
(6,133)
|
(652,166)
|
|
|
|
|
|
|
|
As at 31.12.24
|
|
|
|
|
|
Trading portfolio assets
|
77,761
|
78,577
|
10,115
|
166,453
|
|
Financial assets at fair value through the income
statement
|
3,526
|
181,784
|
8,424
|
193,734
|
|
Derivative financial instruments
|
101
|
291,352
|
2,077
|
293,530
|
|
Financial assets at fair value through other comprehensive
income
|
25,913
|
48,407
|
3,739
|
78,059
|
|
Investment property
|
—
|
—
|
9
|
9
|
|
Total assets
|
107,301
|
600,120
|
24,364
|
731,785
|
|
Trading portfolio liabilities
|
(27,694)
|
(28,819)
|
(395)
|
(56,908)
|
|
Financial liabilities designated at fair value
|
(181)
|
(278,785)
|
(3,258)
|
(282,224)
|
|
Derivative financial instruments
|
(86)
|
(276,148)
|
(3,181)
|
(279,415)
|
|
Total liabilities
|
(27,961)
|
(583,752)
|
(6,834)
|
(618,547)
|
The following table shows the Group’s Level 3 assets and
liabilities that are held at fair value disaggregated by product
type:
|
As at 30.06.25
|
Loans
|
Corporate debt
|
Asset backed securities
|
Government debt
|
Private equity investments
|
Issued debt
|
Reverse repurchase and repurchase agreements
|
Interest rate derivatives
|
Equity derivatives
|
Other products1
|
Total
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Trading portfolio assets
|
5,468
|
1,843
|
883
|
1,199
|
—
|
—
|
—
|
—
|
—
|
486
|
9,879
|
|
Financial assets at fair value through the income
statement
|
6,096
|
835
|
178
|
32
|
1,187
|
—
|
402
|
—
|
—
|
101
|
8,831
|
|
Derivative financial instruments
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
915
|
617
|
457
|
1,989
|
|
Financial assets at fair value through other comprehensive
income
|
2,350
|
67
|
757
|
—
|
4
|
—
|
—
|
—
|
—
|
—
|
3,178
|
|
Investment property
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
42
|
42
|
|
Total assets
|
13,914
|
2,745
|
1,818
|
1,231
|
1,191
|
—
|
402
|
915
|
617
|
1,086
|
23,919
|
|
Trading portfolio liabilities
|
—
|
(36)
|
—
|
(325)
|
—
|
—
|
—
|
—
|
—
|
(63)
|
(424)
|
|
Financial liabilities designated at fair value
|
—
|
—
|
—
|
—
|
(17)
|
(1,575)
|
(1,240)
|
—
|
—
|
(16)
|
(2,848)
|
|
Derivative financial instruments
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(774)
|
(1,349)
|
(738)
|
(2,861)
|
|
Total liabilities
|
—
|
(36)
|
—
|
(325)
|
(17)
|
(1,575)
|
(1,240)
|
(774)
|
(1,349)
|
(817)
|
(6,133)
|
|
As at 31.12.24
|
Loans
|
Corporate debt
|
Asset backed securities
|
Government debt
|
Private equity investments
|
Issued debt
|
Reverse repurchase and repurchase agreements
|
Interest rate derivatives
|
Equity derivatives
|
Other products1
|
Total
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Trading portfolio assets
|
6,146
|
1,590
|
991
|
1,018
|
—
|
—
|
—
|
—
|
—
|
370
|
10,115
|
|
Financial assets at fair value through the income
statement
|
5,455
|
913
|
139
|
35
|
1,166
|
—
|
539
|
—
|
—
|
177
|
8,424
|
|
Derivative financial instruments
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1,193
|
481
|
403
|
2,077
|
|
Financial assets at fair value through other comprehensive
income
|
2,858
|
108
|
757
|
12
|
4
|
—
|
—
|
—
|
—
|
—
|
3,739
|
|
Investment property
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
9
|
9
|
|
Total assets
|
14,459
|
2,611
|
1,887
|
1,065
|
1,170
|
—
|
539
|
1,193
|
481
|
959
|
24,364
|
|
Trading portfolio liabilities
|
—
|
(374)
|
(6)
|
—
|
—
|
—
|
—
|
—
|
—
|
(15)
|
(395)
|
|
Financial liabilities designated at fair value
|
—
|
—
|
—
|
—
|
(17)
|
(1,842)
|
(1,379)
|
—
|
—
|
(20)
|
(3,258)
|
|
Derivative financial instruments
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(1,013)
|
(1,219)
|
(949)
|
(3,181)
|
|
Total liabilities
|
—
|
(374)
|
(6)
|
—
|
(17)
|
(1,842)
|
(1,379)
|
(1,013)
|
(1,219)
|
(984)
|
(6,834)
|
|
1
|
Other products include funds and fund-linked products, equity cash
products, investment property, credit derivatives and foreign
exchange derivatives.
|
Assets and liabilities transferred between Level 1 and Level
2
During the six-month period ended 30 June 2025, there were no
material transfers between Level 1 and Level 2 (year ended
31 December 2024: no material transfers between Level 1 and
Level 2).
Level 3 movement analysis
The following table summarises the movements in the balances of
Level 3 assets and liabilities during the six-month period.
Transfers have been reflected as if they had taken place at the
beginning of the period.
Asset and liability transfers between Level 2 and Level 3 are
primarily due to i) an increase or decrease in observable market
activity related to an input or ii) a change in the significance of
the unobservable input, with assets and liabilities classified as
Level 3 if an unobservable input is deemed
significant.
|
Analysis of movements in Level 3 assets and
liabilities
|
|
|
|
|
|
|
|||||
|
|
As at 01.01.25
|
|
|
|
|
Total gains and (losses) in the period recognised in the income
statement
|
Total gains and (losses) in the period recognised in
OCI
|
Transfers
|
As at 30.06.25
|
||
|
|
Purchases
|
Sales
|
Issues
|
Settlements
|
Trading income2
|
Other income
|
In
|
Out
|
|||
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Trading portfolio assets
|
10,115
|
4,125
|
(3,524)
|
—
|
(1,147)
|
136
|
—
|
—
|
439
|
(265)
|
9,879
|
|
Financial assets at fair value through the income
statement
|
8,424
|
2,469
|
(1,200)
|
—
|
(573)
|
(75)
|
8
|
—
|
63
|
(285)
|
8,831
|
|
Financial assets at fair value through other comprehensive
income
|
3,739
|
566
|
(1,447)
|
—
|
(6)
|
2
|
29
|
—
|
307
|
(12)
|
3,178
|
|
Investment property
|
9
|
33
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
42
|
|
Trading portfolio liabilities
|
(395)
|
(46)
|
28
|
—
|
—
|
37
|
—
|
—
|
(57)
|
9
|
(424)
|
|
Financial liabilities designated at fair value
|
(3,258)
|
—
|
91
|
(617)
|
31
|
88
|
—
|
—
|
(179)
|
996
|
(2,848)
|
|
Net derivative financial instruments1
|
(1,104)
|
(17)
|
249
|
—
|
—
|
166
|
3
|
—
|
(34)
|
(135)
|
(872)
|
|
Total
|
17,530
|
7,130
|
(5,803)
|
(617)
|
(1,695)
|
354
|
40
|
—
|
539
|
308
|
17,786
|
|
Analysis of movements in Level 3 assets and
liabilities
|
|
|
|
|
|
|
|||||
|
|
As at 01.01.24
|
|
|
|
|
Total gains and (losses) in the period recognised in the income
statement
|
Total gains and (losses) in the period recognised in
OCI
|
Transfers
|
As at 30.06.24
|
||
|
|
Purchases
|
Sales
|
Issues
|
Settlements
|
Trading income2
|
Other income
|
In
|
Out
|
|||
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Trading portfolio assets
|
6,509
|
3,113
|
(1,007)
|
—
|
(714)
|
(7)
|
—
|
—
|
1,046
|
(214)
|
8,726
|
|
Financial assets at fair value through the income
statement
|
8,249
|
2,804
|
(1,484)
|
—
|
(380)
|
(19)
|
174
|
—
|
291
|
(118)
|
9,517
|
|
Financial assets at fair value through other comprehensive
income
|
1,078
|
1,854
|
(42)
|
—
|
—
|
1
|
11
|
—
|
—
|
(448)
|
2,454
|
|
Investment property
|
2
|
—
|
(1)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1
|
|
Trading portfolio liabilities
|
(368)
|
(24)
|
17
|
—
|
—
|
18
|
—
|
—
|
(34)
|
6
|
(385)
|
|
Financial liabilities designated at fair value
|
(1,222)
|
(6)
|
28
|
(627)
|
16
|
(27)
|
(21)
|
—
|
(881)
|
248
|
(2,492)
|
|
Net derivative financial instruments1
|
(1,113)
|
(182)
|
32
|
(19)
|
(169)
|
(181)
|
—
|
—
|
21
|
109
|
(1,502)
|
|
Total
|
13,135
|
7,559
|
(2,457)
|
(646)
|
(1,247)
|
(215)
|
164
|
—
|
443
|
(417)
|
16,319
|
|
1
|
Derivative financial instruments are presented on a net basis. On a
gross basis, derivative financial assets were £1,989m (June
2024: £2,833m) and derivative financial liabilities were
£(2,861)m (June 2024: £(4,335)m).
|
|
2
|
Trading income represents gains and losses on Level 3 financial
instruments which in the majority are offset by losses and gains on
financial instruments disclosed in Level 2.
|
Unrealised gains and losses on Level 3 assets and
liabilities
The following table discloses the unrealised gains and losses
recognised in the six-month period arising on Level 3 assets and
liabilities held at the period end:
|
|
Half year ended 30.06.25
|
Half year ended 30.06.24
|
||||||
|
|
Income statement
|
Other comprehensive income
|
Total
|
Income statement
|
Other comprehensive income
|
Total
|
||
|
|
Trading income1
|
Other income
|
Trading income1
|
Other income
|
||||
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Trading portfolio assets
|
21
|
—
|
—
|
21
|
(2)
|
—
|
—
|
(2)
|
|
Financial assets at fair value through the income
statement
|
(74)
|
7
|
—
|
(67)
|
1
|
47
|
—
|
48
|
|
Financial assets at fair value through other comprehensive
income
|
1
|
28
|
—
|
29
|
1
|
11
|
—
|
12
|
|
Investment property
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Trading portfolio liabilities
|
34
|
—
|
—
|
34
|
17
|
—
|
—
|
17
|
|
Financial liabilities designated at fair value
|
87
|
—
|
—
|
87
|
(29)
|
(10)
|
—
|
(39)
|
|
Net derivative financial instruments
|
164
|
3
|
—
|
167
|
(180)
|
—
|
—
|
(180)
|
|
Total
|
233
|
38
|
—
|
271
|
(192)
|
48
|
—
|
(144)
|
|
1
|
Trading income represents gains and losses on Level 3 financial
instruments which in the majority are offset by losses and gains on
financial instruments disclosed in Level 2.
|
Valuation techniques and sensitivity analysis
Sensitivity analysis is performed on products with significant
unobservable inputs (Level 3) to generate a range of reasonably
possible alternative valuations. The sensitivity methodologies
applied take account of the nature of valuation techniques used, as
well as the availability and reliability of observable proxy and
historical data and the impact of using alternative
models.
Sensitivities are dynamically calculated on a monthly basis. The
calculation is based on range or spread data of a reliable
reference source or a scenario based on relevant market analysis
alongside the impact of using alternative models. Sensitivities are
calculated without reflecting the impact of any diversification in
the portfolio.
Current period valuation and sensitivity methodologies are
consistent with those described within Note 17, Fair value of
financial instruments in the Barclays PLC Annual Report
2024.
|
Sensitivity analysis of valuations using unobservable inputs
(Relates to Level 3 Portfolios)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.25
|
As at 31.12.24
|
||||||
|
|
Favourable changes
|
Unfavourable changes
|
Favourable changes
|
Unfavourable changes
|
||||
|
|
Income statement
|
Equity
|
Income statement
|
Equity
|
Income statement
|
Equity
|
Income statement
|
Equity
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Loans
|
306
|
38
|
(285)
|
(38)
|
653
|
43
|
(766)
|
(43)
|
|
Corporate debt
|
77
|
1
|
(49)
|
(1)
|
87
|
—
|
(56)
|
—
|
|
Asset backed securities
|
83
|
8
|
(57)
|
(8)
|
57
|
4
|
(40)
|
(4)
|
|
Government debt
|
54
|
—
|
(62)
|
—
|
47
|
—
|
(56)
|
—
|
|
Private equity investments
|
230
|
1
|
(230)
|
(1)
|
232
|
—
|
(232)
|
—
|
|
Interest rate derivatives
|
85
|
—
|
(158)
|
—
|
98
|
—
|
(212)
|
—
|
|
Equity derivatives
|
221
|
—
|
(261)
|
—
|
199
|
—
|
(269)
|
—
|
|
Other Products1
|
84
|
—
|
(99)
|
—
|
92
|
—
|
(104)
|
—
|
|
Total
|
1,140
|
48
|
(1,201)
|
(48)
|
1,465
|
47
|
(1,735)
|
(47)
|
|
1
|
Other products includes funds and fund linked products, equity cash
products, credit derivatives and foreign exchange
derivatives.
|
The effect of stressing unobservable inputs to a range of
reasonably possible alternatives, alongside considering the impact
of using alternative models, would be to increase fair values by up
to £1,188m (December 2024: £1,512m) or to decrease fair
values by up to £1,249m (December 2024: £1,782m) with
substantially all of the potential effect impacting profit and loss
rather than reserves.
Significant unobservable inputs
The valuation techniques and significant unobservable inputs for
assets and liabilities recognised at fair value and classified as
Level 3 are consistent with Note 17, Fair value of financial
instruments in the Barclays PLC Annual Report 2024.
Fair value adjustments
Key balance sheet valuation adjustments are quantified
below:
|
|
As at 30.06.25
|
As at 31.12.24
|
|
|
£m
|
£m
|
|
Exit price adjustments derived from market bid-offer
spreads
|
(536)
|
(542)
|
|
Uncollateralised derivative funding
|
28
|
19
|
|
Derivative credit valuation adjustments
|
(189)
|
(184)
|
|
Derivative debit valuation adjustments
|
117
|
108
|
●
Exit
price adjustments derived from market bid-offer spreads decreased
by £6m to £(536)m.
●
Uncollateralised
derivative funding increased by £9m to £28m on back of
change in underlying moves in the exposure profile of the
derivative portfolio in scope and input funding
spreads.
●
Derivative
credit valuation adjustments increased by £5m to £(189)m
on back of change in underlying moves in the exposure profile of
the derivative portfolio in scope and input credit
spread.
●
Derivative
debit valuation adjustments increased by £9m to £117m on
back of change in underlying moves in the exposure profile of the
derivative portfolio in scope and input Barclays Bank PLC credit
spread.
Portfolio exemption
The Group uses the portfolio exemption in IFRS 13 Fair Value
Measurement to measure the fair value of groups of financial assets
and liabilities. Financial instruments are measured using the price
that would be received to sell a net long position (i.e. an asset)
for a particular risk exposure or to transfer a net short position
(i.e. a liability) for a particular risk exposure in an orderly
transaction between market participants at the balance sheet date
under current market conditions. Accordingly, the Group measures
the fair value of the group of financial assets and liabilities
consistently with how market participants would price the net risk
exposure at the measurement date.
Unrecognised gains as a result of the use of valuation models using
unobservable inputs
The amount that has yet to be recognised in income that relates to
the difference between the transaction price (the fair value at
initial recognition) and the amount that would have arisen had
valuation models using unobservable inputs been used on initial
recognition, less amounts subsequently recognised, is £266m
(December 2024: £273m) for financial instruments measured at
fair value and £168m (December 2024: £173m) for financial
instruments carried at amortised cost. There are additions and FX
revaluation of £47m (December 2024: £173m) and
amortisation and releases of £54m (December 2024: £105m)
in amounts attributable to financial instruments measured at fair
value and additions of £nil (December 2024: £nil) and
amortisation and releases of £5m (December 2024: £19m) in
amounts attributable to financial instruments measured at amortised
cost.
Third party credit enhancements
Structured and brokered certificates of deposit issued by the Group
are insured up to $250,000 per depositor by the Federal Deposit
Insurance Corporation (FDIC) in the United States. The FDIC is
funded by fees that Barclays and other banks pay for deposit
insurance coverage. The carrying value of these issued certificates
of deposit that are designated under the IFRS 9 fair value option
includes this third-party credit enhancement. The on-balance sheet
value of these brokered certificates of deposit amounted to
£3,004m (December 2024: £4,844m).
Comparison of carrying amounts and fair values for assets and
liabilities not held at fair value
Valuation methodologies employed in calculating the fair value of
financial assets and liabilities measured at amortised cost are
consistent with those described within Note 17, Fair value of
financial instruments in the Barclays PLC Annual Report
2024.
The following table summarises the fair value of financial assets
and liabilities measured at amortised cost on the Group’s
balance sheet:
|
|
As at 30.06.25
|
As at 31.12.24
|
||
|
|
Carrying amount
|
Fair value
|
Carrying amount
|
Fair value
|
|
Financial assets
|
£m
|
£m
|
£m
|
£m
|
|
Debt securities at amortised cost
|
69,936
|
69,528
|
68,210
|
67,354
|
|
Loans and advances at amortised cost
|
347,828
|
345,952
|
346,273
|
343,016
|
|
Reverse repurchase agreements and other similar secured
lending
|
7,917
|
7,917
|
4,734
|
4,734
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
Deposits at amortised cost
|
(564,535)
|
(564,669)
|
(560,663)
|
(560,393)
|
|
Repurchase agreements and other similar secured
borrowing
|
(35,469)
|
(35,469)
|
(39,415)
|
(39,415)
|
|
Debt securities in issue
|
(104,910)
|
(106,837)
|
(92,402)
|
(94,463)
|
|
Subordinated liabilities
|
(12,529)
|
(12,978)
|
(11,921)
|
(12,434)
|
10.
Goodwill and intangible assets
The Group performed an impairment review to assess the
recoverability of its goodwill and intangible asset balances as at
31 December 2024. The outcome of this review is disclosed on pages
493-494 of the Barclays PLC Annual Report 2024. No impairment was
recognised as a result of the review as value in use exceeded
carrying amount. A review of the Group's goodwill and intangible
assets as at 30 June 2025 did not identify any factors indicating
impairment.
11.
Subordinated liabilities
|
|
Half year ended 30.06.25
|
Year ended 31.12.24
|
|
|
£m
|
£m
|
|
Opening balance as at 1 January
|
11,921
|
10,494
|
|
Issuances
|
1,045
|
1,870
|
|
Redemptions
|
(115)
|
(476)
|
|
Other
|
(322)
|
33
|
|
Closing balance
|
12,529
|
11,921
|
Issuance of £1,045m EUR 4.616% Fixed Rate Resetting
Subordinated Callable Notes issued externally by Barclays
PLC.
Redemption of £115m SGD 3.750% Fixed Rate Resetting
Subordinated Callable Notes issued externally by Barclays
PLC.
Other movements predominantly comprise foreign exchange movements
and fair value hedge adjustments.
12.
Provisions
|
|
As at 30.06.25
|
As at 31.12.24
|
|
|
£m
|
£m
|
|
Customer redress
|
295
|
299
|
|
Legal, competition and regulatory matters
|
97
|
59
|
|
Redundancy and restructuring
|
183
|
213
|
|
Undrawn contractually committed facilities and
guarantees
|
425
|
439
|
|
Onerous leases
|
—
|
14
|
|
Sundry provisions
|
364
|
359
|
|
Total
|
1,364
|
1,383
|
Customer redress provisions comprise the estimated cost of making
redress payments to customers, clients and counterparties for
losses or damages associated with inappropriate judgement in the
execution of the Group’s business activities.
Motor finance provision
Following legal and regulatory developments in the UK in 2024,
including the Court of Appeal judgment in October 2024 against
other lenders in three motor finance commissions cases (subject to
appeal to the Supreme Court, which was heard in early April 2025
and for which the judgment has not been issued at the date of this
announcement), and the ongoing FCA review into historical motor
finance commission arrangements and sales, Clydesdale Financial
Services recognised a provision of £90m in 2024 (H1 2025: Nil
income statement impact). In determining the provision, Barclays
considered the information then available and estimated the
potential impact of remediating any complaints Barclays might
receive relating to these matters by considering the potential
basis for and timing of redress, which complaints might be valid or
invalid, and the potential level of such complaints. All these
assumptions, however, are subject to significant uncertainty and
continue to be monitored and will be updated as appropriate.
Barclays reassessed the provision as at 30 June 2025 and determined
that no material adjustment was required. The legal and regulatory
outcomes and the nature, extent and timing of any remediation
action, if required, remain uncertain and as a result the ultimate
financial impact could be materially different to the amount
provided. The FCA has stated that it will confirm within six weeks
of the Supreme Court judgment whether it proposes to consult on
introducing a redress scheme including the basis of calculation of
any redress, which complaints are valid or in scope of a potential
scheme and whether customers will need to opt in or opt out. Under
the FCA's rules, Barclays’ obligation to respond to motor
finance commission complaints is paused until after 4 December
2025. Barclays ceased operating in the motor finance market in late
2019, although historical operations before this time may be in
scope of any potential FCA consumer redress scheme.
13.
Retirement benefits
As at 30 June 2025, the Group’s IAS 19 net retirement
benefit assets were £2.8bn (December 2024: £3.0bn). The
UK Retirement Fund (UKRF), which is the Group’s main scheme,
had an IAS 19 net surplus of £2.9bn (December
2024: £3.2bn). The movement for the UKRF was mainly
driven by actual price inflation being higher than
assumed.
The UKRF annual funding update as at 30 September 2024 showed a
surplus of £1.75bn compared to £2.02bn at 30 September
2023.
Sectionalisation of the UKRF
As at 30 June 2025, Barclays Bank PLC was the principal
employer of the UKRF, with Barclays Bank UK PLC and Barclays
Execution Services Limited as participating employers.
From 1 July 2025, the UKRF was amended to become a sectionalised
scheme to meet the requirements of the Financial Services and
Markets Act 2000 (Banking Reform) (Pensions) Regulations 2015,
creating two separate sections - the Barclays Bank Section and the
Barclays UK Section. From 1 July 2025, Barclays Bank PLC became the
principal employer of the Barclays Bank Section, with Barclays
Execution Services Limited as a participating employer. From that
date, Barclays Bank UK PLC participates only in the Barclays UK
Section and is solely responsible for funding that section. The
sectionalisation and associated steps mean that the Barclays Bank
UK Group is separated from any exposure to the Barclays Bank
Section of the UKRF, and the Barclays Bank Group is separated from
any exposure to the Barclays UK Section.
This does not change the balance sheet position of the UKRF at the
point of sectionalisation from the Group's perspective, and
employees’ benefits are unchanged.
14.
Other reserves
|
|
As at 30.06.25
|
As at 31.12.24
|
|
|
£m
|
£m
|
|
Currency translation reserve
|
2,054
|
3,625
|
|
Fair value through other comprehensive income reserve
|
(1,465)
|
(1,873)
|
|
Cash flow hedging reserve
|
(1,210)
|
(2,930)
|
|
Own credit reserve
|
(541)
|
(1,059)
|
|
Other reserves and treasury shares
|
1,855
|
1,769
|
|
Total
|
693
|
(468)
|
Currency translation reserve
The currency translation reserve represents the cumulative gains
and losses on the retranslation of the Group’s net investment
in foreign operations, net of the effects of hedging.
As at 30 June 2025, there was a cumulative gain of £2,054m
(December 2024: £3,625m gain) in the currency translation
reserve, a loss during the period of £1,571m (2024: loss of
£46m) net of tax credit of £3m (2024: £13m). This
principally reflects the appreciation of GBP against USD, INR &
JPY offset by GBP depreciating against EURO during
2025.
Fair value through other comprehensive income reserve
The fair value through other comprehensive income reserve
represents the total of unrealised gains and losses on fair value
through other comprehensive income investments since initial
recognition.
As at 30 June 2025, there was a cumulative loss of £1,465m
(December 2024: £1,873m loss) in the fair value through other comprehensive
income reserve. The gain during the
period of £408m (2024: £505m loss) is principally driven
by a £499m gain (2024: £536m loss) due to decrease in
yields and a net loss of £68m transferred to the income
statement (2024: £164m gain) offset by a tax charge of
£157m (2024: tax credit of £194m).
Cash flow hedging reserve
The cash flow hedging reserve represents the cumulative gains and
losses on effective cash flow hedging instruments that will be
recycled to the income statement when the hedged transactions
affect profit or loss.
As at 30 June 2025, there was a cumulative loss of £1,210m
(December 2024: £2,930m loss) in the cash flow hedging
reserve. The £1,720m gain in the period (2024: £777m
gain) is principally driven by £1,662m gain (2024: £824m
loss) from fair value movements on interest rate swaps as major
interest rate forward curves decreased (2024: increased),
£707m of accumulated losses transferred to the income
statement (2024: £1,831m losses) and a tax charge of
£667m (2024: tax charge of £281m).
Own credit reserve
The own credit reserve reflects the cumulative own credit gains and
losses on financial liabilities at fair value. Amounts in the own
credit reserve are not recycled to profit or loss in future
periods.
As at 30 June 2025, there was a cumulative loss of £541m
(December 2024: £1,059m loss) in the own credit reserve, the
gain of £518m during the period (2024: loss of £819m)
principally reflects a £709m gain (2024: loss of £1,131m)
from the widening of credit spreads partially offset by tax charge
of £194m (2024: tax credit of £309m).
Other reserves and treasury shares
Other reserves relate to redeemed ordinary and preference shares
issued by the Group. Treasury shares relate to Barclays PLC shares
held principally in relation to the Group’s various share
schemes.
As at 30 June 2025, there was a cumulative gain of £1,855m
(December 2024: £1,769m gain). This principally reflects an
increase of £67m (December 2024: increase of £205m) due
to the repurchase of 270m shares (December 2024: 818m) as part of
the share buybacks conducted in the six months ended 30 June 2025
and £19m gain (December 2024: £1m loss) on account of
increase in treasury shares balance held in
relation to employee share
schemes.
15.
Contingent liabilities and commitments
|
|
As at 30.06.25
|
As at 31.12.24
|
|
Contingent liabilities and financial guarantees
|
£m
|
£m
|
|
Guarantees and letters of credit pledged as collateral
security
|
16,685
|
16,713
|
|
Performance guarantees, acceptances and endorsements
|
8,762
|
8,633
|
|
Total
|
25,447
|
25,346
|
|
|
|
|
|
Commitments
|
|
|
|
Documentary credits and other short-term trade related
transactions
|
1,252
|
1,433
|
|
Standby facilities, credit lines and other
commitments1
|
408,805
|
421,716
|
|
Total
|
410,057
|
423,149
|
|
1
|
Includes exposures relating to financial assets classified as
assets held for sale.
|
Further details on contingent liabilities, where it is not
practicable to disclose an estimate of the potential financial
effect on Barclays relating to legal and competition and regulatory
matters can be found in Note 16.
16.
Legal, competition and regulatory matters
The Group faces legal, competition and regulatory challenges, many
of which are beyond our control. The extent of the impact of these
matters cannot always be predicted but may materially impact our
operations, financial results, condition and prospects. Matters
arising from a set of similar circumstances can give rise to either
a contingent liability or a provision, or both, depending on the
relevant facts and circumstances.
The recognition of provisions in relation to such matters involves
critical accounting estimates and judgements in accordance with the
relevant accounting policies applicable to Note 12, Provisions. We
have not disclosed an estimate of the potential financial impact or
effect on the Group of contingent liabilities where it is not
currently practicable to do so. Various matters detailed in this
note seek damages of an unspecified amount. While certain matters
specify the damages claimed, such claimed amounts do not
necessarily reflect the Group’s potential financial exposure
in respect of those matters.
Matters are ordered under headings corresponding to the financial
statements in which they are disclosed.
1.
Barclays PLC and Barclays Bank PLC
Proceedings relating to certain advisory services
agreements
In 2023, Barclays Bank PLC received requests for arbitration from
two Jersey special purpose vehicles connected to PCP International
Finance Limited asserting claims in relation to the October 2008
capital raising. This matter is now concluded, and there are no
other outstanding matters relating to the advisory services
agreements.
Civil actions related to LIBOR and other benchmarks
Various individuals and corporates in a range of jurisdictions have
threatened or brought civil actions against the Group and other
banks in relation to the alleged manipulation of LIBOR and/or other
benchmarks.
US civil actions related to LIBOR
Multiple civil actions have been filed in the US against the Group
and other banks alleging manipulation of USD LIBOR, Sterling LIBOR
and the LIBOR benchmark that was administered by the
Intercontinental Exchange Inc. and certain of its affiliates (ICE
LIBOR).
With respect to USD LIBOR, one action alleging that Barclays Bank
PLC, Barclays Capital Inc. (BCI) and other financial institutions
individually and collectively violated provisions of the US Sherman
Antitrust Act (Antitrust Act), the US Commodity Exchange Act (CEA),
the US Racketeer Influenced and Corrupt Organizations Act (RICO),
the US Securities Exchange Act of 1934 and various state laws by
manipulating USD LIBOR rates remains pending in the Southern
District of New York (SDNY) seeking unspecified damages. Barclays
Bank PLC has moved for summary judgment in this action, and
briefing on that motion was completed in January 2025. The other
action has settled. The settlement is not material to the
Group’s operating results, cash flows or financial
position.
With respect to Sterling LIBOR, consolidated class actions filed in
the SDNY against Barclays Bank PLC, BCI and other Sterling LIBOR
panel banks alleging, among other things, manipulation of the
Sterling LIBOR rate in violation of the Antitrust Act, CEA and
RICO, were dismissed in 2018. Oral argument on the
plaintiffs’ appeal of that dismissal was heard by the US
Court of Appeals for the Second Circuit (Second Circuit) in April
2024.
With respect to ICE LIBOR, in August 2020, a group of individual
plaintiffs in the US District Court for the Northern District of
California on behalf of individual borrowers and consumers of loans
and credit cards with variable interest rates linked to USD ICE
LIBOR brought an action against Barclays Bank PLC and other
financial institutions alleging Antitrust Act violations. The
defendants’ motion to dismiss the case was granted in 2022.
The US Court of Appeals for the Ninth Circuit affirmed the
dismissal in December 2024. The plaintiffs’ petition for US
Supreme Court review was denied in June 2025, concluding the
matter.
Non-US benchmarks civil actions
The remaining UK claim, issued in 2017, against Barclays Bank PLC
and other banks in connection with alleged manipulation of LIBOR
has now settled. The settlement is not material to the
Group’s operating results, cash flows or financial position.
Proceedings have also been brought in Spain, Italy and Israel
relating to alleged manipulation of LIBOR and EURIBOR. The
proceedings in Israel have concluded.
Foreign exchange civil actions
Legal proceedings have been brought or are threatened against
Barclays PLC, Barclays Bank PLC, BCI and Barclays Execution
Services Limited (BX) in connection with alleged manipulation of
foreign exchange in the UK, the Netherlands, Israel, Brazil and
Australia. In the Australia and Israel proceedings settlements in
principle have been agreed subject to court approval.
The above-mentioned proceedings include a class action filed
against Barclays PLC, Barclays Bank PLC, BX, BCI and other
financial institutions in the UK Competition Appeal Tribunal (CAT)
in 2019. The CAT refused to certify the claim in 2022 and in 2023,
the Court of Appeal overturned the CAT’s decision and found
that the claim should be certified on an opt-out basis. The UK
Supreme Court heard arguments in April 2025, concerning the appeal
brought by Barclays and the other financial institutions
involved.
Metals-related civil actions
A US civil complaint alleging manipulation of the price of silver
in violation of the CEA, the Antitrust Act and state antitrust and
consumer protection laws was brought by a proposed class of
plaintiffs against a number of banks, including Barclays Bank PLC,
BCI and BX, and transferred to the SDNY. The complaint was
dismissed against these Barclays entities and certain other
defendants in 2018, and against the remaining defendants in 2023.
The plaintiffs have appealed the dismissal of the complaint against
all defendants.
Civil actions have also been filed in Canadian courts against
Barclays PLC, Barclays Bank PLC, Barclays Capital Canada Inc. and
BCI on behalf of proposed classes of plaintiffs alleging
manipulation of gold and silver prices.
US residential mortgage-related civil action
There remains one US Residential Mortgage-Backed Securities (RMBS)
related civil action arising from unresolved repurchase requests
submitted by Trustees for certain RMBS, alleging breaches of
various loan-level representations and warranties made by Barclays
Bank PLC and/or a subsidiary acquired in 2007. Barclays’
motion to dismiss the action was denied in 2023. The parties
appealed the decision and in January 2025, the appellate court
reversed the lower court’s decision and dismissed the action.
The plaintiff has requested review by the New York State Court of
Appeals.
Government and agency securities civil actions
Treasury auction securities civil actions
Consolidated putative class action complaints filed in US federal
court against Barclays Bank PLC, BCI and other financial
institutions under the Antitrust Act and state common law allege
that the defendants: (i) conspired to manipulate the US Treasury
securities market; and/or (ii) conspired to prevent the creation of
certain platforms by boycotting or threatening to boycott such
trading platforms. The court dismissed the consolidated action in
2021 and the plaintiffs filed an amended complaint. The
defendants’ motion to dismiss the amended complaint was
granted in 2022. The plaintiffs appealed this decision, and in
February 2024 the appellate court affirmed the dismissal. The
plaintiffs did not seek US Supreme Court review, thereby concluding
the matter.
In addition, certain plaintiffs have filed a related, direct action
against BCI and certain other financial institutions, alleging that
defendants conspired to fix and manipulate the US Treasury
securities market in violation of the Antitrust Act, the CEA and
state common law. This action remains stayed.
Variable Rate Demand Obligations civil actions
Civil actions have been filed against Barclays Bank PLC and BCI and
other financial institutions alleging the defendants conspired or
colluded to artificially inflate interest rates set for Variable
Rate Demand Obligations (VRDOs). VRDOs are municipal bonds with
interest rates that reset on a periodic basis, most commonly
weekly. An action in state court has been filed by private
plaintiffs on behalf of the state of California and the matter is
in discovery. Three putative class action complaints have been
consolidated in the SDNY. In the consolidated SDNY class action,
certain of the plaintiffs’ claims were dismissed in 2020 and
2022 and the plaintiffs’ motion for class certification was
granted in 2023, which means the case may proceed as a class
action. The defendants are appealing this decision.
Odd-lot corporate bonds antitrust class action
In 2020, BCI, together with other financial institutions, were
named as defendants in a putative class action in the US. The
complaint alleges a conspiracy to boycott developing electronic
trading platforms for odd-lots and price fixing. The plaintiffs
demand unspecified money damages. The defendants’ motion to
dismiss was granted in 2021, which the plaintiffs appealed. In July
2024, the Second Circuit vacated the judgment and remanded the case
to the SDNY, where the plaintiffs filed a second amended complaint
in September 2024. The defendants have filed a motion to
dismiss.
Credit Default Swap civil action
A putative antitrust class action is pending in New Mexico federal
court against Barclays Bank PLC, BCI and various other financial
institutions. The plaintiffs, the New Mexico State Investment
Council and certain New Mexico pension funds, allege that the
defendants conspired to manipulate the benchmark price used to
value Credit Default Swap (CDS) contracts at settlement (i.e. the
CDS final auction price). The plaintiffs allege violations of US
antitrust laws and the CEA, and unjust enrichment under state law.
The defendants’ motion to dismiss was denied in 2023. In
January 2024, the SDNY ruled that settlement in an earlier CDS
antitrust litigation bars these plaintiffs from asserting claims
based on conduct occurring before 30 June 2014. The plaintiffs
appealed to the Second Circuit and the appeal was denied in May
2025. The case has returned to New Mexico federal
court.
Interest rate swap and credit default swap US civil
actions
Barclays PLC, Barclays Bank PLC and BCI, together with other
financial institutions that act as market makers for interest rate
swaps (IRS), are named as defendants in several antitrust actions,
including one putative class action and individual actions brought
by certain swap execution facilities, which are consolidated in the
SDNY. The complaints allege the defendants conspired to prevent the
development of exchanges for IRS and demand unspecified money
damages. The parties have reached a settlement of the class action,
which received final court approval and has been paid. The
financial impact of the settlement is not material to the
Group’s operating results, cash flows or financial position.
The individual claims are proceeding separately in the
SDNY.
BDC Finance L.L.C.
In 2008, BDC Finance L.L.C. (BDC) filed a complaint in the Supreme
Court of the State of New York, demanding damages of $298m,
alleging that Barclays Bank PLC had breached a contract in
connection with a portfolio of total return swaps governed by an
ISDA Master Agreement (the Master Agreement). Following a trial,
the court ruled in 2018 that Barclays Bank PLC was not a defaulting
party, which was affirmed on appeal. In 2021, the trial court
entered judgment in favour of Barclays Bank PLC for $3.3m and as
yet to be determined legal fees and costs. In 2022, the appellate
court reversed the trial court’s summary judgment decision in
favour of Barclays Bank PLC and remanded the case to the lower
court for further proceedings. The parties filed cross-motions on
the scope of trial. In January 2024, the court ruled in
Barclays’ favour. In December 2024, the appellate court
reversed the trial court’s judgment.
Civil actions in respect of the US Anti-Terrorism Act
Eight civil actions, on behalf of more than 4,000 plaintiffs, were
filed in US federal courts in the US District Court in the Eastern
District of New York (EDNY) and SDNY against Barclays Bank PLC and
a number of other banks. The complaints generally allege that
Barclays Bank PLC and those banks engaged in a conspiracy to
facilitate US dollar-denominated transactions for the Iranian
government and various Iranian banks, which in turn funded acts of
terrorism that injured or killed the plaintiffs or the
plaintiffs’ family members. The plaintiffs seek to recover
damages for pain, suffering and mental anguish under the provisions
of the US Anti-Terrorism Act, which allow for the trebling of any
proven damages.
The court granted the defendants’ motions to dismiss three
out of the six actions in the EDNY. The plaintiffs appealed in one
action and the dismissal was affirmed, and judgment was entered, in
2023. The plaintiffs’ motion to vacate the judgment is fully
briefed. The other two dismissed actions in the EDNY were
consolidated into one action. The plaintiffs in that action, and in
one other action in the EDNY, filed amended complaints. The two
other actions in the EDNY are currently stayed. Out of the two
actions in the SDNY, the court granted the defendants’ motion
to dismiss the first action. That action is stayed, and the second
SDNY action is stayed pending any appeal on the dismissal of the
first.
Shareholder derivative action
In 2020, a purported Barclays shareholder filed a putative
derivative action in New York state court against BCI and a number
of current and former members of the Board of Directors of Barclays
PLC and senior executives or employees of the Group. The
shareholder plaintiff filed the claim on behalf of nominal
defendant Barclays PLC, alleging that the individual defendants
harmed the company through breaches of their duties, including
under the Companies Act 2006. The plaintiff sought damages on
behalf of Barclays PLC for the losses that Barclays PLC allegedly
suffered as a result of these alleged breaches. An amended
complaint was filed in 2021, which BCI and certain other defendants
moved to dismiss. The motion to dismiss was granted in 2022. The
plaintiff appealed the decision, and the dismissal was unanimously
affirmed in 2023 by the First Judicial Department in New York. The
plaintiff appealed the First Judicial Department’s decision
to the New York Court of Appeals. The dismissal was affirmed by the
New York Court of Appeals in May 2025, concluding the
matter.
Skilled person review in relation to historical timeshare loans and
associated matters
Clydesdale Financial Services Limited (CFS), which trades as
Barclays Partner Finance and houses Barclays’ point-of-sale
finance business, was required by the FCA to undertake a skilled
person review in 2020 following concerns about historical
affordability assessments for certain loans to customers in
connection with timeshare purchases. The skilled person review was
concluded in 2021. CFS complied fully with the skilled person
review requirements, including carrying out certain remediation
measures. CFS was not required to conduct a full back book review.
Instead, CFS reviewed limited historical lending to ascertain
whether its practices caused customer harm and has remediated any
examples of harm. This work was substantially completed during
2023, utilising provisions booked to account for any remediations.
This matter is now concluded.
Motor finance commission arrangements
In January 2024, the FCA appointed a skilled person to undertake a
review of the historical use of discretionary commission
arrangements and sales in the motor finance market across several
firms. Barclays is cooperating fully with the FCA’s skilled
person review, the outcome of which is unknown. This review follows
two final decisions by the UK Financial Ombudsman Service (FOS),
including one upholding a complaint against CFS in relation to
commission arrangements and disclosure in the sale of motor finance
products, and a number of complaints and court claims, including
some against CFS.
In April 2024, CFS filed a judicial review challenge in the High
Court against the FOS’s decision in relation to commission
arrangements and disclosure in the sale of motor finance products.
In December 2024, the High Court ruled against CFS. CFS has
appealed the decision to the English Court of Appeal.
Separately, in October 2024, the English Court of Appeal issued
judgment against the lenders in three motor finance commissions
cases. CFS is not a party to this litigation. The Supreme Court
heard an appeal of these cases in April 2025 and judgment is yet to
be issued. In light of the English Court of Appeal decision and
onward appeal to the UK Supreme Court, the FCA extended its pause
on complaints to include all motor finance commissions, not just
discretionary commission arrangements.
CFS ceased operating in the motor finance market in late 2019. In
2020, CFS was transferred from Barclays Bank PLC to Barclays
Principal Investments Ltd (BPIL), another subsidiary of Barclays
PLC. Barclays Bank PLC has provided an intragroup indemnity to BPIL
in respect of historical litigation and conduct matters relating to
CFS.
Over-issuance of securities in the US
In 2022, executive management became aware that Barclays Bank PLC
had issued securities materially in excess of the set amount under
its US shelf registration statements.
In 2022, a purported class action claim was filed in the US
District Court in Manhattan seeking to hold Barclays PLC, Barclays
Bank PLC and former and current executives responsible for declines
in the price of Barclays PLC’s American depositary receipts,
which the plaintiffs claim occurred as a result of alleged
misstatements and omissions in its public disclosures. The
defendants’ motion to dismiss the case was granted in part
and denied in part in February 2024. The parties reached a
settlement in respect of such lawsuit, which has received final
court approval and has been paid, concluding the matter. The
financial impact of this settlement is not material to the
Group’s operating results, cash flows or financial
position.
In addition, holders of VXX ETNs have brought a purported class
action in federal court in New York against Barclays PLC, Barclays
Bank PLC, and former and current executives and board members in
the US alleging, among other things, that Barclays’ failure
to disclose that these ETNs were unregistered securities misled
investors and that, as a result, Barclays is liable for the
holders’ alleged losses following the suspension of further
sales and issuances of the ETNs. The plaintiffs were granted leave
to amend and filed a new complaint in March 2024. Barclays’
motion to dismiss was granted in March 2025. The plaintiffs’
motion for reconsideration was denied in June 2025. The plaintiffs
are appealing the decision.
In March 2024, a putative class action was filed in federal court
in New York against Barclays PLC, Barclays Bank PLC and former and
current executives. The plaintiff purports to bring claims on
behalf of a class of short sellers, alleging that their short
positions suffered substantial losses when Barclays suspended new
issuances and sales of VXX ETNs as a result of the over-issuance of
securities. Barclays’ motion to dismiss was granted in March
2025. The plaintiff is appealing the decision.
2.
Barclays PLC, Barclays Bank PLC and Barclays Bank UK
PLC
HM Revenue & Customs (HMRC) assessments concerning UK Value
Added Tax
In 2018, HMRC issued notices that have the effect of either
removing certain Barclays overseas subsidiaries that have
operations in the UK from Barclays’ UK VAT group or
preventing them from joining it. Supplies between members of a UK
VAT group are generally free from VAT. The notices had both
retrospective and prospective effect. Barclays appealed HMRC's
decisions to the First-Tier Tribunal (Tax Chamber) in relation to
both the retrospective VAT assessments and the ongoing VAT payments
made since 2018. £181m of VAT (inclusive of interest) was
assessed retrospectively by HMRC covering the periods 2014 to 2018,
of which approximately £128m is expected to be attributed to
Barclays Bank UK PLC and £53m to Barclays Bank PLC. This
retrospectively assessed VAT was paid in 2018 and an asset,
adjusted to reflect expected eventual recovery, is recognised.
Since 2018 Barclays has paid, and recognised as an expense, VAT on
intra-group supplies from the relevant subsidiaries to the members
of the VAT group. In respect of the ongoing VAT payments, the court
upheld HMRC’s denial of the VAT grouping in August 2024.
Barclays has appealed this decision to the Upper
Tribunal.
FCA investigations concerning financial crime systems and controls
and compliance with the Money Laundering Regulations
The FCA conducted civil enforcement investigations into Barclays
Bank PLC’s and Barclays Bank UK PLC’s compliance with
the Money Laundering Regulations and the FCA’s Principles of
Business and Rules relating to anti-money laundering and financial
crime systems and controls. The FCA’s investigation of
Barclays Bank PLC focused primarily on the historical oversight and
management of a customer with heightened risk. In July 2025,
Barclays Bank PLC agreed a settlement with the FCA to resolve the
investigation. At the same time, Barclays Bank UK PLC reached a
settlement with the FCA in a separate investigation concerning the
onboarding of a client money account for an FCA-regulated firm. The
FCA recognised Barclays’ cooperation in both matters, which
are now concluded.
UK bank levy
In November 2024, HMRC updated its published guidance on the
treatment of beneficiary accounts for the purposes of the exclusion
of protected deposits from the UK bank levy charge. HMRC’s
interpretation of the UK bank levy legislation differs from
Barclays’ interpretation of the legislation, which has been
applied in Barclays’ UK bank levy returns and which Barclays
continues to consider is correct. In December 2024, HMRC wrote to
notify Barclays of its intention to challenge this treatment.
Engagement with HMRC is at an early stage and assessments have not
yet been issued.
3.
Barclays PLC
Civil action in respect of statements concerning Barclays' former
CEO
In 2023, a purported class action was filed in federal court in
California against Barclays PLC and a number of current and former
senior executives of Barclays PLC. It was amended in 2024 to assert
claims under US and UK securities laws against Barclays PLC and
individual defendants. The complaint seeks to hold the defendants
responsible for declines in the price of Barclays PLC’s
American depositary receipts and Barclays’ shares, which the
plaintiffs claim occurred as a result of alleged misstatements and
omissions in Barclays’ public disclosures relating to its
former CEO’s relationship with Jeffrey Epstein. Barclays PLC
and an individual defendant’s motion to dismiss was granted
in part and denied in part in June 2025, while another individual
defendant’s motion to dismiss was denied.
General
The Group is engaged in various other legal, competition and
regulatory matters in the UK, the US and a number of other overseas
jurisdictions. It is subject to legal proceedings brought by and
against the Group which arise in the ordinary course of business
from time to time, including (but not limited to) disputes in
relation to contracts, securities, guarantees, debt collection,
consumer credit, fraud, trusts, client assets, competition, data
management and protection, intellectual property, money laundering,
financial crime, employment, environmental and other statutory and
common law issues.
The Group is also subject to enquiries and examinations, requests
for information, audits, investigations and legal and other
proceedings by regulators, governmental and other public bodies in
connection with (but not limited to) consumer protection measures,
measures to combat money laundering and financial crime, compliance
with legislation and regulation, wholesale trading activity and
other areas of banking and business activities in which the Group
is or has been engaged. The Group is cooperating with the relevant
authorities and keeping all relevant agencies briefed as
appropriate in relation to these matters and others described in
this note on an ongoing basis.
At the present time, Barclays PLC does not expect the ultimate
resolution of any of these other matters to have a material adverse
effect on the Group’s financial position. However, in light
of the uncertainties involved in such matters and the matters
specifically described in this note, there can be no assurance that
the outcome of a particular matter or matters (including formerly
active matters or those matters arising after the date of this
note) will not be material to Barclays PLC’s results,
operations or cash flows for a particular period, depending on,
among other things, the amount of the loss resulting from the
matter(s) and the amount of profit otherwise reported for the
reporting period.
17.
Related party transactions
Related party transactions in the half year ended 30 June 2025 were
similar in nature to those disclosed in the Barclays PLC Annual
Report 2024. No related party transactions that have taken place in
the half year ended 30 June 2025 have materially affected the
financial position or the performance of the Group during this
period, and there have been no changes to the related party
transactions described in the Barclays Annual Report 2024 that have
materially affected the financial position or the performance of
the Group during this period.
18.
Assets and liabilities included in disposal group classified as
held for sale
Barclays has decided not to bid to become the sole issuer for a
co-branded card portfolio in USCB, leading to its transfer in H1
2026. This portfolio held within USCB is expected to be sold at a
premium.
The perimeter of the disposal group has been accounted for in line
with the requirements of IFRS5 as at 30 June 2025. A detailed
analysis of the disposal group is presented below. The 2025
disposal group includes the US Cards portfolio within USCB. The
2024 disposal group includes the US Cards portfolio within USCB and
the German Consumer Finance Business within Head Office that
Barclays announced has been sold during the period.
|
|
As at 30.06.25
|
As at 31.12.24
|
|
Assets included in disposal groups classified as held for
sale
|
£m
|
£m
|
|
Loans and advances to customers
|
5,464
|
9,544
|
|
Intangible assets
|
10
|
25
|
|
Property, plant and equipment
|
—
|
24
|
|
Other assets
|
111
|
261
|
|
Total assets classified as held for sale
|
5,585
|
9,854
|
|
|
|
|
|
Liabilities included in disposal groups classified as held for
sale
|
|
|
|
Deposits from customers
|
—
|
3,647
|
|
Other liabilities
|
—
|
77
|
|
Provisions
|
—
|
2
|
|
Total liabilities classified as held for sale
|
—
|
3,726
|
|
|
|
|
|
Net assets classified as held for sale
|
5,585
|
6,128
|
Appendix: Non-IFRS Performance Measures
The Group’s management believes that the non-IFRS performance
measures included in this document provide valuable information to
the readers of the financial statements, as they enable the reader
to identify a more consistent basis for comparing the
businesses’ performance between financial periods, and
provide more detail concerning the elements of performance which
the managers of these businesses are most directly able to
influence or are relevant for an assessment of the Group. They also
reflect an important aspect of the way in which operating targets
are defined and performance is monitored by
management.
However, any non-IFRS performance measures in this document are not
a substitute for IFRS measures and readers should consider the IFRS
measures as well
Non-IFRS performance measures glossary
|
Measure
|
Definition
|
|
Loan: deposit ratio
|
Total loans and advances at amortised cost divided by total
deposits at amortised cost.
|
|
Attributable profit
|
Profit after tax attributable to ordinary shareholders of the
parent.
|
|
Period end tangible equity refers to:
|
|
|
Period end tangible shareholders' equity (for Barclays
Group)
|
Shareholders' equity attributable to ordinary shareholders of the
parent, adjusted for the deduction of goodwill and intangible
assets.
|
|
Period end allocated tangible equity (for businesses)
|
Allocated tangible equity is calculated as 13.5% (2024: 13.5%) of
RWAs for each business, adjusted for capital deductions, excluding
goodwill and intangible assets, reflecting the assumptions the
Barclays Group uses for capital planning purposes. Head Office
allocated tangible equity represents the difference between the
Barclays Group’s tangible shareholders’ equity and the
amounts allocated to businesses.
|
|
Average tangible equity refers to:
|
|
|
Average tangible shareholders’ equity (for Barclays
Group)
|
Calculated as the average of the previous month’s period end
tangible shareholders' equity and the current month’s period
end tangible shareholders' equity. The average tangible
shareholders’ equity for the period is the average of the
monthly averages within that period.
|
|
Average allocated tangible equity (for businesses)
|
Calculated as the average of the previous month’s period end
allocated tangible equity and the current month’s period end
allocated tangible equity. The average allocated tangible equity
for the period is the average of the monthly averages within that
period.
|
|
Return on tangible equity (RoTE) refers to:
|
|
|
Return on average tangible shareholders’ equity (for Barclays
Group)
|
Annualised Group attributable profit, as a proportion of average
tangible shareholders’ equity. The components of the
calculation have been included on pages 90 to 91.
|
|
Return on average allocated tangible equity (for
businesses)
|
Annualised business attributable profit, as a proportion of that
business's average allocated tangible equity. The components of the
calculation have been included on pages 92 to 93.
|
|
|
|
|
Operating expenses excluding litigation and conduct
|
A measure of total operating expenses excluding litigation and
conduct charges.
|
|
Operating costs
|
A measure of total operating expenses excluding litigation and
conduct charges and UK regulatory levies.
|
|
Cost: income ratio
|
Total operating expenses divided by total income.
|
|
Loan loss rate
|
Quoted in basis points and represents total impairment charges
divided by total gross loans and advances held at amortised cost
(including portfolios reclassified to assets held for sale) at the
balance sheet date. The components of the calculation have been
included on pages 94 to 96.
|
|
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 25.
|
|
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 96.
|
|
Profit before impairment
|
Calculated by excluding credit impairment charges or releases from
profit before tax.
|
|
Structural cost actions
|
Cost actions taken to improve future financial
performance.
|
|
Group net interest income excluding Barclays Investment Bank and
Head Office
|
A measure of Barclays Group net interest income, excluding the net
interest income reported in Barclays Investment Bank and Head
Office.
|
Returns
|
|
Half year ended 30.06.25
|
|
|||||
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
|
Return on average tangible equity
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Attributable profit/(loss)
|
1,090
|
284
|
184
|
2,075
|
128
|
(238)
|
3,523
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
|
Average equity
|
15.7
|
3.4
|
1.2
|
29.2
|
4.1
|
8.2
|
61.8
|
|
Average goodwill and intangibles
|
(4.0)
|
—
|
(0.1)
|
—
|
(0.6)
|
(3.6)
|
(8.3)
|
|
Average tangible equity
|
11.7
|
3.4
|
1.1
|
29.2
|
3.5
|
4.6
|
53.5
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity
|
18.6%
|
16.8%
|
33.2%
|
14.2%
|
7.3%
|
n/m
|
13.2%
|
|
|
Half year ended 30.06.24
|
|
|||||
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
|
Return on average tangible equity
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Attributable profit/(loss)
|
1,063
|
248
|
151
|
1,614
|
119
|
(408)
|
2,787
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
|
Average equity
|
14.3
|
3.0
|
1.1
|
30.0
|
3.6
|
6.0
|
58.0
|
|
Average goodwill and intangibles
|
(3.9)
|
—
|
(0.1)
|
—
|
(0.3)
|
(3.6)
|
(7.9)
|
|
Average tangible equity
|
10.4
|
3.0
|
1.0
|
30.0
|
3.3
|
2.4
|
50.1
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity
|
20.4%
|
16.6%
|
29.7%
|
10.8%
|
7.2%
|
n/m
|
11.1%
|
|
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
|
Attributable profit/(loss)
|
1,659
|
1,864
|
|
965
|
1,564
|
1,237
|
1,550
|
|
(111)
|
1,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Average shareholders' equity
|
62.1
|
61.4
|
|
59.7
|
59.1
|
57.7
|
58.3
|
|
57.1
|
55.1
|
|
Average goodwill and intangibles
|
(8.2)
|
(8.3)
|
|
(8.2)
|
(8.1)
|
(7.9)
|
(7.8)
|
|
(8.2)
|
(8.6)
|
|
Average tangible shareholders' equity
|
53.9
|
53.1
|
|
51.5
|
51.0
|
49.8
|
50.5
|
|
48.9
|
46.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
12.3%
|
14.0%
|
|
7.5%
|
12.3%
|
9.9%
|
12.3%
|
|
(0.9)%
|
11.0%
|
|
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
|
Attributable profit
|
580
|
510
|
|
781
|
621
|
584
|
479
|
|
382
|
531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Average allocated equity
|
15.8
|
15.7
|
|
15.1
|
14.5
|
14.4
|
14.3
|
|
14.1
|
14.0
|
|
Average goodwill and intangibles
|
(4.0)
|
(4.0)
|
|
(3.9)
|
(3.9)
|
(3.9)
|
(3.9)
|
|
(3.9)
|
(3.9)
|
|
Average allocated tangible equity
|
11.8
|
11.7
|
|
11.2
|
10.6
|
10.5
|
10.4
|
|
10.2
|
10.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
19.7%
|
17.4%
|
|
28.0%
|
23.4%
|
22.3%
|
18.5%
|
|
14.9%
|
21.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK Corporate Bank
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
|
Attributable profit
|
142
|
142
|
|
98
|
144
|
135
|
113
|
|
59
|
129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Average allocated equity
|
3.4
|
3.3
|
|
3.2
|
3.1
|
3.0
|
3.0
|
|
2.8
|
2.8
|
|
Average goodwill and intangibles
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
Average allocated tangible equity
|
3.4
|
3.3
|
|
3.2
|
3.1
|
3.0
|
3.0
|
|
2.8
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
16.6%
|
17.1%
|
|
12.3%
|
18.8%
|
18.0%
|
15.2%
|
|
8.4%
|
18.3%
|
|
Barclays Private Bank and Wealth Management
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
|
Attributable profit
|
88
|
96
|
|
63
|
74
|
77
|
74
|
|
47
|
102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Average allocated equity
|
1.2
|
1.2
|
|
1.2
|
1.1
|
1.1
|
1.1
|
|
1.1
|
1.1
|
|
Average goodwill and intangibles
|
(0.1)
|
(0.1)
|
|
(0.1)
|
(0.1)
|
(0.1)
|
(0.1)
|
|
(0.1)
|
(0.1)
|
|
Average allocated tangible equity
|
1.1
|
1.1
|
|
1.1
|
1.0
|
1.0
|
1.0
|
|
1.0
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
31.9%
|
34.5%
|
|
23.9%
|
29.0%
|
30.8%
|
28.7%
|
|
19.1%
|
41.2%
|
|
Barclays Investment Bank
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
|
Attributable profit/(loss)
|
876
|
1,199
|
|
247
|
652
|
715
|
899
|
|
(149)
|
580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Average allocated equity
|
28.7
|
29.6
|
|
29.3
|
29.5
|
29.9
|
30.0
|
|
28.9
|
28.8
|
|
Average goodwill and intangibles
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
Average allocated tangible equity
|
28.7
|
29.6
|
|
29.3
|
29.5
|
29.9
|
30.0
|
|
28.9
|
28.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
12.2%
|
16.2%
|
|
3.4%
|
8.8%
|
9.6%
|
12.0%
|
|
(2.1)%
|
8.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays US Consumer Bank
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
|
Attributable profit/(loss)
|
87
|
41
|
|
94
|
89
|
75
|
44
|
|
(3)
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Average allocated equity
|
4.0
|
4.2
|
|
4.0
|
3.8
|
3.6
|
3.6
|
|
3.6
|
3.8
|
|
Average goodwill and intangibles
|
(0.6)
|
(0.6)
|
|
(0.6)
|
(0.5)
|
(0.3)
|
(0.3)
|
|
(0.3)
|
(0.7)
|
|
Average allocated tangible equity
|
3.4
|
3.6
|
|
3.4
|
3.3
|
3.3
|
3.3
|
|
3.3
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
10.2%
|
4.5%
|
|
11.2%
|
10.9%
|
9.2%
|
5.3%
|
|
(0.3)%
|
0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan loss rates
|
|
Half year ended 30.06.25
|
|
|||||
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
|
Loan loss rate
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Credit impairment (charges)/ releases
|
(237)
|
(31)
|
11
|
(139)
|
(711)
|
(5)
|
(1,112)
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
|
Gross
loans and advances held at amortised cost (including portfolios
reclassified as held for sale)1
|
228.5
|
28.2
|
14.8
|
126.8
|
27.4
|
2.7
|
428.4
|
|
|
|
|
|
|
|
|
|
|
Loan loss rate (bps)
|
21
|
22
|
(15)
|
22
|
523
|
n/m
|
52
|
|
|
Half year ended 30.06.24
|
|
|||||
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
|
Loan loss rate
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Credit impairment (charges)/ releases
|
(66)
|
(23)
|
3
|
(34)
|
(719)
|
(58)
|
(897)
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
|
Gross
loans and advances held at amortised cost (including portfolios
reclassified as held for sale)1
|
217.3
|
26.0
|
14.1
|
115.5
|
32.1
|
4.0
|
409.0
|
|
|
|
|
|
|
|
|
|
|
Loan loss rate (bps)
|
6
|
18
|
(4)
|
6
|
509
|
n/m
|
45
|
|
1
|
Includes gross loans and advances to customers and banks, in
addition to debt securities.
|
|
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
|
Loan loss rate
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
|
Credit impairment charges
|
(469)
|
(643)
|
|
(711)
|
(374)
|
(384)
|
(513)
|
|
(552)
|
(433)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Gross loans and advances held at amortised cost (including
portfolios reclassified as held for sale)
|
428.4
|
430.4
|
|
429.6
|
408.3
|
409.0
|
407.6
|
|
409.3
|
411.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan loss rate (bps)
|
44
|
61
|
|
66
|
37
|
38
|
51
|
|
54
|
42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
|
Loan loss rate
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
|
Credit impairment charges
|
(79)
|
(158)
|
|
(283)
|
(16)
|
(8)
|
(58)
|
|
(37)
|
(59)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Gross loans and advances held at amortised cost (including
portfolios reclassified as held for sale)
|
228.5
|
227.5
|
|
227.5
|
218.4
|
217.3
|
219.4
|
|
223.3
|
225.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan loss rate (bps)
|
14
|
28
|
|
49
|
3
|
1
|
11
|
|
7
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK Corporate Bank
|
|
|
|
|
|
|
|
|
|
|
|
Loan loss rate
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
|
Credit impairment charges
|
(12)
|
(19)
|
|
(40)
|
(13)
|
(8)
|
(15)
|
|
(18)
|
(15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Gross loans and advances held at amortised cost (including
portfolios reclassified as held for sale)
|
28.2
|
27.0
|
|
25.8
|
25.2
|
26.0
|
26.1
|
|
26.6
|
27.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan loss rate (bps)
|
17
|
28
|
|
62
|
21
|
12
|
23
|
|
27
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays Private Bank and Wealth Management
|
|
|
|
|
|
|
|
|
|
|
|
Loan loss rate
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
|
Credit impairment (charges)/ releases
|
2
|
9
|
|
(2)
|
(7)
|
3
|
—
|
|
4
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Gross loans and advances held at amortised cost (including
portfolios reclassified as held for sale)
|
14.8
|
14.8
|
|
14.7
|
14.3
|
14.1
|
14.1
|
|
13.8
|
13.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan loss rate (bps)
|
(5)
|
(25)
|
|
5
|
19
|
(9)
|
—
|
|
(10)
|
(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays Investment Bank
|
|
|
|
|
|
|
|
|
|
|
|
Loan loss rate
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
|
Credit impairment (charges)/ releases
|
(67)
|
(72)
|
|
(46)
|
(43)
|
(44)
|
10
|
|
(23)
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Gross loans and advances held at amortised cost (including
portfolios reclassified as held for sale)
|
126.8
|
129.6
|
|
124.9
|
116.5
|
115.5
|
113.2
|
|
109.4
|
108.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan loss rate (bps)
|
21
|
23
|
|
15
|
15
|
15
|
(4)
|
|
8
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays US Consumer Bank
|
|
|
|
|
|
|
|
|
|
|
|
Loan loss rate
|
Q225
|
Q125
|
|
Q424
|
Q324
|
Q224
|
Q124
|
|
Q423
|
Q323
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
|
Credit impairment charges
|
(312)
|
(399)
|
|
(298)
|
(276)
|
(309)
|
(410)
|
|
(449)
|
(404)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
Gross loans and advances held at amortised cost (including
portfolios reclassified as held for sale)
|
27.4
|
28.9
|
|
30.0
|
26.7
|
32.1
|
27.0
|
|
28.0
|
27.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan loss rate (bps)
|
456
|
562
|
|
395
|
411
|
438
|
610
|
|
636
|
582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible net asset value per share
|
As at 30.06.25
|
As at 31.12.24
|
As at 30.06.24
|
|
|
£m
|
£m
|
£m
|
|
Total equity excluding non-controlling interests
|
75,906
|
71,821
|
71,173
|
|
Other equity instruments
|
(13,266)
|
(12,075)
|
(12,959)
|
|
Goodwill
and intangibles
|
(8,186)
|
(8,275)
|
(7,839)
|
|
Tangible shareholders' equity attributable to ordinary shareholders
of the parent
|
54,454
|
51,471
|
50,375
|
|
|
|
|
|
|
|
m
|
m
|
m
|
|
Shares in issue
|
14,180
|
14,420
|
14,826
|
|
|
|
|
|
|
|
p
|
p
|
p
|
|
Tangible net asset value per share
|
384
|
357
|
340
|
Shareholder Information
|
Results timetable1
|
|
|
|
|
Date
|
|
|
|
Ex-dividend date
|
|
|
|
|
7 August 2025
|
|
|
|
Dividend record date
|
|
|
|
|
8 August 2025
|
|
|
|
DRIP last election date
|
22 August 2025
|
|
|||||
|
Dividend payment date
|
|
|
|
|
16 September 2025
|
|
|
|
Q3 2025 Results Announcement
|
|
|
|
|
22 October 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
For qualifying US and Canadian resident ADR holders, the 2025 half
year dividend of 3.0p per ordinary share becomes 12.0p per ADS
(representing four shares). The ex-dividend date for ADR holders is
8 August 2025. The dividend record and dividend payment dates for
ADR holders are as shown above.
|
|||||||
|
A Dividend Re-Investment Plan (DRIP) is provided by Equiniti
Financial Services Limited. The DRIP enables the Company’s
shareholders to elect to have their cash dividend payments used to
purchase the Company’s shares.
More information can be found at
shareview.co.uk/info/drip
|
|||||||
|
DRIP participants will usually receive their additional ordinary
shares (in lieu of a cash dividend) three to four days after the
dividend payment date. Qualifying US and Canadian resident ADR
holders should contact Shareowner Services for further details
regarding the DRIP.
|
|||||||
|
Barclays PLC ordinary shares ISIN code: GB0031348658
|
|||||||
|
Barclays PLC ordinary shares TIDM Code: BARC
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change2
|
|
|
|
Exchange rates
|
30.06.25
|
31.12.24
|
30.06.24
|
|
31.12.24
|
30.06.24
|
|
|
Period end - USD/GBP
|
1.37
|
1.25
|
1.26
|
|
10%
|
9%
|
|
|
6 month average - USD/GBP
|
1.30
|
1.28
|
1.26
|
|
2%
|
3%
|
|
|
3 month average - USD/GBP
|
1.35
|
1.28
|
1.26
|
|
5%
|
7%
|
|
|
Period end - EUR/GBP
|
1.17
|
1.21
|
1.18
|
|
(3)%
|
(1)%
|
|
|
6 month average - EUR/GBP
|
1.19
|
1.18
|
1.19
|
|
1%
|
—%
|
|
|
3 month average - EUR/GBP
|
1.18
|
1.20
|
1.18
|
|
(2)%
|
—%
|
|
|
|
|
|
|
|
|
|
|
|
Share price data
|
|
|
|
|
|
|
|
|
Barclays PLC (p)
|
337.30
|
268.15
|
208.90
|
|
|
|
|
|
Barclays PLC number of shares (m)3
|
14,180
|
14,420
|
14,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For further information please contact
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor relations
|
Media relations
|
|
|||||
|
Marina Shchukina +44 (0) 20 7116 2526
|
Tom Hoskin +44 (0) 20 7116 4755
|
|
|||||
|
|
|
|
|||||
|
More information on Barclays can be found on our
website: home.barclays
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Registered office
|
|
|
|
|
|
|
|
|
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20
7116 1000. Company number: 48839.
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Registrar
|
|
|
|
|
|
|
|
|
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99
6DA, United Kingdom.
|
|
||||||
|
Tel: +44 (0)371 384 2055 (UK and International telephone
number)4.
|
|
||||||
|
|
|
|
|
|
|
|
|
|
American Depositary Receipts (ADRs)
|
|
|
|
|
|
|
|
|
Shareowner Services
|
|
||||||
|
P.O. Box 64504
|
|
||||||
|
St. Paul, MN 55164-0504
|
|
||||||
|
United States of America
|
|
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shareowneronline.com
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Toll Free Number (US and Canada): +1 800-990-1135
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Outside the US and Canada: +1 651-453-2128
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Delivery of ADR certificates and overnight mail
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Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota
Heights, MN 55120-4100, USA.
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1
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Note that these dates are provisional and subject to
change.
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2
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The change is the impact to GBP reported information.
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3
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The number of shares of 14,180m as at 30 June 2025 is different
from the 14,176m quoted in the 1 July 2025 announcement entitled
“Total Voting Rights” because the share buyback
transactions executed on 27 and 30 June 2025 did not settle until 1
and 2 July 2025 respectively.
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4
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Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding
UK public holidays in England and Wales.
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Barclays
NYSE:BCS
BCS Rankings
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Aug 28, 2025
[6-K] Barclays PLC Current Report (Foreign Issuer)
Aug 14, 2025
[13F-HR/A] Barclays PLC SEC Filing
Aug 13, 2025
[13F-HR] Barclays PLC SEC Filing
Aug 11, 2025
[6-K] Barclays PLC Current Report (Foreign Issuer)