TIDMBARC
RNS Number : 7355P
Barclays PLC
21 October 2021
Barclays PLC
Q3 2021 Results Announcement
30 September 2021
Performance Highlights
The Group's diversified business model delivered a record Group
profit before tax of GBP6.9bn (Q320 YTD: GBP2.4bn), a return on
tangible equity (RoTE) of 14.9% (Q320 YTD: 3.6%) and earnings per
share (EPS) of 30.8p (Q320 YTD: 7.6p)
James E Staley, Chief Executive Officer, commented
"On top of a good first half, a strong third quarter performance means Barclays has delivered
its highest Q3 YTD pre-tax profit on record in 2021, demonstrating the benefits of our diversified
business model. We continue to support our customers and clients through the COVID-19 pandemic,
have achieved a double-digit RoTE in every quarter year to date, and expect to deliver a full
year RoTE above 10%. While the CIB performance continues to be an area of strength for the
Group, we are also seeing evidence of a consumer recovery and the early signs of a more favourable
rate environment. Against that backdrop, we are focused on balancing cost efficiencies with
further investment into high-returning growth opportunities. Our CET1 ratio of 15.4% means
we are also in a strong position to balance this growth with a key priority of returning excess
capital to shareholders."
Key financial metrics:
Income Cost: income ratio Profit before tax RoTE EPS CET1
ratio
---------- ------------------ ----------------- ----- -----
Q321 YTD GBP16.8bn 64% GBP6.9bn 14.9% 30.8p 15.4%
Q321 GBP5.5bn 64% GBP2.0bn 11.9% 8.5p
--------- ---------- ------------------ ----------------- ----- -----
Performance highlights:
-- Strong Corporate and Investment Bank (CIB) performance: Investment
Banking fees and Equities income had their best Q3 YTD on a comparable
basis(1) driving a CIB RoTE of 16.4% (Q320 YTD:10.5%)
-- Ongoing consumer recovery and well positioned for a rising rate
environment: continue to experience strong UK mortgage and deposit
volumes. Although yet to translate into meaningful unsecured balance
growth, positive trends in UK and US consumer spending and in payments
volumes have been observed following easing of lockdown restrictions
-- Investing for growth: reinvesting efficiency savings to drive
income growth. Excluding structural cost actions and performance
costs, Group total operating expenses were flat
-- Net credit impairment release: GBP0.6bn Q321 YTD release driven
by an improved macroeconomic outlook and benign credit performance
-- Strong capital: Common equity tier 1 (CET1) ratio of 15.4%, above
the target range of 13-14%
Summary outlook:
-- Returns: expect to deliver a RoTE above 10% in 2021
-- Impairment: the impairment run rate is expected to remain below
historical levels in coming quarters
-- Costs: excluding structural cost actions and performance costs,
FY21 costs are expected to be c.GBP12bn(2) . The Group is evaluating
planned structural cost actions for Q421
-- Capital: the CET1 ratio is expected to remain above the target
range of 13-14% at 31 December 2021
-- Capital returns: maintaining a progressive ordinary dividend policy
and additional cash returns, including share buybacks, as appropriate
1 Period covering Q114 - Q321. Pre 2014 financials were not restated
following re-segmentation in Q116.
2 Group cost outlook is based on an average rate of 1.38 (USD/GBP)
in H221 and subject to foreign currency movements.
Barclays Group results
for the nine months ended
30.09.21 30.09.20
GBPm GBPm % Change
Net interest income 5,843 6,278 (7)
Net fee, commission and other income 10,937 10,547 4
================================================ ============== ============== ==============
Total income 16,780 16,825 -
Credit impairment releases/(charges) 622 (4,346)
================================================ ============== ============== ==============
Net operating income 17,402 12,479 39
Operating expenses (10,578) (9,954) (6)
Litigation and conduct (131) (106) (24)
================================================ ============== ============== ==============
Total operating expenses (10,709) (10,060) (6)
Other net income 247 -
================================================ ============== ============== ==============
Profit before tax 6,940 2,419
Tax charge (1,076) (441)
================================================ ============== ============== ==============
Profit after tax 5,864 1,978
Non-controlling interests (20) (41) 51
Other equity instrument holders (586) (631) 7
================================================ ============== ============== ==============
Attributable profit 5,258 1,306
Performance measures
================================================ ============== ============== ==============
Return on average tangible shareholders' equity 14.9% 3.6%
Average tangible shareholders' equity (GBPbn) 47.1 48.5
Cost: income ratio 64% 60%
Loan loss rate (bps) - 164
Basic earnings per share 30.8p 7.6p
Basic weighted average number of shares (m) 17,062 17,298 (1)
Period end number of shares (m) 16,851 17,353 (3)
As at 30.09.21 As at 31.12.20 As at 30.09.20
Balance sheet and capital management(1) GBPbn GBPbn GBPbn
================================================ ============== ============== ==============
Loans and advances at amortised cost 353.0 342.6 344.4
Loans and advances at amortised cost impairment
coverage ratio 1.7% 2.4% 2.5%
Deposits at amortised cost 510.2 481.0 494.6
Tangible net asset value per share 287p 269p 275p
Common equity tier 1 ratio 15.4% 15.1% 14.6%
Common equity tier 1 capital 47.3 46.3 45.5
Risk weighted assets 307.5 306.2 310.7
Average UK leverage ratio 4.9% 5.0% 5.1%
UK leverage ratio 5.1% 5.3% 5.2%
Funding and liquidity
================================================ ============== ============== ==============
Group liquidity pool (GBPbn) 293 266 327
Liquidity coverage ratio 161% 162% 181%
Loan: deposit ratio 69% 71% 70%
1 Refer to pages 27 to 33 for further information on how capital,
Risk Weighted Assets (RWAs) and leverage are calculated.
Group Finance Director's Review
Group performance(1)
-- The Group's diversified business model enabled Barclays to deliver
a record profit before tax of GBP6,940m (Q320 YTD: GBP2,419m),
RoTE of 14.9% (Q320 YTD: 3.6%) and EPS of 30.8p (Q320 YTD: 7.6p)
-- Total income was stable at GBP16,780m (Q320 YTD: GBP16,825m). Barclays
UK income increased 2%. Barclays International income decreased
2%, with CIB income down 1% and Consumer, Cards and Payments (CC&P)
income down 6%. Excluding the impact of the 9% depreciation of
average USD against GBP, total income was up, reflecting the Group's
diversified income streams
-- Credit impairment net release of GBP622m (Q320 YTD: GBP4,346m charge).
The net release included a reversal of GBP1.1bn in non-default
charges, primarily reflecting the improved macroeconomic outlook.
Excluding this reversal, the charge was GBP0.5bn, reflecting reduced
unsecured lending balances and low delinquency. Management judgements
have been maintained in the quarter in respect of customers and
clients considered to be potentially more vulnerable as government
and other support schemes have started to reduce. The reduction
in unsecured lending balances and growth in secured balances have
contributed to a decrease in the Group's loan coverage ratio to
1.7% (December 2020: 2.4%). Loan coverage ratios in unsecured and
wholesale loan portfolios remained elevated compared to pre-COVID-19
pandemic levels
-- Total operating expenses increased 6% to GBP10,709m, due to structural
cost actions of GBP392m primarily relating to the real estate review
in Q221, higher performance costs that reflect improved returns,
and continued investment and business growth, partially offset
by the benefit from the depreciation of average USD against GBP
and efficiency savings. This resulted in a cost: income ratio of
64% (Q320 YTD: 60%)
-- The effective tax rate was 15.5% (Q320 YTD: 18.2%). This reflects
a GBP402m tax benefit recognised for the re-measurement of the
Group's UK deferred tax assets (DTAs) as a result of the UK corporation
tax rate increase from 19% to 25% effective from 1 April 2023.
The UK Government is reviewing the additional 8% surcharge tax
that applies to banks' profits and if the conclusion of that review
is that the surcharge is reduced then the Group's UK DTAs would
be re-measured again and decreased, the exact timing of an enactment
of a reduction in the surcharge is uncertain but would be expected
to occur in H122
-- Attributable profit was GBP5,258m (Q320 YTD: GBP1,306m)
-- Following the completion of the GBP700m share buyback announced
with FY20 results and the ongoing GBP500m share buyback announced
with H121 results, the period end number of shares was 16,851m
(December 2020: 17,359m)
-- Total assets increased to GBP1,407bn (December 2020: GBP1,350bn)
primarily due to a GBP37bn increase in cash at central banks, a
GBP29bn increase in financial assets at fair value due to an increase
in secured lending, a GBP18bn increase in cash collateral and settlement
balances and a GBP17bn increase in trading portfolio assets due
to increased activity, partially offset by a GBP44bn decrease in
derivative assets driven by an increase in major interest rate
curves
-- Deposits at amortised cost increased GBP29bn to GBP510bn further
strengthening the Group's liquidity position and contributing to
a loan: deposit ratio of 69% (December 2020: 71%)
-- Tangible net asset value (TNAV) per share increased to 287p (December
2020: 269p) primarily reflecting 30.8p of EPS, partially offset
by negative reserve movements
Barclays UK
-- Profit before tax increased to GBP1,957m (Q320 YTD: GBP264m). RoTE
was 17.9% (Q320 YTD: 2.2%) reflecting materially lower credit impairment
charges
-- Total income increased 2% to GBP4,837m. Net interest income reduced
1% to GBP3,889m with a net interest margin (NIM) of 2.53% (Q320
YTD: 2.63%) as strong customer retention and improved margins in
mortgages was more than offset by lower unsecured lending balances.
Net fee, commission and other income increased 18% to GBP948m,
returning back towards pre-COVID-19 pandemic levels
- Personal Banking income increased 10% to GBP2,900m, reflecting
strong growth in mortgages alongside improved margins, balance
growth in deposits and the non-recurrence of COVID-19 customer
support actions, partially offset by deposit margin compression
from lower interest rates and lower unsecured lending balances
- Barclaycard Consumer UK income decreased 23% to GBP898m as reduced
borrowing and repayments by customers resulted in a lower level
of interest earning lending (IEL) balances
- Business Banking income increased 12% to GBP1,039m due to lending
and deposit balance growth from GBP12.1bn of government scheme
lending and the non-recurrence of COVID-19 and related customer
support actions, partially offset by deposit margin compression
from lower interest rates
1 The 9% depreciation of average USD against GBP adversely impacted
income and profits and positively impacted total operating expenses.
Barclays UK (continued)
-- Credit impairment net release of GBP306m (Q320 YTD: GBP1,297m charge)
driven by an improved macroeconomic outlook and lower unsecured
lending balances due to customer repayments and lower delinquencies.
As at 30 September 2021, 30 and 90 day arrears rates in UK cards
were 1.0% (Q320: 1.7%) and 0.3% (Q320: 0.8%) respectively
-- Total operating expenses were stable at GBP3,187m (Q320 YTD: GBP3,172m)
reflecting investment spend and higher operational and customer
service costs primarily driven by increased volumes, offset by
efficiency savings
-- Loans and advances to customers at amortised cost increased 2%
to GBP208.6bn predominantly from GBP9.2bn of mortgage growth following
a strong flow of new applications as well as strong customer retention,
offset by a GBP2.3bn decrease in the Education, Social Housing
and Local Authority (ESHLA) portfolio carrying value as interest
rate yield curves have steepened, GBP1.7bn lower unsecured lending
balances and GBP0.5bn lower Business Banking balances as repayment
of government scheme lending takes effect
-- Customer deposits at amortised cost increased 7% to GBP256.8bn
reflecting an increase of GBP13.6bn and GBP2.8bn in Personal Banking
and Business Banking respectively, further strengthening the liquidity
position and contributing to a loan: deposit ratio of 86% (December
2020: 89%)
-- RWAs decreased to GBP73.2bn (December 2020: GBP73.7bn) as growth
in mortgages was more than offset by a reduction in unsecured lending
and the ESHLA portfolio
Barclays International
-- Profit before tax increased 97% to GBP5,500m with a RoTE of 16.4%
(Q320 YTD: 7.5%), reflecting a RoTE of 16.4% (Q320 YTD: 10.5%)
in CIB and 16.2% (Q320 YTD: (10.6)%) in CC&P
-- The 9% depreciation of average USD against GBP adversely impacted
income and profits and positively impacted total operating expenses
-- Total income decreased to GBP12,155m (Q320 YTD: GBP12,435m)
- CIB income decreased 1% to GBP9,702m
- Global Markets income decreased 14%
to GBP5,368m as a strong
performance in Equities, representing
the best Q3 YTD on a
comparable basis(1) , was more than
offset by FICC. Equities
income increased 28% to GBP2,466m
driven by strong client activity
in derivatives and increased client
balances in financing.
FICC income decreased 33% to
GBP2,902m due to tighter spreads
and the non-recurrence of prior year
client activity levels
- Investment Banking fees income,
representing the best Q3 YTD
on a comparable basis(1) , increased
37% to GBP2,703m driven
by a strong performance in Advisory
and Equity capital markets
reflecting an increase in the fee
pool and an increased market
share(2)
- Within Corporate, Transaction banking
income increased 1% to
GBP1,219m as deposit balance growth
was partially offset by
margin compression. Corporate lending
income increased 2% to
GBP412m driven by the non-recurrence
of losses on the mark-to-market
of lending and related hedge
positions, partially offset by
a current year write-off on a single
name
- CC&P income decreased 6% to GBP2,453m
- International Cards and Consumer Bank
income decreased 17%
to GBP1,540m reflecting lower cards
balances
- Private Bank income increased 9% to
GBP581m, reflecting client
balance growth and a gain on a
property sale
- Unified Payments income increased 60%
to GBP332m driven by
the non-recurrence of a c.GBP100m
valuation loss on Barclays'
preference shares in Visa Inc. in
Q220 and merchant acquiring
turnover growth following easing of
lockdown restrictions
-- Credit impairment net release of GBP311m (Q320 YTD: GBP2,989m charge)
was driven by an improved macroeconomic outlook
- CIB credit impairment net release of
GBP400m (Q320 YTD: GBP1,507m
charge) was supported by limited
single name wholesale loan charges
- CC&P credit impairment charges of
GBP89m (Q320 YTD: GBP1,482m)
was partially driven by lower
delinquencies and higher customer
repayments. As at 30 September 2021,
30 and 90 day arrears in
US cards were 1.5% (Q320: 2.3%) and
0.7% (Q320: 1.1%) respectively
-- Total operating expenses increased 5% to GBP7,003m
- CIB total operating expenses
increased 3% to GBP5,260m due to
higher performance costs that reflect
an improvement in returns
- CC&P total operating expenses
increased 10% to GBP1,743m driven
by the impact of higher investment
spend, including marketing,
and customer remediation costs
related to a legacy portfolio
1 Period covering Q114 - Q321. Pre 2014 financials were not restated
following re-segmentation in Q116.
2 Data source: Dealogic for the period covering 1 January to 30 September
2021.
Barclays International (continued)
-- Total assets increased to GBP1,076bn (December 2020: GBP1,042bn)
primarily due to a GBP30bn increase in financial assets at fair
value, due to an increase in secured lending, a GBP18bn increase
in cash collateral and settlements balances, and a GBP17bn increase
in trading portfolio assets, due to increased activity, partially
offset by a GBP45bn decrease in derivative assets driven by an
increase in major interest rate curves
-- RWAs increased to GBP222.7bn (December 2020: GBP222.3bn)
Head Office
-- Loss before tax was GBP517m (Q320 YTD: GBP639m)
-- Total income was an expense of GBP212m (Q320 YTD: GBP331m), which
primarily reflected hedge accounting, funding costs on legacy capital
instruments and treasury items, partially offset by mark-to-market
gains on legacy investments and the recognition of dividends on
Barclays' stake in Absa Group Limited
-- Total operating expenses were GBP519m (Q320 YTD: GBP217m), which
included a charge of GBP266m relating to structural cost actions
taken as part of the real estate review in Q221, as well as costs
associated with the discontinued use of software assets
-- Other net income was GBP209m (Q320 YTD: GBP31m expense) driven
by a fair value gain in Barclays' associate investment holding
in the Business Growth Fund
Group capital and leverage
-- The CET1 ratio increased to 15.4% (December 2020: 15.1%)
- CET1 capital increased by GBP1.0bn to GBP47.3bn (December 2020:
GBP46.3bn) as profit before tax of GBP6.9bn was partially offset
by the removal of temporary regulatory supporting measures introduced
in 2020, share buybacks, dividends and equity coupons paid and
foreseen and pensions deficit contribution payments. The GBP1.1bn
release of non-defaulted credit impairment was more than offset
by the related reduction in IFRS 9 transitional relief which
also decreased due to impairment migrations from Stage 2 to Stage
3 and the relief on the pre-2020 impairment charge reducing from
70% to 50% in 2021
- RWAs increased GBP1.3bn to GBP307.5bn (December 2020: GBP306.2bn)
primarily due to a growth in mortgages within Barclays UK, partially
offset by lower consumer lending
-- The average UK leverage ratio decreased to 4.9% (December 2020:
5.0%). The average leverage exposure increased by GBP52.9bn to
GBP1,199.8bn (December 2020: GBP1,146.9bn) largely driven by an
increase in securities financing transactions (SFTs), potential
future exposure (PFE) on derivatives and trading portfolio assets
(TPAs)
Group funding and liquidity
-- The liquidity pool was GBP293bn (December 2020: GBP266bn) and the
liquidity coverage ratio remained significantly above the 100%
regulatory requirement at 161% (December 2020: 162%), equivalent
to a surplus of GBP107bn (December 2020: GBP99bn). The increase
in the pool is driven by deposit growth, borrowing from the Bank
of England's Term Funding Scheme with additional incentives for
SMEs and a seasonal increase in short-term wholesale funding, which
were partly offset by an increase in business funding consumption
-- Wholesale funding outstanding, excluding repurchase agreements,
was GBP165.2bn (December 2020: GBP145.0bn). The Group issued GBP8.2bn
equivalent of minimum requirement for own funds and eligible liabilities
(MREL) instruments from Barclays PLC (the Parent company) during
the year. The Group is well advanced in its MREL issuance plans
relative to the estimated 1 January 2022 requirement
Capital distributions
-- Barclays understands the importance of delivering attractive total
cash returns to shareholders. Barclays is therefore committed to
maintaining an appropriate balance between total cash returns to
shareholders, investment in the business and maintaining a strong
capital position. Barclays pays a progressive ordinary dividend,
taking into account these objectives and the earnings outlook of
the Group. The Board will also continue to supplement the ordinary
dividends with additional cash returns, including share buybacks,
to shareholders as appropriate
-- Barclays paid a half year dividend of 2.0p per share on 17 September
2021 and initiated the share buyback of up to GBP500m announced
with H121 results in August 2021, of which GBP279m was completed
as at 30 September 2021. This was in addition to the GBP700m share
buyback completed in April 2021
-- Dividends will continue to be paid semi-annually, with the half
year dividend expected to represent, under normal circumstances,
around one-third of the total dividend for the year
Group outlook and targets
-- Returns: expect to deliver a RoTE above 10% in 2021
-- Impairment: the impairment run rate is expected to remain below
historical levels in coming quarters given reduced unsecured lending
balances and the improved macroeconomic outlook, acknowledging
the continuing uncertainty
-- Costs: FY21 costs, excluding structural cost actions and performance
costs, are expected to be c.GBP12bn(1) . The Group will continue
to drive efficiencies in its franchises and is evaluating planned
structural cost actions in Q421, including in Barclays UK
-- Capital: the CET1 ratio is expected to remain above the target
range of 13-14% at 31 December 2021, given the uncertain economic
environment and known capital headwinds in 2022 of c.75bps, which
includes a c.40bps impact from the reversal of software amortisation
benefit from 1 January 2022
-- Capital returns: capital returns policy incorporates a progressive
ordinary dividend, supplemented by additional cash returns, including
share buybacks as appropriate. Dividends will continue to be paid
semi-annually, with the half year dividend expected to represent,
under normal circumstances, around one-third of the total dividend
for the year
Barclays continues to target the following over the medium
term:
-- Returns: RoTE of greater than 10%
-- Cost efficiency: cost: income ratio below 60%
-- Capital adequacy: CET1 ratio in the range of 13-14%
Tushar Morzaria, Group Finance Director
1 Group cost outlook is based on an average rate of 1.38 (USD/GBP)
in H221 and subject to foreign currency movements
Results by Business
Barclays UK Nine months Nine months
ended ended
30.09.21 30.09.20
Income statement information GBPm GBPm % Change
===================================== ============== ============== ==============
Net interest income 3,889 3,917 (1)
Net fee, commission and other income 948 804 18
===================================== ============== ============== ==============
Total income 4,837 4,721 2
Credit impairment releases/(charges) 306 (1,297)
===================================== ============== ============== ==============
Net operating income 5,143 3,424 50
Operating expenses (3,155) (3,136) (1)
Litigation and conduct (32) (36) 11
===================================== ============== ============== ==============
Total operating expenses (3,187) (3,172) -
Other net income 1 12 (92)
===================================== ============== ============== ==============
Profit before tax 1,957 264
Attributable profit 1,336 165
As at 30.09.21 As at 31.12.20 As at 30.09.20
Balance sheet information GBPbn GBPbn GBPbn
===================================== ============== ============== ==============
Loans and advances to customers at
amortised cost 208.6 205.4 203.9
Total assets 312.1 289.1 294.5
Customer deposits at amortised cost 256.8 240.5 232.0
Loan: deposit ratio 86% 89% 91%
Risk weighted assets 73.2 73.7 76.2
Period end allocated tangible equity 10.0 9.7 10.0
Nine months Nine months
ended ended
Performance measures 30.09.21 30.09.20
===================================== ============== ============== ==============
Return on average allocated tangible
equity 17.9% 2.2%
Average allocated tangible equity
(GBPbn) 9.9 10.2
Cost: income ratio 66% 67%
Loan loss rate (bps) - 81
Net interest margin 2.53% 2.63%
Analysis of Barclays UK Nine months Nine months
ended ended
30.09.21 30.09.20
Analysis of total income GBPm GBPm % Change
================================================= ============== ============== ==============
Personal Banking 2,900 2,627 10
Barclaycard Consumer UK 898 1,165 (23)
Business Banking 1,039 929 12
================================================= ============== ============== ==============
Total income 4,837 4,721 2
Analysis of credit impairment releases/(charges)
================================================= ============== ============== ==============
Personal Banking 20 (312)
Barclaycard Consumer UK 290 (803)
Business Banking (4) (182)
================================================= ============== ============== ==============
Total credit impairment releases/(charges) 306 (1,297)
As at 30.09.21 As at 31.12.20 As at 30.09.20
Analysis of loans and advances to
customers at amortised cost GBPbn GBPbn GBPbn
================================================= ============== ============== ==============
Personal Banking 164.6 157.3 155.7
Barclaycard Consumer UK 8.6 9.9 10.7
Business Banking 35.4 38.2 37.5
================================================= ============== ============== ==============
Total loans and advances to customers
at amortised cost 208.6 205.4 203.9
Analysis of customer deposits at
amortised cost
================================================= ============== ============== ==============
Personal Banking 193.3 179.7 173.2
Barclaycard Consumer UK - 0.1 0.1
Business Banking 63.5 60.7 58.7
================================================= ============== ============== ==============
Total customer deposits at amortised
cost 256.8 240.5 232.0
Barclays International Nine months Nine months
ended ended
30.09.21 30.09.20
Income statement information GBPm GBPm % Change
============================================ ============== ============== ==============
Net interest income 2,308 2,668 (13)
Net trading income 4,904 5,548 (12)
Net fee, commission and other income 4,943 4,219 17
============================================ ============== ============== ==============
Total income 12,155 12,435 (2)
Credit impairment releases/(charges) 311 (2,989)
============================================ ============== ============== ==============
Net operating income 12,466 9,446 32
Operating expenses (6,916) (6,632) (4)
Litigation and conduct (87) (39)
============================================ ============== ============== ==============
Total operating expenses (7,003) (6,671) (5)
Other net income 37 19 95
============================================ ============== ============== ==============
Profit before tax 5,500 2,794 97
Attributable profit 3,961 1,779
As at 30.09.21 As at 31.12.20 As at 30.09.20
Balance sheet information GBPbn GBPbn GBPbn
============================================ ============== ============== ==============
Loans and advances at amortised cost 125.9 122.7 128.0
Trading portfolio assets 144.8 127.7 122.3
Derivative financial instrument assets 257.0 301.8 295.9
Financial assets at fair value through
the income statement 200.5 170.7 178.2
Cash collateral and settlement balances 115.9 97.5 121.8
Other assets 231.8 221.4 261.7
============================================ ============== -------------- ==============
Total assets 1,075.9 1,041.8 1,107.9
Deposits at amortised cost 253.3 240.5 262.4
Derivative financial instrument liabilities 252.3 300.4 293.3
Loan: deposit ratio 50% 51% 49%
Risk weighted assets 222.7 222.3 224.7
Period end allocated tangible equity 31.8 30.2 30.5
Nine months Nine months
ended ended
Performance measures 30.09.21 30.09.20
============================================ ============== ============== ==============
Return on average allocated tangible
equity 16.4% 7.5%
Average allocated tangible equity
(GBPbn) 32.2 31.8
Cost: income ratio 58% 54%
Loan loss rate (bps) - 300
Net interest margin 3.96% 3.71%
Analysis of Barclays International
Corporate and Investment Bank Nine months Nine months
ended ended
30.09.21 30.09.20
Income statement information GBPm GBPm % Change
============================================ ============== ============== ==============
Net interest income 919 974 (6)
Net trading income 4,878 5,578 (13)
Net fee, commission and other income 3,905 3,286 19
============================================ ============== ============== ==============
Total income 9,702 9,838 (1)
Credit impairment releases/(charges) 400 (1,507)
============================================ ============== ============== ==============
Net operating income 10,102 8,331 21
Operating expenses (5,256) (5,086) (3)
Litigation and conduct (4) (6) 33
============================================ ============== ============== ==============
Total operating expenses (5,260) (5,092) (3)
Other net income 1 4 (75)
============================================ ============== ============== ==============
Profit before tax 4,843 3,243 49
Attributable profit 3,469 2,141 62
As at 30.09.21 As at 31.12.20 As at 30.09.20
Balance sheet information GBPbn GBPbn GBPbn
============================================ ============== ============== ==============
Loans and advances at amortised cost 93.8 92.4 96.8
Trading portfolio assets 144.7 127.5 122.2
Derivative financial instrument assets 256.9 301.7 295.9
Financial assets at fair value through
the income statement 200.4 170.4 177.9
Cash collateral and settlement balances 115.1 96.7 121.0
Other assets 200.4 194.9 228.9
============================================ ============== ============== ==============
Total assets 1,011.3 983.6 1,042.7
Deposits at amortised cost 185.8 175.2 195.6
Derivative financial instrument liabilities 252.2 300.3 293.2
Risk weighted assets 192.5 192.2 193.3
Nine months Nine months
ended ended
Performance measures 30.09.21 30.09.20
============================================ ============== ============== ==============
Return on average allocated tangible
equity 16.4% 10.5%
Average allocated tangible equity
(GBPbn) 28.2 27.2
Cost: income ratio 54% 52%
Analysis of total income GBPm GBPm % Change
============================================ ============== ============== ==============
FICC 2,902 4,326 (33)
Equities 2,466 1,929 28
============================================ ============== ============== ==============
Global Markets 5,368 6,255 (14)
Advisory 634 329 93
Equity capital markets 655 369 78
Debt capital markets 1,414 1,279 11
============================================ ============== ============== ==============
Investment Banking fees 2,703 1,977 37
Corporate lending 412 404 2
Transaction banking 1,219 1,202 1
============================================ ============== ============== ==============
Corporate 1,631 1,606 2
============================================ ============== ============== ==============
Total income 9,702 9,838 (1)
Analysis of Barclays International
Consumer, Cards and Payments Nine months Nine months
ended ended
30.09.21 30.09.20
Income statement information GBPm GBPm % Change
===================================== ============== ============== ==============
Net interest income 1,390 1,694 (18)
Net fee, commission, trading and
other income 1,063 903 18
===================================== ============== ============== ==============
Total income 2,453 2,597 (6)
Credit impairment charges (89) (1,482) 94
===================================== ============== ============== ==============
Net operating income 2,364 1,115
Operating expenses (1,660) (1,546) (7)
Litigation and conduct (83) (33)
===================================== ============== ============== ==============
Total operating expenses (1,743) (1,579) (10)
Other net income 36 15
===================================== ============== ============== ==============
Profit/(loss) before tax 657 (449)
Attributable profit/(loss) 492 (362)
As at 30.09.21 As at 31.12.20 As at 30.09.20
Balance sheet information GBPbn GBPbn GBPbn
===================================== ============== ============== ==============
Loans and advances at amortised cost 32.1 30.3 31.2
Total assets 64.6 58.2 65.2
Deposits at amortised cost 67.5 65.3 66.8
Risk weighted assets 30.2 30.1 31.4
Nine months Nine months
ended ended
Performance measures 30.09.21 30.09.20
===================================== ============== ============== ==============
Return on average allocated tangible
equity 16.2% (10.6)%
Average allocated tangible equity
(GBPbn) 4.0 4.6
Cost: income ratio 71% 61%
Loan loss rate (bps) 35 577
Analysis of total income GBPm GBPm % Change
===================================== ============== ============== ==============
International Cards and Consumer
Bank 1,540 1,857 (17)
Private Bank 581 533 9
Unified Payments 332 207 60
===================================== ============== ============== ==============
Total income 2,453 2,597 (6)
Head Office Nine months Nine months
ended ended
30.09.21 30.09.20
Income statement information GBPm GBPm % Change
===================================== ============== ============== ==============
Net interest income (354) (307) (15)
Net fee, commission and other income 142 (24)
===================================== ============== ============== ==============
Total income (212) (331) 36
Credit impairment releases/(charges) 5 (60)
===================================== ============== ============== ==============
Net operating income (207) (391) 47
Operating expenses (507) (186)
Litigation and conduct (12) (31) 61
===================================== ============== ============== ==============
Total operating expenses (519) (217)
Other net income/(expenses) 209 (31)
===================================== ============== ============== ==============
Loss before tax (517) (639) 19
Attributable loss (39) (638) 94
As at 30.09.21 As at 31.12.20 As at 30.09.20
Balance sheet information GBPbn GBPbn GBPbn
===================================== ============== ============== ==============
Total assets 18.5 18.6 19.3
Risk weighted assets 11.5 10.2 9.8
Period end allocated tangible equity 6.5 6.8 7.1
Nine months Nine months
ended ended
Performance measures 30.09.21 30.09.20
===================================== ============== ============== ==============
Average allocated tangible equity
(GBPbn) 5.0 6.5
Quarterly Results Summary
Barclays Group
Q321 Q221 Q121 Q420 Q320 Q220 Q120 Q419
Income statement information GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Net interest income 1,940 2,052 1,851 1,845 2,055 1,892 2,331 2,344
Net fee, commission and
other income 3,525 3,363 4,049 3,096 3,149 3,446 3,952 2,957
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Total income 5,465 5,415 5,900 4,941 5,204 5,338 6,283 5,301
Credit impairment (charges)/releases (120) 797 (55) (492) (608) (1,623) (2,115) (523)
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Net operating income 5,345 6,212 5,845 4,449 4,596 3,715 4,168 4,778
Operating costs (3,446) (3,587) (3,545) (3,480) (3,391) (3,310) (3,253) (3,308)
UK bank levy - - - (299) - - - (226)
Litigation and conduct (32) (66) (33) (47) (76) (20) (10) (167)
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Total operating expenses (3,478) (3,653) (3,578) (3,826) (3,467) (3,330) (3,263) (3,701)
Other net income/(expenses) 94 21 132 23 18 (26) 8 20
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Profit before tax 1,961 2,580 2,399 646 1,147 359 913 1,097
Tax charge (317) (263) (496) (163) (328) (42) (71) (189)
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Profit after tax 1,644 2,317 1,903 483 819 317 842 908
Non-controlling interests (1) (15) (4) (37) (4) (21) (16) (42)
Other equity instrument
holders (197) (194) (195) (226) (204) (206) (221) (185)
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Attributable profit 1,446 2,108 1,704 220 611 90 605 681
Performance measures
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Return on average tangible
shareholders' equity 11.9% 18.1% 14.7% 1.8% 5.1% 0.7% 5.1% 5.9%
Average tangible shareholders'
equity (GBPbn) 48.4 46.5 46.5 47.6 48.3 50.2 47.0 46.4
Cost: income ratio 64% 67% 61% 77% 67% 62% 52% 70%
Loan loss rate (bps) 13 - 6 56 69 179 223 60
Basic earnings per share 8.5p 12.3p 9.9p 1.3p 3.5p 0.5p 3.5p 3.9p
Basic weighted average
number of shares (m) 17,062 17,140 17,293 17,300 17,298 17,294 17,278 17,200
Period end number of shares
(m) 16,851 16,998 17,223 17,359 17,353 17,345 17,332 17,322
Balance sheet and capital
management(1) GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Loans and advances at amortised
cost 353.0 348.5 345.8 342.6 344.4 354.9 374.1 339.1
Loans and advances at amortised
cost impairment coverage
ratio 1.7% 1.8% 2.2% 2.4% 2.5% 2.5% 2.1% 1.8%
Total assets 1,406.5 1,376.3 1,379.7 1,349.5 1,421.7 1,385.1 1,444.3 1,140.2
Deposits at amortised cost 510.2 500.9 498.8 481.0 494.6 466.9 470.7 415.8
Tangible net asset value
per share 287p 281p 267p 269p 275p 284p 284p 262p
Common equity tier 1 ratio 15.4% 15.1% 14.6% 15.1% 14.6% 14.2% 13.1% 13.8%
Common equity tier 1 capital 47.3 46.2 45.9 46.3 45.5 45.4 42.5 40.8
Risk weighted assets 307.5 306.4 313.4 306.2 310.7 319.0 325.6 295.1
Average UK leverage ratio 4.9% 4.8% 4.9% 5.0% 5.1% 4.7% 4.5% 4.5%
Average UK leverage exposure 1,199.8 1,192.0 1,174.9 1,146.9 1,111.1 1,148.7 1,176.2 1,142.8
UK leverage ratio 5.1% 5.0% 5.0% 5.3% 5.2% 5.2% 4.5% 5.1%
UK leverage exposure 1,161.0 1,153.6 1,145.4 1,090.9 1,095.1 1,071.1 1,178.7 1,007.7
Funding and liquidity
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Group liquidity pool (GBPbn) 293 291 290 266 327 298 237 211
Liquidity coverage ratio 161% 162% 161% 162% 181% 186% 155% 160%
Loan: deposit ratio 69% 70% 69% 71% 70% 76% 79% 82%
1 Refer to pages 27 to 33 for further information on how capital,
RWAs and leverage are calculated.
v Quarterly Results by Business
Barclays UK
Q321 Q221 Q121 Q420 Q320 Q220 Q120 Q419
Income statement information GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Net interest income 1,303 1,305 1,281 1,317 1,280 1,225 1,412 1,478
Net fee, commission and
other income 335 318 295 309 270 242 292 481
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Total income 1,638 1,623 1,576 1,626 1,550 1,467 1,704 1,959
Credit impairment (charges)/releases (137) 520 (77) (170) (233) (583) (481) (190)
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Net operating income 1,501 2,143 1,499 1,456 1,317 884 1,223 1,769
Operating costs (1,041) (1,078) (1,036) (1,134) (1,095) (1,018) (1,023) (1,023)
UK bank levy - - - (50) - - - (41)
Litigation and conduct (10) (19) (3) 4 (25) (6) (5) (58)
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Total operating expenses (1,051) (1,097) (1,039) (1,180) (1,120) (1,024) (1,028) (1,122)
Other net income/(expenses) 1 - - 6 (1) 13 - -
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Profit/(loss) before tax 451 1,046 460 282 196 (127) 195 647
Attributable profit/(loss) 317 721 298 160 113 (123) 175 438
Balance sheet information GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Loans and advances to customers
at amortised cost 208.6 207.8 205.7 205.4 203.9 202.0 195.7 193.7
Total assets 312.1 311.2 309.1 289.1 294.5 287.6 267.5 257.8
Customer deposits at amortised
cost 256.8 255.5 247.5 240.5 232.0 225.7 207.5 205.5
Loan: deposit ratio 86% 87% 88% 89% 91% 92% 96% 96%
Risk weighted assets 73.2 72.2 72.7 73.7 76.2 77.9 77.7 74.9
Period end allocated tangible
equity 10.0 9.9 10.0 9.7 10.0 10.3 10.3 10.3
Performance measures
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Return on average allocated
tangible equity 12.7% 29.1% 12.0% 6.5% 4.5% (4.8)% 6.9% 17.0%
Average allocated tangible
equity (GBPbn) 10.0 9.9 9.9 9.8 10.1 10.3 10.1 10.3
Cost: income ratio 64% 68% 66% 73% 72% 70% 60% 57%
Loan loss rate (bps) 24 - 14 31 43 111 96 38
Net interest margin 2.49% 2.55% 2.54% 2.56% 2.51% 2.48% 2.91% 3.03%
Analysis of Barclays UK Q321 Q221 Q121 Q420 Q320 Q220 Q120 Q419
Analysis of total income GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
=============================== ===== ===== ===== ===== ===== ===== ===== =====
Personal Banking 990 987 923 895 833 826 968 1,064
Barclaycard Consumer UK 293 290 315 354 362 367 436 533
Business Banking 355 346 338 377 355 274 300 362
=============================== ===== ===== ===== ===== ===== ===== ===== =====
Total income 1,638 1,623 1,576 1,626 1,550 1,467 1,704 1,959
Analysis of credit impairment
(charges)/releases
=============================== ===== ===== ===== ===== ===== ===== ===== =====
Personal Banking (30) 72 (22) (68) (48) (130) (134) (71)
Barclaycard Consumer UK (108) 434 (36) (78) (106) (396) (301) (108)
Business Banking 1 14 (19) (24) (79) (57) (46) (11)
=============================== ===== ===== ===== ===== ===== ===== ===== =====
Total credit impairment
(charges)/releases (137) 520 (77) (170) (233) (583) (481) (190)
Analysis of loans and advances
to customers at amortised
cost GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
=============================== ===== ===== ===== ===== ===== ===== ===== =====
Personal Banking 164.6 162.4 160.4 157.3 155.7 154.9 153.4 151.9
Barclaycard Consumer UK 8.6 8.8 8.7 9.9 10.7 11.5 13.6 14.7
Business Banking 35.4 36.6 36.6 38.2 37.5 35.6 28.7 27.1
=============================== ===== ===== ===== ===== ===== ===== ===== =====
Total loans and advances
to customers at amortised
cost 208.6 207.8 205.7 205.4 203.9 202.0 195.7 193.7
Analysis of customer deposits
at amortised cost
=============================== ===== ===== ===== ===== ===== ===== ===== =====
Personal Banking 193.3 191.0 186.0 179.7 173.2 169.6 161.4 159.2
Barclaycard Consumer UK - 0.1 0.1 0.1 0.1 0.1 - -
Business Banking 63.5 64.4 61.4 60.7 58.7 56.0 46.1 46.3
=============================== ===== ===== ===== ===== ===== ===== ===== =====
Total customer deposits
at amortised cost 256.8 255.5 247.5 240.5 232.0 225.7 207.5 205.5
Barclays International
Q321 Q221 Q121 Q420 Q320 Q220 Q120 Q419
Income statement information GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Net interest income 749 811 748 614 823 847 998 965
Net trading income 1,515 1,455 1,934 1,372 1,528 1,660 2,360 929
Net fee, commission and
other income 1,673 1,553 1,717 1,500 1,430 1,503 1,286 1,558
------------------------------------- ======= ------- ------- ------- ======= ------- ------- -------
Total income 3,937 3,819 4,399 3,486 3,781 4,010 4,644 3,452
Credit impairment releases/(charges) 18 271 22 (291) (370) (1,010) (1,609) (329)
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Net operating income 3,955 4,090 4,421 3,195 3,411 3,000 3,035 3,123
Operating costs (2,310) (2,168) (2,438) (2,133) (2,227) (2,186) (2,219) (2,240)
UK bank levy - - - (240) - - - (174)
Litigation and conduct (3) (63) (21) (9) (28) (11) - (86)
------------------------------------- ======= ------- ------- ------- ======= ------- ------- -------
Total operating expenses (2,313) (2,231) (2,459) (2,382) (2,255) (2,197) (2,219) (2,500)
Other net income 15 13 9 9 9 4 6 17
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Profit before tax 1,657 1,872 1,971 822 1,165 807 822 640
Attributable profit 1,263 1,267 1,431 441 782 468 529 397
Balance sheet information GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Loans and advances at amortised
cost 125.9 121.9 123.5 122.7 128.0 138.1 167.0 132.8
Trading portfolio assets 144.8 147.1 131.1 127.7 122.3 109.5 101.6 113.3
Derivative financial instrument
assets 257.0 255.4 269.4 301.8 295.9 306.8 341.5 228.9
Financial assets at fair
value through the income
statement 200.5 190.4 197.5 170.7 178.2 154.3 188.4 128.4
Cash collateral and settlement
balances 115.9 108.5 109.7 97.5 121.8 130.8 153.2 79.4
Other assets 231.8 223.5 221.7 221.4 261.7 236.3 201.5 178.6
------------------------------------- ======= ------- ------- ------- ======= ------- ------- -------
Total assets 1,075.9 1,046.8 1,052.9 1,041.8 1,107.9 1,075.8 1,153.2 861.4
Deposits at amortised cost 253.3 245.4 251.2 240.5 262.4 241.2 263.3 210.0
Derivative financial instrument
liabilities 252.3 246.9 260.2 300.4 293.3 307.6 338.8 228.9
Loan: deposit ratio 50% 50% 49% 51% 49% 57% 63% 63%
Risk weighted assets 222.7 223.2 230.0 222.3 224.7 231.2 237.9 209.2
Period end allocated tangible
equity 31.8 31.8 32.7 30.2 30.5 31.6 33.1 29.6
Performance measures
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Return on average allocated
tangible equity 15.9% 15.6% 17.7% 5.8% 10.2% 5.6% 6.8% 5.1%
Average allocated tangible
equity (GBPbn) 31.8 32.4 32.3 30.5 30.6 33.5 31.2 30.9
Cost: income ratio 59% 58% 56% 68% 60% 55% 48% 72%
Loan loss rate (bps) - - (7) 90 112 284 377 96
Net interest margin 4.02% 3.96% 3.92% 3.41% 3.79% 3.43% 3.93% 4.29%
Analysis of Barclays International
Corporate and Investment
Bank Q321 Q221 Q121 Q420 Q320 Q220 Q120 Q419
Income statement information GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Net interest income 279 370 270 110 305 334 335 248
Net trading income 1,467 1,494 1,917 1,397 1,535 1,812 2,231 951
Net fee, commission and
other income 1,383 1,115 1,407 1,131 1,065 1,170 1,051 1,115
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Total income 3,129 2,979 3,594 2,638 2,905 3,316 3,617 2,314
Credit impairment releases/(charges) 128 229 43 (52) (187) (596) (724) (30)
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Net operating income 3,257 3,208 3,637 2,586 2,718 2,720 2,893 2,284
Operating costs (1,747) (1,623) (1,886) (1,603) (1,716) (1,680) (1,690) (1,691)
UK bank levy - - - (226) - - - (156)
Litigation and conduct (2) (1) (1) 2 (3) (3) - (79)
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Total operating expenses (1,749) (1,624) (1,887) (1,827) (1,719) (1,683) (1,690) (1,926)
Other net income - - 1 2 1 3 - 1
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Profit before tax 1,508 1,584 1,751 761 1,000 1,040 1,203 359
Attributable profit 1,157 1,049 1,263 413 627 694 820 193
Balance sheet information GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Loans and advances at amortised
cost 93.8 91.0 94.3 92.4 96.8 104.9 128.2 92.0
Trading portfolio assets 144.7 147.0 130.9 127.5 122.2 109.3 101.5 113.3
Derivative financial instruments
assets 256.9 255.3 269.4 301.7 295.9 306.7 341.4 228.8
Financial assets at fair
value through the income
statement 200.4 190.3 197.3 170.4 177.9 153.7 187.8 127.7
Cash collateral and settlement
balances 115.1 107.7 108.8 96.7 121.0 129.7 152.2 78.5
Other assets 200.4 192.5 190.8 194.9 228.9 205.5 171.4 155.3
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Total assets 1,011.3 983.8 991.5 983.6 1,042.7 1,009.8 1,082.5 795.6
Deposits at amortised cost 185.8 178.2 185.2 175.2 195.6 173.9 198.4 146.2
Derivative financial instrument
liabilities 252.2 246.8 260.2 300.3 293.2 307.6 338.7 228.9
Risk weighted assets 192.5 194.3 201.3 192.2 193.3 198.3 201.7 171.5
Performance measures
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Return on average allocated
tangible equity 16.6% 14.8% 17.9% 6.3% 9.5% 9.6% 12.5% 3.0%
Average allocated tangible
equity (GBPbn) 27.8 28.4 28.2 26.3 26.4 29.0 26.2 25.8
Cost: income ratio 56% 55% 53% 69% 59% 51% 47% 83%
Analysis of total income GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
===================================== ======= ======= ======= ======= ======= ======= ======= =======
FICC 803 895 1,204 812 1,000 1,468 1,858 726
Equities 757 777 932 542 691 674 564 409
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Global Markets 1,560 1,672 2,136 1,354 1,691 2,142 2,422 1,135
Advisory 253 218 163 232 90 84 155 202
Equity capital markets 186 226 243 104 122 185 62 56
Debt capital markets 532 429 453 418 398 463 418 322
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Investment Banking fees 971 873 859 754 610 732 635 580
Corporate lending 168 38 206 186 232 61 111 202
Transaction banking 430 396 393 344 372 381 449 397
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Corporate 598 434 599 530 604 442 560 599
===================================== ======= ======= ======= ======= ======= ======= ======= =======
Total income 3,129 2,979 3,594 2,638 2,905 3,316 3,617 2,314
Analysis of Barclays International
Consumer, Cards and Payments Q321 Q221 Q121 Q420 Q320 Q220 Q120 Q419
Income statement information GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
===================================== ===== ===== ===== ===== ===== ======= ======= =====
Net interest income 471 441 478 504 518 513 663 717
Net fee, commission, trading
and other income 337 399 327 344 358 181 364 421
===================================== ===== ===== ===== ===== ===== ======= ======= =====
Total income 808 840 805 848 876 694 1,027 1,138
Credit impairment (charges)/releases (110) 42 (21) (239) (183) (414) (885) (299)
===================================== ===== ===== ===== ===== ===== ======= ======= =====
Net operating income 698 882 784 609 693 280 142 839
Operating costs (563) (545) (552) (530) (511) (506) (529) (549)
UK bank levy - - - (14) - - - (18)
Litigation and conduct (1) (62) (20) (11) (25) (8) - (7)
===================================== ===== ===== ===== ===== ===== ======= ======= =====
Total operating expenses (564) (607) (572) (555) (536) (514) (529) (574)
Other net income 15 13 8 7 8 1 6 16
===================================== ===== ===== ===== ===== ===== ======= ======= =====
Profit/(loss) before tax 149 288 220 61 165 (233) (381) 281
Attributable profit/(loss) 106 218 168 28 155 (226) (291) 204
Balance sheet information GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
===================================== ===== ===== ===== ===== ===== ======= ======= =====
Loans and advances at amortised
cost 32.1 30.9 29.2 30.3 31.2 33.2 38.8 40.8
Total assets 64.6 63.0 61.4 58.2 65.2 66.0 70.7 65.8
Deposits at amortised cost 67.5 67.2 66.0 65.3 66.8 67.3 64.9 63.8
Risk weighted assets 30.2 29.0 28.8 30.1 31.4 32.9 36.2 37.7
Performance measures
===================================== ===== ===== ===== ===== ===== ======= ======= =====
Return on average allocated
tangible equity 10.5% 21.8% 16.5% 2.7% 14.7% (20.2)% (23.5)% 15.9%
Average allocated tangible
equity (GBPbn) 4.0 4.0 4.1 4.2 4.2 4.5 5.0 5.1
Cost: income ratio 70% 72% 71% 65% 61% 74% 52% 50%
Loan loss rate (bps) 127 - 27 286 211 455 846 273
Head Office
Q321 Q221 Q121 Q420 Q320 Q220 Q120 Q419
Income statement information GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
===================================== ===== ===== ===== ===== ===== ===== ===== =====
Net interest income (112) (64) (178) (86) (48) (180) (79) (99)
Net fee, commission and
other income 2 37 103 (85) (79) 41 14 (11)
===================================== ===== ===== ===== ===== ===== ===== ===== =====
Total income (110) (27) (75) (171) (127) (139) (65) (110)
Credit impairment (charges)/releases (1) 6 - (31) (5) (30) (25) (4)
===================================== ===== ===== ===== ===== ===== ===== ===== =====
Net operating expenses (111) (21) (75) (202) (132) (169) (90) (114)
Operating costs (95) (341) (71) (213) (69) (106) (11) (45)
UK bank levy - - - (9) - - - (11)
Litigation and conduct (19) 16 (9) (42) (23) (3) (5) (23)
===================================== ===== ===== ===== ===== ===== ===== ===== =====
Total operating expenses (114) (325) (80) (264) (92) (109) (16) (79)
Other net income/(expenses) 78 8 123 8 10 (43) 2 3
===================================== ===== ===== ===== ===== ===== ===== ===== =====
Loss before tax (147) (338) (32) (458) (214) (321) (104) (190)
Attributable (loss)/profit (134) 120 (25) (381) (284) (255) (99) (154)
Balance sheet information GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
===================================== ===== ===== ===== ===== ===== ===== ===== =====
Total assets 18.5 18.3 17.7 18.6 19.3 21.7 23.6 21.0
Risk weighted assets 11.5 11.1 10.7 10.2 9.8 9.9 10.0 11.0
Period end allocated tangible
equity 6.5 5.9 3.3 6.8 7.1 7.4 6.0 5.6
Performance measures
===================================== ===== ===== ===== ===== ===== ===== ===== =====
Average allocated tangible
equity (GBPbn) 6.6 4.2 4.3 7.3 7.6 6.4 5.6 5.2
Performance Management
Margins and
balances
Nine months ended 30.09.21 Nine months ended 30.09.20
Average Average
Net interest customer Net interest Net interest customer Net interest
income assets margin income assets margin
GBPm GBPm % GBPm GBPm %
=================== ============== ============== =============== =============== ============== ===============
Barclays UK 3,889 205,889 2.53 3,917 199,048 2.63
Barclays
International(1,2) 2,301 77,628 3.96 2,686 96,799 3.71
=================== ============== ============== =============== =============== ============== ===============
Total Barclays UK
and Barclays
International 6,190 283,517 2.92 6,603 295,847 2.98
Other(3) (347) (325)
=================== ============== ============== =============== =============== ============== ===============
Total Barclays
Group 5,843 6,278
1 Barclays International margins include IEL balances within the
investment banking business.
2 Barclays amended the presentation of the premium paid for purchased
financial guarantees which are embedded in notes it issues directly
to the market in Q420 from net investment income to interest expense
within net interest income. Had the equivalent Q320 YTD interest
expense been recognised in net interest income, the Barclays International
and Total Barclays UK and Barclays International NIMs would have
been 3.60% and 2.95% respectively.
3 Other includes Head Office and non-lending related investment banking
businesses not included in Barclays International margins.
The Group's combined product and equity structural hedge
notional as at 30 September 2021 was GBP224bn (September 2020:
GBP181bn), with an average duration of close to 3 years (2020:
average duration 2.5 to 3 years). Group net interest income
includes gross structural hedge contributions of GBP1,042m (Q320
YTD: GBP1,273m) and net structural hedge contributions of GBP889m
(Q320 YTD: GBP917m). Gross structural hedge contributions represent
the absolute level of interest earned from the fixed receipts on
the basket of swaps in the structural hedge, while the net
structural hedge contributions represent the net interest earned on
the difference between the structural hedge rate and prevailing
floating rates.
Quarterly analysis for Barclays UK and Barclays
International Net interest income Average customer assets Net interest margin
Three months ended 30.09.21 GBPm GBPm %
=================================================== =================== ======================= ===================
Barclays UK 1,303 207,692 2.49
Barclays International(1) 783 77,364 4.02
=================================================== =================== ======================= ===================
Total Barclays UK and Barclays International 2,086 285,056 2.90
Three months ended 30.06.21
=================================================== =================== ======================= ===================
Barclays UK 1,305 205,168 2.55
Barclays International(1) 763 77,330 3.96
=================================================== =================== ======================= ===================
Total Barclays UK and Barclays International 2,068 282,498 2.94
Three months ended 31.03.21
=================================================== =================== ======================= ===================
Barclays UK 1,281 204,663 2.54
Barclays International(1) 755 78,230 3.92
=================================================== =================== ======================= ===================
Total Barclays UK and Barclays International 2,036 282,893 2.92
Three months ended 31.12.20
=================================================== =================== ======================= ===================
Barclays UK 1,317 204,315 2.56
Barclays International(1,2) 696 81,312 3.41
=================================================== =================== ======================= ===================
Total Barclays UK and Barclays International 2,013 285,627 2.80
Three months ended 30.09.20
=================================================== =================== ======================= ===================
Barclays UK 1,280 203,089 2.51
Barclays International(1,2) 838 88,032 3.79
=================================================== =================== ======================= ===================
Total Barclays UK and Barclays International 2,118 291,121 2.89
1 Barclays International margins include IEL balances within the
investment banking business.
2 The reclassification of expense of the premium paid for purchased
financial guarantees from net investment income to net interest
income was recognised in full in Q420 and resulted in a 0.48% reduction
on the Q420 Barclays International NIM and 0.14% reduction on the
Q420 Total Barclays UK and Barclays International NIM. Had the
equivalent impact been reflected in the respective quarters, the
Barclays International NIM would have been 3.68% in Q320 and 3.77%
in Q420. Total Barclays UK and Barclays International NIMs would
have been 2.86% in Q320 and 2.91% in Q420 respectively.
Credit Risk
Loans and advances at amortised cost by stage
The table below presents an analysis of loans and advances at
amortised cost by gross exposure, impairment allowance, impairment
charge and coverage ratio by stage allocation and business segment
as at 30 September 2021. Also included are off-balance sheet loan
commitments and financial guarantee contracts by gross exposure,
impairment allowance and coverage ratio by stage allocation as at
30 September 2021.
Impairment allowance under IFRS 9 considers both the drawn and
the undrawn counterparty exposure. For retail portfolios, the total
impairment allowance is allocated to the drawn exposure to the
extent that the allowance does not exceed the exposure, as Expected
Credit Losses (ECL) is not reported separately. Any excess is
reported on the liability side of the balance sheet as a provision.
For wholesale portfolios, the impairment allowance on the undrawn
exposure is reported on the liability side of the balance sheet as
a provision.
Gross exposure Impairment allowance
================================== ==================================================
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Net exposure
As at 30.09.21 GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
============== ======= ======= ======= ======= ============= ============== ========== ======= ============
Barclays UK 161,520 22,277 2,666 186,463 304 1,163 908 2,375 184,088
Barclays
International 23,592 4,121 1,647 29,360 490 966 858 2,314 27,046
Head Office 3,953 431 742 5,126 3 37 356 396 4,730
============== ======= ======= ======= ======= ============= ============== ========== ======= ============
Total Barclays
Group retail 189,065 26,829 5,055 220,949 797 2,166 2,122 5,085 215,864
============== ======= ======= ======= ======= ============= ============== ========== ======= ============
Barclays UK 34,810 1,986 1,067 37,863 55 30 25 110 37,753
Barclays
International 86,196 12,372 1,273 99,841 209 260 515 984 98,857
Head Office 5183 33 554 - - 31 31 523
============== ======= ====== ======= ======= ============= ============== ========== ======= ============
Total Barclays
Group
wholesale(1) 121,524 14,361 2,373 138,258 264 290 571 1,125 137,133
============== ======= ======= ======= ======= ============= ============== ========== ======= ============
Total loans
and advances
at amortised
cost 310,589 41,190 7,428 359,207 1,061 2,456 2,693 6,210 352,997
============== ======= ======= ======= ======= ============= ============== ========== ======= ============
Off-balance
sheet loan
commitments
and financial
guarantee
contracts(2) 306,313 41,766 750 348,829 225 298 24 547 348,282
============== ======= ======= ======= ======= ============= ============== ========== ======= ============
Total(3) 616,902 82,956 8,178 708,036 1,286 2,754 2,717 6,757 701,279
As at 30.09.21 Nine months ended 30.09.21
================================== ==================================================
Loan impairment (release)/charge and loan loss
Coverage ratio rate
================================== ==================================================
Stage 1 Stage 2 Stage 3 Total Loan impairment release Loan loss rate
%% %% GBPm bps
============== ======= ====== ======= ======
Barclays UK 0.2 5.2 34.1 1.3 34 2
Barclays
International 2.1 23.4 52.1 7.9 88 40
Head Office 0.1 8.6 48.0 7.7 (5) -
============== ======= ======= ======= ======= ============= ============== ========== =======
Total Barclays
Group retail 0.4 8.1 42.0 2.3 117 7
-------------- ------- ------- ------- ------- ------------- -------------- ---------- -------
Barclays UK 0.2 1.5 2.3 0.3 (81) -
Barclays
International 0.2 2.1 40.5 1.0 (125) -
Head Office -- 93.9 5.6 - -
============== ======= ====== ======= ======= ============= ============== ========== =======
Total Barclays
Group
wholesale (1) 0.2 2.0 24.1 0.8 (206) -
============== ======= ======= ======= ======= ============= ============== ========== =======
Total loans
and advances
at amortised
cost 0.3 6.0 36.3 1.7 (89) -
============== ======= ======= ======= ======= ============= ============== ========== =======
Off-balance
sheet loan
commitments
and financial
guarantee
contracts(2) 0.1 0.7 3.2 0.2 (513)
Other
financial
assets
subject to
impairment(3) (20)
============== ======= ======= ======= ======= ==============
Total 0.2 3.3 33.2 1.0 (622)
1 Includes Wealth and Private Banking exposures measured on an individual
basis, and excludes Business Banking exposures that are managed
on a collective basis. The net impact is a difference in total
exposure of GBP7,229m of balances reported as wholesale loans on
page 24 in the Loans and advances at amortised cost by product
disclosure.
2 Excludes loan commitments and financial guarantees of GBP20.8bn
carried at fair value.
3 Other financial assets subject to impairment not included in the
table above include cash collateral and settlement balances, financial
assets at fair value through other comprehensive income and other
assets. These have a total gross exposure of GBP190.8bn and impairment
allowance of GBP112m. This comprises GBP5m ECL on GBP190.6bn Stage
1 assets, Nil on GBP68m Stage 2 fair value through other comprehensive
income assets, cash collateral and settlement balances and GBP107m
on GBP113m Stage 3 other assets.
Gross exposure Impairment allowance
================================== ===============================================
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Net exposure
As at 31.12.20 GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
================= ======= ======= ======= ======= ============= ============= ========= ====== ============
Barclays UK 153,250 23,896 2,732 179,878 332 1,509 1,147 2,988 176,890
Barclays
International(1) 21,048 5,500 1,992 28,540 396 1,329 1,205 2,930 25,610
Head Office 4,267 720 844 5,831 4 51 380 435 5,396
================= ======= ======= ======= ======= ============= ============= ========= ====== ============
Total Barclays
Group retail 178,565 30,116 5,568 214,249 732 2,889 2,732 6,353 207,896
================= ======= ======= ======= ======= ============= ============= ========= ====== ============
Barclays UK 31,918 4,325 1,126 37,369 13 129 116 258 37,111
Barclays
International(1) 79,911 16,565 2,270 98,746 288 546 859 1,693 97,053
Head Office 570- 33 603 - - 31 31 572
================= ======= ====== ======= ======= ============= ============= ========= ====== ============
Total Barclays
Group
wholesale(2) 112,399 20,890 3,429 136,718 301 675 1,006 1,982 134,736
================= ======= ======= ======= ======= ============= ============= ========= ====== ============
Total loans and
advances at
amortised cost 290,964 51,006 8,997 350,967 1,033 3,564 3,738 8,335 342,632
================= ======= ======= ======= ======= ============= ============= ========= ====== ============
Off-balance sheet
loan commitments
and financial
guarantee
contracts(3) 289,939 52,891 2,330 345,160 256 758 50 1,064 344,096
================= ======= ======= ======= ======= ============= ============= ========= ====== ============
Total(4) 580,903 103,897 11,327 696,127 1,289 4,322 3,788 9,399 686,728
As at 31.12.20 Year ended 31.12.20
================================== ===============================================
Coverage ratio Loan impairment charge and loan loss rate(5)
================================== ===============================================
Stage 1 Stage 2 Stage 3 Total Loan impairment charge Loan loss rate
%% %% GBPm bps
================= ======= ====== ======= ======
Barclays UK 0.2 6.3 42.0 1.7 1,070 59
Barclays
International(1) 1.9 24.2 60.5 10.3 1,680 589
Head Office 0.1 7.1 45.0 7.5 91 156
================= ======= ======= ======= ======= ============= ============= ========= ======
Total Barclays
Group retail 0.4 9.6 49.1 3.0 2,841 133
================= ======= ======= ======= ======= ============= ============= ========= ======
Barclays UK - 3.0 10.3 0.7 154 41
Barclays
International(1) 0.4 3.3 37.8 1.7 914 93
Head Office -- 93.9 5.1 - -
================= ======= ====== ======= ======= ============= ============= ========= ======
Total Barclays
Group
wholesale(2) 0.3 3.2 29.3 1.4 1,068 78
================= ======= ======= ======= ======= ============= ============= ========= ======
Total loans and
advances at
amortised cost 0.4 7.0 41.5 2.4 3,909 111
================= ======= ======= ======= ======= ============= ============= ========= ======
Off-balance sheet
loan commitments
and financial
guarantee
contracts(3) 0.1 1.4 2.1 0.3 776
Other financial
assets subject
to impairment(4) 153
================= ======= ======= ======= ======= =============
Total(5) 0.2 4.2 33.4 1.4 4,838
1 Private Banking have refined the methodology to classify GBP5bn
of their exposure between Wholesale and Retail during the year.
2 Includes Wealth and Private Banking exposures measured on an individual
basis, and excludes Business Banking exposures that are managed
on a collective basis. The net impact is a difference in total
exposure of GBP7,551m of balances reported as wholesale loans on
page 24 in the Loans and advances at amortised cost by product
disclosure.
3 Excludes loan commitments and financial guarantees of GBP9.5bn
carried at fair value.
4 Other financial assets subject to impairment not included in the
table above include cash collateral and settlement balances, financial
assets at fair value through other comprehensive income and other
assets. These have a total gross exposure of GBP180.3bn and impairment
allowance of GBP165m. This comprises GBP11m ECL on GBP175.7bn Stage
1 assets, GBP9m on GBP4.4bn Stage 2 fair value through other comprehensive
income assets,other assets and cash collateral and settlement balances
and GBP145m on GBP154m Stage 3 other assets.
5 The loan loss rate is 138 bps after applying the total impairment
charge of GBP4,838m.
Loans and advances at amortised cost by product
The table below presents a breakdown of loans and advances at
amortised cost and the impairment allowance with stage allocation
by asset classification.
Stage 2
===========================================================
As at 30.09.21 Stage 1 Not past due <=30 days past due >30 days past due Total Stage 3 Total
Gross exposure GBPm GBPm GBPm GBPm GBPm GBPm GBPm
============================== ======= ============ ================== ================= ====== ======= =======
Home loans 148,033 16,545 1,585 717 18,847 2,201 169,081
Credit cards, unsecured loans
and other retail lending 34,565 6,958 292 261 7,511 2,563 44,639
Wholesale loans 127,991 14,062 275 495 14,832 2,664 145,487
============================== ======= ============ ================== ================= ====== ======= =======
Total 310,589 37,565 2,152 1,473 41,190 7,428 359,207
Impairment allowance
============================== ======= ============ ================== ================= ====== ======= =======
Home loans 17 506 7 63 404 484
Credit cards, unsecured loans
and other retail lending 707 1,861 83 121 2,065 1,610 4,382
Wholesale loans 337 3205 3 328 679 1,344
============================== ======= ============ ================= ================ ====== ======= =======
Total 1,061 2,231 94 131 2,456 2,693 6,210
Net exposure
============================== ======= ============ ================== ================= ====== ======= =======
Home loans 148,016 16,495 1,579 710 18,784 1,797 168,597
Credit cards, unsecured loans
and other retail lending 33,858 5,097 209 140 5,446 953 40,257
Wholesale loans 127,654 13,742 270 492 14,504 1,985 144,143
============================== ======= ============ ================== ================= ====== ======= =======
Total 309,528 35,334 2,058 1,342 38,734 4,735 352,997
Coverage ratio %% %% %% %
============================== ======= =========== ================= ================ ===== ====== ======
Home loans - 0.3 0.4 1.0 0.3 18.4 0.3
Credit cards, unsecured loans
and other retail lending 2.0 26.7 28.4 46.4 27.5 62.8 9.8
Wholesale loans 0.3 2.3 1.8 0.6 2.2 25.5 0.9
============================== ======= ============ ================== ================= ====== ======= =======
Total 0.3 5.9 4.4 8.9 6.0 36.3 1.7
As at 31.12.20
Gross exposure GBPm GBPm GBPm GBPm GBPm GBPm GBPm
============================== ======= ============ ================== ================= ====== ======= =======
Home loans 138,639 16,651 1,785 876 19,312 2,234 160,185
Credit cards, unsecured loans
and other retail lending 33,021 9,470 544 306 10,320 3,172 46,513
Wholesale loans 119,304 19,501 1,097 776 21,374 3,591 144,269
============================== ======= ============ ================== ================= ====== ======= =======
Total 290,964 45,622 3,426 1,958 51,006 8,997 350,967
Impairment allowance
============================== ======= ============ ================== ================= ====== ======= =======
Home Loans 33 57 13 14 84 421 538
Credit cards, unsecured loans
and other retail lending 680 2,382 180 207 2,769 2,251 5,700
Wholesale Loans 320 650 50 11 711 1,066 2,097
============================== ======= ============ ================== ================= ====== ======= =======
Total 1,033 3,089 243 232 3,564 3,738 8,335
Net exposure
============================== ======= ============ ================== ================= ====== ======= =======
Home loans 138,606 16,594 1,772 862 19,228 1,813 159,647
Credit cards, unsecured loans
and other retail lending 32,341 7,088 364 99 7,551 921 40,813
Wholesale loans 118,984 18,851 1,047 765 20,663 2,525 142,172
============================== ======= ============ ================== ================= ====== ======= =======
Total 289,931 42,533 3,183 1,726 47,442 5,259 342,632
Coverage ratio %% %% %% %
============================== ======= =========== ================= ================ ===== ====== ======
Home loans - 0.3 0.7 1.6 0.4 18.8 0.3
Credit cards, unsecured loans
and other retail lending 2.1 25.2 33.1 67.6 26.8 71.0 12.3
Wholesale loans 0.3 3.3 4.6 1.4 3.3 29.7 1.5
============================== ======= ============ ================== ================= ====== ======= =======
Total 0.4 6.8 7.1 11.8 7.0 41.5 2.4
Measurement uncertainty
Forecast Macroeconomic Variables were refreshed in Q321,
following on from the Q221 update, with key drivers for the
Baseline scenario more optimistic than Q420 and Q221. In the
Baseline scenario, UK GDP returns to the pre-COVID-19 pandemic
levels by early 2022 with peak UK unemployment of 5.4% in Q122. In
the Upside 2 scenario, effective fiscal stimulus measures,
including public investments in infrastructure and skills, provide
a boost to demand and confidence, which in turn leads to economic
activity in almost all advanced economies returning to the
pre-COVID-19 pandemic levels by the end of 2021. Unemployment
levels decline back to 5% by Q122 in the UK, and to 4% by Q222 in
the US. In the Downside 2 scenario, supply and distribution issues
slow the vaccination process and the emergence of new virus
variants that are not susceptible to the existing vaccines results
in full national lockdowns. This leads to significant falls in GDP
in Q421 and UK and US unemployment reaching c.10% and 12%
respectively in Q122.
The Group uses a five-scenario model to calculate ECL. The
methodology for estimating probability weights used in calculating
ECL involves simulating a range of future paths for UK and US GDP
using historical data. The five scenarios are mapped against the
distribution of these future paths, with the median centred around
the Baseline such that scenarios further from the Baseline attract
a lower weighting. The range of future paths generated in the
calculation of the weights at 30 September 2021 is narrower than at
30 June 2021 and 31 December 2020 due to continued growth in UK and
US GDP and lower levels of uncertainty. The Upside 2 and Downside 2
scenarios are therefore nearer the tails of the distribution than
previously resulting in lower weightings.
In isolation, the reduction in Baseline unemployment forecast
between Q2 and Q3 would lead to a reduction in unsecured ECL.
However, the reduction in Downside 2 unemployment forecast between
Q2 and Q3 is lower than the movement in the Baseline unemployment
forecast; this widening delta between Baseline and Downside 2
unemployment forecast moderates the overall impact.
Although the macroeconomic outlook has improved, the level of
uncertainty is relatively high. Unemployment remains at elevated
levels, with a significant number of jobs at risk of redundancy as
measures of support are tapered down in the UK, US and Germany
between the end of Q321 and Q122 respectively. To date, limited
defaults have been observed in response to the COVID-19 pandemic,
but credit deterioration may occur as support is withdrawn. This
uncertainty continues to be captured in two distinct ways: firstly,
the identification of specific customers and clients who may be
more vulnerable to the withdrawal of relief and secondly,
macroeconomic and risk parameter uncertainties which are applied at
a portfolio level. As a result, economic uncertainty PMAs and total
PMAs remained relatively stable at GBP2.0bn (30 June 2021:
GBP2.1bn) and GBP2.0bn (30 June 2021: GBP1.9bn) respectively.
The tables below show the key consensus macroeconomic variables
used in the Baseline scenario and the probability weights applied
to each scenario.
Baseline average macroeconomic variables used in the calculation of ECL
2021 2022 2023
As at 30.09.21 % % %
============================================ ========== ========== ========
UK GDP(1) 6.5 5.2 2.3
UK unemployment(2) 5.0 5.1 4.7
UK HPI(3) 3.8 0.8 2.6
UK bank rate 0.1 0.2 0.5
US GDP(1) 6.8 4.4 2.4
US unemployment(4) 5.5 4.2 4.0
US HPI(5) 7.8 4.1 4.0
US federal funds rate 0.2 0.3 0.8
As at 30.06.21
============================================ ========== ========== ========
UK GDP(1) 4.9 5.6 2.3
UK unemployment(2) 5.8 5.7 5.1
UK HPI(3) (0.5) 0.3 3.1
UK bank rate 0.1 0.2 0.4
US GDP(1) 5.7 3.9 1.6
US unemployment(4) 5.6 4.5 4.4
US HPI(5) 3.9 3.5 3.5
US federal funds rate 0.3 0.3 0.7
As at 31.12.20
============================================ ========== ========== ========
UK GDP(1) 6.3 3.3 2.6
UK unemployment(2) 6.7 6.4 5.8
UK HPI(3) 2.4 2.3 5.0
UK bank rate - (0.1) -
US GDP(1) 3.9 3.1 2.9
US unemployment(4) 6.9 5.7 5.6
US HPI(5) 2.8 4.7 4.7
US federal funds rate 0.3 0.3 0.3
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in average yearly UK HPI = Halifax All Houses, All Buyers
index, relative to prior year end.
4 Average US civilian unemployment rate 16-year+.
5 Change in average yearly US HPI = FHFA House Price Index, relative
to prior year end.
Scenario probability weighting
Upside 2 Upside 1 Baseline Downside 1 Downside 2
% % % % %
=============================== ======== ======== ======== ========== ==========
As at 30.09.21
Scenario probability weighting 17.9 25.7 28.9 16.3 11.2
=============================== ======== ======== ======== ========== ==========
As at 30.06.21
Scenario probability weighting 19.6 24.5 26.4 16.9 12.6
=============================== ======== ======== ======== ========== ==========
As at 31.12.20
Scenario probability weighting 20.2 24.2 24.7 15.5 15.4
Treasury and Capital Risk
Capital
The Group's Overall Capital Requirement for CET1 is 11.2%
comprising a 4.5% Pillar 1 minimum, a 2.5% Capital Conservation
Buffer (CCB), a 1.5% Global Systemically Important Institution
(G-SII) buffer, a 2.7% Pillar 2A requirement and a 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. On 11 March 2020,
the Financial Policy Committee (FPC) set the CCyB rate for UK
exposures at 0% with immediate effect. The buffer rates set by
other national authorities for non-UK exposures are not currently
material. Overall, this results in a 0.0% CCyB for the Group.
The Group's Pillar 2A requirement as per the PRA's Individual
Capital Requirement is 4.8% of which at least 56.25% needs to be
met with CET1 capital, equating to approximately 2.7% of RWAs. The
Pillar 2A requirement is subject to at least annual review and has
been set as a nominal capital amount. This is based on a point in
time assessment and the requirement (when expressed as a proportion
of RWAs) will change depending on the total RWAs at each reporting
period.
Following the withdrawal of the UK from the EU, any references
to CRR as amended by CRR II mean, unless otherwise specified, CRR
as amended by CRR II, as it forms part of UK law pursuant to the
European Union (Withdrawal) Act 2018 and subject to the temporary
transitional powers (TTP) available to UK regulators to delay or
phase-in on-shoring changes to UK regulatory requirements arising
at the end of the transition period until 31 March 2022, as at the
applicable reporting date. Throughout the TTP period, the Bank of
England (BoE) and PRA will continue to review the UK regulatory
framework and the Group disclosures will reflect the amended
framework as applicable at the effective reporting date.
On 14 October 2021, the PRA published their final Policy
Statement on the implementation of Basel III standards. The Policy
Statement confirmed the PRA's intention to revert to the previous
treatment of 100% CET1 capital deduction for qualifying software
assets, meaning the c.40bps benefit in the CET1 ratio will be
reversed from 1 January 2022.
Capital ratios(1,2,3) As at 30.09.21 As at 30.06.21 As at 31.12.20
====================================================================== ============== ============== ==============
CET1 15.4% 15.1% 15.1%
Tier 1 (T1) 19.6% 18.9% 19.0%
Total regulatory capital 22.9% 22.3% 22.1%
Capital resources GBPm GBPm GBPm
====================================================================== ============== ============== ==============
Total equity excluding non-controlling interests per the balance sheet 68,697 67,052 65,797
Less: other equity instruments (recognised as AT1 capital) (12,252) (11,167) (11,172)
Adjustment to retained earnings for foreseeable ordinary share
dividends (419) (510) (174)
Adjustment to retained earnings for foreseeable repurchase of shares (221) - -
Adjustment to retained earnings for foreseeable other equity coupons (51) (35) (30)
Other regulatory adjustments and deductions
Additional value adjustments (PVA) (1,427) (1,447) (1,146)
Goodwill and intangible assets (6,850) (6,814) (6,914)
Deferred tax assets that rely on future profitability excluding
temporary differences (662) (664) (595)
Fair value reserves related to gains or losses on cash flow hedges 46 (665) (1,575)
Gains or losses on liabilities at fair value resulting from own credit 940 934 870
Defined benefit pension fund assets (1,925) (1,828) (1,326)
Direct and indirect holdings by an institution of own CET1 instruments (50) (50) (50)
Adjustment under IFRS 9 transitional arrangements 1,332 1,331 2,556
Other regulatory adjustments 144 88 55
====================================================================== ============== ============== ==============
CET1 capital 47,302 46,225 46,296
AT1 capital
Capital instruments and related share premium accounts 12,252 11,167 11,172
Qualifying AT1 capital (including minority interests) issued by
subsidiaries 636 648 646
Other regulatory adjustments and deductions (80) (80) (80)
====================================================================== ============== ============== ==============
AT1 capital 12,808 11,735 11,738
T1 capital 60,110 57,960 58,034
T2 capital
Capital instruments and related share premium accounts 8,927 8,969 7,836
Qualifying T2 capital (including minority interests) issued by
subsidiaries 1,306 1,401 1,893
Credit risk adjustments (excess of impairment over expected losses) 98 79 57
Other regulatory adjustments and deductions (160) (160) (160)
====================================================================== ============== ============== ==============
Total regulatory capital 70,281 68,249 67,660
Total RWAs 307,464 306,424 306,203
1 CET1, T1 and T2 capital, and RWAs are calculated applying the transitional
arrangements of the CRR as amended by CRR II. This includes IFRS
9 transitional arrangements and the grandfathering of CRR and CRR
II non-compliant capital instruments.
2 The fully loaded CET1 ratio, as is relevant for assessing against
the conversion trigger in Barclays PLC AT1 securities, was 15.0%,
with GBP46.0bn of CET1 capital and GBP307.2bn of RWAs calculated
without applying the transitional arrangements of the CRR as amended
by CRR II.
3 The Group's CET1 ratio, as is relevant for assessing against the
conversion trigger in Barclays Bank PLC 7.625% Contingent Capital
Notes, was 15.4%. For this calculation CET1 capital and RWAs are
calculated applying the transitional arrangements under the CRR
as amended by CRR II, including the IFRS 9 transitional arrangements.
The benefit of the Financial Services Authority (FSA) October 2012
interpretation of the transitional provisions, relating to the
implementation of CRD IV, expired in December 2017.
Movement in CET1 capital Three months ended 30.09.21 Nine months ended 30.09.21
GBPm GBPm
============================================================= =========================== ==========================
Opening CET1 capital 46,225 46,296
Profit for the period attributable to equity holders 1,643 5,844
Own credit relating to derivative liabilities 5 22
Ordinary share dividends paid and foreseen (248) (757)
Purchased and foreseeable share repurchase (500) (1,200)
Other equity coupons paid and foreseen (213) (607)
============================================================= =========================== ==========================
Increase in retained regulatory capital generated from
earnings 687 3,302
Net impact of share schemes 175 127
Fair value through other comprehensive income reserve 82 (168)
Currency translation reserve 432 (63)
Other reserves (6) (7)
============================================================= =========================== ==========================
Increase / (decrease) in other qualifying reserves 683 (111)
Pension remeasurements within reserves (177) (74)
Defined benefit pension fund asset deduction (97) (599)
============================================================= =========================== ==========================
Net impact of pensions (274) (673)
Additional value adjustments (PVA) 20 (281)
Goodwill and intangible assets (36) 64
Deferred tax assets that rely on future profitability
excluding those arising from temporary
differences 2 (67)
Adjustment under IFRS 9 transitional arrangements 1 (1,224)
Other regulatory adjustments (6) (4)
============================================================= =========================== ==========================
Decrease in regulatory capital due to adjustments and
deductions (19) (1,512)
Closing CET1 capital 47,302 47,302
CET1 capital increased GBP1.0bn to GBP47.3bn (December 2020:
GBP46.3bn). GBP5.8bn of capital generated from profits were
partially offset by distributions of GBP2.6bn comprising:
-- GBP0.8bn of dividends paid and foreseen for ordinary shares, which
includes GBP0.3bn for the 2.0p per share half year dividend and
a GBP0.4bn accrual towards a FY21 dividend
-- GBP1.2bn for share buybacks made up of GBP0.7bn for the share buyback
announced with FY20 results and GBP0.5bn for the share buyback
announced with H121 results; and
-- GBP0.6bn of equity coupons paid
Other significant movements in the period were:
-- A GBP0.7bn decrease as a result of movements relating to pensions,
largely due to deficit contribution payments of GBP0.35bn in April
2021 and September 2021
-- A GBP0.3bn increase in the PVA deduction due to the removal of
temporary regulatory supporting measures applied to certain additional
valuation adjustments
-- A GBP1.2bn decrease in IFRS 9 transitional relief, after tax, primarily
due to a credit impairment net release, impairment migrations from
Stage 2 to Stage 3 and a decrease to the amount of relief applied
to the pre-2020 impairment charge reducing to 50% in 2021 from
70% in 2020
RWAs by risk type and business
Credit risk Counterparty credit risk Market Risk
=============== ==================================== ==============
Settlement Operational
STD IRB STD IRB Risk CVA STD IMA risk Total RWAs
As at 30.09.21 GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
============== ====== ======= ====== ====== ============= ===== ====== ====== ============= ==========
Barclays UK 7,128 53,981 464 - - 158 115 - 11,381 73,227
Corporate
and
Investment
Bank 26,778 70,842 17,063 19,477 211 2,347 16,399 15,934 23,453 192,504
Consumer,
Cards and
Payments 20,159 2,740 255 30 - 37 - 44 6,948 30,213
============== ====== ======= ====== ====== ============= ===== ====== ====== ============= ==========
Barclays
International 46,937 73,582 17,318 19,507 211 2,384 16,399 15,978 30,401 222,717
Head Office 4,984 7,344 - - - - - - (808) 11,520
============== ====== ======= ====== ====== ============= ===== ====== ====== ============= ==========
Barclays Group 59,049 134,907 17,782 19,507 211 2,542 16,514 15,978 40,974 307,464
As at 30.06.21
============== ====== ======= ====== ====== ============= ===== ====== ====== ============= ==========
Barclays UK 7,151 52,995 437 - - 163 33 - 11,381 72,160
Corporate
and
Investment
Bank 26,406 71,540 15,343 18,973 101 2,668 17,761 18,010 23,453 194,255
Consumer,
Cards and
Payments 19,218 2,509 158 40 - 29 - 55 6,948 28,957
============== ====== ======= ====== ====== ============= ===== ====== ====== ============= ==========
Barclays
International 45,624 74,049 15,501 19,013 101 2,697 17,761 18,065 30,401 223,212
Head Office 4,591 7,269 - - - - - - (808) 11,052
============== ====== ======= ====== ====== ============= ===== ====== ====== ============= ==========
Barclays Group 57,366 134,313 15,938 19,013 101 2,860 17,794 18,065 40,974 306,424
As at 31.12.20
============== ====== ======= ====== ====== ============= ===== ====== ====== ============= ==========
Barclays UK 7,360 54,340 394 - - 136 72 - 11,359 73,661
Corporate
and
Investment
Bank 24,660 73,792 12,047 20,280 246 2,351 13,123 22,363 23,343 192,205
Consumer,
Cards and
Payments 19,754 3,041 177 45 - 31 - 71 6,996 30,115
============== ====== ======= ====== ====== ============= ===== ====== ====== ============= ==========
Barclays
International 44,414 76,833 12,224 20,325 246 2,382 13,123 22,434 30,339 222,320
Head Office 4,153 6,869 - - - - - - (800) 10,222
============== ====== ======= ====== ====== ============= ===== ====== ====== ============= ==========
Barclays Group 55,927 138,042 12,618 20,325 246 2,518 13,195 22,434 40,898 306,203
Movement analysis of RWAs
Credit risk Counterparty credit risk Market risk Operational risk Total RWAs
GBPm GBPm GBPm GBPm GBPm
============================== =========== ======================== =========== ================ ==========
Opening RWAs (as at 31.12.20) 193,969 35,707 35,629 40,898 306,203
Book size 1,903 3,904 (1,848) 76 4,035
Acquisitions and disposals (1,018) - - - (1,018)
Book quality 563 201 - - 764
Model updates (962) (186) - - (1,148)
Methodology and policy (115) 416 (1,289) - (988)
Foreign exchange movements(1) (384) - - - (384)
============================== =========== ======================== =========== ================ ==========
Total RWA movements (13) 4,335 (3,137) 76 1,261
============================== =========== ======================== =========== ================ ==========
Closing RWAs (as at 30.09.21) 193,956 40,042 32,492 40,974 307,464
1 Foreign exchange movements does not include foreign exchange for
counterparty credit risk or market risk.
Overall RWAs increased GBP1.3bn to GBP307.5bn (December 2020:
GBP306.2bn).
Credit risk RWAs remained broadly stable:
-- A GBP1.9bn increase in book size mainly driven by growth in mortgages
within Barclays UK, partially offset by lower consumer lending
and ESHLA
-- A GBP1.0bn decrease in acquisitions and disposals mainly driven
by disposal of wholesale loans during the year
Counterparty Credit risk RWAs increased GBP4.3bn:
-- A GBP3.9bn increase in book size primarily due to an increase in
trading activities within SFTs and derivatives
Market risk RWAs decreased GBP3.1bn:
-- A GBP1.8bn decrease in book size primarily due to reduced risk
taking in Equities and Counterparty Risk Trading in the period
-- A GBP1.3bn decrease in methodology and policy is driven by a change
in the historical lookback period of the VaR model from two years
to one year
Leverage ratio and exposures
The Group is subject to a leverage ratio requirement of 3.8% as
at 30 September 2021. 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 of 0.0%. Although the
leverage ratio is expressed in terms of T1 capital, 75% of the
minimum requirement, equating to 2.4375%, needs to be met with CET1
capital. In addition, the G-SII ALRB must be covered solely with
CET1 capital. The CET1 capital held against the 0.53% G-SII ALRB
was GBP6.3bn.
The Group is required to disclose an average UK leverage ratio
which is based on capital on the last day of each month in the
quarter and an exposure measure for each day in the quarter. The
Group is also required to disclose a UK leverage ratio based on
capital and exposure on the last day of the quarter. Both
approaches exclude qualifying claims on central banks from the
leverage exposures and include the PRA's adoption of CRR II
settlement netting.
On 8 October 2021, the PRA published its Policy Statement on the
UK leverage ratio framework. The Policy Statement confirms that UK
banks will be subject to a single UK leverage ratio requirement
meaning that the CRR leverage ratio will no longer apply for UK
banks from 1 January 2022. Whilst largely upholding the existing
framework, technical changes generally align to the Basel III
standards with the exception of the qualifying claims on central
banks exemption. From 1 January 2022 central bank claims can be
excluded from the UK leverage ratio measure as long as they are
matched by qualifying liabilities (rather than deposits). Minimum
requirements for the Group remain the same with minimum
requirements also expected to be applied at the individual level;
individual requirements may be replaced with a sub-consolidated
measure, subject to permission from the PRA, from 1 January
2023.
As at 30.09.21 As at 30.06.21 As at 31.12.20
============================================
Leverage ratios(1,2) GBPm GBPm GBPm
============================================ ============== ============== ==============
Average UK leverage ratio 4.9% 4.8% 5.0%
Average T1 capital(3) 58,580 57,280 57,069
Average UK leverage exposure 1,199,774 1,191,986 1,146,919
UK leverage ratio 5.1% 5.0% 5.3%
CET1 capital 47,302 46,225 46,296
AT1 capital 12,172 11,087 11,092
============================================ ============== ============== ==============
T1 capital(3) 59,474 57,312 57,388
UK leverage exposure 1,160,983 1,153,570 1,090,907
UK leverage exposure
============================================ ============== ============== ==============
Accounting assets
Derivative financial instruments 258,093 256,636 302,446
Derivative cash collateral 54,166 54,063 64,798
Securities financing transactions 190,927 182,820 164,034
Loans and advances and other assets 903,327 882,814 818,236
============================================ ============== ============== ==============
Total IFRS assets 1,406,513 1,376,333 1,349,514
Regulatory consolidation adjustments (2,192) (1,406) (1,144)
Derivatives adjustments
Derivatives netting (231,559) (229,123) (272,275)
Adjustments to collateral (47,490) (42,774) (57,414)
Net written credit protection 15,910 16,730 14,986
Potential future exposure on derivatives 143,517 135,162 117,010
============================================ ============== ============== ==============
Total derivatives adjustments (119,622) (120,005) (197,693)
SFTs adjustments 24,579 23,511 21,114
Regulatory deductions and other adjustments (19,454) (22,525) (17,469)
Weighted off-balance sheet commitments 115,521 111,870 113,704
Qualifying central bank claims (198,817) (172,465) (155,890)
Settlement netting (45,545) (41,743) (21,229)
UK leverage exposure 1,160,983 1,153,570 1,090,907
1 Fully loaded average UK leverage ratio was 4.8%, with GBP57.3bn
of T1 capital and GBP1,198.5bn of leverage exposure. Fully loaded
UK leverage ratio was 5.0%, with GBP58.1bn of T1 capital and GBP1,159.7bn
of leverage exposure. Fully loaded UK leverage ratios are calculated
without applying the transitional arrangements of the CRR as amended
by CRR II.
2 Capital and leverage measures are calculated applying the transitional
arrangements of the CRR as amended by CRR II.
3 T1 capital is calculated in line with the PRA Handbook.
The average UK leverage ratio decreased to 4.9% (December 2020:
5.0%). The average leverage exposure increased by GBP52.9bn to
GBP1,199.8bn (December 2020: GBP1,146.9bn) largely driven by an
increase in SFTs, PFE on derivatives and TPAs.
The UK leverage ratio decreased to 5.1% (December 2020: 5.3%).
The UK leverage exposure increased by GBP70.1bn to GBP1,161.0bn
(December 2020: GBP1,090.9bn) primarily driven by a GBP26.9bn
increase in SFTs, a GBP26.5bn increase in PFE on derivatives and a
GBP17.0bn increase in TPAs due to increased trading activity in
CIB.
The Group also discloses a CRR leverage ratio (1) within its
additional regulatory disclosures prepared in accordance with EBA
guidelines on disclosure under Part Eight of the CRR (see Barclays
PLC Pillar 3 Report Q3 2021, expected to be published on 21 October
2021 and which will be available at
home.barclays/investor-relations/reports-and-events/latest-financial-results
).
1 CRR leverage ratio as amended by CRR II.
MREL
The Group is currently required to meet the higher of: (i) the
requirements set by the BoE based on RWAs and the higher of average
and UK leverage exposures; and (ii) the requirements in CRR as
amended by CRR II based on RWAs and CRR leverage exposures. The
MREL requirements are subject to phased implementation and will be
fully implemented by 1 January 2022. As at 30 September 2021, the
Group's MREL requirement was to meet 6.9% of CRR leverage
exposures.
On 22 July 2021 the BoE published a consultation paper on its
approach to setting MREL. Under the proposed changes to their 2018
Statement of Policy, from 1 January 2022, the Group's expected MREL
requirements will be to meet the higher of: (i) two times the sum
of Pillar 1 and Pillar 2A; and (ii) the higher of two times the
applicable leverage ratio requirement or 6.75% of leverage
exposures. Given UK banks will be subject to a single UK leverage
ratio requirement from 1 January 2022, the CRR leverage exposure
requirements in relation to MREL may not apply from that date.
Additionally, the proposals clarify that own funds instruments
issued by subsidiaries will no longer be eligible to count towards
the Group's MREL from 1 January 2022.
CET1 capital cannot be counted towards both MREL and the capital
buffers, meaning that the buffers will effectively be applied above
MREL requirements.
Own funds and
eligible liabilities
ratios(1,2) As a percentage of RWAs As a percentage of CRR leverage exposure
============================================= ==============================================
As at
30.09.21 As at 30.06.21 As at 31.12.20 As at 30.09.21 As at 30.06.21 As at 31.12.20
===================== ============= ============== ============== ============== ============== ==============
Total Barclays PLC
(the Parent company)
own funds and
eligible liabilities 34.8% 33.7% 32.7% 7.8% 7.7% 8.0%
Total own funds and
eligible
liabilities,
including eligible
Barclays Bank PLC
instruments 35.5% 34.4% 33.6% 8.0% 7.9% 8.2%
Own funds and
eligible
liabilities(1,2) As at 30.09.21 As at 30.06.21 As at 31.12.20
GBPm GBPm GBPm
===================== ============= ============== ============== ============== ============== ==============
CET1 capital 47,302 46,225 46,296
AT1 capital instruments and related share premium accounts(3) 12,172 11,087 11,092
T2 capital
instruments and
related share
premium accounts(3) 8,865 8,888 7,733
Eligible liabilities 38,787 37,095 35,086
===================== ============= ============== ============== ============== ============== ==============
Total Barclays PLC (the Parent company) own funds and eligible
liabilities 107,126 103,295 100,207
Qualifying AT1 capital (including minority interests) issued by
subsidiaries 636 648 646
Qualifying T2 capital (including minority interests) issued by
subsidiaries 1,306 1,401 1,893
============== ============== ==============
Total own funds and eligible liabilities, including eligible
Barclays Bank PLC instruments 109,068 105,344 102,746
Total RWAs 307,464 306,424 306,203
Total CRR leverage
exposure(4) 1,368,259 1,334,929 1,254,157
1 CET1, T1 and T2 capital, and RWAs are calculated applying the transitional
arrangements of the CRR as amended by CRR II. This includes IFRS
9 transitional arrangements and the grandfathering of CRR and CRR
II non-compliant capital instruments.
2 The BoE has set external MREL based on the higher of RWAs and CRR
or UK leverage exposures which could result in the binding measure
changing in future periods. The 30 September 2021 Barclays PLC
(the Parent company) own funds and eligible liabilities ratio as
a percentage of the UK leverage exposure was 9.2% and as a percentage
of the average UK leverage exposure was 8.9%.
3 Includes other AT1 capital regulatory adjustments and deductions
of GBP80m (December 2020: GBP80m), and other T2 credit risk adjustments
and deductions of GBP62m (December 2020: GBP103m).
4 Fully loaded CRR leverage exposure is calculated without applying
the transitional arrangements of the CRR as amended by CRR II.
Condensed Consolidated Financial Statements
Condensed consolidated income statement (unaudited)
Nine months ended 30.09.21 Nine months ended 30.09.20
GBPm GBPm
==================================================== ========================== ==========================
Total income 16,780 16,825
Credit impairment releases/(charges) 622 (4,346)
==================================================== ========================== ==========================
Net operating income 17,402 12,479
Operating expenses excluding litigation and conduct (10,578) (9,954)
Litigation and conduct (131) (106)
==================================================== ========================== ==========================
Operating expenses (10,709) (10,060)
Other net income 247 -
==================================================== ========================== ==========================
Profit before tax 6,940 2,419
Tax charge (1,076) (441)
==================================================== ========================== ==========================
Profit after tax 5,864 1,978
Attributable to:
==================================================== ========================== ==========================
Equity holders of the parent 5,258 1,306
Other equity instrument holders 586 631
==================================================== ========================== ==========================
Total equity holders of the parent 5,844 1,937
Non-controlling interests 20 41
==================================================== ========================== ==========================
Profit after tax 5,864 1,978
Earnings per share p p
==================================================== ========================== ==========================
Basic earnings per ordinary share 30.8 7.6
Condensed consolidated balance sheet (unaudited)
As at 30.09.21 As at 31.12.20
Assets GBPm GBPm
========================================================================= ============== ==============
Cash and balances at central banks 227,641 191,127
Cash collateral and settlement balances 119,196 101,367
Loans and advances at amortised cost 352,997 342,632
Reverse repurchase agreements and other similar secured lending 4,608 9,031
Trading portfolio assets 144,946 127,950
Financial assets at fair value through the income statement 204,424 175,151
Derivative financial instruments 258,093 302,446
Financial assets at fair value through other comprehensive income 70,748 78,688
Investments in associates and joint ventures 995 781
Goodwill and intangible assets 8,147 7,948
Current tax assets 212 477
Deferred tax assets 4,189 3,444
Other assets 10,317 8,472
========================================================================= ============== ==============
Total assets 1,406,513 1,349,514
Liabilities
========================================================================= ============== ==============
Deposits at amortised cost 510,188 481,036
Cash collateral and settlement balances 106,115 85,423
Repurchase agreements and other similar secured borrowing 22,790 14,174
Debt securities in issue 95,865 75,796
Subordinated liabilities 12,863 16,341
Trading portfolio liabilities 61,863 47,405
Financial liabilities designated at fair value 262,091 249,765
Derivative financial instruments 252,445 300,775
Current tax liabilities 615 645
Deferred tax liabilities 4 15
Other liabilities 11,913 11,257
========================================================================= ============== ==============
Total liabilities 1,336,752 1,282,632
Equity
========================================================================= ============== ==============
Called up share capital and share premium 4,542 4,637
Other reserves 2,687 4,461
Retained earnings 49,216 45,527
========================================================================= ============== ==============
Shareholders' equity attributable to ordinary shareholders of the parent 56,445 54,625
Other equity instruments 12,252 11,172
========================================================================= ============== ==============
Total equity excluding non-controlling interests 68,697 65,797
Non-controlling interests 1,064 1,085
========================================================================= ============== ==============
Total equity 69,761 66,882
Total equity and liabilities 1,406,513 1,349,514
Condensed consolidated statement of changes in equity (unaudited)
Called up
share capital
and share Other equity Retained Non-controlling
premium instruments Other reserves earnings Total interests Total equity
Nine months
ended 30.09.21 GBPm GBPm GBPm GBPm GBPm GBPm GBPm
=============== ============= ============== ============== ============== ======= =============== ============
Balance as at 1
January 2021 4,637 11,172 4,461 45,527 65,797 1,085 66,882
Profit after
tax - 586 - 5,258 5,844 20 5,864
Retirement
benefit
remeasurements - - - (74) (74) - (74)
Other - - (1,904) - (1,904) - (1,904)
Total
comprehensive
income for the
period - 586 (1,904) 5,184 3,866 20 3,886
Equity settled
share schemes 37 - - 402 439 - 439
Issue and
exchange of
other equity
instruments - 1,079 - - 1,079 - 1,079
Other equity
instruments
coupon paid - (586) - - (586) - (586)
Vesting of
employee share
schemes - - (4) (401) (405) - (405)
Dividends paid - - - (512) (512) (17) (529)
Repurchase of
shares (132) - 132 (980) (980) - (980)
Other movements - 1 2 (4) (1) (24) (25)
=============== ============= ============== ============== ============== ======= =============== ============
Balance as at
30 September
2021 4,542 12,252 2,687 49,216 68,697 1,064 69,761
Three months
ended 30.09.21
=============== ============= ============== ============== ============== ======= =============== ============
Balance as at 1
July 2021 4,568 11,167 2,856 48,461 67,052 1,064 68,116
Profit after
tax - 197 - 1,446 1,643 1 1,644
Retirement
benefit
remeasurements - - - (177) (177) - (177)
Other - - (201) - (201) - (201)
=============== ============= ============== ============== ============== ======= =============== ============
Total
comprehensive
income for the
period - 197 (201) 1,269 1,265 1 1,266
Equity settled
share schemes 12 - - 113 125 - 125
Issue and
exchange of
other equity
instruments - 1,079 - - 1,079 - 1,079
Other equity
instruments
coupon paid - (197) - - (197) - (197)
Vesting of
employee share
schemes - - (8) (4) (12) - (12)
Dividends paid - - - (339) (339) (1) (340)
Repurchase of
shares (38) - 38 (280) (280) - (280)
Other movements - 6 2 (4) 4 - 4
=============== ============= ============== ============== ============== ======= =============== ============
Balance as at
30 September
2021 4,542 12,252 2,687 49,216 68,697 1,064 69,761
As at 30.09.21 As at 31.12.20
Other reserves GBPm GBPm
====================================================== ============== ==============
Currency translation reserve 2,808 2,871
Fair value through other comprehensive income reserve (163) 5
Cash flow hedging reserve (48) 1,575
Own credit reserve (1,002) (954)
Other reserves and treasury shares 1,092 964
====================================================== ============== ==============
Total 2,687 4,461
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 Loans and advances at amortised cost divided by deposits at amortised
cost.
Period end allocated tangible equity Allocated tangible equity is calculated as 13.5% (2020: 13.0%) of
RWAs for each business,
adjusted for capital deductions, excluding goodwill and intangible
assets, reflecting the
assumptions the Group uses for capital planning purposes. Head Office
allocated tangible equity
represents the difference between the Group's tangible shareholders'
equity and the amounts
allocated to businesses.
Average tangible shareholders' equity Calculated as the average of the previous month's period end tangible
equity and the current
month's period end tangible equity. The average tangible
shareholders' equity for the period
is the average of the monthly averages within that period.
Average allocated tangible equity Calculated as the average of the previous month's period end
allocated tangible equity and
the current month's period end allocated tangible equity. The average
allocated tangible equity
for the period is the average of the monthly averages within that
period.
Return on average tangible shareholders' equity Annualised profit after tax attributable to ordinary equity holders
of the parent, as a proportion
of average shareholders' equity excluding non-controlling interests
and other equity instruments
adjusted for the deduction of intangible assets and goodwill. The
components of the calculation
have been included on pages 39 to 41.
Return on average allocated tangible equity Annualised profit after tax attributable to ordinary equity holders
of the parent, as a proportion
of average allocated tangible equity. The components of the
calculation have been included
on pages 39 to 42.
Cost: income ratio Total operating expenses divided by total income.
Loan loss rate Quoted in basis points and represents total annualised impairment
charges divided by gross
loans and advances held at amortised cost at the balance sheet date.
The components of the
calculation have been included on page 22. Quoted as zero when credit
impairment is a net
release.
Net interest margin Annualised net interest income divided by the sum of average customer
assets. The components
of the calculation have been included on pages 20 to 21.
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
43.
Returns
Return on average tangible equity is calculated as profit after
tax attributable to ordinary equity holders of the parent as a
proportion of average tangible equity, excluding non-controlling
and other equity interests for businesses. Allocated tangible
equity has been calculated as 13.5% (2020: 13.0%) of RWAs for each
business, adjusted for capital deductions, excluding goodwill and
intangible assets, reflecting the assumptions the Group uses for
capital planning purposes. Head Office average allocated tangible
equity represents the difference between the Group's average
tangible shareholders' equity and the amounts allocated to
businesses.
Profit/(loss) attributable
to ordinary equity holders Return on average tangible
of the parent Average tangible equity equity
Nine months ended 30.09.21 GBPm GBPbn %
============================= ============================ ======================= ============================
Barclays UK 1,336 9.9 17.9
Corporate and Investment
Bank 3,469 28.2 16.4
Consumer, Cards and
Payments 492 4.0 16.2
============================= ============================ ======================= ============================
Barclays International 3,961 32.2 16.4
Head Office (39) 5.0 n/m
============================= ============================ ======================= ============================
Barclays Group 5,258 47.1 14.9
Nine months ended 30.09.20
============================= ============================ ======================= ============================
Barclays UK 165 10.2 2.2
Corporate and Investment
Bank 2,141 27.2 10.5
Consumer, Cards and
Payments (362) 4.6 (10.6)
============================= ============================ ======================= ============================
Barclays International 1,779 31.8 7.5
Head Office (638) 6.5 n/m
============================= ============================ ======================= ============================
Barclays Group 1,306 48.5 3.6
Nine months ended 30.09.21
==================================================================================================
Corporate and Consumer, Cards Barclays
Barclays UK Investment Bank and Payments International Head Office Barclays Group
Return on average
tangible
shareholders'
equity GBPm GBPm GBPm GBPm GBPm GBPm
================== =========== ================= ================= ================== =========== ==============
Attributable
profit/(loss) 1,336 3,469 492 3,961 (39) 5,258
GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
================== =========== ================= ================= ================== =========== ==============
Average
shareholders'
equity 13.5 28.2 4.7 32.9 8.7 55.1
Average goodwill
and intangibles (3.6) - (0.7) (0.7) (3.7) (8.0)
================== =========== ================= ================= ================== =========== ==============
Average tangible
shareholders'
equity 9.9 28.2 4.0 32.2 5.0 47.1
Return on average
tangible
shareholders'
equity 17.9% 16.4% 16.2% 16.4% n/m 14.9%
Nine months ended 30.09.20
==================================================================================================
Corporate and Consumer, Cards Barclays
Barclays UK Investment Bank and Payments International Head Office Barclays Group
Return on average
tangible
shareholders'
equity GBPm GBPm GBPm GBPm GBPm GBPm
================== =========== ================= ================= ================== =========== ==============
Attributable
profit/(loss) 165 2,141 (362) 1,779 (638) 1,306
GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
================== =========== ================= ================= ================== =========== ==============
Average
shareholders'
equity 13.7 27.2 5.2 32.4 10.5 56.6
Average goodwill
and intangibles (3.5) - (0.6) (0.6) (4.0) (8.1)
================== =========== ================= ================= ================== =========== ==============
Average tangible
shareholders'
equity 10.2 27.2 4.6 31.8 6.5 48.5
Return on average
tangible
shareholders'
equity 2.2% 10.5% (10.6)% 7.5% n/m 3.6%
Barclays Group
Q321 Q221 Q121 Q420 Q320 Q220 Q120 Q419
================================================
Return on average tangible shareholders' equity GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
================================================ ===== ===== ===== ===== ===== ===== ===== =====
Attributable profit 1,446 2,108 1,704 220 611 90 605 681
GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
================================================ ===== ===== ===== ===== ===== ===== ===== =====
Average shareholders' equity 56.6 54.4 54.4 55.7 56.4 58.4 55.2 54.5
Average goodwill and intangibles (8.2) (7.9) (7.9) (8.1) (8.1) (8.2) (8.2) (8.1)
================================================ ===== ===== ===== ===== ===== ===== ===== =====
Average tangible shareholders' equity 48.4 46.5 46.5 47.6 48.3 50.2 47.0 46.4
Return on average tangible shareholders' equity 11.9% 18.1% 14.7% 1.8% 5.1% 0.7% 5.1% 5.9%
Barclays UK
Q321 Q221 Q121 Q420 Q320 Q220 Q120 Q419
Return on average allocated tangible equity GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
============================================ ===== ===== ===== ===== ===== ====== ===== =====
Attributable profit/(loss) 317 721 298 160 113 (123) 175 438
GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
============================================ ===== ===== ===== ===== ===== ====== ===== =====
Average allocated equity 13.6 13.5 13.5 13.4 13.7 13.9 13.7 13.8
Average goodwill and intangibles (3.6) (3.6) (3.6) (3.6) (3.6) (3.6) (3.6) (3.5)
============================================ ===== ===== ===== ===== ===== ====== ===== =====
Average allocated tangible equity 10.0 9.9 9.9 9.8 10.1 10.3 10.1 10.3
Return on average allocated tangible equity 12.7% 29.1% 12.0% 6.5% 4.5% (4.8)% 6.9% 17.0%
Barclays International
Q321 Q221 Q121 Q420 Q320 Q220 Q120 Q419
Return on average allocated tangible equity GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
============================================ ===== ===== ===== ===== ===== ===== ===== =====
Attributable profit 1,263 1,267 1,431 441 782 468 529 397
GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
============================================ ===== ===== ===== ===== ===== ===== ===== =====
Average allocated equity 32.7 33.0 32.8 31.1 31.2 34.2 31.9 31.9
Average goodwill and intangibles (0.9) (0.6) (0.5) (0.6) (0.6) (0.7) (0.7) (1.0)
============================================ ===== ===== ===== ===== ===== ===== ===== =====
Average allocated tangible equity 31.8 32.4 32.3 30.5 30.6 33.5 31.2 30.9
Return on average allocated tangible equity 15.9% 15.6% 17.7% 5.8% 10.2% 5.6% 6.8% 5.1%
Corporate and Investment Bank
Q321 Q221 Q121 Q420 Q320 Q220 Q120 Q419
Return on average allocated tangible equity GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
============================================ ===== ===== ===== ===== ===== ===== ===== =====
Attributable profit 1,157 1,049 1,263 413 627 694 820 193
GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
============================================ ===== ===== ===== ===== ===== ===== ===== =====
Average allocated equity 27.8 28.4 28.2 26.3 26.4 29.1 26.2 25.9
Average goodwill and intangibles - - - - - (0.1) - (0.1)
============================================ ===== ===== ===== ===== ===== ===== ===== =====
Average allocated tangible equity 27.8 28.4 28.2 26.3 26.4 29.0 26.2 25.8
Return on average allocated tangible equity 16.6% 14.8% 17.9% 6.3% 9.5% 9.6% 12.5% 3.0%
Consumer, Cards and Payments
Q321 Q221 Q121 Q420 Q320 Q220 Q120 Q419
Return on average allocated tangible equity GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
============================================ ===== ===== ===== ===== ===== ======= ======= =====
Attributable profit/(loss) 106 218 168 28 155 (226) (291) 204
GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
============================================ ===== ===== ===== ===== ===== ======= ======= =====
Average allocated equity 4.9 4.6 4.6 4.8 4.8 5.1 5.7 6.0
Average goodwill and intangibles (0.9) (0.6) (0.5) (0.6) (0.6) (0.6) (0.7) (0.9)
============================================ ===== ===== ===== ===== ===== ======= ======= =====
Average allocated tangible equity 4.0 4.0 4.1 4.2 4.2 4.5 5.0 5.1
Return on average allocated tangible equity 10.5% 21.8% 16.5% 2.7% 14.7% (20.2)% (23.5)% 15.9%
Tangible net asset value per share As at 30.09.21 As at 31.12.20 As at 30.09.20
GBPm GBPm GBPm
====================================================================== ============== ============== ==============
Total equity excluding non-controlling interests 68,697 65,797 67,816
Other equity instruments (12,252) (11,172) (12,012)
Goodwill and intangibles (8,147) (7,948) (8,163)
====================================================================== ============== ============== ==============
Tangible shareholders' equity attributable to ordinary shareholders of
the parent 48,298 46,677 47,641
m m m
====================================================================== ============== ============== ==============
Shares in issue 16,851 17,359 17,353
p p p
====================================================================== ============== ============== ==============
Tangible net asset value per share 287 269 275
Shareholder Information
Results timetable(1) Date
========================================================= ========== ========== ========= ========= ========
2021 Full Year Results and Annual Report 23 February 2022
% Change(3)
Exchange rates(2) 30.09.21 30.06.21 30.09.20 30.06.21 30.09.20
========================================================= ========== ========== ========= ========= ========
Period end - USD/GBP 1.35 1.38 1.29 (2)% 5%
YTD average - USD/GBP 1.39 1.39 1.27 - 9%
3 month average - USD/GBP 1.38 1.40 1.29 (1)% 7%
Period end - EUR/GBP 1.16 1.17 1.10 (1)% 5%
YTD average - EUR/GBP 1.16 1.15 1.13 1% 3%
3 month average - EUR/GBP 1.17 1.16 1.11 1% 5%
Share price data
========================================================= ========== ========== ========= ========= ========
Barclays PLC (p) 189.60 171.12 97.61
Barclays PLC number of shares (m) 16,851 16,998 17,353
For further information please contact
Investor relations Media relations
=========================================================
Chris Manners +44 (0) 20 7773 2136 Tom Hoskin +44 (0) 20 7116 4755
More information on Barclays can be found on our website: home.barclays .
Registered office
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000. Company number:
48839.
Registrar
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom.
Tel: 0371 384 2055(4) from the UK or +44 121 415 7004 from overseas.
American Depositary Receipts (ADRs)
Shareowner Services
StockTransfer@equiniti.com
Tel: +1 800 990 1135 (toll free in US and Canada), +1 651 453 2128 (outside the US and Canada)
Shareowner Services, PO Box 64504, St Paul, MN 55164-0504, USA.
Delivery of ADR certificates and overnight mail
Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120, USA.
1 Note that these dates are provisional and subject to change.
2 The average rates shown above are derived from daily spot rates
during the year.
3 The change is the impact to GBP reported information.
4 Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding
UK public holidays in England and Wales.
Notes
The terms Barclays or Group refer to Barclays PLC together with
its subsidiaries. Unless otherwise stated, the income statement
analysis compares the nine months ended 30 September 2021 to the
corresponding nine months of 2020 and balance sheet analysis as at
30 September 2021 with comparatives relating to 31 December 2020
and 30 September 2020. The abbreviations 'GBPm' and 'GBPbn'
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 'EURm' and 'EURbn' represent millions and thousands
of millions of Euros respectively.
There are a number of key judgement areas, for example
impairment calculations, which are based on models and which are
subject to ongoing adjustment and modifications. Reported numbers
reflect best estimates and judgements at the given point in
time.
Relevant terms that are used in this document but are not
defined under applicable regulatory guidance or International
Financial Reporting Standards (IFRS) are explained in the results
glossary that can be accessed at
home.barclays/investor-relations/reports-and-events/latest-financial-results
.
The information in this announcement, which was approved by the
Board of Directors on 20 October 2021, does not comprise statutory
accounts within the meaning of Section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 December 2020, which
contained an unmodified audit report under Section 495 of the
Companies Act 2006 (which did not make any statements under Section
498 of the Companies Act 2006) have been delivered to the Registrar
of Companies in accordance with Section 441 of the Companies Act
2006.
These results will be furnished as a Form 6-K to the US
Securities and Exchange Commission (SEC) as soon as practicable
following their publication. Once furnished with the SEC, a copy of
the Form 6-K will be available from the SEC's website at
www.sec.gov .
Barclays is a frequent issuer in the debt capital markets and
regularly meets with investors via formal road-shows and other ad
hoc meetings. Consistent with its usual practice, Barclays expects
that from time to time over the coming quarter it will meet with
investors globally to discuss these results and other matters
relating to the Group.
Non-IFRS performance measures
Barclays' management believes that the non-IFRS performance
measures included in this document provide valuable information to
the readers of the financial statements as they enable the reader
to identify a more consistent basis for comparing the businesses'
performance between financial periods and provide more detail
concerning the elements of performance which the managers of these
businesses are most directly able to influence or are relevant for
an assessment of the Group. They also reflect an important aspect
of the way in which operating targets are defined and performance
is monitored by Barclays' management. However, any non-IFRS
performance measures in this document are not a substitute for IFRS
measures and readers should consider the IFRS measures as well.
Refer to the appendix on pages 38 to 43 for further information and
calculations of non-IFRS performance measures included throughout
this document, and the most directly comparable IFRS measures.
Forward-looking statements
This document contains certain forward-looking statements within
the meaning of Section 21E of the US Securities Exchange Act of
1934, as amended, and Section 27A of the US Securities Act of 1933,
as amended, with respect to the Group. Barclays cautions readers
that no forward-looking statement is a guarantee of future
performance and that actual results or other financial condition or
performance measures could differ materially from those contained
in the forward-looking statements. These forward-looking statements
can be identified by the fact that they do not relate only to
historical or current facts. Forward-looking statements sometimes
use words such as 'may', 'will', 'seek', 'continue', 'aim',
'anticipate', 'target', 'projected', 'expect', 'estimate',
'intend', 'plan', 'goal', 'believe', 'achieve' or other words of
similar meaning. Forward-looking statements can be made in writing
but also may be made verbally by members of the management of the
Group (including, without limitation, during management
presentations to financial analysts) 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, income growth, assets, impairment
charges, provisions, business strategy, capital, leverage and other
regulatory ratios, capital distributions (including dividend
pay-out ratios and expected payment strategies), projected levels
of growth in the banking and financial markets, projected costs or
savings, any commitments and targets, estimates of capital
expenditures, plans and objectives for future operations, projected
employee numbers, IFRS impacts and other statements that are not
historical fact. By their nature, forward-looking statements
involve risk and uncertainty because they relate to future events
and circumstances. The forward-looking statements speak only as at
the date on which they are made. Forward-looking statements may be
affected by changes in legislation, the development of standards
and interpretations under IFRS, including evolving practices with
regard to the interpretation and application of accounting and
regulatory standards, the outcome of current and future legal
proceedings and regulatory investigations, future levels of conduct
provisions, the policies and actions of governmental and regulatory
authorities, the Group's ability along with governments and other
stakeholders to measure, manage and mitigate the impacts of climate
change effectively, geopolitical risks and the impact of
competition. In addition, factors including (but not limited to)
the following may have an effect: capital, leverage and other
regulatory rules applicable to past, current and future periods;
UK, US, Eurozone and global macroeconomic and business conditions;
the effects of any volatility in credit markets; market related
risks such as changes in interest rates and foreign exchange rates;
effects of changes in valuation of credit market exposures; changes
in valuation of issued securities; volatility in capital markets;
changes in credit ratings of any entity within the Group or any
securities issued by such entities; direct and indirect impacts of
the coronavirus (COVID-19) pandemic; instability as a result of the
UK's exit from the European Union ("EU"), the effects of the EU-UK
Trade and Cooperation Agreement and the disruption that may
subsequently result in the UK and globally; the risk of
cyber-attacks, information or security breaches or technology
failures on the Group's reputation, business or operations; and the
success of future acquisitions, disposals and other strategic
transactions. A number of these influences and factors are beyond
the Group's control. As a result, the Group's actual financial
position, future results, capital distributions, capital, leverage
or other regulatory ratios or other financial and non-financial
metrics or performance measures may differ materially from the
statements or guidance set forth in the Group's forward-looking
statements. Additional risks and factors which may impact the
Group's future financial condition and performance are identified
in Barclays PLC's filings with the SEC (including, without
limitation, Barclays PLC's Annual Report on Form 20-F for the
fiscal year ended 31 December 2020 and Interim Results Announcement
for the six months ended 30 June 2021 filed on Form 6-K), which are
available on the SEC's website at www.sec.gov .
Subject to Barclays' 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
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contained in this communication, and to share such analysis on an
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For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
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