October 24, 2023

 

(Name of Registrant)

 

(Address of Principal Executive Office)

 

Indicate by check mark whether the registrant files or will file annual reports

under cover of Form 20-F or Form 40-F.

 

Form 20-F x        Form 40-F

 

This Report on Form 6-K is filed by Barclays PLC.

 

This Report comprises:

 

Information given to The London Stock Exchange and furnished pursuant to

General Instruction B to the General Instructions to Form 6-K.

 

 

 

 

 

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

	BARCLAYS PLC
	(Registrant)

 

 

 

Date: October 24, 2023

 

 

	By: /s/ Garth Wright --------------------------------
	Garth Wright
	Assistant Secretary

 

 

 

Exhibit No. 1

 

 

 

30 September 2023

 

 

This document contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended).

 

The terms Barclays and Group refer to Barclays PLC together with its subsidiaries. Unless otherwise stated, the income statement analysis compares the nine months ended 30 September 2023 to the corresponding nine months of 2022 and balance sheet analysis as at 30 September 2023 with comparatives relating to 31 December 2022 and 30 September 2022. The abbreviations '£m' and '£bn' represent millions and thousands of millions of Pounds Sterling respectively; the abbreviations '$m' and '$bn' represent millions and thousands of millions of US Dollars respectively; and the abbreviations '€m' and '€bn' represent millions and thousands of millions of Euros respectively.

 

There are a number of key judgement areas, for example impairment calculations, which are based on models and which are subject to ongoing adjustment and modifications. Reported numbers reflect best estimates and judgements at the given point in time.

 

Relevant terms that are used in this document but are not defined under applicable regulatory guidance or International Financial Reporting Standards (IFRS) are explained in the results glossary, which can be accessed at home.barclays/investor-relations.

 

The information in this announcement, which was approved by the Board of Directors on 23 October 2023, does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2022, 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 on Form 6-K with 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.

 

 

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 40 to 46 for further information and calculations of non-IFRS performance measures included throughout this document, and the most directly comparable IFRS measures.

 

 

This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to the Group. Barclays cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as 'may', 'will', 'seek', 'continue', 'aim', 'anticipate', 'target', 'projected', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', 'achieve' or other words of similar meaning. Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of the Group (including during management presentations) in connection with this document. Examples of forward-looking statements include, among others, statements or guidance regarding or relating to the Group's future financial position, income levels, costs, assets and liabilities, impairment charges, provisions, capital, leverage and other regulatory ratios, capital distributions (including dividend policy and share buybacks), return on tangible equity, projected levels of growth in banking and financial markets, industry trends, any commitments and targets (including environmental, social and governance (ESG) commitments and targets), business strategy, plans and objectives for future operations and other statements that are not historical or current facts. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements speak only as at the date on which they are made. Forward-looking statements may be affected by a number of factors, including, without limitation: changes in legislation, regulation and the interpretation thereof, changes in IFRS and other accounting standards, including practices with regard to the interpretation and application thereof and emerging and developing ESG reporting standards; the outcome of current and future legal proceedings and regulatory investigations; the 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; environmental, social and geopolitical risks and incidents and similar events beyond the Group's control; the impact of competition; capital, leverage and other regulatory rules applicable to past, current and future periods; UK, US, Eurozone and global macroeconomic and business conditions, including inflation; volatility in credit and capital markets; market related risks such as changes in interest rates and foreign exchange rates; higher or lower asset valuations; changes in credit ratings of any entity within the Group or any securities issued by it; changes in counterparty risk; changes in consumer behaviour; the direct and indirect consequences of the Russia-Ukraine war on European and global macroeconomic conditions, political stability and financial markets; 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 any 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; the Group's ability to access funding; and the success of acquisitions, disposals and other strategic transactions. A number of these factors are beyond the Group's control. As a result, the Group's actual financial position, results, financial and non-financial metrics or performance measures or its ability to meet commitments and targets may differ materially from the statements or guidance set forth in the Group's forward-looking statements. Additional risks and factors which may impact the Group's future financial condition and performance are identified in Barclays PLC's filings with the US Securities and Exchange Commission (SEC) (including, without limitation, Barclays PLC's Annual Report on Form 20-F for the financial year ended 31 December 2022 and Interim Results Announcement for the six months ended 30 June 2023 filed on Form 6-K), which are available on the SEC's website at www.sec.gov.

 

Subject to Barclays PLC's obligations under the applicable laws and regulations of any relevant jurisdiction (including, without limitation, the UK and the US) in relation to disclosure and ongoing information, we undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

 

 

C. S. Venkatakrishnan, Group Chief Executive, commented "We delivered an 11.0% RoTE in Q3, against a mixed market backdrop, as we continued to manage credit well, remained disciplined on costs and maintained a strong capital position, with a Common Equity Tier 1 (CET1) ratio of 14.0%. We see further opportunities to enhance returns for shareholders through cost efficiencies and disciplined capital allocation across the Group. We will provide an Investor Update at FY23 results which will include setting out our capital allocation priorities, as well as revised financial targets"

 

 

●	Q323 Group RoTE of 11.0% and Q323 YTD of 12.5%. Barclays UK Q323 RoTE of 21.0% and Q323 YTD of 20.6%
●	Prudent risk management with Q323 YTD loan loss rate (LLR) of 43bps
●	Strong balance sheet with CET1 ratio of 14.0%
●	c.7.5p total distributions per share announced at H123: dividend of 2.7p now paid, and completed the share buyback of £750m

 

 

	Income	Profit before tax	Attributable profit	Cost income ratio	LLR	RoTE	EPS	TNAV per share	CET1 ratio
Q323	£6.3bn	£1.9bn	£1.3bn	63%	42bps	11.0%	8.3p	316p	14.0%
Q323 YTD	£19.8bn	£6.4bn	£4.4bn	61%	43bps	12.5%	28.2p

 

 

●	Group RoTE of 11.0% with profit before tax of £1.9bn (Q322: £2.0bn). Excluding the impacts from the Over-issuance of Securities1,2 in the prior year:
	-	Group income down 2% year-on-year to £6.3bn:
		-	Barclays UK income decreased 2% to £1.9bn, primarily driven by the impact from the transfer of Wealth Management & Investments (WM&I) to Consumer, Cards and Payments (CC&P). Excluding the transfer, Barclays UK income was up 1%3 driven by net interest income growth from higher rates, including continued structural hedge income, partially offset by product dynamics in deposits and mortgages
		-	Corporate and Investment Bank (CIB) income decreased 6% to £3.1bn, reflecting lower client activity in both Global Markets (against a record FICC performance in Q3224) and Investment Banking fees, more than offsetting higher Corporate income from higher rates and the non-repeat of fair value losses on leverage finance lending in the prior year
		-	CC&P income increased 9% to £1.4bn reflecting higher balances in US cards and the benefit of the transfer of WM&I from Barclays UK
	-	Group total operating expenses decreased 4% year-on-year to £3.9bn as inflation, business growth and investments were more than offset by efficiency savings and lower litigation and conduct charges
●	Credit impairment charges were £0.4bn, with an LLR of 42bps
●	CET1 ratio of 14.0%, with risk weighted assets (RWAs) of £341.9bn and tangible net asset value (TNAV) per share of 316p

 

1	Denotes the Over-issuance of Securities under Barclays Bank PLC's US shelf registration statements on Form F-3 filed with the SEC in 2018 and 2019. See page 5 for a reconciliation of financial results excluding the impact of the Over-issuance of Securities in the prior year.
2	Q322 impacts from the Over-Issuance of Securities: £0.5bn income reduction and £0.5bn reduction in litigation and conduct charges.
3	The income impact of the WM&I transfer was c.£60m in Q323.
4	Q322 was a record third quarter performance for FICC within Global Markets. Period covering Q114-Q323. Pre 2014 data was not restated following re-segmentation in Q116.

 

 

●	Group RoTE was 12.5% (Q322 YTD: 10.9%) with profit before tax of £6.4bn (Q322 YTD: £5.7bn).
●	Excluding the impact of the Over-issuance of Securities in the prior year1:
	-	Group income of £19.8bn, up 5% year-on-year
	-	Group total operating expenses were £12.0bn, up 2% year-on-year. Cost: income ratio of 61% as the Group delivered positive cost: income jaws of 3%
●	Credit impairment charges were £1.3bn with an LLR of 43bps, with delinquencies in US cards in line with pre-pandemic experience
●	On a statutory basis:
	-	Group income was £19.8bn, up 3% year-on-year
	-	Group total operating expenses were £12.0bn, a decrease of 6% year-on-year

 

 

●	Costs: targeting a cost: income ratio percentage in the low 60s in 2023, investing for growth whilst progressing towards the Group's medium-term target of below 60%. Separately, the Group is evaluating actions to reduce structural costs to help drive future returns, which may result in material additional charges in Q423
●	Returns: targeting a RoTE of greater than 10% in 2023, excluding any such structural costs actions
●	Impairment: expect an LLR of 50-60bps through the cycle
●	Barclays UK Net Interest Margin (NIM): now expected to be in the range of 3.05% - 3.10% in 2023. Guidance is sensitive to the level and mix of deposit balances and further changes in expectations for interest rates
●	Capital: expect to continue to operate within the CET1 ratio target range of 13-14%
●	Capital returns: capital distribution policy incorporates a progressive ordinary dividend, supplemented with share buybacks as appropriate

 

1	Q322 YTD impacts from the Over-Issuance of Securities: £0.3bn income gain and £1.0bn litigation and conduct charges.

 

Barclays Group results	Nine months ended				Three months ended
	30.09.23	30.09.22			30.09.23	30.09.22
	£m	£m	% Change		£m	£m	% Change
Barclays UK	5,795	5,289	10		1,873	1,916	(2)
Corporate and Investment Bank	10,220	10,792	(5)		3,082	2,821	9
Consumer, Cards and Payments	3,944	3,213	23		1,360	1,244	9
Barclays International	14,164	14,005	1		4,442	4,065	9
Head Office	(179)	(139)	(29)		(57)	(30)	(90)
Total income	19,780	19,155	3		6,258	5,951	5
Operating costs	(11,979)	(11,209)	(7)		(3,949)	(3,939)
Litigation and conduct	(32)	(1,518)	98		-	339
Total operating expenses	(12,011)	(12,727)	6		(3,949)	(3,600)	(10)
Other net income/(expenses)	7	(4)			9	(1)
Profit before impairment	7,776	6,424	21		2,318	2,350	(1)
Credit impairment charges	(1,329)	(722)	(84)		(433)	(381)	(14)
Profit before tax	6,447	5,702	13		1,885	1,969	(4)
Tax charge	(1,257)	(1,072)	(17)		(343)	(249)	(38)
Profit after tax	5,190	4,630	12		1,542	1,720	(10)
Non-controlling interests	(39)	(23)	(70)		(9)	(2)
Other equity instrument holders	(766)	(620)	(24)		(259)	(206)	(26)
Attributable profit	4,385	3,987	10		1,274	1,512	(16)
Performance measures
Return on average tangible shareholders' equity	12.5%	10.9%			11.0%	12.5%
Average tangible shareholders' equity (£bn)	47.0	48.8			46.5	48.6
Cost: income ratio	61%	66%			63%	60%
Loan loss rate (bps)	43	23			42	36
Basic earnings per share	28.2p	24.2p			8.3p	9.4p
Basic weighted average number of shares (m)	15,564	16,503	(6)		15,405	16,148	(5)
Period end number of shares (m)	15,239	15,888	(4)		15,239	15,888	(4)

 

	As at 30.09.23	As at 31.12.22	As at 30.09.22
Balance sheet and capital management1	£bn	£bn	£bn
Loans and advances at amortised cost	405.4	398.8	413.7
Loans and advances at amortised cost impairment coverage ratio	1.4%	1.4%	1.4%
Total assets	1,591.7	1,513.7	1,726.9
Deposits at amortised cost	561.3	545.8	574.4
Tangible net asset value per share	316p	295p	286p
Common equity tier 1 ratio	14.0%	13.9%	13.8%
Common equity tier 1 capital	48.0	46.9	48.6
Risk weighted assets	341.9	336.5	350.8
UK leverage ratio	5.0%	5.3%	5.0%
UK leverage exposure	1,202.4	1,130.0	1,232.1
Funding and liquidity
Group liquidity pool (£bn)	335.0	318.0	325.8
Liquidity coverage ratio2	159%	156%	156%
Net stable funding ratio3	138%	137%
Loan: deposit ratio	72%	73%	72%

 

1	Refer to pages 32 to 36 for further information on how capital, RWAs and leverage are calculated.
2	The Liquidity Coverage Ratio is now shown on an average basis, based on the average of the last 12 spot month end ratios. Prior period LCR comparatives have been updated for consistency.
3	Represents average of the last four spot quarter end positions.

 

 

Three months ended	30.09.23		30.09.22
	Statutory		Statutory	Impact of the Over-issuance of Securities	Excluding impact of the Over-issuance of Securities
	£m		£m	£m	£m		% Change
Barclays UK	1,873		1,916	-	1,916		(2)
Corporate and Investment Bank	3,082		2,821	(466)	3,287		(6)
Consumer, Cards and Payments	1,360		1,244	-	1,244		9
Barclays International	4,442		4,065	(466)	4,531		(2)
Head Office	(57)		(30)	-	(30)		(90)
Total income	6,258		5,951	(466)	6,417		(2)
Operating costs	(3,949)		(3,939)	-	(3,939)
Litigation and conduct	-		339	503	(164)
Total operating expenses	(3,949)		(3,600)	503	(4,103)		4
Other net income/(expenses)	9		(1)	-	(1)
Profit before impairment	2,318		2,350	37	2,313
Credit impairment charges	(433)		(381)	-	(381)		(14)
Profit before tax	1,885		1,969	37	1,932		(2)
Attributable profit	1,274		1,512	29	1,483		(14)
Average tangible shareholders' equity (£bn)	46.5		48.6		48.6
Return on average tangible shareholders' equity	11.0%		12.5%		12.2%
Nine months ended	30.09.23		30.09.22
	Statutory		Statutory	Impact of the Over-issuance of Securities	Excluding impact of the Over-issuance of Securities
	£m		£m	£m	£m		% Change
Barclays UK	5,795		5,289	-	5,289		10
Corporate and Investment Bank	10,220		10,792	292	10,500		(3)
Consumer, Cards and Payments	3,944		3,213	-	3,213		23
Barclays International	14,164		14,005	292	13,713		3
Head Office	(179)		(139)	-	(139)		(29)
Total income	19,780		19,155	292	18,863		5
Operating costs	(11,979)		(11,209)	-	(11,209)		(7)
Litigation and conduct	(32)		(1,518)	(966)	(552)		94
Total operating expenses	(12,011)		(12,727)	(966)	(11,761)		(2)
Other net income/(expenses)	7		(4)	-	(4)
Profit before impairment	7,776		6,424	(674)	7,098		10
Credit impairment charges	(1,329)		(722)	-	(722)		(84)
Profit before tax	6,447		5,702	(674)	6,376		1
Attributable profit	4,385		3,987	(552)	4,539		(3)
Average tangible shareholders' equity (£bn)	47.0		48.8		48.8
Return on average tangible shareholders' equity	12.5%		10.9%		12.4%

 

 

 

●	Barclays delivered a profit before tax of £6,447m (Q322 YTD: £5,702m), RoTE of 12.5% (Q322 YTD: 10.9%) and earnings per share (EPS) of 28.2p (Q322 YTD: 24.2p)
●	The Group has a diverse income profile across businesses and geographies including a significant presence in the US. The appreciation of average USD against GBP positively impacted income and profits and adversely impacted credit impairment charges and total operating expenses
●	Group income increased 3% to £19,780m primarily driven by the net benefit from the higher interest rate environment, including continued structural hedge income, and higher balances in US cards, partially offset by the non repeat of the prior year income from hedging arrangements related to the Over-issuance of Securities and lower income in Global Markets and Investment Banking fees
●	Group total operating expenses decreased to £12,011m (Q322 YTD: £12,727m)
	-	Group operating expenses excluding litigation and conduct charges increased to £11,979m (Q322 YTD: £11,209m) reflecting the impact of business growth, including the Gap portfolio acquisition in US cards and the Kensington Mortgage Company (KMC) acquisition in Barclays UK, as well as investments in resilience and controls. The impact of Group inflation was broadly offset by efficiency savings. The Group incurred £119m of structural cost actions (Q322 YTD: £78m), primarily related to the ongoing Barclays UK transformation programme
	-	Litigation and conduct charges decreased to £32m (Q322 YTD: £1,518m). The prior year charges included £966m of costs related to the Over-issuance of Securities, £282m of customer remediation costs relating to legacy loan portfolios in CC&P and £165m related to the Devices Settlements1
●	Credit impairment charges were £1,329m (Q322 YTD: £722m), with delinquencies in US cards in line with pre-pandemic experience. Total coverage ratio remains strong at 1.4% (December 2022: 1.4%)
●	The effective tax rate (ETR) was 19.5% (Q322 YTD: 18.8%). The prior year included tax benefits arising in the year and in respect of prior years, which were partially offset by the impact of the downward re-measurement of the Group's UK deferred tax assets as a result of the UK banking surcharge rate being reduced from 8% to 3%
●	Attributable profit was £4,385m (Q322 YTD: £3,987m)
●	Total assets increased to £1,591.7bn (December 2022: £1,513.7bn) driven by increased trading activity within CIB since December 2022. The Group liquidity pool was further strengthened by deposit growth
●	TNAV per share increased to 316p (December 2022: 295p) as EPS of 28.2p and the impact of share buybacks announced at FY22 and H123 results were partially offset by dividends paid in the period and net negative reserve movements

 

 

Barclays UK delivered a RoTE of 20.6% supported by the higher interest rate environment and the continued investment in our transformation into a next-generation, digitised consumer bank. The challenging environment has persisted with customer behaviour driving a reduction in the NIM outlook and balances.

 

●	Profit before tax increased 16% to £2,300m with a RoTE of 20.6% (Q322 YTD: 18.7%)
●	Total income increased 10% to £5,795m. Net interest income increased 13% to £4,856m with a NIM of 3.15% (Q322 YTD: 2.78%), as higher interest rates and associated structural hedge benefit outweighed mortgage margin pressure, lower deposit volumes and the search for yield in savings, with these product dynamics trends increasing in Q323. Net fee, commission and other income decreased 6% to £939m including the impact of the transfer of WM&I to CC&P
	-	Personal Banking income increased 11% to £3,662m, driven by higher interest rates, partially offset by mortgage margin compression and lower current accounts deposit volumes consistent with wider market trends and cost of living pressures
	-	Barclaycard Consumer UK income decreased 12% to £722m as higher customer spend volumes were more than offset by lower interest earning lending balances following repayments and ongoing prudent risk management
	-	Business Banking income increased 22% to £1,411m driven by higher interest rates, partially offset by lower government scheme lending as repayments continue and lower deposit volumes in line with wider market trends
●	Total operating expenses increased 2% to £3,228m from the impact of inflation, partially offset by the transfer of WM&I to CC&P. Ongoing efficiency savings continue to be reinvested, including in our transformation programme to support further improvements to the cost: income ratio over time
●	Credit impairment charges increased to £267m (Q322 YTD: £129m), driven by updated macroeconomic scenarios, reflecting year-to-date improvement in GDP and unemployment outlook against a backdrop of higher interest rates and a weaker House Price Index (HPI). UK cards 30 and 90 day arrears remained low at 0.9% (Q322: 1.0%) and 0.2% (Q322: 0.3%) respectively. The UK cards total coverage ratio was 6.3% (December 2022: 7.6%)

 

1	Refers to the settlements with the SEC and Commodity Futures Trading Commission (CFTC) in connection with their investigations of the use of unauthorised devices for business communications.

 

 

●	Loans and advances to customers at amortised cost were broadly stable at £204.9bn (December 2022: £205.1bn), primarily reflecting the acquisition of KMC and mortgage lending in the first half of the year, which more than offset repayment of government scheme lending in Business Banking
●	Customer deposits at amortised cost decreased 6% to £243.2bn. Primarily driven by reduced current account balances in Personal and Business Banking, reflecting broader market trends. The loan: deposit ratio increased to 92% (December 2022: 87%)
	-	Average balances quarter-on-quarter contributed to a larger net interest income deposit effect than the period end balances
●	RWAs were stable at £73.2bn (December 2022: £73.1bn) including a reduction due to a capital Loss Given Default (LGD) model update for the mortgages portfolio, partially offset by the acquisition of KMC

 

 

Barclays International delivered a RoTE of 11.4%. Despite the reduced banking industry fee pool and lower client activity in Global Markets, CIB delivered a RoTE of 11.5% reflecting the benefits of income diversification and investment in sustainable growth. CC&P delivered a RoTE of 10.6% reflecting continued investment in the business resulting in balance growth and increased income, partially offset by higher impairment charges.

 

●	Profit before tax increased 10% to £4,580m with a RoTE of 11.4% (Q322 YTD: 11.5%), reflecting a RoTE of 11.5% (Q322 YTD: 11.9%) in CIB and 10.6% (Q322 YTD: 8.9%) in CC&P
●	Barclays International has a diverse income profile across businesses and geographies including a significant presence in the US. The appreciation of average USD against GBP positively impacted income and profits, and adversely impacted credit impairment charges and total operating expenses
●	Total income increased to £14,164m (Q322 YTD: £14,005m)
	-	CIB income decreased 5% to £10,220m and 3% excluding the impact from prior year hedging arrangements related to the Over-issuance of Securities1
		-	Global Markets income decreased 18% to £6,063m. FICC income decreased 13% to £4,121m, driven by macro reflecting lower market volatility and client activity, partially offset by strong performance in credit. Equities income decreased 28% to £1,942m, driven by a decline in derivatives income reflecting less volatile equity market conditions. Excluding the impact from the Over-issuance of Securities, Equities income decreased by 20%
		-	Investment Banking fees decreased 16% to £1,450m due to the reduced fee pool across Advisory and Debt capital markets2, partially offset by an improvement in Equity capital markets
		-	Within Corporate, Transaction banking income increased 31% to £2,272m driven by improved deposit margins in the higher interest rate environment. Corporate lending income increased to £435m (Q322 YTD: £103m loss) mainly driven by lower costs of hedging and the non-repeat of fair value losses on leverage finance lending net of mark to market gains on related hedges in the prior year
	-	CC&P income increased 23% to £3,944m
		-	International Cards and Consumer Bank income increased 28% to £2,625m reflecting higher cards balances and improved margins, including the Gap portfolio acquisition in Q222
		-	Private Bank income increased 21% to £884m, due to the transfer of WM&I from Barclays UK, client balance growth and improved margins
		-	Payments income was stable at £435m (Q322 YTD: £431m) driven by merchant acquiring growth, partially offset by margin compression
●	Total operating expenses decreased 8% to £8,559m, and excluding litigation and conduct increased 9% to £8,519m, reflecting investment in the business
	-	CIB total operating expenses decreased 11% to £6,192m. Operating expenses excluding litigation and conduct charges increased 6% to £6,201m reflecting investment in talent and technology, and the impact of inflation, partially offset by efficiency savings
	-	CC&P total operating expenses increased 4% to £2,367m. Operating expenses excluding litigation and conduct charges increased 17% to £2,318m, driven by higher investment spend to support growth, mainly in marketing and partnership costs including the Gap portfolio acquisition, the transfer of WM&I from Barclays UK and the impact of inflation, partially offset by efficiency savings

 

1	Q322 YTD included £292m of income gain related to hedging arrangements to manage the risks of the rescission offer in relation to the Over-issuance of Securities.
2	Data source: Dealogic for the period covering 1 January to 30 September 2023.

 

 

●	Credit impairment charges were £1,037m (Q322 YTD: £605m)
	-	CIB credit impairment charges were £nil (Q322 YTD: £78m) driven by single name charges offset by the benefit of credit protection and the updated macroeconomic scenarios
	-	CC&P credit impairment charges increased to £1,037m (Q322 YTD: £527m), with delinquencies in US cards in line with pre-pandemic experience, with 30 and 90 day arrears at 2.7% (Q322: 2.0%) and 1.3% (Q322: 0.8%) respectively. The US cards total coverage ratio was 9.7% (December 2022: 8.1%)
●	RWAs increased to £259.2bn (December 2022: £254.8bn) due to increased trading activity within CIB since Q422, partially offset by the impact of strengthening of GBP against USD
	-	RWAs were broadly stable since June 2023, excluding the impact of spot USD appreciation against GBP

 

 

●	Loss before tax was £433m (Q322 YTD: £446m)
●	Total income was an expense of £179m (Q322 YTD: £139m) primarily reflecting hedge accounting and treasury items. The prior year included a one-off gain of £86m from the sale and leaseback of UK data centres, as well as a £74m loss on sale arising from disposals of Barclays' equity stake in Absa Group Limited
●	Total operating expenses decreased to £224m (Q322 YTD: £293m) primarily driven by lower litigation and conduct charges
●	RWAs were £9.5bn (December 2022: £8.6bn)

 

 

●	Barclays paid a half-year dividend of 2.7p per share on 15 September 2023, and completed the share buyback of £750m announced at H123 results, bringing the total capital return equivalent to c.7.5p per share
●	Barclays is committed to maintaining a balance between a strong capital position, delivering total cash returns to shareholders and investment in the business. 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 dividend as appropriate, including with share buybacks

 

 

●	The CET1 ratio increased to 14.0% (December 2022: 13.9%) as CET1 capital increased by £1.1bn to £48.0bn (December 2022: £46.9bn) partially offset by an increase in RWAs of £5.4bn to £341.9bn (December 2022: £336.5bn):
	-	c.130bps increase from attributable profit generated in the period
	-	c.60bps decrease driven by returns to shareholders including the interim dividend of 2.7p per share paid in September 2023 and £1.3bn of share buybacks announced with FY22 and H123 results. It also includes an accrual towards the FY23 dividend
	-	c.30bps decrease from other capital movements, including the impact of regulatory change on 1 January 2023 relating to IFRS 9 transitional relief, the impact of the KMC acquisition, and other regulatory capital deductions
	-	c.30bps decrease as a result of a £7.4bn increase in RWAs primarily driven by increased trading activity within CIB since December 2022
	-	A £3.2bn decrease in RWAs as a result of foreign exchange movements since December 2022 was broadly offset by a £0.4bn decrease in CET1 capital due to a decrease in the currency translation reserve
●	The UK leverage ratio decreased to 5.0% (December 2022: 5.3%) primarily due to a £72.4bn increase in leverage exposure to £1,202.4bn (December 2022: £1,130.0bn). This is largely driven by increased trading activity within CIB since December 2022

 

 

●	The liquidity and funding position remains robust and stable in the period. The liquidity pool increased to £335.0bn (December 2022: £318.0bn) driven by deposit growth. The composition of the liquidity pool is conservative, with 81% held in cash and deposits with central banks and the remainder primarily held in high quality government bonds, materially held at fair value or hedged
●	The strength of the funding and liquidity position is supported by a diverse and stable deposit franchise. Total deposits increased to £561.3bn (December 2022: £545.8bn)
●	The average1 Liquidity Coverage Ratio (LCR) remained significantly above the 100% regulatory requirement at 159% (December 2022: 156%), equivalent to a surplus of £115.6bn (December 2022: £114.4bn)
●	The average2 Net Stable Funding Ratio was 138% (December 2022: 137%), which represents a £165.8bn (December 2022: £155.6bn) surplus above the 100% regulatory requirement
●	Wholesale funding outstanding, excluding repurchase agreements, was £186.4bn (December 2022: £184.0bn)
●	The Group issued £12.0bn equivalent of minimum requirement for own funds and eligible liabilities (MREL) instruments from Barclays PLC (the Parent company) year to date. The Group has a strong MREL position with a ratio of 33.4%, which is in excess of the regulatory requirement of 29.6% plus a confidential, institution specific, Prudential Regulation Authority (PRA) buffer

 

 

●	KMC acquisition: on 1 March 2023, Barclays completed the acquisition of UK specialist mortgage lender KMC, including a portfolio of mortgages totalling £2.2bn with an RWA impact of £0.8bn
●	Combination of the Private Bank and Barclays UK Wealth business: on 1 May 2023, WM&I was transferred from Barclays UK to CC&P, creating a combined Private Bank and Wealth Management business. The combination seeks to improve customer and client experience and create business synergies:
	-	The business transferred includes c.£28bn of invested assets, generating annualised income of c.£0.2bn

 

1	Represents average of the last 12 spot month end ratios.
2	Represents average of the last four spot quarter end ratios.

 

 

 

Barclays UK	Nine months ended				Three months ended
	30.09.23	30.09.22			30.09.23	30.09.22
Income statement information	£m	£m	% Change		£m	£m	% Change
Net interest income	4,856	4,293	13		1,578	1,561	1
Net fee, commission and other income	939	996	(6)		295	355	(17)
Total income	5,795	5,289	10		1,873	1,916	(2)
Operating costs	(3,240)	(3,152)	(3)		(1,058)	(1,069)	1
Litigation and conduct	12	(28)			9	(3)
Total operating expenses	(3,228)	(3,180)	(2)		(1,049)	(1,072)	2
Other net expenses	-	(1)			-	(1)
Profit before impairment	2,567	2,108	22		824	843	(2)
Credit impairment charges	(267)	(129)			(59)	(81)	27
Profit before tax	2,300	1,979	16		765	762
Attributable profit	1,580	1,403	13		531	549	(3)
Performance measures
Return on average allocated tangible equity	20.6%	18.7%			21.0%	22.1%
Average allocated tangible equity (£bn)	10.2	10.0			10.1	9.9
Cost: income ratio	56%	60%			56%	56%
Loan loss rate (bps)	16	8			10	14
Net interest margin	3.15%	2.78%			3.04%	3.01%
	As at 30.09.23	As at 31.12.22	As at 30.09.22
Balance sheet information	£bn	£bn	£bn
Loans and advances to customers at amortised cost	204.9	205.1	205.1
Total assets	299.9	313.2	316.8
Customer deposits at amortised cost	243.2	258.0	261.0
Loan: deposit ratio	92%	87%	86%
Risk weighted assets	73.2	73.1	73.2
Period end allocated tangible equity	10.1	10.1	10.1

 

Analysis of Barclays UK	Nine months ended				Three months ended
	30.09.23	30.09.22			30.09.23	30.09.22
Analysis of total income	£m	£m	% Change		£m	£m	% Change
Personal Banking	3,662	3,311	11		1,165	1,212	(4)
Barclaycard Consumer UK	722	824	(12)		238	283	(16)
Business Banking	1,411	1,154	22		470	421	12
Total income	5,795	5,289	10		1,873	1,916	(2)
Analysis of credit impairment (charges)/releases
Personal Banking	(205)	(47)			(85)	(26)
Barclaycard Consumer UK	(89)	42			29	2
Business Banking	27	(124)			(3)	(57)	95
Total credit impairment charges	(267)	(129)			(59)	(81)	27
	As at 30.09.23	As at 31.12.22	As at 30.09.22
Analysis of loans and advances to customers at amortised cost	£bn	£bn	£bn
Personal Banking	172.3	169.7	168.7
Barclaycard Consumer UK	9.6	9.2	9.0
Business Banking	23.0	26.2	27.4
Total loans and advances to customers at amortised cost	204.9	205.1	205.1
Analysis of customer deposits at amortised cost
Personal Banking	186.1	195.6	197.3
Barclaycard Consumer UK	-	-	-
Business Banking	57.1	62.4	63.7
Total customer deposits at amortised cost	243.2	258.0	261.0

 

Barclays International	Nine months ended				Three months ended
	30.09.23	30.09.22			30.09.23	30.09.22
Income statement information	£m	£m	% Change		£m	£m	% Change
Net interest income	4,739	3,462	37		1,655	1,497	11
Net trading income	5,158	6,540	(21)		1,461	1,328	10
Net fee, commission and other income	4,267	4,003	7		1,326	1,240	7
Total income	14,164	14,005	1		4,442	4,065	9
Operating costs	(8,519)	(7,818)	(9)		(2,816)	(2,776)	(1)
Litigation and conduct	(40)	(1,436)	97		(10)	396
Total operating expenses	(8,559)	(9,254)	8		(2,826)	(2,380)	(19)
Other net income	12	23	(48)		3	10	(70)
Profit before impairment	5,617	4,774	18		1,619	1,695	(4)
Credit impairment charges	(1,037)	(605)	(71)		(358)	(295)	(21)
Profit before tax	4,580	4,169	10		1,261	1,400	(10)
Attributable profit	3,149	3,219	(2)		848	1,136	(25)
Performance measures
Return on average allocated tangible equity	11.4%	11.5%			9.2%	11.6%
Average allocated tangible equity (£bn)	37.0	37.2			36.8	39.1
Cost: income ratio	60%	66%			64%	59%
Loan loss rate (bps)	77	43			78	62
Net interest margin	5.90%	4.78%			5.98%	5.58%
	As at 30.09.23	As at 31.12.22	As at 30.09.22
Balance sheet information	£bn	£bn	£bn
Loans and advances to customers at amortised cost	130.8	133.7	137.0
Loans and advances to banks at amortised cost	10.3	8.7	11.0
Debt securities at amortised cost	36.4	27.2	36.2
Loans and advances at amortised cost	177.5	169.6	184.2
Trading portfolio assets	155.4	133.8	126.3
Derivative financial instrument assets	280.4	301.7	415.7
Financial assets at fair value through the income statement	238.3	210.5	244.7
Cash collateral and settlement balances	136.0	107.7	163.3
Other assets	285.5	258.0	257.2
Total assets	1,273.1	1,181.3	1,391.4
Deposits at amortised cost	318.2	287.6	313.2
Derivative financial instrument liabilities	268.3	288.9	394.2
Loan: deposit ratio	56%	59%	59%
Risk weighted assets	259.2	254.8	269.3
Period end allocated tangible equity	37.1	36.8	38.8

 

Analysis of Barclays International
Corporate and Investment Bank	Nine months ended				Three months ended
	30.09.23	30.09.22			30.09.23	30.09.22
Income statement information	£m	£m	% Change		£m	£m	% Change
Net interest income	2,021	1,401	44		700	606	16
Net trading income	5,294	6,532	(19)		1,503	1,344	12
Net fee, commission and other income	2,905	2,859	2		879	871	1
Total income	10,220	10,792	(5)		3,082	2,821	9
Operating costs	(6,201)	(5,834)	(6)		(2,015)	(2,043)	1
Litigation and conduct	9	(1,134)			7	498	(99)
Total operating expenses	(6,192)	(6,968)	11		(2,008)	(1,545)	(30)
Other net income	3	-			2	-
Profit before impairment	4,031	3,824	5		1,076	1,276	(16)
Credit impairment (charges)/releases	-	(78)			20	(46)
Profit before tax	4,031	3,746	8		1,096	1,230	(11)
Attributable profit	2,728	2,910	(6)		721	1,015	(29)
Performance measures
Return on average allocated tangible equity	11.5%	11.9%			9.2%	11.9%
Average allocated tangible equity (£bn)	31.7	32.5			31.5	34.0
Cost: income ratio	61%	65%			65%	55%
Loan loss rate (bps)	-	7			(6)	13
	As at 30.09.23	As at 31.12.22	As at 30.09.22
Balance sheet information	£bn	£bn	£bn
Loans and advances to customers at amortised cost	87.9	90.5	93.6
Loans and advances to banks at amortised cost	9.6	8.1	10.2
Debt securities at amortised cost	36.3	27.2	36.2
Loans and advances at amortised cost	133.8	125.8	140.0
Trading portfolio assets	155.3	133.7	126.1
Derivative financial instrument assets	280.4	301.6	415.5
Financial assets at fair value through the income statement	238.2	210.5	244.6
Cash collateral and settlement balances	135.2	106.9	162.6
Other assets	237.2	222.6	220.6
Total assets	1,180.1	1,101.1	1,309.4
Deposits at amortised cost	236.9	205.8	229.5
Derivative financial instrument liabilities	268.3	288.9	394.2
Risk weighted assets	219.2	215.9	230.6
	Nine months ended				Three months ended
	30.09.23	30.09.22			30.09.23	30.09.22
Analysis of total income	£m	£m	% Change		£m	£m	% Change
FICC	4,121	4,719	(13)		1,147	1,546	(26)
Equities	1,942	2,709	(28)		675	246
Global Markets	6,063	7,428	(18)		1,822	1,792	2
Advisory	422	571	(26)		80	150	(47)
Equity capital markets	181	126	44		62	42	48
Debt capital markets	847	1,038	(18)		233	341	(32)
Investment Banking fees	1,450	1,735	(16)		375	533	(30)
Corporate lending	435	(103)			172	(181)
Transaction banking	2,272	1,732	31		713	677	5
Corporate	2,707	1,629	66		885	496	78
Total income	10,220	10,792	(5)		3,082	2,821	9

 

Analysis of Barclays International
Consumer, Cards and Payments	Nine months ended				Three months ended
	30.09.23	30.09.22			30.09.23	30.09.22
Income statement information	£m	£m	% Change		£m	£m	% Change
Net interest income	2,718	2,061	32		955	891	7
Net fee, commission, trading and other income	1,226	1,152	6		405	353	15
Total income	3,944	3,213	23		1,360	1,244	9
Operating costs	(2,318)	(1,984)	(17)		(801)	(733)	(9)
Litigation and conduct	(49)	(302)	84		(17)	(102)	83
Total operating expenses	(2,367)	(2,286)	(4)		(818)	(835)	2
Other net income	9	23	(61)		1	10	(90)
Profit before impairment	1,586	950	67		543	419	30
Credit impairment charges	(1,037)	(527)	(97)		(378)	(249)	(52)
Profit before tax	549	423	30		165	170	(3)
Attributable profit	421	309	36		127	121	5
Performance measures
Return on average allocated tangible equity	10.6%	8.9%			9.6%	9.5%
Average allocated tangible equity (£bn)	5.3	4.7			5.3	5.1
Cost: income ratio	60%	71%			60%	67%
Loan loss rate (bps)	297	150			321	211
	As at 30.09.23	As at 31.12.22	As at 30.09.22
Balance sheet information	£bn	£bn	£bn
Loans and advances to customers at amortised cost	42.9	43.2	43.4
Total assets	93.0	80.2	82.0
Deposits at amortised cost	81.3	81.8	83.7
Risk weighted assets	39.9	38.9	38.7
	Nine months ended				Three months ended
	30.09.23	30.09.22			30.09.23	30.09.22
Analysis of total income	£m	£m	% Change		£m	£m	% Change
International Cards and Consumer Bank	2,625	2,053	28		890	824	8
Private Bank	884	729	21		331	270	23
Payments	435	431	1		139	150	(7)
Total income	3,944	3,213	23		1,360	1,244	9

 

Head Office	Nine months ended				Three months ended
	30.09.23	30.09.22			30.09.23	30.09.22
Income statement information	£m	£m	% Change		£m	£m	% Change
Net interest income	(25)	76			14	10	40
Net fee, commission and other income	(154)	(215)	28		(71)	(40)	(78)
Total income	(179)	(139)	(29)		(57)	(30)	(90)
Operating costs	(220)	(239)	8		(75)	(94)	20
Litigation and conduct	(4)	(54)	93		1	(54)
Total operating expenses	(224)	(293)	24		(74)	(148)	50
Other net (expenses)/income	(5)	(26)	81		6	(10)
Loss before impairment	(408)	(458)	11		(125)	(188)	34
Credit impairment (charges)/releases	(25)	12			(16)	(5)
Loss before tax	(433)	(446)	3		(141)	(193)	27
Attributable loss	(344)	(635)	46		(105)	(173)	39
Performance measures
Average allocated tangible equity (£bn)	(0.2)	1.6			(0.4)	(0.4)
	As at 30.09.23	As at 31.12.22	As at 30.09.22
Balance sheet information	£bn	£bn	£bn
Total assets	18.7	19.2	18.7
Risk weighted assets	9.5	8.6	8.2
Period end allocated tangible equity	1.0	(0.2)	(3.5)

 

 

Barclays Group
	Q323	Q223	Q123		Q422	Q322	Q222	Q122		Q4211
Income statement information	£m	£m	£m		£m	£m	£m	£m		£m
Net interest income	3,247	3,270	3,053		2,741	3,068	2,422	2,341		2,230
Net fee, commission and other income	3,011	3,015	4,184		3,060	2,883	4,286	4,155		2,930
Total income	6,258	6,285	7,237		5,801	5,951	6,708	6,496		5,160
Operating costs	(3,949)	(3,919)	(4,111)		(3,748)	(3,939)	(3,682)	(3,588)		(3,514)
UK bank levy	-	-	-		(176)	-	-	-		(170)
Litigation and conduct	-	(33)	1		(79)	339	(1,334)	(523)		(92)
Total operating expenses	(3,949)	(3,952)	(4,110)		(4,003)	(3,600)	(5,016)	(4,111)		(3,776)
Other net income/(expenses)	9	3	(5)		10	(1)	7	(10)		13
Profit before impairment	2,318	2,336	3,122		1,808	2,350	1,699	2,375		1,397
Credit impairment (charges)/releases	(433)	(372)	(524)		(498)	(381)	(200)	(141)		31
Profit before tax	1,885	1,964	2,598		1,310	1,969	1,499	2,234		1,428
Tax (charge)/credit	(343)	(353)	(561)		33	(249)	(209)	(614)		(104)
Profit after tax	1,542	1,611	2,037		1,343	1,720	1,290	1,620		1,324
Non-controlling interests	(9)	(22)	(8)		(22)	(2)	(20)	(1)		(27)
Other equity instrument holders	(259)	(261)	(246)		(285)	(206)	(199)	(215)		(218)
Attributable profit	1,274	1,328	1,783		1,036	1,512	1,071	1,404		1,079
Performance measures
Return on average tangible shareholders' equity	11.0%	11.4%	15.0%		8.9%	12.5%	8.7%	11.5%		9.0%
Average tangible shareholders' equity (£bn)	46.5	46.7	47.6		46.7	48.6	49.0	48.8		48.0
Cost: income ratio	63%	63%	57%		69%	60%	75%	63%		73%
Loan loss rate (bps)	42	37	52		49	36	20	15		(3)
Basic earnings per share	8.3p	8.6p	11.3p		6.5p	9.4p	6.4p	8.4p		6.4p
Basic weighted average number of shares (m)	15,405	15,523	15,770		15,828	16,148	16,684	16,682		16,985
Period end number of shares (m)	15,239	15,556	15,701		15,871	15,888	16,531	16,762		16,752
Balance sheet and capital management2	£bn	£bn	£bn		£bn	£bn	£bn	£bn		£bn
Loans and advances to customers at amortised cost	339.6	337.4	343.6		343.3	346.3	337.2	325.8		319.9
Loans and advances to banks at amortised cost	11.5	10.9	11.0		10.0	12.5	12.5	11.4		9.7
Debt securities at amortised cost	54.3	53.1	48.9		45.5	54.8	46.1	34.5		31.8
Loans and advances at amortised cost	405.4	401.4	403.5		398.8	413.7	395.8	371.7		361.5
Loans and advances at amortised cost impairment coverage ratio	1.4%	1.4%	1.4%		1.4%	1.4%	1.4%	1.5%		1.6%
Total assets	1,591.7	1,549.7	1,539.1		1,513.7	1,726.9	1,589.2	1,496.1		1,384.3
Deposits at amortised cost	561.3	554.7	555.7		545.8	574.4	568.7	546.5		519.4
Tangible net asset value per share	316p	291p	301p		295p	286p	297p	294p		291p
Common equity tier 1 ratio	14.0%	13.8%	13.6%		13.9%	13.8%	13.6%	13.8%		15.1%
Common equity tier 1 capital	48.0	46.6	46.0		46.9	48.6	46.7	45.3		47.3
Risk weighted assets	341.9	336.9	338.4		336.5	350.8	344.5	328.8		314.1
UK leverage ratio	5.0%	5.1%	5.1%		5.3%	5.0%	5.1%	5.0%		5.2%
UK leverage exposure	1,202.4	1,183.7	1,168.9		1,130.0	1,232.1	1,151.2	1,123.5		1,137.9
Funding and liquidity
Group liquidity pool (£bn)	335.0	330.7	333.0		318.0	325.8	342.5	319.8		291.0
Liquidity coverage ratio3	159%	157%	157%		156%	156%	157%	159%		160%
Net stable funding ratio4	138%	139%	139%		137%
Loan: deposit ratio	72%	72%	73%		73%	72%	70%	68%		70%

 

1	The comparative capital and financial metrics relating to Q421 have been restated to reflect the impact of the Over-issuance of Securities.
2	Refer to pages 32 to 36 for further information on how capital, RWAs and leverage are calculated.
3	The Liquidity Coverage Ratio is based on the average of the last 12 spot month end ratios. Prior period LCR comparatives have been updated for consistency.
4	Represents average of the last four spot quarter end positions.

 

 

Barclays UK
	Q323	Q223	Q123		Q422	Q322	Q222	Q122		Q421
Income statement information	£m	£m	£m		£m	£m	£m	£m		£m
Net interest income	1,578	1,660	1,618		1,600	1,561	1,393	1,339		1,313
Net fee, commission and other income	295	301	343		370	355	331	310		386
Total income	1,873	1,961	1,961		1,970	1,916	1,724	1,649		1,699
Operating costs	(1,058)	(1,090)	(1,092)		(1,108)	(1,069)	(1,085)	(998)		(1,202)
UK bank levy	-	-	-		(26)	-	-	-		(36)
Litigation and conduct	9	5	(2)		(13)	(3)	(16)	(9)		(5)
Total operating expenses	(1,049)	(1,085)	(1,094)		(1,147)	(1,072)	(1,101)	(1,007)		(1,243)
Other net income/(expenses)	-	-	-		1	(1)	-	-		(1)
Profit before impairment	824	876	867		824	843	623	642		455
Credit impairment (charges)/releases	(59)	(95)	(113)		(157)	(81)	-	(48)		59
Profit before tax	765	781	754		667	762	623	594		514
Attributable profit	531	534	515		474	549	458	396		420
Balance sheet information	£bn	£bn	£bn		£bn	£bn	£bn	£bn		£bn
Loans and advances to customers at amortised cost	204.9	206.8	208.2		205.1	205.1	205.9	207.3		208.8
Total assets	299.9	304.8	308.6		313.2	316.8	318.8	317.2		321.2
Customer deposits at amortised cost	243.2	249.8	254.3		258.0	261.0	261.5	260.3		260.6
Loan: deposit ratio	92%	90%	90%		87%	86%	85%	85%		85%
Risk weighted assets	73.2	73.0	74.6		73.1	73.2	72.2	72.7		72.3
Period end allocated tangible equity	10.1	10.1	10.3		10.1	10.1	9.9	10.1		10.0
Performance measures
Return on average allocated tangible equity	21.0%	20.9%	20.0%		18.7%	22.1%	18.4%	15.6%		16.8%
Average allocated tangible equity (£bn)	10.1	10.2	10.3		10.2	9.9	10.0	10.1		10.0
Cost: income ratio	56%	55%	56%		58%	56%	64%	61%		73%
Loan loss rate (bps)	10	17	20		27	14	-	9		(10)
Net interest margin	3.04%	3.22%	3.18%		3.10%	3.01%	2.71%	2.62%		2.49%

 

Analysis of Barclays UK	Q323	Q223	Q123		Q422	Q322	Q222	Q122		Q421
Analysis of total income	£m	£m	£m		£m	£m	£m	£m		£m
Personal Banking	1,165	1,244	1,253		1,229	1,212	1,077	1,022		983
Barclaycard Consumer UK	238	237	247		269	283	265	276		352
Business Banking	470	480	461		472	421	382	351		364
Total income	1,873	1,961	1,961		1,970	1,916	1,724	1,649		1,699
Analysis of credit impairment (charges)/releases
Personal Banking	(85)	(92)	(28)		(120)	(26)	(42)	21		8
Barclaycard Consumer UK	29	(35)	(83)		(12)	2	84	(44)		114
Business Banking	(3)	32	(2)		(25)	(57)	(42)	(25)		(63)
Total credit impairment (charges)/releases	(59)	(95)	(113)		(157)	(81)	-	(48)		59
Analysis of loans and advances to customers at amortised cost	£bn	£bn	£bn		£bn	£bn	£bn	£bn		£bn
Personal Banking	172.3	173.3	173.6		169.7	168.7	167.1	166.5		165.4
Barclaycard Consumer UK	9.6	9.3	9.0		9.2	9.0	8.8	8.4		8.7
Business Banking	23.0	24.2	25.6		26.2	27.4	30.0	32.4		34.7
Total loans and advances to customers at amortised cost	204.9	206.8	208.2		205.1	205.1	205.9	207.3		208.8
Analysis of customer deposits at amortised cost
Personal Banking	186.1	191.1	194.3		195.6	197.3	197.0	196.6		196.4
Barclaycard Consumer UK	-	-	-		-	-	-	-		-
Business Banking	57.1	58.7	60.0		62.4	63.7	64.5	63.7		64.2
Total customer deposits at amortised cost	243.2	249.8	254.3		258.0	261.0	261.5	260.3		260.6