Analysis of Barclays International
|
|
|
|
Corporate and Investment Bank
|
Nine months ended
|
Nine months ended
|
|
30.09.17
|
30.09.16
|
|
Income statement information
|
£m
|
£m
|
% Change
|
Analysis of total income
|
|
|
|
Credit
|
954
|
924
|
3
|
Equities
|
1,267
|
1,380
|
(8)
|
Macro
|
1,314
|
1,799
|
(27)
|
Markets
|
3,535
|
4,103
|
(14)
|
Banking fees
|
2,007
|
1,747
|
15
|
Corporate lending
|
824
|
892
|
(8)
|
Transactional banking
|
1,221
|
1,256
|
(3)
|
Banking
|
4,052
|
3,895
|
4
|
Other
|
39
|
4
|
|
Total income
|
7,626
|
8,002
|
(5)
|
Credit impairment charges and other provisions
|
(86)
|
(170)
|
49
|
Operating expenses
|
(5,358)
|
(5,337)
|
-
|
Other net income
|
126
|
-
|
|
Profit before tax
|
2,308
|
2,495
|
(7)
|
|
|
|
|
|
As at
|
As at
|
As at
|
|
30.09.17
|
30.06.17
|
31.12.16
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
Loans and advances to banks and customers at amortised
cost
|
181.7
|
166.3
|
171.6
|
Customer deposits
|
182.7
|
173.0
|
166.2
|
Risk weighted assets
|
185.2
|
178.9
|
178.6
|
|
|
|
|
|
Nine months ended
|
Nine months ended
|
|
Performance measures
|
30.09.17
|
30.09.16
|
|
Return on average allocated tangible equity
|
8.4%
|
8.7%
|
|
Average allocated tangible equity (£bn)
|
23.8
|
21.6
|
|
Consumer, Cards and Payments
|
Nine months ended
|
Nine months ended
|
|
30.09.17
|
30.09.16
|
|
Income statement information
|
£m
|
£m
|
% Change
|
Total income
|
3,437
|
3,401
|
1
|
Credit impairment charges and other provisions
|
(1,034)
|
(759)
|
(36)
|
Total operating expenses
|
(1,549)
|
(1,326)
|
(17)
|
Other net income
|
107
|
27
|
|
Profit before tax
|
961
|
1,343
|
(28)
|
|
|
|
|
|
As at
|
As at
|
As at
|
|
30.09.17
|
30.06.17
|
31.12.16
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
Loans and advances to banks and customers at amortised
cost
|
39.0
|
38.5
|
39.7
|
Customer deposits
|
58.3
|
57.3
|
50.0
|
Risk weighted assets
|
33.0
|
33.3
|
34.1
|
|
|
|
|
|
Nine months ended
|
Nine months ended
|
|
Performance measures
|
30.09.17
|
30.09.16
|
|
Return on average allocated tangible equity
|
19.3%
|
38.3%
|
|
Average allocated tangible equity (£bn)
|
4.2
|
3.6
|
|
Head Office
|
Nine months ended
|
Nine months ended
|
|
|
30.09.17
|
30.09.16
|
|
Income statement information
|
£m
|
£m
|
% Change
|
Net interest income
|
(181)
|
(212)
|
15
|
Net fee, commission and other income
|
189
|
324
|
(42)
|
Total income
|
8
|
112
|
(93)
|
Credit impairment charges and other provisions
|
(14)
|
-
|
|
Net operating (expenses)/income
|
(6)
|
112
|
|
Operating expenses excluding litigation and conduct
|
(201)
|
(150)
|
(34)
|
Litigation and conduct
|
(76)
|
(26)
|
|
Operating expenses
|
(277)
|
(176)
|
(57)
|
Other net expenses
|
(186)
|
(31)
|
|
Loss before tax
|
(469)
|
(95)
|
|
Attributable loss
|
(497)
|
(113)
|
|
|
|
|
|
|
As at
|
As at
|
As at
|
|
30.09.17
|
30.06.17
|
31.12.16
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
Total assets
|
51.7
|
17.3
|
75.2
|
Risk weighted assets
1
|
36.1
|
26.2
|
53.3
|
Period end allocated tangible equity
|
10.4
|
9.0
|
9.7
|
|
|
|
|
|
Nine months ended
|
Nine months ended
|
|
Performance measures
|
30.09.17
|
30.09.16
|
|
Average allocated tangible equity (£bn)
|
9.0
|
6.3
|
|
1
|
Includes Africa Banking RWAs of £8.6bn (June 2017:
£9.8bn; December 2016 £42.3bn).
|
Quarterly Results Summary
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
|
Q317
|
Q217
|
Q117
|
|
Q416
|
Q316
|
Q216
|
Q116
|
|
Q415
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Net interest income
|
2,475
|
2,579
|
2,519
|
|
2,523
|
2,796
|
2,530
|
2,688
|
|
2,726
|
Net fee, commission and other income
|
2,698
|
2,479
|
3,304
|
|
2,469
|
2,650
|
3,442
|
2,353
|
|
1,722
|
Total income
|
5,173
|
5,058
|
5,823
|
|
4,992
|
5,446
|
5,972
|
5,041
|
|
4,448
|
Credit impairment charges and other provisions
|
(709)
|
(527)
|
(527)
|
|
(653)
|
(789)
|
(488)
|
(443)
|
|
(554)
|
Net operating income
|
4,464
|
4,531
|
5,296
|
|
4,339
|
4,657
|
5,484
|
4,598
|
|
3,894
|
Operating expenses excluding UK bank levy and litigation and
conduct
|
(3,274)
|
(3,398)
|
(3,591)
|
|
(3,812)
|
(3,581)
|
(3,425)
|
(3,747)
|
|
(3,547)
|
UK bank levy
|
-
|
-
|
-
|
|
(410)
|
-
|
-
|
-
|
|
(426)
|
Litigation and conduct
|
(81)
|
(715)
|
(28)
|
|
(97)
|
(741)
|
(447)
|
(78)
|
|
(1,722)
|
Operating expenses
|
(3,355)
|
(4,113)
|
(3,619)
|
|
(4,319)
|
(4,322)
|
(3,872)
|
(3,825)
|
|
(5,695)
|
Other net (expenses)/income
|
(2)
|
241
|
5
|
|
310
|
502
|
(342)
|
20
|
|
(274)
|
Profit/(loss) before tax
|
1,107
|
659
|
1,682
|
|
330
|
837
|
1,270
|
793
|
|
(2,075)
|
Tax (charge)/credit
|
(324)
|
(305)
|
(473)
|
|
50
|
(328)
|
(467)
|
(248)
|
|
(164)
|
Profit/(loss) after tax in respect of continuing
operations
|
783
|
354
|
1,209
|
|
380
|
509
|
803
|
545
|
|
(2,239)
|
(Loss)/profit after tax in respect of discontinued
operation
|
-
|
(1,537)
|
(658)
|
|
71
|
209
|
145
|
166
|
|
101
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
Ordinary equity holders of the parent
|
583
|
(1,401)
|
190
|
|
99
|
414
|
677
|
433
|
|
(2,422)
|
Other equity holders
|
157
|
162
|
139
|
|
139
|
110
|
104
|
104
|
|
107
|
Non-controlling interests
|
43
|
56
|
222
|
|
213
|
194
|
167
|
174
|
|
177
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Total assets
|
1,149.3
|
1,135.3
|
1,203.8
|
|
1,213.1
|
1,324.0
|
1,351.3
|
1,248.9
|
|
1,120.0
|
Risk weighted assets
|
324.3
|
327.4
|
360.9
|
|
365.6
|
373.4
|
366.3
|
363.0
|
|
358.4
|
CRR leverage exposure
|
1,150.6
|
1,122.1
|
1,196.9
|
|
1,125.5
|
1,185.1
|
1,155.4
|
1,082.0
|
|
1,027.8
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
5.1%
|
(11.0%)
|
1.8%
|
|
1.1%
|
3.6%
|
5.8%
|
3.8%
|
|
(20.1%)
|
Average tangible shareholders' equity (£bn)
|
48.9
|
49.3
|
49.4
|
|
48.9
|
49.4
|
48.3
|
48.3
|
|
47.8
|
Cost: income ratio
|
65%
|
81%
|
62%
|
|
87%
|
79%
|
65%
|
76%
|
|
128%
|
Loan loss rate (bps)
|
66
|
49
|
47
|
|
58
|
66
|
41
|
40
|
|
53
|
Basic earnings/(loss) per share
|
3.7p
|
(8.0p)
|
1.3p
|
|
0.8p
|
2.6p
|
4.2p
|
2.7p
|
|
(14.4p)
|
Basic earnings/(loss) per share in respect of continuing
operations
|
3.7p
|
1.0p
|
6.1p
|
|
1.1p
|
2.1p
|
3.8p
|
2.2p
|
|
(14.4p)
|
Quarterly Results by Business
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
|
Q317
|
Q217
|
Q117
|
|
Q416
|
Q316
|
Q216
|
Q116
|
|
Q415
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Net interest income
|
1,501
|
1,534
|
1,511
|
|
1,502
|
1,569
|
1,476
|
1,501
|
|
1,509
|
Net fee, commission and other income
|
351
|
286
|
330
|
|
326
|
374
|
467
|
302
|
|
325
|
Total income
|
1,852
|
1,820
|
1,841
|
|
1,828
|
1,943
|
1,943
|
1,803
|
|
1,834
|
Credit impairment charges and other provisions
|
(201)
|
(220)
|
(178)
|
|
(180)
|
(350)
|
(220)
|
(146)
|
|
(219)
|
Net operating income
|
1,651
|
1,600
|
1,663
|
|
1,648
|
1,593
|
1,723
|
1,657
|
|
1,615
|
Operating expenses excluding UK bank levy and litigation and
conduct
|
(980)
|
(974)
|
(959)
|
|
(989)
|
(904)
|
(947)
|
(952)
|
|
(920)
|
UK bank levy
|
-
|
-
|
-
|
|
(48)
|
-
|
-
|
-
|
|
(77)
|
Litigation and conduct
|
(11)
|
(699)
|
4
|
|
(28)
|
(614)
|
(399)
|
(1)
|
|
(1,466)
|
Operating expenses
|
(991)
|
(1,673)
|
(955)
|
|
(1,065)
|
(1,518)
|
(1,346)
|
(953)
|
|
(2,463)
|
Other net income/(expenses)
|
1
|
(1)
|
-
|
|
-
|
-
|
(1)
|
-
|
|
1
|
Profit/(loss) before tax
|
661
|
(74)
|
708
|
|
583
|
75
|
376
|
704
|
|
(847)
|
Attributable profit/(loss)
|
423
|
(285)
|
470
|
|
383
|
(163)
|
141
|
467
|
|
(1,078)
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Loans and advances to customers at amortised cost
|
182.2
|
166.6
|
164.5
|
|
166.4
|
166.6
|
166.0
|
166.2
|
|
166.1
|
Total assets
|
230.4
|
203.4
|
203.0
|
|
209.6
|
209.1
|
204.6
|
201.7
|
|
202.5
|
Customer deposits
|
189.3
|
187.4
|
184.4
|
|
189.0
|
185.5
|
181.7
|
179.1
|
|
176.8
|
Risk weighted assets
|
70.0
|
66.1
|
66.3
|
|
67.5
|
67.4
|
67.1
|
69.7
|
|
69.5
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
18.4%
|
(12.7%)
|
21.6%
|
|
18.2%
|
(7.1%)
|
6.6%
|
20.5%
|
|
(46.5%)
|
Average allocated tangible equity (£bn)
|
9.4
|
8.7
|
8.9
|
|
8.6
|
8.7
|
9.0
|
9.3
|
|
9.2
|
Cost: income ratio
|
54%
|
92%
|
52%
|
|
58%
|
78%
|
69%
|
53%
|
|
134%
|
Loan loss rate (bps)
|
43
|
52
|
43
|
|
42
|
82
|
52
|
34
|
|
51
|
Net interest margin
|
3.28%
|
3.70%
|
3.69%
|
|
3.56%
|
3.72%
|
3.56%
|
3.62%
|
|
3.58%
|
Analysis of Barclays UK
|
|
|
|
|
|
|
|
|
|
|
|
Q317
|
Q217
|
Q117
|
|
Q416
|
Q316
|
Q216
|
Q116
|
|
Q415
|
Analysis of total income
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Personal Banking
|
926
|
933
|
944
|
|
934
|
970
|
1,068
|
919
|
|
945
|
Barclaycard Consumer UK
|
539
|
495
|
498
|
|
507
|
561
|
463
|
491
|
|
505
|
Wealth, Entrepreneurs & Business Banking
|
387
|
392
|
399
|
|
387
|
412
|
412
|
393
|
|
384
|
Total income
|
1,852
|
1,820
|
1,841
|
|
1,828
|
1,943
|
1,943
|
1,803
|
|
1,834
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of credit impairment charges and other
provisions
|
|
|
|
|
|
|
|
|
|
|
Personal Banking
|
(60)
|
(56)
|
(50)
|
|
(50)
|
(47)
|
(44)
|
(42)
|
|
(39)
|
Barclaycard Consumer UK
|
(145)
|
(149)
|
(123)
|
|
(118)
|
(291)
|
(169)
|
(105)
|
|
(176)
|
Wealth, Entrepreneurs & Business Banking
|
4
|
(15)
|
(5)
|
|
(12)
|
(12)
|
(7)
|
1
|
|
(4)
|
Total credit impairment charges and other provisions
|
(201)
|
(220)
|
(178)
|
|
(180)
|
(350)
|
(220)
|
(146)
|
|
(219)
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Personal Banking
|
138.4
|
136.5
|
134.4
|
|
135.0
|
135.3
|
134.7
|
134.7
|
|
134.0
|
Barclaycard Consumer UK
|
16.3
|
16.2
|
16.1
|
|
16.5
|
16.2
|
16.2
|
16.0
|
|
16.2
|
Wealth, Entrepreneurs & Business Banking
|
27.5
|
13.9
|
14.0
|
|
14.9
|
15.1
|
15.1
|
15.5
|
|
15.9
|
Total loans and advances to customers at amortised
cost
|
182.2
|
166.6
|
164.5
|
|
166.4
|
166.6
|
166.0
|
166.2
|
|
166.1
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of customer deposits
|
|
|
|
|
|
|
|
|
|
|
Personal Banking
|
140.1
|
138.5
|
137.3
|
|
139.3
|
137.2
|
134.8
|
132.9
|
|
131.0
|
Barclaycard Consumer UK
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
|
-
|
Wealth, Entrepreneurs & Business Banking
|
49.2
|
48.9
|
47.1
|
|
49.7
|
48.3
|
46.9
|
46.2
|
|
45.8
|
Total customer deposits
|
189.3
|
187.4
|
184.4
|
|
189.0
|
185.5
|
181.7
|
179.1
|
|
176.8
|
Barclays International
|
|
|
|
|
|
|
|
|
|
|
|
Q317
|
Q217
|
Q117
|
|
Q416
|
Q316
|
Q216
|
Q116
|
|
Q415
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Net interest income
|
1,148
|
1,060
|
1,112
|
|
1,046
|
1,355
|
1,001
|
1,110
|
|
1,121
|
Net trading income
|
815
|
1,039
|
1,182
|
|
1,131
|
1,074
|
1,130
|
1,245
|
|
593
|
Net fee, commission and other income
|
1,352
|
1,511
|
1,844
|
|
1,415
|
1,422
|
1,908
|
1,158
|
|
1,254
|
Total income
|
3,315
|
3,610
|
4,138
|
|
3,592
|
3,851
|
4,039
|
3,513
|
|
2,968
|
Credit impairment charges and other provisions
|
(495)
|
(279)
|
(346)
|
|
(426)
|
(420)
|
(240)
|
(269)
|
|
(303)
|
Net operating income
|
2,820
|
3,331
|
3,792
|
|
3,166
|
3,431
|
3,799
|
3,244
|
|
2,665
|
Operating expenses excluding UK bank levy and litigation and
conduct
|
(2,182)
|
(2,276)
|
(2,435)
|
|
(2,497)
|
(2,337)
|
(2,074)
|
(2,221)
|
|
(2,007)
|
UK bank levy
|
-
|
-
|
-
|
|
(284)
|
-
|
-
|
-
|
|
(253)
|
Litigation and conduct
|
(5)
|
4
|
(13)
|
|
(17)
|
(17)
|
(10)
|
(4)
|
|
(151)
|
Operating expenses
|
(2,187)
|
(2,272)
|
(2,448)
|
|
(2,798)
|
(2,354)
|
(2,084)
|
(2,225)
|
|
(2,411)
|
Other net income
|
19
|
202
|
12
|
|
5
|
8
|
11
|
8
|
|
8
|
Profit before tax
|
652
|
1,261
|
1,356
|
|
373
|
1,085
|
1,726
|
1,027
|
|
262
|
Attributable profit/(loss)
|
359
|
819
|
837
|
|
43
|
623
|
1,171
|
575
|
|
(24)
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Loans and advances to banks and customers at amortised
cost
|
220.7
|
204.8
|
226.1
|
|
211.3
|
233.7
|
230.6
|
215.9
|
|
184.1
|
Trading portfolio assets
|
91.2
|
83.3
|
83.0
|
|
73.2
|
73.8
|
68.1
|
64.3
|
|
61.9
|
Derivative financial instrument assets
|
242.8
|
108.4
|
105.3
|
|
156.2
|
155.6
|
181.4
|
150.1
|
|
111.5
|
Derivative financial instrument liabilities
|
242.9
|
116.8
|
112.8
|
|
160.6
|
160.5
|
187.5
|
155.4
|
|
119.0
|
Reverse repurchase agreements and other similar secured
lending
|
15.5
|
17.2
|
17.6
|
|
13.4
|
17.3
|
19.7
|
19.1
|
|
24.7
|
Financial assets designated at fair value
|
103.7
|
94.1
|
81.3
|
|
62.3
|
72.0
|
68.3
|
59.6
|
|
46.8
|
Total assets
|
867.1
|
681.6
|
677.2
|
|
648.5
|
681.9
|
679.9
|
618.4
|
|
532.2
|
Customer deposits
|
241.0
|
230.3
|
241.0
|
|
216.2
|
224.1
|
226.5
|
213.1
|
|
185.6
|
Risk weighted assets
|
218.2
|
212.2
|
214.3
|
|
212.7
|
214.6
|
209.3
|
202.2
|
|
194.8
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
5.4%
|
12.4%
|
12.5%
|
|
1.0%
|
10.0%
|
19.2%
|
9.5%
|
|
(0.2%)
|
Average allocated tangible equity (£bn)
|
28.9
|
27.4
|
27.7
|
|
26.6
|
25.7
|
24.8
|
25.1
|
|
24.9
|
Cost: income ratio
|
66%
|
63%
|
59%
|
|
78%
|
61%
|
52%
|
63%
|
|
81%
|
Loan loss rate (bps)
|
88
|
54
|
62
|
|
78
|
71
|
41
|
50
|
|
65
|
Net interest margin
|
4.21%
|
4.07%
|
4.06%
|
|
3.91%
|
4.21%
|
3.92%
|
3.78%
|
|
3.79%
|
Analysis of Barclays International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Investment Bank
|
Q317
|
Q217
|
Q117
|
|
Q416
|
Q316
|
Q216
|
Q116
|
|
Q415
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Analysis of total income
|
|
|
|
|
|
|
|
|
|
|
Credit
|
259
|
296
|
399
|
|
261
|
333
|
269
|
322
|
|
195
|
Equities
|
350
|
455
|
462
|
|
410
|
461
|
406
|
513
|
|
319
|
Macro
|
368
|
456
|
490
|
|
505
|
614
|
612
|
573
|
|
382
|
Markets
|
977
|
1,207
|
1,351
|
|
1,176
|
1,408
|
1,287
|
1,408
|
|
896
|
Banking fees
|
607
|
674
|
726
|
|
650
|
644
|
622
|
481
|
|
458
|
Corporate lending
|
277
|
278
|
269
|
|
303
|
284
|
312
|
296
|
|
312
|
Transactional banking
|
419
|
404
|
398
|
|
401
|
458
|
390
|
408
|
|
415
|
Banking
|
1,303
|
1,356
|
1,393
|
|
1,354
|
1,386
|
1,324
|
1,185
|
|
1,185
|
Other
|
-
|
1
|
38
|
|
1
|
1
|
-
|
3
|
|
16
|
Total income
|
2,280
|
2,564
|
2,782
|
|
2,531
|
2,795
|
2,611
|
2,596
|
|
2,097
|
Credit impairment (charges)/releases and other
provisions
|
(36)
|
1
|
(51)
|
|
(90)
|
(38)
|
(37)
|
(95)
|
|
(83)
|
Operating expenses
|
(1,661)
|
(1,756)
|
(1,941)
|
|
(2,287)
|
(1,872)
|
(1,665)
|
(1,800)
|
|
(1,962)
|
Other net income
|
10
|
116
|
-
|
|
1
|
-
|
-
|
-
|
|
-
|
Profit before tax
|
593
|
925
|
790
|
|
155
|
885
|
909
|
701
|
|
52
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Loans and advances to banks and customers at amortised
cost
|
181.7
|
166.3
|
187.4
|
|
171.6
|
196.9
|
195.2
|
183.0
|
|
152.0
|
Customer deposits
|
182.7
|
173.0
|
183.4
|
|
166.2
|
175.8
|
179.6
|
168.9
|
|
143.8
|
Risk weighted assets
|
185.2
|
178.9
|
180.6
|
|
178.6
|
182.5
|
178.4
|
172.6
|
|
167.3
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
5.9%
|
11.1%
|
8.2%
|
|
(1.2%)
|
9.2%
|
9.5%
|
7.3%
|
|
(2.5%)
|
Average allocated tangible equity (£bn)
|
24.8
|
23.3
|
23.5
|
|
22.6
|
21.9
|
21.3
|
21.6
|
|
21.8
|
|
|
|
|
|
|
|
|
|
|
|
Consumer, Cards and Payments
|
|
|
|
|
|
|
|
|
|
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Total income
|
1,035
|
1,046
|
1,356
|
|
1,061
|
1,056
|
1,428
|
917
|
|
871
|
Credit impairment charges and other provisions
|
(459)
|
(280)
|
(295)
|
|
(336)
|
(382)
|
(203)
|
(174)
|
|
(219)
|
Operating expenses
|
(526)
|
(516)
|
(507)
|
|
(511)
|
(482)
|
(419)
|
(425)
|
|
(449)
|
Other net income
|
9
|
86
|
12
|
|
4
|
8
|
11
|
8
|
|
8
|
Profit before tax
|
59
|
336
|
566
|
|
218
|
200
|
817
|
326
|
|
210
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Loans and advances to banks and customers at amortised
cost
|
39.0
|
38.5
|
38.7
|
|
39.7
|
36.8
|
35.4
|
32.9
|
|
32.1
|
Customer deposits
|
58.3
|
57.3
|
57.6
|
|
50.0
|
48.3
|
46.9
|
44.2
|
|
41.8
|
Risk weighted assets
|
33.0
|
33.3
|
33.7
|
|
34.1
|
32.1
|
30.9
|
29.6
|
|
27.5
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
2.2%
|
19.4%
|
36.4%
|
|
13.2%
|
14.8%
|
77.9%
|
23.4%
|
|
15.3%
|
Average allocated tangible equity (£bn)
|
4.2
|
4.1
|
4.2
|
|
4.0
|
3.7
|
3.5
|
3.4
|
|
3.2
|
Head Office
|
|
|
|
|
|
|
|
|
|
|
|
Q317
|
Q217
|
Q117
|
|
Q416
|
Q316
|
Q216
|
Q116
|
|
Q415
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Net interest income
|
(174)
|
108
|
(115)
|
|
29
|
(206)
|
14
|
(20)
|
|
(75)
|
Net fee, commission and other income
1
|
180
|
(24)
|
33
|
|
(38)
|
17
|
320
|
(13)
|
|
(210)
|
Total income
|
6
|
84
|
(82)
|
|
(9)
|
(189)
|
334
|
(33)
|
|
(285)
|
Credit impairment (charges)/releases and other
provisions
|
(13)
|
(1)
|
-
|
|
-
|
1
|
(2)
|
1
|
|
-
|
Net operating (expenses)/income
|
(7)
|
83
|
(82)
|
|
(9)
|
(188)
|
332
|
(32)
|
|
(285)
|
Operating expenses excluding UK bank levy and litigation and
conduct
|
(112)
|
(40)
|
(49)
|
|
15
|
(29)
|
(36)
|
(85)
|
|
(64)
|
UK bank levy
|
-
|
-
|
-
|
|
(2)
|
-
|
-
|
-
|
|
(8)
|
Litigation and conduct
|
(65)
|
(1)
|
(10)
|
|
(1)
|
(8)
|
(11)
|
(7)
|
|
(17)
|
Operating expenses
|
(177)
|
(41)
|
(59)
|
|
12
|
(37)
|
(47)
|
(92)
|
|
(89)
|
Other net (expenses)/income
|
(22)
|
(164)
|
-
|
|
159
|
(4)
|
(28)
|
1
|
|
(14)
|
(Loss)/profit before tax
|
(206)
|
(122)
|
(141)
|
|
162
|
(229)
|
257
|
(123)
|
|
(388)
|
Attributable (loss)/profit
|
(199)
|
(175)
|
(123)
|
|
223
|
(203)
|
182
|
(92)
|
|
(140)
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Total assets
|
51.7
|
17.3
|
74.5
|
|
75.2
|
73.3
|
87.7
|
63.4
|
|
59.4
|
Risk weighted assets
2
|
36.1
|
26.2
|
52.9
|
|
53.3
|
47.5
|
43.2
|
40.3
|
|
39.7
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Average allocated tangible equity (£bn)
|
10.5
|
8.8
|
7.6
|
|
7.2
|
7.4
|
6.6
|
5.0
|
|
3.9
|
1
|
Following the early adoption of the own credit provisions of IFRS 9
on 1 January 2017, own credit, which was previously reported in net
fee, commission and other income, is now recognised within other
comprehensive income from Q117.
|
2
|
Includes Africa Banking RWAs.
|
Barclays Non-Core Results
The
Non-Core segment was closed on 1 July 2017 with the residual assets
and liabilities reintegrated into, and associated financial
performance subsequently reported in, Barclays UK, Barclays
International and Head Office. Financial results up until 30 June
2017 are reflected in the Non-Core segment within the Group's
results for the nine months ended 30 September 2017.
Barclays Non-Core
|
Six months ended
|
Nine months ended
|
|
30.06.17
|
30.09.16
|
Income statement information
|
£m
|
£m
|
Net interest income
|
(112)
|
214
|
Net trading income
|
(488)
|
(1,241)
|
Net fee, commission and other income
|
70
|
282
|
Total income
|
(530)
|
(745)
|
Credit impairment charges and other provisions
|
(30)
|
(75)
|
Net operating expenses
|
(560)
|
(820)
|
Operating expenses excluding litigation and conduct
|
(256)
|
(1,168)
|
Litigation and conduct
|
(28)
|
(195)
|
Operating expenses
|
(284)
|
(1,363)
|
Other net income
|
197
|
185
|
Loss before tax
|
(647)
|
(1,998)
|
Attributable loss
|
(419)
|
(1,418)
|
|
Q317
|
Q217
|
Q117
|
|
Q416
|
Q316
|
Q216
|
Q116
|
|
Q415
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Net interest income
|
-
|
(123)
|
11
|
|
(54)
|
78
|
40
|
96
|
|
171
|
Net trading income
|
-
|
(411)
|
(77)
|
|
(462)
|
(288)
|
(463)
|
(490)
|
|
(398)
|
Net fee, commission and other income
|
-
|
78
|
(8)
|
|
97
|
51
|
79
|
152
|
|
159
|
Total income
|
-
|
(456)
|
(74)
|
|
(419)
|
(159)
|
(344)
|
(242)
|
|
(68)
|
Credit impairment charges and other provisions
|
-
|
(27)
|
(3)
|
|
(47)
|
(20)
|
(26)
|
(29)
|
|
(32)
|
Net operating expenses
|
-
|
(483)
|
(77)
|
|
(466)
|
(179)
|
(370)
|
(271)
|
|
(100)
|
Operating expenses excluding UK bank levy and litigation and
conduct
|
-
|
(108)
|
(148)
|
|
(341)
|
(311)
|
(368)
|
(489)
|
|
(555)
|
UK bank levy
|
-
|
-
|
-
|
|
(76)
|
-
|
-
|
-
|
|
(88)
|
Litigation and conduct
|
-
|
(19)
|
(9)
|
|
(51)
|
(102)
|
(27)
|
(66)
|
|
(89)
|
Operating expenses
|
-
|
(127)
|
(157)
|
|
(468)
|
(413)
|
(395)
|
(555)
|
|
(732)
|
Other net income/(expenses)
|
-
|
204
|
(7)
|
|
146
|
498
|
(324)
|
11
|
|
(268)
|
Loss before tax
|
-
|
(406)
|
(241)
|
|
(788)
|
(94)
|
(1,089)
|
(815)
|
|
(1,100)
|
Tax credit/(charge)
|
-
|
207
|
75
|
|
322
|
194
|
229
|
237
|
|
(72)
|
(Loss)/profit after tax
|
-
|
(199)
|
(166)
|
|
(466)
|
100
|
(860)
|
(578)
|
|
(1,172)
|
Non-controlling interests
|
-
|
(8)
|
(9)
|
|
(14)
|
(13)
|
(12)
|
(10)
|
|
(19)
|
Other equity holders
|
-
|
(19)
|
(18)
|
|
(18)
|
(15)
|
(15)
|
(15)
|
|
(17)
|
Attributable (loss)/profit
|
-
|
(226)
|
(193)
|
|
(498)
|
72
|
(887)
|
(603)
|
|
(1,208)
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Loans and advances to banks and customers at amortised
cost
|
-
|
48.3
|
49.5
|
|
51.1
|
58.7
|
68.5
|
55.4
|
|
51.8
|
Derivative financial instrument assets
|
-
|
150.3
|
164.2
|
|
188.7
|
253.2
|
262.8
|
249.7
|
|
213.7
|
Derivative financial instrument liabilities
|
-
|
143.0
|
155.3
|
|
178.6
|
243.0
|
253.4
|
239.1
|
|
202.1
|
Reverse repurchase agreements and other similar secured
lending
|
-
|
-
|
-
|
|
0.1
|
0.1
|
0.1
|
0.7
|
|
3.1
|
Financial assets designated at fair value
|
-
|
12.1
|
13.4
|
|
14.5
|
15.5
|
15.4
|
23.4
|
|
21.4
|
Total assets
|
-
|
233.0
|
249.1
|
|
279.7
|
359.8
|
379.1
|
365.4
|
|
325.8
|
Customer deposits
|
-
|
11.8
|
12.9
|
|
12.5
|
16.0
|
17.4
|
19.3
|
|
20.9
|
Risk weighted assets
|
-
|
22.8
|
27.4
|
|
32.1
|
43.9
|
46.7
|
50.9
|
|
54.3
|
Discontinued Operation Results
On 1
March 2016, Barclays announced its intention to reduce the Group's
62.3% interest in BAGL to a level which would permit Barclays to
deconsolidate BAGL from a regulatory perspective and, prior to
that, from an accounting perspective. From this date, BAGL was
treated as a discontinued operation. On 5 May 2016, Barclays sold
12.2% of the Group's interest in BAGL and on 1 June 2017 Barclays
sold a further 33.7% of BAGL's issued share capital, resulting in
the accounting deconsolidation of BAGL from the Barclays Group. As
a result, as of 1 June 2017 BAGL was consequently no longer
reported as a discontinued operation. The retained investment is
reported in the Head Office segment, with Barclays' share of BAGL's
dividend recognised in the Head Office income
statement.
In Q317
Barclays contributed 1.5% of BAGL's ordinary shares to a Black
Economic Empowerment scheme, resulting in Barclays accounting for
126 million ordinary shares in BAGL, representing 14.9% of BAGL's
issued share capital, at 30 September 2017.
For
regulatory reporting purposes, BAGL is treated on a proportional
consolidated basis based on a holding of 21.9%. Barclays expects to
proportionally consolidate BAGL based on a holding of 14.9% by 31
December 2017, following the expected delivery of 7.0% of BAGL's
issued share capital as previously contracted. Subject to
regulatory approval, Barclays expects to fully deconsolidate BAGL
from a regulatory perspective by the end of 2018.
Africa
Banking
|
Nine months ended
|
Nine months ended
|
30.09.17
1
|
30.09.16
|
Income statement information
|
£m
|
£m
|
Net interest income
|
1,024
|
1,543
|
Net fee, commission and other income
|
762
|
1,136
|
Total income
|
1,786
|
2,679
|
Credit impairment charges and other provisions
|
(177)
|
(340)
|
Net operating income
|
1,609
|
2,339
|
Operating expenses excluding impairment of Barclays' holding in
BAGL
|
(1,130)
|
(1,618)
|
Other net income excluding loss on sale of BAGL
|
5
|
4
|
Profit before tax excluding impairment of Barclays' holding in BAGL
and loss on sale of BAGL
|
484
|
725
|
Impairment of Barclays' holding in BAGL
|
(1,090)
|
-
|
Loss on sale of BAGL
|
(1,435)
|
-
|
(Loss)/profit before tax
|
(2,041)
|
725
|
Tax charge
|
(154)
|
(205)
|
(Loss)/profit after tax
|
(2,195)
|
520
|
Attributable (loss)/profit
|
(2,335)
|
240
|
1
|
The Africa Banking income statement represents five months of
results as a discontinued operation to 31 May 2017.
|
|
Q317
|
Q217
1
|
Q117
|
|
Q416
|
Q316
|
Q216
|
Q116
|
|
Q415
|
Income statement information
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Net interest income
|
-
|
407
|
617
|
|
626
|
561
|
502
|
480
|
|
468
|
Net fee, commission and other income
|
-
|
297
|
465
|
|
441
|
421
|
377
|
338
|
|
346
|
Total income
|
-
|
704
|
1,082
|
|
1,067
|
982
|
879
|
818
|
|
814
|
Credit impairment charges and other provisions
|
-
|
(71)
|
(106)
|
|
(105)
|
(96)
|
(133)
|
(111)
|
|
(93)
|
Net operating income
|
-
|
633
|
976
|
|
962
|
886
|
746
|
707
|
|
721
|
Operating expenses excluding UK bank levy and impairment of
Barclays' holding in BAGL
|
-
|
(477)
|
(653)
|
|
(727)
|
(598)
|
(543)
|
(477)
|
|
(501)
|
UK bank levy
|
-
|
-
|
-
|
|
(65)
|
-
|
-
|
-
|
|
(50)
|
Other net income excluding loss on sale of BAGL
|
-
|
3
|
2
|
|
2
|
2
|
1
|
1
|
|
3
|
Profit before tax excluding impairment of Barclays' holding in BAGL
and loss on sale of BAGL
|
-
|
159
|
325
|
|
172
|
290
|
204
|
231
|
|
173
|
Impairment of Barclays' holding in BAGL
|
-
|
(206)
|
(884)
|
|
-
|
-
|
-
|
-
|
|
-
|
Loss on sale of BAGL
|
-
|
(1,435)
|
-
|
|
-
|
-
|
-
|
-
|
|
-
|
(Loss)/profit before tax
|
-
|
(1,482)
|
(559)
|
|
172
|
290
|
204
|
231
|
|
173
|
(Loss)/profit after tax
|
-
|
(1,537)
|
(658)
|
|
71
|
209
|
145
|
166
|
|
101
|
Attributable (loss)/profit
|
-
|
(1,534)
|
(801)
|
|
(52)
|
85
|
70
|
86
|
|
25
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
Total assets
|
-
|
-
|
66.0
|
|
65.1
|
61.1
|
56.0
|
52.7
|
|
47.9
|
Risk weighted assets
2
|
-
|
9.8
|
41.3
|
|
42.3
|
39.9
|
36.1
|
33.9
|
|
31.7
|
1
|
The Q217 Africa Banking income statement represents two months of
results as a discontinued operation to 31 May 2017.
|
2
|
RWAs are reported in Head Office.
|
Performance Management
Margins and balances
|
|
|
|
|
|
|
|
|
Nine months ended 30.09.17
|
|
Nine months ended 30.09.16
|
|
Net interest income
|
Average customer assets
|
Net interest margin
|
|
Net interest income
|
Average customer assets
|
Net interest margin
|
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
Barclays UK
|
4,546
|
171,279
|
3.55
|
|
4,546
|
167,306
|
3.63
|
Barclays International
1
|
3,255
|
106,183
|
4.10
|
|
3,165
|
105,507
|
4.01
|
Total Barclays UK and Barclays International
|
7,801
|
277,462
|
3.76
|
|
7,711
|
272,813
|
3.78
|
Other
2
|
(228)
|
|
|
|
303
|
|
|
Total net interest income
3
|
7,573
|
|
|
|
8,014
|
|
|
1
|
Barclays International margins include interest earning lending
balances within the investment banking business.
|
2
|
Other includes Head Office and non-lending related investment
banking balances. Barclays Non-Core is included for the full
comparative period and the first six months of the current
period.
|
3
|
Group net interest income includes net structural hedge
contributions of £1.1bn (Q316 YTD: £1.0bn).
|
Quarterly analysis for Barclays UK and Barclays
International
|
Three months ended 30.09.17
|
|
Net interest income
|
Average customer assets
|
Net interest margin
|
|
£m
|
£m
|
%
|
Barclays UK
|
1,501
|
181,419
|
3.28
|
Barclays International
1
|
1,070
|
100,828
|
4.21
|
Total Barclays UK and Barclays International
|
2,571
|
282,247
|
3.61
|
|
|
|
|
|
Three months ended 30.06.17
|
Barclays UK
|
1,534
|
166,345
|
3.70
|
Barclays International
1
|
1,064
|
104,899
|
4.07
|
Total Barclays UK and Barclays International
|
2,598
|
271,244
|
3.84
|
|
|
|
|
|
Three months ended 31.03.17
|
Barclays UK
|
1,511
|
166,065
|
3.69
|
Barclays International
1
|
1,121
|
112,060
|
4.06
|
Total Barclays UK and Barclays International
|
2,632
|
278,125
|
3.84
|
|
|
|
|
|
Three months ended 31.12.16
|
Barclays UK
|
1,502
|
167,935
|
3.56
|
Barclays International
1
|
1,110
|
112,936
|
3.91
|
Total Barclays UK and Barclays International
|
2,612
|
280,871
|
3.70
|
|
|
|
|
|
Three months ended 30.09.16
|
Barclays UK
|
1,569
|
167,713
|
3.72
|
Barclays International
1
|
1,149
|
108,571
|
4.21
|
Total Barclays UK and Barclays International
|
2,718
|
276,284
|
3.91
|
1
|
Barclays International margins include interest earning lending
balances within the investment banking business.
|
Credit Risk
Analysis of retail and wholesale loans and advances and
impairment
|
|
Gross
loans and advances
|
Impairment allowance
|
Loans and advancesnet of impairment
|
Credit
risk loans
|
CRLs % of gross loans and advances
|
Loan impairment
charges
1
|
Loan loss rates
|
As at 30.09.17
|
£m
|
£m
|
£m
|
£m
|
%
|
£m
|
bps
|
Barclays UK
|
157,171
|
1,638
|
155,533
|
1,854
|
1.2
|
584
|
50
|
Barclays International
|
31,561
|
1,713
|
29,848
|
1,231
|
3.9
|
1,048
|
444
|
Head Office
|
9,537
|
291
|
9,246
|
713
|
7.5
|
11
|
15
|
Barclays Non-Core
2
|
-
|
-
|
-
|
-
|
-
|
30
|
-
|
Total Group retail
|
198,269
|
3,642
|
194,627
|
3,798
|
1.9
|
1,673
|
113
|
|
|
|
|
|
|
|
|
Barclays UK
|
28,740
|
261
|
28,479
|
576
|
2.0
|
15
|
7
|
Barclays International
|
191,566
|
742
|
190,824
|
1,609
|
0.8
|
69
|
5
|
Head Office
|
7,595
|
118
|
7,477
|
210
|
2.8
|
4
|
7
|
Barclays Non-Core
2
|
-
|
-
|
-
|
-
|
-
|
(1)
|
-
|
Total Group wholesale
|
227,901
|
1,121
|
226,780
|
2,395
|
1.1
|
87
|
5
|
|
|
|
|
|
|
|
|
Group total
|
426,170
|
4,763
|
421,407
|
6,193
|
1.5
|
1,760
|
55
|
|
|
|
|
|
|
|
|
Traded loans
|
3,856
|
n/a
|
3,856
|
n/a
|
|
|
|
Loans and advances designated at fair value
|
11,013
|
n/a
|
11,013
|
n/a
|
|
|
|
Loans and advances held at fair value
|
14,869
|
n/a
|
14,869
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
Total loans and advances
|
441,039
|
4,763
|
436,276
|
6,193
|
|
|
|
|
|
|
|
|
|
|
|
As at 31.12.16
|
|
|
|
|
|
|
|
Barclays UK
|
155,729
|
1,519
|
154,210
|
2,044
|
1.3
|
866
|
56
|
Barclays International
|
33,485
|
1,492
|
31,993
|
1,249
|
3.7
|
1,085
|
324
|
Barclays Non-Core
|
10,319
|
385
|
9,934
|
838
|
8.1
|
102
|
99
|
Total Group retail
|
199,533
|
3,396
|
196,137
|
4,131
|
2.1
|
2,053
|
103
|
|
|
|
|
|
|
|
|
Barclays UK
|
15,204
|
282
|
14,922
|
591
|
3.9
|
30
|
20
|
Barclays International
|
180,102
|
748
|
179,354
|
1,470
|
0.8
|
258
|
14
|
Head Office
|
4,410
|
-
|
4,410
|
-
|
-
|
-
|
-
|
Barclays Non-Core
|
41,406
|
194
|
41,212
|
299
|
0.7
|
11
|
3
|
Total Group wholesale
|
241,122
|
1,224
|
239,898
|
2,360
|
1.0
|
299
|
12
|
|
|
|
|
|
|
|
|
Group total
|
440,655
|
4,620
|
436,035
|
6,491
|
1.5
|
2,352
|
53
|
|
|
|
|
|
|
|
|
Traded loans
|
2,975
|
n/a
|
2,975
|
n/a
|
|
|
|
Loans and advances designated at fair value
|
10,519
|
n/a
|
10,519
|
n/a
|
|
|
|
Loans and advances held at fair value
|
13,494
|
n/a
|
13,494
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
Total loans and advances
|
454,149
|
4,620
|
449,529
|
6,491
|
|
|
|
1
|
Excludes impairment charges on available for sale investments and
reverse repurchase agreements. Q317 impairment charges represent
nine months charge; December 2016 impairment charges represent
twelve months charge.
|
2
|
Barclays Non-Core represents charges for the six months ended 30
June 2017, primarily relating to Italian mortgages transferred into
Head Office on 1 July 2017.
|
Condensed Consolidated Financial Statements
Consolidated summary income statement
|
|
Nine months ended
|
Nine months ended
|
|
30.09.17
|
30.09.16
|
|
£m
|
£m
|
Total income
|
16,054
|
16,459
|
Credit impairment charges and other provisions
|
(1,763)
|
(1,720)
|
Net operating income
|
14,291
|
14,739
|
Operating expenses
|
(10,263)
|
(10,753)
|
Litigation and conduct
|
(824)
|
(1,266)
|
Operating expenses
|
(11,087)
|
(12,019)
|
Other net income
|
244
|
180
|
Profit before tax
|
3,448
|
2,900
|
Tax charge
|
(1,102)
|
(1,043)
|
Profit after tax in respect of continuing operations
|
2,346
|
1,857
|
(Loss)/profit after tax in respect of discontinued
operation
|
(2,195)
|
520
|
Profit after tax
|
151
|
2,377
|
|
|
|
Attributable to:
|
|
|
Ordinary equity holders of the parent
|
(628)
|
1,524
|
Other equity holders
1
|
458
|
318
|
Total equity holders
|
(170)
|
1,842
|
Non-controlling interests in respect of continuing
operations
|
181
|
255
|
Non-controlling interests in respect of discontinued
operation
|
140
|
280
|
Profit after tax
|
151
|
2,377
|
|
|
|
Earnings per share
|
|
|
Basic (loss)/earnings per ordinary share
1
|
(3.0p)
|
9.6p
|
Basic earnings per ordinary share in respect of continuing
operations
1
|
10.8p
|
8.1p
|
Basic (loss)/earnings per ordinary share in respect of discontinued
operation
|
(13.8p)
|
1.5p
|
1
|
The profit after tax attributable to other equity holders of
£458m (Q316 YTD: £318m) is offset by a tax credit
recorded in reserves of £125m (Q316 YTD: £89m). The
net amount of £333m (Q316 YTD: £229m), along with
non-controlling interests (NCI) is deducted from profit after tax
in order to calculate earnings per share and return on average
tangible shareholders' equity.
|
Consolidated summary balance sheet
|
|
|
|
As at
|
As at
|
|
30.09.17
|
31.12.16
|
Assets
|
£m
|
£m
|
Cash and balances at central banks
|
175,826
|
102,353
|
Items in the course of collection from other banks
|
1,923
|
1,467
|
Trading portfolio assets
|
92,456
|
80,240
|
Financial assets designated at fair value
|
115,504
|
78,608
|
Derivative financial instruments
|
244,457
|
346,626
|
Financial investments
|
61,879
|
63,317
|
Loans and advances to banks
|
37,890
|
43,251
|
Loans and advances to customers
|
383,517
|
392,784
|
Reverse repurchase agreements and other similar secured
lending
|
15,464
|
13,454
|
Goodwill and intangible assets
|
7,759
|
7,726
|
Current tax assets
|
913
|
561
|
Deferred tax assets
|
4,460
|
4,869
|
Assets included in disposal groups classified as held for
sale
|
378
|
71,454
|
Other assets
|
6,829
|
6,416
|
Total assets
|
1,149,255
|
1,213,126
|
|
|
|
Liabilities
|
|
|
Deposits from banks
|
51,026
|
48,214
|
Items in the course of collection due to other banks
|
793
|
636
|
Customer accounts
|
445,148
|
423,178
|
Repurchase agreements and other similar secured
borrowing
|
34,207
|
19,760
|
Trading portfolio liabilities
|
41,626
|
34,687
|
Financial liabilities designated at fair value
|
150,453
|
96,031
|
Derivative financial instruments
|
243,668
|
340,487
|
Debt securities in issue
|
77,762
|
75,932
|
Subordinated liabilities
|
25,085
|
23,383
|
Current tax liabilities
|
1,033
|
737
|
Deferred tax liabilities
|
30
|
29
|
Liabilities included in disposal groups classified as held for
sale
|
326
|
65,292
|
Other liabilities
|
11,053
|
13,395
|
Total liabilities
|
1,082,210
|
1,141,761
|
|
|
|
Equity
|
|
|
Called up share capital and share premium
|
22,017
|
21,842
|
Other reserves
|
5,074
|
6,051
|
Retained earnings
|
28,618
|
30,531
|
Shareholders' equity attributable to ordinary shareholders of the
parent
|
55,709
|
58,424
|
Other equity instruments
|
8,940
|
6,449
|
Total equity excluding non-controlling interests
|
64,649
|
64,873
|
Non-controlling interests
|
2,396
|
6,492
|
Total equity
|
67,045
|
71,365
|
|
|
|
Total liabilities and equity
|
1,149,255
|
1,213,126
|
Consolidated statement of changes in equity
|
|
|
|
|
|
|
|
|
Called up share capital and share premium
|
Other equity instruments
|
Other reserves
|
Retained earnings
|
Total
|
Non-controlling interests
|
Total
equity
|
Nine months ended 30.09.17
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Balance as at 31 December 2016
|
21,842
|
6,449
|
6,051
|
30,531
|
64,873
|
6,492
|
71,365
|
Effects of changes in accounting policies
1
|
-
|
-
|
(175)
|
175
|
-
|
-
|
-
|
Balance as at 1 January 2017
|
21,842
|
6,449
|
5,876
|
30,706
|
64,873
|
6,492
|
71,365
|
Profit after tax
|
-
|
458
|
-
|
1,707
|
2,165
|
181
|
2,346
|
Other comprehensive profit after tax for the period
|
-
|
-
|
(2,155)
|
18
|
(2,137)
|
(1)
|
(2,138)
|
Total comprehensive income net of tax from continuing
operations
|
-
|
458
|
(2,155)
|
1,725
|
28
|
180
|
208
|
Total comprehensive income net of tax from discontinued
operation
|
-
|
-
|
1,332
|
(2,335)
|
(1,003)
|
109
|
(894)
|
Total comprehensive income for the period
|
-
|
458
|
(823)
|
(610)
|
(975)
|
289
|
(686)
|
Issue of shares
|
117
|
-
|
-
|
-
|
117
|
-
|
117
|
Issue of shares under employee share schemes
|
58
|
-
|
-
|
381
|
439
|
-
|
439
|
Issue and exchange of equity instruments
|
-
|
2,490
|
-
|
-
|
2,490
|
-
|
2,490
|
Coupons paid on other equity instruments
|
-
|
(458)
|
-
|
125
|
(333)
|
-
|
(333)
|
Redemption and buy back of capital instruments
|
-
|
-
|
-
|
(473)
|
(473)
|
(657)
|
(1,130)
|
Treasury shares
|
-
|
-
|
15
|
(618)
|
(603)
|
-
|
(603)
|
Dividends
|
-
|
-
|
-
|
(509)
|
(509)
|
(348)
|
(857)
|
Net equity impact of partial BAGL disposal
|
-
|
-
|
-
|
(359)
|
(359)
|
(3,443)
|
(3,802)
|
Other movements
|
-
|
1
|
6
|
(25)
|
(18)
|
63
|
45
|
Balance as at 30 September 2017
|
22,017
|
8,940
|
5,074
|
28,618
|
64,649
|
2,396
|
67,045
|
|
|
|
|
|
|
|
|
Three months ended 30.09.17
|
|
|
|
|
|
|
|
Balance as at 30 June 2017
|
21,998
|
7,694
|
6,148
|
28,026
|
63,866
|
2,397
|
66,263
|
Effects of changes in accounting policies
1
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Balance as at 1 July 2017
|
21,998
|
7,694
|
6,148
|
28,026
|
63,866
|
2,397
|
66,263
|
Profit after tax
|
-
|
157
|
-
|
583
|
740
|
43
|
783
|
Other comprehensive profit after tax for the period
|
-
|
-
|
(1,081)
|
32
|
(1,049)
|
-
|
(1,049)
|
Total comprehensive income net of tax from continuing
operations
|
-
|
157
|
(1,081)
|
615
|
(309)
|
43
|
(266)
|
Total comprehensive income net of tax from discontinued
operation
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Total comprehensive income for the period
|
-
|
157
|
(1,081)
|
615
|
(309)
|
43
|
(266)
|
Issue of shares
|
10
|
-
|
-
|
-
|
10
|
-
|
10
|
Issue of shares under employee share schemes
|
9
|
-
|
-
|
97
|
106
|
-
|
106
|
Issue and exchange of equity instruments
|
-
|
1,245
|
-
|
-
|
1,245
|
-
|
1,245
|
Coupons paid on other equity instruments
|
-
|
(157)
|
-
|
43
|
(114)
|
-
|
(114)
|
Redemption and buy back of capital instruments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Treasury shares
|
-
|
-
|
1
|
(1)
|
-
|
-
|
-
|
Dividends
|
-
|
-
|
-
|
(170)
|
(170)
|
(41)
|
(211)
|
Net equity impact of partial BAGL disposal
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Other movements
|
-
|
1
|
6
|
8
|
15
|
(3)
|
12
|
Balance as at 30 September 2017
|
22,017
|
8,940
|
5,074
|
28,618
|
64,649
|
2,396
|
67,045
|
|
As at
|
As at
|
As at
|
|
30.09.17
|
30.06.17
|
31.12.16
|
Other reserves
|
£m
|
£m
|
£m
|
Currency translation reserve
|
3,140
|
3,756
|
3,051
|
Available for sale reserve
|
(113)
|
(16)
|
(74)
|
Cash flow hedging reserve
|
1,196
|
1,578
|
2,105
|
Own credit reserve
|
(133)
|
(153)
|
-
|
Other
2
|
984
|
983
|
969
|
Total
|
5,074
|
6,148
|
6,051
|
1
|
As a result of the early adoption of the own credit provisions of
IFRS 9 on 1 January 2017, own credit which was previously recorded
in the income statement is now recognised within other
comprehensive income. The cumulative unrealised own credit net loss
of £175m has therefore been reclassified from retained
earnings to a separate own credit reserve, within other reserves.
During Q317 YTD a £42m gain on own credit has been booked in
the reserve.
|
2
|
As at 30 September 2017, there was a credit balance of £1,011m
(June 2017: £1,011m credit; December 2016: £1,011m
credit) in other reserves relating to the excess repurchase price
paid over nominal of redeemed ordinary and preference shares issued
by the group and a debit balance of £27m (June 2017: £28m
debit; December 2016: £42m debit) in other reserves relating
to treasury shares.
|
Barclays PLC Parent Company
Summary balance sheet
|
|
|
|
As at
|
As at
|
|
30.09.17
|
31.12.16
|
Assets
|
£m
|
£m
|
Investments in subsidiaries
|
39,353
|
36,553
|
Loans and advances to subsidiaries
|
22,451
|
19,421
|
Financial investments
|
4,746
|
1,218
|
Derivative financial instruments
|
137
|
268
|
Other assets
|
114
|
105
|
Total assets
|
66,801
|
57,565
|
|
|
|
Liabilities
|
|
|
Deposits from banks
|
511
|
547
|
Subordinated liabilities
|
6,442
|
3,789
|
Debt securities in issue
|
20,643
|
16,893
|
Other liabilities
|
59
|
14
|
Total liabilities
|
27,655
|
21,243
|
|
|
|
Equity
|
|
|
Called up share capital and share premium
|
22,017
|
21,842
|
Other equity instruments
|
8,942
|
6,453
|
Other reserves
|
458
|
420
|
Retained earnings
|
7,729
|
7,607
|
Total equity
|
39,146
|
36,322
|
|
|
|
Total liabilities and equity
|
66,801
|
57,565
|
Investments in subsidiaries
The
investment in subsidiaries of £39,353m (December 2016:
£36,553m) mainly represents investments made into Barclays
Bank PLC, including £8,986m (December 2016: £6,486m) of
Additional Tier 1 (AT1) securities. The increase of £2,800m
was driven by AT1 issuances of £2,500m during the period, as
well as a £300m investment in the Group Service
Company.
Loans and advances to subsidiaries, subordinated liabilities and
debt securities in issue
For the
nine months ended 30 September 2017, Barclays PLC issued $2bn of
Fixed Rate Subordinated Notes and €1.5bn of Fixed Rate
Subordinated Notes included within the subordinated liabilities
balance of £6,442m (December 2016: £3,789m), $5bn of
Fixed and Floating Rate Senior Notes and £950m of Fixed Rate
Senior Notes included within the debt securities in issue balance
of £20,643m (December 2016: £16,893m). The proceeds
raised through these transactions were used to invest in Barclays
Bank PLC in each case with a ranking corresponding to the notes
issued by Barclays PLC and included within the loans and advances
to subsidiary balance of £22,451m (December 2016:
£19,421m).
Management of internal investments, loans and advances
Barclays
PLC retains the discretion to manage the nature of its internal
investments in subsidiaries according to their regulatory and
business needs. As we implement our structural reform programme,
Barclays PLC will invest capital and funding to Barclays Bank PLC,
the Group Service Company and other Group subsidiaries such as the
US Intermediate Holding Company (IHC) and the UK ring-fenced
bank.
Structural reform
Barclays'
plans for UK ring-fencing remain on track. The relevant court
processes are scheduled to begin in November 2017, and we intend to
complete the restructure and fully establish the UK ring-fenced
bank in April 2018, ahead of the 1 January 2019 legislative
deadline for implementation.
Barclays
Services Limited (the "Group Service Company") has been established
as a direct subsidiary of Barclays PLC to deliver operational
continuity and to drive operational efficiencies across the Group.
In September 2017, Barclays transferred c.£3.8bn of assets and
liabilities from Barclays Bank PLC and its subsidiaries to the
Group Service Company.
Treasury and Capital Risk
CRD IV capital
Barclays'
current regulatory requirement is to meet a fully loaded CET1 ratio
comprising the required 4.5% Pillar 1 minimum CET1 requirement and,
phased in from 2016, a Combined Buffer Requirement. This currently
comprises a Capital Conservation Buffer (CCB) and a Global
Systemically Important Institution (G-SII) buffer determined by the
PRA in line with guidance from the Financial Stability Board (FSB).
Both buffers are subject to phased implementation at 25% per annum
from 2016 with full effect from 2019. The CCB has been set at 2.5%
with 1.25% applicable for 2017. The G-SII buffer for 2017 has been
set at 2% with 1% applicable for 2017. On 21 November 2016 the FSB
confirmed that the G-SII buffer for 2018 will be 1.5% with 1.1%
applicable for 2018.
The
Combined Buffer Requirement also includes a Counter-Cyclical
Capital Buffer (CCyB) and a Systemic Risk Buffer (SRB). On 27 June
2017 the Financial Policy Committee (FPC) increased the UK CCyB
rate from 0% to 0.5% applicable from 27 June 2018. Other national
authorities also determine the appropriate CCyBs that should be
applied to exposures in their jurisdiction. CCyBs have started to
apply for Barclays' exposures to other jurisdictions; however based
on current exposures these are not material. No SRB has been set to
date.
In
addition, Barclays' Pillar 2A requirement as per the PRA's
Individual Capital Guidance (ICG) for 2017 based on a point in time
assessment is 4.2% of which 56% needs to be met in CET1 form,
equating to approximately 2.3% of RWAs. The Pillar 2A requirement
is subject to at least annual review.
For
regulatory reporting purposes, BAGL is treated on a proportional
consolidated basis based on Barclays' holding in BAGL of
21.9%.
As at
30 September 2017, Barclays' CET1 ratio was 13.1% which exceeds the
2017 transitional minimum requirement of 9.1% including the minimum
4.5% CET1 ratio requirement, 2.3% of Pillar 2A, a 1.25% CCB buffer,
a 1% G-SII buffer and a 0% CCyB.
Capital ratios
|
As at
|
As at
|
As at
|
30.09.17
|
30.06.17
|
31.12.16
|
Fully loaded CET1
1,2
|
13.1%
|
13.1%
|
12.4%
|
PRA Transitional Tier 1
3,4
|
16.9%
|
16.6%
|
15.6%
|
PRA Transitional Total Capital
3,4
|
21.2%
|
20.7%
|
19.6%
|
|
|
|
|
Capital resources
|
£m
|
£m
|
£m
|
Shareholders' equity (excluding non-controlling interests) per the
balance sheet
|
64,649
|
63,866
|
64,873
|
Less: other equity instruments (recognised as AT1
capital)
|
(8,940)
|
(7,694)
|
(6,449)
|
Adjustment to retained earnings for foreseeable
dividends
|
(284)
|
(303)
|
(388)
|
|
|
|
|
Minority Interests (amount allowed in consolidated
CET1)
|
-
|
-
|
1,825
|
|
|
|
|
Other regulatory adjustments and deductions:
|
|
|
|
Additional value adjustments (PVA)
|
(1,462)
|
(1,494)
|
(1,571)
|
Goodwill and intangible assets
|
(7,787)
|
(7,756)
|
(9,054)
|
Deferred tax assets that rely on future profitability excluding
temporary differences
|
(482)
|
(346)
|
(494)
|
Fair value reserves related to gains or losses on cash flow
hedges
|
(1,195)
|
(1,576)
|
(2,104)
|
Excess of expected losses over impairment
|
(1,423)
|
(1,179)
|
(1,294)
|
Gains or losses on liabilities at fair value resulting from own
credit
|
28
|
58
|
86
|
Defined-benefit pension fund assets
|
(683)
|
(542)
|
(38)
|
Direct and indirect holdings by an institution of own CET1
instruments
|
(50)
|
(50)
|
(50)
|
Deferred tax assets arising from temporary differences (amount
above 10% threshold)
|
-
|
(115)
|
(183)
|
Other regulatory adjustments
|
(42)
|
(35)
|
45
|
Fully loaded CET1 capital
|
42,329
|
42,834
|
45,204
|
|
|
|
|
Additional Tier 1 (AT1) capital
|
|
|
|
Capital instruments and related share premium accounts
|
8,940
|
7,694
|
6,449
|
Qualifying AT1 capital (including minority interests) issued by
subsidiaries
|
3,802
|
3,843
|
5,445
|
Other regulatory adjustments and deductions
|
(130)
|
(130)
|
(130)
|
Transitional AT1 capital
5
|
12,612
|
11,407
|
11,764
|
|
|
|
|
PRA Transitional Tier 1 capital
|
54,941
|
54,241
|
56,968
|
|
|
|
|
Tier 2 (T2) capital
|
|
|
|
Capital instruments and related share premium accounts
|
6,371
|
5,198
|
3,769
|
Qualifying T2 capital (including minority interests) issued by
subsidiaries
|
7,839
|
8,486
|
11,366
|
Other regulatory adjustments and deductions
|
(251)
|
(252)
|
(257)
|
PRA Transitional total regulatory capital
|
68,900
|
67,673
|
71,846
|
1
|
The transitional regulatory adjustments to CET1 capital are no
longer applicable resulting in CET1 capital on a fully loaded basis
being equal to that on a transitional basis.
|
2
|
The CRD IV CET1 ratio (FSA October 2012 transitional statement) as
applicable to Barclays' Tier 2 Contingent Capital Notes was 13.7%
based on £44.3bn of transitional CRD IV CET1 capital and
£324bn of RWAs.
|
3
|
The PRA transitional capital is based on the PRA Rulebook and
accompanying supervisory statements.
|
4
|
As at 30 September 2017, Barclays' fully loaded Tier 1 capital was
£51,139m, and the fully loaded Tier 1 ratio was 15.8%. Fully
loaded total regulatory capital was £65,936m and the fully
loaded total capital ratio was 20.3%. The fully loaded Tier 1
capital and total capital measures are calculated without applying
the transitional provisions set out in CRD IV and assessing
compliance of AT1 and T2 instruments against the relevant criteria
in CRD IV.
|
5
|
Of the £12.6bn transitional AT1 capital, fully loaded AT1
capital comprises the £8.9bn of contingent convertible
instruments issued by Barclays PLC (the holding company) and
related share premium accounts, and £0.1bn capital
deductions. It excludes £3.8bn legacy tier 1capital
instruments issued by subsidiaries and subject to
grandfathering. For the leverage ratio, only the AT1 capital
on a fully loaded basis is applicable.
|
Movement in CET1 capital
|
Three months
|
Nine months
|
ended
|
ended
|
30.09.17
|
30.09.17
|
£m
|
£m
|
Opening CET1 capital
|
42,834
|
45,204
|
|
|
|
Profit/(loss) for the period attributable to equity
holders
|
740
|
(170)
|
Own credit relating to derivative liabilities
|
(10)
|
69
|
Dividends paid and foreseen
|
(265)
|
(738)
|
Increase/(decrease) in retained regulatory capital generated from
earnings
|
465
|
(839)
|
|
|
|
Net impact of share schemes
|
116
|
(47)
|
Available for sale reserves
|
(97)
|
(39)
|
Currency translation reserves
|
(616)
|
89
|
Other reserves
|
(13)
|
(947)
|
Decrease in other qualifying reserves
|
(610)
|
(944)
|
|
|
|
Retirement benefit reserve
|
52
|
23
|
Defined-benefit pension fund asset deduction
|
(141)
|
(645)
|
Net impact of pensions
|
(89)
|
(622)
|
|
|
|
Minority interests
|
-
|
(1,825)
|
Additional value adjustments (PVA)
|
32
|
109
|
Goodwill and intangible assets
|
(31)
|
1,267
|
Deferred tax assets that rely on future profitability excluding
those arising from temporary differences
|
(136)
|
12
|
Excess of expected loss over impairment
|
(244)
|
(129)
|
Deferred tax assets arising from temporary differences (amount
above 10% threshold)
|
115
|
183
|
Other regulatory adjustments
|
(7)
|
(87)
|
Decrease in regulatory capital due to adjustments and
deductions
|
(271)
|
(470)
|
|
|
|
Closing CET1 capital
|
42,329
|
42,329
|
CET1
capital decreased to £42.3bn (December 2016: £45.2bn) due
to the following:
●
|
A
£0.2bn loss for the period attributable to equity holders as
£2.2bn profit after tax in respect of continuing operations
was more than offset by losses in respect of the discontinued
operation of £2.3bn. These losses, resulting from the
impairment of Barclays' holding in BAGL allocated to goodwill and
the recycling of BAGL currency translation reserve losses to the
income statement, had no impact on CET1 capital with offsetting
movements in the goodwill and intangible assets deduction and other
qualifying reserves
|
●
|
A
£0.7bn decrease for dividends paid and foreseen
|
●
|
A
£0.1bn increase in the currency translation reserve largely
due to the £1.4bn recycling of BAGL losses to the income
statement which were offset by a £1.3bn decrease driven by the
appreciation of GBP against USD
|
●
|
A
£0.9bn decrease in other qualifying reserves which included a
£0.5bn decrease as a result of USD preference share
redemptions and £0.4bn of separation payments in relation to
the sale of Barclays' holding in BAGL
|
●
|
A
£0.6bn decrease net of tax as a result of movements relating
to pensions. The pension asset capital deduction increase relates
to the UK Retirement Fund scheme, which is the Group's main pension
scheme, moving from a small deficit in December 2016 to a
£0.9bn surplus largely due to contributions in the
period
|
●
|
A
£1.8bn decrease due to BAGL minority interests which are no
longer eligible as a result of proportional consolidation of
BAGL
|
●
|
A
£1.3bn increase due to a reduced goodwill and intangible
assets deduction largely as a result of the impairment of Barclays'
holding in BAGL allocated to goodwill
|
Risk weighted
assets (RWAs) by risk type and business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit risk
|
|
Counterparty credit risk
|
|
Market risk
|
|
Operational risk
|
Total RWAs
|
|
|
|
|
|
|
Std
|
IRB
|
|
Std
|
IRB
|
Settle-ment Risk
|
CVA
|
|
Std
|
IMA
|
|
|
|
As at 30.09.17
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
Barclays UK
|
4,278
|
53,364
|
|
3
|
-
|
-
|
31
|
|
-
|
-
|
|
12,338
|
70,014
|
Barclays International
|
47,775
|
79,013
|
|
17,830
|
17,387
|
68
|
2,847
|
|
12,985
|
12,774
|
|
27,537
|
218,216
|
Head Office
1
|
4,241
|
12,274
|
|
89
|
585
|
-
|
151
|
|
114
|
1,827
|
|
16,785
|
36,066
|
Barclays Group
|
56,294
|
144,651
|
|
17,922
|
17,972
|
68
|
3,029
|
|
13,099
|
14,601
|
|
56,660
|
324,296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK
|
3,768
|
49,979
|
|
3
|
-
|
-
|
31
|
|
-
|
-
|
|
12,338
|
66,119
|
Barclays International
|
49,382
|
81,109
|
|
15,456
|
13,962
|
32
|
2,205
|
|
11,100
|
11,460
|
|
27,538
|
212,244
|
Head Office
1
|
2,612
|
7,891
|
|
68
|
535
|
-
|
207
|
|
146
|
1,876
|
|
12,871
|
26,206
|
Barclays Non-Core
|
2,627
|
9,102
|
|
874
|
4,072
|
-
|
590
|
|
294
|
1,373
|
|
3,913
|
22,845
|
Barclays Group
|
58,389
|
148,081
|
|
16,401
|
18,569
|
32
|
3,033
|
|
11,540
|
14,709
|
|
56,660
|
327,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 31.12.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK
|
5,592
|
49,591
|
|
47
|
-
|
-
|
-
|
|
-
|
-
|
|
12,293
|
67,523
|
Barclays International
|
53,201
|
82,327
|
|
13,515
|
13,706
|
30
|
3,581
|
|
9,343
|
9,460
|
|
27,538
|
212,701
|
Head Office
1
|
9,048
|
27,122
|
|
77
|
1,157
|
-
|
927
|
|
482
|
2,323
|
|
12,156
|
53,292
|
Barclays Non-Core
|
4,714
|
9,945
|
|
1,043
|
6,081
|
37
|
2,235
|
|
477
|
2,928
|
|
4,673
|
32,133
|
Barclays Group
|
72,555
|
168,985
|
|
14,682
|
20,944
|
67
|
6,743
|
|
10,302
|
14,711
|
|
56,660
|
365,649
|
1
|
Includes Africa Banking RWAs.
|
|
|
|
|
|
|
Movement analysis of RWAs
|
|
Credit risk
|
Counterparty credit risk
|
Market risk
|
Operational
risk
|
Total RWAs
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
As at 01.01.17
|
241.5
|
42.4
|
25.0
|
56.7
|
365.6
|
Book size
|
(3.3)
|
(1.6)
|
4.3
|
-
|
(0.6)
|
Acquisitions and disposals
|
(28.7)
|
(1.4)
|
(1.5)
|
-
|
(31.6)
|
Book quality
|
(2.3)
|
0.1
|
0.1
|
-
|
(2.1)
|
Model updates
|
(1.3)
|
-
|
-
|
-
|
(1.3)
|
Methodology and policy
|
(0.2)
|
(0.5)
|
(0.2)
|
-
|
(0.9)
|
Foreign exchange movements
1
|
(4.8)
|
-
|
-
|
-
|
(4.8)
|
As at 30.09.17
|
200.9
|
39.0
|
27.7
|
56.7
|
324.3
|
1
|
Foreign exchange movement does not include FX for
modelled counterparty risk or modelled market risk.
|
RWAs
decreased £41.4bn to £324.3bn, due to:
●
|
Acquisitions
and disposals decreased RWAs £31.6bn primarily as a result of
the proportional consolidation of BAGL
|
●
|
Book
quality decreased RWAs £2.1bn primarily due to changes in risk
profile in Barclays International
|
●
|
Model
updates decreased RWAs £1.3bn primarily due to model changes
in Africa Banking prior to the sell down of Barclays' holding in
BAGL
|
●
|
Foreign
exchange movements decreased RWAs £4.8bn primarily due to the
depreciation of USD against GBP
|
Leverage ratio and exposures
Barclays
is subject to a leverage ratio requirement that is implemented on a
phased basis, with a transitional requirement of 3.4% as at 30
September 2017; this comprises the 3% minimum requirement, a
transitional G-SII additional leverage ratio buffer (G-SII ALRB)
and a countercyclical leverage ratio buffer (CCLB). Based on both
future and proposed requirements, the expected end point leverage
requirement is 4.0%. Additionally, the CRR fully loaded leverage
requirement is currently expected to be 3%, although this may be
impacted by the Basel Consultation on the Leverage
Framework.
Barclays
is required to disclose an average UK leverage ratio which is based
on capital and exposure measures on the last day of each month in
the quarter; as well as a UK leverage ratio which is based on the
last day of the quarter. Both approaches exclude qualifying cash at
central banks from the calculation of leverage exposures. There is
also a CRR leverage ratio disclosure requirement, which is based on
the end point CRR definition of Tier 1 capital and the CRR
definition of leverage exposure.
As at
30 September 2017, Barclays' average UK leverage ratio was 4.9%
(December 2016: 4.5%) and the UK leverage ratio was 5.1% (December
2016: 5.0%), which exceeds the transitional leverage requirement
for Barclays of 3.4%, and expected end point leverage requirement
of 4.0%. The CRR leverage ratio was 4.4% (December 2016:
4.6%).
UK leverage ratio
|
As at
30.09.17
|
As at
30.06.17
|
As at
31.12.16
|
£bn
|
£bn
|
£bn
|
Average UK leverage ratio
|
4.9%
|
4.8%
|
4.5%
|
UK leverage ratio
|
5.1%
|
5.0%
|
5.0%
|
Average UK leverage exposure
|
1,035
|
1,092
|
1,137
|
UK leverage exposure
|
1,002
|
999
|
1,050
|
Fully loaded Tier 1 capital (quarterly month end
average)
|
51.2
|
52.1
|
51.6
|
|
|
|
|
CRR leverage ratio
|
|
|
|
Accounting assets
|
|
|
|
Derivative financial instruments
|
244
|
260
|
347
|
Cash collateral
|
56
|
58
|
67
|
Reverse repurchase agreements and other similar secured
lending
|
15
|
17
|
13
|
Financial assets designated at fair value
1
|
116
|
107
|
79
|
Loans and advances and other assets
|
718
|
693
|
707
|
Total IFRS assets
|
1,149
|
1,135
|
1,213
|
|
|
|
|
Regulatory consolidation adjustments
|
13
|
10
|
(6)
|
|
|
|
|
Derivatives adjustments
|
|
|
|
Derivatives netting
|
(222)
|
(235)
|
(313)
|
Adjustments to cash collateral
|
(42)
|
(47)
|
(50)
|
Net written credit protection
|
15
|
12
|
12
|
Potential Future Exposure (PFE) on derivatives
|
124
|
127
|
136
|
Total derivatives adjustments
|
(125)
|
(143)
|
(215)
|
|
|
|
|
Securities financing transactions (SFTs) adjustments
|
23
|
24
|
29
|
|
|
|
|
Regulatory deductions and other adjustments
|
(13)
|
(13)
|
(15)
|
Weighted off-balance sheet commitments
|
104
|
109
|
119
|
CRR leverage exposure
|
1,151
|
1,122
|
1,125
|
|
|
|
|
Fully loaded CET 1 capital
|
42.3
|
42.8
|
45.2
|
Fully loaded AT1 capital
|
8.8
|
7.6
|
6.8
|
Fully loaded Tier 1 capital
|
51.1
|
50.4
|
52.0
|
|
|
|
|
CRR Leverage ratio
|
4.4%
|
4.5%
|
4.6%
|
1
|
Included within financial assets designated at fair value are
reverse repurchase agreements designated at fair value of
£99bn (December 2016: £63bn).
|
The
average UK leverage exposure as at 30 September 2017, which
excludes qualifying central bank claims, was £1,035bn
(December 2016: £1,137bn), resulting in an average UK leverage
ratio of 4.9% (December 2016: 4.5%). The CET1 capital held against
the 0.35% transitional G-SII ALRB was £3.5bn. The impact of
the CCLB is currently nil.
The CRR
leverage ratio decreased to 4.4% (December 2016: 4.6%) primarily
driven by a £0.9bn decrease in fully loaded Tier 1 capital to
£51.1bn as well as a £26bn increase in leverage exposure
to £1,151bn.
●
|
Loans
and advances and other assets increased by £11bn to
£718bn. This was driven primarily by a £73bn increase in
cash and balances at central banks mainly due to an increase in the
cash contribution to the Group liquidity pool, a £71bn
decrease in assets held for sale mainly due to the sell down of
Barclays' holding in BAGL, a £13bn increase in settlement
balances and a £12bn increase in trading portfolio assets due
to client activity
|
●
|
Reverse
repurchase agreements increased £38bn to £114bn,
primarily due to an increase in matched book trading
|
●
|
Net
derivative leverage exposures, excluding net written credit
protection and PFE on derivatives, decreased £15bn to
£36bn due to a reduction in IFRS derivatives mainly due to a
decrease in interest rate and foreign exchange derivatives, the
rundown of Non-Core assets and a decrease in cash
collateral
|
●
|
Regulatory
consolidation adjustments increased £19bn to £13bn
primarily as a result of the proportional consolidation of
BAGL following the sell down of Barclays' holding
|
●
|
Potential
future exposure on derivatives decreased £12bn to £124bn
primarily due to the rundown in Non-Core assets and the
appreciation of GBP against major currencies
|
●
|
Weighted
off-balance sheet commitments decreased £15bn to £104bn
primarily as a result of the proportional consolidation of BAGL
following the sell down of Barclays' holding
|
The
difference between the average UK leverage ratio and the CRR
leverage ratio was driven by the exemption of qualifying central
bank claims, partially offset by higher positions for July and
August within trading portfolio assets and settlement
balances.
Additional
Barclays regulatory disclosures prepared in accordance with the EBA
Guidelines on disclosure requirements under Part Eight of
Regulation (EU) No 575/2013 will be disclosed on 26 October 2017,
available at home.barclays/results.
Appendix: Non-IFRS Performance Measures
Barclays'
management believes that the non-IFRS performance measures included
in this document provide valuable information to the readers of the
financial statements as they enable the reader to identify a more
consistent basis for comparing the business' 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
Barclays PLC and its subsidiaries (the Group). They also reflect an
important aspect of the way in which operating targets are defined
and performance is monitored by Barclays' management.
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
|
Return
on average tangible shareholders' equity
|
Statutory profit
after tax attributable to ordinary shareholders, including an
adjustment for the tax credit in reserves in respect of other
equity instruments, as a proportion of average shareholders' equity
excluding non-controlling interests and other equity instruments
adjusted for the deduction of intangible assets and goodwill. The
components of the calculation have been included on pages
34-35.
|
Return
on average allocated tangible shareholders' equity
|
Statutory profit
after tax attributable to ordinary shareholders, including an
adjustment for the tax credit in reserves in respect of other
equity instruments, as a proportion of average allocated tangible
shareholders' equity. The components of the calculation have been
included on pages 34-35.
|
Period
end allocated tangible equity
|
Allocated tangible
equity is calculated as 12.0% (2016: 11.5%) of CRD IV fully loaded
RWAs for each business, adjusted for CRD IV fully loaded 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 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 shareholders' 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 shareholders' equity for the
period is the average of the monthly averages within that
period.
|
Cost:
income ratio
|
Total
operating expenses divided by total income.
|
Loan
loss rate
|
Quoted
in basis points and represents total annualised loan impairment
divided by gross loans and advances to customers and banks held at
amortised cost at the balance sheet date.
|
Loan:
deposit ratio
|
Loans
and advances divided by customer accounts calculated for Barclays
UK and Barclays International, excluding investment banking
balances other than interest earning lending. This excludes
particular liabilities issued by the retail businesses that have
characteristics comparable to retail deposits (for example
structured Certificates of Deposit and retail bonds), which are
included within debt securities in issue.
|
Net
interest margin
|
Annualised net
interest income divided by the sum of average customer assets. The
components of the calculation have been included on page
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 35.
|
Returns
Return
on average allocated tangible equity is calculated as profit for
the period attributable to ordinary equity holders of the parent
(adjusted for the tax credit recorded in reserves in respect of
interest payments on other equity instruments) divided by average
allocated tangible equity for the period, excluding non-controlling
and other equity interests for businesses. Allocated tangible
equity has been calculated as 12.0% (2016: 11.5%) of CRD IV fully
loaded RWAs for each business, adjusted for CRD IV fully loaded
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 equity and the
amounts allocated to businesses.
|
Nine months ended
|
Nine months ended
|
|
30.09.17
|
30.09.16
|
Attributable profit/(loss)
|
£m
|
£m
|
Barclays UK
|
608
|
445
|
Corporate
and Investment Bank
|
1,423
|
1,356
|
Consumer,
Cards and Payments
|
592
|
1,013
|
Barclays International
|
2,015
|
2,369
|
Head Office
|
(497)
|
(113)
|
Barclays Non-Core
|
(419)
|
(1,418)
|
Africa Banking discontinued operation
|
(2,335)
|
240
|
Barclays Group
|
(628)
|
1,524
|
|
|
|
Tax credit in respect of interest payments on other equity
instruments
|
|
|
Barclays UK
|
27
|
21
|
Corporate
and Investment Bank
|
73
|
52
|
Consumer,
Cards and Payments
|
13
|
8
|
Barclays International
|
86
|
60
|
Head Office
|
2
|
(4)
|
Barclays Non-Core
|
10
|
13
|
Africa Banking discontinued operation
|
-
|
-
|
Barclays Group
|
125
|
89
|
|
|
|
Profit/(loss) attributable to ordinary equity holders of the
parent
|
|
|
Barclays UK
|
635
|
466
|
Corporate
and Investment Bank
|
1,496
|
1,408
|
Consumer,
Cards and Payments
|
605
|
1,021
|
Barclays International
|
2,101
|
2,429
|
Head Office
|
(495)
|
(117)
|
Barclays Non-Core
|
(409)
|
(1,405)
|
Africa Banking discontinued operation
|
(2,335)
|
240
|
Barclays Group
|
(503)
|
1,613
|
Average allocated tangible equity
|
£bn
|
£bn
|
Barclays UK
|
9.0
|
9.0
|
Corporate
and Investment Bank
|
23.8
|
21.6
|
Consumer,
Cards and Payments
|
4.2
|
3.6
|
Barclays International
|
28.0
|
25.2
|
Head Office
1
|
9.0
|
6.3
|
Barclays Non-Core
|
3.2
|
8.2
|
Barclays Group
|
49.2
|
48.7
|
|
|
|
Return on average allocated tangible equity
|
|
|
Barclays UK
|
9.4%
|
6.9%
|
Corporate
and Investment Bank
|
8.4%
|
8.7%
|
Consumer,
Cards and Payments
|
19.3%
|
38.3%
|
Barclays International
|
10.0%
|
12.9%
|
|
|
|
Barclays Group
|
(1.4%)
|
4.4%
|
1
|
Includes Africa Banking.
|
Returns excluding charges for PPI, impairment of Barclays' holding
in BAGL and loss on the sale of BAGL
|
|
|
|
|
Nine months ended
|
Profit attributable to ordinary equity holders of the parent
excluding charges for PPI, impairment of Barclays'
|
30.09.17
|
|
holding in BAGL and loss on the sale of BAGL
1
|
£m
|
|
Barclays Group profit attributable to ordinary equity
holders
|
|
(503)
|
Impact of charges for PPI
2
|
|
692
|
Impact of impairment of Barclays' holding in BAGL
|
|
1,008
|
Impact of loss on the sale of BAGL
|
|
1,435
|
Barclays Group profit attributable to ordinary equity holders of
the parent excluding charges for PPI, impairment of Barclays'
holding in BAGL and loss on the sale of BAGL
|
2,632
|
|
|
|
|
Average allocated tangible equity
|
|
£bn
|
Barclays Group
|
|
49.2
|
|
|
|
Return on average allocated tangible equity excluding charges for
PPI, impairment of Barclays' holding in BAGL and loss on the sale
of BAGL
|
|
|
Barclays Group
|
|
7.1%
|
Earnings per share excluding charges for PPI, impairment of
Barclays' holding in BAGL and loss on the sale of BAGL
|
|
|
|
|
Nine months ended
|
Profit attributable to ordinary equity holders of the parent
excluding charges for PPI, impairment of Barclays'
|
|
30.09.17
|
holding in BAGL and loss on the sale of BAGL
1
|
|
£m
|
Barclays Group profit attributable to ordinary equity
holders
|
|
(503)
|
Impact of charges for PPI
2
|
|
692
|
Impact of impairment of Barclays' holding in BAGL
|
|
1,008
|
Impact of loss on the sale of BAGL
|
|
1,435
|
Barclays Group profit attributable to ordinary equity holders of
the parent excluding charges for PPI, impairment of Barclays'
holding in BAGL and loss on the sale of BAGL
|
2,632
|
|
|
|
|
|
|
m
|
Basic weighted average number of shares
|
|
16,994
|
|
|
|
Basic earnings per ordinary share excluding charges for PPI,
impairment of Barclays' holding in BAGL and loss on the sale of
BAGL
|
p
|
|
Barclays Group
|
|
15.5
|
1
|
The profit after tax attributable to other equity holders of
£458m (Q316 YTD: £318m) is offset by a tax credit
recorded in reserves of £125m (Q316 YTD: £89m). The
net amount of £333m (Q316 YTD: £229m), along with
non-controlling interests (NCI) is deducted from profit after tax
in order to calculate earnings per share and return on average
tangible shareholders' equity.
|
2
|
Represents the post-tax impact.
|
Tangible net asset value
|
As at
|
As at
|
As at
|
|
30.09.17
|
30.06.17
|
31.12.16
|
|
£m
|
£m
|
£m
|
Total equity excluding non-controlling interests
|
64,649
|
63,866
|
64,873
|
Other equity instruments
|
(8,940)
|
(7,694)
|
(6,449)
|
Goodwill and intangibles
1
|
(7,759)
|
(7,724)
|
(9,245)
|
Tangible shareholders' equity attributable to ordinary shareholders
of the parent
|
47,950
|
48,448
|
49,179
|
|
|
|
|
|
m
|
m
|
m
|
Shares in issue
|
17,043
|
17,034
|
16,963
|
|
|
|
|
|
p
|
p
|
p
|
Tangible net asset value per share
|
281
|
284
|
290
|
1
|
Comparative figures for 2016 include goodwill and intangibles in
relation to Africa Banking.
|
Shareholder Information
|
|
Results timetable
1
|
Date
|
2017 Full Year Results and Audited Annual Report
|
22 February 2018
|
|
|
|
|
|
|
|
% Change
3
|
Exchange rates
2
|
30.09.17
|
30.06.17
|
30.09.16
|
|
30.06.17
|
30.09.16
|
Period end - US$/£
|
1.34
|
1.30
|
1.30
|
|
3%
|
3%
|
YTD average - US$/£
|
1.28
|
1.26
|
1.39
|
|
2%
|
(8%)
|
3 month average - US$/£
|
1.31
|
1.28
|
1.31
|
|
2%
|
-
|
Period end - €/£
|
1.14
|
1.14
|
1.16
|
|
-
|
(2%)
|
YTD average - €/£
|
1.15
|
1.16
|
1.25
|
|
(1%)
|
(8%)
|
3 Month average - €/£
|
1.11
|
1.16
|
1.18
|
|
(4%)
|
(6%)
|
|
|
|
|
|
|
|
Share price data
|
30.09.17
|
30.06.17
|
30.09.16
|
|
|
|
Barclays PLC (p)
|
193.35
|
202.75
|
167.80
|
|
|
|
Barclays PLC number of shares (m)
|
17,043
|
17,034
|
16,943
|
|
|
|
|
|
|
|
|
|
|
For further information please contact
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor relations
|
Media relations
|
|
|
Kathryn McLeland +44 (0) 20 7116 4943
|
Thomas Hoskin +44 (0) 20 7116 4755
|
|
|
|
|
|
|
|
|
|
More information on Barclays can be found on our website:
home.barclays
|
|
|
|
|
|
|
|
|
|
Registered office
|
|
|
|
|
|
|
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20
7116 1000. Company number: 48839
|
|
|
|
|
|
|
|
Registrar
|
|
|
|
|
|
|
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99
6DA, United Kingdom.
|
Tel: 0371 384 2055
4
from the UK or +44 (0) 121 415 7004
from overseas.
|
|
|
|
|
|
|
|
1
|
Note that this announcement date is 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
term Barclays or Group refers to Barclays PLC together with its
subsidiaries. Unless otherwise stated, the income statement
analysis compares the nine months ended 30 September 2017 to the
corresponding nine months of 2016 and balance sheet analysis as at
30 September 2017 with comparatives relating to 30 June 2017 and 31
December 2016. The abbreviations '£m' and '£bn' represent
millions and thousands of millions of Pounds Sterling respectively;
the abbreviations '$m' and '$bn' represent millions and thousands
of millions of US Dollars respectively; the abbreviations
'€m' and '€bn' represent millions and thousands of
millions of Euros respectively.
There
are a number of key judgement areas, for example impairment
calculations, which are based on models and which are subject to
ongoing adjustment and modifications. Reported numbers reflect best
estimates and judgements at the given point in time.
Relevant
terms that are used in this document but are not defined under
applicable regulatory guidance or International Financial Reporting
Standards (IFRS) are explained in the results glossary that can be
accessed at home.barclays/results.
The
information in this announcement, which was approved by the Board
of Directors on 25 October 2017, does not comprise statutory
accounts within the meaning of Section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 December 2016, which
included certain information required for the Joint Annual Report
on Form 20-F of Barclays PLC and Barclays Bank PLC to the US
Securities and Exchange Commission (SEC) and which contained an
unqualified audit report under Section 495 of the Companies Act
2006 (which did not make any statements under Section 498 of the
Companies Act 2006) have been delivered to the Registrar of
Companies in accordance with Section 441 of the Companies Act
2006.
These
results will be furnished as a Form 6-K to the SEC as soon as
practicable following their publication. Once furnished with the
SEC, copies of the Form 6-K will also be available from the
Barclays Investor Relations website home.barclays/results and 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 business' 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 33-35 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.
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, notable items, business strategy, structural reform,
capital, leverage and other regulatory ratios, payment of dividends
(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 and the impact of any regulatory deconsolidation resulting
from the sell down of the Group's interest in Barclays Africa Group
Limited, estimates of capital expenditures and plans and objectives
for future operations, projected employee numbers and other
statements that are not historical fact. By their nature,
forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances. These may be
affected by changes in legislation, the development of standards
and interpretations under International Financial Reporting
Standards, 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, future levels of notable
items, the policies and actions of governmental and regulatory
authorities, geopolitical risks and the impact of competition. In
addition, factors including (but not limited to) the following may
have an effect: capital, leverage and other regulatory rules
(including with regard to the future structure of the Group)
applicable to past, current and future periods; UK, US, Africa,
Eurozone and global macroeconomic and business conditions; the
effects of continued volatility in credit markets; market related
risks such as changes in interest rates and foreign exchange rates;
effects of changes in valuation of credit market exposures; changes
in valuation of issued securities; volatility in capital markets;
changes in credit ratings of any entities within the Group or any
securities issued by such entities; the potential for one or more
countries exiting the Eurozone; the implications of the exercise by
the United Kingdom of Article 50 of the Treaty of Lisbon and the
disruption that may result in the UK and globally from the
withdrawal of the United Kingdom from the European Union 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 future
results, dividend payments, and capital and leverage ratios may
differ materially from the plans, goals, expectations and 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 our filings with the
SEC (including, without limitation, our annual report on form 20-F
for the fiscal year ended 31 December 2016), which are available on
the SEC's website at www.sec.gov.
Subject
to our obligations under the applicable laws and regulations of the
United Kingdom and the United States in relation to disclosure and
ongoing information, we undertake no obligation to update publicly
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.