|
· Adjusted profit before tax1 of £2,445m, up 22%, driven by strong performances in both Retail and Business Banking and Corporate and Investment Banking with the non-Investment
Bank businesses showing significant growth in adjusted profits |
|
|
|
· Statutory loss before tax of £475m (2011: £1,655m profit), reflecting £2,620m own credit reversal and an additional provision of £300m for Payment Protection Insurance (PPI) redress
|
|
|
|
· Adjusted return on average shareholders' equity increased to 12.2% (2011: 10.2%) and adjusted return on average tangible shareholders' equity increased to 14.3% (2011: 12.3%)
|
|
|
|
· Excluding own credit, total income increased 5% to £8,138m. Investment Bank income was £3,464m (2011: £3,366m), up 3% on Q1 2011, and 91% on Q4 2011
|
|
|
|
· Credit impairment charge of £778m improved 16%, with an annualised loan loss rate of 63bps (2011: 76bps)
|
|
|
|
· Excluding PPI provision, operating expenses increased 2% to £4,949m, reflecting an increase in non-performance costs, with performance costs remaining flat. Adjusted cost to income ratio improved to 61% (2011: 62%)
|
|
|
|
· Core Tier 1 ratio remained strong at 10.9% (31 December 2011: 11.0%), with Core Tier 1 capital broadly flat and risk weighted assets increasing 1% to £394bn
|
|
|
|
· Raised £12bn of term funding, with term funding maturities of £27bn for full year 2012
|
|
|
|
· Net asset value per share of 445p (31 December 2011: 456p) and net tangible asset value per share of 381p
|
|
(31 December 2011: 391p) impacted by the own credit reversal
|
|
|
|
· First quarter dividend of 1.0p per share (2011: 1.0p)
|
|
|
|
1 Adjusted performance measures and profit before tax exclude the impact of £2,620m (2011: £351m) own credit reversal, £300m (2011: £nil) provision for PPI redress and £nil (2011: £2m) gains on acquisitions and disposals.
|
|
Barclays Unaudited Results
|
Adjusted1
|
Statutory
|
|||||
|
31.03.12
|
31.03.11
|
31.03.12
|
31.03.11
|
||||
|
£m
|
£m
|
% Change
|
£m
|
£m
|
% Change
|
||
|
Total income net of insurance claims
|
8,138
|
7,750
|
5
|
5,518
|
7,399
|
(25)
|
|
|
Credit impairment charges and other provisions
|
(778)
|
(921)
|
(16)
|
(778)
|
(921)
|
(16)
|
|
|
Net operating income
|
7,360
|
6,829
|
8
|
4,740
|
6,478
|
(27)
|
|
|
Operating expenses
|
(4,949)
|
(4,842)
|
2
|
(5,249)
|
(4,842)
|
8
|
|
|
Other net income
|
34
|
17
|
100
|
34
|
19
|
79
|
|
|
Profit before tax
|
2,445
|
2,004
|
22
|
(475)
|
1,655
|
||
|
Profit after tax
|
1,868
|
1,498
|
25
|
(337)
|
1,241
|
||
|
Performance Measures
|
|||||||
|
Return on average shareholders' equity
|
12.2%
|
10.2%
|
(4.0%)
|
8.1%
|
|||
|
Return on average tangible shareholders' equity
|
14.3%
|
12.3%
|
(4.6%)
|
9.7%
|
|||
|
Return on average risk weighted assets
|
1.9%
|
1.5%
|
(0.3%)
|
1.3%
|
|||
|
Cost: income ratio
|
61%
|
62%
|
95%
|
65%
|
|||
|
Cost: net income ratio
|
67%
|
71%
|
111%
|
75%
|
|||
| Basic earnings per share | 13.6p | 10.7p | (4.5p) | 8.5p | |||
| Dividend per share | 1.0p | 1.0p | 1.0p | 1.0p | |||
|
|
|||||||
|
Capital and Balance Sheet
|
31.03.12
|
31.12.11
|
|||||
|
Core Tier 1 ratio
|
10.9%
|
11.0%
|
|||||
|
Risk weighted assets
|
£394bn
|
£391bn
|
1
|
||||
|
Adjusted gross leverage
|
21x
|
20x
|
5
|
||||
|
Group liquidity pool
|
£173bn
|
£152bn
|
14
|
||||
|
Net asset value per share
|
445p
|
456p
|
(2)
|
||||
|
Net tangible asset value per share
|
381p
|
391p
|
(3)
|
||||
|
Loan: deposit ratio
|
116%
|
118%
|
|||||
|
Adjusted
|
Statutory
|
||||||
|
Profit Before Tax by Business
|
31.03.12
|
31.03.11
|
31.03.12
|
31.03.11
|
|||
|
£m
|
£m
|
% Change
|
£m
|
£m
|
% Change
|
||
|
UK
|
334
|
288
|
16
|
34
|
288
|
(88)
|
|
|
Europe
|
(43)
|
(59)
|
(27)
|
(43)
|
(59)
|
(27)
|
|
|
Africa2
|
177
|
147
|
20
|
177
|
147
|
20
|
|
|
Barclaycard
|
349
|
296
|
18
|
349
|
296
|
18
|
|
|
Retail and Business Banking
|
817
|
672
|
22
|
517
|
672
|
(23)
|
|
|
Investment Bank3
|
1,266
|
1,333
|
(5)
|
1,266
|
1,333
|
(5)
|
|
|
Corporate Banking2,3
|
219
|
21
|
219
|
21
|
|||
|
Corporate and Investment Banking
|
1,485
|
1,354
|
10
|
1,485
|
1,354
|
10
|
|
|
Wealth and Investment Management3
|
60
|
46
|
30
|
60
|
46
|
30
|
|
|
Head Office and Other Operations4
|
83
|
(68)
|
(2,537)
|
(417)
|
|||
|
Total profit before tax
|
2,445
|
2,004
|
22
|
(475)
|
1,655
|
||
|
1 Adjusted performance measures and profit before tax exclude the impact of £2,620m (2011: £351m) own credit reversal, £300m (2011: £nil) provision for PPI redress and £nil (2011: £2m) gains on acquisitions and
disposals. 2 Certain corporate banking activities in Africa, previously reported in Africa Retail and Business Banking, are now included within Corporate Banking. 2011 comparatives have been revised to reflect this change. See page
21 for further details. 3 Following the move to a single Barclays brand these business segments have been renamed, see page 21 for further details.
4 Head Office and Other Operations now includes the results previously reported as the Investment Management segment, see page 21 for further details.
|
|
Barclays Results by Quarter
|
Q112
|
Q411
|
Q311
|
Q211
|
Q111
|
||
|
£m
|
£m
|
£m
|
£m
|
£m
|
|||
|
Adjusted basis
|
|||||||
|
Total income net of insurance claims
|
8,138
|
6,212
|
7,001
|
7,549
|
7,750
|
||
|
Credit impairment charges and other provisions
|
(778)
|
(951)
|
(1,023)
|
(907)
|
(921)
|
||
|
Net operating income
|
7,360
|
5,261
|
5,978
|
6,642
|
6,829
|
||
|
Operating expenses (excluding UK bank levy)
|
(4,949)
|
(4,414)
|
(4,659)
|
(4,940)
|
(4,842)
|
||
|
UK bank levy
|
-
|
(325)
|
-
|
-
|
-
|
||
|
Other net income
|
34
|
6
|
18
|
19
|
17
|
||
|
Adjusted profit before tax
|
2,445
|
528
|
1,337
|
1,721
|
2,004
|
||
|
Adjusting items
|
|||||||
|
Own credit
|
(2,620)
|
(263)
|
2,882
|
440
|
(351)
|
||
|
Gains on debt buy-backs
|
-
|
1,130
|
-
|
-
|
-
|
||
|
Impairment and partial disposal of BlackRock investment1
|
-
|
-
|
(1,800)
|
(58)
|
-
|
||
|
Provision for PPI redress
|
(300)
|
-
|
-
|
(1,000)
|
-
|
||
|
Goodwill impairment
|
-
|
(550)
|
-
|
(47)
|
-
|
||
|
(Losses)/gains on acquisitions and disposals
|
-
|
(32)
|
3
|
(67)
|
2
|
||
|
Statutory (loss)/profit before tax
|
(475)
|
813
|
2,422
|
989
|
1,655
|
||
|
|
|||||||
|
Adjusted basic earnings per share
|
13.6p
|
1.2p
|
6.9p
|
8.9p
|
10.7p
|
||
|
Adjusted cost: income ratio
|
61%
|
76%
|
67%
|
65%
|
62%
|
||
|
Adjusted cost: net operating income ratio
|
67%
|
90%
|
78%
|
74%
|
71%
|
||
|
Basic earnings per share
|
(4.5p)
|
2.9p
|
9.7p
|
4.0p
|
8.5p
|
||
|
Cost: income ratio
|
95%
|
75%
|
47%
|
75%
|
65%
|
||
|
Cost: net operating income ratio
|
111%
|
86%
|
66%
|
85%
|
75%
|
||
|
Adjusted Profit Before Tax by Business2
|
Q112
|
Q411
|
Q311
|
Q211
|
Q111
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
||
|
UK
|
334
|
222
|
494
|
416
|
288
|
|
|
Europe
|
(43)
|
(125)
|
52
|
(102)
|
(59)
|
|
|
Africa
|
177
|
269
|
219
|
195
|
147
|
|
|
Barclaycard
|
349
|
259
|
378
|
275
|
296
|
|
|
Retail and Business Banking
|
817
|
625
|
1,143
|
784
|
672
|
|
|
Investment Bank
|
1,266
|
267
|
388
|
977
|
1,333
|
|
|
Corporate Banking
|
219
|
37
|
113
|
33
|
21
|
|
|
Corporate and Investment Banking
|
1,485
|
304
|
501
|
1,010
|
1,354
|
|
|
Wealth and Investment Management
|
60
|
54
|
65
|
42
|
46
|
|
|
Head Office and Other Operations3
|
83
|
(455)
|
(372)
|
(115)
|
(68)
|
|
|
Total adjusted profit before tax
|
2,445
|
528
|
1,337
|
1,721
|
2,004
|
|
|
1 Q2 2011 includes a £58m loss on disposal of a portion of the Group's strategic investment in BlackRock, Inc. recycled through investment income.
2 Certain corporate banking activities in Africa, previously reported in Africa Retail and Business Banking, are now included within Corporate Banking. 2011 comparatives have been revised to reflect this change. See
page 21 for further details. 3 Head Office and Other Operations now includes the results previously reported as the Investment Management segment, see page 21 for further details.
|
||||||
|
·
|
Core Tier 1 ratio remained strong at 10.9% (31 December 2011: 11.0%), with Core Tier 1 capital broadly flat and risk weighted assets increasing 1% to £394bn. Adjusted gross leverage was 21x (31 December 2011: 20x) and 18x (31 December 2011: 17x) excluding the liquidity pool
|
|
·
|
Maintained a strong liquidity position with a liquidity pool of £173bn (31 December 2011: £152bn). The increase from December 2011 is due to significant term debt issuance and strong wholesale and customer inflows. Over 90% of the liquidity pool is held in central bank deposits and highly liquid government bonds
|
|
·
|
Net asset value per share declined to 445p (31 December 2011: 456p) and net tangible asset value per share declined to 381p (31 December 2011: 391p) principally due to the own credit reversal
|
|
·
|
Adjusted return on average shareholders’ equity improved to 12.2% (2011: 10.2%) and adjusted return on average tangible shareholders’ equity improved to 14.3% (2011: 12.3%). These returns on a statutory basis declined to (4.0%) (2011: 8.1%) and (4.6%) (2011: 9.7%) respectively due to the increased own credit reversal
|
|
·
|
Adjusted profit before tax of £2,445m up 22%. Statutory loss before tax of £475m (2011: £1,655 profit) reflecting £2,620m own credit reversal and an additional PPI provision of £300m
|
|
·
|
Impairment charges and other credit provisions of £778m down 16%, resulting in an annualised loan loss rate of 63bps (Q1 2011: 76bps)
|
|
·
|
The cost to income ratio improved to 61% (2011: 62%). Operating expenses excluding PPI provision up 2% to £4,949m (2011: £4,842m)
|
|
·
|
First quarter dividend of 1.0p per share (2011: 1.0p)
|
|
·
|
Income excluding own credit up 5% to £8,138m. Including own credit, income was down 25% to £5,518m. Own credit reversal of £2,620m driven by improved credit spreads on Barclays financial liabilities designated at fair value
|
|
·
|
The net interest margin for Retail and Business Banking (RBB), Corporate Banking and Wealth and Investment Management declined 7bps to 1.86%, reflecting stable customer margins and reduced contributions from structural hedging activities
|
|
·
|
Adjusted net operating income increased 8% to £7,360m with impairment charges down 16% to £778m. Statutory net operating income down 27% to £4,740m reflecting £2,620m own credit reversal
|
|
·
|
Positive operating leverage of 3% as income grew 5% while operating expenses increased 2%
|
|
·
|
Gross new lending to UK households and businesses of £10.1bn (2011: £10.1bn), of which £5.0bn (2011: £4.5bn) to businesses
|
|
·
|
Raised approximately £1.5bn of loans under the UK Government’s National Loan Guarantee Scheme, intended to reduce the cost of credit to eligible small and medium sized enterprises
|
|
·
|
Raised £266bn of funding for institutions globally, including £86bn for governments and public sector entities
|
|
We comment below on matters of particular interest:
|
|
·
|
The Group liquidity pool as at 31 March 2012 was £173bn (31 December 2011: £152bn) and moved within a month-end range of £152bn to £173bn during the quarter. The liquidity pool is held unencumbered and is not used to support payment or clearing requirements. It is intended to offset stress outflows and comprises the following cash and unencumbered assets:
|
|
Liquidity Pool
|
Cash and Deposits
with Central Banks1
|
Government
Bonds2
|
Other Available
Liquidity
|
Total3
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
|
As at 31.03.12
|
130
|
29
|
14
|
173
|
|
As at 31.12.11
|
105
|
36
|
11
|
152
|
|
|
|
·
|
RBB, Corporate Banking and Wealth and Investment Management activities are largely funded by customer deposits with the remainder covered by funding secured against customer loans and advances. As at 31 March 2012, the loan to deposit ratio for these businesses was 110% (31 December 2011: 111%) and the loan to deposit and secured funding ratio was 97% (31 December 2011: 101%)
|
|
·
|
The Investment Bank’s activities are primarily funded through wholesale markets. As at 31 March 2012 total wholesale funding outstanding (excluding repurchase agreements) was £290bn (31 December 2011: £265bn). £144bn of wholesale funding matures in less than one year (31 December 2011: £130bn)
|
|
·
|
Barclays continues to attract deposits in unsecured money markets and to raise additional secured and unsecured term funding in a variety of markets. During Q1 2012 the Group raised £12bn of term funding, including £7bn of unsecured medium term notes and structured notes and £5bn of covered bonds and asset backed securities
|
|
·
|
The Group has term funding maturities of £27bn for full year 2012, including £10bn that matured in Q1, and a further £16bn maturing in 2013
|
|
·
|
As previously disclosed, Euro funding gaps in Spain and Portugal were reduced through accessing €8.2bn of the European Central Bank’s long-term refinancing operation in February
|
|
·
|
The Group’s liquidity pool and wholesale funds continue to be well diversified by major currency
|
|
·
|
Operating expenses excluding the PPI provision increased 2% to £4,949m (2011: £4,842m):
|
|
-
|
Performance costs remained flat at £898m (2011: £896m) despite 5% income growth and increased prior year deferrals
|
|
-
|
Non-performance costs increased by 3%, largely reflecting increases in regulatory and legal costs, continued business investment and the impact of acquisitions in 2011, partially offset by reductions in other non-performance costs, in line with the Group’s cost saving initiative
|
|
·
|
The cost to income ratio improved to 61% (2011: 62%) and the Investment Bank’s cost to net operating income ratio was 63%, within the target range
|
|
·
|
As previously disclosed, Barclays observed a recent increase in PPI claim volumes. Redress payments are now expected to exceed original expectations and a further £300m has been provided as at 31 March 2012. There are a number of assumptions under-pinning the provision, many of which remain subjective with uncertain trends
|
|
|
|
1 Of which over 95% is placed with the Bank of England, US Federal Reserve, European Central Bank, Bank of Japan and Swiss National Bank.
|
|
2 Of which over 75% is comprised of UK, US, Japanese, French, German and Dutch securities.
|
|
3 £154bn of which is FSA eligible.
|
|
·
|
Credit impairment charges reduced 16% to £778m with lower charges across most businesses
|
|
-
|
Lower impairment charges within RBB reflected generally improving delinquency rates. Impairment charges in Europe RBB were moderately higher as adverse credit conditions led to higher delinquency and charge-off rates
|
|
-
|
Higher impairment charges in the Investment Bank reflected the non recurrence of a release of £190m in the prior year
|
|
-
|
Impairment charges were lower in Corporate Banking, primarily driven by a reduction in Spain
|
|
·
|
With loans and advances balances remaining broadly unchanged, the improvement in loan impairment resulted in a lower annualised loan loss rate of 63bps (Q1 2011: 76bps). This loan loss rate was also lower than the full year rate for 2011 of 77bps
|
|
·
|
While delinquency trends were generally stable in the majority of retail portfolios during Q1 2012, mortgage portfolios in Europe experienced slight deterioration as a result of the adverse credit conditions. Credit metrics in the wholesale portfolios have also remained generally stable
|
|
·
|
The Group credit risk loans (CRL) coverage ratio remained broadly stable as both CRL balances and impairment allowances fell moderately
|
|
·
|
During Q1 sovereign exposures to Spain, Italy, Portugal, Ireland and Greece reduced by 16% to £6.0bn
|
|
–
|
Spanish and Portuguese sovereign exposures reduced 15% to £2.2bn and 27% to £0.6bn respectively due to the disposal of available for sale government bonds held for the purpose of interest rate hedging and liquidity, that have been replaced by interest rate swaps with alternative counterparties
|
|
–
|
Italian sovereign exposures reduced 14% to £3.0bn reflecting trading activity throughout the quarter
|
|
–
|
Ireland exposures decreased 11% to £5.1bn, principally reflecting lending to financial institutions. Exposures to domestic Irish banks remain minimal
|
|
·
|
Exposure to Greece remains minimal
|
|
·
|
Retail lending in Spain, Italy, and Portugal remained flat while lending to corporates decreased 9% to £10.6bn reflecting continued prudent risk management of portfolios. CRL coverage ratios in the retail and wholesale portfolios for Spain, Italy and Portugal have remained broadly stable
|
|
·
|
It is our policy to declare and pay dividends on a quarterly basis. We will pay a first interim cash dividend for 2012 of 1p per share on 8 June 2012
|
|
·
|
Performance since the beginning of the year has been encouraging. We are pleased with the development of the competitive positions across our businesses and have improved our adaptability to the changing environment. However, the continued challenging market conditions mean it is too early to establish the trend for the year
|
|
Three Months Ended
|
Three Months Ended
|
||
|
UK RBB
|
31.03.12
|
31.03.11
|
|
|
£m
|
£m
|
% Change
|
|
|
Adjusted basis
|
|||
|
Total income net of insurance claims
|
1,077
|
1,084
|
(1)
|
|
Credit impairment charges and other provisions
|
(76)
|
(144)
|
(47)
|
|
Net operating income
|
1,001
|
940
|
6
|
|
Operating expenses
|
(666)
|
(653)
|
2
|
|
Other net (expenses)/income
|
(1)
|
1
|
|
|
Adjusted profit before tax
|
334
|
288
|
16
|
|
Adjusting items
|
|||
|
Provision for PPI redress
|
(300)
|
-
|
|
|
Statutory profit before tax
|
34
|
288
|
(88)
|
|
Performance Measures
|
|||
|
Adjusted return on average equity
|
15.0%
|
12.4%
|
|
|
Adjusted return on average risk weighted assets
|
3.0%
|
2.5%
|
|
|
Adjusted cost: income ratio
|
62%
|
60%
|
|
|
Return on average equity
|
1.5%
|
12.4%
|
|
|
Return on average risk weighted assets
|
0.3%
|
2.5%
|
|
|
Cost: income ratio
|
90%
|
60%
|
|
|
Loan loss rate (bps)
|
25
|
49
|
|
·
|
Income remained in line with prior year at £1,077m (2011: £1,084m) as increased net interest income was offset by a reduction in fees and commissions
|
|
·
|
Credit impairment charges decreased 47% to £76m driven by continuing reduction in personal unsecured impairment charges
|
|
·
|
Operating expenses excluding a £300m provision for PPI redress increased 2% to £666m. Statutory operating expenses increased to £966m (2011: £653m)
|
|
Three Months Ended
|
Three Months Ended
|
||
|
Europe RBB
|
31.03.12
|
31.03.11
|
|
|
£m
|
£m
|
% Change
|
|
|
Adjusted and statutory basis
|
|||
|
Total income net of insurance claims
|
243
|
295
|
(18)
|
|
Credit impairment charges and other provisions
|
(72)
|
(69)
|
4
|
|
Net operating income
|
171
|
226
|
(24)
|
|
Operating expenses
|
(217)
|
(289)
|
(25)
|
|
Other net income
|
3
|
4
|
|
|
Loss before tax
|
(43)
|
(59)
|
(27)
|
|
Performance Measures
|
|||
|
Return on average equity
|
(6.0%)
|
(7.9%)
|
|
|
Return on average risk weighted assets
|
(0.8%)
|
(1.2%)
|
|
|
Cost: income ratio
|
89%
|
98%
|
|
|
Loan loss rate (bps)
|
66
|
61
|
|
·
|
Income declined 18% to £243m driven by continuing adverse economic conditions and higher funding costs
|
|
·
|
Credit impairment charges increased slightly to £72m (2011: £69m) reflecting higher delinquency and charge-off rates due to adverse economic conditions
|
|
·
|
Operating expenses decreased 25% to £217m reflecting restructuring activity in 2011
|
|
Three Months Ended
|
Three Months Ended
|
||
|
Africa RBB1
|
31.03.12
|
31.03.11
|
|
|
£m
|
£m
|
% Change
|
|
|
Adjusted and statutory basis
|
|||
|
Total income net of insurance claims
|
830
|
864
|
(4)
|
|
Credit impairment charges and other provisions
|
(107)
|
(144)
|
(26)
|
|
Net operating income
|
723
|
720
|
-
|
|
Operating expenses
|
(548)
|
(575)
|
(5)
|
|
Other net income
|
2
|
2
|
|
|
Profit before tax
|
177
|
147
|
20
|
|
Performance Measures
|
|||
|
Return on average equity
|
10.2%
|
5.7%
|
|
|
Return on average risk weighted assets
|
1.6%
|
1.1%
|
|
|
Cost: income ratio
|
66%
|
66%
|
|
|
Loan loss rate (bps)
|
117
|
136
|
|
·
|
Income declined 4% to £830m driven by currency movements partially offset by increased fees and commissions income in local currency
|
|
·
|
Credit impairment charges decreased 26% to £107m reflecting continued improvement in delinquency trends and recoveries
|
|
·
|
Operating expenses reduced by 5% to £548m driven by currency movements, with underlying cost growth managed at lower than inflationary levels
|
|
Three Months Ended
|
Three Months Ended
|
||
|
Barclaycard
|
31.03.12
|
31.03.11
|
|
|
£m
|
£m
|
% Change
|
|
|
Adjusted and statutory basis
|
|||
|
Total income net of insurance claims
|
990
|
960
|
3
|
|
Credit impairment charges and other provisions
|
(232)
|
(304)
|
(24)
|
|
Net operating income
|
758
|
656
|
16
|
|
Operating expenses
|
(418)
|
(371)
|
13
|
|
Other net income
|
9
|
11
|
|
|
Profit before tax
|
349
|
296
|
18
|
|
Performance Measures
|
|||
|
Return on average equity
|
19.6%
|
16.6%
|
|
|
Return on average risk weighted assets
|
2.9%
|
2.6%
|
|
|
Cost: income ratio
|
42%
|
39%
|
|
|
Loan loss rate (bps)
|
296
|
427
|
|
·
|
Income improved 3% to £990m reflecting continued growth across the business and contributions from portfolio acquisitions, partially offset by higher funding costs
|
|
·
|
Credit impairment charges decreased 24% to £232m reflecting improved underlying delinquency performance with lower bankruptcies and charge-offs resulting in lower loan loss rates
|
|
·
|
Operating expenses increased 13% to £418m mainly due to portfolio acquisitions in 2011
|
|
1 Certain corporate banking activities in Africa, previously reported in Africa Retail and Business Banking, are now included within Corporate Banking. 2011 comparatives have been revised to reflect this change. See page
21 for further details. |
|
Three Months Ended
|
Three Months Ended
|
||
|
Investment Bank
|
31.03.12
|
31.03.11
|
|
|
£m
|
£m
|
% Change
|
|
|
Adjusted and statutory basis
|
|||
|
Fixed Income, Currency and Commodities
|
2,396
|
2,201
|
9
|
|
Equities and Prime Services
|
550
|
545
|
1
|
|
Investment Banking
|
509
|
612
|
(17)
|
|
Principal Investments
|
9
|
8
|
13
|
|
Total income
|
3,464
|
3,366
|
3
|
|
Credit impairment charges and other provisions
|
(75)
|
31
|
|
|
Net operating income
|
3,389
|
3,397
|
-
|
|
Operating expenses
|
(2,145)
|
(2,067)
|
4
|
|
Other net income
|
22
|
3
|
|
|
Profit before tax
|
1,266
|
1,333
|
(5)
|
|
Performance Measures
|
|||
|
Return on average equity
|
17.0%
|
18.4%
|
|
|
Return on average risk weighted assets
|
1.9%
|
2.1%
|
|
|
Cost: income ratio
|
62%
|
61%
|
|
|
Cost: net operating income ratio
|
63%
|
61%
|
|
|
Compensation: income ratio
|
42%
|
44%
|
|
|
Loan loss rate (bps)
|
18
|
1
|
|
|
|
|
|
|
|
·
|
Total income increased 3% to £3,464m
|
|
–
|
Fixed Income, Currency and Commodities (FICC) income increased 9% with strong growth in Asia; improved performances in Rates and Emerging Markets were partly offset by lower contributions from Credit and Securitised Products
|
|
–
|
Equities and Prime Services income was broadly in line with prior year, despite lower volumes in the equity markets
|
|
–
|
Investment Banking income decreased 17% reflecting weaker performances in equity underwriting due to the muted issuance environment
|
|
·
|
Total income was up 91% on Q4 2011 reflecting increases of 147% in FICC, 80% in Equities and Prime Services and 1% Investment Banking
|
|
·
|
Credit impairment charge of £75m (2011: £31m release), reflecting non recurrence of a release of £190m in the prior year
|
|
·
|
Operating expenses increased 4% to £2,145m, reflecting a £115m increase in provision for regulatory and legal costs, partially offset by non-performance cost savings. Cost to net operating income ratio of 63%, within the target range
|
|
·
|
Compensation to income ratio improved to 42% (2011: 44%)
|
|
Three Months Ended
|
Three Months Ended
|
||
|
Corporate Banking1
|
31.03.12
|
31.03.11
|
|
|
£m
|
£m
|
% Change
|
|
|
Adjusted and statutory basis
|
|||
|
Total income net of insurance claims
|
824
|
751
|
10
|
|
Credit impairment charges and other provisions
|
(207)
|
(285)
|
(27)
|
|
Net operating income
|
617
|
466
|
32
|
|
Operating expenses
|
(397)
|
(442)
|
(10)
|
|
Other net expenses
|
(1)
|
(3)
|
|
|
Profit before tax
|
219
|
21
|
|
|
Performance Measures
|
|||
|
Return on average equity
|
9.0%
|
0.3%
|
|
|
Return on average risk weighted assets
|
1.0%
|
0.1%
|
|
|
Cost: income ratio
|
48%
|
59%
|
|
|
Loan loss rate (bps)
|
119
|
156
|
|
|
Profit/(loss) before tax by geographic segment
|
|||
|
UK
|
268
|
208
|
29
|
|
Europe
|
(76)
|
(192)
|
(60)
|
|
Rest of the World
|
27
|
5
|
|
|
Corporate Banking
|
219
|
21
|
|
·
|
Profit before tax improved £198m to £219m including a gain of £78m (2011: loss of £7m) in the net valuation of fair value loans. Excluding this item, profit before tax of £141m (2011: £28m) reflected improved impairment charges, lower operating expenses and growth in Cash Management products
|
|
–
|
UK profit before tax improved 29% to £268m reflecting the gains on fair value loans and improved income performance
|
|
–
|
Europe loss before tax improved £116m to £76m principally due to reduced impairment charges in Spain of £94m (2011: £175m) and lower operating expenses
|
|
–
|
Rest of the World profit before tax improved to £27m reflecting the benefits derived from the exit of Barclays Bank Russia and lower impairment charges
|
|
Three Months Ended
|
Three Months Ended
|
||
|
Wealth and Investment Management
|
31.03.12
|
31.03.11
|
|
|
£m
|
£m
|
% Change
|
|
|
Adjusted and statutory basis
|
|||
|
Total income net of insurance claims
|
451
|
422
|
7
|
|
Credit impairment charges and other provisions
|
(7)
|
(10)
|
(30)
|
|
Net operating income
|
444
|
412
|
8
|
|
Operating expenses
|
(384)
|
(365)
|
5
|
|
Other net expenses
|
-
|
(1)
|
|
|
Profit before tax
|
60
|
46
|
30
|
|
Performance Measures
|
|||
|
Return on average equity
|
9.6%
|
9.8%
|
|
|
Return on average risk weighted assets
|
1.4%
|
1.4%
|
|
|
Cost: income ratio
|
85%
|
86%
|
|
|
Loan loss rate (bps)
|
16
|
22
|
|
·
|
Profit before tax increased 30% to £60m as benefits begin to flow through from the strategic investment programme
|
|
·
|
Income increased by 7% to £451m and operating expenses increased 5% to £384m
|
|
·
|
Client assets increased to £172bn (31 December 2011: £164bn) driven by net new assets in High Net Worth businesses and favourable markets
|
|
1 Certain corporate banking activities in Africa, previously reported in Africa Retail and Business Banking, are now included within Corporate Banking Rest of World. 2011 comparatives have been revised to reflect this
hange. See page 21 for further details. |
|
Three Months Ended
|
Three Months Ended
|
|
|
Head Office and Other Operations1
|
31.03.12
|
31.03.11
|
|
£m
|
£m
|
|
|
Adjusted basis
|
||
|
Total income net of insurance claims
|
259
|
8
|
|
Credit impairment charges and other provisions
|
(2)
|
4
|
|
Net operating income
|
257
|
12
|
|
Operating expenses
|
(174)
|
(80)
|
|
Adjusted profit/(loss) before tax
|
83
|
(68)
|
|
Adjusting items
|
||
|
Own credit
|
(2,620)
|
(351)
|
|
Gains on acquisitions and disposals
|
-
|
2
|
|
Statutory loss before tax
|
(2,537)
|
(417)
|
|
|
|
|
|
·
|
Adjusted profit before tax of £83m (2011: loss of £68m) reflecting a one-time gain relating to hedges of employee share awards that were closed out during Q1, partially offset by higher regulatory costs
|
|
·
|
The impact of the UK bank levy, for which legislation was enacted in July 2011, has not been reflected in these results in accordance with International Financial Reporting Standards. The total cost for 2012 is expected to be approximately £350m
|
|
·
|
In Q1 the fair value of Barclays investment in BlackRock, Inc. increased by 11% to £4.5bn. For regulatory capital purposes, the £1.3bn increase in fair value since 30 September 2011 is not included in the Group’s Core Tier 1 capital
|
|
·
|
Own credit reversal of £2,620m driven by improved credit spreads on Barclays financial liabilities designated at fair value
|
|
Three Months Ended
31.03.12
|
Three Months Ended
31.03.11
|
||||||||
|
£m
|
£m
|
||||||||
|
UK
|
3,540
|
3,122
|
|||||||
|
Europe
|
1,135
|
1,206
|
|||||||
|
Americas
|
1,943
|
1,873
|
|||||||
|
Africa and Middle East
|
1,173
|
1,229
|
|||||||
|
Asia
|
347
|
320
|
|||||||
|
Total income net of insurance claims excluding own credit
|
8,138
|
7,750
|
|||||||
|
1 Head Office and Other Operations now includes the results previously reported as the Investment Management segment, see page 21 for further details.
2 Total income net of insurance claims based on counterparty location.
|
|||||||||
|
Other Information
|
|
|
|
Results Timetable
|
Date
|
|
Ex-dividend date
|
2 May 2012
|
|
Dividend Record date
|
4 May 2012
|
|
Dividend Payment date
|
8 June 2012
|
|
2012 Interim Results Announcement
|
27 July 2012
|
|
Q3 2012 Interim Management Statement
|
31 October 2012
|
|
Investor Relations
|
Media Relations
|
|
Charlie Rozes
+44 (0) 20 7116 5752
|
Giles Croot
+44 (0) 20 7116 6132
|
|
UK RBB
|
Q112
|
Q411
|
Q311
|
Q211
|
Q111
|
||
|
£m
|
£m
|
£m
|
£m
|
£m
|
|||
|
Adjusted basis
|
|||||||
|
Total income net of insurance claims
|
1,077
|
1,129
|
1,273
|
1,170
|
1,084
|
||
|
Credit impairment charges and other provisions
|
(76)
|
(156)
|
(105)
|
(131)
|
(144)
|
||
|
Net operating income
|
1,001
|
973
|
1,168
|
1,039
|
940
|
||
|
Operating expenses
|
(666)
|
(752)
|
(675)
|
(622)
|
(653)
|
||
|
Other net (expenses)/income
|
(1)
|
1
|
1
|
(1)
|
1
|
||
|
Adjusted profit before tax
|
334
|
222
|
494
|
416
|
288
|
||
|
Adjusting items
|
|||||||
|
Provision for PPI redress
|
(300)
|
-
|
-
|
(400)
|
-
|
||
|
Statutory profit before tax
|
34
|
222
|
494
|
16
|
288
|
|
Europe RBB
|
|||||||
|
Adjusted basis
|
|||||||
|
Total income net of insurance claims
|
243
|
247
|
375
|
309
|
295
|
||
|
Credit impairment charges and other provisions
|
(72)
|
(83)
|
(62)
|
(47)
|
(69)
|
||
|
Net operating income
|
171
|
164
|
313
|
262
|
226
|
||
|
Operating expenses
|
(217)
|
(291)
|
(263)
|
(368)
|
(289)
|
||
|
Other net income
|
3
|
2
|
2
|
4
|
4
|
||
|
Adjusted (loss)/profit before tax
|
(43)
|
(125)
|
52
|
(102)
|
(59)
|
||
|
Adjusting items
|
|||||||
|
Goodwill impairment
|
-
|
(427)
|
-
|
-
|
-
|
||
|
Statutory (loss)/profit before tax
|
(43)
|
(552)
|
52
|
(102)
|
(59)
|
|
Africa RBB1
|
|||||||
|
Adjusted basis
|
|||||||
|
Total income net of insurance claims
|
830
|
861
|
940
|
906
|
864
|
||
|
Credit impairment charges and other provisions
|
(107)
|
(88)
|
(108)
|
(126)
|
(144)
|
||
|
Net operating income
|
723
|
773
|
832
|
780
|
720
|
||
|
Operating expenses
|
(548)
|
(505)
|
(613)
|
(586)
|
(575)
|
||
|
Other net income
|
2
|
1
|
-
|
1
|
2
|
||
|
Adjusted profit before tax
|
177
|
269
|
219
|
195
|
147
|
||
|
Adjusting items
|
|||||||
|
Gains on acquisitions and disposals
|
-
|
-
|
2
|
-
|
-
|
||
|
Statutory profit before tax
|
177
|
269
|
221
|
195
|
147
|
|
Barclaycard
|
|||||||
|
Adjusted basis
|
|||||||
|
Total income net of insurance claims
|
990
|
983
|
1,140
|
1,012
|
960
|
||
|
Credit impairment charges and other provisions
|
(232)
|
(271)
|
(340)
|
(344)
|
(304)
|
||
|
Net operating income
|
758
|
712
|
800
|
668
|
656
|
||
|
Operating expenses
|
(418)
|
(458)
|
(430)
|
(400)
|
(371)
|
||
|
Other net income
|
9
|
5
|
8
|
7
|
11
|
||
|
Adjusted profit before tax
|
349
|
259
|
378
|
275
|
296
|
||
|
Adjusting items
|
|||||||
|
Provision for PPI redress
|
-
|
-
|
-
|
(600)
|
-
|
||
|
Goodwill impairment
|
-
|
-
|
-
|
(47)
|
-
|
||
|
Statutory profit/(loss) before tax
|
349
|
259
|
378
|
(372)
|
296
|
||
|
1 Certain corporate banking activities in Africa, previously reported in Africa Retail and Business Banking, are now included within Corporate Banking. 2011 comparatives have been revised to reflect this change. See page
21 for further details. |
|||||||
|
Investment Bank
|
Q112
|
Q411
|
Q311
|
Q211
|
Q111
|
||
|
£m
|
£m
|
£m
|
£m
|
£m
|
|||
|
Adjusted and statutory basis
|
|||||||
|
Fixed Income, Currency and Commodities
|
2,396
|
971
|
1,438
|
1,715
|
2,201
|
||
|
Equities and Prime Services
|
550
|
305
|
338
|
563
|
545
|
||
|
Investment Banking
|
509
|
506
|
389
|
520
|
612
|
||
|
Principal Investments
|
9
|
36
|
89
|
99
|
8
|
||
|
Total income
|
3,464
|
1,818
|
2,254
|
2,897
|
3,366
|
||
|
Credit impairment charges and other provisions
|
(75)
|
(90)
|
(114)
|
80
|
31
|
||
|
Net operating income
|
3,389
|
1,728
|
2,140
|
2,977
|
3,397
|
||
|
Operating expenses
|
(2,145)
|
(1,458)
|
(1,758)
|
(2,006)
|
(2,067)
|
||
|
Other net income/(expenses)
|
22
|
(3)
|
6
|
6
|
3
|
||
|
Adjusted profit before tax and profit before tax
|
1,266
|
267
|
388
|
977
|
1,333
|
|
Corporate Banking1
|
|||||||
|
Adjusted basis
|
|||||||
|
Total income net of insurance claims
|
824
|
710
|
830
|
817
|
751
|
||
|
Credit impairment charges and other provisions
|
(207)
|
(252)
|
(283)
|
(327)
|
(285)
|
||
|
Net operating income
|
617
|
458
|
547
|
490
|
466
|
||
|
Operating expenses
|
(397)
|
(422)
|
(436)
|
(459)
|
(442)
|
||
|
Other net (expenses)/income
|
(1)
|
1
|
2
|
2
|
(3)
|
||
|
Adjusted profit before tax
|
219
|
37
|
113
|
33
|
21
|
||
|
Adjusting items
|
|||||||
|
Goodwill impairment
|
-
|
(123)
|
-
|
-
|
-
|
||
|
Losses on disposal
|
-
|
(9)
|
-
|
(64)
|
-
|
||
|
Statutory profit/(loss) before tax
|
219
|
(95)
|
113
|
(31)
|
21
|
|
Wealth and Investment Management
|
|||||||
|
Adjusted and statutory basis
|
|||||||
|
Total income net of insurance claims
|
451
|
449
|
447
|
426
|
422
|
||
|
Credit impairment charges and other provisions
|
(7)
|
(10)
|
(12)
|
(9)
|
(10)
|
||
|
Net operating income
|
444
|
439
|
435
|
417
|
412
|
||
|
Operating expenses
|
(384)
|
(384)
|
(369)
|
(375)
|
(365)
|
||
|
Other net expenses
|
-
|
(1)
|
(1)
|
-
|
(1)
|
||
|
Adjusted profit before tax and profit before tax
|
60
|
54
|
65
|
42
|
46
|
||
|
Head Office and Other Operations2
|
|||||||
|
Adjusted basis
|
|||||||
|
Total income net of insurance claims
|
259
|
15
|
(258)
|
12
|
8
|
||
|
Credit impairment charges and other provisions
|
(2)
|
(1)
|
1
|
(3)
|
4
|
||
|
Net operating income
|
257
|
14
|
(257)
|
9
|
12
|
||
|
Operating expenses (excluding UK bank levy)
|
(174)
|
(144)
|
(115)
|
(124)
|
(80)
|
||
|
UK bank levy
|
-
|
(325)
|
-
|
-
|
-
|
||
|
Adjusted profit/(loss) before tax
|
83
|
(455)
|
(372)
|
(115)
|
(68)
|
||
|
Adjusting items
|
|||||||
|
Own credit
|
(2,620)
|
(263)
|
2,882
|
440
|
(351)
|
||
|
Impairment and partial disposal of BlackRock investment
|
-
|
-
|
(1,800)
|
(58)
|
-
|
||
|
Gains on debt buy-backs
|
-
|
1,130
|
-
|
-
|
-
|
||
|
(Losses)/gains on acquisitions and disposals
|
-
|
(23)
|
1
|
(3)
|
2
|
||
|
Statutory (loss)/profit before tax
|
(2,537)
|
389
|
711
|
264
|
(417)
|
||
|
1 Certain corporate banking activities in Africa, previously reported in Africa Retail and Business Banking, are now included within Corporate Banking. 2011 comparatives have been revised to reflect this change. See
page 21 for further details. 2 Head Office and Other Operations now includes the results previously reported as the Investment Management segment, see page 21 for further details.
|
|||||||
|
Risk Weighted Assets by Business
|
As at
31.03.12
|
As at
31.12.11
|
|
£m
|
£m
|
|
|
UK RBB
|
34,534
|
33,956
|
|
Europe RBB
|
17,519
|
17,436
|
|
Africa RBB1
|
30,937
|
30,289
|
|
Barclaycard
|
33,283
|
34,186
|
|
Investment Bank
|
191,130
|
186,700
|
|
Corporate Banking1
|
71,919
|
72,842
|
|
Wealth and Investment Management
|
13,170
|
13,076
|
|
Head Office and Other Operations2
|
2,002
|
2,514
|
|
Total
|
394,494
|
390,999
|
|
Key capital ratios
|
||
|
Core tier 1
|
10.9%
|
11.0%
|
|
Tier 1
|
12.7%
|
12.9%
|
|
Total capital
|
16.0%
|
16.4%
|
|
Capital Resources
|
||
|
Shareholders' equity (excluding non-controlling interests)
|
54,405
|
55,589
|
|
Non-controlling interests
|
9,595
|
9,607
|
|
Non-controlling interests regulatory adjustments
|
(6,928)
|
(6,946)
|
|
Regulatory adjustments and deductions:
|
||
|
- Goodwill and intangible assets
|
(7,597)
|
(7,560)
|
|
- Own credit cumulative gain (net of tax)
|
(702)
|
(2,680)
|
|
- Defined benefit pension adjustment
|
(1,500)
|
(1,241)
|
|
- Unrealised losses on available for sale debt securities
|
29
|
555
|
|
- Unrealised gains on available for sale equity (recognised as tier 2 capital)
|
(1,449)
|
(828)
|
|
- Cash flow hedging reserve
|
(1,135)
|
(1,442)
|
|
- 50% excess of expected losses over impairment (net of tax)
|
(529)
|
(506)
|
|
- 50% of securitisation positions
|
(1,365)
|
(1,577)
|
|
- Other regulatory adjustments
|
34
|
95
|
|
Core tier 1 capital
|
42,858
|
43,066
|
|
Other tier 1 capital
|
9,627
|
9,660
|
|
Other tier 1 deductions
|
||
|
- 50% of material holdings
|
(2,622)
|
(2,382)
|
|
- 50% tax on excess of expected losses over impairment
|
113
|
129
|
|
Total tier 1 capital
|
49,976
|
50,473
|
|
Tier 2 capital
|
19,689
|
20,657
|
|
Tier 2 deductions
|
||
|
- 50% of material holdings
|
(2,622)
|
(2,382)
|
|
- 50% excess of expected losses over impairment (gross of tax)
|
(642)
|
(635)
|
|
- 50% of securitisation positions
|
(1,365)
|
(1,577)
|
|
Other deductions from Total Capital
|
(1,785)
|
(2,588)
|
|
Total regulatory capital
|
63,251
|
63,948
|
|
Balance Sheet Leverage
|
||
|
Adjusted total tangible assets
|
£1,067bn
|
£1,000bn
|
|
Adjusted gross leverage
|
21x
|
20x
|
|
Adjusted gross leverage (excluding liquidity pool)
|
18x
|
17x
|
|
Ratio of total assets to shareholders' equity
|
25x
|
24x
|
|
Ratio of total assets to shareholders' equity (excluding liquidity pool)
|
22x
|
22x
|
|
1 Following the change in reporting for corporate banking activities in Africa, risk weighted assets of £3.1bn have been reallocated from Africa RBB to Corporate Banking as at 31 December 2011.
2 Head Office and Other Operations now includes risk weighted assets previously reported as the Investment Management segment, see page 21 for further details.
|
||
|
Analysis of Loans and Advances to Customers and Banks
|
|||||
|
As at 31.03.12
|
Gross
L&A
|
Impairment Allowance
|
L&A Net of Impairment
|
Loan Impairment Charges1
|
Loan Loss
Rate2
|
|
£m
|
£m
|
£m
|
£m
|
bps
|
|
|
Total retail
|
240,524
|
5,142
|
235,382
|
456
|
76
|
|
Wholesale - customers
|
211,464
|
4,761
|
206,703
|
319
|
61
|
|
Wholesale - banks
|
47,206
|
48
|
47,158
|
5
|
4
|
|
Total wholesale
|
258,670
|
4,809
|
253,861
|
324
|
50
|
|
Loans and advances at amortised cost
|
499,194
|
9,951
|
489,243
|
780
|
63
|
|
Loans and advances held at fair value
|
22,506
|
na
|
22,506
|
||
|
Total loans and advances
|
521,700
|
9,951
|
511,749
|
||
|
As at 31.12.11
|
|||||
|
Total retail
|
241,138
|
5,374
|
235,764
|
2,422
|
100
|
|
Wholesale - customers
|
201,348
|
5,178
|
196,170
|
1,362
|
68
|
|
Wholesale - banks
|
47,491
|
45
|
47,446
|
6
|
1
|
|
Total wholesale
|
248,839
|
5,223
|
243,616
|
1,368
|
55
|
|
Loans and advances at amortised cost
|
489,977
|
10,597
|
479,380
|
3,790
|
77
|
|
Loans and advances held at fair value
|
23,334
|
na
|
23,334
|
||
|
Total loans and advances
|
513,311
|
10,597
|
502,714
|
||
|
As at 31.03.11
|
|||||
|
Total retail
|
236,064
|
6,664
|
229,400
|
634
|
109
|
|
Wholesale - customers
|
221,207
|
5,392
|
215,815
|
309
|
57
|
|
Wholesale - banks
|
44,567
|
51
|
44,516
|
1
|
1
|
|
Total wholesale
|
265,774
|
5,443
|
260,331
|
310
|
47
|
|
Loans and advances at amortised cost
|
501,838
|
12,107
|
489,731
|
944
|
76
|
|
Loans and advances held at fair value
|
24,820
|
na
|
24,820
|
||
|
Total loans and advances
|
526,658
|
12,107
|
514,551
|
||
|
1 Loan impairment charges, comprising impairment on loans and advances and charges in respect of undrawn facilities and guarantees.
2 The loan loss rates for 31 March 2012 and 2011 have been calculated on an annualised basis.
|
|||||
|
Exposure by Country and Counterparty
|
|||||
|
As at 31.03.12
|
Spain
|
Italy
|
Portugal
|
Ireland
|
Greece
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
|
Sovereign
|
2,159
|
2,988
|
594
|
218
|
4
|
|
Financial institutions
|
1,297
|
672
|
58
|
3,592
|
1
|
|
Residential mortgages
|
14,266
|
15,968
|
3,637
|
93
|
5
|
|
Corporate
|
5,016
|
2,597
|
2,948
|
1,070
|
63
|
|
Other retail lending
|
2,993
|
2,267
|
1,966
|
89
|
17
|
|
Total
|
25,731
|
24,492
|
9,203
|
5,062
|
90
|
|
As at 31.12.11
|
|||||
|
Sovereign
|
2,530
|
3,493
|
810
|
244
|
14
|
|
Financial institutions
|
987
|
669
|
51
|
4,311
|
2
|
|
Residential mortgages
|
14,654
|
15,934
|
3,651
|
94
|
5
|
|
Corporate
|
5,345
|
2,918
|
3,295
|
977
|
67
|
|
Other retail lending
|
3,031
|
2,335
|
2,053
|
86
|
18
|
|
Total
|
26,547
|
25,349
|
9,860
|
5,712
|
106
|
|
Spain
|
||||||||||||
|
Trading Portfolio
|
Derivatives
|
Designated
at Fair Value through P&L |
||||||||||
|
Fair Value through Profit and Loss
|
Trading Portfolio Assets
|
Trading
Portfolio Liabilities |
Net
Trading
Portfolio |
Gross
Assets |
Gross
Liabilities |
Cash
Collateral |
Net
Derivatives |
Total
as at
31.03.12
|
Total
as at
31.12.11
|
|||
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|||
|
Sovereign
|
1,060
|
(1,060)
|
-
|
62
|
(62)
|
-
|
-
|
-
|
-
|
-
|
||
|
Financial institutions
|
1,198
|
(818)
|
380
|
7,111
|
(6,441)
|
(666)
|
4
|
170
|
554
|
221
|
||
|
Corporate
|
270
|
(261)
|
9
|
582
|
(213)
|
(5)
|
364
|
291
|
664
|
629
|
||
|
Fair Value through Equity
|
Available for Sale Assets as at 31.03.12
|
Total
as at
|
||||||||||
|
Cost1
|
AFS Reserve
|
Total
|
31.12.11
|
|||||||||
|
£m
|
£m
|
£m
|
£m
|
|||||||||
|
Sovereign
|
2,140
|
(31)
|
2,109
|
2,468
|
||||||||
|
Financial institutions
|
508
|
(8)
|
500
|
490
|
||||||||
|
Corporate
|
1
|
-
|
1
|
2
|
||||||||
|
Held at Amortised Cost
|
Loans and Advances as at 31.03.12
|
Total
as at
|
||||||||||
|
Gross
|
Impairment Allowances
|
Total
|
31.12.11
|
|||||||||
|
£m
|
£m
|
£m
|
£m
|
|||||||||
|
Sovereign
|
50
|
-
|
50
|
62
|
||||||||
|
Financial institutions
|
249
|
(6)
|
243
|
276
|
||||||||
|
Corporate
|
5,421
|
(1,070)
|
4,351
|
4,714
|
||||||||
|
Residential mortgages
|
14,343
|
(77)
|
14,266
|
14,654
|
||||||||
|
Other retail lending
|
3,101
|
(108)
|
2,993
|
3,031
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 'Cost' refers to the fair value of the asset at recognition, less any impairment booked. 'AFS Reserve' is the cumulative fair value gain or loss on the assets that is held in equity. 'Total' is the fair value of the assets at the balance sheet date.
|
|
Italy
|
||||||||||||
|
Trading Portfolio
|
Derivatives
|
Designated
at Fair Value through P&L |
||||||||||
|
Fair Value through Profit and Loss
|
Trading Portfolio Assets
|
Trading
Portfolio Liabilities |
Net
Trading
Portfolio |
Gross
Assets |
Gross
Liabilities |
Cash
Collateral |
Net
Derivatives |
Total
as at
31.03.12
|
Total
as at
31.12.11
|
|||
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|||
|
Sovereign
|
2,709
|
(2,709)
|
-
|
1,157
|
(350)
|
-
|
807
|
2
|
809
|
1,144
|
||
|
Financial institutions
|
535
|
(142)
|
393
|
6,146
|
(4,634)
|
(1,512)
|
-
|
102
|
495
|
456
|
||
|
Corporate
|
124
|
(124)
|
-
|
448
|
(230)
|
(98)
|
120
|
162
|
282
|
171
|
||
|
Fair Value through Equity
|
Available for Sale Assets as at 31.03.12
|
Total
as at
|
||||||||||
|
Cost1
|
AFS Reserve
|
Total
|
31.12.11
|
|||||||||
|
£m
|
£m
|
£m
|
£m
|
|||||||||
|
Sovereign
|
2,180
|
(15)
|
2,165
|
2,334
|
||||||||
|
Financial institutions
|
134
|
(3)
|
131
|
138
|
||||||||
|
Corporate
|
29
|
3
|
32
|
27
|
||||||||
|
Held at Amortised Cost
|
Loans and Advances as at 31.03.12
|
Total
as at
|
||||||||||
|
Gross
|
Impairment Allowances
|
Total
|
31.12.11
|
|||||||||
|
£m
|
£m
|
£m
|
£m
|
|||||||||
|
Sovereign
|
14
|
-
|
14
|
15
|
||||||||
|
Financial institutions
|
54
|
(8)
|
46
|
75
|
||||||||
|
Corporate
|
2,421
|
(138)
|
2,283
|
2,720
|
||||||||
|
Residential mortgages
|
16,062
|
(94)
|
15,968
|
15,934
|
||||||||
|
Other retail lending
|
2,455
|
(188)
|
2,267
|
2,335
|
||||||||
|
Portugal
|
||||||||||||
|
Trading Portfolio
|
Derivatives
|
Designated
at Fair Value through P&L |
||||||||||
|
Fair Value through Profit and Loss
|
Trading Portfolio Assets
|
Trading
Portfolio Liabilities |
Net
Trading Portfolio
|
Gross Assets
|
Gross
Liabilities |
Cash
Collateral |
Net
Derivatives |
Total
as at
31.03.12
|
Total
as at
31.12.11
|
|||
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|||
|
Sovereign
|
50
|
(50)
|
-
|
256
|
(256)
|
-
|
-
|
3
|
3
|
69
|
||
|
Financial institutions
|
18
|
(3)
|
15
|
282
|
(282)
|
-
|
-
|
-
|
15
|
11
|
||
|
Corporate
|
8
|
(8)
|
-
|
453
|
(199)
|
(3)
|
251
|
-
|
251
|
328
|
||
|
Fair Value through Equity
|
Available for Sale Assets as at 31.03.12
|
Total
as at
|
||||||||||
|
Cost1
|
AFS Reserve
|
Total
|
31.12.11
|
|||||||||
|
£m
|
£m
|
£m
|
£m
|
|||||||||
|
Sovereign
|
668
|
(113)
|
555
|
716
|
||||||||
|
Financial institutions
|
2
|
-
|
2
|
2
|
||||||||
|
Corporate
|
620
|
(2)
|
618
|
677
|
||||||||
|
Held at Amortised Cost
|
Loans and Advances as at 31.03.12
|
Total
as at
|
||||||||||
|
Gross
|
Impairment Allowances
|
Total
|
31.12.11
|
|||||||||
|
£m
|
£m
|
£m
|
£m
|
|||||||||
|
Sovereign
|
36
|
-
|
36
|
25
|
||||||||
|
Financial institutions
|
41
|
-
|
41
|
38
|
||||||||
|
Corporate
|
2,287
|
(208)
|
2,079
|
2,290
|
||||||||
|
Residential mortgages
|
3,652
|
(15)
|
3,637
|
3,651
|
||||||||
|
Other retail lending
|
2,167
|
(201)
|
1,966
|
2,053
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 'Cost' refers to the fair value of the asset at recognition, less any impairment booked. 'AFS Reserve' is the cumulative fair value gain or loss on the assets that is held in equity. 'Total' is the fair value of the assets at the balance sheet date.
|
|
Ireland
|
||||||||||||
|
Trading Portfolio
|
Derivatives
|
Designated
at Fair Value through P&L |
||||||||||
|
Fair Value through Profit and Loss
|
Trading Portfolio Assets
|
Trading
Portfolio Liabilities |
Net
Trading
Portfolio |
Gross
Assets |
Gross
Liabilities |
Cash
Collateral |
Net
Derivatives |
Total
as at
31.03.12
|
Total
as at
31.12.11
|
|||
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|||
|
Sovereign
|
28
|
(28)
|
-
|
-
|
-
|
-
|
-
|
2
|
2
|
39
|
||
|
Financial institutions
|
1,221
|
(23)
|
1,198
|
5,234
|
(4,411)
|
(823)
|
-
|
48
|
1,246
|
1,561
|
||
|
Corporate
|
82
|
(35)
|
47
|
297
|
(114)
|
(82)
|
101
|
9
|
157
|
52
|
||
|
Fair Value through Equity
|
Available for Sale Assets as at 31.03.12
|
Total
as at
|
||||||||||
|
Cost1
|
AFS Reserve
|
Total
|
31.12.11
|
|||||||||
|
£m
|
£m
|
£m
|
£m
|
|||||||||
|
Sovereign
|
219
|
(3)
|
216
|
205
|
||||||||
|
Financial institutions
|
255
|
(18)
|
237
|
249
|
||||||||
|
Corporate
|
3
|
-
|
3
|
-
|
||||||||
|
Held at Amortised Cost
|
Loans and Advances as at 31.03.12
|
Total
as at
|
||||||||||
|
Gross
|
Impairment Allowances
|
Total
|
31.12.11
|
|||||||||
|
£m
|
£m
|
£m
|
£m
|
|||||||||
|
Financial institutions
|
2,254
|
(145)
|
2,109
|
2,501
|
||||||||
|
Corporate
|
931
|
(21)
|
910
|
925
|
||||||||
|
Residential mortgages
|
102
|
(9)
|
93
|
94
|
||||||||
|
Other retail lending
|
89
|
-
|
89
|
86
|
||||||||
|
Greece
|
||||||||||||
|
Trading Portfolio
|
Derivatives
|
Designated
at Fair Value through P&L |
||||||||||
|
Fair Value through Profit and Loss
|
Trading Portfolio Assets
|
Trading
Portfolio Liabilities |
Net
Trading
Portfolio |
Gross
Assets |
Gross
Liabilities |
Cash
Collateral |
Net
Derivatives |
Total
as at
31.03.12
|
Total
as at
31.12.11
|
|||
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|||
|
Sovereign
|
2
|
-
|
2
|
-
|
-
|
-
|
-
|
-
|
2
|
8
|
||
|
Financial institutions
|
1
|
-
|
1
|
997
|
(223)
|
(774)
|
-
|
-
|
1
|
2
|
||
|
Corporate
|
3
|
-
|
3
|
-
|
-
|
-
|
-
|
-
|
3
|
3
|
||
|
Fair Value through Equity
|
Available for Sale Assets as at 31.03.12
|
Total
as at
|
||||||||||
|
Cost1
|
AFS Reserve
|
Total
|
31.12.11
|
|||||||||
|
£m
|
£m
|
£m
|
£m
|
|||||||||
|
Sovereign
|
2
|
-
|
2
|
6
|
||||||||
|
Held at Amortised Cost
|
Loans and Advances as at 31.03.12
|
Total
as at
|
||||||||||
|
Gross
|
Impairment Allowances
|
Total
|
31.12.11
|
|||||||||
|
£m
|
£m
|
£m
|
£m
|
|||||||||
|
Corporate
|
60
|
-
|
60
|
64
|
||||||||
|
Residential mortgages
|
5
|
-
|
5
|
5
|
||||||||
|
Other retail lending
|
26
|
(9)
|
17
|
18
|
||||||||
|
11 'Cost' refers to the fair value of the asset at recognition, less any impairment booked. 'AFS Reserve' is the cumulative fair value gain or loss on the assets that is held in equity. 'Total' is the fair value of the assets at the balance
sheet date. |
||||||||||||
|
Three Months Ended 31.03.12
|
||||||||
|
As at 31.03.12
|
As at 31.12.11
|
As at 31.03.12
|
As at 31.12.11
|
Fair Value (Losses)/ Gains and Net Funding
|
Impairment (Charge)/ Release
|
Total (Losses)/ Gains
|
||
|
US Residential Mortgages
|
$m
|
$m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
|
ABS CDO Super Senior
|
2,793
|
2,844
|
1,747
|
1,842
|
(7)
|
(3)
|
(10)
|
|
|
US sub-prime and Alt-A2
|
1,978
|
2,134
|
1,237
|
1,381
|
39
|
3
|
42
|
|
|
Commercial Mortgages
|
||||||||
|
Commercial real estate loans and properties
|
7,439
|
8,228
|
4,653
|
5,329
|
(7)
|
-
|
(7)
|
|
|
Commercial Mortgaged Backed Securities2
|
1,297
|
1,578
|
811
|
1,022
|
62
|
-
|
62
|
|
|
Monoline protection on CMBS
|
13
|
14
|
8
|
9
|
-
|
-
|
-
|
|
|
Other Credit Market
|
||||||||
|
Leveraged Finance3
|
6,197
|
6,278
|
3,876
|
4,066
|
(13)
|
8
|
(5)
|
|
|
SIVs, SIV -Lites and CDPCs
|
-
|
9
|
-
|
6
|
(1)
|
-
|
(1)
|
|
|
Monoline protection on CLO and other
|
1,516
|
1,729
|
948
|
1,120
|
(36)
|
-
|
(36)
|
|
|
CLO and Other assets2
|
484
|
596
|
303
|
386
|
28
|
-
|
28
|
|
|
Total
|
21,717
|
23,410
|
13,583
|
15,161
|
65
|
8
|
73
|
|
|
·
|
Barclays credit market exposures arose before the market dislocation in mid-2007 and primarily relate to commercial real estate and leveraged finance
|
|
·
|
Credit market exposures decreased by £1,578m to £13,583m, reflecting net sales and paydowns and other movements of £1,325m, foreign exchange movements of £326m, and fair value gains and impairment releases of £73m. Net sales, paydowns and other movements of £1,325m included:
|
|
- £539m of commercial real estate loans and properties including sale of the 50% stake in Archstone for £405m ($628m)
|
|
- £244m of commercial mortgage-backed securities
|
|
- £184m of leveraged finance, primarily relating to one counterparty
|
|
- £134m of US sub-prime and Alt-A
|
|
1 As the majority of exposure is held in US Dollars, the exposures above are shown in both US Dollars and Sterling.
|
|
2 Collateral assets of £1,900m (31 December 2011: £2,272m) previously underlying the Protium loan are now included within the relevant asset classes as the assets are now managed alongside similar credit market exposures.
These assets comprised: US sub-prime and Alt-A £863m (31 December 2011: £965m), commercial mortgage-backed securities £734m (31 December 2011: £921m), CLO and Other assets £303m (31 December 2011: £386m).
|
|
3 Includes undrawn commitments of £180m (31 December 2011: £180m).
|
|
·
|
Barclays Capital has been renamed Investment Bank
|
|
·
|
Barclays Corporate has been renamed Corporate Banking
|
|
·
|
Barclays Wealth has been renamed Wealth and Investment Management
|
|
·
|
Head Office and Other Operations includes the results previously reported as the Investment Management segment comprising Barclays investment in BlackRock, Inc. and the residual elements relating to Barclays Global Investors
|
|
Corporate Banking
|
Q111 as Published
|
Q111
Group Structure Changes |
Q111 as
Revised |
Q211 as
Revised |
Q311 as
Revised |
Q411 as
Revised |
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
|
Adjusted basis
|
||||||
|
Total income net of insurance claims
|
703
|
48
|
751
|
817
|
830
|
710
|
|
Credit impairment charges and other provisions
|
(287)
|
2
|
(285)
|
(327)
|
(283)
|
(252)
|
|
Net operating income
|
416
|
50
|
466
|
490
|
547
|
458
|
|
Operating expenses
|
(412)
|
(30)
|
(442)
|
(459)
|
(436)
|
(422)
|
|
Other net (expenses)/income
|
(3)
|
-
|
(3)
|
2
|
2
|
1
|
|
Adjusted profit before tax
|
1
|
20
|
21
|
33
|
113
|
37
|
|
Adjusting items
|
||||||
|
Goodwill impairment
|
-
|
-
|
-
|
-
|
-
|
(123)
|
|
Losses on disposal
|
-
|
-
|
-
|
(64)
|
-
|
(9)
|
|
Statutory profit/(loss) before tax
|
1
|
20
|
21
|
(31)
|
113
|
(95)
|
|
Africa RBB
|
||||||
|
Adjusted
|
||||||
|
Total income net of insurance claims
|
912
|
(48)
|
864
|
906
|
940
|
861
|
|
Credit impairment charges and other provisions
|
(142)
|
(2)
|
(144)
|
(126)
|
(108)
|
(88)
|
|
Net operating income
|
770
|
(50)
|
720
|
780
|
832
|
773
|
|
Operating expenses
|
(605)
|
30
|
(575)
|
(586)
|
(613)
|
(505)
|
|
Other net income
|
2
|
-
|
2
|
1
|
-
|
1
|
|
Adjusted profit before tax
|
167
|
(20)
|
147
|
195
|
219
|
269
|
|
Adjusting items
|
||||||
|
Gains on acquisition and disposals
|
-
|
-
|
-
|
-
|
2
|
-
|
|
Statutory profit before tax
|
167
|
(20)
|
147
|
195
|
221
|
269
|