Barclays PLC | 1 |  |
Exhibit 99.1
Barclays PLC
This exhibit includes portions from the previously published Results Announcement of Barclays PLC relating to the nine
months ended 30 September 2026, as amended in part to comply with the requirements of Regulation G and Item 10(e) of
Regulation S-K promulgated by the US Securities and Exchange Commission (SEC), including the reconciliation of certain
financial information to comparable measures prepared in accordance with International Financial Reporting Standards
(IFRS). The purpose of this document is to provide such additional disclosure as required by Regulation G and Regulation S-K
item 10(e), to delete certain information not in compliance with SEC regulations and to include reconciliations of certain
non-IFRS figures to the most directly equivalent IFRS figures for the periods presented. This document does not update or
otherwise supplement the information contained in the previously published Results Announcement. Any reference to a
website in this document is made for informational purposes only, and information found at such websites is not
incorporated by reference into this document.
An audit opinion has not been rendered in respect of this document.
Barclays PLC | 2 | |
Notes |
The terms Barclays and Group refer to Barclays PLC together with its subsidiaries. Unless otherwise stated, the income statement analysis compares
the nine months ended 30 September 2026 to the corresponding nine months of 2025 and balance sheet analysis as at 30 September 2026 with
comparatives relating to 31 December 2025 and 30 September 2025. The abbreviations ‘£m’ and ‘£bn’ represent millions and thousands of millions
of Pounds Sterling respectively; the abbreviations ‘$m’ and ‘$bn’ represent millions and thousands of millions of US Dollars respectively; and the
abbreviations ‘€m’ and ‘€bn’ represent millions and thousands of millions of Euros respectively.
There are a number of key judgement areas, for example impairment calculations, which are based on models and which are subject to ongoing
adjustment and modifications. Reported numbers reflect best estimates and judgements at the given point in time.
Relevant terms that are used in this document but are not defined under applicable regulatory guidance or International Financial Reporting
Standards (IFRS) are explained in the results glossary, which can be accessed at home.barclays/investor-relations.
The information in this announcement, which was approved by the Board of Directors on 21 October 2026, does not comprise statutory accounts
within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2025, which contain an
unmodified audit report under Section 495 of the Companies Act 2006 (which does not make any statements under Section 498 of the Companies
Act 2006) have been delivered to the Registrar of Companies in accordance with Section 441 of the Companies Act 2006.
Barclays is a frequent issuer in the debt capital markets and regularly meets with investors via formal roadshows and other ad hoc meetings.
Consistent with its usual practice, Barclays expects that from time to time over the coming quarter it will meet with investors globally to discuss these
results and other matters relating to the Group.
Non-IFRS performance measures
Barclays’ management believes that the non-IFRS performance measures included in this document provide valuable information to the readers of
the financial statements as they enable the reader to identify a more consistent basis for comparing the businesses’ performance between financial
periods and provide more detail concerning the elements of performance which the managers of these businesses are most directly able to influence
or are relevant for an assessment of the Group. They also reflect an important aspect of the way in which operating targets are defined and
performance is monitored by Barclays’ management. However, any non-IFRS performance measures in this document are not a substitute for IFRS
measures and readers should consider the IFRS measures as well. Refer to the appendix on pages 50 to 53.
Key non-IFRS measures included in this document, and the most directly comparable IFRS measures, are:
– Average allocated equity represents the average shareholders’ equity that is allocated to the businesses. The comparable IFRS measure is average
Average tangible equity refers to:
– Average allocated tangible equity (for businesses) is calculated as the average of the previous month’s period end allocated tangible equity and
the current month’s period end allocated tangible equity. The average allocated tangible equity for the period is the average of the monthly
averages within that period. Period end allocated tangible equity is calculated as 13.5% (2025: 13.5%) of RWAs for each business, adjusted for
capital deductions, excluding goodwill and intangible assets, reflecting the assumptions the Barclays Group uses for capital planning purposes.
Head Office allocated tangible equity represents the difference between the Barclays Group’s tangible shareholders’ equity and the amounts
allocated to businesses. The comparable IFRS measure is average equity. A reconciliation is provided on pages 51 to 52;
– Average tangible shareholders’ equity (for Barclays Group) is calculated as the average of the previous month’s period end tangible shareholders'
equity and the current month’s period end tangible shareholders' equity. The average tangible shareholders’ equity for the period is the average of
the monthly averages within that period. The comparable IFRS measure is average equity. A reconciliation is provided on pages 51 to 52;
– Group net interest income (NII) excluding Barclays Investment Bank (IB) and Head Office represents Group NII excluding IB NII and Head Office NII.
The comparable IFRS measure is Group NII. A reconciliation is provided on page 52;
– Group operating costs represents group operating expenses excluding UK regulatory levies and litigation and conduct charges. The comparable
IFRS measure is total operating expenses. A reconciliation is provided on page 52;
– Return on average allocated equity represents the return on average shareholders’ equity that is allocated to the businesses. The comparable IFRS
measure is return on equity. A reconciliation is provided on page 53;
Return on tangible equity refers to:
– Return on average allocated tangible equity (for businesses) is calculated as annualised Group attributable profit, as a proportion of average
shareholders’ tangible equity. The comparable IFRS measure is return on equity. A reconciliation is provided on page 50;
– Return on average tangible shareholders’ equity (for Barclays Group) is calculated as the annualised profit after tax attributable to ordinary equity
holders of the parent, as a proportion of average shareholders’ equity excluding non-controlling interests and other equity instruments adjusted for
the deduction of intangible assets and goodwill. The comparable IFRS measure is return on equity. A reconciliation is provided on page 51;
– Tangible net asset value per share is 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 comparable IFRS measure is net asset value per share. A
reconciliation is provided on page 53.
Barclays PLC | 3 | |
Notes |
Forward-looking statements
This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as
amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to the Group. Barclays cautions readers that no forward-
looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ
materially from those contained in the forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate
only to historical or current facts. Forward-looking statements sometimes use words such as ‘may’, ‘will’, ‘seek’, ‘continue’, ‘aim’, ‘anticipate’, ‘target’,
‘projected’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, ‘achieve’ or other words of similar meaning. Forward-looking statements can be made
in writing but also may be made verbally by directors, officers and employees of the Group (including during management presentations) in
connection with this document. Examples of forward-looking statements include, among others, statements or guidance regarding or relating to the
Group’s future financial position, business strategy, income levels, costs, assets and liabilities, impairment charges, provisions, capital leverage and
other regulatory ratios, capital distributions (including policy on dividends and share buybacks), return on tangible equity, projected levels of growth
in banking and financial markets, industry trends, any commitments and targets (including sustainability-related commitments and targets), plans
and objectives for future operations, International Financial Reporting Standards (“IFRS”) and other statements that are not historical or current facts.
By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking
statements speak only as at the date on which they are made. Forward-looking statements may be affected by a number of factors, including,
without limitation: changes in legislation, regulations, governmental and regulatory policies, expectations and actions, voluntary codes of practices
and the interpretation thereof, changes in IFRS and other accounting standards, including practices with regard to the interpretation and application
thereof and emerging and developing sustainability reporting standards (including emissions accounting methodologies); changes in tax laws and
practice; the outcome of current and future legal proceedings and regulatory investigations; the Group’s ability along with governments and other
stakeholders to measure, manage and mitigate the impacts of climate change effectively or navigate inconsistencies and conflicts in the manner in
which climate policy is implemented in the regions where the Group operates, including as a result of the adoption of rules and regulations taking a
different or opposing position on sustainability matters, or other forms of governmental and regulatory action against sustainability policies;
environmental, social and geopolitical risks and incidents and similar events beyond the Group’s control; financial crime; the impact of competition in
the banking and financial services industry; capital, liquidity, leverage and other regulatory rules and requirements applicable to past, current and
future periods; UK, US, Eurozone and global macroeconomic and business conditions, including inflation; volatility in credit and capital markets;
market related risks such as changes in interest rates and foreign exchange rates; reforms to benchmark interest rates and indices; higher or lower
asset valuations; changes in credit ratings of any entity within the Group or any securities issued by it; changes in counterparty risk; changes in
consumer behaviour; changes in trade policy, including the imposition of tariffs or other protectionist measures; the direct and indirect consequences
of the conflicts in the Middle East and Ukraine on European and global macroeconomic conditions, political stability and financial markets; changes in
US legislation and policy; developments in the UK’s relationship with the European Union; the risk of cyberattacks, information or security breaches,
technology failures or operational disruptions and any subsequent impact on the Group’s reputation, business or operations; the use of new
technology, including artificial intelligence; the Group’s ability to access funding; and the success of acquisitions, disposals, joint ventures and other
strategic transactions. A number of these factors are beyond the Group’s control. As a result, the Group’s actual financial position, results, financial
and non-financial metrics or performance measures or its ability to meet commitments and targets may differ materially from the statements or
guidance set forth in the Group’s forward-looking statements. In setting its targets and outlook for the period 2026-2028, Barclays has made certain
assumptions about the macroeconomic environment, including, without limitation, inflation, interest and unemployment rates, the different markets
and competitive conditions in which Barclays operates, and its ability to grow certain businesses and achieve costs savings and other structural
actions. Additional risks and factors which may impact the Group’s future financial condition and performance are identified in Barclays PLC’s filings
with the US Securities and Exchange Commission (“SEC”) (including, without limitation, Barclays PLC’s Annual Report on Form 20-F for the financial
year ended 31 December 2025), which are available on the SEC’s website at www.sec.gov.
Subject to Barclays PLC's obligations under the applicable laws and regulations of any relevant jurisdiction (including, without limitation, the UK and
the US) in relation to disclosure and ongoing information, we undertake no obligation to update publicly or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Barclays PLC | 4 | |
Performance Highlights |
Barclays delivered a return on equity (RoE) of 10.1% and return on tangible equity (RoTE) of
11.7% in Q326, announced a £500m share buyback, and is on track to deliver its 2026 and 2028
targets
•Q326 Group RoE of 10.1% (Q325: 9.2%) and Q326 YTD Group RoE of 11.9% (Q325 YTD: 10.7%)
•Q326 Group RoTE of 11.7% (Q325: 10.6%) and Q326 YTD Group RoTE of 13.8% (Q325 YTD: 12.3%), on track to
deliver greater than 12% in 2026
•Q326 EPS of 12.3p, up 18% year-on-year and 43.0p in Q326 YTD, up 23% year-on-year
•UK loan growth of 7% year-on-year1, with UK Corporate Bank up 14%
–£28bn of the planned c.£30bn UK risk weighted assets (RWAs) growth delivered since 20242, of which £3bn was
delivered in Q326
•Strong performance in Equities, with Q326 up 47% year-on-year, reflecting prior investment in Prime Financing and
Equity Derivatives offset by a challenging environment for FICC (19% reduction year-on-year)
•Continued operational progress in US Consumer Bank reflecting growth across partnership cards, retail deposits, and
originated loan balances through Best Egg
•Structurally reducing the cost base through expected technology-enabled FTE reductions, creating capacity for further
investment in the business
–Q326 structural cost actions (SCAs) of £201m (Q325: £93m), with a further c.£300m planned in Q4263
–Group total costs expected to be c.£18.5bn in FY26 and c.£18.4bn in FY27
•Strong capital position and increased shareholder distributions
–CET1 ratio of 14.2% and announced intention to initiate a share buyback of up to £500m (Q325: £500m), bringing
YTD announced distributions to £2.8bn, up 46% year-on-year
•Greater capital flexibility following reduction in Pillar 2A requirements, alongside Basel 3.1 implementation
–RWAs expected to increase by £8-15bn on 1 January 2027, equivalent to a reduction in the CET1 ratio of 30-55bps
–Expect 59bps reduction in the Pillar 2A requirement, lowering the MDA4 requirement from 12.2% to 11.6%
Key financial metrics:
RoE | RoTE | EPS | Cost: income ratio | LLR | Income | Profit before tax | Attribut able profit | NAV per share | TNAV per share | CET1 ratio | Total capital return5 | |
Q326 | 10.1% | 11.7% | 12.3p | 62% | 43bps | £7.4bn | £2.3bn | £1.6bn | 477p | 410p | 14.2% | £2.8bn |
Q326 YTD | 11.9% | 13.8% | 43.0p | 57% | 55bps | £23.9bn | £8.4bn | £5.8bn |
Q326 Group Performance Highlights:
•Group RoE was 10.1% (Q325: 9.2%) and Group RoTE increased to 11.7% (Q325: 10.6%), with profit before tax of
£2.3bn (Q325: £2.1bn)
•Group income of £7.4bn increased 3% year-on-year.
– Group NII was £3.9bn, up 4% year-on-year and Group net interest income (NII) excluding Barclays Investment Bank
and Head Office was £3.5bn, up 7% year-on-year, driven by higher structural hedge income and continued lending
momentum
–Year-on-year NII growth across all operating divisions
•Group cost: income ratio of 62% (Q325: 63%), with total operating expenses of £4.6bn, increased 1% year-on-year
–Group operating costs increased to £4.6bn (Q325: £4.3bn), reflecting business growth (including £65m related to
changes in material risk taker (MRT) compensation mix), inflation and further investment spend (including £201m of
Q326 SCAs, with £110m in Barclays UK), partially offset by c.£200m of cost efficiency savings
•Credit impairment charges were £0.5bn, down 20% year-on-year, reflecting more normalised charges in the
Investment Bank and US Consumer Bank. The loan loss rate (LLR) was 43bps (Q325: 57bps)
1UK loan growth comprises aggregate growth in loans and advances to customers across Barclays UK, UKCB and PBWM.
2Represents RWAs from business growth in Barclays UK, UKCB and PBWM since January 2024, excluding the effects of securitisations, model
updates and other methodological changes. Also excludes additional operational risk RWAs related to organic growth.
3At H126 guided SCAs would be up to £0.5bn for H226, which is c.£0.3bn higher than usual annual SCA run-rate.
4Maximum distributable amount.
5Q326 YTD total capital return: includes the £500m buyback announced at Q126 Results, the £1.0bn buyback and c.£0.8bn dividend announced
at H126 Results and the £500m buyback announced at Q326 Results.
Barclays PLC | 5 | |
Performance Highlights |
Q326 Business Performance Highlights
•Barclays UK RoE was 16.1% (Q325:16.3%) and RoTE was broadly stable at 21.2% (Q325: 21.8%) as income increased
4%, driven by higher structural hedge income supported by stable deposits, offset by costs increasing 6% driven by
£110m SCAs taken in Q326
•Barclays UK Corporate Bank (UKCB) RoE was 23.5% (Q325: 22.8%) and RoTE increased to 23.5% (Q325: 22.8%) as
income increased 10%, reflecting higher structural hedge income and higher average deposit and lending balances,
partially offset by a cost increase of 10%, given the non-repeat of Q325 UK regulatory levies credit
•Barclays Private Bank and Wealth Management (PBWM) RoE decreased to 22.0% (Q325: 24.3%) and RoTE decreased
to 23.8% (Q325: 26.4%). Income growth was 10%, reflecting 6% higher client asset and liabilities balances year-on-
year. Costs increased 18% reflecting ongoing investments in the wealth proposition
•Barclays Investment Bank (IB) RoE was 9.5% (Q325:10.1%) and RoTE decreased to 9.5% (Q325: 10.1%). Income
growth of 1% and lower impairment charge were more than offset by a 4% increase in costs including £57m Q326 SCAs
and £55m MRT compensation mix, and higher average allocated tangible equity
•Barclays US Consumer Bank (USCB) RoE was 8.5% (Q325:11.7%) and RoTE decreased to 10.9% (Q325: 13.5%)
reflecting broadly stable income and 14% higher costs reflecting the Best Egg acquisition (Q326 first full quarter of Best
Egg costs)
Barclays PLC | 6 | |
Performance Highlights |
Group financial targets and guidance1:
2026
•Returns: Group RoTE of greater than 12%4
•Capital returns2: plan to return at least £10bn of capital to shareholders between 2024 and 2026, through dividends and
share buybacks, with a continued preference for buybacks
–Progressive increase in total capital returns versus 2025
–Share buybacks announced quarterly
–Dividends to be paid semi-annually, including planned £2bn dividend for 2026
•Income: Group total income of c.£31.5bn
–Group NII excluding IB and Head Office greater than £13.7bn and Barclays UK NII around the middle of the £8.1bn -
£8.3bn5 guided range
•Costs: Group cost: income ratio of high 50s in percentage terms and total costs of c.£18.5bn
–Run-rate costs in 2026 of c.£18.0bn which exclude additional SCAs of c.£0.3bn above normal annual run-rate,
c.£0.1bn MRT compensation mix adjustments and c.£0.1bn Motor Finance provision booked in Q126
•Impairment: expect Group LLR to be around the top of the 50-60bps through the cycle range
•Capital: CET1 ratio target range of 13-14%
–IB RWAs mid 50s% of Group RWAs
–Impact of regulatory change on RWAs in line with our prior guidance of c.£19-26bn
–c.£8-15bn RWAs from Basel 3.1, with implementation expected from 1 January 20273
–Expect Pillar 2A CET1 requirement to reduce by 59bps upon implementation, reducing MDA to 11.6%
–c.£11bn RWAs from USCB moving to an Internal Ratings Based (IRB) model, subject to portfolio changes and
regulatory approval, expected in H2 2027
–Expect minimal change in Pillar 2A requirement upon model implementation
2027
•Costs: Group costs of c.£18.4bn and Barclays UK cost: income ratio of high 40s%
2028
•Returns: Group RoTE of greater than 14%4
•Capital returns2: plan to return greater than £15bn of capital to shareholders between 2026 and 2028, through dividends
and share buybacks. This provides capacity for additional investment and growth, exceeding the level of investment in
the current plan
•Income: greater than 5% compound annual growth rate (CAGR) 2025-2028
•Costs: Group cost: income ratio of low 50s in percentage terms. Cost target includes total gross efficiency savings of
greater than £2bn in 2026-2028
•Impairment: expect Group LLR of 50-60bps through the cycle
•Capital: CET1 ratio target range of 13-14%
–IB RWAs of c.50% of Group RWAs
1Targets and guidance are based on management's current expectations as to the macroeconomic environment and the business and may be
subject to change.
2This multi-year plan is subject to supervisory and Board approvals, anticipated financial performance and our published CET1 ratio target range of
13-14%.
3Fundamental review of the trading book (FRTB) impact mostly expected in 2027.
4Management does not assess forward-looking “return on equity” (target RoE) as a performance indicator of the business, and therefore a
reconciliation of the forward-looking non-IFRS measures “return on tangible equity” (target RoTE) to equivalent IFRS measures is not available
without unreasonable efforts.
5Management does not assess forward-looking “Group NII” (target) as a performance indicator of the business, and therefore a reconciliation of
the forward-looking non-IFRS measure “Group NII excluding IB and Head Office” (target) to an equivalent IFRS measure is not available without
unreasonable efforts.
Barclays PLC | 7 | |
Performance Highlights |
Barclays Group results | Nine months ended | Three months ended | |||||
30.09.26 | 30.09.25 | 30.09.26 | 30.09.25 | ||||
£m | £m | % Change | £m | £m | % Change | ||
Barclays UK | 6,866 | 6,446 | 7 | 2,349 | 2,253 | 4 | |
Barclays UK Corporate Bank | 1,661 | 1,525 | 9 | 573 | 522 | 10 | |
Barclays Private Bank and Wealth Management | 1,082 | 1,032 | 5 | 369 | 335 | 10 | |
Barclays Investment Bank | 11,115 | 10,263 | 8 | 3,129 | 3,083 | 1 | |
Barclays US Consumer Bank | 3,047 | 2,628 | 16 | 928 | 941 | (1) | |
Head Office | 95 | 169 | (44) | 17 | 33 | (48) | |
Total income | 23,866 | 22,063 | 8 | 7,365 | 7,167 | 3 | |
Operating costs | (13,438) | (12,661) | (6) | (4,565) | (4,254) | (7) | |
UK regulatory levies | (95) | (84) | (13) | (11) | 12 | - | |
Litigation and conduct | (92) | (342) | 73 | 16 | (255) | ||
Total operating expenses | (13,625) | (13,087) | (4) | (4,560) | (4,497) | (1) | |
Other net income | 44 | 48 | (8) | 20 | 39 | (49) | |
Profit before impairment | 10,285 | 9,024 | 14 | 2,825 | 2,709 | 4 | |
Credit impairment charges | (1,897) | (1,744) | (9) | (503) | (632) | 20 | |
Profit before tax | 8,388 | 7,280 | 15 | 2,322 | 2,077 | 12 | |
Tax charge | (1,791) | (1,538) | (16) | (422) | (365) | (16) | |
Profit after tax | 6,597 | 5,742 | 15 | 1,900 | 1,712 | 11 | |
Non-controlling interests | (19) | (23) | 17 | — | — | #DIV/0! | |
Other equity instrument holders | (741) | (739) | — | (254) | (255) | — | |
Attributable profit | 5,837 | 4,980 | 17 | 1,646 | 1,457 | 13 | |
Performance measures | |||||||
Return on average shareholders' equity | 11.9% | 10.7% | 10.1% | 9.2% | |||
Return on average tangible shareholders' equity | 13.8% | 12.3% | 11.7% | 10.6% | |||
Average shareholders' equity (£bn) | 65.2 | 62.3 | 65.3 | 63.3 | |||
Average tangible shareholders' equity (£bn) | 56.6 | 54.0 | 56.4 | 55.1 | |||
Cost: income ratio | 57% | 59% | 62% | 63% | |||
Loan loss rate (bps) | 55 | 53 | 43 | 57 | |||
Basic earnings per ordinary share | 43.0p | 35.1p | 23 | 12.3p | 10.4p | 18 | |
Dividend per ordinary share | 5.9p | 3.0p | |||||
Share buybacks announced (£m) | 2,000 | 1,500 | 33 | 500 | 500 | — | |
Total payout equivalent per share | c.20.7p | c.13.6p | 51 | ||||
Basic weighted average number of shares (m) | 13,571 | 14,189 | (4) | 13,426 | 14,045 | (4) | |
Period end number of shares (m) | 13,379 | 13,996 | (4) | ||||
Barclays PLC | 8 | |
Performance Highlights |
Balance sheet and capital management1 | 30.09.26 | 31.12.25 | 30.09.25 |
£bn | £bn | £bn | |
Gross loans and advances at amortised cost2 | 459.8 | 441.3 | 437.5 |
Loans and advances at amortised cost | 454.5 | 430.0 | 426.5 |
Loans and advances at amortised cost impairment coverage ratio | 1.2% | 1.2% | 1.2% |
Total assets | 1,737.6 | 1,544.2 | 1,629.2 |
Deposits at amortised cost | 599.3 | 585.6 | 575.3 |
Net asset value per share | 477p | 469p | 451p |
Tangible net asset value per share | 410p | 409p | 392p |
Common equity tier 1 ratio | 14.2% | 14.3% | 14.1% |
Common equity tier 1 capital | 52.4 | 51.1 | 50.3 |
Risk weighted assets | 369.8 | 356.8 | 357.4 |
UK leverage ratio | 4.9% | 5.1% | 4.9% |
UK leverage exposure | 1,344.0 | 1,247.3 | 1,285.3 |
Funding and liquidity | |||
Group liquidity pool (£bn) | 372.2 | 337.8 | 332.9 |
Liquidity coverage ratio | 157.0% | 170.0% | 174.6% |
Net stable funding ratio | 135.8% | 135.2% | 135.3% |
Loan: deposit ratio | 76% | 73% | 74% |
Customer loan: deposit ratio3 | 64% | 62% | 62% |
2Gross loans and advances at amortised cost comprises: loans and advances to customers and banks at amortised cost, debt securities, and
portfolios reclassified as held for sale, gross of impairment allowance, and is the denominator used in the LLR metric.
3From Q326, the customer loan to deposit ratio has been introduced, calculated as loans and advances to customers at amortised cost divided by
customer deposits at amortised cost, to improve comparability with peers.
Barclays PLC | 9 | |
Group Finance Director's Review |
Q326 YTD Group performance
•Barclays delivered a profit before tax of £8,388m (Q325 YTD: £7,280m), RoE of 11.9% (Q325 YTD: 10.7%), RoTE of
13.8% (Q325 YTD: 12.3%) and EPS of 43.0p (Q325 YTD: 35.1p)
•The Group has a diverse income profile across businesses and geographies. The 2% year-on-year appreciation of
average GBP against USD negatively impacted income and profits, and positively impacted credit impairment charges
and total operating expenses
•Group income increased 8% to £23,866m, as continued structural hedge momentum, higher income in Global Markets
and Investment Banking fees and the c.£225m gain from the sale of the American Airlines portfolio (AA portfolio), were
partially offset by retail deposits dynamics and net losses on fair value lending and cost of hedging in the IB
•Group total operating expenses increased to £13,625m (Q325 YTD: £13,087m)
–Group operating costs increased 6% to £13,438m, reflecting business growth (including higher performance costs
reflecting higher income), inflation, and further investment spend (including the Best Egg acquisition and higher
SCAs), partially offset by c.£550m of cost efficiency savings and foreign exchange movements
–Litigation and conduct charges of £92m (Q325 YTD: £342m) primarily reflected a £105m increase in the provision
for the UK Financial Conduct Authority (FCA) motor finance redress scheme in Q126. Q325 YTD included a £235m
charge for motor finance redress
•Credit impairment charges increased to £1,897m (Q325 YTD: £1,744m), primarily driven by higher single name
charges year-on-year in IB. Total coverage ratio remained stable at 1.2% (December 2025: 1.2%)
•The effective tax rate (ETR) was 21.4% (Q325 YTD: 21.1%)
•Attributable profit was £5,837m (Q325 YTD: £4,980m)
•Total assets increased to £1,737.6bn (December 2025: £1,544.2bn) driven by higher trading activity in Global Markets,
higher lending across the Group, and growth in the liquidity pool
•NAV per share increased to 477p (December 2025: 469p) and Tangible net asset value (TNAV) per share was broadly
stable at 410p (December 2025: 409p) as EPS of 43.0p was partially offset by a 24p reduction from the cash flow hedge
reserve and a 15p net reduction from the impact of share buybacks and dividends paid during Q326 YTD
Group capital and leverage
•The CET1 ratio remained broadly stable at 14.2% (December 2025: 14.3%). Taking into account the impact of the
£500m share buyback announced today, the CET1 ratio as of 30 September 2026 would be reduced to 14.0%
•Excluding the marginal increase in the CET1 ratio from the Q226 USCB sale of the AA portfolio and acquisition of Best
Egg, other significant movements were:
–150bps increase from attributable profit
–108bps decrease driven by shareholder distributions including the now completed £1.5bn total share buybacks
announced with FY25 and Q126 results, the ongoing £1.0bn share buyback announced with Q226 results, and the
accrual for the FY26 dividend
–58bps decrease due to a £14.9bn increase in RWAs, excluding the impact of foreign exchange movements, primarily
driven by lending growth in UK businesses and higher activity in IB
–A £0.2bn increase in CET1 capital due to an increase in the currency translation reserve was offset by a £1.3bn
increase in RWAs as a result of foreign exchange movements
•The UK leverage ratio decreased to 4.9% (December 2025: 5.1%) primarily driven by a £96.7bn increase in leverage
exposure to £1,344.0bn (December 2025: £1,247.3bn), partially offset by a £1.8bn increase in Tier 1 capital. The increase
in leverage exposure was driven by higher trading activity in Global Markets and increased lending across the Group
Group funding and liquidity
•The liquidity metrics remain above regulatory requirements, underpinned by well-diversified sources of funding, a stable
global deposit franchise and a highly liquid balance sheet
•The liquidity pool was £372.2bn, an increase of £34.3bn from December 2025. The increase in the liquidity pool was
driven by deposit growth across businesses and increased wholesale funding
•The average1 liquidity coverage ratio (LCR) was 157.0% (December 2025: 170.0%), equivalent to a surplus of £118.4bn
(December 2025: £131.2bn)
•Total deposits increased to £599.3bn (December 2025: £585.6bn), primarily driven by growth in the International
Corporate Bank (ICB)
•The average2 Net Stable Funding Ratio (NSFR) was 135.8% (December 2025: 135.2%), which represents a £173.5bn
surplus (December 2025: £166.3bn) above the 100% regulatory requirement
1Represents average of the last 12 spot month end ratios.
2Represents average of the last four spot quarter end ratios.
Barclays PLC | 10 | |
Group Finance Director's Review |
Group funding and liquidity (continued)
•Wholesale funding outstanding, excluding repurchase agreements, was £229.5bn (December 2025: £220.1bn)
•The Group issued £9.9bn equivalent of minimum requirement for own funds and eligible liabilities (MREL) instruments
from Barclays PLC (the Parent company), completing the targeted 2026 MREL issuance plan within H126. The Group has
a strong MREL position with a ratio of 35.2%, which is in excess of the regulatory requirement of 30.5% excluding any
applicable confidential institution specific Prudential Regulation Authority (PRA) buffer. The Group remains above its
minimum capital regulatory requirements and applicable buffers
Other matters
•Motor finance commission arrangements: In Q126, the FCA published its final rules for an industry-wide redress
scheme for eligible motor finance customers where a commission was payable by the lender to the broker. Barclays
holds a Motor Finance provision of £430m as at Q326 (H126: £430m). In Q326, the Upper Tribunal ordered a suspension
of parts of the redress scheme following four legal challenges to the FCA’s final rules. The legal challenges are to be heard
by the Upper Tribunal in Q127. These challenges will delay and may otherwise affect the implementation of the redress
scheme although the FCA has indicated a willingness to consider how, despite such challenges, firms may be able to pay
redress in line with its proposed scheme to certain cohorts of eligible customers in advance of the Upper Tribunal
hearing. Barclays is considering this option, which would be within the scope of its existing provision estimate. Given the
legal challenges, the legal and regulatory outcomes and the nature, extent and timing of any remediation action, remain
uncertain
•USCB changes in Q226:
–American Airlines co-branded credit card portfolio exit: On 24 April 2026 Barclays exited its American Airlines co-
branded credit card partnership, releasing £3.6bn of RWAs and generating a gain on sale of c.£225m
–Best Egg acquisition: On 1 May 2026, Barclays completed the acquisition of Best Egg for c.£0.6bn1, comprising
c.£0.5bn goodwill and intangibles, and c.£0.1bn of net financial assets. Best Egg is a leading US direct-to-consumer
personal loan origination platform focused on prime borrowers
•GoHenry acquisition: On 1 October 2026, Barclays Bank UK PLC completed the acquisition of GoHenry, a money
management platform for children and young people in the UK. The transaction is expected to marginally reduce the
Group's CET1 ratio
•One Churchill Place: On 30 June 2026 Barclays announced it had acquired a 999-year leasehold interest in its global
headquarters at One Churchill Place, London. The transaction secures Barclays’ control in its global headquarters, while
providing greater certainty over long-term occupancy costs. The transaction values the acquired leasehold interest at
£750m and is broadly neutral to the Group’s CET1 ratio and earnings
Anna Cross, Group Finance Director
1 Subject to customary post-completion purchase price adjustments.
Barclays PLC | 11 | |
Results by Business |
Barclays UK | Nine months ended | Three months ended | |||||
30.09.26 | 30.09.25 | 30.09.26 | 30.09.25 | ||||
Income statement information | £m | £m | % Change | £m | £m | % Change | |
Net interest income | 6,059 | 5,638 | 7 | 2,073 | 1,961 | 6 | |
Net fee, commission and other income | 807 | 808 | — | 276 | 292 | (5) | |
Total income | 6,866 | 6,446 | 7 | 2,349 | 2,253 | 4 | |
Operating costs | (3,642) | (3,472) | (5) | (1,274) | (1,189) | (7) | |
UK regulatory levies | (49) | (44) | (11) | (5) | (1) | ||
Litigation and conduct | 8 | (37) | 8 | (8) | |||
Total operating expenses | (3,683) | (3,553) | (4) | (1,271) | (1,198) | (6) | |
Other net income | — | — | — | — | — | — | |
Profit before impairment | 3,183 | 2,893 | 10 | 1,078 | 1,055 | 2 | |
Credit impairment charges | (461) | (339) | (36) | (123) | (102) | (21) | |
Profit before tax | 2,722 | 2,554 | 7 | 955 | 953 | — | |
Attributable profit | 1,880 | 1,737 | 8 | 666 | 647 | 3 | |
Performance measures | |||||||
Return on average allocated equity | 15.5% | 14.7% | 16.1% | 16.3% | |||
Return on average allocated tangible equity | 20.4% | 19.6% | 21.2% | 21.8% | |||
Average allocated equity (£bn) | 16.2 | 15.8 | 16.5 | 15.9 | |||
Average allocated tangible equity (£bn) | 12.3 | 11.8 | 12.6 | 11.9 | |||
Cost: income ratio | 54% | 55% | 54% | 53% | |||
Loan loss rate (bps) | 25 | 20 | 20 | 18 | |||
Net interest margin | 3.70% | 3.59% | 3.69% | 3.68% | |||
As at 30.09.26 | As at 31.12.25 | As at 30.09.25 | |||||
Balance sheet information | £bn | £bn | £bn | ||||
Gross loans and advances at amortised cost1 | 243.3 | 231.9 | 230.9 | ||||
Loans and advances to customers at amortised cost | 225.3 | 216.5 | 213.4 | ||||
Total assets | 306.6 | 299.6 | 300.2 | ||||
Customer deposits at amortised cost | 246.1 | 244.6 | 241.5 | ||||
Loan: deposit ratio | 98% | 94% | 95% | ||||
Customer loan: deposit ratio2 | 92% | 89% | 88% | ||||
Risk weighted assets | 90.6 | 85.8 | 86.7 | ||||
1Gross loans and advances at amortised cost comprises: loans and advances to customers and banks at amortised cost, debt securities, and
portfolios reclassified as held for sale, gross of impairment allowance, and is the denominator used in the LLR metric.
2From Q326, the customer loan to deposit ratio has been introduced, calculated as loans and advances to customers at amortised cost divided by
customer deposits at amortised cost, to improve comparability with peers.
Barclays PLC | 12 | |
Results by Business |
Analysis of Barclays UK | Nine months ended | Three months ended | |||||
30.09.26 | 30.09.25 | 30.09.26 | 30.09.25 | ||||
Analysis of total income | £m | £m | % Change | £m | £m | % Change | |
Retail Banking | 5,221 | 4,880 | 7 | 1,785 | 1,708 | 5 | |
Business Banking | 1,645 | 1,566 | 5 | 564 | 545 | 3 | |
Total income | 6,866 | 6,446 | 7 | 2,349 | 2,253 | 4 | |
Analysis of credit impairment (charges)/releases | |||||||
Retail Banking | (479) | (302) | (59) | (135) | (98) | (38) | |
Business Banking | 18 | (37) | 12 | (4) | |||
Total credit impairment charges | (461) | (339) | (36) | (123) | (102) | (21) | |
As at 30.09.26 | As at 31.12.25 | As at 30.09.25 | |||||
Analysis of loans and advances to customers at amortised cost | £bn | £bn | £bn | ||||
Retail Banking | 207.7 | 198.6 | 195.2 | ||||
Business Banking | 17.6 | 17.9 | 18.2 | ||||
Total loans and advances to customers at amortised cost | 225.3 | 216.5 | 213.4 | ||||
Analysis of customer deposits at amortised cost | |||||||
Retail Banking | 195.2 | 192.7 | 189.3 | ||||
Business Banking | 50.9 | 51.9 | 52.2 | ||||
Total customer deposits at amortised cost | 246.1 | 244.6 | 241.5 | ||||
Barclays PLC | 13 | |
Results by Business |
Barclays UK
UK retail banking division, trusted by over 20 million customers. Includes Business Banking, serving small-to-medium sized
enterprises (SMEs) with less than £6.5m in annual revenue. Key business updates include:
•Completed the acquisition of GoHenry on 1 October 2026, extending our ability to support children, young people and
families through money management and financial education services
•Launched the new Barclays Mobile Banking app in Q326, providing a more personalised digital banking experience and
supporting customers across a broad range of banking needs
Barclays UK delivered a RoE of 15.5% (Q325 YTD: 14.7%) and a RoTE of 20.4% (Q325 YTD:19.6%) supported by stability
of deposits delivering robust income, and underpinned by strong asset quality.
Income statement - Q326 YTD compared to Q325 YTD
•Profit before tax increased 7% to £2,722m
•Total income increased 7% to £6,866m. NII increased 7% to £6,059m, as higher structural hedge income and lending
growth was partially offset by retail deposit dynamics and mortgage margin compression. Net fee, commission and other
income remained stable at £807m
•Total operating expenses increased 4% to £3,683m, driven by £158m SCAs taken year-to-date and inflation. Ongoing
efficiency savings continue to be reinvested, to drive sustainable improvement to the cost: income ratio
•Credit impairment charges were £461m (Q325 YTD: £339m), reflecting stable underlying credit performance. Total
charges are higher than those in Q325 YTD, which benefitted from a recalibration adjustment in the Retail credit cards
portfolio to reflect resilient customer behaviour. Retail credit cards 30 and 90 day arrears rates were 0.9% (Q325: 0.7%)
and 0.3% (Q325: 0.2%) respectively. The Retail credit cards total coverage ratio was 4.3% (December 2025: 4.3%)
Balance sheet - 30 September 2026 compared to 31 December 2025
•Loans and advances to customers at amortised cost increased £8.8bn to £225.3bn, primarily driven by growth in
mortgages, partially offset by the impact of securitisations
•Customer deposits at amortised cost increased by £1.5bn to £246.1bn, driven by an increase in Retail Banking
deposits. The customer loan: deposit ratio1 increased to 92% (December 2025: 89%)
•RWAs increased to £90.6bn (December 2025: £85.8bn), primarily due to growth in mortgages, partially offset by the
securitisation of credit risk assets
1From Q326, the customer loan to deposit ratio has been introduced, calculated as loans and advances to customers at amortised cost divided by
customer deposits at amortised cost, to improve comparability with peers.
Barclays PLC | 14 | |
Results by Business |
Barclays UK Corporate Bank | Nine months ended | Three months ended | |||||
30.09.26 | 30.09.25 | 30.09.26 | 30.09.25 | ||||
Income statement information | £m | £m | % Change | £m | £m | % Change | |
Net interest income | 1,244 | 1,084 | 15 | 437 | 383 | 14 | |
Net fee, commission and other income | 417 | 441 | (5) | 136 | 139 | (2) | |
Total income | 1,661 | 1,525 | 9 | 573 | 522 | 10 | |
Operating costs | (744) | (717) | (4) | (256) | (243) | (5) | |
UK regulatory levies | (17) | (15) | (13) | (2) | 9 | ||
Litigation and conduct | — | (39) | — | — | |||
Total operating expenses | (761) | (771) | 1 | (258) | (234) | (10) | |
Other net income | — | — | — | — | — | — | |
Profit before impairment | 900 | 754 | 19 | 315 | 288 | 9 | |
Credit impairment charges | (21) | (36) | 42 | (2) | (5) | 60 | |
Profit before tax | 879 | 718 | 22 | 313 | 283 | 11 | |
Attributable profit | 606 | 480 | 26 | 218 | 196 | 11 | |
Performance measures | |||||||
Return on average allocated equity | 21.6% | 18.8% | 23.5% | 22.8% | |||
Return on average allocated tangible equity | 21.6% | 18.8% | 23.5% | 22.8% | |||
Average allocated equity (£bn) | 3.7 | 3.4 | 3.7 | 3.4 | |||
Average allocated tangible equity (£bn) | 3.7 | 3.4 | 3.7 | 3.4 | |||
Cost: income ratio | 46% | 51% | 45% | 45% | |||
Loan loss rate (bps) | 8 | 16 | 2 | 7 | |||
As at 30.09.26 | As at 31.12.25 | As at 30.09.25 | |||||
Balance sheet information | £bn | £bn | £bn | ||||
Gross loans and advances at amortised cost1 | 33.2 | 30.2 | 29.2 | ||||
Loans and advances to customers at amortised cost | 33.0 | 30.0 | 29.0 | ||||
Deposits at amortised cost | 87.2 | 88.7 | 86.7 | ||||
Customer loan: deposit ratio2 | 38% | 34% | 33% | ||||
Risk weighted assets | 27.5 | 26.5 | 25.2 | ||||
Nine months ended | Three months ended | ||||||
30.09.26 | 30.09.25 | 30.09.26 | 30.09.25 | ||||
Analysis of total income | £m | £m | % Change | £m | £m | % Change | |
Corporate lending | 276 | 260 | 6 | 91 | 90 | 1 | |
Transaction banking | 1,385 | 1,265 | 9 | 482 | 432 | 12 | |
Total income | 1,661 | 1,525 | 9 | 573 | 522 | 10 | |
1Gross loans and advances at amortised cost comprises: loans and advances to customers and banks at amortised cost, debt securities, and
portfolios reclassified as held for sale, gross of impairment allowance, and is the denominator used in the LLR metric.
2From Q326, the customer loan to deposit ratio has been introduced, calculated as loans and advances to customers at amortised cost divided by
customer deposits at amortised cost, to improve comparability with peers.
Barclays PLC | 15 | |
Results by Business |
Barclays UK Corporate Bank
UKCB offers corporate lending and transaction banking services to clients with annual revenue greater than £6.5m through
to FTSE 350 companies. Trusted banking partner to approximately 13,000 clients1 with an average client relationship of 19
years1. Key business updates include:
•Completed the roll out of iPortal to all clients, providing easier access to Barclays' banking services through a single digital
platform. Adoption reached c.45%, and is expected to reach 100% by year-end, supporting broader use of Barclays'
lending, transaction banking and risk management services
UKCB delivered a RoE of 21.6% (Q325 YTD: 18.8%) and a RoTE of 21.6% (Q325 YTD: 18.8%), reflecting increased income
from higher average deposit and lending balances, and positive operating jaws.
Income statement - Q326 YTD compared to Q325 YTD
•Profit before tax increased 22% to £879m
•Total income increased 9% to £1,661m, NII increased 15% to £1,244m, driven by structural hedge income benefit, and
higher average deposit and lending balances. Net fee, commission and other income decreased 5% to £417m, driven by
lower liquidity pool income
•Total operating expenses decreased 1% to £761m, reflecting the non-repeat of prior year litigation and conduct
charges, partially offset by higher investment spend to support business growth and efficiency strategy, with ongoing
efficiency savings offsetting inflationary headwinds
•Credit impairment charges were £21m (Q325 YTD: £36m), reflecting stable underlying credit performance
Balance sheet - 30 September 2026 compared to 31 December 2025
•Loans and advances to customers at amortised cost increased to £33.0bn (December 2025: £30.0bn), reflecting
continued execution of our lending growth strategy
•Deposits at amortised cost decreased to £87.2bn (December 2025: £88.7bn), largely reflecting corporate liquidity
environment
•RWAs increased to £27.5bn (December 2025: £26.5bn), reflecting higher client lending limits and growth in lending
balances
1As at 31st August 2026
Barclays PLC | 16 | |
Results by Business |
Barclays Private Bank and Wealth Management | Nine months ended | Three months ended | |||||
30.09.26 | 30.09.25 | 30.09.26 | 30.09.25 | ||||
Income statement information | £m | £m | % Change | £m | £m | % Change | |
Net interest income | 643 | 597 | 8 | 223 | 190 | 17 | |
Net fee, commission and other income | 439 | 435 | 1 | 146 | 145 | 1 | |
Total income | 1,082 | 1,032 | 5 | 369 | 335 | 10 | |
Operating costs | (810) | (715) | (13) | (289) | (243) | (19) | |
UK regulatory levies | (4) | (3) | (33) | (1) | (1) | ||
Litigation and conduct | 4 | 1 | 4 | 1 | |||
Total operating expenses | (810) | (717) | (13) | (286) | (243) | (18) | |
Other net income | — | — | — | — | — | — | |
Profit before impairment | 272 | 315 | (14) | 83 | 92 | (10) | |
Credit impairment (charges)/ releases | (8) | 10 | (5) | (1) | |||
Profit before tax | 264 | 325 | (19) | 78 | 91 | (14) | |
Attributable profit | 216 | 256 | (16) | 68 | 72 | (6) | |
Performance measures | |||||||
Return on average allocated equity | 23.4% | 28.5% | 22.0% | 24.3% | |||
Return on average allocated tangible equity | 25.4% | 30.9% | 23.8% | 26.4% | |||
Average allocated equity (£bn) | 1.2 | 1.2 | 1.2 | 1.2 | |||
Average allocated tangible equity (£bn) | 1.1 | 1.1 | 1.1 | 1.1 | |||
Cost: income ratio | 75% | 69% | 78% | 73% | |||
Loan loss rate (bps) | 7 | (9) | 12 | 3 | |||
Key facts | £bn | £bn | £bn | £bn | |||
Net new assets under management1 | 2.5 | 2.6 | 0.6 | 0.7 | |||
As at 30.09.26 | As at 31.12.25 | As at 30.09.25 | |||||
Balance sheet information | £bn | £bn | £bn | ||||
Gross loans and advances at amortised cost2 | 16.4 | 15.1 | 15.2 | ||||
Loans and advances to customers at amortised cost | 16.1 | 14.7 | 14.9 | ||||
Deposits at amortised cost | 74.4 | 72.0 | 70.6 | ||||
Risk weighted assets | 8.1 | 8.0 | 7.9 | ||||
Invested assets3 | 143.2 | 140.6 | 135.7 | ||||
Of which: | |||||||
Assets under management1 | 56.5 | 52.9 | 51.3 | ||||
Assets under supervision1 | 86.7 | 87.7 | 84.4 | ||||
Client assets and liabilities4 | 234.0 | 227.6 | 221.5 | ||||
1Refer to pages 59 and 72 for further information on net new assets under management, assets under management and assets under
supervision.
2Gross loans and advances at amortised cost comprises: loans and advances to customers and banks at amortised cost, debt securities, and
portfolios reclassified as held for sale, gross of impairment allowance, and is the denominator used in the LLR metric.
3Invested assets (held off-balance sheet) represent assets under management and supervision. Uninvested cash held under an investment
mandate and reported within deposits is excluded from invested assets.
4Client assets and liabilities refers to deposits, lending and invested assets.
Barclays PLC | 17 | |
Results by Business |
Barclays Private Bank and Wealth Management
Serving clients across the UK wealth continuum and internationally in the wealth corridors between the UK, Europe, Middle
East and Asia through an established brand with a full private bank offering. Key business updates include:
•Launched booking centre in Singapore in Q326, combining local booking capabilities with access to Barclays’ global
offering across private banking, lending, investments and wealth planning
•Launched Planning and Advice service and removed Direct Investing customer fees in Q226, reflecting continued focus
on enhancing client offering and supporting long-term growth
PBWM delivered a RoE of 23.4% (Q325 YTD: 28.5%) and a RoTE of 25.4% (Q325 YTD: 30.9%), reflecting higher costs
from ongoing investment to support future growth and efficiency strategy, and a higher impairment charge.
Income statement - Q326 YTD compared to Q325 YTD
•Profit before tax decreased 19% to £264m
•Total income increased 5% to £1,082m, driven by higher NII from growth in deposit balances, partially offset by
deposit mix, and higher net fee, commission and other income from growth in assets under management and client
transactional activity
•Total operating expenses increased 13% to £810m, reflecting ongoing investment to support business growth and
efficiency strategy, and inflationary headwinds, partially offset by efficiency savings
Balance sheet - 30 September 2026 compared to 31 December 2025
•Client assets and liabilities increased £6.4bn to £234.0bn, driven by net new inflow of deposits, loans and invested
assets and market movements, partly offset by adverse foreign exchange impact
•RWAs were stable at £8.1bn (December 2025: £8.0bn)
Barclays PLC | 18 | |
Results by Business |
Barclays Investment Bank | Nine months ended | Three months ended | |||||
30.09.26 | 30.09.25 | 30.09.26 | 30.09.25 | ||||
Income statement information | £m | £m | % Change | £m | £m | % Change | |
Net interest income | 1,187 | 978 | 21 | 393 | 347 | 13 | |
Net trading income | 6,209 | 5,903 | 5 | 1,580 | 1,581 | — | |
Net fee, commission and other income | 3,719 | 3,382 | 10 | 1,156 | 1,155 | — | |
Total income | 11,115 | 10,263 | 8 | 3,129 | 3,083 | 1 | |
Operating costs | (6,389) | (6,003) | (6) | (2,083) | (2,010) | (4) | |
UK regulatory levies | (25) | (22) | (14) | (3) | 5 | ||
Litigation and conduct | 2 | (20) | — | (9) | |||
Total operating expenses | (6,412) | (6,045) | (6) | (2,086) | (2,014) | (4) | |
Other net income | — | — | — | — | — | — | |
Profit before impairment | 4,703 | 4,218 | 11 | 1,043 | 1,069 | (2) | |
Credit impairment charges | (356) | (283) | (26) | (33) | (144) | 77 | |
Profit before tax | 4,347 | 3,935 | 10 | 1,010 | 925 | 9 | |
Attributable profit | 3,035 | 2,798 | 8 | 720 | 723 | — | |
Performance measures | |||||||
Return on average allocated equity | 13.5% | 12.9% | 9.5% | 10.1% | |||
Return on average allocated tangible equity | 13.5% | 12.9% | 9.5% | 10.1% | |||
Average allocated equity (£bn) | 30.0 | 29.0 | 30.4 | 28.6 | |||
Average allocated tangible equity (£bn) | 30.0 | 29.0 | 30.4 | 28.6 | |||
Income over average risk weighted assets | 7.3% | 6.9% | 6.1% | 6.3% | |||
Cost: income ratio | 58% | 59% | 67% | 65% | |||
Loan loss rate (bps) | 34 | 29 | 9 | 44 | |||
As at 30.09.26 | As at 31.12.25 | As at 30.09.25 | |||||
Balance sheet information | £bn | £bn | £bn | ||||
Gross loans and advances at amortised cost1 | 139.6 | 131.0 | 129.8 | ||||
Loans and advances to customers at amortised cost | 76.4 | 70.0 | 68.6 | ||||
Loans and advances to banks at amortised cost | 9.7 | 7.4 | 7.5 | ||||
Debt securities at amortised cost | 52.8 | 52.9 | 53.0 | ||||
Loans and advances at amortised cost | 138.9 | 130.3 | 129.1 | ||||
Trading portfolio assets | 212.8 | 189.5 | 191.3 | ||||
Financial assets at fair value through the income statement | 198.7 | 183.6 | 263.8 | ||||
Derivative financial instrument assets | 308.0 | 251.5 | 222.8 | ||||
Cash collateral and settlement balances | 172.2 | 121.6 | 152.1 | ||||
Deposits at amortised cost | 166.4 | 156.1 | 152.8 | ||||
Derivative financial instrument liabilities | 298.2 | 240.6 | 252.0 | ||||
Risk weighted assets | 206.1 | 196.7 | 199.1 | ||||
Nine months ended | Three months ended | ||||||
30.09.26 | 30.09.25 | 30.09.26 | 30.09.25 | ||||
Analysis of total income | £m | £m | % Change | £m | £m | % Change | |
FICC | 4,199 | 4,405 | (5) | 1,012 | 1,256 | (19) | |
Equities | 3,387 | 2,522 | 34 | 1,010 | 689 | 47 | |
Global Markets | 7,586 | 6,927 | 10 | 2,022 | 1,945 | 4 | |
Advisory | 665 | 462 | 44 | 222 | 196 | 13 | |
Equity capital markets | 336 | 222 | 51 | 87 | 71 | 23 | |
Debt capital markets | 1,156 | 1,174 | (2) | 347 | 379 | (8) | |
Banking fees and underwriting | 2,157 | 1,858 | 16 | 656 | 646 | 2 | |
Corporate lending | 40 | 220 | (82) | (13) | 68 | ||
Transaction banking | 1,332 | 1,258 | 6 | 464 | 424 | 9 | |
International Corporate Bank | 1,372 | 1,478 | (7) | 451 | 492 | (8) | |
Investment Banking | 3,529 | 3,336 | 6 | 1,107 | 1,138 | (3) | |
Total income | 11,115 | 10,263 | 8 | 3,129 | 3,083 | 1 | |
1Gross loans and advances at amortised cost comprises: loans and advances to customers and banks at amortised cost, debt securities, and
portfolios reclassified as held for sale, gross of impairment allowance, and is the denominator used in the LLR metric.
Barclays PLC | 19 | |
Results by Business |
Barclays Investment Bank
Leading Global Markets business and Investment Banking franchises operating at scale in the UK and US, including the
International Corporate Bank (FTSE 350 clients and larger). Global Markets represents around two-thirds of the total
Investment Bank income, while Investment Banking generates around two-thirds of fees in the US.
IB delivered a RoE of 13.5% (Q325 YTD: 12.9%) and a RoTE of 13.5% (Q325 YTD: 12.9%), driven by higher Global
Markets income, Investment Banking fees and underwriting income, whilst maintaining cost and capital discipline, driving
positive operating jaws and improved RWA productivity.
Income statement - Q326 YTD compared to Q325 YTD
•Profit before tax increased to £4,347m (Q325 YTD: £3,935m)
•IB has a diverse income profile across businesses and geographies. The 2% appreciation of average GBP against USD
adversely impacted income and profits, and positively impacted credit impairment charges and total operating expenses
•Total income increased 8% to £11,115m, including the adverse impact of strengthening average GBP against USD
–Global Markets income increased 10% to £7,586m, driven by increased income in Equities
–FICC income was 5% lower at £4,199m, versus a strong prior year performance, reflecting lower client activity in
rates and credit in the second half of Q326, and further adversity in September due to the macroeconomic
environment
–Equities income increased 34% to £3,387m, reflecting strategic growth in Prime Financing balances, and Equity
Derivatives
–Investment Banking income increased 6% to £3,529m
–Banking fees and underwriting income increased 16% to £2,157m, primarily driven by Advisory and Equity
Capital Markets, up 44% and 51% respectively, partially offset by Debt Capital Markets
–ICB income decreased 7% to £1,372m. Transaction banking income increased 6% to £1,332m, as higher income
from growth in deposit balances was partially offset by margin compression due to change in deposits product
mix. Corporate lending income decreased to £40m, due to net losses on fair value lending and cost of hedging
(c.£170m)1
•Total operating expenses increased to £6,412m (Q325 YTD: £6,045m), driven by higher performance costs, including
MRT adjustments and SCAs, partially offset by efficiency savings and the impact of strengthening average GBP against
USD
•Credit impairment charges were £356m (Q325 YTD: £283m), primarily driven by higher single name charges year-on-
year
Balance sheet - 30 September 2026 compared to 31 December 2025
•Loans and advances at amortised cost increased to £138.9bn (December 2025: £130.3bn), driven by increased
lending across Global Markets and Banking
•Trading portfolio assets increased to £212.8bn (December 2025: £189.5bn), driven by increased trading activity to
facilitate client demand in Global Markets
•Financial assets at fair value through the income statement increased to £198.7bn (December 2025: £183.6bn),
driven by increased secured lending in Global Markets
•Derivative financial instrument assets increased to £308.0bn (December 2025: £251.5bn) and liabilities increased to
£298.2bn (December 2025: £240.6bn), reflecting an increase in client activity and mark-to-market in interest rate and
equity derivatives
•Deposits at amortised cost increased to £166.4bn (December 2025: £156.1bn), driven by growth in deposits primarily
in ICB
•RWAs increased to £206.1bn (December 2025: £196.7bn), mainly driven by higher activity in Global Markets (including
seasonality), and Banking, reflecting additional RWAs to support deal activity, including in the UK
1Q326 YTD included c.£105m of fair value losses on lending and cost of hedges. Q325 YTD included c.£65m of fair value gains on lending and
cost of hedging.
Barclays PLC | 20 | |
Results by Business |
Barclays US Consumer Bank | Nine months ended | Three months ended | |||||
30.09.26 | 30.09.25 | 30.09.26 | 30.09.25 | ||||
Income statement information | £m | £m | % Change | £m | £m | % Change | |
Net interest income | 2,304 | 2,044 | 13 | 749 | 726 | 3 | |
Net fee, commission and other income | 743 | 584 | 27 | 179 | 215 | (17) | |
Total income | 3,047 | 2,628 | 16 | 928 | 941 | (1) | |
Operating costs | (1,281) | (1,210) | (6) | (459) | (407) | (13) | |
UK regulatory levies | — | — | — | — | — | — | |
Litigation and conduct | (5) | (3) | (67) | (3) | — | ||
Total operating expenses | (1,286) | (1,213) | (6) | (462) | (407) | (14) | |
Other net income | — | — | — | — | — | — | |
Profit before impairment | 1,761 | 1,415 | 24 | 466 | 534 | (13) | |
Credit impairment charges | (1,053) | (1,090) | 3 | (340) | (379) | 10 | |
Profit before tax | 708 | 325 | 126 | 155 | (19) | ||
Attributable profit | 521 | 246 | 92 | 118 | (22) | ||
Performance measures | |||||||
Return on average allocated equity | 16.4% | 8.1% | 8.5% | 11.7% | |||
Return on average allocated tangible equity1 | 19.9% | 9.4% | 10.9% | 13.5% | |||
Average allocated equity (£bn) | 4.2 | 4.1 | 4.3 | 4.0 | |||
Average allocated tangible equity (£bn) | 3.5 | 3.5 | 3.4 | 3.5 | |||
Cost: income ratio | 42% | 46% | 50% | 43% | |||
Loan loss rate (bps)2 | 552 | 489 | 529 | 505 | |||
Net interest margin | 13.20% | 10.96% | 13.74% | 11.50% | |||
As at 30.09.26 | As at 31.12.25 | As at 30.09.25 | |||||
Balance sheet information | £bn | £bn | £bn | ||||
Gross loans and advances at amortised cost3 | 25.5 | 30.6 | 29.8 | ||||
Loans and advances to customers at amortised cost | 22.3 | 21.1 | 20.0 | ||||
Deposits at amortised cost | 25.1 | 24.2 | 23.7 | ||||
Risk weighted assets | 24.3 | 27.4 | 25.8 | ||||
1Return on average allocated tangible equity, excluding a c.£225m Q226 gain on sale (recorded in Net fee, commission and other income), from
the AA portfolio exit, was 13.6% for Q326 YTD, as a result of an adjusted attributable profit of £357m.
2Q325 YTD and Q325 LLR include held for sale portfolios to remain consistent with the treatment of impairment.
3Gross loans and advances at amortised cost comprises: loans and advances to customers and banks at amortised cost, debt securities, and
portfolios reclassified as held for sale, gross of impairment allowance, and is the denominator used in the LLR metric.
Barclays PLC | 21 | |
Results by Business |
Barclays US Consumer Bank
A US co-branded credit card issuer and financial services partner to 23 million customers, with a direct-to-consumer loan
origination platform in Best Egg and strong online retail deposit offering. Key business updates include:
•Completed the American Airlines portfolio exit and the acquisition of Best Egg in Q226, strengthening our multi-product
digital-only US Consumer Bank and increasing our ability to serve a wider range of customer borrowing needs
•Announced a strategic partnership with Samsung in Q226 under which Barclays is the contracted provider for a range of
financial products through Samsung's digital wallet ecosystem, extending access to customers through digital channels
USCB delivered a RoE of 16.4% (Q325 YTD: 8.1%) and a RoTE of 19.9% (Q325 YTD: 9.4%), reflecting a c.£225m Q226
gain on sale from the AA portfolio exit, continued operational progress, with increased income from business growth, higher
net interest margin and positive operating jaws. Excluding the gain on sale of c.£225m (resulting in an adjusted attributable
profit of £357m), the Q326 YTD RoTE was 13.6%.
Income statement - Q326 YTD compared to Q325 YTD
•Profit before tax increased to £708m (Q325 YTD: £325m)
•The 2% appreciation of average GBP against USD adversely impacted income and profits, and positively impacted credit
impairment charges and total operating expenses
•Total income increased 16% to £3,047m, including the adverse impact of the strengthening of average GBP against
USD. NII increased 13% to £2,304m including business growth, repricing initiatives and change in portfolio mix. Net fee,
commission and other income increased 27% to £743m driven by the gain on sale from the AA portfolio, and the Best
Egg acquisition
•Total operating expenses increased 6% to £1,286m, driven by the acquisitions of Best Egg and the GM portfolio,
business growth and inflationary headwinds, partially offset by lower partner related expenses, ongoing efficiency
savings and the strengthening of average GBP against USD
•Credit impairment charges were £1,053m (Q325 YTD: £1,090m), reflecting broadly stable underlying credit
performance, the impact from the Best Egg acquisition and other portfolio changes. US cards 30 and 90 day arrears rates
were stable at 2.9% (Q325: 2.9%) and 1.5% (Q325: 1.5%) respectively. The USCB total coverage ratio was 10.8%
(December 2025: 11.1%)
Balance sheet - 30 September 2026 compared to 31 December 2025
•Loans and advances to customers at amortised cost were £22.3bn (December 2025: £21.1bn)
•Deposits at amortised cost increased to £25.1bn (December 2025: £24.2bn), with growth in retail savings which is in
line with USCB's strategy to grow core deposits
•RWAs decreased to £24.3bn (December 2025: £27.4bn), driven by a net £3.2bn reduction relating to the AA portfolio
sale and Best Egg acquisition
Barclays PLC | 22 | |
Results by Business |
Head Office | Nine months ended | Three months ended | |||||
30.09.26 | 30.09.25 | 30.09.26 | 30.09.25 | ||||
Income statement information | £m | £m | % Change | £m | £m | % Change | |
Net interest income | 131 | 426 | (69) | 35 | 138 | (75) | |
Net fee, commission and other income | (36) | (257) | 86 | (18) | (105) | 83 | |
Total income | 95 | 169 | (44) | 17 | 33 | (48) | |
Operating costs | (572) | (544) | (5) | (204) | (162) | (26) | |
UK regulatory levies | — | — | #DIV/0! | — | — | ||
Litigation and conduct | (101) | (244) | 59 | 7 | (239) | ||
Total operating expenses | (673) | (788) | 15 | (197) | (401) | 51 | |
Other net income | 44 | 48 | (8) | 20 | 39 | (49) | |
Loss before impairment | (534) | (571) | 6 | (160) | (329) | 51 | |
Credit impairment releases/(charges) | 2 | (6) | — | (1) | |||
Loss before tax | (532) | (577) | 8 | (160) | (330) | 52 | |
Attributable loss | (421) | (537) | 22 | (118) | (299) | 61 | |
Performance measures | |||||||
Average allocated equity (£bn) | 9.9 | 8.8 | 9.2 | 10.2 | |||
Average allocated tangible equity (£bn) | 6.0 | 5.3 | 5.1 | 6.6 | |||
As at 30.09.26 | As at 31.12.25 | As at 30.09.25 | |||||
Balance sheet information | £bn | £bn | £bn | ||||
Risk weighted assets | 13.2 | 12.3 | 12.7 | ||||
Income statement - Q326 YTD compared to Q325 YTD
•Loss before tax was £532m (Q325 YTD: £577m)
•Total income decreased to £95m (Q325 YTD: £169m), driven by hedge accounting, including a c.£30m loss in Q326,
and the impact of the disposal of the German consumer finance business in Q125
•Total operating expenses decreased to £673m (Q325 YTD: £788m), given Q326 YTD included a £105m charge for FCA
motor finance redress. Q325 YTD included a £235m charge for FCA motor finance redress
Balance sheet - 30 September 2026 compared to 31 December 2025
•RWAs increased to £13.2bn (December 2025: £12.3bn), including the net impact of the acquisition of the long-term
leasehold interest in One Churchill Place
Barclays PLC | 23 | |
Quarterly Results Summary |
Barclays Group | ||||||||||
Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | |||
Income statement information | £m | £m | £m | £m | £m | £m | £m | £m | ||
Net interest income | 3,910 | 3,921 | 3,737 | 3,734 | 3,745 | 3,505 | 3,517 | 3,500 | ||
Net fee, commission and other income | 3,455 | 4,417 | 4,426 | 3,343 | 3,422 | 3,682 | 4,192 | 3,464 | ||
Total income | 7,365 | 8,338 | 8,163 | 7,077 | 7,167 | 7,187 | 7,709 | 6,964 | ||
Operating costs | (4,565) | (4,514) | (4,359) | (4,379) | (4,254) | (4,149) | (4,258) | (4,244) | ||
UK regulatory levies | (11) | — | (84) | (229) | 12 | — | (96) | (227) | ||
Litigation and conduct | 16 | (4) | (104) | (50) | (255) | (76) | (11) | (121) | ||
Total operating expenses | (4,560) | (4,518) | (4,547) | (4,658) | (4,497) | (4,225) | (4,365) | (4,592) | ||
Other net income/(expenses) | 20 | 3 | 21 | (25) | 39 | (9) | 18 | — | ||
Profit before impairment | 2,825 | 3,823 | 3,637 | 2,394 | 2,709 | 2,953 | 3,362 | 2,372 | ||
Credit impairment charges | (503) | (571) | (823) | (535) | (632) | (469) | (643) | (711) | ||
Profit before tax | 2,322 | 3,252 | 2,814 | 1,859 | 2,077 | 2,484 | 2,719 | 1,661 | ||
Tax charges | (422) | (731) | (638) | (388) | (365) | (552) | (621) | (448) | ||
Profit after tax | 1,900 | 2,521 | 2,176 | 1,471 | 1,712 | 1,932 | 2,098 | 1,213 | ||
Non-controlling interests | — | (19) | — | (18) | — | (21) | (2) | (20) | ||
Other equity instrument holders | (254) | (243) | (244) | (258) | (255) | (252) | (232) | (228) | ||
Attributable profit | 1,646 | 2,259 | 1,932 | 1,195 | 1,457 | 1,659 | 1,864 | 965 | ||
Performance measures | ||||||||||
Return on average shareholders' equity | 10.1% | 14.0% | 11.8% | 7.4% | 9.2% | 10.7% | 12.1% | 6.5% | ||
Return on average tangible shareholders' equity | 11.7% | 16.1% | 13.5% | 8.5% | 10.6% | 12.3% | 14.0% | 7.5% | ||
Average shareholders' equity (£bn) | 65.3 | 64.8 | 65.5 | 64.8 | 63.3 | 62.1 | 61.4 | 59.7 | ||
Average tangible shareholders' equity (£bn) | 56.4 | 56.1 | 57.2 | 56.5 | 55.1 | 53.9 | 53.1 | 51.5 | ||
Cost: income ratio | 62% | 54% | 56% | 66% | 63% | 59% | 57% | 66% | ||
Loan loss rate (bps) | 43 | 51 | 74 | 48 | 57 | 44 | 61 | 66 | ||
Basic earnings per ordinary share | 12.3p | 16.7p | 14.1p | 8.6p | 10.4p | 11.7p | 13.0p | 6.7p | ||
Basic weighted average number of shares (m) | 13,426 | 13,565 | 13,727 | 13,883 | 14,045 | 14,211 | 14,314 | 14,432 | ||
Period end number of shares (m) | 13,379 | 13,507 | 13,737 | 13,867 | 13,996 | 14,180 | 14,336 | 14,420 | ||
Balance sheet and capital management1 | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | ||
Gross loans and advances at amortised cost2 | 459.8 | 450.4 | 449.9 | 441.3 | 437.5 | 428.4 | 430.4 | 429.6 | ||
Loans and advances to customers at amortised cost | 373.1 | 359.3 | 358.3 | 352.8 | 346.4 | 339.2 | 338.6 | 337.9 | ||
Loans and advances to banks at amortised cost | 10.5 | 12.0 | 12.0 | 8.7 | 9.4 | 8.7 | 9.4 | 8.3 | ||
Debt securities at amortised cost | 70.8 | 73.5 | 68.3 | 68.5 | 70.7 | 69.9 | 71.4 | 68.2 | ||
Loans and advances at amortised cost | 454.5 | 444.8 | 438.6 | 430.0 | 426.5 | 417.8 | 419.4 | 414.5 | ||
Loans and advances at amortised cost impairment coverage ratio | 1.2% | 1.2% | 1.3% | 1.2% | 1.2% | 1.2% | 1.2% | 1.2% | ||
Total assets | 1,737.6 | 1,730.4 | 1,694.8 | 1,544.2 | 1,629.2 | 1,598.7 | 1,593.5 | 1,518.2 | ||
Deposits at amortised cost | 599.3 | 594.4 | 587.6 | 585.6 | 575.3 | 564.5 | 574.3 | 560.7 | ||
Net asset value per share | 477p | 489p | 466p | 469p | 451p | 442p | 430p | 414p | ||
Tangible net asset value per share | 410p | 423p | 405p | 409p | 392p | 384p | 372p | 357p | ||
Common equity tier 1 ratio | 14.2% | 14.3% | 14.1% | 14.3% | 14.1% | 14.0% | 13.9% | 13.6% | ||
Common equity tier 1 capital | 52.4 | 52.2 | 51.2 | 51.1 | 50.3 | 49.5 | 48.8 | 48.6 | ||
Risk weighted assets | 369.8 | 364.8 | 364.5 | 356.8 | 357.4 | 353.0 | 351.3 | 358.1 | ||
UK leverage ratio | 4.9% | 4.9% | 4.8% | 5.1% | 4.9% | 5.0% | 5.0% | 5.0% | ||
UK leverage exposure | 1,344.0 | 1,345.6 | 1,321.3 | 1,247.3 | 1,285.3 | 1,259.8 | 1,252.8 | 1,206.5 | ||
Funding and liquidity | ||||||||||
Group liquidity pool (£bn) | 372.2 | 346.7 | 326.1 | 337.8 | 332.9 | 333.7 | 336.3 | 296.9 | ||
Liquidity coverage ratio3 | 157.0% | 157.7% | 165.4% | 170.0% | 174.6% | 177.7% | 175.3% | 172.4% | ||
Net stable funding ratio | 135.8% | 135.8% | 135.4% | 135.2% | 135.3% | 135.6% | 136.2% | 134.9% | ||
Loan: deposit ratio | 76% | 75% | 75% | 73% | 74% | 74% | 73% | 74% | ||
Customer loan: deposit ratio4 | 64% | 63% | 63% | 62% | 62% | 62% | 61% | 62% |
2Gross loans and advances at amortised cost comprises: loans and advances to customers and banks at amortised cost, debt securities, and
portfolios reclassified as held for sale, gross of impairment allowance, and is the denominator used in the LLR metric.
3Represents average of the last 12 spot month end ratios. In June 2025, Barclays implemented a new methodology for calculating net stress
outflows related to secured financing transactions in the LCR.
4From Q326, the customer loan to deposit ratio has been introduced, calculated as customer loans divided by customer deposits, to provide a
customer lending-focused funding metric and improve comparability with peers.
Barclays PLC | 24 | |
Quarterly Results by Business |
Barclays UK | ||||||||||
Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q4241 | |||
Income statement information | £m | £m | £m | £m | £m | £m | £m | £m | ||
Net interest income | 2,073 | 2,000 | 1,986 | 2,015 | 1,961 | 1,855 | 1,822 | 1,815 | ||
Net fee, commission and other income | 276 | 259 | 272 | 247 | 292 | 264 | 252 | 800 | ||
Total income | 2,349 | 2,259 | 2,258 | 2,262 | 2,253 | 2,119 | 2,074 | 2,615 | ||
Operating costs | (1,274) | (1,194) | (1,174) | (1,274) | (1,189) | (1,168) | (1,115) | (1,170) | ||
UK regulatory levies | (5) | — | (44) | (41) | (1) | — | (43) | (36) | ||
Litigation and conduct | 8 | (1) | 1 | (14) | (8) | (27) | (2) | (9) | ||
Total operating expenses | (1,271) | (1,195) | (1,217) | (1,329) | (1,198) | (1,195) | (1,160) | (1,215) | ||
Other net income | — | — | — | — | — | — | — | — | ||
Profit before impairment | 1,078 | 1,064 | 1,041 | 933 | 1,055 | 924 | 914 | 1,400 | ||
Credit impairment charges | (123) | (160) | (178) | (74) | (102) | (79) | (158) | (283) | ||
Profit before tax | 955 | 904 | 863 | 859 | 953 | 845 | 756 | 1,117 | ||
Attributable profit | 666 | 623 | 591 | 706 | 647 | 580 | 510 | 781 | ||
Balance sheet information | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | ||
Gross loans and advances at amortised cost2 | 243.3 | 239.8 | 233.6 | 231.9 | 230.9 | 228.5 | 227.5 | 227.5 | ||
Loans and advances to customers at amortised cost | 225.3 | 220.8 | 217.8 | 216.5 | 213.4 | 211.2 | 209.6 | 207.7 | ||
Customer deposits at amortised cost | 246.1 | 245.6 | 243.9 | 244.6 | 241.5 | 241.3 | 243.1 | 244.2 | ||
Loan: deposit ratio | 98% | 97% | 95% | 94% | 95% | 94% | 93% | 92% | ||
Customer loan: deposit ratio3 | 92% | 90% | 89% | 89% | 88% | 87% | 86% | 85% | ||
Risk weighted assets | 90.6 | 89.0 | 87.5 | 85.8 | 86.7 | 86.1 | 85.0 | 84.5 | ||
Performance measures | ||||||||||
Return on average allocated equity | 16.1% | 15.4% | 14.8% | 17.8% | 16.3% | 14.8% | 13.0% | 20.7% | ||
Return on average allocated tangible equity | 21.2% | 20.4% | 19.7% | 23.8% | 21.8% | 19.7% | 17.4% | 28.0% | ||
Average allocated equity (£bn) | 16.5 | 16.2 | 15.9 | 15.9 | 15.9 | 15.8 | 15.7 | 15.1 | ||
Average allocated tangible equity (£bn) | 12.6 | 12.2 | 12.0 | 11.9 | 11.9 | 11.8 | 11.7 | 11.2 | ||
Cost: income ratio | 54% | 53% | 54% | 59% | 53% | 56% | 56% | 46% | ||
Loan loss rate (bps) | 20 | 27 | 31 | 13 | 18 | 14 | 28 | 49 | ||
Net interest margin | 3.69% | 3.68% | 3.72% | 3.72% | 3.68% | 3.55% | 3.55% | 3.53% |
1Q424 includes the day 1 impacts from the acquisition of Tesco Bank: total Income includes a £556m gain, and credit impairment charges
includes a £209m charge.
2Gross loans and advances at amortised cost comprises: loans and advances to customers and banks at amortised cost, debt securities, and
portfolios reclassified as held for sale, gross of impairment allowance, and is the denominator used in the LLR metric.
3From Q326, the customer loan to deposit ratio has been introduced, calculated as customer loans divided by customer deposits, to provide a
customer lending-focused funding metric and improve comparability with peers.
Barclays PLC | 25 | |
Quarterly Results by Business |
Analysis of Barclays UK | Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q4241 | ||
Analysis of total income | £m | £m | £m | £m | £m | £m | £m | £m | ||
Retail Banking | 1,785 | 1,711 | 1,725 | 1,702 | 1,708 | 1,599 | 1,573 | 2,078 | ||
Business Banking | 564 | 548 | 533 | 560 | 545 | 520 | 501 | 537 | ||
Total income | 2,349 | 2,259 | 2,258 | 2,262 | 2,253 | 2,119 | 2,074 | 2,615 | ||
Analysis of credit impairment (charges)/releases | ||||||||||
Retail Banking | (135) | (165) | (179) | (72) | (98) | (59) | (145) | (279) | ||
Business Banking | 12 | 5 | 1 | (2) | (4) | (20) | (13) | (4) | ||
Total credit impairment charges | (123) | (160) | (178) | (74) | (102) | (79) | (158) | (283) | ||
Analysis of loans and advances to customers at amortised cost | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | ||
Retail Banking | 207.7 | 203.1 | 200.1 | 198.6 | 195.2 | 192.4 | 190.4 | 188.0 | ||
Business Banking | 17.6 | 17.7 | 17.7 | 17.9 | 18.2 | 18.8 | 19.2 | 19.7 | ||
Total loans and advances to customers at amortised cost | 225.3 | 220.8 | 217.8 | 216.5 | 213.4 | 211.2 | 209.6 | 207.7 | ||
Analysis of customer deposits at amortised cost | ||||||||||
Retail Banking | 195.2 | 194.5 | 193.1 | 192.7 | 189.3 | 189.3 | 190.8 | 191.4 | ||
Business Banking | 50.9 | 51.1 | 50.8 | 51.9 | 52.2 | 52.0 | 52.3 | 52.8 | ||
Total customer deposits at amortised cost | 246.1 | 245.6 | 243.9 | 244.6 | 241.5 | 241.3 | 243.1 | 244.2 |
1Q424 includes the day 1 impacts from the acquisition of Tesco Bank: total Income includes a £556m gain, and credit impairment charges
includes a £209m charge.
Barclays PLC | 26 | |
Quarterly Results by Business |
Barclays UK Corporate Bank | ||||||||||
Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | |||
Income statement information | £m | £m | £m | £m | £m | £m | £m | £m | ||
Net interest income | 437 | 413 | 394 | 396 | 383 | 359 | 342 | 324 | ||
Net fee, commission and other income | 136 | 145 | 136 | 143 | 139 | 160 | 142 | 134 | ||
Total income | 573 | 558 | 530 | 539 | 522 | 519 | 484 | 458 | ||
Operating costs | (256) | (249) | (239) | (272) | (243) | (240) | (234) | (250) | ||
UK regulatory levies | (2) | — | (15) | (14) | 9 | — | (24) | (14) | ||
Litigation and conduct | — | — | — | — | — | (39) | — | (1) | ||
Total operating expenses | (258) | (249) | (254) | (286) | (234) | (279) | (258) | (265) | ||
Other net income | — | — | — | — | — | — | — | — | ||
Profit before impairment | 315 | 309 | 276 | 253 | 288 | 240 | 226 | 193 | ||
Credit impairment charges | (2) | (16) | (3) | (1) | (5) | (12) | (19) | (40) | ||
Profit before tax | 313 | 293 | 273 | 252 | 283 | 228 | 207 | 153 | ||
Attributable profit | 218 | 201 | 187 | 168 | 196 | 142 | 142 | 98 | ||
Balance sheet information | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | ||
Gross loans and advances at amortised cost1 | 33.2 | 31.4 | 31.0 | 30.2 | 29.2 | 28.2 | 27.0 | 25.8 | ||
Loans and advances to customers at amortised cost | 33.0 | 31.3 | 30.8 | 30.0 | 29.0 | 27.9 | 26.7 | 25.4 | ||
Deposits at amortised cost | 87.2 | 89.1 | 88.0 | 88.7 | 86.7 | 85.3 | 85.3 | 83.1 | ||
Customer loan: deposit ratio2 | 38% | 35% | 35% | 34% | 33% | 33% | 31% | 31% | ||
Risk weighted assets | 27.5 | 26.6 | 27.3 | 26.5 | 25.2 | 25.3 | 24.2 | 23.9 | ||
Performance measures | ||||||||||
Return on average allocated equity | 23.5% | 21.3% | 19.9% | 19.1% | 22.8% | 16.6% | 17.1% | 12.3% | ||
Return on average allocated tangible equity | 23.5% | 21.3% | 19.9% | 19.1% | 22.8% | 16.6% | 17.1% | 12.3% | ||
Average allocated equity (£bn) | 3.7 | 3.8 | 3.8 | 3.5 | 3.4 | 3.4 | 3.3 | 3.2 | ||
Average allocated tangible equity (£bn) | 3.7 | 3.8 | 3.8 | 3.5 | 3.4 | 3.4 | 3.3 | 3.2 | ||
Cost: income ratio | 45% | 45% | 48% | 53% | 45% | 54% | 53% | 58% | ||
Loan loss rate (bps) | 2 | 20 | 4 | 1 | 7 | 17 | 28 | 62 | ||
Analysis of total income | £m | £m | £m | £m | £m | £m | £m | £m | ||
Corporate lending | 91 | 96 | 89 | 97 | 90 | 90 | 80 | 71 | ||
Transaction banking | 482 | 462 | 441 | 442 | 432 | 429 | 404 | 387 | ||
Total income | 573 | 558 | 530 | 539 | 522 | 519 | 484 | 458 |
1Gross loans and advances at amortised cost comprises: loans and advances to customers and banks at amortised cost, debt securities, and
portfolios reclassified as held for sale, gross of impairment allowance, and is the denominator used in the LLR metric.
2From Q326, the customer loan to deposit ratio has been introduced, calculated as customer loans divided by customer deposits, to provide a
customer lending-focused funding metric and improve comparability with peers.
Barclays PLC | 27 | |
Quarterly Results by Business |
Barclays Private Bank and Wealth Management | ||||||||||
Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | |||
Income statement information | £m | £m | £m | £m | £m | £m | £m | £m | ||
Net interest income | 223 | 216 | 204 | 202 | 190 | 203 | 204 | 216 | ||
Net fee, commission and other income | 146 | 150 | 143 | 146 | 145 | 145 | 145 | 135 | ||
Total income | 369 | 366 | 347 | 348 | 335 | 348 | 349 | 351 | ||
Operating costs | (289) | (267) | (254) | (279) | (243) | (238) | (234) | (255) | ||
UK regulatory levies | (1) | — | (3) | (7) | (1) | — | (2) | (7) | ||
Litigation and conduct | 4 | — | — | (10) | 1 | — | — | (1) | ||
Total operating expenses | (286) | (267) | (257) | (296) | (243) | (238) | (236) | (263) | ||
Other net income | — | — | — | — | — | — | — | — | ||
Profit before impairment | 83 | 99 | 90 | 52 | 92 | 110 | 113 | 88 | ||
Credit impairment (charges)/releases | (5) | (5) | 2 | (2) | (1) | 2 | 9 | (2) | ||
Profit before tax | 78 | 94 | 92 | 50 | 91 | 112 | 122 | 86 | ||
Attributable profit | 68 | 75 | 73 | 35 | 72 | 88 | 96 | 63 | ||
Balance sheet information | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | ||
Gross loans and advances at amortised cost1 | 16.4 | 15.1 | 15.1 | 15.1 | 15.2 | 14.8 | 14.8 | 14.7 | ||
Loans and advances to customers at amortised cost | 16.1 | 14.8 | 14.7 | 14.7 | 14.9 | 14.5 | 14.5 | 14.5 | ||
Deposits at amortised cost | 74.4 | 72.7 | 73.3 | 72.0 | 70.6 | 66.7 | 73.1 | 69.5 | ||
Risk weighted assets | 8.1 | 8.0 | 8.2 | 8.0 | 7.9 | 7.9 | 8.0 | 7.9 | ||
Client assets and liabilities2 | 234.0 | 230.2 | 223.8 | 227.6 | 221.5 | 213.4 | 212.4 | 208.9 | ||
Performance measures | ||||||||||
Return on average allocated equity | 22.0% | 24.8% | 23.5% | 11.6% | 24.3% | 29.3% | 31.8% | 21.9% | ||
Return on average allocated tangible equity | 23.8% | 26.9% | 25.5% | 12.6% | 26.4% | 31.9% | 34.5% | 23.9% | ||
Average allocated equity (£bn) | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | ||
Average allocated tangible equity (£bn) | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | ||
Cost: income ratio | 78% | 73% | 74% | 85% | 73% | 68% | 68% | 75% | ||
Loan loss rate (bps) | 12 | 13 | (6) | 5 | 3 | (5) | (25) | 5 |
1Gross loans and advances at amortised cost comprises: loans and advances to customers and banks at amortised cost, debt securities, and
portfolios reclassified as held for sale, gross of impairment allowance, and is the denominator used in the LLR metric.
2Client assets and liabilities refers to deposits, lending and invested assets.
Barclays PLC | 28 | |
Quarterly Results by Business |
Barclays Investment Bank | ||||||||||
Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | |||
Income statement information | £m | £m | £m | £m | £m | £m | £m | £m | ||
Net interest income | 393 | 411 | 383 | 356 | 347 | 334 | 297 | 284 | ||
Net trading income | 1,580 | 2,271 | 2,358 | 1,294 | 1,581 | 1,906 | 2,416 | 1,262 | ||
Net fee, commission and other income | 1,156 | 1,276 | 1,287 | 1,142 | 1,155 | 1,067 | 1,160 | 1,061 | ||
Total income | 3,129 | 3,958 | 4,028 | 2,792 | 3,083 | 3,307 | 3,873 | 2,607 | ||
Operating costs | (2,083) | (2,199) | (2,107) | (1,924) | (2,010) | (1,932) | (2,061) | (1,903) | ||
UK regulatory levies | (3) | — | (22) | (159) | 5 | — | (27) | (161) | ||
Litigation and conduct | — | — | 2 | (8) | (9) | (8) | (3) | (26) | ||
Total operating expenses | (2,086) | (2,199) | (2,127) | (2,091) | (2,014) | (1,940) | (2,091) | (2,090) | ||
Other net income | — | — | — | — | — | — | — | — | ||
Profit before impairment | 1,043 | 1,759 | 1,901 | 701 | 1,069 | 1,367 | 1,782 | 517 | ||
Credit impairment charges | (33) | (44) | (279) | (22) | (144) | (67) | (72) | (46) | ||
Profit before tax | 1,010 | 1,715 | 1,622 | 679 | 925 | 1,300 | 1,710 | 471 | ||
Attributable profit | 720 | 1,204 | 1,111 | 294 | 723 | 876 | 1,199 | 247 | ||
Balance sheet information | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | ||
Gross loans and advances at amortised cost1 | 139.6 | 137.2 | 137.4 | 131.0 | 129.8 | 126.8 | 129.6 | 124.9 | ||
Loans and advances to customers at amortised cost | 76.4 | 70.8 | 73.6 | 70.0 | 68.6 | 66.8 | 68.6 | 69.7 | ||
Loans and advances to banks at amortised cost | 9.7 | 11.0 | 10.0 | 7.4 | 7.5 | 7.1 | 7.4 | 6.8 | ||
Debt securities at amortised cost | 52.8 | 54.5 | 52.9 | 52.9 | 53.0 | 52.4 | 53.1 | 47.9 | ||
Loans and advances at amortised cost | 138.9 | 136.3 | 136.5 | 130.3 | 129.1 | 126.3 | 129.1 | 124.4 | ||
Trading portfolio assets | 212.8 | 208.2 | 189.3 | 189.5 | 191.3 | 186.1 | 185.5 | 166.1 | ||
Derivative financial instrument assets | 308.0 | 302.6 | 285.4 | 251.5 | 263.8 | 279.0 | 253.6 | 291.6 | ||
Financial assets at fair value through the income statement | 198.7 | 209.9 | 215.6 | 183.6 | 222.8 | 215.2 | 209.5 | 190.4 | ||
Cash collateral and settlement balances | 172.2 | 182.5 | 189.2 | 121.6 | 152.1 | 145.0 | 148.8 | 111.1 | ||
Deposits at amortised cost | 166.4 | 162.3 | 157.4 | 156.1 | 152.8 | 148.7 | 148.9 | 140.5 | ||
Derivative financial instrument liabilities | 298.2 | 291.6 | 272.6 | 240.6 | 252.0 | 265.1 | 245.1 | 279.0 | ||
Risk weighted assets | 206.1 | 204.1 | 201.7 | 196.7 | 199.1 | 196.4 | 195.9 | 198.8 | ||
Performance measures | ||||||||||
Return on average allocated equity | 9.5% | 16.0% | 15.0% | 4.0% | 10.1% | 12.2% | 16.2% | 3.4% | ||
Return on average allocated tangible equity | 9.5% | 16.0% | 15.0% | 4.0% | 10.1% | 12.2% | 16.2% | 3.4% | ||
Average allocated equity (£bn) | 30.4 | 30.0 | 29.7 | 29.6 | 28.6 | 28.7 | 29.6 | 29.3 | ||
Average allocated tangible equity (£bn) | 30.4 | 30.0 | 29.7 | 29.6 | 28.6 | 28.7 | 29.6 | 29.3 | ||
Income over average risk weighted assets | 6.1% | 7.7% | 8.0% | 5.5% | 6.3% | 6.7% | 7.7% | 5.2% | ||
Cost: income ratio | 67% | 56% | 53% | 75% | 65% | 59% | 54% | 80% | ||
Loan loss rate (bps) | 9 | 13 | 82 | 7 | 44 | 21 | 23 | 15 | ||
Analysis of total income | £m | £m | £m | £m | £m | £m | £m | £m | ||
FICC | 1,012 | 1,471 | 1,716 | 1,024 | 1,256 | 1,450 | 1,699 | 934 | ||
Equities | 1,010 | 1,261 | 1,116 | 703 | 689 | 870 | 963 | 604 | ||
Global Markets | 2,022 | 2,732 | 2,832 | 1,727 | 1,945 | 2,320 | 2,662 | 1,538 | ||
Advisory | 222 | 188 | 255 | 214 | 196 | 123 | 143 | 189 | ||
Equity capital markets | 87 | 157 | 92 | 56 | 71 | 81 | 70 | 98 | ||
Debt capital markets | 347 | 402 | 407 | 336 | 379 | 364 | 431 | 327 | ||
Banking Fees and Underwriting | 656 | 747 | 754 | 606 | 646 | 568 | 644 | 614 | ||
Corporate lending | (13) | 37 | 16 | 27 | 68 | (4) | 156 | 45 | ||
Transaction banking | 464 | 442 | 426 | 432 | 424 | 423 | 411 | 410 | ||
International Corporate Banking | 451 | 479 | 442 | 459 | 492 | 419 | 567 | 455 | ||
Investment Banking | 1,107 | 1,226 | 1,196 | 1,065 | 1,138 | 987 | 1,211 | 1,069 | ||
Total income | 3,129 | 3,958 | 4,028 | 2,792 | 3,083 | 3,307 | 3,873 | 2,607 |
1Gross loans and advances at amortised cost comprises: loans and advances to customers and banks at amortised cost, debt securities, and
portfolios reclassified as held for sale, gross of impairment allowance, and is the denominator used in the LLR metric.
Barclays PLC | 29 | |
Quarterly Results by Business |
Barclays US Consumer Bank | ||||||||||
Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | |||
Income statement information | £m | £m | £m | £m | £m | £m | £m | £m | ||
Net interest income | 749 | 732 | 823 | 776 | 726 | 640 | 678 | 678 | ||
Net fee, commission, trading and other income | 179 | 404 | 160 | 277 | 215 | 183 | 186 | 179 | ||
Total income | 928 | 1,136 | 983 | 1,053 | 941 | 823 | 864 | 857 | ||
Operating costs | (459) | (442) | (380) | (427) | (407) | (396) | (407) | (433) | ||
UK regulatory levies | — | — | — | — | — | — | — | — | ||
Litigation and conduct | (3) | (2) | — | (5) | — | — | (3) | — | ||
Total operating expenses | (462) | (444) | (380) | (432) | (407) | (396) | (410) | (433) | ||
Other net income | — | — | — | — | — | — | — | — | ||
Profit before impairment | 466 | 692 | 603 | 621 | 534 | 427 | 454 | 424 | ||
Credit impairment charges | (340) | (346) | (367) | (431) | (379) | (312) | (399) | (298) | ||
Profit before tax | 126 | 346 | 236 | 190 | 155 | 115 | 55 | 126 | ||
Attributable profit | 92 | 253 | 176 | 144 | 118 | 87 | 41 | 94 | ||
Balance sheet information | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | ||
Gross loans and advances at amortised cost1 | 25.5 | 25.0 | 30.3 | 30.6 | 29.8 | 27.4 | 28.9 | 30.0 | ||
Loans and advances to customers at amortised cost | 22.3 | 21.7 | 21.0 | 21.1 | 20.0 | 18.2 | 18.8 | 20.0 | ||
Deposits at amortised cost | 25.1 | 24.7 | 25.0 | 24.2 | 23.7 | 22.5 | 23.8 | 23.3 | ||
Risk weighted assets | 24.3 | 24.3 | 27.6 | 27.4 | 25.8 | 24.7 | 25.6 | 26.8 | ||
Performance measures | ||||||||||
Return on average allocated equity | 8.5% | 24.7% | 16.5% | 13.8% | 11.7% | 8.8% | 3.9% | 9.5% | ||
Return on average allocated tangible equity2 | 10.9% | 30.2% | 18.8% | 15.8% | 13.5% | 10.2% | 4.5% | 11.2% | ||
Average allocated equity (£bn) | 4.3 | 4.1 | 4.3 | 4.2 | 4.0 | 4.0 | 4.2 | 4.0 | ||
Average allocated tangible equity (£bn) | 3.4 | 3.3 | 3.8 | 3.6 | 3.5 | 3.4 | 3.6 | 3.4 | ||
Cost: income ratio | 50% | 39% | 39% | 41% | 43% | 48% | 47% | 51% | ||
Loan loss rate (bps)3 | 529 | 555 | 491 | 558 | 505 | 456 | 562 | 395 | ||
Net interest margin | 13.74% | 13.20% | 12.76% | 11.63% | 11.50% | 10.83% | 10.53% | 10.66% |
1Gross loans and advances at amortised cost comprises: loans and advances to customers and banks at amortised cost, debt securities, and
portfolios reclassified as held for sale, gross of impairment allowance, and is the denominator used in the LLR metric.
2Return on average allocated tangible equity, excluding a c.£225m Q226 gain on sale (recorded in Net fee, commission and other income) from
the AA portfolio exit, was 10.5% for Q226, as a result of an adjusted attributable profit of £87m.
3LLR includes held for sale portfolios to remain consistent with the treatment of impairment in Q424 to Q126.
Barclays PLC | 30 | |
Quarterly Results by Business |
Head Office | ||||||||||
Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | |||
Income statement information | £m | £m | £m | £m | £m | £m | £m | £m | ||
Net interest income | 35 | 149 | (53) | (11) | 138 | 114 | 174 | 183 | ||
Net fee, commission and other income | (18) | (88) | 70 | 94 | (105) | (43) | (109) | (107) | ||
Total income | 17 | 61 | 17 | 83 | 33 | 71 | 65 | 76 | ||
Operating costs | (204) | (163) | (205) | (203) | (162) | (175) | (207) | (233) | ||
UK regulatory levies | — | — | — | (8) | — | — | — | (9) | ||
Litigation and conduct | 7 | (1) | (107) | (13) | (239) | (2) | (3) | (84) | ||
Total operating expenses | (197) | (164) | (312) | (224) | (401) | (177) | (210) | (326) | ||
Other net income/(expenses) | 20 | 3 | 21 | (25) | 39 | (9) | 18 | — | ||
(Loss)/profit before impairment | (160) | (100) | (274) | (166) | (329) | (115) | (127) | (250) | ||
Credit impairment releases/(charges) | — | — | 2 | (5) | (1) | (1) | (4) | (42) | ||
Loss before tax | (160) | (100) | (272) | (171) | (330) | (116) | (131) | (292) | ||
Attributable loss | (118) | (97) | (206) | (152) | (299) | (114) | (124) | (318) | ||
Balance sheet information | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | ||
Risk weighted assets | 13.2 | 12.7 | 12.3 | 12.3 | 12.7 | 12.6 | 12.7 | 16.2 | ||
Performance measures | ||||||||||
Average allocated equity (£bn) | 9.2 | 9.5 | 10.6 | 10.4 | 10.2 | 9.0 | 7.4 | 6.9 | ||
Average allocated tangible equity (£bn) | 5.1 | 5.6 | 6.8 | 6.7 | 6.6 | 5.5 | 3.8 | 3.4 |
Barclays PLC | 31 | |
Performance Management |
Margins and balances | ||||||
Nine months ended 30.09.26 | Nine months ended 30.09.25 | |||||
Net interest income | Average customer assets | Net interest margin | Net interest income | Average customer assets | Net interest margin | |
£m | £m | % | £m | £m | % | |
Barclays UK | 6,059 | 219,112 | 3.70 | 5,638 | 209,779 | 3.59 |
Barclays UK Corporate Bank | 1,244 | 29,460 | 5.65 | 1,084 | 25,584 | 5.66 |
Barclays Private Bank and Wealth Management | 643 | 15,193 | 5.66 | 597 | 14,735 | 5.42 |
Barclays US Consumer Bank | 2,304 | 23,344 | 13.20 | 2,044 | 24,930 | 10.96 |
Group excluding IB and Head Office | 10,250 | 287,109 | 4.77 | 9,363 | 275,028 | 4.55 |
Barclays Investment Bank | 1,187 | 978 | ||||
Head Office | 131 | 426 | ||||
Barclays Group Net interest income | 11,568 | 10,767 | ||||
The Group excluding IB and Head Office net interest margin increased by 22bps from 4.55% in Q325 to 4.77% in Q326 due
to Group structural hedge income, partner reward updates and changes in portfolio mix in USCB.
Quarterly analysis | |||||
Q326 | Q226 | Q126 | Q425 | Q325 | |
Net interest income | £m | £m | £m | £m | £m |
Barclays UK | 2,073 | 2,000 | 1,986 | 2,015 | 1,961 |
Barclays UK Corporate Bank | 437 | 413 | 394 | 396 | 383 |
Barclays Private Bank and Wealth Management | 223 | 216 | 204 | 202 | 190 |
Barclays US Consumer Bank | 749 | 732 | 823 | 776 | 726 |
Group excluding IB and Head Office | 3,482 | 3,361 | 3,407 | 3,389 | 3,260 |
Average customer assets | £m | £m | £m | £m | £m |
Barclays UK | 222,936 | 217,778 | 216,623 | 214,770 | 211,384 |
Barclays UK Corporate Bank | 30,224 | 29,603 | 28,536 | 27,841 | 26,645 |
Barclays Private Bank and Wealth Management | 15,620 | 14,936 | 15,022 | 15,105 | 14,802 |
Barclays US Consumer Bank | 21,624 | 22,247 | 26,163 | 26,470 | 25,037 |
Group excluding IB and Head Office | 290,404 | 284,564 | 286,344 | 284,186 | 277,868 |
Net interest margin | % | % | % | % | % |
Barclays UK | 3.69 | 3.68 | 3.72 | 3.72 | 3.68 |
Barclays UK Corporate Bank | 5.74 | 5.60 | 5.60 | 5.64 | 5.70 |
Barclays Private Bank and Wealth Management | 5.66 | 5.80 | 5.51 | 5.31 | 5.09 |
Barclays US Consumer Bank | 13.74 | 13.20 | 12.76 | 11.63 | 11.50 |
Group excluding IB and Head Office | 4.76 | 4.74 | 4.83 | 4.73 | 4.65 |
Barclays PLC | 32 | |
Performance Management |
Structural hedge
The Group employs a structural hedge programme designed to stabilise NIM on fixed rate non-maturity balance sheet items
that are behaviourally stable. As interest rates move, such balances would otherwise drive material income volatility where
there is a re-pricing mismatch with floating rate assets.
The structural hedge predominantly covers non-interest-bearing current accounts and the fixed portion of instant access
savings accounts as well as equity, which are invested into either floating rate customer assets or balances at central banks,
creating an exposure to changes in interest rates. The structural hedge is executed primarily via a portfolio of receive-fixed,
pay variable interest rate swaps, with an amortising structure so that a small portion matures and is reinvested each month
at prevailing market rates. The pay-floating leg of the interest rate swaps nets down a proportion of the receive-floating
income from the customer assets, leaving a receive-fixed income stream from the structural hedge.
The purpose of the structural hedge is to smooth the Group NII through time. The floating leg of the swap will re-price
immediately, whereas the fixed rate yield on the portfolio reprices gradually, as a portion of the swap portfolio matures and
the roll is re-invested onto new market rates.
When interest rates are higher than our structural hedge yield, the pay-floating rate will typically be higher than our average
receive-fixed rate. In this scenario, when viewed in isolation, the structural hedge will be a net drag to Group NII. When
floating rates are lower than our structural hedge yield, the hedge in isolation will be a net benefit.
Since the receive-fixed swaps are booked for a specific term, an element of NII is ‘locked in’. The income stabilising feature of
the structural hedge provides greater net interest income certainty through the interest rate cycle.
The structural hedge is one component of a larger portfolio of interest rate risk management activities that includes non-
structural hedging (e.g. pay-fixed and receive-variable flows for asset hedging), and other offsetting flows. The net risk of
these positions is executed externally through interest rate swaps and managed for accounting risk (i.e. income volatility
arising from the accounting mismatch of swaps at fair value through profit and loss and underlying hedged items at
amortised cost) within the cash flow hedging reserve.
Overall the Group has external derivatives designated as cash flow hedges that hedge interest rate risk with a notional of
£122.2bn (December 2025: £114.6bn) which reflects the structural hedge derivatives notional of £240.6bn (December
2025: £236.1bn) netted with non-structural hedging positions of £118.4bn (December 2025: £121.5bn). The majority of
these interest rate swaps are cleared with Central Clearing Counterparties and margined daily with an average structural
hedge duration of c.3.5 years.
Gross structural hedge contributions were £5,352m (September 2025: £4,313m). Gross structural hedge contributions
primarily represent the absolute interest income earned on the fixed legs of the swaps in the structural hedge as the floating
leg is offset by the base rate funding of the deposits.
Barclays PLC | 33 | |
Credit Risk |
Loans and advances at amortised cost by geography
Total loans and advances at amortised cost in the credit risk section includes loans and advances at amortised cost to banks
and loans and advances at amortised cost to customers.
The table below presents a product and geographical breakdown of loans and advances at amortised cost and the impairment
allowance by stage. The table also presents stage allocation of debt securities and off-balance sheet loan commitments and
financial guarantee contracts.
The impairment allowance under IFRS 9 considers both the drawn and the undrawn counterparty exposure. For retail
portfolios, the total impairment allowance is allocated to gross loans and advances to the extent allowance does not exceed the
drawn exposure and any excess is reported on the liabilities side of the balance sheet as a provision. For wholesale portfolios,
impairment allowance on undrawn exposure is reported on the liability side of the balance sheet as a provision. .
Gross exposure | Impairment allowance | ||||||||
Stage 1 | Stage 2 | Stage 35 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||
As at 30.09.26 | £m | £m | £m | £m | £m | £m | £m | £m | |
Retail mortgages | 168,607 | 13,370 | 1,797 | 183,774 | 18 | 20 | 62 | 100 | |
Retail credit cards | 15,336 | 2,231 | 245 | 17,812 | 161 | 457 | 155 | 773 | |
Retail other | 9,209 | 1,705 | 223 | 11,137 | 106 | 183 | 181 | 470 | |
Corporate loans1 | 56,882 | 6,394 | 1,624 | 64,900 | 93 | 170 | 549 | 812 | |
Total UK | 250,034 | 23,700 | 3,889 | 277,623 | 378 | 830 | 947 | 2,155 | |
Retail mortgages | 1,649 | 264 | 161 | 2,074 | 3 | 1 | 25 | 29 | |
Retail credit cards | 19,282 | 2,883 | 1,779 | 23,944 | 400 | 815 | 1,418 | 2,633 | |
Retail other | 4,219 | 350 | 70 | 4,639 | 16 | 8 | 18 | 42 | |
Corporate loans | 75,248 | 3,615 | 1,892 | 80,755 | 76 | 133 | 292 | 501 | |
Total Rest of the World | 100,398 | 7,112 | 3,902 | 111,412 | 495 | 957 | 1,753 | 3,205 | |
Total loans and advances at amortised cost | 350,432 | 30,812 | 7,791 | 389,035 | 873 | 1,787 | 2,700 | 5,360 | |
Debt securities at amortised cost | 69,553 | 1,255 | — | 70,808 | 11 | 10 | — | 21 | |
Total loans and advances at amortised cost including debt securities | 419,985 | 32,067 | 7,791 | 459,843 | 884 | 1,797 | 2,700 | 5,381 | |
Off-balance sheet loan commitments and financial guarantee contracts2 | 403,993 | 16,478 | 1,166 | 421,637 | 155 | 225 | 33 | 413 | |
Total3,4 | 823,978 | 48,545 | 8,957 | 881,480 | 1,039 | 2,022 | 2,733 | 5,794 | |
Net exposure | Coverage ratio | ||||||||
Stage 1 | Stage 2 | Stage 35 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||
As at 30.09.26 | £m | £m | £m | £m | % | % | % | % | |
Retail mortgages | 168,589 | 13,350 | 1,735 | 183,674 | — | 0.1 | 3.5 | 0.1 | |
Retail credit cards | 15,175 | 1,774 | 90 | 17,039 | 1.0 | 20.5 | 63.3 | 4.3 | |
Retail other | 9,103 | 1,522 | 42 | 10,667 | 1.2 | 10.7 | 81.2 | 4.2 | |
Corporate loans1 | 56,789 | 6,224 | 1,075 | 64,088 | 0.2 | 2.7 | 33.8 | 1.3 | |
Total UK | 249,656 | 22,870 | 2,942 | 275,468 | 0.2 | 3.5 | 24.4 | 0.8 | |
Retail mortgages | 1,646 | 263 | 136 | 2,045 | 0.2 | 0.4 | 15.5 | 1.4 | |
Retail credit cards | 18,882 | 2,068 | 361 | 21,311 | 2.1 | 28.3 | 79.7 | 11.0 | |
Retail other | 4,203 | 342 | 52 | 4,597 | 0.4 | 2.3 | 25.7 | 0.9 | |
Corporate loans | 75,172 | 3,482 | 1,600 | 80,254 | 0.1 | 3.7 | 15.4 | 0.6 | |
Total Rest of the World | 99,903 | 6,155 | 2,149 | 108,207 | 0.5 | 13.5 | 44.9 | 2.9 | |
Total loans and advances at amortised cost | 349,559 | 29,025 | 5,091 | 383,675 | 0.2 | 5.8 | 34.7 | 1.4 | |
Debt securities at amortised cost | 69,542 | 1,245 | — | 70,787 | — | 0.8 | — | — | |
Total loans and advances at amortised cost including debt securities | 419,101 | 30,270 | 5,091 | 454,462 | 0.2 | 5.6 | 34.7 | 1.2 | |
Off-balance sheet loan commitments and financial guarantee contracts2 | 403,838 | 16,253 | 1,133 | 421,224 | — | 1.4 | 2.8 | 0.1 | |
Total3,4 | 822,939 | 46,523 | 6,224 | 875,686 | 0.1 | 4.2 | 30.5 | 0.7 | |
1Includes Business Banking, which has a gross exposure of £12.5bn and an impairment allowance of £280m. This comprises £34m impairment
allowance on £10.1bn Stage 1 exposure, £59m on £1.7bn Stage 2 exposure and £187m on £0.7bn Stage 3 exposure. Excluding this, total
coverage for corporate loans in UK is 1.0%.
2Excludes loan commitments and financial guarantees of £37.7bn carried at fair value.
3Excludes other financial assets subject to impairment comprising of cash collateral and settlement balances, reverse repurchase agreements and
other similar secured lending, financial assets at fair value through other comprehensive income and other assets. These have a total gross
exposure of £275.0bn and an impairment allowance of £149m. This comprises £20m impairment allowance on £274.6bn Stage 1 exposure,
£8m on £0.4bn Stage 2 exposure and £121m on £128m Stage 3 exposure.
4The annualised loan loss rate is 55bps after applying the total impairment charges of £1,897m.
5Purchased or originated credit-impaired (POCI) balances are no longer presented following the sale of those balances as part of the Tesco debt
sale completed in September 2026. The corresponding FY25 balances of £44m are included within Stage 3 exposure as at 31.12.25.
Barclays PLC | 34 | |
Credit Risk |
Gross exposure | Impairment allowance | ||||||||
Stage 1 | Stage 2 | Stage 35 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||
As at 31.12.25 | £m | £m | £m | £m | £m | £m | £m | £m | |
Retail mortgages | 159,825 | 13,757 | 1,836 | 175,418 | 15 | 16 | 60 | 91 | |
Retail credit cards | 14,922 | 1,943 | 303 | 17,168 | 171 | 398 | 174 | 743 | |
Retail other | 9,867 | 1,512 | 301 | 11,680 | 98 | 178 | 214 | 490 | |
Corporate loans1 | 54,182 | 6,936 | 1,392 | 62,510 | 125 | 180 | 422 | 727 | |
Total UK | 238,796 | 24,148 | 3,832 | 266,776 | 409 | 772 | 870 | 2,051 | |
Retail mortgages | 1,829 | 72 | 131 | 2,032 | 2 | — | 24 | 26 | |
Retail credit cards | 18,801 | 2,536 | 1,776 | 23,113 | 395 | 796 | 1,395 | 2,586 | |
Retail other | 2,482 | 206 | 63 | 2,751 | 3 | 5 | 19 | 27 | |
Corporate loans | 66,671 | 3,702 | 1,767 | 72,140 | 82 | 135 | 382 | 599 | |
Total Rest of the World | 89,783 | 6,516 | 3,737 | 100,036 | 482 | 936 | 1,820 | 3,238 | |
Total loans and advances at amortised cost | 328,579 | 30,664 | 7,569 | 366,812 | 891 | 1,708 | 2,690 | 5,289 | |
Debt securities at amortised cost | 68,126 | 371 | — | 68,497 | 13 | 9 | — | 22 | |
Total loans and advances at amortised cost including debt securities | 396,705 | 31,035 | 7,569 | 435,309 | 904 | 1,717 | 2,690 | 5,311 | |
Off-balance sheet loan commitments and financial guarantee contracts2 | 410,493 | 16,473 | 817 | 427,783 | 144 | 240 | 32 | 416 | |
Total3,4 | 807,198 | 47,508 | 8,386 | 863,092 | 1,048 | 1,957 | 2,722 | 5,727 | |
Net exposure | Coverage ratio | ||||||||
Stage 1 | Stage 2 | Stage 35 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||
As at 31.12.25 | £m | £m | £m | £m | % | % | % | % | |
Retail mortgages | 159,810 | 13,741 | 1,776 | 175,327 | — | 0.1 | 3.3 | 0.1 | |
Retail credit cards | 14,751 | 1,545 | 129 | 16,425 | 1.1 | 20.5 | 57.4 | 4.3 | |
Retail other | 9,769 | 1,334 | 87 | 11,190 | 1.0 | 11.8 | 71.1 | 4.2 | |
Corporate loans1 | 54,057 | 6,756 | 970 | 61,783 | 0.2 | 2.6 | 30.3 | 1.2 | |
Total UK | 238,387 | 23,376 | 2,962 | 264,725 | 0.2 | 3.2 | 22.7 | 0.8 | |
Retail mortgages | 1,827 | 72 | 107 | 2,006 | 0.1 | — | 18.3 | 1.3 | |
Retail credit cards | 18,406 | 1,740 | 381 | 20,527 | 2.1 | 31.4 | 78.5 | 11.2 | |
Retail other | 2,479 | 201 | 44 | 2,724 | 0.1 | 2.4 | 30.2 | 1.0 | |
Corporate loans | 66,589 | 3,567 | 1,385 | 71,541 | 0.1 | 3.6 | 21.6 | 0.8 | |
Total Rest of the World | 89,301 | 5,580 | 1,917 | 96,798 | 0.5 | 14.4 | 48.7 | 3.2 | |
Total loans and advances at amortised cost | 327,688 | 28,956 | 4,879 | 361,523 | 0.3 | 5.6 | 35.5 | 1.4 | |
Debt securities at amortised cost | 68,113 | 362 | — | 68,475 | — | 2.4 | — | — | |
Total loans and advances at amortised cost including debt securities | 395,801 | 29,318 | 4,879 | 429,998 | 0.2 | 5.5 | 35.5 | 1.2 | |
Off-balance sheet loan commitments and financial guarantee contracts2 | 410,349 | 16,233 | 785 | 427,367 | — | 1.5 | 3.9 | 0.1 | |
Total3,4 | 806,150 | 45,551 | 5,664 | 857,365 | 0.1 | 4.1 | 32.5 | 0.7 | |
1Includes Business Banking, which has a gross exposure of £12.4bn and an impairment allowance of £326m. This comprises £62m impairment
allowance on £9.3bn Stage 1 exposure, £50m on £2.3bn Stage 2 exposure and £214m on £0.8bn Stage 3 exposure. Excluding this, total
coverage for corporate loans in UK is 0.8%.
2Excludes loan commitments and financial guarantees of £22.2bn carried at fair value and includes exposure relating to financial assets classified
as assets held for sale.
3Excludes other financial assets subject to impairment comprising of cash collateral and settlement balances, reverse repurchase agreements and
other similar secured lending, financial assets at fair value through other comprehensive income and other assets. These have a total gross
exposure of £224.1bn and an impairment allowance of £150m. This comprises £18m impairment allowance on £222.4bn Stage 1 exposure,
£8m on £1.6bn Stage 2 exposure and £124m on £127m Stage 3 exposure.
4The annualised loan loss rate is 52bps after applying the total impairment charges of £2,279m.
5POCI balances are no longer presented following the sale of those balances as part of the Tesco debt sale completed in September 2026. The
corresponding FY25 balances of £44m are included within Stage 3 exposure as at 31.12.25.
Barclays PLC | 35 | |
Credit Risk |
Assets held for sale
The prior period presents gross loans and advances and the related impairment allowance for the AA portfolio in USCB
classified as assets held for sale in the condensed consolidated balance sheet. The sale of this portfolio was completed on 24
April 2026.
Loans and advances by product | |||||||||||||||
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||
Gross | ECL | Coverage | Gross | ECL | Coverage | Gross | ECL | Coverage | Gross | ECL | Coverage | ||||
As at 31.12.25 | £m | £m | % | £m | £m | % | £m | £m | % | £m | £m | % | |||
Retail credit cards - US | 5,468 | 65 | 1.2 | 466 | 124 | 26.6 | 54 | 44 | 81.5 | 5,988 | 233 | 3.9 | |||
Corporate loans - US | 43 | 1 | 2.3 | 6 | 2 | 33.3 | — | — | — | 49 | 3 | 6.1 | |||
Total Rest of the World | 5,511 | 66 | 1.2 | 472 | 126 | 26.7 | 54 | 44 | 81.5 | 6,037 | 236 | 3.9 | |||
Barclays PLC | 36 | |
Credit Risk |
Loans and advances at amortised cost by product
The table below presents loans and advances at amortised cost by product and stage, including Stage 2 past due balances.
Stage 2 | |||||||
As at 30.09.26 | Stage 1 | Not past due | <=30 days past due | >30 days past due | Total | Stage 31 | Total |
Gross exposure | £m | £m | £m | £m | £m | £m | £m |
Retail mortgages | 170,256 | 10,931 | 2,006 | 697 | 13,634 | 1,958 | 185,848 |
Retail credit cards | 34,618 | 4,466 | 345 | 303 | 5,114 | 2,024 | 41,756 |
Retail other | 13,428 | 1,782 | 191 | 82 | 2,055 | 293 | 15,776 |
Corporate loans | 132,130 | 9,781 | 155 | 73 | 10,009 | 3,516 | 145,655 |
Total | 350,432 | 26,960 | 2,697 | 1,155 | 30,812 | 7,791 | 389,035 |
Impairment allowance | |||||||
Retail mortgages | 21 | 12 | 6 | 3 | 21 | 87 | 129 |
Retail credit cards | 561 | 932 | 145 | 195 | 1,272 | 1,573 | 3,406 |
Retail other | 122 | 124 | 33 | 34 | 191 | 199 | 512 |
Corporate loans | 169 | 282 | 10 | 11 | 303 | 841 | 1,313 |
Total | 873 | 1,350 | 194 | 243 | 1,787 | 2,700 | 5,360 |
Net exposure | |||||||
Retail mortgages | 170,235 | 10,919 | 2,000 | 694 | 13,613 | 1,871 | 185,719 |
Retail credit cards | 34,057 | 3,534 | 200 | 108 | 3,842 | 451 | 38,350 |
Retail other | 13,306 | 1,658 | 158 | 48 | 1,864 | 94 | 15,264 |
Corporate loans | 131,961 | 9,499 | 145 | 62 | 9,706 | 2,675 | 144,342 |
Total | 349,559 | 25,610 | 2,503 | 912 | 29,025 | 5,091 | 383,675 |
Coverage ratio | % | % | % | % | % | % | % |
Retail mortgages | — | 0.1 | 0.3 | 0.4 | 0.2 | 4.4 | 0.1 |
Retail credit cards | 1.6 | 20.9 | 42.0 | 64.4 | 24.9 | 77.7 | 8.2 |
Retail other | 0.9 | 7.0 | 17.3 | 41.5 | 9.3 | 67.9 | 3.2 |
Corporate loans | 0.1 | 2.9 | 6.5 | 15.1 | 3.0 | 23.9 | 0.9 |
Total | 0.2 | 5.0 | 7.2 | 21.0 | 5.8 | 34.7 | 1.4 |
As at 31.12.25 | |||||||
Gross exposure | £m | £m | £m | £m | £m | £m | £m |
Retail mortgages | 161,654 | 11,072 | 2,033 | 724 | 13,829 | 1,967 | 177,450 |
Retail credit cards | 33,723 | 3,832 | 317 | 330 | 4,479 | 2,079 | 40,281 |
Retail other | 12,349 | 1,398 | 207 | 113 | 1,718 | 364 | 14,431 |
Corporate loans | 120,853 | 10,409 | 71 | 158 | 10,638 | 3,159 | 134,650 |
Total | 328,579 | 26,711 | 2,628 | 1,325 | 30,664 | 7,569 | 366,812 |
Impairment allowance | |||||||
Retail mortgages | 17 | 9 | 4 | 3 | 16 | 84 | 117 |
Retail credit cards | 566 | 840 | 138 | 216 | 1,194 | 1,569 | 3,329 |
Retail other | 101 | 126 | 28 | 29 | 183 | 233 | 517 |
Corporate loans | 207 | 298 | 7 | 10 | 315 | 804 | 1,326 |
Total | 891 | 1,273 | 177 | 258 | 1,708 | 2,690 | 5,289 |
Net exposure | |||||||
Retail mortgages | 161,637 | 11,063 | 2,029 | 721 | 13,813 | 1,883 | 177,333 |
Retail credit cards | 33,157 | 2,992 | 179 | 114 | 3,285 | 510 | 36,952 |
Retail other | 12,248 | 1,272 | 179 | 84 | 1,535 | 131 | 13,914 |
Corporate loans | 120,646 | 10,111 | 64 | 148 | 10,323 | 2,355 | 133,324 |
Total | 327,688 | 25,438 | 2,451 | 1,067 | 28,956 | 4,879 | 361,523 |
Coverage ratio | % | % | % | % | % | % | % |
Retail mortgages | — | 0.1 | 0.2 | 0.4 | 0.1 | 4.3 | 0.1 |
Retail credit cards | 1.7 | 21.9 | 43.5 | 65.5 | 26.7 | 75.5 | 8.3 |
Retail other | 0.8 | 9.0 | 13.5 | 25.7 | 10.7 | 64.0 | 3.6 |
Corporate loans | 0.2 | 2.9 | 9.9 | 6.3 | 3.0 | 25.5 | 1.0 |
Total | 0.3 | 4.8 | 6.7 | 19.5 | 5.6 | 35.5 | 1.4 |
1POCI balances are no longer presented following the sale of those balances as part of the Tesco debt sale completed in September 2026. The
corresponding FY25 balances of £44m are included within Stage 3 exposure as at 31.12.25.
Barclays PLC | 37 | |
Credit Risk |
Measurement uncertainty
Scenarios used to calculate the Group’s modelled ECL charge were refreshed in Q326, with the Baseline scenario reflecting
the latest consensus macroeconomic forecasts available at the time of the scenario refresh. The Baseline scenario continues
to reflect the volatile trade policies of the US administration and ongoing geopolitical uncertainty, compounded by ongoing
tensions in the Middle East and associated risks to global energy markets. Global growth slows modestly as higher US tariffs,
retaliatory measures and persistent uncertainty disrupt trade flows, weigh on investment and dampen business confidence,
though domestic demand in advanced economies remains relatively resilient. UK and US GDP growth in 2027 is expected to
be 1.2% and 2.1%, respectively. Inflationary pressures remain elevated, with some tariff pass-through, higher energy prices,
renewed supply-side frictions and increased transportation costs contributing to a more persistent and broad-based inflation
profile. The softening in labour markets is gradual and insufficient to quickly alleviate underlying price pressures. UK and US
quarterly unemployment rates peak at 5.2% and 4.3%, respectively.
The Downside scenarios have been calibrated to capture a severe escalation in geopolitical tensions, centred on a prolonged
Middle East conflict, alongside intensifying global trade frictions. Early in the scenario, conflict escalates sharply with
disruptions at critical maritime chokepoints, triggering severe shipping disruptions, surging insurance costs and sharp
increases in oil and gas prices amid infrastructure damage. As the shock becomes protracted, firms delay investment,
reassess supply chains and hoard inputs, while business and consumer confidence fall sharply. In Downside 2, UK and US
GDP in 2027 falls by 3.9% and 3.8%, respectively. Inflation dynamics diverge sharply from Baseline, generating a
stagflationary impulse. The deterioration in demand and investment drives a sharp increase in unemployment, initially
concentrated in trade and energy exposed sectors but increasingly spilling over into services. In Downside 2, UK and US
quarterly unemployment rates peak at 8.1% and 8.8%, respectively. Monetary policy faces a difficult trade-off between
persistent inflation and weakening growth. Central banks initially hike rates to ensure inflation expectations remain well
anchored, but as the downturn deepens and demand forces weaken price pressures, they shift towards easing. The
scenarios also incorporate climate-related risks through both physical and transition channels, including more frequent
severe weather disruptions and a shift in sentiment around energy security. These effects amplify volatility, increase costs
and further weigh on growth over the medium term.
In the Upside scenarios, a rise in labour force participation and higher productivity contribute to accelerated economic
growth, without creating new inflationary pressures. Central banks lower interest rates stimulating private consumption and
investment growth. Demand for labour increases and unemployment decreases. As geopolitical tensions ease, low inflation
supports consumer purchasing power and contributes further to healthy GDP growth. The strong economic outlook and
lower interest rates provide a boost to house price growth.
The methodology for estimating scenario weights involves simulating a range of future paths for UK and US GDP using
historical data with the five scenarios mapped against the distribution of these future paths. The increase in the Upside
weights and the reduction in the Baseline and Downside weights in Q326 was driven by improvement in UK and US GDP
outlook in the Baseline scenario, moving the Baseline scenario closer to the Upside scenarios. For further details see page 41
However, the Group expects geopolitical uncertainty to remain elevated and any potential impact on corporate earnings is
expected to lag. In response, the £66m¹ management adjustment introduced in Q126 within the Investment Bank has been
retained.
The following tables show the key macroeconomic variables used in the five scenarios (5-year annual paths) and the
weights applied to each scenario.
1Excludes management adjustment of £2m related to other financial assets subject to impairment.
Barclays PLC | 38 | |
Credit Risk |
Macroeconomic variables used in the calculation of ECL | |||||
As at 30.09.26 | 2026 | 2027 | 2028 | 2029 | 2030 |
Baseline | % | % | % | % | % |
UK GDP1 | 1.3 | 1.2 | 1.6 | 1.7 | 1.7 |
UK unemployment2 | 5.1 | 5.1 | 5.2 | 4.9 | 4.7 |
UK HPI3 | 1.6 | 2.0 | 3.2 | 5.0 | 4.5 |
UK bank rate4 | 3.8 | 4.3 | 4.3 | 4.3 | 4.3 |
UK CPI5 | 3.2 | 2.1 | 1.4 | 2.4 | 1.8 |
US GDP1 | 2.2 | 2.1 | 2.2 | 2.2 | 2.2 |
US unemployment6 | 4.3 | 4.3 | 4.2 | 4.2 | 4.2 |
US HPI7 | 1.7 | 1.0 | 1.7 | 1.7 | 1.7 |
US federal funds rate4 | 3.8 | 4.0 | 4.0 | 4.0 | 4.0 |
US CPI8 | 3.3 | 2.3 | 2.2 | 2.3 | 2.2 |
Downside 2 | |||||
UK GDP1 | 1.1 | (3.9) | 0.3 | 2.3 | 1.0 |
UK unemployment2 | 5.4 | 7.6 | 7.9 | 7.1 | 6.2 |
UK HPI3 | (4.2) | (25.4) | 3.1 | 10.4 | 5.6 |
UK bank rate4 | 3.9 | 5.1 | 4.7 | 4.5 | 4.5 |
UK CPI5 | 5.1 | 6.7 | 1.0 | 0.5 | 1.1 |
US GDP1 | 1.9 | (3.8) | (1.1) | 1.8 | 2.0 |
US unemployment6 | 4.8 | 8.1 | 8.5 | 7.5 | 6.4 |
US HPI7 | (0.1) | (10.2) | 3.8 | 6.3 | 3.0 |
US federal funds rate4 | 3.8 | 4.8 | 4.4 | 4.3 | 4.3 |
US CPI8 | 4.6 | 5.5 | 1.8 | 1.8 | 2.0 |
Downside 1 | |||||
UK GDP1 | 1.2 | (1.3) | 1.0 | 2.0 | 1.4 |
UK unemployment2 | 5.2 | 6.4 | 6.6 | 6.0 | 5.5 |
UK HPI3 | (1.3) | (12.4) | 3.2 | 7.7 | 5.0 |
UK bank rate4 | 3.9 | 4.7 | 4.5 | 4.4 | 4.4 |
UK CPI5 | 4.1 | 4.3 | 1.2 | 1.5 | 1.5 |
US GDP1 | 2.0 | (0.9) | 0.5 | 2.0 | 2.1 |
US unemployment6 | 4.6 | 6.2 | 6.4 | 5.8 | 5.3 |
US HPI7 | 0.8 | (4.7) | 2.7 | 4.0 | 2.3 |
US federal funds rate4 | 3.8 | 4.5 | 4.3 | 4.3 | 4.3 |
US CPI8 | 3.9 | 3.9 | 2.0 | 2.1 | 2.1 |
Upside 2 | |||||
UK GDP1 | 1.5 | 3.5 | 3.4 | 2.8 | 2.4 |
UK unemployment2 | 5.0 | 4.5 | 4.4 | 4.0 | 3.8 |
UK HPI3 | 1.9 | 14.0 | 6.9 | 4.0 | 4.2 |
UK bank rate4 | 3.8 | 3.8 | 3.1 | 3.1 | 3.3 |
UK CPI5 | 2.7 | 1.2 | 1.2 | 1.3 | 1.2 |
US GDP1 | 2.2 | 3.0 | 3.0 | 2.8 | 2.8 |
US unemployment6 | 4.2 | 3.6 | 3.5 | 3.5 | 3.5 |
US HPI7 | 3.9 | 4.7 | 5.2 | 4.8 | 4.8 |
US federal funds rate4 | 3.7 | 3.3 | 3.3 | 3.3 | 3.1 |
US CPI8 | 2.8 | 1.6 | 1.6 | 1.6 | 1.6 |
fvv 1Average Real GDP seasonally adjusted change in year. 2Average UK unemployment rate 16-year+. 3Change in year-end UK HPI = Halifax HPI Meth2 All Houses, All Buyers index, relative to prior year-end. 4Average rate. 5Change in year-end UK CPI = Harmonised Index of Consumer Prices, relative to prior year-end. 6Average US civilian unemployment rate 16-year+. 7Change in year-end US HPI = FHFA House Price Index, relative to prior year-end. 8Change in year-end US CPI = Consumer Price Index, relative to prior year-end. | |||||
Barclays PLC | 39 | |
Credit Risk |
Macroeconomic variables used in the calculation of ECL | |||||
As at 30.09.26 | 2026 | 2027 | 2028 | 2029 | 2030 |
Upside 1 | |||||
UK GDP1 | 1.4 | 2.3 | 2.5 | 2.2 | 2.0 |
UK unemployment2 | 5.1 | 4.8 | 4.8 | 4.5 | 4.3 |
UK HPI3 | 1.7 | 7.9 | 5.1 | 4.5 | 4.3 |
UK bank rate4 | 3.8 | 4.0 | 3.7 | 3.7 | 3.8 |
UK CPI5 | 3.0 | 1.6 | 1.3 | 1.8 | 1.5 |
US GDP1 | 2.2 | 2.6 | 2.6 | 2.5 | 2.5 |
US unemployment6 | 4.3 | 4.0 | 3.9 | 3.9 | 3.9 |
US HPI7 | 2.8 | 2.8 | 3.4 | 3.2 | 3.2 |
US federal funds rate4 | 3.8 | 3.8 | 3.8 | 3.8 | 3.6 |
US CPI8 | 3.0 | 1.9 | 1.9 | 2.0 | 1.9 |
1Average Real GDP seasonally adjusted change in year.
2Average UK unemployment rate 16-year+.
3Change in year-end UK HPI = Halifax HPI Meth2 All Houses, All Buyers index, relative to prior year-end.
4Average rate.
5Change in year-end UK CPI = Harmonised Index of Consumer Prices, relative to prior year-end.
6Average US civilian unemployment rate 16-year+.
7Change in year-end US HPI = FHFA House Price Index, relative to prior year-end.
8Change in year-end US CPI = Consumer Price Index, relative to prior year-end.
Barclays PLC | 40 | |
Credit Risk |
Macroeconomic variables used in the calculation of ECL | |||||
As at 30.06.26 | 2026 | 2027 | 2028 | 2029 | 2030 |
Baseline | % | % | % | % | % |
UK GDP1 | 0.4 | 1.1 | 1.4 | 1.4 | 1.5 |
UK unemployment2 | 5.3 | 5.3 | 5.0 | 4.9 | 4.9 |
UK HPI3 | 1.3 | 1.6 | 3.9 | 3.0 | 3.9 |
UK bank rate4 | 4.1 | 4.4 | 4.3 | 4.3 | 4.3 |
US GDP1 | 1.7 | 2.0 | 2.1 | 2.1 | 2.1 |
US unemployment5 | 4.4 | 4.3 | 4.3 | 4.3 | 4.3 |
US HPI6 | 2.1 | 2.1 | 2.4 | 2.4 | 2.4 |
US federal funds rate4 | 3.7 | 3.8 | 3.8 | 3.8 | 3.8 |
Downside 2 | |||||
UK GDP1 | (0.5) | (4.1) | 1.9 | 1.7 | 1.0 |
UK unemployment2 | 6.0 | 7.8 | 7.8 | 6.9 | 6.0 |
UK HPI3 | (12.0) | (19.3) | 6.7 | 9.3 | 4.6 |
UK bank rate4 | 4.2 | 5.1 | 4.6 | 4.5 | 4.5 |
US GDP1 | 0.5 | (4.3) | — | 2.1 | 1.6 |
US unemployment5 | 5.5 | 8.5 | 8.3 | 7.2 | 6.1 |
US HPI6 | (3.1) | (6.3) | 5.7 | 5.0 | 2.9 |
US federal funds rate4 | 3.8 | 4.9 | 4.3 | 4.3 | 4.3 |
Downside 1 | |||||
UK GDP1 | (0.1) | (1.6) | 1.6 | 1.5 | 1.2 |
UK unemployment2 | 5.6 | 6.6 | 6.4 | 5.9 | 5.4 |
UK HPI3 | (5.4) | (9.2) | 5.3 | 6.1 | 4.3 |
UK bank rate4 | 4.1 | 4.7 | 4.5 | 4.5 | 4.5 |
US GDP1 | 1.1 | (1.2) | 1.1 | 2.1 | 1.9 |
US unemployment5 | 5.0 | 6.4 | 6.3 | 5.8 | 5.2 |
US HPI6 | (0.5) | (2.1) | 4.0 | 3.7 | 2.7 |
US federal funds rate4 | 3.8 | 4.2 | 4.1 | 4.0 | 4.0 |
Upside 2 | |||||
UK GDP1 | 0.9 | 3.8 | 3.2 | 2.6 | 2.3 |
UK unemployment2 | 5.1 | 4.6 | 4.1 | 4.0 | 4.0 |
UK HPI3 | 4.1 | 14.2 | 6.8 | 2.7 | 3.8 |
UK bank rate4 | 4.0 | 3.8 | 3.0 | 3.1 | 3.3 |
US GDP1 | 1.8 | 3.2 | 2.9 | 2.8 | 2.8 |
US unemployment5 | 4.2 | 3.7 | 3.6 | 3.6 | 3.6 |
US HPI6 | 4.9 | 4.3 | 5.3 | 4.9 | 4.9 |
US federal funds rate4 | 3.5 | 3.0 | 3.0 | 3.0 | 2.8 |
Upside 1 | |||||
UK GDP1 | 0.6 | 2.4 | 2.3 | 2.0 | 1.9 |
UK unemployment2 | 5.2 | 4.9 | 4.6 | 4.5 | 4.5 |
UK HPI3 | 2.7 | 7.8 | 5.4 | 2.9 | 3.9 |
UK bank rate4 | 4.0 | 4.1 | 3.5 | 3.6 | 3.8 |
US GDP1 | 1.8 | 2.6 | 2.5 | 2.5 | 2.5 |
US unemployment5 | 4.3 | 4.0 | 4.0 | 4.0 | 4.0 |
US HPI6 | 3.5 | 3.2 | 3.8 | 3.6 | 3.6 |
US federal funds rate4 | 3.5 | 3.3 | 3.3 | 3.3 | 3.3 |
1Average Real GDP seasonally adjusted change in year.
2Average UK unemployment rate 16-year+.
3Change in year-end UK HPI = Halifax HPI Meth2 All Houses, All Buyers index, relative to prior year-end.
4Average rate.
5Average US civilian unemployment rate 16-year+.
6Change in year-end US HPI = FHFA House Price Index, relative to prior year-end.
Barclays PLC | 41 | |
Credit Risk |
As at 31.12.25 | 2025 | 2026 | 2027 | 2028 | 2029 |
Baseline | % | % | % | % | % |
UK GDP1 | 1.5 | 1.1 | 1.4 | 1.4 | 1.4 |
UK unemployment2 | 4.7 | 4.9 | 4.8 | 4.8 | 4.7 |
UK HPI3 | 1.5 | 2.9 | 2.5 | 4.3 | 3.8 |
UK bank rate4 | 4.2 | 3.4 | 3.4 | 3.5 | 3.6 |
US GDP1 | 2.1 | 2.0 | 2.0 | 2.0 | 2.0 |
US unemployment5 | 4.2 | 4.5 | 4.4 | 4.4 | 4.4 |
US HPI6 | 3.2 | 1.7 | 1.9 | 2.6 | 2.6 |
US federal funds rate4 | 4.2 | 3.4 | 3.3 | 3.3 | 3.5 |
Downside 2 | |||||
UK GDP1 | 1.5 | (2.5) | (1.2) | 2.8 | 1.1 |
UK unemployment2 | 4.7 | 5.8 | 7.7 | 6.9 | 5.7 |
UK HPI3 | 1.5 | (24.9) | (5.1) | 9.6 | 14.2 |
UK bank rate4 | 4.2 | 2.3 | 0.5 | 0.4 | 1.1 |
US GDP1 | 2.1 | (2.7) | (2.8) | 1.6 | 2.4 |
US unemployment5 | 4.2 | 5.7 | 8.0 | 7.9 | 5.9 |
US HPI6 | 3.2 | (8.2) | (1.7) | 7.2 | 7.7 |
US federal funds rate4 | 4.2 | 3.6 | 2.4 | 1.4 | 1.2 |
Downside 1 | |||||
UK GDP1 | 1.5 | (0.7) | 0.1 | 2.1 | 1.3 |
UK unemployment2 | 4.7 | 5.3 | 6.3 | 5.8 | 5.2 |
UK HPI3 | 1.5 | (11.8) | (1.3) | 6.9 | 8.9 |
UK bank rate4 | 4.2 | 2.9 | 2.0 | 1.9 | 2.4 |
US GDP1 | 2.1 | (0.3) | (0.4) | 1.8 | 2.2 |
US unemployment5 | 4.2 | 5.1 | 6.2 | 6.1 | 5.1 |
US HPI6 | 3.2 | (3.3) | 0.1 | 4.9 | 5.1 |
US federal funds rate4 | 4.2 | 3.6 | 2.8 | 2.4 | 2.4 |
Upside 2 | |||||
UK GDP1 | 1.5 | 2.7 | 3.7 | 2.9 | 2.4 |
UK unemployment2 | 4.7 | 4.3 | 4.0 | 3.9 | 3.8 |
UK HPI3 | 1.5 | 11.9 | 8.4 | 5.1 | 4.1 |
UK bank rate4 | 4.2 | 3.1 | 2.3 | 2.3 | 2.6 |
US GDP1 | 2.1 | 2.8 | 3.1 | 2.8 | 2.8 |
US unemployment5 | 4.2 | 3.9 | 3.7 | 3.7 | 3.7 |
US HPI6 | 3.2 | 6.2 | 4.7 | 4.8 | 4.9 |
US federal funds rate4 | 4.2 | 3.0 | 2.5 | 2.5 | 2.5 |
Upside 1 | |||||
UK GDP1 | 1.5 | 1.9 | 2.6 | 2.2 | 1.9 |
UK unemployment2 | 4.7 | 4.6 | 4.4 | 4.4 | 4.3 |
UK HPI3 | 1.5 | 7.4 | 5.4 | 4.7 | 3.9 |
UK bank rate4 | 4.2 | 3.2 | 2.8 | 2.8 | 3.1 |
US GDP1 | 2.1 | 2.4 | 2.6 | 2.4 | 2.4 |
US unemployment5 | 4.2 | 4.2 | 4.1 | 4.1 | 4.1 |
US HPI6 | 3.2 | 4.0 | 3.3 | 3.7 | 3.7 |
US federal funds rate4 | 4.2 | 3.3 | 2.8 | 2.8 | 3.0 |
1Average Real GDP seasonally adjusted change in year.
2Average UK unemployment rate 16-year+.
3Change in year-end UK HPI = Halifax HPI Meth2 All Houses, All Buyers index, relative to prior year-end.
4Average rate.
5Average US civilian unemployment rate 16-year+.
6Change in year-end US HPI = FHFA House Price Index, relative to prior year-end.
Scenario weighting | Upside 2 | Upside 1 | Baseline | Downside 1 | Downside 2 |
% | % | % | % | % | |
As at 30.09.26 | |||||
Scenario weighting | 16.6 | 28.0 | 36.4 | 12.1 | 6.9 |
As at 30.06.26 | |||||
Scenario weighting | 13.7 | 27.3 | 39.5 | 12.5 | 7.0 |
As at 31.12.25 | |||||
Scenario weighting | 14.4 | 27.4 | 38.5 | 12.7 | 7.0 |
Barclays PLC | 42 | |
Treasury and Capital Risk |
Regulatory minimum requirements
Capital
As at 30 September 2026, the Group’s Overall Capital Requirement for CET1, excluding any applicable PRA buffer, was
12.2% and comprised a 4.5% Pillar 1 minimum, a 2.5% Capital Conservation Buffer (CCB), a 1.5% Global Systemically
Important Institution (G-SII) buffer, a 2.7% Pillar 2A requirement and a 1.0% Countercyclical Capital Buffer (CCyB).
The Group’s CCyB is based on the buffer rate applicable for each jurisdiction in which the Group has exposures. The buffer
rates set by other national authorities for non-UK exposures are not currently material.
The Group’s Pillar 2A requirement is 4.8% with at least 56.25% to be met with CET1 capital, equating to 2.7% of RWAs. The
Pillar 2A requirement, based on a point in time assessment, has been set as a proportion of RWAs and is subject to at least
annual review.
The Group’s CET1 target ratio of 13-14% takes into account minimum capital requirements and applicable buffers. The
Group remains above its minimum capital regulatory requirements and applicable buffers.
Leverage
As at 30 September 2026, the Group was subject to a UK leverage ratio requirement of 4.1%. This comprised the 3.25%
minimum requirement, a G-SII additional leverage ratio buffer (G-SII ALRB) of 0.53% and a countercyclical leverage ratio
buffer (CCLB) of 0.3%. The Group is also required to disclose an average UK leverage ratio which is based on capital on the
last day of each month in the quarter and an exposure measure for each day in the quarter.
MREL
As at 30 September 2026, the Group was required to meet the higher of: (i) two times the sum of 8% Pillar 1 and 4.8% Pillar
2A equating to 25.5% of RWAs; and (ii) 6.75% of leverage exposures. CET1 capital cannot be counted towards both MREL
and the buffers, meaning that the buffers, including any applicable PRA buffer, will effectively be applied above MREL
requirements.
Significant regulatory updates in the period
In January 2026, the PRA confirmed the final implementation timetable for the UK Basel 3.1 framework, reaffirming that
Basel 3.1 will be implemented from 1 January 2027. From the same date, the Group’s Overall Capital Requirement will
reduce, reflecting a 59bps reduction in the Pillar 2A requirement on a CET1 basis.
The PRA also confirmed its approach to the Fundamental Review of the Trading Book (FRTB), under which implementation
of the Internal Models Approach (IMA) will be deferred to 1 January 2028, while all other FRTB components will take effect
from 1 January 2027.
Barclays PLC | 43 | |
Treasury and Capital Risk |
Capital ratios | As at 30.09.26 | As at 30.06.26 | As at 31.12.25 |
CET1 | 14.2% | 14.3% | 14.3% |
T1 | 17.8% | 18.0% | 17.9% |
Total regulatory capital | 19.9% | 20.3% | 20.4% |
MREL ratio as a percentage of total RWAs | 35.2% | 36.7% | 35.8% |
Own funds and eligible liabilities | £m | £m | £m |
Total equity excluding non-controlling interests per the balance sheet | 77,100 | 79,358 | 77,784 |
Less: other equity instruments (recognised as AT1 capital) | (13,275) | (13,275) | (12,725) |
Adjustment to retained earnings for foreseeable ordinary share dividends | (705) | (1,000) | (778) |
Adjustment to retained earnings for foreseeable repurchase of shares | (316) | — | (271) |
Adjustment to retained earnings for foreseeable other equity coupons | (45) | (38) | (36) |
Other regulatory adjustments and deductions | |||
Additional value adjustments (PVA) | (2,108) | (2,086) | (1,956) |
Goodwill and intangible assets | (8,769) | (8,845) | (8,255) |
Deferred tax assets that rely on future profitability excluding temporary differences | (828) | (892) | (1,069) |
Fair value reserves related to gains or losses on cash flow hedges | 3,936 | 1,548 | 666 |
Excess of expected losses over impairment | (618) | (505) | (436) |
Gains or losses on liabilities at fair value resulting from own credit | 707 | 577 | 904 |
Defined benefit pension fund assets | (2,468) | (2,407) | (2,398) |
Direct and indirect holdings by an institution of own CET1 instruments | (8) | (6) | (14) |
Other regulatory adjustments | (237) | (186) | (346) |
CET1 capital | 52,366 | 52,243 | 51,070 |
AT1 capital | |||
Capital instruments and related share premium accounts | 13,286 | 13,286 | 12,758 |
Other regulatory adjustments and deductions | (10) | (10) | (33) |
AT1 capital | 13,276 | 13,275 | 12,725 |
T1 capital | 65,642 | 65,519 | 63,795 |
T2 capital | |||
Capital instruments and related share premium accounts | 8,188 | 8,479 | 8,835 |
Qualifying T2 capital (including minority interests) issued by subsidiaries | 47 | 49 | 55 |
Other regulatory adjustments and deductions | (140) | (118) | (71) |
Total regulatory capital | 73,737 | 73,929 | 72,614 |
Less : Ineligible T2 capital (including minority interests) issued by subsidiaries | (47) | (49) | (55) |
Eligible liabilities | 56,549 | 59,973 | 55,106 |
Total own funds and eligible liabilities1 | 130,239 | 133,852 | 127,665 |
Total RWAs | 369,753 | 364,764 | 356,774 |
1As at 30 September 2026, the Group's MREL requirement, excluding any applicable PRA buffer, was to hold £112.9bn of own funds and eligible
liabilities equating to 30.5% of RWAs. The Group remains above its MREL regulatory requirement including any applicable PRA buffer.
Barclays PLC | 44 | |
Treasury and Capital Risk |
Movement in CET1 capital | Three months ended 30.09.26 | Nine months ended 30.09.26 |
£m | £m | |
Opening CET1 capital | 52,243 | 51,070 |
Profit for the period attributable to equity holders | 1,900 | 6,578 |
Own credit relating to derivative liabilities | (5) | 3 |
Ordinary share dividends paid and foreseen | (500) | (1,500) |
Purchased and foreseeable share repurchase | (1,000) | (2,500) |
Other equity coupons paid and foreseen | (262) | (751) |
Increase in retained regulatory capital generated from earnings | 133 | 1,830 |
Net impact of share schemes | 153 | 44 |
Fair value through other comprehensive income reserve | (67) | 34 |
Currency translation reserve | (36) | 183 |
Other reserves | (12) | (20) |
Increase in other qualifying reserves | 38 | 241 |
Pension remeasurements within reserves | 59 | 35 |
Defined benefit pension fund asset deduction | (60) | (70) |
Net impact of pensions | (1) | (35) |
Additional value adjustments (PVA) | (22) | (152) |
Goodwill and intangible assets | 76 | (515) |
Deferred tax assets that rely on future profitability excluding those arising from temporary differences | 64 | 241 |
Excess of expected loss over impairment | (113) | (182) |
Direct and indirect holdings by an institution of own CET1 instruments | (2) | 6 |
Other regulatory adjustments | (50) | (138) |
Decrease in regulatory capital due to adjustments and deductions | (47) | (740) |
Closing CET1 capital | 52,366 | 52,366 |
CET1 capital increased by £1.3bn to £52.4bn (December 2025: £51.1bn). Significant movements in the period were:
•£6.6bn of capital generated from profit partially offset by distributions of £4.8bn comprising:
–£2.5bn share buybacks including the now completed £1.5bn share buyback announced with the FY25 and Q126
results and the ongoing £1.0bn share buyback announced with Q226 results
–£1.5bn of ordinary share dividends paid and foreseen reflecting the £0.8bn half year dividend paid in September 2026
and a £0.7bn accrual towards the total 2026 dividend
–£0.8bn of equity coupons paid and foreseen
•£0.7bn decrease due to regulatory adjustments and deductions including £0.5bn of goodwill and intangibles deductions
primarily driven by the Best Egg acquisition
Barclays PLC | 45 | |
Treasury and Capital Risk |
RWAs by risk type and business | |||||||||||||
Credit risk | Counterparty credit risk | Market Risk | Operational risk | Total RWAs | |||||||||
STD | IRB | STD | IRB | Settlement Risk | CVA | STD | IMA | ||||||
As at 30.09.26 | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |||
Barclays UK | 16,982 | 59,528 | 134 | 8 | — | 36 | 144 | — | 13,804 | 90,636 | |||
Barclays UK Corporate Bank | 4,507 | 18,766 | 98 | 282 | — | 3 | 14 | 252 | 3,530 | 27,452 | |||
Barclays Private Bank & Wealth Management | 5,104 | 588 | 126 | 21 | — | 11 | 36 | 170 | 2,062 | 8,118 | |||
Barclays Investment Bank | 44,591 | 53,088 | 23,774 | 23,137 | 330 | 2,475 | 13,449 | 19,947 | 25,275 | 206,066 | |||
Barclays US Consumer Bank | 17,966 | 967 | — | — | — | — | — | — | 5,394 | 24,327 | |||
Head Office | 5,818 | 5,935 | — | 4 | — | — | 277 | 30 | 1,090 | 13,154 | |||
Barclays Group | 94,968 | 138,872 | 24,132 | 23,452 | 330 | 2,525 | 13,920 | 20,399 | 51,155 | 369,753 | |||
As at 30.06.26 | ||||||||||||||
Barclays UK | 16,987 | 57,919 | 118 | 9 | — | 33 | 135 | — | 13,804 | 89,005 | ||||
Barclays UK Corporate Bank | 3,866 | 18,522 | 97 | 260 | — | 3 | 16 | 274 | 3,530 | 26,568 | ||||
Barclays Private Bank & Wealth Management | 5,002 | 570 | 128 | 25 | — | 11 | 37 | 185 | 2,062 | 8,020 | ||||
Barclays Investment Bank | 44,721 | 51,050 | 25,723 | 22,591 | 336 | 2,566 | 12,110 | 19,772 | 25,275 | 204,144 | ||||
Barclays US Consumer Bank | 17,894 | 1,016 | — | — | — | — | — | — | 5,394 | 24,304 | ||||
Head Office | 5,538 | 5,883 | 1 | 4 | — | — | 175 | 32 | 1,090 | 12,723 | ||||
Barclays Group | 94,008 | 134,960 | 26,067 | 22,889 | 336 | 2,613 | 12,473 | 20,263 | 51,155 | 364,764 |
As at 31.12.25 | |||||||||||||
Barclays UK | 16,731 | 55,037 | 132 | 8 | — | 43 | 177 | — | 13,697 | 85,825 | |||
Barclays UK Corporate Bank | 3,878 | 18,341 | 89 | 312 | 1 | 4 | 31 | 343 | 3,510 | 26,509 | |||
Barclays Private Bank & Wealth Management | 4,981 | 580 | 112 | 19 | — | 11 | 39 | 240 | 2,054 | 8,036 | |||
Barclays Investment Bank | 44,961 | 49,750 | 21,986 | 19,442 | 165 | 3,030 | 12,018 | 20,111 | 25,238 | 196,701 | |||
Barclays US Consumer Bank | 21,050 | 1,004 | — | 1 | — | — | — | — | 5,393 | 27,448 | |||
Head Office | 5,405 | 5,439 | 1 | 5 | — | — | 219 | 59 | 1,127 | 12,255 | |||
Barclays Group | 97,006 | 130,151 | 22,320 | 19,787 | 166 | 3,088 | 12,484 | 20,753 | 51,019 | 356,774 |
Movement analysis of RWAs | Credit risk | Counterparty credit risk | Market risk | Operational risk | Total RWAs |
£m | £m | £m | £m | £m | |
RWAs as at 31.12.25 | 227,157 | 45,361 | 33,237 | 51,019 | 356,774 |
Book size | 10,270 | 5,196 | 900 | 136 | 16,502 |
Acquisitions and disposals | (3,192) | — | — | — | (3,192) |
Book quality | (574) | (61) | — | — | (635) |
Model updates | — | (289) | — | — | (289) |
Methodology and policy | (689) | 29 | — | — | (660) |
Foreign exchange movements1 | 868 | 203 | 182 | — | 1,253 |
Total RWA movements | 6,683 | 5,078 | 1,082 | 136 | 12,979 |
RWAs as at 30.09.26 | 233,840 | 50,439 | 34,319 | 51,155 | 369,753 |
1Foreign exchange movements does not include the impact of foreign exchange for modelled market risk or operational risk.
Total RWAs increased £13.0bn to £369.8bn (December 2025: £356.8bn) primarily driven by:
Credit risk RWAs increased £6.7bn:
•A £10.3bn increase in book size primarily reflecting lending growth in UK businesses and increased lending within IB;
partially offset by
•A £3.2bn decrease in acquisitions and disposals reflecting the net impact of the AA portfolio exit and the Best Egg
acquisition
Counterparty credit risk RWAs increased £5.1bn primarily driven by higher activity in Global Markets
Barclays PLC | 46 | |
Treasury and Capital Risk |
Leverage ratios | As at 30.09.26 | As at 30.06.26 | As at 31.12.25 |
£m | £m | £m | |
UK leverage ratio1 | 4.9% | 4.9% | 5.1% |
T1 capital | 65,642 | 65,519 | 63,795 |
UK leverage exposure | 1,344,015 | 1,345,596 | 1,247,313 |
Average UK leverage ratio | 4.6% | 4.6% | 4.7% |
Average T1 capital | 64,449 | 63,787 | 63,277 |
Average UK leverage exposure | 1,387,668 | 1,393,843 | 1,358,364 |
1Although the leverage ratio is expressed in terms of T1 capital, the leverage ratio buffers and 75% of the minimum requirement must be covered
solely with CET1 capital. The CET1 capital held against the 0.53% G-SII ALRB was £7.1bn and against the 0.3% CCLB was £4.0bn.
The UK leverage ratio decreased to 4.9% (December 2025: 5.1%) primarily driven by a £96.7bn increase in leverage
exposure to £1,344.0bn (December 2025: £1,247.3bn), partially offset by a £1.8bn increase in Tier 1 capital. The increase in
leverage exposure was driven by higher trading activity in Global Markets and increased lending across the Group
Barclays PLC | 47 | |
Condensed Consolidated Financial Statements |
Condensed consolidated income statement (unaudited) | ||
Nine months ended 30.09.26 | Nine months ended 30.09.25 | |
£m | £m | |
Total income | 23,866 | 22,063 |
Operating expenses excluding UK regulatory levies & litigation and conduct | (13,438) | (12,661) |
UK regulatory levies | (95) | (84) |
Litigation and conduct | (92) | (342) |
Operating expenses | (13,625) | (13,087) |
Other net income | 44 | 48 |
Profit before impairment | 10,285 | 9,024 |
Credit impairment charges | (1,897) | (1,744) |
Profit before tax | 8,388 | 7,280 |
Tax charge | (1,791) | (1,538) |
Profit after tax | 6,597 | 5,742 |
Attributable to: | ||
Shareholders of the parent | 5,837 | 4,980 |
Other equity holders | 741 | 739 |
Equity holders of the parent | 6,578 | 5,719 |
Non-controlling interests | 19 | 23 |
Profit after tax | 6,597 | 5,742 |
Earnings per share | ||
Basic earnings per ordinary share | 43.0p | 35.1p |
Barclays PLC | 48 | |
Condensed Consolidated Financial Statements |
Condensed consolidated balance sheet (unaudited) | ||
As at 30.09.26 | As at 31.12.25 | |
Assets | £m | £m |
Cash and balances at central banks | 253,290 | 229,752 |
Cash collateral and settlement balances | 179,396 | 130,532 |
Debt securities at amortised cost | 70,787 | 68,475 |
Loans and advances at amortised cost to banks | 10,526 | 8,638 |
Loans and advances at amortised cost to customers | 373,149 | 352,885 |
Reverse repurchase agreements and other similar secured lending at amortised cost | 12,051 | 17,622 |
Trading portfolio assets | 215,985 | 190,061 |
Financial assets at fair value through the income statement | 201,717 | 186,857 |
Derivative financial instruments | 308,971 | 252,459 |
Financial assets at fair value through other comprehensive income | 82,203 | 74,394 |
Investments in associates and joint ventures | 751 | 739 |
Goodwill and intangible assets | 8,994 | 8,284 |
Current tax assets | 494 | 276 |
Deferred tax assets | 5,654 | 4,992 |
Assets included in a disposal group classified as held for sale | — | 5,932 |
Other assets | 13,612 | 12,267 |
Total assets | 1,737,580 | 1,544,165 |
Liabilities | ||
Deposits at amortised cost from banks | 15,783 | 20,413 |
Deposits at amortised cost from customers | 583,476 | 565,200 |
Cash collateral and settlement balances | 178,471 | 117,583 |
Repurchase agreements and other similar secured borrowings at amortised cost | 29,269 | 25,170 |
Debt securities in issue | 119,085 | 119,033 |
Subordinated liabilities | 10,638 | 12,954 |
Trading portfolio liabilities | 84,114 | 57,737 |
Financial liabilities designated at fair value | 327,268 | 294,108 |
Derivative financial instruments | 298,339 | 240,808 |
Current tax liabilities | 992 | 868 |
Deferred tax liabilities | 13 | 13 |
Other liabilities | 12,578 | 12,042 |
Total liabilities | 1,660,026 | 1,465,929 |
Equity | ||
Called up share capital and share premium | 4,171 | 4,178 |
Other equity instruments | 13,275 | 12,725 |
Other reserves | (1,070) | 1,628 |
Retained earnings | 60,724 | 59,253 |
Total equity excluding non-controlling interests | 77,100 | 77,784 |
Non-controlling interests | 454 | 452 |
Total equity | 77,554 | 78,236 |
Total liabilities and equity | 1,737,580 | 1,544,165 |
Barclays PLC | 49 | |
Condensed Consolidated Financial Statements |
Condensed consolidated statement of changes in equity (unaudited) | |||||||
Called up share capital and share premium | Other equity instruments | Other reserves | Retained earnings | Total | Non- controlling interests | Total equity | |
Nine months ended 30.09.2026 | £m | £m | £m | £m | £m | £m | £m |
Balance as at 1 January 2026 | 4,178 | 12,725 | 1,628 | 59,253 | 77,784 | 452 | 78,236 |
Profit after tax | — | 741 | — | 5,837 | 6,578 | 19 | 6,597 |
Currency translation movements | — | — | 183 | — | 183 | — | 183 |
Fair value through other comprehensive income reserve | — | — | 34 | — | 34 | — | 34 |
Cash flow hedges | — | — | (3,270) | — | (3,270) | — | (3,270) |
Retirement benefit remeasurements | — | — | — | 35 | 35 | — | 35 |
Own credit | — | — | 200 | — | 200 | — | 200 |
Total comprehensive income for the period | — | 741 | (2,853) | 5,872 | 3,760 | 19 | 3,779 |
Employee share schemes and hedging thereof | 127 | — | — | 603 | 730 | — | 730 |
Issue and redemption of other equity instruments | — | 527 | — | — | 527 | — | 527 |
Other equity instruments coupon paid | — | (741) | — | — | (741) | — | (741) |
Redemption of preference shares | — | — | — | — | — | — | — |
Vesting of employee share schemes net of purchases | — | — | 15 | (963) | (948) | — | (948) |
Dividends paid | — | — | — | (1,564) | (1,564) | (19) | (1,583) |
Repurchase of shares | (134) | — | 134 | (2,469) | (2,469) | — | (2,469) |
Other movements | — | 23 | 6 | (8) | 21 | 2 | 23 |
Balance as at 30 September 2026 | 4,171 | 13,275 | (1,070) | 60,724 | 77,100 | 454 | 77,554 |
Three months ended 30.09.2026 | £m | £m | £m | £m | £m | £m | £m |
Balance as at 1 July 2026 | 4,186 | 13,275 | 1,493 | 60,404 | 79,358 | 453 | 79,811 |
Profit after tax | — | 254 | — | 1,646 | 1,900 | — | 1,900 |
Currency translation movements | — | — | (36) | — | (36) | — | (36) |
Fair value through other comprehensive income reserve | — | — | (67) | — | (67) | — | (67) |
Cash flow hedges | — | — | (2,388) | — | (2,388) | — | (2,388) |
Retirement benefit remeasurements | — | — | — | 59 | 59 | — | 59 |
Own credit | — | — | (134) | — | (134) | — | (134) |
Total comprehensive income for the period | — | 254 | (2,625) | 1,705 | (666) | — | (666) |
Employee share schemes and hedging thereof | 18 | — | — | 124 | 142 | — | 142 |
Issue and redemption of other equity instruments | — | — | — | — | — | — | — |
Other equity instruments coupon paid | — | (254) | — | — | (254) | — | (254) |
Vesting of employee shares scheme net of purchases | — | — | 26 | (15) | 11 | — | 11 |
Dividends paid | — | — | — | (795) | (795) | — | (795) |
Repurchase of shares | (33) | — | 33 | (688) | (688) | — | (688) |
Other movements | — | — | 3 | (11) | (8) | 1 | (7) |
Balance as at 30 September 2026 | 4,171 | 13,275 | (1,070) | 60,724 | 77,100 | 454 | 77,554 |
As at As at 30.09.2026 | As at As at 31.12.2025 | |
Other Reserves | £m | £m |
Currency translation reserve | 2,676 | 2,493 |
Fair value through other comprehensive income reserve | (1,067) | (1,100) |
Cash flow hedging reserve | (3,936) | (666) |
Own credit reserve | (783) | (990) |
Other reserves and treasury shares | 2,040 | 1,891 |
Total | (1,070) | 1,628 |
Barclays PLC | 50 | |
Appendix: Non-IFRS Performance Measures |
The Group’s management believes that the non-IFRS performance measures included in this document provide valuable
information to the readers of the financial statements, as they enable the reader to identify a more consistent basis for
comparing the businesses’ performance between financial periods, and provide more detail concerning the elements of
performance which the managers of these businesses are most directly able to influence or are relevant for an assessment of
the Group. They also reflect an important aspect of the way in which operating targets are defined and performance is
monitored by management.
However, any non-IFRS performance measures in this document are not a substitute for IFRS measures and readers should
consider the IFRS measures as well.
Returns
Nine months ended 30.09.26 | |||||||
Barclays UK | Barclays UK Corporate Bank | Barclays Private Bank and Wealth Management | Barclays Investment Bank | Barclays US Consumer Bank | Head Office | Barclays Group | |
Return on average tangible equity | £m | £m | £m | £m | £m | £m | £m |
Attributable profit/(loss) | 1,880 | 606 | 216 | 3,035 | 521 | (421) | 5,837 |
£bn | £bn | £bn | £bn | £bn | £bn | £bn | |
Average equity | 16.2 | 3.7 | 1.2 | 30.0 | 4.2 | 9.9 | 65.2 |
Average goodwill and intangibles | (3.9) | — | (0.1) | — | (0.7) | (3.9) | (8.6) |
Average tangible equity | 12.3 | 3.7 | 1.1 | 30.0 | 3.5 | 6.0 | 56.6 |
Return on average tangible equity | 20.4% | 21.6% | 25.4% | 13.5% | 19.9% | n/m | 13.8% |
Nine months ended 30.09.25 | |||||||
Barclays UK | Barclays UK Corporate Bank | Barclays Private Bank and Wealth Management | Barclays Investment Bank | Barclays US Consumer Bank | Head Office | Barclays Group | |
Return on average tangible equity | £m | £m | £m | £m | £m | £m | £m |
Attributable profit/(loss) | 1,737 | 480 | 256 | 2,798 | 246 | (537) | 4,980 |
£bn | £bn | £bn | £bn | £bn | £bn | £bn | |
Average equity | 15.8 | 3.4 | 1.2 | 29.0 | 4.1 | 8.8 | 62.3 |
Average goodwill and intangibles | (4.0) | — | (0.1) | — | (0.6) | (3.6) | (8.3) |
Average tangible equity | 11.8 | 3.4 | 1.1 | 29.0 | 3.5 | 5.3 | 54.0 |
Return on average tangible equity | 19.6% | 18.8% | 30.9% | 12.9% | 9.4% | n/m | 12.3% |
Barclays PLC | 51 | |
Appendix: Non-IFRS Performance Measures |
Barclays Group | ||||||||||
Return on average tangible shareholders' equity | Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | ||
£m | £m | £m | £m | £m | £m | £m | £m | |||
Attributable profit | 1,646 | 2,259 | 1,932 | 1,195 | 1,457 | 1,659 | 1,864 | 965 | ||
£bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | |||
Average shareholders' equity | 65.3 | 64.8 | 65.5 | 64.8 | 63.3 | 62.1 | 61.4 | 59.7 | ||
Average goodwill and intangibles | (8.9) | (8.7) | (8.3) | (8.3) | (8.2) | (8.2) | (8.3) | (8.2) | ||
Average tangible shareholders' equity | 56.4 | 56.1 | 57.2 | 56.5 | 55.1 | 53.9 | 53.1 | 51.5 | ||
Return on average tangible shareholders' equity | 11.7% | 16.1% | 13.5% | 8.5% | 10.6% | 12.3% | 14.0% | 7.5% |
Barclays UK | ||||||||||
Return on average allocated tangible equity | Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | ||
£m | £m | £m | £m | £m | £m | £m | £m | |||
Attributable profit | 666 | 623 | 591 | 706 | 647 | 580 | 510 | 781 | ||
£bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | |||
Average allocated equity | 16.5 | 16.2 | 15.9 | 15.9 | 15.9 | 15.8 | 15.7 | 15.1 | ||
Average goodwill and intangibles | (3.9) | (4.0) | (3.9) | (4.0) | (4.0) | (4.0) | (4.0) | (3.9) | ||
Average allocated tangible equity | 12.6 | 12.2 | 12.0 | 11.9 | 11.9 | 11.8 | 11.7 | 11.2 | ||
Return on average allocated tangible equity | 21.2% | 20.4% | 19.7% | 23.8% | 21.8% | 19.7% | 17.4% | 28.0% | ||
Barclays UK Corporate Bank | ||||||||||
Return on average allocated tangible equity | Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | ||
£m | £m | £m | £m | £m | £m | £m | £m | |||
Attributable profit | 218 | 201 | 187 | 168 | 196 | 142 | 142 | 98 | ||
£bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | |||
Average allocated equity | 3.7 | 3.8 | 3.8 | 3.5 | 3.4 | 3.4 | 3.3 | 3.2 | ||
Average goodwill and intangibles | — | — | — | — | — | — | — | — | ||
Average allocated tangible equity | 3.7 | 3.8 | 3.8 | 3.5 | 3.4 | 3.4 | 3.3 | 3.2 | ||
Return on average allocated tangible equity | 23.5% | 21.3% | 19.9% | 19.1% | 22.8% | 16.6% | 17.1% | 12.3% |
Barclays Private Bank and Wealth Management | ||||||||||
Return on average allocated tangible equity | Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | ||
£m | £m | £m | £m | £m | £m | £m | £m | |||
Attributable profit | 68 | 75 | 73 | 35 | 72 | 88 | 96 | 63 | ||
£bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | |||
Average allocated equity | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | ||
Average goodwill and intangibles | (0.1) | (0.1) | (0.1) | (0.1) | (0.1) | (0.1) | (0.1) | (0.1) | ||
Average allocated tangible equity | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | ||
Return on average allocated tangible equity | 23.8% | 26.9% | 25.5% | 12.6% | 26.4% | 31.9% | 34.5% | 23.9% |
Barclays PLC | 52 | |
Appendix: Non-IFRS Performance Measures |
Barclays Investment Bank | ||||||||||
Return on average allocated tangible equity | Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | ||
£m | £m | £m | £m | £m | £m | £m | £m | |||
Attributable profit | 720 | 1,204 | 1,111 | 294 | 723 | 876 | 1,199 | 247 | ||
£bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | |||
Average allocated equity | 30.4 | 30.0 | 29.7 | 29.6 | 28.6 | 28.7 | 29.6 | 29.3 | ||
Average goodwill and intangibles | — | — | — | — | — | — | — | — | ||
Average allocated tangible equity | 30.4 | 30.0 | 29.7 | 29.6 | 28.6 | 28.7 | 29.6 | 29.3 | ||
Return on average allocated tangible equity | 9.5% | 16.0% | 15.0% | 4.0% | 10.1% | 12.2% | 16.2% | 3.4% | ||
Barclays US Consumer Bank | ||||||||||
Return on average allocated tangible equity | Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | ||
£m | £m | £m | £m | £m | £m | £m | £m | |||
Attributable profit | 92 | 253 | 176 | 144 | 118 | 87 | 41 | 94 | ||
£bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | |||
Average allocated equity | 4.3 | 4.1 | 4.3 | 4.2 | 4.0 | 4.0 | 4.2 | 4.0 | ||
Average goodwill and intangibles | (0.9) | (0.8) | (0.5) | (0.6) | (0.5) | (0.6) | (0.6) | (0.6) | ||
Average allocated tangible equity | 3.4 | 3.3 | 3.8 | 3.6 | 3.5 | 3.4 | 3.6 | 3.4 | ||
Return on average allocated tangible equity | 10.9% | 30.2% | 18.8% | 15.8% | 13.5% | 10.2% | 4.5% | 11.2% | ||
Reconciliation of total operating expenses to group operating costs
Nine months ended 30.09.26 | Nine months ended 30.09.25 | |
£m | £m | |
Total operating expenses | (13,625) | (13,087) |
UK regulatory levies | (95) | (84) |
Litigation and conduct | (92) | (342) |
Group operating costs | (13,438) | (12,661) |
Reconciliation of group net interest income excluding IB and Head Office | Three months ended 30.09.2026 | Three months ended 30.09.2025 |
£m | £m | |
Total Barclays Group net interest income | 3,910 | 3,745 |
Barclays Investment Bank | 393 | 347 |
Head Office | 35 | 138 |
Group NII excluding IB and Head Office | 3,482 | 3,260 |
Reconciliation of group net interest income excluding IB and Head Office | Nine months ended 30.09.26 | Nine months ended 30.09.25 |
£m | £m | |
Total Barclays Group net interest income | 11,568 | 10,767 |
Barclays Investment Bank | 1,187 | 978 |
Head Office | 131 | 426 |
Group NII excluding IB and Head Office | 10,250 | 9,363 |
Barclays PLC | 53 | |
Appendix: Non-IFRS Performance Measures |
Tangible net asset value per share | As at 30.09.26 | As at 31.12.25 | As at 30.09.25 |
£m | £m | £m | |
Total equity excluding non-controlling interests | 77,100 | 77,784 | 76,394 |
Other equity instruments | (13,275) | (12,725) | (13,243) |
Shareholders' equity attributable to ordinary shareholders of the parent | 63,825 | 65,059 | 63,151 |
Goodwill and intangibles | (8,994) | (8,284) | (8,255) |
Tangible shareholders' equity attributable to ordinary shareholders of the parent | 54,831 | 56,775 | 54,896 |
m | m | m | |
Shares in issue | 13,379 | 13,867 | 13,996 |
p | p | p | |
Net asset value per share | 477 | 469 | 451 |
Tangible net asset value per share | 410 | 409 | 392 |
Profit/(loss) attributable to ordinary equity holders of the parent | Q326 YTD | Q325 YTD | Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | |||
£m | £m | £m | £m | £m | £m | £m | £m | £m | £m | ||||
Barclays UK | 1,880 | 1,737 | 666 | 623 | 591 | 706 | 647 | 580 | 510 | 781 | |||
Barclays UK Corporate Bank | 606 | 480 | 218 | 201 | 187 | 168 | 196 | 142 | 142 | 98 | |||
Barclays Private Bank and Wealth Management | 216 | 256 | 68 | 75 | 73 | 35 | 72 | 88 | 96 | 63 | |||
Barclays Investment Bank | 3,035 | 2,798 | 720 | 1,204 | 1,111 | 294 | 723 | 876 | 1,199 | 247 | |||
Barclays US Consumer Bank | 521 | 246 | 92 | 253 | 176 | 144 | 118 | 87 | 41 | 94 | |||
Head Office | (421) | (537) | (118) | (97) | (206) | (152) | (299) | (114) | (124) | (318) | |||
Barclays Group | 5,837 | 4,980 | 1,646 | 2,259 | 1,932 | 1,195 | 1,457 | 1,659 | 1,864 | 965 | |||
Average equity | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | |||
Barclays UK | 16.2 | 15.8 | 16.5 | 16.2 | 15.9 | 15.9 | 15.9 | 15.8 | 15.7 | 15.1 | |||
Barclays UK Corporate Bank | 3.7 | 3.4 | 3.7 | 3.8 | 3.8 | 3.5 | 3.4 | 3.4 | 3.3 | 3.2 | |||
Barclays Private Bank and Wealth Management | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | |||
Barclays Investment Bank | 30.0 | 29.0 | 30.4 | 30.0 | 29.7 | 29.6 | 28.6 | 28.7 | 29.6 | 29.3 | |||
Barclays US Consumer Bank | 4.2 | 4.1 | 4.3 | 4.1 | 4.3 | 4.2 | 4.0 | 4.0 | 4.2 | 4.0 | |||
Head Office | 9.9 | 8.8 | 9.2 | 9.5 | 10.6 | 10.4 | 10.2 | 9.0 | 7.4 | 6.9 | |||
Barclays Group | 65.2 | 62.3 | 65.3 | 64.8 | 65.5 | 64.8 | 63.3 | 62.1 | 61.4 | 59.7 | |||
Return on average equity | % | % | % | % | % | % | % | % | % | % | |||
Return on average allocated equity: | |||||||||||||
Barclays UK | 15.5 | 14.7 | 16.1 | 15.4 | 14.8 | 17.8 | 16.3 | 14.8 | 13.0 | 20.7 | |||
Barclays UK Corporate Bank | 21.6 | 18.8 | 23.5 | 21.3 | 19.9 | 19.1 | 22.8 | 16.6 | 17.1 | 12.3 | |||
Barclays Private Bank and Wealth Management | 23.4 | 28.5 | 22.0 | 24.8 | 23.5 | 11.6 | 24.3 | 29.3 | 31.8 | 21.9 | |||
Barclays Investment Bank | 13.5 | 12.9 | 9.5 | 16.0 | 15.0 | 4.0 | 10.1 | 12.2 | 16.2 | 3.4 | |||
Barclays US Consumer Bank | 16.4 | 8.1 | 8.5 | 24.7 | 16.5 | 13.8 | 11.7 | 8.8 | 3.9 | 9.5 | |||
Head Office | n/m | n/m | n/m | n/m | n/m | n/m | n/m | n/m | n/m | n/m | |||
Return on average shareholders' equity: | |||||||||||||
Barclays Group | 11.9 | 10.7 | 10.1 | 14.0 | 11.8 | 7.4 | 9.2 | 10.7 | 12.1 | 6.5 |
Barclays PLC | 54 | |
Appendix: Loan Loss Rate Calculations |
Loan loss rates
Nine months ended 30.09.26 | |||||||
Barclays UK | Barclays UK Corporate Bank | Barclays Private Bank and Wealth Management | Barclays Investment Bank | Barclays US Consumer Bank | Head Office | Barclays Group | |
Loan loss rate | £m | £m | £m | £m | £m | £m | £m |
Credit impairment (charges)/ releases | (461) | (21) | (8) | (356) | (1,053) | 2 | (1,897) |
£bn | £bn | £bn | £bn | £bn | £bn | £bn | |
Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)1 | 243.3 | 33.2 | 16.4 | 139.6 | 25.5 | 1.8 | 459.8 |
Loan loss rate (bps) | 25 | 8 | 7 | 34 | 552 | n/m | 55 |
Nine months ended 30.09.25 | |||||||
Barclays UK | Barclays UK Corporate Bank | Barclays Private Bank and Wealth Management | Barclays Investment Bank | Barclays US Consumer Bank | Head Office | Barclays Group | |
Loan loss rate | £m | £m | £m | £m | £m | £m | £m |
Credit impairment (charges)/ releases | (339) | (36) | 10 | (283) | (1,090) | (6) | (1,744) |
£bn | £bn | £bn | £bn | £bn | £bn | £bn | |
Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)1 | 230.9 | 29.2 | 15.2 | 129.8 | 29.8 | 2.6 | 437.5 |
Loan loss rate (bps) | 20 | 16 | (9) | 29 | 489 | n/m | 53 |
1Gross loans and advances at amortised cost comprises: loans and advances to customers and banks at amortised cost, debt securities, and
portfolios reclassified as held for sale, gross of impairment allowance, and is the denominator used in the LLR metric.
Barclays PLC | 55 | |
Appendix: Loan Loss Rate Calculations |
Barclays Group | ||||||||||
Loan loss rate | Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | ||
£m | £m | £m | £m | £m | £m | £m | £m | |||
Credit impairment charges | (503) | (571) | (823) | (535) | (632) | (469) | (643) | (711) | ||
£bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | |||
Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)1 | 459.8 | 450.4 | 449.9 | 441.3 | 437.5 | 428.4 | 430.4 | 429.6 | ||
Loan loss rate (bps) | 43 | 51 | 74 | 48 | 57 | 44 | 61 | 66 | ||
Barclays UK | ||||||||||
Loan loss rate | Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | ||
£m | £m | £m | £m | £m | £m | £m | £m | |||
Credit impairment charges | (123) | (160) | (178) | (74) | (102) | (79) | (158) | (283) | ||
£bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | |||
Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)1 | 243.3 | 239.8 | 233.6 | 231.9 | 230.9 | 228.5 | 227.5 | 227.5 | ||
Loan loss rate (bps) | 20 | 27 | 31 | 13 | 18 | 14 | 28 | 49 | ||
Barclays UK Corporate Bank | ||||||||||
Loan loss rate | Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | ||
£m | £m | £m | £m | £m | £m | £m | £m | |||
Credit impairment charges | (2) | (16) | (3) | (1) | (5) | (12) | (19) | (40) | ||
£bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | |||
Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)1 | 33.2 | 31.4 | 31.0 | 30.2 | 29.2 | 28.2 | 27.0 | 25.8 | ||
Loan loss rate (bps) | 2 | 20 | 4 | 1 | 7 | 17 | 28 | 62 | ||
Barclays Private Bank and Wealth Management | ||||||||||
Loan loss rate | Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | ||
£m | £m | £m | £m | £m | £m | £m | £m | |||
Credit impairment (charges)/releases | (5) | (5) | 2 | (2) | (1) | 2 | 9 | (2) | ||
£bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | |||
Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)1 | 16.4 | 15.1 | 15.1 | 15.1 | 15.2 | 14.8 | 14.8 | 14.7 | ||
Loan loss rate (bps) | 12 | 13 | (6) | 5 | 3 | (5) | (25) | 5 | ||
1Gross loans and advances at amortised cost comprises: loans and advances to customers and banks at amortised cost, debt securities, and
portfolios reclassified as held for sale, gross of impairment allowance, and is the denominator used in the LLR metric.
Barclays PLC | 56 | |
Appendix: Loan Loss Rate Calculations |
Barclays Investment Bank | ||||||||||
Loan loss rate | Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | ||
£m | £m | £m | £m | £m | £m | £m | £m | |||
Credit impairment charges | (33) | (44) | (279) | (22) | (144) | (67) | (72) | (46) | ||
£bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | |||
Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)1 | 139.6 | 137.2 | 137.4 | 131.0 | 129.8 | 126.8 | 129.6 | 124.9 | ||
Loan loss rate (bps) | 9 | 13 | 82 | 7 | 44 | 21 | 23 | 15 | ||
Barclays US Consumer Bank | ||||||||||
Loan loss rate | Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | ||
£m | £m | £m | £m | £m | £m | £m | £m | |||
Credit impairment charges | (340) | (346) | (367) | (431) | (379) | (312) | (399) | (298) | ||
£bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | |||
Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)1 | 25.5 | 25.0 | 30.3 | 30.6 | 29.8 | 27.4 | 28.9 | 30.0 | ||
Loan loss rate (bps) | 529 | 555 | 491 | 558 | 505 | 456 | 562 | 395 | ||
1Gross loans and advances at amortised cost comprises: loans and advances to customers and banks at amortised cost, debt securities, and
portfolios reclassified as held for sale, gross of impairment allowance, and is the denominator used in the LLR metric.
Barclays PLC | 57 | |
Appendix: Income Over Average RWAs Calculations |
Income over average RWAs
Barclays Investment Bank | Nine months ended 30.09.26 | Nine months ended 30.09.25 |
£m | £m | |
Income | 11,115 | 10,263 |
£bn | £bn | |
Average RWAs | 204.3 | 197.5 |
Income over average RWAs | 7.3% | 6.9% |
Barclays Investment Bank | Q326 | Q226 | Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | ||
£m | £m | £m | £m | £m | £m | £m | £m | |||
Income | 3,129 | 3,958 | 4,028 | 2,792 | 3,083 | 3,307 | 3,873 | 2,607 | ||
£bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | |||
Average RWAs | 206.3 | 204.5 | 202.0 | 202.1 | 194.9 | 196.1 | 201.4 | 199.9 | ||
Income over average RWAs | 6.1% | 7.7% | 8.0% | 5.5% | 6.3% | 6.7% | 7.7% | 5.2% |
Barclays PLC | 58 | |
Shareholder Information |
Results timetable1 | Date | |||||
2026 Full Year Results and Annual Report | 9 February 2027 | |||||
% Change2 | ||||||
Exchange rates | 30.09.26 | 31.12.25 | 30.09.25 | 31.12.25 | 30.09.25 | |
Period end - GBP/USD | 1.33 | 1.34 | 1.34 | (1)% | (1)% | |
YTD average - GBP/USD | 1.34 | 1.32 | 1.31 | 2% | 2% | |
3 month average - GBP/USD | 1.34 | 1.33 | 1.35 | 1% | (1)% | |
Period end - GBP/EUR | 1.17 | 1.15 | 1.15 | 2% | 2% | |
YTD average - GBP/EUR | 1.16 | 1.17 | 1.18 | (1)% | (2)% | |
3 month average - GBP/EUR | 1.17 | 1.14 | 1.15 | 3% | 2% | |
Share price data | ||||||
Barclays PLC (p) | 458 | 476 | 380 | |||
Barclays PLC number of shares (m)3 | 13,379 | 13,867 | 13,996 | |||
For further information please contact | ||||||
Investor relations | Media relations | |||||
Marina Shchukina +44 (0) 20 7116 2526 | Tom Hoskin +44 (0) 20 7116 4755 | |||||
More information on Barclays can be found on our website: home.barclays | ||||||
Registered office | ||||||
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000. Company number: 48839. | ||||||
Registrar | ||||||
Equiniti, Highdown House, Yeoman Way, Worthing, West Sussex, BN99 6DA, United Kingdom. | ||||||
Tel +44 (0)371 384 2055 (UK and International telephone number)4. | ||||||
American Depositary Receipts (ADRs) | ||||||
Computershare Shareowner Services, P.O. Box 43304, Providence, RI 02940-3304, United States of America | ||||||
General Toll Free: +1-866-723-8257 | ||||||
General Direct: +1-781-575-2833 | ||||||
www.computershare.com/investor | ||||||
Delivery of ADR certificates and overnight mail | ||||||
Computershare Shareowner Services, 150 Royall Street, Suite 101, Canton, MA 02021-1054 | ||||||
1Note that this date is provisional and subject to change.
2The change is the impact to GBP reported information.
3The number of shares of 13,379m as at 30 September 2026 is different from the 13,372m quoted in the 1 October 2026 announcement entitled
"Total Voting Rights" because the share buyback transactions executed on 29 and 30 September 2026 did not settle for cancellation until 1 and
2 October 2026 respectively.
4Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding UK public holidays in England and Wales.
Barclays PLC | 59 | |
Glossary of terms |
‘Acceptances and endorsements’ Acceptances are an undertaking by a bank to pay a bill of exchange drawn on a customer,
for which reimbursement by the customer is normally immediate. Endorsements are to change the payee of a bill of
exchange but with no change to the bank’s liability.
‘Additional Tier 1 (AT1) capital’ A type of capital as defined in CRR, largely comprising eligible non-common equity capital
securities and any related share premium.
‘Additional Tier 1 (AT1) securities’ Non-common equity securities that are eligible as AT1 capital.
‘Advanced Internal Ratings Based (A-IRB)’ See ‘Internal Ratings Based (IRB)’.
‘Agency Bonds’ Bonds issued by state and / or government agencies or government-sponsored entities.
‘Agency Mortgage-Backed Securities’ Mortgage-Backed Securities issued by government-sponsored entities.
‘All price risk (APR)’ An estimate of all the material market risks, including rating migration and default, for the correlation
trading portfolio.
‘American Depositary Receipts (ADR) or American Depositary Shares (ADS)’ A negotiable certificate that represents the
ownership of depositary shares in a non-US company (e.g. Barclays) trading on US financial markets.
‘Americas’ Geographic segment comprising the US, Canada and countries where Barclays operates within Latin America.
‘Annual Earnings at Risk (AEaR)’ A measure of the potential change in NII due to interest rate movement over a one-year
period.
‘Annualised cumulative weighted average lifetime PD’ The Probability of Default (PD) over the remaining life of the asset,
expressed as an annual rate, reflecting a range of possible economic scenarios.
‘Application scorecards’ Algorithm based decision-making tools used to aid business decisions and manage credit risk, based
on available customer data at the point of application for a product.
‘Arrears’ Customers are said to be in arrears when they are behind in fulfilling their obligations, with the result that an
outstanding loan is unpaid or overdue. Such customers are also said to be in a state of delinquency. When a customer is in
arrears, their entire outstanding balance is said to be delinquent, meaning that delinquent balances are the total outstanding
loans on which payments are overdue.
‘Asia’ Geographic segment comprising countries where Barclays operates within Asia and the Middle East.
‘Asset Backed Commercial Paper (ABCP)’ Typically short-term notes secured on specified assets issued by consolidated
special purpose entities for funding purposes.
‘Asset Backed Securities (ABS)’ Securities that represent an interest in an underlying pool of referenced assets. The
referenced pool can comprise any assets which attract a set of associated cash flows but are commonly pools of residential
or commercial mortgages and, in the case of a Collateralised Debt Obligation (CDO), the referenced pool may be ABS or other
classes of assets.
‘Asset swap spreads’ The difference between the yield of the bond and the fixed rate leg of the corresponding interest rate
swap. Primarily used to measure the credit risk associated with a bond.
‘Assets Under Management (AUM)’ Total market value of client investment balances managed within investment mandates
where Barclays provides discretionary portfolio management or advisory services. Total Assets Under Management excludes
uninvested cash held under an investment mandate and reported within deposits.
‘Assets Under Supervision (AUS)’ Total market value of client investment balances where Barclays provides custodian or
transactional services.
‘Attributable profit’ Profit after tax that is attributable to ordinary equity holders of Barclays adjusted for the after tax amounts
of capital securities classified as equity.
‘Average allocated tangible equity’ (for businesses) Calculated as the average of the previous month’s period end allocated
tangible equity and the current month’s period end allocated tangible equity. The average allocated tangible equity for the
period is the average of the monthly averages within that period.
‘Average tangible shareholders’ equity’ (for Barclays Group) Calculated as the average of the previous month’s period end
tangible shareholders’ equity and the current month’s period end tangible shareholders’ equity. The average tangible
shareholders’ equity for the period is the average of the monthly averages within that period.
‘Average tangible shareholders’ equity’ (for businesses) Calculated as the average of the previous month’s period end
allocated tangible equity and the current month’s period end allocated tangible equity. The average allocated tangible equity
for the period is the average of the monthly averages within that period.
Barclays PLC | 60 | |
Glossary of terms |
‘Average UK leverage ratio’ In accordance with the PRA Rulebook, calculated as the average capital measure based on the
last day of each month in the quarter divided by the average exposure measure for the quarter, where the average exposure
is based on each day in the quarter.
‘Back testing’ Includes a number of techniques that assess the continued statistical validity of a model by simulating how the
model would have predicted recent experience.
‘Balance weighted Loan to Value (LTV) ratio’ In the context of the credit risk disclosures on secured home loans, a means of
calculating marked to market (MTM) LTVs derived by calculating individual LTVs at account level, and weighting it by the
balances to arrive at the average position. Balance weighted LTV ratio is calculated using the following formula: LTV = ((loan
1 balance x MTM LTV% for loan 1) + (loan 2 balance x MTM LTV% for loan 2) + ...) / total outstanding balances in portfolio.
‘Bank of England (BoE)’ The central bank of the United Kingdom with devolved responsibility for managing monetary policy
and to oversee regulation of the UK’s financial sector. The BoE prudentially regulates and supervises certain financial services
firms through the PRA.
‘Bank of England levy scheme’ or ‘BoE levy scheme’ A levy scheme which commenced on 1 March 2024 replacing the Cash
Ratio Deposit scheme as a means of funding the BoE's monetary policy and financial stability operations.
‘Bank Recovery and Resolution Directive (BRRD)’ The Bank Recovery and Resolution Directive (Directive 2014/59/EU), which
established a framework for the recovery and resolution of EU credit institutions and investment firms.
‘Barclaycard Consumer UK’ One of three segments within Barclays UK comprising the UK Barclaycard business.
‘Barclays’ or ‘Barclays Group’ or ‘Group’ Barclays PLC, together with its subsidiaries.
‘Barclays Africa’ or ‘Absa’ or ‘Absa Group Limited’ Absa Group Limited (formerly Barclays Africa Group Limited), which was
previously a subsidiary of the Barclays Group. As a consequence of its disposals of shares in April 2022 and September 2022,
the Barclays Group has now exited its shareholding in Absa Group Limited.
‘Barclays Bank Group’ Barclays Bank PLC, together with its subsidiaries.
‘Barclays Bank Ireland’ or ‘Barclays Europe’ or ‘BBI’ Barclays Bank Ireland PLC including any successor thereof by change of
name or corporate form.
‘Barclays Bank UK Group’ Barclays Bank UK PLC, together with its subsidiaries.
‘Barclays Execution Services’ or ‘BX’ or ‘Group Service Company’ Barclays Execution Services Limited, the Group-wide service
company providing technology, operations and functional services to businesses across the Barclays Group.
‘Barclays Investment Bank (IB)’ The Barclays Group’s investment bank which consists of origination led and returns focused
Global Markets and Investment Banking businesses.
‘Barclays Operating Businesses’ The core Barclays businesses, comprising Barclays UK (which consists of the Personal
Banking, Business Banking and the Barclaycard Consumer UK businesses), UKCB, PBWM, IB and USCB.
‘Barclays Payments Issuing’ Provides card-based payment solutions for both small businesses and large corporates, ranging
from simple expense management to sophisticated procurement and working capital solutions.
‘Barclays Private Bank and Wealth Management (PBWM)’ This division serves UK and international private banking clients
providing a range of investment, banking and lending products alongside expert advice. It also serves UK wealth
management and UK digital investing clients offering a range of financial services.
‘Barclays UK’ This segment broadly represents businesses that sit within the UK ring-fenced bank entity, Barclays Bank UK
PLC, and comprises Personal Banking, Business Banking and Barclaycard Consumer UK.
‘Barclays US Consumer Bank (USCB)’ This is a co-branded credit card issuer and financial services partner in the United
States for travel, entertainment, retail and affinity institutions. It offers co-branded, small business and private label credit
cards, installment loans, online savings accounts and certificates of deposits.
‘Barclays UK Corporate Bank (UKCB)’ This division brings together lending, trade and working capital, liquidity, payments and
FX solutions for UK corporate clients with an annual turnover from £6.5 million and higher, excluding those clients that form
part of the FTSE 350, which are included within the IB.
‘Basel 3’ or ‘Basel III’ The third of the Basel Accords, setting minimum requirements and standards that apply to
internationally active banks. Basel 3 is a set of measures developed by BCBS aiming to strengthen the regulation, supervision
and risk management of banks.
‘Basel 3.1' This refers to the revision of BCBS standards to complete the BCBS' post global financial crisis reforms. Basel 3.1
introduces changes to how to calculate capital requirements for all risk types, for both standardised and internal model
approaches.
‘Basel Committee on Banking Supervision (BCBS)’ or ‘The Basel Committee’ A forum for regular cooperation on banking
supervisory matters which develops global supervisory standards for the banking industry. Its 45 members are officials from
central banks or prudential supervisors from 28 jurisdictions.
Barclays PLC | 61 | |
Glossary of terms |
‘Basic Indicator Approach (BIA)’ An approach used to quantify required capital for operational risk. Under the BIA, banks are
required to hold regulatory capital for operational risk equal to 15% of the annual average, calculated over a rolling three-year
period, of the relevant income indicator for the bank as whole.
‘Basis point(s)’ or ‘bp(s)’ One hundredth of a per cent (0.01%); 100 basis points is 1%. The measure is used for quoting
movements in interest rates, yields on securities and for other purposes.
‘Basis risk’ Index/tenor risk that arises when floating rate products are linked to different interest rate indices, which are
imperfectly correlated, especially under stressed market conditions.
‘Behavioural scorecards’ Algorithm-based decision tools used to aid business decisions and manage credit risk based on
existing customer data derived from account usage.
'Board’ The board of directors of the relevant Barclays Group entity.
‘Book quality’ In the context of the Capital Risk section of the Barclays PLC Annual Report (or equivalent section in quarterly
or half yearly results), changes in RWAs caused by factors such as underlying customer behaviour or demographics leading
to changes in risk profile.
‘Book size’ In the context of the Capital Risk section of the Barclays PLC Annual Report (or equivalent section in quarterly or
half yearly results), changes in RWAs driven by business activity, including net originations or repayments.
‘Bounce Back Loan Scheme (BBLS)’ A UK government (British Business Bank) backed loan scheme which allowed SMEs to
borrow between £2,000 and £50,000. The UK Government guarantees 100% of the loan and pays the first 12 months of
interest on behalf of the borrowers, subject to terms and conditions. The scheme closed on 31 March 2021.
‘Business Banking’ One of three segments within Barclays UK. Includes Business Banking services for UK clients with an
annual turnover of typically up to £6.5 million, as well as the Education, Social Housing and Local Authority (ESHLA) portfolio.
‘Business Growth Fund (BGF)’ An independent company established by the UK’s largest banks, including Barclays, to help
young, fast-growing businesses by providing long-term growth capital. Barclays holds an associate interest in BGF.
‘Business scenario stresses’ Multi-asset scenario analysis of extreme, but plausible, events that may impact the market risk
exposures of the IB.
‘Buy to let mortgage’ A mortgage whereby the intention of the customer at origination is to let the property.
‘Capital Conservation Buffer (CCB)’ A capital buffer of 2.5% of a bank’s total risk exposures that needs to be met with an
additional amount of CET1 capital above the 4.5% minimum requirement for CET1 capital set out in CRR. Its objective is to
conserve a bank’s capital by ensuring that banks build up surplus capital outside periods of stress which can be drawn down
if losses are incurred.
‘Capital ratios’ Key financial ratios measuring the bank's capital adequacy or financial strength expressed as a percentage of
RWAs.
‘Capital Requirements Directive (CRD)’ Directive 2013/36/EU (as amended), which accompanied the CRR and which
prescribes further prudential standards including capital buffers and "Pillar 2A" capital requirements. CRD was implemented
before Brexit. In the EU, further amendments to CRD are made by CRD VI.
‘Capital Requirements Directive VI (CRD VI)’ The Sixth Capital Requirements Directive, being an EU amending Directive
accompanied by an amending Regulation (CRR III) which together prescribe EU capital adequacy and liquidity requirements,
and which implement Basel 3.1 in the European Union.
‘Capital requirements on the underlying exposures (KIRB)’ An approach available to banks when calculating RWAs for
securitisation exposures. This is based upon the RWA amounts that would be calculated under the IRB approach for the
underlying pool of securitised exposures in the programme, had such exposures not been securitised.
‘Capital Requirements Regulation (CRR)’ Refers to EU CRR and/or UK CRR as the context requires.
‘Capital Requirements Regulation III (CRR III)’ Regulation (EU) 2024/1623, introducing further amendments to EU CRR as
regards to requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor.
‘Capital resources’ CET1 capital, Additional Tier 1 capital and Tier 2 capital that are eligible to satisfy regulatory capital
requirements. Referred to as ‘own funds’ within EU and UK regulatory texts.
‘Capital risk’ The risk that the Barclays Group has an insufficient level or composition of capital to support its normal business
activities and to meet its regulatory capital requirements under normal operating environments or stressed conditions (both
actual and as defined for internal planning or regulatory testing purposes). This includes the risk from the Barclays Group’s
pension plans.
‘CBE’ Consumer Bank Europe which was previously the German consumer finance business for Barclays Bank Ireland PLC. On
3 February 2025, Barclays PLC announced that Barclays Bank Ireland PLC had completed the sale of the CBE business to
BAWAG P.S.K, a wholly owned subsidiary of BAWAG Group AG.
Barclays PLC | 62 | |
Glossary of terms |
‘Central Bank of Ireland (CBI)’ The Central Bank of Ireland is responsible for maintaining monetary stability, promoting
financial stability, and regulating financial institutions to safeguard the integrity of the financial system in Ireland. The CBI is
the Irish national competent authority for the purposes of the SSM and EMIR.
‘Central Counterparty’ or ‘Central Clearing Counterparties (CCPs)’ A clearing house mediating between the buyer and the
seller in a financial transaction, such as a derivative contract or repurchase agreement (Repo). Where a CCP is used, a single
bi-lateral contract between the buyer and seller is replaced with two contracts, one between the buyer and the CCP and one
between the CCP and the seller. The use of CCPs allows for greater oversight and improved credit risk mitigation in OTC
markets.
‘Charge-off’ In the retail segment this refers to the point in time when collections activity changes from the collection of
arrears to the recovery of the full balance. This is normally when six payments are in arrears.
‘Client assets and liabilities’ Deposits, lending and invested assets.
‘Climate Risk’ The risk of financial loss arising from climate change, through physical risks and risks associated with
transitioning to a low-carbon economy. Climate Risk focuses on the Financial and Operational Risks associated with climate
change.
‘CLOs and other insured assets’ Highly-rated CLO positions wrapped by monolines, non-CLOs wrapped by monolines and
other assets wrapped with Credit Support Annex (CSA) protection.
'Clydesdale Financial Services Limited (CFSL)' This houses Barclays’ point-of-sale finance business and trades as Barclays
Partner Finance.
‘Collateralised Debt Obligation (CDO)’ A security issued by a third party which references Asset Backed Securities and/or
certain other related assets purchased by the issuer. CDOs may feature exposure to sub-prime mortgage assets through the
underlying assets.
‘Collateralised Loan Obligation (CLO)’ A security backed by repayments from a pool of commercial loans.
‘Collateralised Mortgage Obligation (CMO)’ A security backed by mortgages. A special purpose entity receives income from
the mortgages and passes them on to investors in the security.
‘Combined Buffer Requirement (CBR)’ The total CET1 capital required to meet the combined requirements of the Capital
Conservation Buffer, the G-SII Buffer, the Countercyclical Capital Buffer, and the O-SII Buffer if applicable to a firm.
‘Commercial paper (CP)’ Typically short-term notes issued by entities, including banks, for funding purposes.
‘Commercial real estate (CRE)’ Commercial real estate includes office buildings, medical centres, hotels, retail stores, shopping
centres, farm land, multifamily housing buildings, warehouses, garages, industrial properties and other similar properties.
Commercial real estate loans are loans backed by a package of commercial real estate. Note: for the purposes of the Credit
Risk section of the Barclays PLC Annual Report (or equivalent section in quarterly or half yearly results), the UK CRE portfolio
includes property investment, development, trading and housebuilders but excludes social housing contractors.
‘Commissions and other incentives’ Includes commission-based arrangements, guaranteed incentives and Long Term
Incentive Plan awards.
‘Committee of Sponsoring Organizations of the Treadway Commission Framework (COSO)’ A joint initiative of five private
sector organisations dedicated to the development of frameworks and providing guidance on enterprise risk management,
internal control and fraud deterrence.
‘Commodity derivatives’ Exchange traded and OTC derivatives based on an underlying commodity (e.g. metals, precious
metals, oil and oil related products, power and natural gas).
‘Commodity Futures Trading Commission (CFTC)’ Certain participants in US swap markets are required to register with the
CFTC as ‘swap dealers’ or ‘major swap participants’ and/or with the Securities and Exchange Commission (SEC) as ‘security-
based swap dealers’ or ‘major security-based swap participants’. Such registrants are subject to CFTC and/or SEC regulation
and oversight. Barclays Bank PLC and Barclays Bank Ireland PLC are registered with the CFTC as swap dealers and are subject
to CFTC oversight.
‘Commodity risk’ Measures the impact of changes in commodity prices and volatilities, including the basis between related
commodities (e.g. Brent vs. West Texas Intermediate crude prices).
‘Common Equity Tier 1 (CET1) capital’ The highest quality form of regulatory capital under CRR that comprises common
shares issued and related share premium, retained earnings and other reserves, less specified regulatory adjustments.
‘Common Equity Tier 1 (CET1) ratio’ A measure of CET1 capital expressed as a percentage of RWAs.
‘Compensation: income ratio’ The ratio of compensation expense over total income. Compensation represents total staff
costs less non-compensation items (consisting of outsourcing, staff training, redundancy costs and retirement costs).
‘Compliance Risk’ The risk of poor outcomes for, or harm to, customers, clients and markets, arising from the delivery of the
firm’s products and services (also known as 'Conduct Risk') and the risk to Barclays, its clients, customers or markets from a
Barclays PLC | 63 | |
Glossary of terms |
failure to comply with the laws, rules and regulations applicable to the firm (also known as Laws, Rules and Regulations Risk
or 'LRR Risk’).
‘Comprehensive Capital Analysis and Review (CCAR)’ An annual exercise, required by and evaluated by the Federal Reserve,
through which the largest banks' holding companies operating in the US assess whether they have sufficient capital to
continue operations through periods of economic and financial stress and have robust capital-planning processes that
account for their unique risks.
‘Comprehensive Risk Capital Charge (CRCC)’ An estimate of all the material market risks, including rating migration and
default, for the correlation trading portfolio.
‘Comprehensive Risk Measure (CRM)’ An estimate of all the material market risks, including rating migration and default, for
the correlation trading portfolio. Also referred to as All Price Risk (APR) and Comprehensive Risk Capital Charge (CRCC).
‘Constant Currency Basis’ Excluding the impact of foreign currency conversion to GBP when comparing financial results in
two different financial periods.
‘Coronavirus Business Interruption Loan Scheme (CBILS)’ A loan scheme by the British Business Bank (BBB) to support UK
based small and medium-sized businesses (turnover of up to £45 million) adversely impacted by COVID-19. The CBILS
provided loans of up to £5 million which are backed by an 80% UK Government (BBB) guarantee. The UK Government will
pay interest and fees for the first 12 months on behalf of the borrowers, subject to terms and conditions. This scheme ended
on 31 March 2021.
‘Coronavirus Large Business Interruption Loan Scheme (CLBILS)’ A loan scheme by the British Business Bank (BBB) to support
UK based medium-sized businesses (turnover above £45 million, but with no access to Covid Corporate Finance Facility
(CCFF)) adversely impacted by COVID-19. The CLBILS provided loans of up to £200 million which are backed by an 80% UK
Government (BBB) guarantee. This scheme ended on 31 March 2021.
‘Correlation risk’ Refers to the change in marked to market value of a security when the correlation between the underlying
assets changes over time.
‘Cost: income jaws’ Relationship between the percentage change movement in operating expenses relative to total income.
‘Cost: income ratio’ Total operating expenses divided by total income.
‘Cost of Equity’ The rate of return targeted by the equity holders of a company.
‘Countercyclical Capital Buffer (CCyB)’ A capital buffer that requires banks to have an additional cushion of CET1 capital with
which to absorb potential losses, enhancing their resilience and contributing to a stable financial system.
‘Countercyclical leverage ratio buffer (CCLB)’ A macroprudential capital buffer that has applied to specific PRA regulated
institutions since 2018 and is calculated at 35% of any risk weighted Countercyclical Capital Buffer set by the Financial Policy
Committee (FPC). The CCLB applies in addition to the minimum of 3.25% and any G-SII additional leverage ratio buffer that
applies.
‘Counterparty credit risk (CCR)’ The risk that a counterparty to a transaction could default before the final settlement of a
transaction’s cash flows. In the context of RWAs, a component of RWAs that represents the risk of loss from derivatives,
repurchase agreements and similar transactions as a result of the default of the counterparty.
‘Coverage ratio’ This represents the percentage of impairment allowance reserve against the gross exposure.
‘Covered bonds’ Debt securities backed by a portfolio of mortgages that are segregated from the issuer’s other assets solely
for the benefit of the holders of the covered bonds.
‘Credit conversion factor (CCF)’ A factor used to estimate the risk from off-balance sheet commitments for the purpose of
calculating the total Exposure at Default (EAD) used to calculate RWAs.
‘Credit default swaps (CDS)’ A contract under which the protection seller receives premiums or interest-related payments in
return for contracting to make payments to the protection buyer in the event of a defined credit event. Credit events normally
include bankruptcy, payment default on a reference asset or assets, or downgrades by a rating agency.
‘Credit derivatives (CDs)’ An arrangement whereby the credit risk of an asset (the reference asset) is transferred from the
buyer to the seller of the protection.
‘Credit impairment charges’ Impairment charges on loans and advances to customers and banks and impairment charges on
fair value through other comprehensive income assets and reverse repurchase agreements.
‘Credit market exposures’ Assets and other instruments relating to commercial real estate and leveraged finance businesses
that have been significantly impacted by the deterioration in the global credit markets. The exposures include positions
subject to fair value movements in the income statement, positions that are classified as loans and advances, and available
for sale and other assets.
Barclays PLC | 64 | |
Glossary of terms |
‘Credit quality step’ An indicator of credit risk. In the context of the Standardised Approach to calculating credit risk RWAs, a
“credit quality assessment scale” maps the credit assessments of a recognised credit rating agency or export credit agency to
certain “credit quality steps” that determine the risk weight to be applied to an exposure.
‘Credit rating’ An evaluation of the creditworthiness of an entity seeking to enter into a credit agreement.
‘Credit risk’ The risk of loss to Barclays from the failure of clients, customers or counterparties, including sovereigns, to fully
honour their obligations to Barclays, including the whole and timely payment of principal, interest, collateral and other
receivables. In the context of RWAs, it is the component of RWAs that represents the risk of loss in loans and advances and
similar transactions resulting from the default of the counterparty.
‘Credit risk mitigation’ A range of techniques and strategies used to actively mitigate credit risks to which the bank is exposed.
These can be broadly divided into three types: collateral, netting and set-off, and risk transfer.
‘Credit spread’ The premium over the benchmark or risk-free rate required by the market to accept a lower credit quality.
‘Credit Valuation Adjustment (CVA)’ The difference between the risk-free value of a portfolio of trades and the market value
which takes into account the counterparty’s risk of default. The CVA therefore represents an estimate of the adjustment to
fair value that a market participant would make to incorporate the credit risk of the counterparty due to any failure to
perform contractual agreements.
‘Customer assets’ Represents loans and advances to customers. Average balances are calculated as the sum of all daily
balances for the year to date divided by number of days in the year to date.
‘Customer deposits’ Money deposited by all individuals and companies that are not credit institutions. Such funds are
recorded as liabilities in the Barclays Group’s balance sheet under “deposits at amortised cost” (Customer liabilities).
‘Customer liabilities’ See ‘Customer deposits’.
‘Customer Loan to deposit ratio’ or ‘Customer Loan: deposit ratio’ Customer loans and advances at amortised cost divided by
customer deposits at amortised cost.
‘Daily Value at Risk (DVaR)’ An estimate of the potential loss which might arise from market movements under normal
market conditions if the current positions were to be held unchanged for one business day, measured to a specified
confidence level.
‘Debit Valuation Adjustment (DVA)’ The opposite of CVA. It is the difference between the risk-free value of a portfolio of
trades and the market value which takes into account the Barclays Group’s risk of default. The DVA, therefore, represents an
estimate of the adjustment to fair value that a market participant would make to incorporate the credit risk of the Barclays
Group due to any failure to perform contractual obligations. The DVA decreases the value of a liability to take into account a
reduction in the remaining balance that would be settled should the Barclays Group default or not perform any contractual
obligations.
‘Debt buybacks’ Purchases of the Barclays Group’s issued debt securities, including equity accounted instruments, leading to
their de-recognition from the balance sheet.
‘Debt securities in issue’ Transferable securities evidencing indebtedness of the Barclays Group. These are liabilities of the
Barclays Group and include certificates of deposit and commercial paper.
‘Default fund contributions’ The contribution made by members of a CCP. All members are required to contribute to this fund
in advance of using a CCP. The default fund can be used by the CCP to cover losses incurred by the CCP where losses are
greater than the margins provided by a defaulting member.
‘Default grades’ The Barclays Group classifies ranges of default probabilities into a set of 21 intervals called default grades, in
order to distinguish differences in the Probability of Default (PD) risk.
‘Delinquency’ See ‘Arrears’.
‘Deposit Guarantee Scheme (DGS)’ The EU Directive on Deposit Insurance (Directive 2014/49/EU) was transposed into Irish
law through the European Union (Deposit Guarantee Schemes) Regulations 2015 which came into effect on 20 November
2015. The CBI as the ‘designated authority’ is required to calculate risk based deposit insurance contributions in accordance
with the EBA’s guidelines “on methods for calculating contributions to deposit guarantee schemes.” The DGS is administered
by the CBI and is funded by the credit institutions covered by the scheme.
‘Derivatives netting’ Adjustments applied across asset and liability marked to market derivative positions pursuant to legally
enforceable bilateral netting agreements and eligible cash collateral received in derivative transactions that meet the
requirements of CRR and related regulatory requirements.
‘Digital Operational Resilience Act (DORA)’ the European Union’s Digital Operational Resilience Act (Regulation (EU)
2022/2554) has applied from 17 January 2025. This EU regulation introduces comprehensive and sector specific regulation
on Information Communication Technologies (ICT) risk management, ICT incident management and reporting, information
sharing, digital operational resilience testing and provides for oversight by the European Supervisory Authorities of critical
third-party providers servicing the EU financial services sector.
Barclays PLC | 65 | |
Glossary of terms |
‘Diversification effect’ Reflects the fact that the risk of a diversified portfolio is smaller than the sum of the risks of its
constituent parts. It is measured as the sum of the individual asset class Daily Value at Risk (DVaR) estimates less the total
DVaR.
‘Dodd-Frank Act (DFA)’ The US Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended.
‘Domestic Liquidity Sub-Group Arrangement’ An intra-group capital and liquidity support agreement that secures certain
regulatory permissions authorised by the PRA.
‘Economic Value of Equity (EVE)’ A measure of the potential change in value of expected future cash flows due to an adverse
interest rate movement, based on existing balance sheet run-off profile.
‘Education, Social Housing and Local Authority (ESHLA) or (ESHLA portfolio)’ A Barclays UK portfolio primarily consisting of
long dated fixed rate loans extended to counterparties in the UK Education, Social Housing and Local Authority sectors.
'Effective Expected Positive Exposure (EEPE)' The weighted average over time of effective expected exposure. The weights are
the proportion that an individual exposure represents of the entire exposure horizon time interval.
‘Effective interest rate (EIR)’ As defined in IFRS 9 Financial Instruments, effective interest rate is the rate that exactly discounts
estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross
carrying amount of a financial asset or to the amortised cost of a financial liability.
‘Eligible liabilities’ Liabilities and capital instruments that are eligible to meet MREL that do not already qualify as Own funds.
‘Encumbrance’ The use of assets to secure liabilities, such as by way of a lien or charge.
‘Enterprise Risk Management Framework (ERMF)’ The Barclays Group’s risk management responsibilities are laid out in the
Enterprise Risk Management Framework, which describes how Barclays identifies and manages risk. The framework
identifies the principal risks faced by the Barclays Group, sets out risk appetite requirements, sets out roles and
responsibilities for risk management, and sets out risk committee structure.
‘Equities’ Trading businesses encompassing Cash Equities, Equity Derivatives & Equity Financing, part of IB.
‘Equity and stock index derivatives’ Derivatives whose value is derived from equity securities. This category includes equity
and stock index swaps and options (including warrants, which are equity options listed on an exchange). The Barclays Group
also enters into fund-linked derivatives, being swaps and options whose underlyings include mutual funds, hedge funds,
indices and multi-asset portfolios. An equity swap is an agreement between two parties to exchange periodic payments,
based upon a notional principal amount, with one side paying fixed or floating interest and the other side paying based on the
actual return of the stock or stock index. An equity option provides the buyer with the right, but not the obligation, either to
purchase or sell a specified stock, basket of stocks or stock index at a specified price or level on or before a specified date.
‘Equity risk’ In the context of trading book capital requirements, the risk of change in market value of an equity investment.
‘Equity structural hedge’ An interest rate hedge in place to reduce earnings volatility of the overnight / short-term equity
investment and to smooth the income over a medium/long term.
‘EU CRR’ Regulation (EU) No 575/2013 as amended. EU CRR prescribes prudential requirements including minimum capital
requirements, for EU banks and certain other entities. EU CRR was amended by CRR III as part of the EU’s implementation of
Basel 3.1. The amendments entered into force from January 2025, other than those relating to market risk, whose entry into
force was delayed until January 2026 by a Delegated Act of the European Commission. In June 2025 the European
Commission proposed a further delay to January 2027. In June 2026 it introduced additional transitional measures for market
risk, which will apply from 2027 to 2030.
‘EU Risk Reduction Measure package’ A collection of amending Regulations and Directives that update core EU regulatory
texts and which came into force on 27 June 2019.
‘Euro Interbank Offered Rate (EURIBOR)’ A benchmark interest rate at which banks can borrow funds from other banks in the
European interbank market.
‘Europe’ Geographic segment comprising countries in which Barclays operates within the EU, Northern Continental and
Eastern Europe.
‘European Banking Authority (EBA)’ The EBA is an independent EU authority which works to ensure effective and consistent
prudential regulation and supervision across the European banking sector. Its overall objectives are to maintain financial
stability in the EU and to safeguard the integrity, stability, efficiency and orderly functioning of the banking sector.
‘European Banking Union’ is an EU concept aimed at safeguarding the stability of the EU banking sector and includes as two
of its pillars the SSM and SRM.
‘European Central Bank (ECB)’ The European Central Bank is responsible, among other things, for the prudential supervision
of credit institutions located in EU member states participating in European Banking Union within the Single Supervisory
Mechanism.
Barclays PLC | 66 | |
Glossary of terms |
‘European Economic Area (EEA)’ The European Economic Area is a free-trade zone established by the EEA Agreement, which
came into effect on January 1, 1994. It includes all 27 EU member states and 3 EFTA states (Iceland, Liechtenstein, and
Norway), aiming to promote the free movement of goods, services, capital, and people within a unified market. The EEA
allows the participating EFTA countries to participate fully in the EU single market without being EU members.
‘European Market Infrastructure Regulation (EMIR)’ The European Market Infrastructure Regulation (Regulation 648/2012)
imposes requirements in the EU which are designed to improve transparency and reduce the risks associated with the
derivatives market. EMIR has operational and financial impacts on the Barclays Group, including by imposing collateral
requirements and a requirement to centrally clear certain OTC derivatives contracts transacted with a broad range of market
participants.
‘European Securities and Markets Authority (ESMA)’ An independent European supervisory authority with the remit of
enhancing the protection of investors and reinforcing stable and well-functioning financial markets in the European Union.
‘Eurozone’ Represents the 21 European Union countries that have adopted the Euro as their common currency. The 21
countries are Austria, Belgium, Bulgaria, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia,
Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain.
‘Exchange-traded notes (ETNs)’ Unsecured debt securities that track an underlying index of securities and trade on a stock
exchange.
‘Expected Credit Losses (ECL)’ A present value measure of the credit losses expected to result from default events that may
occur during a specified period of time. ECLs must reflect the present value of cash shortfalls, and the unbiased and
probability weighted assessment of a range of outcomes.
‘Expected Losses’ A regulatory measure of anticipated losses for exposures captured under an Internal Ratings Based (IRB)
credit risk approach for capital adequacy calculations. It is measured as the Barclays Group’s modelled view of anticipated
losses based on Probability of Default (PD), Loss Given Default (LGD) and Exposure at Default (EAD), with a one-year time
horizon.
‘Expert lender models’ Models of risk measures that are used for parts of the portfolio where the risk drivers are specific to a
particular counterparty, but where there is insufficient data to support the construction of a statistical model. These models
utilise the knowledge of credit experts that have in depth experience of the specific customer type being modelled.
‘Exposure’ Generally refers to positions or actions taken by a bank, or consequences thereof, that may put a certain amount
of a bank’s resources at risk.
‘Exposure at Default (EAD)’ The estimation of the extent to which the Barclays Group may be exposed to a customer or
counterparty in the event of, and at the time of, that customer’s or counterparty’s default. At default, the customer may not
have drawn the loan fully or may already have repaid some of the principal, so that exposure may be less than the approved
loan limit.
‘External Credit Assessment Institutions (ECAI)’ Institutions whose credit assessments may be used by credit institutions for
the determination of risk weighted exposure amounts according to CRR.
‘External ratings based approach / internal assessment approach (SEC-ERBA / IAA)’ This is a method to calculate risk-
weighted exposure amounts for securitisation positions. Under the SEC-ERBA approach, regulatory capital is assigned to
securitisation tranches on the basis of their external credit rating. The SEC-ERBA approach can also be used for unrated ABCP
exposures where the institution has the regulatory permission to use the Internal Assessment Approach (IAA) to assign a
credit rating to the unrated ABCP exposure.
‘Federal Housing Finance Agency (FHFA)’ An independent federal agency in the United States that oversees the secondary
mortgage market and regulates Fannie Mae and Freddie Mac, as well as 11 Federal Home Loan banks. The FHFA also sets the
Housing Price Index (HPI) in the United States.
‘Federal Reserve Board (FRB)’ The Board of Governors of the Federal Reserve System, commonly known as the Federal
Reserve Board, is responsible for – amongst other things – setting monetary policy in the US.
‘FICC’ Represents Macro (including rates and currency), Credit and Securitised products, part of IB.
‘Financial collateral comprehensive method (FCCM)’ A credit risk mitigation calculation approach which applies volatility
adjustments to the market value of exposure and collateral when calculating RWA values.
‘Financial Conduct Authority (FCA)’ The statutory body responsible for conduct of business regulation and supervision of UK
authorised firms. The FCA also has responsibility for the prudential regulation of firms that do not fall within the PRA’s scope.
‘Financial crime risk’ The risk that the Group and its associated persons (employees or third parties) commit or facilitate
financial crime, and/or the Group’s products and services are used to facilitate financial crime. Financial crime undermines
market integrity and may result in: harm to clients, customers, counterparties or employees; diminished confidence in
financial products and services; damage to the Group’s reputation; regulatory breaches; and/or financial penalties.
Barclays PLC | 67 | |
Glossary of terms |
‘Financial Policy Committee (FPC)’ The BoE’s Financial Policy Committee identifies, monitors and takes action to remove or
reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system. The FPC also has a
secondary objective to support the economic policy of the UK Government.
‘Financial Services Compensation Scheme (FSCS)’ The UK’s scheme for the compensation of customers of authorised
financial services firms that are unable to pay claims.
‘Financial Stability Board (FSB)’ An international body that monitors and makes recommendations about the global financial
system. It promotes international financial stability by coordinating national financial authorities and international standard-
setting bodies as they work toward developing strong regulatory, supervisory and other financial sector policies. It fosters a
level playing field by encouraging coherent implementation of these policies across sectors and jurisdictions.
‘Fitch’ A credit rating agency, including Fitch Ratings Inc. and its affiliated entities.
‘Forbearance Programmes’ Forbearance programmes assist customers in financial difficulty through agreements to accept
less than contractual amounts due where financial distress would otherwise prevent satisfactory repayment within the
original terms and conditions of the contract. These agreements may be initiated by the customer, Barclays or a third party
and include approved debt counselling plans, minimum due reductions, interest rate concessions and switches from capital
and interest repayments to interest-only payments.
‘Foreclosures in Progress’ The process by which a bank initiates legal action against a customer with the intention of
terminating a loan agreement whereby the bank may repossess the property used as collateral for the loan, subject to
applicable law, and recover amounts it is owed.
‘Foreign exchange derivatives’ The Barclays Group’s principal exchange rate-related contracts are forward foreign exchange
contracts, currency swaps and currency options. Forward foreign exchange contracts are agreements to buy or sell a
specified quantity of foreign currency, usually on a specified future date at an agreed rate. Currency swaps generally involve
the exchange, or notional exchange, of equivalent amounts of two currencies and a commitment to exchange interest
periodically until the principal amounts are re-exchanged on a future date. Currency options provide the buyer with the right,
but not the obligation, either to purchase or sell a fixed amount of a currency at a specified exchange rate on or before a
future date. As compensation for assuming the option risk, the option writer generally receives a premium at the start of the
option period.
‘Foreign exchange risk’ In the context of DVaR, the impact of changes in foreign exchange rates and volatilities.
'Foundation Internal Ratings Based (F-IRB)’ See ‘Internal Ratings Based (IRB)’.
'FTSE 350’ The Financial Times Stock Exchange index comprising the 350 largest companies by capitalisation listed on the
London Stock Exchange.
‘Full time equivalent (FTE)’ Full time equivalent units are the on-job hours paid for employee services divided by the number of
ordinary-time hours normally paid for a full-time staff member when on the job (or contract employees where applicable).
‘Fully loaded’ When a measure is presented or described as being on a fully loaded basis, it is calculated without applying the
transitional provisions set out in Part Ten of CRR.
‘Fundamental Review of the Trading Book (FRTB)’ A comprehensive suite of capital rules developed by the BCBS as part of
Basel III and applicable to banks’ wholesale trading activities.
‘Funded credit protection’ A technique of credit risk mitigation where the reduction of the credit risk on the exposure of an
institution derives from the right of that institution, in the event of the default of the counterparty or on the occurrence of
other specified credit events relating to the counterparty, to liquidate, or to obtain transfer or appropriation of, or to retain
certain assets or amounts, or to reduce the amount of the exposure to, or to replace it with the amount of the difference
between the amount of the exposure and the amount of a claim on the institution.
‘FVOCI’ Fair value through other comprehensive income.
‘FVTPL’ Fair value through profit or loss.
‘FY23 Investor Update’ An event held in connection with Barclays resegmentation of businesses which was announced on 20
February 2024 and is part of its strategy to become Simpler, Better and more Balanced. Introducing the new segments of
Barclays UK, Barclays UK Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank, Barclays
US Consumer Bank and Head Office.
‘Gains on acquisitions’ The amount by which an acquirer’s interest in the net fair value of the identifiable assets, liabilities and
contingent liabilities, recognised in a business combination, exceeds the cost of the combination.
‘General Data Protection Regulation (GDPR)’ GDPR (Regulation (EU) 2016/679) is a regulation intended to strengthen and
unify data protection for all individuals within the European Union. GDPR forms part of UK law (UK GDPR) pursuant to the
European Union (Withdrawal) Act 2018, as amended and the supplemental Data Protection Act 2018.
‘Global Markets’ Offers clients a full range of liquidity, risk management and financing solutions, ideas and content tailored to
their investment and risk management needs, including execution capabilities across the spectrum of financial products.
Barclays PLC | 68 | |
Glossary of terms |
‘Global Systemically Important Banks (G-SIBs or G-SIIs)’ Global financial institutions whose size, complexity and systemic
interconnectedness, mean that their distress or failure would cause significant disruption to the wider financial system and
economic activity. The Financial Stability Board and the BCBS publish a list of global systemically important banks.
‘Grandfathering’ In the context of capital resources, the phasing in of the application of instrument eligibility rules, which
allows formerly compliant capital instruments to be included in regulatory capital, subject to certain thresholds which
decrease over the transitional period.
‘Gross charge-off rates’ Represents the balances charged-off to recoveries in the reporting period, expressed as a percentage
of average outstanding balances excluding balances in recoveries. Charge-off to recoveries generally occurs when the
collections focus switches from the collection of arrears to the recovery of the entire outstanding balance, and represents a
fundamental change in the relationship between the bank and the customer. This is a measure of the proportion of
customers that have gone into default during the period.
‘Gross Domestic Product (GDP)’ Measures the total value of goods and services produced in a country within a specific time
period.
‘Gross loans and advances at amortised cost’ Comprises loans and advances to customers and banks, gross of impairment
balances, in addition to debt securities. Gross loans and advances at amortised cost is the denominator in the loan loss rate
metric.
‘Gross new lending’ New lending advanced to customers during the period.
‘Gross write-off rates’ Expressed as a percentage and represent balances written off in the reporting period divided by gross
loans and advances held at amortised cost at the balance sheet date.
‘Group net interest income excluding Barclays Investment Bank and Head Office’ A measure of Barclays Group net interest
income, excluding the net interest income reported in Barclays Investment Bank and Head Office.
‘G-SII additional leverage ratio buffer (G-SII ALRB)’ A macroprudential buffer that applies to G-SIBs and other major domestic
UK banks and building societies, including banks that are subject to ring-fencing requirements. The G-SII ALRB will be
calibrated as 35% of the G-SII buffer or O-SII buffer that apply to the bank.
‘G-SII Buffer’ CET1 capital required to be held to ensure that G-SIBs build up surplus capital to compensate for the systemic
risk that such institutions represent to the financial system.
‘Guarantee’ Unless otherwise described, an undertaking by a third party to pay a creditor should a debtor fail to do so. It is a
form of credit substitution.
‘Head Office’ Comprises head office central support, central treasury operations, Barclays Execution Services assets and
legacy businesses. Following the resegmentation announced at the FY23 Investor Update on 20 February 2024, Head Office
also includes the Payment acceptance business (rebranded merchant acquiring business), for which a partnership with
Brookfield Asset Management Ltd was announced in April 2025 and, until it was sold in Q1 2025, including the German
consumer finance business.
‘High-Net-Worth’ Businesses that provide banking and other services to high-net-worth customers.
‘High-quality liquid assets (HQLA)’ Comprise eligible and unencumbered cash or assets that can be converted into cash at
little or no loss of value in private markets, to meet liquidity needs arising from a liquidity stress scenario or event. Among
other things, HQLA should be unencumbered and liquid in markets during a time of stress. These include cash and claims on
central governments and central banks. Please refer to ‘Level 1 assets’ and ‘Level 2 assets’.
‘High Risk’ In retail banking, ‘High Risk’ is defined as the subset of up-to-date customers who, either through an event or
observed behaviour, exhibit potential financial difficulty. Where appropriate, these customers are proactively contacted to
assess whether assistance is required.
‘Home loan’ A loan to purchase a residential property. The property is then used as collateral to guarantee repayment of the
loan. The borrower gives the lender a lien against the property and the lender can foreclose on the property if the borrower
does not repay the loan per the agreed terms. Also known as a residential mortgage.
‘IAASA’ Irish Auditing and Accounting Supervisory Authority.
‘IASB’ International Accounting Standards Board.
‘Identified Impairment (II)’ Specific impairment allowances for financial assets, estimated individually.
‘IFRS’ International Financial Reporting Standards.
‘IHC’ or ‘US IHC’ The intermediate US holding company, Barclays US LLC, which holds most of Barclays’ subsidiaries and
assets in the US.
‘Impairment Allowances’ A provision held on the balance sheet as a result of the raising of a charge against profit for
expected losses in the lending book. An impairment allowance may either be identified or unidentified, and individual or
collective.
Barclays PLC | 69 | |
Glossary of terms |
‘Income’ Total income, unless otherwise specified.
‘Incremental Risk Charge (IRC)’ An estimate of the incremental risk arising from rating migrations and defaults for traded debt
instruments beyond what is already captured in specific market risk VaR for the non-correlation trading portfolio.
‘Independent Validation Unit (IVU)’ The function within Barclays responsible for independent review, challenge and approval
of all models.
‘Individual liquidity guidance (ILG)’ Guidance given to a bank about the amount, quality and funding profile of liquidity
resources that the PRA has asked the bank to maintain.
‘Inflation risk’ In the context of DVaR, the impact of changes in inflation rates and volatilities on cash instruments and
derivatives.
'Inorganic activity' Refers to certain inorganic transactions announced as part of the FY23 Investor Update designed to
improve Group RoTE beyond 2024. In FY24 this included the £220m loss on sale of the performing Italian retail mortgage
portfolio, the £9m loss on disposal from the German consumer finance business and the £26m loss on sale of the non-
performing Italian retail mortgage portfolio. This was offset by the day 1 net profit before tax of £346m from the acquisition
of Tesco Bank.
‘Interchange’ Income paid to a credit card issuer for the clearing and settlement of a sale or cash advance transaction.
‘Interest-only home loans’ Under the terms of these loans, the customer makes payments of interest only for the entire term
of the mortgage, although customers may make early repayments of the principal within the terms of their agreement. The
customer is responsible for repaying the entire outstanding principal on maturity, which may require the sale of the
mortgaged property.
‘Interest rate derivatives’ Derivatives linked to interest rates. This category includes interest rate swaps, collars, floors options
and swaptions. An interest rate swap is an agreement between two parties to exchange fixed rate and floating rate interest by
means of periodic payments based upon a notional principal amount and the interest rates defined in the contract. Certain
agreements combine interest rate and foreign currency swap transactions, which may or may not include the exchange of
principal amounts. A basis swap is a form of interest rate swap, in which both parties exchange interest payments based on
floating rates, where the floating rates are based upon different underlying reference indices. In a forward rate agreement,
two parties agree a future settlement of the difference between an agreed rate and a future interest rate, applied to a notional
principal amount. The settlement, which generally occurs at the start of the contract period, is the discounted present value
of the payment that would otherwise be made at the end of that period.
‘Interest rate risk’ The risk of interest rate volatility adversely impacting the Barclays Group’s NIM. In the context of the
calculation of market risk DVaR, measures the impact of changes in interest (swap) rates and volatilities on cash instruments
and derivatives.
‘Interest rate risk in the banking book (IRRBB)’ The risk that the Barclays Group is exposed to capital or income volatility
because of a mismatch between the interest rate exposures of its (non-traded) assets and liabilities.
‘Internal Assessment Approach (IAA)’ One of three types of calculation that a bank with permission to use the Internal
Ratings Based (IRB) approach may apply to securitisation exposures. It consists of mapping a bank's internal rating
methodology for credit exposures to those of an External Credit Assessment Institution (ECAI) to determine the appropriate
risk weight based on the ratings based approach. Its applicability is limited to ABCP programmes related to liquidity facilities
and credit enhancement.
‘Internal Capital Adequacy Assessment Process (ICAAP)’ It describes how the Barclays Group identifies, manages and qualifies
the risks to which it is exposed, in pursuit of its business strategy. It assesses whether the quality and quantity of capital is
available to absorb capital losses for the risks the firm undertakes. The capital adequacy is assessed on a point of time basis
and on a forward looking basis taking into account baseline and stressed economic capital conditions.
'Internal Model Approach (IMA)’ In the context of RWAs, a method for calculating market risk RWAs where the capital
requirement has been derived via the use of a regulator approved internal market risk model.
'Internal Model Method (IMM)’ In the context of RWAs, a method for calculating exposure amounts for certain transactions
using a regulator approved internal counterparty credit risk model.
‘Internal Ratings Based (IRB)’ In the context of RWAs, a method for calculating credit risk RWAs using a regulator approved
internal credit risk model. The IRB approach is divided into two alternative applications, Advanced and Foundation: Advanced
Internal Ratings Based (A-IRB): the bank uses its own estimates of Probability of Default (PD), Loss Given Default (LGD) and
credit conversion factor to model a given risk exposure. Foundation Internal Ratings Based (F-IRB): the bank applies its own
PD as for A-IRB, but it uses standard parameters for the LGD and the credit conversion factor. The F-IRB approach is
specifically designed for wholesale credit exposures. Hence retail, equity, securitisation positions and non-credit obligations
asset exposures are treated under standardised or A-IRB.
‘Internal Ratings Based approach (SEC-IRBA)’ This is a method to calculate risk-weighted exposure amounts for securitisation
positions. Under this method, an institution must be able to model regulatory capital requirements for underlying exposures
in the securitisation as if these had not been securitised (‘KIRB’), subject to certain other inputs and criteria.
Barclays PLC | 70 | |
Glossary of terms |
‘International Corporate Bank’ Provides lending, trade & working capital, liquidity, payments and FX solutions to multinational
companies and financial institutions globally and to FTSE 350 companies in the UK.
‘Invested assets’ Invested assets (held off-balance sheet) represent assets under management and supervision. Uninvested
cash held under an investment mandate and reported within customer deposits is excluded from invested assets.
‘Investment Banking’ Provides clients with strategic advice on mergers and acquisitions (M&A), corporate finance, financial
risk management and equity and debt issuance. As part of its International Corporate Bank offering it also provides lending,
trade & working capital, liquidity, payments and FX solutions to multinational companies and financial institutions globally
and to FTSE 350 companies in the UK.
‘Investment Banking Fees’ In the context of IB analysis of total income, fees generated from origination activity businesses –
including financial advisory, debt and equity underwriting.
‘Investment grade’ A debt security, treasury bill or similar instrument with a credit rating of AAA (Aaa) to BBB (Baa3) as
measured by external credit rating agencies.
‘Investor Compensation Scheme (ICS)’ The Investor Compensation Directive (Directive 97/9/EC) sets out the basis for clients
of investment firms (including banks that carry out investment services) to receive statutory compensation when an
authorised investment firm fails. In Ireland, the Investor Compensation Act 1998 (ICA) provides for the establishment of the
Investor Compensation Company DAC which administers the ICS.
‘IPO’ Initial Public Offering.
‘IRB Roadmap’ Contains several EBA technical standards and sets of guidelines developed with the intent to reduce
unwarranted variability across firms in IRB Risk-Weighted Assets for Credit Risk. The PRA required UK firms to implement
these changes from 1 January 2022.
‘ISDA Master Agreement’ The most commonly used master contract for OTC derivative transactions internationally. It is part
of a framework of documents, designed to enable OTC derivatives to be documented fully and flexibly. The framework
consists of a master agreement, a schedule, confirmations, definitions booklets, and a credit support annex. The ISDA Master
Agreement is published by the International Swaps and Derivatives Association (ISDA).
‘Large exposure’ A large exposure is defined as the total exposure of a bank to a counterparty or group of connected clients,
whether in the banking book or trading book or both, which in aggregate equals or exceeds 10% of the bank's eligible Tier 1
capital.
‘Legal risk', ‘Laws, Rules and Regulations Risk’ or 'LRR risk' The risk of loss or imposition of penalties, damages or fines from
the failure of the firm to meet applicable laws, rules and regulations or contractual requirements or to assert or defend its
intellectual property rights.
‘Lending’ In the context of IB analysis of total income, lending income includes NII, gains or losses on loan sale activity, and
risk management activity relating to the loan portfolio.
‘Letters of credit’ A letter typically used for the purposes of international trade guaranteeing that a debtor’s payment to a
creditor will be made on time and in full. In the event that the debtor is unable to make payment, the bank will be required to
cover the full or remaining amount of the purchase.
‘Level 1 assets’ HQLA under local rules implementing the Basel Committee’s LCR, including cash, central bank reserves and
higher quality government securities.
‘Level 2 assets’ HQLA under local rules implementing the Basel Committee’s LCR, comprising Level 2A assets, including, e.g.
lower quality government securities, covered bonds and corporate debt securities, and Level 2B assets, including, e.g. lower
rated corporate bonds, Residential Mortgage-Backed Securities and equities that meet certain conditions.
‘Lifetime expected credit losses’ An assessment of expected losses associated with default events that may occur during the
life of an exposure, reflecting the present value of cash shortfalls over the remaining expected life of the asset.
‘Lifetime Probability’ The likelihood of accounts entering default during the expected remaining life of the asset.
‘Liquidity Coverage Ratio (LCR)’ The ratio of the stock of HQLA to expected net cash outflows over the next 30 days.
‘Liquidity Pool’ The Barclays Group liquidity pool comprises cash at central banks and highly liquid collateral specifically held
by the Barclays Group as a contingency to enable the bank to meet cash outflows in the event of stressed market conditions.
‘Liquidity Risk’ The risk that the Barclays Group is unable to meet its contractual or contingent obligations, or that it does not
have the appropriate amount, tenor and composition of funding and liquidity to support its assets.
‘Liquidity risk appetite (LRA)’ The level of liquidity risk that the Barclays Group chooses to take in pursuit of its business
objectives and in meeting its regulatory obligations.
‘Liquidity Risk Management Framework (the Liquidity Framework)’ The Liquidity Risk Management Framework incorporates
liquidity policies, systems and controls that the Barclays Group has implemented to manage liquidity risk within tolerances
approved by the Board and regulatory agencies.
Barclays PLC | 71 | |
Glossary of terms |
‘Litigation and conduct charges’ or ‘Litigation and conduct’ Litigation and conduct charges include regulatory fines, litigation
settlements and conduct-related customer redress.
‘Loan loss rate (LLR)’ Quoted in basis points and represents total impairment charges divided by total gross loans and
advances held at amortised cost (including portfolios reclassified to assets held for sale) at the balance sheet date.
‘Loan to deposit ratio’ or ‘Loan: deposit ratio’ Total loans and advances at amortised costs divided by deposits at amortised
cost.
‘Loan to value (LTV) ratio’ Expresses the amount borrowed against an asset (i.e. a mortgage) as a percentage of the appraised
value of the asset. The ratios are used in determining the appropriate level of risk for the loan and are generally reported as an
average for new mortgages or an entire portfolio. Also see ‘Marked to market (MTM) LTV ratio’.
‘Long Term Incentive Plan (LTIP)’ The Barclays PLC Group Long Term Incentive Plan.
‘Loss Given Default (LGD)’ The percentage of Exposure at Default (EAD) that will not be recovered following default. LGD
comprises the actual loss (the part that is not expected to be recovered), together with the economic costs associated with
the recovery process.
‘Management VaR’ A measure of the potential loss of value arising from unfavourable market movements at a specific
confidence level, if current positions were to be held unchanged for a predefined period. IB uses Management VaR with a
two-year equally weighted historical period, at a 95% confidence level, with a one day holding period.
‘Mandatory break clause’ In the context of counterparty credit risk, a contract clause that means a trade will be ended on a
particular date.
‘Marked to market approach’ A counterparty credit risk exposure calculation approach which uses the current marked to
market value of derivative positions as well as a potential future exposure add-on to calculate an exposure to which a risk
weight can be applied. This is also known as the Current Exposure Method.
‘Marked to market (MTM) LTV ratio’ The loan amount as a percentage of the current value of the asset used to secure the
loan. Also see ‘Balance weighted Loan to Value (LTV) ratio’ and ‘Valuation weighted Loan to Value (LTV) ratio’.
‘Market risk’ The risk of loss arising from potential adverse changes in the value of the Barclays Group’s assets and liabilities
from fluctuations in market variables including, but not limited to, interest rates, foreign exchange, equity prices, commodity
prices, credit spreads, implied volatilities and asset correlations.
‘Master netting agreement’ An agreement that provides for a single net settlement of all financial instruments and collateral
covered by the agreement in the event of the counterparty’s default, bankruptcy or insolvency, resulting in a reduced
exposure.
‘Master trust securitisation programme’ A securitisation structure where a trust is set up for the purpose of acquiring a pool of
receivables. The trust issues multiple series of securities backed by these receivables.
‘Material Risk Takers (MRTs)’ Categories of staff whose professional activities have or are deemed to have a material impact
on Barclays’ risk profile, as determined in accordance with the European Banking Authority regulatory technical standard on
the identification of such staff.
‘Maximum Distributable Amount (MDA)’ The MDA is a factor representing the available distributable profit of an institution
whilst remaining in excess of its Combined Buffer Requirement (CBR). UK and EU regulations place restrictions on a bank’s
dividend, AT1 securities coupon and variable compensation decisions depending on its proximity to meeting the buffer.
‘Medium-Term Notes (MTNs)’ Corporate notes (or debt securities) continuously offered by a company to investors through a
broker dealer. MTN tenors range from under 1 year to 30 years. They can be issued with a fixed or floating interest rate or
with a more complex calculation of the interest rate; with a fixed maturity date (non-callable) or with embedded call or put
options or early repayment triggers. MTNs are most generally issued as senior, unsecured debt.
‘Methodology and policy’ In the context of the Capital Risk section of the Barclays PLC Annual Report (or equivalent section in
quarterly or half yearly results), the effect on RWAs of methodology changes driven by regulatory policy changes.
‘MiFID II’ Refers to either the Markets in Financial Instruments Directive 2014/65/EU and the Markets in Financial
Instruments Regulation 600/2014 (as amended), which together are European Union laws that provide harmonised
regulation for investment services across the member states of the European Economic Area, or these rules and regulations
as they form part of UK law pursuant to the European Union (Withdrawal) Act 2018 (as amended), as applicable.
‘Minimum requirement for own funds and eligible liabilities (MREL)’ A European Union-wide requirement under the Bank
Recovery and Resolution Directive for all European banks and investment banks to hold a minimum level of equity and/or
loss absorbing eligible liabilities to ensure the operation of the bail-in tool to absorb losses and recapitalise an institution in
resolution, or an equivalent requirement under applicable UK bank recovery and resolution legislation, including as
implemented through the Bank of England’s Statement of Policy on MREL. An institution’s MREL requirement is set by its
resolution authority.
Barclays PLC | 72 | |
Glossary of terms |
‘Model risk’ The risk of the potential adverse consequences from financial assessments or decisions based on incorrect or
misused model outputs and reports.
‘Model updates’ In the context of the Capital Risk section of the Barclays PLC Annual Report (or equivalent section in quarterly
or half yearly results), changes in RWAs caused by model implementation, changes in model scope or any changes required
to address model malfunctions.
‘Model validation’ Process through which models are independently challenged, tested and verified to prove that they have
been built, implemented and used correctly, and that they continue to be fit-for-purpose.
‘Modelled VaR’ In the context of RWAs, market risk calculated using Value at Risk (VaR) models laid down by the CRR and
supervised by the PRA or ECB, as applicable
‘Money market funds’ Investment funds typically invested in short-term debt securities such as CP.
‘Monoline derivatives’ Derivatives with a monoline insurer such as credit default swaps referencing the underlying exposures
held.
‘Moody’s’ A credit rating agency, including Moody’s Investors Service, Inc. and its affiliated entities.
‘Mortgage Servicing Rights (MSR)’ A contractual agreement in which the right to service an existing mortgage is sold by the
original lender to another party that specialises in the various functions involved with servicing mortgages.
‘Multilateral development banks’ Financial institutions created for the purposes of development, where membership
transcends national boundaries.
‘Net asset value per share’ Calculated by dividing shareholders’ equity, excluding non-controlling interests and other equity
instruments, by the number of issued ordinary shares.
‘Net Interest Income (NII)’ The difference between interest income on assets and interest expense on liabilities.
‘Net Interest Margin (NIM)’ Annualised NII divided by the sum of average customer assets.
‘Net investment income’ Comprises fair value gains and losses on banking book financial instruments measured at fair value
through profit or loss, dividend income, and gains or losses recognised on the disposal of FVOCI assets and amortised cost
financial assets/liabilities.
‘Net new assets under management’ The net inflows and outflows of client balances within discretionary portfolio
management and advisory mandates. Excludes market performance and foreign exchange translation but includes
reinvested dividend payments.
‘Net Stable Funding Ratio (NSFR)’ The ratio of available stable funding to required stable funding over a one-year time horizon,
assuming a stressed scenario. The ratio is required to be over 100%. Available stable funding would include items such as
equity capital, preferred stock with a maturity of over one year, or liabilities with a maturity of over one year. The required
amount of stable funding is calculated as the sum of the value of the assets held and funded by the institution, multiplied by a
specific required stable funding factor assigned to each particular asset type, added to the amount of potential liquidity
exposure multiplied by its associated required stable funding factor.
‘Net trading income’ Gains and losses arising from trading positions which are held at fair value, in respect of both market-
making and customer business, together with interest, dividends and funding costs relating to trading activities.
‘Net write-off rate’ Expressed as a percentage and represents balances written off in the reporting period less any post write-
off recoveries divided by gross loans and advances held at amortised cost at the balance sheet date.
‘Net written credit protection’ In the context of leverage exposure, the net notional value of credit derivatives protection sold
and credit derivatives protection bought.
‘New bookings’ The total of the original balance on accounts opened in the reporting period, including any applicable fees
and charges included in the loan amount.
‘Non-asset backed debt instruments’ Debt instruments not backed by collateral, including government bonds, US agency
bonds, corporate bonds, commercial paper, certificates of deposit, convertible bonds, and issued notes.
‘Non-Traded Market Risk’ The risk that the current or future exposure in the banking book (i.e. non-traded book) will impact
the bank's capital and/or earnings due to adverse movements in Interest or foreign exchange rates.
‘Non-Traded VaR’ Reflects the volatility in the value of the fair value through other comprehensive income (FVOCI)
investments in the liquidity pool which flow directly through capital via the FVOCI reserve. The underlying methodology to
calculate non-traded VaR is similar to Traded Management VaR, but the two measures are not directly comparable. The Non-
Traded VaR represents the volatility to capital driven by the FVOCI exposures. These exposures are in the banking book and
do not meet the criteria for trading book treatment.
‘Notch’ A single unit of measurement in a credit rating scale.
Barclays PLC | 73 | |
Glossary of terms |
‘Notional amount’ The nominal or face amount of a financial instrument, such as a loan or a derivative, that is used to
calculate payments made on that instrument.
‘Open Banking’ The Payment Services Directive (PSD2), as amended and transposed in any relevant EU member state from
time to time, together with any related regulations and technical standards, and the Open API standards and data sharing
remedy imposed by the UK Competition and Markets Authority following its Retail Banking Market Investigation Order.
‘Operating leverage’ Operating expenses compared to total income less credit impairment charges and other provisions.
‘Operational risk’ The risk of loss to the Barclays Group from inadequate or failed processes or systems, human factors or due
to external events (e.g. fraud) where the root cause is not due to credit or market risks.
‘Operating expenses excluding litigation and conduct’ A measure of total operating expenses excluding litigation and conduct
charges.
‘Operating costs’ A measure of total operating expenses excluding litigation and conduct charges and UK regulatory levies.
‘Operational Riskdata eXchange Association (ORX)’ A not-for-profit industry association dedicated to advancing the
measurement and management of operational risk in the global financial services industry. Barclays is a member of ORX.
‘Origination led’ Focus on high-margin, low-capital fee-based activities and related hedging opportunities.
‘O-SII Buffer’ CET1 capital required to be held under the UK and EU regimes to ensure that Other Systemically Important
Institutions (O-SIIs) build up surplus capital to compensate for the systemic risk that such institutions represent to the
financial system.
‘Other systemically important institutions (O-SII)’ Other systemically important institutions are institutions that are deemed to
create risk to financial stability due to their systemic importance.
‘Over-issuance of Securities’ Over-issuance of securities under Barclays Bank PLC’s US shelf registration statements on Form
F-3 filed with the US Securities and Exchange Commission in 2018 and 2019.
‘Over-the-counter (OTC) derivatives’ Derivative contracts that are traded (and privately negotiated) directly between two
parties. They offer flexibility because, unlike standardised exchange-traded products, they can be tailored to fit specific needs.
‘Overall capital requirement’ The overall capital requirement is the sum of capital required to meet the total of a Pillar 1
requirement, a Pillar 2A requirement, a Global Systemically Important Institution (G-SII) buffer, a Capital Conservation Buffer
(CCB) and a Countercyclical Capital Buffer (CCyB).
‘Own credit’ The effect of changes in the Barclays Group’s own credit standing on the fair value of financial liabilities.
‘Own funds’ The sum of Tier 1 and Tier 2 capital.
‘Own funds and eligible liabilities ratio’ A risk-based ratio representing the own funds and eligible liabilities of the institution
expressed as a percentage of total RWAs.
‘Owner occupied mortgage’ A mortgage where the intention of the customer at origination was to occupy the property.
'Partner profit share' Payments made to partners based on the financial performance of the credit card portfolios.
‘Past due items’ Refers to loans where the borrower has failed to make a payment when due under the terms of the loan
contract.
‘Payment Protection Insurance (PPI) redress’ Provision for the settlement of PPI mis-selling claims and related claims
management costs.
‘Pension Risk’ The risk of the Barclays Group’s earnings and capital being adversely impacted by the Barclays Group’s defined
benefit obligations increasing or the value of the assets backing these defined benefit obligations decreasing due to changes
in both the level and volatility of prices.
‘Performance costs’ The accounting charge recognised in the period for performance awards. For deferred incentives and
long-term incentives, the accounting charge is spread over the relevant periods in which the employee delivers service.
‘Period end allocated tangible equity’ Allocated tangible equity is calculated as 13.5% (2025: 13.5%) of RWAs for each
business, adjusted for capital deductions, excluding goodwill and intangible assets, reflecting assumptions the Barclays Group
uses for capital planning purposes. Head Office allocated tangible equity represents the difference between the Barclays
Group’s tangible shareholders’ equity and the amounts allocated to businesses.
‘Period end tangible shareholder’s equity (for Barclays Group)’ Shareholders' equity attributable to ordinary shareholders of
the parent, adjusted for the deduction of intangible assets and goodwill.
‘Period end tangible shareholder’s equity (for businesses)’ Allocated tangible equity is calculated as 13.5% (2025: 13.5%) of
RWAs for each business, adjusted for capital deductions, excluding goodwill and intangible assets, reflecting the assumptions
the Barclays Group uses for capital planning purposes. Head Office allocated tangible equity represents the difference
between the Barclays Group’s tangible shareholders’ equity and the amounts allocated to businesses.
Barclays PLC | 74 | |
Glossary of terms |
‘Personal Banking’ One of three segments within Barclays UK. The business within the UK that offers retail solutions to help
customers with their day-to-day banking needs.
‘Pillar 1 requirements’ The minimum regulatory capital requirements under CRR, covering credit (including counterparty
credit) risk, market risk, operational risk, settlement risk and CVA.
‘Pillar 2A requirements’ The additional regulatory capital requirement to meet risks not captured under Pillar 1 requirements.
These requirements are the outcome of the ICAAP and the complementary supervisory review and evaluation carried out by
the relevant regulator.
‘Pillar Two’ The UK implemented Pillar Two legislation in the Finance (No.2) Act 2023 to introduce the OECD’s global
minimum tax rules for accounting periods beginning on or after 31 December 2023. The EU Minimum Tax Directive (Pillar
Two) (Council Directive (EU) 2022/2523) entered into force on 23 December 2022 and requires all member states to apply a
Qualifying Domestic Minimum Top-up Tax (QDMTT) to in scope multi-national groups within the EU.
‘Post-Model Adjustment (PMA)’ In the context of Basel models, a PMA is a short-term increase in regulatory capital applied at
portfolio level to account for model input data deficiencies, inadequate model performance or changes to regulatory
definitions (e.g. definition of default) to ensure the model output is accurate, complete and appropriate.
‘Potential Future Exposure (PFE) on derivatives’ A regulatory calculation in respect of the Barclays Group’s potential future
credit exposure on both exchange traded and OTC derivatives, calculated by assigning a standardised percentage (based on
the underlying risk category and residual trade maturity) to the gross notional value of each contract.
‘PRA waivers’ PRA approvals which modify or waive existing rules. Waivers are specific to an organisation and require
applications being submitted to and approved by the PRA.
‘Primary securitisations’ The issuance of securities (bonds and commercial papers) for fund-raising.
‘Primary Stress Tests’ In the context of Traded Market Risk and Stress Testing, Primary Stress Tests apply stress moves to key
liquidity risk factors for each of the major trading asset classes.
‘Prime Services’ Involves financing of fixed income and equity positions using Repo and stock lending facilities. The Prime
Services business also provides brokerage facilitation services for hedge fund clients offering execution and clearance
facilities for a variety of asset classes.
‘Principal’ In the context of a debt liability, the total amount borrowed, or the part of the amount borrowed which remains
unpaid (excluding interest).
‘Principal Risks’ The principal risks affecting the Barclays Group, as described in the Risk Review section of the Barclays PLC
Annual Report.
‘Private equity investments’ Investments in equity securities in operating companies not quoted on a public exchange.
Investment in private equity often involves the investment of capital in private companies or the acquisition of a public
company that results in the delisting of public equity. Capital for private equity investment is raised by retail or institutional
investors and used to fund investment strategies such as leveraged buyouts, venture capital, growth capital, distressed
investments and mezzanine capital.
‘Probability of Default (PD)’ The likelihood that a loan will not be repaid and will fall into default. PD may be calculated for
each client who has a loan (normally applicable to wholesale customers/clients) or for a portfolio of clients with similar
attributes (normally applicable to retail customers). To calculate PD, Barclays assesses the credit quality of borrowers and
other counterparties and assigns them an internal risk rating. Multiple rating methodologies may be used to inform the rating
decision on individual large credits, such as internal and external models, rating agency ratings, and for wholesale assets,
market information such as credit spreads. For smaller credits, a single source may suffice such as the result from an internal
rating model.
‘Product structural hedge’ An interest rate hedge put in place to reduce earnings volatility on product balances with instant
access (such as non-interest bearing current accounts and managed rate deposits) and to smoothen the income over a
medium/long term.
‘Profit before impairment’ Calculated by excluding credit impairment charges or releases from profit before tax.
‘Properties in Possession held as ‘Loans and Advances to Customers’’ Properties in the UK and Italy where the customer
continues to retain legal title but where the bank has enforced the possession order as part of the foreclosure process to
allow for the disposal of the asset or the court has ordered the auction of the property.
‘Properties in Possession held as ‘Other Real Estate Owned’’ Properties in South Africa where the bank has taken legal
ownership of the title as a result of purchase at an auction or similar and treated as ‘Other Real Estate Owned’ within other
assets on the bank’s balance sheet.
‘Proprietary trading’ When a bank, brokerage or other financial institution trades on its own account, at its own risk, rather
than on behalf of customers, so as to make a profit for itself.
Barclays PLC | 75 | |
Glossary of terms |
‘Prudential Regulation Authority (PRA)’ The PRA is part of the BoE and regulates and supervises banks, building societies,
insurers and a small number of significant investment banks in the UK.
‘Prudential Valuation Adjustment (PVA)’ A calculation which adjusts the accounting values of positions held on the balance
sheet at fair value to comply with regulatory valuation standards, which place greater emphasis on the inherent uncertainty
around the value at which a trading book position could be exited.
‘Public benchmark’ Unsecured medium-term notes issued in public syndicated transactions.
‘Qualifying central bank claims’ An amount calculated in line with the PRA rules allowing banks to exclude claims on the
central bank from the calculation of the leverage exposure measure, as long as these amounts are matched by liabilities
denominated in the same currency and of identical or longer maturity.
‘Qualifying Revolving Retail Exposure (QRRE)’ In the context of the IRB approach to credit risk RWA calculations, an exposure
meeting the criteria set out in Article 154(4) of UK CRR and Article 147(5) (a) of EU CRR (as applicable). It includes most
types of credit card exposure.
‘Rates’ In the context of IB income analysis, trading revenue relating to government bonds and interest rate derivatives.
‘Re-aging’ The returning of a delinquent account to up-to-date status without collecting the full arrears (principal, interest
and fees).
‘Real Estate Mortgage Investment Conduits (REMICs)’ An entity that holds a fixed pool of mortgages and that is separated into
multiple classes of interests for issuance to investors.
‘Recovery book’ Represents the total amount of exposure which has been transferred to recovery units who set and
implement strategies to recover the Barclays Group’s exposure.
‘Recovery book Impairment Coverage Ratio’ Impairment allowance held against recoveries balances expressed as a
percentage of balance in recoveries.
‘Recovery book proportion of outstanding balances’ Represents the amount of recoveries (gross month-end customer
balances of all accounts that have charged-off) as at the period end compared to total outstanding balances. The size of the
recovery book would ultimately have an impact on the overall impairment requirement on the portfolio. Balances in recovery
will decrease if assets are written-off, amounts are collected, or assets are sold to a third party (i.e. debt sale).
‘Regulatory capital’ The amount of capital that a bank holds to satisfy regulatory requirements.
‘Renegotiated loans’ Loans are generally renegotiated either as part of an ongoing customer relationship or in response to an
adverse change in the circumstances of the borrower. In the latter case, renegotiation can result in an extension of the due
date of payment or repayment plans under which the Barclays Group offers a concessionary rate of interest to genuinely
distressed borrowers. This will result in the asset continuing to be overdue, and individually impaired if the renegotiated
payments of interest and principal will not recover the original carrying amount of the asset. In other cases, renegotiation will
lead to a new agreement, which is treated as a new loan.
‘Repurchase agreement (Repo)’ or ‘Reverse repurchase agreement (Reverse repo)’ Arrangements that allow counterparties to
use financial securities as collateral for an interest bearing cash loan. The borrower agrees to sell a security to the lender
subject to a commitment to repurchase the asset at a specified price on a given date. For the party selling the security (and
agreeing to repurchase it in the future), it is a repurchase agreement or repo; for the counterparty to the transaction (buying
the security and agreeing to sell in the future), it is a reverse repurchase agreement or reverse repo.
‘Reputation risk’ The risk that an action, transaction, investment or event will reduce trust in the Barclays Group’s integrity
and competence by clients, counterparties, investors, regulators, employees or the public.
‘Residential Mortgage-Backed Securities (RMBS)’ Securities that represent interests in a group of residential mortgages.
Investors in these securities have the right to cash received from future mortgage payments (interest and/or principal).
‘Residual maturity’ The remaining contractual term of a credit obligation associated with a credit exposure.
‘Restructured loans’ Comprises loans where, for economic or legal reasons related to the debtor’s financial difficulties, a
concession has been granted to the debtor that would not otherwise be considered. Where the concession results in the
expected cash flows discounted at the original effective interest rate being less than the loan’s carrying value, an impairment
allowance will be raised.
‘Retail Loans’ Loans to individuals or small and medium sized enterprises rather than to financial institutions and larger
businesses. It includes both secured and unsecured loans such as mortgages and credit card balances, as well as loans to
certain smaller business customers, typically with exposures up to £3 million or with an annual turnover of up to £5 million.
‘Return on average Risk Weighted Assets (RoRWA)’ Statutory profit after tax as a proportion of average RWAs.
‘Return on average tangible shareholders’ equity (RoTE)’ (for Barclays Group) Annualised Group attributable profit, as a
proportion of average shareholders’ tangible equity.
Barclays PLC | 76 | |
Glossary of terms |
‘Return on average tangible shareholders’ equity (RoTE)’ (for businesses) Annualised business attributable profit, as a
proportion of that business's average allocated tangible equity.
‘Risk appetite’ The level of risk that Barclays is prepared to accept whilst pursuing its business strategy, recognising a range of
possible outcomes as business plans are implemented.
‘Risks not in VaR (RNIVs)’ Refers to all the key market risks which are not captured or not well captured within the VaR model
framework.
‘Risk weighted assets (RWAs) / Risk weighted exposure amounts (RWEAs)’ A measure of a bank’s assets adjusted for their
associated risks. Risk weightings are established in accordance with the Basel framework as implemented in local law.
‘RWA Flow / movements in RWAs’
Book size/Asset size
Credit risk and counterparty risk (including CVA)
This represents RWA movements driven by changes in the size and composition of underlying positions, measured
using EAD values for existing portfolios over the period. This includes, but is not exclusive to:
•new business and maturing loans
•changes in product mix and exposure growth for existing portfolios
•book size reductions owing to risk mitigation and write-offs.
Market risk
This represents RWA movements owing to the changes in risk level i.e. trading positions and volumes driven by
business activity.
Book quality/Asset quality
Credit risk and counterparty risk (including CVA)
This represents RWA movements driven by changes in the underlying credit quality and recoverability of portfolios
and reflected through model calibrations or realignments where applicable. This includes, but is not exclusive to:
•PD migration and LGD changes driven by economic conditions
•ratings migration for standardised exposures
Market risk
This is the movement in RWAs owing to changing risk levels in the trading book caused by fluctuations in market
conditions.
Model updates
Credit risk and counterparty risk (including CVA)
This is the movement in RWAs as a result of both internal and external model updates. This includes, but is not
exclusive to:
•updates to existing model inputs driven by both internal and external review
•model enhancements to improve models performance
Market risk
This is the movement in RWAs reflecting change in model scope, changes to market data levels, volatilities,
correlations, liquidity and ratings used as input for the internal modelled RWA calculations.
Methodology and policy
Credit risk and counterparty risk (including CVA)
This is the movement in RWAs as a result of both internal and external methodology, policy and regulatory changes.
This includes, but is not exclusive to:
•updates to RWA calculation methodology, communicated by the regulator
•the implementation of credit risk mitigation to a wider scope of portfolios
Market risk
This is the movement in RWAs as a result of both internal and external methodology, policy and regulatory changes
for market risk.
Acquisitions and disposals
This is the movement in RWAs as a result of the disposal or acquisition of business operations impacting the size of
banking and trading portfolios.
Foreign exchange movements
This is the movement in RWAs as a result of changes in the exchange rate between the functional currency of the
Barclays business area or portfolio and our presentational currency for consolidated reporting. It should be noted
that foreign exchange movements shown in RWA flow or movements in RWAs tables do not include the impact of
foreign exchange for the counterparty credit risk or market risk RWAs.
Barclays PLC | 77 | |
Glossary of terms |
Other
This is the movement in RWAs driven by items that cannot be reasonably assigned to the other driver categories. In
relation to market risk RWAs, this includes changes in measurement that are not driven by methodology, policy or
model updates.
‘Sarbanes-Oxley requirements’ The Sarbanes-Oxley Act 2002 (SOX), which was introduced by the government of the United
States to safeguard against corporate governance scandals.
‘Secondary Stress Tests’ Secondary Stress Tests are used in measuring potential losses arising from illiquid market risks that
cannot be hedged or reduced within the time period covered in Primary Stress Tests.
‘Second Lien’ Debt that is issued against the same collateral as higher lien debt but that is subordinate to such higher lien
debt. In the case of default, compensation for this debt will only be received after the first lien has been repaid and thus
represents a riskier investment than the first lien.
‘Secured Overnight Financing Rate (SOFR)’ A broad measure of the cost of borrowing cash overnight collateralised by US
Treasury securities in the Repo market.
‘Securities Financing Transactions (SFT)’ In the context of RWAs, any of the following transactions: a repurchase transaction,
a securities or commodities lending or borrowing transaction, or a margin lending transaction whereby cash collateral is
received or paid in respect of the transfer of a related asset.
‘Securities Financing Transactions adjustments’ In the context of a bank's leverage ratio, a regulatory add-on calculated as
exposure less collateral, taking into account master netting agreements.
‘Securities lending arrangements’ Arrangements whereby securities are legally transferred to a third party subject to an
agreement to return them at a future date. The counterparty generally provides collateral against non-performance in the
form of cash or other assets.
‘Securitisation’ Typically, a process by which debt instruments, such as mortgage loans or credit card balances, are
aggregated into a pool, which is used to back new securities. A company sells these pools of assets to a special purpose
entity (SPE) which then issues securities backed by the assets. This allows the credit quality of the assets to be separated
from the credit rating of the original borrower.
‘Set-off clauses’ In the context of counterparty credit risk, contract clauses that allow Barclays to set off amounts owed to us
by a counterparty against amounts owed by us to the counterparty.
‘Settlement balances’ Receivables or payables recorded between the date (the trade date) a financial instrument (such as a
bond) is sold, purchased or otherwise closed out, and the date the asset is delivered by or to the entity (the settlement date)
and cash is received or paid.
‘Settlement Netting’ Netting approach used in the calculation of the leverage exposure measure whereby firms may calculate
their exposure value of regular way purchases and sales awaiting settlement.
‘Settlement risk’ The risk that settlement in a transfer system will not take place as expected, usually owing to a party
defaulting on one or more settlement obligations.
‘Significant Increase in Credit Risk (SICR)’ Barclays assesses when a significant increase in credit risk has occurred based on
quantitative and qualitative assessments.
‘Single Resolution Board (SRB)’ The Single Resolution Board is the central resolution authority within the European Banking
Union, established to ensure an orderly resolution of failing banks with minimal impact on the economy and public finances.
It was created in 2015 as part of the broader banking union reforms and acts as the bank resolution authority for a subset of
banks in the euro area. The SRB's mission is to avoid future bailouts by placing the burden of resolution on the banks
themselves.
‘Single Resolution Fund (SRF)’ is an emergency fund that may be used as part of the SRM. Institutions that come within the
scope of the SRMR are required to make ex-ante contributions to the SRF calculated by the SRB (in accordance with the
SRMR) on an annual basis
‘Single Resolution Mechanism Regulation (SRMR)’ The Single Resolution Mechanism Regulation (Regulation 806/2014)
established the single resolution mechanism (SRM), which is comprised of the Single Resolution Board (SRB) and the
National Resolution Authorities of participating countries. The purpose of the SRMR is to ensure an orderly resolution of
failing banks with minimal costs for taxpayers and to the real economy.
‘Single Supervisory Mechanism (SSM)’ The Single Supervisory Mechanism is a framework for the prudential supervision of
credit institutions located in EU member states participating in European Banking Union, primarily overseen by the European
Central Bank (ECB) and also comprising the national competent authorities of the participating member states. It aims to
ensure the safety and stability of the European banking system by coordinating the supervision of significant institutions
across member states.
‘Slotting’ Slotting is internal Barclays terminology for what is known as “Specialised Lending” in the IRB approach. A standard
set of rules is required to be used in credit risk RWA calculations, based upon an assessment of factors such as the financial
Barclays PLC | 78 | |
Glossary of terms |
strength of the counterparty. The requirements for the application of the Specialised Lending approach are detailed in Article
153(5) of CRR.
‘Small and Medium-Sized Enterprises (SME)’ An enterprise which employs fewer than 250 persons and which has an annual
turnover which does not exceed EUR 50 million, and / or an annual balance sheet total not exceeding EUR 43 million. Within
the SME category, a small enterprise is defined as an enterprise which employs fewer than 50 persons and whose annual
turnover and/or annual balance sheet total does not exceed EUR 10 million. This is defined in accordance with Commission
Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium sized enterprises.
‘Sovereign exposure(s)’ Exposures to central governments, including holdings in government bonds and local government
bonds.
‘Special purpose entity’ A legally separate vehicle established to carry out a specific financial or operational objective, such as
isolating risk or facilitating securitisation. It is typically structured to be bankruptcy-remote, ensuring its obligations remain
independent of the financial position of the sponsoring organisation. SPEs may be subsidiaries or orphan entities, depending
on the intended legal and accounting treatment.
‘Specific market risk’ A risk that is due to the individual nature of an asset and can potentially be diversified or the risk of a
price change in an investment due to factors related to the issuer or, in the case of a derivative, the issuer of the underlying
investment.
‘Spread risk’ Measures the impact of changes to the swap spread, i.e. the difference between swap rates and government
bond yields.
‘Stage 1’ This represents financial instruments where the credit risk of the financial instrument has not increased significantly
since initial recognition. Stage 1 financial instruments are required to recognise a 12-month expected credit loss allowance.
‘Stage 2’ This represents financial instruments where the credit risk of the financial instrument has increased significantly
since initial recognition. Stage 2 financial instruments are required to recognise a lifetime expected credit loss allowance.
‘Stage 3’ This represents financial instruments where the financial instrument is considered impaired. Stage 3 financial
instruments are required to recognise a lifetime expected credit loss allowance.
‘Standard & Poor’s’ A credit rating agency, including S&P Global Inc. and its affiliated entities.
‘Standardised Approach’ / ‘STD’ A method of calculating RWAs that relies on a mandatory framework set by the regulator to
derive risk weights based on counterparty type and credit rating.
‘Standardised Approach (SEC-SA)’ This is a method to calculate risk-weighted exposure amounts for securitisation positions.
Under this method, an institution must be able to calculate regulatory capital requirements per standardised approach for
underlying exposures in the securitisation as if these had not been securitised (‘KSA’), subject to certain other inputs and
criteria.
‘Standby facilities, credit lines and other commitments’ Agreements to lend to a customer in the future, subject to certain
conditions. Such commitments are either made for a fixed period, or have no specific maturity but are cancellable by the
lender subject to notice requirements.
‘Statutory’ Line items of income, expense, profit or loss, assets, liabilities or equity stated in accordance with the requirements
of the UK Companies Act 2006 and the requirements of IFRS.
‘Statutory return on average shareholders’ equity’ Statutory profit after tax attributable to ordinary shareholders as a
proportion of average shareholders’ equity.
‘Sterling Over Night Index Average (SONIA)’ A risk free interest rate that reflects banks’ and building societies’ wholesale
overnight funding rates in the sterling unsecured market administered and calculated by the BoE.
‘Stress Testing’ A process which involves identifying possible future adverse events or changes in economic conditions that
could have unfavourable effects on the Barclays Group (either financial or non-financial), assessing the Barclays Group’s
ability to withstand such changes, and identifying management actions to mitigate the impact.
‘Stressed Value at Risk (SVaR)’ An estimate of the potential loss arising from a 12-month period of significant financial stress
calibrated to a specific confidence level over a specific holding period.
‘Structural cost actions (SCA)’ Cost actions taken to improve future financial performance.
‘Structural FX’ Foreign currency positions taken to hedge against the adverse effect of exchange rates on capital ratios. Under
Article 352(2) of UK CRR the PRA may permit banks to exclude such Structural FX positions from the calculation of its market
risk RWAs. On 15 December 2021 the PRA issued Barclays this permission, taking effect from 31 December 2021. Any FX
positions that are in excess of what is required to hedge the adverse effects of exchange rates on the bank’s capital ratio are
not in scope of this exemption and will therefore be captured under the standardised market risk approach.
‘Structural hedge’ or ‘hedging’ An interest rate hedge in place to reduce earnings volatility and to smooth the income over a
medium/long term on positions that exist within the balance sheet and do not re-price in line with market rates. See also
‘Equity structural hedge’ and ‘Product structural hedge’.
Barclays PLC | 79 | |
Glossary of terms |
‘Structural model of default’ A model based on the assumption that an obligor will default when its assets are insufficient to
cover its liabilities.
‘Structured credit’ Includes the legacy structured credit portfolio primarily comprising derivative exposures and financing
exposures to structured credit vehicles.
‘Structured entity’ An entity in which voting or similar rights are not the dominant factor in deciding control. Structured
entities are generally created to achieve a narrow and well defined objective with restrictions around their ongoing activities.
‘Structured finance or structured notes’ A structured note is an investment tool that pays a return linked to the value or level
of a specified asset or index and sometimes offers capital protection if the value declines. Structured notes can be linked to
equities, interest rates, funds, commodities and foreign currency.
‘Sub-prime’ Sub-prime is defined as loans to borrowers typically having weakened credit histories that include payment
delinquencies and potentially more severe problems such as court judgments and bankruptcies. They may also display
reduced repayment capacity as measured by credit scores, high debt-to-income ratios, or other criteria indicating heightened
risk of default.
‘Subordinated liabilities’ Liabilities which, in the event of insolvency or liquidation of the issuer, are subordinated to the claims
of depositors and other creditors of the issuer.
‘Supranational bonds’ Bonds issued by an international organisation, where membership transcends national boundaries (e.g.
the European Union or World Trade Organisation).
‘Synthetic Securitisation Transactions’ Securitisation transactions effected through the use of derivatives.
‘Tangible Net Asset Value (TNAV)’ Shareholders’ equity excluding non-controlling interests adjusted for the deduction of
intangible assets and goodwill.
‘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.
‘Tangible shareholders’ equity’ Shareholders’ equity excluding non-controlling interests and other equity instruments adjusted
for the deduction of intangible assets and goodwill.
‘Term premium’ Additional interest required by investors to hold assets with a longer period to maturity.
‘Tesco Bank’ The retail banking business acquired from Tesco Personal Finance plc on 1 November 2024, which includes
credit cards, unsecured personal loans, savings and operating infrastructure.
‘The Standardised Approach (TSA)’ An approach used to quantify required capital for operational risk. Under TSA, banks are
required to hold regulatory capital for operational risk equal to the annual average, calculated over a rolling three-year period,
of the relevant income indicator (across all business lines), multiplied by a supervisory defined percentage factor by business
lines.
‘The three lines of defence’ The three lines of defence operating model enables Barclays to separate risk management
activities between those client facing areas of the Barclays Group and associated support functions responsible for identifying
risk, operating within applicable limits and escalating risk events (first line); colleagues in Risk and Compliance who establish
the limits, rules and constraints under which the first line operates and monitor their performance against those limits and
constraints (second line); and, colleagues in Internal Audit who provide assurance to the Board and Executive Management
over the effectiveness of governance, risk management and control over risks (third line). The Legal function does not sit in
any of the three lines, but supports them all. The Legal function is, however, subject to oversight from Risk and Compliance
with respect to its own Operational and Compliance Risks, as well as with respect to the Legal Risk to which Barclays is
exposed.
‘Third country’ As defined in UK CRR, a country or territory outside the United Kingdom, or under EU CRR, a country that is
not an EU member state.
‘Third Party Service Providers (TPSP)’ Third Party Service Provider means any entity that has entered an arrangement with
Barclays in order to provide business functions, activities, goods and/or services to Barclays.
‘Through-the-cycle’ A long-run average through a full economic cycle.
‘Tier 1 capital’ The sum of the CET1 capital and AT1 capital.
‘Tier 1 capital ratio’ The ratio which expresses Tier 1 capital as a percentage of RWAs under CRR.
‘Tier 2 (T2) capital’ A type of capital as defined in CRR principally composed of capital instruments, subordinated loans and
share premium accounts where qualifying conditions have been met.
‘Tier 2 (T2) securities’ Securities that are treated as Tier 2 (T2) capital.
‘Total balances on forbearance programmes coverage ratio’ Impairment allowance held against forbearance balances
expressed as a percentage of balance in forbearance.
Barclays PLC | 80 | |
Glossary of terms |
‘Total capital ratio’ Total regulatory capital as a percentage of RWAs.
‘Total Loss Absorbing Capacity (TLAC)’ A standard published by the FSB which is applicable to G-SIBs and requires a G-SIB to
hold a prescribed minimum level of instruments and liabilities that should be readily available for bail-in within resolution to
absorb losses and recapitalise the institution. See also ‘Minimum requirement for own funds and eligible liabilities (MREL)’.
‘Total outstanding balance’ In retail banking, total outstanding balance is defined as the gross month-end customer balances
on all accounts, including accounts charged off to recoveries.
‘Total return swap’ An instrument whereby the seller of protection receives the full return of the asset, including both the
income and change in the capital value of the asset. The buyer of the protection in return receives a predetermined amount.
‘Traded Market Risk’ The risk of a reduction to earnings or capital due to volatility of trading book positions.
‘Trading book’ All positions in financial instruments and commodities held by an institution either with trading intent, or in
order to hedge positions held with trading intent.
‘Traditional Securitisation Transactions’ Securitisation transactions in which an underlying pool of assets generates cash flows
to service payments to investors.
‘Transitional’ When a measure is presented or described as being on a transitional basis, it is calculated in accordance with
the transitional provisions set out in CRR.
‘Treasury and Capital Risk’ This comprises of Liquidity Risk, Capital Risk and Interest Rate Risk in the banking book.
‘Twelve month expected credit losses’ The portion of the lifetime ECL arising if default occurs within 12 months of the
reporting date (or shorter period if the expected life is less than 12 months), weighted by the probability of said default
occurring.
‘Twelve month PD’ The likelihood of accounts entering default within 12 months of the reporting date.
‘Unencumbered’ Assets not used to secure liabilities or otherwise pledged.
‘United Kingdom (UK)’ Geographic segment where Barclays operates comprising the UK.
‘UK bank levy’ A levy that applies to UK banks, building societies and the UK operations of foreign banks. The levy is payable
based on a portion of the UK chargeable equity and liabilities of the bank on its balance sheet date.
‘UK Cards’ Suite of credit cards offered to individual consumers located in the UK to suit their borrowing needs e.g. purchase
spend, balance transfer, or rewards. This includes the Tesco Bank cards.
‘UK EMIR’ EMIR, as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018 (as amended).
‘UK Personal Loans’ Individual unsecured personal loans predominantly recruited from the Group’s current account base in
the UK. This includes the Tesco Bank loans portfolio.
‘UK CRR’ Regulation (EU) No 575/2013, as amended, as it forms part of UK law by virtue of the European Union (Withdrawal)
Act 2018, as amended. UK CRR prescribes prudential requirements, including minimum capital requirements, for UK banks
and certain other entities.
‘UK leverage exposure’ Calculated as per the PRA Rulebook, where the exposure calculation also includes the FPC’s
recommendation to allow banks to exclude claims on the central bank from the calculation of the leverage exposure
measure, as long as these are matched by liabilities denominated in the same currency and of identical or longer maturity.
‘UK leverage ratio’ As per the PRA Rulebook, means a bank’s Tier 1 capital divided by its total exposure measure, with this
ratio expressed as a percentage.
‘UK regulatory levies’ Comprises the BoE levy scheme and the UK bank levy.
‘Unfunded credit protection’ A technique of credit risk mitigation where the reduction of the credit risk on the exposure of an
institution derives from the obligation of a third party to pay an amount in the event of the default of the borrower or the
occurrence of other specified credit events.
‘US Partner Portfolio’ Barclays co-branded credit card programmes with companies across various sectors including but not
limited to travel, entertainment and retail.
‘US Residential Mortgage-Backed Securities’ Securities that represent interests in a group of US residential mortgages.
‘Valuation weighted Loan to Value (LTV) ratio’ In the context of credit risk disclosures on secured home loans, a means of
calculating marked to market LTVs derived by comparing total outstanding balance and the value of total collateral we hold
against these balances. Valuation weighted Loan to Value ratio is calculated using the following formula: LTV = total
outstandings in portfolio/total property values of total outstandings in portfolio.
‘Value at Risk (VaR)’ A measure of the potential loss of value arising from unfavourable market movements at a specific
confidence level and within a specific timeframe.
Barclays PLC | 81 | |
Glossary of terms |
‘Weighted off balance sheet commitments’ Regulatory add-ons to the leverage exposure measure based on credit conversion
factors used in the Standardised Approach to credit risk.
‘Wholesale loans’ or ‘wholesale lending’ Lending to larger businesses, financial institutions and sovereign entities.
‘WM&I’ The Wealth Management & Investments business, which was transferred from Barclays UK to PBWM on 1 May 2023.
‘Working Group on Sterling Risk-Free Reference Rates (RFRWG)’ A group mandated with catalysing a broad-based transition
to using SONIA as the primary sterling interest rate benchmark in bond, loan and derivatives markets.
‘Write-off (gross)’ The point where it is determined that an asset is irrecoverable, or it is no longer considered economically
viable to try to recover the asset or it is deemed immaterial or full and final settlement is reached and the shortfall written off.
In the event of write-off, the customer balance is removed from the balance sheet and the impairment allowance held against
the asset is released. Net write-offs represent gross write-offs less post write-off recoveries.
‘Wrong-way risk’ Arises in a trading exposure when there is significant correlation between the underlying asset and the
counterparty, which in an event of default would lead to a significant mark to market loss. When assessing the credit
exposure of a wrong-way trade, analysts take into account the correlation between the counterparty and the underlying
asset as part of the sanctioning process.