96ES.L Regulatory News (96ES)

Results Announcement

Page

Notes

1

Performance Highlights

2-4

Group Chief Executive Officer's Review

5

Group Finance Director's Review

6-9

Results by Business

• Barclays UK

10-12

• Barclays International

13-15

• Head Office

16

• Barclays Non-Core

17-19

Discontinued Operation Results

20-21

Quarterly Results Summary

22-24

Quarterly Core Results by Business

25-29

Performance Management

• Margins and balances

30

Risk Management

• Overview

31

• Credit Risk

32-37

• Market Risk

38

• Treasury and Capital Risk

39-49

Statement of Directors' Responsibilities

50

Independent Review Report to Barclays PLC

51

Condensed Consolidated Financial Statements

52-57

Financial Statement Notes

58-93

Appendix: Non-IFRS Performance Measures

94-98

Shareholder Information

99

• Returns:

• Group Return on Tangible Equity (RoTE) of (4.6%) (H116: 4.8%). Excluding a loss on the sale of 33.7% of Barclays Africa Group Limited's (BAGL) issued share capital of £1.4bn, an impairment of Barclays' holding in BAGL of £1.1bn and charges for Payment Protection Insurance (PPI) of £700m, Group RoTE was 8.1%

• Core RoTE of 7.3% (H116: 12.5%). Excluding charges for PPI, Core delivered a double digit RoTE of 10.4% on an average allocated tangible equity base that was £5bn higher year-on-year

• Non-Core rundown and closure:

• Closure of Non-Core on 1 July 2017 with risk weighted assets of £23bn (December 2016: £32bn), below guidance of approximately £25bn. Residual assets and liabilities are to be reintegrated into the Core

• Materially lower loss before tax of £647m (H116: £1,904m)

• Cost efficiency:

• Group cost: income ratio of 71% (H116: 70%) reflected a significant reduction in Non-Core costs to £284m (H116: £950m) and charges for PPI of £700m (H116: £400m)

• Remain on track to deliver Group cost: income ratio below 60% over time

• Barclays Africa Group Limited (BAGL):

• Sale of 33.7% of BAGL's issued share capital, resulting in the accounting deconsolidation of BAGL

• 47bps increase in the Group's Common Equity Tier 1 (CET1) ratio as a result of the sale and reflecting the proportional consolidation of BAGL for regulatory reporting purposes. Estimate a further c.26bps Group CET1 ratio accretion through to regulatory deconsolidation, which is expected, subject to regulatory approval, within the next 18 months

• H117 included an impairment of Barclays' holding in BAGL of £1.1bn and a loss on the sale of 33.7% of BAGL's issued share capital of £1.4bn, primarily due to recycling of currency translation reserve losses to the income statement

• Common Equity Tier 1 (CET1) ratio:

• CET1 ratio increased to 13.1% (December 2016: 12.4%) reflecting strong organic capital generation and the benefit of the sale of BAGL, partially offset by charges for PPI, pension contributions and the redemption of USD preference shares

• Holding Company (HoldCo) transition:

• Continued to transition to HoldCo funding with £7.6bn equivalent of issuance

• H117 included the redemption of $1.375bn 7.1% Series 3 USD preference shares



Group profit before tax increased 13% to £2,341m reflecting materially lower losses in Non-Core of £647m (H116: £1,904m), while Core profit before tax reduced 25% to £2,988m impacted by charges for PPI of £700m (H116: £400m) and the non-recurrence of the £615m gain on disposal of Barclays' share of Visa Europe Limited in H116



Barclays UK RoTE of 4.6% (H116: 13.6%) and cost: income ratio of 72% (H116: 61%) reflected charges for PPI of £700m (H116: £400m). Net interest margin (NIM) improved 10bps to 3.69%, with net interest income increasing 2% to £3,045m



Barclays International RoTE of 12.4% (H116: 14.3%) reflected RoTE of 28.0% (H116: 50.9%) in Consumer, Cards and Payments and an improved RoTE of 9.7% (H116: 8.4%) in the Corporate and Investment Bank (CIB)



Loss after tax in respect of discontinued operation of £2,195m included an impairment of Barclays' holding in BAGL of £1,090m and a loss on the sale of 33.7% of BAGL's issued share capital of £1,435m, primarily due to recycling of currency translation reserve losses to the income statement



Group basic loss per share of (6.6p) (H116: earnings of 6.9p) with earnings per share in respect of continuing operations of 7.1p (H116: 6.0p). Excluding the loss on the sale of 33.7% of BAGL's issued share capital, the impairment of Barclays' holding in BAGL and charges for PPI of £700m, earnings per share were 11.8p



Tangible net asset value per share decreased to 284p (December 2016: 290p) as profit from continuing operations was offset by decreases across reserves

Barclays Group results

for the half year ended

30.06.17

30.06.16

YoY

£m

£m

% Change

Total income

10,881

11,013

(1)

Credit impairment charges and other provisions

(1,054)

(931)

(13)

Net operating income

9,827

10,082

(3)

Operating expenses excluding litigation and conduct

(6,989)

(7,172)

3

Litigation and conduct

(743)

(525)

(42)

Operating expenses

(7,732)

(7,697)

-

Other net income/(expenses)

246

(322)

Profit before tax

2,341

2,063

13

Tax charge

(778)

(715)

(9)

Profit after tax in respect of continuing operations

1,563

1,348

16

(Loss)/profit after tax in respect of discontinued operation1

(2,195)

311

Non-controlling interests in respect of continuing operations

(138)

(186)

26

Non-controlling interests in respect of discontinued operation1

(140)

(155)

10

Other equity holders2

(301)

(208)

(45)

Attributable (loss)/profit

(1,211)

1,110

Performance measures

Return on average tangible shareholders' equity2

(4.6%)

4.8%

Average tangible shareholders' equity (£bn)

49

48

Cost: income ratio

71%

70%

Loan loss rate (bps)

49

39

Basic (loss)/earnings per share2

(6.6p)

6.9p

Basic earnings per share in respect of continuing operations2

7.1p

6.0p

Dividend per share

1.0p

1.0p

As at

As at

Balance sheet and capital management

30.06.17

31.12.16

Tangible net asset value per share

284p

290p

Common equity tier 1 ratio

13.1%

12.4%

Common equity tier 1 capital

£42.8bn

£45.2bn

Risk weighted assets

£327bn

£366bn

UK leverage ratio (quarterly month end average)3

4.8%

4.5%

Fully loaded tier 1 capital (quarterly month end average)3

£52.1bn

£51.6bn

UK leverage exposure (quarterly month end average)3

£1,092bn

£1,137bn

Funding and liquidity

Group liquidity pool

£201bn

£165bn

CRD IV liquidity coverage ratio

149%

131%

Loan: deposit ratio4

81%

83%

1

Refer to pages 20-21 for further information relating to the Africa Banking discontinued operation. Loss after tax in respect of discontinued operation includes impairment of Barclays' holding in BAGL of £1,090m and the loss on the sale of 33.7% of BAGL's issued share capital of £1,435m in H117.

2

The profit after tax attributable to other equity holders of £301m (H116: £208m) is offset by a tax credit recorded in reserves of £82m (H116: £58m). The net amount of £219m (H116: £150m), along with non-controlling interests (NCI) is deducted from profit after tax in order to calculate earnings per share and return on average tangible shareholders' equity.

3

The UK leverage ratio uses capital and exposure measures based on the average of the last day of each month in the quarter; additionally, the average exposure measure excludes qualifying central bank claims.

4

Loan: deposit ratio for Barclays UK, Barclays International and Non-Core, excluding investment banking businesses.

Barclays Core and Non-Core results

Barclays Core

Barclays Non-Core

for the half year ended

30.06.17

30.06.16

YoY

30.06.17

30.06.16

YoY

£m

£m

% Change

£m

£m

% Change

Total income

11,411

11,599

(2)

(530)

(586)

10

Credit impairment charges and other provisions

(1,024)

(876)

(17)

(30)

(55)

45

Net operating income/(expenses)

10,387

10,723

(3)

(560)

(641)

13

Operating expenses excluding litigation and conduct

(6,733)

(6,315)

(7)

(256)

(857)

70

Litigation and conduct

(715)

(432)

(66)

(28)

(93)

70

Operating expenses

(7,448)

(6,747)

(10)

(284)

(950)

70

Other net income/(expenses)

49

(9)

197

(313)

Profit/(loss) before tax

2,988

3,967

(25)

(647)

(1,904)

66

Tax (charge)/credit

(1,060)

(1,181)

10

282

466

(39)

Profit/(loss) after tax

1,928

2,786

(31)

(365)

(1,438)

75

Non-controlling interests

(121)

(164)

26

(17)

(22)

23

Other equity holders

(264)

(178)

(48)

(37)

(30)

(23)

Attributable profit/(loss)1

1,543

2,444

(37)

(419)

(1,490)

72

Performance measures

Return on average allocated tangible equity

7.3%

12.5%

Average allocated tangible equity (£bn)1

45

40

5

8

Period end allocated tangible equity (£bn)1

44

41

4

8

Cost: income ratio

65%

58%

n/m

n/m

Loan loss rate (bps)

54

43

12

15

Basic earnings/(loss) per share contribution

9.5p

14.8p

(2.4p)

(8.8p)

As at

As at

As at

As at

Capital management

30.06.17

31.12.16

30.06.17

31.12.16

Risk weighted assets1

£304.6bn

£333.5bn

£22.8bn

£32.1bn

UK leverage exposure (quarterly month end average)1

£997bn

£1,026bn

£95bn

£111bn

1

Attributable profit in respect of the Africa Banking discontinued operation is reported at the Group level only. Allocated tangible equity, RWAs and leverage exposure are reported in Head Office within Core.

Half year ended

Half year ended

30.06.17

30.06.16

YoY

Income by business

£m

£m

% Change

Barclays UK

3,661

3,746

(2)

Barclays International

7,748

7,552

3

Head Office

2

301

(99)

Barclays Core

11,411

11,599

(2)

Barclays Non-Core

(530)

(586)

10

Barclays Group

10,881

11,013

(1)

Profit/(loss) before tax by business

Barclays UK

634

1,080

(41)

Barclays International

2,617

2,753

(5)

Head Office

(263)

134

Barclays Core

2,988

3,967

(25)

Barclays Non-Core

(647)

(1,904)

66

Barclays Group

2,341

2,063

13

•

Profit before tax increased 13% to £2,341m, driven by materially reduced losses from the Non-Core which reported a loss before tax of £647m (H116: £1,904m). Core profits decreased 25% to £2,988m, impacted by charges for PPI of £700m (H116: £400m) and the non-recurrence of a £615m gain on disposal of Barclays' share of Visa Europe Limited in H116. H117 results were also impacted by the appreciation of average USD and EUR against GBP of 12% and 10% respectively, compared to H116, which positively impacted income and adversely affected impairment and operating expenses

•

Total income decreased 1% to £10,881m, reflecting a 2% reduction in income in the Core to £11,411m, predominantly in Head Office, partially offset by a 10% reduction in Non-Core negative income to £530m. Income increased 3% in Barclays International, with growth across both CIB and Consumer, Cards and Payments, though decreased 2% in Barclays UK, impacted by the non-recurrence of a gain on disposal of Barclays' share of Visa Europe Limited in H116

•

Credit impairment charges increased £123m to £1,054m, driven by a 53% increase in Consumer, Cards and Payments, mainly reflecting a change in portfolio mix, an increase in underlying delinquency trends in US Cards and business growth, partially offset by lower impairment in CIB. As a result, the Group loan loss rate increased 10bps to 49bps

•

Operating expenses were broadly in line at £7,732m (H116: £7,697m), driven by a 10% increase in Core to £7,448m due to charges for PPI, the impact of the change in compensation awards introduced in Q416 and business growth and investment, which more than offset cost efficiencies. Non-Core operating expenses reduced 70% to £284m as the segment continued to be rundown

•

Other net income increased to £246m (H116: £322m expense) reflecting a gain of £109m on the sale of Barclays' share in VocaLink to MasterCard and a gain of £76m on the sale of a joint venture in Japan. A gain of £189m on the sale of Barclays Bank Egypt was broadly offset by the recycling of £180m of currency translation reserve losses to the income statement

•

Loss after tax in respect of the Africa Banking discontinued operation of £2,195m (H116: profit of £311m) included a £1,090m impairment of Barclays' holding in BAGL and a £1,435m loss on the sale of 33.7% of BAGL's issued share capital, primarily due to recycling of currency translation reserve losses to the income statement on accounting deconsolidation

•

RoTE was (4.6%) (H116: 4.8%) and basic loss per share was (6.6p) (H116: earnings of 6.9p). Excluding the impact of the loss on the sale of 33.7% of BAGL's issued share capital, the impairment of Barclays' holding in BAGL and charges for PPI RoTE, was 8.1% and earnings per share were 11.8p

•

The Core business generated an RoTE of 7.3% (H116: 12.5%), though excluding charges for PPI delivered a double digit RoTE of 10.4%

•

Profit before tax decreased 25% to £2,988m mainly due to the impact of charges for PPI of £700m (H116: £400m) and the non-recurrence of the gain on disposal of Barclays' share of Visa Europe Limited of £615m in H116

•

Total income decreased 2% to £11,411m driven by reduced income in Head Office, primarily due to the non-recurrence of own credit gains in H116, and in Barclays UK, mainly due to the non-recurrence of the gain on disposal of Barclays' share of Visa Europe Limited. This was partially offset by 3% growth in Barclays International, with growth across both CIB and Consumer, Cards and Payments

•

Credit impairment charges increased 17% to £1,024m, driven by increased impairment in Consumer, Cards and Payments mainly reflecting a change in portfolio mix, an increase in underlying delinquency trends in US Cards and business growth. The Core loan loss rate increased 11bps to 54bps

•

Operating expenses increased 10% to £7,448m driven by charges for PPI, the change in compensation awards introduced in Q416, higher structural reform programme costs and business growth and investment in Consumer, Cards and Payments

•

Other net income of £49m (H116: £9m expense) reflected a gain of £109m on the sale of Barclays' share in VocaLink to MasterCard and a gain of £76m on the sale of a joint venture in Japan, offset by an expense of £180m on the recycling of the currency translation reserve to the income statement on the sale of Barclays Bank Egypt

•

RoTE reduced to 4.6% (H116: 13.6%) with a 41% decrease in profit before tax to £634m due to charges for PPI of £700m (H116: £400m) and the non-recurrence of the £151m gain on disposal of Barclays' share of Visa Europe Limited in H116

•

Total income decreased 2% to £3,661m driven by the non-recurrence of the £151m gain on disposal of Barclays' share of Visa Europe Limited in H116 and the impact of the UK base rate reduction in 2016, partially offset by pricing initiatives and deposit growth. The net interest margin increased 10bps to 3.69%

•

Credit impairment charges increased £32m year-on-year to £398m, reflecting higher charge-offs in Personal Banking and the higher recoveries in H116. Underlying delinquency trends reduced year-on-year, with 30 and 90 day arrears rates in UK Cards improving year-on-year to 2.0% (H116: 2.3%) and 0.9% (H116: 1.2%) respectively

•

Operating expenses increased 14% to £2,628m, due to charges for PPI of £700m (H116: £400m), the costs of setting up the ring-fenced bank and investment in cyber resilience and technology, partially offset by cost efficiencies

•

RoTE of 12.4% (H116: 14.3%) reflected an improved RoTE of 9.7% in CIB (H116: 8.4%) and an RoTE of 28.0% (H116: 50.9%) in Consumer, Cards and Payments

•

Profit before tax decreased 5% to £2,617m driven by an increase in operating expenses and impairment, partially offset by higher income

•

Total income increased 3% to £7,748m, including the appreciation of average USD and EUR against GBP, with growth in both CIB and Consumer, Cards and Payments. CIB income increased 3% to £5,346m driven by higher Banking income, partially offset by a decrease in Macro income, while Consumer, Cards and Payments income increased 2% to £2,402m including growth in US Cards

•

Credit impairment charges increased 23% to £625m driven by Consumer, Cards and Payments, which increased 53% to £575m, due to a change in portfolio mix, an increase in underlying delinquency trends in US Cards, business growth and the appreciation of average USD and EUR against GBP. CIB credit impairment charges reduced 62% to £50m due to the non-recurrence of oil and gas single name charges in H116

•

Total operating expenses increased 10% to £4,720m, including the appreciation of average USD and EUR against GBP. CIB operating expenses increased 7% to £3,697m reflecting the change in compensation awards introduced in Q416 and higher structural reform programme costs, partially offset by a reduction in restructuring charges and cost efficiencies. Consumer, Cards and Payments operating expenses increased 21% to £1,023m including continued growth and investment

•

Other net income increased to £214m (H116: £19m) reflecting a gain of £109m on the sale of Barclays' share in VocaLink to MasterCard and a gain of £76m on the sale of a joint venture in Japan

•

Income reduced £299m to £2m, primarily due to the early adoption of the own credit provisions of IFRS 9 and lower net income from treasury operations. Own credit, which was previously recorded in the income statement (H116: gain of £183m) is now recognised within other comprehensive income

•

Loss before tax of £263m (H116: profit of £134m) included an expense of £180m on the recycling of the currency translation reserve to the income statement on the sale of Barclays Bank Egypt

•

Non-Core to close on 1 July 2017, with residual assets and liabilities to be reintegrated into the Core and, as previously guided to, it is expected that risk weighted assets and loss before tax previously associated with Non-Core will continue to reduce in future periods

•

Progress on the rundown continued with RWAs reduced to £22.8bn (December 2016: £32.1bn), below guidance of approximately £25bn, driven by a £5bn reduction in Derivatives, a £2bn reduction in Businesses and a £1bn reduction in Securities and loans

•

Loss before tax decreased to £647m (H116: £1,904m) driven by lower operating expenses, favourable fair value movements on the Education, Social Housing and Local Authority (ESHLA) portfolio, the non-recurrence of impairment associated with the valuation of the French retail business in H116 and a £189m gain on the sale of Barclays Bank Egypt

•

Total income increased £56m to a net expense of £530m driven by increased Securities and loans income primarily due to positive fair value movements on the ESHLA portfolio. This was offset by reduced Derivatives income, reflecting increased cost of exits, and lower Businesses income following the completion of the sale of the Italian retail, Southern European cards and Barclays Bank Egypt businesses

•

Operating expenses improved 70% to £284m reflecting the completion of the sale of several businesses, a reduction in restructuring charges, and lower litigation and conduct charges

•

Other net income increased to £197m (H116: £313m expense) reflecting a £189m gain on sale of Barclays Bank Egypt and the non-recurrence of impairment associated with the valuation of the French retail business in H116

•

The fully loaded CET1 ratio increased to 13.1% (December 2016: 12.4%) principally due to a reduction in RWAs of £38.2bn to £327.4bn. CET1 capital decreased £2.4bn to £42.8bn

-

Profits relating to continuing operations were largely offset by decreases in other qualifying reserves as a result of the redemption of USD preference shares, the separation payments relating to the BAGL disposal and increased pension deductions. CET1 capital further decreased by £1.8bn as a result of BAGL minority interest no longer being included under proportional consolidation

-

Losses relating to the discontinued operation due to the impairment allocated to the goodwill of Barclays' holding in BAGL and the recycling of the BAGL currency translation reserve losses to the income statement had no impact on CET1 capital

-

The decrease in RWAs principally reflected the £27.9bn reduction as a result of the proportional consolidation of BAGL following the selldown of Barclays' holding, as well as reductions in Non-Core

•

The average UK leverage ratio increased to 4.8% (December 2016: 4.5%) driven by an increase in the average fully loaded Tier 1 capital to £52.1bn (December 2016: £51.6bn) and a decrease in the average UK leverage exposure to £1,092bn (December 2016: £1,137bn)

•

Tangible net asset value per share decreased to 284p (December 2016: 290p) primarily due to profit after tax excluding additional charges for PPI being more than offset by the redemption of USD preference shares, dividends paid and reduction in reserves including the currency translation and cash flow hedge reserves

•

The Group continued to maintain surpluses to its internal and regulatory requirements. The liquidity pool increased to £201bn (December 2016: £165bn). The increase in the liquidity pool was driven by a net increase in minimum requirement for own funds and eligible liabilities (MREL) issuance, drawdown from the Bank of England Term Funding Scheme, higher money market balances and deposit growth. The liquidity coverage ratio (LCR) increased to 149% (December 2016: 131%), equivalent to a surplus of £65bn (December 2016: £39bn) to 100%, reflecting our approach to build a conservative liquidity position

•

Wholesale funding outstanding excluding repurchase agreements was £163bn (December 2016: £158bn). The Group issued £7.6bn equivalent of capital and term senior unsecured debt from Barclays PLC (HoldCo) of which £4.8bn was in public senior unsecured debt, and £2.8bn in capital instruments. In the same period, £4.7bn of Barclays Bank PLC (OpCo) capital and senior public term instruments either matured or were redeemed, including the $1.375bn 7.1% Series 3 USD preference shares

•

On 1 June 2017, Barclays sold 286 million ordinary shares of BAGL, representing 33.7% of BAGL's issued share capital. The sale resulted in the accounting deconsolidation of BAGL from the Barclays Group. Following the sale, BAGL is accounted for as an Available for Sale (AFS) asset in Barclays' financial statements and is no longer reported as a discontinued operation. The Group's CET1 ratio increased 47bps as a result of the sale and reflecting the proportional consolidation of BAGL for regulatory reporting purposes

•

As at 30 June 2017, Barclays accounted for 139 million ordinary shares in BAGL, representing 16.4% of BAGL's issued share capital. Barclays had an obligation at this date to contribute 1.5% of BAGL's ordinary shares or the cash equivalent to a Black Economic Empowerment scheme. At 30 September 2017, Barclays will account for 126 million ordinary shares in BAGL, currently representing 14.9% of BAGL's issued share capital

•

The latest triennial valuation of the UK Retirement Fund (UKRF) with an effective date of 30 September 2016 has been completed and showed a funding deficit of £7.9bn and funding level of 81.5%, versus a £6.0bn funding deficit at the 30 September 2015 update. Amongst other measures, Barclays and the UKRF agreed a recovery plan with revised deficit reduction contributions of £740m in 2017 (of which £620m has been paid in H117), £500m per annum in 2018 to 2020, and £1,000m per annum in 2021 to 2026

•

Additional charges of £700m (H116: £400m) relating to PPI were recognised in Q217, primarily to reflect higher than expected complaints flow in the year to date. The remaining PPI provision as at June 2017 was £2,109m (December 2016: £1,979m)

•

Certain legal proceedings and investigations relating to legacy issues remain outstanding. Resolving outstanding legacy issues in an appropriate timeframe will continue to be a priority. Please see Note 19 to the financial statements for details of relevant matters

•

An interim dividend of 1.0p per share will be paid on 18 September 2017

•

The Group remains focused on cost efficiency, creating capacity to self-fund investment in our businesses, and continues to target a Group cost: income ratio of less than 60% over time

•

Following the closure of the Non-Core segment on 1 July 2017, the Group's previous returns target of converging Group returns with Core returns is transitioned to a target of achieving a Group RoTE of greater than 10.0% over time, underpinned by a combination of cost focus and redeployment of capital from business lines delivering inadequate returns

•

The Group expects the dividend for the full year to total 3.0p per share as previously guided. The Group will update the market on its updated capital management framework including the dividend policy at the full year results in February 2018

Barclays UK

Half year ended

Half year ended

30.06.17

30.06.16

YoY

Income statement information

£m

£m

% Change

Net interest income

3,045

2,977

2

Net fee, commission and other income

616

769

(20)

Total income

3,661

3,746

(2)

Credit impairment charges and other provisions

(398)

(366)

(9)

Net operating income

3,263

3,380

(3)

Operating expenses excluding litigation and conduct

(1,933)

(1,899)

(2)

Litigation and conduct

(695)

(400)

(74)

Operating expenses

(2,628)

(2,299)

(14)

Other net expenses

(1)

(1)

-

Profit before tax

634

1,080

(41)

Attributable profit

185

608

(70)

As at 30.06.17

As at 31.12.16

As at 30.06.16

Balance sheet information

£bn

£bn

£bn

Loans and advances to customers at amortised cost

166.6

166.4

166.0

Total assets

203.4

209.6

204.6

Customer deposits

187.4

189.0

181.7

Risk weighted assets

66.1

67.5

67.1

Half year ended

Half year ended

Key facts

30.06.17

30.06.16

Average LTV of mortgage portfolio1

47%

47%

Average LTV of new mortgage lending1

62%

63%

Number of branches

1,295

1,331

Barclays mobile banking active customers

5.9m

5.1m

30 day arrears rate - Barclaycard Consumer UK

2.0%

2.3%

Performance measures

Return on average allocated tangible equity

4.6%

13.6%

Average allocated tangible equity (£bn)

8.8

9.1

Cost: income ratio

72%

61%

Loan loss rate (bps)

47

43

Loan: deposit ratio

89%

91%

Net interest margin

3.69%

3.59%

1

Average LTV of mortgage portfolio and new mortgage lending calculated on the balance weighted basis.

Analysis of Barclays UK

Half year ended

Half year ended

30.06.17

30.06.16

YoY

Analysis of total income

£m

£m

% Change

Personal Banking

1,877

1,987

(6)

Barclaycard Consumer UK

993

954

4

Wealth, Entrepreneurs & Business Banking

791

805

(2)

Total income

3,661

3,746

(2)

Analysis of credit impairment charges and other provisions

Personal Banking

(106)

(86)

(23)

Barclaycard Consumer UK

(272)

(274)

1

Wealth, Entrepreneurs & Business Banking

(20)

(6)

Total credit impairment charges and other provisions

(398)

(366)

(9)

As at 30.06.17

As at 31.12.16

As at 30.06.16

Analysis of loans and advances to customers at amortised cost

£bn

£bn

£bn

Personal Banking

136.5

135.0

134.7

Barclaycard Consumer UK

16.2

16.5

16.2

Wealth, Entrepreneurs & Business Banking

13.9

14.9

15.1

Total loans and advances to customers at amortised cost

166.6

166.4

166.0

Analysis of customer deposits

Personal Banking

138.5

139.3

134.8

Barclaycard Consumer UK

-

-

-

Wealth, Entrepreneurs & Business Banking

48.9

49.7

46.9

Total customer deposits

187.4

189.0

181.7

•

Profit before tax decreased 41% to £634m primarily due to charges for PPI of £700m (H116: £400m) and the non-recurrence of the £151m gain on disposal of Barclays' share in Visa Europe Limited in H116

•

Total income decreased 2% to £3,661m due to the non-recurrence of the £151m gain on disposal of Barclays' share of Visa Europe Limited in H116 and the impact of the UK base rate reduction in 2016, partially offset by pricing initiatives and deposit growth

-

Personal Banking income decreased 6% to £1,877m driven by the non-recurrence of the gain on disposal of Barclays' share of Visa Europe Limited in H116, the impact of the UK base rate reduction in 2016 and asset margin pressure, partially offset by pricing initiatives and deposit growth

-

Barclaycard Consumer UK income increased 4% to £993m reflecting improved margins

-

Wealth, Entrepreneurs & Business Banking (WEBB) decreased 2% to £791m due to the non-recurrence of the gain on disposal of Barclays' share of Visa Europe Limited in H116, partially offset by deposit pricing initiatives and balance growth

-

Net interest income increased 2% to £3,045m due to deposit pricing initiatives and balance growth

-

Net interest margin increased 10bps to 3.69% reflecting higher margins on Personal Banking deposits, partially offset by lower asset margins

-

Net fee, commission and other income decreased 20% to £616m due to the non-recurrence of the gain on disposal of Barclays' share of Visa Europe Limited in H116

•

Credit impairment charges increased £32m to £398m reflecting higher charge-offs in Personal Banking and higher recoveries in H116. Underlying delinquency trends reduced year-on-year, with 30 day and 90 day arrears rates in UK cards improving year-on-year at 2.0% (H116: 2.3%) and 0.9% (H116: 1.2%) respectively

•

Total operating expenses increased 14% to £2,628m due to charges for PPI of £700m (H116: £400m), the costs of setting up the ring-fenced bank and investment in cyber resilience and technology, partially offset by cost efficiencies

•

Loans and advances to customers were broadly in line at £166.6bn (December 2016: £166.4bn)

•

Total assets decreased 3% to £203.4bn primarily due to a reduction in the allocated liquidity pool

•

Customer deposits decreased 1% to £187.4bn reflecting the realignment of certain clients between Barclays UK and Barclays International in preparation for structural reform, partially offset by underlying deposit growth

•

RWAs reduced to £66.1bn (December 2016: £67.5bn) reflecting the realignment of certain clients between Barclays UK and Barclays International in preparation for structural reform

Barclays International

Half year ended

Half year ended

30.06.17

30.06.16

YoY

Income statement information

£m

£m

% Change

Net interest income

2,172

2,111

3

Net trading income

2,221

2,375

(6)

Net fee, commission and other income

3,355

3,066

9

Total income

7,748

7,552

3

Credit impairment charges and other provisions

(625)

(509)

(23)

Net operating income

7,123

7,043

1

Operating expenses excluding litigation and conduct

(4,711)

(4,295)

(10)

Litigation and conduct

(9)

(14)

36

Operating expenses

(4,720)

(4,309)

(10)

Other net income

214

19

Profit before tax

2,617

2,753

(5)

Attributable profit

1,656

1,746

(5)

As at 30.06.17

As at 31.12.16

As at 30.06.16

Balance sheet information

£bn

£bn

£bn

Loans and advances to banks and customers at amortised cost1

204.8

211.3

230.6

Trading portfolio assets

83.3

73.2

68.1

Derivative financial instrument assets

108.4

156.2

181.4

Derivative financial instrument liabilities

116.8

160.6

187.5

Reverse repurchase agreements and other similar secured lending

17.2

13.4

19.7

Financial assets designated at fair value

94.1

62.3

68.3

Total assets

681.6

648.5

679.9

Customer deposits2

230.3

216.2

226.5

Risk weighted assets

212.2

212.7

209.3

Half year ended

Half year ended

Performance measures

30.06.17

30.06.16

Return on average allocated tangible equity

12.4%

14.3%

Average allocated tangible equity (£bn)

27.5

25.0

Cost: income ratio

61%

57%

Loan loss rate (bps)

61

44

Loan: deposit ratio

80%

90%

Net interest margin

4.06%

3.90%

1

As at 30 June 2017 loans and advances included £183.9bn (December 2016: £185.9bn) of loans and advances to customers (including settlement balances of £31.6bn (December 2016: £19.5bn) and cash collateral of £26.9bn (December 2016: £30.1bn)), and £20.9bn (December 2016: £25.4bn) of loans and advances to banks (including settlement balances of £5.7bn (December 2016: £1.7bn) and cash collateral of £5.4bn (December 2016: £6.3bn)). Loans and advances to banks and customers in respect of Consumer, Cards and Payments were £38.5bn (December 2016: £39.7bn).

2

As at 30 June 2017 customer deposits included settlement balances of £29.4bn (December 2016: £16.6bn) and cash collateral of £16.2bn (December 2016: £20.8bn).

Analysis of Barclays International

Half year ended

Half year ended

Corporate and Investment Bank

30.06.17

30.06.16

YoY

Income statement information

£m

£m

% Change

Analysis of total income

Credit

695

591

18

Equities

917

919

-

Macro

946

1,185

(20)

Markets

2,558

2,695

(5)

Banking fees

1,400

1,103

27

Corporate lending

547

608

(10)

Transactional banking

802

798

1

Banking

2,749

2,509

10

Other

39

3

Total income

5,346

5,207

3

Credit impairment charges and other provisions

(50)

(132)

62

Operating expenses

(3,697)

(3,465)

(7)

Other net income

116

-

Profit before tax

1,715

1,610

7

As at 30.06.17

As at 31.12.16

As at 30.06.16

Balance sheet information

£bn

£bn

£bn

Risk weighted assets

178.9

178.6

178.4

Half year ended

Half year ended

Performance measures

30.06.17

30.06.16

Return on average allocated tangible equity

9.7%

8.4%

Average allocated tangible equity (£bn)

23.3

21.5

Half year ended

Half year ended

Consumer, Cards and Payments

30.06.17

30.06.16

YoY

Income statement information

£m

£m

% Change

Total income

2,402

2,345

2

Credit impairment charges and other provisions

(575)

(377)

(53)

Operating expenses

(1,023)

(844)

(21)

Other net income

98

19

Profit before tax

902

1,143

(21)

As at 30.06.17

As at 31.12.16

As at 30.06.16

Balance sheet information

£bn

£bn

£bn

Loans and advances to banks and customers at amortised cost

38.5

39.7

35.4

Customer deposits

57.3

50.0

46.9

Risk weighted assets

33.3

34.1

30.9

Half year ended

Half year ended

Key facts

30.06.17

30.06.16

30 day arrears rates - Barclaycard US

2.2%

2.2%

Total number of Barclaycard business clients

364,000

350,000

Value of payments processed

£157bn

£141bn

Performance measures

Return on average allocated tangible equity

28.0%

50.9%

Average allocated tangible equity (£bn)

4.2

3.5

•

Profit before tax decreased 5% to £2,617m driven by a 10% increase in total operating expenses and a 23% increase in impairment, partially offset by a 3% increase in total income

•

Total income increased 3% to £7,748m, including the appreciation of average USD and EUR against GBP, as CIB income increased 3% to £5,346m and Consumer, Cards and Payments income increased 2% to £2,402m

-

Markets income decreased 5% to £2,558m

-

Credit income increased 18% to £695m driven by improved performance in the European business and increased municipals income

-

Equities income was broadly in line at £917m (H116: £919m) driven by lower US equity derivatives revenue, offset by improved performance in cash equities and equity financing

-

Macro income decreased 20% to £946m driven by lower market volatility in rates and the impact of exiting energy-related commodities

-

Banking income increased 10% to £2,749m

-

Banking fees income increased 27% to £1,400m, driven by higher debt underwriting, equity underwriting and advisory fees, with fee share up in all products

-

Corporate lending reduced 10% to £547m primarily due to higher losses on fair value hedges, a reduction in work-out gains and reduced balances

-

Transactional banking income increased 1% to £802m as higher deposit balances were partially offset by margin compression in a low base rate environment

-

Consumer, Cards and Payments income increased 2% to £2,402m driven by continued growth, a gain of £192m relating to an asset sale in US cards and a valuation gain on Barclays' preference shares in Visa Inc. of £74m, partially offset by the non-recurrence of the gain on the disposal of Barclays' share of Visa Europe Limited of £464m in H116

•

Credit impairment charges increased 23% to £625m including the appreciation of average USD and EUR against GBP

-

CIB credit impairment charges reduced 62% to £50m due to the non-recurrence of oil and gas single name charges in H116

-

Consumer, Cards and Payments credit impairment charges increased 53% to £575m primarily driven by a change in portfolio mix, an increase in underlying delinquency trends in US cards and business growth. 30 and 90 days arrears rates within US Cards were broadly stable at 2.2% (H116: 2.2%) and 1.1% (H116: 1.0%) respectively, including a benefit from the Q117 asset sale in US cards

•

Total operating expenses increased 10% to £4,720m, including the appreciation of average USD and EUR against GBP

-

CIB increased 7% to £3,697m reflecting the change in compensation awards introduced in Q416 and higher structural reform programme costs, partially offset by a reduction in restructuring charges and cost efficiencies

-

Consumer, Cards and Payments increased 21% to £1,023m including continued growth and investment, primarily within the US Cards and merchant acquiring businesses

•

Other net income increased to £214m (H116: £19m) due to a gain of £109m on the sale of Barclays' share in VocaLink to MasterCard and a gain of £76m on the sale of a joint venture in Japan

•

Loans and advances to banks and customers at amortised cost decreased £6.5bn to £204.8bn with CIB decreasing £5.3bn to £166.3bn due to a reduction in lending and cash collateral, partially offset by an increase in settlement balances. Consumer, Cards and Payments decreased £1.2bn to £38.5bn due to an asset sale in US cards in Q117, partially offset by the realignment of certain clients from Barclays UK to Barclays International in preparation for structural reform

•

Trading portfolio assets increased £10.1bn to £83.3bn due to increased activity

•

Derivative financial instrument assets and liabilities decreased £47.8bn to £108.4bn and £43.8bn to £116.8bn respectively, reflecting the adoption of the Chicago Mercantile Exchange (CME) rulebook change to daily settlement and an increase in major interest rate forward curves and depreciation of USD against GBP

•

Reverse repurchase agreements and other similar lending increased £3.8bn to £17.2bn primarily due to increased trading desks' funding requirements

•

Financial assets designated at fair value increased £31.8bn to £94.1bn primarily due to increased matched book trading and trading desks' funding requirements

•

Customer deposits increased £14.1bn to £230.3bn, with CIB increasing £6.8bn to £173.0bn primarily driven by an increase in settlement balances, partially offset by a decrease in cash collateral and corporate deposits. Consumer, Cards and Payments increased £7.3bn to £57.3bn driven by the realignment of certain clients from Barclays UK to Barclays International in preparation for structural reform

•

RWAs remained broadly in line at £212.2bn (December 2016: £212.7bn) driven by a reduction due to the depreciation of USD against GBP, an asset sale in US cards in Q117 and credit quality improvement, offset by increased trading portfolio and securities financing transaction volumes

Head Office

Half year ended

Half year ended

30.06.17

30.06.16

YoY

Income statement information

£m

£m

% Change

Net interest income

(7)

(6)

(17)

Net fee, commission and other income

9

307

(97)

Total income

2

301

(99)

Credit impairment charges and other provisions

(1)

(1)

-

Net operating income

1

300

Operating expenses excluding litigation and conduct

(89)

(121)

26

Litigation and conduct

(11)

(18)

39

Operating expenses

(100)

(139)

28

Other net expenses

(164)

(27)

(Loss)/profit before tax

(263)

134

Attributable (loss)/profit

(298)

90

As at 30.06.17

As at 31.12.16

As at 30.06.16

Balance sheet information

£bn

£bn

£bn

Total assets

17.3

75.2

87.7

Risk weighted assets1

26.2

53.3

43.2

Half year ended

Half year ended

30.06.17

30.06.16

Performance measures

£bn

£bn

Average allocated tangible equity

8.2

5.8

1

Includes Africa Banking risk weighted assets of £9.8bn (December 2016: £42.3bn).

•

Loss before tax was £263m (H116: profit of £134m)

•

Total income reduced £299m to £2m following the early adoption of the own credit provisions of IFRS 9 on 1 January 2017 and lower net income from treasury operations. Own credit, which was previously recorded in the income statement (H116: gain of £183m), is now recognised within other comprehensive income

•

Other net expenses increased to £164m (H116: £27m) driven by an expense of £180m on the recycling of the currency translation reserve to the income statement on the sale of Barclays Bank Egypt

•

Total assets decreased to £17.3bn (December 2016: £75.2bn) primarily due to the sale of 33.7% of BAGL's issued share capital resulting in the accounting deconsolidation of BAGL from the Barclays Group

•

RWAs decreased to £26.2bn (December 2016: £53.3bn) reflecting a £27.9bn reduction as a result of the proportional consolidation of BAGL

Barclays Non-Core

Half year ended

Half year ended

30.06.17

30.06.16

YoY

Income statement information

£m

£m

% Change

Net interest income

(112)

136

Net trading income

(488)

(953)

49

Net fee, commission and other income

70

231

(70)

Total income

(530)

(586)

10

Credit impairment charges and other provisions

(30)

(55)

45

Net operating expenses

(560)

(641)

13

Operating expenses excluding litigation and conduct

(256)

(857)

70

Litigation and conduct

(28)

(93)

70

Operating expenses

(284)

(950)

70

Other net income/(expenses)

197

(313)

Loss before tax

(647)

(1,904)

66

Attributable loss

(419)

(1,490)

72

As at 30.06.17

As at 31.12.16

As at 30.06.16

Balance sheet information

£bn

£bn

£bn

Loans and advances to banks and customers at amortised cost1

48.3

51.1

68.5

Derivative financial instrument assets

150.3

188.7

262.8

Derivative financial instrument liabilities

143.0

178.6

253.4

Reverse repurchase agreements and other similar secured lending

-

0.1

0.1

Financial assets designated at fair value

12.1

14.5

15.4

Total assets

233.0

279.7

379.1

Customer deposits2

11.8

12.5

17.4

Risk weighted assets

22.8

32.1

46.7

Half year ended

Half year ended

Performance measures

30.06.17

30.06.16

Average allocated tangible equity (£bn)

4.9

8.5

Period end allocated tangible equity (£bn)

4.0

7.8

Loan loss rate (bps)

12

15

YoY

Analysis of total income

£m

£m

% Change

Businesses

10

377

(97)

Securities and loans

43

(765)

Derivatives

(583)

(198)

Total income

(530)

(586)

10

1

As at 30 June 2017 loans and advances included £37.1bn (December 2016: £38.5bn) of loans and advances to customers (including settlement balances of £nil (December 2016: £0.1bn) and cash collateral of £15.3bn (December 2016: £17.3bn)), and £11.2bn (December 2016: £12.6bn) of loans and advances to banks (including settlement balances of £nil (December 2016: £0.1bn) and cash collateral of £10.9bn (December 2016: £12.1bn)).

2

As at 30 June 2017 customer deposits included settlement balances of £nil (December 2016 £0.1bn) and cash collateral of £11.4bn (December 2016: £11.9bn).

•

Loss before tax reduced to £647m (H116: £1,904m) driven by lower operating expenses, favourable fair value movements on the ESHLA portfolio, the non-recurrence of impairment associated with the valuation of the French retail business in H116 and a gain on the sale of Barclays Bank Egypt

•

Total income increased £56m to a net expense of £530m

-

Businesses income reduced to £10m (H116: £377m) primarily due to the completion of the sale of the Italian retail, Southern European cards and Barclays Bank Egypt businesses

-

Securities and loans income increased £808m to net income of £43m primarily driven by fair value gains of £44m (H116: £424m expense) on the ESHLA portfolio and the non-recurrence of the £182m loss associated with the restructure of the ESHLA portfolio loan terms in H116

-

Derivatives income reduced £385m to an expense of £583m reflecting losses on the rundown of the portfolio

•

Credit impairment charges improved 45% to £30m due to higher recoveries across Europe and investment banking activities

•

Total operating expenses improved 70% to £284m reflecting the completion of the sale of several businesses, a reduction in restructuring charges, and lower litigation and conduct charges

•

Other net income of £197m (H116: £313m expense) included a £189m gain on the sale of Barclays Bank Egypt. H116 included a £372m impairment associated with the valuation of the French retail business

•

Loans and advances to banks and customers at amortised cost decreased 5% to £48.3bn due to a decrease in cash collateral assets, partially offset by the reclassification of £1.5bn of ESHLA loans now recognised at amortised cost, following the restructuring of certain loans within the portfolio

•

Derivative financial instrument assets and liabilities decreased 20% to £150.3bn and 20% to £143.0bn respectively, due to the continued rundown of the derivative back book and an increase in major interest rate forward curves

•

Customer deposits decreased 6% to £11.8bn due to a decrease in cash collateral

•

Total assets decreased 17% to £233.0bn due to lower derivative financial instrument assets

•

RWAs reduced £9.3bn to £22.8bn including a £5bn reduction in Derivatives, a £2bn reduction in Businesses and a £1bn reduction in Securities and loans

•

The Non-Core segment was closed on 1 July 2017 with the residual assets and liabilities, and prospective financial performance to be reintegrated into Barclays UK, Barclays International and Head Office. Financial results up until 30 June 2017 will continue to be reflected in the Non-Core

-

As at 30 June 2017 Non-Core RWAs were £22.8bn. It is estimated that c.£3.5bn will be reintegrated with Barclays UK comprising of ESHLA loans excluding higher education, c.£8.8bn will be reintegrated with Barclays International, primarily relating to derivatives and ESHLA higher education, and c.£10.5bn will be reintegrated with Head Office, primarily relating to Italian mortgages and operational risk

•

Guidance of a Non-Core loss before tax for 2017 of approximately £1bn is unchanged, with a loss before tax of approximately £300-400m in H217. The H217 loss before tax is anticipated to be split c.10% to Barclays UK, c.40% to Barclays International and c.50% to Head Office

•

As previously guided to, it is expected that risk weighted assets and loss before tax previously associated with Non-Core will continue to reduce in future periods

Moves to

Balance sheet information (£bn)1

Barclays Non-Core

Barclays UK

Barclays International

Head Office

Loans and advances to banks and customers at amortised cost

48.3

10.1

28.9

9.3

Derivative financial instrument assets

150.3

-

150.3

-

Derivative financial instrument liabilities

143.0

-

143.0

-

Financial assets designated at fair value

12.1

8.2

3.2

0.7

Total assets

233.0

18.3

200.3

14.4

Customer deposits

11.8

-

11.7

0.1

Risk weighted assets

22.8

3.5

8.8

10.5

Period end allocated tangible equity

4.0

0.7

1.6

1.7

1

Estimated allocation based on 30.06.17 balance sheet.

Africa Banking

Half year ended

Half year ended

30.06.17

30.06.16

YoY

Income statement information¹

£m

£m

% Change

Net interest income

1,024

982

4

Net fee, commission and other income

762

715

7

Total income

1,786

1,697

5

Credit impairment charges and other provisions

(177)

(244)

27

Net operating income

1,609

1,453

11

Operating expenses excluding impairment of Barclays' holding in BAGL

(1,130)

(1,020)

(11)

Other net income excluding loss on sale of BAGL

5

2

Profit before tax excluding impairment of Barclays' holding in BAGL and loss on sale of BAGL

484

435

11

Impairment of Barclays' holding in BAGL

(1,090)

-

Loss on sale of BAGL

(1,435)

-

(Loss)/profit before tax

(2,041)

435

Tax charge

(154)

(124)

(24)

(Loss)/profit after tax

(2,195)

311

Attributable (loss)/profit

(2,335)

156

As at 30.06.17

As at 31.12.16

As at 30.06.16

Balance sheet information

£bn

£bn

£bn

Total assets

-

65.1

56.0

Risk weighted assets2

9.8

42.3

36.1

1

The H117 Africa Banking income statement represents five months of results as a discontinued operation to 31 May 2017.

2

Africa Banking (excluding Egypt and Zimbabwe) RWAs are reported in Head Office within Core.

Q217

Q117

Q416

Q316

Q216

Q116

Q415

Q315

Income statement information1

£m

£m

£m

£m

£m

£m

£m

£m

Net interest income

407

617

626

561

502

480

468

471

Net fee, commission and other income

297

465

441

421

377

338

346

351

Total income

704

1,082

1,067

982

879

818

814

822

Credit impairment charges and other provisions

(71)

(106)

(105)

(96)

(133)

(111)

(93)

(66)

Net operating income

633

976

962

886

746

707

721

756

Operating expenses excluding UK bank levy and impairment of Barclays' holding in BAGL

(477)

(653)

(727)

(598)

(543)

(477)

(501)

(515)

UK bank levy

-

-

(65)

-

-

-

(50)

-

Other net income excluding loss on sale of BAGL

3

2

2

2

1

1

3

1

Profit before tax excluding impairment of Barclays' holding in BAGL and loss on sale of BAGL

159

325

172

290

204

231

173

242

Impairment of Barclays' holding in BAGL

(206)

(884)

-

-

-

-

-

-

Loss on sale of BAGL

(1,435)

-

-

-

-

-

-

-

(Loss)/profit before tax

(1,482)

(559)

172

290

204

231

173

242

(Loss)/profit after tax

(1,537)

(658)

71

209

145

166

101

167

Attributable (loss)/profit

(1,534)

(801)

(52)

85

70

86

25

85

Balance sheet information

£bn

£bn

£bn

£bn

£bn

£bn

£bn

£bn

Total assets

-

66.0

65.1

61.1

56.0

52.7

47.9

50.2

Risk weighted assets

9.8

41.3

42.3

39.9

36.1

33.9

31.7

33.8

1

The Q217 Africa Banking income statement represents two months of results as a discontinued operation to 31 May 2017.

Barclays Group

Q217

Q117

Q416

Q316

Q216

Q116

Q415

Q315

Income statement information

£m

£m

£m

£m

£m

£m

£m

£m

Net interest income

2,579

2,519

2,523

2,796

2,530

2,688

2,726

2,692

Net fee, commission and other income

2,479

3,304

2,469

2,650

3,442

2,353

1,722

2,789

Total income

5,058

5,823

4,992

5,446

5,972

5,041

4,448

5,481

Credit impairment charges and other provisions

(527)

(527)

(653)

(789)

(488)

(443)

(554)

(429)

Net operating income

4,531

5,296

4,339

4,657

5,484

4,598

3,894

5,052

Operating expenses excluding UK bank levy and litigation and conduct

(3,398)

(3,591)

(3,812)

(3,581)

(3,425)

(3,747)

(3,547)

(3,552)

UK bank levy

-

-

(410)

-

-

-

(426)

-

Litigation and conduct

(715)

(28)

(97)

(741)

(447)

(78)

(1,722)

(699)

Operating expenses

(4,113)

(3,619)

(4,319)

(4,322)

(3,872)

(3,825)

(5,695)

(4,251)

Other net income/(expenses)

241

5

310

502

(342)

20

(274)

(182)

Profit/(loss) before tax

659

1,682

330

837

1,270

793

(2,075)

619

Tax (charge)/credit

(305)

(473)

50

(328)

(467)

(248)

(164)

(133)

Profit/(loss) after tax in respect of continuing operations

354

1,209

380

509

803

545

(2,239)

486

(Loss)/profit after tax in respect of discontinued operation

(1,537)

(658)

71

209

145

166

101

167

Attributable to:

Ordinary equity holders of the parent

(1,401)

190

99

414

677

433

(2,422)

417

Other equity holders

162

139

139

110

104

104

107

79

Non-controlling interests

56

222

213

194

167

174

177

157

Balance sheet information

£bn

£bn