Trading Statement

Barclays PLC
27 May 2004


                                                                   27th May 2004

                                  BARCLAYS PLC
                                 TRADING UPDATE

Barclays PLC ('Barclays') will host a conference call at 09.00 (BST) today. A
recording of the conference call will be posted on the Investor Relations
website.

Key trends set out below, unless stated otherwise, relate to the three months to
31st March 2004, and are compared to the corresponding three months of 2003.

Barclays re-organised its portfolio of businesses with effect from 1st January
2004. The 2003 results based on the new structure are set out in the Appendix.

Group Performance Commentary

Matthew W. Barrett, Group Chief Executive, commented: 'Barclays has made a
strong start to 2004, demonstrating continued success in implementing our growth
strategy both in the UK and internationally.'

Profit before tax increased significantly compared to the relatively weak first
quarter of 2003 and was well ahead of the quarterly average for 2003.

The growth in profit before tax continued to be broadly based, with sustained
income growth underpinning increased confidence to invest for the future.

Individual Business Commentary

UK Banking made a solid start to 2004. In UK Retail Banking, income increased
modestly, driven by higher average assets and liabilities, although balances
remained in line with end of 2003 levels. Costs remained well controlled. In UK
Business Banking, income growth reflected good increases in average lending and
deposit balances. Costs rose as a consequence of increased volumes.

Private Clients made a strong start to 2004 as a result of a good underlying
performance, improving equity markets and the successful integration of the
Charles Schwab Europe business which was acquired in the first quarter of 2003.
The Gerrard business, which was acquired in December 2003 performed well in the
first quarter. The closed life assurance activities continued to be affected by
costs relating to redress for customers in respect of sales of endowment
policies. International performed well during the first quarter with a good
performance in Spain, driven in part by Banco Zaragozano which was acquired in
the third quarter of 2003. The integration of Banco Zaragozano is ahead of plan.

Barclaycard had a good first quarter. Income growth resulted from higher average
balances in both the credit card and consumer finance businesses. Higher average
balances more than compensated for the modest margin pressure resulting from the
increases in UK base rates. Extended credit balances in the UK at the end of the
quarter were in line with end of 2003 levels. The international business
continued to demonstrate good income and balance growth. Costs in Barclaycard
increased, reflecting higher business volumes and increased strategic investment
spend.

The Wholesale and Institutional businesses made a very strong start to 2004.
Barclays Capital had an excellent quarter as a result of record levels of client
activity and an improved market environment. Record levels of income were well
spread, with both primary and secondary income growing very strongly. Costs
increased in line with income growth as a result of increased business volumes,
continued investment in the business and higher performance related costs.
Barclays Global Investors performed very strongly reflecting the positive effect
of increased funds under management, continued good investment performance in
the active business and further growth in exchange traded funds (Global
iShares).

Group Income

Operating income rose strongly, with net interest income, fees and commissions,
and dealing profits all higher. Total operating income was higher than in any
quarter of 2003. Income growth also reflected the inclusion, for the first time,
of businesses which were acquired in 2003.

The Group net interest margin remained broadly stable; an increase in the
international margin more than offset a small decline in the domestic margin.

Group Costs

Operating expenses increased broadly in line with income growth, reflecting
accelerating investment, increased variable compensation due to strong profit
performances, and higher business volumes. Cost growth also reflected the
inclusion, for the first time, of businesses which were acquired in 2003.

Industry wide regulatory compliance programmes, such as new UK regulation of
mortgages and general insurance, International Financial Reporting Standards,
Sarbanes Oxley and Basel II, affected cost growth in the first quarter and will
impact cost growth in 2004.

Risk Management

Asset quality remained strong; potential credit risk loan balances fell during
the first quarter. Total provisions for bad and doubtful debts also fell.

In UK Retail Banking, UK Business Banking and Barclaycard, growth in average
balances resulted in provisions rising in line with expectations. Arrears
performance and early warning risk indicators in these businesses were stable.

Barclays Capital continued to benefit from the improved credit environment in
the wholesale markets.

Capital Management

Capital ratios remained strong, and the generation of earnings exceeded the
capital requirements in the business.

The share repurchase programme continues to be used as the balancing factor in
capital management. In 2004 to date, Barclays has repurchased £600m of shares,
1.9% of issued share capital, for cancellation at a weighted average price of
495p per share.

Conference call and webcast details

The Group Finance Director's briefing of investors and analysts will be
available as a live conference call at 09.00 (BST) on 27th May 2004. The
telephone number is 0845-301-4020 (UK) or [phone](outside UK), with
the access code 'Barclays trading update'. The briefing will also be available
as a live audio webcast on the investor relations website at:
www.investorrelations.barclays.co.uk/ivr/q1_update.

Results timetable

2004 interim results announced                         5th August 2004
Interim 2004 Ex Dividend Date                          18th August 2004
Interim 2004 Dividend Record Date                      20th August 2004
Interim 2004 Dividend Payment Date                     1st October 2004

For further information please contact:

Investor Relations                  Media Relations
James S Johnson/Cathy Turner        Chris Tucker/Leigh Bruce
[phone]/3638           [phone]/2658


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 Securities Act of 1933, as amended, with respect to certain of the
Group's plans and its current goals and expectations relating to its future
financial condition and performance. These forward looking statements can be
identified by the fact that they do not relate only to historical or current
facts. Forward looking statements sometimes use words such as 'anticipate',
'target', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe' or other
words of similar meaning. By their nature, forward looking statements involve
risk and uncertainty because they relate to future events and circumstances,
including but not limited to UK domestic and global economic and business
conditions, market related risks such as changes in interest and exchange rates,
the policies and actions of governmental and regulatory authorities, changes in
legislation and the impact of competition a number of which are beyond the
Group's control. As a result, the Group's actual future results may differ
materially from the plans, goals and expectations set forth in the
forward-looking statements. A more detailed list of these factors is contained
on pages pp110-111 of Barclays PLC Annual Report 2003 that is available on the
Internet at www.investorrelations.barclays.co.uk/ivr/2004_report. Any forward
looking statements made by or on behalf of Barclays speak only as of the date
they are made. Barclays does not undertake to update forward looking statements
to reflect any changes in Barclays expectations with regard thereto or any
changes in events, conditions or circumstances on which any such statement is
based. The reader should, however, consult any additional disclosure that
Barclays may make in documents it files with the US Securities and Exchange
Commission.

                                    APPENDIX

                      REPORTING OF GROUP STRUCTURE IN 2004

As announced in October 2003, Barclays has re-organised its portfolio of
businesses. This structure is better aligned to furthering the Group's strategic
priorities and serving customers in the most effective manner.

From 1st January 2004, for reporting purposes, Barclays has been organised into
the following business groupings.

• UK Banking, comprising
  -  UK Retail Banking
  -  UK Business Banking

• Private Clients and International, comprising
  -  Private Clients
  -  International

• Barclaycard

• Wholesale and Institutional
  -  Barclays Capital
  -  Barclays Global Investors

Group structure changes from 2003

UK Banking has been created from most of the former Personal Financial Services
and Business Banking businesses. In addition UK Premier, formerly part of
Barclays Private Clients is now managed as part of UK Banking. UK Banking will
report at the aggregate level and in addition as UK Retail Banking, and UK
Business Banking.

UK Retail Banking comprises Personal Customers, Small Business, UK Premier and
Mortgages. The UK unsecured consumer lending business is now part of Barclaycard
(although UK Retail Banking receives fee income for card and consumer finance
business originated through the distribution network); Banca Woolwich in Italy
is now part of Private Clients and International. The UK Premier business was
formerly part of Barclays Private Clients. Management of activities providing
Group-wide central information technology services has been transferred to UK
Retail Banking. Operating expenses were previously reported within Head office
functions and other operations. The net impact of this revised structure against
Personal Financial Services results for 2003 is: the addition of £330m to
operating income, the addition of £349m to operating expenses excluding
goodwill, a reduction of £196m in provisions and the addition of £178m to profit
before tax excluding goodwill and exceptional items.

UK Business Banking comprises Larger Business and Medium Business including
Asset, Sales and Venture Finance. Small Business is now reported in UK Retail
Banking. A small number of corporate clients and elements of the large asset
leasing business previously managed within Business Banking are now managed by
and reported in Barclays Capital. The net impact of this revised structure
against Business Banking results for 2003 is: a reduction of £562m in operating
income, a reduction of £356m in operating expenses excluding goodwill, a
reduction of £30m in provisions and a reduction of £176m in profit before tax
excluding goodwill and exceptional items.

Private Clients and International has been created from the former Barclays
Private Clients and Barclays Africa businesses. In addition the Italian
business, Banca Woolwich, formerly part of Personal Financial Services, is now
managed as part of the International business. UK Premier, formerly part of
Barclays Private Clients, is now part of UK Retail Banking. The net impact of
this revised structure against the combined results of Barclays Private Clients
and Barclays Africa for 2003 is: a reduction of £207m in operating income, a
reduction of £80m in operating expenses excluding goodwill, a reduction of £22m
in provisions and a reduction of £107m in profit before tax excluding goodwill
and exceptional items. Private Clients and International will report at the
aggregate level and in addition as Private Clients, and International.

Private Clients comprises Private Banking, Wealth Solutions (formerly Investment
Management) and International Offshore Banking. The UK Premier business is now
part of UK Retail Banking.

International comprises the international retail and corporate banking
operations in Iberia, France, Italy, Africa and the Caribbean associated
undertaking.

Barclaycard comprises the UK and international credit card operations and the UK
unsecured consumer lending business which was formerly part of Personal
Financial Services. A fee structure has been put in place to reflect the flows
of cards and consumer finance business to Barclaycard from UK Banking. The net
impact of this revised structure against Barclaycard results for 2003 is: the
addition of £398m to operating income, the addition of £115m to operating
expenses excluding goodwill, the addition of £246m to provisions and the
addition of £37m to profit before tax excluding goodwill and exceptional items.

Barclays Capital has added a small number of corporate clients and elements of
the large asset leasing business previously managed within Business Banking. The
net impact of this revised structure against Barclays Capital results for 2003
is: the addition of £74m to operating income, the addition of £20m to operating
expenses excluding goodwill, the addition of £1m to provisions and the addition
of £53m to profit before tax excluding goodwill and exceptional items.

Head Office Functions and Other Operations: management of activities providing
central information technology services has been transferred to UK Retail
Banking. The impact of this revised structure, against Head Office Functions and
Other Operations for 2003, is a reduction of operating expenses by £24m.

The restructure has had no impact on the Group profit and loss account as
reported in the 2003 Annual Report. A breakdown of profit before tax excluding
goodwill amortisation and exceptional items and reconciled to Group profit
before tax is set out below.

In addition for each business, the 2003 profit and loss account, risk tendency,
weighted risk assets, total assets and staff numbers under the new structure are
also set out below.


Barclays Group profit before tax

                                                       Half-year ended
                                      2003         31.12.03      30.06.03
                                        £m               £m            £m
                                     _____            _____         _____
UK Retail Banking                    1,151              569           582
UK Business Banking                  1,135              568           567
                                     _____            _____         _____
UK Banking                           2,286            1,137         1,149
                                     _____            _____         _____
Private Clients                         18                8            10
International                          262              143           119
                                     _____            _____         _____
Private Clients and International      280              151           129
Barclaycard                            761              374           387
Barclays Capital                       836              398           438
Barclays Global Investors              191              100            91
Head office functions and other       (241)            (139)         (102)
operations
                                     _____            _____         _____
Profit on ordinary activities before 4,113            2,021         2,092
tax excluding goodwill and
exceptional items
Exceptional items                        4                5            (1)
Profit before tax excluding goodwill 4,117            2,026         2,091
amortisation
Goodwill relating to associated         (7)              (4)           (3)
undertakings
Goodwill amortisation                 (265)            (140)         (125)
                                     _____            _____         _____
Profit before tax                    3,845            1,882         1,963
                                     =====            =====         =====

UK Banking
                                                    Half-year ended
                                      2003         31.12.03      30.06.03
                                        £m               £m            £m
Net interest income                  3,301            1,667         1,634
Net fees and commissions             1,807              926           881
Other operating income                 397              217           180
                                     _____            _____         _____
Operating income                     5,505            2,810         2,695
Operating expenses excluding        
goodwill and restructuring costs    (2,813)          (1,464)       (1,349)
Restructuring costs                    (90)             (46)          (44)
                                     _____            _____         _____
Operating expenses excluding        (2,903)          (1,510)       (1,393)
goodwill
Operating profit before provisions   2,602            1,300         1,302
excluding goodwill
Provisions for bad and doubtful       (326)            (169)         (157)
debts
                                     _____            _____         _____
Operating profit excluding goodwill  2,276            1,131         1,145
Profit from associated undertakings     10                6             4
                                     _____            _____         _____
Profit on ordinary activities before
tax excluding goodwill and 
exceptional items                    2,286            1,137         1,149
                                     =====            =====         =====


UK Retail Banking
                                                      Half-year ended
                                      2003         31.12.03      30.06.03
                                        £m               £m            £m
Net interest income                  2,000            1,003           997
Net fees and commissions             1,074              550           524
Other operating income                 365              204           161
                                     _____            _____         _____
Operating income                     3,439            1,757         1,682
Operating expenses excluding        
goodwill and restructuring costs    (2,124)          (1,116)       (1,008)
Restructuring costs                    (64)             (31)          (33)
                                     _____            _____         _____
Operating expenses excluding        (2,188)          (1,147)       (1,041)
goodwill
Operating profit before provisions   1,251              610           641
excluding goodwill
Provisions for bad and doubtful       (107)             (45)          (62)
debts
                                     _____            _____         _____
Operating profit excluding goodwill  1,144              565           579
Profit from associated undertakings      7                4             3
                                     _____            _____         _____
Profit on ordinary activities before
tax excluding goodwill and 
exceptional items                    1,151              569           582
                                     =====            =====         =====


UK Business Banking
                                                      Half-year ended
                                      2003         31.12.03      30.06.03
                                        £m               £m            £m
Net interest income                  1,301              664           637
Net fees and commissions               733              376           357
Other operating income                  32               13            19
                                     _____            _____         _____
Operating income                     2,066            1,053         1,013
Operating expenses excluding          
goodwill and restructuring costs      (689)            (348)         (341)
Restructuring costs                    (26)             (15)          (11)
                                     _____            _____         _____
Operating expenses excluding          (715)            (363)         (352)
goodwill
Operating profit before provisions   1,351              690           661
excluding goodwill
Provisions for bad and doubtful       (219)            (124)          (95)
debts
                                     _____            _____         _____
Operating profit excluding goodwill  1,132              566           566
Profit from associated undertakings      3                2             1
                                     _____            _____         _____
Profit on ordinary activities before
tax excluding goodwill and 
exceptional items                    1,135              568           567
                                     =====            =====         =====


Private Clients and International

                                                      Half-year ended
                                      2003         31.12.03      30.06.03
                                        £m               £m            £m
Net interest income                    749              410           339
Net fees and commissions               683              364           319
Other operating income                  36               24            12
                                     _____            _____         _____
Operating income                     1,468              798           670
Operating expenses excluding
goodwill and restructuring costs    (1,027)            (552)         (475)
Restructuring costs                    (69)             (56)          (13)
                                     _____            _____         _____
Operating expenses excluding        (1,096)            (608)         (488)
goodwill
Operating profit before provisions     372              190           182
excluding goodwill
Provisions for bad and doubtful        (36)             (22)          (14)
debts
                                     _____            _____         _____
Operating profit
- ongoing business                     336              168           168
Profit from associated undertakings     24               15             9
                                     _____            _____         _____
Profit on ordinary activities before
tax excluding goodwill and 
exceptional items - ongoing business   360              183           177
Contribution from closed life          (80)             (32)          (48)
assurance activities
                                     _____            _____         _____
Profit on ordinary activities before
tax excluding goodwill and 
exceptional items                      280              151           129
                                     =====            =====         =====



Private Clients

                                                Half-year ended
                                      2003         31.12.03      30.06.03
                                        £m               £m            £m
Net interest income                    288              148           140
Net fees and commissions               394              206           188
Other operating income                   4                1             3
                                     _____            _____         _____
Operating income                       686              355           331
Operating expenses excluding
goodwill and restructuring costs      (548)            (285)         (263)
Restructuring costs                    (37)             (29)           (8)
                                     _____            _____         _____
Operating expenses excluding          (585)            (314)         (271)
goodwill
Operating profit before provisions     101               41            60
excluding goodwill
Provisions for bad and doubtful         (3)              (1)           (2)
debts
                                     _____            _____         _____
Operating profit
- ongoing business                      98               40            58
                                     _____            _____         _____
Profit on ordinary activities before
tax excluding goodwill and 
exceptional items - ongoing business    98               40            58
Contribution from closed life          (80)             (32)          (48)
assurance activities
                                     _____            _____         _____
Profit on ordinary activities before
tax excluding goodwill and 
exceptional items                       18                8            10
                                     =====            =====         =====


International

                                                Half-year ended
                                      2003         31.12.03      30.06.03
                                        £m               £m            £m
Net interest income                    461              262           199
Net fees and commissions               289              158           131
Other operating income                  32               23             9
                                     _____            _____         _____
Operating income                       782              443           339
Operating expenses excluding
goodwill and restructuring costs      (479)            (267)         (212)
Restructuring costs                    (32)             (27)           (5)
                                     _____            _____         _____
Operating expenses excluding          (511)            (294)         (217)
goodwill
Operating profit before provisions     271              149           122
excluding goodwill
Provisions for bad and doubtful        (33)             (21)          (12)
debts
                                     _____            _____         _____
Operating profit excluding goodwill    238              128           110
Profit from associated undertakings     24               15             9
                                     _____            _____         _____
Profit on ordinary activities before
tax excluding goodwill and 
exceptional items                      262              143           119
                                     =====            =====         =====

Barclaycard

                                                      Half-year ended
                                      2003         31.12.03      30.06.03
                                        £m               £m            £m
Net interest income                  1,555              804           751
Net fees and commissions               670              347           323
Other operating income                   3                3             -
                                     _____            _____         _____
Operating income                     2,228            1,154         1,074
Operating expenses excluding          
goodwill and restructuring costs      (746)            (399)         (347)
Restructuring costs                    (15)             (10)           (5)
                                     _____            _____         _____
Operating expenses excluding          (761)            (409)         (352)
goodwill
Operating profit before provisions   1,467              745           722
excluding goodwill
Provisions for bad and doubtful       (708)            (373)         (335)
debts
                                     _____            _____         _____
Operating profit excluding goodwill    759              372           387
Profit from joint ventures               2                2             -
                                     _____            _____         _____
Profit on ordinary activities before
tax excluding goodwill and 
exceptional items                      761              374           387
                                     =====            =====         =====




Wholesale and Institutional - Barclays Capital
                                                     Half-year ended
                                      2003         31.12.03      30.06.03
                                        £m               £m            £m
Net interest income                  1,024              509           515
Dealing profits                      1,042              515           527
Net fees and commissions               551              298           253
Other operating income                 109               61            48
                                     _____            _____         _____
Operating income                     2,726            1,383         1,343
Operating expenses excluding 
goodwill and restructuring costs    (1,626)            (857)         (769)
Restructuring costs                    (12)              (6)           (6)
                                     _____            _____         _____
Operating expenses excluding 
goodwill                            (1,638)            (863)         (775)
Operating profit before provisions   1,088              520           568
Provisions for bad and doubtful       (253)            (122)         (131)
debts                                 
                                     _____            _____         _____
Operating profit excluding goodwill    835              398           437
Profit from associated undertakings      1                -             1
                                     _____            _____         _____
Profit on ordinary activities before
tax excluding goodwill and 
exceptional items                      836              398           438
                                     =====            =====         =====

Wholesale and Institutional - Barclays Global Investors

                                                      Half-year ended
                                      2003         31.12.03      30.06.03
                                        £m               £m            £m
Net interest income                      9                4             5
Net fees and commissions               662              356           306
Other operating income                   1                1             -
                                     _____            _____         _____
Operating income                       672              361           311
Operating expenses excluding          
goodwill and restructuring costs      (473)            (253)         (220)
Restructuring costs                     (7)              (7)            -
                                     _____            _____         _____
Operating expenses excluding          (480)            (260)         (220)
goodwill
Operating profit excluding goodwill    192              101            91
Loss from joint ventures                (1)              (1)            -
                                     _____            _____         _____
Profit on ordinary activities before   191              100            91
tax excluding goodwill
                                     =====            =====         =====


Head office functions and other operations

                                               Half-year ended
                                      2003         31.12.03      30.06.03
                                        £m               £m            £m
Head office functions and central     (200)            (124)          (76)
items
Transition businesses                  (25)              (5)          (20)
Restructuring costs                    (16)             (10)           (6)
                                     _____            _____         _____
Loss on ordinary activities before    (241)            (139)         (102)
tax excluding goodwill and
exceptional items
                                     =====            =====         =====


Risk Tendency
                                                   Half-year ended
                                               31.12.03     30.06.03
                                                     £m           £m
                                                _______       ______
UK Retail Banking                                   150          185
UK Business Banking                                 225          225
                                                _______       ______
UK Banking                                          375          410
                                                _______       ______
Private Clients                                       5            5
International                                        70           45
                                                _______       ______
Private Clients and International                    75           50
Barclaycard                                         775          710
Barclays Capital                                    145          200
Transition businesses                                20           20
                                                _______       ______
                                                  1,390        1,390
                                                =======       ======
Total assets1 and weighted risk assets

                                   Total assets      Weighted risk assets
                               31.12.03   30.06.03   31.12.03    30.06.03
                                     £m         £m         £m          £m
                              _________   ________   ________   _________
UK Retail Banking                67,001     66,415     35,835      36,022
UK Business Banking              43,994     43,114     48,647      47,040
                              _________   ________   ________   _________
UK Banking                      110,995    109,529     84,482      83,062
                              _________   ________   ________   _________
Private Clients                   4,395      4,944      3,240       2,984
International                    22,097     16,226     14,944      12,572
                              _________   ________   ________   _________
Private Clients and              26,492     21,170     18,184      15,556
International
Barclaycard                      20,348     19,054     18,334      17,571
Barclays Capital                268,702    279,963     65,149      62,082
Barclays Global Investors           533        607      1,137       1,083
Head office functions and         3,709      4,792      1,711       2,060
other operations
Goodwill                          4,406      3,867          -           -
Retail life-fund assets           8,077      7,642          -           -
                              _________   ________   ________   _________
                                443,262    446,624    188,997     181,414
                              =========   ========   ========   =========

1Comparatives for June 2003 and December 2003 have been restated to reduce own
shares and shareholders' funds by £100m at 30th June 2003 and £99m at 31st
December 2003 consequent to the adoption of UITF 38.


Staff numbers

                                              31.12.03    30.06.03
Number of staff at period end:
                                               _______     _______
UK Retail Banking                               32,400      33,600
UK Business Banking                              8,800       9,200
                                               _______     _______
UK Banking                                      41,200      42,800
                                               _______     _______
Private Clients                                  6,900       6,200
International                                   12,100      10,700
                                               _______     _______
Private Clients and International               19,000      16,900
Barclaycard                                      6,200       5,900
Barclays Capital                                 5,800       5,300
Barclays Global Investors                        2,000       2,000
Head office functions and other operations         600         700
                                               _______     _______
Total Group permanent and contract staff        74,800      73,600
worldwide
Temporary and agency staff worldwide             4,100       3,800
                                               _______     _______
Total including temporary and agency staff      78,900      77,400
                                               =======     =======




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