1st Quarter Results

Summary by AI ^BETAClose X

Barclays PLC reported a first-quarter 2026 return on tangible equity (RoTE) of 13.5%, with earnings per share (EPS) growing 8% to 14.1p, and announced a £500 million share buyback. Total income increased by 6% year-on-year to £8.2 billion, driven by a 6% rise in net interest income and strong performance in Global Markets, which generated over £4 billion in quarterly income for the first time. The cost-to-income ratio improved to 56%, and the Common Equity Tier 1 (CET1) ratio remained robust at 14.1%. The bank reiterated its 2026 and 2028 financial targets, including a RoTE greater than 12% for 2026 and greater than 14% for 2028. Credit impairment charges were £823 million, including a £228 million single name charge in the Investment Bank, leading to an expected loan loss rate at the top end of the 50-60bps guidance range for the full year.

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Barclays (BARC)

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●	Q126 Group RoTE of 13.5% (Q125: 14.0%) with EPS of 14.1p (Q125: 13.0p)
●	Announced intention to initiate a share buyback of up to £500m following the completion of the ongoing £1bn share buyback announced at FY25 Results
●	Q126 Group net interest income (NII) excluding Barclays Investment Bank (IB) and Head office of £3.4bn, of which Barclays UK was £2.0bn, on track to meet the 2026 guidance of greater than £13.5bn and £8.1-£8.3bn respectively
●	5% growth in UK lending year-on-year in Q126
	-	Delivered £22bn of c.£30bn planned UK risk weighted assets (RWAs) growth since 2024¹, of which £15bn was organic growth
●	Q126 Group cost: income ratio improving to 56% (Q125: 57%) driven by positive operating leverage
	-	Delivered c.£150m of gross cost efficiency savings in Q126
●	Q126 Group loan loss rate (LLR) of 74bps included a £0.2bn single name impairment charge in the IB which had a c.20bps impact on Group LLR
	-		As a result, Group LLR in FY26 is expected to be around the top of the 50-60bps through the cycle guidance range
●	Strong balance sheet with CET1 ratio of 14.1%
	-	Taking into account the impact of the £500m share buyback announced today, the CET1 ratio as of 31 March 2026 would be reduced to 13.9%, at the top end of the 13-14% range

	Income	Profit before tax	Attributable profit	Cost: income ratio	LLR	RoTE	EPS	TNAV per share	CET1 ratio	Total capital return
Q126	£8.2bn	£2.8bn	£1.9bn	56%	74bps	13.5%	14.1p	405p	14.1%	£0.5bn

●	Group RoTE was 13.5% (Q125: 14.0%) with profit before tax of £2.8bn (Q125: £2.7bn). All divisions delivered double-digit RoTE in Q126
●	Group income of £8.2bn increased 6% year-on-year. Group NII excluding IB and Head Office was £3.4bn, up 12% year-on-year
	-	Barclays UK income increased 9%, as higher structural hedge income was partially offset by retail deposit dynamics
	-	Barclays UK Corporate Bank (UKCB) income increased 10%, reflecting higher average deposit and lending balances, and higher structural hedge income
	-	Barclays Private Bank and Wealth Management (PBWM) income was broadly stable, as growth from higher client balances was offset by the impact of deposit mix
	-	Barclays Investment Bank (IB) income increased 4%, driven by Global Markets and Investment Banking fees partially offset by the strengthening of average GBP against USD
	-	Barclays US Consumer Bank (USCB) income increased 14%, driven by business growth and increased purchase activity, partially offset by the strengthening of average GBP against USD
●	Group total operating expenses were £4.5bn, up 4% year on year
	-	Group operating costs increased 2% to £4.4bn, reflecting further investment spend, business growth and inflation, partially offset by c.£0.2bn of cost efficiency savings and FX movements
	-	Litigation and conduct charges of £0.1bn primarily reflected an increase in the provision for the UK Financial Conduct Authority (FCA) motor finance redress scheme

●	Credit impairment charges were £0.8bn (Q125: £0.6bn) with an LLR of 74bps (Q125: 61bps), including a £0.2bn single name charge in the IB
●	CET1 ratio of 14.1% (December 2025: 14.3%), with RWAs of £364.5bn (December 2025: £356.8bn). Tangible net asset value (TNAV) per share of 405p (December 2025: 409p)

●	Returns: Group RoTE of greater than 12%
●	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.£31bn
	-			Group NII excluding IB and Head Office greater than £13.5bn and Barclays UK NII of £8.1bn - £8.3bn
●	Costs: Group cost: income ratio of high 50s in percentage terms
●	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.£3-10bn RWAs from Basel 3.1, with implementation expected from 1 January 2027³
		-		c.£16bn RWAs from USCB moving to an Internal Ratings Based (IRB) model, subject to portfolio changes and regulatory approval, c.£5bn expected on 1 January 2027 with remainder anticipated later in 2027
	-			Expect Pillar 2A capital to reduce upon implementation of Basel 3.1 and USCB IRB

●	Returns: Group RoTE of greater than 14%
●	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 c.£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

1	Our targets and guidance are based on management's current expectations as to the macroeconomic environment and the business and may be subject to change.
2	This multi-year plan is subject to supervisory and Board approvals, anticipated financial performance and our published CET1 ratio target range of 13-14%.
3	Fundamental review of the trading book (FRTB) impact mostly expected in 2027.

Barclays Group results	Three months ended
	31.03.26	31.03.25
	£m	£m	% Change
Barclays UK	2,258	2,074	9
Barclays UK Corporate Bank	530	484	10
Barclays Private Bank and Wealth Management	347	349	(1)
Barclays Investment Bank	4,028	3,873	4
Barclays US Consumer Bank	983	864	14
Head Office	17	65	(74)
Total income	8,163	7,709	6
Operating costs	(4,359)	(4,258)	(2)
UK regulatory levies	(84)	(96)	13
Litigation and conduct	(104)	(11)
Total operating expenses	(4,547)	(4,365)	(4)
Other net income	21	18	17
Profit before impairment	3,637	3,362	8
Credit impairment charges	(823)	(643)	(28)
Profit before tax	2,814	2,719	3
Tax charge	(638)	(621)	(3)
Profit after tax	2,176	2,098	4
Non-controlling interests	-	(2)
Other equity instrument holders	(244)	(232)	(5)
Attributable profit	1,932	1,864	4

Performance measures
Return on average tangible shareholders' equity	13.5%	14.0%
Average tangible shareholders' equity (£bn)	57.2	53.1
Cost: income ratio	56%	57%
Loan loss rate (bps)	74	61
Basic earnings per ordinary share	14.1p	13.0p	8
Share buybacks announced (£m)	500	-
Total payout equivalent per share	c.3.6p	-
Basic weighted average number of shares (m)	13,727	14,314	(4)
Period end number of shares (m)	13,737	14,336	(4)
Period end tangible shareholders' equity (£bn)	55.6	53.4

	As at 31.03.26	As at 31.12.25	As at 31.03.25
Balance sheet and capital management¹	£bn	£bn	£bn
Loans and advances at amortised cost	438.6	430.0	419.4
Loans and advances at amortised cost impairment coverage ratio	1.3%	1.2%	1.2%
Total assets	1,694.8	1,544.2	1,593.5
Deposits at amortised cost	587.6	585.6	574.3
Tangible net asset value per share	405p	409p	372p
Common equity tier 1 ratio	14.1%	14.3%	13.9%
Common equity tier 1 capital	51.2	51.1	48.8
Risk weighted assets	364.5	356.8	351.3
UK leverage ratio	4.8%	5.1%	5.0%
UK leverage exposure	1,321.3	1,247.3	1,252.8

Funding and liquidity
Group liquidity pool (£bn)	326.1	337.8	336.3
Liquidity coverage ratio²	165.4%	170.0%	175.3%
Net stable funding ratio³	135.4%	135.2%	136.2%
Loan: deposit ratio	75%	73%	73%

1	Refer to pages 32 to 36 for further information on how capital, RWAs and leverage are calculated.
2	Represents 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 liquidity coverage ratio (LCR).
3	Represents average of the last four spot quarter end positions.

●	Barclays delivered a profit before tax of £2,814m (Q125: £2,719m), RoTE of 13.5% (Q125: 14.0%) and EPS of 14.1p (Q125: 13.0p)
●	The Group has a diverse income profile across businesses and geographies. The 7% 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 6% to £8,163m, as increased NII, supported by higher structural hedge income and lending growth, and higher income in Global Markets and Investment Banking fees, were partially offset by net losses on fair value lending in IB¹
●	Group total operating expenses increased to £4,547m (Q125: £4,365m)
	-	Group operating costs increased 2% to £4,359m, reflecting further investment spend, business growth and inflation, partially offset by c.£150m of cost efficiency savings and FX movements
	-	Litigation and conduct charges of £104m primarily reflected a £105m increase in the provision for the FCA motor finance redress scheme
●	Credit impairment charges increased to £823m (Q125: £643m), primarily driven by a single name charge of £228m in IB. Uncertainty persists and this is reflected in a net £20m increase in related management adjustments. As a result, total coverage ratio increased to 1.3% (December 2025: 1.2%)
●	The effective tax rate (ETR) was 22.7% (Q125: 22.8%)
●	Attributable profit was £1,932m (Q125: £1,864m)
●	Total assets increased to £1,694.8bn (December 2025: £1,544.2bn) driven by higher activity in Global Markets as we continue to support clients through a range of environments
●	TNAV per share decreased to 405p (December 2025: 409p) as EPS of 14.1p and a 3p benefit from the currency translation reserve was more than offset by an 11p negative movement in the cash flow hedging reserve, a 6p impact from FY25 dividends paid in Q126, and 6p impact from share awards vesting

●	The CET1 ratio decreased to 14.1% (December 2025: 14.3%). Taking into account the impact of the £500m share buyback announced today, the CET1 ratio as of 31 March 2026 would be reduced to 13.9% (at the top end of the 13-14% target range)
●	The 26bps decrease in the CET1 ratio at Q126, driven by an RWAs increase of £7.7bn to £364.5bn, partially offset by an increase in CET1 capital of £0.1bn to £51.2bn, was due to:
	-	53bps increase from attributable profit
	-	41bps decrease driven by shareholder distributions including the £1.0bn share buyback announced with FY25 results and the accrual for the FY26 dividend
	-	17bps decrease from other CET1 capital movements, including the net impact of share awards vesting
	-	22bps decrease as a result of a £5.5bn increase in RWAs, excluding the impact of foreign exchange movements, primarily driven by lending growth in UK businesses and higher activity in Global Markets
	-	A £0.4bn increase in CET1 capital due to an increase in the currency translation reserve was partially offset by a £2.1bn increase in RWAs as a result of foreign exchange movements
●	The UK leverage ratio decreased to 4.8% (December 2025: 5.1%) as the leverage exposure increased by £74.0bn to £1,321.3bn (December 2025: £1,247.3bn). The increase in leverage exposure was primarily driven by higher activity in Global Markets

●	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 £326.1bn, a decrease of £11.7bn from December 2025. The decrease in the liquidity pool was primarily driven by increased utilisation across Markets and Investment Banking and higher Treasury usage
●	The average² LCR was 165.4% (December 2025: 170.0%), equivalent to a surplus of £125.9bn (December 2025: £131.2bn)
●	Total deposits increased to £587.6bn (December 2025: £585.6bn), primarily driven by deposit growth in International Corporate Bank in IB
●	The average³ Net Stable Funding Ratio (NSFR) was 135.4% (December 2025: 135.2%), which represents a £166.9bn surplus (December 2025: £166.3bn) above the 100% regulatory requirement

1	Q126 includes c.£40m of fair value losses on lending. Q125 included c.£105m of fair value gains on leverage finance lending.
2	Represents 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 liquidity coverage ratio.
3	Represents average of the last four spot quarter end ratios.

●	Wholesale funding outstanding, excluding repurchase agreements, was £227.0bn (December 2025: £220.1bn)
●	The Group issued £3.0bn equivalent of minimum requirement for own funds and eligible liabilities (MREL) instruments from Barclays PLC (the Parent company) as of Q126. The Group has a strong MREL position with a ratio of 35.4%, which is in excess of the regulatory requirement of 30.5% excluding any applicable Prudential Regulation Authority (PRA) buffer

●	Motor finance commission arrangements: From 2003 to late 2019, Barclays, through Clydesdale Financial Services Limited (CFSL), a wholly owned subsidiary of the group, provided motor finance to customers in the UK. In January 2024, the FCA appointed a skilled person to review the historical use of discretionary commission arrangements and sales in the UK motor finance market. In October 2025, the FCA consulted on an industry-wide redress scheme for eligible motor finance customers, and Barclays engaged with the FCA as part of this process. In March 2026, the FCA published its final rules giving effect to two redress schemes for eligible motor finance customers where a commission was payable by the lender to the broker (one scheme for each of the pre and post 1 April 2014 periods). Barclays increased its provision in Q126 by £105m to reflect the expected financial impact of the redress schemes. The increase in provision is primarily driven by moving from a multi-scenario approach to a single scenario based on the FCA's final rules and higher compensatory interest. This resulted in a provision of £430m in respect of this matter as at 31 March 2026 (as at 31 December 2025: £325m). The provision as at 31 March 2026 reflects Barclays' estimate of cases in scope of the FCA redress schemes, the anticipated level of customer redress under the FCA's methodology (including compensatory interest at a minimum of 3% per annum), the estimated customer response rate (with reference to prior remediation exercises across the Group), and implementation costs. The ultimate financial impact could differ from the current estimate due to factors such as customer response rates and average cost of redress. Barclays has decided not to challenge the FCA's final rules in the interests of enabling a swift resolution for customers. However, Barclays strongly disagrees with aspects which require financial redress even where customers suffered no demonstrable financial harm. Barclays understands that it is likely there will be at least one legal challenge to the FCA's final rules. The legal and regulatory outcomes and the nature, extent and timing of any remediation action, therefore remain uncertain. Barclays has not incorporated the potential impact of any legal challenge into the provision estimate.
●	USCB portfolio 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 c.$5bn of RWAs and generating an estimated gain on sale of c.$300m
	-	Best Egg, Inc. (Best Egg) acquisition: On or around 1 May 2026, Barclays expects to complete the acquisition of Best Egg for $800m, subject to customary post-completion purchase price adjustments and satisfaction of remaining conditions to closing. Best Egg is a leading US direct-to-consumer personal loan origination platform focused on prime borrowers. The acquisition is expected to generate c.$500m of goodwill and intangibles
	-	The estimated net impact of both transactions is expected to marginally increase the Barclays Group CET1 ratio in Q226

1	Refer to page 40 for further information on net new assets under management, assets under management and assets under supervision.
2	Invested 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.
3	Client assets and liabilities refers to deposits, lending and invested assets.

	Three months ended
	31.03.26	31.03.25
Analysis of total income	£m	£m	% Change
FICC	1,716	1,699	1
Equities	1,116	963	16
Global Markets	2,832	2,662	6
Advisory	255	143	78
Equity capital markets	92	70	31
Debt capital markets	407	431	(6)
Banking fees and underwriting	754	644	17
Corporate lending¹	16	156	(90)
Transaction banking	426	411	4
International Corporate Bank	442	567	(22)
Investment Banking	1,196	1,211	(1)
Total income	4,028	3,873	4

Analysis of Barclays UK	Three months ended
Analysis of Barclays UK	31.03.26	31.03.25
Analysis of total income	£m	£m	% Change
Retail Banking	1,725	1,573	10
Business Banking	533	501	6
Total income	2,258	2,074	9

Analysis of credit impairment (charges)/releases
Retail Banking	(179)	(145)	(23)
Business Banking	1	(13)
Total credit impairment charges	(178)	(158)	(13)

	As at 31.03.26	As at 31.12.25	As at 31.03.25
Analysis of loans and advances to customers at amortised cost	£bn	£bn	£bn
Retail Banking	200.1	198.6	190.4
Business Banking	17.7	17.9	19.2
Total loans and advances to customers at amortised cost	217.8	216.5	209.6

Analysis of customer deposits at amortised cost
Retail Banking	193.1	192.7	190.8
Business Banking	50.8	51.9	52.3
Total customer deposits at amortised cost	243.9	244.6	243.1

●	Profit before tax increased 14% to £863m
●	Total income increased 9% to £2,258m. NII increased 9% to £1,986m, as higher structural hedge income was partially offset by retail deposit dynamics. Net fee, commission and other income increased 8% to £272m
●	Total operating expenses increased 5% to £1,217m, driven by higher investments and inflation. Ongoing efficiency savings continue to be reinvested, to drive sustainable improvement to the cost: income ratio
●	Credit impairment charges were £178m (Q125: £158m), reflecting stable underlying credit performance, high quality mortgage lending portfolio with a marginal increase in delinquencies in Retail credit cards. A £10m adjustment has been recognised in the Retail credit cards portfolio, reflecting a marginally weaker UK unemployment baseline than assumed in the Q126 scenario. Retail credit cards 30 and 90 day arrears rates were 0.9% (Q125: 0.7%) and 0.3% (Q125: 0.2%) respectively. The Retail credit cards total coverage ratio was 4.6% (December 2025: 4.3%)

●	Loans and advances to customers at amortised cost increased £1.3bn to £217.8bn, primarily driven by growth in mortgages
●	Customer deposits at amortised cost decreased by £0.7bn to £243.9bn, driven by seasonality. The loan: deposit ratio remained broadly stable at 95% (December 2025: 94%)
●	RWAs increased to £87.5bn (December 2025: £85.8bn), primarily due to growth in mortgages lending

●	Profit before tax increased 32% to £273m
●	Total income increased 10% to £530m, NII increased 15% to £394m, driven by higher average deposit and lending balances, and structural hedge income benefit. Net fee, commission, trading and other income was broadly stable at £136m
●	Total operating expenses decreased 2% to £254m, reflecting a reduction in UK regulatory levies to £15m (Q125: £24m). Operating costs increased 2% to £239m, reflecting higher investment spend to support business growth ambitions, with ongoing efficiency savings offsetting inflationary headwinds
●	Credit impairment charges were £3m (Q125: £19m), reflecting strong underlying credit performance and limited single name charges

●	Loans and advances to customers at amortised cost increased to £30.8bn (December 2025: £30.0bn), reflecting the strategic focus to grow lending
●	Deposits at amortised cost of £88.0bn (December 2025: £88.7bn) were broadly stable
●	RWAs increased to £27.3bn (December 2025: £26.5bn), reflecting higher client lending limits and growth in lending balances

●	Profit before tax decreased 25% to £92m
●	Total income was broadly stable at £347m, as growth from higher client balances was offset by the impact of deposit mix
●	Total operating expenses increased 9% to £257m, reflecting ongoing investment to support business growth ambitions and inflationary headwinds, partially offset by efficiency savings

●	Client assets and liabilities decreased £3.8bn to £223.8bn, driven by the impact of negative market movements on invested assets, partially offset by net new inflows and FX impacts
●	RWAs were broadly stable at £8.2bn (December 2025: £8.0bn)

●	Profit before tax decreased to £1,622m (Q125: £1,710m)
●	IB has a diverse income profile across businesses and geographies. The 7% appreciation of average GBP against USD adversely impacted income and profits, and positively impacted credit impairment charges and total operating expenses
●	Total income increased 4% to £4,028m, including the adverse impact of strengthening average GBP against USD
	-	Global Markets income increased 6% to £2,832m, driven by increased income in Equities and Credit
		-	FICC income was broadly stable at £1,716m (Q125: £1,699m), as we continued to provide support to clients through a range of environments
		-	Equities income increased 16% to £1,116m, reflecting growth in Prime Financing, and elevated volatility in Derivatives
	-	Investment Banking income was broadly stable at £1,196m (Q125: £1,211m)
		-	Banking fees and underwriting income increased 17% to £754m, primarily driven by Advisory and Equity Capital Markets, up 78% and 31% respectively, partially offset by Debt Capital Markets due to a strong prior year comparator
		-	International Corporate Bank (ICB) income decreased 22% to £442m. Transaction banking income increased 4% to £426m, 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 £16m due to net losses on fair value lending¹
●	Total operating expenses were broadly stable at £2,127m, driven by efficiency savings, offset by higher performance costs
●	Credit impairment charges increased to £279m (Q125: £72m), primarily driven by a single name charge of £228m. The tariff related adjustment from Q125 of £35m² was released, due to the lack of tariff-driven credit deterioration and losses. However, geopolitical uncertainty persists and is reflected through a management adjustment of £52m² to capture increased downside risk.

●	Loans and advances at amortised cost increased to £136.5bn (December 2025: £130.3bn), driven by increased lending across Global Markets and Banking
●	Cash collateral and settlement balances increased to £189.2bn (December 2025: £121.6bn), primarily driven by seasonality and higher client activity during a period of elevated volatility
●	Financial assets at fair value through the income statement increased to £215.6bn (December 2025: £183.6bn), driven by an increase in activity as we continue to support clients through a range of environments
●	Derivative financial instrument assets increased to £285.4bn (December 2025: £251.5bn) and liabilities increased to £272.6bn (December 2025: £240.6bn), primarily driven by the strengthening of spot USD against GBP in Q126 and elevated volatility
●	RWAs increased to £201.7bn (December 2025: £196.7bn), mainly driven by higher activity in Global Markets as we continued to support clients through a range of environments

1	Q126 includes c.£40m of fair value losses on lending. Q125 included c.£105m of fair value gains on leverage finance lending.
2	Net of Significant Risk Transfer (SRT).

1st Quarter Results

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●	Profit before tax increased to £236m (Q125: £55m)
●	The 7% appreciation of average GBP against USD adversely impacted income and profits, and positively impacted credit impairment charges and total operating expenses
●	Total income increased 14% to £983m, driven by organic business growth, the acquisition of the General Motors co-branded cards portfolio (GM portfolio) and increased purchase activity, partially offset by the strengthening of average GBP against USD. NII increased 21% to £823m with a net interest margin (NIM) of 12.76% (Q125: 10.53%), including business growth and repricing initiatives. Net fee, commission and other income decreased 14% to £160m driven by the Q425 partner reward updates, partially offset by purchases and fee growth
●	Total operating expenses decreased 7% to £380m, reflecting the strengthening of average GBP against USD, as business growth and inflationary headwinds were broadly offset by lower partner related expenses and ongoing efficiency savings
●	Credit impairment charges decreased to £367m (Q125: £399m), reflecting stable underlying credit performance. The tariff related management adjustment from Q125 of £36m was released, due to the lack of tariff-driven credit deterioration and losses. However, geopolitical uncertainty persists and is reflected through holding back a £29m release arising from the Q126 macroeconomic scenario. US cards 30 and 90 day arrears rates¹ were 3.1% (Q125: 3.0%) and 1.7% (Q125: 1.6%) respectively. The USCB total coverage ratio was 11.5% (December 2025: 11.1%)

●	Loans and advances to customers at amortised cost were broadly stable at £21.0bn (December 2025: £21.1bn)
●	Deposits at amortised cost increased to £25.0bn (December 2025: £24.2bn), with growth in retail savings which is in line with USCB's ambition to grow core deposits
●	RWAs were broadly stable at £27.6bn (December 2025: £27.4bn)

●	Loss before tax was £272m (Q125: £131m)
●	Total income decreased to £17m (Q125: £65m), driven by the impact of the disposal of the German consumer finance business in Q125, and mark-to-market losses on legacy investments
●	Total operating expenses increased to £312m (Q125: £210m), reflecting a £105m increase in the provision for the FCA motor finance redress scheme

Barclays Group
	Q126	Q425	Q325	Q225	Q125	Q424	Q324	Q224
Income statement information	£m	£m	£m	£m	£m	£m	£m	£m
Net interest income	3,737	3,734	3,745	3,505	3,517	3,500	3,308	3,056
Net fee, commission and other income	4,426	3,343	3,422	3,682	4,192	3,464	3,239	3,268
Total income	8,163	7,077	7,167	7,187	7,709	6,964	6,547	6,324
Operating costs	(4,359)	(4,379)	(4,254)	(4,149)	(4,258)	(4,244)	(3,954)	(3,999)
UK regulatory levies	(84)	(229)	12	-	(96)	(227)	27	-
Litigation and conduct	(104)	(50)	(255)	(76)	(11)	(121)	(35)	(7)
Total operating expenses	(4,547)	(4,658)	(4,497)	(4,225)	(4,365)	(4,592)	(3,962)	(4,006)
Other net income/(expenses)	21	(25)	39	(9)	18	-	21	4
Profit before impairment	3,637	2,394	2,709	2,953	3,362	2,372	2,606	2,322
Credit impairment charges	(823)	(535)	(632)	(469)	(643)	(711)	(374)	(384)
Profit before tax	2,814	1,859	2,077	2,484	2,719	1,661	2,232	1,938
Tax charges	(638)	(388)	(365)	(552)	(621)	(448)	(412)	(427)
Profit after tax	2,176	1,471	1,712	1,932	2,098	1,213	1,820	1,511
Non-controlling interests	-	(18)	-	(21)	(2)	(20)	(3)	(23)
Other equity instrument holders	(244)	(258)	(255)	(252)	(232)	(228)	(253)	(251)
Attributable profit	1,932	1,195	1,457	1,659	1,864	965	1,564	1,237

Performance measures
Return on average tangible shareholders' equity	13.5%	8.5%	10.6%	12.3%	14.0%	7.5%	12.3%	9.9%
Average tangible shareholders' equity (£bn)	57.2	56.5	55.1	53.9	53.1	51.5	51.0	49.8
Cost: income ratio	56%	66%	63%	59%	57%	66%	61%	63%
Loan loss rate (bps)	74	48	57	44	61	66	37	38
Basic earnings per ordinary share	14.1p	8.6p	10.4p	11.7p	13.0p	6.7p	10.7p	8.3p
Basic weighted average number of shares (m)	13,727	13,883	14,045	14,211	14,314	14,432	14,648	14,915
Period end number of shares (m)	13,737	13,867	13,996	14,180	14,336	14,420	14,571	14,826
Period end tangible shareholders' equity (£bn)	55.6	56.8	54.9	54.5	53.4	51.5	51.1	50.4

Balance sheet and capital management¹	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Loans and advances to customers at amortised cost	358.3	352.8	346.4	339.2	338.6	337.9	326.5	329.8
Loans and advances to banks at amortised cost	12.0	8.7	9.4	8.7	9.4	8.3	8.1	8.0
Debt securities at amortised cost	68.3	68.5	70.7	69.9	71.4	68.2	64.6	61.7
Loans and advances at amortised cost	438.6	430.0	426.5	417.8	419.4	414.5	399.2	399.5
Loans and advances at amortised cost impairment coverage ratio	1.3%	1.2%	1.2%	1.2%	1.2%	1.2%	1.3%	1.4%
Total assets	1,694.8	1,544.2	1,629.2	1,598.7	1,593.5	1,518.2	1,531.1	1,576.6
Deposits at amortised cost	587.6	585.6	575.3	564.5	574.3	560.7	542.8	557.5
Tangible net asset value per share	405p	409p	392p	384p	372p	357p	351p	340p
Common equity tier 1 ratio	14.1%	14.3%	14.1%	14.0%	13.9%	13.6%	13.8%	13.6%
Common equity tier 1 capital	51.2	51.1	50.3	49.5	48.8	48.6	47.0	47.7
Risk weighted assets	364.5	356.8	357.4	353.0	351.3	358.1	340.4	351.4
UK leverage ratio	4.8%	5.1%	4.9%	5.0%	5.0%	5.0%	4.9%	5.0%
UK leverage exposure	1,321.3	1,247.3	1,285.3	1,259.8	1,252.8	1,206.5	1,197.4	1,222.7

Funding and liquidity
Group liquidity pool (£bn)	326.1	337.8	332.9	333.7	336.3	296.9	311.7	328.7
Liquidity coverage ratio	165.4%	170.0%	174.6%	177.7%	175.3%	172.4%	170.1%	167.0%
Net stable funding ratio	135.4%	135.2%	135.3%	135.6%	136.2%	134.9%	135.6%	136.4%
Loan: deposit ratio	75%	73%	74%	74%	73%	74%	74%	72%

Margins and balances
	Three months ended 31.03.26			Three months ended 31.03.25
	Net interest income	Average customer assets	Net interest margin	Net interest income	Average customer assets	Net interest margin
	£m	£m	%	£m	£m	%
Barclays UK	1,986	216,623	3.72	1,822	208,305	3.55
Barclays UK Corporate Bank	394	28,536	5.60	342	24,605	5.64
Barclays Private Bank and Wealth Management	204	15,022	5.51	204	14,674	5.64
Barclays US Consumer Bank¹	823	26,163	12.76	678	26,106	10.53
Group excluding IB and Head Office¹	3,407	286,344	4.83	3,046	273,690	4.51
Barclays Investment Bank	383			297
Head Office	(53)			174
Barclays Group Net interest income	3,737			3,517

Quarterly analysis
	Q126	Q425	Q325	Q225	Q125
Net interest income	£m	£m	£m	£m	£m
Barclays UK	1,986	2,015	1,961	1,855	1,822
Barclays UK Corporate Bank	394	396	383	359	342
Barclays Private Bank and Wealth Management	204	202	190	203	204
Barclays US Consumer Bank	823	776	726	640	678
Group excluding IB and Head Office	3,407	3,389	3,260	3,057	3,046

Average customer assets	£m	£m	£m	£m	£m
Barclays UK	216,623	214,770	211,384	209,649	208,305
Barclays UK Corporate Bank	28,536	27,841	26,645	25,478	24,605
Barclays Private Bank and Wealth Management	15,022	15,105	14,802	14,729	14,674
Barclays US Consumer Bank¹	26,163	26,470	25,037	23,713	26,106
Group excluding IB and Head Office¹	286,344	284,186	277,868	273,569	273,690

Net interest margin	%	%	%	%	%
Barclays UK	3.72	3.72	3.68	3.55	3.55
Barclays UK Corporate Bank	5.60	5.64	5.70	5.65	5.64
Barclays Private Bank and Wealth Management	5.51	5.31	5.09	5.53	5.64
Barclays US Consumer Bank	12.76	11.63	11.50	10.83	10.53
Group excluding IB and Head Office	4.83	4.73	4.65	4.48	4.51

	Gross exposure					Impairment allowance
	Stage 1	Stage 2	Stage 3 excluding POCI	Stage 3 POCI	Total	Stage 1	Stage 2	Stage 3 excluding POCI	Stage 3 POCI	Total
As at 31.03.26	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Retail mortgages	161,120	13,982	1,883	-	176,985	12	19	64	-	95
Retail credit cards	14,657	2,024	291	18	16,990	176	425	183	-	784
Retail other	9,906	1,526	322	11	11,765	109	175	214	-	498
Corporate loans¹	56,541	6,037	1,650	-	64,228	116	169	670	-	955
Total UK	242,224	23,569	4,146	29	269,968	413	788	1,131	-	2,332
Retail mortgages	1,838	31	158	-	2,027	2	-	24	-	26
Retail credit cards	18,547	2,651	1,842	-	23,040	394	791	1,488	-	2,673
Retail other	2,462	260	61	-	2,783	5	5	20	-	30
Corporate loans	71,802	4,533	1,732	-	78,067	76	150	296	-	522
Total Rest of the World	94,649	7,475	3,793	-	105,917	477	946	1,828	-	3,251
Total loans and advances at amortised cost	336,873	31,044	7,939	29	375,885	890	1,734	2,959	-	5,583
Debt securities at amortised cost	67,940	404	-	-	68,344	9	10	-	-	19
Total loans and advances at amortised cost including debt securities	404,813	31,448	7,939	29	444,229	899	1,744	2,959	-	5,602
Off-balance sheet loan commitments and financial guarantee contracts²	420,832	16,039	857	5	437,733	148	245	32	-	425
Total^3,4	825,645	47,487	8,796	34	881,962	1,047	1,989	2,991	-	6,027

	Net exposure					Coverage ratio
	Stage 1	Stage 2	Stage 3 excluding POCI	Stage 3 POCI	Total	Stage 1	Stage 2	Stage 3 excluding POCI	Stage 3 POCI	Total
As at 31.03.26	£m	£m	£m	£m	£m	%	%	%	%	%
Retail mortgages	161,108	13,963	1,819	-	176,890	-	0.1	3.4	-	0.1
Retail credit cards	14,481	1,599	108	18	16,206	1.2	21.0	62.9	-	4.6
Retail other	9,797	1,351	108	11	11,267	1.1	11.5	66.5	-	4.2
Corporate loans¹	56,425	5,868	980	-	63,273	0.2	2.8	40.6	-	1.5
Total UK	241,811	22,781	3,015	29	267,636	0.2	3.3	27.3	-	0.9
Retail mortgages	1,836	31	134	-	2,001	0.1	-	15.2	-	1.3
Retail credit cards	18,153	1,860	354	-	20,367	2.1	29.8	80.8	-	11.6
Retail other	2,457	255	41	-	2,753	0.2	1.9	32.8	-	1.1
Corporate loans	71,726	4,383	1,436	-	77,545	0.1	3.3	17.1	-	0.7
Total Rest of the World	94,172	6,529	1,965	-	102,666	0.5	12.7	48.2	-	3.1
Total loans and advances at amortised cost	335,983	29,310	4,980	29	370,302	0.3	5.6	37.3	-	1.5
Debt securities at amortised cost	67,931	394	-	-	68,325	-	2.5	-	-	-
Total loans and advances at amortised cost including debt securities	403,914	29,704	4,980	29	438,627	0.2	5.5	37.3	-	1.3
Off-balance sheet loan commitments and financial guarantee contracts²	420,684	15,794	825	5	437,308	-	1.5	3.7	-	0.1
Total^3,4	824,598	45,498	5,805	34	875,935	0.1	4.2	34.0	-	0.7

1	Includes Business Banking, which has a gross exposure of £12.4bn and an impairment allowance of £318m. This comprises £60m impairment allowance on £9.7bn Stage 1 exposure, £51m on £2.1bn Stage 2 exposure and £207m on £0.6bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is 1.2%.
2	Excludes loan commitments and financial guarantees of £25.4bn carried at fair value and includes exposure relating to financial assets classified as assets held for sale.
3	Other financial assets subject to impairment excluded in the table above include 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 £293.7bn and an impairment allowance of £151m. This comprises £18m impairment allowance on £292.8bn Stage 1 exposure, £8m on £0.8bn Stage 2 exposure and £125m on £128m Stage 3 exposure.
4	The annualised loan loss rate is 74bps after applying the total impairment charge of £823m.

Loans and advances to customers classified as assets held for sale
	Stage 1			Stage 2			Stage 3			Total
	Gross	ECL	Coverage	Gross	ECL	Coverage	Gross	ECL	Coverage	Gross	ECL	Coverage
As at 31.03.26	£m	£m	%	£m	£m	%	£m	£m	%	£m	£m	%
Retail credit cards - US	5,061	66	1.3	484	122	25.2	57	47	82.5	5,602	235	4.2
Corporate loans - US	44	1	2.3	6	2	33.3	-	-	-	50	3	6.0
Total Rest of the World	5,105	67	1.3	490	124	25.3	57	47	82.5	5,652	238	4.2
As at 31.12.25
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

●	Within Barclays UK, a £10m adjustment has been recognised in the Retail credit cards portfolio, reflecting a marginally weaker UK unemployment baseline than that assumed in the Q126 macroeconomic scenario.
●	For USCB, the tariff-related adjustment from Q125 of £31m¹ was released due to the lack of tariff-driven credit deterioration and losses. However, uncertainty persists and has been reflected through holding back a £25m¹ release arising from the Q126 macroeconomic scenario.
●	In IB, the tariff-related adjustment from Q125 of £50m (£35m net of SRT² credit protection) was released due to the lack of tariff-driven credit deterioration and losses. However, geopolitical uncertainty persists and has been reflected through a management adjustment of £66m (£52m net of SRT² credit protection) to capture increased downside risk.