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.

Disclaimer*

Barclays PLC
28 April 2026
 

Barclays PLC

Q126 Results Announcement

31 March 2026

 

Notes

 

The terms Barclays and Group refer to Barclays PLC together with its subsidiaries. Unless otherwise stated, the income statement analysis compares the three months ended 31 March 2026 to the corresponding three months of 2025 and balance sheet analysis as at 31 March 2026 with comparatives relating to 31 December 2025 and 31 March 2025. The abbreviations '£m' and '£bn' represent millions and thousands of millions of Pounds Sterling respectively; the abbreviations '$m' and '$bn' represent millions and thousands of millions of US Dollars respectively; and the abbreviations '€m' and '€bn' represent millions and thousands of millions of Euros respectively.

 

There are a number of key judgement areas, for example impairment calculations, which are based on models and which are subject to ongoing adjustment and modifications. Reported numbers reflect best estimates and judgements at the given point in time.

 

Relevant terms that are used in this document but are not defined under applicable regulatory guidance or International Financial Reporting Standards (IFRS) are explained in the results glossary, which can be accessed at home.barclays/investor-relations.

 

The information in this announcement, which was approved by the Board of Directors on 27 April 2026, does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2025, which contain an unmodified audit report under Section 495 of the Companies Act 2006 (which does not make any statements under Section 498 of the Companies Act 2006) will be delivered to the Registrar of Companies in accordance with Section 441 of the Companies Act 2006.

 

These results will be furnished on Form 6-K to the US Securities and Exchange Commission (SEC) as soon as practicable following publication of this document. Once furnished to the SEC, a copy of the Form 6-K will be available from the SEC's website at www.sec.gov.

 

Barclays is a frequent issuer in the debt capital markets and regularly meets with investors via formal roadshows and other ad hoc meetings. Consistent with its usual practice, Barclays expects that from time to time over the coming quarter it will meet with investors globally to discuss these results and other matters relating to the Group.

 

Non-IFRS performance measures

 

Barclays' management believes that the non-IFRS performance measures included in this document provide valuable information to the readers of the financial statements as they enable the reader to identify a more consistent basis for comparing the businesses' performance between financial periods and provide more detail concerning the elements of performance which the managers of these businesses are most directly able to influence or are relevant for an assessment of the Group. They also reflect an important aspect of the way in which operating targets are defined and performance is monitored by Barclays' management. However, any non-IFRS performance measures in this document are not a substitute for IFRS measures and readers should consider the IFRS measures as well. Refer to the appendix on pages 40 to 48 for definitions and calculations of non-IFRS performance measures included throughout this document, and reconciliations to the most directly comparable IFRS measures.

 

Forward-looking statements

 

This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to the Group. Barclays cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as 'may', 'will', 'seek', 'continue', 'aim', 'anticipate', 'target', 'projected', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', 'achieve' or other words of similar meaning. Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of the Group (including during management presentations) in connection with this document. Examples of forward-looking statements include, among others, statements or guidance regarding or relating to the Group's future financial position, business strategy, income levels, costs, assets and liabilities, impairment charges, provisions, capital leverage and other regulatory ratios, capital distributions (including policy on dividends and share buybacks), return on tangible equity, projected levels of growth in banking and financial markets, industry trends, any commitments and targets (including sustainability-related commitments and targets), plans and objectives for future operations, International Financial Reporting Standards ("IFRS") and other statements that are not historical or current facts. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements speak only as at the date on which they are made. Forward-looking statements may be affected by a number of factors, including, without limitation: changes in legislation, regulations, governmental and regulatory policies, expectations and actions, voluntary codes of practices and the interpretation thereof, changes in IFRS and other accounting standards, including practices with regard to the interpretation and application thereof and emerging and developing sustainability reporting standards (including emissions accounting methodologies); changes in tax laws and practice; the outcome of current and future legal proceedings and regulatory investigations; the Group's ability along with governments and other stakeholders to measure, manage and mitigate the impacts of climate change effectively or navigate inconsistencies and conflicts in the manner in which climate policy is implemented in the regions where the Group operates, including as a result of the adoption of rules and regulations taking a different or opposing position on sustainability matters, or other forms of governmental and regulatory action against sustainability policies; environmental, social and geopolitical risks and incidents and similar events beyond the Group's control; financial crime; the impact of competition in the banking and financial services industry; capital, liquidity, leverage and other regulatory rules and requirements applicable to past, current and future periods; UK, US, Eurozone and global macroeconomic and business conditions, including inflation; volatility in credit and capital markets; market related risks such as changes in interest rates and foreign exchange rates; reforms to benchmark interest rates and indices; higher or lower asset valuations; changes in credit ratings of any entity within the Group or any securities issued by it; changes in counterparty risk; changes in consumer behaviour; changes in trade policy, including the imposition of tariffs or other protectionist measures; the direct and indirect consequences of the conflicts in the Middle East and Ukraine on European and global macroeconomic conditions, political stability and financial markets; changes in US legislation and policy; developments in the UK's relationship with the European Union; the risk of cyberattacks, information or security breaches, technology failures or operational disruptions and any subsequent impact on the Group's reputation, business or operations; the use of new technology, including artificial intelligence; the Group's ability to access funding; and the success of acquisitions, disposals, joint ventures and other strategic transactions. A number of these factors are beyond the Group's control. As a result, the Group's actual financial position, results, financial and non-financial metrics or performance measures or its ability to meet commitments and targets may differ materially from the statements or guidance set forth in the Group's forward-looking statements. In setting its targets and outlook for the period 2026-2028, Barclays has made certain assumptions about the macroeconomic environment, including, without limitation, inflation, interest and unemployment rates, the different markets and competitive conditions in which Barclays operates, and its ability to grow certain businesses and achieve costs savings and other structural actions. Additional risks and factors which may impact the Group's future financial condition and performance are identified in Barclays PLC's filings with the US Securities and Exchange Commission ("SEC") (including, without limitation, Barclays PLC's Annual Report on Form 20-F for the financial year ended 31 December 2025), which are available on the SEC's website at www.sec.gov.

 

Subject to Barclays PLC's obligations under the applicable laws and regulations of any relevant jurisdiction (including, without limitation, the UK and the US) in relation to disclosure and ongoing information, we undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

Performance Highlights

 

For Q126, Barclays delivered a return on tangible equity (RoTE) of 13.5%, announced a £500m buyback and reiterated all 2026 and 2028 targets

 

C. S. Venkatakrishnan, Group Chief Executive, commented

"Barclays delivered another solid quarter with a 13.5% RoTE in Q126, and double-digit returns in all our businesses. This was despite a one-off charge and impairments in the quarter. Top line income grew 6% year-on-year, driven by broad based divisional performance including in the Investment Bank, where we generated over £4bn quarterly income for the first time. The cost: income ratio improved to 56% and earnings per share (EPS) grew by 8% to 14.1p. Our capital position remains robust with a 14.1% common equity tier 1 (CET1) ratio and we are announcing a £500m buyback today. The breadth and quality of our businesses mean we remain confident in delivering all our financial targets across a range of environments. This includes greater than 12% RoTE in 2026 and greater than 14% RoTE in 2028."

 

●

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




 

Key financial metrics:

 

 

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

 

Q126 Performance highlights:

 

●

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

 

1

Represents RWAs from business growth in Barclays UK, UK Corporate Bank and Private Bank and Wealth Management since January 2024, excluding the effects of securitisations, model updates and other methodological changes. Also excludes additional Operational Risk RWAs related to organic growth.

 

Q126 Performance highlights (continued):

 

●

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)

 

Group financial targets1:

 

2026 targets

●

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






 

2028 targets

●

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.

 

Group Finance Director's Review

 

Q126 Group performance

 

●

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

 

Group capital and leverage

 

●

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

 

Group funding and liquidity

 

●

The liquidity metrics remain above regulatory requirements, underpinned by well-diversified sources of funding, a stable global deposit franchise and a highly liquid balance sheet

●

The liquidity pool was £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.

 

Group funding and liquidity (continued)

 

●

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

 

Other matters

 

●

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

 

Anna Cross, Group Finance Director

 

Results by Business

 

Barclays UK

Three months ended


31.03.26

31.03.25

 

Income statement information

£m

£m

% Change

Net interest income

1,986

1,822

9

Net fee, commission and other income

272

252

8

Total income

2,258

2,074

9

Operating costs

(1,174)

(1,115)

(5)

UK regulatory levies

(44)

(43)

(2)

Litigation and conduct

1

(2)


Total operating expenses

(1,217)

(1,160)

(5)

Other net income

-

-

-

Profit before impairment

1,041

914

14

Credit impairment charges

(178)

(158)

(13)

Profit before tax

863

756

14

Attributable profit

591

510

16





Performance measures




Return on average allocated tangible equity

19.7%

17.4%


Average allocated tangible equity (£bn)

12.0

11.7


Cost: income ratio

54%

56%


Loan loss rate (bps)

31

28


Net interest margin

3.72%

3.55%







As at 31.03.26

As at 31.12.25

As at 31.03.25

Balance sheet information

£bn

£bn

£bn

Loans and advances to customers at amortised cost

217.8

216.5

209.6

Total assets

298.4

299.6

301.4

Customer deposits at amortised cost

243.9

244.6

243.1

Loan: deposit ratio

95%

94%

93%

Risk weighted assets

87.5

85.8

85.0

Period end allocated tangible equity

12.0

11.8

11.8

 

Analysis of Barclays UK

Three months ended

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

 

Barclays UK delivered a RoTE of 19.7% (Q125: 17.4%) supported by robust income, disciplined cost management and underpinned by strong asset quality

 

Income statement - Q126 compared to Q125

●

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%)

 

Balance sheet - 31 March 2026 compared to 31 December 2025

●

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

 

Barclays UK Corporate Bank

Three months ended

 


31.03.26

31.03.25

 

 

Income statement information

£m

£m

% Change

 

Net interest income

394

342

15


Net fee, commission and other income

136

142

(4)


Total income

530

484

10


Operating costs

(239)

(234)

(2)


UK regulatory levies

(15)

(24)

38


Litigation and conduct

-

-



Total operating expenses

(254)

(258)

2


Other net income

-

-

-


Profit before impairment

276

226

22


Credit impairment charges

(3)

(19)

84


Profit before tax

273

207

32


Attributable profit

187

142

32







Performance measures





Return on average allocated tangible equity

19.9%

17.1%



Average allocated tangible equity (£bn)

3.8

3.3



Cost: income ratio

48%

53%



Loan loss rate (bps)

4

28









As at 31.03.26

As at 31.12.25

As at 31.03.25


Balance sheet information

£bn

£bn

£bn


Loans and advances to customers at amortised cost

30.8

30.0

26.7


Deposits at amortised cost

88.0

88.7

85.3


Risk weighted assets

27.3

26.5

24.2


Period end allocated tangible equity

3.7

3.7

3.4








 

 


31.03.26

31.03.25

 

 

Analysis of total income

£m

£m

% Change

 

Corporate lending

89

80

11


Transaction banking

441

404

9


Total income

530

484

10


 

UKCB delivered a RoTE of 19.9% (Q125: 17.1%), as increased income from higher average deposit and lending balances, and positive operating jaws were partially offset by higher RWAs to support future growth ambitions.

 

Income statement - Q126 compared to Q125

●

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

 

Balance sheet - 31 March 2026 compared to 31 December 2025

●

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

 

Barclays Private Bank and Wealth Management

Three months ended


31.03.26

31.03.25

 

Income statement information

£m

£m

% Change

Net interest income

204

204

-

Net fee, commission and other income

143

145

(1)

Total income

347

349

(1)

Operating costs

(254)

(234)

(9)

UK regulatory levies

(3)

(2)

(50)

Litigation and conduct

-

-


Total operating expenses

(257)

(236)

(9)

Other net income

-

-

-

Profit before impairment

90

113

(20)

Credit impairment releases

2

9

(78)

Profit before tax

92

122

(25)

Attributable profit

73

96

(24)





Performance measures




Return on average allocated tangible equity

25.5%

34.5%


Average allocated tangible equity (£bn)

1.1

1.1


Cost: income ratio

74%

68%


Loan loss rate (bps)

(6)

(25)






Key facts

£bn

£bn

 

Net new assets under management1

1.5

1.0







As at 31.03.26

As at 31.12.25

As at 31.03.25

Balance sheet information

£bn

£bn

£bn

Loans and advances to customers at amortised cost

14.7

14.7

14.5

Deposits at amortised cost

73.3

72.0

73.1

Risk weighted assets

8.2

8.0

8.0

Period end allocated tangible equity

1.1

1.1

1.1





Invested assets2

135.4

140.6

124.4

Of which:




Assets under management1

51.6

52.9

47.8

Assets under supervision1

83.8

87.7

76.6

Client assets and liabilities3

223.8

227.6

212.4

 

PBWM delivered a RoTE of 25.5% (Q125: 34.5%), reflecting higher costs from accelerated investment to support future growth and efficiency ambitions, and a lower credit impairment release.

 

Income statement - Q126 compared to Q125

●

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

 

Balance sheet - 31 March 2026 compared to 31 December 2025

●

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)

 

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.

 

Barclays Investment Bank

Three months ended

 


31.03.26

31.03.25

 

 

Income statement information

£m

£m

% Change

 

Net interest income

383

297

29


Net trading income

2,358

2,416

(2)


Net fee, commission and other income

1,287

1,160

11


Total income

4,028

3,873

4


Operating costs

(2,107)

(2,061)

(2)


UK regulatory levies

(22)

(27)

19


Litigation and conduct

2

(3)



Total operating expenses

(2,127)

(2,091)

(2)


Other net income

-

-

-


Profit before impairment

1,901

1,782

7


Credit impairment charges

(279)

(72)



Profit before tax

1,622

1,710

(5)


Attributable profit

1,111

1,199

(7)







Performance measures





Return on average allocated tangible equity

15.0%

16.2%



Average allocated tangible equity (£bn)

29.7

29.6



Income over average risk weighted assets

8.0%

7.7%



Cost: income ratio

53%

54%



Loan loss rate (bps)

82

23









As at 31.03.26

As at 31.12.25

As at 31.03.25


Balance sheet information

£bn

£bn

£bn


Loans and advances to customers at amortised cost

73.6

70.0

68.6


Loans and advances to banks at amortised cost

10.0

7.4

7.4


Debt securities at amortised cost

52.9

52.9

53.1


Loans and advances at amortised cost

136.5

130.3

129.1


Trading portfolio assets

189.3

189.5

185.5


Derivative financial instrument assets

285.4

251.5

253.6


Financial assets at fair value through the income statement

215.6

183.6

209.5


Cash collateral and settlement balances

189.2

121.6

148.8







Deposits at amortised cost

157.4

156.1

148.9


Derivative financial instrument liabilities

272.6

240.6

245.1







Risk weighted assets

201.7

196.7

195.9


Period end allocated tangible equity

29.6

28.9

28.9


 

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


 

1

Q126 includes c.£40m of fair value losses on lending. Q125 included c.£105m of fair value gains on leverage finance lending.

 

IB delivered a RoTE of 15.0% (Q125: 16.2%), driven by Global Markets and Investment Banking fees and underwriting income, whilst maintaining cost and capital discipline, driving positive operating jaws and improved RWA productivity.

 

Income statement - Q126 compared to Q125

●

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.

 

Balance sheet - 31 March 2026 compared to 31 December 2025

●

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).

 

Barclays US Consumer Bank

Three months ended

 


31.03.26

31.03.25

 

 

Income statement information

£m

£m

% Change

 

Net interest income

823

678

21


Net fee, commission and other income

160

186

(14)


Total income

983

864

14


Operating costs

(380)

(407)

7


UK regulatory levies

-

-



Litigation and conduct

-

(3)



Total operating expenses

(380)

(410)

7


Other net income

-

-



Profit before impairment

603

454

33


Credit impairment charges

(367)

(399)

8


Profit before tax

236

55

 


Attributable profit

176

41








Performance measures





Return on average allocated tangible equity

18.8%

4.5%



Average allocated tangible equity (£bn)

3.8

3.6



Cost: income ratio

39%

47%



Loan loss rate (bps)

491

562



Net interest margin

12.76%

10.53%









As at 31.03.26

As at 31.12.25

As at 31.03.25


Balance sheet information

£bn

£bn

£bn


Loans and advances to customers at amortised cost

21.0

21.1

18.8


Deposits at amortised cost

25.0

24.2

23.8


Risk weighted assets

27.6

27.4

25.6


Period end allocated tangible equity

3.8

3.8

3.5


 

USCB delivered a RoTE of 18.8% (Q125: 4.5%), reflecting continued operational progress, with increased income from business growth and higher net interest margin, positive operating jaws, and lower credit impairment charges.

 

Income statement - Q126 compared to Q125

●

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%)

 

Balance sheet - 31 March 2026 compared to 31 December 2025

●

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)

 

1

Including a co-branded cards portfolio classified as assets held for sale.

 

Head Office

Three months ended

 


31.03.26

31.03.25

 

 

Income statement information

£m

£m

% Change

 

Net interest income

(53)

174



Net fee, commission and other income

70

(109)



Total income

17

65

(74)


Operating costs

(205)

(207)

1


UK regulatory levies

-

-



Litigation and conduct

(107)

(3)



Total operating expenses

(312)

(210)

(49)


Other net income

21

18

17


Loss before impairment

(274)

(127)

 


Credit impairment releases/(charges)

2

(4)



Loss before tax

(272)

(131)

 


Attributable loss

(206)

(124)

(66)







Performance measures





Average allocated tangible equity (£bn)

6.8

3.8









As at 31.03.26

As at 31.12.25

As at 31.03.25


Balance sheet information

£bn

£bn

£bn


Risk weighted assets

12.3

12.3

12.7


Period end allocated tangible equity

5.4

7.5

4.7


 

Income statement - Q126 compared to Q125

●

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

 

Balance sheet - 31 March 2026 compared to 31 December 2025

●

RWAs were stable at £12.3bn (December 2025: £12.3bn)

 

Quarterly Results Summary

 

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%

 

1

Refer to pages 32 to 36 for further information on how capital, RWAs and leverage are calculated.

 

Barclays UK

 


 







 

 

Q126


Q425

Q325

Q225

Q125

 

Q4241

Q324

Q224

Income statement information

£m


£m

£m

£m

£m

 

£m

£m

£m

Net interest income

1,986


2,015

1,961

1,855

1,822

 

1,815

1,666

1,597

Net fee, commission and other income

272


247

292

264

252

 

800

280

290

Total income

2,258


2,262

2,253

2,119

2,074

 

2,615

1,946

1,887

Operating costs

(1,174)


(1,274)

(1,189)

(1,168)

(1,115)

 

(1,170)

(1,017)

(1,041)

UK regulatory levies

(44)


(41)

(1)

-

(43)

 

(36)

12

-

Litigation and conduct

1


(14)

(8)

(27)

(2)

 

(9)

(1)

(4)

Total operating expenses

(1,217)


(1,329)

(1,198)

(1,195)

(1,160)

 

(1,215)

(1,006)

(1,045)

Other net income

-


-

-

-

-

 

-

-

-

Profit before impairment

1,041


933

1,055

924

914

 

1,400

940

842

Credit impairment charges

(178)


(74)

(102)

(79)

(158)

 

(283)

(16)

(8)

Profit before tax

863


859

953

845

756

 

1,117

924

834

Attributable profit

591


706

647

580

510

 

781

621

584

 











Balance sheet information

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn

Loans and advances to customers at amortised cost

217.8


216.5

213.4

211.2

209.6

 

207.7

199.3

198.7

Customer deposits at amortised cost

243.9


244.6

241.5

241.3

243.1

 

244.2

236.3

236.8

Loan: deposit ratio

95%


94%

95%

94%

93%

 

92%

92%

91%

Risk weighted assets

87.5


85.8

86.7

86.1

85.0

 

84.5

77.5

76.5

Period end allocated tangible equity

12.0


11.8

11.9

11.8

11.8

 

11.6

10.7

10.6

 











Performance measures

 


 

 

 

 


 

 

 

Return on average allocated tangible equity

19.7%


23.8%

21.8%

19.7%

17.4%

 

28.0%

23.4%

22.3%

Average allocated tangible equity (£bn)

12.0


11.9

11.9

11.8

11.7

 

11.2

10.6

10.5

Cost: income ratio

54%


59%

53%

56%

56%

 

46%

52%

55%

Loan loss rate (bps)

31


13

18

14

28

 

49

3

1

Net interest margin

3.72%


3.72%

3.68%

3.55%

3.55%

 

3.53%

3.34%

3.22%

 

1

Q424 includes the day 1 impacts from the acquisition of Tesco Bank: total Income includes a £556m gain, and credit impairment charges includes a £209m charge.

 

Analysis of Barclays UK

Q126


Q425

Q325

Q225

Q125

 

Q4241

Q324

Q224

Analysis of total income

£m


£m

£m

£m

£m

 

£m

£m

£m

Retail Banking

1,725


1,702

1,708

1,599

1,573


2,078

1,433

1,402

Business Banking

533


560

545

520

501

 

537

513

485

Total income

2,258


2,262

2,253

2,119

2,074

 

2,615

1,946

1,887

 











Analysis of credit impairment (charges)/releases











Retail Banking

(179)


(72)

(98)

(59)

(145)


(279)

(12)

(51)

Business Banking

1


(2)

(4)

(20)

(13)

 

(4)

(4)

43

Total credit impairment charges

(178)


(74)

(102)

(79)

(158)

 

(283)

(16)

(8)

 











Analysis of loans and advances to customers at amortised cost

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn

Retail Banking

200.1


198.6

195.2

192.4

190.4


188.0

178.7

177.5

Business Banking

17.7


17.9

18.2

18.8

19.2

 

19.7

20.6

21.2

Total loans and advances to customers at amortised cost

217.8


216.5

213.4

211.2

209.6

 

207.7

199.3

198.7

 











Analysis of customer deposits at amortised cost











Retail Banking

193.1


192.7

189.3

189.3

190.8


191.4

182.9

183.3

Business Banking

50.8


51.9

52.2

52.0

52.3

 

52.8

53.4

53.5

Total customer deposits at amortised cost

243.9


244.6

241.5

241.3

243.1

 

244.2

236.3

236.8

 

1

Q424 includes the day 1 impacts from the acquisition of Tesco Bank: total Income includes a £556m gain, and credit impairment charges includes a £209m charge.

 

Barclays UK Corporate Bank

 









 

 

Q126


Q425

Q325

Q225

Q125

 

Q424

Q324

Q224

Income statement information

£m


£m

£m

£m

£m

 

£m

£m

£m

Net interest income

394


396

383

359

342


324

309

296

Net fee, commission, trading and other income

136


143

139

160

142


134

136

147

Total income

530


539

522

519

484


458

445

443

Operating costs

(239)


(272)

(243)

(240)

(234)


(250)

(229)

(235)

UK regulatory levies

(15)


(14)

9

-

(24)


(14)

7

-

Litigation and conduct

-


-

-

(39)

-


(1)

-

-

Total operating expenses

(254)


(286)

(234)

(279)

(258)


(265)

(222)

(235)

Other net income

-


-

-

-

-


-

-

-

Profit before impairment

276


253

288

240

226


193

223

208

Credit impairment charges

(3)


(1)

(5)

(12)

(19)


(40)

(13)

(8)

Profit before tax

273


252

283

228

207


153

210

200

Attributable profit

187


168

196

142

142


98

144

135

 











Balance sheet information

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn

Loans and advances to customers at amortised cost

30.8


30.0

29.0

27.9

26.7


25.4

24.8

25.7

Deposits at amortised cost

88.0


88.7

86.7

85.3

85.3


83.1

82.3

84.9

Risk weighted assets

27.3


26.5

25.2

25.3

24.2


23.9

22.1

21.9

Period end allocated tangible equity

3.7


3.7

3.4

3.5

3.4


3.3

3.0

3.0

 











Performance measures

 


 

 

 

 


 

 

 

Return on average allocated tangible equity

19.9%


19.1%

22.8%

16.6%

17.1%


12.3%

18.8%

18.0%

Average allocated tangible equity (£bn)

3.8


3.5

3.4

3.4

3.3


3.2

3.1

3.0

Cost: income ratio

48%


53%

45%

54%

53%


58%

50%

53%

Loan loss rate (bps)

4


1

7

17

28


62

21

12












Analysis of total income

£m


£m

£m

£m

£m


£m

£m

£m

Corporate lending

89


97

90

90

80


71

67

57

Transaction banking

441


442

432

429

404


387

378

386

Total income

530


539

522

519

484


458

445

443

 

Barclays Private Bank and Wealth Management










 

 

Q126


Q425

Q325

Q225

Q125

 

Q424

Q324

Q224

Income statement information

£m


£m

£m

£m

£m

 

£m

£m

£m

Net interest income

204


202

190

203

204


216

189

187

Net fee, commission and other income

143


146

145

145

145


135

137

133

Total income

347


348

335

348

349


351

326

320

Operating costs

(254)


(279)

(243)

(238)

(234)


(255)

(222)

(220)

UK regulatory levies

(3)


(7)

(1)

-

(2)


(7)

1

-

Litigation and conduct

-


(10)

1

-

-


(1)

-

1

Total operating expenses

(257)


(296)

(243)

(238)

(236)


(263)

(221)

(219)

Other net income

-


-

-

-

-


-

-

-

Profit before impairment

90


52

92

110

113


88

105

101

Credit impairment releases/(charges)

2


(2)

(1)

2

9


(2)

(7)

3

Profit before tax

92


50

91

112

122


86

98

104

Attributable profit

73


35

72

88

96


63

74

77

 











Balance sheet information

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn

Loans and advances to customers at amortised cost

14.7


14.7

14.9

14.5

14.5


14.5

14.0

13.9

Deposits at amortised cost

73.3


72.0

70.6

66.7

73.1


69.5

64.8

64.6

Risk weighted assets

8.2


8.0

7.9

7.9

8.0


7.9

7.3

7.0

Period end allocated tangible equity

1.1


1.1

1.1

1.1

1.1


1.1

1.0

1.0

Client assets and liabilities1

223.8


227.6

221.5

213.4

212.4


208.9

201.5

198.5

 











Performance measures

 


 

 

 

 


 

 

 

Return on average allocated tangible equity

25.5%


12.6%

26.4%

31.9%

34.5%


23.9%

29.0%

30.8%

Average allocated tangible equity (£bn)

1.1


1.1

1.1

1.1

1.1


1.1

1.0

1.0

Cost: income ratio

74%


85%

73%

68%

68%


75%

68%

68%

Loan loss rate (bps)

(6)


5

3

(5)

(25)

 

5

19

(9)

 

1

Client assets and liabilities refers to deposits, lending and invested assets.

 

Barclays Investment Bank

 










 

Q126


Q425

Q325

Q225

Q125

 

Q424

Q324

Q224

Income statement information

£m


£m

£m

£m

£m

 

£m

£m

£m

Net interest income

383


356

347

334

297


284

282

268

Net trading income

2,358


1,294

1,581

1,906

2,416


1,262

1,512

1,485

Net fee, commission and other income

1,287


1,142

1,155

1,067

1,160


1,061

1,057

1,266

Total income

4,028


2,792

3,083

3,307

3,873


2,607

2,851

3,019

Operating costs

(2,107)


(1,924)

(2,010)

(1,932)

(2,061)


(1,903)

(1,906)

(1,900)

UK regulatory levies

(22)


(159)

5

-

(27)


(161)

7

-

Litigation and conduct

2


(8)

(9)

(8)

(3)


(26)

(17)

(3)

Total operating expenses

(2,127)


(2,091)

(2,014)

(1,940)

(2,091)


(2,090)

(1,916)

(1,903)

Other net income

-


-

-

-

-


-

-

-

Profit before impairment

1,901


701

1,069

1,367

1,782


517

935

1,116

Credit impairment charges

(279)


(22)

(144)

(67)

(72)


(46)

(43)

(44)

Profit before tax

1,622


679

925

1,300

1,710


471

892

1,072

Attributable profit

1,111


294

723

876

1,199


247

652

715

 











Balance sheet information

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn

Loans and advances to customers at amortised cost

73.6


70.0

68.6

66.8

68.6


69.7

64.5

66.6

Loans and advances to banks at amortised cost

10.0


7.4

7.5

7.1

7.4


6.8

6.7

6.6

Debt securities at amortised cost

52.9


52.9

53.0

52.4

53.1


47.9

44.8

41.7

Loans and advances at amortised cost

136.5


130.3

129.1

126.3

129.1


124.4

116.0

114.9

Trading portfolio assets

189.3


189.5

191.3

186.1

185.5


166.1

185.8

197.2

Derivative financial instrument assets

285.4


251.5

263.8

279.0

253.6


291.6

256.7

251.4

Financial assets at fair value through the income statement

215.6


183.6

222.8

215.2

209.5


190.4

210.8

211.7

Cash collateral and settlement balances

189.2


121.6

152.1

145.0

148.8


111.1

134.7

139.8

 

 





 


 



Deposits at amortised cost

157.4


156.1

152.8

148.7

148.9


140.5

139.8

151.3

Derivative financial instrument liabilities

272.6


240.6

252.0

265.1

245.1


279.0

249.4

241.8

 

 





 


 



Risk weighted assets

201.7


196.7

199.1

196.4

195.9


198.8

194.2

203.3

Period end allocated tangible equity

29.6


28.9

29.1

28.7

28.9


29.3

28.4

29.7

 











Performance measures

 



 

 

 


 

 

 

Return on average allocated tangible equity

15.0%


4.0%

10.1%

12.2%

16.2%


3.4%

8.8%

9.6%

Average allocated tangible equity (£bn)

29.7


29.6

28.6

28.7

29.6


29.3

29.5

29.9

Income over average risk weighted assets

8.0%


5.5%

6.3%

6.7%

7.7%


5.2%

5.7%

5.9%

Cost: income ratio

53%


75%

65%

59%

54%


80%

67%

63%

Loan loss rate (bps)

82


7

44

21

23


15

15

15

 











Analysis of total income

£m


£m

£m

£m

£m


£m

£m

£m

FICC

1,716


1,024

1,256

1,450

1,699


934

1,180

1,149

Equities

1,116


703

689

870

963


604

692

696

 Global Markets

2,832


1,727

1,945

2,320

2,662


1,538

1,872

1,845

Advisory

255


214

196

123

143


189

186

138

Equity capital markets

92


56

71

81

70


98

64

121

Debt capital markets

407


336

379

364

431


327

344

420

Banking Fees and Underwriting

754


606

646

568

644


614

594

679

Corporate lending

16


27

68

(4)

156


45

(21)

87

Transaction banking

426


432

424

423

411


410

406

408

International Corporate Banking

442


459

492

419

567


455

385

495

 Investment Banking

1,196


1,065

1,138

987

1,211


1,069

979

1,174

Total income

4,028


2,792

3,083

3,307

3,873


2,607

2,851

3,019

 

Barclays US Consumer Bank

 





 


 


 

 

Q126


Q425

Q325

Q225

Q125


Q424

Q324

Q224

Income statement information

£m


£m

£m

£m

£m


£m

£m

£m

Net interest income

823


776

726

640

678


678

647

646

Net fee, commission, trading and other income

160


277

215

183

186


179

144

173

Total income

983


1,053

941

823

864


857

791

819

Operating costs

(380)


(427)

(407)

(396)

(407)


(433)

(384)

(408)

UK regulatory levies

-


-

-

-

-


-

-

-

Litigation and conduct

-


(5)

-

-

(3)


-

(9)

(2)

Total operating expenses

(380)


(432)

(407)

(396)

(410)


(433)

(393)

(410)

Other net income

-


-

-

-

-


-

-

-

Profit before impairment

603


621

534

427

454


424

398

409

Credit impairment charges

(367)


(431)

(379)

(312)

(399)


(298)

(276)

(309)

Profit before tax

236


190

155

115

55


126

122

100

Attributable profit

176


144

118

87

41


94

89

75

 











Balance sheet information

£bn


£bn

£bn

£bn

£bn


£bn

£bn

£bn

Loans and advances to customers at amortised cost

21.0


21.1

20.0

18.2

18.8


20.0

23.2

24.3

Deposits at amortised cost

25.0


24.2

23.7

22.5

23.8


23.3

19.4

20.0

Risk weighted assets

27.6


27.4

25.8

24.7

25.6


26.8

23.2

24.4

Period end allocated tangible equity

3.8


3.8

3.5

3.4

3.5


3.7

3.2

3.3

 











Performance measures

 


 


 

 


 

 

 

Return on average allocated tangible equity

18.8%


15.8%

13.5%

10.2%

4.5%


11.2%

10.9%

9.2%

Average allocated tangible equity (£bn)

3.8


3.6

3.5

3.4

3.6


3.4

3.3

3.3

Cost: income ratio

39%


41%

43%

48%

47%


51%

50%

50%

Loan loss rate (bps)1

491


558

505

456

562


395

411

438

Net interest margin

12.76%


11.63%

11.50%

10.83%

10.53%


10.66%

10.38%

10.43%

 

1

LLR includes held for sale portfolios to remain consistent with the treatment of impairment.

 

Head Office









 

 

 

Q126


Q425

Q325

Q225

Q125

 

Q424

Q324

Q224

Income statement information

£m


£m

£m

£m

£m

 

£m

£m

£m

Net interest income

(53)


(11)

138

114

174

 

183

215

62

Net fee, commission and other income

70


94

(105)

(43)

(109)

 

(107)

(27)

(226)

Total income

17


83

33

71

65

 

76

188

(164)

Operating costs

(205)


(203)

(162)

(175)

(207)

 

(233)

(197)

(195)

UK regulatory levies

-


(8)

-

-

-

 

(9)

-

-

Litigation and conduct

(107)


(13)

(239)

(2)

(3)

 

(84)

(7)

1

Total operating expenses

(312)


(224)

(401)

(177)

(210)

 

(326)

(204)

(194)

Other net income/(expenses)

21


(25)

39

(9)

18

 

-

21

4

(Loss)/profit before impairment

(274)


(166)

(329)

(115)

(127)

 

(250)

5

(354)

Credit impairment releases/(charges)

2


(5)

(1)

(1)

(4)

 

(42)

(19)

(18)

Loss before tax

(272)


(171)

(330)

(116)

(131)

 

(292)

(14)

(372)

Attributable loss

(206)


(152)

(299)

(114)

(124)

 

(318)

(16)

(349)

 











Balance sheet information

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn

Risk weighted assets

12.3


12.3

12.7

12.6

12.7


16.2

16.1

18.3

Period end allocated tangible equity

5.4


7.5

5.8

5.9

4.7

 

2.4

4.9

2.7

 











Performance measures

 



 

 

 

 

 

 

 

Average allocated tangible equity (£bn)

6.8


6.7

6.6

5.5

3.8


3.4

3.5

2.1

 

Performance Management

 

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

 

 

 

The Group excluding IB and Head Office net interest margin increased by 32bps from 4.51% in Q125 to 4.83% in Q126 due to higher Group structural hedge income and partner reward updates in USCB.

 

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

 

1

Includes average customer asset balances classified as held for sale.

 

Structural hedge

The Group employs a structural hedge programme designed to stabilise NIM on fixed rate non-maturity balance sheet items that are behaviourally stable. As interest rates move, such balances would otherwise drive material income volatility where there is a re-pricing mismatch with floating rate assets.

 

The structural hedge predominantly covers non-interest-bearing current accounts and the fixed portion of instant access savings accounts as well as equity, which are invested into either floating rate customer assets or balances at central banks, creating an exposure to changes in interest rates. The structural hedge is executed via a portfolio of receive-fixed, pay variable interest rate swaps, with an amortising structure so that a small portion matures and is reinvested each month at prevailing market rates. The pay-floating leg of the interest rate swaps nets down a proportion of the receive-floating income from the customer assets, leaving a receive-fixed income stream from the structural hedge.

 

The purpose of the structural hedge is to smooth the Group NII through time. The floating leg of the swap will re-price immediately, whereas the fixed rate yield on the portfolio reprices gradually, as a portion of the swap portfolio matures and the roll is re-invested onto new market rates.

 

When interest rates are higher than our structural hedge yield, the pay-floating rate will typically be higher than our average receive-fixed rate. In this scenario, when viewed in isolation, the structural hedge will be a net drag to Group NII. When floating rates are lower than our structural hedge yield, the hedge in isolation will be a net benefit.

 

Since the receive-fixed swaps are booked for a specific term, an element of NII is 'locked in'. The income stabilising feature of the structural hedge provides greater net interest income certainty through the interest rate cycle.

 

The structural hedge is one component of a larger portfolio of interest rate risk management activities that includes non-structural hedging (e.g. pay-fixed and receive-variable flows for asset hedging), and other offsetting flows. The net risk of these positions is executed externally through interest rate swaps and managed for accounting risk (i.e. income volatility arising from the accounting mismatch of swaps at fair value through profit and loss and underlying hedged items at amortised cost) within the cash flow hedging reserve.

 

Overall the Group has external derivatives designated as cash flow hedges that hedge interest rate risk with a notional £120.9bn (December 2025: £114.6bn) which reflects the structural hedge notional of £241.8bn (December 2025: £236.1bn) netted with non-structural hedging positions of £120.9bn (December 2025: £121.5bn). The majority of these interest rate swaps are cleared with Central Clearing Counterparties and margined daily with an average structural hedge duration of c3.5 years.

 

Gross structural hedge contributions in Q126 were £1,660m (Q125: £1,335m). Gross structural hedge contributions represent the absolute interest income earned on the fixed legs of the swaps in the structural hedge as the floating leg is offset by the base rate funding of the deposits.

 

Credit Risk

 

Loans and advances at amortised cost by geography

 

Total loans and advances at amortised cost in the credit risk section includes loans and advances at amortised cost to banks and loans and advances at amortised cost to customers.

 

The table below presents a product and geographical breakdown of loans and advances at amortised cost and the impairment allowance by stage; and includes purchased or originated credit-impaired (POCI) balances. POCI balances represent a fixed pool of assets purchased at a deep discount to face value reflecting credit losses incurred from the point of origination to date of acquisition. The table also presents stage allocation of debt securities and off-balance sheet loan commitments and financial guarantee contracts.

 

The impairment allowance under IFRS 9 considers both the drawn and the undrawn counterparty exposure. For retail portfolios, the total impairment allowance is allocated to gross loans and advances to the extent allowance does not exceed the drawn exposure and any excess is reported on the liabilities side of the balance sheet as a provision. For wholesale portfolios, impairment allowance on undrawn exposure is reported on the liability side of the balance sheet as a provision.

 

Gross exposure


Impairment allowance


Stage 1

Stage 2

Stage 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

Total3,4

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

Total3,4

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.

 

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 31.12.25

£m

£m

£m

£m

£m


£m

£m

£m

£m

£m

Retail mortgages

159,825

13,757

1,836

-

175,418


15

16

60

-

91

Retail credit cards

14,922

1,943

279

24

17,168


171

398

174

-

743

Retail other

9,867

1,512

286

15

11,680


98

178

214

-

490

Corporate loans1

54,182

6,936

1,392

-

62,510


125

180

422

-

727

Total UK

238,796

24,148

3,793

39

266,776


409

772

870

-

2,051

Retail mortgages

1,829

72

131

-

2,032


2

-

24

-

26

Retail credit cards

18,801

2,536

1,776

-

23,113


395

796

1,395

-

2,586

Retail other

2,482

206

63

-

2,751


3

5

19

-

27

Corporate loans

66,671

3,702

1,767

-

72,140


82

135

382

-

599

Total Rest of the World

89,783

6,516

3,737

-

100,036


482

936

1,820

-

3,238

Total loans and advances at amortised cost

328,579

30,664

7,530

39

366,812


891

1,708

2,690

-

5,289

Debt securities at amortised cost

68,126

371

-

-

68,497


13

9

-

-

22

Total loans and advances at amortised cost including debt securities

396,705

31,035

7,530

39

435,309


904

1,717

2,690

-

5,311

Off-balance sheet loan commitments and financial guarantee contracts2

410,493

16,473

812

5

427,783


144

240

32

-

416

Total3,4

807,198

47,508

8,342

44

863,092


1,048

1,957

2,722

-

5,727













 

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 31.12.25

£m

£m

£m

£m

£m


%

%

%

%

%

Retail mortgages

159,810

13,741

1,776

-

175,327


-

0.1

3.3

-

0.1

Retail credit cards

14,751

1,545

105

24

16,425


1.1

20.5

62.4

-

4.3

Retail other

9,769

1,334

72

15

11,190


1.0

11.8

74.8

-

4.2

Corporate loans1

54,057

6,756

970

-

61,783


0.2

2.6

30.3

-

1.2

Total UK

238,387

23,376

2,923

39

264,725


0.2

3.2

22.9

-

0.8

Retail mortgages

1,827

72

107

-

2,006


0.1

-

18.3

-

1.3

Retail credit cards

18,406

1,740

381

-

20,527


2.1

31.4

78.5

-

11.2

Retail other

2,479

201

44

-

2,724


0.1

2.4

30.2

-

1.0

Corporate loans

66,589

3,567

1,385

-

71,541


0.1

3.6

21.6

-

0.8

Total Rest of the World

89,301

5,580

1,917

-

96,798


0.5

14.4

48.7

-

3.2

Total loans and advances at amortised cost

327,688

28,956

4,840

39

361,523


0.3

5.6

35.7

-

1.4

Debt securities at amortised cost

68,113

362

-

-

68,475


-

2.4

-

-

-

Total loans and advances at amortised cost including debt securities

395,801

29,318

4,840

39

429,998


0.2

5.5

35.7

-

1.2

Off-balance sheet loan commitments and financial guarantee contracts2

410,349

16,233

780

5

427,367


-

1.5

3.9

-

0.1

Total3,4

806,150

45,551

5,620

44

857,365


0.1

4.1

32.6

-

0.7

 

1

Includes Business Banking, which has a gross exposure of £12.4bn and an impairment allowance of £326m. This comprises £62m impairment allowance on £9.3bn Stage 1 exposure, £50m on £2.3bn Stage 2 exposure and £214m on £0.8bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is 0.8%.

2

Excludes loan commitments and financial guarantees of £22.2bn carried at fair value and includes exposure relating to financial assets classified as assets held for sale.

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 £224.1bn and an impairment allowance of £150m. This comprises £18m impairment allowance on £222.4bn Stage 1 exposure, £8m on £1.6bn Stage 2 exposure and £124m on £127m Stage 3 exposure.

4

The annualised loan loss rate is 52bps after applying the total impairment charge of £2,279m.

 

Assets held for sale

 

This section presents a co-branded card portfolio in USCB classified as assets held for sale.

 

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

 

Loans and advances at amortised cost by product

 

The table below presents a product breakdown by stages of loans and advances at amortised cost. Also included is a breakdown of Stage 2 past due balances.

 


Stage 2




As at 31.03.26

Stage 1

Not past due

<=30 days past due

>30 days past due

Total

Stage 3 excluding POCI

Stage 3 POCI

Total

Gross exposure

£m

£m

£m

£m

£m

£m

£m

£m

Retail mortgages

162,958

10,682

2,559

772

14,013

2,041

-

179,012

Retail credit cards

33,204

4,006

362

307

4,675

2,133

18

40,030

Retail other

12,368

1,394

185

207

1,786

383

11

14,548

Corporate loans

128,343

10,271

104

195

10,570

3,382

-

142,295

Total

336,873

26,353

3,210

1,481

31,044

7,939

29

375,885










Impairment allowance









Retail mortgages

14

10

6

3

19

88

-

121

Retail credit cards

570

856

157

203

1,216

1,671

-

3,457

Retail other

114

117

32

31

180

234

-

528

Corporate loans

192

300

12

7

319

966

-

1,477

Total

890

1,283

207

244

1,734

2,959

-

5,583










Net exposure









Retail mortgages

162,944

10,672

2,553

769

13,994

1,953

-

178,891

Retail credit cards

32,634

3,150

205

104

3,459

462

18

36,573

Retail other

12,254

1,277

153

176

1,606

149

11

14,020

Corporate loans

128,151

9,971

92

188

10,251

2,416

-

140,818

Total

335,983

25,070

3,003

1,237

29,310

4,980

29

370,302










Coverage ratio

%

%

%

%

%

%

%

%

Retail mortgages

-

0.1

0.2

0.4

0.1

4.3

-

0.1

Retail credit cards

1.7

21.4

43.4

66.1

26.0

78.3

-

8.6

Retail other

0.9

8.4

17.3

15.0

10.1

61.1

-

3.6

Corporate loans

0.1

2.9

11.5

3.6

3.0

28.6

-

1.0

Total

0.3

4.9

6.4

16.5

5.6

37.3

-

1.5

As at 31.12.25









Gross exposure

£m

£m

£m

£m

£m

£m

£m

£m

Retail mortgages

161,654

11,072

2,033

724

13,829

1,967

-

177,450

Retail credit cards

33,723

3,832

317

330

4,479

2,055

24

40,281

Retail other

12,349

1,398

207

113

1,718

349

15

14,431

Corporate loans

120,853

10,409

71

158

10,638

3,159

-

134,650

Total

328,579

26,711

2,628

1,325

30,664

7,530

39

366,812










Impairment allowance









Retail mortgages

17

9

4

3

16

84

-

117

Retail credit cards

566

840

138

216

1,194

1,569

-

3,329

Retail other

101

126

28

29

183

233

-

517

Corporate loans

207

298

7

10

315

804

-

1,326

Total

891

1,273

177

258

1,708

2,690

-

5,289










Net exposure









Retail mortgages

161,637

11,063

2,029

721

13,813

1,883

-

177,333

Retail credit cards

33,157

2,992

179

114

3,285

486

24

36,952

Retail other

12,248

1,272

179

84

1,535

116

15

13,914

Corporate loans

120,646

10,111

64

148

10,323

2,355

-

133,324

Total

327,688

25,438

2,451

1,067

28,956

4,840

39

361,523










Coverage ratio

%

%

%

%

%

%

%

%

Retail mortgages

-

0.1

0.2

0.4

0.1

4.3

-

0.1

Retail credit cards

1.7

21.9

43.5

65.5

26.7

76.4

-

8.3

Retail other

0.8

9.0

13.5

25.7

10.7

66.8

-

3.6

Corporate loans

0.2

2.9

9.9

6.3

3.0

25.5

-

1.0

Total

0.3

4.8

6.7

19.5

5.6

35.7

-

1.4

 

Measurement uncertainty

 

Scenarios used to calculate the Group's modelled ECL charge were refreshed in Q126, with the Baseline scenario reflecting the latest consensus macroeconomic forecasts available at the time of the scenario refresh which predated the most recent geopolitical escalation. However, the assessment of ECL includes continued use of management judgement in overlaying modelled outcomes to capture risks not fully reflected in forward‑looking macroeconomic assumptions.

 

The Baseline scenario continues to reflect the rapidly changing trade policies of the US administration and ongoing geopolitical uncertainty. Global growth slows modestly as rising US tariffs and retaliatory measures disrupt trade flows, dampen business confidence, and weigh on investment, though domestic demand in advanced economies remains resilient. UK and US GDP growth in 2026 is expected to be 1.0% and 2.4%, respectively. Tariff-induced and supply side pressures cause headline inflation to remain stickier in the near term. Labour markets in major economies soften slightly amid increased uncertainty and slower export-orientated activity; however, the weakening is contained and does not rise significantly from current levels. UK and US quarterly unemployment rates peak at 5.2% and 4.5%, respectively.

 

The Downside scenarios have been calibrated to capture an escalation of trade tensions, where tariffs imposed by the US prompt retaliation from its trading partners with adverse implications for consumer prices and investment sentiment, and ongoing geopolitical uncertainty. The combination of trade impact and consumer uncertainty triggers a sharp recession, not only in the US but also in the UK and Europe driven by a severe decline in exports, business sentiment and with investment and consumption plans being put on hold. The rapid fall in external demand and a retrenchment in business investment push up unemployment rates, where job losses are concentrated in trade-exposed sectors but also spill into services. The Federal Reserve initially holds rates steady, weighing the inflation shock against the deteriorating real economy. However, as the slowdown deepens and the labour market loosens, the Federal Reserve cuts rates swiftly to stimulate aggregate demand.

 

In the Upside scenarios, a rise in labour force participation and higher productivity contribute to accelerated economic growth, without creating new inflationary pressures. Central banks lower interest rates stimulating private consumption and investment growth. Demand for labour increases and unemployment rates stabilise and start falling again. As geopolitical tensions ease, low inflation supports consumer purchasing power and contributes further to healthy GDP growth.

 

The methodology for estimating scenario weights involves simulating a range of future paths for UK and US GDP using historical data with the five scenarios mapped against the distribution of these future paths. The small increase in Upside weights is driven by improvement in UK and US GDP outlook. in the Baseline scenario, bringing the Baseline scenario closer to the Upside scenarios. For further details see page 31.

 

The refreshed scenarios predate the most recent geopolitical escalation, and so may not reflect the potential associated near-term impacts including supply chain disruption, higher energy prices and rising inflation. In response, management adjustments of £101m have been introduced, partially offset by the release of £81m tariff-related adjustments raised in Q125, resulting in a net additional charge of £20m.

 

●

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.

 

The following tables show the key macroeconomic variables used in the five scenarios (5-year annual paths) and the weights applied to each scenario.

 

1

Excludes adjustments for held for sale portfolio comprising a £5m tariff-related adjustment from Q125 and a £4m adjustment from the Q126 macroeconomic scenario.

2

Significant Risk Transfer (SRT) represents risk transfer transactions used to enhance risk management capabilities.

 

Macroeconomic variables used in the calculation of ECL

As at 31.03.26

2026

2027

2028

2029

2030

Baseline

%

%

%

%

%

UK GDP1

1.0

1.5

1.4

1.4

1.5

UK unemployment2

5.2

5.0

5.0

4.9

4.9

UK HPI3

1.9

2.6

3.4

3.4

3.6

UK bank rate6

3.4

3.3

3.5

3.6

3.8

US GDP1

2.4

2.0

2.0

2.0

2.0

US unemployment4

4.4

4.3

4.3

4.3

4.3

US HPI5

2.7

2.1

2.4

2.4

2.4

US federal funds rate6

3.4

3.0

3.2

3.3

3.5







Downside 2






UK GDP1

(1.2)

(2.8)

2.8

1.3

0.9

UK unemployment2

5.5

7.3

7.4

5.9

5.3

UK HPI3

(16.9)

(14.1)

4.6

16.9

8.4

UK bank rate6

2.8

0.8

0.2

0.9

1.7

US GDP1

(0.5)

(4.3)

1.0

2.5

1.2

US unemployment4

5.1

7.5

8.3

6.2

5.4

US HPI5

(4.0)

(4.9)

5.2

9.2

4.6

US federal funds rate6

3.8

2.7

1.6

1.1

1.8







Downside 1






UK GDP1

(0.1)

(0.7)

2.1

1.3

1.2

UK unemployment2

5.4

6.2

6.2

5.4

5.1

UK HPI3

(7.8)

(5.9)

4.0

10.0

6.0

UK bank rate6

3.2

2.2

2.1

2.4

2.9

US GDP1

0.9

(1.1)

1.5

2.3

1.6

US unemployment4

4.8

5.9

6.3

5.3

4.8

US HPI5

(0.7)

(1.5)

3.8

5.7

3.5

US federal funds rate6

3.6

2.9

2.6

2.3

2.9







Upside 2






UK GDP1

1.8

4.0

3.1

2.5

2.3

UK unemployment2

4.8

4.2

4.1

4.0

4.0

UK HPI3

8.6

11.0

5.8

3.4

3.0

UK bank rate6

3.2

2.4

2.3

2.6

2.8

US GDP1

2.7

3.2

2.8

2.8

2.8

US unemployment4

4.1

3.6

3.6

3.6

3.6

US HPI5

6.5

4.2

5.0

4.9

4.9

US federal funds rate6

3.2

2.3

2.4

2.5

2.5







Upside 1






UK GDP1

1.4

2.7

2.2

1.9

1.9

UK unemployment2

5.0

4.6

4.6

4.5

4.5

UK HPI3

5.2

6.8

4.6

3.4

3.3

UK bank rate6

3.3

3.0

3.2

3.3

3.3

US GDP1

2.5

2.6

2.4

2.4

2.4

US unemployment4

4.3

4.0

4.0

4.0

4.0

US HPI5

4.6

3.2

3.7

3.6

3.6

US federal funds rate6

3.4

3.0

3.2

3.2

3.0

 

1

Average Real GDP seasonally adjusted change in year.

2

Average UK unemployment rate 16-year+.

3

Change in year end UK HPI = Halifax HPI Meth2 All Houses, All Buyers index, relative to prior year end.

4

Average US civilian unemployment rate 16-year+.

5

Change in year end US HPI = FHFA House Price Index, relative to prior year end.

6

Average rate.

 

As at 31.12.25

2025

2026

2027

2028

2029

Baseline

%

%

%

%

%

UK GDP1

1.5

1.1

1.4

1.4

1.4

UK unemployment2

4.7

4.9

4.8

4.8

4.7

UK HPI3

1.5

2.9

2.5

4.3

3.8

UK bank rate6

4.2

3.4

3.4

3.5

3.6

US GDP1

2.1

2.0

2.0

2.0

2.0

US unemployment4

4.2

4.5

4.4

4.4

4.4

US HPI5

3.2

1.7

1.9

2.6

2.6

US federal funds rate6

4.2

3.4

3.3

3.3

3.5







Downside 2






UK GDP1

1.5

(2.5)

(1.2)

2.8

1.1

UK unemployment2

4.7

5.8

7.7

6.9

5.7

UK HPI3

1.5

(24.9)

(5.1)

9.6

14.2

UK bank rate6

4.2

2.3

0.5

0.4

1.1

US GDP1

2.1

(2.7)

(2.8)

1.6

2.4

US unemployment4

4.2

5.7

8.0

7.9

5.9

US HPI5

3.2

(8.2)

(1.7)

7.2

7.7

US federal funds rate6

4.2

3.6

2.4

1.4

1.2







Downside 1






UK GDP1

1.5

(0.7)

0.1

2.1

1.3

UK unemployment2

4.7

5.3

6.3

5.8

5.2

UK HPI3

1.5

(11.8)

(1.3)

6.9

8.9

UK bank rate6

4.2

2.9

2.0

1.9

2.4

US GDP1

2.1

(0.3)

(0.4)

1.8

2.2

US unemployment4

4.2

5.1

6.2

6.1

5.1

US HPI5

3.2

(3.3)

0.1

4.9

5.1

US federal funds rate6

4.2

3.6

2.8

2.4

2.4







Upside 2






UK GDP1

1.5

2.7

3.7

2.9

2.4

UK unemployment2

4.7

4.3

4.0

3.9

3.8

UK HPI3

1.5

11.9

8.4

5.1

4.1

UK bank rate6

4.2

3.1

2.3

2.3

2.6

US GDP1

2.1

2.8

3.1

2.8

2.8

US unemployment4

4.2

3.9

3.7

3.7

3.7

US HPI5

3.2

6.2

4.7

4.8

4.9

US federal funds rate6

4.2

3.0

2.5

2.5

2.5







Upside 1






UK GDP1

1.5

1.9

2.6

2.2

1.9

UK unemployment2

4.7

4.6

4.4

4.4

4.3

UK HPI3

1.5

7.4

5.4

4.7

3.9

UK bank rate6

4.2

3.2

2.8

2.8

3.1

US GDP1

2.1

2.4

2.6

2.4

2.4

US unemployment4

4.2

4.2

4.1

4.1

4.1

US HPI5

3.2

4.0

3.3

3.7

3.7

US federal funds rate6

4.2

3.3

2.8

2.8

3.0

 

1

Average Real GDP seasonally adjusted change in year.

2

Average UK unemployment rate 16-year+.

3

Change in year end UK HPI = Halifax HPI Meth2 All Houses, All Buyers index, relative to prior year end.

4

Average US civilian unemployment rate 16-year+.

5

Change in year end US HPI = FHFA House Price Index, relative to prior year end.

6

Average rate.

 

Scenario weighting

Upside 2

Upside 1

Baseline

Downside 1

Downside 2


%

%

%

%

%

As at 31.03.26






Scenario weighting

14.7

27.9

38.6

12.0

6.8

As at 31.12.25






Scenario weighting

14.4

27.4

38.5

12.7

7.0

 

Treasury and Capital Risk

 

Regulatory minimum requirements

 

Capital

 

As at 31 March 2026, the Group's Overall Capital Requirement for CET1, excluding any applicable PRA buffer, was 12.2% and comprised a 4.5% Pillar 1 minimum, a 2.5% Capital Conservation Buffer (CCB), a 1.5% Global Systemically Important Institution (G-SII) buffer, a 2.7% Pillar 2A requirement and a 1.0% Countercyclical Capital Buffer (CCyB).

 

The Group's CCyB is based on the buffer rate applicable for each jurisdiction in which the Group has exposures. The buffer rates set by other national authorities for non-UK exposures are not currently material.

 

The Group's Pillar 2A requirement is 4.8% with at least 56.25% to be met with CET1 capital, equating to 2.7% of RWAs. The Pillar 2A requirement, based on a point in time assessment, has been set as a proportion of RWAs and is subject to at least annual review.

 

The Group's CET1 target ratio of 13-14% takes into account minimum capital requirements and applicable buffers. The Group remains above its minimum capital regulatory requirements and applicable buffers.

 

Leverage

 

As at 31 March 2026, the Group was subject to a UK leverage ratio requirement of 4.1%. This comprised the 3.25% minimum requirement, a G-SII additional leverage ratio buffer (G-SII ALRB) of 0.53% and a countercyclical leverage ratio buffer (CCLB) of 0.3%. The Group is also required to disclose an average UK leverage ratio which is based on capital on the last day of each month in the quarter and an exposure measure for each day in the quarter.

 

MREL

 

As at 31 March 2026, the Group was required to meet the higher of: (i) two times the sum of 8% Pillar 1 and 4.8% Pillar 2A equating to 25.5% of RWAs; and (ii) 6.75% of leverage exposures. CET1 capital cannot be counted towards both MREL and the buffers, meaning that the buffers, including any applicable confidential institution-specific Prudential Regulation Authority (PRA) buffer, will effectively be applied above MREL requirements.

 

Significant regulatory updates in the period

 

In January 2026, the PRA confirmed the final implementation timetable for the UK Basel 3.1 framework. The PRA's final rules reaffirm that Basel 3.1 will be implemented from 1 January 2027.

 

The PRA also confirmed its approach to the Fundamental Review of the Trading Book (FRTB), under which implementation of the Internal Models Approach (IMA) will be deferred to 1 January 2028, while all other FRTB components will take effect from 1 January 2027.

 

Capital ratios

As at 31.03.26

As at 31.12.25

CET1

14.1%

14.3%

T1

17.5%

17.9%

Total regulatory capital

19.7%

20.4%

MREL ratio as a percentage of total RWAs

35.4%

35.8%




Own funds and eligible liabilities

£m

£m

Total equity excluding non-controlling interests per the balance sheet

76,668

77,784

Less: other equity instruments (recognised as AT1 capital)

(12,714)

(12,725)

Adjustment to retained earnings for foreseeable ordinary share dividends

(500)

(778)

Adjustment to retained earnings for foreseeable repurchase of shares

(507)

(271)

Adjustment to retained earnings for foreseeable other equity coupons

(45)

(36)




Other regulatory adjustments and deductions



Additional value adjustments (PVA)

(2,103)

(1,956)

Goodwill and intangible assets

(8,327)

(8,255)

Deferred tax assets that rely on future profitability excluding temporary differences

(958)

(1,069)

Fair value reserves related to gains or losses on cash flow hedges

2,147

666

Excess of expected losses over impairment

(446)

(436)

Gains or losses on liabilities at fair value resulting from own credit

507

904

Defined benefit pension fund assets

(2,352)

(2,398)

Direct and indirect holdings by an institution of own CET1 instruments

(7)

(14)

Other regulatory adjustments

(144)

(346)

CET1 capital

51,219

51,070




AT1 capital



Capital instruments and related share premium accounts

12,758

12,758

Other regulatory adjustments and deductions

(44)

(33)

AT1 capital

12,714

12,725




T1 capital

63,933

63,795




T2 capital



Capital instruments and related share premium accounts

7,937

8,835

Qualifying T2 capital (including minority interests) issued by subsidiaries

53

55

Other regulatory adjustments and deductions

(134)

(71)

Total regulatory capital

71,789

72,614




Less : Ineligible T2 capital (including minority interests) issued by subsidiaries

(53)

(55)

Eligible liabilities

57,113

55,106

Total own funds and eligible liabilities1

128,850

127,665




Total RWAs

364,462

356,774

 

1

As at 31 March 2026, the Group's MREL requirement, excluding any applicable institution-specific confidential PRA buffer, was to hold £111.2bn of own funds and eligible liabilities equating to 30.5% of RWAs. The Group remains above its MREL regulatory requirement including any applicable  institution-specific confidential PRA buffer.

 

Movement in CET1 capital

Three months ended 31.03.26


£m

Opening CET1 capital

51,070



Profit for the period attributable to equity holders

2,176

Own credit relating to derivative liabilities

(18)

Ordinary share dividends paid and foreseen

(500)

Purchased and foreseeable share repurchase

(1,000)

Other equity coupons paid and foreseen

(254)

Increase in retained regulatory capital generated from earnings

404



Net impact of share schemes

(383)

Fair value through other comprehensive income reserve

(39)

Currency translation reserve

353

Other reserves

(5)

Decrease in other qualifying reserves

(74)



Pension remeasurements within reserves

(66)

Defined benefit pension fund asset deduction

47

Net impact of pensions

(19)



Additional value adjustments (PVA)

(147)

Goodwill and intangible assets

(72)

Deferred tax assets that rely on future profitability excluding those arising from temporary differences

111

Excess of expected loss over impairment

(10)

Direct and indirect holdings by an institution of own CET1 instruments

7

Other regulatory adjustments

(51)

Decrease in regulatory capital due to adjustments and deductions

(162)



Closing CET1 capital

51,219

 

CET1 capital increased by £0.1bn to £51.2bn (December 2025: £51.1bn). Significant movements in the period were:

 

●

£2.2bn of capital generated from profit partially offset by distributions of £1.8bn comprising:


-

£1.0bn share buybacks announced with FY25 results


-

£0.5bn accrual towards the total 2026 dividend 


-

£0.3bn of equity coupons paid and foreseen

 

●

£0.1bn decrease in other qualifying reserves including a £0.4bn decrease from the net impact of employee share schemes, partially offset by a £0.4bn increase in the currency translation reserve as a result of foreign exchange movements

 

RWAs by risk type and business


Credit risk


Counterparty credit risk


Market Risk


Operational risk

Total RWAs


STD

IRB


STD

IRB

Settlement Risk

CVA


STD

IMA




As at 31.03.26

£m

£m


£m

£m

£m

£m


£m

£m


£m

£m

Barclays UK

16,737

56,662

 

117

9

-

37

 

118

-

 

13,804

87,484

Barclays UK Corporate Bank

4,097

18,921

 

87

267

-

3

 

19

330

 

3,530

27,254

Barclays Private Bank & Wealth Management

5,020

678

 

124

30

1

11

 

32

225

 

2,062

8,183

Barclays Investment Bank

42,919

51,782

 

24,119

21,504

243

2,522

 

11,978

21,380

 

25,275

201,722

Barclays US Consumer Bank

21,158

1,017

 

-

-

-

-

 

-

-

 

5,394

27,569

Head Office

5,441

5,482

 

-

-

-

-

 

237

-

 

1,090

12,250

Barclays Group

95,372

134,542

 

24,447

21,810

244

2,573

 

12,384

21,935

 

51,155

364,462

 

 

 

 

 

 

 

 

 

 


 

 

Barclays UK

16,731

55,037


132

8

-

43


177

-


13,697

85,825

Barclays UK Corporate Bank

3,878

18,341


89

312

1

4


31

343


3,510

26,509

Barclays Private Bank & Wealth Management

4,981

580


112

19

-

11


39

240


2,054

8,036

Barclays Investment Bank

44,961

49,750


21,986

19,442

165

3,030


12,018

20,111


25,238

196,701

Barclays US Consumer Bank

21,050

1,004


-

1

-

-


-

-


5,393

27,448

Head Office

5,405

5,439


1

5

-

-


219

59


1,127

12,255

Barclays Group

97,006

130,151


22,320

19,787

166

3,088


12,484

20,753


51,019

356,774

 

Movement analysis of RWAs

Credit risk

Counterparty credit risk

Market risk

Operational risk

Total RWAs


£m

£m

£m

£m

£m

RWAs as at 31.12.25

227,157

45,361

33,237

51,019

356,774

Book size

1,440

3,154

895

136

5,625

Acquisitions and disposals

-

-

-

-

-

Book quality

(72)

(12)

-

-

(84)

Model updates

-

-

-

-

-

Methodology and policy

6

-

-

-

6

Foreign exchange movements1

1,383

571

187

-

2,141

Total RWA movements

2,757

3,713

1,082

136

7,688

RWAs as at 31.03.26

229,914

49,074

34,319

51,155

364,462

 

1

Foreign exchange movements does not include the impact of foreign exchange for modelled market risk or operational risk.

 

Total RWAs increased £7.7bn to £364.5bn (Dec 2025: £356.8bn).

 

Credit risk RWAs increased £2.8bn:

●

A £2.8bn increase primarily reflecting lending growth in UK businesses and the impact of foreign exchange movements

 

Counterparty credit risk RWAs increased £3.7bn:

●

A £3.7bn increase primarily driven by higher activity within Global Markets and the impact of foreign exchange movements

 

Leverage ratios

As at 31.03.26

As at 31.12.25

£m

£m

UK leverage ratio1

4.8%

5.1%

T1 capital

63,933

63,795

UK leverage exposure

1,321,321

1,247,313

Average UK leverage ratio

4.6%

4.7%

Average T1 capital

63,239

63,277

Average UK leverage exposure

1,373,842

1,358,364

 

1

Although the leverage ratio is expressed in terms of T1 capital, the leverage ratio buffers and 75% of the minimum requirement must be covered solely with CET1 capital. The CET1 capital held against the 0.53% G-SII ALRB was £7.0bn and against the 0.3% CCLB was £4.0bn.

 

●

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.

 

Condensed Consolidated Financial Statements

 

Condensed consolidated income statement (unaudited)


Three months

ended

31.03.26

Three months

ended

31.03.25


£m

£m

Total income

8,163

7,709

Operating expenses excluding UK regulatory levies & litigation and conduct

(4,359)

(4,258)

UK regulatory levies

(84)

(96)

Litigation and conduct

(104)

(11)

Operating expenses

(4,547)

(4,365)

Other net income

21

18

Profit before impairment

3,637

3,362

Credit impairment charges

(823)

(643)

Profit before tax

2,814

2,719

Tax charge

(638)

(621)

Profit after tax

2,176

2,098


 

 

Attributable to:

 

 

Shareholders of the parent

1,932

1,864

Other equity holders

244

232

Equity holders of the parent

2,176

2,096

Non-controlling interests

-

2

Profit after tax

2,176

2,098




Earnings per share

 

 

Basic earnings per ordinary share

14.1p

13.0p

 

Condensed consolidated balance sheet (unaudited)


As at 31.03.26

As at 31.12.25

Assets

£m

£m

Cash and balances at central banks

235,350

229,752

Cash collateral and settlement balances

197,420

130,532

Debt securities at amortised cost

68,325

68,475

Loans and advances at amortised cost to banks

11,996

8,638

Loans and advances at amortised cost to customers

358,306

352,885

Reverse repurchase agreements and other similar secured lending at amortised cost

11,556

17,622

Trading portfolio assets

191,053

190,061

Financial assets at fair value through the income statement

218,729

186,857

Derivative financial instruments

286,388

252,459

Financial assets at fair value through other comprehensive income

83,095

74,394

Investments in associates and joint ventures

760

739

Goodwill and intangible assets

8,357

8,284

Current tax assets

228

276

Deferred tax assets

5,412

4,992

Assets included in a disposal group classified as held for sale

5,555

5,932

Other assets

12,256

12,267

Total assets

1,694,786

1,544,165




Liabilities



Deposits at amortised cost from banks

19,739

20,413

Deposits at amortised cost from customers

567,855

565,200

Cash collateral and settlement balances

174,566

117,583

Repurchase agreements and other similar secured borrowings at amortised cost

27,874

25,170

Debt securities in issue

124,647

119,033

Subordinated liabilities

12,192

12,954

Trading portfolio liabilities

82,911

57,737

Financial liabilities designated at fair value

321,632

294,108

Derivative financial instruments

272,778

240,808

Current tax liabilities

1,167

868

Deferred tax liabilities

13

13

Liabilities included in a disposal group classified as held for sale

-

-

Other liabilities

12,292

12,042

Total liabilities

1,617,666

1,465,929




Equity



Called up share capital and share premium

4,218

4,178

Other reserves

891

1,628

Retained earnings

58,845

59,253

Shareholders' equity attributable to ordinary shareholders of the parent

63,954

65,059

Other equity instruments

12,714

12,725

Total equity excluding non-controlling interests

76,668

77,784

Non-controlling interests

452

452

Total equity

77,120

78,236




Total liabilities and equity

1,694,786

1,544,165

 

Condensed consolidated statement of changes in equity (unaudited)


Called up share capital and share premium

Other equity instruments

Other reserves

 

Retained earnings

 

Total

Non-controlling interests

 

Total equity

Three months ended 31.03.2026

£m

£m

£m

£m

£m

£m

£m

Balance as at 1 January 2026

4,178

12,725

1,628

59,253

77,784

452

78,236

Profit after tax

-

244

-

1,932

2,176

-

2,176

Currency translation movements

-

-

353

-

353

-

353

Fair value through other comprehensive income reserve

-

-

(39)

-

(39)

-

(39)

Cash flow hedges

-

-

(1,481)

-

(1,481)

-

(1,481)

Retirement benefit remeasurements

-

-

-

(66)

(66)

-

(66)

Own credit

-

-

378

-

378

-

378

Total comprehensive income for the period

-

244

(789)

1,866

1,321

-

1,321

Employee share schemes and hedging thereof

81

-

-

195

276

-

276

Issue and redemption of other equity instruments

-

-

-

-

-

-

-

Other equity instruments coupon paid

-

(244)

-

-

(244)

-

(244)

Redemption of preference shares

-

-

-

-

-

-

-

Vesting of employee share schemes net of purchases

-

-

7

(927)

(920)

-

(920)

Dividends paid

-

-

-

(769)

(769)

-

(769)

Repurchase of shares

(41)

-

41

(768)

(768)

-

(768)

Other movements

-

(11)

4

(5)

(12)

-

(12)

Balance as at 31 March 2026

4,218

12,714

891

58,845

76,668

452

77,120

 

As at 31.03.26

As at 31.12.25

Other Reserves

£m

£m

Currency translation reserve

2,846

2,493

Fair value through other comprehensive income reserve

(1,139)

(1,100)

Cash flow hedging reserve

(2,147)

(666)

Own credit reserve

(608)

(990)

Other reserves and treasury shares

1,939

1,891

Total

891

1,628

 

Appendix: Non-IFRS Performance Measures

 

The Group's management believes that the non-IFRS performance measures included in this document provide valuable information to the readers of the financial statements, as they enable the reader to identify a more consistent basis for comparing the businesses' performance between financial periods, and provide more detail concerning the elements of performance which the managers of these businesses are most directly able to influence or are relevant for an assessment of the Group. They also reflect an important aspect of the way in which operating targets are defined and performance is monitored by management.

However, any non-IFRS performance measures in this document are not a substitute for IFRS measures and readers should consider the IFRS measures as well.

Non-IFRS performance measures glossary

Measure

Definition

Loan: deposit ratio

Total loans and advances at amortised cost divided by total deposits at amortised cost.

Period end tangible equity refers to:

Period end tangible shareholders' equity (for Barclays Group)

Shareholders' equity attributable to ordinary shareholders of the parent, adjusted for the deduction of goodwill and intangible assets.

Period end allocated tangible equity (for businesses)

Allocated tangible equity is calculated as 13.5% (2025: 13.5%) of RWAs for each business, adjusted for capital deductions, excluding goodwill and intangible assets, reflecting the assumptions the Barclays Group uses for capital planning purposes. Head Office allocated tangible equity represents the difference between the Barclays Group's tangible shareholders' equity and the amounts allocated to businesses.

Average tangible equity refers to:

Average tangible shareholders' equity (for Barclays Group)

Calculated as the average of the previous month's period end tangible shareholders' equity and the current month's period end tangible shareholders' equity. The average tangible shareholders' equity for the period is the average of the monthly averages within that period.

Average allocated tangible equity (for businesses)

Calculated as the average of the previous month's period end allocated tangible equity and the current month's period end allocated tangible equity. The average allocated tangible equity for the period is the average of the monthly averages within that period.

Return on tangible equity (RoTE) refers to:

Return on average tangible shareholders' equity (for Barclays Group)

Annualised Group attributable profit, as a proportion of average tangible shareholders' equity. The components of the calculation have been included on page 41.

Return on average allocated tangible equity (for businesses)

Annualised business attributable profit, as a proportion of that business's average allocated tangible equity. The components of the calculation have been included on pages 42 to 43.



Operating costs

A measure of total operating expenses excluding litigation and conduct charges and UK regulatory levies.

Cost: income ratio

Total operating expenses divided by total income.

Loan loss rate

Quoted in basis points and represents total impairment charges divided by total gross loans and advances held at amortised cost (including portfolios reclassified to assets held for sale) at the balance sheet date. The components of the calculation have been included on pages 44 to 46.

Net interest margin

Annualised net interest income divided by the sum of average customer assets. The components of the calculation have been included on page 23.

Tangible net asset value per share

Calculated by dividing shareholders' equity, excluding non-controlling interests and other equity instruments, less goodwill and intangible assets, by the number of issued ordinary shares. The components of the calculation have been included on page 48.

Profit before impairment

Calculated by excluding credit impairment charges or releases from profit before tax.

Net New Assets Under Management

The net inflows and outflows of client balances within Discretionary Portfolio Management and Advisory mandates. Excludes market performance and foreign exchange translation but includes reinvested dividend payments.

Assets under Management (AUM)

Total market value of client investment balances managed within investment mandates where Barclays provides discretionary portfolio management or advisory services.  Total Assets Under Management excludes uninvested cash held under an investment mandate and reported within deposits.

Assets under Supervision (AUS)

Total market value of client investment balances where Barclays provides custodian or transactional services.

Group net interest income excluding Barclays Investment Bank and Head Office

A measure of Barclays Group net interest income, excluding the net interest income reported in Barclays Investment Bank and Head Office.

Income over average risk weighted assets

Represents total income as a proportion of average risk weighted assets. Average risk weighted assets calculated as the average of the previous month's period end risk weighted assets and the

current month's period end risk weighted assets. Average risk weighted assets for the period is the average of the monthly averages within that period.

 

Returns

 

Three months ended 31.03.26



Barclays UK

Barclays UK Corporate Bank

Barclays Private Bank and Wealth Management

Barclays Investment Bank

Barclays US Consumer Bank

Head Office

Barclays Group

Return on average tangible equity

£m

£m

£m

£m

£m

£m

£m

Attributable profit/(loss)

591

187

73

1,111

176

(206)

1,932


 

 

 

 

 

 

 


£bn

£bn

£bn

£bn

£bn

£bn

£bn

Average equity

15.9

3.8

1.2

29.7

4.3

10.6

65.5

Average goodwill and intangibles

(3.9)

-

(0.1)

-

(0.5)

(3.8)

(8.3)

Average tangible equity

12.0

3.8

1.1

29.7

3.8

6.8

57.2


 

 

 

 

 

 

 

Return on average tangible equity

19.7%

19.9%

25.5%

15.0%

18.8%

n/m

13.5%

 

Three months ended 31.03.25



Barclays UK

Barclays UK Corporate Bank

Barclays Private Bank and Wealth Management

Barclays Investment Bank

Barclays US Consumer Bank

Head Office

Barclays Group

Return on average tangible equity

£m

£m

£m

£m

£m

£m

£m

Attributable profit/(loss)

510

142

96

1,199

41

(124)

1,864


 

 

 

 

 

 

 


£bn

£bn

£bn

£bn

£bn

£bn

£bn

Average equity

15.7

3.3

1.2

29.6

4.2

7.4

61.4

Average goodwill and intangibles

(4.0)

-

(0.1)

-

(0.6)

(3.6)

(8.3)

Average tangible equity

11.7

3.3

1.1

29.6

3.6

3.8

53.1


 

 

 

 

 

 

 

Return on average tangible equity

17.4%

17.1%

34.5%

16.2%

4.5%

n/m

14.0%

 

Barclays Group



 

 

 

 

 

 

 

 


Return on average tangible shareholders' equity

Q126


Q425

Q325

Q225

Q125

 

Q424

Q324

Q224


£m


£m

£m

£m

£m

 

£m

£m

£m


Attributable profit

1,932


1,195

1,457

1,659

1,864


965

1,564

1,237


 

 


 

 








 

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn


Average shareholders' equity

65.5


64.8

63.3

62.1

61.4


59.7

59.1

57.7


Average goodwill and intangibles

(8.3)


(8.3)

(8.2)

(8.2)

(8.3)


(8.2)

(8.1)

(7.9)


Average tangible shareholders' equity

57.2


56.5

55.1

53.9

53.1


51.5

51.0

49.8


 

 


 

 








Return on average tangible shareholders' equity

13.5%


8.5%

10.6%

12.3%

14.0%


7.5%

12.3%

9.9%


 

Barclays UK



 

 

 

 

 

 

 

 


Return on average allocated tangible equity

Q126


Q425

Q325

Q225

Q125

 

Q424

Q324

Q224


£m


£m

£m

£m

£m

 

£m

£m

£m


Attributable profit

591


706

647

580

510


781

621

584


 

 


 



 






 

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn


Average allocated equity

15.9


15.9

15.9

15.8

15.7


15.1

14.5

14.4


Average goodwill and intangibles

(3.9)


(4.0)

(4.0)

(4.0)

(4.0)


(3.9)

(3.9)

(3.9)


Average allocated tangible equity

12.0


11.9

11.9

11.8

11.7


11.2

10.6

10.5


 

 


 



 






Return on average allocated tangible equity

19.7%


23.8%

21.8%

19.7%

17.4%


28.0%

23.4%

22.3%


 

Barclays UK Corporate Bank



 

 

 

 

 

 

 

 


Return on average allocated tangible equity

Q126


Q425

Q325

Q225

Q125

 

Q424

Q324

Q224


£m


£m

£m

£m

£m

 

£m

£m

£m


Attributable profit

187


168

196

142

142


98

144

135


 






 






 

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn


Average allocated equity

3.8


3.5

3.4

3.4

3.3


3.2

3.1

3.0


Average goodwill and intangibles

-


-

-

-

-


-

-

-


Average allocated tangible equity

3.8


3.5

3.4

3.4

3.3


3.2

3.1

3.0


 






 






Return on average allocated tangible equity

19.9%


19.1%

22.8%

16.6%

17.1%


12.3%

18.8%

18.0%


 

Barclays Private Bank and Wealth Management




 

 

 

 

 

 

 


Return on average allocated tangible equity

Q126


Q425

Q325

Q225

Q125

 

Q424

Q324

Q224


£m


£m

£m

£m

£m

 

£m

£m

£m


Attributable profit

73


35

72

88

96


63

74

77


 

 



 








 

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn


Average allocated equity

1.2


1.2

1.2

1.2

1.2


1.2

1.1

1.1


Average goodwill and intangibles

(0.1)


(0.1)

(0.1)

(0.1)

(0.1)


(0.1)

(0.1)

(0.1)


Average allocated tangible equity

1.1


1.1

1.1

1.1

1.1


1.1

1.0

1.0


 

 



 








Return on average allocated tangible equity

25.5%


12.6%

26.4%

31.9%

34.5%


23.9%

29.0%

30.8%


 

Barclays Investment Bank



 

 

 

 

 

 

 

 


Return on average allocated tangible equity

Q126


Q425

Q325

Q225

Q125

 

Q424

Q324

Q224


£m


£m

£m

£m

£m

 

£m

£m

£m


Attributable profit

1,111


294

723

876

1,199


247

652

715


 



 

 


 






 

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn


Average allocated equity

29.7


29.6

28.6

28.7

29.6


29.3

29.5

29.9


Average goodwill and intangibles

-


-

-

-

-


-

-

-


Average allocated tangible equity

29.7


29.6

28.6

28.7

29.6


29.3

29.5

29.9


 

 


 

 


 






Return on average allocated tangible equity

15.0%


4.0%

10.1%

12.2%

16.2%


3.4%

8.8%

9.6%


 

Barclays US Consumer Bank



 

 

 

 

 

 

 

 


Return on average allocated tangible equity

Q126


Q425

Q325

Q225

Q125

 

Q424

Q324

Q224


£m


£m

£m

£m

£m

 

£m

£m

£m


Attributable profit

176


144

118

87

41


94

89

75


 



 

 


 






 

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn


Average allocated equity

4.3


4.2

4.0

4.0

4.2


4.0

3.8

3.6


Average goodwill and intangibles

(0.5)


(0.6)

(0.5)

(0.6)

(0.6)


(0.6)

(0.5)

(0.3)


Average allocated tangible equity

3.8


3.6

3.5

3.4

3.6


3.4

3.3

3.3


 



 

 


 






Return on average allocated tangible equity

18.8%


15.8%

13.5%

10.2%

4.5%


11.2%

10.9%

9.2%


 

Loan loss rates

 

Three months ended 31.03.26



Barclays UK

Barclays UK Corporate Bank

Barclays Private Bank and Wealth Management

Barclays Investment Bank

Barclays US Consumer Bank

Head Office

Barclays Group

Loan loss rate

£m

£m

£m

£m

£m

£m

£m

Credit impairment (charges)/ releases

(178)

(3)

(279)

(367)

2

(823)


 

 

 

 

 

 

 


£bn

£bn

£bn

£bn

£bn

£bn

£bn

Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)1

233.6

31.0

15.1

137.4

30.3

2.4

449.9








 

Loan loss rate (bps)

31

4

(6)

82

491

n/m

74

 

Three months ended 31.03.25



Barclays UK

Barclays UK Corporate Bank

Barclays Private Bank and Wealth Management

Barclays Investment Bank

Barclays US Consumer Bank

Head Office

Barclays Group

Loan loss rate

£m

£m

£m

£m

£m

£m

£m

Credit impairment (charges)/releases

(158)

(19)

9

(72)

(399)

(4)

(643)








 


£bn

£bn

£bn

£bn

£bn

£bn

£bn

Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)1

227.5

27.0

14.8

129.6

28.9

2.6

430.4








 

Loan loss rate (bps)

28

28

(25)

23

562

n/m

61

 

1

Includes gross loans and advances to customers and banks, in addition to debt securities.

 

Barclays Group

 


 

 

 

 

 

 

 

 


Loan loss rate

Q126


Q425

Q325

Q225

Q125

 

Q424

Q324

Q224


£m


£m

£m

£m

£m

 

£m

£m

£m


Credit impairment charges

(823)


(535)

(632)

(469)

(643)


(711)

(374)

(384)


 





 







 

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn


Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)

449.9


441.3

437.5

428.4

430.4


429.6

408.3

409.1


 





 







Loan loss rate (bps)

74


48

57

44

61


66

37

38


 

Barclays UK

 


 

 

 

 

 

 

 

 


Loan loss rate

Q126


Q425

Q325

Q225

Q125

 

Q424

Q324

Q224


£m


£m

£m

£m

£m

 

£m

£m

£m


Credit impairment charges

(178)


(74)

(102)

(79)

(158)


(283)

(16)

(8)


 





 







 

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn


Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)

233.6


231.9

230.9

228.5

227.5


227.5

218.4

217.3


 





 







Loan loss rate (bps)

31


13

18

14

28


49

3

1


 

Barclays UK Corporate Bank

 

 

 

 

 

 

 

 

 

 


Loan loss rate

Q126

 

Q425

Q325

Q225

Q125

 

Q424

Q324

Q224


£m

 

£m

£m

£m

£m

 

£m

£m

£m


Credit impairment charges

(3)

 

(1)

(5)

(12)

(19)


(40)

(13)

(8)


 

 

 

 

 

 

 






 

£bn

 

£bn

£bn

£bn

£bn

 

£bn

£bn

£bn


Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)

31.0

 

30.2

29.2

28.2

27.0


25.8

25.2

26.0


 

 

 

 

 

 

 






Loan loss rate (bps)

4

 

1

7

17

28


62

21

12


 

Barclays Private Bank and Wealth Management

 

 

 

 

 

 

 

 

 

 


Loan loss rate

Q126


Q425

Q325

Q225

Q125

 

Q424

Q324

Q224


£m


£m

£m

£m

£m

 

£m

£m

£m


Credit impairment releases/(charges)

2


(2)

(1)

2

9


(2)

(7)

3


 

 


 

 

 







 

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn


Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)

15.1


15.1

15.2

14.8

14.8


14.7

14.3

14.1


 

 


 

 

 







Loan loss rate (bps)

(6)


5

3

(5)

(25)


5

19

(9)


 

Barclays Investment Bank



 

 

 

 

 

 

 

 


Loan loss rate

Q126


Q425

Q325

Q225

Q125

 

Q424

Q324

Q224


£m


£m

£m

£m

£m

 

£m

£m

£m


Credit impairment charges

(279)


(22)

(144)

(67)

(72)


(46)

(43)

(44)


 



 

 

 







 

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn


Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)

137.4


131.0

129.8

126.8

129.6


124.9

116.5

115.5


 



 

 

 







Loan loss rate (bps)

82


7

44

21

23


15

15

15


 

Barclays US Consumer Bank



 

 

 

 

 

 

 

 


Loan loss rate

Q126


Q425

Q325

Q225

Q125

 

Q424

Q324

Q224


£m


£m

£m

£m

£m

 

£m

£m

£m


Credit impairment charges

(367)


(431)

(379)

(312)

(399)


(298)

(276)

(309)


 



 

 

 







 

£bn


£bn

£bn

£bn

£bn

 

£bn

£bn

£bn


Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)

30.3


30.6

29.8

27.4

28.9


30.0

26.7

28.4


 



 

 

 







Loan loss rate (bps)

491


558

505

456

562


395

411

438


 

Income over average RWAs

 

Barclays Investment Bank

Three months ended 31.03.26

Three months ended 31.03.25

£m

£m

Income

4,028

3,873




 

£bn

£bn

Average RWAs

202.0

201.4

 

 

 

Income over average RWAs

8.0%

7.7%

 




 


 

 

 

 

 

Barclays Investment Bank

Q126


Q425

Q325

Q225

 

Q125

Q424

Q324

Q224

£m


£m

£m

£m

 

£m

£m

£m

£m

Income

4,028


2,792

3,083

3,307


3,873

2,607

2,851

3,019

 




 

 


 

 

 

 

 

£bn


£bn

£bn

£bn

 

£bn

£bn

£bn

£bn

Average RWAs

202.0


202.1

194.9

196.1


201.4

199.9

201.8

204.9

 




 

 


 

 

 

 

Income over average RWAs

8.0%


5.5%

6.3%

6.7%


7.7%

5.2%

5.7%

5.9%

 

Tangible net asset value per share

As at 31.03.26

As at 31.12.25

As at 31.03.25

 

£m

£m

£m

Total equity excluding non-controlling interests

76,668

77,784

74,880

Other equity instruments

(12,714)

(12,725)

(13,263)

Goodwill and intangibles

(8,357)

(8,284)

(8,250)

Tangible shareholders' equity attributable to ordinary shareholders of the parent

55,597

56,775

53,367

 

 

 


 

m

m

m

Shares in issue

13,737

13,867

14,336

 

 

 


 

p

p

p

Tangible net asset value per share

405

409

372

 

Shareholder Information

 

Results timetable1

 




Date


 

 2026 Interim Results Announcement





28 July 2026

























 





% Change2


Exchange rates

31.03.26

31.12.25

31.03.25


31.12.25

31.03.25


Period end - GBP/USD

1.32

1.34

1.29


(2)%

2%


3 month average - GBP/USD

1.35

1.33

1.26


1%

7%


Period end - GBP/EUR

1.15

1.15

1.19


-%

(4)%


3 month average - GBP/EUR

1.15

1.14

1.20


1%

(4)%


 

 

 

 


 

 


Share price data

 

 

 


 

 


Barclays PLC (p)

389

476

288


 

 


Barclays PLC number of shares (m)3

13,737

13,867

14,336


 

 


 

 







For further information please contact







 

 







Investor relations

Media relations

Marina Shchukina +44 (0) 20 7116 2526

Tom Hoskin +44 (0) 20 7116 4755

 


More information on Barclays can be found on our website: home.barclays

 

 







Registered office

 







1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000. Company number: 48839.









Registrar








Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom.


Tel: +44 (0)371 384 2055 (UK and International telephone number)4.










American Depositary Receipts (ADRs)








Shareowner Services

P.O. Box 64504

St. Paul, MN 55164-0504

United States of America

shareowneronline.com


Toll Free Number (US and Canada): +1 800-990-1135


Outside the US and Canada: +1 651-453-2128













Delivery of ADR certificates and overnight mail







Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120-4100, USA.

 

1

Note that this date is provisional and subject to change.

2

The change is the impact to GBP reported information.

3

The number of shares of 13,737m as at 31 March 2026 is different from the 13,725m quoted in the 1 April 2026 announcement entitled "Total Voting Rights" because the share buyback transactions executed on 30 and 31 March 2026 did not settle until 1 and 2 April 2026 respectively.

4

Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding UK public holidays in England and Wales.

 

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