Summary Int. Results - 1 of 2
Barclays PLC
2 August 2001
PART 1
BARCLAYS PLC - SUMMARY
RESULTS FOR SIX MONTHS TO 30th JUNE 2001
Comparisons to 30th June 2000
Pro forma results
- Operating profit up 15% to £2,140 million from £1,867 million
- Total operating income increased by 11% to £5,598 million from
£5,051 million
- Profit before tax up 16% to £1,923 million from £1,652 million
- Productivity ratio improved to 53% from 56% and cost income ratio
improved to 53% from 55%
The pro forma figures above assume that the acquisition of Woolwich plc took
place on 1st January 2000. Operating income excludes Woolwich for value
adjustments. Operating profit also excludes the restructuring charge,
goodwill amortisation and costs directly associated with the integration of
Woolwich plc but includes the results from joint ventures and associated
undertakings. These adjustments have, where applicable, been reflected in the
ratios. This approach provides a benchmark against which the Group's future
performance can be compared. See pages 26 and 27 of the press release for
full details.
Further Information
- Earnings per share 89.8p up from 82.3p *
- Interim dividend per share 23.0p from 20.0p
* Earnings per share reflects the impact of Woolwich plc from 25th October
2000. The calculation excludes the restructuring charge, goodwill
amortisation, Woolwich fair value adjustments, costs directly associated with
the integration of Woolwich plc and exceptional items.
Highlights of progress during the first half of 2001
- Woolwich integration process on track to deliver greater synergies than
originally announced
- Following the strategic alliance with Legal & General, more companies
chose Barclays to provide their stakeholder pension than any other
provider
- Plans announced to increase the opening hours of 84% of the branch
network over the next two years
- The Group is the UK's largest online bank with 2.7 million customers
on-line. Barclays has 2.3 million customers, up 600,000 since the end of
the year, and Woolwich has 440,000 customers, up 180,000
- Number of Woolwich Open Plan customers now over 800,000, up from
544,000, with an average of 3.1 products per customer
- Results achieved while taking a prudent stance on risk backed by a
reshaping of our loan portfolio over recent years
Commenting on the results, Barclays Group Chief Executive, Matthew Barrett,
said: -
'The strategy presented 18 months ago is being executed effectively, and our
results are tracking the Group performance goals we set.
'On a like for like basis our operating profit was up 15% at £2.1bn, driven by
increased income of 11% reflecting more activity on behalf of more customers
across the Group and by holding cost growth at 6%. These results have been
achieved while taking a prudent stance on risk.'
For further information please contact:
Media Relations
Leigh Bruce Chris Tucker Pam O'Keeffe
Communications Director PR Director Head of Group PR
Tel: 020 7699 2658 Tel: 020 7699 3161 Tel: 020 7699 2659
Investor Relations
Ian Roundell
Head of Investor Relations
Tel: 020 7699 2961
Photographs of the Barclays Chairman, Chief Executive and Finance Director
will be available from www.newscast.co.uk from 1.00pm.
The full results document is available from: www.investor.barclays.com
2nd August 2001
BARCLAYS PLC - SUMMARY
RESULTS FOR SIX MONTHS TO 30TH JUNE 2001 (UNAUDITED)
Pro forma operating results
Half-year ended
30.06.01 31.12.00 30.06.00 %
Change
£m £m £m
Operating income* 5,598 5,197 5,051 11
Operating expenses* (2,952) (2,842) (2,776) 6
Provisions for bad and doubtful debts (498) (453) (397) 25
Provisions for contingent liabilities and (2) - 1 -
commitments
Operating Profit* 2,140 1,904 1,867 15
Profit before tax** 1,923 1,655 1,652 16
* Operating profit shown above assumes that the acquisition of Woolwich
plc took place on 1st January 2000 and excludes the restructuring charge,
goodwill amortisation, Woolwich fair value adjustments and costs directly
associated with the integration of Woolwich plc but includes the results
from joint ventures and associated undertakings.
** Profit before tax is on a pro forma basis. For further details see pages
26-27.
- Operating profit rose by 15% to £2,140 million (2000: £1,867 million).
- Operating income increased by 11% to £5,598 million (2000: £5,051
million).
- Operating costs rose by 6% to £2,952 million (2000: £2,776 million).
Business as usual costs rose by 1% to £2,321 million (2000: £2,294
million).
- Total provisions for bad and doubtful debts rose in line with risk
tendency by £101 million to £498 million. On a pro forma basis risk
tendency increased from £900m in June 2000 to £1,100 million.
Summary information
Half-year ended
30.06.01 31.12.00 30.06.00 % Change
Profit before tax £1,923m £1,654m £1,842m 4
Earnings per share* 89.8p 81.7p 82.3p 9
Dividend per share 23.0p 38.0p 20.0p 15
Economic profit £722m £610m £819m (12)
* Earnings per share is based on the operating profit set out on page
10 and also excludes exceptional items, with the results of Woolwich
plc consolidated from the date of acquisition on 25th October 2000.
- Economic profit was £722 million (2000: £819 million). Economic profit
in the first half of 2000 included £186 million in respect of the sale of
the Dial leasing business. Adjusted for this, economic profit rose 14%.
- Earnings per share increased to 89.8p (2000: 82.3p).
- The post-tax return, based on operating profit, on average
shareholders' funds was 21.6% (2000: 27.4%).
- The interim dividend increased by 15% to 23.0p (2000: 20.0p).
- Shareholders' funds were £14.1 billion at 30th June 2001 (31st December
2000: £13.2 billion) and the tier 1 ratio was 7.7% (31st December 2000:
7.2%). The Group's average economic capital requirement was estimated to
be around £8.8 billion (31st December 2000: £8.5 billion), excluding
goodwill of £4.2 billion, to support its current business requirements
and to allow for future growth.
- Overall banking margins reduced to 2.99% (2000: 3.17%). The reduction
in the Group margin resulted from the acquisition of Woolwich plc.
- Personal Financial Services (previously UK Personal Customers)
increased operating profit by 59% to £263 million (2000: £165 million).
Net fees and commissions grew by 7% as a result of higher levels of fee
based current accounts and strong overdraft lending activity. Total
costs fell 7%. Strategic investment was mainly directed at the branch
network and online services.
- Woolwich (which includes Woolwich plc and Barclays Mortgages) operating
profit increased to £238 million (2000: £102 million). On a pro forma
basis, half year on half year operating profit fell from £275 million to
£238 million as a result of a reduced contribution from Barclays
Mortgages. On an underlying basis, Woolwich plc operating profit
increased by 6%.
- Barclays Private Clients (previously Wealth Management) operating
profit declined 2% to £331 million (2000: £339 million) although
operating profit grew by 7% compared to the second half of 2000. Net
interest income growth of 14% to £427 million (2000: £376 million)
benefited from increased volumes. This was offset by a comparable
decrease in net fees and commissions as a result of reduced stock market
deal volumes and depressed market conditions.
- Barclaycard operating profit increased by 18% to £275 million (2000: £234
million). Net interest income rose by 15% and benefited from continued
growth in extended credit balances. Fees and commissions grew 11% as a
result of turnover growth and higher account fees. Total costs increased
by 6% to £242 million (2000: £229 million).
- Business Banking operating profit rose 8% to £608 million (2000: £564
million). Net interest income rose 4% reflecting increased customer
lending and deposit balance growth. Fees and commissions increased 8% as
a result of higher levels of lending related fees and volume driven
growth of foreign exchange related income.
- Barclays Africa operating profit increased 19% to £68 million (2000: £57
million). Net interest income rose by 10% as a result of higher lending
volumes. Net fees and commissions increased 17% reflecting increased
customer numbers and the introduction of a new personal product range.
- Barclays Capital increased operating profit by 22% to £377 million
(2000: £309 million) as a result of good performances across all
activities. Net interest income grew by 23% to £312 million (2000: £253
million) and dealing profits increased by 35% to £569 million
(2000: £420 million).
- Barclays Global Investors operating profit was maintained at £33
million. Total assets under management decreased to £548 billion (31st
December 2000: £550 billion).
HALF YEAR REVIEW
The strategy presented 18 months ago is being executed effectively, and our
results are tracking the Group performance goals we set.
On a like for like basis our operating profit was up 15% at £2.1bn, driven by
increased income of 11% reflecting more activity on behalf of more customers
across the Group and by holding cost growth at 6%. That cost growth funded
investment in rapidly growing business areas such as Barclays Global Investors
and Barclays Capital. At the same time we have continued to bear down on
business as usual costs and have now made £388m progress to our target of £
1.15 billion by the end of 2003. This is reflected in our productivity ratio
which has improved from 56% in the first half of 2000 to 53%.
These results have been achieved while taking a prudent stance on risk. The
trend of growth in personal relative to corporate lending of the past ten
years has been accentuated by the Woolwich acquisition. The cumulative effect
has been to reduce risk volatility in the Group's loan portfolio.
Earnings per share at the operating level rose 9% from 82.3p to 89.8p. The
interim dividend is being increased by 15% from 20p to 23p.
We are focusing on markets where we have competitive advantage and where we
can offer greater value for customers and create more value for shareholders.
Less visible externally, but of major importance, the internal transformation
of the Group to achieve operational excellence in everything we do, continues
at pace.
The story of the first half is one of continuing momentum. Commentators
express concern about the state of the economy and its effect on banks. Our
position remains unchanged; the outlook gives us cause for caution but not
alarm. Whatever the outcome, we have achieved our momentum without
compromising on our prudent forward looking approach to risk.
Highlights of progress during the first half of 2001:
- The Woolwich acquisition is proving to be even more valuable than we
originally expected, and we are on course to deliver, by end 2003, annual
pre-tax synergies of £400 million versus the £240 million we indicated at
the time we announced the transaction.
- The L&G alliance is still in the early days, but it offers excellent
prospects for our customers, and the pace of implementation has been
faster than planned. We are now the designated stakeholder pension
provider for over 21,000 companies.
- We are reinventing our proposition for personal customers to increase
convenience, simplicity, value and transparency.
- Business Banking continues to build on its high levels of customer
satisfaction, providing innovative services and creative use of new
technology.
- Our wealth management businesses have been integrated into a new
unified, integrated global business branded Barclays Private Clients.
With over 1 million clients and the strongest brand among the affluent in
Europe, it is already one of the leaders in the field.
- Barclays Capital extended its activities in the US, Europe and Asia. We
are number three in Europe and number eight globally as overall debt
arranger.
- We are capitalising on the brand, scale and competencies of Barclaycard
to extend the product line and drive forward our expansion into Europe.
Our strategy is designed to enable us to meet our value goals through organic
growth. We have no intention nor, indeed, incentive to pursue consolidation
moves that are value destroying. We have good potential for top line revenue
growth as well as for further efficiency gains in our existing businesses.
While our primary target is organic growth, if a non-organic move demonstrably
created value for shareholders and customers, and fitted with our portfolio
shape, then we would clearly pursue any such opportunity.
Barclays key strengths:
- The Barclays brand is well known and respected throughout the world,
and is a good passport to new markets.
- We have businesses in the US, South America, Asia, Africa and 12
countries in Europe, and have 600 branches outside the UK.
- We have a powerful domestic franchise, with one of the most extensive
integrated distribution networks anywhere in the world, serving in the UK
over 16 million personal customers and some 550,000 business customers.
- We have a wide spread of value-creating businesses in both retail and
wholesale financial services, insulating us from over-dependence on any
single market, customer segment or product set.
- In Barclays Capital, Barclaycard, Barclays Private Clients, and BGI, we
have businesses of regional and/or global reach that are competitively
advantaged and have attractive future growth prospects in Europe and
beyond.
- We have one of the world's largest and most sophisticated data
warehousing and customer information management systems, allowing us to
anticipate and meet customer needs and develop offerings tailored to
individuals or segments.
- We have a superb workforce, giving Barclays and its many customers a
quality of energy and intellectual capital across all our businesses
that, we believe, is second to none.
- Underpinning this is excellence in credit and market risk disciplines
that gives us confidence to grow and preserve earnings quality.
Barclays is driving forward with the implementation of its growth strategy.
We will continue investing heavily in areas with attractive growth prospects,
with a particular focus on Europe. We will maintain the pressure on our cost
base, giving ourselves thereby the ability to invest and grow. We will
maintain the pace of our internal transformation, ensuring the operational
rigour and excellence that must underpin all of our objectives.
Sir Peter Middleton Matthew W. Barrett
Group Chairman Group Chief Executive
FINANCIAL HIGHLIGHTS
Half-year ended
30.6.01 31.12.00 30.6.00
RESULTS £m £m £m
Net interest income* 3,024 2,691 2,471
Non-interest income 2,574 2,228 2,215
Operating income* 5,598 4,919 4,686
Operating expenses* (2,952) (2,678) (2,525)
Provisions for bad and doubtful debts (498) (441) (376)
Provisions for contingent liabilities and commitments (2) - 1
(Loss) / income from joint ventures and associated (6) 2 (10)
undertakings
Operating profit* 2,140 1,802 1,776
Restructuring charge (63) (126) (106)
Woolwich integration costs (19) (7) -
Woolwich fair value adjustments (16) (6) -
Goodwill amortisation (115) (45) (6)
Exceptional items (4) 36 178
Profit before tax 1,923 1,654 1,842
Profit attributable to shareholders 1,307 1,153 1,320
Economic profit 722 610 819
BALANCE SHEET
Shareholders' funds 14,106 13,187 9,237
Loan capital 7,893 6,370 4,748
Total capital resources 24,009 21,157 14,750
Total assets 363,950 316,190 286,385
Weighted risk assets 154,822 147,040 123,483
PER SHARE p p p
Earnings 78.6 74.4 88.9
Earnings (based on operating profit above)* 89.8 81.7 82.3
Dividend 23.0 38.0 20.0
Net asset value 848 794 626
PERFORMANCE RATIO % % %
Post-tax return on average shareholders' funds 19.1 21.4 29.6
Post-tax return on average shareholders' funds
(based on operating profit above)* 21.6 23.6 27.4
RISK ASSET RATIO % % %
Tier 1 7.7 7.2 8.0
Total 12.2 11.0 11.5
GROUP YIELDS, SPREADS & MARGINS % % %
Gross yield 6.91 7.14 7.04
Interest spread 2.54 2.59 2.60
Interest margin 2.99 3.05 3.17
EXCHANGE RATES
Period end - US$/£ 1.41 1.49 1.51
Average - US$/£ 1.44 1.52 1.57
Period end - Euro / £ 1.66 1.60 1.58
Average - Euro / £ 1.60 1.64 1.64
* Excluding the restructuring charge, goodwill amortisation, Woolwich fair
value adjustments and costs directly associated with the integration of
Woolwich plc but including the results from joint ventures and associated
undertakings. Earnings per share and post-tax return on average shareholders'
funds based on this operating profit also exclude exceptional items.
SUMMARY OF RESULTS
PROFIT BEFORE TAX Half-year ended
30.06.01 31.12.00 30.06.00
£m £m £m
Personal Financial Services 263 254 165
Woolwich* 238 128 102
Barclays Private Clients 331 310 339
Barclaycard 275 230 234
Business Banking 608 538 564
Barclays Africa 68 53 57
Barclays Capital 377 266 309
Barclays Global Investors 33 25 34
Other operations (7) 28 (11)
Head office functions (46) (30) (17)
Operating profit 2,140 1,802 1,776
Restructuring charge (63) (126) (106)
Woolwich integration costs (19) (7) -
Woolwich fair value adjustments (16) (6) -
Goodwill amortisation (115) (45) (6)
Exceptional items (4) 36 178
1,923 1,654 1,842
* Comprises the contribution from Woolwich plc since the acquisition on
25th October 2000 and the Barclays mortgage business.
TOTAL ASSETS AND WEIGHTED RISK ASSETS
Total assets Weighted risk assets
30.06.01 31.12.00 30.6.00 30.06.01 31.12.00 30.06.00
£m £m £m £m £m £m
Personal Financial 6,934 6,562 6,304 5,906 5,598 5,530
Services
Woolwich 55,962 55,243 18,693 29,397 28,620 9,640
Barclays Private 13,266 13,352 12,735 8,666 8,390 7,730
Clients
Barclaycard 9,496 9,805 8,882 9,320 9,623 8,883
Business Banking 44,932 41,364 40,011 45,531 44,017 41,891
Barclays Africa 2,656 2,291 2,345 1,859 1,661 1,602
Barclays Capital 211,547 168,894 182,619 51,237 45,946 45,222
Barclays Global 263 259 255 535 653 653
Investors
Other operations 6,301 5,440 6,339 2,371 2,532 2,332
and Head office
functions
Goodwill 4,198 4,269 188 - - -
Retail life-fund assets 8,395 8,711 8,014 - - -
363,950 316,190 286,385 154,822 147,040 123,483
CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)
Half-year ended
30.06.01 31.12.00 30.06.00
£m £m £m
Interest receivable 6,940 6,297 5,491
Interest payable (3,936) (3,613) (3,022)
Profit on repurchase of loan capital - - 2
Net interest income 3,004 2,684 2,471
Net fees and commissions receivable 1,786 1,767 1,602
Dealing profits 570 262 415
Other operating income 218 199 198
Total non-interest income 2,574 2,228 2,215
Operating income 5,578 4,912 4,686
Administration expenses - staff costs (1,793) (1,613) (1,606)
Administration expenses - other (1,088) (1,065) (902)
Depreciation and amortisation (264) (177) (129)
Operating expenses (3,145) (2,855) (2,637)
Operating profit before provisions 2,433 2,057 2,049
Provisions for bad and doubtful debts (498) (441) (376)
Provisions for contingent liabilities and commitments (2) - 1
Operating profit 1,933 1,616 1,674
(Loss) / income from joint ventures and associated
undertakings (6) 2 (10)
Exceptional items (4) 36 178
Profit on ordinary activities before tax 1,923 1,654 1,842
Tax on profit on ordinary activities (548) (456) (488)
Profit on ordinary activities after tax 1,375 1,198 1,354
Minority and other interests (equity and non-equity) (68) (45) (34)
Profit for the financial year attributable to the
members of Barclays PLC 1,307 1,153 1,320
Dividends (383) (632) (295)
Profits retained for the period 924 521 1,025
Earnings per ordinary share 78.6p 74.4p 88.9p
Earnings per ordinary share before restructuring charge,89.8p 81.7p 82.3p
goodwill amortisation, fair value adjustments, integration
costs and exceptional items
Dividend per ordinary share:
First interim (payable 1st October 2001) 23.0p - 20.0p
Second interim - 38.0p -
FURTHER ANALYSIS OF PROFIT AND LOSS ACCOUNT
FOR THE HALF YEAR 30TH JUNE 2001(UNAUDITED)
Half year ended
30.6.01 31.12.00 30.6.00
£m £m £m
Interest receivable 6,968 6,308 5,491
Interest payable (3,944) (3,617)(3,022)
Profit on repurchase of loan capital - - 2
Net interest income 3,024 2,691 2,471
Net fees and commissions receivable 1,786 1,767 1,602
Dealing profits 570 262 415
Other operating income 218 199 198
Total non-interest income 2,574 2,228 2,215
Operating income 5,598 4,919 4,686
Administration expenses - staff costs (1,738) (1,533)(1,514)
Administration expenses - other (1,062) (1,012) (888)
Depreciation and amortisation (152) (133) (123)
Operating expenses (2,952) (2,678)(2,525)
2,646 2,241 2,161
Provisions for bad and doubtful debts (498) (441) (376)
Provisions for contingent liabilities and (2) - 1
commitments
(Loss)/income from joint ventures and associated
undertakings
(6) 2 (10)
Operating profit* 2,140 1,802 1,776
Restructuring charge (63) (126) (106)
Woolwich integration costs (19) (7) -
Woolwich fair value adjustments** (16) (6) -
Goodwill amortisation (115) (45) (6)
Exceptional items (4) 36 178
Profit on ordinary activities before tax 1,923 1,654 1,842
* The operating profit shown on page 9 includes the restructuring charge,
goodwill amortisation, Woolwich fair value adjustments and costs directly
associated with the integration of Woolwich plc but excludes (loss)/income
from joint ventures and associated undertakings.
** Woolwich plc fair value adjustment represents £20m net interest charge
and £4m of credit to operating expenses.
CONSOLIDATED BALANCE SHEET (UNAUDITED)
30.06.01 31.12.00 30.06.00
Assets: £m £m £m
Cash and balances at central banks 1,048 1,243 588
Items in course of collection from other banks 2,935 2,509 2,660
Treasury bills and other eligible bills 7,795 5,564 9,584
Loans and advances to banks - banking 12,149 9,570 9,678
- trading 38,207 26,856 30,607
50,356 36,426 40,285
Loans and advances to customers - banking 141,999 138,423 99,893
37,268 23,687 34,547
- trading
179,267 162,110 134,440
Debt securities 81,524 70,770 61,380
Equity shares 6,739 4,062 9,947
Interests in associated undertakings and joint 91 122 97
ventures
Intangible fixed assets - goodwill 4,198 4,269 188
Tangible fixed assets 2,022 2,059 1,731
Other assets 19,580 18,345 17,471
355,555 307,479 278,371
Retail life-fund assets attributable to policyholders 8,395 8,711 8,014
Total assets 363,950 316,190 286,385
Liabilities:
Deposits by banks - banking 38,838 32,445 39,624
- trading 29,252 17,311 19,908
68,090 49,756 59,532
Customer accounts - banking 141,258 140,352 112,464
- trading 30,182 18,616 27,875
171,440 158,968 140,339
Debt securities in issue 41,299 31,883 18,388
Items in course of collection due to other banks 1,350 1,176 1,252
Other liabilities 49,367 44,539 44,110
Undated loan capital - convertible to preference 356 335 330
shares
Undated loan capital - non-convertible 2,866 2,337 1,475
Dated loan capital - non-convertible 4,671 3,698 2,943
339,439 292,692 268,369
Minority interests and shareholders' funds:
Minority interests: equity 104 108 86
Minority and other interests: non-equity 1,906 1,492 679
Called up share capital 1,664 1,662 1,477
Reserves 12,442 11,525 7,760
Shareholders' funds: equity 14,106 13,187 9,237
16,116 14,787 10,002
355,555 307,479 278,371
Retail life-fund liabilities attributable to 8,395 8,711 8,014
policyholders
Total liabilities and shareholders' funds 363,950 316,190 286,385
KEY FACTS (UNAUDITED)
30.06.01 31.12.00 30.06.00
Number of UK branches 2,120 2,129 1,728
Number of overseas branches 600 624 600
Number of UK Barclays Group ATMs 3,900 3,800 3,200
Employees worldwide 75,800 75,300 70,300
Total customers registered for telephone banking 1.3m 1.2m 1.1m
Total customers registered for online banking 2.7m 2.0m 1.1m
PERSONAL FINANCIAL SERVICES AND WOOLWICH
UK current accounts 9.9m 9.7m 9.4m
UK savings accounts 8.6m 8.4m 8.0m
Open Plan customers 806,000 544,000 263,000
Total UK mortgage balances £49.3bn £47.5bn £46.1bn
BARCLAYS PRIVATE CLIENTS
Continental European customers 303,000 313,000 311,000
Total customers funds £94bn £95bn £96bn
Stockbrokers - average deal volumes per day 7,000 8,100 8,900
BARCLAYCARD
Barclaycard UK customers 8.0m 7.9m 7.8m
Customers registered for online services 512,000 388,000 235,000
Retailer relationships 83,000 81,000 81,000
Number of retailer transactions processed 0.6bn 0.7bn 0.5bn
Barclaycards issued overseas 1.2m 1.2m 1.1m
BUSINESS BANKING
Number of Business Banking UK connections
- Small business 285,000 287,000 282,000
- Medium business 249,000 251,000 258,000
- Large business 14,000 14,000 14,000
Number of current accounts 762,000 765,000 763,000
Number of Business Premium deposit accounts 252,000 257,000 261,000
Customers registered for online banking/ 252,000 208,000 174,000
BusinessMaster
AFRICA
Customer numbers 1.5m 1.5m 1.5m
BARCLAYS GLOBAL INVESTORS
Total assets under management £548bn £550bn £529bn
Number of institutional customers 2,400 1,800 1,600
League table 30.06.01 League table 30.06.00
position issuance position issuance
value value
BARCLAYS CAPITAL
Sterling bonds 1st £6.1bn 2nd £3.8bn
Syndicated loans (Europe, 1st $18.1bn 1st $35.5bn
Middle East, Africa)
Syndicated loans (ex USA) 2nd $21.5bn 2nd $38.9bn
All syndicated loans 5th $30.2bn 4th $49.0bn
All international bonds 10th $44.1bn 11th $25.2bn
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