3rd Quarter Results, 24 Oct 2024 07:00

24 October 2024, 07:00

Source - LSE Regulatory

RNS Number : 3820J

Barclays PLC

24 October 2024

Barclays PLC

Q3 2024 Results Announcement

30 September 2024

Notes

The terms Barclays and Group refer to Barclays PLC together with its subsidiaries. Unless otherwise stated, the income statement analysis compares the nine months ended 30 September 2024 to the corresponding nine months of 2023 and balance sheet analysis as at 30 September 2024 with comparatives relating to 31 December 2023 and 30 September 2023. 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 23 October 2024, does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2023, 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) have been 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 42 to 47 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 environmental, social and governance (ESG) 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 ESG reporting standards; 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; environmental, social and geopolitical risks and incidents and similar events beyond the Group's control; 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; the direct and indirect consequences of the conflicts in Ukraine and the Middle East on European and global macroeconomic conditions, political stability and financial markets; political elections, including the impact of the UK, European and US elections in 2024; developments in the UK's relationship with the European Union ("EU"); 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 Group's ability to access funding; and the success of acquisitions, disposals 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 2024-2026, 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 2023), 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

Barclays delivered a return on tangible equity (RoTE) of 12.3% in Q324 and 11.5% for Q324 YTD, on track to deliver against 2024 and 2026 targets

C. S. Venkatakrishnan, Group Chief Executive, commented

"We continue to be focused on disciplined execution of our three year plan and are encouraged with progress to date. Whilst there is more work to do, the Group is on track to achieve its target of greater than 12% RoTE in 2026. In Q324 Barclays delivered a RoTE of 12.3%, supporting our target of greater than 10% in 2024. Tangible net asset value (TNAV) per share increased to 351p, up 11p versus prior quarter and up 35p year-on-year. The acquisition of Tesco Bank, to complete on 1 November 2024, forms part of our commitment to invest in the UK. We continue to exercise cost discipline and remain well capitalised with a Common Equity Tier 1 (CET1) ratio at the end of the quarter of 13.8%."

• Group statutory RoTE of 12.3% in Q324 and 11.5% in Q324 YTD, 2024 Group RoTE targets remain unchanged

• Guidance for 2024 Group Net Interest Income (NII) excluding Investment Bank (IB) and Head Office increased from c.£11.0bn to greater than £11.0bn. Within this Barclays UK NII guidance increased from c.£6.3bn to c.£6.5bn¹

• Group cost: income ratio of 61% in Q324 and Q324 YTD, 2024 Group cost: income ratio target of c.63% remains unchanged

- Delivered a further £0.3bn of gross cost efficiency savings in Q324 resulting in Q324 YTD savings of £0.7bn, on track to deliver c.£1bn of gross cost efficiency savings in 2024

• Prudent risk management with Q324 loan loss rate (LLR) of 37bps and Q324 YTD LLR of 42bps, below the through the cycle target range of 50-60bps, with FY24 expected to be at the bottom of this range, inclusive of the Day 1 impact of the Tesco Bank acquisition

• Strong balance sheet with CET1 ratio of 13.8%, within the target range of 13-14%

• c.8.0p total distributions per share equivalent announced at H124: dividend of 2.9p now paid, and share buyback of £750m well progressed

• TNAV per share of 351p (December 2023: 331p)

Key financial metrics:

Statutory										Excluding inorganic activity²
	Income	Profit before tax	Attributable profit	Cost: income ratio	LLR	RoTE	EPS	TNAV per share	CET1 ratio	RoTE
Q324	£6.5bn	£2.2bn	£1.6bn	61%	37bps	12.3%	10.7p	351p	13.8%	12.3%
Q324 YTD	£19.8bn	£6.4bn	£4.4bn	61%	42bps	11.5%	29.3p	351p	13.8%	12.1%

Q324 Performance highlights:

• Group statutory RoTE was 12.3% (Q323: 11.0%) with profit before tax of £2.2bn (Q323: £1.9bn)

- There were no inorganic transactions in Q324²

• Group income of £6.5bn was up 5% year-on-year, with Group NII excluding IB and Head Office of £2.8bn, of which Barclays UK NII was £1.7bn

- Barclays UK income increased 4%, as higher structural hedge income was partially offset by mortgage margin pressure and adverse product dynamics in deposits, which have stabilised throughout 2024

- Barclays UK Corporate Bank (UKCB) income increased 1%, driven by higher average deposit balances

- Barclays Private Bank and Wealth Management (PBWM) income decreased 3%, as growth in client balances was more than offset by the non-repeat of a timing related one-off in Q323

- Barclays Investment Bank (IB) income increased 6%. Global Markets income increased 3%, with FICC and Equities both up 3% respectively. Investment Banking income increased 13%, as higher fee income in Advisory and Debt and Equity Capital Markets was partially offset by lower income in the International Corporate Bank

- Barclays US Consumer Bank (USCB) income decreased 2% driven by the strengthening of GBP against USD, partially offset by higher balances

• Group total operating expenses were stable at £4.0bn, with £0.3bn of cost efficiency savings more than offsetting inflation, enabling investment spend and business growth

• Credit impairment charges were £0.4bn (Q323: £0.4bn) with an LLR of 37bps (Q323: 42bps)

1	This excludes the 2024 impact of the acquisition of Tesco Bank's retail banking business, which is expected to complete on 1 November 2024, with an initial annualised NII of c.£400m. See Other Matters on page 7 for further details of the acquisition.
2	Inorganic activity refers to certain inorganic transactions announced as part of the FY23 Investor Update designed to improve Group RoTE beyond 2024. In Q324 YTD this included the £220m loss on sale of the performing Italian retail mortgage portfolio and the £20m loss on disposal from the German consumer finance business, both incurred in H124. There were no inorganic transactions in Q324.

Q324 YTD Performance highlights:

• Group statutory RoTE was 11.5% (Q323 YTD: 12.5%) with profit before tax of £6.4bn (Q323 YTD: £6.4bn)

- Excluding the impact of inorganic activity¹, Group RoTE was 12.1%

• Group income of £19.8bn was stable year-on-year, with Group NII excluding IB and Head Office of £8.2bn of which Barclays UK NII was £4.8bn

• Group total operating expenses were £12.1bn, up 1% year-on-year, including the £93m impact of the Bank of England (BoE) levy scheme²

- Group operating costs were stable at £12.0bn, with £0.7bn of cost efficiency savings more than offsetting inflation, enabling investment spend and business growth

• Credit impairment charges were £1.3bn (Q323 YTD: £1.3bn) with an LLR of 42bps (Q323 YTD: 43bps)

• CET1 ratio of 13.8% (December 2023: 13.8%), with risk weighted assets (RWAs) of £340.4bn (December 2023: £342.7bn) and TNAV per share of 351p (December 2023: 331p)

Group Financial Targets and Outlook:

2024

• Returns: targeting RoTE of greater than 10% and c.10.5% excluding inorganic activity¹

- The cumulative impact of all inorganic activity on FY24 Group RoTE is currently expected to be broadly neutral, as an estimated net gain upon the completion of the Tesco Bank acquisition in Q424 should broadly offset the losses on disposals from our Italian retail mortgage portfolios as well as from the disposal of the German consumer finance business

• Income: targeting Barclays Group NII excluding IB and Head Office of greater than £11.0bn (previous target of c.£11.0bn), of which Barclays UK NII is now c.£6.5bn (up from previous target of c.£6.3bn)³

• Costs: targeting Group cost: income ratio of c.63%, which includes c.£1bn of gross efficiency savings in 2024

• Impairment: expect an LLR of 50-60bps through the cycle

• Capital: expect to operate within the CET1 ratio target range of 13-14%

2026

• Returns: targeting a greater than 12% RoTE

• Capital returns: 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

- Plan to keep total dividend stable at 2023 level in absolute terms, with progressive dividend per share growth driven through share count reduction as a result of increased share buybacks

- Dividends will continue to be paid semi-annually. This multi-year plan is subject to supervisory and Board approval, anticipated financial performance and our published CET1 ratio target range of 13-14%

• Income: targeting Group total income of c.£30bn

• Costs: targeting total Group operating expenses of c.£17bn and a Group cost: income ratio of high 50s in percentage terms. This includes total gross efficiency savings of c.£2bn by 2026

• Impairment: expect an LLR of 50-60bps through the cycle

• Capital: expect to operate within the CET1 ratio target range of 13-14%

- Targeting IB RWAs of c.50% of Group RWAs in 2026

- Impact of regulatory change on RWAs in line with our prior guidance expected to be at lower end of 5-10% of Group RWAs⁴

- The previously estimated c.£16bn RWAs impact from USCB moving to an Internal Ratings Based (IRB) model remains in line with prior guidance, with a change to timing and subject to model build and portfolio changes. c.£5bn of this to be reflected when Basel 3.1 is implemented in 2026 and the remainder to follow thereafter

- A modest increase in Pillar 2A is likely, applicable at some point in 2025 until model implementation

1	Inorganic activity refers to certain inorganic transactions announced as part of the FY23 Investor Update designed to improve Group RoTE beyond 2024. In Q324 YTD this included the £220m loss on sale of the performing Italian retail mortgage portfolio and the £20m loss on disposal from the German consumer finance business, both incurred in H124. There were no inorganic transactions in Q324. For FY24 this is expected to also include the loss on sale of the non-performing Italian mortgage portfolio and the impact of the Tesco Bank acquisition.
2	In August 2024, Barclays' final charge for the BoE levy scheme in the 2024/2025 financial year was confirmed at £93m, lower than the estimated charge of £120m recognised in Q124. As a result, a £27m release has been recognised in Q324. See Other Matters on page 7.
3	This excludes the 2024 impact of the acquisition of Tesco Bank's retail banking business, which is expected to complete on 1 November 2024, with an initial annualised NII of c.£400m expected. See Other Matters on page 7 for further details of the acquisition.
4	Based on Dec-23 RWAs of £342.7bn.

Barclays Group results	Nine months ended			Three months ended
	30.09.24	30.09.23		30.09.24	30.09.23
	£m	£m	% Change	£m	£m	% Change
Barclays UK	5,659	5,795	(2)	1,946	1,873	4
Barclays UK Corporate Bank	1,322	1,375	(4)	445	440	1
Barclays Private Bank and Wealth Management	958	895	7	326	337	(3)
Barclays Investment Bank	9,198	8,998	2	2,851	2,686	6
Barclays US Consumer Bank	2,469	2,402	3	791	809	(2)
Head Office	218	315	(31)	188	113	66
Total income	19,824	19,780	-	6,547	6,258	5
Operating costs	(11,951)	(11,979)	-	(3,954)	(3,949)	-
UK regulatory levies¹	(93)	-		27	-
Litigation and conduct	(99)	(32)		(35)	-
Total operating expenses	(12,143)	(12,011)	(1)	(3,962)	(3,949)	-
Other net income	37	7		21	9
Profit before impairment	7,718	7,776	(1)	2,606	2,318	12
Credit impairment charges	(1,271)	(1,329)	4	(374)	(433)	14
Profit before tax	6,447	6,447	-	2,232	1,885	18
Tax charge	(1,304)	(1,257)	(4)	(412)	(343)	(20)
Profit after tax	5,143	5,190	(1)	1,820	1,542	18
Non-controlling interests	(29)	(39)	26	(3)	(9)	67
Other equity instrument holders	(763)	(766)	-	(253)	(259)	2
Attributable profit	4,351	4,385	(1)	1,564	1,274	23

Performance measures
Return on average tangible shareholders' equity	11.5%	12.5%		12.3%	11.0%
Average tangible shareholders' equity (£bn)	50.4	47.0		51.0	46.5
Cost: income ratio	61%	61%		61%	63%
Loan loss rate (bps)	42	43		37	42
Basic earnings per ordinary share	29.3p	28.2p		10.7p	8.3p
Basic weighted average number of shares (m)	14,863	15,564	(5)	14,648	15,405	(5)
Period end number of shares (m)	14,571	15,239	(4)
Period end tangible shareholders' equity (£bn)	51.1	48.2

	As at 30.09.24	As at 31.12.23	As at 30.09.23
Balance sheet and capital management²	£bn	£bn	£bn
Loans and advances at amortised cost	399.2	399.5	405.4
Loans and advances at amortised cost impairment coverage ratio	1.3%	1.4%	1.4%
Total assets	1,531.1	1,477.5	1,591.7
Deposits at amortised cost	542.8	538.8	561.3
Tangible net asset value per share	351p	331p	316p
Common equity tier 1 ratio	13.8%	13.8%	14.0%
Common equity tier 1 capital	47.0	47.3	48.0
Risk weighted assets	340.4	342.7	341.9
UK leverage ratio	4.9%	5.2%	5.0%
UK leverage exposure	1,197.4	1,168.3	1,202.4

Funding and liquidity
Group liquidity pool (£bn)	311.7	298.1	335.0
Liquidity coverage ratio	170.1%	161.4%	158.7%
Net stable funding ratio³	135.6%	138.0%	138.2%
Loan: deposit ratio	74%	74%	72%

1	Comprises the impact of the BoE levy scheme and the UK bank levy.
2	Refer to pages 34 to 38 for further information on how capital, RWAs and leverage are calculated.
3	Represents average of the last four spot quarter end positions.

Reconciliation of financial results excluding inorganic activity¹

Nine months ended	30.09.24			30.09.23
	Statutory	Inorganic activity	Excluding inorganic activity	Statutory
	£m	£m	£m	£m	% Change
Barclays UK	5,659	-	5,659	5,795	(2)
Barclays UK Corporate Bank	1,322	-	1,322	1,375	(4)
Barclays Private Bank and Wealth Management	958	-	958	895	7
Barclays Investment Bank	9,198	-	9,198	8,998	2
Barclays US Consumer Bank	2,469	-	2,469	2,402	3
Head Office	218	(240)	458	315	45
Total income	19,824	(240)	20,064	19,780	1
Operating costs	(11,951)	-	(11,951)	(11,979)	-
UK regulatory levies	(93)	-	(93)	-
Litigation and conduct	(99)	-	(99)	(32)
Total operating expenses	(12,143)	-	(12,143)	(12,011)	(1)
Other net income	37	-	37	7
Profit before impairment	7,718	(240)	7,958	7,776	2
Credit impairment charges	(1,271)	-	(1,271)	(1,329)	4
Profit before tax	6,447	(240)	6,687	6,447	4
Attributable profit	4,351	(233)	4,584	4,385	5

Average tangible shareholders' equity (£bn)	50.4		50.4	47.0
Return on average tangible shareholders' equity	11.5%		12.1%	12.5%
Cost: income ratio	61%		61%	61%

Three months ended	30.09.24			30.09.23
	Statutory	Inorganic activity	Excluding inorganic activity	Statutory
	£m	£m	£m	£m	% Change
Barclays UK	1,946	-	1,946	1,873	4
Barclays UK Corporate Bank	445	-	445	440	1
Barclays Private Bank and Wealth Management	326	-	326	337	(3)
Barclays Investment Bank	2,851	-	2,851	2,686	6
Barclays US Consumer Bank	791	-	791	809	(2)
Head Office	188	-	188	113	66
Total income	6,547	-	6,547	6,258	5
Operating costs	(3,954)	-	(3,954)	(3,949)	-
UK regulatory levies	27	-	27	-
Litigation and conduct	(35)	-	(35)	-
Total operating expenses	(3,962)	-	(3,962)	(3,949)	-
Other net income	21	-	21	9
Profit before impairment	2,606	-	2,606	2,318	12
Credit impairment charges	(374)	-	(374)	(433)	14
Profit before tax	2,232	-	2,232	1,885	18
Attributable profit	1,564	-	1,564	1,274	23

Average tangible shareholders' equity (£bn)	51.0		51.0	46.5
Return on average tangible shareholders' equity	12.3%		12.3%	11.0%
Cost: income ratio	61%		61%	63%

Inorganic activity refers to certain inorganic transactions announced as part of the FY23 Investor Update designed to improve Group RoTE beyond 2024. In Q324 YTD this included the £220m loss on sale of the performing Italian retail mortgage portfolio and the £20m loss on disposal from the German consumer finance business, both incurred in H124. There were no inorganic transactions in Q324. For FY24 this is expected to also include the loss on sale of the non-performing Italian mortgage portfolio and the impact of the Tesco Bank acquisition.

Group Finance Director's Review

Q324 YTD Group performance

• Barclays delivered a profit before tax of £6,447m (Q323 YTD: £6,447m), RoTE of 11.5% (Q323 YTD: 12.5%) and earnings per share (EPS) of 29.3p (Q323 YTD: 28.2p)

• The Group has a diverse income profile across businesses and geographies including a significant presence in the US. The appreciation of GBP against USD negatively impacted income and profits and positively impacted credit impairment charges, total operating expenses and RWAs

• Group statutory income was stable at £19,824m, including the impact of inorganic activity¹

- Excluding the impact of inorganic activity, Group income increased 1%, as higher structural hedge income, higher Investment Banking fees, increased income in Equities and balance growth in USCB were partially offset by lower FICC income as well as adverse product dynamics in Barclays UK deposits and mortgages

• Group total operating expenses increased to £12,143m (Q323 YTD: £12,011m), including the £93m impact of the BoE levy scheme²

- Group operating costs were stable at £11,951m, with £0.7bn of cost efficiency savings more than offsetting inflation, enabling investment spend and business growth

• Credit impairment charges were £1,271m (Q323 YTD: £1,329m), informed by the anticipated higher delinquencies in US cards partially offset by the impact of credit risk management actions and methodology enhancements, as well as the improved macroeconomic outlook across portfolios. Total coverage ratio was 1.3% (December 2023: 1.4%)

• The effective tax rate (ETR) was 20.2% (Q323 YTD: 19.5%)

• Attributable profit was £4,351m (Q323 YTD: £4,385m)

• Total assets increased to £1,531.1bn (December 2023: £1,477.5bn), driven by an increase in trading securities and seasonal increases in the IB relative to FY23, partially offset by the strengthening of GBP against USD

• TNAV per share increased to 351p (December 2023: 331p) including EPS of 29.3p, a 9p benefit from the cash flow hedging reserve and a c.6p benefit from the reduction in share count as a result of the completion of the share buyback announced at FY23 Results as well as the ongoing share buyback announced at H124 Results. These were partially offset by an 8p reduction from dividends paid during Q324 YTD and net negative other reserve movements

Group capital and leverage

• The CET1 ratio remained stable at 13.8% (December 2023: 13.8%) as RWAs decreased by £2.3bn to £340.4bn offset by a decrease in CET1 capital of £0.3bn to £47.0bn:

- c.130bps increase from attributable profit

- c.80bps decrease driven by shareholder distributions including the £1.8bn share buybacks announced with FY23 and H124 results and an accrual towards the FY24 dividend

- c.20bps decrease from other capital movements

- c.20bps decrease as a result of a £5.2bn increase in RWAs, excluding the impact of foreign exchange movements, which includes regulatory model changes in Barclays UK

- A £1.3bn decrease in CET1 capital due to a decrease in the currency translation reserve was primarily offset by a £7.5bn decrease in RWAs as a result of foreign exchange movements

• The UK leverage ratio decreased to 4.9% (December 2023: 5.2%) due to a reduction in Tier 1 Capital of £1.7bn and increase in exposure of £29.2bn to £1,197.4bn (December 2023: £1,168.3bn). The decrease in capital was driven by the redemption of an AT1 instrument during the period. The increase in exposure was largely driven by an increase in trading securities and secured lending in IB, partially offset by the strengthening of GBP against USD

Group funding and liquidity

• The liquidity metrics remain well 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 £311.7bn (December 2023: £298.1bn). The increase in the liquidity pool was primarily driven by deposit growth in International Corporate Bank within the IB and in term wholesale funding

• The average³ Liquidity Coverage Ratio (LCR) increased to 170.1% (December 2023: 161.4%), equivalent to a surplus of £126.0bn (December 2023: £117.7bn)

• Total deposits increased by £4.0bn to £542.8bn (December 2023: £538.8bn)

• The average⁴ Net Stable Funding Ratio (NSFR) was 135.6% (December 2023: 138.0%), which represents a £164.0bn (December 2023: £167.1bn) surplus above the 100% regulatory requirement

• Wholesale funding outstanding, excluding repurchase agreements, was £178.9bn (December 2023: £176.8bn)

1	Inorganic activity refers to certain inorganic transactions announced as part of the FY23 Investor Update designed to improve Group RoTE beyond 2024. In Q324 YTD this included the £220m loss on sale of the performing Italian retail mortgage portfolio and the £20m loss on disposal from the German consumer finance business, both incurred in H124. There were no inorganic transactions in Q324. For FY24 this is expected to also include the loss on sale of the non-performing Italian mortgage portfolio and the impact of the Tesco Bank acquisition.
2	In August 2024, Barclays' final charge for the BoE levy scheme in the 2024/2025 financial year was confirmed at £93m, lower than the estimated charge of £120m recognised in Q124. As a result, a £27m release has been recognised in Q324. See Other Matters on page 7.
3	Represents average of the last 12 spot month end ratios.
4	Represents average of the last four spot quarter end ratios.

Group funding and liquidity (continued)

• The Group issued £12.8bn equivalent of minimum requirement for own funds and eligible liabilities (MREL) instruments from Barclays PLC (the Parent company) in H124. The Group has a strong MREL position with a ratio of 34.9%, which is in excess of the regulatory requirement of 30.1% plus a confidential, institution specific, Prudential Regulation Authority (PRA) buffer

Other matters

• The cumulative impact of all inorganic activity in 2024 is currently expected to reduce the Group's CET1 ratio by c.10bps, and have a broadly neutral impact on FY24 Group RoTE as the estimated net gain upon the completion of the Tesco Bank acquisition in Q424 should broadly offset the losses on disposals from the Italian retail mortgage portfolios as well as from the disposal of the German consumer finance business:

• Acquisition of Tesco Bank's retail banking business: on 9 February 2024, Barclays entered into an agreement with Tesco Personal Finance plc to acquire certain assets and liabilities of its retail banking business (including credit cards, unsecured loans and deposits) conducted under the "Tesco Bank" brand. The High Court approved the transfer on 17 October 2024, and it is expected to become effective on 1 November 2024

- The acquisition is expected to generate an income gain of c.£0.5bn as a result of consideration payable for the net assets being lower than fair value, partially offset by an expected post-acquisition impairment charge from IFRS 9 recognition of c.£0.2bn, generating a day 1 net profit before tax impact of c.£0.3bn, and c.50bps increase to the FY24 Group RoTE. Including the day 1 profit before tax impact, Barclays Group's CET1 ratio is now estimated to reduce by c.20bps (previously c.30bps) on completion primarily as a result of the addition of c.£7bn RWAs. These impacts will be confirmed as part of Barclays' FY24 Results

• Disposal of Italian retail mortgages: on 24 April 2024, Barclays announced a transaction under which Barclays Bank Ireland PLC intended to dispose of its performing Italian retail mortgage portfolio, held in Head Office. The sale completed in Q224, generating a loss on disposal of £220m and reduced RWAs by £0.8bn. The transaction was broadly neutral to Barclays' CET1 ratio and will reduce FY24 Group RoTE by c.40bps

- On 22 October 2024 Barclays agreed the sale of its non-performing Italian retail mortgage portfolio. The sale of the majority of loans within this portfolio has now completed, with the sale of the remainder expected to complete later in Q424. The transaction is expected to generate a small pre-tax loss of approximately €30m, and reduce RWAs by c.€125m. As a result, the transaction is expected to be broadly neutral to Barclays' CET1 ratio

- Barclays remains in discussion with respect to the disposal of the remaining Swiss-Franc linked Italian retail mortgage portfolio. Should the sale occur, it is expected to generate a further small loss on sale, but be broadly neutral to Barclays' CET1 ratio

• Disposal of German consumer finance business: on 4 July 2024, Barclays Bank Ireland PLC agreed the sale of its German consumer finance business (comprising credit cards, unsecured personal loans and deposits) to BAWAG P.S.K., a wholly-owned subsidiary of BAWAG Group AG, for a small premium to net assets. When including disposal costs and accounting adjustments as required by IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations), Barclays has recorded a £20m loss for the disposal group within Head Office in Q224, with an expected c.5bps reduction to FY24 Group RoTE. Completion of the sale, which is subject to certain conditions, including regulatory approvals and the sanction of the relevant courts, is expected to occur in Q424 or Q125. Once complete, the sale is expected to release c.£3.4bn of RWAs, increasing Barclays' CET1 ratio by c.10bps

• FCA motor finance review: in January 2024, the UK Financial Conduct Authority (FCA) announced that it was appointing a skilled person to undertake a review of the historical use of discretionary commission arrangements and sales in the motor finance market across several firms. This follows two final decisions by the UK Financial Ombudsman Service (FOS), including one upholding a complaint against Clydesdale Financial Services Limited (CFS) (a subsidiary of Barclays PLC) in relation to commission arrangements and disclosure in the sale of motor finance products and a number of complaints and court claims, including some against CFS. We have commenced a judicial review challenge against the FOS in the High Court in relation to this decision. Barclays will co-operate fully with the FCA's skilled person review, the outcome of which is unknown, including any potential financial impact. The FCA currently plans to set out next steps on this matter in May 2025. Barclays ceased operating in the motor finance market in late 2019 whilst CFS was a subsidiary of the Barclays Bank group

• BoE levy scheme: following parliamentary approval, the new levy process commenced in Q124 replacing the Cash Ratio Deposit scheme as a means of funding the BoE's monetary policy and financial stability operations moving the charge from negative income to an operating expense. In August 2024, Barclays' final charge in the 2024/2025 financial year was confirmed at £93m, lower than the estimated charge of £120m recognised in Q124. As a result, a £27m release has been recognised in Q324. The £93m charge will be partially offset by increased income of c.£75m through lower funding costs during 2024

Anna Cross, Group Finance Director

Results by Business

Barclays UK	Nine months ended			Three months ended
	30.09.24	30.09.23		30.09.24	30.09.23
Income statement information	£m	£m	% Change	£m	£m	% Change
Net interest income	4,812	4,856	(1)	1,666	1,578	6
Net fee, commission and other income	847	939	(10)	280	295	(5)
Total income	5,659	5,795	(2)	1,946	1,873	4
Operating costs	(3,065)	(3,240)	5	(1,017)	(1,058)	4
UK regulatory levies	(42)	-		12	-
Litigation and conduct	(7)	12		(1)	9
Total operating expenses	(3,114)	(3,228)	4	(1,006)	(1,049)	4
Other net income	-	-		-	-
Profit before impairment	2,545	2,567	(1)	940	824	14
Credit impairment charges	(82)	(267)	69	(16)	(59)	73
Profit before tax	2,463	2,300	7	924	765	21
Attributable profit	1,684	1,580	7	621	531	17

Performance measures
Return on average allocated tangible equity	21.4%	20.6%		23.4%	21.0%
Average allocated tangible equity (£bn)	10.5	10.2		10.6	10.1
Cost: income ratio	55%	56%		52%	56%
Loan loss rate (bps)	5	16		3	10
Net interest margin	3.21%	3.15%		3.34%	3.04%

	As at 30.09.24	As at 31.12.23	As at 30.09.23
Balance sheet information	£bn	£bn	£bn
Loans and advances to customers at amortised cost	199.3	202.8	204.9
Total assets	292.2	293.1	299.9
Customer deposits at amortised cost	236.3	241.1	243.2
Loan: deposit ratio	92%	92%	92%
Risk weighted assets	77.5	73.5	73.2
Period end allocated tangible equity	10.7	10.2	10.1

Analysis of Barclays UK	Nine months ended			Three months ended
Analysis of Barclays UK	30.09.24	30.09.23		30.09.24	30.09.23
Analysis of total income	£m	£m	% Change	£m	£m	% Change
Personal Banking	3,486	3,662	(5)	1,184	1,165	2
Barclaycard Consumer UK	706	722	(2)	249	238	5
Business Banking	1,467	1,411	4	513	470	9
Total income	5,659	5,795	(2)	1,946	1,873	4

Analysis of credit impairment (charges)/releases
Personal Banking	(37)	(205)	82	3	(85)
Barclaycard Consumer UK	(78)	(89)	12	(15)	29
Business Banking	33	27	22	(4)	(3)	(33)
Total credit impairment charges	(82)	(267)	69	(16)	(59)	73

	As at 30.09.24	As at 31.12.23	As at 30.09.23
Analysis of loans and advances to customers at amortised cost	£bn	£bn	£bn
Personal Banking	168.1	170.1	172.3
Barclaycard Consumer UK	10.6	9.7	9.6
Business Banking	20.6	23.0	23.0
Total loans and advances to customers at amortised cost	199.3	202.8	204.9

Analysis of customer deposits at amortised cost
Personal Banking	182.9	185.4	186.1
Barclaycard Consumer UK	-	-	-
Business Banking	53.4	55.7	57.1
Total customer deposits at amortised cost	236.3	241.1	243.2

Barclays UK delivered a RoTE of 21.4% (Q323 YTD: 20.6%) supported by robust income, strong asset quality and disciplined cost management, with continued investment in our transformation into a simpler, better and more balanced retail bank.

Income statement - Q324 YTD compared to Q323 YTD

• Profit before tax increased 7% to £2,463m with a RoTE of 21.4% (Q323 YTD: 20.6%)

• Total income decreased 2% to £5,659m. NII decreased 1% to £4,812m, as continued structural hedge momentum was more than offset by mortgage margin pressure and adverse product dynamics in deposits, which have stabilised throughout 2024. Net fee, commission and other income decreased 10% to £847m primarily from the impact of the transfer of Wealth Management & Investments (WM&I) to PBWM¹

• Total operating expenses decreased 4% to £3,114m, driven by the transfer of WM&I to PBWM¹ partially offset by the impact of inflation. Ongoing efficiency savings continue to be reinvested, which includes investment in our transformation programme to drive sustainable improvement to the cost: income ratio

• Credit impairment charges were £82m (Q323 YTD: £267m), driven by low delinquencies in UK cards, high quality mortgage lending portfolio and the improved macroeconomic outlook. UK cards 30 and 90 day arrears remained low at 0.7% (Q323: 0.9%) and 0.2% (Q323: 0.2%) respectively. The UK cards total coverage ratio reduced to 5.6% (December 2023: 6.8%) driven by release of the affordability linked adjustments, supported by a resilient credit performance

Balance sheet - 30 September 2024 compared to 31 December 2023

• Loans and advances to customers at amortised cost decreased by £3.5bn to £199.3bn, driven by subdued mortgage lending reflecting wider market factors and continued repayment of government scheme lending in Business Banking

• Customer deposits at amortised cost decreased £4.8bn to £236.3bn, driven by reduced Business Banking and retail current account balances, reflecting broader market trends. The loan: deposit ratio remained stable at 92% (December 2023: 92%)

• RWAs increased to £77.5bn (December 2023: £73.5bn), primarily driven by regulatory model changes

1	WM&I was transferred in May 2023.

Barclays UK Corporate Bank	Nine months ended			Three months ended
	30.09.24	30.09.23		30.09.24	30.09.23
Income statement information	£m	£m	% Change	£m	£m	% Change
Net interest income	882	913	(3)	309	304	2
Net fee, commission, trading and other income	440	462	(5)	136	136	-
Total income	1,322	1,375	(4)	445	440	1
Operating costs	(685)	(647)	(6)	(229)	(224)	(2)
UK regulatory levies	(23)	-		7	-
Litigation and conduct	-	2		-	2
Total operating expenses	(708)	(645)	(10)	(222)	(222)	-
Other net income	-	2		-	-
Profit before impairment	614	732	(16)	223	218	2
Credit impairment (charges)/releases	(36)	45		(13)	(15)	13
Profit before tax	578	777	(26)	210	203	3
Attributable profit	392	525	(25)	144	129	12

Performance measures
Return on average allocated tangible equity	17.3%	24.4%		18.8%	18.3%
Average allocated tangible equity (£bn)	3.0	2.9		3.1	2.8
Cost: income ratio	54%	47%		50%	50%
Loan loss rate (bps)	19	(22)		21	21

	As at 30.09.24	As At 31.12.23	As at 30.09.23
Balance sheet information	£bn	£bn	£bn
Loans and advances to customers at amortised cost	24.8	26.4	26.9
Deposits at amortised cost	82.3	84.9	82.7
Risk weighted assets	22.1	20.9	19.5
Period end allocated tangible equity	3.0	3.0	2.8

	Nine months ended			Three months ended
	30.09.24	30.09.23		30.09.24	30.09.23
Analysis of total income	£m	£m	% Change	£m	£m	% Change
Corporate lending	196	198	(1)	67	69	(3)
Transaction banking	1,126	1,177	(4)	378	371	2
Total income	1,322	1,375	(4)	445	440	1

UKCB delivered a RoTE of 17.3% (Q323 YTD: 24.4%), as income from increased average deposits is offset by lower liquidity pool income, the year-to-date impact of continuing investment to support future growth ambitions and the BoE levy scheme.

Income statement - Q324 YTD compared to Q323 YTD

• Profit before tax decreased 26% to £578m (Q323 YTD: £777m)

• Total income decreased 4% to £1,322m as increased deposit income from higher average balances in the higher interest rate environment was more than offset by lower liquidity pool income

• Total operating expenses increased 10% to £708m, reflecting higher ongoing spend to support growth ambitions and the year-to-date impact of the BoE levy scheme

• Credit impairment charges were £36m (Q323 YTD: £45m release), driven by resilient underlying credit performance and limited single name charges. The release in the prior period was driven by the improved macroeconomic outlook

Balance sheet - 30 September 2024 compared to 31 December 2023

• Loans and advances to customers at amortised cost decreased by £1.6bn to £24.8bn (December 2023: £26.4bn) with underlying growth more than offset by a c.£2bn reduction from refinements to the perimeter with the International Corporate Bank within IB

• Customer deposits at amortised cost decreased by £2.6bn at £82.3bn (December 2023: £84.9bn) primarily driven by a c.£2bn reduction from refinements to the perimeter with the International Corporate Bank within IB

• RWAs increased to £22.1bn (December 2023: £20.9bn) reflecting higher client lending limits, supporting future lending growth

Barclays Private Bank and Wealth Management	Nine months ended				Three months ended
	30.09.24	30.09.23			30.09.24	30.09.23
Income statement information	£m	£m	% Change		£m	£m	% Change
Net interest income	551	586	(6)		189	219	(14)
Net fee, commission and other income	407	309	32		137	118	16
Total income	958	895	7		326	337	(3)
Operating costs	(656)	(540)	(21)		(222)	(214)	(4)
UK regulatory levies	(2)	-			1	-
Litigation and conduct	1	-			-	-
Total operating expenses	(657)	(540)	(22)		(221)	(214)	(3)
Other net income	-	-		`	-	-
Profit before impairment	301	355	(15)		105	123	(15)
Credit impairment (charges)/releases	(4)	(8)	50		(7)	2
Profit before tax	297	347	(14)		98	125	(22)
Attributable profit	225	283	(20)		74	102	(27)

Performance measures
Return on average allocated tangible equity	29.5%	37.1%			29.0%	41.2%
Average allocated tangible equity (£bn)	1.0	1.0			1.0	1.0
Cost: income ratio	69%	60%			68%	63%
Loan loss rate (bps)	4	7			19	(7)

Key facts	£bn	£bn
Invested assets¹	122.4	105.4
Clients assets and liabilities²	201.5	178.7

	As at 30.09.24	As At 31.12.23	As at 30.09.23
Balance sheet information	£bn	£bn	£bn
Loans and advances to customers at amortised cost	14.0	13.6	13.4
Deposits at amortised cost	64.8	60.3	59.7
Risk weighted assets	7.3	7.2	7.2
Period end allocated tangible equity	1.0	1.0	1.0

PBWM delivered a RoTE of 29.5% (Q323 YTD: 37.1%), supported by 13% growth year-on-year in client balances to £201.5bn, which is predominantly driven by invested assets¹ as a result of market movements and underlying growth.

Income statement - Q324 YTD compared to Q323 YTD

• Profit before tax decreased 14% to £297m with a RoTE of 29.5% (Q323 YTD: 37.1%)

• Total income increased 7% to £958m reflecting the transfer of WM&I from Barclays UK³ and higher client assets and liabilities balances, partially offset by lower liquidity pool income

• Total operating expenses increased 22% to £657m, reflecting the transfer of WM&I from Barclays UK and higher ongoing spend, including hiring, to support business growth

Balance sheet - 30 September 2024 compared to 31 December 2023

• Client assets and liabilities increased £18.6bn to £201.5bn, driven by £13.6bn increase in invested assets as a result of market movements and underlying growth, as well as £4.5bn increase in deposits and £0.5bn increase in gross loans to clients

• Deposits at amortised cost increased £4.5bn to £64.8bn, driven by underlying growth from client inflows

• RWAs were stable at £7.3bn (December 2023: £7.2bn)

1	Invested assets represent assets under management and supervision.
2	Client assets and liabilities refers to customer deposits, lending and invested assets.
3	WM&I was transferred in May 2023.

Barclays Investment Bank	Nine months ended			Three months ended
	30.09.24	30.09.23		30.09.24	30.09.23
Income statement information	£m	£m	% Change	£m	£m	% Change
Net interest income	747	1,111	(33)	282	397	(29)
Net trading income	4,979	5,283	(6)	1,512	1,497	1
Net fee, commission and other income	3,472	2,604	33	1,057	792	33
Total income	9,198	8,998	2	2,851	2,686	6
Operating costs	(5,763)	(5,685)	(1)	(1,906)	(1,840)	(4)
UK regulatory levies	(26)	-		7	-
Litigation and conduct	(29)	7		(17)	6
Total operating expenses	(5,818)	(5,678)	(2)	(1,916)	(1,834)	(4)
Other net income	-	1		-	2
Profit before impairment	3,380	3,321	2	935	854	9
Credit impairment (charges)/releases	(77)	(79)	3	(43)	23
Profit before tax	3,303	3,242	2	892	877	2
Attributable profit	2,266	2,190	3	652	580	12

Performance measures
Return on average allocated tangible equity	10.1%	10.1%		8.8%	8.0%
Average allocated tangible equity (£bn)	29.8	29.0		29.5	28.8
Cost: income ratio	63%	63%		67%	68%
Loan loss rate (bps)	9	10		15	(8)

	As at 30.09.24	As at 31.12.23	As at 30.09.23
Balance sheet information	£bn	£bn	£bn
Loans and advances to customers at amortised cost	64.5	62.7	62.3
Loans and advances to banks at amortised cost	6.7	7.3	9.5
Debt securities at amortised cost	44.8	38.9	36.3
Loans and advances at amortised cost	116.0	108.9	108.1
Trading portfolio assets	185.8	174.5	155.3
Derivative financial instrument assets	256.7	255.1	280.4
Financial assets at fair value through the income statement	210.8	202.5	237.2
Cash collateral and settlement balances	134.7	102.3	134.6
Deposits at amortised cost	139.8	132.7	154.2
Derivative financial instrument liabilities	249.4	249.7	268.3
Risk weighted assets	194.2	197.3	201.1
Period end allocated tangible equity	28.4	29.0	29.0

	Nine months ended			Three months ended
	30.09.24	30.09.23		30.09.24	30.09.23
Analysis of total income	£m	£m	% Change	£m	£m	% Change
FICC	3,733	4,121	(9)	1,180	1,147	3
Equities	2,271	1,942	17	692	675	3
Global Markets	6,004	6,063	(1)	1,872	1,822	3
Advisory	472	422	12	186	80
Equity capital markets	253	181	40	64	62	3
Debt capital markets	1,165	847	38	344	233	48
Banking fees and underwriting	1,890	1,450	30	594	375	58
Corporate lending	108	236	(54)	(21)	103
Transaction banking	1,196	1,249	(4)	406	386	5
International Corporate Bank	1,304	1,485	(12)	385	489	(21)
Investment Banking	3,194	2,935	9	979	864	13
Total income	9,198	8,998	2	2,851	2,686	6

IB delivered a RoTE of 10.1% (Q323 YTD: 10.1%) reflecting the benefit of diversified income streams across businesses and geographies. An increase in Banking fees and underwriting and Equities income was partially offset by a decrease in FICC and International Corporate Bank income. Costs were marginally up while impairment remained below prior year.

Income statement - Q324 YTD compared to Q323 YTD

• IB has a diverse income profile across businesses and geographies including a significant presence in the US. The appreciation of GBP against USD adversely impacted income and profits, and positively impacted credit impairment charges, total operating expenses and RWAs

• Profit before tax increased to £3,303m (Q323 YTD: £3,242m)

• Total income increased 2% to £9,198m

- Global Markets income decreased 1% to £6,004m as increased income in Equities was more than offset by lower income in FICC

- Equities income increased 17% to £2,271m, reflecting increased client activity in Derivatives and Cash products, additionally supported by a £125m fair value gain on Visa B shares in Q124

- FICC income decreased 9% to £3,733m, reflecting lower client activity in Macro and the non-repeat of the inflation benefit from prior year, partially offset by strong performance in securitised products

- Investment Banking income increased 9% to £3,194m

- Banking fees and underwriting income increased 30% to £1,890m. Equity capital markets fees increased 40% driven by increased deal activity including fees booked on a large UK rights issue completed in Q224. Debt capital markets fees increased 38% driven by increased activity in leverage finance and investment grade issuance. Advisory fee income increased 12% to £472m

- International Corporate Bank income decreased 12% to £1,304m, including the £85m impact of fair value losses on leverage finance lending in Q324, which decreased Corporate lending income. Transaction banking income decreased 4% to £1,196m driven by margin compression as customers continue to migrate to higher interest returning products and lower liquidity pool income

• Total operating expenses increased 2% to £5,818m reflecting the impact of inflation, Q224 structural cost actions and the estimated impact of the BoE levy scheme, partially offset by efficiency savings

• Credit impairment charges were £77m (Q323 YTD: £79m), driven by single name charges, partially offset by the benefit of credit protection and the improved macroeconomic outlook

Balance sheet - 30 September 2024 compared to 31 December 2023

• Loans and advances at amortised costs increased £7.1bn to £116.0bn driven by increased investment in debt securities and c.£2bn from refinements to the perimeter with UKCB

• Trading portfolio assets increased £11.3bn to £185.8bn driven by increased trading in debt securities to facilitate client demand in Global Markets

• Derivative assets increased £1.6bn to £256.7bn and liabilities remained broadly stable at £249.4bn, reflecting increased client activity in Equities, offset by a decrease in Macro due to lower market volatility

• Financial assets at fair value through the income statement increased £8.3bn to £210.8bn driven by increased secured lending balances

• Deposits at amortised cost increased £7.1bn to £139.8bn driven by growth in deposits, primarily in International Corporate Bank and c.£2bn from refinements to the perimeter with UKCB

• RWAs decreased to £194.2bn (December 2023: £197.3bn) driven by the strengthening of GBP against USD

Barclays US Consumer Bank	Nine months ended			Three months ended
	30.09.24	30.09.23		30.09.24	30.09.23
Income statement information	£m	£m	% Change	£m	£m	% Change
Net interest income	1,981	1,918	3	647	662	(2)
Net fee, commission and other income	488	484	1	144	147	(2)
Total income	2,469	2,402	3	791	809	(2)
Operating costs	(1,179)	(1,232)	4	(384)	(404)	5
UK regulatory levies	-	-		-	-
Litigation and conduct	(14)	(4)		(9)	-
Total operating expenses	(1,193)	(1,236)	3	(393)	(404)	3
Other net income	-	-		-	-
Profit before impairment	1,276	1,166	9	398	405	(2)
Credit impairment charges	(995)	(989)	(1)	(276)	(404)	32
Profit before tax	281	177	59	122	1
Attributable profit	208	134	55	89	3

Performance measures
Return on average allocated tangible equity	8.4%	5.7%		10.9%	0.4%
Average allocated tangible equity (£bn)	3.3	3.2		3.3	3.1
Cost: income ratio	48%	51%		50%	50%
Loan loss rate (bps)	497	480		411	582
Net interest margin	10.64%	10.84%		10.38%	10.88%

	As at 30.09.24	As at 31.12.23	As at 30.09.23
Balance sheet information	£bn	£bn	£bn
Loans and advances to customers at amortised cost	23.2	24.2	24.3
Deposits at amortised cost	19.4	19.7	19.3
Risk weighted assets	23.2	24.8	24.1
Period end allocated tangible equity	3.2	3.4	3.3

USCB delivered a RoTE of 8.4% (Q323 YTD: 5.7%) with underlying growth in cards balances driving higher income, partially offset by the strengthening of GBP against USD. c.£0.9bn ($1.1bn) of the outstanding credit card receivables were sold to Blackstone in Q124, providing a benefit from reduced RWAs.

Income statement - Q324 YTD compared to Q323 YTD

• The appreciation of GBP against USD adversely impacted income and profits, and positively impacted credit impairment charges, total operating expenses and RWAs

• Profit before tax was £281m (Q323 YTD: £177m)

• Total income increased 3% to £2,469m. NII increased 3% to £1,981m reflecting underlying growth in cards balances, partially offset by the strengthening of GBP against USD. Net fee, commission and other income increased 1% to £488m driven by higher purchases and account growth¹

• Total operating expenses decreased 3% to £1,193m, driven by efficiency savings and the strengthening of GBP against USD

• Credit impairment charges were £995m (Q323 YTD: £989m), driven by anticipated higher delinquencies in US cards, which led to higher coverage ratios, partially offset by the impact of credit risk management actions and methodology enhancements. 30 and 90 day arrears for US cards were 3.0% (Q323: 2.7%) and 1.6% (Q323: 1.3%) respectively. The USCB total coverage ratio was 10.3% (December 2023: 10.1%) as ongoing reserve build was partially offset by the impact of a debt sale in Q324

Balance sheet - 30 September 2024 compared to 31 December 2023

• Loans and advances to customers at amortised cost remained broadly stable at £23.2bn (December 2023: £24.2bn) with underlying growth in cards balances more than offset by the strengthening of GBP against USD

• Customer deposits at amortised cost were broadly stable at £19.4bn (December 2023: £19.7bn), with underlying deposit growth, in line with USCB's ambition to grow core deposits, more than offset by the strengthening of GBP against USD

• RWAs decreased to £23.2bn (December 2023: £24.8bn), reflecting the sale of receivables to Blackstone in Q124 and strengthening of GBP against USD

1	Includes Barclays accounts and those serviced for third parties.

Head Office	Nine months ended			Three months ended
	30.09.24	30.09.23		30.09.24	30.09.23
Income statement information	£m	£m	% Change	£m	£m	% Change
Net interest income	463	185		215	87
Net fee, commission and other income	(245)	130		(27)	26
Total income	218	315	(31)	188	113	66
Operating costs	(603)	(635)	5	(197)	(210)	6
UK regulatory levies	-	-		-	-
Litigation and conduct	(50)	(49)	(2)	(7)	(16)	56
Total operating expenses	(653)	(684)	5	(204)	(226)	10
Other net income	37	4		21	7
(Loss)/profit before impairment	(398)	(365)	(9)	5	(106)
Credit impairment (charges)/releases	(77)	(31)		(19)	20
Loss before tax	(475)	(396)	(20)	(14)	(86)	84
Attributable loss	(424)	(327)	(30)	(16)	(71)	77

Performance measures
Average allocated tangible equity (£bn)	2.8	0.7		3.5	0.7

	As at 30.09.24	As at 31.12.23	As at 30.09.23
Balance sheet information	£bn	£bn	£bn
Risk weighted assets	16.1	19.0	16.8
Period end allocated tangible equity	4.9	3.6	2.0

Income statement - Q324 YTD compared to Q323 YTD

• Loss before tax was £475m (Q323 YTD: £396m)

• Total income decreased to £218m (Q323 YTD: £315m) mainly driven by the loss on sale of the performing Italian retail mortgage portfolio and the impact of the disposal of the German consumer finance business. These were partially offset by a gain on disposal of a legacy investment and hedge accounting

• Total operating expenses decreased to £653m (Q323 YTD: £684m)

• Credit impairment charges were £77m (Q323 YTD: £31m), reflecting stable credit performance. The lower charge in the prior period was influenced by easing inflationary pressure in the modelled German consumer finance business

Balance sheet - 30 September 2024 compared to 31 December 2023

• RWAs decreased to £16.1bn (December 2023: £19.0bn) mainly from the sale of the performing Italian retail mortgage portfolio and a decrease in relation to merchant acquiring cash in transit settlement balances

Quarterly Results Summary

Barclays Group
	Q324	Q224	Q124	Q423	Q323	Q223	Q123	Q422
Income statement information	£m	£m	£m	£m	£m	£m	£m	£m
Net interest income	3,308	3,056	3,072	3,139	3,247	3,270	3,053	2,741
Net fee, commission and other income	3,239	3,268	3,881	2,459	3,011	3,015	4,184	3,060
Total income	6,547	6,324	6,953	5,598	6,258	6,285	7,237	5,801
Operating costs	(3,954)	(3,999)	(3,998)	(4,735)	(3,949)	(3,919)	(4,111)	(3,748)
UK regulatory levies¹	27	-	(120)	(180)	-	-	-	(176)
Litigation and conduct	(35)	(7)	(57)	(5)	-	(33)	1	(79)
Total operating expenses	(3,962)	(4,006)	(4,175)	(4,920)	(3,949)	(3,952)	(4,110)	(4,003)
Other net income/(expenses)	21	4	12	(16)	9	3	(5)	10
Profit before impairment	2,606	2,322	2,790	662	2,318	2,336	3,122	1,808
Credit impairment charges	(374)	(384)	(513)	(552)	(433)	(372)	(524)	(498)
Profit before tax	2,232	1,938	2,277	110	1,885	1,964	2,598	1,310
Tax (charges)/credit	(412)	(427)	(465)	23	(343)	(353)	(561)	33
Profit after tax	1,820	1,511	1,812	133	1,542	1,611	2,037	1,343
Non-controlling interests	(3)	(23)	(3)	(25)	(9)	(22)	(8)	(22)
Other equity instrument holders	(253)	(251)	(259)	(219)	(259)	(261)	(246)	(285)
Attributable profit/(loss)	1,564	1,237	1,550	(111)	1,274	1,328	1,783	1,036

Performance measures
Return on average tangible shareholders' equity	12.3%	9.9%	12.3%	(0.9)%	11.0%	11.4%	15.0%	8.9%
Average tangible shareholders' equity (£bn)	51.0	49.8	50.5	48.9	46.5	46.7	47.6	46.7
Cost: income ratio	61%	63%	60%	88%	63%	63%	57%	69%
Loan loss rate (bps)	37	38	51	54	42	37	52	49
Basic earnings per ordinary share	10.7p	8.3p	10.3p	(0.7)p	8.3p	8.6p	11.3p	6.5p
Basic weighted average number of shares (m)	14,648	14,915	14,983	15,092	15,405	15,523	15,770	15,828
Period end number of shares (m)	14,571	14,826	15,091	15,155	15,239	15,556	15,701	15,871
Period end tangible shareholders' equity (£bn)	51.1	50.4	50.6	50.2	48.2	45.3	47.3	46.8

Balance sheet and capital management²	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Loans and advances to customers at amortised cost	326.5	329.8	332.1	333.3	339.6	337.4	343.6	343.3
Loans and advances to banks at amortised cost	8.1	8.0	8.5	9.5	11.5	10.9	11.0	10.0
Debt securities at amortised cost	64.6	61.7	57.4	56.7	54.3	53.1	48.9	45.5
Loans and advances at amortised cost	399.2	399.5	397.9	399.5	405.4	401.4	403.5	398.8
Loans and advances at amortised cost impairment coverage ratio	1.3%	1.4%	1.4%	1.4%	1.4%	1.4%	1.4%	1.4%
Total assets	1,531.1	1,576.6	1,577.1	1,477.5	1,591.7	1,549.7	1,539.1	1,513.7
Deposits at amortised cost	542.8	557.5	552.3	538.8	561.3	554.7	555.7	545.8
Tangible net asset value per share	351p	340p	335p	331p	316p	291p	301p	295p
Common equity tier 1 ratio	13.8%	13.6%	13.5%	13.8%	14.0%	13.8%	13.6%	13.9%
Common equity tier 1 capital	47.0	47.7	47.1	47.3	48.0	46.6	46.0	46.9
Risk weighted assets	340.4	351.4	349.6	342.7	341.9	336.9	338.4	336.5
UK leverage ratio	4.9%	5.0%	4.9%	5.2%	5.0%	5.1%	5.1%	5.3%
UK leverage exposure	1,197.4	1,222.7	1,226.5	1,168.3	1,202.4	1,183.7	1,168.9	1,130.0

Funding and liquidity
Group liquidity pool (£bn)	311.7	328.7	323.5	298.1	335.0	330.7	333.0	318.0
Liquidity coverage ratio	170.1%	167.0%	163.2%	161.4%	158.7%	157.2%	156.6%	155.5%
Net stable funding ratio	135.6%	136.4%	135.7%	138.0%	138.2%	138.8%	139.2%	137.0%
Loan: deposit ratio	74%	72%	72%	74%	72%	72%	73%	73%

1	Comprises the impact of the BoE levy scheme and the UK bank levy.
2	Refer to pages 34 to 38 for further information on how capital, RWAs and leverage are calculated.

Barclays UK
	Q324	Q224	Q124	Q423	Q323	Q223	Q123	Q422
Income statement information	£m	£m	£m	£m	£m	£m	£m	£m
Net interest income	1,666	1,597	1,549	1,575	1,578	1,660	1,618	1,600
Net fee, commission and other income	280	290	277	217	295	301	343	370
Total income	1,946	1,887	1,826	1,792	1,873	1,961	1,961	1,970
Operating costs	(1,017)	(1,041)	(1,007)	(1,153)	(1,058)	(1,090)	(1,092)	(1,108)
UK regulatory levies	12	-	(54)	(30)	-	-	-	(26)
Litigation and conduct	(1)	(4)	(2)	(4)	9	5	(2)	(13)
Total operating expenses	(1,006)	(1,045)	(1,063)	(1,187)	(1,049)	(1,085)	(1,094)	(1,147)
Other net income	-	-	-	-	-	-	-	1
Profit before impairment	940	842	763	605	824	876	867	824
Credit impairment charges	(16)	(8)	(58)	(37)	(59)	(95)	(113)	(157)
Profit before tax	924	834	705	568	765	781	754	667
Attributable profit	621	584	479	382	531	534	515	474

Balance sheet information	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Loans and advances to customers at amortised cost	199.3	198.7	200.8	202.8	204.9	206.8	208.2	205.1
Customer deposits at amortised cost	236.3	236.8	237.2	241.1	243.2	249.8	254.3	258.0
Loan: deposit ratio	92%	91%	92%	92%	92%	90%	90%	87%
Risk weighted assets	77.5	76.5	76.5	73.5	73.2	73.0	74.6	73.1
Period end allocated tangible equity	10.7	10.6	10.7	10.2	10.1	10.1	10.3	10.1

Performance measures
Return on average allocated tangible equity	23.4%	22.3%	18.5%	14.9%	21.0%	20.9%	20.0%	18.7%
Average allocated tangible equity (£bn)	10.6	10.5	10.4	10.2	10.1	10.2	10.3	10.2
Cost: income ratio	52%	55%	58%	66%	56%	55%	56%	58%
Loan loss rate (bps)	3	1	11	7	10	17	20	27
Net interest margin	3.34%	3.22%	3.09%	3.07%	3.04%	3.22%	3.18%	3.10%

Analysis of Barclays UK	Q324	Q224	Q124	Q423	Q323	Q223	Q123	Q422
Analysis of total income	£m	£m	£m	£m	£m	£m	£m	£m
Personal Banking	1,184	1,174	1,128	1,067	1,165	1,244	1,253	1,229
Barclaycard Consumer UK	249	228	229	242	238	237	247	269
Business Banking	513	485	469	483	470	480	461	472
Total income	1,946	1,887	1,826	1,792	1,873	1,961	1,961	1,970

Analysis of credit impairment (charges)/releases
Personal Banking	3	(26)	(14)	35	(85)	(92)	(28)	(120)
Barclaycard Consumer UK	(15)	(25)	(38)	(73)	29	(35)	(83)	(12)
Business Banking	(4)	43	(6)	1	(3)	32	(2)	(25)
Total credit impairment charges	(16)	(8)	(58)	(37)	(59)	(95)	(113)	(157)

Analysis of loans and advances to customers at amortised cost	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Personal Banking	168.1	167.3	169.0	170.1	172.3	173.3	173.6	169.7
Barclaycard Consumer UK	10.6	10.2	9.8	9.7	9.6	9.3	9.0	9.2
Business Banking	20.6	21.2	22.0	23.0	23.0	24.2	25.6	26.2
Total loans and advances to customers at amortised cost	199.3	198.7	200.8	202.8	204.9	206.8	208.2	205.1

Analysis of customer deposits at amortised cost
Personal Banking	182.9	183.3	183.4	185.4	186.1	191.1	194.3	195.6
Barclaycard Consumer UK	-	-	-	-	-	-	-	-
Business Banking	53.4	53.5	53.8	55.7	57.1	58.7	60.0	62.4
Total customer deposits at amortised cost	236.3	236.8	237.2	241.1	243.2	249.8	254.3	258.0

Barclays UK Corporate Bank
	Q324	Q224	Q124	Q423	Q323	Q223	Q123	Q422
Income statement information	£m	£m	£m	£m	£m	£m	£m	£m
Net interest income	309	296	277	247	304	299	310	324
Net fee, commission, trading and other income	136	147	157	148	136	173	153	153
Total income	445	443	434	395	440	472	463	477
Operating costs	(229)	(235)	(221)	(258)	(224)	(213)	(210)	(213)
UK regulatory levies	7	-	(30)	(8)	-	-	-	(7)
Litigation and conduct	-	-	-	(1)	2	-	-	-
Total operating expenses	(222)	(235)	(251)	(267)	(222)	(213)	(210)	(220)
Other net (expenses)/income	-	-	-	(5)	-	1	1	1
Profit before impairment	223	208	183	123	218	260	254	258
Credit impairment (charges)/releases	(13)	(8)	(15)	(18)	(15)	84	(24)	(52)
Profit before tax	210	200	168	105	203	344	230	206
Attributable profit	144	135	113	59	129	239	157	131

Balance sheet information	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Loans and advances to customers at amortised cost	24.8	25.7	25.7	26.4	26.9	26.9	27.2	26.9
Deposits at amortised cost	82.3	84.9	81.7	84.9	82.7	82.6	83.6	84.4
Risk weighted assets	22.1	21.9	21.4	20.9	19.5	20.6	20.2	21.1
Period end allocated tangible equity	3.0	3.0	3.0	3.0	2.8	2.9	2.9	3.0

Performance measures
Return on average allocated tangible equity	18.8%	18.0%	15.2%	8.4%	18.3%	32.9%	21.7%	17.8%
Average allocated tangible equity (£bn)	3.1	3.0	3.0	2.8	2.8	2.9	2.9	2.9
Cost: income ratio	50%	53%	58%	68%	50%	45%	45%	46%
Loan loss rate (bps)	21	12	23	27	21	(123)	36	74

Analysis of total income	£m	£m	£m	£m	£m	£m	£m	£m
Corporate lending	67	57	72	64	69	68	61	66
Transaction banking	378	386	362	331	371	404	402	411
Total income	445	443	434	395	440	472	463	477

Barclays Private Bank and Wealth Management
	Q324	Q224	Q124	Q423	Q323	Q223	Q123	Q422
Income statement information	£m	£m	£m	£m	£m	£m	£m	£m
Net interest income	189	187	175	182	219	186	181	205
Net fee, commission and other income	137	133	137	131	118	113	78	81
Total income	326	320	312	313	337	299	259	286
Operating costs	(222)	(220)	(214)	(255)	(214)	(182)	(144)	(153)
UK regulatory levies	1	-	(3)	(4)	-	-	-	(4)
Litigation and conduct	-	1	-	2	-	-	-	-
Total operating expenses	(221)	(219)	(217)	(257)	(214)	(182)	(144)	(157)
Other net income	-	-	-	-	-	-	-	-
Profit before impairment	105	101	95	56	123	117	115	129
Credit impairment (charges)/releases	(7)	3	-	4	2	(7)	(3)	(10)
Profit before tax	98	104	95	60	125	110	112	119
Attributable profit	74	77	74	47	102	91	90	92

Balance sheet information	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Loans and advances to customers at amortised cost	14.0	13.9	13.7	13.6	13.4	13.8	14.3	14.4
Deposits at amortised cost	64.8	64.6	61.9	60.3	59.7	59.2	60.8	62.3
Risk weighted assets	7.3	7.0	7.2	7.2	7.2	7.2	7.5	7.8
Period end allocated tangible equity	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.1
Client assets and liabilities¹	201.5	198.5	189.1	182.9	178.7	174.1	141.5	139.4

Performance measures
Return on average allocated tangible equity	29.0%	30.8%	28.7%	19.1%	41.2%	35.9%	34.5%	34.9%
Average allocated tangible equity (£bn)	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.1
Cost: income ratio	68%	68%	70%	82%	63%	61%	56%	55%
Loan loss rate (bps)	19	(9)	-	(10)	(7)	20	7	26

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

Barclays Investment Bank
	Q324	Q224	Q124	Q423	Q323	Q223	Q123	Q422
Income statement information	£m	£m	£m	£m	£m	£m	£m	£m
Net interest income	282	268	197	282	397	555	159	228
Net trading income	1,512	1,485	1,982	757	1,497	1,351	2,435	1,197
Net fee, commission and other income	1,057	1,266	1,149	998	792	837	975	731
Total income	2,851	3,019	3,328	2,037	2,686	2,743	3,569	2,156
Operating costs	(1,906)	(1,900)	(1,957)	(1,934)	(1,840)	(1,813)	(2,032)	(1,619)
UK regulatory levies	7	-	(33)	(123)	-	-	-	(119)
Litigation and conduct	(17)	(3)	(9)	(2)	6	(1)	2	(55)
Total operating expenses	(1,916)	(1,903)	(1,999)	(2,059)	(1,834)	(1,814)	(2,030)	(1,793)
Other net (expenses)/income	-	-	-	(1)	2	-	(1)	1
Profit/(loss) before impairment	935	1,116	1,329	(23)	854	929	1,538	364
Credit impairment (charges)/releases	(43)	(44)	10	(23)	23	(77)	(25)	(22)
Profit/(loss) before tax	892	1,072	1,339	(46)	877	852	1,513	342
Attributable profit/(loss)	652	715	899	(149)	580	562	1,048	313

Balance sheet information	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Loans and advances to customers at amortised cost	64.5	66.6	64.6	62.7	62.3	59.1	63.1	64.6
Loans and advances to banks at amortised cost	6.7	6.6	7.6	7.3	9.5	9.0	9.1	8.1
Debt securities at amortised cost	44.8	41.7	40.4	38.9	36.3	35.1	30.7	27.2
Loans and advances at amortised cost	116.0	114.9	112.6	108.9	108.1	103.2	102.9	99.9
Trading portfolio assets	185.8	197.2	195.3	174.5	155.3	165.0	137.6	133.7
Derivative financial instrument assets	256.7	251.4	248.9	255.1	280.4	264.8	256.5	301.6
Financial assets at fair value through the income statement	210.8	211.7	225.1	202.5	237.2	231.1	243.8	209.4
Cash collateral and settlement balances	134.7	139.8	129.8	102.3	134.6	122.1	124.3	106.2
Deposits at amortised cost	139.8	151.3	151.1	132.7	154.2	142.9	137.3	121.5
Derivative financial instrument liabilities	249.4	241.8	241.5	249.7	268.3	254.5	246.7	288.9
Risk weighted assets	194.2	203.3	200.4	197.3	201.1	197.2	198.0	195.9
Period end allocated tangible equity	28.4	29.7	29.6	29.0	29.0	28.7	28.9	28.6

Performance measures
Return on average allocated tangible equity	8.8%	9.6%	12.0%	(2.1)%	8.0%	7.7%	14.4%	4.0%
Average allocated tangible equity (£bn)	29.5	29.9	30.0	28.9	28.8	29.0	29.1	30.9
Cost: income ratio	67%	63%	60%	101%	68%	66%	57%	83%
Loan loss rate (bps)	15	15	(4)	8	(8)	30	10	9

Analysis of total income	£m	£m	£m	£m	£m	£m	£m	£m
FICC	1,180	1,149	1,404	724	1,147	1,186	1,788	976
Equities	692	696	883	431	675	563	704	440
Global Markets	1,872	1,845	2,287	1,155	1,822	1,749	2,492	1,416
Advisory	186	138	148	171	80	130	212	197
Equity capital markets	64	121	68	38	62	69	50	40
Debt capital markets	344	420	401	301	233	273	341	243
Banking Fees and Underwriting	594	679	617	510	375	472	603	480
Corporate lending	(21)	87	42	(23)	103	100	33	(194)
Transaction banking	406	408	382	395	386	422	441	454
International Corporate Banking	385	495	424	372	489	522	474	260
Investment Banking	979	1,174	1,041	882	864	994	1,077	740
Total income	2,851	3,019	3,328	2,037	2,686	2,743	3,569	2,156

Barclays US Consumer Bank
	Q324	Q224	Q124	Q423	Q323	Q223	Q123	Q422
Income statement information	£m	£m	£m	£m	£m	£m	£m	£m
Net interest income	647	646	688	686	662	622	634	639
Net fee, commission, trading and other income	144	173	171	180	147	145	192	149
Total income	791	819	859	866	809	767	826	788
Operating costs	(384)	(408)	(387)	(418)	(404)	(401)	(427)	(425)
UK regulatory levies	-	-	-	-	-	-	-	-
Litigation and conduct	(9)	(2)	(3)	(2)	-	(4)	-	(3)
Total operating expenses	(393)	(410)	(390)	(420)	(404)	(405)	(427)	(428)
Other net income	-	-	-	-	-	-	-	-
Profit before impairment	398	409	469	446	405	362	399	360
Credit impairment charges	(276)	(309)	(410)	(449)	(404)	(264)	(321)	(224)
Profit/(loss) before tax	122	100	59	(3)	1	98	78	136
Attributable profit/(loss)	89	75	44	(3)	3	72	59	101

Balance sheet information	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Loans and advances to customers at amortised cost	23.2	24.3	23.6	24.2	24.3	22.9	22.5	23.6
Deposits at amortised cost	19.4	20.0	20.3	19.7	19.3	17.9	18.1	18.3
Risk weighted assets	23.2	24.4	23.9	24.8	24.1	22.5	22.5	23.9
Period end allocated tangible equity	3.2	3.3	3.3	3.4	3.3	3.1	3.1	3.3

Performance measures
Return on average allocated tangible equity	10.9%	9.2%	5.3%	(0.3)%	0.4%	9.3%	7.5%	12.6%
Average allocated tangible equity (£bn)	3.3	3.3	3.3	3.3	3.1	3.1	3.1	3.2
Cost: income ratio	50%	50%	46%	48%	50%	53%	52%	54%
Loan loss rate (bps)	411	438	610	636	582	411	515	337
Net interest margin	10.38%	10.43%	11.12%	10.88%	10.88%	10.66%	10.97%	10.64%

Head Office
	Q324	Q224	Q124	Q423	Q323	Q223	Q123	Q422
Income statement information	£m	£m	£m	£m	£m	£m	£m	£m
Net interest income	215	62	186	167	87	(52)	151	(255)
Net fee, commission and other income	(27)	(226)	8	28	26	95	8	379
Total income	188	(164)	194	195	113	43	159	124
Operating costs	(197)	(195)	(211)	(717)	(210)	(221)	(204)	(229)
UK regulatory levies	-	-	-	(14)	-	-	-	(20)
Litigation and conduct	(7)	1	(44)	1	(16)	(32)	(1)	(9)
Total operating expenses	(204)	(194)	(255)	(730)	(226)	(253)	(205)	(258)
Other net income/(expenses)	21	4	12	(10)	7	2	(5)	7
Profit/(loss) before impairment	5	(354)	(49)	(545)	(106)	(208)	(51)	(127)
Credit impairment (charges)/releases	(19)	(18)	(40)	(29)	20	(13)	(38)	(33)
Loss before tax	(14)	(372)	(89)	(574)	(86)	(221)	(89)	(160)
Attributable loss	(16)	(349)	(59)	(447)	(71)	(170)	(86)	(75)

Balance sheet information	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Risk weighted assets	16.1	18.3	20.2	19.0	16.8	16.4	15.6	14.7
Period end allocated tangible equity	4.9	2.7	3.0	3.6	2.0	(0.5)	1.1	0.7

Performance measures
Average allocated tangible equity (£bn)	3.5	2.1	2.8	2.7	0.7	0.5	1.2	(1.6)

Performance Management

Margins and balances
	Nine months ended 30.09.24			Nine months ended 30.09.23
	Net interest income	Average customer assets	Net interest margin	Net interest income	Average customer assets	Net interest margin
	£m	£m	%	£m	£m	%
Barclays UK	4,812	199,938	3.21	4,856	206,338	3.15
Barclays UK Corporate Bank	882	22,552	5.22	913	23,157	5.27
Barclays Private Bank and Wealth Management	551	13,862	5.31	586	14,071	5.57
Barclays US Consumer Bank	1,981	24,864	10.64	1,918	23,661	10.84
Group excluding IB and Head Office	8,226	261,216	4.21	8,273	267,227	4.14
Barclays Investment Bank	747			1,111
Head Office	463			185
Total Barclays Group net interest income	9,436			9,570

The Group excluding IB and Head Office net interest margin (NIM) increased by 7bps from 4.14% in Q323 to 4.21% in Q324, due to continued structural hedge momentum and higher cards balances in USCB, partially offset by mortgage margin pressure in Barclays UK and adverse product dynamics in deposits.

Quarterly analysis
	Q324	Q224	Q124	Q423	Q323
Net interest income	£m	£m	£m	£m	£m
Barclays UK	1,666	1,597	1,549	1,575	1,578
Barclays UK Corporate Bank	309	296	277	247	304
Barclays Private Bank and Wealth Management	189	187	175	182	219
Barclays US Consumer Bank	647	646	688	686	662
Group excluding IB and Head Office	2,811	2,726	2,689	2,690	2,763

Average customer assets	£m	£m	£m	£m	£m
Barclays UK	198,616	199,529	201,669	203,646	205,693
Barclays UK Corporate Bank	23,049	22,474	22,257	23,354	23,225
Barclays Private Bank and Wealth Management	14,061	13,931	13,593	13,525	13,594
Barclays US Consumer Bank	24,798	24,899	24,880	25,012	24,128
Group excluding IB and Head Office	260,524	260,833	262,399	265,537	266,640

Net interest margin	%	%	%	%	%
Barclays UK	3.34	3.22	3.09	3.07	3.04
Barclays UK Corporate Bank	5.33	5.30	5.00	4.19	5.19
Barclays Private Bank and Wealth Management	5.35	5.40	5.17	5.33	6.40
Barclays US Consumer Bank	10.38	10.43	11.12	10.88	10.88
Group excluding IB and Head Office	4.29	4.20	4.12	4.02	4.11

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 hedge reserve. Overall the Group has external derivatives designated as cash flow hedges that hedge interest rate risk with a notional £98bn (December 2023: £128bn) which reflects the structural hedge notional of £234bn (December 2023: £246bn) netted with non-structural hedging positions of £136bn (December 2023: £118bn). The majority of these interest rate swaps are cleared with Central Clearing Counterparties and margined daily with an average duration of between 2.5 years and 3 years.

Gross structural hedge contributions were £3,430m (Q323: £2,609m). 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 performance 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 by stages of loans and advances at amortised cost and the impairment allowance. Also included are stage allocation of debt securities and off-balance sheet loan commitments and financial guarantee contracts by gross exposure, impairment allowance and coverage ratio.

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 corporate 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	Total	Stage 1	Stage 2	Stage 3	Total
As at 30.09.24	£m	£m	£m	£m	£m	£m	£m	£m
Retail mortgages	145,587	18,026	1,692	165,305	31	60	105	196
Retail credit cards	9,080	1,993	186	11,259	107	429	95	631
Retail other	6,605	1,202	221	8,028	56	104	141	301
Corporate loans¹	52,404	7,156	1,789	61,349	155	168	379	702
Total UK	213,676	28,377	3,888	245,941	349	761	720	1,830
Retail mortgages	1,701	29	494	2,224	2	-	278	280
Retail credit cards	20,427	3,448	1,652	25,527	358	960	1,338	2,656
Retail other	1,624	148	130	1,902	2	1	26	29
Corporate loans	59,315	3,895	982	64,192	78	141	225	444
Total Rest of the World	83,067	7,520	3,258	93,845	440	1,102	1,867	3,409
Total loans and advances at amortised cost	296,743	35,897	7,146	339,786	789	1,863	2,587	5,239
Debt securities at amortised cost	61,342	3,316	-	64,658	10	11	-	21
Total loans and advances at amortised cost including debt securities	358,085	39,213	7,146	404,444	799	1,874	2,587	5,260
Off-balance sheet loan commitments and financial guarantee contracts²	378,879	17,441	1,046	397,366	171	231	28	430
Total^3,4	736,964	56,654	8,192	801,810	970	2,105	2,615	5,690

	Net exposure				Coverage ratio
	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
As at 30.09.24	£m	£m	£m	£m	%	%	%	%
Retail mortgages	145,556	17,966	1,587	165,109	-	0.3	6.2	0.1
Retail credit cards	8,973	1,564	91	10,628	1.2	21.5	51.1	5.6
Retail other	6,549	1,098	80	7,727	0.8	8.7	63.8	3.7
Corporate loans¹	52,249	6,988	1,410	60,647	0.3	2.3	21.2	1.1
Total UK	213,327	27,616	3,168	244,111	0.2	2.7	18.5	0.7
Retail mortgages	1,699	29	216	1,944	0.1	-	56.3	12.6
Retail credit cards	20,069	2,488	314	22,871	1.8	27.8	81.0	10.4
Retail other	1,622	147	104	1,873	0.1	0.7	20.0	1.5
Corporate loans	59,237	3,754	757	63,748	0.1	3.6