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BARCLAYS
BANK PLC
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(Registrant)
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By: /s/
Garth Wright
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Garth
Wright
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Assistant
Secretary
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Income Statement
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Barclays Bank Group results
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2018
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2017
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2016
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For the year ended 31 December
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£m
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£m
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£m
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Total income
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13,600
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13,730
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14,202
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Credit impairment charges and other provisions
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(643)
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(1,553)
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(1,477)
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Net operating income
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12,957
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12,177
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12,725
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Operating expenses
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(9,893)
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(10,230)
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(11,146)
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GMP chargeb
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(140)
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-
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-
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Litigation and conduct
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(1,706)
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(448)
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(321)
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Total operating expenses
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(11,739)
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(10,678)
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(11,467)
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Other net income
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68
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259
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636
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Profit before tax
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1,286
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1,758
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1,894
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Tax charge
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(404)
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(1,526)
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(302)
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Profit after tax in respect of continuing operations
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882
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232
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1,592
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(Loss)/profit after tax in respect of discontinued
operationsa
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(47)
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(1,386)
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2,137
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Non-controlling interests in respect of continuing
operations
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-
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(4)
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(3)
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Non-controlling interests in respect of discontinued
operationsa
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-
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(140)
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(402)
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Other equity instrument holders
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(647)
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(639)
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(457)
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Attributable profit/(loss)
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188
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(1,937)
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2,867
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a
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Barclays Bank PLC transferred its UK banking business on 1 April
2018 to Barclays Bank UK PLC. Results relating to the UK banking
business for the three months ended 31 March 2018 and for the years
ended 31 December 2017 and 2016 have been reported as a
discontinued operation. The comparative period also included
results relating to Barclays Africa Group Limited (BAGL) for the
five months ended 31 May 2017 and for the year end
2016.
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b
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A £140m charge for Guaranteed Minimum Pensions in relation to
the equalisation of obligations for members of the Barclays Bank
UKRF. There was no capital impact of this charge as at 31 December
2018, as the Barclays Bank UKRF remained in accounting
surplus.
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Balance Sheet Information
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2018
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2017
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As at 31 December
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£m
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£m
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Assets
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Cash and balances at central banks
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136,359
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171,036
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Loans and advances at amortised cost
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136,959
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324,590
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Trading portfolio assets
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104,038
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113,755
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Financial assets at fair value through the income
statement
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145,250
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116,282
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Derivative financial instrument
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222,683
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237,987
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Liabilities
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Deposits at amortised cost
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199,337
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399,189
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Financial liabilities designated at fair value
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217,741
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173,718
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Derivative financial instrument
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219,592
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238,345
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Other Metrics and
Capitala
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2018
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2017
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Common equity tier 1 (CET1) ratio
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13.5%
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13.6%
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Total risk weighted assets (RWAs)
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£173.2bn
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£261.4bn
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Capital Requirements Regulation (CRR) leverage ratio
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4.0%
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4.5%
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a
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Capital, RWAs and leverage are calculated applying the transitional
arrangement of the CRR. This includes IFRS 9 transitional
arrangements and the grandfathering of CRR non-compliant capital
instruments.
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● Building trust with our customers
and clients, such that they are happy to recommend us to
others
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● Successfully innovating and
developing products and services that meet their
needs
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● Offering suitable products and
services in an accessible way, ensuring excellent customer and
client experience.
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●
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Client rankings and market shares
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Digital engagement
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Conduct indicators
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a
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Markets ranking and share source: Coalition, FY18 Preliminary
Competitor Analysis based on the Coalition Index and Barclays'
internal business structure
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b
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Charterhouse Research based on 683 interviews (173 Barclays
£25m+) with companies turning over between £25m and
£1bn carried out in year end 2018. Survey data is weighted by
turnover and region to be representative of the total market in
Great Britain. % Responses - Excellent, Very Good and
Good.
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i)
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Business conditions, general economy and geopolitical
issues
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ii)
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Process of UK withdrawal from the European Union
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● Market volatility, including in currencies and
interest rates, might increase which could have an impact on the
value of Barclays Bank Group's trading book
positions.
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● Potential UK financial institutions credit spread
widening could lead to reduced investor appetite for Barclays Bank
Group's debt securities; this could negatively impact the cost of,
and/or access to, funding. There is potential for continued market
and interest rate volatility. This volatility could affect
underlying interest rate risk value of the assets in the banking
book, and securities held by Barclays Bank Group for liquidity
purposes.
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● A credit rating agency downgrade applied directly
to Barclays Bank Group, or indirectly as a result of a credit
rating agency downgrade to the UK Government, could significantly
increase Barclays Bank Group's borrowing costs, credit spreads and
materially adversely affect Barclays Bank Group's interest margins
and liquidity position.
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● Changes in the long-term outlook for UK interest
rates may adversely affect pension liabilities and the market value
of investments funding those liabilities.
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● Increased risk of a UK recession with lower
growth, higher unemployment and falling UK house prices. This would
likely negatively impact a number of Barclays Bank Group's
portfolios.
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● The implementation of trade and customs barriers
between the UK and EU could lead to delays and increased costs in
the passage of goods for corporate banking customers. This could
negatively impact the levels of customer defaults and business
volumes which may result in an increase in Barclays Bank Group's
impairment charges and a reduction in revenues.
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● Changes to current EU 'Passporting' rights may
require further adjustment to the current model for Barclays Bank
Group's cross-border banking operation which could increase
operational complexity and/or costs.
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● The ability to attract, or prevent the departure
of, qualified and skilled employees may be impacted by the UK's and
the EU's future approach to the EU freedom of movement and
immigration from the EU countries and this may impact Barclays'
access to the EU talent pool.
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● The legal framework within which Barclays Bank
Group operates could change and become more uncertain if the UK
takes steps to replace or repeal certain laws currently in force,
which are based on EU legislation and regulation (including EU
regulation of the banking sector) following its withdrawal from the
EU. Certainty around the ability to perform existing contracts,
enforceability of certain legal obligations and uncertainty around
the jurisdiction of the UK courts may be affected until the impacts
of the loss of the current legal and regulatory arrangements
between the UK and EU and the enforceability of UK judgements
across the EU are fully known.
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● Should the UK lose automatic qualification to be
part of Single Euro Payments Area there could be a resultant impact
on the efficiency of, and access to, European payment systems. In
addition, loss of automatic qualification to the European Economic
Area (EEA) or access to Financial Markets Infrastructure including
exchanges, central counterparties and payments services could
impact service provision for clients, likely resulting in reduced
market share and revenue and increased operating costs for Barclays
Bank Group.
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● There are certain execution risks relating to the
transfer of Barclays Bank Group's European businesses to Barclays
Bank Ireland. Technology change could result in outages or
operational errors leading to delays in the transfer of assets and
liabilities to Barclays Bank Ireland, and delayed delivery could
lead to European clients losing access to products and service and
increased reputational risk.
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iii)
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Interest rate rises adversely impacting credit
conditions
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iv)
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Regulatory change agenda and impact on business model
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more focused on businesses outside the UK, particularly in the US,
and thus more exposed to the US economy and more affected by
movements in the US Dollar (and other non-Sterling currencies)
relative to Sterling, with a relatively larger portion of its
business exposed to US regulation.
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more focused on wholesale businesses, such as corporate and
investment banking and capital markets, which expose Barclays Bank
Group to a broader range of market conditions, and to counterparty
and operational risks. As such, the financial performance of
Barclays Bank Group may be subject to greater fluctuations relative
to that of Barclays as a whole or that of Barclays Bank UK
Group.
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more dependent on wholesale funding sources, as the UK retail
deposit base has been transferred to the Barclays Bank UK Group.
The UK retail mortgage assets have also been transferred to
Barclays Bank UK Group, which reduces Barclays Bank Group's access
to funding sources reliant on residential mortgage collateral.
Barclays Bank Group may therefore experience more difficult
financing conditions and/or higher costs of funding including in
situations of stress. As a result of the implementation of
ring-fencing, different Barclays Group entities, such as Barclays
Bank Group, may be assessed differently by credit rating agencies,
which may result in different, and possibly more negative,
assessments of Barclays Bank Group's credit and thus in lower
credit ratings than the credit ratings of Barclays Group, which in
turn could adversely affect the sources and costs of funding for
Barclays Bank Group.
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potentially subject to different regulatory obligations, including
different liquidity requirements and capital buffers.
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Changes in prudential requirements (including the risk reduction
measures package recently adopted in the EU to amend the Capital
Requirements Directive (CRD IV) and the Bank Recovery and
Resolution Directive (BRRD)) may impact minimum requirements for
own funds and eligible liabilities (MREL) (including requirements
for internal MREL), leverage, liquidity or funding requirements,
applicable buffers and/or add-ons to such minimum requirements and
risk weighted assets calculation methodologies all as may be set by
international, EU or national authorities. Such or similar changes
to prudential requirements or additional supervisory and prudential
expectations, either individually or in aggregate, may result in,
among other things, a need for further management actions to meet
the changed requirements, such as: increasing capital, MREL or
liquidity resources, reducing leverage and risk weighted assets;
restricting distributions on capital instruments; modifying the
terms of outstanding capital instruments; modifying legal entity
structure (including with regard to issuance and deployment of
capital, MREL and funding); changing Barclays Bank Group's business
mix or exiting other businesses; and/or undertaking other actions
to strengthen Barclays Bank Group's position. (See Treasury and
capital risk on pages 99 to 116 and Supervision and regulation on
pages 123 to 132 for more information in Barclays Bank PLC Annual
Report).
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The derivatives market has been the subject of particular focus for
regulators in recent years across the G20 countries and beyond,
with regulations introduced which require the reporting and
clearing of standardised over the counter (OTC) derivatives and the
mandatory margining of non-cleared OTC derivatives. Other
regulations applicable to swap dealers, including those promulgated
by the US Commodity Futures Trading Commission, have imposed
significant costs on Barclays Bank Group's derivatives business.
The increased regulation of swaps and security-based swaps may also
result in other increases in costs for market participants, as well
as reduced liquidity in the markets for such instruments, which
could cause further increases in costs and volatility. These and
any future requirements, including the US SEC's regulations
relating to security-based swaps and the possibility of overlapping
and/or contradictory requirements imposed on derivative
transactions by regulators in different jurisdictions, are expected
to continue to impact such business in the same
manner.
More broadly, compliance with the evolving regulatory framework
entails significant costs for market participants and is having a
significant impact on certain markets in which Barclays Bank Group
operates. The recast Markets in Financial Instruments Directive in
Europe (MiFID II), which came into force in January 2018, has
fundamentally changed the European regulatory framework entailing
significant operational changes for market participants in a wide
range of financial instruments as well as changes in market
structures and practices. In addition, the EU Benchmarks
Regulation, which also came into force in January 2018, regulates
the use of benchmarks in the EU. In particular, after 1 January
2020 certain Barclays Bank Group entities will not be permitted to
use benchmarks unless the relevant administrator is authorised,
registered or qualifies under a third party regime. This may
necessitate adapting processes and systems to transition to new
alternative benchmarks, which would be a very time consuming and
costly process.
Separately, the transition to risk-free rates as part of a wider
benchmark reform is also expected to be impactful to Barclays Bank
Group in respect of the timing of the development of a robust risk
free rate market, an unfavourable market reaction and/or
inconsistencies in the adoption of products using the new risk free
rates, and also in respect of the costs and uncertainties involved
in managing and/or changing historical products to reference risk
free rates as a result of the proposed discontinuation of certain
existing benchmarks.
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Barclays Bank Group and certain of its members are subject to
supervisory stress testing exercises in a number of jurisdictions.
These exercises currently include the programmes of the BoE, the
EBA, the FDIC and the FRB. These exercises are designed to assess
the resilience of banks to adverse economic or financial
developments and enforce robust, forward looking capital and
liquidity management processes that account for the risks
associated with their business profile. Assessment by regulators is
on both a quantitative and qualitative basis, the latter focusing
on Barclays Bank Group's or certain of its members' business model,
data provision, stress testing capability and internal management
processes and controls. The stress testing requirements to which
Barclays Bank Group and its members are subject are becoming
increasingly stringent. Failure to meet requirements of regulatory
stress tests, or the failure by regulators to approve the stress
test results and capital plans of Barclays Bank Group, could result
in Barclays Bank Group being required to enhance its capital
position, limit capital distributions or position additional
capital in specific subsidiaries. For more information on stress
testing, please see Supervision and regulation on page 124 in the
Barclays Bank PLC Annual Report.
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The introduction and implementation of Payments Service Directive 2
(PSD2) with delivery across 2019 provides third parties and banks
with opportunities to change and enhance the relationship between a
customer and their bank. It does this by providing customers with
the ability to share their transactional data with authorised third
party service providers either for aggregation or payment services.
It is anticipated that payment services will be offered by third
parties to Barclay Bank Group's customers. PSD2 will also introduce
new requirements to the authentication process for a number of
actions customers take, including ecommerce transactions. A failure
to comply with PSD2 could expose Barclays Bank Group to regulatory
sanction. Further, the regime could mean that actions or omissions
by third party service providers could expose Barclays Bank Group
to potential financial loss from third party fraud, misuse of
customer data, litigation and reputational detriment, amongst other
things. The changes to authentication may change the fraud
environment across the industry as providers implement different
approaches to comply.
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i)
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Credit risk
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a)
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Impairment
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b)
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Specific sectors and concentrations
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UK retailers. Softening
demand, rising costs and a structural shift to online is fuelling
pressure on the UK High Street. Whilst we have not seen any
material impact, as the UK retailer market repositions itself the
trend represents a potential risk in our UK corporate
portfolio.
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Consumer affordability has
remained a key area of focus for regulators, particularly in
unsecured lending, driven by the growth in levels of borrowing.
Macroeconomic factors, such as rising unemployment, that impact a
customer's ability to service unsecured debt payments could lead to
increased arrears in unsecured products.
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UK real estate market. UK
property represents a significant portion of the overall Barclays
Bank Group corporate credit exposure. In 2018, property price
growth across the UK continued, however, this growth has slowed in
London and the South East where the Barclays Bank Group exposure
has high concentration. Barclays Bank Group is at risk of increased
impairment from a material fall in property prices due to the
depreciation in value of the underlying loan
security.
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Leverage finance underwriting. Barclays Bank Group takes on sub-investment grade
underwriting exposure, including single name risk, particularly in
the US and Europe. Barclays Bank Group is exposed to credit events
and market volatility during the underwriting period. Any adverse
events during this period may potentially result in loss for
Barclays Bank Group or an increased capital requirement should
there be a need to hold the exposure for an extended
period.
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Italian portfolio. Barclays Bank Group is exposed to a decline
in the Italian economic environment through a mortgage portfolio in
run-off and positions to wholesale customers. The
Italian economy tipped into an official recession at the end of
2018 and should the economy deteriorate further, there could be a
material adverse effect on Barclays Bank Group's results including,
but not limited to, increased credit losses and higher impairment
charges.
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c)
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Environmental risk
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ii)
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Market risk
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iii)
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Treasury and capital risk
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a)
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Inability to maintain prudential ratios and other regulatory
requirements
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b)
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Inability to manage liquidity and funding risk
effectively
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c)
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Credit rating changes and the impact on funding costs
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d)
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Adverse changes in FX rates impacting capital ratios
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e)
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Adverse movements in the pension fund
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f)
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Non-traded market risk/interest rate risk in the banking
book
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iv)
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Operational risk
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a)
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Cyber threat
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b)
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Fraud
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c)
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Operational resilience
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d)
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Supplier exposure
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e)
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Processing error
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f)
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New and emergent technology
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g)
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Ability to hire and retain appropriately qualified
employees
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h)
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Tax risk
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i)
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Critical accounting estimates and judgements
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j)
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Data management and information protection
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k)
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Unauthorised or Rogue Trading
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l)
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Algorithmic Trading
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v)
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Model risk
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vi)
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Conduct risk
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a)
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Product governance and life cycle
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b)
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Financial crime
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c)
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Data protection and privacy
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d)
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Regulatory focus on culture and accountability
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vii)
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Reputation risk
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Disclosure of climate risks and opportunities, including the
activities of certain sections of the client base, which has become
the subject of increased scrutiny from regulators, NGOs and other
stakeholders.
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The risks of association with human rights violations through the
perceived indirect involvement in human rights abuses committed by
clients and customers.
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The manufacture and export of military and riot control goods and
services by clients and customers.
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viii)
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Legal risk and legal, competition and regulatory
matters
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●
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The financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair view
of the assets, liabilities, financial position and profit or loss
of the Company and the undertakings included in the consolidation
taken as a whole; and
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●
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The management report on pages 4 to 15 which is incorporated in the
Directors' Report in the Barclays Bank PLC Annual Report includes a
fair review of the development and performance of the business and
the position of the Company and the undertakings included in the
consolidation taken as a whole, together with a description of the
principal risks and uncertainties that they face.
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Tim Throsby
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Steven Ewart
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Barclays Bank Group Chief Executive Officer
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Barclays Bank Group Chief Financial Officer
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Barclays Bank PLC Board of Directors:
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Chairman
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Executive Directors
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Non-executive Directors
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Sir Gerry Grimstone
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Steven Ewart
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Peter Bernard
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Tim Throsby
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Helen Keelan
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Maria Richter
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Jeremy Scott
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Alexander Thursby
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Helene Vletter-van Dort
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2018
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2017a
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2016a
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For the year ended 31 December
|
Notes
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£m
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£m
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£m
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|
Continuing operations
|
|
|
|
|
|
Interest income
|
5
|
7,459
|
6,917
|
6,891
|
|
Interest expense
|
5
|
(4,329)
|
(3,041)
|
(2,115)
|
|
Net interest income
|
|
3,130
|
3,876
|
4,776
|
|
Fee and commission income
|
6
|
7,392
|
7,424
|
7,215
|
|
Fee and commission expense
|
6
|
(1,785)
|
(1,726)
|
(1,626)
|
|
Net fee and commission income
|
|
5,607
|
5,698
|
5,589
|
|
Net trading income
|
7
|
4,364
|
3,396
|
2,716
|
|
Net investment income
|
8
|
394
|
699
|
1,077
|
|
Other income
|
|
105
|
61
|
44
|
|
Total income
|
|
13,600
|
13,730
|
14,202
|
|
Credit impairment charges and other provisions
|
9
|
(643)
|
(1,553)
|
(1,477)
|
|
Net operating income
|
|
12,957
|
12,177
|
12,725
|
|
Staff costs
|
33
|
(4,874)
|
(4,393)
|
(6,832)
|
|
Infrastructure costs
|
10
|
(935)
|
(1,696)
|
(2,339)
|
|
Administration and general expensesb
|
10
|
(4,224)
|
(4,141)
|
(1,975)
|
|
Litigation and conductb
|
|
(1,706)
|
(448)
|
(321)
|
|
Operating expenses
|
|
(11,739)
|
(10,678)
|
(11,467)
|
|
Share of post-tax results of associates and joint
ventures
|
|
68
|
75
|
71
|
|
Profit on disposal of subsidiaries, associates and joint
ventures
|
|
-
|
184
|
565
|
|
Profit before tax
|
|
1,286
|
1,758
|
1,894
|
|
Taxation
|
11
|
(404)
|
(1,526)
|
(302)
|
|
Profit after tax in respect of continuing operations
|
|
882
|
232
|
1,592
|
|
(Loss)/profit after tax in respect of discontinued
operations
|
3
|
(47)
|
(1,386)
|
2,137
|
|
Profit/(loss) after tax
|
|
835
|
(1,154)
|
3,729
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
Equity holders of the parent
|
|
188
|
(1,937)
|
2,867
|
|
Other equity instrument holders
|
|
647
|
639
|
457
|
|
Total equity holders of the parent
|
|
835
|
(1,298)
|
3,324
|
|
Non-controlling interests in respect of continuing
operations
|
32
|
-
|
4
|
3
|
|
Non-controlling interests in respect of discontinued
operations
|
32
|
-
|
140
|
402
|
|
Profit/(loss) after tax
|
|
835
|
(1,154)
|
3,729
|
|
a
|
Following the sale of the UK banking business on 1 April 2018 by
the Group, the continuing operations for 2016 and 2017 have been
restated to disclose the UK banking business as a discontinued
operation. Further detail on the discontinued operations can
be found in Note 3.
|
|
b
|
The presentation of administration and general expenses has been
amended to include litigation and conduct as a separate line item.
The prior year comparatives within administration and general
expenses categories have been adjusted accordingly.
|
|
|
2018
|
2017a
|
2016a
|
|
For the year ended 31 December
|
£m
|
£m
|
£m
|
|
Profit/(loss) after tax
|
835
|
(1,154)
|
3,729
|
|
Profit after tax in respect of continuing operations
|
882
|
232
|
1,592
|
|
(Loss)/profit after tax in respect of discontinuing
operations
|
(47)
|
(1,386)
|
2,137
|
|
Other comprehensive income/(loss) that may be recycled to profit or
loss from continuing operations:
|
|
|
|
|
Currency translation reserve
|
|
|
|
|
Currency translation differencesb
|
844
|
(1,310)
|
3,027
|
|
Available for sale
reservec
|
|
|
|
|
Net gains from changes in fair value
|
-
|
404
|
2,178
|
|
Net (gains) transferred to net profit on disposal
|
-
|
(294)
|
(912)
|
|
Net losses transferred to net profit due to impairment
|
-
|
3
|
20
|
|
Net losses/(gains) transferred to net profit due to fair value
hedging
|
-
|
283
|
(1,677)
|
|
Changes in insurance liabilities and other liabilities
|
-
|
60
|
53
|
|
Tax
|
-
|
(27)
|
(18)
|
|
Fair value through other comprehensive
income reservec
|
|
|
|
|
Net losses from changes in fair value
|
(475)
|
-
|
-
|
|
Net losses transferred to net profit on disposal
|
74
|
-
|
-
|
|
Net losses transferred to net profit due to impairment
|
4
|
-
|
-
|
|
Net losses transferred to net profit due to fair value
hedging
|
165
|
-
|
-
|
|
Other movements
|
(25)
|
-
|
-
|
|
Tax
|
53
|
-
|
-
|
|
Cash flow hedging reserve
|
|
|
|
|
Net (losses)/gains from changes in fair value
|
(197)
|
(428)
|
689
|
|
Net gains transferred to net profit
|
(213)
|
(602)
|
(431)
|
|
Tax
|
103
|
256
|
(59)
|
|
Other
|
27
|
(7)
|
47
|
|
Other comprehensive income/(loss) that may be recycled to profit or
loss from continuing operations
|
360
|
(1,662)
|
2,917
|
|
|
|
|
|
|
Other comprehensive income/(loss) not recycled to profit or loss
from continuing operations:
|
|
|
|
|
Retirement benefit remeasurements
|
412
|
115
|
(1,309)
|
|
Fair value through other comprehensive income
reservec
|
(141)
|
-
|
-
|
|
Own credit
|
77
|
(7)
|
-
|
|
Tax
|
(118)
|
(66)
|
329
|
|
Other comprehensive income/(loss) not recycled to profit or loss
from continuing operations
|
230
|
42
|
(980)
|
|
|
|
|
|
|
Other comprehensive income/(loss) for the year from continuing
operations
|
590
|
(1,620)
|
1,937
|
|
|
|
|
|
|
Other comprehensive (loss)/income for the year from discontinued
operation
|
(3)
|
1,301
|
1,520
|
|
|
|
|
|
|
Total comprehensive income/(loss) for the year
|
|
|
|
|
Total comprehensive income/(loss) for the year, net of tax from
continuing operations
|
1,472
|
(1,388)
|
3,529
|
|
Total comprehensive (loss)/income for the year, net of tax from
discontinued operation
|
(50)
|
(85)
|
3,657
|
|
Total comprehensive income/(loss) for the year
|
1,422
|
(1,473)
|
7,186
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Equity holders of the parent
|
1,422
|
(1,585)
|
5,947
|
|
Non-controlling interests
|
-
|
112
|
1,239
|
|
Total comprehensive income/(loss) for the year
|
1,422
|
(1,473)
|
7,186
|
|
a
|
Following the sale of the UK banking business on 1 April 2018 by
the Group, the continuing operations for 2016 and 2017 have been
restated to disclose the UK banking business as a discontinued
operation. Further detail on the discontinued operations can
be found in Note 3.
|
|
b
|
Includes £41m loss (2017: £189m loss) on recycling of
currency translation differences.
|
|
c
|
Following the adoption of IFRS 9, Financial Instruments on 1
January 2018, the fair value through other comprehensive income
reserve was introduced replacing the available for sale
reserve.
|
|
|
|
2018
|
2017a
|
|
As at 31 December
|
Notes
|
£m
|
£m
|
|
Assets
|
|
|
|
|
Cash and balances at central banks
|
|
136,359
|
171,036
|
|
Cash collateral and settlement balances
|
|
74,352
|
77,172
|
|
Loans and advances at amortised cost
|
20
|
136,959
|
324,590
|
|
Reverse repurchase agreements and other similar secured
lending
|
|
1,613
|
12,546
|
|
Trading portfolio assets
|
13
|
104,038
|
113,755
|
|
Financial assets at fair value through the income
statement
|
14
|
145,250
|
116,282
|
|
Derivative financial instruments
|
15
|
222,683
|
237,987
|
|
Financial investments
|
16
|
-
|
58,963
|
|
Financial assets at fair value through other comprehensive
income
|
16
|
44,994
|
-
|
|
Investments in associates and joint ventures
|
38
|
762
|
718
|
|
Goodwill and intangible assets
|
23
|
1,327
|
4,885
|
|
Property, plant and equipment
|
22
|
947
|
1,519
|
|
Current tax assets
|
11
|
1,713
|
376
|
|
Deferred tax assets
|
11
|
2,970
|
3,352
|
|
Retirement benefit assets
|
35
|
1,768
|
966
|
|
Other assets
|
|
1,965
|
4,003
|
|
Assets included in disposal groups classified as held for
sale
|
|
-
|
1,193
|
|
Total assets
|
|
877,700
|
1,129,343
|
|
Liabilities
|
|
|
|
|
Deposits at amortised cost
|
|
199,337
|
399,189
|
|
Cash collateral and settlement balances
|
|
67,736
|
68,143
|
|
Repurchase agreements and other similar secured
borrowing
|
|
7,378
|
40,338
|
|
Debt securities in issue
|
|
39,063
|
69,386
|
|
Subordinated liabilities
|
29
|
35,327
|
24,193
|
|
Trading portfolio liabilities
|
13
|
36,614
|
37,352
|
|
Financial liabilities designated at fair value
|
17
|
217,741
|
173,718
|
|
Derivative financial instruments
|
15
|
219,592
|
238,345
|
|
Current tax liabilities
|
11
|
621
|
494
|
|
Retirement benefit liabilities
|
35
|
283
|
287
|
|
Other liabilities
|
25
|
5,170
|
8,862
|
|
Provisions
|
26
|
1,127
|
3,302
|
|
Total liabilities
|
|
829,989
|
1,063,609
|
|
Equity
|
|
|
|
|
Called up share capital and share premium
|
30
|
2,348
|
14,453
|
|
Other equity instruments
|
30
|
7,595
|
8,982
|
|
Other reserves
|
31
|
3,361
|
3,808
|
|
Retained earnings
|
|
34,405
|
38,490
|
|
Total equity excluding non-controlling interests
|
|
47,709
|
65,733
|
|
Non-controlling interests
|
32
|
2
|
1
|
|
Total equity
|
|
47,711
|
65,734
|
|
Total liabilities and equity
|
|
877,700
|
1,129,343
|
|
a
|
Barclays introduced changes to the balance sheet presentation as at
31 December 2017 as a result of the adoption of new accounting
policies on 1 January 2018. Further detail on the adoption of new
accounting policies can be found in Note 1 and in Barclays Bank PLC
Annual Report Note 43 on pages 267 to 280 and the Credit risk
disclosures on pages 60 to 94.
|
|
|
Called up
share
capital
and share
premiuma
|
Other
equity
instrumentsa
|
Available
for sale
reserveb
|
Fair value through other comprehensive income reserve
|
Cash
flow
hedging
reserveb
|
Currency
translation
reserveb
|
Other
reserves
and other
share-holders'
equitya
|
Own credit reservea
|
Retained
earnings
|
Total equity excluding non-controlling interests
|
Non-
controlling
interests
|
Total
equity
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Balance as at 31 December 2017
|
14,453
|
8,982
|
396
|
-
|
184
|
3,084
|
323
|
(179)
|
38,490
|
65,733
|
1
|
65,734
|
|
Effects of changes in accounting policiesd
|
-
|
-
|
(396)
|
260
|
-
|
-
|
-
|
-
|
(2,014)
|
(2,150)
|
-
|
(2,150)
|
|
Balance as at 1 January 2018
|
14,453
|
8,982
|
-
|
260
|
184
|
3,084
|
323
|
(179)
|
36,476
|
63,583
|
1
|
63,584
|
|
Profit after tax
|
-
|
647
|
-
|
-
|
-
|
-
|
-
|
-
|
235
|
882
|
-
|
882
|
|
Currency translation movements
|
-
|
-
|
-
|
-
|
-
|
844
|
-
|
-
|
-
|
844
|
-
|
844
|
|
Fair value through other comprehensive income reserve
|
-
|
-
|
-
|
(345)
|
-
|
-
|
-
|
-
|
-
|
(345)
|
-
|
(345)
|
|
Cash flow hedges
|
-
|
-
|
-
|
-
|
(307)
|
-
|
-
|
-
|
-
|
(307)
|
-
|
(307)
|
|
Pension remeasurement
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
313
|
313
|
-
|
313
|
|
Own credit reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
58
|
-
|
58
|
-
|
58
|
|
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
27
|
27
|
-
|
27
|
|
Total comprehensive income net of tax from continuing
operations
|
-
|
647
|
-
|
(345)
|
(307)
|
844
|
-
|
58
|
575
|
1,472
|
-
|
1,472
|
|
Total comprehensive income net of tax from discontinued
operations
|
-
|
-
|
-
|
(3)
|
-
|
-
|
-
|
-
|
(47)
|
(50)
|
-
|
(50)
|
|
Total comprehensive income for the year
|
-
|
647
|
-
|
(348)
|
(307)
|
844
|
-
|
58
|
528
|
1,422
|
-
|
1,422
|
|
Issue and exchange of other equity instruments
|
-
|
683
|
-
|
-
|
-
|
-
|
-
|
-
|
(312)
|
371
|
-
|
371
|
|
Capital reorganisation
|
(12,092)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
12,092
|
-
|
-
|
-
|
|
Other equity instruments coupons paid
|
-
|
(647)
|
-
|
-
|
-
|
-
|
-
|
-
|
175
|
(472)
|
-
|
(472)
|
|
Redemption of preference shares
|
(13)
|
-
|
-
|
-
|
-
|
-
|
21
|
-
|
(2,048)
|
(2,040)
|
-
|
(2,040)
|
|
Equity to debt reclassificationc
|
-
|
-
|
-
|
-
|
-
|
-
|
(272)
|
-
|
-
|
(272)
|
-
|
(272)
|
|
Equity settled share schemes
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
373
|
373
|
-
|
373
|
|
Vesting of Barclays PLC shares under share-based payment
schemes
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(418)
|
(418)
|
-
|
(418)
|
|
Dividends on ordinary shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(14,585)
|
(14,585)
|
-
|
(14,585)
|
|
Dividends on preference shares and other shareholders
equity
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(204)
|
(204)
|
-
|
(204)
|
|
Capital contribution from Barclays Plc
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,000
|
3,000
|
-
|
3,000
|
|
Net equity impact of intra-group transfers
|
-
|
(2,070)
|
-
|
(210)
|
-
|
(1)
|
(96)
|
-
|
(638)
|
(3,015)
|
-
|
(3,015)
|
|
Other reserve movements
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(34)
|
(34)
|
1
|
(33)
|
|
Balance as at 31 December 2018
|
2,348
|
7,595
|
-
|
(298)
|
(123)
|
3,927
|
(24)
|
(121)
|
34,405
|
47,709
|
2
|
47,711
|
|
a
|
For further details refer to Note 30.
|
|
b
|
For further details refer to Note 31.
|
|
c
|
Following a review of certain equity instruments, certain
instruments have been deemed to have characteristics that would
qualify them as debt and have subsequently been
reclassified.
|
|
d
|
Following the adoption of IFRS 9 Financial Instruments on 1 January
2018, the fair value through other comprehensive income reserve was
introduced replacing the available for sale reserve.
£260m was reclassified to the fair value through other
comprehensive income reserve; £139m reclassified to retained
earnings and an impairment charge of £3m through to retained
earnings.
|
|
|
Called up
share
capital
and share
premiuma
|
Other
equity
instrumentsa
|
Available
for sale
reserveb
|
Fair value through other comprehensive income reserve
|
Cash
flow
hedging
reserveb
|
Currency
translation
reserveb
|
Other
reserves
and other
shareholders'
equitya
|
Own credit reservea
|
Retained
earnings
|
Total equity excluding non-controlling interests
|
Non-
controlling
interests
|
Total
equity
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Balance as at 31 December 2016
|
14,462
|
6,486
|
(22)
|
-
|
954
|
3,054
|
309
|
-
|
42,190
|
67,433
|
3,522
|
70,955
|
|
Effects of changes in accounting policiesc
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(175)
|
175
|
-
|
-
|
-
|
|
Balance as at 1 January 2017
|
14,462
|
6,486
|
(22)
|
-
|
954
|
3,054
|
309
|
(175)
|
42,365
|
67,433
|
3,522
|
70,955
|
|
Profit after tax
|
-
|
639
|
-
|
-
|
-
|
-
|
-
|
-
|
(411)
|
228
|
4
|
232
|
|
Currency translation movements
|
-
|
-
|
-
|
-
|
-
|
(1,309)
|
-
|
-
|
-
|
(1,309)
|
(1)
|
(1,310)
|
|
Available for sale investments
|
-
|
-
|
429
|
-
|
-
|
-
|
-
|
-
|
-
|
429
|
-
|
429
|
|
Cash flow hedges
|
-
|
-
|
-
|
-
|
(774)
|
-
|
-
|
-
|
-
|
(774)
|
-
|
(774)
|
|
Pension remeasurement
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
53
|
53
|
-
|
53
|
|
Own credit reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(11)
|
-
|
(11)
|
-
|
(11)
|
|
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(7)
|
(7)
|
-
|
(7)
|
|
Total comprehensive income net of tax from continuing
operations
|
-
|
639
|
429
|
-
|
(774)
|
(1,309)
|
-
|
(11)
|
(365)
|
(1,391)
|
3
|
(1,388)
|
|
Total comprehensive income net of tax from discontinued
operations
|
-
|
-
|
(11)
|
-
|
4
|
1,339
|
-
|
-
|
(1,526)
|
(194)
|
109
|
(85)
|
|
Total comprehensive income for the year
|
-
|
639
|
418
|
-
|
(770)
|
30
|
-
|
(11)
|
(1,891)
|
(1,585)
|
112
|
(1,473)
|
|
Issue and exchange of other equity instruments
|
-
|
2,496
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,496
|
-
|
2,496
|
|
Other equity instruments coupons paid
|
-
|
(639)
|
-
|
-
|
-
|
-
|
-
|
-
|
174
|
(465)
|
-
|
(465)
|
|
Redemption of preference shares
|
(9)
|
-
|
-
|
-
|
-
|
-
|
14
|
-
|
(1,343)
|
(1,338)
|
-
|
(1,338)
|
|
Equity settled share schemes
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
550
|
550
|
-
|
550
|
|
Vesting of Barclays PLC shares under share-based payment
schemes
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(78)
|
(78)
|
-
|
(78)
|
|
Dividends on ordinary shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(674)
|
(674)
|
(173)
|
(847)
|
|
Dividends on preference shares and other shareholders
equity
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(242)
|
(242)
|
-
|
(242)
|
|
Net equity impact of partial BAGL disposal
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(359)
|
(359)
|
(3,462)
|
(3,821)
|
|
Other reserve movements
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
7
|
(12)
|
(5)
|
2
|
(3)
|
|
Balance as at 31 December 2017
|
14,453
|
8,982
|
396
|
-
|
184
|
3,084
|
323
|
(179)
|
38,490
|
65,733
|
1
|
65,734
|
|
a
|
For further details refer to Note 30.
|
|
b
|
For further details refer to Note 31.
|
|
c
|
As a result of the early adoption of the own credit provisions of
IFRS 9 on 1 January 2017, own credit which was previously recorded
in the income statement is now recognised within other
comprehensive income. The cumulative unrealised own credit net loss
of £175m has therefore been reclassified from retained
earnings to a separate own credit reserve, within other reserves.
During 2017 a £3m loss (net of tax) on own credit has been
booked in the reserve.
|
|
|
|
2018
|
2017a
|
2016a
|
|
For the year ended 31 December
|
Notes
|
£m
|
£m
|
£m
|
|
Continuing operations
|
|
|
|
|
|
Reconciliation of profit before tax to net cash flows from
operating activities:
|
|
|
|
|
|
Profit before tax
|
|
1,286
|
1,758
|
1,894
|
|
Adjustment for non-cash items:
|
|
|
|
|
|
Allowance for impairment
|
|
643
|
1,553
|
1,461
|
|
Depreciation, amortisation and impairment of property, plant,
equipment and intangibles
|
|
397
|
663
|
1,073
|
|
Other provisions, including pensions
|
|
2,274
|
770
|
463
|
|
Net profit on disposal of investments and property, plant and
equipment
|
|
-
|
(314)
|
(708)
|
|
Other non-cash movements including exchange rate
movements
|
|
(3,877)
|
1,565
|
(24,732)
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
Net (increase)/decrease in cash collateral and settlement
balances
|
|
(5,606)
|
(3,912)
|
503
|
|
Net decrease/(increase) in loans and advances
|
|
(3,890)
|
26,062
|
(19,204)
|
|
Net (increase)/decrease in reverse repurchase agreements and other
similar lending
|
|
(434)
|
(1,827)
|
14,733
|
|
Net increase in deposits and debt securities in issue
|
|
16,330
|
938
|
54,629
|
|
Net increase/(decrease) in repurchase agreements and other similar
borrowing
|
|
2
|
16,978
|
(4,852)
|
|
Net (increase)/decrease in derivative financial
instruments
|
|
(6,419)
|
6,770
|
(2,370)
|
|
Net decrease/(increase) in trading assets
|
|
10,102
|
(33,179)
|
(5,531)
|
|
Net increase in trading liabilities
|
|
1,688
|
2,665
|
880
|
|
Net (increase)/decrease in financial assets and liabilities at fair
value through income statement
|
|
(6,284)
|
39,507
|
854
|
|
Net decrease/(increase) in other assets
|
|
949
|
(721)
|
(9,805)
|
|
Net (decrease)/increase in other liabilities
|
|
(6,099)
|
(2,014)
|
925
|
|
Corporate income tax paid
|
11
|
(409)
|
59
|
(254)
|
|
Net cash from operating activities
|
|
653
|
57,321
|
9,959
|
|
Net cash disposed of due to the disposal of the UK banking
business
|
|
-
|
-
|
-
|
|
Purchase of available for sale investments
|
|
-
|
(83,233)
|
(65,086)
|
|
Purchase of financial assets at fair value through other
comprehensive income
|
|
(106,330)
|
-
|
-
|
|
Proceeds from sale or redemption of available for sale
investments
|
|
-
|
88,298
|
102,384
|
|
Proceeds from sale or redemption of financial assets at fair value
through other comprehensive income
|
|
108,038
|
-
|
-
|
|
Purchase of property, plant and equipment and
intangibles
|
|
(422)
|
(714)
|
(1,718)
|
|
Proceeds from sale of property, plant and equipment and
intangibles
|
|
35
|
2,150
|
7
|
|
Disposal of discontinued operation, net of cash
disposed
|
|
(39,703)
|
(1,060)
|
-
|
|
Disposal of subsidiaries, net of cash disposed
|
|
-
|
358
|
595
|
|
Other cash flows associated with investing activities
|
|
1,191
|
693
|
32
|
|
Net cash from investing activities
|
|
(37,191)
|
6,492
|
36,214
|
|
Dividends paid
|
|
(1,142)
|
(1,427)
|
(1,186)
|
|
Issuance of subordinated debt
|
29
|
221
|
3,041
|
857
|
|
Redemption of subordinated debt
|
29
|
(3,246)
|
(1,378)
|
(1,143)
|
|
Net issue of shares and other equity instruments
|
|
1,925
|
2,495
|
1,125
|
|
Redemption of shares and other equity instruments
|
|
(3,588)
|
(1,339)
|
(1,378)
|
|
Capital contribution from Barclays PLC
|
|
2,000
|
-
|
114
|
|
Vesting of shares under employee share schemes
|
|
(418)
|
-
|
-
|
|
Net cash from financing activities
|
|
(4,248)
|
1,392
|
(1,611)
|
|
Effect of exchange rates on cash and cash equivalents
|
|
4,159
|
(4,773)
|
10,468
|
|
Net (decrease)/increase in cash and cash equivalents from
continuing operations
|
|
(36,627)
|
60,432
|
55,030
|
|
Net cash from discontinued operation
|
3
|
(468)
|
88
|
2,346
|
|
Net (decrease)/ increase in cash and cash equivalents
|
|
(37,095)
|
60,520
|
57,376
|
|
Cash and cash equivalents at beginning of year
|
|
204,452
|
143,932
|
86,556
|
|
Cash and cash equivalents at end of year
|
|
167,357
|
204,452
|
143,932
|
|
Cash and cash equivalents comprise:
|
|
|
|
|
|
Cash and balances at central banks
|
|
136,359
|
171,036
|
102,328
|
|
Loans and advances to banks with original maturity less than three
months
|
|
7,404
|
8,050
|
9,073
|
|
Cash collateral and settlement balances with banks with original
maturity less than three months
|
|
22,677
|
24,656
|
29,026
|
|
Available for sale treasury and other eligible bills with original
maturity less than three months
|
|
917
|
682
|
356
|
|
Trading portfolio assets with original maturity less than three
months
|
|
-
|
28
|
-
|
|
Cash and cash equivalents held for sale
|
|
-
|
-
|
3,149
|
|
|
|
167,357
|
204,452
|
143,932
|
|
a
|
Following the sale of the UK banking business on 1 April 2018 by
the Group, the continuing operations for 2016 and 2017 have been
restated to disclose the UK banking business as a discontinued
operation. Further detail on the discontinued operations can
be found in Note 3.
|
|
|
|
2018
|
2017b
|
|
As at 31 December
|
Notes
|
£m
|
£m
|
|
Assets
|
|
|
|
|
Cash and balances at central banks
|
|
126,002
|
165,713
|
|
Cash collateral and settlement balances
|
|
66,196
|
70,960
|
|
Loans and advances at amortised cost
|
20
|
156,764
|
355,255
|
|
Reverse repurchase agreements and other similar secured
lending
|
|
5,766
|
22,964
|
|
Trading portfolio assets
|
13
|
73,480
|
79,836
|
|
Financial assets at fair value through the income
statement
|
14
|
179,365
|
117,182
|
|
Derivative financial instruments
|
15
|
221,247
|
232,288
|
|
Financial investments
|
16
|
-
|
54,583
|
|
Financial assets at fair value through other comprehensive
income
|
16
|
43,706
|
-
|
|
Investments in associates and joint ventures
|
38
|
140
|
165
|
|
Investment in subsidiaries
|
|
14,958
|
14,614
|
|
Goodwill and intangible assets
|
23
|
123
|
3,498
|
|
Property, plant and equipment
|
22
|
103
|
565
|
|
Current tax assets
|
11
|
1,439
|
115
|
|
Deferred tax assets
|
11
|
1,249
|
1,863
|
|
Retirement benefit assets
|
35
|
1,748
|
959
|
|
Other assets
|
|
1,110
|
4,440
|
|
Total assets
|
|
893,396
|
1,125,000
|
|
Liabilities
|
|
|
|
|
Deposits at amortised cost
|
|
231,017
|
425,902
|
|
Cash collateral and settlement balances
|
|
56,358
|
60,541
|
|
Repurchase agreements and other similar secured
borrowing
|
|
11,113
|
49,883
|
|
Debt securities in issue
|
|
26,391
|
55,874
|
|
Subordinated liabilities
|
29
|
35,085
|
24,203
|
|
Trading portfolio liabilities
|
13
|
46,626
|
41,542
|
|
Financial liabilities designated at fair value
|
17
|
216,966
|
169,044
|
|
Derivative financial instruments
|
15
|
221,590
|
229,227
|
|
Current tax liabilities
|
11
|
376
|
242
|
|
Retirement benefit liabilities
|
35
|
124
|
149
|
|
Other liabilities
|
25
|
3,295
|
7,331
|
|
Provisions
|
26
|
818
|
3,028
|
|
Total liabilities
|
|
849,759
|
1,066,966
|
|
Equity
|
|
|
|
|
Called up share capital and share premium
|
30
|
2,348
|
14,453
|
|
Other equity instruments
|
30
|
10,361
|
8,982
|
|
Other reserves
|
31
|
383
|
1,093
|
|
Retained earnings
|
|
30,545
|
33,506
|
|
Total equity
|
|
43,637
|
58,034
|
|
Total liabilities and equity
|
|
893,396
|
1,125,000
|
|
a
|
As permitted by section 408 of the Companies Act 2006 an income
statement for the parent company has not been presented. Included
in shareholders' equity for Barclays Bank PLC is a profit after tax
for the year ended 31 December 2018 of £693m (2017:
£608m).
|
|
b
|
Barclays introduced changes to the balance sheet presentation as at
31 December 2017 as a result of the adoption of new accounting
policies on 1 January 2018. Further detail on the adoption of
new accounting policies can be found in Note 1 and in Barclays Bank
PLC Annual Report Note 43 on pages 267 to 280 and the Credit risk
disclosures on pages 60 to 94.
|
|
|
Called up
share
capital
and share
premiuma
|
Other
equity
instruments
|
Available
for sale
reserveb
|
Fair value through other comprehensive
income reserveb
|
Cash
flow
hedging
reserveb
|
Currency
translation
reserveb
|
Other
reserves
and other
shareholders'
equityb
|
Own credit reserveb
|
Retained
earnings
|
Total equity
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Balance as at 31 December 2017
|
14,453
|
8,982
|
(19)
|
-
|
185
|
719
|
386
|
(178)
|
33,506
|
58,034
|
|
Effects of changes in accounting policiese
|
-
|
-
|
19
|
(136)
|
-
|
-
|
-
|
-
|
(1,335)
|
(1,452)
|
|
Balance as at 1 January 2018
|
14,453
|
8,982
|
-
|
(136)
|
185
|
719
|
386
|
(178)
|
32,171
|
56,582
|
|
Profit after tax
|
-
|
647
|
-
|
-
|
-
|
-
|
-
|
-
|
82
|
729
|
|
Currency translation movements
|
-
|
-
|
-
|
-
|
-
|
138
|
-
|
-
|
-
|
138
|
|
Fair value through other comprehensive income reserve
|
-
|
-
|
-
|
(179)
|
-
|
-
|
-
|
-
|
-
|
(179)
|
|
Cash flow hedges
|
-
|
-
|
-
|
-
|
(308)
|
-
|
-
|
-
|
-
|
(308)
|
|
Pension remeasurement
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
290
|
290
|
|
Own credit reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
57
|
-
|
57
|
|
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
18
|
18
|
|
Total comprehensive income net of tax from continuing
operations
|
-
|
647
|
-
|
(179)
|
(308)
|
138
|
-
|
57
|
390
|
745
|
|
Total comprehensive income net of tax from discontinued
operations
|
-
|
-
|
-
|
(3)
|
-
|
-
|
-
|
-
|
(36)
|
(39)
|
|
Total comprehensive income for the year
|
-
|
647
|
-
|
(182)
|
(308)
|
138
|
-
|
57
|
354
|
706
|
|
Issue and exchange of other equity instruments
|
-
|
3,449
|
-
|
-
|
-
|
-
|
-
|
-
|
(312)
|
3,137
|
|
Capital reorganisation
|
(12,092)
|
-
|
|
-
|
-
|
-
|
-
|
-
|
12,092
|
-
|
|
Other equity instruments coupons paidd
|
-
|
(647)
|
-
|
-
|
-
|
-
|
-
|
-
|
175
|
(472)
|
|
Redemption of preference shares
|
(13)
|
-
|
-
|
-
|
-
|
-
|
21
|
-
|
(2,048)
|
(2,040)
|
|
Equity to debt reclassificationc
|
-
|
-
|
|
-
|
-
|
-
|
(335)
|
-
|
-
|
(335)
|
|
Equity settled share schemes
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
373
|
373
|
|
Vesting of Barclays PLC shares under share-based payment
schemes
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(418)
|
(418)
|
|
Dividends paid on ordinary shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(14,585)
|
(14,585)
|
|
Dividends paid on preference shares and other shareholders'
equity
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(204)
|
(204)
|
|
Capital contribution from Barclays Plc
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,000
|
3,000
|
|
Net equity impact of intra-group transfers
|
-
|
(2,070)
|
-
|
16
|
-
|
-
|
-
|
-
|
(46)
|
(2,100)
|
|
Other reserve movements
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(7)
|
(7)
|
|
Balance as at 31 December 2018
|
2,348
|
10,361
|
-
|
(302)
|
(123)
|
857
|
72
|
(121)
|
30,545
|
43,637
|
|
a
|
For
further details refer to Note 30.
|
|
b
|
For
further details refer to Note 31.
|
|
c
|
Following
a review of certain equity instruments, certain instruments have
been deemed to have characteristics that would qualify them as debt
and have subsequently been reclassified.
|
|
d
|
Other equity instruments include AT1 securities issued by Barclays
Bank PLC and borrowings of $3.5bn from a wholly-owned, indirect
subsidiary of BBPLC. The borrowings have been recorded as equity
since, under their terms, interest payments are non-cumulative and
discretionary whilst repayment of principal is perpetually
deferrable by BBPLC. Should BBPLC make a discretionary dividend
payment on its ordinary shares in the 6 months preceding the date
of an interest payment, it will be obliged to make that interest
payment.
|
|
e
|
Following
the adoption of IFRS 9 Financial Instruments on 1 January 2018, the
fair value through other comprehensive income reserve was
introduced replacing the available for sale reserve. £136m was
reclassified to the fair value through other comprehensive income
reserve; £139m reclassified to retained earnings and an
impairment charge of £3m through to retained
earnings.
|
|
|
Called up
share
capital
and share
premiuma
|
Other
equity
instruments
|
Available
for sale
reserveb
|
Cash
flow
hedging
reserveb
|
Currency
translation
reserveb
|
Other
reserves
and other
shareholders'
equityb
|
Own credit reserveb
|
Retained
earnings
|
Total equity
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Balance as at 31 December 2016
|
14,462
|
6,486
|
(131)
|
962
|
896
|
373
|
-
|
34,950
|
57,998
|
|
Effects of changes in accounting policiesc
|
-
|
-
|
-
|
-
|
-
|
-
|
(175)
|
175
|
-
|
|
Balance as at 1 January 2017
|
14,462
|
6,486
|
(131)
|
962
|
896
|
373
|
(175)
|
35,125
|
57,998
|
|
Profit after tax
|
-
|
639
|
-
|
-
|
-
|
-
|
-
|
(817)
|
(178)
|
|
Currency translation movements
|
-
|
-
|
-
|
-
|
(177)
|
-
|
-
|
-
|
(177)
|
|
Available for sale investments
|
-
|
-
|
112
|
-
|
-
|
-
|
-
|
-
|
112
|
|
Cash flow hedges
|
-
|
-
|
-
|
(777)
|
-
|
-
|
-
|
-
|
(777)
|
|
Pension remeasurement
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
44
|
44
|
|
Own credit reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
(10)
|
-
|
(10)
|
|
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(3)
|
(3)
|
|
Total comprehensive income net of tax from continuing
operations
|
-
|
639
|
112
|
(777)
|
(177)
|
-
|
(10)
|
(776)
|
(989)
|
|
Total comprehensive income net of tax from discontinued
operations
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
786
|
786
|
|
Total comprehensive income for the year
|
-
|
639
|
112
|
(777)
|
(177)
|
-
|
(10)
|
10
|
(203)
|
|
Issue and exchange of other equity instruments
|
-
|
2,496
|
-
|
-
|
-
|
-
|
-
|
-
|
2,496
|
|
Other equity instruments coupons paid
|
-
|
(639)
|
-
|
-
|
-
|
-
|
-
|
174
|
(465)
|
|
Redemption of preference shares
|
(9)
|
-
|
-
|
-
|
-
|
13
|
-
|
(1,343)
|
(1,339)
|
|
Equity settled share schemes
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
556
|
556
|
|
Vesting of Barclays PLC shares under share-based payment
schemes
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(78)
|
(78)
|
|
Dividends paid on ordinary shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(242)
|
(242)
|
|
Dividends paid on preference shares and other shareholders'
equity
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(675)
|
(675)
|
|
Other reserve movements
|
-
|
-
|
-
|
-
|
-
|
-
|
7
|
(21)
|
(14)
|
|
Balance as at 31 December 2017
|
14,453
|
8,982
|
(19)
|
185
|
719
|
386
|
(178)
|
33,506
|
58,034
|
|
a
|
For
further details refer to Note 30.
|
|
b
|
For
further details refer to Note 31.
|
|
c
|
As a
result of the early adoption of the own credit provisions of IFRS 9
on 1 January 2017, own credit which was previously recorded in the
income statement is now recognised within other comprehensive
income. The cumulative unrealised own credit net loss of £175m
has therefore been reclassified from retained earnings to a
separate own credit reserve, within other reserves. During 2017 a
£3m loss (net of tax) on own credit has been booked in the
reserve.
|
|
|
|
2018
|
2017a
|
2016a
|
|
For the year ended 31 December
|
Notes
|
£m
|
£m
|
£m
|
|
Continuing operations
|
|
|
|
|
|
Reconciliation of profit before tax to net cash flows from
operating activities:
|
|
|
|
|
|
Profit before tax
|
|
697
|
192
|
2
|
|
Adjustment for non-cash items:
|
|
|
|
|
|
Allowance for impairment
|
|
(123)
|
258
|
476
|
|
Depreciation, amortisation and impairment of property, plant,
equipment and intangibles
|
|
41
|
289
|
430
|
|
Other provisions, including pensions
|
|
1,312
|
766
|
574
|
|
Net profit on disposal of investments and property, plant and
equipment
|
|
-
|
(255)
|
204
|
|
Other non-cash movements including exchange rate
movements
|
|
(6,339)
|
934
|
(24,160)
|
|
Changes in operating assets and liabilities
|
|
-
|
-
|
-
|
|
Net (increase)/decrease in cash collateral and settlement
balances
|
|
(4,049)
|
7,407
|
1,558
|
|
Net decrease/(increase) in loans and advances
|
|
8,246
|
31,575
|
(6,353)
|
|
Net (increase)/decrease in reverse repurchase agreements and other
similar lending
|
|
2,870
|
(11)
|
5,862
|
|
Net increase in deposits and debt securities in issue
|
|
18,100
|
666
|
28,262
|
|
Net (decrease)/increase in repurchase agreements and other similar
borrowing
|
|
(6,034)
|
16,946
|
3,062
|
|
Net decrease/(increase) in derivative financial
instruments
|
|
9,242
|
6,452
|
(3,484)
|
|
Net decrease/(increase) in trading assets
|
|
6,751
|
(43,284)
|
(3,612)
|
|
Net increase in trading liabilities
|
|
7,509
|
9,838
|
8,432
|
|
Net (increase)/decrease in financial assets and liabilities at fair
value through income statement
|
|
(30,019)
|
30,892
|
2,301
|
|
Net decrease/(increase) in other assets
|
|
2,444
|
2,703
|
(398)
|
|
Net decrease in other liabilities
|
|
(4,235)
|
(4,125)
|
(5,781)
|
|
Corporate income tax paid
|
11
|
(150)
|
462
|
247
|
|
Net cash from operating activities
|
|
6,263
|
61,705
|
7,622
|
|
Net cash disposed of due to the disposal of the UK banking
business
|
|
-
|
-
|
-
|
|
Purchase of available for sale investments
|
|
-
|
(78,524)
|
(64,086)
|
|
Purchase of financial assets at fair value through other
comprehensive income
|
|
(101,046)
|
-
|
-
|
|
Proceeds from sale or redemption of available for sale
investments
|
|
-
|
84,927
|
100,438
|
|
Proceeds from sale or redemption of financial assets at fair value
through other comprehensive income
|
|
101,683
|
-
|
-
|
|
Purchase of property, plant and equipment and
intangibles
|
|
(235)
|
(406)
|
(714)
|
|
Proceeds from sale of property, plant and equipment and
intangibles
|
|
63
|
2,074
|
(139)
|
|
Disposal of discontinued operation, net of cash
disposed
|
|
(39,679)
|
-
|
-
|
|
Disposal of subsidiaries and/or branches, net of cash
disposed
|
|
(2,189)
|
1,880
|
595
|
|
Net (increase)/decrease in investment in subsidiaries
|
|
(859)
|
(183)
|
3,344
|
|
Other cash flows associated with investing activities
|
|
-
|
569
|
(13)
|
|
Net cash from investing activities
|
|
(42,262)
|
10,337
|
39,425
|
|
Dividends paid
|
|
(1,142)
|
(1,428)
|
(982)
|
|
Issuance of subordinated debt
|
29
|
-
|
3,041
|
857
|
|
Redemption of subordinated debt
|
29
|
(3,246)
|
(1,371)
|
(1,105)
|
|
Net issue of shares and other equity instruments
|
|
4,691
|
2,495
|
1,255
|
|
Redemption of shares and other equity instruments
|
|
(3,588)
|
(1,339)
|
(1,378)
|
|
Capital contribution from Barclays PLC
|
|
2,000
|
-
|
114
|
|
Vesting of shares under employee share schemes
|
|
(418)
|
-
|
-
|
|
Net cash from financing activities
|
|
(1,703)
|
1,398
|
(1,239)
|
|
Effect of exchange rates on cash and cash equivalents
|
|
3,580
|
(2,501)
|
7,400
|
|
Net (decrease)/increase in cash and cash equivalents from
continuing operations
|
|
(34,122)
|
70,939
|
53,208
|
|
Net cash from discontinued operation
|
3
|
(528)
|
604
|
2,004
|
|
Net (decrease)/increase in cash and cash equivalents
|
|
(34,650)
|
71,543
|
55,212
|
|
Cash and cash equivalents at beginning of year
|
|
193,693
|
122,150
|
66,938
|
|
Cash and cash equivalents at end of year
|
|
159,043
|
193,693
|
122,150
|
|
Cash and cash equivalents comprise:
|
|
|
|
|
|
Cash and balances at central banks
|
|
126,002
|
165,713
|
97,466
|
|
Loans and advances to banks with original maturity less than three
months
|
|
10,648
|
8,996
|
8,014
|
|
Cash collateral and settlement balances with banks with original
maturity less than three months
|
|
21,476
|
18,313
|
16,314
|
|
Available for sale treasury and other eligible bills with original
maturity less than three months
|
|
917
|
643
|
356
|
|
Trading portfolio assets with original maturity less than three
months
|
|
-
|
28
|
-
|
|
Cash and cash equivalents held for sale
|
|
-
|
-
|
-
|
|
|
|
159,043
|
193,693
|
122,150
|
|
a
|
Following the sale of the UK banking business on 1 April 2018 by
the Group, the continuing operations for 2016 and 2017 have been
restated to disclose the UK banking business as a discontinued
operation. Further detail on the discontinued operations can
be found in Note 3.
|
|
1.
|
Significant accounting policies
|
|
1.
|
Reporting entity
|
|
2.
|
Compliance with International Financial Reporting
Standards
|
|
3.
|
Basis of preparation
|
|
4.
|
Accounting policies
|
|
(i)
|
Consolidation
|
|
1)
|
power over the relevant activities of the investee, for example
through voting or other rights
|
|
2)
|
exposure to, or rights to, variable returns from its involvement
with the investee and
|
|
3)
|
the ability to affect those returns through its power over the
investee.
|
|
(ii)
|
Foreign currency translation
|
|
(iii)
|
Financial assets and liabilities
|
|
i)
|
the business model within which financial assets are managed;
and
|
|
ii)
|
their contractual cash flow characteristics (whether the cash flows
represent 'solely payments of principal and interest'
(SPPI)).
|
|
(iv)
|
Issued debt and equity instruments
|
|
5.
|
New and amended standards and interpretations
|
|
●
|
Classification and measurement - requiring asset classification and
measurement based upon both business model and product
characteristics
|
|
●
|
Impairment - introducing an expected credit loss model using
forward looking information which replaces an incurred loss model.
The expected credit loss model introduces a three-stage approach to
impairment as follows:
|
|
Stage 1
|
the recognition of 12 month expected credit losses (ECL), that is
the portion of lifetime expected credit losses from default events
that are expected within 12 months of the reporting date, if credit
risk has not increased significantly since initial
recognition;
|
|
Stage 2
|
lifetime expected credit losses for financial instruments for which
credit risk has increased significantly since initial recognition;
and
|
|
Stage 3
|
lifetime expected credit losses for financial instruments which are
credit impaired.
|
|
●
|
a lease liability, measured at the present value of remaining cash
flows on the lease, and;
|
|
●
|
a right of use (ROU) asset, measured at the amount of the initial
measurement of the lease liability, plus any lease payments made
prior to commencement date, initial direct costs, and estimated
costs of restoring the underlying asset to the condition required
by the lease, less any lease incentives received.
|
|
●
|
To calculate the right of use asset equal to the lease liability,
adjusted for prepaid or accrued payments;
|
|
●
|
To rely on the previous assessment of whether leases are onerous in
accordance with IAS 37 immediately before the date of initial
application as an alternative to performing an impairment review.
The Barclays Bank Group will adjust the carrying amount of the ROU
asset at the date of initial application by the previous carrying
amount of its onerous lease provision;
|
|
●
|
Apply the recognition exception for leases with a term not
exceeding 12 months; and
|
|
●
|
Use hindsight in determining the lease term if the contract
contains options to extend or terminate the lease.
|
|
6.
|
Critical accounting estimates and judgements
|
|
●
|
Credit impairment charges on pages 173 to 178
|
|
●
|
Tax on pages 178 to 184
|
|
●
|
Fair value of financial instruments on pages 199 to
215
|
|
●
|
Pensions and post-retirement benefits - obligations on pages 249 to
254
|
|
●
|
Provisions including conduct and legal, competition and regulatory
matters on pages 227 to 236.
|
|
7.
|
Other disclosures
|
|
●
|
Credit risk on pages 45 to 47 and on pages 60 to 94
|
|
●
|
Market risk on pages 48 to 49 and on pages 95 to 97
|
|
●
|
Treasury and capital risk - liquidity on pages 50 to 51 and on
pages 99 to107
|
|
●
|
Treasury and capital risk - capital on pages 51 to 52 and pages 108
to 115.
|
|
2.
|
Disposal of business and transfer of ownership of
subsidiary
|
|
Barclays Bank Group
|
Disposal of Barclays Bank UK
PLCa
|
Other disposalsb
|
Total
|
|
Assets
|
£m
|
£m
|
£m
|
|
Cash and balances at central banks
|
37,380
|
-
|
37,380
|
|
Cash collateral and settlement balances
|
2,317
|
-
|
2,317
|
|
Loans and advances at amortised cost
|
184,634
|
-
|
184,634
|
|
Reverse repurchase agreements and other similar secured
lending
|
415
|
-
|
415
|
|
Financial assets at fair value through the income
statement
|
5,616
|
536
|
6,152
|
|
Derivative financial instruments
|
108
|
-
|
108
|
|
Financial assets at fair value through other comprehensive
income
|
5,544
|
1,261
|
6,805
|
|
Goodwill and intangible assets
|
3,537
|
-
|
3,537
|
|
Property, plant and equipment
|
510
|
-
|
510
|
|
Current tax assets
|
-
|
15
|
15
|
|
Deferred tax assets
|
747
|
-
|
747
|
|
Other assets
|
1,402
|
6
|
1,408
|
|
Total assets
|
242,210
|
1,818
|
244,028
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Deposits at amortised cost
|
192,087
|
643
|
192,730
|
|
Repurchase agreements and other similar secured
borrowing
|
11,567
|
-
|
11,567
|
|
Debt securities in issue
|
12,303
|
-
|
12,303
|
|
Subordinated liabilities
|
3,001
|
-
|
3,001
|
|
Trading portfolio liabilities
|
1,765
|
-
|
1,765
|
|
Financial liabilities designated at fair value
|
-
|
18
|
18
|
|
Derivative financial instruments
|
6
|
-
|
6
|
|
Current tax liabilities
|
677
|
3
|
680
|
|
Other liabilities
|
1,642
|
5
|
1,647
|
|
Provisions
|
2,305
|
1
|
2,306
|
|
Total liabilities
|
225,353
|
670
|
226,023
|
|
a
|
The
movement in net assets relating to the disposal of Barclays Bank UK
PLC of £16,865m is stated after the elimination of internal
balances between Barclays Bank PLC and Barclays Bank UK PLC on 1
April 2018 of £615m.
|
|
b
|
The
movement in net assets relating to the disposal of BAGHL is
presented in Other disposals. The movement is stated after the
elimination of internal balances of £88m.
|
|
●
|
Loans
and advances at amortised cost of £184,634m related to the UK
banking business. The portfolio transferred included home loans of
£133,641m, credit cards and unsecured loans of £22,621m,
and corporate loans of £27,396m
|
|
●
|
The
disposed assets measured at fair value through the income statement
consisted of loans and advances of £4,233m, and reverse
repurchase agreements and other similar secured lending of
£1,383m
|
|
●
|
Derivative
assets and liabilities disposed consisted of those designated in
hedge accounting relationships. The notional amount at the date of
transfer was £3,313m, the fair value of the derivative assets
was £108m and the fair value of the derivative liabilities was
£6m
|
|
●
|
Goodwill
relating to the UK banking business with a net book value of
£3,526m and licences and other intangible assets with a net
book value amounting to £11m (gross cost of £90m and
accumulated amortisation and impairment of £79m)
|
|
●
|
Property,
plant and equipment with a net book value of £510m (gross cost
of £971m and accumulated depreciation of
£461m)
|
|
●
|
Deferred
tax asset balances of £747m and current tax liabilities of
£677m relating to the UK banking business
|
|
●
|
Other
assets of £1,402m included prepayments of £106m, items in
the course of collection of £588m, sundry receivables of
£535m and accrued income of £146m
|
|
●
|
Deposits
at amortised cost of £192,087m consisted of current, savings
and time deposits of UK banking business customers and deposits
with banks
|
|
●
|
Debt
securities in issue transferred consisted of covered bonds of
£8,302m and other debt securities of £4,001m
|
|
●
|
Other
liabilities of £1,642m included accruals and deferred income
of £278m, and sundry creditors of £1,160m
|
|
Barclays Bank PLC
|
Disposal of Barclays Bank UK
PLCa
|
Other disposalsb
|
Total
|
|
Assets
|
£m
|
|
£m
|
|
Cash and balances at central banks
|
37,299
|
2,503
|
39,802
|
|
Cash collateral and settlement balances
|
2,338
|
-
|
2,338
|
|
Loans and advances at amortised cost
|
184,732
|
3,287
|
188,019
|
|
Reverse repurchase agreements and other similar secured
lending
|
423
|
-
|
423
|
|
Financial assets at fair value through the income
statement
|
5,616
|
-
|
5,616
|
|
Derivative financial instruments
|
24
|
-
|
24
|
|
Financial assets at fair value through other comprehensive
income
|
5,539
|
-
|
5,539
|
|
Investment in subsidiaries
|
246
|
269
|
515
|
|
Goodwill and intangible assets
|
3,390
|
36
|
3,426
|
|
Property, plant and equipment
|
510
|
10
|
520
|
|
Deferred tax assets
|
747
|
62
|
809
|
|
Other assets
|
1,166
|
48
|
1,214
|
|
Total assets
|
242,030
|
6,215
|
248,245
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Deposits at amortised cost
|
193,247
|
5,418
|
198,665
|
|
Repurchase agreements and other similar secured
borrowing
|
11,567
|
-
|
11,567
|
|
Debt securities in issue
|
11,552
|
-
|
11,552
|
|
Subordinated liabilities
|
3,001
|
-
|
3,001
|
|
Trading portfolio liabilities
|
1,765
|
-
|
1,765
|
|
Derivative financial instruments
|
6
|
-
|
6
|
|
Current tax liabilities
|
676
|
-
|
676
|
|
Retirement benefit liabilities
|
-
|
25
|
25
|
|
Other liabilities
|
1,341
|
184
|
1,525
|
|
Provisions
|
2,230
|
8
|
2,238
|
|
Total liabilities
|
225,385
|
5,635
|
231,020
|
|
a
|
The
movement in net assets relating to the disposal of Barclays Bank UK
PLC of £16,645m is stated after the elimination of internal
balances between Barclays Bank PLC and Barclays Bank UK PLC on 1
April 2018 of £519m.
|
|
b
|
The
movement relating to the disposal of BAGHL and the BBPLC German
branch is presented in Other disposals.
|
|
3.
|
Discontinued operations and assets included in disposal groups
classified as held for sale and associated liabilities
|
|
Barclays Bank Group
|
|
|
|
Assets included in disposal groups classified as held for
sale
|
|
|
|
|
2018
|
2017
|
|
|
£m
|
£m
|
|
Financial assets at fair value through the income
statement
|
-
|
3
|
|
Loans and advances at amortised cost
|
-
|
1,164
|
|
Property, plant and equipment
|
-
|
26
|
|
Total assets included in disposal groups classified as held for
sale
|
-
|
1,193
|
|
UK banking business disposal group income statement
|
|
|
|
|
|
2018
|
2017
|
2016
|
|
For the year ended 31 December
|
£m
|
£m
|
£m
|
|
Net interest income
|
1,449
|
5,872
|
6,681
|
|
Net fee and commission income
|
296
|
1,176
|
1,247
|
|
Net trading income
|
(5)
|
(9)
|
79
|
|
Net investment income
|
6
|
160
|
247
|
|
Other income
|
2
|
8
|
13
|
|
Total income
|
1,748
|
7,207
|
8,267
|
|
Credit impairment charges and other provisions
|
(201)
|
(783)
|
(896)
|
|
Net operating income
|
1,547
|
6,424
|
7,371
|
|
Staff costs
|
(321)
|
(2,052)
|
(2,379)
|
|
Administration and general expenses
|
(1,135)
|
(2,959)
|
(2,502)
|
|
Operating expenses
|
(1,456)
|
(5,011)
|
(4,881)
|
|
Share of post-tax results of associates and joint
ventures
|
-
|
(5)
|
(1)
|
|
Profit before tax
|
91
|
1,408
|
2,489
|
|
Taxation
|
(138)
|
(599)
|
(943)
|
|
(Loss)/profit after tax
|
(47)
|
809
|
1,546
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Equity holders of the parent
|
(47)
|
809
|
1,546
|
|
Non-controlling interests
|
-
|
-
|
-
|
|
(Loss)/profit after tax
|
(47)
|
809
|
1,546
|
|
Other comprehensive loss relating to UK banking business
discontinued operations is as follows:
|
|
|
|
|
|
|
|
|
|
|
2018
|
2017
|
2016
|
|
For the year ended 31 December
|
£m
|
£m
|
£m
|
|
Available for sale assets
|
-
|
-
|
-
|
|
Fair value through other comprehensive income reserve
|
(3)
|
-
|
-
|
|
Currency translation reserves
|
-
|
-
|
-
|
|
Cash flow hedge reserves
|
-
|
-
|
-
|
|
Other comprehensive loss, net of tax from discontinued
operations
|
(3)
|
-
|
-
|
|
The cash flows attributed to the UK banking business discontinued
operation are as follows:
|
|
|
|
|
|
|
|
|
|
|
2018
|
2017
|
2016
|
|
For the year ended 31 December
|
£m
|
£m
|
£m
|
|
Net cash flows from operating activities
|
(522)
|
(355)
|
1,319
|
|
Net cash flows from investing activities
|
54
|
470
|
22
|
|
Net cash flows from financing activities
|
-
|
(128)
|
600
|
|
Net (decrease)/increase in cash and cash equivalents
|
(468)
|
(13)
|
1,941
|
|
Reconciliation of consolidated income statement to prior
periods
|
|
|
||||
|
|
Published annual report
|
UK banking business discontinued
operationsa
|
Restated continuing operations
|
Published annual report
|
UK banking business discontinued
operationsa
|
Restated continuing operations
|
|
|
2017
|
2017
|
2017
|
2016
|
2016
|
2016
|
|
For the year ended 31 December
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Interest income
|
13,631
|
6,714
|
6,917
|
14,423
|
7,532
|
6,891
|
|
Interest expense
|
(3,883)
|
(842)
|
(3,041)
|
(2,966)
|
(851)
|
(2,115)
|
|
Net interest income
|
9,748
|
5,872
|
3,876
|
11,457
|
6,681
|
4,776
|
|
Fee and commission income
|
8,775
|
1,351
|
7,424
|
8,625
|
1,410
|
7,215
|
|
Fee and commission expense
|
(1,901)
|
(175)
|
(1,726)
|
(1,789)
|
(163)
|
(1,626)
|
|
Net fee and commission income
|
6,874
|
1,176
|
5,698
|
6,836
|
1,247
|
5,589
|
|
Net trading income
|
3,387
|
(9)
|
3,396
|
2,795
|
79
|
2,716
|
|
Net investment income
|
859
|
160
|
699
|
1,324
|
247
|
1,077
|
|
Other income
|
69
|
8
|
61
|
57
|
13
|
44
|
|
Total income
|
20,937
|
7,207
|
13,730
|
22,469
|
8,267
|
14,202
|
|
Credit impairment charges and other provisions
|
(2,336)
|
(783)
|
(1,553)
|
(2,373)
|
(896)
|
(1,477)
|
|
Net operating income
|
18,601
|
6,424
|
12,177
|
20,096
|
7,371
|
12,725
|
|
Staff costs
|
(6,445)
|
(2,052)
|
(4,393)
|
(9,211)
|
(2,379)
|
(6,832)
|
|
Infrastructure costs
|
(2,068)
|
(372)
|
(1,696)
|
(2,937)
|
(598)
|
(2,339)
|
|
Administration and general expensesb
|
(5,969)
|
(1,828)
|
(4,141)
|
(2,837)
|
(862)
|
(1,975)
|
|
Litigation and conductb
|
(1,207)
|
(759)
|
(448)
|
(1,363)
|
(1,042)
|
(321)
|
|
Operating expenses
|
(15,689)
|
(5,011)
|
(10,678)
|
(16,348)
|
(4,881)
|
(11,467)
|
|
Share of post-tax results of associates and joint
ventures
|
70
|
(5)
|
75
|
70
|
(1)
|
71
|
|
Profit on disposal of subsidiaries, associates and joint
ventures
|
184
|
-
|
184
|
565
|
-
|
565
|
|
Profit before tax
|
3,166
|
1,408
|
1,758
|
4,383
|
2,489
|
1,894
|
|
Tax charge
|
(2,125)
|
(599)
|
(1,526)
|
(1,245)
|
(943)
|
(302)
|
|
Profit after tax
|
1,041
|
809
|
232
|
3,138
|
1,546
|
1,592
|
|
a
|
Adjustment for restatement of UK banking business as discontinued
operation.
|
|
b
|
The presentation of administration and general expenses has been
amended to include litigation and conduct as a separate line item.
The prior year comparatives within administration and general
expenses categories have been adjusted accordingly.
|
|
Barclays Africa disposal group income statement
|
|
|
|
|
|
2018
|
2017
|
2016
|
|
For the year ended 31 December
|
£m
|
£m
|
£m
|
|
Net interest income
|
-
|
1,024
|
2,169
|
|
Net fee and commission income
|
-
|
522
|
1,072
|
|
Net trading income
|
-
|
149
|
281
|
|
Net investment income
|
-
|
30
|
45
|
|
Net premiums from insurance contracts
|
-
|
161
|
362
|
|
Other income
|
-
|
(16)
|
8
|
|
Total income
|
-
|
1,870
|
3,937
|
|
Net claims and benefits incurred on insurance
contracts
|
-
|
(84)
|
(191)
|
|
Total income net of insurance claims
|
-
|
1,786
|
3,746
|
|
Credit impairment charges and other provisions
|
-
|
(177)
|
(445)
|
|
Net operating income
|
-
|
1,609
|
3,301
|
|
Staff costs
|
-
|
(586)
|
(1,186)
|
|
Administration and general expensesa
|
-
|
(1,634)
|
(1,224)
|
|
Operating expenses
|
-
|
(2,220)
|
(2,410)
|
|
Share of post-tax results of associates and joint
ventures
|
-
|
5
|
6
|
|
(Loss)/profit before tax
|
-
|
(606)
|
897
|
|
Taxation
|
-
|
(154)
|
(306)
|
|
(Loss)/profit after
taxb
|
-
|
(760)
|
591
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Equity holders of the parent
|
-
|
(900)
|
189
|
|
Non-controlling interests
|
-
|
140
|
402
|
|
(Loss)/profit after
taxb
|
-
|
(760)
|
591
|
|
a
|
Includes impairment of £nil (2017: £1,090m; 2016:
£nil).
|
|
b
|
Total loss in respect of the discontinued operation was
£2,195m which included the £60m loss on sale and
£1,375m loss on recycling of other comprehensive loss on
reserves.
|
|
Other comprehensive income relating to Barclays Africa discontinued
operations is as follows:
|
|
|
|
|
|
|
|
|
|
|
2018
|
2017
|
2016
|
|
For the year ended 31 December
|
£m
|
£m
|
£m
|
|
Available for sale assets
|
-
|
(3)
|
(9)
|
|
Currency translation reserves
|
-
|
(38)
|
1,451
|
|
Cash flow hedge reserves
|
-
|
19
|
89
|
|
Other comprehensive (loss)/income, net of tax from discontinued
operations
|
-
|
(22)
|
1,531
|
|
The cash flows attributed to the Barclays Africa discontinued
operation are as follows:
|
|
|
|
|
|
|
|
|
|
|
2018
|
2017
|
2016
|
|
For the year ended 31 December
|
£m
|
£m
|
£m
|
|
Net cash flows from operating activities
|
-
|
540
|
1,164
|
|
Net cash flows from investing activities
|
-
|
(245)
|
(691)
|
|
Net cash flows from financing activities
|
-
|
(165)
|
(105)
|
|
Effect of exchange rates on cash and cash equivalents
|
-
|
(29)
|
37
|
|
Net increase in cash and cash equivalents
|
-
|
101
|
405
|
|
4.
|
Segmental reporting
|
|
●
|
Corporate and Investment Bank which includes the international Corporate
business and the Investment Bank.
|
|
●
|
Consumer, Cards and Payments which includes Barclays US Consumer Bank,
Barclaycard Germany, Barclays Partner Finance, Barclaycard
Commercial Payments, Barclaycard Payment Solutions and the
international Wealth business.
|
|
Analysis of results by business
|
|
|
||
|
|
Corporate and
Investment Bank
|
Consumer, Cards
and Payments
|
Head
Office
|
Barclays Bank
Group
|
|
|
£m
|
£m
|
£m
|
£m
|
|
For the year ended 31 December 2018
|
|
|
|
|
|
Total incomea
|
9,741
|
4,267
|
(408)
|
13,600
|
|
Credit impairment releases/(charges) and other
provisions
|
152
|
(808)
|
13
|
(643)
|
|
Net operating income/(expenses)
|
9,893
|
3,459
|
(395)
|
12,957
|
|
Operating expenses
|
(7,459)
|
(2,304)
|
(130)
|
(9,893)
|
|
GMP charge
|
-
|
-
|
(140)
|
(140)
|
|
Litigation and conduct
|
(68)
|
(59)
|
(1,579)
|
(1,706)
|
|
Total operating expenses
|
(7,527)
|
(2,363)
|
(1,849)
|
(11,739)
|
|
Other net income/(expenses)b
|
28
|
41
|
(1)
|
68
|
|
Profit/(loss) before tax from continuing operations
|
2,394
|
1,137
|
(2,245)
|
1,286
|
|
Total assets
|
£792.5bn
|
£71.6bn
|
£13.6bn
|
£877.7bn
|
|
Number of employees (full time equivalent)
|
9,100
|
3,300
|
10,000
|
22,400
|
|
|
Corporate and Investment Bank
|
Consumer, Cards
and Payments
|
Head
Office
|
Barclays
Non-Corec
|
Barclays Bank Group
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
For the year ended 31 December 2017
|
|
|
|
|
|
|
Total income
|
9,901
|
4,504
|
(148)
|
(527)
|
13,730
|
|
Credit impairment charges and other provisions
|
(213)
|
(1,293)
|
(17)
|
(30)
|
(1,553)
|
|
Net operating income/(expenses)
|
9,688
|
3,211
|
(165)
|
(557)
|
12,177
|
|
Operating expenses
|
(7,610)
|
(2,167)
|
(202)
|
(251)
|
(10,230)
|
|
Litigation and conduct
|
(267)
|
(2)
|
(151)
|
(28)
|
(448)
|
|
Total operating expenses
|
(7,877)
|
(2,169)
|
(353)
|
(279)
|
(10,678)
|
|
Other net income/(expenses)b
|
133
|
121
|
(192)
|
197
|
259
|
|
Profit/(Loss) before tax from continuing operations
|
1,944
|
1,163
|
(710)
|
(639)
|
1,758
|
|
Total assetsd
|
£788.7bn
|
£67.4bn
|
£35.8bn
|
-
|
£1,129.3bn
|
|
Number of employees (full time equivalent)
|
8,800
|
2,700
|
10,300
|
-
|
21,800
|
|
a
|
£351m of certain capital instrument funding costs are now
charged to Head Office, the impact of which would have been
materially the same if the charges had been included in full year
2017.
|
|
b
|
Other net income/(expenses) represents the share of post-tax
results of associates and joint ventures, profit (or loss) on
disposal of subsidiaries, associates and joint ventures, and gains
on acquisitions.
|
|
c
|
Barclays Non-Core segment was closed on 1 July 2017, with financial
performance subsequently reported in CIB, Head Office and Barclays
Bank UK PLC.
|
|
d
|
Total assets for UK banking business are included within Barclays
Bank Group for 2017.
|
|
|
Corporate and
Investment Bank
|
Consumer, Cards
and Payments
|
Head
Office
|
Barclays
Non-Core
|
Barclays Bank Group
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
For the year ended 31 December 2016
|
|
|
|
|
|
|
Total income
|
10,552
|
4,462
|
354
|
(1,166)
|
14,202
|
|
Credit impairment charges and other provisions
|
(260)
|
(1,095)
|
-
|
(122)
|
(1,477)
|
|
Net operating income/(expenses)
|
10,292
|
3,367
|
354
|
(1,288)
|
12,725
|
|
Operating expenses
|
(7,588)
|
(1,828)
|
(124)
|
(1,606)
|
(11,146)
|
|
Litigation and conduct
|
(45)
|
(3)
|
(27)
|
(246)
|
(321)
|
|
Total operating expenses
|
(7,633)
|
(1,831)
|
(151)
|
(1,852)
|
(11,467)
|
|
Other net incomea
|
1
|
31
|
273
|
331
|
636
|
|
Profit before tax from continuing operations
|
2,660
|
1,567
|
476
|
(2,809)
|
1,894
|
|
Total assetsb,c
|
£589.3bn
|
£58.5bn
|
£76.8bn
|
£279.7bn
|
£1,214.0bn
|
|
Number of employees (full time equivalent)
|
28,800
|
8,100
|
100
|
5,500
|
42,500
|
|
a
|
Other net income represents the share of post-tax results of
associates and joint ventures, profit (or loss) on disposal of
subsidiaries, associates and joint ventures, and gains on
acquisitions.
|
|
b
|
Africa Banking assets held for sale are reported in Head Office
2016.
|
|
c
|
Total assets for UK banking business are included within Barclays
Bank Group for 2016.
|
|
Income by geographic region
|
|
|
|
|
|
2018
|
2017
|
2016
|
|
For the year ended 31 December
|
£m
|
£m
|
£m
|
|
Continuing operations
|
|
|
|
|
United Kingdom
|
4,532
|
3,844
|
3,856
|
|
Europe
|
1,434
|
1,663
|
2,078
|
|
Americas
|
6,936
|
7,443
|
7,278
|
|
Africa and Middle East
|
142
|
251
|
419
|
|
Asia
|
556
|
529
|
571
|
|
Total
|
13,600
|
13,730
|
14,202
|
|
|
|
|
|
|
Income from individual countries which
represent more than 5% of total incomea
|
|
|
|
|
|
2018
|
2017
|
2016
|
|
For the year ended 31 December
|
£m
|
£m
|
£m
|
|
Continuing operations
|
|
|
|
|
United Kingdom
|
4,532
|
3,844
|
3,856
|
|
United States
|
6,676
|
6,871
|
6,876
|
|
a
|
Total income is based on counterparty location. Income from each
single external customer does not amount to 10% or greater of the
Barclays Bank Group total income.
|
|
5.
|
Net fee and commission income
|
|
|
2018
|
|||
|
|
Corporate and Investment Bank
|
Consumer, Cards and Payments
|
Head Office
|
Total
|
|
|
£m
|
£m
|
£m
|
£m
|
|
Fee type
|
|
|
|
|
|
Transactional
|
366
|
2,248
|
-
|
2,614
|
|
Advisory
|
772
|
78
|
-
|
850
|
|
Brokerage and execution
|
1,002
|
71
|
-
|
1,073
|
|
Underwriting and syndication
|
2,462
|
-
|
-
|
2,462
|
|
Other
|
24
|
222
|
29
|
275
|
|
Total revenue from contracts with customers
|
4,626
|
2,619
|
29
|
7,274
|
|
Other non-contract fee income
|
114
|
4
|
-
|
118
|
|
Fee and commission income
|
4,740
|
2,623
|
29
|
7,392
|
|
Fee and commission expense
|
(657)
|
(1,128)
|
-
|
(1,785)
|
|
Net fee and commission income
|
4,083
|
1,495
|
29
|
5,607
|
|
|
2017a
|
2016a
|
|
|
£m
|
£m
|
|
Fee and commission income
|
|
|
|
Banking, investment management and credit related fees and
commissions
|
7,352
|
7,161
|
|
Foreign exchange commission
|
72
|
54
|
|
Fee and commission income
|
7,424
|
7,215
|
|
Fee and commission expense
|
(1,726)
|
(1,626)
|
|
Net fee and commission income
|
5,698
|
5,589
|
|
a
|
The Barclays group elected the cumulative effect transition method
on adoption of IFRS 15 from 1 January 2018, and recognised in
retained earnings without restating comparative periods. The
comparative figures are reported under IAS 18.
|
|
6.
|
Dividends on ordinary shares
|
|
7.
|
Fair value of financial instruments
|
|
Assets and liabilities held at fair value
|
|
|
||||||
|
|
2018
|
2017
|
||||||
|
|
Valuation technique using
|
Valuation technique using
|
||||||
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Barclays Bank Group
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Trading portfolio assets
|
51,029
|
49,396
|
3,613
|
104,038
|
63,925
|
47,853
|
1,977
|
113,755
|
|
Financial assets at fair value through the income
statement
|
8,918
|
131,682
|
4,650
|
145,250
|
4,347
|
104,188
|
7,747
|
116,282
|
|
Derivative financial assets
|
6,813
|
210,655
|
5,215
|
222,683
|
3,786
|
228,867
|
5,334
|
237,987
|
|
Available for sale investments
|
-
|
-
|
-
|
-
|
22,841
|
30,618
|
395
|
53,854
|
|
Financial assets at fair value through other comprehensive
income
|
15,751
|
28,888
|
355
|
44,994
|
-
|
-
|
-
|
-
|
|
Investment property
|
-
|
-
|
9
|
9
|
-
|
-
|
116
|
116
|
|
Assets included in disposal groups classified as held for
salea
|
-
|
-
|
-
|
-
|
-
|
-
|
29
|
29
|
|
Total assets
|
82,511
|
420,621
|
13,842
|
516,974
|
94,899
|
411,526
|
15,598
|
522,023
|
|
|
|
|
|
|
|
|
|
|
|
Trading portfolio liabilities
|
(19,401)
|
(17,210)
|
(3)
|
(36,614)
|
(20,905)
|
(16,443)
|
(4)
|
(37,352)
|
|
Financial liabilities designated at fair value
|
(76)
|
(217,404)
|
(261)
|
(217,741)
|
-
|
(173,238)
|
(480)
|
(173,718)
|
|
Derivative financial liabilities
|
(6,152)
|
(208,697)
|
(4,743)
|
(219,592)
|
(3,631)
|
(229,517)
|
(5,197)
|
(238,345)
|
|
Total liabilities
|
(25,629)
|
(443,311)
|
(5,007)
|
(473,947)
|
(24,536)
|
(419,198)
|
(5,681)
|
(449,415)
|
|
a
|
Disposal groups held for sale and measured at fair value less cost
to sell are in included in the fair value table.
|
|
Assets and liabilities held at fair value
|
|
|
||||||
|
|
2018
|
2017
|
||||||
|
|
Valuation technique using
|
Valuation technique using
|
||||||
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Barclays Bank PLC
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Trading portfolio assets
|
33,925
|
36,093
|
3,462
|
73,480
|
41,795
|
36,113
|
1,928
|
79,836
|
|
Financial assets at fair value through the income
statement
|
3,971
|
171,381
|
4,013
|
179,365
|
3
|
110,381
|
6,798
|
117,182
|
|
Derivative financial assets
|
-
|
216,033
|
5,214
|
221,247
|
-
|
226,956
|
5,332
|
232,288
|
|
Available for sale investments
|
-
|
-
|
-
|
-
|
16,302
|
32,895
|
277
|
49,474
|
|
Financial assets at fair value through other comprehensive
income
|
14,571
|
28,780
|
355
|
43,706
|
-
|
-
|
-
|
-
|
|
Total assets
|
52,467
|
452,287
|
13,044
|
517,798
|
58,100
|
406,345
|
14,335
|
478,780
|
|
|
|
|
|
|
|
|
|
|
|
Trading portfolio liabilities
|
(30,425)
|
(16,201)
|
-
|
(46,626)
|
(26,068)
|
(15,474)
|
-
|
(41,542)
|
|
Financial liabilities designated at fair value
|
-
|
(216,715)
|
(251)
|
(216,966)
|
-
|
(168,834)
|
(210)
|
(169,044)
|
|
Derivative financial liabilities
|
-
|
(216,792)
|
(4,798)
|
(221,590)
|
-
|
(223,878)
|
(5,349)
|
(229,227)
|
|
Total liabilities
|
(30,425)
|
(449,708)
|
(5,049)
|
(485,182)
|
(26,068)
|
(408,186)
|
(5,559)
|
(439,813)
|
|
Assets and liabilities held at fair value by product
type
|
||||||
|
|
Assets
|
Liabilities
|
||||
|
|
Valuation technique using
|
Valuation technique using
|
||||
|
|
Level 1
|
Level 2
|
Level 3
|
Level 1
|
Level 2
|
Level 3
|
|
Barclays Bank Group
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
As at 31 December 2018
|
|
|
|
|
|
|
|
Interest rate derivatives
|
-
|
122,975
|
2,478
|
-
|
(118,231)
|
(2,456)
|
|
Foreign exchange derivatives
|
-
|
63,960
|
192
|
-
|
(63,897)
|
(185)
|
|
Credit derivatives
|
-
|
9,374
|
1,381
|
-
|
(9,188)
|
(331)
|
|
Equity derivatives
|
6,813
|
12,933
|
1,136
|
(6,152)
|
(16,001)
|
(1,743)
|
|
Commodity derivatives
|
-
|
1,413
|
28
|
-
|
(1,380)
|
(28)
|
|
Government and government sponsored debt
|
38,910
|
47,882
|
14
|
(8,143)
|
(11,154)
|
-
|
|
Corporate debt
|
-
|
14,529
|
456
|
-
|
(5,085)
|
-
|
|
Certificates of deposit, commercial paper and other money market
instruments
|
-
|
1,135
|
-
|
-
|
(8,556)
|
(10)
|
|
Margin lending
|
-
|
10,388
|
-
|
-
|
(26,875)
|
-
|
|
Reverse repurchase and repurchase agreements
|
-
|
118,623
|
768
|
-
|
(139,361)
|
-
|
|
Non-asset backed loans
|
-
|
7,378
|
4,452
|
-
|
-
|
-
|
|
Asset backed securities
|
-
|
2,265
|
688
|
-
|
(245)
|
-
|
|
Issued debt
|
-
|
-
|
-
|
-
|
(42,104)
|
(251)
|
|
Equity cash products
|
36,705
|
7,195
|
698
|
(11,258)
|
(1,181)
|
(3)
|
|
Private equity investments
|
7
|
-
|
190
|
-
|
-
|
-
|
|
Assets and liabilities held for sale
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Othera
|
76
|
571
|
1,361
|
(76)
|
(53)
|
-
|
|
Total
|
82,511
|
420,621
|
13,842
|
(25,629)
|
(443,311)
|
(5,007)
|
|
|
|
|
|
|
|
|
|
As at 31 December 2017
|
|
|
|
|
|
|
|
Interest rate derivatives
|
-
|
150,325
|
2,718
|
-
|
(143,890)
|
(2,867)
|
|
Foreign exchange derivatives
|
-
|
54,907
|
160
|
-
|
(53,346)
|
(124)
|
|
Credit derivatives
|
-
|
11,357
|
1,386
|
-
|
(11,312)
|
(240)
|
|
Equity derivatives
|
3,786
|
9,848
|
1,064
|
(3,631)
|
(18,527)
|
(1,961)
|
|
Commodity derivatives
|
-
|
2,430
|
6
|
-
|
(2,442)
|
(5)
|
|
Government and government sponsored debt
|
34,782
|
49,853
|
49
|
(13,079)
|
(13,116)
|
-
|
|
Corporate debt
|
-
|
15,098
|
871
|
-
|
(3,580)
|
(4)
|
|
Certificates of deposit, commercial paper and other money market
instruments
|
-
|
1,491
|
-
|
-
|
(7,377)
|
(250)
|
|
Reverse repurchase and repurchase agreements
|
-
|
100,038
|
-
|
-
|
(126,691)
|
-
|
|
Non-asset backed loans
|
-
|
5,710
|
6,657
|
-
|
-
|
-
|
|
Asset backed securities
|
-
|
1,837
|
626
|
-
|
(221)
|
-
|
|
Issued debt
|
-
|
-
|
-
|
-
|
(38,177)
|
(214)
|
|
Equity cash products b
|
56,323
|
7,733
|
502
|
(7,826)
|
(388)
|
-
|
|
Private equity investments
|
8
|
1
|
817
|
-
|
-
|
(16)
|
|
Assets and liabilities held for sale
|
-
|
-
|
29
|
-
|
-
|
-
|
|
Othera,
b
|
-
|
898
|
713
|
-
|
(131)
|
-
|
|
Total
|
94,899
|
411,526
|
15,598
|
(24,536)
|
(419,198)
|
(5,681)
|
|
a
|
Other includes commercial real estate loans, funds and fund-linked
products, asset backed loans, physical commodities and investment
property.
|
|
b
|
Level 3 preference shares of £390m were reclassified from
others to equity cash products.
|
|
Analysis of movements in Level 3 assets and
liabilities
|
|
|
|
|
|
|
|
||||
|
|
As at 1 January
2018a
|
|
|
|
|
Total gains and losses in the period recognised in the income
statement
|
Total gains or losses recognised in OCI
|
Transfers
|
As at 31 December 2018
|
||
|
|
Purchases
|
Sales
|
Issues
|
Settlements
|
Trading income
|
Other income
|
In
|
Out
|
|||
|
Barclays Bank Group
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Government and government sponsored debt
|
49
|
14
|
(49)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
14
|
|
Corporate debt
|
871
|
108
|
(88)
|
-
|
(23)
|
9
|
-
|
-
|
39
|
(528)
|
388
|
|
Non-asset backed loans
|
166
|
5,514
|
(3,480)
|
-
|
-
|
-
|
-
|
-
|
71
|
(8)
|
2,263
|
|
Asset backed securities
|
627
|
205
|
(168)
|
-
|
(2)
|
(21)
|
-
|
-
|
58
|
(35)
|
664
|
|
Equity cash products
|
68
|
18
|
(9)
|
-
|
-
|
(16)
|
-
|
-
|
107
|
(32)
|
136
|
|
Other
|
196
|
4
|
(6)
|
-
|
(20)
|
(32)
|
-
|
-
|
145
|
(139)
|
148
|
|
Trading portfolio assets
|
1,977
|
5,863
|
(3,800)
|
-
|
(45)
|
(60)
|
-
|
-
|
420
|
(742)
|
3,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-asset backed loans
|
6,073
|
364
|
(4,432)
|
-
|
(194)
|
25
|
-
|
-
|
-
|
-
|
1,836
|
|
Private equity investments
|
688
|
188
|
(7)
|
-
|
(231)
|
2
|
(10)
|
-
|
60
|
(499)
|
191
|
|
Equity cash products
|
398
|
87
|
(1)
|
-
|
-
|
1
|
74
|
-
|
-
|
-
|
559
|
|
Other
|
360
|
6,624
|
(4,920)
|
-
|
(47)
|
29
|
18
|
-
|
-
|
-
|
2,064
|
|
Financial assets at fair value through the income
statement
|
7,519
|
7,263
|
(9,360)
|
-
|
(472)
|
57
|
82
|
-
|
60
|
(499)
|
4,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity cash products
|
36
|
-
|
(16)
|
-
|
-
|
-
|
-
|
-
|
-
|
(18)
|
2
|
|
Private equity investments
|
129
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(129)
|
-
|
|
Other
|
40
|
-
|
-
|
-
|
-
|
-
|
-
|
(1)
|
314
|
-
|
353
|
|
Financial assets at fair value through other comprehensive
income
|
205
|
-
|
(16)
|
-
|
-
|
-
|
-
|
(1)
|
314
|
(147)
|
355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
|
116
|
9
|
(115)
|
-
|
-
|
-
|
(1)
|
-
|
-
|
-
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading portfolio liabilities
|
(4)
|
-
|
-
|
-
|
-
|
(3)
|
-
|
-
|
-
|
4
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit, commercial paper and other money market
instruments
|
(250)
|
-
|
-
|
-
|
5
|
-
|
(3)
|
-
|
-
|
238
|
(10)
|
|
Issued debt
|
(214)
|
-
|
-
|
(4)
|
9
|
33
|
-
|
-
|
(225)
|
150
|
(251)
|
|
Other
|
(16)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
16
|
-
|
|
Financial liabilities designated at fair value
|
(480)
|
-
|
-
|
(4)
|
14
|
33
|
(3)
|
-
|
(225)
|
404
|
(261)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate derivatives
|
(150)
|
1
|
(1)
|
-
|
196
|
(25)
|
-
|
-
|
(71)
|
72
|
22
|
|
Foreign exchange derivatives
|
37
|
-
|
-
|
-
|
(9)
|
5
|
-
|
-
|
(13)
|
(13)
|
7
|
|
Credit derivatives
|
1,146
|
(6)
|
3
|
-
|
(12)
|
(85)
|
-
|
-
|
7
|
(3)
|
1,050
|
|
Equity derivatives
|
(896)
|
72
|
(570)
|
-
|
125
|
73
|
1
|
-
|
128
|
460
|
(607)
|
|
Commodity derivatives
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Net derivative financial
instrumentsb
|
137
|
67
|
(568)
|
-
|
300
|
(32)
|
1
|
-
|
51
|
516
|
472
|
|
Total
|
9,470
|
13,202
|
(13,859)
|
(4)
|
(203)
|
(5)
|
79
|
(1)
|
620
|
(464)
|
8,835
|
|
a
|
Balances as at 1 January 2018 include the IFRS 9 transition impact.
Balances as at 31 December 2017 have been presented on an IAS 39
basis.
|
|
b
|
The derivative financial instruments are represented on a net
basis. On a gross basis, derivative financial assets are
£5,215m (2017: £5,334m) and derivative financial
liabilities are £4,743m (2017: £5,197m).
|
|
Analysis of movements in Level 3 assets and
liabilities
|
|
|
|
|
|
|
|
||||
|
|
As at 1 January 2017
|
Purchases
|
Sales
|
Issues
|
Settlements
|
Total gains and losses in the period recognised in the income
statement
|
Total gains or losses recognised in OCI
|
Transfers
|
As at 31 December 2017
|
||
|
Trading income
|
Other income
|
In
|
Out
|
||||||||
|
Barclays Bank Group
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Government and government sponsored debt
|
3
|
46
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
49
|
|
Corporate debt
|
969
|
73
|
(47)
|
-
|
(98)
|
21
|
-
|
-
|
6
|
(53)
|
871
|
|
Non-asset backed loans
|
151
|
435
|
(187)
|
-
|
(221)
|
(8)
|
-
|
-
|
1
|
(5)
|
166
|
|
Asset backed securities
|
515
|
195
|
(78)
|
-
|
(9)
|
9
|
-
|
-
|
-
|
(5)
|
627
|
|
Equity cash products
|
77
|
24
|
(11)
|
-
|
-
|
(19)
|
-
|
-
|
-
|
(3)
|
68
|
|
Other
|
350
|
2
|
(77)
|
-
|
(97)
|
25
|
(1)
|
-
|
3
|
(9)
|
196
|
|
Trading portfolio assets
|
2,065
|
775
|
(400)
|
-
|
(425)
|
28
|
(1)
|
-
|
10
|
(75)
|
1,977
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-asset backed loans
|
8,616
|
-
|
-
|
-
|
(2,284)
|
159
|
-
|
-
|
-
|
-
|
6,491
|
|
Asset backed loans
|
201
|
27
|
(25)
|
-
|
(3)
|
(17)
|
(3)
|
-
|
6
|
(31)
|
155
|
|
Private equity investments
|
562
|
26
|
(127)
|
-
|
(1)
|
(1)
|
29
|
-
|
21
|
(11)
|
498
|
|
Equity cash productsa
|
185
|
-
|
-
|
-
|
(1)
|
(7)
|
205
|
-
|
16
|
-
|
398
|
|
Othera
|
383
|
4,675
|
(4,646)
|
-
|
(247)
|
41
|
(8)
|
-
|
16
|
(9)
|
205
|
|
Financial assets at fair value through the income
statement
|
9,947
|
4,728
|
(4,798)
|
-
|
(2,536)
|
175
|
223
|
-
|
59
|
(51)
|
7,747
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity cash products
|
73
|
-
|
-
|
-
|
-
|
-
|
1
|
2
|
5
|
(45)
|
36
|
|
Private equity investments
|
294
|
15
|
(78)
|
-
|
-
|
-
|
(5)
|
37
|
60
|
(4)
|
319
|
|
Other
|
5
|
36
|
-
|
-
|
(2)
|
-
|
-
|
1
|
-
|
-
|
40
|
|
Available for sale investments
|
372
|
51
|
(78)
|
-
|
(2)
|
-
|
(4)
|
40
|
65
|
(49)
|
395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
|
81
|
114
|
(69)
|
-
|
-
|
-
|
(10)
|
-
|
-
|
-
|
116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading portfolio liabilities
|
(7)
|
(4)
|
1
|
-
|
-
|
2
|
-
|
-
|
(1)
|
5
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit, commercial paper and other money market
instruments
|
(319)
|
-
|
69
|
-
|
-
|
-
|
9
|
-
|
(104)
|
95
|
(250)
|
|
Issued debt
|
(298)
|
-
|
84
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(214)
|
|
Other
|
(223)
|
-
|
-
|
-
|
204
|
-
|
(6)
|
-
|
-
|
9
|
(16)
|
|
Financial liabilities designated at fair value
|
(840)
|
-
|
153
|
-
|
204
|
-
|
3
|
-
|
(104)
|
104
|
(480)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate derivatives
|
899
|
58
|
(1)
|
-
|
(208)
|
(166)
|
-
|
-
|
(11)
|
(721)
|
(150)
|
|
Foreign exchange derivatives
|
81
|
-
|
-
|
-
|
(12)
|
27
|
-
|
-
|
(13)
|
(46)
|
37
|
|
Credit derivatives
|
1,370
|
5
|
(2)
|
-
|
(29)
|
(128)
|
-
|
-
|
(69)
|
(1)
|
1,146
|
|
Equity derivatives
|
(970)
|
(220)
|
(14)
|
-
|
374
|
(43)
|
-
|
-
|
(16)
|
(7)
|
(896)
|
|
Commodity derivatives
|
(5)
|
-
|
-
|
-
|
-
|
4
|
-
|
-
|
1
|
-
|
-
|
|
Net derivative financial instruments
|
1,375
|
(157)
|
(17)
|
-
|
125
|
(306)
|
-
|
-
|
(108)
|
(775)
|
137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets and liabilities held for sale
|
574
|
-
|
(574)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
13,567
|
5,507
|
(5,782)
|
-
|
(2,634)
|
(101)
|
211
|
40
|
(79)
|
(841)
|
9,888
|
|
Net assets held for sale measured at fair value on non-recurring
basis
|
|
|
|
|
|
|
|
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
13,567
|
5,507
|
(5,782)
|
-
|
(2,634)
|
(101)
|
211
|
40
|
(79)
|
(841)
|
9,917
|
|
a
|
Preference shares of £390m were reclassified from others to
equity cash products
|
|
Analysis of movements in Level 3 assets and
liabilities
|
|
|
|
|
|
|
|
||||
|
|
As at 1 January
2018a
|
|
|
|
|
Total gains and losses in the period recognised in the income
statement
|
Total gains or losses recognised in OCI
|
Transfers
|
As at 31 December 2018
|
||
|
|
Purchases
|
Sales
|
Issues
|
Settlements
|
Trading income
|
Other income
|
In
|
Out
|
|||
|
Barclays Bank PLC
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Trading portfolio assets
|
1,929
|
5,722
|
(3,724)
|
-
|
(44)
|
(45)
|
-
|
-
|
354
|
(730)
|
3,462
|
|
Financial assets at fair value through the income
statement
|
7,404
|
6,867
|
(9,356)
|
-
|
(78)
|
(6)
|
73
|
-
|
12
|
(903)
|
4,013
|
|
Fair value through other comprehensive income
|
187
|
-
|
(16)
|
-
|
-
|
-
|
-
|
(1)
|
314
|
(129)
|
355
|
|
Financial liabilities designated at fair value
|
(226)
|
-
|
-
|
(4)
|
6
|
33
|
-
|
-
|
(225)
|
165
|
(251)
|
|
Net derivative financial instrumentsb
|
(16)
|
67
|
(568)
|
-
|
354
|
11
|
1
|
-
|
51
|
516
|
416
|
|
Total
|
9,278
|
12,656
|
(13,664)
|
(4)
|
238
|
(7)
|
74
|
(1)
|
506
|
(1,081)
|
7,995
|
|
Analysis of movements in Level 3 assets and
liabilities
|
|
|
|
|
|
|
|
||||
|
|
As at 1 January 2017
|
|
|
|
|
Total gains and losses in the period recognised in the income
statement
|
Total gains or losses recognised in OCI
|
Transfers
|
As at 31 December 2017
|
||
|
|
Purchases
|
Sales
|
Issues
|
Settlements
|
Trading income
|
Other income
|
In
|
Out
|
|||
|
Barclays Bank PLC
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Trading portfolio assets
|
2,003
|
534
|
(214)
|
-
|
(383)
|
36
|
-
|
-
|
11
|
(59)
|
1,928
|
|
Financial assets at fair value through the income
statement
|
9,135
|
4,657
|
(4,666)
|
-
|
(2,502)
|
(34)
|
193
|
-
|
15
|
-
|
6,798
|
|
Available for sale investments
|
250
|
14
|
(24)
|
-
|
-
|
-
|
(4)
|
28
|
54
|
(41)
|
277
|
|
Investment property
|
16
|
-
|
(16)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Trading portfolio liabilities
|
-
|
(5)
|
-
|
-
|
-
|
(1)
|
-
|
-
|
(1)
|
7
|
-
|
|
Financial liabilities designated at fair value
|
(467)
|
-
|
3
|
-
|
238
|
16
|
-
|
-
|
(7)
|
7
|
(210)
|
|
Net derivative financial instrumentsb
|
1,226
|
(159)
|
(12)
|
-
|
124
|
(312)
|
-
|
-
|
(110)
|
(774)
|
(17)
|
|
Total
|
12,163
|
5,041
|
(4,929)
|
-
|
(2,523)
|
(295)
|
189
|
28
|
(38)
|
(860)
|
8,776
|
|
a
|
Balances as at 1 January 2018 include the IFRS 9 transition impact.
Balances as at 31 December 2017 have been presented on an IAS 39
basis.
|
|
b
|
The derivative financial instruments are represented on a net
basis. On a gross basis, derivative financial assets are
£5,214m (2017: £5,332m) and derivative financial
liabilities are £4,798m (2017: £5,349m).
|
|
Unrealised gains and losses recognised during the period on Level 3
assets and liabilities held at year end
|
||||||||
|
|
2018
|
2017
|
||||||
|
|
Income statement
|
Other compre-
hensive
income
|
|
Income statement
|
Other
compre-
hensive income
|
|
||
|
Barclays Bank Group
|
Trading income
|
Other income
|
Total
|
Trading income
|
Other income
|
Totala
|
||
|
As at 31 December
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Trading portfolio assets
|
(60)
|
-
|
-
|
(60)
|
(34)
|
-
|
-
|
(34)
|
|
Financial assets at fair value through the income
statement
|
44
|
68
|
-
|
112
|
147
|
200
|
-
|
347
|
|
Available for sale investments
|
-
|
-
|
-
|
-
|
-
|
(4)
|
29
|
25
|
|
Fair value through other comprehensive income
|
-
|
-
|
(1)
|
(1)
|
-
|
-
|
-
|
-
|
|
Investment property
|
-
|
(1)
|
-
|
(1)
|
-
|
(10)
|
-
|
(10)
|
|
Trading portfolio liabilities
|
(3)
|
-
|
-
|
(3)
|
3
|
-
|
-
|
3
|
|
Financial liabilities designated at fair value
|
55
|
-
|
-
|
55
|
58
|
10
|
-
|
68
|
|
Net derivative financial instruments
|
(14)
|
-
|
-
|
(14)
|
(301)
|
-
|
-
|
(301)
|
|
Total
|
22
|
67
|
(1)
|
88
|
(127)
|
196
|
29
|
98
|
|
Unrealised gains and losses recognised during the period on Level 3
assets and liabilities held at year end
|
||||||||
|
|
2018
|
2017
|
||||||
|
|
Income statement
|
Other compre-hensive income
|
Total
|
Income statement
|
Other compre-hensive income
|
Totala
|
||
|
Barclays Bank PLC
|
Trading income
|
Other income
|
Trading income
|
Other income
|
||||
|
As at 31 December
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Trading portfolio assets
|
(45)
|
-
|
-
|
(45)
|
(20)
|
-
|
-
|
(20)
|
|
Financial assets designated at fair value
|
40
|
58
|
-
|
98
|
158
|
217
|
-
|
375
|
|
Available for sale assets
|
-
|
-
|
-
|
-
|
-
|
(4)
|
28
|
24
|
|
Fair value through other comprehensive income
|
-
|
-
|
(1)
|
(1)
|
-
|
-
|
-
|
-
|
|
Financial liabilities designated at fair value
|
55
|
-
|
-
|
55
|
58
|
-
|
-
|
58
|
|
Net derivative financial instruments
|
29
|
-
|
-
|
29
|
(307)
|
-
|
-
|
(307)
|
|
Total
|
79
|
58
|
(1)
|
136
|
(111)
|
213
|
28
|
130
|
|
Sensitivity analysis of valuations using unobservable
inputs
|
||||||||
|
|
2018
|
2017
|
||||||
|
|
Favourable changes
|
Unfavourable changes
|
Favourable changes
|
Unfavourable changes
|
||||
|
|
Income statement
|
Equity
|
Income statement
|
Equity
|
Income statement
|
Equity
|
Income statement
|
Equity
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Interest rate derivatives
|
80
|
-
|
(162)
|
-
|
114
|
-
|
(138)
|
-
|
|
Foreign exchange derivatives
|
7
|
-
|
(10)
|
-
|
6
|
-
|
(6)
|
-
|
|
Credit derivatives
|
126
|
-
|
(73)
|
-
|
106
|
-
|
(79)
|
-
|
|
Equity derivatives
|
110
|
-
|
(112)
|
-
|
99
|
-
|
(99)
|
-
|
|
Commodity derivatives
|
1
|
-
|
(1)
|
-
|
3
|
-
|
(3)
|
-
|
|
Corporate debt
|
10
|
-
|
(2)
|
-
|
4
|
-
|
(3)
|
-
|
|
Non asset backed loans
|
141
|
-
|
(210)
|
-
|
243
|
-
|
(468)
|
-
|
|
Asset backed securities
|
-
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
|
Equity cash products
|
121
|
-
|
(155)
|
-
|
12
|
24
|
(8)
|
(24)
|
|
Private equity investments
|
-
|
-
|
(10)
|
-
|
133
|
13
|
(138)
|
(13)
|
|
Othera
|
2
|
-
|
(2)
|
-
|
5
|
-
|
(5)
|
-
|
|
Total
|
598
|
-
|
(737)
|
-
|
726
|
37
|
(947)
|
(37)
|
|
a
|
Other includes commercial real estate loans, funds and fund-linked
products, asset backed loans, physical commodities and investment
property.
|
|
|
Valuation technique(s) a
|
Significant unobservable inputs
|
2018
Range
|
2017
Range
|
|
||
|
|
Min
|
Max
|
Min
|
Max
|
Unitsb
|
||
|
Derivative financial
instrumentsc
|
|
|
|
|
|
|
|
|
Interest rate derivatives
|
Discounted cash flows
|
Inflation forwards
|
1
|
2
|
1
|
3
|
%
|
|
|
|
Credit spread
|
6
|
897
|
45
|
1,320
|
bps
|
|
|
|
Yield
|
0.1
|
0.2
|
0.1
|
0.1
|
bps
|
|
|
Comparable pricing
|
Price
|
-
|
100
|
-
|
100
|
points
|
|
|
Option model
|
Inflation volatility
|
33
|
174
|
35
|
201
|
bps vol
|
|
|
|
IR - IR correlation
|
(26)
|
100
|
(24)
|
99
|
%
|
|
|
|
FX - IR correlation
|
(30)
|
78
|
(30)
|
24
|
%
|
|
|
|
Interest rate volatility
|
10
|
199
|
5
|
353
|
bps vol
|
|
Credit derivatives
|
Discounted cash flows
|
Credit spread
|
142
|
209
|
122
|
190
|
bps
|
|
|
Comparable pricing
|
Price
|
10
|
96
|
97
|
97
|
points
|
|
Equity derivatives
|
Option model
|
Equity volatility
|
2
|
81
|
3
|
92
|
%
|
|
|
|
Equity - equity correlation
|
(100)
|
100
|
(100)
|
100
|
%
|
|
|
Discounted cash flow
|
Discounted margin
|
(171)
|
301
|
(105)
|
301
|
bps
|
|
Non-derivative financial instruments
|
|
|
|
|
|
|
|
|
Non-asset backed loans
|
Discounted cash flows
|
Loan spread
|
30
|
196
|
30
|
596
|
bps
|
|
|
|
Credit spread
|
25
|
800
|
300
|
726
|
bps
|
|
|
|
Price
|
-
|
118
|
-
|
50
|
points
|
|
|
Comparable pricing
|
Price
|
-
|
100
|
-
|
100
|
points
|
|
Reverse repurchase and repurchase agreements
|
Discounted cash flows
|
Funding spread
|
(20)
|
139
|
-
|
-
|
bps
|
|
Asset backed securities
|
Comparable pricing
|
Price
|
-
|
102
|
-
|
99
|
points
|
|
Otherd
|
Discounted cash flows
|
Credit spread
|
143
|
575
|
152
|
299
|
bps
|
|
a
|
A range has not been provided for Net Asset Value as there would be
a wide range reflecting the diverse nature of the
positions.
|
|
b
|
The units used to
disclose ranges for significant unobservable inputs are percentages, points
and basis points. Points are a percentage of par;
for example, 100 points equals 100%
of par. A basis point equals 1/100th of
1%; for example, 150 basis points
equals 1.5%.
|
|
c
|
Certain derivative instruments are classified as Level 3 due to a
significant unobservable credit spread input into the calculation
of the Credit Valuation Adjustment for the instruments. The range
of significant unobservable credit spreads is between 6-897bps
(2017: 31-596bps).
|
|
d
|
Other includes commercial real estate loans, funds and fund-linked
products, asset backed loans, physical commodities and investment
property.
|
|
|
|
|
2018
|
2017
|
|
|
|
|
£m
|
£m
|
|
Exit price adjustments derived from market bid-offer
spreads
|
|
|
(451)
|
(391)
|
|
Uncollateralised derivative funding
|
|
|
(47)
|
(45)
|
|
Derivative credit valuation adjustments
|
|
|
(125)
|
(103)
|
|
Derivative debit valuation adjustments
|
|
|
237
|
131
|
|
Barclays Bank Group
|
2018
|
2017
|
||||||||
|
|
Carrying amount
|
Fair value
|
Level 1
|
Level 2
|
Level 3
|
Carrying amount
|
Fair value
|
Level 1
|
Level 2
|
Level 3
|
|
As at 31 December
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
Loans and advances at amortised cost
|
|
|
|
|
|
|
|
|
|
|
|
- Home loans
|
13,160
|
12,592
|
-
|
-
|
12,592
|
147,002
|
145,262
|
-
|
-
|
145,262
|
|
- Credit cards, unsecured and other retail lending
|
31,921
|
33,115
|
-
|
-
|
33,115
|
55,767
|
55,106
|
655
|
-
|
54,451
|
|
- Finance lease receivablesa
|
1,886
|
2,057
|
|
|
|
2,854
|
2,964
|
|
|
|
|
- Corporate loans
|
89,992
|
89,671
|
223
|
66,703
|
22,745
|
124,076
|
122,209
|
8,986
|
64,472
|
48,751
|
|
Reverse repurchase agreements and other similar secured
lending
|
1,613
|
1,613
|
-
|
1,613
|
-
|
12,546
|
12,546
|
-
|
12,546
|
-
|
|
Assets included in disposal groups classified as held for
saleb
|
-
|
-
|
-
|
-
|
-
|
1,164
|
1,195
|
-
|
-
|
1,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Deposits at amortised cost
|
|
|
|
|
|
|
|
|
|
|
|
- Banks
|
(15,569)
|
(15,569)
|
(4,623)
|
(10,946)
|
-
|
(12,335)
|
(12,341)
|
(4,375)
|
(7,966)
|
-
|
|
- Current and demand accounts
|
(77,264)
|
(77,264)
|
(77,264)
|
-
|
-
|
(146,255)
|
(146,232)
|
(146,232)
|
-
|
-
|
|
- Savings accounts
|
(26,980)
|
(26,980)
|
(26,980)
|
-
|
-
|
(134,339)
|
(134,369)
|
(134,369)
|
-
|
-
|
|
- Other time deposits
|
(79,524)
|
(79,524)
|
(48,573)
|
(30,951)
|
-
|
(106,260)
|
(106,325)
|
(62,750)
|
(37,724)
|
(5,851)
|
|
Repurchase agreements and other similar secured
lending
|
(7,378)
|
(7,378)
|
-
|
(7,378)
|
-
|
(40,338)
|
(40,338)
|
-
|
(40,338)
|
-
|
|
Debt securities in issue
|
(39,063)
|
(39,083)
|
-
|
(36,967)
|
(2,116)
|
(69,386)
|
(70,824)
|
-
|
(68,503)
|
(2,321)
|
|
Subordinated liabilities
|
(35,327)
|
(36,174)
|
-
|
(36,174)
|
-
|
(24,193)
|
(25,451)
|
-
|
(25,451)
|
-
|
|
a
|
The fair value hierarchy for finance lease receivables is not
required as part of the standard.
|
|
b
|
Disposal groups held for sale and measured at fair value less cost
to sell are included in the fair value table.
|
|
Barclays Bank PLC
|
2018
|
2017
|
||||||||
|
|
Carrying amount
|
Fair value
|
Level 1
|
Level 2
|
Level 3
|
Carrying amount
|
Fair value
|
Level 1
|
Level 2
|
Level 3
|
|
As at 31 December
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
Loans and advances at amortised cost
|
|
|
|
|
|
|
|
|
|
|
|
- Home loans
|
12,229
|
11,679
|
-
|
-
|
11,679
|
146,052
|
144,311
|
-
|
-
|
144,311
|
|
- Credit cards, unsecured and other retail lending
|
4,716
|
4,716
|
-
|
-
|
4,716
|
31,542
|
30,972
|
655
|
-
|
30,317
|
|
- Corporate loans
|
139,819
|
139,617
|
223
|
118,005
|
21,389
|
182,770
|
180,964
|
5,532
|
127,794
|
47,638
|
|
Reverse repurchase agreements and other similar secured
lending
|
5,766
|
5,766
|
-
|
5,766
|
-
|
22,964
|
22,964
|
-
|
22,964
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Deposits at amortised cost
|
|
|
|
|
|
|
|
|
|
|
|
- Banks
|
(17,524)
|
(17,524)
|
(4,581)
|
(12,943)
|
-
|
(13,494)
|
(13,494)
|
(4,047)
|
(9,447)
|
-
|
|
- Current and demand accounts
|
(70,942)
|
(70,942)
|
(70,942)
|
-
|
-
|
(203,347)
|
(203,325)
|
(140,143)
|
(63,106)
|
(76)
|
|
- Savings accounts
|
(17,440)
|
(17,440)
|
(17,440)
|
-
|
-
|
(126,794)
|
(126,824)
|
(126,824)
|
-
|
-
|
|
- Other time deposits
|
(125,111)
|
(125,111)
|
(48,573)
|
(76,538)
|
-
|
(82,267)
|
(82,281)
|
(60,615)
|
(15,812)
|
(5,854)
|
|
Repurchase agreements and other similar secured
lending
|
(11,113)
|
(11,113)
|
-
|
(11,113)
|
-
|
(49,883)
|
(49,883)
|
-
|
(49,883)
|
-
|
|
Debt securities in issue
|
(26,391)
|
(26,428)
|
-
|
(26,249)
|
(179)
|
(55,874)
|
(56,758)
|
-
|
(56,580)
|
(178)
|
|
Subordinated liabilities
|
(35,085)
|
(35,894)
|
-
|
(35,894)
|
-
|
(24,203)
|
(25,222)
|
-
|
(25,222)
|
-
|
|
8.
|
Subordinated liabilities
|
|
|
Barclays Bank Group
|
Barclays Bank PLC
|
||
|
|
2018
|
2017
|
2018
|
2017
|
|
|
£m
|
£m
|
£m
|
£m
|
|
Opening balance as at 1 January
|
24,193
|
23,871
|
24,203
|
23,878
|
|
Issuances
|
221
|
3,041
|
-
|
3,041
|
|
Redemptions
|
(3,246)
|
(1,378)
|
(3,246)
|
(1,371)
|
|
Other
|
14,159
|
(1,341)
|
14,128
|
(1,345)
|
|
Total subordinated liabilities
|
35,327
|
24,193
|
35,085
|
24,203
|
|
|
Barclays Bank Group
|
Barclays Bank PLC
|
||
|
|
2018
|
2017
|
2018
|
2017
|
|
|
£m
|
£m
|
£m
|
£m
|
|
Undated subordinated liabilities
|
4,313
|
4,192
|
4,454
|
4,261
|
|
Dated subordinated liabilities
|
31,014
|
20,001
|
30,631
|
19,942
|
|
Total subordinated liabilities
|
35,327
|
24,193
|
35,085
|
24,203
|
|
Undated subordinated liabilities
|
|
Barclays Bank Group
|
Barclays Bank PLC
|
||
|
|
|
2018
|
2017
|
2018
|
2017
|
|
|
Initial call date
|
£m
|
£m
|
£m
|
£m
|
|
Barclays Bank PLC externally issued subordinated
liabilities
|
|
|
|
|
|
|
Tier One Notes (TONs)
|
|
|
|
|
|
|
6% Callable Perpetual Core Tier One Notes
|
2032
|
16
|
16
|
16
|
16
|
|
6.86% Callable Perpetual Core Tier One Notes (USD
179m)
|
2032
|
199
|
197
|
199
|
197
|
|
Reserve Capital Instruments (RCIs)
|
|
|
|
|
|
|
6.3688% Step-up Callable Perpetual Reserve Capital
Instruments
|
2019
|
34
|
36
|
34
|
36
|
|
14% Step-up Callable Perpetual Reserve Capital
Instruments
|
2019
|
3,189
|
3,142
|
3,189
|
3,142
|
|
5.3304% Step-up Callable Perpetual Reserve Capital
Instruments
|
2036
|
51
|
52
|
51
|
52
|
|
Undated Notes
|
|
|
|
|
|
|
7.7% Undated Subordinated Notes (USD 99m)
|
2018
|
-
|
74
|
-
|
74
|
|
8.25% Undated Subordinated Notes
|
2018
|
-
|
144
|
-
|
144
|
|
7.125% Undated Subordinated Notes
|
2020
|
173
|
182
|
173
|
182
|
|
6.125% Undated Subordinated Notes
|
2027
|
42
|
43
|
42
|
43
|
|
Junior Undated Floating Rate Notes (USD 38m)
|
Any interest payment date
|
30
|
28
|
104
|
98
|
|
Undated Floating Rate Primary Capital Notes Series 1 (USD
167m)a
|
Any interest payment date
|
95
|
-
|
130
|
-
|
|
Undated Floating Rate Primary Capital Notes Series 2 (USD
295m)a
|
Any interest payment date
|
199
|
-
|
231
|
-
|
|
Undated Floating Rate Primary Capital Notes Series 3
|
Any interest payment date
|
21
|
21
|
21
|
21
|
|
Bonds
|
|
|
|
|
|
|
9.25% Perpetual Subordinated Bonds (ex-Woolwich Plc)
|
2021
|
83
|
87
|
83
|
87
|
|
9% Permanent Interest Bearing Capital Bonds
|
At any time
|
44
|
45
|
44
|
45
|
|
Loans
|
|
|
|
|
|
|
5.03% Reverse Dual Currency Undated Subordinated Loan (JPY
8,000m)
|
2028
|
56
|
51
|
56
|
51
|
|
5% Reverse Dual Currency Undated Subordinated Loan (JPY
12,000m)
|
2028
|
81
|
73
|
81
|
73
|
|
Total undated subordinated liabilities
|
|
4,313
|
4,192
|
4,454
|
4,261
|
|
a
|
Following a review, these instruments are deemed to have
characteristics that would qualify them as subordinated liabilities
rather than equity. They have subsequently been reclassified in
December 2018 resulting in a £294m movement.
|
|
Dated subordinated liabilities
|
|
|
|
Barclays Bank Group
|
Barclays Bank PLC
|
||
|
|
|
|
|
2018
|
2017
|
2018
|
2017
|
|
|
|
Initial call date
|
Maturity date
|
£m
|
£m
|
£m
|
£m
|
|
Barclays Bank PLC externally issued subordinated
liabilities
|
|
|
|
|
|
|
|
|
Floating Rate Subordinated Notes (EUR 40m)
|
|
|
2018
|
-
|
36
|
-
|
36
|
|
6% Fixed Rate Subordinated Notes (EUR 1,750m)
|
|
|
2018
|
-
|
1,643
|
-
|
1,643
|
|
CMS-Linked Subordinated Notes (EUR 100m)
|
|
|
2018
|
-
|
93
|
-
|
93
|
|
CMS-Linked Subordinated Notes (EUR 135m)
|
|
|
2018
|
-
|
124
|
-
|
124
|
|
Fixed/Floating Rate Subordinated Callable Notes
|
|
2018
|
2023
|
-
|
533
|
-
|
533
|
|
7.75% Contingent Capital Notes (USD 1,000m)
|
|
2018
|
2023
|
-
|
888
|
-
|
888
|
|
Floating Rate Subordinated Notes (EUR 50m)
|
|
|
2019
|
45
|
44
|
45
|
44
|
|
5.14% Lower Tier 2 Notes (USD 1,094m)
|
|
|
2020
|
851
|
841
|
851
|
841
|
|
6% Fixed Rate Subordinated Notes (EUR 1,500m)
|
|
|
2021
|
1,474
|
1,484
|
1,474
|
1,484
|
|
9.5% Subordinated Bonds (ex-Woolwich Plc)
|
|
|
2021
|
256
|
273
|
256
|
273
|
|
Subordinated Floating Rate Notes (EUR 100m)
|
|
|
2021
|
89
|
88
|
89
|
88
|
|
10% Fixed Rate Subordinated Notes
|
|
|
2021
|
2,194
|
2,261
|
2,194
|
2,261
|
|
10.179% Fixed Rate Subordinated Notes (USD 1,521m)
|
|
|
2021
|
1,143
|
1,118
|
1,143
|
1,118
|
|
Subordinated Floating Rate Notes (EUR 50m)
|
|
|
2022
|
45
|
44
|
45
|
44
|
|
6.625% Fixed Rate Subordinated Notes (EUR 1,000m)
|
|
|
2022
|
1,032
|
1,043
|
1,032
|
1,043
|
|
7.625% Contingent Capital Notes (USD 3,000m)
|
|
|
2022
|
2,502
|
2,429
|
2,502
|
2,429
|
|
Subordinated Floating Rate Notes (EUR 50m)
|
|
|
2023
|
45
|
44
|
45
|
44
|
|
5.75% Fixed Rate Subordinated Notes
|
|
|
2026
|
351
|
366
|
351
|
366
|
|
5.4% Reverse Dual Currency Subordinated Loan (JPY
15,000m)
|
|
|
2027
|
107
|
97
|
107
|
97
|
|
6.33% Subordinated Notes
|
|
|
2032
|
61
|
62
|
61
|
62
|
|
Subordinated Floating Rate Notes (EUR 68m)
|
|
|
2040
|
61
|
60
|
61
|
60
|
|
External issuances by other subsidiaries
|
|
|
2019-2023
|
384
|
59
|
-
|
-
|
|
Barclays Bank PLC notes issued intra-group to Barclays
PLC
|
|
|
|
|
|
|
|
|
2.625% Fixed Rate Subordinated Callable Notes (EUR
1,250m)
|
|
2020
|
2025
|
-
|
1,118
|
-
|
1,118
|
|
2% Fixed Rate Subordinated Callable Notes (EUR 1,500m)
|
|
2023
|
2028
|
1,361
|
1,314
|
1,361
|
1,314
|
|
4.375% Fixed Rate Subordinated Notes (USD 1,250m)
|
|
|
2024
|
-
|
945
|
-
|
945
|
|
3.75% Fixed Rate Resetting Subordinated Callable Notes (SGD
200m)
|
|
2025
|
2030
|
116
|
111
|
116
|
111
|
|
5.20% Fixed Rate Subordinated Notes (USD 1,367m)
|
|
|
2026
|
1,001
|
1,424
|
1,001
|
1,424
|
|
4.836% Fixed Rate Subordinated Callable Notes (USD
1,200m)
|
|
2027
|
2028
|
911
|
1,459
|
911
|
1,459
|
|
Barclays Bank PLC intra-group loans from Barclays PLC
|
|
|
|
|
|
|
|
|
Various Fixed Rate Subordinated Loans
|
|
|
|
10,147
|
-
|
10,147
|
-
|
|
Various Subordinated Floating Rate Loans
|
|
|
|
1,023
|
-
|
1,023
|
-
|
|
Various Fixed Rate Subordinated Callable Loans
|
|
|
|
3,754
|
-
|
3,754
|
-
|
|
Various Subordinated Floating Rate Callable Loans
|
|
|
|
2,061
|
-
|
2,061
|
-
|
|
Total dated subordinated liabilities
|
|
|
|
31,014
|
20,001
|
30,631
|
19,942
|
|
9.
|
Ordinary shares, share premium, and other equity
|
|
Called up share capital, allotted and fully paid
|
|
|
|
|
|
|
|
Ordinary share capital
|
Preference share capital
|
Share premium
|
Total share capital and share premium
|
Other equity instruments
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
As at 1 January 2018
|
2,342
|
19
|
12,092
|
14,453
|
8,982
|
|
AT1 securities issuance
|
-
|
-
|
-
|
-
|
1,925
|
|
AT1 securities redemption
|
-
|
-
|
-
|
-
|
(1,242)
|
|
Redemption of preference shares
|
-
|
(13)
|
-
|
(13)
|
-
|
|
Capital reorganisation
|
-
|
-
|
(12,092)
|
(12,092)
|
-
|
|
Net equity impact of intra-group transfers
|
-
|
-
|
-
|
-
|
(2,070)
|
|
As at 31 December 2018
|
2,342
|
6
|
-
|
2,348
|
7,595
|
|
|
|
|
|
|
|
|
As at 1 January 2017
|
2,342
|
28
|
12,092
|
14,462
|
6,486
|
|
AT1 securities issuance
|
-
|
-
|
-
|
-
|
2,496
|
|
Redemption of preference shares
|
-
|
(9)
|
-
|
(9)
|
-
|
|
As at 31 December 2017
|
2,342
|
19
|
12,092
|
14,453
|
8,982
|
|
AT1 equity instruments
|
|
||
|
|
|
2018
|
2017
|
|
|
Initial call date
|
£m
|
£m
|
|
AT1 equity instruments - Barclays Bank PLC
|
|
|
|
|
8.25% Perpetual Subordinated Contingent Convertible Securities (USD
2,000m)
|
2018
|
-
|
1,242
|
|
7.0% Perpetual Subordinated Contingent Convertible
Securities
|
2019
|
-
|
698
|
|
6.625% Perpetual Subordinated Contingent Convertible Securities
(USD 1,211m)
|
2019
|
715
|
715
|
|
6.5% Perpetual Subordinated Contingent Convertible Securities (EUR
1,077m)
|
2019
|
860
|
860
|
|
8.0% Perpetual Subordinated Contingent Convertible Securities (EUR
1,000m)
|
2020
|
836
|
836
|
|
7.875% Perpetual Subordinated Contingent Convertible
Securities
|
2022
|
1,000
|
1,000
|
|
7.875% Perpetual Subordinated Contingent Convertible Securities
(USD 1,500m)
|
2022
|
1,136
|
1,136
|
|
7.25% Perpetual Subordinated Contingent Convertible
Securities
|
2023
|
500
|
1,250
|
|
7.75% Perpetual Subordinated Contingent Convertible Securities (USD
2,500m)
|
2023
|
1,925
|
-
|
|
5.875% Perpetual Subordinated Contingent Convertible
Securities
|
2024
|
623
|
1,245
|
|
Total AT1 equity instruments
|
|
7,595
|
8,982
|
|
10.
|
Reserves
|
|
|
Barclays Bank Group
|
Barclays Bank PLC
|
||
|
|
2018
|
2017
|
2018
|
2017
|
|
|
£m
|
£m
|
£m
|
£m
|
|
Currency translation reserve
|
3,927
|
3,084
|
857
|
719
|
|
Available for sale reserve
|
-
|
396
|
-
|
(19)
|
|
Fair value through other comprehensive income reserve
|
(298)
|
-
|
(302)
|
-
|
|
Cash flow hedging reserve
|
(123)
|
184
|
(123)
|
185
|
|
Own credit reserve
|
(121)
|
(179)
|
(121)
|
(178)
|
|
Other reserves and other shareholders' equity
|
(24)
|
323
|
72
|
386
|
|
Total
|
3,361
|
3,808
|
383
|
1,093
|
|
11.
|
Non-controlling interests
|
|
|
Profit attributable to non-controlling interest
|
Equity attributable to non-controlling interest
|
Dividends paid to non-controlling interest
|
||||||
|
|
2018
|
2017
|
2016
|
2018
|
2017
|
2016
|
2018
|
2017
|
2016
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
Barclays Africa Group Limited
|
-
|
140
|
402
|
-
|
-
|
3,507
|
-
|
173
|
235
|
|
Other non-controlling interests
|
-
|
4
|
3
|
2
|
1
|
15
|
-
|
-
|
-
|
|
Total
|
-
|
144
|
405
|
2
|
1
|
3,522
|
-
|
173
|
235
|
|
12.
|
Related party transactions and Directors' remuneration
|
|
|
Parent
|
Fellow subsidiaries
|
Associates
|
Joint ventures
|
Pension funds
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
For the year ended and as at 31 December 2018
|
|
|
|
|
|
|
Total income
|
(416)
|
(3)
|
-
|
7
|
3
|
|
Credit impairment and other provisions
|
-
|
-
|
-
|
-
|
-
|
|
Operating expenses
|
(122)
|
(3,630)
|
(1)
|
(7)
|
-
|
|
Total assets
|
727
|
1,091
|
12
|
1,288
|
3
|
|
Total liabilities
|
21,405
|
2,058
|
85
|
2
|
139
|
|
For the year ended and as at 31 December 2017
|
|
|
|
|
|
|
Total income
|
3
|
1
|
(20)
|
61
|
4
|
|
Credit impairment and other provisions
|
-
|
-
|
2
|
-
|
-
|
|
Operating expenses
|
(999)
|
(4,009)
|
-
|
(23)
|
-
|
|
Total assets
|
716
|
163
|
2
|
1,048
|
2
|
|
Total liabilities
|
24,205
|
1,015
|
75
|
2
|
162
|
|
|
Parent
|
Subsidiaries
|
Fellow subsidiaries
|
Associates
|
Joint ventures
|
Pension funds
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
As at 31 December 2018
|
|
|
|
|
|
|
|
Total assets
|
721
|
178,571
|
1,069
|
8
|
1,282
|
3
|
|
Total liabilities
|
21,405
|
122,546
|
2,000
|
85
|
(2)
|
139
|
|
As at 31 December 2017
|
|
|
|
|
|
|
|
Total assets
|
716
|
148,542
|
159
|
2
|
1,048
|
2
|
|
Total liabilities
|
24,204
|
123,795
|
969
|
75
|
2
|
162
|
|
Loans outstanding
|
|
|
|
|
2018
|
2017
|
|
|
£m
|
£m
|
|
As at 1 January
|
4.8
|
9.2
|
|
Loans issued during the yeara
|
12.6
|
0.5
|
|
Loan repayments during the yearb
|
(2.8)
|
(4.9)
|
|
As at 31 December
|
14.6
|
4.8
|
|
a
|
Includes loans issued to existing Key Management Personnel and new
or existing loans issued to newly appointed Key Management
Personnel.
|
|
b
|
Includes loan repayments by existing Key Management Personnel and
loans to former Key Management Personnel.
|
|
Deposits outstanding
|
|
|
|
|
2018
|
2017
|
|
|
£m
|
£m
|
|
As at 1 January
|
6.9
|
7.3
|
|
Deposits received during the yeara
|
17.4
|
25.7
|
|
Deposits repaid during the yearb
|
(21.4)
|
(26.1)
|
|
As at 31 December
|
2.9
|
6.9
|
|
a
|
Includes deposits received from existing Key Management Personnel
and new or existing deposits received from newly appointed Key
Management Personnel.
|
|
b
|
Includes deposits repaid by existing Key Management Personnel and
deposits of former Key Management Personnel.
|
|
|
2018
|
2017
|
|
|
£m
|
£m
|
|
Salaries and other short-term benefits
|
50.7
|
33.9
|
|
Pension costs
|
0.3
|
0.1
|
|
Other long-term benefits
|
12.6
|
18.4
|
|
Share-based payments
|
24.8
|
26.8
|
|
Employer social security charges on emoluments
|
8.5
|
9.6
|
|
Costs recognised for accounting purposes
|
96.9
|
88.8
|
|
Employer social security charges on emoluments
|
(8.5)
|
(9.6)
|
|
Other long-term benefits - difference between awards granted and
costs recognised
|
4.5
|
(9.8)
|
|
Share-based payments - difference between awards granted and costs
recognised
|
(2.1)
|
(11.7)
|
|
Total remuneration awarded
|
90.8
|
57.7
|
|
|
2018
|
2017
|
|
|
£m
|
£m
|
|
Aggregate emolumentsa
|
10.5
|
8.5
|
|
Amounts paid under LTIPsb
|
0.6
|
1.1
|
|
|
11.1
|
9.6
|
|
a
|
The
aggregate emoluments include amounts paid for the 2018 year. In
addition, deferred cash and share awards for 2018 with a total
value at grant of £5.1m will be made to Directors which will
only vest subject to meeting certain conditions.
|
|
b
|
The
figure above for 'Amounts paid under LTIPs' for 2018 relates to an
LTIP award that was released to a Director in 2018. Dividend shares
released on the award are excluded.
|
|
|
2018
|
2017
|
|
|
£m
|
£m
|
|
Aggregate emolumentsa
|
3.6
|
2.3
|
|
Amounts paid under LTIPs
|
-
|
1.1
|
|
|
3.6
|
3.4
|
|
a
|
The
aggregate emoluments include amounts paid for the 2018 year. In
addition, deferred cash and share awards for 2018 with a total
value at grant of £4.1m will be made to the highest paid
Director which will only vest subject to meeting certain
conditions.
|
|
Investor
Relations
|
Media
Relations
|
|
Lisa Bartrip
|
Tom Hoskin
|
|
+44 (0) 20 77730708
|
+44 (0) 20 7116 6927
|