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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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Results Announcement
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Page
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Notes
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1
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Financial
Review
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2
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Risk Management
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● Risk Management and
Principal Risks
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4
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● Credit
Risk
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6
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● Market
Risk
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14
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● Treasury and Capital
Risk
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15
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Statement of
Directors’ Responsibilities
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17
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Independent
Review Report to Barclays Bank PLC
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18
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Condensed
Consolidated Financial Statements
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19
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Financial
Statement Notes
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25
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Other
Information
|
45
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Barclays Bank Group results
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|
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|
for the half year ended
|
30.06.20
|
30.06.19
|
|
|
£m
|
£m
|
% Change
|
Total income
|
8,637
|
7,122
|
21
|
Credit impairment charges
|
(2,674)
|
(510)
|
|
Net operating income
|
5,963
|
6,612
|
(10)
|
Operating expenses
|
(4,548)
|
(4,842)
|
6
|
Litigation and conduct
|
(19)
|
(68)
|
72
|
Total operating expenses
|
(4,567)
|
(4,910)
|
7
|
Other net income
|
127
|
23
|
|
Profit before tax
|
1,523
|
1,725
|
(12)
|
Tax charge
|
(230)
|
(260)
|
12
|
Profit after tax
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1,293
|
1,465
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(12)
|
Other equity instrument holders
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(333)
|
(294)
|
(13)
|
Attributable profit
|
960
|
1,171
|
(18)
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|
|
|
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|
As at 30.06.20
|
As at 31.12.19
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|
Balance sheet information
|
£bn
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£bn
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|
Cash and balances at central banks
|
155.8
|
125.9
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|
Cash collateral and settlement assets
|
130.9
|
79.5
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|
Loans and advances at amortised cost
|
150.2
|
141.6
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|
Trading portfolio assets
|
109.5
|
113.3
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|
Financial assets at fair value through the income
statement
|
155.5
|
129.5
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|
Derivative financial instrument assets
|
307.7
|
229.6
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|
Total assets
|
1,096.0
|
876.7
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|
Deposits at amortised cost
|
245.7
|
213.9
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|
Cash collateral and settlement liabilities
|
113.3
|
67.7
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|
Financial liabilities designated at fair value
|
222.1
|
204.4
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|
Derivative financial instrument liabilities
|
308.0
|
228.9
|
|
|
|
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As at 30.06.20
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As at 31.12.19
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|
Capital and liquidity metrics
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£bn
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£bn
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Common equity tier 1 (CET1) ratio1,2
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14.3%
|
13.9%
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Barclays Bank PLC DoLSub liquidity coverage ratio
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166%
|
141%
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Barclays Bank Group liquidity pool
|
234
|
169
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|
1
|
Barclays Bank PLC is currently regulated by the Prudential
Regulation Authority (PRA) on a solo-consolidated basis. The
disclosure above provides a capital metric for Barclays Bank PLC
solo-consolidated. For further information, refer
to
Treasury
and Capital Risk on page
15
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2
|
The CET1 ratio is calculated applying the IFRS 9 transitional
arrangement of the Capital Requirements Regulation (CRR) as amended
by the Capital Requirements Regulation II (CRR II) applicable as at
the reporting date. For further information
on
the implementation of CRR II see page
15.
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●
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Total
income increased 21% to £8,637m
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°
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CIB
income increased 35% to £6,973m driven by a 73% increase in
Markets, reflecting increased client activity, spread widening and
higher levels of volatility, an 8% increase in Banking fees,
partially offset by a 17% decline in Corporate due to the impact of
losses on fair value lending positions and losses on mark-to-market
and carry costs on related hedges in H120
|
°
|
CC&P
income decreased 21% to £1,742m as the impacts of the COVID-19
pandemic resulted in lower balances on co-branded cards, margin
compression and reduced payments activity. Q220 included a
c.£100m valuation loss on Barclays’ preference shares in
Visa Inc. resulting from the Q220 Supreme Court ruling concerning
charges paid by merchants
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°
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Head
Office income expense improved by 65% to £78m mainly driven by
lower legacy capital funding costs
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●
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Credit
impairment charges increased to £2,674m (H119:
£510m)
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°
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CIB
credit impairment charges increased to £1,320m (H119:
£96m), reflecting £591m in respect of single name
wholesale loan charges and impacts from the COVID-19
scenarios1, partially offset by
the estimated impact of central bank, government and other support
measures
|
°
|
CC&P credit impairment charges increased to
£1,299m (H119: £396m) reflecting the impact from the
revised COVID-19 scenarios, partially offset by the estimated
impact of central bank, government and other support
measures
|
°
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Head Office credit impairment
charges increased to £55m (H119: £18m) due to impacts
from the COVID-19 scenarios on the Italian home loan
portfolio
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●
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Total
operating expenses decreased 7% to £4,567m
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°
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CIB
total operating expenses decreased 4% to £3,462m due to cost
efficiencies and discipline in the current environment
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°
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CC&P total operating expenses decreased 12%
to £1,061m reflecting cost efficiencies and lower marketing
spend due to the impacts of the COVID-19
pandemic
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°
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Head
Office total operating expenses decreased 48% to £44m due to
lower litigation and conduct charges
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●
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Other
net income increased £104m to £127m reflecting gains on
disposals following the sale of a number of subsidiaries within the
Barclays Group
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●
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The tax
charge for H120 was £230m (H119: £260m), representing an
effective tax rate of 15.1% (H119: 15.1%)
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●
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Cash
and balances at central banks increased £29.9bn to
£155.8bn within the liquidity pool
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●
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Cash
collateral and settlement assets and liabilities increased
£51.4bn to £130.9bn and £45.6bn to £113.3bn
respectively predominantly due to increased activity
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●
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Loans
and advances increased £8.6bn to £150.2bn due to
increased lending within CIB, partially offset by lower card
balances in CC&P
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●
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Financial
assets at fair value through the income statement increased
£26.0bn to £155.5bn driven by increased secured
lending
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●
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Derivative
financial instrument assets and liabilities increased £78.1bn
to £307.7bn and £79.1bn to £308.0bn respectively
driven by a decrease in major interest rate curves and increased
trading volumes
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●
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Deposits
at amortised cost increased £31.8bn to £245.7bn due to
CIB clients increasing liquidity
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●
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Financial
liabilities designated at fair value increased £17.7bn to
£222.1bn driven by increased secured borrowing
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●
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The
Barclays Bank PLC solo-consolidated CET1 ratio as at 30 June 2020
was 14.3%, which is above regulatory capital minimum
requirements
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●
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The
Barclays Bank Group liquidity pool increased to £234bn
(December 2019: £169bn) driven by customer deposit growth and
actions to maintain a prudent funding and liquidity position in the
current environment
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Stage 2
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|||
As at 30.06.20
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Stage 1
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Not
past due
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<=30 days
past due
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>30 days
past due
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Total
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Stage 3
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Total1
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Gross exposure
|
£m
|
£m
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£m
|
£m
|
£m
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£m
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£m
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Home loans
|
9,670
|
638
|
62
|
179
|
879
|
1,142
|
11,691
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Credit cards, unsecured loans and other retail lending
|
20,659
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6,077
|
206
|
348
|
6,631
|
2,036
|
29,326
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Wholesale loans
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75,699
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33,288
|
2,961
|
634
|
36,883
|
2,161
|
114,743
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Total
|
106,028
|
40,003
|
3,229
|
1,161
|
44,393
|
5,339
|
155,760
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
Home loans
|
12
|
28
|
11
|
15
|
54
|
350
|
416
|
Credit cards, unsecured loans and other retail lending
|
456
|
1,096
|
86
|
158
|
1,340
|
1,511
|
3,307
|
Wholesale loans
|
206
|
654
|
92
|
24
|
770
|
858
|
1,834
|
Total
|
674
|
1,778
|
189
|
197
|
2,164
|
2,719
|
5,557
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
Home loans
|
9,658
|
610
|
51
|
164
|
825
|
792
|
11,275
|
Credit cards, unsecured loans and other retail lending
|
20,203
|
4,981
|
120
|
190
|
5,291
|
525
|
26,019
|
Wholesale loans
|
75,493
|
32,634
|
2,869
|
610
|
36,113
|
1,303
|
112,909
|
Total
|
105,354
|
38,225
|
3,040
|
964
|
42,229
|
2,620
|
150,203
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Home loans
|
0.1
|
4.4
|
17.7
|
8.4
|
6.1
|
30.6
|
3.6
|
Credit cards, unsecured loans and other retail lending
|
2.2
|
18.0
|
41.7
|
45.4
|
20.2
|
74.2
|
11.3
|
Wholesale loans
|
0.3
|
2.0
|
3.1
|
3.8
|
2.1
|
39.7
|
1.6
|
Total
|
0.6
|
4.4
|
5.9
|
17.0
|
4.9
|
50.9
|
3.6
|
|
|
|
|
|
|
|
|
As at 31.12.19
|
|
|
|
|
|
|
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Home loans
|
9,604
|
544
|
48
|
82
|
674
|
1,056
|
11,334
|
Credit cards, unsecured loans and other retail lending
|
29,541
|
3,806
|
304
|
340
|
4,450
|
2,129
|
36,120
|
Wholesale loans
|
89,200
|
6,489
|
354
|
672
|
7,515
|
1,163
|
97,878
|
Total
|
128,345
|
10,839
|
706
|
1,094
|
12,639
|
4,348
|
145,332
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
Home loans
|
16
|
24
|
9
|
7
|
40
|
292
|
348
|
Credit cards, unsecured loans and other retail lending
|
362
|
523
|
99
|
162
|
784
|
1,471
|
2,617
|
Wholesale loans
|
114
|
219
|
8
|
7
|
234
|
383
|
731
|
Total
|
492
|
766
|
116
|
176
|
1,058
|
2,146
|
3,696
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
Home loans
|
9,588
|
520
|
39
|
75
|
634
|
764
|
10,986
|
Credit cards, unsecured loans and other retail lending
|
29,179
|
3,283
|
205
|
178
|
3,666
|
658
|
33,503
|
Wholesale loans
|
89,086
|
6,270
|
346
|
665
|
7,281
|
780
|
97,147
|
Total
|
127,853
|
10,073
|
590
|
918
|
11,581
|
2,202
|
141,636
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Home loans
|
0.2
|
4.4
|
18.8
|
8.5
|
5.9
|
27.7
|
3.1
|
Credit cards, unsecured loans and other retail lending
|
1.2
|
13.7
|
32.6
|
47.6
|
17.6
|
69.1
|
7.2
|
Wholesale loans
|
0.1
|
3.4
|
2.3
|
1.0
|
3.1
|
32.9
|
0.7
|
Total
|
0.4
|
7.1
|
16.4
|
16.1
|
8.4
|
49.4
|
2.5
|
1
|
Other financial assets subject to impairment
excluded in the table above include cash collateral and settlement
balances, financial assets at fair value through other
comprehensive income, accrued income and sundry debtors. These have
a total gross exposure of £187.1bn (December 2019:
£125.5bn) and impairment allowance of £168m (December
2019: £22m). This comprises £33m (December 2019:
£10m) ECL on £181.7bn (December 2019: £124.7bn)
Stage 1 assets, £20m (December 2019: £2m) on £5.3bn
(December 2019: £0.8bn) Stage 2 fair value through other
comprehensive income assets and £115m (December 2019:
£10m) on £115m (December 2019: £10m) Stage 3 other
assets. Loan commitments and financial guarantee contracts have
total ECL of £593m (December 2019:
£252m). |
Loans and advances at amortised cost
|
||||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
||||
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Home loans
|
|
|
|
|
|
|
|
|
As at 1 January 2020
|
9,604
|
16
|
674
|
40
|
1,056
|
292
|
11,334
|
348
|
Transfers from Stage 1 to Stage 2
|
(394)
|
(1)
|
394
|
1
|
-
|
-
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
114
|
3
|
(114)
|
(3)
|
-
|
-
|
-
|
-
|
Transfers to Stage 3
|
(64)
|
-
|
(67)
|
(6)
|
131
|
6
|
-
|
-
|
Transfers from Stage 3
|
17
|
-
|
31
|
1
|
(48)
|
(1)
|
-
|
-
|
Business activity in the year
|
410
|
-
|
-
|
-
|
-
|
-
|
410
|
-
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
334
|
(6)
|
28
|
22
|
39
|
61
|
401
|
77
|
Final repayments
|
(351)
|
-
|
(67)
|
(1)
|
(29)
|
(1)
|
(447)
|
(2)
|
Disposals
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Write-offs1
|
-
|
-
|
-
|
-
|
(7)
|
(7)
|
(7)
|
(7)
|
As at 30 June 20202
|
9,670
|
12
|
879
|
54
|
1,142
|
350
|
11,691
|
416
|
|
|
|
|
|
|
|
|
|
Credit cards, unsecured loans and other retail lending
|
||||||||
As at 1 January 2020
|
29,541
|
362
|
4,450
|
784
|
2,129
|
1,471
|
36,120
|
2,617
|
Transfers from Stage 1 to Stage 2
|
(3,520)
|
(78)
|
3,520
|
78
|
-
|
-
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
948
|
134
|
(948)
|
(134)
|
-
|
-
|
-
|
-
|
Transfers to Stage 3
|
(153)
|
(10)
|
(397)
|
(171)
|
550
|
181
|
-
|
-
|
Transfers from Stage 3
|
21
|
4
|
50
|
5
|
(71)
|
(9)
|
-
|
-
|
Business activity in the year
|
2,416
|
23
|
66
|
11
|
5
|
1
|
2,487
|
35
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
(3,447)
|
55
|
259
|
824
|
160
|
513
|
(3,028)
|
1,392
|
Final repayments
|
(1,472)
|
(10)
|
(94)
|
(12)
|
(63)
|
(4)
|
(1,629)
|
(26)
|
Transfers to Barclays Group3
|
(2,182)
|
(16)
|
(92)
|
(25)
|
(47)
|
(41)
|
(2,321)
|
(82)
|
Disposals4
|
(1,493)
|
(8)
|
(183)
|
(20)
|
(71)
|
(45)
|
(1,747)
|
(73)
|
Write-offs1
|
-
|
-
|
-
|
-
|
(556)
|
(556)
|
(556)
|
(556)
|
As at 30 June 20202
|
20,659
|
456
|
6,631
|
1,340
|
2,036
|
1,511
|
29,326
|
3,307
|
1
|
In H1 2020, gross write-offs amounted to £643m (H1 2019:
£627m) and post write-off recoveries amounted to £1m (H1
2019: £47m). Net write-offs represent gross write-offs less
post write-off recoveries and amounted to £642m (H1 2019:
£580m).
|
2
|
Other financial assets subject to impairment excluded in the tables
above include cash collateral and settlement balances, financial
assets at fair value through other comprehensive income and other
assets. These have a total gross exposure of £187.1bn
(December 2019: £125.5bn) and impairment allowance of
£168m (December 2019: £22m). This comprises £33m ECL
(December 2019: £10m) on £181.7bn Stage 1 assets
(December 2019: £124.7bn), £20m (December 2019: £2m)
on £5.3bn Stage 2 fair value through other comprehensive
income assets, cash collateral and settlement assets (December
2019: £0.8bn) and £115m (December 2019: £10m) on
£115m Stage 3 other assets (December 2019:
£10m).
|
3
|
Transfers to Barclays Group reported within Credit cards, unsecured
loans and other retail lending portfolio includes the transfer of
the Barclays Partner Finance retail portfolio to Barclays Principal
Investments Limited during the period.
|
4
|
Disposals reported within Credit cards, unsecured loans and other
retail lending portfolio include sale of the motor financing
business from the Barclays Partner Finance business.
|
Loans and advances at amortised cost
|
||||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
||||
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Wholesale loans
|
|
|
|
|
|
|
|
|
As at 1 January 2020
|
89,200
|
114
|
7,515
|
234
|
1,163
|
383
|
97,878
|
731
|
Transfers from Stage 1 to Stage 2
|
(24,051)
|
(55)
|
24,051
|
55
|
-
|
-
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
1,589
|
12
|
(1,589)
|
(12)
|
-
|
-
|
-
|
-
|
Transfers to Stage 3
|
(688)
|
(2)
|
(507)
|
(39)
|
1,195
|
41
|
-
|
-
|
Transfers from Stage 3
|
139
|
-
|
109
|
1
|
(248)
|
(1)
|
-
|
-
|
Business activity in the year
|
19,309
|
19
|
4,128
|
212
|
42
|
12
|
23,479
|
243
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
10,474
|
136
|
4,791
|
334
|
349
|
539
|
15,614
|
1,009
|
Final repayments
|
(20,273)
|
(18)
|
(1,606)
|
(15)
|
(260)
|
(36)
|
(22,139)
|
(69)
|
Disposals
|
-
|
-
|
(9)
|
-
|
-
|
-
|
(9)
|
-
|
Write-offs1
|
-
|
-
|
-
|
-
|
(80)
|
(80)
|
(80)
|
(80)
|
As at 30 June 20202
|
75,699
|
206
|
36,883
|
770
|
2,161
|
858
|
114,743
|
1,834
|
|
|
|
|
|
|
|
|
|
Reconciliation of ECL movement to impairment charge/(release) for
the period
|
£m
|
|||||||
Home loans
|
|
|
|
|
|
|
|
75
|
Credit cards, unsecured loans and other retail lending
|
|
1,319
|
||||||
Wholesale loans
|
|
1,183
|
||||||
ECL movement excluding assets derecognised due to disposals and
write-offs
|
|
2,577
|
||||||
Recoveries and reimbursements3
|
|
(280)
|
||||||
Exchange and other adjustments4
|
|
(103)
|
||||||
Impairment charge on loan commitments and other financial
guarantees
|
|
331
|
||||||
Impairment charge on other financial assets2
|
|
149
|
||||||
As at 30 June 2020
|
|
|
|
|
|
|
|
2,674
|
1
|
In H1 2020, gross write-offs amounted to £643m (H1 2019:
£627m) and post write-off recoveries amounted to £1m (H1
2019: £47m). Net write-offs represent gross write-offs less
post write-off recoveries and amounted to £642m (H1 2019:
£580m).
|
2
|
Other financial assets subject to impairment
excluded from the tables above include cash collateral and
settlement balances, financial assets at fair value through other
comprehensive income and other assets. These have a total gross
exposure of £187.1bn (December 2019: £125.5bn) and
impairment allowance of £168m (December 2019: £22m). This
comprises £33m ECL (December 2019: £10m) on £181.7bn
Stage 1 assets (December 2019: £124.7bn), £20m (December
2019: £2m) on £5.3bn Stage 2 fair value through other
comprehensive income assets, cash collateral and settlement assets
(December 2019: £0.8bn) and £115m (December 2019:
£10m) on £115m Stage 3 other assets (December 2019:
£10m). |
3
|
Recoveries and reimbursements includes a net gain in relation to
reimbursements from guarantee contracts held with third parties of
£279m and post write off recoveries of £1m.
|
4
|
Includes foreign exchange and interest and fees in
suspense.
|
Loan commitments and financial guarantees
|
||||||||
|
|
|
|
|
||||
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
||||
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Home loans
|
|
|
|
|
|
|
|
|
As at 1 January 2020
|
34
|
-
|
-
|
-
|
-
|
-
|
34
|
-
|
Net transfers between stages
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Business activity in the year
|
136
|
-
|
-
|
-
|
-
|
-
|
136
|
-
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
10
|
-
|
-
|
-
|
-
|
-
|
10
|
-
|
Limit management
|
(19)
|
-
|
-
|
-
|
-
|
-
|
(19)
|
-
|
As at 30 June 2020
|
161
|
-
|
-
|
-
|
-
|
-
|
161
|
-
|
|
|
|
|
|
|
|
|
|
Credit cards, unsecured loans and other retail lending
|
||||||||
As at 1 January 2020
|
78,257
|
22
|
2,053
|
15
|
67
|
14
|
80,377
|
51
|
Net transfers between stages
|
(2,633)
|
2
|
2,394
|
(1)
|
239
|
(1)
|
-
|
-
|
Business activity in the year
|
3,641
|
1
|
57
|
-
|
1
|
1
|
3,699
|
2
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
5,735
|
16
|
(74)
|
27
|
(273)
|
7
|
5,388
|
50
|
Limit management
|
(5,165)
|
-
|
(261)
|
-
|
(4)
|
(3)
|
(5,430)
|
(3)
|
As at 30 June 2020
|
79,835
|
41
|
4,169
|
41
|
30
|
18
|
84,034
|
100
|
|
|
|
|
|
|
|
|
|
Wholesale loans
|
|
|
|
|
|
|
|
|
As at 1 January 2020
|
183,001
|
63
|
12,053
|
97
|
636
|
41
|
195,690
|
201
|
Net transfers between stages
|
(38,412)
|
(22)
|
37,380
|
15
|
1,032
|
7
|
-
|
-
|
Business activity in the year
|
24,878
|
7
|
3,389
|
30
|
107
|
-
|
28,374
|
37
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
10,996
|
13
|
794
|
285
|
(232)
|
(18)
|
11,558
|
280
|
Limit management
|
(36,233)
|
(7)
|
(2,764)
|
(18)
|
(239)
|
-
|
(39,236)
|
(25)
|
As at 30 June 2020
|
144,230
|
54
|
50,852
|
409
|
1,304
|
30
|
196,386
|
493
|
Baseline average macroeconomic variables used in the calculation of
ECL
|
||||
|
2020
|
2021
|
2022
|
Expected Worst Point
|
As at 30.06.20
|
%
|
%
|
%
|
%
|
UK GDP1
|
(8.7)
|
6.1
|
2.9
|
(51.4)
|
UK unemployment2
|
6.6
|
6.5
|
4.4
|
8.0
|
UK HPI3
|
0.6
|
2.0
|
-
|
(1.5)
|
UK bank rate
|
0.2
|
0.1
|
0.1
|
0.1
|
US GDP1
|
(4.2)
|
4.4
|
(0.3)
|
(30.4)
|
US unemployment4
|
9.3
|
7.6
|
5.5
|
13.4
|
US HPI5
|
1.1
|
1.8
|
(0.8)
|
(1.9)
|
US federal funds rate
|
0.5
|
0.3
|
0.3
|
0.3
|
1
|
Average Real GDP seansonally adjusted change in year; expected
worst point using Seasonally Adjusted Annual Rate,
SAAR.
|
2
|
Average UK unemployment rate 16-year+.
|
3
|
Change in average yearly UK HPI = Halifax All Houses, All Buyers
index, relative to prior year end; worst point is based on
cumulative drawdown in year relative to prior year
end.
|
4
|
Average US civilian unemployment rate 16-year+.
|
5
|
Change in average yearly US HPI = FHFA house price index, relative
to prior year end; worst point is based on cumulative drawdown in
year relative to prior year end.
|
Scenario probability weighting
|
|
|
|
|
|
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
|
%
|
%
|
%
|
%
|
%
|
As at 30.06.20
|
|
|
|
|
|
Scenario probability weighting
|
20.3
|
22.4
|
25.4
|
17.5
|
14.4
|
As at 31.12.19
|
|
|
|
|
|
Scenario probability weighting
|
10.1
|
23.1
|
40.8
|
22.7
|
3.3
|
Macroeconomic variables (specific
bases)1
|
|
|
|
|
|
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
As at 30.06.20
|
%
|
%
|
%
|
%
|
%
|
UK GDP2
|
32.7
|
26.4
|
5.4
|
1.6
|
1.2
|
UK unemployment3
|
3.5
|
3.6
|
4.9
|
9.6
|
10.9
|
UK HPI4
|
45.3
|
27.2
|
2.3
|
(15.0)
|
(33.4)
|
UK bank rate3
|
0.1
|
0.1
|
0.2
|
0.3
|
0.2
|
US GDP2
|
19.1
|
13.5
|
3.3
|
2.0
|
(3.1)
|
US unemployment3
|
4.1
|
4.4
|
6.3
|
15.4
|
18.7
|
US HPI4
|
32.3
|
20.9
|
2.3
|
(8.8)
|
(19.7)
|
US federal funds rate3
|
0.3
|
0.3
|
0.3
|
0.4
|
0.4
|
|
|
|
|
|
|
As at 31.12.19
|
|
|
|
|
|
UK GDP2
|
4.2
|
2.9
|
1.6
|
0.2
|
(4.7)
|
UK unemployment3
|
3.4
|
3.8
|
4.2
|
5.7
|
8.7
|
UK HPI4
|
46.0
|
32.0
|
3.1
|
(8.2)
|
(32.4)
|
UK bank rate3
|
0.5
|
0.5
|
0.7
|
2.8
|
4.0
|
US GDP2
|
4.2
|
3.3
|
1.9
|
0.4
|
(3.4)
|
US unemployment3
|
3.0
|
3.5
|
3.9
|
5.3
|
8.5
|
US HPI4
|
37.1
|
23.3
|
3.0
|
0.5
|
(19.8)
|
US federal funds rate3
|
1.5
|
1.5
|
1.7
|
3.0
|
3.5
|
|
|
|
|
|
|
As at 30.06.19
|
|
|
|
|
|
UK GDP2
|
4.5
|
3.1
|
1.7
|
0.3
|
(4.1)
|
UK unemployment3
|
3.4
|
3.9
|
4.3
|
5.7
|
8.8
|
UK HPI4
|
46.4
|
32.6
|
3.2
|
(0.5)
|
(32.1)
|
UK bank rate3
|
0.8
|
0.8
|
1.0
|
2.5
|
4.0
|
US GDP2
|
4.8
|
3.7
|
2.1
|
0.4
|
(3.3)
|
US unemployment3
|
3.0
|
3.4
|
3.7
|
5.2
|
8.4
|
US HPI4
|
36.9
|
30.2
|
4.1
|
-
|
(17.4)
|
US federal funds rate3
|
2.3
|
2.3
|
2.7
|
3.0
|
3.5
|
1
|
UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK
unemployment rate 16-year+; UK HPI = Halifax All Houses, All Buyers
Index; US GDP = Real GDP growth seasonally adjusted; US
unemployment = US civilian unemployment rate 16-year+; US HPI =
FHFA house price index. Forecast period based on 20 quarters from
Q3 2020.
|
2
|
Upside scenario is the highest annual average growth rate based on
seasonally adjusted quarterly annualised rate; 5-year average in
Baseline; downside is the lowest annual average growth rate based
on seasonally adjusted quarterly annualised rate.
|
3
|
Lowest yearly average in Upside scenarios; 5-year average in
Baseline; highest yearly average in Downside
scenarios.
|
4
|
Cumulative growth (trough to peak) in Upside scenarios; 5-year
average in Baseline; cumulative fall (peak-to-trough) in Downside
scenarios.
|
Macroeconomic variables (5-year
averages)1
|
|
|
|
|
|
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
As at 30.06.20
|
%
|
%
|
%
|
%
|
%
|
UK GDP
|
8.9
|
7.2
|
5.4
|
5.2
|
2.8
|
UK unemployment
|
4.0
|
4.3
|
4.9
|
6.2
|
7.2
|
UK HPI
|
7.8
|
5.0
|
2.3
|
(1.4)
|
(5.5)
|
UK bank rate
|
0.4
|
0.3
|
0.2
|
0.1
|
0.1
|
US GDP
|
5.9
|
4.4
|
3.3
|
2.7
|
1.8
|
US unemployment
|
4.4
|
5.1
|
6.3
|
8.4
|
10.9
|
US HPI
|
5.8
|
3.9
|
2.3
|
(0.5)
|
(3.1)
|
US federal funds rate
|
0.6
|
0.5
|
0.3
|
0.3
|
0.3
|
|
|
|
|
|
|
As at 31.12.19
|
|
|
|
|
|
UK GDP
|
3.2
|
2.4
|
1.6
|
0.8
|
(0.7)
|
UK unemployment
|
3.5
|
3.9
|
4.2
|
5.4
|
7.7
|
UK HPI
|
7.9
|
5.7
|
3.1
|
(1.1)
|
(6.5)
|
UK bank rate
|
0.5
|
0.5
|
0.7
|
2.5
|
3.7
|
US GDP
|
3.5
|
2.8
|
1.9
|
1.0
|
(0.5)
|
US unemployment
|
3.1
|
3.6
|
3.9
|
5.0
|
7.5
|
US HPI
|
6.5
|
4.3
|
3.0
|
1.3
|
(3.7)
|
US federal funds rate
|
1.6
|
1.7
|
1.7
|
2.9
|
3.4
|
|
|
|
|
|
|
As at 30.06.19
|
|
|
|
|
|
UK GDP
|
3.4
|
2.6
|
1.7
|
0.9
|
(0.6)
|
UK unemployment
|
3.7
|
4.0
|
4.3
|
5.1
|
7.9
|
UK HPI
|
7.9
|
5.8
|
3.2
|
0.9
|
(6.4)
|
UK bank rate
|
0.8
|
0.8
|
1.0
|
2.3
|
3.7
|
US GDP
|
3.7
|
3.0
|
2.1
|
1.1
|
(0.5)
|
US unemployment
|
3.1
|
3.5
|
3.7
|
4.7
|
7.4
|
US HPI
|
6.5
|
5.4
|
4.1
|
2.4
|
(2.6)
|
US federal funds rate
|
2.3
|
2.3
|
2.7
|
3.0
|
3.4
|
1
|
UK GDP = Real GDP growth seasonally adjusted;
UK unemployment = UK unemployment rate 16-year+; UK HPI = Halifax
All Houses, All Buyers Index; US GDP = Real GDP growth seasonally
adjusted; US unemployment = US civilian unemployment rate 16-year+;
US HPI = FHFA house price index. For GDP and HPI, numbers represent
average of seasonally adjusted quarterly annualised rates. Forecast
period based on 20 quarters from Q3 2020”. |
Management VaR (95%) by asset class
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year ended 30.06.20
|
|
Half year ended 31.12.19
|
|
Half year ended 30.06.19
|
||||||
|
Average
|
High1
|
Low1
|
|
Average
|
High1
|
Low1
|
|
Average
|
High1
|
Low1
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Credit risk
|
22
|
38
|
10
|
|
13
|
17
|
11
|
|
11
|
14
|
8
|
Interest rate risk
|
9
|
17
|
6
|
|
7
|
11
|
5
|
|
5
|
9
|
3
|
Equity risk
|
15
|
35
|
6
|
|
11
|
22
|
5
|
|
9
|
16
|
5
|
Basis risk
|
9
|
14
|
7
|
|
9
|
11
|
7
|
|
7
|
9
|
6
|
Spread risk
|
5
|
9
|
3
|
|
4
|
5
|
3
|
|
4
|
5
|
3
|
Foreign exchange risk
|
4
|
7
|
2
|
|
3
|
5
|
2
|
|
3
|
5
|
2
|
Commodity risk
|
1
|
1
|
-
|
|
1
|
2
|
-
|
|
1
|
1
|
-
|
Inflation risk
|
1
|
2
|
1
|
|
1
|
2
|
1
|
|
2
|
3
|
2
|
Diversification effect1
|
(31)
|
n/a
|
n/a
|
|
(25)
|
n/a
|
n/a
|
|
(21)
|
n/a
|
n/a
|
Total management VaR
|
35
|
57
|
17
|
|
24
|
29
|
18
|
|
21
|
26
|
16
|
1
|
Diversification effects recognise that
forecast losses from different assets or businesses are unlikely to
occur concurrently, hence the expected aggregate loss is lower than
the sum of the expected losses from each area. Historical
correlations between losses are taken into account in making these
assessments. The high and low VaR figures reported for each
category did not necessarily occur on the same day as the high and
low VaR reported as a whole. Consequently, a diversification effect
balance for the high and low VaR figures would not be meaningful
and is therefore omitted from the above table. |
|
As at
|
As at
|
|
30.06.20
|
31.12.19
|
|
£bn
|
£bn
|
Barclays Bank Group liquidity pool
|
234
|
169
|
|
|
|
|
%
|
%
|
Barclays Bank PLC DoLSub liquidity coverage ratio
|
166
|
141
|
Capital ratios1,2,3
|
As at
30.06.20
|
As at
31.12.19
|
CET1
|
14.3%
|
13.9%
|
Tier 1 (T1)
|
17.8%
|
18.1%
|
Total regulatory capital
|
21.0%
|
22.1%
|
Capital resources
|
£m
|
£m
|
CET1 capital
|
27,197
|
22,080
|
T1 capital
|
33,781
|
28,600
|
Total regulatory capital
|
39,965
|
34,955
|
|
|
|
Risk weighted assets (RWAs)
|
190,049
|
158,393
|
Leverage ratio1,4
|
£m
|
£m
|
CRR leverage ratio
|
4.1%
|
3.9%
|
T1 capital
|
33,781
|
28,600
|
CRR leverage exposure
|
817,372
|
731,715
|
1
|
Capital, RWAs and leverage are calculated applying the transitional
arrangements of the CRR as amended by CRR II applicable as at the
reporting date. This includes IFRS 9 transitional arrangements and
the grandfathering of CRR and CRR II non-
compliant capital instruments.
|
2
|
The fully loaded CET1 ratio was 13.8%, with £26,116m of CET1
capital and £189,150m of RWAs calculated without applying the
transitional arrangements of the CRR as amended by CRR II
applicable as at the reporting date.
|
3
|
The Barclays PLC CET1 ratio, as is relevant
for assessing against the conversion trigger in Barclays Bank PLC
Tier 2 Contingent Capital Notes, was 14.2%. For this calculation
CET1 capital and RWAs are calculated applying the transitional
arrangements under the CRR, including the IFRS 9 transitional
arrangements. The benefit of the Financial Services Authority (FSA)
October 2012 interpretation of the transitional provisions,
relating to the implementation of CRD IV, expired in December
2017. |
4
|
Barclays Bank PLC solo-consolidated discloses the CRR Leverage
Ratio and has no binding requirement as at 30 June 2020. Had the UK
leverage rules been applied, which provides a similar exclusion for
qualifying claims on central banks as under CRR II, the 30 June
leverage exposure would have reduced to £713.2bn and the ratio
would have increased to 4.6%. The exclusion for qualifying claims
on central banks under CRR II is subject to PRA approval for all UK
banks and as at 30 June 2020 this approval had not been
given.
|
●
|
an indication of important events that have occurred during the six
months ended 30 June 2020 and their impact on the condensed
consolidated interim financial statements, and a description of the
principal risks and uncertainties for the remaining six months of
the financial year
|
●
|
any related party transactions in the six months ended 30 June 2020
that have materially affected the financial position or performance
of Barclays Bank Group during that period and any changes in the
related party transactions described in the last Annual Report that
could have a material effect on the financial position or
performance of Barclays Bank Group in the six months ended 30 June
2020.
|
James E Staley
|
Steven Ewart
|
Barclays
Bank Group Chief Executive Officer
|
Barclays
Bank Group Chief Financial Officer
|
Chairman
Nigel Higgins
|
Executive Directors
James E Staley
Tushar Morzaria
|
Non-executive Directors
Mike Ashley
Tim Breedon CBE
Mary Anne Citrino
Mohamed A. El-Erian
Dawn Fitzpatrick
Mary Francis CBE
Diane Schueneman
|
●
|
the
condensed consolidated income statement and condensed consolidated
statement of comprehensive income for the period then
ended;
|
●
|
the
condensed consolidated balance sheet as at 30 June
2020;
|
●
|
the
condensed consolidated statement of changes in equity for the
period then ended;
|
●
|
the
condensed consolidated cash flow statement for the period then
ended; and
|
●
|
the
related explanatory notes.
|
Condensed consolidated income statement (unaudited)
|
|||
|
|
|
|
|
|
Half year ended
|
Half year ended
|
|
|
30.06.20
|
30.06.19
|
|
Notes1
|
£m
|
£m
|
Interest and similar income
|
|
3,173
|
3,938
|
Interest and similar expense
|
|
(1,502)
|
(2,117)
|
Net interest income
|
|
1,671
|
1,821
|
Fee and commission income
|
|
3,818
|
3,790
|
Fee and commission expense
|
|
(939)
|
(961)
|
Net fee and commission income
|
3
|
2,879
|
2,829
|
Net trading income
|
|
4,225
|
2,093
|
Net investment income
|
|
(146)
|
337
|
Other income
|
|
8
|
42
|
Total income
|
|
8,637
|
7,122
|
Credit impairment charges
|
|
(2,674)
|
(510)
|
Net operating income
|
|
5,963
|
6,612
|
|
|
|
|
Staff costs
|
|
(2,191)
|
(2,354)
|
Infrastructure, administration and general expenses
|
|
(2,357)
|
(2,488)
|
Litigation and conduct
|
|
(19)
|
(68)
|
Operating expenses
|
|
(4,567)
|
(4,910)
|
|
|
|
|
Share of post-tax results of associates and joint
ventures
|
|
1
|
13
|
Profit on disposal of subsidiaries, associates and joint
ventures
|
|
126
|
10
|
Profit before tax
|
|
1,523
|
1,725
|
Tax charge
|
4
|
(230)
|
(260)
|
Profit after tax
|
|
1,293
|
1,465
|
|
|
|
|
Attributable to:
|
|
|
|
Equity holders of the parent
|
|
960
|
1,171
|
Other equity instrument holders
|
|
333
|
294
|
Profit after tax
|
|
1,293
|
1,465
|
1
|
For notes to the Financial Statements see pages 25 to
44.
|
Condensed consolidated statement of comprehensive income
(unaudited)
|
|||
|
|
|
|
|
|
Half year ended
|
Half year ended
|
|
|
30.06.20
|
30.06.19
|
|
Notes1
|
£m
|
£m
|
Profit after tax
|
|
1,293
|
1,465
|
|
|
|
|
Other comprehensive income/(loss) that
may be recycled to profit or loss2
|
|
||
Currency translation reserve
|
12
|
1,386
|
232
|
Fair value through other comprehensive income reserve
|
12
|
137
|
359
|
Cash flow hedging reserve
|
12
|
1,065
|
612
|
Other
|
|
(6)
|
-
|
Other comprehensive income that may be recycled to
profit
|
|
2,582
|
1,203
|
|
|
|
|
Other comprehensive income/(loss) not recycled to profit or
loss
|
|
||
Retirement benefit remeasurements
|
9
|
645
|
(140)
|
Own credit
|
12
|
496
|
44
|
Other comprehensive income/(loss) not recycled to profit or
loss
|
|
1,141
|
(96)
|
|
|
|
|
Other comprehensive income for the period
|
|
3,723
|
1,107
|
|
|
|
|
Total comprehensive income for the period
|
|
5,016
|
2,572
|
1
|
For notes to the Financial Statements see pages 25 to
44.
|
2
|
Reported net of tax.
|
Condensed consolidated balance sheet (unaudited)
|
|||
|
|
As at
|
As at
|
|
|
30.06.20
|
31.12.19
|
Assets
|
Notes1
|
£m
|
£m
|
Cash and balances at central banks
|
|
155,792
|
125,940
|
Cash collateral and settlement balances
|
|
130,873
|
79,486
|
Loans and advances at amortised cost
|
|
150,203
|
141,636
|
Reverse repurchase agreements and other similar secured
lending
|
|
19,811
|
1,731
|
Trading portfolio assets
|
|
109,461
|
113,337
|
Financial assets at fair value through the income
statement
|
|
155,540
|
129,470
|
Derivative financial instruments
|
|
307,650
|
229,641
|
Financial assets at fair value through other comprehensive
income
|
|
55,161
|
45,406
|
Investments in associates and joint ventures
|
|
30
|
295
|
Goodwill and intangible assets
|
|
1,250
|
1,212
|
Property, plant and equipment
|
|
1,654
|
1,631
|
Current tax assets
|
|
984
|
898
|
Deferred tax assets
|
4
|
2,639
|
2,460
|
Retirement benefit assets
|
9
|
2,848
|
2,108
|
Other assets
|
|
2,062
|
1,421
|
Total assets
|
|
1,095,958
|
876,672
|
|
|
|
|
Liabilities
|
|
|
|
Deposits at amortised cost
|
|
245,737
|
213,881
|
Cash collateral and settlement balances
|
|
113,341
|
67,682
|
Repurchase agreements and other similar secured
borrowing
|
|
4,033
|
2,032
|
Debt securities in issue
|
|
50,496
|
33,536
|
Subordinated liabilities
|
7
|
36,965
|
33,425
|
Trading portfolio liabilities
|
|
50,378
|
35,212
|
Financial liabilities designated at fair value
|
|
222,142
|
204,446
|
Derivative financial instruments
|
|
307,989
|
228,940
|
Current tax liabilities
|
|
310
|
320
|
Deferred tax liabilities
|
4
|
1,084
|
80
|
Retirement benefit liabilities
|
9
|
319
|
313
|
Other liabilities
|
|
5,385
|
5,239
|
Provisions
|
8
|
1,085
|
951
|
Total liabilities
|
|
1,039,264
|
826,057
|
|
|
|
|
Equity
|
|
|
|
Called up share capital and share premium
|
10
|
2,348
|
2,348
|
Other equity instruments
|
11
|
8,323
|
8,323
|
Other reserves
|
12
|
6,319
|
3,235
|
Retained earnings
|
|
39,704
|
36,709
|
Total equity
|
|
56,694
|
50,615
|
|
|
|
|
Total liabilities and equity
|
|
1,095,958
|
876,672
|
1
|
For notes to the Financial Statements see pages 25 to
44.
|
Condensed consolidated statement of changes in equity
(unaudited)
|
|||||
|
Called up share capital and share
premium1
|
Other equity
instruments1
|
Other reserves1
|
Retained earnings
|
Total
|
Half year ended 30.06.20
|
£m
|
£m
|
£m
|
£m
|
£m
|
Balance as at 1 January 2020
|
2,348
|
8,323
|
3,235
|
36,709
|
50,615
|
Profit after tax
|
-
|
333
|
-
|
960
|
1,293
|
Currency translation movements
|
-
|
-
|
1,386
|
-
|
1,386
|
Fair value through other comprehensive income reserve
|
-
|
-
|
137
|
-
|
137
|
Cash flow hedges
|
-
|
-
|
1,065
|
-
|
1,065
|
Retirement benefit remeasurements
|
-
|
-
|
-
|
645
|
645
|
Own credit
|
-
|
-
|
496
|
-
|
496
|
Other
|
-
|
-
|
-
|
(6)
|
(6)
|
Total comprehensive income for the period
|
-
|
333
|
3,084
|
1,599
|
5,016
|
Other equity instruments coupons paid
|
-
|
(333)
|
-
|
-
|
(333)
|
Equity settled share schemes
|
-
|
-
|
-
|
475
|
475
|
Vesting of Barclays PLC shares under equity settled share
schemes
|
-
|
-
|
-
|
(289)
|
(289)
|
Dividends paid
|
-
|
-
|
-
|
(263)
|
(263)
|
Dividends paid - preference shares
|
-
|
-
|
-
|
(28)
|
(28)
|
Capital contribution from Barclays PLC
|
|
|
-
|
1,500
|
1,500
|
Other movements
|
-
|
-
|
-
|
1
|
1
|
Balance as at 30 June 2020
|
2,348
|
8,323
|
6,319
|
39,704
|
56,694
|
|
|
|
|
|
|
Half year ended 31.12.19
|
|
|
|
|
|
Balance as at 1 July 2019
|
2,348
|
9,402
|
4,608
|
36,252
|
52,610
|
Profit after tax
|
-
|
366
|
-
|
949
|
1,315
|
Currency translation movements
|
-
|
-
|
(776)
|
-
|
(776)
|
Fair value through other comprehensive income reserve
|
-
|
-
|
(200)
|
-
|
(200)
|
Cash flow hedges
|
-
|
-
|
(101)
|
-
|
(101)
|
Retirement benefit remeasurements
|
-
|
-
|
-
|
(54)
|
(54)
|
Own credit
|
-
|
-
|
(296)
|
-
|
(296)
|
Other
|
-
|
-
|
-
|
16
|
16
|
Total comprehensive income for the period
|
-
|
366
|
(1,373)
|
911
|
(96)
|
Issue and exchange of other equity instruments
|
-
|
(1,079)
|
-
|
(395)
|
(1,474)
|
Other equity instruments coupons paid
|
-
|
(366)
|
-
|
-
|
(366)
|
Equity settled share schemes
|
-
|
-
|
-
|
194
|
194
|
Vesting of Barclays PLC shares under equity settled share
schemes
|
-
|
-
|
-
|
(9)
|
(9)
|
Dividends paid
|
-
|
-
|
-
|
(233)
|
(233)
|
Dividends paid - preference shares
|
|
|
|
(14)
|
(14)
|
Other movements
|
-
|
-
|
-
|
3
|
3
|
Balance as at 31 December 2019
|
2,348
|
8,323
|
3,235
|
36,709
|
50,615
|
1
|
Details of share capital, other equity instruments and other
reserves are shown on pages 25 to 44.
|
Condensed consolidated statement of changes in equity
(unaudited)
|
|||||||
|
Called up share capital and share
premium1
|
Other equity
instruments1
|
Other reserves1
|
Retained earnings
|
Total
|
Non-controlling interests
|
Total equity
|
Half year ended 30.06.19
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Balance as at 1 January 2019
|
2,348
|
7,595
|
3,361
|
34,405
|
47,709
|
2
|
47,711
|
Profit after tax
|
-
|
294
|
-
|
1,171
|
1,465
|
-
|
1,465
|
Currency translation movements
|
-
|
-
|
232
|
-
|
232
|
-
|
232
|
Fair value through other comprehensive income reserve
|
-
|
-
|
359
|
-
|
359
|
-
|
359
|
Cash flow hedges
|
-
|
-
|
612
|
-
|
612
|
-
|
612
|
Retirement benefit remeasurements
|
-
|
-
|
-
|
(140)
|
(140)
|
-
|
(140)
|
Own credit
|
-
|
-
|
44
|
-
|
44
|
-
|
44
|
Total comprehensive income for the period
|
-
|
294
|
1,247
|
1,031
|
2,572
|
-
|
2,572
|
Issue or exchange of other equity instruments
|
-
|
1,807
|
-
|
(11)
|
1,796
|
-
|
1,796
|
Other equity instruments coupon paid
|
|
(294)
|
|
-
|
(294)
|
-
|
(294)
|
Equity settled share schemes
|
-
|
-
|
-
|
198
|
198
|
-
|
198
|
Vesting of Barclays PLC shares under equity settled share
schemes
|
-
|
-
|
-
|
(340)
|
(340)
|
-
|
(340)
|
Dividends paid - preference shares
|
-
|
-
|
-
|
(27)
|
(27)
|
-
|
(27)
|
Capital contribution from Barclays PLC
|
-
|
-
|
-
|
995
|
995
|
-
|
995
|
Other movements
|
-
|
-
|
-
|
1
|
1
|
(2)
|
(1)
|
Balance as at 30 June 2019
|
2,348
|
9,402
|
4,608
|
36,252
|
52,610
|
-
|
52,610
|
1
|
Details of share capital, other equity instruments and other
reserves are shown on pages 25 to 44.
|
Condensed consolidated cash flow statement (unaudited)
|
|
|
|
Half year ended
|
Half year ended
|
|
30.06.20
|
30.06.19
|
|
£m
|
£m
|
Profit before tax
|
1,523
|
1,725
|
Adjustment for non-cash items
|
301
|
314
|
Net increase in loans and advances at amortised cost
|
(11,096)
|
(6,368)
|
Net increase in deposits at amortised cost
|
32,357
|
15,553
|
Net increase in debt securities in issue
|
16,960
|
3,188
|
Changes in other operating assets and liabilities
|
4,825
|
(16,727)
|
Corporate income tax paid
|
(270)
|
(260)
|
Net cash from operating activities
|
44,600
|
(2,575)
|
Net cash from investing activities
|
(7,022)
|
(9,094)
|
Net cash from financing activities
|
653
|
2,552
|
Effect of exchange rates on cash and cash equivalents
|
7,813
|
652
|
Net increase/(decrease) in cash and cash equivalents
|
46,044
|
(8,465)
|
Cash and cash equivalents at beginning of the period
|
156,016
|
167,357
|
Cash and cash equivalents at end of the period
|
202,060
|
158,892
|
1.
|
Basis of preparation
|
1.
|
Going concern
|
2.
|
Other disclosures
|
2.
|
Segmental reporting
|
Analysis of results by business
|
|
|
|
|
|
Corporate and Investment Bank
|
Consumer, Cards and Payments
|
Head Office
|
Barclays Bank Group
|
Half year ended 30.06.20
|
£m
|
£m
|
£m
|
£m
|
Total income
|
6,973
|
1,742
|
(78)
|
8,637
|
Credit impairment charges
|
(1,320)
|
(1,299)
|
(55)
|
(2,674)
|
Net operating income/(expenses)
|
5,653
|
443
|
(133)
|
5,963
|
Operating expenses
|
(3,458)
|
(1,053)
|
(37)
|
(4,548)
|
Litigation and conduct
|
(4)
|
(8)
|
(7)
|
(19)
|
Total operating expenses
|
(3,462)
|
(1,061)
|
(44)
|
(4,567)
|
Other net income/(expenses)1
|
12
|
115
|
-
|
127
|
Profit/(loss) before tax
|
2,203
|
(503)
|
(177)
|
1,523
|
|
|
|
|
|
As at 30.06.20
|
£bn
|
£bn
|
£bn
|
£bn
|
Total assets
|
1,017.1
|
66.0
|
12.9
|
1,096.0
|
|
Corporate and Investment Bank
|
Consumer, Cards and Payments
|
Head Office
|
Barclays Bank Group
|
Half year ended 30.06.19
|
£m
|
£m
|
£m
|
£m
|
Total income
|
5,149
|
2,193
|
(220)
|
7,122
|
Credit impairment charges
|
(96)
|
(396)
|
(18)
|
(510)
|
Net operating income/(expenses)
|
5,053
|
1,797
|
(238)
|
6,612
|
Operating expenses
|
(3,589)
|
(1,207)
|
(45)
|
(4,841)
|
Litigation and conduct
|
(26)
|
(4)
|
(39)
|
(69)
|
Total operating expenses
|
(3,615)
|
(1,211)
|
(84)
|
(4,910)
|
Other net income/(expenses)1
|
15
|
16
|
(8)
|
23
|
Profit/(loss) before tax
|
1,453
|
602
|
(330)
|
1,725
|
|
|
|
|
|
As at 31.12.19
|
£bn
|
£bn
|
£bn
|
£bn
|
Total assets
|
799.6
|
65.7
|
11.4
|
876.7
|
1
|
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.
|
Split of income by geographic
region1
|
|
|
|
Half year ended
|
Half year ended
|
|
30.06.20
|
30.06.19
|
|
£m
|
£m
|
UK
|
2,835
|
2,089
|
Europe
|
1,240
|
783
|
Americas
|
3,872
|
3,680
|
Africa and Middle East
|
23
|
41
|
Asia
|
667
|
529
|
Total
|
8,637
|
7,122
|
1
|
The geographical analysis is now based on the location of office
where the transactions are recorded, whereas in the prior year it
was based on counterparty location. The approach was changed at
year-end 2019 and is better aligned to the geographical view of the
business following the implementation of structural reform. Prior
year comparatives have been restated.
|
3.
|
Net fee and commission income
|
|
Corporate and Investment Bank
|
Consumer, Cards and Payments
|
Head Office
|
Total
|
Half year ended 30.06.20
|
£m
|
£m
|
£m
|
£m
|
Fee type
|
|
|
|
|
Transactional
|
177
|
968
|
-
|
1,145
|
Advisory
|
260
|
46
|
-
|
306
|
Brokerage and execution
|
654
|
31
|
-
|
685
|
Underwriting and syndication
|
1,468
|
-
|
-
|
1,468
|
Other
|
35
|
100
|
19
|
154
|
Total revenue from contracts with customers
|
2,594
|
1,145
|
19
|
3,758
|
Other non-contract fee income
|
57
|
3
|
-
|
60
|
Fee and commission income
|
2,651
|
1,148
|
19
|
3,818
|
Fee and commission expense
|
(441)
|
(497)
|
(1)
|
(939)
|
Net fee and commission income
|
2,210
|
651
|
18
|
2,879
|
|
Corporate and Investment Bank
|
Consumer, Cards and Payments
|
Head Office
|
Total
|
Half year ended 30.06.19
|
£m
|
£m
|
£m
|
£m
|
Fee type
|
|
|
|
|
Transactional
|
185
|
1,168
|
-
|
1,353
|
Advisory
|
364
|
41
|
-
|
405
|
Brokerage and execution
|
512
|
24
|
-
|
536
|
Underwriting and syndication
|
1,240
|
-
|
-
|
1,240
|
Other
|
62
|
124
|
16
|
202
|
Total revenue from contracts with customers
|
2,363
|
1,357
|
16
|
3,736
|
Other non-contract fee income
|
54
|
-
|
-
|
54
|
Fee and commission income
|
2,417
|
1,357
|
16
|
3,790
|
Fee and commission expense
|
(350)
|
(611)
|
-
|
(961)
|
Net fee and commission income
|
2,067
|
746
|
16
|
2,829
|
4.
|
Tax
|
|
As at
|
As at
|
|
30.06.20
|
31.12.19
|
Deferred tax assets and liabilities
|
£m
|
£m
|
USA
|
2,168
|
2,052
|
Other territories
|
471
|
408
|
Deferred tax assets
|
2,639
|
2,460
|
Deferred tax liabilities – UK
|
(1,084)
|
(80)
|
|
|
|
Analysis of deferred tax assets
|
|
|
Temporary differences
|
2,184
|
1,937
|
Tax losses
|
455
|
523
|
Deferred tax assets
|
2,639
|
2,460
|
5.
|
Dividends on ordinary shares
|
|
Half year ended
30.06.20
|
Half year ended
30.06.19
|
|
||
Dividends paid during the period
|
£m
|
£m
|
Ordinary shares
|
263
|
-
|
Preference shares
|
28
|
27
|
Total
|
291
|
27
|
6.
|
Fair value of financial instruments
|
|
Valuation technique using
|
|
||
|
Quoted market prices
|
Observable inputs
|
Significant unobservable inputs
|
|
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
As at 30.06.20
|
£m
|
£m
|
£m
|
£m
|
Trading portfolio assets
|
49,106
|
57,277
|
3,078
|
109,461
|
Financial assets at fair value through the income
statement
|
1,824
|
148,894
|
4,822
|
155,540
|
Derivative financial instruments
|
8,761
|
291,142
|
7,747
|
307,650
|
Financial assets at fair value through other comprehensive
income
|
13,172
|
41,642
|
347
|
55,161
|
Investment property
|
-
|
-
|
10
|
10
|
Total assets
|
72,863
|
538,955
|
16,004
|
627,822
|
|
|
|
|
|
Trading portfolio liabilities
|
(31,333)
|
(19,045)
|
-
|
(50,378)
|
Financial liabilities designated at fair value
|
(123)
|
(221,664)
|
(355)
|
(222,142)
|
Derivative financial instruments
|
(8,445)
|
(290,612)
|
(8,932)
|
(307,989)
|
Total liabilities
|
(39,901)
|
(531,321)
|
(9,287)
|
(580,509)
|
|
|
|
|
|
As at 31.12.19
|
|
|
|
|
Trading portfolio assets
|
59,968
|
51,105
|
2,264
|
113,337
|
Financial assets at fair value through the income
statement
|
10,300
|
115,008
|
4,162
|
129,470
|
Derivative financial instruments
|
5,439
|
221,048
|
3,154
|
229,641
|
Financial assets at fair value through other comprehensive
income
|
11,577
|
33,400
|
429
|
45,406
|
Investment property
|
-
|
-
|
13
|
13
|
Total assets
|
87,284
|
420,561
|
10,022
|
517,867
|
|
|
|
|
|
Trading portfolio liabilities
|
(19,645)
|
(15,567)
|
-
|
(35,212)
|
Financial liabilities designated at fair value
|
(82)
|
(204,021)
|
(343)
|
(204,446)
|
Derivative financial instruments
|
(5,305)
|
(219,646)
|
(3,989)
|
(228,940)
|
Total liabilities
|
(25,032)
|
(439,234)
|
(4,332)
|
(468,598)
|
|
As at 30.06.20
|
As at 31.12.19
|
||
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|
£m
|
£m
|
£m
|
£m
|
Interest rate derivatives
|
4,152
|
(3,772)
|
605
|
(812)
|
Foreign exchange derivatives
|
655
|
(588)
|
291
|
(298)
|
Credit derivatives
|
193
|
(456)
|
539
|
(342)
|
Equity derivatives
|
2,730
|
(4,099)
|
1,710
|
(2,528)
|
Commodity derivatives
|
17
|
(17)
|
9
|
(9)
|
Corporate debt
|
516
|
-
|
521
|
-
|
Reverse repurchase and repurchase agreements
|
-
|
(176)
|
-
|
(167)
|
Non-asset backed loans
|
4,827
|
-
|
3,280
|
-
|
Asset backed securities
|
740
|
-
|
756
|
-
|
Equity cash products
|
1,145
|
-
|
1,228
|
-
|
Private equity investments
|
126
|
-
|
112
|
-
|
Other1
|
903
|
(179)
|
971
|
(176)
|
Total
|
16,004
|
(9,287)
|
10,022
|
(4,332)
|
1
|
Other includes commercial real estate loans, fund and fund-linked
products, asset backed loans, issued debt, commercial paper,
government sponsored debt and investment property.
|
Level 3 movement analysis
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
Sales
|
Issues
|
Settle- ments
|
Total gains and losses in the period recognised in the income
statement
|
Total gains or losses recognised in OCI
|
Transfers
|
As at 30.06.20
|
|||
|
As at 01.01.20
|
|
|
|
|
Trading income
|
Other income
|
|
In
|
Out
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Corporate debt
|
120
|
25
|
-
|
-
|
-
|
(26)
|
-
|
-
|
4
|
(17)
|
106
|
Non-asset backed loans
|
974
|
1,927
|
(740)
|
-
|
(4)
|
(111)
|
-
|
-
|
97
|
(320)
|
1,823
|
Asset backed securities
|
656
|
249
|
(224)
|
-
|
(76)
|
(12)
|
-
|
-
|
41
|
(11)
|
623
|
Equity cash products
|
392
|
2
|
(4)
|
-
|
-
|
(67)
|
-
|
-
|
28
|
(4)
|
347
|
Other
|
122
|
47
|
-
|
-
|
-
|
2
|
-
|
-
|
8
|
-
|
179
|
Trading portfolio assets
|
2,264
|
2,250
|
(968)
|
-
|
(80)
|
(214)
|
-
|
-
|
178
|
(352)
|
3,078
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-asset backed loans
|
1,964
|
1,050
|
(270)
|
-
|
(112)
|
110
|
-
|
-
|
-
|
-
|
2,742
|
Equity cash products
|
835
|
14
|
-
|
-
|
-
|
(22)
|
(29)
|
-
|
-
|
-
|
798
|
Private equity investments
|
113
|
1
|
(2)
|
-
|
-
|
2
|
4
|
-
|
20
|
(12)
|
126
|
Other
|
1,250
|
1,865
|
(2,017)
|
-
|
(13)
|
(8)
|
55
|
-
|
24
|
-
|
1,156
|
Financial assets at fair value through the income
statement
|
4,162
|
2,930
|
(2,289)
|
-
|
(125)
|
82
|
30
|
-
|
44
|
(12)
|
4,822
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-asset backed loans
|
343
|
79
|
-
|
-
|
(157)
|
-
|
-
|
(3)
|
-
|
-
|
262
|
Asset backed securities
|
86
|
-
|
(1)
|
-
|
-
|
1
|
-
|
(1)
|
-
|
-
|
85
|
Financial assets at fair value through other comprehensive
income
|
429
|
79
|
(1)
|
-
|
(157)
|
1
|
-
|
(4)
|
-
|
-
|
347
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
|
13
|
-
|
(1)
|
-
|
-
|
-
|
(2)
|
-
|
2
|
(2)
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading portfolio liabilities
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued debt
|
(146)
|
-
|
-
|
(3)
|
-
|
-
|
-
|
-
|
(22)
|
14
|
(157)
|
Other
|
(197)
|
-
|
-
|
-
|
-
|
(12)
|
(1)
|
-
|
-
|
12
|
(198)
|
Financial liabilities
designated at fair value
|
(343)
|
-
|
-
|
(3)
|
-
|
(12)
|
(1)
|
-
|
(22)
|
26
|
(355)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate derivatives
|
(206)
|
17
|
-
|
-
|
10
|
268
|
1
|
-
|
300
|
(10)
|
380
|
Foreign exchange derivatives
|
(7)
|
-
|
-
|
-
|
(12)
|
89
|
-
|
-
|
5
|
(8)
|
67
|
Credit derivatives
|
198
|
(258)
|
11
|
-
|
(376)
|
151
|
1
|
-
|
2
|
8
|
(263)
|
Equity derivatives
|
(820)
|
(447)
|
(1)
|
-
|
17
|
(90)
|
-
|
-
|
(5)
|
(23)
|
(1,369)
|
Commodity derivatives
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Net derivative financial
instruments1
|
(835)
|
(688)
|
10
|
-
|
(361)
|
418
|
2
|
-
|
302
|
(33)
|
(1,185)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
5,690
|
4,571
|
(3,249)
|
(3)
|
(723)
|
275
|
29
|
(4)
|
504
|
(373)
|
6,717
|
1
|
Derivative financial instruments are represented on a net basis. On
a gross basis, derivative financial assets were £7,747m and
derivative financial liabilities were £8,932m.
|
Level 3 movement analysis
|
||||||||||
|
Purchases
|
Sales
|
Issues
|
Settle-
ments
|
Total gains and losses in the period recognised in the income
statement
|
Transfers
|
As at 30.06.19
|
|||
|
As at 01.01.19
|
Trading income
|
Other income
|
In
|
Out
|
|||||
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Government and government sponsored debt
|
14
|
2
|
-
|
-
|
-
|
-
|
-
|
-
|
(14)
|
2
|
Corporate debt
|
388
|
70
|
(24)
|
-
|
(31)
|
14
|
-
|
32
|
(74)
|
375
|
Non-asset backed loans
|
2,263
|
1,235
|
(1,260)
|
-
|
(19)
|
12
|
-
|
19
|
(90)
|
2,160
|
Asset backed securities
|
664
|
81
|
(127)
|
-
|
-
|
5
|
-
|
16
|
(29)
|
610
|
Equity cash products
|
136
|
48
|
(13)
|
-
|
-
|
(2)
|
-
|
116
|
(20)
|
265
|
Other
|
148
|
-
|
-
|
-
|
(1)
|
(10)
|
-
|
-
|
(1)
|
136
|
Trading portfolio assets
|
3,613
|
1,436
|
(1,424)
|
-
|
(51)
|
19
|
-
|
183
|
(228)
|
3,548
|
|
|
|
|
|
|
|
|
|
|
|
Non-asset backed loans
|
1,836
|
2
|
-
|
-
|
(132)
|
70
|
-
|
-
|
(1)
|
1,775
|
Equity cash products
|
559
|
9
|
-
|
-
|
(10)
|
4
|
178
|
-
|
-
|
740
|
Private equity investments
|
191
|
4
|
(3)
|
-
|
(1)
|
-
|
(6)
|
-
|
-
|
185
|
Other
|
2,064
|
2,334
|
(2,619)
|
-
|
(2)
|
17
|
9
|
24
|
(840)
|
987
|
Financial assets at fair value through the income
statement
|
4,650
|
2,349
|
(2,622)
|
-
|
(145)
|
91
|
181
|
24
|
(841)
|
3,687
|
|
|
|
|
|
|
|
|
|
|
|
Non-asset backed loans
|
353
|
48
|
-
|
-
|
(55)
|
-
|
-
|
-
|
(218)
|
128
|
Asset backed securities
|
-
|
40
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
40
|
Equity cash products
|
2
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
Financial assets at fair value through other comprehensive
income
|
355
|
88
|
-
|
-
|
(55)
|
-
|
-
|
-
|
(218)
|
170
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
|
9
|
-
|
-
|
-
|
-
|
-
|
(1)
|
-
|
-
|
8
|
|
|
|
|
|
|
|
|
|
|
|
Trading portfolio liabilities
|
(3)
|
-
|
-
|
-
|
-
|
2
|
-
|
(5)
|
-
|
(6)
|
|
|
|
|
|
|
|
-
|
|
|
|
Certificates of deposit, commercial paper and other money market
instruments
|
(10)
|
-
|
-
|
-
|
1
|
-
|
(1)
|
(11)
|
-
|
(21)
|
Issued debt
|
(251)
|
-
|
-
|
(16)
|
1
|
5
|
-
|
(3)
|
1
|
(263)
|
Financial liabilities designated at fair value
|
(261)
|
-
|
-
|
(16)
|
2
|
5
|
(1)
|
(14)
|
1
|
(284)
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate derivatives
|
22
|
(3)
|
-
|
-
|
76
|
116
|
-
|
(107)
|
145
|
249
|
Foreign exchange derivatives
|
7
|
-
|
-
|
-
|
(12)
|
(41)
|
-
|
(51)
|
17
|
(80)
|
Credit derivatives
|
1,050
|
(63)
|
4
|
-
|
(3)
|
86
|
-
|
2
|
3
|
1,079
|
Equity derivatives
|
(607)
|
(122)
|
(5)
|
-
|
23
|
89
|
-
|
(16)
|
292
|
(346)
|
Commodity derivatives
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Net derivative financial
instruments1
|
472
|
(188)
|
(1)
|
-
|
84
|
250
|
-
|
(172)
|
457
|
902
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
8,835
|
3,685
|
(4,047)
|
(16)
|
(165)
|
367
|
179
|
16
|
(829)
|
8,025
|
1
|
Derivative financial instruments are presented on a net basis. On a
gross basis, derivative financial assets were £5,701m and
derivative financial liabilities were £4,799m.
|
|
Half year ended 30.06.20
|
Half year ended 30.06.19
|
||||||
|
Income statement
|
Other compre-hensive income
|
Total
|
Income statement
|
Other compre-hensive income
|
Total
|
||
|
Trading income
|
Other income
|
Trading income
|
Other income
|
||||
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Trading portfolio assets
|
(177)
|
-
|
-
|
(177)
|
21
|
-
|
-
|
21
|
Financial assets at fair value through the income
statement
|
126
|
(24)
|
-
|
102
|
75
|
178
|
-
|
253
|
Financial assets at fair value through other comprehensive
income
|
-
|
-
|
(2)
|
(2)
|
-
|
-
|
-
|
-
|
Investment properties
|
-
|
(2)
|
-
|
(2)
|
-
|
(1)
|
-
|
(1)
|
Trading portfolio liabilities
|
-
|
-
|
-
|
-
|
2
|
-
|
-
|
2
|
Financial liabilities designated at fair value
|
(16)
|
(1)
|
-
|
(17)
|
6
|
-
|
-
|
6
|
Net derivative financial instruments
|
248
|
-
|
-
|
248
|
212
|
-
|
-
|
212
|
Total
|
181
|
(27)
|
(2)
|
152
|
316
|
177
|
-
|
493
|
Sensitivity analysis of valuations using unobservable
inputs
|
|
|||||||
|
As at 30.06.20
|
|
As at 31.12.19
|
|
||||
|
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
|
138
|
-
|
(256)
|
-
|
44
|
-
|
(127)
|
-
|
Foreign exchange derivatives
|
7
|
-
|
(11)
|
-
|
5
|
-
|
(7)
|
-
|
Credit derivatives
|
127
|
-
|
(109)
|
-
|
73
|
-
|
(47)
|
-
|
Equity derivatives
|
151
|
-
|
(158)
|
-
|
114
|
-
|
(119)
|
-
|
Commodity derivatives
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Corporate debt
|
23
|
-
|
(23)
|
|
11
|
-
|
(16)
|
-
|
Non-asset backed loans
|
159
|
4
|
(322)
|
(4)
|
125
|
8
|
(228)
|
(8)
|
Equity cash products
|
164
|
-
|
(206)
|
-
|
123
|
-
|
(175)
|
-
|
Private equity investments
|
18
|
-
|
(19)
|
-
|
16
|
-
|
(25)
|
-
|
Other1
|
2
|
-
|
(2)
|
-
|
1
|
-
|
(1)
|
-
|
Total
|
789
|
4
|
(1,106)
|
(4)
|
512
|
8
|
(745)
|
(8)
|
1
|
Other includes commercial real estate loans, fund and fund-linked
products, asset backed loans, issued debt, commercial paper,
government sponsored debt and investment property.
|
|
As at
|
As at
|
|
30.06.20
|
31.12.19
|
|
£m
|
£m
|
Exit price adjustments derived from market bid-offer
spreads
|
(564)
|
(420)
|
Uncollateralised derivative funding
|
(181)
|
(57)
|
Derivative credit valuation adjustments
|
(378)
|
(135)
|
Derivative debit valuation adjustments
|
148
|
155
|
●
|
Exit
price adjustments derived from market bid-offer spreads increased
by £144m to £564m as a result of movements in market bid
offer spreads.
|
●
|
Uncollateralised
derivative funding increased by £124m to £181m as a
result of widening input funding spreads and an update to
methodology.
|
●
|
Derivative credit
valuation adjustments increased by £243m to £378m as a
result of widening input counterparty credit spreads.
|
●
|
Derivative debit
valuation adjustments decreased by £7m to £148m as a
result of widening input Barclays Bank PLC credit spreads and an
update to methodology.
|
|
As at 30.06.20
|
As at 31.12.19
|
||
|
Carrying amount
|
Fair value
|
Carrying amount
|
Fair value
|
Financial assets
|
£m
|
£m
|
£m
|
£m
|
Loans and advances at amortised cost
|
150,203
|
149,511
|
141,636
|
141,251
|
Reverse repurchase agreements and other similar secured
lending
|
19,811
|
19,811
|
1,731
|
1,731
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
Deposits at amortised cost
|
(245,737)
|
(245,758)
|
(213,881)
|
(213,897)
|
Repurchase agreements and other similar secured
borrowing
|
(4,033)
|
(4,033)
|
(2,032)
|
(2,032)
|
Debt securities in issue
|
(50,496)
|
(50,568)
|
(33,536)
|
(33,529)
|
Subordinated liabilities
|
(36,965)
|
(37,675)
|
(33,425)
|
(34,861)
|
7.
|
Subordinated liabilities
|
|
Half year ended
|
Year ended
|
|
30.06.20
|
31.12.19
|
|
£m
|
£m
|
Opening balance as at 1 January
|
33,425
|
35,327
|
Issuances
|
3,162
|
6,785
|
Redemptions
|
(2,814)
|
(7,804)
|
Other
|
3,192
|
(883)
|
Closing balance
|
36,965
|
33,425
|
8.
|
Provisions
|
|
As at
|
As at
|
|
30.06.20
|
31.12.19
|
|
£m
|
£m
|
Customer redress
|
27
|
71
|
Legal, competition and regulatory matters
|
250
|
374
|
Redundancy and restructuring
|
34
|
63
|
Undrawn contractually committed facilities and
guarantees
|
593
|
252
|
Onerous contracts
|
9
|
20
|
Sundry provisions
|
172
|
171
|
Total
|
1,085
|
951
|
9.
|
Retirement benefits
|
10.
|
Called up share capital
|
11.
|
Other equity instruments
|
12.
|
Other reserves
|
|
As at
|
As at
|
|
30.06.20
|
31.12.19
|
|
£m
|
£m
|
Currency translation reserve
|
4,769
|
3,383
|
Fair value through other comprehensive income reserve
|
(2)
|
(139)
|
Cash flow hedging reserve
|
1,453
|
388
|
Own credit reserve
|
123
|
(373)
|
Other reserves
|
(24)
|
(24)
|
Total
|
6,319
|
3,235
|
13.
|
Contingent liabilities and commitments
|
|
As at
|
As at
|
|
30.06.20
|
31.12.19
|
Contingent liabilities
|
£m
|
£m
|
Guarantees and letters of credit pledged as collateral
security
|
15,825
|
17,006
|
Performance guarantees, acceptances and endorsements
|
6,589
|
6,771
|
Total
|
22,414
|
23,777
|
|
|
|
Commitments
|
|
|
Documentary credits and other short-term trade related
transactions
|
1,162
|
1,291
|
Standby facilities, credit lines and other commitments
|
264,376
|
268,736
|
Total
|
265,538
|
270,027
|
14.
|
Legal, competition and regulatory matters
|
15.
|
Related party transactions
|
|
Half year ended 30.06.20
|
Half year ended 30.06.19
|
||
|
Parent
|
Fellow subsidiaries
|
Parent
|
Fellow subsidiaries
|
|
£m
|
£m
|
£m
|
£m
|
Total income
|
(346)
|
31
|
(275)
|
32
|
Operating expenses
|
(34)
|
(1,443)
|
(46)
|
(1,546)
|
|
|
|
|
|
|
As at 30.06.20
|
As at 31.12.19
|
||
|
Parent
|
Fellow subsidiaries
|
Parent
|
Fellow subsidiaries
|
|
£m
|
£m
|
£m
|
£m
|
Total assets
|
5,793
|
1,952
|
2,097
|
2,165
|
Total liabilities
|
27,262
|
2,531
|
24,876
|
1,600
|
16.
|
Barclays Bank PLC parent condensed balance sheet
|
|
As at
|
As at
|
|
30.06.20
|
31.12.19
|
Assets
|
£m
|
£m
|
Cash and balances at central banks
|
128,461
|
112,287
|
Cash collateral and settlement balances
|
115,391
|
75,822
|
Loans and advances at amortised cost
|
186,606
|
161,663
|
Reverse repurchase agreements and other similar secured
lending
|
22,926
|
4,939
|
Trading portfolio assets
|
73,646
|
79,079
|
Financial assets at fair value through the income
statement
|
187,575
|
162,500
|
Derivative financial instruments
|
304,807
|
229,338
|
Financial assets at fair value through other comprehensive
income
|
53,475
|
43,760
|
Investment in associates and joint ventures
|
16
|
119
|
Investment in subsidiaries
|
16,653
|
16,105
|
Goodwill and intangible assets
|
114
|
115
|
Property, plant and equipment
|
419
|
426
|
Current tax assets
|
1,045
|
946
|
Deferred tax assets
|
1,203
|
1,115
|
Retirement benefit Assets
|
2,797
|
2,062
|
Other assets
|
1,234
|
845
|
Total assets
|
1,096,368
|
891,121
|
|
|
|
Liabilities
|
|
|
Deposits at amortised cost
|
268,286
|
240,631
|
Cash collateral and settlement balances
|
94,744
|
59,448
|
Repurchase agreements and other similar secured
borrowing
|
9,778
|
9,185
|
Debt securities in issue
|
34,926
|
19,883
|
Subordinated liabilities
|
36,937
|
33,205
|
Trading portfolio liabilities
|
53,953
|
45,130
|
Financial liabilities designated at fair value
|
234,510
|
207,765
|
Derivative financial instruments
|
306,288
|
225,607
|
Current tax liabilities
|
287
|
221
|
Deferred tax liabilities
|
1,083
|
80
|
Retirement benefit liabilities
|
105
|
104
|
Other liabilities
|
3,297
|
2,807
|
Provisions
|
885
|
630
|
Total liabilities
|
1,045,079
|
844,696
|
|
|
|
Equity
|
|
|
Called up share capital and share premium
|
2,348
|
2,348
|
Other equity instruments
|
11,089
|
11,089
|
Other reserves
|
2,763
|
678
|
Retained earnings
|
35,089
|
32,310
|
Total equity
|
51,289
|
46,425
|
|
|
|
Total liabilities and equity
|
1,096,368
|
891,121
|
Results timetable1
|
|
|
Date
|
|
|
2020 Annual Report
|
|
|
11
February 2021
|
||
|
|
|
|
|
|
|
|
|
|
% Change3
|
|
Exchange rates2
|
30.06.20
|
31.12.19
|
30.06.19
|
31.12.19
|
30.06.19
|
Period end - USD/GBP
|
1.24
|
1.33
|
1.27
|
(7%)
|
(2%)
|
6 month average - USD/GBP
|
1.26
|
1.26
|
1.29
|
-
|
(2%)
|
3 month average - USD/GBP
|
1.24
|
1.29
|
1.29
|
(4%)
|
(4%)
|
Period end - EUR/GBP
|
1.10
|
1.18
|
1.12
|
(7%)
|
(2%)
|
6 month average - EUR/GBP
|
1.14
|
1.14
|
1.15
|
-
|
(1%)
|
3 month average - EUR/GBP
|
1.13
|
1.16
|
1.14
|
(3%)
|
(1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
For further information please contact
|
|
|
|
|
|
|
|
|
|
|
|
Investor relations
|
Media relations
|
||||
Chris Manners +44 (0) 20 7773 2136
|
Thomas Hoskin +44 (0) 20 7116 4755
|
||||
|
|
|
|
|
|
More information on Barclays Bank PLC can be found on our website:
home.barclays.
|
|||||
|
|
|
|
|
|
Registered office
|
|
|
|
|
|
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20
7116 1000. Company number: 1026167.
|
|
1
|
Note that this date is provisional and subject to
change.
|
2
|
The average rates shown above are derived from daily spot rates
during the year.
|
3
|
The change is the impact to GBP reported information.
|