barc201504296k.htm
 
UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549
 
 
FORM 6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
April 29, 2015
 
Barclays PLC and

Barclays Bank PLC
(Names of Registrants)
 
 
 1 Churchill Place

London E14 5HP
England
(Address of Principal Executive Offices)

 
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.

 
Form 20-F x           Form 40-F

 
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 
Yes           No x

 
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b):

 
This Report is a joint Report on Form 6-K filed by Barclays PLC and Barclays
Bank PLC. All of the issued ordinary share capital of Barclays Bank PLC is
owned by Barclays PLC.

 
This Report comprises:

 
Information given to The London Stock Exchange and furnished pursuant to
General Instruction B to the General Instructions to Form 6-K.


 
 
EXHIBIT INDEX



1st Quarter Results - dated 29 April 2015
 
 
 
 




SIGNATURES

 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
 
 
BARCLAYS PLC
(Registrant)

 
Date: April 29, 2015
 
 
By: /s/ Patrick Gonsalves
----------------------
Patrick Gonsalves
 Deputy Secretary
 
 
 
 
BARCLAYS BANK PLC
(Registrant)



Date: April 29, 2015
By: /s/ Patrick Gonsalves
----------------------
Patrick Gonsalves
  Joint Secretary
 
 
Barclays PLC
Q1 2015 Results Announcement
 
31 March 2015
 
Table of Contents
 
Results Announcement
Page
Performance Highlights
4-6
Group Performance Review
7-9
Quarterly Results Summary
10-11
Quarterly Core Results by Business
12-15
Performance Management
  
·     Returns and equity by business
16-17
·     Margins and balances
18
Condensed Consolidated Financial Statements
19-20
Capital
21-22
Leverage
23
Shareholder Information
24
 
 
BARCLAYS PLC, 1 CHURCHILL PLACE, LONDON, E14 5HP, UNITED KINGDOM. TELEPHONE: +44 (0) 20 7116 1000. COMPANY NO. 48839
 
 
Notes
 
The term Barclays or Group refers to Barclays PLC together with its subsidiaries. Unless otherwise stated, the income statement analysis compares the three months to 31 March 2015 to the corresponding three months of 2014 and balance sheet analysis as at 31 March with comparatives relating to 31 December 2014. The abbreviations '£m' and '£bn' represent millions and thousands of millions of Pounds Sterling respectively; and the abbreviations '$m' and '$bn' represent millions and thousands of millions of US Dollars respectively.
 
The comparatives pre Q214 have been restated to reflect the implementation of the Group structure changes and the reallocation of elements of the Head Office results under the revised business structure. These restatements were detailed in our announcement on 10 July 2014, accessible at http://www.barclays.com/barclays-investor-relations/results-and-reports.
 
References throughout this document to 'provisions for investigations and litigation primarily relating to Foreign Exchange' means 'provisions held for certain aspects of ongoing investigations involving certain authorities and litigation primarily relating to Foreign Exchange.'
 
Adjusted profit before tax, adjusted attributable profit and adjusted performance metrics have been presented to provide a more consistent basis for comparing business performance between periods. Adjusting items are considered to be significant but not representative of the underlying business performance. Items excluded from the adjusted measures are: the impact of own credit; goodwill impairment; provisions for Payment Protection Insurance and claims management costs (PPI) and interest rate hedging redress; gain on US Lehman acquisition assets; provisions for investigations and litigation primarily relating to Foreign Exchange; loss on sale of the Spanish business; Education, Social Housing, and Local Authority (ESHLA) valuation revision; and gain on valuation of a component of the defined retirement benefit liability. As management reviews adjusting items at a Group level, results by business are presented excluding these items.  The reconciliation of adjusted to statutory performance is done at a Group level only.
 
Relevant terms that are used in this document but are not defined under applicable regulatory guidance or International Financial Reporting Standards (IFRS) are explained in the Results glossary that can be accessed at www.Barclays.com/results.
 
The information in this announcement, which was approved by the Board of Directors on 28 April 2015 does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2014, which included certain information required for the Joint Annual Report on Form 20-F of Barclays PLC and Barclays Bank PLC filed with the US Securities and Exchange Commission (SEC) and which contained an unqualified audit report under Section 495 of the Companies Act 2006 (which did not make any statements under Section 498 of the Companies Act 2006), have been delivered to the Registrar of Companies in accordance with Section 441 of the Companies Act 2006.
 
These results will be furnished as a Form 6-K to the SEC as soon as practicable following their publication. Once furnished to the SEC, copies of the Form 6-K will also be available from the Barclays Investor Relations website www.barclays.com/investorrelations and from the SEC's website at http://www.sec.gov.
 
Barclays is a frequent issuer in the debt capital markets and regularly meets with investors via formal road shows and other ad hoc meetings. Consistent with its usual practice, Barclays expects that from time to time over the coming quarter it will meet with investors globally to discuss these results and other matters relating to the Group.
 
Forward-looking statements
 
This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to certain of the Group's plans and its current goals and expectations relating to its future financial condition and performance. Barclays cautions readers that no forward-looking statement is a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as 'may', 'will', 'seek', 'continue', 'aim', 'anticipate', 'target', 'projected', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', 'achieve' or other words of similar meaning. Examples of forward-looking statements include, among others, statements regarding the Group's future financial position, income growth, assets, impairment charges and provisions, business strategy, capital, leverage and other regulatory ratios, payment of dividends (including dividend pay-out ratios), projected levels of growth in the banking and financial markets, projected costs or savings, original and revised commitments and targets in connection with the Transform Programme and Group Strategy Update, run-down of assets and businesses within Barclays Non-Core, estimates of capital expenditures and plans and objectives for future operations, projected employee numbers and other statements that are not historical fact. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. These may be affected by changes in legislation, the development of standards and interpretations under IFRS, evolving practices with regard to the interpretation and application of accounting and regulatory standards, the outcome of current and future legal proceedings and regulatory investigations, future levels of conduct provisions, the policies and actions of governmental and regulatory authorities, geopolitical risks and the impact of competition. In addition, factors including (but not limited to) the following may have an effect: capital, leverage and other regulatory rules (including with regard to the future structure of the Group) applicable to past, current and future periods; UK, US, Africa, Eurozone and global macroeconomic and business conditions; the effects of continued volatility in credit markets; market related risks such as changes in interest rates and foreign exchange rates; effects of changes in valuation of credit market exposures; changes in valuation of issued securities; volatility in capital markets; changes in credit ratings of the Group; the potential for one or more countries exiting the Eurozone; the impact of EU and US sanctions on Russia; the implementation of the Transform Programme; and the success of future acquisitions, disposals and other strategic transactions. A number of these influences and factors are beyond the Group's control. As a result, the Group's actual future results, dividend payments, and capital and leverage ratios may differ materially from the plans, goals, and expectations set forth in the Group's forward-looking statements. Additional risks and factors are identified in our filings with the SEC including our Annual Report on Form 20-F for the fiscal year ended 31 December 2014 (2014 20-F), which are available on the SEC's website at http://www.sec.gov; and in our Annual Report for the fiscal year ended 31 December 2014, which is available on the Barclays Investor Relations website at www.barclays.com/investorrelations.
 
Any forward-looking statements made herein speak only as of the date they are made and it should not be assumed that they have been revised or updated in the light of new information or future events. Except as required by the Prudential Regulation Authority, the Financial Conduct Authority, the London Stock Exchange plc (the LSE) or applicable law, Barclays expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Barclays' expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any additional disclosures that Barclays has made or may make in documents it has published or may publish via the Regulatory News Service of the LSE and/or has filed or may file with the SEC, including the 2014 20-F.
 
 
Performance Highlights 
 
Chief Executive's statement
 
 "This performance represents another quarter of continued delivery, with further progress towards becoming the Go-To Bank.
 
Our Core business, the future of Barclays, generated an adjusted PBT of £2.1bn, up 14% and representing our best quarterly performance in several years. Return on average equity was close to 11%, while return on average tangible equity was above 13%. Personal and Corporate Banking had another good quarter of profit growth, Africa Banking profits were also up considerably and Barclaycard maintained very good returns as we invested for growth in the business. The Investment Bank had a good Q1, with PBT up 37%, representing a performance which is more indicative of the potential of the franchise following the repositioning undertaken last year.
 
Adjusted PBT for the Group increased by 9%, and our fully loaded CET1 ratio improved to 10.6%, in spite of the conduct provisions taken. Costs were down 7%, RWAs in Barclays Non-Core shrank by £10bn in the period, and we can see positive jaws across the Group.
 
This further demonstrates that the Transform strategy is working and, while there is more to do, the business is starting to realise its potential.
 
Resolving legacy conduct issues is also an important part of our plan to transform Barclays. We are working hard to expedite their settlement and have taken further provisions of £800m this quarter, primarily relating to Foreign Exchange.
 
While we still have much to do, I am pleased with how we've begun 2015."
 
Antony Jenkins, Group Chief Executive
 
 
Further progress on Transform: higher Group adjusted profit before tax, driven by positive cost to income jaws in the Core business, partially offset by an increase in Non-Core loss before tax as run down progresses as planned
 
·     Group adjusted profit before tax increased 9% to £1,848m as Core adjusted profit before tax increased 14% to £2,104m. This was partially offset by an increase in Non-Core loss before tax to £256m (Q114: £154m)
 
·     Statutory profit before tax decreased 26% to £1,337m which reflected adjusting items of a net loss of £511m (Q114: net gain of £119m)
 
·     Total adjusted operating expenses decreased 7% to £4,124m, driven by a 49% reduction in Non-Core operating expenses to £239m and a reduction in Core costs to achieve Transform to £109m (Q114: £216m)
 
·     Core income increased 2% to £6,420m, while Core operating expenses were down 2% to £3,885m. Core return on average equity increased to 10.9% (Q114: 10.7%), absorbing an increase in average allocated equity of £7bn to         £47bn
 
·     Non-Core run-down continued, with risk weighted assets (RWAs) reducing £10bn from December 2014 to £65bn. Non-Core dilution of the Group's return on average equity was 3.3% (Q114: 4.2%), having reduced average         allocated equity by £5bn to £10bn
 
·     Fully loaded Common Equity Tier 1 (CET1) ratio increased to 10.6% (December 2014: 10.3%) reflecting an increase in CET1 capital to £41.8bn (December 2014: £41.5bn) and a reduction in RWAs to £396bn (December 2014:        £402bn), largely due to the sale of the Spanish business. The leverage ratio remained stable at 3.7%
 
·     Net tangible asset value per share increased to 288p (December 2014: 285p)
 
Material adjusting items:
 
·     Provisions of £2,050m (Q114: £nil) have been made for investigations and litigation primarily relating to Foreign Exchange.  This includes additional provisions of £800m recognised in Q115
 
·     A £429m (Q114: £nil) gain was recognised as the valuation of a component of the defined retirement benefit liability was aligned to statutory provisions
 
·     An additional PPI redress provision of £150m (Q114: £nil) was recognised based on an updated estimate of future redress and associated costs
 
·     A £118m (Q114: £nil) loss primarily relating to accumulated currency translation reserves recycled upon the completion of the Spanish business sale
 
 
 
Barclays Group results
Adjusted
  
Statutory
for the three months ended
31.03.15
31.03.14
    
31.03.15
31.03.14
  
 
£m
£m
% Change
  
£m
£m
% Change
Total income net of insurance claims
6,430 
6,650 
(3)
  
6,558 
6,769 
(3)
Credit impairment charges and other provisions
(477)
(548)
13 
  
(477)
(548)
13 
Net operating income
5,953 
6,102 
(2)
  
6,081 
6,221 
(2)
Operating expenses
(3,923)
(4,130)
5 
  
(3,494)
(4,130)
15 
Litigation and conduct
(81)
(65)
(25) 
  
(1,031)
(65)
  
Operating expenses excluding costs to achieve Transform
(4,004)
(4,195)
5 
  
(4,525)
(4,195)
(8)
Costs to achieve Transform
(120)
(240)
50 
  
(120)
(240)
50 
Total operating expenses
(4,124)
(4,435)
7 
  
(4,645)
(4,435)
(5)
Loss on sale of the Spanish business
- 
- 
- 
  
(118)
- 
  
Other net income
19 
26 
(27)
  
19 
26 
(27)
Profit before tax
1,848 
1,693 
9 
  
1,337 
1,812 
(26)
Tax charge1
(529)
(561)
6 
  
(612)
(597)
(3)
Profit after tax 
1,319 
1,132 
17 
  
725 
1,215 
(40)
Non-controlling interests
(180)
(201)
10 
  
(180)
(201)
10 
Other equity interests2 
(80)
(49)
(63)
  
(80)
(49)
(63)
Attributable profit
1,059 
882 
20 
  
465 
965 
(52)
               
Performance measures
              
Return on average tangible shareholders' equity2 
8.8%
7.6%
    
4.0%
8.4%
  
Average tangible shareholders' equity (£bn)
49 
47 
    
48 
46 
  
Return on average shareholders' equity2 
7.6%
6.5%
    
3.4%
7.2%
  
Average shareholders' equity (£bn)
57 
55 
    
56 
54 
  
Cost: income ratio
64%
67%
    
71%
66%
  
Loan loss rate (bps)
37 
45 
    
37 
45 
  
               
Basic earnings per share2 
6.5p
5.5p
    
2.9p
6.0p
  
Dividend per share
1.0p
1.0p
    
1.0p
1.0p
  
               
         
Balance sheet and leverage
        
31.03.15
31.12.14
  
Net tangible asset value per share
        
288p
285p
  
Net asset value per share
        
337p
335p
  
Leverage exposure
        
£1,255bn
£1,233bn
  
               
Capital management
        
31.03.15
31.12.14
  
CRD IV fully loaded
              
Common equity tier 1 ratio
        
10.6%
10.3%
  
Common equity tier 1 capital
        
£41.8bn
£41.5bn
  
Tier 1 capital
        
£46.3bn
£46.0bn
  
Risk weighted assets
        
£396bn
£402bn
  
Leverage ratio
        
3.7%
3.7%
  
               
Funding and liquidity
        
31.03.15
31.12.14
  
Group liquidity pool
        
£148bn
£149bn
  
Estimated CRD IV liquidity coverage ratio
        
122%
124%
  
Loan: deposit ratio3 
        
89%
89%
  
               
Adjusted profit reconciliation for the three months ended
    
31.03.15
31.03.14
  
Adjusted profit before tax
        
1,848 
1,693 
  
Own credit
        
128 
119 
  
Gain on valuation of a component of the defined retirement benefit liability
    
429 
- 
  
Provisions for investigations and litigation primarily relating to Foreign Exchange
  
(800)
- 
  
Provision for PPI redress
  
(150)
- 
  
Loss on sale of the Spanish business
        
(118)
- 
  
Statutory profit before tax
        
1,337 
1,812 
  
 
1
The effective tax rate for Q115 is the expected full year rate adjusted for the impact of significant one off items.  The tax impacts of such items, which include adjusting items and the UK bank levy, are recognised in the quarter in which they occur.
2
The profit after tax attributable to other equity holders of £80m (Q114: £49m) is offset by a tax credit recorded in reserves of £16m (Q114: £11m).  The net amount of £64m (Q114: £38m), along with non-controlling interests (NCI) is deducted from profit after tax in order to calculate earnings per share, return on average tangible shareholders' equity and return on average shareholders' equity.
3
Loan: deposit ratio for PCB, Barclaycard, Africa Banking and Non-Core retail.
 
 
Barclays Core and Non-Core results
Barclays Core
  
Barclays Non-Core
for the three months ended
31.03.15
31.03.14
    
31.03.15
31.03.14
  
 
£m
£m
% Change
  
£m
£m
% Change
Total income net of insurance claims
6,420 
6,277 
2 
  
10 
373 
(97)
Credit impairment charges and other provisions
(448)
(481)
7 
  
(29)
(67)
57 
Net operating income/(expense)
5,972 
5,796 
3 
  
(19)
306 
  
Operating expenses
(3,704)
(3,710)
-
  
(219)
(419)
48 
Litigation and conduct
(72)
(43)
(67)
  
(9)
(23)
61 
Costs to achieve Transform
(109)
(216)
50 
  
(11)
(24)
54 
Total operating expenses
(3,885)
(3,969)
2 
  
(239)
(466)
49 
Other net income
17 
20 
(15)
  
2 
6 
(67)
Profit/(loss) before tax
2,104 
1,847 
14 
  
(256)
(154)
(66)
Tax (charge)/credit
(615)
(589)
(4)
  
86 
28 
  
Profit/(loss) after tax 
1,489 
1,258 
18 
  
(170)
(126)
(35)
Non-controlling interests
(164)
(167)
2 
  
(16)
(34)
53 
Other equity interests
(67)
(38)
(76)
  
(13)
(11)
(18)
Attributable profit/(loss)
1,258 
1,053 
19 
  
(199)
(171)
(16)
               
Performance measures
              
Return on average tangible equity1 
13.2%
13.2%
    
(4.4%)
(5.6%)
  
Average allocated tangible equity (£bn)
39
32
    
10
15
  
Return on average equity1 
10.9%
10.7%
    
(3.3%)
(4.2%)
  
Average allocated equity (£bn)
47
40
    
10
15
  
Period end allocated equity (£bn)
47
40
    
10
15
  
Cost: income ratio
61%
63%
    
n/a
n/a
  
Basic earnings per share contribution
7.7p
6.6p
    
(1.2p)
(1.1p)
  
               
Capital management
31.03.15
31.12.14
    
31.03.15
31.12.14
  
Risk weighted assets
£331bn
£327bn
    
£65bn
£75bn
  
Leverage exposure
£1,019bn
£956bn
    
£236bn
£277bn
  
 
 
31.03.15
31.03.14
  
Income by business
£m
£m
% Change
Personal and Corporate Banking
2,174 
2,173 
- 
Barclaycard
1,135 
1,042 
9 
Africa Banking
948 
878 
8 
Investment Bank
2,149 
2,103 
2 
Head Office
14 
81 
(83)
Barclays Core
6,420 
6,277 
2 
Barclays Non-Core
10 
373 
(97)
Barclays Group adjusted income
6,430 
6,650 
(3)
       
 
31.03.15
31.03.14
  
Profit/(loss) before tax by business
£m
£m
% Change
Personal and Corporate Banking
787 
688 
14 
Barclaycard
366 
368 
(1)
Africa Banking
295 
240 
23 
Investment Bank
675 
491 
37 
Head Office
(19)
60 
  
Barclays Core
2,104 
1,847 
14 
Barclays Non-Core
(256)
(154)
(66)
Barclays Group adjusted profit before tax
1,848 
1,693 
9 
       
 
 
1
Return on average equity and average tangible equity for Barclays Non-Core represents its impact on the Group, being the difference between Barclays Group returns and Barclays Core returns. This does not represent the return on average equity and average tangible equity of the Non-Core business.
 
 
Group Performance Review
 
Income statement
 
Group performance
 
 
·     Adjusted profit before tax increased 9% to £1,848m reflecting improvements in the Investment Bank, Personal and Corporate Banking (PCB) and Africa Banking
 
·     Adjusted income decreased 3% to £6,430m as Non-Core income reduced £363m to £10m. This was partially offset by Core income increasing 2% to £6,420m
 
·     Impairment reduced 13% to £477m, with the Group loan loss rate improving 8bps to 37bps
 
·     Adjusted total operating expenses were down 7% to £4,124m, as a result of restructuring savings from Transform programmes, particularly in Non-Core, the Investment Bank and PCB. This included costs to achieve Transform of        £120m (Q114: £240m) and litigation and conduct charges of £81m (Q114: £65m)
 
·     Statutory profit before tax was £1,337m (Q114: £1,812m), which also included £800m (Q114: £nil) of provisions for investigations and litigation primarily relating to Foreign Exchange, an additional £150m (Q114: £nil) provision for       PPI redress, a £118m (Q114: £nil) loss on the sale of the Spanish business, a £429m (Q114: £nil) gain on the valuation of a component of the defined retirement benefit liability and an own credit gain of £128m (Q114: £119m)
 
·     The effective tax rate on adjusted profit before tax decreased to 28.6% (Q114: 33.1%) and the effective tax rate on statutory profit before tax increased to 45.8% (Q114: 32.9%), principally due to non-deductible expenses, including        the provisions for investigations and litigation primarily relating to Foreign Exchange
 
·     Adjusted Group attributable profit was £1,059m (Q114: £882m), resulting in an adjusted Group return on average shareholders' equity of 7.6% (Q114: 6.5%)
 
 
Core performance
 
·     Profit before tax increased 14% to £2,104m, with improvements of 37% to £675m in the Investment Bank, 14% to £787m in PCB and 23% to £295m in Africa Banking
 
·     Income increased 2% to £6,420m
 
       -      Barclaycard income increased 9% to £1,135m reflecting continued net lending growth across all geographies
 
       -      Africa Banking income increased 8% to £948m reflecting an increase in transactional income in South Africa, higher trading income and an increase in net interest income
 
       -      Net interest income in PCB, Barclaycard and Africa Banking increased 6% to £2,955m driven by strong savings income growth in PCB, and volume growth in Barclaycard and Africa Banking. Net interest margin increased 4bps                to 414bps
 
       -      Investment Bank income increased 2% to £2,149m reflecting higher Banking, Macro and Equities income which was partially offset by lower Credit income
 
·     Credit impairment charges improved 7% to £448m, reflecting lower impairments in PCB due to the improving UK economic environment resulting in lower default rates and charges in corporate. This was partially offset by an        increase of 8% in Barclaycard, which was accompanied by loans and advances growth of 15%; the loan loss rate reduced 20bps to 305bps
 
·     Total operating expenses decreased 2% to £3,885m, reflecting savings from Transform programmes, principally in the Investment Bank and PCB, and lower costs to achieve Transform of £109m (Q114: £216m). Barclaycard        operating expenses increased £75m to £490m primarily due to continued business growth
 
·     Attributable profit increased 19% to £1,258m, while average allocated equity increased £7bn to £47bn, resulting in Core return on equity increasing to 10.9% (Q114: 10.7%)
 
 
Non-Core performance
 
·     Loss before tax increased to £256m (Q114: £154m), reflecting:
 
      -      A reduction in income of £363m to £10m following assets and securities run-down, business disposals and a fair value loss on the Education, Social Housing, and Local Authority (ESHLA) portfolio of £149m (Q114: £21m),              partially offset by a £91m release of a provision relating to a litigation matter
 
      -      An improvement in impairment to £29m (Q114: £67m) reflecting, in particular, the disposal of the Spanish business
 
      -      A 49% reduction in total operating expenses to £239m due to savings from Transform programmes, the sale of the Spanish business and reduced costs to achieve Transform
 
·     Non-Core return on equity dilution was 3.3% (Q114: 4.2%), reflecting a reduction in average allocated equity to £10bn (Q114: £15bn)
 
 
Balance sheet and capital
 
Balance sheet
 
·     Total assets increased 4% from 31 December 2014 to £1,416bn
 
       -      Total loans and advances increased £34bn to £504bn driven by a £30bn increase in settlement and cash collateral balances and lending growth of £3bn and £1bn in PCB and Africa Banking respectively
 
       -      Derivative assets increased £40bn to £480bn consistent with the increase in derivative liabilities of £44bn to £484bn. The derivative assets increase was driven by interest rate derivatives of £33bn, as major interest rate               forward curves reduced, and foreign exchange derivatives of £11bn due to depreciation of EUR against USD, GBP and CHF
 
      -      Reverse repurchase agreements and other similar secured lending decreased £8bn to £124bn primarily driven by lower matched book trading due to balance sheet deleveraging
 
·     Customer accounts increased £19bn to £447bn driven by an increase in settlement balances of £13bn and cash collateral balances of £6bn
 
·     Total shareholders' equity including non-controlling interests increased to £67.1bn (December 2014: £66.0bn). Excluding non-controlling interests, shareholders' equity increased to £60.7bn (December 2014: £59.6bn), reflecting a        £0.8bn increase in the currency translation reserve as GBP weakened against USD, a £0.6bn increase in share capital and share premium, due to the issuance of shares under employee share schemes, and an increase in profit after        tax of £0.5bn partially offset by a £0.8bn decrease in other reserves
 
·     Net asset value and net tangible asset value per share increased to 337p (December 2014: 335p) and 288p (December 2014: 285p) respectively
 
 
Leverage exposure
 
·     Leverage exposure increased £22bn to £1,255bn during Q115 due to increases in the Core business, including an increase in settlement balances, partially offset by continued reductions in Non-Core exposure
 
Capital ratios
 
·     The fully loaded CRD IV CET1 ratio increased to 10.6% (December 2014: 10.3%), due to a £6bn reduction in RWAs to £396bn, and an increase in the fully loaded CRD IV CET1 capital of £0.4bn to £41.8bn
 
       -      The increase in CET1 capital was driven by profit for the period of £0.5bn, after absorbing £0.6bn of adjusting items, a £0.4bn increase in other qualifying reserves partially offset by £0.4bn recognised for dividends and a               £0.2bn reduction for the movement in own credit
 
       -      The RWA reduction was mainly driven by a £10bn reduction in Non-Core to £65bn including the sale of the Spanish business and the run-down of legacy structured and credit products
 
·     The leverage ratio remained stable at 3.7% (December 2014: 3.7%), despite an increase in the leverage exposure to £1,255bn (December 2014: £1,233bn)
 
 
Funding and liquidity
 
·     The Group maintained a surplus to its internal and regulatory requirements in Q115 with a liquidity pool of £148bn (December 2014: £149bn). This continues to position the Group for potential credit rating changes as sovereign        support in Barclays Bank PLC credit ratings is assessed. The estimated CRD IV Liquidity Coverage Ratio (LCR) decreased slightly to 122% (December 2014: 124%), equivalent to a surplus of £28bn (December 2014: £30bn)
 
·     Wholesale funding outstanding excluding repurchase agreements was £178bn (December 2014: £171bn). The Group issued £4bn of term funding net of early redemptions during the quarter, of which £2bn was in senior unsecured        debt issued by the holding company, Barclays PLC. These proceeds have been used to subscribe for senior unsecured debt at Barclays Bank PLC, the operating company. This demonstrates further progress on the transition        towards a holding company capital and funding model
 
·     In line with credit rating agencies' intentions to reassess sovereign support in their ratings to reflect evolving regulation, S&P and Moody's took action on Barclays and peers' credit ratings during the quarter. S&P put the A/A-1        ratings of Barclays Bank PLC, the operating company, on "CreditWatch with negative implications" and downgraded Barclays PLC, the holding company, by two notches to BBB/A-2/Stable. Moody's implemented its new Bank        Rating Methodology and reassessed sovereign support in its ratings, which resulted in an affirmation of Barclays Bank PLC's ratings of A2/P-1 and a change of the outlook to Stable from Negative. Moody's also put the ratings of        Barclays PLC (A3/P-2) on review for potential downgrade to Baa3. The outcomes of these reviews are expected to be announced in Q215
 
 
Other matters
 
·     Provisions of £2,471m (December 2014: £1,690m) are held for Legal, Competition and Regulatory matters. This includes provisions of £2,092m (Q114: £nil) for investigations and litigation primarily relating to Foreign Exchange,       £800m of which was recognised in Q115 reflecting developments with certain authorities since the year end reporting date
 
·     The provision for PPI redress was £943m (December 2014: £1,059m) following the recognition of  an additional amount of £150m (Q114: £nil) in Q115 based on an updated estimate of future redress and associated costs
 
·     A £429m (Q114: £nil) gain was recognised as the valuation of a component of the defined retirement benefit liability was revised to use the long term Consumer Price Index rather than the Retail Price Index, consistent with        statutory provisions
 
·     A £118m (Q114: £nil) loss was recognised primarily relating to accumulated currency translation reserves recycled upon the completion of the Spanish business sale
 
 
Dividends
 
·     A first interim dividend of 1.0p will be paid on 15 June 2015
 
Tushar Morzaria, Group Finance Director
 
 
Quarterly Results Summary
 
Barclays results by quarter
Q115
  
Q414
Q314
Q214
Q114
  
Q413
Q313
Q213
£m
£m
£m
£m
£m
£m
£m
£m
Adjusted basis
                    
Total income net of insurance claims
6,430 
  
6,018 
6,378 
6,682 
6,650 
  
6,639 
6,445 
7,078 
Credit impairment charges and other provisions
(477)
  
(573)
(509)
(538)
(548)
  
(718)
(722)
(925)
Net operating income
5,953 
  
5,445 
5,869 
6,144 
6,102 
  
5,921 
5,723 
6,153 
Operating expenses
(3,923)
  
(3,942)
(3,879)
(4,042)
(4,130)
  
(4,500)
(4,223)
(4,282)
Litigation and conduct
(81)
  
(140)
(98)
(146)
(65)
  
(277)
(39)
(77)
Costs to achieve Transform
(120)
  
(339)
(332)
(254)
(240)
  
(468)
(101)
(126)
UK bank levy
- 
  
(462)
- 
- 
- 
  
(504)
- 
- 
Total operating expenses
(4,124)
  
(4,883)
(4,309)
(4,442)
(4,435)
  
(5,749)
(4,363)
(4,485)
Other net income/(expenses)
19 
  
1 
30 
(46)
26 
  
19 
25 
(122)
Adjusted profit before tax
1,848 
  
563 
1,590 
1,656 
1,693 
  
191 
1,385 
1,546 
                     
Adjusting items
                    
Own credit
128 
  
(62)
44 
(67)
119 
  
(95)
(211)
337 
Gain on US Lehman acquisition assets
- 
  
- 
461 
- 
- 
  
- 
- 
259 
ESHLA valuation revision
- 
  
(935)
- 
- 
- 
  
- 
- 
- 
Gain on valuation of a component of the defined retirement benefit liability
429 
  
- 
- 
- 
- 
  
- 
- 
- 
Provisions for investigations and litigation primarily relating to Foreign Exchange
(800)
  
(750)
(500)
- 
- 
  
- 
- 
- 
Provision for PPI and interest rate hedging redress
(150)
  
(200)
(10)
(900)
- 
  
- 
- 
(2,000)
Goodwill impairment
- 
  
- 
- 
- 
- 
  
(79)
- 
- 
Loss on sale of the Spanish business
(118)
  
(82)
(364)
- 
- 
  
- 
- 
- 
Statutory profit/(loss) before tax
1,337 
  
(1,466)
1,221 
689 
1,812 
  
17 
1,174 
142 
Statutory profit/(loss) after tax
725 
  
(1,381)
620 
391 
1,215 
  
(514)
728 
39 
                     
Attributable to:
                    
Ordinary equity holders of the parent
465 
  
(1,679)
379 
161 
965 
  
(642)
511 
(168)
Other equity holders
80 
  
80 
80 
41 
49 
  
- 
- 
- 
Non-controlling interests
180 
  
218 
161 
189 
201 
  
128 
217 
207 
                     
Adjusted performance measures
                    
Return on average tangible shareholders' equity
8.8%
  
1.7%
7.1%
7.5%
7.6%
  
(3.4%)
6.7%
7.4%
Average tangible shareholders' equity
48.7 
  
48.9 
47.6 
47.5 
47.2 
  
47.1 
43.5 
45.2 
Return on average shareholders' equity
7.6%
  
1.5%
6.1%
6.4%
6.5%
  
(2.9%)
5.7%
6.3%
Average shareholders' equity
57.0 
  
57.1 
55.6 
55.3 
54.8 
  
54.9 
51.3 
53.0 
Cost: income ratio
64%
  
81%
68%
66%
67%
  
87%
68%
63%
Loan loss rate (bps)
37 
  
48 
42 
44 
45 
  
59 
58 
71 
Basic earnings/(loss) per share
6.5p
  
1.3p
5.2p
5.4p
5.5p
  
(2.8p)
5.4p
6.2p
                     
Statutory performance measures
                    
Return on average tangible shareholders' equity
4.0%
  
(13.8%)
3.4%
1.4%
8.4%
  
(5.5%)
4.8%
(1.5%)
Average tangible shareholders' equity
48.1 
  
48.3 
46.8 
46.7 
46.4 
  
46.3 
42.8 
44.2 
Return on average shareholders' equity
3.4%
  
(11.8%)
2.9%
1.2%
7.2%
  
(4.7%)
4.0%
(1.3%)
Average shareholders' equity
56.3 
  
56.4 
54.8 
54.5 
54.0 
  
54.1 
50.6 
52.0 
Cost: income ratio
71%
  
116%
70%
81%
66%
  
89%
70%
85%
Basic earnings/(loss) per share
2.9p
  
(10.2p)
2.4p
1.0p
6.0p
  
(4.5p)
3.8p
(1.2p)
                     
 
 
 
Barclays Core
Q115
  
Q414
Q314
Q214
Q114
  
Q413
Q3131 
Q2131 
Income statement information
£m
  
£m
£m
£m
£m
  
£m
£m
£m
Total income net of insurance claims
6,420 
  
5,996 
6,008 
6,397 
6,277 
  
6,189 
6,076 
6,514 
Credit impairment charges and other provisions
(448)
  
(571)
(492)
(456)
(481)
  
(542)
(554)
(558)
Net operating income
5,972 
  
5,425 
5,516 
5,941 
5,796 
  
5,647 
5,522 
5,956 
Operating expenses
(3,704)
  
(3,614)
(3,557)
(3,602)
(3,710)
  
(4,045)
(3,758)
(3,802)
Litigation and conduct
(72)
  
(56)
(16)
(136)
(43)
  
(69)
(18)
(51)
Costs to achieve Transform
(109)
  
(298)
(202)
(237)
(216)
  
(365)
(84)
(64)
UK bank levy
- 
  
(371)
- 
- 
- 
  
(395)
- 
- 
Total operating expenses
(3,885)
  
(4,339)
(3,775)
(3,975)
(3,969)
  
(4,874)
(3,860)
(3,917)
Other net income
17 
  
9 
6 
27 
20 
  
15 
15 
13 
Profit before tax
2,104 
  
1,095 
1,747 
1,993 
1,847 
  
788 
1,677 
2,052 
Attributable profit
1,258 
  
638 
1,002 
1,171 
1,053 
  
601 
1,009 
1,153 
                     
Balance sheet information
£bn
  
£bn
£bn
£bn
£bn
  
£bn
£bn
£bn
Total assets
949.6 
  
886.5 
899.3 
846.3 
863.7 
  
832.4 
n/a
n/a
Risk weighted assets
331.1 
  
326.6 
331.9 
323.6 
330.3 
  
332.6 
n/a
n/a
                     
Performance measures
                    
Return on average tangible equity
13.2%
  
7.0%
11.5%
13.8%
13.2%
  
7.6%
15.1%
16.5%
Average allocated tangible equity (£bn)
38.5 
  
37.0 
35.2 
34.0 
32.2 
  
31.4 
26.7 
27.9 
Return on average equity
10.9%
  
5.8%
9.5%
11.3%
10.7%
  
6.2%
11.8%
13.0%
Average allocated equity (£bn)
46.7 
  
45.0 
43.0 
41.6 
39.6 
  
38.9 
34.2 
35.4 
Cost: income ratio
61%
  
72%
63%
62%
63%
  
79%
64%
60%
 
 
Barclays Non-Core
                    
Income statement information
£m
  
£m
£m
£m
£m
  
£m
£m
£m
Businesses
122 
  
228 
327 
245 
301 
  
322 
354 
370 
Securities and Loans
(73)
  
(142)
106 
66 
87 
  
121 
60 
104 
Derivatives
(39)
  
(64)
(63)
(26)
(15)
  
7 
(46)
90 
Total income net of insurance claims
10 
  
22 
370 
285 
373 
  
450 
368 
564 
Credit impairment charges and other provisions
(29)
  
(2)
(17)
(82)
(67)
  
(176)
(168)
(367)
Net operating (expense)/income
(19)
  
20 
353 
203 
306 
  
274 
200 
197 
Operating expenses
(219)
  
(329)
(321)
(441)
(419)
  
(456)
(464)
(481)
Litigation and conduct
(9)
  
(83)
(82)
(10)
(23)
  
(208)
(21)
(26)
Costs to achieve Transform
(11)
  
(41)
(130)
(17)
(24)
  
(103)
(17)
(62)
UK bank levy
- 
  
(91)
- 
- 
- 
  
(109)
- 
- 
Total operating expenses  
(239)
  
(544)
(533)
(468)
(466)
  
(876)
(502)
(569)
Other net income/(expense)
2 
  
(8)
23 
(72)
6 
  
4 
10 
(135)
Loss before tax
(256)
  
(532)
(157)
(337)
(154)
  
(598)
(292)
(507)
Attributable loss
(199)
  
(448)
(173)
(294)
(171)
  
(997)
(274)
(314)
                     
Balance sheet information
£bn
  
£bn
£bn
£bn
£bn
  
£bn
£bn
£bn
Loans and advances to banks and customers at amortised cost
65.6 
  
63.9 
64.5 
75.5 
83.4 
  
81.9 
n/a
n/a
Loans and advances to customers at fair value
18.5 
  
18.7 
18.1 
17.0 
17.5 
  
17.6 
n/a
n/a
Trading portfolio assets
14.6 
  
15.9 
19.2 
22.9 
29.4 
  
30.7 
n/a
n/a
Derivative financial instrument assets
301.9 
  
285.4 
249.6 
227.0 
231.5 
  
239.3 
n/a
n/a
Derivative financial instrument liabilities
295.6 
  
277.1 
240.0 
215.0 
220.9 
  
228.3 
n/a
n/a
Reverse repurchase agreements and other similar secured lending
42.8 
  
49.3 
73.9 
86.8 
98.3 
  
104.7 
n/a
n/a
Total assets
466.8 
  
471.5 
466.5 
468.6 
498.4 
  
511.2 
n/a
n/a
Customer deposits
20.5 
  
21.6 
22.2 
28.6 
30.7 
  
29.3 
n/a
n/a
Risk weighted assets
64.8 
  
75.3 
81.0 
87.5 
106.0 
  
109.9 
n/a
n/a
                     
Performance measures
                    
Return on average tangible equity
(4.4%)
  
(5.3%)
(4.4%)
(6.3%)
(5.6%)
  
(11.0%)
(8.4%)
(9.1%)
Average allocated tangible equity (£bn)
10.2 
  
11.9 
12.4 
13.5 
15.0 
  
15.7 
16.8 
17.3 
Return on average equity
(3.3%)
  
(4.3%)
(3.4%)
(4.9%)
(4.2%)
  
(9.1%)
(6.1%)
(6.7%)
Average allocated equity (£bn)
10.3 
  
12.1 
12.6 
13.7 
15.2 
  
16.0 
17.1 
17.6 
Period end allocated equity (£bn)
9.7 
  
11.0 
12.1 
12.7 
14.9 
  
15.1 
16.3 
17.5 
 
 
1
RWAs are on a CRD IV fully loaded basis. CRD IV rules came into effect in Q413; therefore no Q313 and Q213 comparatives are available. Average allocated equity and tangible equity are shown on an estimated CRD IV basis. Balance sheet comparative figures have also been restated from Q413 to adopt the offsetting amendments to IAS32, Financial Instruments: Presentation; therefore no Q313 and Q213 comparatives are available.
 
 
Quarterly Core Results by Business
 
Personal and Corporate Banking
Q115
  
Q414
Q314
Q214
Q114
  
Q413
Q3131 
Q2131 
Income statement information
£m
  
£m
£m
£m
£m
  
£m
£m
£m
Total income
2,174 
  
2,231 
2,236 
2,188 
2,173 
  
2,166 
2,252 
2,192 
Credit impairment charges and other provisions
(79)
  
(123)
(129)
(95)
(135)
  
(169)
(153)
(165)
Net operating income
2,095 
  
2,108 
2,107 
2,093 
2,038 
  
1,997 
2,099 
2,027 
Operating expenses
(1,268)
  
(1,219)
(1,232)
(1,256)
(1,298)
  
(1,388)
(1,318)
(1,378)
Costs to achieve Transform
(42)
  
(195)
(90)
(58)
(57)
  
(219)
(73)
(55)
UK bank levy
- 
  
(70)
- 
- 
- 
  
(66)
- 
- 
Total operating expenses  
(1,310)
  
(1,484)
(1,322)
(1,314)
(1,355)
  
(1,673)
(1,391)
(1,433)
Other net income
2 
  
4 
4 
1 
5 
  
3 
1 
7 
Profit before tax
787 
  
628 
789 
780 
688 
  
327 
709 
601 
Attributable profit
576 
  
441 
578 
559 
480 
  
281 
518 
454 
                     
Balance sheet information
£bn
  
£bn
£bn
£bn
£bn
  
£bn
£bn
£bn
Loans and advances to customers at amortised cost
219.0 
  
217.0 
215.7 
216.7 
215.5 
  
212.2 
210.1 
211.3 
Total assets
294.1 
  
285.0 
275.7 
268.1 
271.5 
  
278.5 
278.3 
288.3 
Customer deposits
298.1 
  
299.2 
295.9 
298.3 
297.2 
  
295.9 
289.3 
289.5 
Risk weighted assets
122.5 
  
120.2 
120.0 
117.9 
116.1 
  
118.3 
n/a
n/a
                     
Performance measures
                    
Return on average tangible equity
17.1%
  
13.3%
17.8%
17.5%
14.7%
  
8.6%
15.4%
13.8%
Average allocated tangible equity (£bn)
13.6 
  
13.4 
13.1 
12.9 
13.1 
  
13.1 
13.5 
13.2 
Return on average equity
12.9%
  
10.0%
13.4%
13.1%
11.1%
  
6.5%
11.8%
10.5%
Average allocated equity (£bn)
18.1 
  
17.8 
17.5 
17.2 
17.4 
  
17.4 
17.6 
17.3 
Cost: income ratio
60%
  
67%
59%
60%
62%
  
77%
62%
65%
Loan loss rate (bps)
14 
  
22 
23 
17 
25 
  
31 
28 
30 
                     
Analysis of total income
£m
  
£m
£m
£m
£m
  
£m
£m
£m
Personal
1,009 
  
1,045 
1,061 
1,027 
1,026 
  
1,037 
1,033 
1,018 
Corporate
907 
  
922 
902 
889 
879 
  
866 
956 
911 
Wealth
258 
  
264 
273 
272 
268 
  
263 
263 
263 
Total income
2,174 
  
2,231 
2,236 
2,188 
2,173 
  
2,166 
2,252 
2,192 
                     
Analysis of loans and advances to customers at amortised cost
£bn
  
£bn
£bn
£bn
£bn
  
£bn
£bn
£bn
Personal
137.5 
  
136.8 
136.5 
135.9 
134.9 
  
133.8 
132.7 
132.6 
Corporate
66.5 
  
65.1 
63.1 
64.8 
64.2 
  
62.5 
62.5 
63.4 
Wealth
15.0 
  
15.1 
16.1 
16.0 
16.4 
  
15.9 
14.9 
15.3 
Loans and advances to customers at amortised cost
219.0 
  
217.0 
215.7 
216.7 
215.5 
  
212.2 
210.1 
211.3 
                     
Analysis of customer deposits
                    
Personal
145.3 
  
145.8 
143.0 
141.6 
141.3 
  
140.5 
139.2 
140.1 
Corporate
120.9 
  
122.2 
120.7 
123.7 
120.9 
  
118.5 
114.5 
113.6 
Wealth
31.9 
  
31.2 
32.2 
33.0 
35.0 
  
36.9 
35.6 
35.8 
Customer deposits
298.1 
  
299.2 
295.9 
298.3 
297.2 
  
295.9 
289.3 
289.5 
                     
 
 
1
RWAs are on a CRD IV fully loaded basis. CRD IV rules came into effect in Q413; therefore no Q313 and Q213 comparatives are available. Average allocated equity and tangible equity are shown on an estimated CRD IV basis.
 
 
Barclaycard
Q115
  
Q414
Q314
Q214
Q114
  
Q413
Q3131 
Q2131 
Income statement information
£m
  
£m
£m
£m
£m
  
£m
£m
£m
Total income
1,135 
  
1,109 
1,123 
1,082 
1,042 
  
1,034 
1,050 
1,030 
Credit impairment charges and other provisions
(290)
  
(362)
(284)
(268)
(269)
  
(266)
(290)
(272)
Net operating income
845 
  
747 
839 
814 
773 
  
768 
760 
758 
Operating expenses
(465)
  
(456)
(449)
(420)
(402)
  
(457)
(455)
(424)
Costs to achieve Transform
(25)
  
(50)
(32)
(23)
(13)
  
(38)
(6)
(5)
UK bank levy
- 
  
(29)
- 
- 
- 
  
(22)
- 
- 
Total operating expenses  
(490)
  
(535)
(481)
(443)
(415)
  
(517)
(461)
(429)
Other net income
11 
  
1 
4 
25 
10 
  
5 
12 
7 
Profit before tax
366 
  
213 
362 
396 
368 
  
256 
311 
336 
Attributable profit
259 
  
137 
262 
285 
254 
  
169 
214 
243 
                     
Balance sheet information
£bn
  
£bn
£bn
£bn
£bn
  
£bn
£bn
£bn
Loans and advances to customers at amortised cost
36.8 
  
36.6 
34.8 
33.2 
31.9 
  
31.5 
30.4 
30.1 
Total assets
42.4 
  
41.3 
38.9 
36.2 
35.0 
  
34.4 
33.4 
34.3 
Customer deposits
8.0 
  
7.3 
6.5 
5.9 
5.8 
  
5.1 
4.7 
4.4 
Risk weighted assets
39.9 
  
39.9 
38.6 
37.7 
36.4 
  
35.7 
n/a
n/a
                     
Performance measures
                    
Return on average tangible equity
21.0%
  
11.2%
21.8%
24.7%
22.6%
  
16.1%
20.2%
24.0%
Average allocated tangible equity (£bn)
5.0 
  
4.9 
4.8 
4.6 
4.5 
  
4.2 
4.2 
4.1 
Return on average equity
16.6%
  
9.0%
17.5%
19.7%
18.2%
  
12.7%
15.9%
18.6%
Average allocated equity (£bn)
6.3 
  
6.2 
6.0 
5.8 
5.6 
  
5.3 
5.4 
5.2 
Cost: income ratio
43%
  
48%
43%
41%
40%
  
50%
44%
42%
Loan loss rate (bps)
305 
  
374 
309 
309 
325 
  
320 
360 
343 
 
 
1
RWAs are on a CRD IV fully loaded basis. CRD IV rules came into effect in Q413; therefore no Q313 and Q213 comparatives are available. Average allocated equity and tangible equity are shown on an estimated CRD IV basis.
 
 
Africa Banking
Q115
  
Q414
Q314
Q214
Q114
  
Q413
Q3131 
Q2131 
Income statement information
£m
  
£m
£m
£m
£m
  
£m
£m
£m
Total income net of insurance claims
948 
  
963 
928 
895 
878 
  
980 
1,004 
1,016 
Credit impairment charges and other provisions
(90)
  
(79)
(74)
(100)
(96)
  
(104)
(101)
(131)
Net operating income
858 
  
884 
854 
795 
782 
  
876 
903 
885 
Operating expenses
(559)
  
(591)
(573)
(545)
(537)
  
(616)
(605)
(597)
Costs to achieve Transform
(6)
  
(23)
(11)
(8)
(9)
  
(15)
(2)
(9)
UK bank levy
- 
  
(45)
- 
- 
- 
  
(42)
- 
- 
Total operating expenses
(565)
  
(659)
(584)
(553)
(546)
  
(673)
(607)
(606)
Other net income
2 
  
3 
2 
2 
4 
  
- 
3 
4 
Profit before tax
295 
  
228 
272 
244 
240 
  
203 
299 
283 
Attributable profit
112 
  
88 
91 
78 
103 
  
30 
104 
108 
                     
Balance sheet information
£bn
  
£bn
£bn
£bn
£bn
  
£bn
£bn
£bn
Loans and advances to customers at amortised cost
35.7 
  
35.2 
34.5 
33.8 
35.0 
  
34.9 
36.5 
38.7 
Total assets
57.8 
  
55.5 
54.6 
52.4 
54.1 
  
54.9 
57.3 
61.2 
Customer deposits
35.0 
  
35.0 
33.4 
33.2 
34.0 
  
34.6 
35.4 
37.9 
Risk weighted assets
39.3 
  
38.5 
37.9 
36.5 
36.6 
  
38.0 
n/a
n/a
                     
Performance measures
                    
Return on average tangible equity
14.7%
  
11.9%
13.1%
11.3%
15.5%
  
4.2%
14.1%
12.8%
Average allocated tangible equity (£bn)
3.1 
  
2.9 
2.8 
2.8 
2.7 
  
2.8 
3.0 
3.4 
Return on average equity
10.8%
  
8.7%
9.5%
8.1%
11.1%
  
3.0%
10.0%
9.3%
Average allocated equity (£bn)
4.1 
  
4.0 
3.8 
3.8 
3.7 
  
4.0 
4.1 
4.6 
Cost: income ratio
60%
  
68%
63%
62%
62%
  
69%
60%
60%
Loan loss rate (bps)
94 
  
83 
79 
111 
104 
  
105 
104 
133 
                     
Constant Currency2
                    
Income statement information
£m
  
£m
£m
£m
£m
        
Total income net of insurance claims
948 
  
954 
941 
903 
883 
        
Credit impairment charges and other provisions
(90)
  
(78)
(75)
(101)
(97)
        
Net operating income
858 
  
876 
866 
802 
786 
        
Operating expenses
(559)
  
(585)
(579)
(548)
(541)
        
Costs to achieve Transform
(6)
  
(23)
(11)
(9)
(9)
        
UK bank levy
- 
  
(45)
- 
- 
- 
        
Total operating expenses
(565)
  
(653)
(590)
(557)
(550)
        
Other net income
2 
  
3 
1 
1 
5 
        
Profit before tax
295 
  
226 
277 
246 
241 
        
Attributable profit
112 
  
88 
94 
84 
102 
        
                     
Balance sheet information
£bn
  
£bn
£bn
£bn
£bn
        
Loans and advances to customers at amortised cost
35.7 
  
35.3 
35.1 
34.1 
34.1 
        
Total assets
57.8 
  
55.4 
55.3 
53.0 
52.7 
        
Customer deposits
35.0 
  
35.1 
33.9 
33.5 
33.2 
        
 
 
1
RWAs are on a CRD IV fully loaded basis. CRD IV rules came into effect in Q413; therefore no Q313 and Q213 comparatives are available.
2
Constant currency results are calculated by converting ZAR results into GBP using the average exchange rate for the three months ended 31 March 2015 for the income statement and the 31 March 2015 exchange rate for the balance sheet to eliminate the impact of movement in exchange rates between the periods.
 
 
 
Investment Bank
Q115
  
Q414
Q314
Q214
Q114
  
Q413
Q3131 
Q2131 
Income statement information
£m
  
£m
£m
£m
£m
  
£m
£m
£m
Investment Banking fees
549 
  
527 
410 
661 
513 
  
571 
526 
488 
Lending
83 
  
111 
137 
66 
103 
  
68 
42 
141 
Banking
632 
  
638 
547 
727 
616 
  
639 
568 
629 
Credit 
274 
  
173 
255 
270 
346 
  
231 
308 
239 
Equities
619 
  
431 
395 
629 
591 
  
421 
524 
750 
Macro
624 
  
424 
470 
504 
552 
  
494 
457 
689 
Markets
1,517 
  
1,028 
1,120 
1,403 
1,489 
  
1,146 
1,289 
1,678 
Banking & Markets
2,149 
  
1,666 
1,667 
2,130 
2,105 
  
1,785 
1,857 
2,307 
Other 
- 
  
- 
(2)
24 
(2)
  
(3)
(6)
(7)
Total income
2,149 
  
1,666 
1,665 
2,154 
2,103 
  
1,782 
1,851 
2,300 
Credit impairment releases/(charges) and other provisions
11 
  
(7)
(5)
7 
19 
  
(6)
(10)
10 
Net operating income
2,160 
  
1,659 
1,660 
2,161 
2,122 
  
1,776 
1,841 
2,310 
Operating expenses
(1,454)
  
(1,384)
(1,306)
(1,442)
(1,501)
  
(1,606)
(1,373)
(1,429)
Costs to achieve Transform
(31)
  
(22)
(70)
(152)
(130)
  
(71)
(3)
- 
UK bank levy
- 
  
(218)
- 
- 
- 
  
(236)
- 
- 
Total operating expenses
(1,485)
  
(1,624)
(1,376)
(1,594)
(1,631)
  
(1,913)
(1,376)
(1,429)
Profit/(loss) before tax
675 
  
35 
284 
567 
491 
  
(137)
465 
881 
Attributable profit/(loss)
344 
  
(150)
112 
204 
231 
  
(74)
283 
505 
                     
Balance sheet information
£bn
  
£bn
£bn
£bn
£bn
  
£bn
£bn
£bn
Loans and advances to banks and customers at amortised cost2 
134.4 
  
106.3 
123.1 
117.2 
129.7 
  
104.5 
n/a
n/a
Trading portfolio assets
99.1 
  
94.8 
98.8 
101.2 
101.2 
  
96.6 
n/a
n/a
Derivative financial instrument assets
175.9 
  
152.6 
131.4 
104.2 
99.9 
  
108.7 
n/a
n/a
Derivative financial instrument liabilities
186.0 
  
160.6 
137.6 
109.5 
106.7 
  
116.6 
n/a
n/a
Reverse repurchase agreements and other similar secured lending
58.0 
  
64.3 
82.8 
83.0 
86.6 
  
78.2 
n/a
n/a
Total assets
509.6 
  
455.7 
488.4 
446.2 
469.4 
  
438.0 
n/a
n/a
Risk weighted assets
123.0 
  
122.4 
127.9 
123.9 
125.2 
  
124.4 
n/a
n/a
                     
Performance measures
                    
Return on average tangible equity
9.7%
  
(3.9%)
3.3%
5.6%
6.4%
  
(2.1%)
7.5%
12.8%
Average allocated tangible equity (£bn)
14.5 
  
14.7 
14.2 
14.8 
14.7 
  
14.4 
15.1 
15.8 
Return on average equity
9.1%
  
(3.7%)
3.1%
5.3%
6.1%
  
(2.0%)
7.2%
12.3%
Average allocated equity (£bn)
15.4 
  
15.6 
15.0 
15.5 
15.4 
  
15.1 
15.7 
16.4 
Cost: income ratio
69%
  
97%
83%
74%
78%
  
107%
74%
62%
                     
Head Office
                    
Income statement information
£m
  
£m
£m
£m
£m
  
£m
£m
£m
Total income/(expense)
14 
  
27 
56 
78 
81 
  
227 
(81)
(24)
Credit impairment releases
- 
  
- 
- 
- 
- 
  
3 
- 
- 
Net operating income/(expense)
14 
  
27 
56 
78 
81 
  
230 
(81)
(24)
Operating expenses
(30)
  
(19)
(13)
(76)
(15)
  
(47)
(25)
(25)
Costs to achieve Transform
(5)
  
(8)
- 
5 
(7)
  
(22)
- 
5 
UK bank levy
- 
  
(9)
- 
- 
- 
  
(29)
- 
- 
Total operating expenses  
(35)
  
(36)
(13)
(71)
(22)
  
(98)
(25)
(20)
Other net income/(expense)
2 
  
- 
(3)
(1)
1 
  
7 
(1)
(5)
(Loss)/profit before tax
(19)
  
(9)
40 
6 
60 
  
139 
(107)
(49)
Attributable (loss)/profit
(33)
  
122 
(41)
45 
(15)
  
192 
(110)
(157)
                     
Balance sheet information
£bn
  
£bn
£bn
£bn
£bn
  
£bn
£bn
£bn
Total assets
45.7 
  
49.1 
41.5 
43.3 
33.7 
  
26.6 
n/a
n/a
Risk weighted assets
6.3 
  
5.6 
7.5 
7.6 
16.0 
  
16.2 
n/a
n/a
Average allocated tangible equity
2.3 
  
1.1 
0.3 
(1.1)
(2.8)
  
(3.1)
(9.1)
(8.6)
Average allocated equity
2.8 
  
1.4 
0.7 
(0.7)
(2.5)
  
(2.9)
(8.6)
(8.1)
 
 
1
RWAs are on a CRD IV fully loaded basis. CRD IV rules came into effect in Q413; therefore no Q313 and Q213 comparatives are available. Average allocated equity and tangible equity are shown on an estimated CRD IV basis. Balance sheet comparative figures have also been restated from Q413 to adopt the offsetting amendments to IAS32, Financial Instruments: Presentation; therefore no Q313 and Q213 comparatives for the Investment Bank are available.
2
As at 31 March 2015 loans and advances included £107.1bn (December 2014: £86.4bn) of loans and advances to customers (including settlement balances of £39.3bn (December 2014: £25.8bn) and cash collateral of £38.4bn (December 2014: £32.2bn) and loans and advances to banks of £27.2bn (December 2014: £19.9bn) (including settlement balances of £6.6bn (December 2014: £2.7bn) and cash collateral of £8.4bn (December 2014: £6.9bn)).
 
 
Performance Management
 
Returns and equity by business
     
 
Three months ended
Three months ended
 
31.03.15
31.03.14
Return on average tangible equity
%
%
Personal and Corporate Banking
17.1 
14.7 
Barclaycard
21.0 
22.6 
Africa Banking
14.7 
15.5 
Investment Bank
9.7 
6.4 
Barclays Core excluding Head Office
14.4 
12.3 
Head Office impact1 
(1.2)
0.9 
Barclays Core  
13.2 
13.2 
Barclays Non-Core impact1 
(4.4)
(5.6)
Barclays Group adjusted total
8.8 
7.6 
     
 
Three months ended
Three months ended
 
31.03.15
31.03.14
Return on average equity
%
%
Personal and Corporate Banking
12.9 
11.1 
Barclaycard
16.6 
18.2 
Africa Banking
10.8 
11.1 
Investment Bank
9.1 
6.1 
Barclays Core excluding Head Office
11.9 
10.2 
Head Office impact1 
(1.0)
0.5 
Barclays Core  
10.9 
10.7 
Barclays Non-Core impact1 
(3.3)
(4.2)
Barclays Group adjusted total
7.6 
6.5 
 
 
Three months ended
Three months ended
 
31.03.15
31.03.14
Profit/(loss) attributable to ordinary equity holders of the parent2 
£m
£m
Personal and Corporate Banking
581 
484 
Barclaycard
261 
255 
Africa Banking
112 
103 
Investment Bank
350 
235 
Head Office  
(31)
(16)
Barclays Core
1,273 
1,061 
Barclays Non-Core
(197)
(168)
Barclays Group adjusted total
1,076 
893 
 
 
1
Return on average equity and average tangible equity for Head Office and Barclays Non-Core represents their impact on Barclays Core and the Group respectively. This does not represent the return on average equity and average tangible equity of Head Office or the Non-Core business.
2
The profit after tax attributable to other equity holders of £80m (Q114: £49m) is offset by a tax credit recorded in reserves of £16m (Q114: £11m) allocated across the businesses.  The net amount of £64m, along with NCI, is deducted from profit after tax in order to calculate return on average tangible shareholders' equity and return on average shareholders' equity. Hence, Q115 attributable profit of £1,059m has been adjusted for the tax credit recorded in reserves of £16m (Q114: £11m).
 
 
 
Three months ended
Three months ended
 
31.03.15
31.03.14
Average allocated tangible equity
£bn
£bn
Personal and Corporate Banking
13.6 
13.1 
Barclaycard
5.0 
4.5 
Africa Banking
3.1 
2.7 
Investment Bank
14.5 
14.7 
Head Office1 
2.3 
(2.8)
Barclays Core
38.5 
32.2 
Barclays Non-Core
10.2 
15.0 
Barclays Group adjusted total
48.7 
47.2 
     
 
Three months ended
Three months ended
 
31.03.15
31.03.14
Average allocated equity
£bn
£bn
Personal and Corporate Banking
18.1 
17.4 
Barclaycard
6.3 
5.6 
Africa Banking
4.1 
3.7 
Investment Bank
15.4 
15.4 
Head Office1 
2.8 
(2.5)
Barclays Core
46.7 
39.6 
Barclays Non-Core
10.3 
15.2 
Barclays Group adjusted total
57.0 
54.8 
     
 
31.03.15
31.12.14
Period end allocated equity
£bn
£bn
Personal and Corporate Banking
18.1 
17.9 
Barclaycard
6.2 
6.2 
Africa Banking
4.0 
4.0 
Investment Bank
14.7 
14.7 
Head Office1 
4.2 
2.1 
Barclays Core
47.2 
44.9 
Barclays Non-Core
9.7 
11.0 
Barclays Group adjusted total
56.9 
55.9 
 
 
1
Based on risk weighted assets and capital deductions in Head Office and Other Operations, plus the residual balance of average ordinary shareholders' equity and tangible ordinary shareholders' equity. The residual balance is caused by the Group's fully loaded CRD IV CET1 ratio being on average in the period below the 10.5% used to allocate equity and tangible equity to the businesses.
 
 
Margins and balances
            
 
Three months ended 31.03.15
Three months ended 31.03.14
 
Net interest
income
Average customer assets
Net interest
margin
Net interest
income
Average customer assets
Net interest
margin
 
£m
£m
%
£m
£m
%
Personal and Corporate Banking
 1,601 
 214,645 
3.02 
 1,528 
 207,433 
2.99 
Barclaycard
 821 
 37,909 
8.78 
 746 
 32,911 
9.19 
Africa Banking
 533 
 36,603 
5.91 
 503 
 34,488 
5.91 
Total Personal and Corporate Banking, Barclaycard and Africa Banking
 2,955 
 289,157 
4.14 
 2,777 
 274,832 
4.10 
Other
 76 
    
 321 
    
Total net interest income
 3,031 
    
 3,098 
    
 
 
       
Quarterly analysis for PCB, Barclaycard and Africa Banking
Quarter ended 31.03.15
 
Net interest income
Average customer assets
Net interest margin
 
£m
£m
%
Personal and Corporate Banking
 1,601 
 214,645 
3.02 
Barclaycard
 821 
 37,909 
8.78 
Africa Banking
 533 
 36,603 
5.91 
Total Personal and Corporate Banking, Barclaycard and Africa Banking
 2,955 
 289,157 
4.14 
       
 
Quarter ended 31.12.14
Personal and Corporate Banking
 1,619 
 212,444 
3.02 
Barclaycard
 757 
 36,932 
8.13 
Africa Banking
 546 
 36,465 
5.94 
Total Personal and Corporate Banking, Barclaycard and Africa Banking
 2,922 
 285,841 
4.06 
       
 
Quarter ended 30.09.14
Personal and Corporate Banking
 1,622 
 210,859 
3.05 
Barclaycard
 787 
 35,308 
8.84 
Africa Banking
 540 
 35,026 
6.12 
Total Personal and Corporate Banking, Barclaycard and Africa Banking
 2,949 
 281,193 
4.16 
       
 
Quarter ended 30.06.14
Personal and Corporate Banking
 1,529 
 209,040 
2.93 
Barclaycard
 754 
 33,904 
8.92 
Africa Banking
 504 
 34,660 
5.83 
Total Personal and Corporate Banking, Barclaycard and Africa Banking
 2,787 
 277,604 
4.03 
 
 
Condensed Consolidated Financial Statements
 
Consolidated summary income statement
 
Three months ended
Three months ended
Continuing operations
31.03.15
31.03.2014
 
£m
£m
Total income net of insurance claims
6,558 
6,769 
Credit impairment charges and other provisions
(477)
(548)
Net operating income
6,081 
6,221 
     
Staff costs
(2,213)
(2,943)
Administration and general expenses
(2,432)
(1,492)
Operating expenses
(4,645)
(4,435)
     
Share of post-tax results of associates and joint ventures
20 
26 
(Loss)/profit on disposal of subsidiaries, associates and joint ventures
(119)
- 
Profit before tax
1,337 
1,812 
Tax
(612)
(597)
Profit after tax
725 
1,215 
     
Attributable to:
    
Ordinary equity holders of the parent
465 
965 
Other equity holders
80 
49 
Total equity holders
545 
1,014 
Non-controlling interests
180 
201 
Profit after tax
725 
1,215 
     
Earnings per share from continuing operations
    
Basic earnings per ordinary share1 
2.9p
6.0p
 
1
The profit after tax attributable to other equity holders of £80m (March 2014: £49m) is offset by a tax credit recorded in reserves of £16m (March 2014: £11m). The net amount of £64m (March 2014: £38m), along with NCI, is deducted from profit after tax in order to calculate earnings per share.
 
 
Consolidated summary balance sheet
    
 
As at
As at
 
31.03.15
31.12.2014
Assets
£m
£m
Cash, balances at central banks
33,191 
39,695 
Items in the course of collection from other banks
1,382 
1,210 
Trading portfolio assets
118,601 
114,717 
Financial assets designated at fair value
36,917 
38,300 
Derivative financial instruments
480,144 
439,909 
Available for sale financial investments
95,222 
86,066 
Loans and advances to banks
52,122 
42,111 
Loans and advances to customers
451,715 
427,767 
Reverse repurchase agreements and other similar secured lending
123,581 
131,753 
Other assets
23,534 
36,378 
Total assets
1,416,409 
1,357,906 
     
Liabilities
    
Deposits from banks
69,056 
58,390 
Items in the course of collection due to banks
1,616 
1,177 
Customer accounts
446,514 
427,704 
Repurchase agreements and other similar secured borrowing
115,506 
124,479 
Trading portfolio liabilities
45,460 
45,124 
Financial liabilities designated at fair value
57,302 
56,972 
Derivative financial instruments
483,755 
439,320 
Debt securities in issue
89,203 
86,099 
Subordinated liabilities
21,385 
21,153 
Other liabilities
19,524 
31,530 
Total liabilities
1,349,321 
1,291,948 
     
Equity
    
Called up share capital and share premium
21,381 
20,809 
Other reserves1
3,679 
2,724 
Retained earnings
31,310 
31,712 
Shareholders' equity attributable to ordinary shareholders of the parent
56,370 
55,245 
Other equity instruments
4,323 
4,322 
Total equity excluding non-controlling interests
60,693 
59,567 
Non-controlling interests
6,395 
6,391 
Total equity
67,088 
65,958 
     
Total liabilities and equity
1,416,409 
1,357,906 
     
 
 
Consolidated statement of changes in equity
               
Three months ended 31.03.15
Called up share capital and share premium
Other equity instruments
Other reserves1
Retained earnings
Total
Non-controlling interests
Total
equity
 
£m
£m
£m
£m
£m
£m
£m
Balance at 1 January 2015
20,809 
4,322 
2,724 
31,712 
59,567 
6,391 
65,958 
Profit after tax
- 
80 
- 
465 
545 
180 
725 
Other comprehensive profit after tax for the period
- 
- 
962 
(303)
659 
21 
680 
Issue of shares
572 
- 
- 
150 
722 
- 
722 
Issue and exchange of equity instruments
- 
- 
- 
- 
- 
- 
- 
Dividends
- 
- 
- 
- 
- 
(193)
(193)
Coupons paid on other equity instruments
- 
(80)
- 
16 
(64)
- 
(64)
Treasury shares
- 
- 
(7)
(695)
(702)
- 
(702)
Other movements
- 
1 
- 
(35)
(34)
(4)
(38)
Balance at 31 March 2015
21,381 
4,323 
3,679 
31,310 
60,693 
6,395 
67,088 
               
 
1
Other Reserves includes currency translation reserve of £0.2bn (December 2014: £0.6bn debit), available for sale investments of £0.5bn (December 2014: £0.6bn), cash flow hedge reserve of £2.0bn (December 2014: £1.8bn), other reserves and treasury shares of £0.9bn (December 2014: £0.9bn). 
 
Capital
 
CRD IV capital
 
The Capital Requirements Regulation and Capital Requirements Directive implemented Basel 3 within the EU (collectively known as CRD IV) on 1 January 2014.  The rules are supplemented by Regulatory Technical Standards and the PRA's rulebook, including the implementation of transitional rules. However, rules and guidance are still subject to change as certain aspects of CRD IV are dependent on final technical standards and clarifications to be issued by the EBA and adopted by the European Commission and the PRA. All capital, RWA and leverage calculations reflect Barclays' interpretation of the current rules.
 
Capital ratios
As at
As at
31.03.15
31.12.14
Fully loaded Common Equity Tier 1
10.6%
10.3%
PRA Transitional Common Equity Tier 11,2
10.6%
10.2%
PRA Transitional Tier 13,4
13.3%
13.0%
PRA Transitional Total Capital3,4
16.8%
16.5%
     
Capital resources
£m
£m
Shareholders' equity (excluding non controlling interests) per the balance sheet
 60,693 
59,567 
 - Less: Other equity instruments (recognised as AT1 capital)
(4,323)
(4,322)
Adjustment to retained earnings for foreseeable dividends
(981)
(615)
     
Minority interests (amount allowed in consolidated CET1)
1,249 
1,227 
     
Other regulatory adjustments and deductions:
    
Additional value adjustments (PVA)
(1,984)
(2,199)
Goodwill and intangible assets
(8,255)
(8,127)
Deferred tax assets that rely on future profitability excluding temporary differences
(1,180)
(1,080)
Fair value reserves related to gains or losses on cash flow hedges
(2,029)
(1,814)
Excess of expected losses over impairment
(1,727)
(1,772)
Gains or losses on liabilities at fair value resulting from own credit
497 
658 
Direct and indirect holdings by an institution of own CET1 instruments
(56)
(25)
Other regulatory adjustments
(72)
(45)
Fully loaded CET1 capital
41,833 
41,453 
Regulatory adjustments relating to unrealised gains1 
- 
(583)
PRA Transitional CET1 capital
41,833 
40,870 
     
Additional Tier 1 (AT1) capital
    
Capital instruments and related share premium accounts
4,323 
4,322 
Qualifying AT1 capital (including minority interests) issued by subsidiaries
6,815 
6,870 
Other regulatory adjustments and deductions
(130)
- 
Transitional Additional Tier 1 capital
11,008 
11,192 
PRA Transitional Tier 1 capital
52,841 
52,062 
     
Tier 2 (T2) capital
    
Capital instruments and related share premium accounts
840 
800 
Qualifying T2 capital (including minority interests) issued by subsidiaries
13,126 
13,529 
Other regulatory adjustments and deductions
(254)
(48)
PRA Transitional total regulatory capital
66,553 
66,343 
     
Risk weighted assets
395,899 
401,900 
 
 
1
The transitional regulatory adjustment for unrealised gains is no longer applicable from 1 January 2015 resulting in CET 1 capital on a fully loaded basis being equal to that on a transitional basis.
2
The CRD IV CET1 ratio (FSA October 2012 transitional statement) as applicable to Barclays' Tier 2 Contingent Capital Notes was 12.3% based on £48.5bn of transitional CRD IV CET1 capital and £395.9bn of  RWAs.
3
The PRA transitional capital is based on guidance provided in policy statement PS 7/13 on strengthening capital standards published in December 2013.
4
As at 31 March 2015, Barclays' fully loaded Tier 1 capital was £46,322m, and the fully loaded Tier 1 ratio was 11.7%. Fully loaded total regulatory capital was £61,863m and the fully loaded total capital ratio was 15.6%. The fully loaded Tier 1 capital and total capital measures are calculated without applying the transitional provisions set out in CRD IV and assessing compliance of AT1 and T2 instruments against the relevant criteria in CRD IV.
 
 
 
Movement in Common Equity Tier 1 (CET1) capital
Three months
ended
31.03.15
£m
Opening CET1 capital
41,453 
   
Profit for the period
545 
Movement in own credit
(161)
Movement in dividends
(430)
Retained regulatory capital generated from earnings
(46)
   
Movement in reserves - net impact of share schemes
20 
Movement in available for sale reserves
(55)
Movement in currency translation reserves
813 
Movement in retirement benefits
(314)
Other reserves movements
(34)
Movement in other qualifying reserves
430 
   
Minority interests
22 
Additional value adjustments (PVA)
215 
Goodwill and intangible assets
(128)
Deferred tax assets that rely on future profitability excluding those arising from temporary differences
(100)
Excess of expected loss over impairment
45 
Direct and indirect holdings by an institution of own CET1 instruments
(31)
Other regulatory adjustments
(27)
Movement in regulatory adjustments and deductions
(4)
   
Closing CET 1 capital
41,833 
 
Leverage
 
Leverage ratio requirements
 
In January 2014, the Basel Committee finalised its revised standards (BCBS 270) for calculating the Basel 3 leverage ratio. The European Commission has implemented the amendments into the CRR via a delegated act which came into force from January 2015. The leverage calculation below uses the end-point CRR definition of Tier 1 capital for the numerator and the CRR definition of leverage exposure as adopted by a European Union delegated act.
 
Barclays does not believe that there is a material difference between the BCBS 270 leverage exposure previously disclosed and a leverage exposure calculated in accordance with the delegated act.
 
At 31 March 2015 Barclays leverage ratio was 3.7%, which is in line with the expected minimum fully loaded requirement outlined by the Financial Policy Committee (FPC) of 3.7%, comprising the 3% minimum requirement, and the fully phased-in G-SII buffer.
 
 
Leverage impact
    
     
 
As at 31.03.15
As at 31.12.14
Leverage exposure
£bn
£bn
     
Accounting assets
    
Derivative financial instruments
 480 
 440 
Cash collateral
 80 
 73 
Reverse repurchase agreements
 124 
 132 
Loans and advances and other assets
 732 
 713 
Total IFRS assets
 1,416 
 1,358 
     
Regulatory consolidation adjustments
(8)
(8)
     
Derivatives adjustments
    
Derivatives netting
(436)
(395)
Adjustments to cash collateral
(63)
(53)
Net written credit protection
25 
 27 
Potential Future Exposure on derivatives
176 
179 
Total derivatives adjustments
(298)
(242)
     
Securities financing transactions (SFTs) adjustments
46 
25 
     
Regulatory deductions and other adjustments
(15)
(15)
Weighted off balance sheet commitments
114 
115 
     
Total fully loaded leverage exposure
 1,255 
 1,233 
     
Fully loaded CET 1 capital
 41.8 
41.5 
Fully loaded AT1 capital
 4.5 
4.6 
Fully loaded Tier 1 capital
 46.3 
 46.0 
     
Fully loaded leverage ratio
3.7%
3.7%
 
 
Shareholder Information
 
   
Results timetable1 
Date
Ex-dividend date
7 May 2015
Dividend Record date
8 May 2015
Scrip reference share price set and made available to shareholders
14 May 2015
Cut off time of 4.30 pm (London time) for the receipt of Mandate Forms or Revocation Forms (as applicable)
22 May 2015
Dividend Payment date /first day of dealing in new shares
15 June 2015
2015 interim results announcement
29 July 2015
   
For qualifying US and Canadian resident ADR holders, the first interim dividend of 1p per ordinary share becomes 4p per ADS (representing four shares). The ADR depositary will post the first interim dividend on Monday 15 June 2015 to ADR holders on the record at close of business on Friday 8 May 2015.  The ex-dividend date will be Wednesday 6 May 2015.
 
 
           
       
               % Change3
Exchange rates2
31.03.15
31.12.14
31.03.14
31.12.14
31.03.14
Period end - USD/GBP
1.49 
1.56 
1.67 
(4%)
(11%)
3 Month average - USD/GBP
1.51 
1.58 
1.66 
(4%)
(9%)
Period end - EUR/GBP
1.38 
1.28 
1.21 
8%
14%
3 Month average - EUR/GBP
1.35 
1.27 
1.21 
6%
12%
Period end - ZAR/GBP
18.00 
18.03 
17.54 
-
3%
3 Month average - ZAR/GBP
17.79 
17.75 
17.97 
-
(1%)
           
Share price data
31.03.15
31.12.14
31.03.14
    
Barclays PLC (p)
242.60 
243.50 
233.40 
    
Barclays PLC number of shares (m)
16,717 
16,498 
16,390 
    
Barclays Africa Group Limited (formerly Absa Group Limited) (ZAR)
185.00 
182.00 
149.00 
    
Barclays Africa Group Limited (formerly Absa Group Limited)
number of shares (m)
848 
848 
848 
    
           
For further information please contact
          
           
Investor relations
Media relations
    
Charlie Rozes +44 (0) 20 7116 5752
Will Bowen +44 (0) 20 3134 7744
  
           
More information on Barclays can be found on our website: Barclays.com
    
           
Registered office
          
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000. Company number: 48839
           
Registrar
          
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA United Kingdom.
Tel: 0871 384 20554 from the UK or +44 121 415 7004 from overseas.
          
           
 
Global Systemically Important Institutions
 
Barclays is required by the PRA following an EBA request to publicly disclose the Global Systemically Important Institutions template for the reporting period 31 December 2014. This will be available at: http://www.barclays.com/barclays-investor-relations/investor-news.html on 30 April 2015.
 
 
1
Note that these announcement dates are provisional and subject to change. Any changes to the Scrip Dividend Programme dates will be made available at Barclays.com/dividends.
2
The average rates shown above are derived from daily spot rates during the year used to convert foreign currency transactions into GBP for accounting    purposes. 
3
The change is the impact to GBP reported information.
4
Calls cost 8p per minute plus network extras. Lines open 8.30am to 5.30pm UK time, Monday to Friday, excluding UK public holidays.