1st Quarter Results

RNS Number : 2329L

Barclays PLC

29 April 2020

Barclays PLC

Q1 2020 Results Announcement

31 March 2020

Group Chief Executive Officer's Review

"Barclays is committed to supporting its customers, clients and the UK economy through the crisis. Despite the macroeconomic downturn caused by the COVID-19 pandemic, the Group's position remains robust, reflecting our diversified business model"

"An event like the COVID-19 pandemic makes everyone focus on what's really important right now. For us, that means running the bank safely and soundly, helping our customers and clients through the difficulties they face, supporting the UK economy and the communities where we live and work, and taking care of our colleagues around the world.

I am incredibly proud of the way my colleagues have worked with such dedication and resilience to adapt to the crisis, applying their skills to deliver new products and services, bringing help where it is needed as quickly as we can. From colleagues serving customers in branches and call centres, to our technology teams, to our traders who help our clients to navigate volatile markets. Operationally, it has been extraordinarily challenging to deliver services under very tough conditions and constraints, and those challenges look set to remain in the near term.

We welcome the government and Bank of England's business support programmes and have introduced additional measures to back UK companies ourselves. They are now having a real impact. As at 24 April 2020 we have facilitated significant commercial paper issuance though the Covid Corporate Financing Facility, lent £737m in Coronavirus Business Interruption Loans, approved over 238,000 mortgage and loan payment holidays, and over 6 million customers and clients are currently paying no personal overdraft or business banking charges. We have launched a community aid package; through which we are donating £100m to support those who are being hardest hit by COVID-19. We expect that all of these measures will help to limit the economic and social impact of the pandemic.

The impact of COVID-19 came late in what was until that point a good quarter. Statutory profit before tax was £0.9bn and profit before tax excluding credit impairment charges was £3.0bn. We have taken a £2.1bn credit impairment charge which reflects our initial estimates of the impact of the COVID-19 pandemic.

The strength of Barclays lies in our diversification by business, geography and currency, which allows us to remain resilient through the developing economic downturn.

Q1 represented a strong income performance in the Corporate and Investment Bank (CIB), where our Markets business had a record quarter as we supported our clients through a period of extreme volatility.

Barclays UK, and Consumer, Cards and Payments (CC&P) showed a resilient income performance in Q1 despite challenges that are expected to remain for the rest of the year.

Group return on tangible equity (RoTE) was 5.1% for the quarter, with attributable profit of £604m, and earnings per share (EPS) of 3.5 pence, excluding litigation and conduct.

Barclays remains well capitalised with a common equity tier 1 (CET1) ratio of 13.1%. Given the uncertainty around the developing economic downturn and low interest rate environment, 2020 is expected to be challenging. However, we believe that a RoTE of greater than 10% remains the right target for the bank over time.

In response to a request from the Prudential Regulation Authority (PRA), we cancelled the full year 2019 dividend payment of 6 pence per ordinary share, and the Board will decide on future dividends and its capital returns policy at year-end 2020.

Despite all the challenges we face as a consequence of COVID-19, I am confident Barclays will emerge from this pandemic, well placed to continue to serve our customers and clients, the communities and economies in which we operate, and our shareholders."

James E Staley, Group Chief Executive Officer

Performance Highlights

·	Group RoTE of 5.1% was resilient despite the initial impacts from the COVID-19 pandemic, reflecting the benefits of the Group's diversified business model
·	Group statutory profit before tax was £0.9bn (Q119: £1.5bn) and statutory EPS was 3.5p (Q119: 6.1p)
·	CET1 ratio was 13.1% (December 2019: 13.8%)
·	Tangible net asset value (TNAV) per share increased to 284p (December 2019: 262p) reflecting 3.5p of statutory EPS and positive reserve movements, including retirement benefit re-measurements and currency translation reserves

Returns¹ Group RoTE target of >10% over time	·	Group profit before tax of £0.9bn (Q119: £1.5bn) and EPS of 3.5p (Q119: 6.3p)
		-	Barclays UK RoTE of 6.8% (Q119: 16.4%)
		-	Barclays International RoTE of 6.5% (Q119: 10.6%)
			-	CIB RoTE of 12.1% (Q119: 9.5%)
			-	CC&P RoTE of (22.6)% (Q119: 15.4%)
	·	Given the uncertainty around the developing economic downturn and low interest rate environment, 2020 is expected to be challenging. However, the Group believes that a RoTE of greater than 10% remains the right target for the Group over time
Cost efficiency¹ Cost: income ratio target of <60% over time	·	Group cost: income ratio of 52% (Q119: 62%) and positive cost: income jaws of 20%
	·	Cost control remains important and the Group continues to target a cost: income ratio of <60% over time
Capital and dividends CET1 ratio managed to maintain appropriate headroom above the MDA hurdle²	·	CET1 ratio of 13.1% (December 2019: 13.8%), reflecting profits, net of credit impairment charges not subject to IFRS 9 transitional capital relief, and cancellation of the full year 2019 dividend payment of 6.0p per ordinary share , more than offset by higher Risk Weighted Assets (RWAs), including from increased client activity and market volatility as a result of the pandemic
	·	Barclays intends to manage its capital position to enable it to support customers whilst maintaining appropriate headroom over the Maximum Distributable Amount (MDA) hurdle, which is currently 11.5%. Barclays is comfortable operating below its previously stated CET1 target level, depending on how the stress evolves, and will continue to manage equity capital having regard to the servicing of more senior securities. Barclays also expects its MDA hurdle (in percentage terms) to reduce as a result of some anticipated movements in the Pillar 2A ratio requirement
	·	The Board will decide on future dividends and its capital returns policy at year-end 2020

·	Group profit before tax was £0.9bn (Q119: £1.5bn). Income increased 20%, while operating expenses were stable, resulting in an improved cost: income ratio, excluding litigation and conduct, of 52% (Q119: 62%). Barclays International delivered positive cost: income jaws of 29%, partially offset by Barclays UK negative cost: income jaws of 6%. Credit impairment charges increased to £2.1bn (Q119: £0.4bn). This increase primarily reflects £0.4bn in respect of single name wholesale loan charges in the quarter and £1.2bn net impact from a revised Baseline scenario (the "COVID-19 scenario"), reflecting forecast deterioration in macroeconomic variables (including expected peak unemployment levels and troughs in GDP for the UK and US economies), partially offset by the estimated impact of central bank, government and other support measures
·	Barclays UK profit before tax was £0.2bn (Q119: £0.6bn). Income decreased 4% reflecting ongoing margin pressure and reduced fees as a result of the removal of certain fees in overdrafts and UK cards. Operating expenses increased 2% reflecting higher restructuring spend. Credit impairment charges increased to £0.5bn (Q119: £0.2bn) reflecting impacts from the COVID-19 scenario
·	Barclays International profit before tax was £0.8bn (Q119: £1.1bn). Income grew 30% due to a particularly strong Markets performance within the CIB, while operating expenses increased 1%, resulting in positive cost: income jaws of 29%. Credit impairment charges increased to £1.6bn (Q119: £0.2bn) reflecting single name wholesale loan charges and impacts from the COVID-19 scenario. Higher credit impairment charges within CC&P resulted in a loss before tax of £0.4bn (Q119: profit before tax £0.3bn)

1	Excluding litigation and conduct.
2	Barclays' MDA hurdle as at 31 March 2020 was 11.5% but is expected to fluctuate through the cycle.

Barclays Group results
for the three months ended	31.03.20	31.03.19
	£m	£m	% Change
Total income	6,283	5,252	20
Credit impairment charges	(2,115)	(448)
Net operating income	4,168	4,804	(13)
Operating expenses	(3,253)	(3,257)	-
Litigation and conduct	(10)	(61)	84
Total operating expenses	(3,263)	(3,318)	2
Other net income/(expenses)	8	(3)
Profit before tax	913	1,483	(38)
Tax charge	(71)	(248)	71
Profit after tax	842	1,235	(32)
Non-controlling interests	(16)	(17)	6
Other equity instrument holders	(221)	(180)	(23)
Attributable profit	605	1,038	(42)

Performance measures
Return on average tangible shareholders' equity	5.1%	9.2%
Average tangible shareholders' equity (£bn)	47.0	45.2
Cost: income ratio	52%	63%
Loan loss rate (bps)	223	54
Basic earnings per share	3.5p	6.1p

Performance measures excluding litigation and conduct¹
Profit before tax	923	1,544	(40)
Attributable profit	604	1,084	(44)
Return on average tangible shareholders' equity	5.1%	9.6%
Cost: income ratio	52%	62%
Basic earnings per share	3.5p	6.3p

	As at 31.03.20	As at 31.12.19	As at 31.03.19
Balance sheet and capital management²	£bn	£bn	£bn
Tangible net asset value per share	284p	262p	266p
Common equity tier 1 ratio	13.1%	13.8%	13.0%
Common equity tier 1 capital	42.5	40.8	41.4
Risk weighted assets	325.6	295.1	319.7
Average UK leverage ratio	4.5%	4.5%	4.6%
UK leverage ratio	4.5%	5.1%	4.9%

Funding and liquidity
Group liquidity pool (£bn)	237	211	232
Liquidity coverage ratio	155%	160%	160%
Loan: deposit ratio	79%	82%	80%

1	Refer to pages 33 to 40 for further information and calculations of performance measures excluding litigation and conduct.
2	Refer to pages 23 to 28 for further information on how capital, RWAs and leverage are calculated.

Group Finance Director's Review

Group performance

·	RoTE, excluding litigation and conduct, was resilient at 5.1% (Q119: 9.6%). EPS, excluding litigation and conduct, was 3.5p (Q119: 6.3p), while statutory EPS was also 3.5p (Q119: 6.1p)
·	Profit before tax was £913m (Q119: £1,483m). Excluding litigation and conduct, profit before tax was £923m (Q119: £1,544m), as positive operating leverage from a 20% increase in income and stable operating expenses were offset by materially higher credit impairment charges
·	Total income increased 20% to £6,283m. Barclays UK income decreased 4% due to ongoing margin pressure, including lower interest earning lending (IEL) balances in UK cards and deposit margin compression, and lower fees due to the removal of certain fees in overdrafts and UK cards. Barclays International income increased 30%, with CIB income up 44% and CC&P income down 4%. Within CIB, Markets income increased due to a strong performance in macro, credit, and equity derivatives. Banking fees income increased despite a decline in the overall fee pool¹. Transaction banking income also increased, offset by a reduction in Corporate lending. CC&P income reflected lower balances on co-branded cards and reduced payments activity, partially offset by the positive impact of appreciation in average USD against GBP
·	Credit impairment charges increased to £2,115m (Q119: £448m). This increase reflects £405m in respect of single name wholesale loan charges in the quarter and £1.2bn net impact from a revised Baseline scenario (the "COVID-19 scenario"), reflecting forecast deterioration in macroeconomic variables, partially offset by the estimated impact of central bank, government and other support measures. The COVID-19 scenario also includes a specific charge of £300m to reflect the probability of a sustained period of low oil prices. The £150m provision for UK economic uncertainty held at year-end 2019 has been incorporated within the updated scenario
·	Operating expenses were stable at £3,253m (Q119: £3,257m). The Group delivered positive cost: income jaws of 20%, reflecting positive cost: income jaws in CIB and CC&P of 40% and 6% respectively, partially offset by negative cost: income jaws in Barclays UK of 6%. This resulted in the Group cost: income ratio, excluding litigation and conduct, reducing to 52% (Q119: 62%)
·	The statutory effective tax rate was 7.8%, which included a tax benefit recognised for the re-measurement of UK deferred tax assets as a result of UK corporation tax being maintained at a rate of 19%. The Group's effective tax rate for the full year is expected to be around 20%, excluding litigation and conduct
·	Attributable profit was £605m (Q119: £1,038m). Excluding litigation and conduct, attributable profit was £604m (Q119: £1,084m), generating a RoTE of 5.1% (Q119: 9.6%) and EPS of 3.5p (Q119: 6.3p)
·	Total assets increased to £1,444bn (December 2019: £1,140bn) primarily driven by a £113bn increase in derivative assets, £74bn increase in cash collateral and settlement balances, and £60bn increase in financial assets at fair value due to decreases in interest rate forward curves, increased corporate loan drawdowns, the appreciation of period end USD against GBP and increased client activity. The increases in derivative assets were broadly matched by the increase in derivative liabilities, which increased £110bn
·	TNAV per share increased to 284p (December 2019: 262p) reflecting 3.5p of statutory EPS and positive reserve movements, including retirement benefit re-measurements and currency translation reserves

Barclays UK

·	Profit before tax, excluding litigation and conduct, decreased 66% to £200m. RoTE was 6.8% (Q119: 16.4%) reflecting the challenging operating environment
·	Total income decreased 4% to £1,704m. A 4% reduction in net interest income to £1,412m (resulting in a lower net interest margin (NIM) of 2.91% (Q119: 3.18%)) reflected lower IEL balances in UK cards, reduced overdraft balances and deposit margin compression, partially offset by liquidity pool investment gains. Net fee, commission and other income decreased 5% to £292m, reflecting the removal of certain fees in overdrafts and UK cards, and planned lower debt sales
	-	Personal Banking income was stable at £968m (Q119: £964m), with deposit margin compression and the removal of certain fees in overdrafts offset by liquidity pool investment gains and a tax refund
	-	Barclaycard Consumer UK income decreased 11% to £436m reflecting reduced borrowing by customers, which resulted in a lower level of IEL balances, and planned lower debt sales
	-	Business Banking income decreased 7% to £300m due to deposit margin compression and market volatility impacting the Education, Social Housing and Local Authority (ESHLA) fair value loan portfolio
·	Credit impairment charges increased to £481m (Q119: £191m) reflecting forecast deterioration in macroeconomic variables in the COVID-19 scenario, partially offset by the estimated impact of central bank, government and other support measures. 30 and 90 day arrears rates in UK cards were 1.8% (Q119: 1.9%) and 0.8% (Q119: 0.9%) respectively, with impacts from the macroeconomic downturn caused by the COVID-19 pandemic yet to be realised as at the quarter end date
·	Operating expenses increased 2% to £1,023m reflecting higher restructuring spend
·	RWAs increased to £77.7bn (December 2019: £74.9bn) driven by growth in mortgages, market volatility impacting the ESHLA fair value loan portfolio and a change in the mix of assets in the liquidity pool

1	Data Source: Dealogic, for the period covering 1 January to 31 March 2020.

Barclays International

·	Profit before tax, excluding litigation and conduct, decreased 28% to £822m with a RoTE of 6.5% (Q119: 10.6%), reflecting returns in the CIB of 12.1% (Q119: 9.5%) and CC&P of (22.6)% (Q119: 15.4%)
·	Total income increased to £4,644m (Q119: £3,570m)
	-	CIB income increased 44% to £3,617m
		-	Markets income of £2,422m (Q119: £1,369m) was the best ever quarter on a comparable basis¹. FICC income increased 106% to £1,858m driven by a strong performance in macro and credit reflecting increased client activity and spread widening. Equities income increased 21% to £564m driven by equity derivatives, which were impacted by high levels of volatility
		-	Banking fees income increased 12% to £635m driven by debt capital markets and advisory despite a decline in the overall fee pool²
		-	Within Corporate, Transaction banking income increased 8% to £449m with growth in deposit balances. Corporate lending income decreased by £41m to £111m due to the impact of c.£320m of losses on fair value lending positions partially offset by c.£275m of gains on related mark-to-market hedges
	-	CC&P income decreased 4% to £1,027m as lower balances on co-branded cards and reduced payments activity, impacted by lower customer and client activity towards the end of the quarter, were partially offset by the positive impact of appreciation in average USD against GBP
·	Credit impairment charges increased to £1,609m (Q119: £245m) reflecting single name wholesale loan charges and impacts from the COVID-19 scenario
	-	CIB credit impairment charges increased to £724m (Q119: £52m), due to £405m in respect of single name wholesale loan charges and exposure to the probability of a sustained period of low oil prices
	-	CC&P credit impairment charges increased to £885m (Q119: £193m) due to forecast deterioration in macroeconomic variables in the COVID-19 scenario, partially offset by the estimated impact of central bank, government and other support measures. 30 and 90 day arrears rates in US cards were 2.7% (Q119: 2.6%) and 1.5% (Q119: 1.4%) respectively, with impacts from the macroeconomic downturn caused by the COVID-19 pandemic yet to be realised as at the quarter end date
·	Operating expenses increased 1% to £2,219m as a 4% increase in CIB to £1,690m was offset by a 10% decrease in CC&P to £529m reflecting cost efficiencies and lower marketing spend as Barclays branded US cards presence has been scaled back
·	RWAs increased to £237.9bn (December 2019: £209.2bn) primarily due to an increase in client activity compared to year-end 2019, including drawdowns on facilities within CIB, and higher market volatility as well as the appreciation of USD against GBP

Head Office

·	Loss before tax, excluding litigation and conduct, was £99m (Q119: £181m). Including litigation and conduct charges of £5m (Q119: £39m), loss before tax was £104m (Q119: £220m)
·	Total income was an expense of £65m (Q119: £95m) which included mark-to-market losses on legacy investments, treasury items and funding costs of legacy capital instruments, partially offset by hedge accounting gains
·	Operating expenses decreased to £11m (Q119: £52m) driven by a provision release related to the previous sale of a Non-Core portfolio
·	RWAs decreased to £10.0bn (December 2019: £11.0bn) mainly driven by reduction in the value of Barclays' stake in Absa Group Limited

Group capital and leverage

·	The CET1 ratio decreased to 13.1% (December 2019: 13.8%)
	-	CET1 capital increased by £1.7bn to £42.5bn driven by £0.9bn of profits, net of credit impairment charges not subject to IFRS 9 transitional capital relief, an increase in the currency translation reserve of £1.0bn (mainly driven by the appreciation of period end USD against GBP), and £1.0bn following the cancellation of the full year 2019 dividend. These increases were partially offset by a decrease of £0.8bn in the fair value through other comprehensive income reserve driven by a decrease in the Absa Group Limited share price and appreciation of period end GBP against ZAR
	-	RWAs increased by £30.5bn to £325.6bn primarily driven by an increase in client activity within CIB (including drawdowns on facilities) and higher market volatility as well as the appreciation of period end USD against GBP

1	Period covering Q114 - Q120. Pre 2014 data was not restated following re-segmentation in Q116.
2	Data Source: Dealogic, for the period covering 1 January to 31 March 2020.

The average UK leverage ratio remained stable at 4.5% (December 2019: 4.5%) primarily driven by an increase in leverage exposure to £1,176bn (December 2019: £1,143bn), partially offset by an increase in Tier 1 (T1) capital. The UK leverage ratio decreased to 4.5% (December 2019: 5.1%). The increase in leverage exposure is primarily driven by an increase in IFRS total assets including a £60bn increase in financial assets at fair value, a £42bn increase in settlement balances and a £35bn increase in loans and advances

Group funding and liquidity

The liquidity pool was £237bn (December 2019: £211bn) and the liquidity coverage ratio (LCR) remained well above the 100% regulatory requirement at 155% (December 2019: 160%), equivalent to a surplus of £82bn (December 2019: £78bn). The change in the liquidity pool, LCR and surplus is driven by deposit growth net of client and business funding requirements, and reflects actions to maintain a prudent funding and liquidity position in the current environment

Wholesale funding outstanding, excluding repurchase agreements, was £155.3bn (December 2019: £147.1bn). The Group issued £0.2bn equivalent of minimum requirement for own funds and eligible liabilities (MREL) instruments from Barclays PLC (the Parent company) in the quarter. This does not include an additional €2bn of MREL issuance that settled on 2 April 2020. The Group is well advanced in its MREL issuance plans, with a Barclays PLC MREL ratio of 29.3% as at 31 March 2020 (December 2019: 31.2%) relative to an estimated requirement (including requisite buffers) of c.30.6% by 1 January 2022

Other matters

·	As at 31 March 2020, the Group held a provision of £879m relating to Payment Protection Insurance. Since the provision increase in 2019, 60% of the items outstanding as at 30 September 2019 have been resolved and observations from these resolved complaints continue to support the provision level

Dividends and capital returns

In response to a request from the PRA, and to preserve additional capital for use in serving Barclays customers and clients through the extraordinary challenges presented by the COVID-19 pandemic, the Board agreed to cancel the 6.0p per ordinary share full year dividend. The Board also decided that for 2020 Barclays would suspend its current capital returns policy and accordingly will not undertake any interim ordinary share dividend payments, regulatory accruals of ordinary share dividends, or share buybacks. The Board will decide on future dividends and its capital returns policy at year-end 2020

Outlook and guidance

·	Due to the lower interest rate environment and macroeconomic downturn caused by the COVID-19 pandemic, BUK and CC&P income headwinds are expected to continue for the remainder of the year. In BUK in particular, headwinds include (i) c.£250m from the lower rate environment (ii) reduced IEL balances (iii) c.£150m due to the removal of certain fees and lower overdraft balances as a result of the High Cost of Credit Review and (iv) c.£100m from COVID-19 customer support actions
·	In our Markets business client flows have continued at healthy levels and while it is too early to guide for the quarter or to comment on the outlook for the rest of the year, in April so far our revenue run-rate is well above that of the second quarter of 2019
·	Given the uncertainty around the developing economic downturn and low interest rate environment, 2020 is expected to be challenging. However, the Group believes that a RoTE of greater than 10% remains the right target for the Group over time
·	Cost control remains important and the Group continues to target a cost: income ratio of <60% over time
·	Barclays intends to manage its capital position to enable it to support customers whilst maintaining appropriate headroom over the MDA hurdle, which is currently 11.5%. Barclays is comfortable operating below its previously stated CET1 target level, depending on how the stress evolves, and will continue to manage equity capital having regard to the servicing of more senior securities. Barclays also expects its MDA hurdle (in percentage terms) to reduce as a result of some anticipated movements in the Pillar 2A ratio requirement
·	Group targets are subject to change depending on the evolution of the COVID-19 pandemic

Tushar Morzaria , Group Finance Director

1	Excluding litigation and conduct.

Quarterly Results Summary

Barclays Group
	Q120	Q419	Q319	Q219	Q119	Q418	Q318	Q218
Income statement information	£m	£m	£m	£m	£m	£m	£m	£m
Net interest income	2,331	2,344	2,445	2,360	2,258	2,296	2,388	2,190
Net fee, commission and other income	3,952	2,957	3,096	3,178	2,994	2,777	2,741	3,386
Total income	6,283	5,301	5,541	5,538	5,252	5,073	5,129	5,576
Credit impairment charges	(2,115)	(523)	(461)	(480)	(448)	(643)	(254)	(283)
Net operating income	4,168	4,778	5,080	5,058	4,804	4,430	4,875	5,293
Operating costs	(3,253)	(3,308)	(3,293)	(3,501)	(3,257)	(3,624)	(3,329)	(3,310)
UK bank levy	-	(226)	-	-	-	(269)	-	-
Operating expenses	(3,253)	(3,534)	(3,293)	(3,501)	(3,257)	(3,893)	(3,329)	(3,310)
Guaranteed Minimum Pensions (GMP) charge	-	-	-	-	-	(140)	-	-
Litigation and conduct	(10)	(167)	(1,568)	(53)	(61)	(60)	(105)	(81)
Total operating expenses	(3,263)	(3,701)	(4,861)	(3,554)	(3,318)	(4,093)	(3,434)	(3,391)
Other net income/(expenses)	8	20	27	27	(3)	37	20	(7)
Profit before tax	913	1,097	246	1,531	1,483	374	1,461	1,895
Tax charge	(71)	(189)	(269)	(297)	(248)	(75)	(192)	(386)
Profit/(loss) after tax	842	908	(23)	1,234	1,235	299	1,269	1,509
Non-controlling interests	(16)	(42)	(4)	(17)	(17)	(83)	(43)	(55)
Other equity instrument holders	(221)	(185)	(265)	(183)	(180)	(230)	(176)	(175)
Attributable profit/(loss)	605	681	(292)	1,034	1,038	(14)	1,050	1,279

Performance measures
Return on average tangible shareholders' equity	5.1%	5.9%	(2.4%)	9.0%	9.2%	(0.1%)	9.4%	11.8%
Average tangible shareholders' equity (£bn)	47.0	46.4	48.4	46.2	45.2	44.3	44.6	43.5
Cost: income ratio	52%	70%	88%	64%	63%	81%	67%	61%
Loan loss rate (bps)	223	60	52	56	54	77	30	35
Basic earnings/(loss) per share	3.5p	3.9p	(1.7p)	6.0p	6.1p	(0.1p)	6.1p	7.5p

Performance measures excluding litigation and conduct¹	£m	£m	£m	£m	£m	£m	£m	£m
Profit before tax	923	1,264	1,814	1,584	1,544	434	1,566	1,976
Attributable profit	604	803	1,233	1,074	1,084	48	1,135	1,338
Return on average tangible shareholders' equity	5.1%	6.9%	10.2%	9.3%	9.6%	0.4%	10.2%	12.3%
Cost: income ratio	52%	67%	59%	63%	62%	79%	65%	59%
Basic earnings per share	3.5p	4.7p	7.2p	6.3p	6.3p	0.3p	6.6p	7.8p

Balance sheet and capital management²	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Total assets	1,444.3	1,140.2	1,290.4	1,232.8	1,193.5	1,133.3	1,170.8	1,149.6
Tangible net asset value per share	284p	262p	274p	275p	266p	262p	260p	259p
Common equity tier 1 ratio	13.1%	13.8%	13.4%	13.4%	13.0%	13.2%	13.2%	13.0%
Common equity tier 1 capital	42.5	40.8	41.9	42.9	41.4	41.1	41.7	41.4
Risk weighted assets	325.6	295.1	313.3	319.1	319.7	311.9	316.2	319.3
Average UK leverage ratio	4.5%	4.5%	4.6%	4.7%	4.6%	4.5%	4.6%	4.6%
Average UK leverage exposure	1,176.2	1,142.8	1,171.2	1,134.6	1,105.5	1,110.0	1,119.0	1,081.8
UK leverage ratio	4.5%	5.1%	4.8%	5.1%	4.9%	5.1%	4.9%	4.9%
UK leverage exposure	1,178.7	1,007.7	1,099.8	1,079.4	1,065.0	998.6	1,063.5	1,030.1

Funding and liquidity
Group liquidity pool (£bn)	237	211	226	238	232	227	213	214
Liquidity coverage ratio	155%	160%	151%	156%	160%	169%	161%	154%
Loan: deposit ratio	79%	82%	82%	82%	80%	83%	83%	83%

1	Refer to pages 33 to 40 for further information and calculations of performance measures excluding litigation and conduct.
2	Refer to pages 23 to 28 for further information on how capital, RWAs and leverage are calculated.

Quarterly Results by Business

Barclays UK
	Q120	Q419	Q319	Q219	Q119	Q418	Q318	Q218
Income statement information	£m	£m	£m	£m	£m	£m	£m	£m
Net interest income	1,412	1,478	1,503	1,438	1,469	1,513	1,529	1,493
Net fee, commission and other income	292	481	343	333	308	350	367	343
Total income	1,704	1,959	1,846	1,771	1,777	1,863	1,896	1,836
Credit impairment charges	(481)	(190)	(101)	(230)	(191)	(296)	(115)	(214)
Net operating income	1,223	1,769	1,745	1,541	1,586	1,567	1,781	1,622
Operating costs	(1,023)	(1,023)	(952)	(1,022)	(999)	(1,114)	(988)	(968)
UK bank levy	-	(41)	-	-	-	(46)	-	-
Operating expenses	(1,023)	(1,064)	(952)	(1,022)	(999)	(1,160)	(988)	(968)
Litigation and conduct	(5)	(58)	(1,480)	(41)	(3)	(15)	(54)	(3)
Total operating expenses	(1,028)	(1,122)	(2,432)	(1,063)	(1,002)	(1,175)	(1,042)	(971)
Other net (expenses)/income	-	-	-	(1)	1	(2)	1	5
Profit/(loss) before tax	195	647	(687)	477	585	390	740	656
Attributable profit/(loss)	175	438	(907)	328	422	241	510	473

Balance sheet information	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Loans and advances to customers at amortised cost	195.7	193.7	193.2	189.1	187.5	187.6	186.7	185.3
Total assets	267.5	257.8	257.9	259.0	253.1	249.7	252.0	245.9
Customer deposits at amortised cost	207.5	205.5	203.3	200.9	197.3	197.3	195.8	194.3
Loan: deposit ratio	96%	96%	97%	97%	96%	96%	96%	96%
Risk weighted assets	77.7	74.9	76.8	76.2	76.6	75.2	74.8	75.0
Period end allocated tangible equity	10.6	10.3	10.4	10.3	10.5	10.2	10.1	10.2

Performance measures
Return on average allocated tangible equity	6.7%	17.0%	(34.9%)	12.7%	16.3%	9.6%	20.1%	18.8%
Average allocated tangible equity (£bn)	10.5	10.3	10.4	10.3	10.4	10.1	10.1	10.1
Cost: income ratio	60%	57%	132%	60%	56%	63%	55%	53%
Loan loss rate (bps)	96	38	20	47	40	61	24	45
Net interest margin	2.91%	3.03%	3.10%	3.05%	3.18%	3.20%	3.22%	3.22%

Performance measures excluding litigation and conduct¹	£m	£m	£m	£m	£m	£m	£m	£m
Profit before tax	200	705	793	518	588	405	794	659
Attributable profit	178	481	550	358	424	253	558	474
Return on average allocated tangible equity	6.8%	18.7%	21.2%	13.9%	16.4%	10.1%	22.0%	18.8%
Cost: income ratio	60%	54%	52%	58%	56%	62%	52%	53%

1	Refer to pages 33 to 40 for further information and calculations of performance measures excluding litigation and conduct.

Analysis of Barclays UK	Q120	Q419	Q319	Q219	Q119	Q418	Q318	Q218
Analysis of total income	£m	£m	£m	£m	£m	£m	£m	£m
Personal Banking	968	1,064	1,035	946	964	998	1,021	1,015
Barclaycard Consumer UK	436	533	472	497	490	522	551	504
Business Banking	300	362	339	328	323	343	324	317
Total income	1,704	1,959	1,846	1,771	1,777	1,863	1,896	1,836

Analysis of credit impairment (charges)/releases
Personal Banking	(134)	(71)	(36)	(36)	(52)	(44)	(8)	(49)
Barclaycard Consumer UK	(301)	(108)	(49)	(175)	(140)	(250)	(88)	(139)
Business Banking	(46)	(11)	(16)	(19)	1	(2)	(19)	(26)
Total credit impairment charges	(481)	(190)	(101)	(230)	(191)	(296)	(115)	(214)

Analysis of loans and advances to customers at amortised cost	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Personal Banking	153.4	151.9	150.1	147.3	145.9	146.0	145.4	143.6
Barclaycard Consumer UK	13.6	14.7	14.9	15.1	15.0	15.3	15.3	15.2
Business Banking	28.7	27.1	28.2	26.7	26.6	26.3	26.0	26.5
Total loans and advances to customers at amortised cost	195.7	193.7	193.2	189.1	187.5	187.6	186.7	185.3

Analysis of customer deposits at amortised cost
Personal Banking	161.4	159.2	157.9	156.3	154.1	154.0	153.4	152.9
Barclaycard Consumer UK	-	-	-	-	-	-	-	-
Business Banking	46.1	46.3	45.4	44.6	43.2	43.3	42.4	41.4
Total customer deposits at amortised cost	207.5	205.5	203.3	200.9	197.3	197.3	195.8	194.3

Barclays International
	Q120	Q419	Q319	Q219	Q119	Q418	Q318	Q218
Income statement information	£m	£m	£m	£m	£m	£m	£m	£m
Net interest income	998	965	1,059	1,017	900	984	965	853
Net trading income	2,360	929	1,110	1,016	1,144	837	1,103	1,094
Net fee, commission and other income	1,286	1,558	1,581	1,870	1,526	1,400	1,222	1,760
Total income	4,644	3,452	3,750	3,903	3,570	3,221	3,290	3,707
Credit impairment charges	(1,609)	(329)	(352)	(247)	(245)	(354)	(143)	(68)
Net operating income	3,035	3,123	3,398	3,656	3,325	2,867	3,147	3,639
Operating costs	(2,219)	(2,240)	(2,282)	(2,435)	(2,206)	(2,441)	(2,277)	(2,306)
UK bank levy	-	(174)	-	-	-	(210)	-	-
Operating expenses	(2,219)	(2,414)	(2,282)	(2,435)	(2,206)	(2,651)	(2,277)	(2,306)
Litigation and conduct	-	(86)	-	(11)	(19)	(33)	(32)	(47)
Total operating expenses	(2,219)	(2,500)	(2,282)	(2,446)	(2,225)	(2,684)	(2,309)	(2,353)
Other net income	6	17	21	13	18	32	12	11
Profit before tax	822	640	1,137	1,223	1,118	215	850	1,297
Attributable profit/(loss)	529	397	799	832	788	(21)	687	926

Balance sheet information	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Loans and advances at amortised cost	167.0	132.8	138.1	134.8	130.9	127.2	132.4	125.5
Trading portfolio assets	101.6	113.3	119.4	120.0	117.2	104.0	124.6	116.5
Derivative financial instrument assets	341.5	228.9	286.0	243.8	217.3	222.1	214.8	228.2
Financial assets at fair value through the income statement	188.4	128.4	158.0	154.7	153.5	144.7	147.8	141.2
Cash collateral and settlement balances	153.2	79.4	112.5	101.3	97.8	74.3	94.3	91.5
Other assets	201.5	178.6	195.6	196.8	202.3	189.8	186.3	183.6
Total assets	1,153.2	861.4	1,009.6	951.4	919.0	862.1	900.2	886.5
Deposits at amortised cost	263.3	210.0	217.6	212.0	215.5	197.2	200.3	191.0
Derivative financial instrument liabilities	338.8	228.9	283.3	243.0	213.5	219.6	213.7	224.9
Loan: deposit ratio	63%	63%	63%	64%	61%	65%	66%	66%
Risk weighted assets	237.9	209.2	223.1	214.8	216.1	210.7	214.6	218.0
Period end allocated tangible equity	34.2	29.6	31.4	30.2	30.6	29.9	30.2	30.5

Performance measures
Return on average allocated tangible equity	6.5%	5.1%	9.9%	10.7%	10.4%	(0.3%)	8.8%	11.8%
Average allocated tangible equity (£bn)	32.3	30.9	32.2	31.1	30.5	31.3	31.1	31.4
Cost: income ratio	48%	72%	61%	63%	62%	83%	70%	63%
Loan loss rate (bps)	377	96	99	72	73	107	41	22
Net interest margin	3.93%	4.29%	4.10%	3.91%	3.99%	3.98%	3.87%	4.03%

Performance measures excluding litigation and conduct¹	£m	£m	£m	£m	£m	£m	£m	£m
Profit before tax	822	726	1,137	1,234	1,137	248	882	1,344
Attributable profit	529	461	801	840	804	13	713	960
Return on average allocated tangible equity	6.5%	6.0%	10.0%	10.8%	10.6%	0.2%	9.2%	12.2%
Cost: income ratio	48%	70%	61%	62%	62%	82%	69%	62%

1	Refer to pages 33 to 40 for further information and calculations of performance measures excluding litigation and conduct.

Analysis of Barclays International

Corporate and Investment Bank	Q120	Q419	Q319	Q219	Q119	Q418	Q318	Q218
Income statement information	£m	£m	£m	£m	£m	£m	£m	£m
FICC	1,858	726	816	920	902	570	688	736
Equities	564	409	494	517	467	375	471	601
Markets	2,422	1,135	1,310	1,437	1,369	945	1,159	1,337
Advisory	155	202	221	221	132	242	151	168
Equity capital markets	62	56	86	104	83	53	55	90
Debt capital markets	418	322	381	373	354	330	313	446
Banking fees	635	580	688	698	569	625	519	704
Corporate lending	111	202	195	216	152	243	197	198
Transaction banking	449	397	424	444	415	412	416	385
Corporate	560	599	619	660	567	655	613	583
Other	-	-	-	-	-	(74)	(56)	(44)
Total income	3,617	2,314	2,617	2,795	2,505	2,151	2,235	2,580
Credit impairment (charges)/releases	(724)	(30)	(31)	(44)	(52)	(35)	3	23
Net operating income	2,893	2,284	2,586	2,751	2,453	2,116	2,238	2,603
Operating costs	(1,690)	(1,691)	(1,712)	(1,860)	(1,619)	(1,835)	(1,712)	(1,773)
UK bank levy	-	(156)	-	-	-	(188)	-	-
Operating expenses	(1,690)	(1,847)	(1,712)	(1,860)	(1,619)	(2,023)	(1,712)	(1,773)
Litigation and conduct	-	(79)	(4)	(7)	(19)	(23)	(32)	-
Total operating expenses	(1,690)	(1,926)	(1,716)	(1,867)	(1,638)	(2,046)	(1,744)	(1,773)
Other net income	-	1	12	3	12	15	4	5
Profit before tax	1,203	359	882	887	827	85	498	835
Attributable profit/(loss)	820	193	609	596	582	(84)	431	600

Balance sheet information	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Loans and advances at amortised cost	128.2	92.0	95.8	92.1	90.6	86.4	93.3	87.8
Trading portfolio assets	101.5	113.3	119.3	119.9	117.2	104.0	124.5	116.5
Derivative financial instruments assets	341.4	228.8	286.0	243.7	217.3	222.1	214.8	228.1
Financial assets at fair value through the income statement	187.8	127.7	157.3	154.1	152.9	144.2	147.3	140.7
Cash collateral and settlement balances	152.2	78.5	111.6	100.4	96.9	73.4	93.3	90.6
Other assets	171.4	155.3	171.5	168.1	163.2	160.4	153.8	151.6
Total assets	1,082.5	795.6	941.5	878.3	838.1	790.5	827.0	815.3
Deposits at amortised cost	198.4	146.2	152.1	145.4	151.4	136.3	137.6	130.3
Derivative financial instrument liabilities	338.7	228.9	283.2	242.9	213.5	219.6	213.7	224.9
Risk weighted assets	201.7	171.5	184.9	175.9	176.6	170.9	175.9	180.4

Performance measures
Return on average allocated tangible equity	12.1%	3.0%	9.1%	9.2%	9.3%	(1.3%)	6.6%	9.1%
Average allocated tangible equity (£bn)	27.2	25.8	26.9	25.8	25.1	26.0	25.9	26.4
Cost: income ratio	47%	83%	66%	67%	65%	95%	78%	69%

Performance measures excluding litigation and conduct¹	£m	£m	£m	£m	£m	£m	£m	£m
Profit before tax	1,203	438	886	894	846	108	530	835
Attributable profit/(loss)	820	251	614	601	598	(57)	456	600
Return on average allocated tangible equity	12.1%	3.9%	9.2%	9.3%	9.5%	(0.9%)	7.0%	9.1%
Cost: income ratio	47%	80%	65%	67%	65%	94%	77%	69%

1	Refer to pages 33 to 40 for further information and calculations of performance measures excluding litigation and conduct.

Analysis of Barclays International

Consumer, Cards and Payments	Q120	Q419	Q319	Q219	Q119	Q418	Q318	Q218
Income statement information	£m	£m	£m	£m	£m	£m	£m	£m
Net interest income	663	717	720	720	665	664	691	699
Net fee, commission, trading and other income	364	421	413	388	400	406	364	428
Total income	1,027	1,138	1,133	1,108	1,065	1,070	1,055	1,127
Credit impairment charges	(885)	(299)	(321)	(203)	(193)	(319)	(146)	(91)
Net operating income	142	839	812	905	872	751	909	1,036
Operating costs	(529)	(549)	(570)	(575)	(587)	(606)	(565)	(533)
UK bank levy	-	(18)	-	-	-	(22)	-	-
Operating expenses	(529)	(567)	(570)	(575)	(587)	(628)	(565)	(533)
Litigation and conduct	-	(7)	4	(4)	-	(10)	-	(47)
Total operating expenses	(529)	(574)	(566)	(579)	(587)	(638)	(565)	(580)
Other net income	6	16	9	10	6	17	8	6
(Loss)/profit before tax	(381)	281	255	336	291	130	352	462
Attributable (loss)/profit	(291)	204	190	236	206	63	256	326

Balance sheet information	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Loans and advances at amortised cost	38.8	40.8	42.3	42.7	40.3	40.8	39.1	37.7
Total assets	70.7	65.8	68.1	73.1	80.9	71.6	73.2	71.2
Deposits at amortised cost	64.9	63.8	65.5	66.6	64.1	60.9	62.7	60.7
Risk weighted assets	36.2	37.7	38.2	38.9	39.5	39.8	38.7	37.6

Performance measures
Return on average allocated tangible equity	(22.6%)	15.9%	14.2%	17.8%	15.4%	4.8%	19.8%	26.2%
Average allocated tangible equity (£bn)	5.1	5.1	5.3	5.3	5.4	5.3	5.2	5.0
Cost: income ratio	52%	50%	50%	52%	55%	60%	54%	51%
Loan loss rate (bps)	846	273	283	180	182	290	138	90

Performance measures excluding litigation and conduct¹	£m	£m	£m	£m	£m	£m	£m	£m
(Loss)/profit before tax	(381)	288	251	340	291	140	352	509
Attributable (loss)/profit	(291)	210	187	239	206	70	257	360
Return on average allocated tangible equity	(22.6%)	16.3%	14.0%	18.0%	15.4%	5.4%	19.9%	28.9%
Cost: income ratio	52%	50%	50%	52%	55%	59%	54%	47%

1	Refer to pages 33 to 40 for further information and calculations of performance measures excluding litigation and conduct.

Head Office
	Q120	Q419	Q319	Q219	Q119	Q418	Q318	Q218
Income statement information	£m	£m	£m	£m	£m	£m	£m	£m
Net interest income	(79)	(99)	(117)	(95)	(111)	(201)	(106)	(156)
Net fee, commission and other income	14	(11)	62	(41)	16	190	49	189
Total income	(65)	(110)	(55)	(136)	(95)	(11)	(57)	33
Credit impairment (charges)/releases	(25)	(4)	(8)	(3)	(12)	7	4	(1)
Net operating (expenses)/income	(90)	(114)	(63)	(139)	(107)	(4)	(53)	32
Operating costs	(11)	(45)	(59)	(44)	(52)	(69)	(64)	(36)
UK bank levy	-	(11)	-	-	-	(13)	-	-
Operating expenses	(11)	(56)	(59)	(44)	(52)	(82)	(64)	(36)
GMP charge	-	-	-	-	-	(140)	-	-
Litigation and conduct	(5)	(23)	(88)	(1)	(39)	(12)	(19)	(31)
Total operating expenses	(16)	(79)	(147)	(45)	(91)	(234)	(83)	(67)
Other net income/(expenses)	2	3	6	15	(22)	7	7	(23)
Loss before tax	(104)	(190)	(204)	(169)	(220)	(231)	(129)	(58)
Attributable loss	(99)	(154)	(184)	(126)	(172)	(234)	(147)	(120)

Balance sheet information	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Total assets	23.6	21.0	22.9	22.4	21.4	21.5	18.6	17.2
Risk weighted assets	10.0	11.0	13.4	28.1	27.0	26.0	26.8	26.3
Period end allocated tangible equity	4.4	5.6	5.5	7.0	4.5	4.9	4.2	3.6

Performance measures
Average allocated tangible equity (£bn)	4.2	5.2	5.8	4.8	4.3	2.9	3.4	2.0

Performance measures excluding litigation and conduct¹	£m	£m	£m	£m	£m	£m	£m	£m
Loss before tax	(99)	(167)	(116)	(168)	(181)	(219)	(110)	(27)
Attributable loss	(103)	(139)	(118)	(124)	(144)	(218)	(136)	(96)

1	Refer to pages 33 to 40 for further information and calculations of performance measures excluding litigation and conduct.

Performance Management

Margins and balances
	Three months ended 31.03.20			Three months ended 31.03.19
	Net interest income	Average customer assets	Net interest margin	Net interest income	Average customer assets	Net interest margin
	£m	£m	%	£m	£m	%
Barclays UK	1,412	195,204	2.91	1,469	187,570	3.18
Barclays International¹	980	100,171	3.93	967	98,313	3.99
Total Barclays UK and Barclays International	2,392	295,375	3.26	2,436	285,883	3.46
Other²	(61)			(178)
Total Barclays Group	2,331			2,258

1	Barclays International margins include interest earning lending balances within the investment banking business.
2	Other includes Head Office and non-lending related investment banking businesses not included in Barclays International margins.

The Group's combined product and equity structural hedge notional as at 31 March 2020 was £174bn, with an average duration of 2.5 to 3 years. Group net interest income includes gross structural hedge contributions of £0.4bn (Q119: £0.4bn) and net structural hedge contributions of £0.2bn (Q119: £0.2bn). Gross structural hedge contributions represent the absolute level of interest earned from the fixed receipts on the basket of swaps in the structural hedge, while the net structural hedge contributions represent the net interest earned on the difference between the structural hedge rate and prevailing floating rates.

Quarterly analysis for Barclays UK and Barclays International	Net interest income	Average customer assets	Net interest margin
Three months ended 31.12.19	£m	£m	%
Barclays UK	1,478	193,610	3.03
Barclays International¹	1,036	95,819	4.29
Total Barclays UK and Barclays International	2,514	289,429	3.45

Three months ended 30.09.19
Barclays UK	1,503	192,262	3.10
Barclays International¹	1,038	100,589	4.10
Total Barclays UK and Barclays International	2,541	292,851	3.44

Three months ended 30.06.19
Barclays UK	1,438	189,172	3.05
Barclays International¹	980	100,645	3.91
Total Barclays UK and Barclays International	2,418	289,817	3.35

1	Barclays International margins include interest earning lending balances within the investment banking business.

Risk Management

Risk m anagement and p rincipal r isks

Detail on the Group's principal risks and previously identified material existing and emerging risks is available in the Barclays PLC Annual Report 2019 or online at home.barclays/annualreport . Set out below are details of an additional material risk identified in Q120 which potentially impacts more than one principal risk.

Risks relating to the impact of COVID-19

The COVID-19 pandemic has had, and continues to have, a material impact on businesses around the world and the economic environments in which they operate. There are a number of factors associated with the pandemic and its impact on global economies that could have a material adverse effect on (among other things) the profitability, capital and liquidity of financial institutions such as Barclays.

The COVID-19 pandemic has caused disruption to the Group's customers, suppliers and staff globally. A number of jurisdictions in which the Group operates have implemented severe restrictions on the movement of their respective populations, with a resultant significant impact on economic activity in those jurisdictions. These restrictions are being determined by the governments of individual jurisdictions (including through the implementation of emergency powers) and impacts (including the timing of implementation and any subsequent lifting of restrictions) may vary from jurisdiction to jurisdiction. It remains unclear how this will evolve through 2020 and the Group continues to monitor the situation closely. However, despite the COVID-19 contingency plans established by the Group, its ability to conduct business may be adversely affected by disruptions to its infrastructure, business processes and technology services, resulting from the unavailability of staff due to illness or the failure of third parties to supply services. This may cause significant customer detriment, costs to reimburse losses incurred by the Group's customers, and reputational damage.

In many of the jurisdictions in which the Group operates, schemes have been initiated by central banks and national governments to provide financial support to parts of the economy most impacted by the COVID-19 pandemic. The details of how these schemes will operate, the impact on the Group's customers and therefore the impact on the Group remain uncertain at this stage. However, certain actions (such as the introduction of mortgage payment holidays or the cancellation of fees associated with certain products) may negatively impact the effective interest rate earned on certain of the Group's portfolios and lower fee income being earned on certain products. Lower interest rates globally will negatively impact net interest income earned on certain of the Group's portfolios. Both of these factors may in turn negatively impact the Group's profitability. Furthermore, the introduction of, and participation in, central-bank supported loan schemes and other financing schemes introduced as a result of the COVID-19 pandemic may negatively impact the Group's RWAs, level of impairment and, in turn, capital position.

The actions taken by various governments and central banks, in particular in the United Kingdom and the United States, may indicate a view on the potential severity of any economic downturn and post recovery environment, which from a commercial, regulatory and risk perspective could be significantly different to past crises and persist for a prolonged period. An immediate financial impact in the first half of 2020 will be higher expected credit losses ("ECLs") driven by a change in the economic scenarios used to calculate ECLs. The COVID-19 pandemic has led to a weakening in gross domestic product ("GDP") in many of the jurisdictions in which the Group operates and higher unemployment in those same jurisdictions. Accordingly, the probability of a more adverse economic scenario for at least the short term is substantially higher than at 31 December 2019 and GDP and unemployment are two of the factors that affect the modelling of ECLs by the Group. The economic environment remains uncertain and future impairment charges may be subject to further volatility (including from changes to macroeconomic variable forecasts) depending on the longevity of the COVID-19 pandemic and related containment measures, as well as the longer term effectiveness of central bank, government and other support measures. For further details on macroeconomic variables used in the calculation of ECLs, refer to page 20. In addition, ECLs may be adversely impacted by increased levels of default for single name exposures in certain sectors directly impacted by the COVID-19 pandemic (such as the oil and gas, retail, airline, and hospitality and leisure sectors).

Furthermore, the Group relies on models to support a broad range of business and risk management activities, including informing business decisions and strategies, measuring and limiting risk, valuing exposures (including the calculation of impairment), conducting stress testing and assessing capital adequacy. Models are, by their nature, imperfect and incomplete representations of reality because they rely on assumptions and inputs, and so they may be subject to errors affecting the accuracy of their outputs and/or misused. This may be exacerbated when dealing with unprecedented scenarios, such as the COVID-19 pandemic, due to the lack of reliable historical reference points and data. For further details on model risk, refer to page 136 of the Barclays PLC Annual Report 2019.

Should the COVID-19 pandemic continue to cause disruption to economic activity globally through 2020, there could be adverse impacts on the Group's other assets such as goodwill and intangibles, and the value of Barclays PLC's investments in subsidiaries. There could also be further impacts on the Group's income due to lower lending and transaction volumes due to volatility or weakness in the capital markets. Other potential risks include credit rating migration which could negatively impact the Group's RWAs and capital position, and potential liquidity stress due to (among other things) increased customer drawdowns, notwithstanding the significant initiatives that governments and central banks have put in place to support funding and liquidity. Furthermore, a significant increase in the utilisation of credit cards by Barclaycard customers could have a negative impact on the Group's RWAs and capital position.

Central bank, government actions and other support measures taken in response to the COVID-19 pandemic may also create restrictions in relation to capital. For example, on 31 March 2020 in response to a request from the PRA and to preserve additional capital for use in serving Barclays' customers and clients, the Board agreed to cancel the 6.0p per ordinary share full year 2019 dividend that was due for payment on 3 April 2020. In addition, the Board decided that for 2020 Barclays PLC will not undertake any interim ordinary share dividend payments, accrual of ordinary share dividends, or share buybacks. Government restrictions may further limit management's flexibility in managing the business and taking action in relation to capital distributions and capital allocation.

Any and all such events mentioned above could have a material adverse effect on the Group's business, financial condition, results of operations, prospects, liquidity, capital position and credit ratings (including potential credit rating agency changes of outlooks or ratings), as well as on the Group's customers, employees and suppliers.

Credit Risk

Loans and advances at amortised cost by stage

The table below presents an analysis of loans and advances at amortised cost by gross exposure, impairment allowance, impairment charge and coverage ratio by stage allocation and business segment as at 31 March 2020. Also included are off-balance sheet loan commitments and financial guarantee contracts by gross exposure, impairment allowance and coverage ratio by stage allocation as at 31 March 2020.

Impairment allowance under IFRS 9 considers both the drawn and the undrawn counterparty exposure. For retail portfolios, the total impairment allowance is allocated to the drawn exposure to the extent that the allowance does not exceed the exposure as ECL is not reported separately. Any excess is reported on the liability side of the balance sheet as a provision. For wholesale portfolios, the impairment allowance on the undrawn exposure is reported on the liability side of the balance sheet as a provision.

	Gross exposure				Impairment allowance				Net exposure
	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total	Net exposure
As at 31.03.20	£m	£m	£m	£m	£m	£m	£m	£m	£m
Barclays UK	143,325	23,727	2,479	169,531	237	1,455	1,031	2,723	166,808
Barclays International	25,006	4,903	1,834	31,743	431	1,280	1,460	3,171	28,572
Head Office	4,836	514	845	6,195	5	52	321	378	5,817
Total Barclays Group retail	173,167	29,144	5,158	207,469	673	2,787	2,812	6,272	201,197
Barclays UK	28,413	2,223	1,061	31,697	21	58	118	197	31,500
Barclays International¹	127,536	10,276	2,090	139,902	152	497	784	1,433	138,469
Head Office	2,982	-	38	3,020	-	-	37	37	2,983
Total Barclays Group wholesale	158,931	12,499	3,189	174,619	173	555	939	1,667	172,952
Total loans and advances at amortised cost	332,098	41,643	8,347	382,088	846	3,342	3,751	7,939	374,149
Off-balance sheet loan commitments and financial guarantee contracts²	311,218	19,335	1,056	331,609	104	234	47	385	331,224
Total³	643,316	60,978	9,403	713,697	950	3,576	3,798	8,324	705,373

	As at 31.03.20				Three months ended 31.03.20
	Coverage ratio				Loan impairment charge and loan loss rate⁴
	Stage 1	Stage 2	Stage 3	Total	Loan impairment charge		Loan loss rate
	%	%	%	%	£m		bps
Barclays UK	0.2	6.1	41.6	1.6		419		99
Barclays International	1.7	26.1	79.6	10.0		892		1,130
Head Office	0.1	10.1	38.0	6.1		25		162
Total Barclays Group retail	0.4	9.6	54.5	3.0		1,336		259
Barclays UK	0.1	2.6	11.1	0.6		44		56
Barclays International¹	0.1	4.8	37.5	1.0		574		165
Head Office	-	-	97.4	1.2		-		-
Total Barclays Group wholesale	0.1	4.4	29.4	1.0		618		142
Total loans and advances at amortised cost	0.3	8.0	44.9	2.1		1,954		206
Off-balance sheet loan commitments and financial guarantee contracts²	-	1.2	4.5	0.1		58
Other financial assets subject to impairment³						103
Total⁴	0.1	5.9	40.4	1.2		2,115

1	Includes Wealth and Private Banking exposures measured on an individual customer exposure basis.
2	Excludes loan commitments and financial guarantees of £14.2bn carried at fair value.
3	Other financial assets subject to impairment not included in the table 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 £242.0bn and impairment allowance of £127m. This comprises £13m impairment allowance on £240.9bn stage 1 assets, £3m on £1.0bn stage 2 fair value through other comprehensive income assets, cash collateral and settlement balances and £111m on £111m stage 3 other assets.
4	Q120 loan impairment charge represents three months of impairment charge, annualised to calculate the loan loss rate. The loan loss rate for Q120 is 223bps after applying the total impairment charge of £2,115m.

	Gross exposure				Impairment allowance				Net exposure
	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total	Net exposure
As at 31.12.19	£m	£m	£m	£m	£m	£m	£m	£m	£m
Barclays UK	143,097	23,198	2,446	168,741	198	1,277	974	2,449	166,292
Barclays International	27,886	4,026	1,875	33,787	352	774	1,359	2,485	31,302
Head Office	4,803	500	826	6,129	5	36	305	346	5,783
Total Barclays Group retail	175,786	27,724	5,147	208,657	555	2,087	2,638	5,280	203,377
Barclays UK	27,891	2,397	1,124	31,412	16	38	108	162	31,250
Barclays International¹	92,615	8,113	1,615	102,343	136	248	447	831	101,512
Head Office	2,974	-	37	3,011	-	-	35	35	2,976
Total Barclays Group wholesale	123,480	10,510	2,776	136,766	152	286	590	1,028	135,738
Total loans and advances at amortised cost	299,266	38,234	7,923	345,423	707	2,373	3,228	6,308	339,115
Off-balance sheet loan commitments and financial guarantee contracts²	321,140	19,185	935	341,260	97	170	55	322	340,938
Total³	620,406	57,419	8,858	686,683	804	2,543	3,283	6,630	680,053

	As at 31.12.19				Year ended 31.12.19
	Coverage ratio				Loan impairment charge and loan loss rate
	Stage 1	Stage 2	Stage 3	Total	Loan impairment charge		Loan loss rate
	%	%	%	%	£m			bps
Barclays UK	0.1	5.5	39.8	1.5		661		39
Barclays International	1.3	19.2	72.5	7.4		999		296
Head Office	0.1	7.2	36.9	5.6		27		44
Total Barclays Group retail	0.3	7.5	51.3	2.5		1,687		81
Barclays UK	0.1	1.6	9.6	0.5		33		11
Barclays International¹	0.1	3.1	27.7	0.8		113		11
Head Office	-	-	94.6	1.2		-		-
Total Barclays Group wholesale	0.1	2.7	21.3	0.8		146		11
Total loans and advances at amortised cost	0.2	6.2	40.7	1.8		1,833		53
Off-balance sheet loan commitments and financial guarantee contracts²	-	0.9	5.9	0.1		71
Other financial assets subject to impairment³						8
Total⁴	0.1	4.4	37.1	1.0		1,912

1	Includes Wealth and Private Banking exposures measured on an individual customer exposure basis.
2	Excludes loan commitments and financial guarantees of £17.7bn carried at fair value.
3	Other financial assets subject to impairment not included in the table 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 £149.3bn and impairment allowance of £24m. This comprises £12m ECL on £148.5bn stage 1 assets, £2m on £0.8bn stage 2 fair value through other comprehensive income assets, cash collateral and settlement balances and £10m on £10m stage 3 other assets.
4	The loan loss rate is 55bps after applying the total impairment charge of £1,912m.

Loans and advances at amortised cost by product

The table below p resents a breakdown of loans and advances at amortised cost and the impairment allowance with stage allocation by asset classification.

		Stage 2
As at 31.03.20	Stage 1	Not past due	<=30 days past due	>30 days past due	Total	Stage 3	Total
Gross exposure	£m	£m	£m	£m	£m	£m	£m
Home loans	137,394	14,986	1,654	732	17,372	2,155	156,921
Credit cards, unsecured loans and other retail lending	41,973	10,877	489	448	11,814	3,402	57,189
Wholesale loans	152,731	11,168	588	701	12,457	2,790	167,978
Total	332,098	37,031	2,731	1,881	41,643	8,347	382,088

Impairment allowance
Home loans	23	50	19	13	82	358	463
Credit cards, unsecured loans and other retail lending	665	2,112	253	309	2,674	2,496	5,835
Wholesale loans	158	555	15	16	586	897	1,641
Total	846	2,717	287	338	3,342	3,751	7,939

Net exposure
Home loans	137,371	14,936	1,635	719	17,290	1,797	156,458
Credit cards, unsecured loans and other retail lending	41,308	8,765	236	139	9,140	906	51,354
Wholesale loans	152,573	10,613	573	685	11,871	1,893	166,337
Total	331,252	34,314	2,444	1,543	38,301	4,596	374,149

Coverage ratio	%	%	%	%	%	%	%
Home loans	-	0.3	1.1	1.8	0.5	16.6	0.3
Credit cards, unsecured loans and other retail lending	1.6	19.4	51.7	69.0	22.6	73.4	10.2
Wholesale loans	0.1	5.0	2.6	2.3	4.7	32.2	1.0
Total	0.3	7.3	10.5	18.0	8.0	44.9	2.1

As at 31.12.19
Gross exposure	£m	£m	£m	£m	£m	£m	£m
Home loans	135,713	14,733	1,585	725	17,043	2,155	154,911
Credit cards, unsecured loans and other retail lending	46,012	9,759	496	504	10,759	3,409	60,180
Wholesale loans	117,541	9,374	374	684	10,432	2,359	130,332
Total	299,266	33,866	2,455	1,913	38,234	7,923	345,423

Impairment allowance
Home loans	22	37	14	13	64	346	432
Credit cards, unsecured loans and other retail lending	542	1,597	159	251	2,007	2,335	4,884
Wholesale loans	143	284	9	9	302	547	992
Total	707	1,918	182	273	2,373	3,228	6,308

Net exposure
Home loans	135,691	14,696	1,571	712	16,979	1,809	154,479
Credit cards, unsecured loans and other retail lending	45,470	8,162	337	253	8,752	1,074	55,296
Wholesale loans	117,398	9,090	365	675	10,130	1,812	129,340
Total	298,559	31,948	2,273	1,640	35,861	4,695	339,115

Coverage ratio	%	%	%	%	%	%	%
Home loans	-	0.3	0.9	1.8	0.4	16.1	0.3
Credit cards, unsecured loans and other retail lending	1.2	16.4	32.1	49.8	18.7	68.5	8.1
Wholesale loans	0.1	3.0	2.4	1.3	2.9	23.2	0.8
Total	0.2	5.7	7.4	14.3	6.2	40.7	1.8

Gross exposures and related impairment allowances from the COVID-19 scenario impairment charge have been allocated across stages for material portfolios, with the majority of the impact recognised in Stage 2.

Measurement uncertainty

Impact on impairment charge from COVID-19

Prior to the COVID-19 pandemic and in line with Barclays established processes, the Group regenerated its Baseline economic scenario in January 2020 using an external consensus assembled from key sources. In addition, two adverse scenarios (Downside 1 and Downside 2) and two favourable scenarios (Upside 1 and Upside 2) were derived with associated probability weights. This regeneration was subsequent to the scenarios and weightings used for December 2019 reporting.

In subsequent months, it became clear that the external consensus taken in January would not be an accurate reflection of the economic circumstances as at 31 March 2020. Furthermore, given the speed at which global forecasts deteriorated during March, it was also clear that an effective consensus process as at 31 March 2020 would not be achievable given the lagging nature of consensus submissions. As a result, Barclays has generated a new Baseline scenario (COVID-19 scenario) that reflects the most recent economic forecasts available in the market (combined with internal assumptions) and the significant support measures taken by Barclays, central banks and governments across the Group's key markets. The scenario assumes a strong contraction in GDP and a sharp rise in unemployment in 2020 across both the UK and US. The change in the Baseline scenario required a recalibration of probability weights. The economic environment remains uncertain and future impairment charges may be subject to further volatility (including from changes to macroeconomic variable forecasts) depending on the longevity of the COVID-19 pandemic and related containment measures, as well as the longer term effectiveness of central bank, government and other support measures.

The tables below show the key macroeconomic variables used in the COVID-19 Baseline scenario and the probability weights applied to each respective scenario.

Baseline average macroeconomic variables used in the calculation of ECL
	2020	2021	Expected Worst Point
As at 31.03.20	%	%	%
UK GDP¹	(8.0)	6.3	(51.5)
UK unemployment²	6.7	4.5	8.0
UK HPI³	(3.5)	2.6	(6.5)
UK bank rate	0.10	0.30	0.10
US GDP¹	(6.4)	4.4	(45.0)
US unemployment⁴	12.9	7.5	17.0
US HPI⁵	-	0.7	(0.3)
US federal funds rate	0.25	0.25	0.25

Scenario probability weighting
	Upside 2	Upside 1	Baseline	Downside 1	Downside 2
As at 31.03.20	%	%	%	%	%
Scenario probability weighting	5.0	20.8	46.7	21.0	6.5

As at 31.12.19
Scenario probability weighting	10.1	23.1	40.8	22.7	3.3

1	Based on Barclays Global Economic Forecasts; Expected worst point using Seasonally Adjusted Annual Rate, SAAR.
2	Average UK unemployment rate 16-year+.
3	Average QoQ UK HPI = Halifax All Houses, All Buyers Index cumulative growth (drawdown) from Q4 2019.
4	Average US civilian unemployment rate 16-year+.
5	Average QoQ US HPI = FHFA house price index cumulative growth (drawdown) from Q4 2019.

The following table provides a breakdown of the key drivers of the Group's loan impairment charge on a pre and post COVID-19 adjusted basis.

Drivers of loan impairment charge

Three months ended 31.03.20	£m
Impairment charge generated using scenarios before COVID-19	370
Single name wholesale loan charges	405
Loan impairment charge prior to impact of COVID-19 scenario	775

Impact of COVID-19 scenario and weights	1,190
Specific charge for the probability of a sustained period of low oil prices	300
Incorporation of provision for UK economic uncertainty	(150)
Total loan impairment charge	2,115

The impact of the COVID-19 scenario and weighting adjustments has resulted in a £1,190m increase in ECL from the scenario regenerated in January, primarily driven by the higher probability of default in credit cards, unsecured loans and other retail lending. These drivers are partially offset by the impact of central bank, government and other support measures which are assumed to mitigate a material portion of future losses reflecting both the likely take-up and success of these schemes. An additional specific charge of £300m has been applied to reflect the probability of a sustained period of low oil prices and the impact this could have on the probability of default of certain wholesale loans, which is not otherwise reflected in the impairment model outputs. The £150m provision for UK economic uncertainty held at year end has been incorporated within the updated scenario.

Treasury and Capital Risk

Composition of the Group liquidity pool

	As at 31.03.20				As at 31.12.19
	Liquidity pool	Liquidity pool of which CRR LCR eligible³			Liquidity pool
	Liquidity pool	Cash	Level 1	Level 2A	Liquidity pool
	£bn	£bn	£bn	£bn	£bn
Cash and deposits with central banks¹	157	154	-	-	153

Government bonds²
AAA to AA-	43	-	38	1	31
A+ to A-	14	-	7	6	2
BBB+ to BBB-	4	-	4	-	3
Total government bonds	61	-	49	7	36

Other
Government guaranteed issuers, PSEs and GSEs	8	-	7	1	9
International organisations and MDBs	6	-	6	-	7
Covered bonds	5	-	5	1	6
Total other	19	-	18	2	22

Total as at 31 March 2020	237	154	67	9	211
Total as at 31 December 2019	211	150	50	3

1	Includes cash held at central banks and surplus cash at central banks related to payment schemes. Over 98% (December 2019: over 98%) was placed with the Bank of England, US Federal Reserve, European Central Bank, Bank of Japan and Swiss National Bank.
2	Of which over 82% (December 2019: over 67%) comprised UK, US, French, German, Swiss, Japan and Dutch securities.
3	The LCR eligible liquidity pool is adjusted for trapped liquidity and other regulatory deductions. It also incorporates other CRR (as amended by CRR II) qualifying assets that are not eligible under Barclays' internal risk appetite.

The Group liquidity pool increased to £237bn as at 31 March 2020 (December 2019: £211bn) driven by deposit growth net of client and business funding requirements, and reflects actions to maintain a prudent funding and liquidity position in the current environment . The liquidity pool is held unencumbered and is not used to support payment or clearing requirements. Such requirements are treated as part of our regular business funding. The liquidity pool is intended to offset stress outflows, and comprises the above cash and unencumbered assets.

The composition of the pool is subject to limits set by the independent Risk function, and is monitored for concentration by issuer, currency and asset type. Given returns generated by these highly liquidity assets, the risk and reward profile is continuously managed.

C apital

The Group's Overall Capital Requirement for CET1 is 11.5% comprising a 4.5% Pillar 1 minimum, a 2.5% Capital Conservation Buffer (CCB), a 1.5% Global Systemically Important Institution (G-SII) buffer, a 3.0% Pillar 2A requirement and a 0.0% Countercyclical Capital Buffer (CCyB).

The Group's CCyB is based on the buffer rate applicable for each jurisdiction in which the Group has exposures. On 11 March 2020, the Financial Policy Committee set the CCyB rate for UK exposures at 0% with immediate effect. The buffer rates set by other national authorities for non-UK exposures are not currently material. Overall, this results in a 0.0% CCyB for the Group.

The Group's Pillar 2A requirement as per the PRA's Individual Capital Requirement is 5.3% of which at least 56.25% needs to be met with CET1 capital, equating to approximately 3.0% of RWAs. Certain elements of the Pillar 2A requirement are a fixed quantum whilst others are a proportion of RWAs, based on a point in time assessment. The Pillar 2A requirement is subject to at least annual review.

On 27 June 2019, CRR II came into force amending CRR. As an amending regulation, the existing provisions of CRR apply unless they are amended by CRR II.

Certain aspects of CRR II are dependent on final technical standards to be issued by the European Banking Authority (EBA) and adopted by the European Commission as well as UK implementation of the rules. The disclosures in the following section reflect Barclays' interpretation of the current rules and guidance.

Capital ratios^1,2,3	As at	As at
Capital ratios^1,2,3	31.03.20	31.12.19
CET1	13.1%	13.8%
Tier 1 (T1)	16.6%	17.7%
Total regulatory capital	20.4%	21.6%

Capital resources	£m	£m
Total equity excluding non-controlling interests per the balance sheet	68,369	64,429
Less: other equity instruments (recognised as AT1 capital)	(10,871)	(10,871)
Adjustment to retained earnings for foreseeable dividends	(49)	(1,096)

Other regulatory adjustments and deductions
Additional value adjustments (PVA)	(1,847)	(1,746)
Goodwill and intangible assets	(8,197)	(8,109)
Deferred tax assets that rely on future profitability excluding temporary differences	(294)	(479)
Fair value reserves related to gains or losses on cash flow hedges	(1,709)	(1,002)
Gains or losses on liabilities at fair value resulting from own credit	(389)	260
Defined benefit pension fund assets	(3,603)	(1,594)
Direct and indirect holdings by an institution of own CET1 instruments	(50)	(50)
Adjustment under IFRS 9 transitional arrangements	1,215	1,126
Other regulatory adjustments	(57)	(55)
CET1 capital	42,518	40,813

AT1 capital
Capital instruments and related share premium accounts	10,871	10,871
Qualifying AT1 capital (including minority interests) issued by subsidiaries	753	687
Other regulatory adjustments and deductions	(130)	(130)
AT1 capital	11,494	11,428

T1 capital	54,012	52,241

T2 capital
Capital instruments and related share premium accounts	8,423	7,650
Qualifying T2 capital (including minority interests) issued by subsidiaries	4,013	3,984
Credit risk adjustments (excess of impairment over expected losses)	196	16
Other regulatory adjustments and deductions	(250)	(250)
Total regulatory capital	66,394	63,641

Total RWAs	325,631	295,131

1	CET1, T1 and T2 capital, and RWAs 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, as is relevant for assessing against the conversion trigger in Barclays PLC AT1 securities, was 12.7%, with £41,303m of CET1 capital and £325,536m 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 T2 Contingent Capital Notes, was 13.1%. 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.

Movement in CET1 capital	Three months
	ended
	31.03.20
	£m
Opening CET1 capital	40,813

Profit for the period attributable to equity holders	826
Own credit relating to derivative liabilities	(169)
Dividends paid and foreseen¹	826
Increase in retained regulatory capital generated from earnings	1,483

Net impact of share schemes	(56)
Fair value through other comprehensive income reserve	(777)
Currency translation reserve	997
Other reserves	(6)
Increase in other qualifying reserves	158

Pension remeasurements within reserves	1,990
Defined benefit pension fund asset deduction	(2,009)
Net impact of pensions	(19)

Additional value adjustments (PVA)	(101)
Goodwill and intangible assets	(88)
Deferred tax assets that rely on future profitability excluding those arising from temporary differences	185
Adjustment under IFRS 9 transitional arrangements	89
Other regulatory adjustments	(2)
Increase in regulatory capital due to adjustments and deductions	83

Closing CET1 capital	42,518

1	£1.0bn following the cancellation of the full year 2019 dividend offset by £0.2bn AT1 coupon payments.

RWAs by risk type and business
	Credit risk		Counterparty credit risk				Market risk		Operational risk	Total RWAs
	Std	IRB	Std	IRB	Settlement risk	CVA	Std	IMA
As at 31.03.20	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Barclays UK	5,835	59,451	311	-	-	28	202	-	11,851	77,678
Corporate and Investment Bank	30,620	71,993	15,611	19,756	1,022	3,309	14,036	24,010	21,390	201,747
Consumer, Cards and Payments	25,205	3,085	132	31	-	21	-	151	7,536	36,161
Barclays International	55,825	75,078	15,743	19,787	1,022	3,330	14,036	24,161	28,926	237,908
Head Office	3,706	6,212	-	-	-	-	-	-	127	10,045
Barclays Group	65,366	140,741	16,054	19,787	1,022	3,358	14,238	24,161	40,904	325,631

As at 31.12.19
Barclays UK	5,189	57,455	235	-	-	23	178	-	11,821	74,901
Corporate and Investment Bank	25,749	62,177	12,051	16,875	276	2,470	12,854	17,626	21,475	171,553
Consumer, Cards and Payments	27,209	2,706	92	37	-	11	-	103	7,532	37,690
Barclays International	52,958	64,883	12,143	16,912	276	2,481	12,854	17,729	29,007	209,243
Head Office	5,104	5,754	-	-	-	-	-	-	129	10,987
Barclays Group	63,251	128,092	12,378	16,912	276	2,504	13,032	17,729	40,957	295,131

Movement analysis of RWAs
	Credit risk	Counterparty credit risk	Market risk	Operational risk	Total RWAs
	£m	£m	£m	£m	£m
Opening RWAs (as at 31.12.19)	191,343	32,070	30,761	40,957	295,131
Book size	7,205	8,300	9,977	(53)	25,429
Acquisitions and disposals	(33)	-	-	-	(33)
Book quality	1,511	(404)	-	-	1,107
Model updates	887	-	-	-	887
Methodology and policy	1,166	255	(2,339)	-	(918)
Foreign exchange movements¹	4,028	-	-	-	4,028
Closing RWAs (as at 31.03.20)	206,107	40,221	38,399	40,904	325,631

1	Foreign exchange movements does not include foreign exchange for counterparty credit risk or market risk.

RWAs increased £30.5bn to £325.6bn:

	·	Book size increased RWAs £25.4bn primarily due to an increase in client activity compared to year-end 2019, including drawdowns on facilities and higher market volatility
	·	Book quality increased RWAs £1.1bn primarily due to changes in model calibration
	·	Foreign exchange movements increased RWAs £4.0bn due to the appreciation of period end USD against GBP

Leverage ratio and exposures

The Group is subject to a leverage ratio requirement of 3.8% as at 31 March 2020. This comprises the 3.25% minimum requirement, a G-SII additional leverage ratio buffer (G-SII ALRB) of 0.53% and a countercyclical leverage ratio buffer (CCLB) of 0.0%. Although the leverage ratio is expressed in terms of T1 capital, 75% of the minimum requirement, equating to 2.4375%, needs to be met with CET1 capital. In addition, the G-SII ALRB must be covered solely with CET1 capital. The CET1 capital held against the 0.53% G-SII ALRB was £6.2bn.

The Group is required to disclose an average UK leverage ratio which is based on capital on the last day of each month in the quarter and an exposure measure for each day in the quarter. The Group is also required to disclose a UK leverage ratio based on capital and exposure on the last day of the quarter. Both approaches exclude qualifying claims on central banks from the leverage exposures.

Leverage ratios^1,2	As at 31.03.20	As at 31.12.19
Leverage ratios^1,2	£m	£m
Average UK leverage ratio	4.5%	4.5%
Average T1 capital³	53,274	51,823
Average UK leverage exposure	1,176,198	1,142,819

UK leverage ratio	4.5%	5.1%

CET1 capital	42,518	40,812
AT1 capital	10,741	10,741
T1 capital³	53,259	51,553

UK leverage exposure	1,178,708	1,007,721

UK leverage exposure
Accounting assets
Derivative financial instruments	342,120	229,236
Derivative cash collateral	85,321	56,589
Securities financing transactions (SFTs)	185,725	111,307
Loans and advances and other assets	831,130	743,097
Total IFRS assets	1,444,296	1,140,229

Regulatory consolidation adjustments	(4,841)	(1,170)

Derivatives adjustments
Derivatives netting	(309,585)	(207,756)
Adjustments to cash collateral	(70,758)	(48,464)
Net written credit protection	19,994	13,784
Potential future exposure (PFE) on derivatives	126,503	119,118
Total derivatives adjustments	(233,846)	(123,318)

SFTs adjustments	34,271	18,339

Regulatory deductions and other adjustments	(14,615)	(11,984)

Weighted off-balance sheet commitments	102,499	105,289

Qualifying central bank claims	(149,056)	(119,664)

UK leverage exposure²	1,178,708	1,007,721

1	Fully loaded average UK leverage ratio was 4.4%, with £52.3bn of T1 capital and £1,175bn of leverage exposure. Fully loaded UK leverage ratio was 4.4%, with £52.0bn of T1 capital and £1,177bn of leverage exposure. Fully loaded UK leverage ratios are calculated without applying the transitional arrangements of the CRR as amended by CRR II applicable as at the reporting date.
2	Capital and leverage measures are calculated applying the transitional arrangements of the CRR as amended by CRR II applicable as at the reporting date.
3	T1 capital is calculated in line with the PRA Handbook.

The average UK leverage ratio remained stable at 4.5% (December 2019: 4.5%). The average UK leverage exposure increased by £33bn to £1,176bn primarily driven by SFTs and loans and advances and other assets, partially offset by an increase in T1 capital of £1.5bn to £53.3bn, mainly driven by the cancellation of the full year 2019 dividend.

The UK leverage ratio decreased to 4.5% (December 2019: 5.1%) driven by an increase in UK leverage exposure of £171bn to £1,179bn partially offset by an increase in T1 capital. The UK leverage exposure movements included:

	·	SFTs increased £90.4bn to £220.0bn primarily due to increased client activity
	·	Loans and advances and other assets increased £88.0bn to £831.1bn, including a £42.1bn increase in settlements balances and £35.0bn increase in loans and advances due to increased lending

The Group also discloses a CRR leverage ratio¹ within its additional regulatory disclosures prepared in accordance with EBA guidelines on disclosure under Part Eight of the CRR (see Barclays PLC Pillar 3 Report Q1 2020, due to be published on 29 April 2020 and which will be available at home.barclays/investor-relations/reports-and-events/latest-financial-results ).

1	CRR leverage ratio as amended by CRR II applicable as at the reporting date.

MREL

CRR II requirements relating to own funds and eligible liabilities came into effect from 27 June 2019. Eligible liabilities have been calculated reflecting the Group's interpretation of the current rules and guidance. Certain aspects of CRR II are dependent on final technical standards to be issued by the EBA and adopted by the European Commission as well as UK implementation of the rules.

The Group is required to meet the higher of: (i) the MREL set by the Bank of England; and (ii) the requirements in CRR II, both of which have RWA and leverage based requirements. MREL is subject to phased implementation and will be fully implemented by 1 January 2022, at which time the Group's indicative MREL is expected to be two times the sum of its Pillar 1 and Pillar 2A requirements, as set by the Bank of England. In addition, CET1 capital cannot be counted towards both MREL and the capital buffers, meaning that the buffers will effectively be applied above both the Pillar 1 and Pillar 2A requirements relating to own funds and eligible liabilities. The Bank of England will review the MREL calibration by the end of 2020, including assessing the proposal for Pillar 2A recapitalisation, which may drive a different 1 January 2022 MREL than currently proposed.

Own funds and eligible liabilities ratios¹	As at 31.03.20	As at 31.12.19
CET1 capital	13.1%	13.8%
AT1 capital instruments and related share premium accounts²	3.3%	3.6%
T2 capital instruments and related share premium accounts²	2.6%	2.5%
Eligible liabilities	10.3%	11.2%
Total Barclays PLC (the Parent company) own funds and eligible liabilities	29.3%	31.2%
Qualifying AT1 capital (including minority interests) issued by subsidiaries	0.2%	0.2%
Qualifying T2 capital (including minority interests) issued by subsidiaries	1.2%	1.3%
Total own funds and eligible liabilities, including eligible Barclays Bank PLC instruments	30.7%	32.8%

Own funds and eligible liabilities¹	£m	£m
CET1 capital	42,518	40,813
AT1 capital instruments and related share premium accounts²	10,741	10,741
T2 capital instruments and related share premium accounts²	8,369	7,416
Eligible liabilities	33,674	33,025
Total Barclays PLC (the Parent company) own funds and eligible liabilities	95,302	91,995
Qualifying AT1 capital (including minority interests) issued by subsidiaries	753	687
Qualifying T2 capital (including minority interests) issued by subsidiaries	4,013	3,984
Total own funds and eligible liabilities, including eligible Barclays Bank PLC instruments	100,068	96,666

Total RWAs¹	325,631	295,131

1	CET1, T1 and T2 capital, and RWAs 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	Includes other AT1 capital regulatory adjustments and deductions of £130m (December 2019: £130m), and other T2 credit risk adjustments and deductions of £54m (December 2019: £234m).

Condensed Consolidated Financial Statements

Condensed consolidated income statement
	Three months ended	Three months ended
	31.03.20	31.03.19
	£m	£m
Total income	6,283	5,252
Credit impairment charges	(2,115)	(448)
Net operating income	4,168	4,804
Operating expenses excluding litigation and conduct	(3,253)	(3,257)
Litigation and conduct	(10)	(61)
Operating expenses	(3,263)	(3,318)
Other net income/(expenses)	8	(3)
Profit before tax	913	1,483
Tax charge	(71)	(248)
Profit after tax	842	1,235

Attributable to:
Equity holders of the parent	605	1,038
Other equity instrument holders	221	180
Total equity holders of the parent	826	1,218
Non-controlling interests	16	17
Profit after tax	842	1,235

Earnings per share	p	p
Basic earnings per ordinary share	3.5	6.1

Condensed consolidated balance sheet
	As at	As at
	31.03.20	31.12.19
Assets	£m	£m
Cash and balances at central banks	151,805	150,258
Cash collateral and settlement balances	157,162	83,256
Loans and advances at amortised cost	374,149	339,115
Reverse repurchase agreements and other similar secured lending	15,384	3,379
Trading portfolio assets	102,000	114,195
Financial assets at fair value through the income statement	193,107	133,086
Derivative financial instruments	342,120	229,236
Financial assets at fair value through other comprehensive income	83,367	65,750
Investments in associates and joint ventures	739	721
Goodwill and intangible assets	8,209	8,119
Current tax assets	510	412
Deferred tax assets	2,713	3,290
Other assets	13,031	9,412
Total assets	1,444,296	1,140,229

Liabilities
Deposits at amortised cost	470,698	415,787
Cash collateral and settlement balances	127,052	67,341
Repurchase agreements and other similar secured borrowing	35,958	14,517
Debt securities in issue	87,961	76,369
Subordinated liabilities	19,595	18,156
Trading portfolio liabilities	54,125	36,916
Financial liabilities designated at fair value	227,632	204,326
Derivative financial instruments	338,982	229,204
Current tax liabilities	294	313
Deferred tax liabilities	516	23
Other liabilities	11,883	11,617
Total liabilities	1,374,696	1,074,569

Equity
Called up share capital and share premium	4,607	4,594
Other reserves	6,166	4,760
Retained earnings	46,725	44,204
Shareholders' equity attributable to ordinary shareholders of the parent	57,498	53,558
Other equity instruments	10,871	10,871
Total equity excluding non-controlling interests	68,369	64,429
Non-controlling interests	1,231	1,231
Total equity	69,600	65,660

Total liabilities and equity	1,444,296	1,140,229

Condensed consolidated statement of changes in equity

	Called up share capital and share premium	Other equity instruments	Other reserves	Retained earnings	Total	Non-controlling interests	Total equity
Three months ended 31.03.20	£m	£m	£m	£m	£m	£m	£m
Balance as at 1 January 2020	4,594	10,871	4,760	44,204	64,429	1,231	65,660
Profit after tax	-	221	-	605	826	16	842
Retirement benefit remeasurements	-	-	-	1,990	1,990	-	1,990
Other	-	-	1,407	(7)	1,400	-	1,400
Total comprehensive income for the period	-	221	1,407	2,588	4,216	16	4,232
Issue of shares under employee share schemes	13	-	-	252	265	-	265
Other equity instruments coupons paid	-	(221)	-	-	(221)	-	(221)
Vesting of shares under employee share schemes	-	-	(1)	(320)	(321)	-	(321)
Dividends paid	-	-	-	-	-	(16)	(16)
Other movements	-	-	-	1	1	-	1
Balance as at 31 March 2020	4,607	10,871	6,166	46,725	68,369	1,231	69,600

	As at	As at
	31.03.20	31.12.19
Other reserves	£m	£m
Currency translation reserve	4,341	3,344
Fair value through other comprehensive income reserve	(964)	(187)
Cash flow hedging reserve	1,709	1,002
Own credit reserve	107	(373)
Other reserves and treasury shares	973	974
Total	6,166	4,760

Appendix: Non-IFRS Performance Measures

The Group's management believes that the non-IFRS performance measures included in this document provide valuable information to the readers of the financial statements as they enable the reader to identify a more consistent basis for comparing the businesses' performance between financial periods, and provide more detail concerning the elements of performance which the managers of these businesses are most directly able to influence or are relevant for an assessment of the Group. They also reflect an important aspect of the way in which operating targets are defined and performance is monitored by management.

However, any non-IFRS performance measures in this document are not a substitute for IFRS measures and readers should consider the IFRS measures as well.

Non-IFRS performance measures glossary

Measure	Definition
Loan: deposit ratio	Loans and advances at amortised cost divided by deposits at amortised cost.
Period end allocated tangible equity	Allocated tangible equity is calculated as 13.5% (2019: 13.0%) of RWAs for each business, adjusted for capital deductions, excluding goodwill and intangible assets, reflecting the assumptions the Group uses for capital planning purposes. Head Office allocated tangible equity represents the difference between the Group's tangible shareholders' equity and the amounts allocated to businesses.
Average tangible shareholders' equity	Calculated as the average of the previous month's period end tangible equity and the current month's period end tangible equity. The average tangible shareholders' equity for the period is the average of the monthly averages within that period.
Average allocated tangible equity	Calculated as the average of the previous month's period end allocated tangible equity and the current month's period end allocated tangible equity. The average allocated tangible equity for the period is the average of the monthly averages within that period.
Return on average tangible shareholders' equity	Annualised profit after tax attributable to ordinary equity holders of the parent, as a proportion of average shareholders' equity excluding non-controlling interests and other equity instruments adjusted for the deduction of intangible assets and goodwill. The components of the calculation have been included on page 34.
Return on average allocated tangible equity	Annualised profit after tax attributable to ordinary equity holders of the parent, as a proportion of average allocated tangible equity. The components of the calculation have been included on page 34 .
Cost: income ratio	Total operating expenses divided by total income.
Loan loss rate	Quoted in basis points and represents total annualised impairment charges divided by gross loans and advances held at amortised cost at the balance sheet date. The components of the calculation have been included on page 17.
Net interest margin	Annualised net interest income divided by the sum of average customer assets. The components of the calculation have been included on page 14.
Tangible net asset value per share	Calculated by dividing shareholders' equity, excluding non-controlling interests and other equity instruments, less goodwill and intangible assets, by the number of issued ordinary shares. The components of the calculation have been included on page 40.
Performance measures excluding litigation and conduct	Calculated by excluding litigation and conduct charges from performance measures. The components of the calculations have been included on pages 35 to 40.

Returns

Return on average tangible equity is calculated as profit after tax attributable to ordinary equity holders of the parent as a proportion of average tangible equity, excluding non-controlling and other equity interests for businesses. Allocated tangible equity has been calculated as 13.5% (2019: 13.0%) of RWAs for each business, adjusted for capital deductions, excluding goodwill and intangible assets, reflecting the assumptions the Group uses for capital planning purposes. Head Office average allocated tangible equity represents the difference between the Group's average tangible shareholders' equity and the amounts allocated to businesses.

	Profit/(loss) attributable to ordinary equity holders of the parent	Average tangible equity	Return on average tangible equity
Three months ended 31.03.20	£m	£bn	%
Barclays UK	175	10.5	6.7
Corporate and Investment Bank	820	27.2	12.1
Consumer, Cards and Payments	(291)	5.1	(22.6)
Barclays International	529	32.3	6.5
Head Office	(99)	4.2	n/m
Barclays Group	605	47.0	5.1

Three months ended 31.03.19
Barclays UK	422	10.4	16.3
Corporate and Investment Bank	582	25.1	9.3
Consumer, Cards and Payments	206	5.4	15.4
Barclays International	788	30.5	10.4
Head Office	(172)	4.3	n/m
Barclays Group	1,038	45.2	9.2

Performance measures excluding litigation and conduct

Barclays Group
	Q120	Q419	Q319	Q219	Q119	Q418	Q318	Q218
Cost: income ratio	£m	£m	£m	£m	£m	£m	£m	£m
Total operating expenses	(3,263)	(3,701)	(4,861)	(3,554)	(3,318)	(4,093)	(3,434)	(3,391)
Impact of litigation and conduct	10	167	1,568	53	61	60	105	81
Operating expenses	(3,253)	(3,534)	(3,293)	(3,501)	(3,257)	(4,033)	(3,329)	(3,310)

Total income	6,283	5,301	5,541	5,538	5,252	5,073	5,129	5,576

Cost: income ratio excluding litigation and conduct	52%	67%	59%	63%	62%	79%	65%	59%

Profit before tax
Profit before tax	913	1,097	246	1,531	1,483	374	1,461	1,895
Impact of litigation and conduct	10	167	1,568	53	61	60	105	81
Profit before tax excluding litigation and conduct	923	1,264	1,814	1,584	1,544	434	1,566	1,976

Profit attributable to ordinary equity holders of the parent
Attributable profit/(loss)	605	681	(292)	1,034	1,038	(14)	1,050	1,279
Post-tax impact of litigation and conduct	(1)	122	1,525	40	46	62	85	59
Profit attributable to ordinary equity holders of the parent excluding litigation and conduct	604	803	1,233	1,074	1,084	48	1,135	1,338

Return on average tangible shareholders' equity	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Average shareholders' equity	55.2	54.5	56.4	54.0	53.2	52.2	52.5	51.3
Average goodwill and intangibles	(8.2)	(8.1)	(8.0)	(7.8)	(8.0)	(7.9)	(7.9)	(7.8)
Average tangible shareholders' equity	47.0	46.4	48.4	46.2	45.2	44.3	44.6	43.5

Return on average tangible shareholders' equity excluding litigation and conduct	5.1%	6.9%	10.2%	9.3%	9.6%	0.4%	10.2%	12.3%

Basic earnings per ordinary share
Basic weighted average number of shares (m)	17,278	17,200	17,192	17,178	17,111	17,075	17,074	17,067

Basic earnings per ordinary share excluding litigation and conduct	3.5p	4.7p	7.2p	6.3p	6.3p	0.3p	6.6p	7.8p

Barclays UK
	Q120	Q419	Q319	Q219	Q119	Q418	Q318	Q218
Cost: income ratio	£m	£m	£m	£m	£m	£m	£m	£m
Total operating expenses	(1,028)	(1,122)	(2,432)	(1,063)	(1,002)	(1,175)	(1,042)	(971)
Impact of litigation and conduct	5	58	1,480	41	3	15	54	3
Operating expenses	(1,023)	(1,064)	(952)	(1,022)	(999)	(1,160)	(988)	(968)

Total income	1,704	1,959	1,846	1,771	1,777	1,863	1,896	1,836

Cost: income ratio excluding litigation and conduct	60%	54%	52%	58%	56%	62%	52%	53%

Profit before tax
Profit/(loss) before tax	195	647	(687)	477	585	390	740	656
Impact of litigation and conduct	5	58	1,480	41	3	15	54	3
Profit before tax excluding litigation and conduct	200	705	793	518	588	405	794	659

Profit attributable to ordinary equity holders of the parent
Attributable profit/(loss)	175	438	(907)	328	422	241	510	473
Post-tax impact of litigation and conduct	3	43	1,457	30	2	12	48	1
Profit attributable to ordinary equity holders of the parent excluding litigation and conduct	178	481	550	358	424	253	558	474

Return on average allocated tangible equity	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Average allocated equity	14.1	13.8	13.9	13.8	13.9	13.6	13.7	13.6
Average goodwill and intangibles	(3.6)	(3.5)	(3.5)	(3.5)	(3.5)	(3.5)	(3.6)	(3.5)
Average allocated tangible equity	10.5	10.3	10.4	10.3	10.4	10.1	10.1	10.1

Return on average allocated tangible equity excluding litigation and conduct	6.8%	18.7%	21.2%	13.9%	16.4%	10.1%	22.0%	18.8%

Barclays International
	Q120	Q419	Q319	Q219	Q119	Q418	Q318	Q218
Cost: income ratio	£m	£m	£m	£m	£m	£m	£m	£m
Total operating expenses	(2,219)	(2,500)	(2,282)	(2,446)	(2,225)	(2,684)	(2,309)	(2,353)
Impact of litigation and conduct	-	86	-	11	19	33	32	47
Operating expenses	(2,219)	(2,414)	(2,282)	(2,435)	(2,206)	(2,651)	(2,277)	(2,306)

Total income	4,644	3,452	3,750	3,903	3,570	3,221	3,290	3,707

Cost: income ratio excluding litigation and conduct	48%	70%	61%	62%	62%	82%	69%	62%

Profit before tax
Profit before tax	822	640	1,137	1,223	1,118	215	850	1,297
Impact of litigation and conduct	-	86	-	11	19	33	32	47
Profit before tax excluding litigation and conduct	822	726	1,137	1,234	1,137	248	882	1,344

Profit attributable to ordinary equity holders of the parent
Attributable profit/(loss)	529	397	799	832	788	(21)	687	926
Post-tax impact of litigation and conduct	-	64	2	8	16	34	26	34
Profit attributable to ordinary equity holders of the parent excluding litigation and conduct	529	461	801	840	804	13	713	960

Return on average allocated tangible equity	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Average allocated equity	33.0	31.9	33.3	32.1	31.6	32.4	32.5	32.8
Average goodwill and intangibles	(0.7)	(1.0)	(1.1)	(1.0)	(1.1)	(1.1)	(1.3)	(1.4)
Average allocated tangible equity	32.3	30.9	32.2	31.1	30.5	31.3	31.1	31.4

Return on average allocated tangible equity excluding litigation and conduct	6.5%	6.0%	10.0%	10.8%	10.6%	0.2%	9.2%	12.2%

Corporate and Investment Bank
	Q120	Q419	Q319	Q219	Q119	Q418	Q318	Q218
Cost: income ratio	£m	£m	£m	£m	£m	£m	£m	£m
Total operating expenses	(1,690)	(1,926)	(1,716)	(1,867)	(1,638)	(2,046)	(1,744)	(1,773)
Impact of litigation and conduct	-	79	4	7	19	23	32	-
Operating expenses	(1,690)	(1,847)	(1,712)	(1,860)	(1,619)	(2,023)	(1,712)	(1,773)

Total income	3,617	2,314	2,617	2,795	2,505	2,151	2,235	2,580

Cost: income ratio excluding litigation and conduct	47%	80%	65%	67%	65%	94%	77%	69%

Profit before tax
Profit before tax	1,203	359	882	887	827	85	498	835
Impact of litigation and conduct	-	79	4	7	19	23	32	-
Profit before tax excluding litigation and conduct	1,203	438	886	894	846	108	530	835

Profit attributable to ordinary equity holders of the parent
Attributable profit/(loss)	820	193	609	596	582	(84)	431	600
Post-tax impact of litigation and conduct	-	58	5	5	16	27	25	-
Profit/(loss) attributable to ordinary equity holders of the parent excluding litigation and conduct	820	251	614	601	598	(57)	456	600

Return on average allocated tangible equity	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Average allocated equity	27.2	25.9	26.9	25.8	25.2	26.0	26.2	26.7
Average goodwill and intangibles	-	(0.1)	-	-	(0.1)	-	(0.2)	(0.3)
Average allocated tangible equity	27.2	25.8	26.9	25.8	25.1	26.0	25.9	26.4

Return on average allocated tangible equity excluding litigation and conduct	12.1%	3.9%	9.2%	9.3%	9.5%	(0.9%)	7.0%	9.1%

Consumer, Cards and Payments
	Q120	Q419	Q319	Q219	Q119	Q418	Q318	Q218
Cost: income ratio	£m	£m	£m	£m	£m	£m	£m	£m
Total operating expenses	(529)	(574)	(566)	(579)	(587)	(638)	(565)	(580)
Impact of litigation and conduct	-	7	(4)	4	-	10	-	47
Operating expenses	(529)	(567)	(570)	(575)	(587)	(628)	(565)	(533)

Total income	1,027	1,138	1,133	1,108	1,065	1,070	1,055	1,127

Cost: income ratio excluding litigation and conduct	52%	50%	50%	52%	55%	59%	54%	47%

Profit before tax
(Loss)/profit before tax	(381)	281	255	336	291	130	352	462
Impact of litigation and conduct	-	7	(4)	4	-	10	-	47
(Loss)/profit before tax excluding litigation and conduct	(381)	288	251	340	291	140	352	509

Profit attributable to ordinary equity holders of the parent
Attributable (loss)/profit	(291)	204	190	236	206	63	256	326
Post-tax impact of litigation and conduct	-	6	(3)	3	-	7	1	34
(Loss)/profit attributable to ordinary equity holders of the parent excluding litigation and conduct	(291)	210	187	239	206	70	257	360

Return on average allocated tangible equity	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Average allocated equity	5.8	6.0	6.4	6.3	6.4	6.4	6.3	6.0
Average goodwill and intangibles	(0.7)	(0.9)	(1.1)	(1.0)	(1.0)	(1.1)	(1.1)	(1.1)
Average allocated tangible equity	5.1	5.1	5.3	5.3	5.4	5.3	5.2	5.0

Return on average allocated tangible equity excluding litigation and conduct	(22.6%)	16.3%	14.0%	18.0%	15.4%	5.4%	19.9%	28.9%

Head Office
	Q120	Q419	Q319	Q219	Q119	Q418	Q318	Q218
Profit before tax	£m	£m	£m	£m	£m	£m	£m	£m
Loss before tax	(104)	(190)	(204)	(169)	(220)	(231)	(129)	(58)
Impact of litigation and conduct	5	23	88	1	39	12	19	31
Loss before tax excluding litigation and conduct	(99)	(167)	(116)	(168)	(181)	(219)	(110)	(27)

Profit attributable to ordinary equity holders of the parent
Attributable loss	(99)	(154)	(184)	(126)	(172)	(234)	(147)	(120)
Post-tax impact of litigation and conduct	(4)	15	66	2	28	16	11	24
Attributable loss excluding litigation and conduct	(103)	(139)	(118)	(124)	(144)	(218)	(136)	(96)

Tangible net asset value per share	As at	As at	As at
	31.03.20	31.12.19	31.03.19
	£m	£m	£m
Total equity excluding non-controlling interests	68,369	64,429	64,661
Other equity instruments	(10,871)	(10,871)	(11,119)
Goodwill and intangibles	(8,209)	(8,119)	(7,921)
Tangible shareholders' equity attributable to ordinary shareholders of the parent	49,289	45,439	45,621

	m	m	m
Shares in issue	17,332	17,322	17,139

	p	p	p
Tangible net asset value per share	284	262	266

Shareholder Information


Results timetable ¹			Date
2020 Interim Results Announcement			29 July 2020


				% Change³
Exchange rates ²	31.03.20	31.12.19	31.03.19	31.12.19	31.03.19
Period end - USD/GBP	1.24	1.33	1.30	(7%)	(5%)
3 month average - USD/GBP	1.28	1.29	1.30	(1%)	(2%)
Period end - EUR/GBP	1.13	1.18	1.16	(4%)	(3%)
3 month average - EUR/GBP	1.16	1.16	1.15	-	1%

Share price data
Barclays PLC (p)	94.11	179.64	154.68
Barclays PLC number of shares (m)	17,332	17,322	17,139


For further information please contact

Investor relations	Media relations
Chris Manners +44 (0) 20 7773 2136	Tom Hoskin +44 (0) 20 7116 4755


More information on Barclays 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: 48839.

Registrar
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom.
Tel: 0371 384 2055⁴ from the UK or +44 121 415 7004 from overseas.

American Depositary Receipts (ADRs)
J.P.Morgan Chase Bank, N.A
StockTransfer@equiniti.com
Tel: +1 800 990 1135 (toll free in US and Canada), +1 651 453 2128 (outside the US and Canada) or +1 866 700 1652
(for the hearing impaired).
J.P.Morgan Chase Bank N.A., Shareowner Services, PO Box 64504, St Paul, MN 55164-0504, USA.

Delivery of ADR certificates and overnight mail
J.P.Morgan Chase Bank N.A., Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120, USA.

1	Note that these dates are 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.
4	Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding UK public holidays in England and Wales.

Notes

The terms Barclays or Group refer to Barclays PLC together with its subsidiaries. Unless otherwise stated, the income statement analysis compares the three months ended 31 March 2020 to the corresponding three months of 2019 and balance sheet analysis as at 31 March 2020 with comparatives relating to 31 December 2019 and 31 March 2019. The abbreviations '£m' and '£bn' represent millions and thousands of millions of Pounds Sterling respectively; the abbreviations '$m' and '$bn' represent millions and thousands of millions of US Dollars respectively; and the abbreviations '€m' and '€bn' represent millions and thousands of millions of Euros respectively.

There are a number of key judgement areas, for example impairment calculations, which are based on models and which are subject to ongoing adjustment and modifications. Reported numbers reflect best estimates and judgements at the given point in time .

Relevant terms that are used in this document but are not defined under applicable regulatory guidance or International Financial Reporting Standards (IFRS) are explained in the results glossary that can be accessed at home.barclays/investor-relations/reports-and-events/latest-financial-results .

The information in this announcement, which was approved by the Board of Directors on 28 April 2020, does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2019 , which contain an unmodified audit report under Section 495 of the Companies Act 2006 (which did not make any statements under Section 498 of the Companies Act 2006) will be 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 US Securities and Exchange Commission ( SEC) as soon as practicable following their publication. Once furnished with the SEC, a copy of the Form 6-K will be available from the SEC's website at www.sec.gov .

Barclays is a frequent issuer in the debt capital markets and regularly meets with investors via formal 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.

Non-IFRS performance measures

Barclays management believes that the non-IFRS performance measures included in this document provide valuable information to the readers of the financial statements as they enable the reader to identify a more consistent basis for comparing the businesses' performance between financial periods and provide more detail concerning the elements of performance which the managers of these businesses are most directly able to influence or are relevant for an assessment of the Group. They also reflect an important aspect of the way in which operating targets are defined and performance is monitored by Barclays management. However, any non-IFRS performance measures in this document are not a substitute for IFRS measures and readers should consider the IFRS measures as well. Refer to the appendix on pages 33 to 40 for further information and calculations of non-IFRS performance measures included throughout this document, and the most directly comparable IFRS measures.

Forward-looking statements

This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to the Group. Barclays cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. 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. Forward-looking statements can be made in writing but also may be made verbally by members of the management of the Group (including, without limitation, during management presentations to financial analysts) in connection with this document. Examples of forward-looking statements include, among others, statements or guidance regarding or relating to the Group's future financial position, income growth, assets, impairment charges, provisions, business strategy, capital, leverage and other regulatory ratios, payment of dividends (including dividend payout ratios and expected payment strategies), projected levels of growth in the banking and financial markets, projected costs or savings, any commitments and targets, estimates of capital expenditures, plans and objectives for future operations, projected employee numbers, IFRS impacts 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. The forward-looking statements speak only as at the date on which they are made and such statements may be affected by changes in legislation, the development of standards and interpretations under IFRS, including 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 applicable to past, current and future periods; UK, US, Eurozone and global macroeconomic and business conditions; the effects of any 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 any entity within the Group or any securities issued by such entities; direct and indirect impacts of the coronavirus (COVID-19) pandemic; instability as a result of the exit by the UK from the European Union and the disruption that may subsequently result in the UK and globally; 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 financial position, future results, dividend payments, capital, leverage or other regulatory ratios or other financial and non-financial metrics or performance measures may differ materially from the statements or guidance set forth in the Group's forward-looking statements. Additional risks and factors which may impact the Group's future financial condition and performance are identified in our filings with the SEC (including, without limitation, our Annual Report on Form 20-F for the fiscal year ended 31 December 2019 and our Q1 2020 Results Announcement for the three months ended 31 March 2020 filed on Form 6-K), which are available on the SEC's website at www.sec.gov .

Subject to our obligations under the applicable laws and regulations of any relevant jurisdiction, (including, without limitation, the UK and the US), in relation to disclosure and ongoing information, we undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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