Further re Final Results - 2

Barclays PLC
15 February 2000

Further re Final Results - 2

                            FINANCIAL HIGHLIGHTS

                                         1999          1998
RESULTS                                    £m            £m
Net interest income*                    4,627         4,353
Non-interest income*                    3,737         3,063
Operating income*                       8,364         7,416
Operating expenses*                   (4,800)       (4,877)
Operating profit before provisions*     3,564         2,539
Provisions for bad and doubtful         (621)         (492)
debts
Provisions for contingent                 (1)          (76)
liabilities and commitments
Operating profit*                       2,942         1,971
Restructuring charge                    (344)             -
Exceptional items                       (138)             1
Former BZW businesses                       -          (33)
Write-down of leases                        -          (40)
Write-down of fixed asset                   -           (4)
investments
Profit before tax                       2,460         1,895
Profit attributable to shareholders     1,759         1,317
Profit retained                         1,013           671

BALANCE SHEET                                              
Shareholders' funds                     8,483         7,842
Loan capital                            4,597         3,734
Total capital resources                13,432        11,890
Total assets                          254,793       219,494
Weighted risk assets                  115,878       109,800
                                                           
PER ORDINARY SHARE                          P             P
Earnings                                117.5          87.2
Earnings (based on operating profit     142.8          89.6
above)*
Dividend                                 50.0          43.0
Net asset value                           568           519
                                                           
PERFORMANCE RATIO                           %             %
Post-tax return on average               21.2          16.9
shareholders' funds
Post-tax return on average                                 
shareholders' funds
(based on operating profit above)*       25.0          17.3
                                                           
RISK ASSET RATIO                                           
Tier 1                                    7.5           7.3
Total                                    11.3          10.6
                                                           
GROUP YIELDS, SPREADS & MARGINS             %             %
Gross yield                              6.84          7.81
Interest spread                          2.88          2.69
Interest margin                          3.40          3.42
                                                           
EXCHANGE RATES                          US$/£         US$/£
Period end                               1.62          1.66
Average                                  1.62          1.66


*The 1999 results for the ongoing business exclude the restructuring charge.
 The 1998 results exclude the residual losses of the former BZW businesses
 and are stated prior to the write-down of leases as a result of the Finance
 Act 1998.

                                      
ANALYSIS OF OPERATING PROFIT BY BUSINESS

Retail Financial Services

Retail Financial Services brings together all of the Group's retail
interests around the world.  Its purpose is to serve customers by
understanding their needs as individuals and by offering services and
products that anticipate and satisfy their requirements.

Retail Financial Services has four strategic aims:

-    To become the customer's first choice in the United Kingdom as the
  provider of innovative and dependable financial solutions.  Within Retail
  Financial Services there are more than 13 million UK customers, with around
  one in six of these customers now purchasing three or more products from
  Barclays.
-    To become a market leader for affluent and wealthy customers in the
  United Kingdom and continental Europe by building on the Group's strong
  customer base.
-    To capitalise on Barclaycard's  position as the leading credit card and
  related products provider in Europe.
-    To grow long term savings and investment business in the United Kingdom
  and continental Europe in mutual funds, investment savings, life assurance
  and pensions.  It is anticipated that the needs of customers across Europe
  will change as people take greater responsibility for their own pension
  arrangements.

                                       1999             1998
                                         £m               £m
Net interest income                   2,959            2,825
Net fees and commissions              1,780            1,723
Income from long-term assurance          44              109
business
Other operating income                  143               62
Total income *                        4,926            4,719
Total costs                         (2,723)          (2,852)
Provisions for bad and doubtful       (490)            (390)
debts
Operating profit                      1,713            1,477

* 1999 figure includes a £75m provision for the possible cost of redress to
personal pension customers

Retail Financial Services delivered a strong performance with good
underlying profit growth in each of its major business groupings.  Operating
profit increased by 16%, or £236m, to £1,713m.  Adjusting for the impact of
the personal pension redress provision, operating profit rose by 21%.

Net interest income grew by £134m, or 5%, to £2,959m primarily as a result
of strong volume growth in UK consumer lending and extended credit balances
at Barclaycard, with good growth in UK savings balances and an improved
contribution from UK mortgage lending.  The overall UK lending margin
improved slightly as a result of a change in the business mix and the
overall UK deposit margin narrowed slightly due to pricing pressure and
lower interest rates.

Net fees and commissions increased by £57m, or 3%, to £1,780m, despite a
reduced contribution from Barclays Insurance following the move to in-house
underwriting of all payment protection insurance.  In-house underwriting is
included in Other operating income and represents the majority of the £81m
increase compared to 1998.  Barclays Stockbrokers benefited from good growth
in investment management income and increased dealing activity.  There were
also improved business volumes in Private Banking and UK Premier.
Barclaycard fees and commissions rose as a result of higher transaction
volumes in both the issuing and acquiring businesses.


Total customer funds, which include assets under management and on-balance
sheet deposits, grew by 10% to £118bn, as a result of good growth in long
term savings and investments (1998: £107bn, excluding the Merck Finck
business which was sold on 31st March 1999).  Assets under management
excluding the Merck Finck business increased 16% to £55bn, of which
approximately half was attributable to net new business and approximately
half to market movements.  Loans to customers rose by 8% to £40bn (1998:
£37bn).

Total costs reduced by 5% to £2,723m (1998: £2,852m) as a result of lower
operating costs and are below the 1997 level of £2,753m.  Staff costs,
excluding restructuring costs, were 4% lower than in 1998.  The total number
of staff employed fell to 55,300 (1998: 59,100).  Efficiency improvements
were achieved through centralisation initiatives, including the integration
of central IT and operations infrastructures.  This includes migration of
telephone call handling from the branches to central call centres and the
integration of Barclaycard's call centres to combine activities across
different sites.

Investment in significant e-commerce developments included further
development of internet banking, the launch of Barclays.net (the first
Internet Service Provider offered by a UK bank) and the launch of an on-line
internet based dealing service at Barclays Stockbrokers.  At the end of 1999
a total of 540,000 customers were registered for these services.

Provisions rose by £100m to £490m, primarily as a result of volume growth in
UK consumer lending and extended credit balances in Barclaycard and also
less favourable UK economic factors that affected the first half of the
year.  Provisions in Africa, the Caribbean and mainland Europe remained at
low levels.

Retail Financial Services is organised for reporting purposes into three
major business groupings.  The operating profit for these groupings is shown
below:

Analysis of Retail Financial Services operating profit
                                       1999             1998
                                         £m               £m
Retail Customers*                       884              825
Wealth Management                       428              318
Barclaycard                             401              334
Operating profit                      1,713            1,477

* 1999 figure includes a £75m provision for the possible cost of redress to
personal pension customers.

Retail Customers

This business provides a wide range of services and products to personal and
small business customers throughout the United Kingdom and to personal and
corporate customers in parts of Africa.  These services are provided through
a network of branches and ATMs, and through direct channels such as the
telephone and the internet.

Operating profit in Retail Customers increased by 7% to £884m.  Excluding a
further provision of £75m (1998: nil) for the possible cost of redress to
personal pension customers (non-priority cases) operating profit increased
by 16%.  The provision for possible redress for personal pension customers
increased during the year as a result of increased response levels and
revised mortality and investment assumptions published by the Personal
Investment Authority in August 1999.

Total income was broadly flat at £2,797m (1998: £2,782m) as a result of the
further pension provision of £75m.  Costs fell 7% to £1,588m (1998: £1,714m)
as a result of continued centralisation of processing activity.  An increase
in provisions of £82m to £325m reflects volume growth in UK consumer lending
and less favourable UK economic factors that affected the first half of last
year.


UK Personal Customers

Average consumer lending balances grew by 11% to £5.9bn (1998: £5.3bn)
benefiting from the introduction of new data mining and enhanced risk
assessment techniques which allow instant or pre-approved credit decisions
and a series of successful promotional campaigns.  Cross sales of related
insurance products remained strong.

Average UK mortgage outstandings increased 6% to £16.1bn (1998: £15.2bn).
The launch of a new range of Base Rate tracker mortgages contributed to
strong mortgage lending growth in the second half of the year with gross new
lending rising 37% to £4.8bn (1998: £3.5bn).  Market share of gross new
advances was maintained at 3.8%.  Fixed and capped rate mortgages accounted
for 56% of gross new mortgage lending (1998: 69%).  As a result of this
shift in business mix towards variable rate products, margins increased
slightly.  The cost of incentives, including the cost of the Guaranteed
Mortgage Rate product increased slightly to £24m (1998: £21m).

Average UK savings balances grew by 7% to £19.6bn (1998: £18.3bn), in line
with the market growth.  Net interest income from savings balances increased
by 2% despite the competition, lower interest rates and a move to term-
products which led to a modest reduction in the overall savings margin.

Good progress was achieved in long-term savings and investment activities as
sales of unit trusts, managed portfolios and individual life and pension
products grew by 28% to £190m in terms of Annual Premium Income.  This
reflected a strong sales performance helped by the final opportunity for PEP
purchases and the introduction of the ISA.  Assets under management
increased by 15% to £13.1bn.  b2 extended its product range and increased
assets under management to £277m.

The number of UK personal current accounts rose by 5% to 8.1m (1998: 7.7m).
This increase was supported by market leading innovations introduced during
1999, which included extending further the benefits of the value-added
Additions account.  By the end of the year, the number of Additions accounts
had increased by 35% over 1998, to 871,000.  Further innovations included
the extension to savings accounts of the successful instant banking
initiative which allows customers to drawdown against uncleared funds.

The demand for on-line banking strengthened following the launch of internet
banking.  The Group's market-leading position was extended by a new service
release, incorporating improved service features and laying down the
infrastructure for future enhancements and new access channels such as
interactive TV.  By the end of 1999, the number of customers registered for
the on-line banking service had increased to 500,000 (1998: 205,000), while
the combined total of customers using on-line and telephone banking rose to
over 1.5 million (1998: 1 million).

Income from sales of household and personal insurance increased by 24%.

UK Small Business

Total income from UK Small Business was maintained at 1998 levels as volume
growth in both deposits and advances offset the impact of a reduced
contribution from current accounts as a result of lower interest rates.
Lending volumes grew 6% to £1.7bn (1998: £1.6bn) and deposits grew 12% to
£6.4bn (1998: £5.7bn).  Fees and commissions remained flat as a result of
increased pressure on money transmission income.

Total costs within UK Small Business reduced by 8% compared to 1998, as a
result of efficiency benefits from the continued focus on centralising
activities.  Provisions for bad and doubtful debts were lower than the 1998
levels reflecting continued improvement in asset quality resulting from an
enhanced risk management process.  Over 67,000 small business customers are
now registered for the on-line banking service (1998: 24,000) supplementing
the new 24 hour telephone banking service which has 170,000 small business
customers (1998: 142,000).

Africa

Operating profit rose by 54% to £98m, reflecting strong performances in
Ghana and also, despite difficult economic conditions, in Zimbabwe.  The
performance in both of these countries benefited from the launch of a
standardised personal loan account and the introduction of a corporate
market programme to enhance customer relationships.

Income growth across Africa rose by 4% to £242m.  Overall costs fell by 15%
to £135m primarily as a result of the job reduction programme announced in
August 1999.

Wealth Management

Wealth Management serves affluent and high net worth clients globally, with
relationship based services and bespoke products, particularly in the areas
of banking, asset management and long-term financial planning.  The branch
networks in Spain, France, Greece and Portugal serve the medium and high net
worth personal markets.  Private Banking offers an integrated asset
management service from offices around the world servicing clients from over
100 countries. Offshore Services, with offices in the Channel Islands, Isle
of Man, Cyprus, Middle East and London, provides specialist banking services
for personal customers and companies which are non-UK based.  Wealth
Management also includes UK Premier Banking, Stockbrokers and the Caribbean.

Operating profit in Wealth Management rose by 35% to £428m predominantly
driven by strong growth in UK Premier Banking, Private Banking, Offshore
Services, Stockbrokers and the continental European retail businesses.

Total income grew by 11% to £1,161m, with increased contributions from all
businesses.  There was particularly good income growth in Offshore Services
(up 17% to £233m), Private Banking (up 17% to £153m), Stockbrokers (up 26%
to £136m) and the Caribbean (up 15% to £130m).

Growth in UK Premier Banking operating profits benefited from a 15% increase
in customer numbers to 129,000 (31st December 1998: 112,000) and growth in
business volumes per customer.

The continental European retail businesses performed well, with operating
profit up 88% to £60m excluding the contribution from Merck Finck following
the sale of this business.  Strong income growth in each country benefited
from buoyant stock markets and continued successful targeting of affluent
and high net worth individuals.  This was reinforced by the launch of a
range of innovative products, including the first 'sub 5%' 15 year mortgage
in Spain.

The Caribbean operations achieved a good performance, with operating profits
up by 16% to £48m aided by an improved performance from the strong offshore
market, increased lending volumes and the establishment of Barclaycall
customer service units offshore.

In Offshore Services operating profit rose 16% to £150m, with overall
deposit balances growing by 9% to £12.6bn.  As a result of stronger growth
in higher margin products such as currency accounts, which benefited from
increased business from Corporate Banking customers, the overall margin was
maintained despite competitive pressure.

Private Banking operating profit rose 22% to £41m, reflecting increased
business levels and favourable market conditions.  Clients' funds increased
19% to £24.7bn (1998: £20.7bn).

Stockbrokers' operating profit grew strongly as a result of good growth in
investment management income and increased dealing activity.  Despite a
decline in demutualisation activity during 1999, average client deals per
day of 6,600 were 10% higher than in 1998, benefiting from the launch of an
on-line internet based dealing service.

Overall costs in Wealth Management increased by 2% to £738m.  This reflected
the increased investment in front line staff and IT infrastructure to
support current and future business growth, and an increase in client
numbers, assets under management and customer deposits.  Technology
investment included the development of internet capability in Stockbrokers
and Offshore Services.

Barclaycard

Barclaycard is the largest credit card business in Europe.  It offers a full
range of credit card services to individual customers, together with card
payment facilities to retailers and other businesses.  Barclaycard was the
first UK credit card with a web presence which offers a range of services on-
line to cardholders including statement and transaction information.  In
November 1999, Barclaycard launched a pilot joint venture in Wireless
Application Protocol (WAP), which enables cardholders to use their mobile
phone to access their Barclaycard accounts, online news, purchase goods and
send and receive e-mail.

Barclaycard profits increased by 20% to £401m (1998: £334m).  Total income
growth rose 9% to £968m primarily as a result of an increase in average
extended credit balances up 17% to £4.8bn and a 9% increase in turnover
volumes.  Income growth was supported by further improvements to the product
range, including the introduction of a new rewards scheme, free extended
warranty and the launch of new platinum Visa and Mastercards.  These
initiatives helped to improve new customer recruitment up 35% to 646,000
(1998: 478,000) and retentions, with the number of customers leaving down
12% to 382,000 (1998: 432,000).

The overall interest margin was maintained as a result of strong growth in
interest earning balances relative to non-interest earning balances being
offset by a reduction in rate spreads.  This reflected the introduction of a
pricing strategy to increase Barclaycard's share of an individual customer's
credit card borrowing requirements by offering a reduced interest rate on
extended credit balances to customers with higher transaction volumes.

Fees and commissions grew by 5% as a result of increased volumes in card
transactions up 10% to 1.1billion (1998: 1 billion) which was largely offset
by continued pressure on merchant acquisition fee margins.

Total costs in Barclaycard fell by 4% to £397m largely as a result of the
benefits associated with the change programme announced in September 1998
resulting in the loss of 1,100 jobs over a 3 year period.  The reduction in
the workforce remains on track, although increases in staff numbers will
continue in the international operations as Barclaycard continues to expand
into Europe and in  e-commerce activities.

The charge for bad and doubtful debts increased by 18% to £170m.  This
primarily reflected the impact of growth in interest earning balances.  The
credit quality of outstanding balances was maintained through a combination
of robust initial assessment and ongoing credit management.

Further investment was made in expanding Barclaycard's presence in Germany
and France.  New cards were launched in Spain and Greece.  As a result the
number of cards in issue overseas grew 43% to 1 million (1998: 700,000).

Corporate Banking

Corporate Banking provides relationship banking to the Group's middle
market, large corporate and institutional customers.  Customers are served
by a network of 1,200 specialist relationship managers across the United
Kingdom who provide access to an extensive range of products.  Corporate
Banking also offers its customers access to business centres in the rest of
Europe, the United States and the Middle East.  In addition, an office in
Miami provides finance and correspondent banking services to the Group's
customers in Latin America.

Corporate Banking's close working relationships with Barclays Capital
ensures that large corporate and institutional customers have access to the
capital markets and to specialist investment banking products which
complement Corporate Banking's product and service range.

Corporate Banking has a strong competitive position in the United Kingdom,
where around a quarter of middle market companies bank with Barclays.
Opportunities for growth exist within both the United Kingdom, through
customer acquisition and increased product penetration, and in the rest of
Europe, where our presence exceeds our UK and many of our European rivals.

                                       1999             1998
                                         £m               £m
Net interest income                   1,252            1,214
Net fees and commissions                690              613
Other operating income                 (12)               24
Total income                          1,930            1,851
Total costs                           (863)            (862)
Provisions for bad and doubtful       (120)                2
debts
Operating profit before impact of       947              991
Finance Act
Write-down of leases                      -             (40)
Operating profit                        947              951

Corporate Banking produced a good performance in 1999.  Operating profit,
before the impact of a £40m write-down in lease receivables in 1998, reduced
by £44m or 4% to £947m as a result of an increase in the net provision
charge to £120m (1998: net credit £2m).  The £122m increase in provisions
for bad and doubtful debts mainly reflected the lower levels of releases and
recoveries of £86m (1998: £168m).  New and increased provisions were
slightly higher than the levels experienced last year.

Net interest income rose by 5% after adjusting for a £20m recovery in 1998
from two debts previously written off, which was in addition to a £31m
specific provision recovery in respect of these customers.

Corporate Banking achieved good growth in business lending volumes in 1999,
primarily to larger and higher quality corporate customers.  Average
customer lending balances increased by 7% to £43bn as a result of steady
growth in UK lending and strong growth in international lending.

High levels of origination have continued within large corporate banking in
the United Kingdom as a result of increased acquisition finance activity.
Middle market activity has also been strong as a result of the introduction
of enhanced customer value propositions.

Average lending volumes in the international businesses have increased by
17% to £7bn  (1998: £6bn) with growth predominantly in the rest of Europe
and the Middle East.  Lending volumes in Latin America have been held at
1998 levels.

Overall lending margins have been maintained.  UK lending margins continued
to narrow, reflecting the improving quality of the lending portfolio.
Overseas margins have improved year-on-year as a result of adverse
conditions in the debt capital markets in the second half of 1998.  Risk
adjusted margins, which take account of expected credit losses, have been
maintained.

Average UK deposit volumes increased by 9% to £32bn despite continued
contraction in corporate liquidity.  The overall deposit margin has reduced
slightly, reflecting stronger growth in the lower margin treasury deposits
and a reduced contribution from non-interest bearing current accounts.

Net fees and commissions increased strongly by 13% to £690m.  Lending
related fees rose strongly reflecting a higher volume of arrangement fees in
respect of on and off-balance sheet financing products.  Money transmission
income was at a similar level to 1998 despite continued pricing pressure.
Strong growth in electronic products has resulted in over 25% of UK
corporate customers being registered for these services.  Foreign exchange
related income increased as a result of a new and consistent pricing policy
introduced in the second half of 1998.

Other operating income decreased as a result of increased credit provisions
and difficult trading conditions in the Group's Brazilian associate, Banco
Barclays e Galicia SA.  In addition, there was a reduced contribution from
Cairo Barclays SAE, which became a subsidiary from 7th June 1999.

Costs were maintained at 1998 levels despite the impact of the consolidation
of Cairo Barclays which added £5m to costs in the second half of 1999.
Costs in the second half of 1999 were lower than the same period in 1998,
reflecting the continuing restructuring of Corporate Banking during 1999.  A
reduction in staff numbers of 400, primarily as a result of this
restructuring, was offset by a 500 increase in staff as a result of the
acquisition of a controlling share in Cairo Barclays.  In addition there
were a further 200 UK staff under notice of redundancy as at 31st December
1999.  After adjusting for the impact of the acquisition of a controlling
share in Cairo Barclays, staff costs were maintained at 1998 levels.

Barclays Capital

Barclays Capital conducts the Group's international investment banking
business.  The business focuses on areas where it believes it has
competitive advantage and which are integral to the Group.    Barclays
Capital serves as the Group's principal point of access to the wholesale
markets and also deals in these markets with governments, supranational
organisations, corporates, banks, insurance companies and other
institutional investors.

The activities of Barclays Capital are grouped into two principal areas:
Rates which include sales, trading and research relating to government
bonds, money markets, foreign exchange, commodities, and their related
derivative instruments and Credit which includes origination, sales, trading
and research relating to loans, securitised assets, corporate bonds and
their related derivative instruments and private equity investment and
equity derivatives.

Barclays Capital is an important component of the overall Group, providing a
variety of complementary services and products to all of the Group's
businesses and their customers.  It also provides a counterbalance to
disintermediation of the traditional corporate lending businesses.

In 1999 the European capital markets expanded significantly driven by the
introduction of the euro and increased corporate fund raising on the back of
rapid corporate consolidation.  Barclays Capital, with its leading European
loan business and strong client franchise, is well positioned to benefit
from the strong growth in this market.  In addition, the globalisation of
investment flows creates significant opportunities for investment banks like
Barclays Capital which has global capability for providing financing
solutions to companies.

                                       1999             1998
                                         £m               £m
Net interest income                     400              417
Dealing profits                         554             (29)
Net fees and commissions                163              159
Other operating income                   40               44
Total income                          1,157              591
Total costs                           (805)            (701)
Provisions for bad and doubtful        (36)            (160)
debts
Operating profit                        316            (270)

Barclays Capital reported an operating profit of £316m compared to an
operating loss of £270m in 1998.  This reflects a strong performance and a
return to stability in the financial markets following the 1998 Russian
economic crisis and the subsequent dislocation in the world credit markets.
Both the Rates and Credit businesses performed well despite a more
challenging trading environment in the second half of the year, as a result
of widening credit spreads and rising sterling interest rates.

Dealing profits were £554m in 1999 (1998: dealing losses of £29m).  This was
achieved while operating at lower risk levels compared to last year.
Average Daily Value at Risk utilisation reduced by 23% to £16.1m (1998:
(£20.9m)).  The Rates business continued to perform strongly with good
contributions from the government bonds, interest rate derivatives and
foreign exchange businesses.  In the Credit business, equity derivatives and
secondary corporate bond businesses also made good contributions benefiting
from increased customer related activities.

Net interest income decreased by 4% or £17m, to £400m as a result of lower
interest earned from reduced regulatory capital employed.  This was
partially offset by a strong performance from the money markets business
which benefited from a favourable interest rate environment during the year
and the structured capital markets business, which had a record year in its
client related activity.

Net fees and commissions increased by 3% to £163m reflecting growth in fees
earned in the primary corporate bond business and from loan arrangement
activity.

Barclays Capital benefited from diversifying and strengthening its client
base for bond issues as it maintained its leading position in sterling bond
issuance and European syndicated loan markets.  Although the new euro bond
market was highly competitive in 1999, good progress was made with new
issues for Abbey National, Carrefour, Kappa Packaging Group and Vodafone
AirTouch.

Other operating income consists principally of realisations from private
equity business, which had a record performance in 1999 including
significant contributions from continental Europe.

Provisions for bad and doubtful debts amounted to £36m and was mainly in
respect of overseas exposures.  In 1998, £130m of the total charge of £160m
was in respect of the default of currency forward contracts and repurchase
agreements by Russian counterparties.

Costs increased by 15% to £805m (1998: £701m), reflecting a higher level of
performance related pay in line with improved profitability.  Excluding
performance related pay, costs were lower than 1998 levels reflecting
continued cost management.  This was achieved whilst continuing to invest in
the business, particularly in the credit and European markets and also in
new technology to improve the trading, control and processing systems.  The
ongoing investment in improving core technology and adding selectively to
develop the human resources within Barclays Capital continues to be a
priority.

Barclays Global Investors

Barclays Global Investors (BGI) is the largest institutional asset manager
in the world counting some of the world's most sophisticated investing
institutions amongst its 1,500 clients.  BGI offers advanced active and
indexed asset management services for institutional clients from offices
located in seven countries around the world.  The objective of BGI's
advanced active management service is to outperform market benchmarks by the
application of disciplined investment processes using statistical models to
test and implement investment decisions.  The objective of indexed
management is to replicate the performance of market benchmarks.  In
addition to these activities, BGI is a major lender of securities.

The global asset management industry is growing rapidly with revenues
forecasted to triple to over £500bn by 2010.  BGI continually invest in its
business to ensure it maintains its strong competitive position on this
growing market.

                                       1999             1998
                                         £m               £m
Net fees and commissions                318              277
Net interest income                       6                9
Other operating income                    -                2
Total income                            324              288
Total costs                           (281)            (236)
Operating profit                         43               52

Operating profit decreased by £9m primarily reflecting a continued
investment in a number of strategic investment programmes.  Investment in
these programmes has doubled to £28m  (1998: £14m).  One area of significant
investment has been in quantitative product research and development with
the aim of achieving a greater level of active products within BGI's
business mix not just for the institutional markets but also for the
individual market place.  Another area of investment expenditure has been in
supporting the launch of a range of Exchange Traded Funds (ETFs), in the
United States and Canada.  ETFs are index funds that are bought and sold
like shares on a national exchange.  These investment programmes aim to
ensure sustained business growth in a highly competitive global market
place.

Fees and commissions increased 15% to £318m (1998: £277m), benefiting from
new business growth in assets under management and favourable market
conditions during the year.  Good growth in advanced active and securities
lending offset continued competitor pressure on margins within the index
business.  The securities lending business benefited from the introduction
of this activity to pension funds in Japan and Canada.  During 1999, BGI
announced the formation of E-Crossnet, a joint venture to cross UK and
continental European equities.

The rise in costs of £45m reflects increased investment expenditure coupled
with higher staff costs.

Total assets under management grew to £486bn from £370bn at 31st December
1998; £34bn of the increase is attributable to net new business and £82bn is
attributable to market and exchange rate translation movements.  Assets
under management consist of £384bn of indexed funds and £102bn under
advanced active management.  All geographical regions have experienced good
growth in assets.  For the second consecutive year, BGI Europe was first in
terms of the number of UK institutional client gains.
                                      
                                      
                             SUMMARY OF RESULTS
                                      
                                      
PROFIT BEFORE TAX                      1999             1998
                                         £m               £m
Retail Financial Services             1,713            1,477
Corporate Banking*                      947              991
Barclays Capital                        316            (270)
Barclays Global Investors                43               52
Businesses in Transition**                -               48
Other operations                         13            (167)
Head office functions                  (77)             (72)
Goodwill amortisation                  (13)             (12)
Provision for litigation                  -             (76)
settlement***
Operating profit                      2,942            1,971
Restructuring charge                  (344)                -
Exceptional items                     (138)                1
Former BZW businesses                     -             (33)
Write-down of leases                      -             (40)
Write-down of fixed asset                 -              (4)
investments
                                      2,460            1,895

                                       1999             1998
TOTAL ASSETS                             £m               £m
Retail Financial Services            48,726           46,197
Corporate Banking                    47,422           45,341
Barclays Capital                    144,811          114,706
Barclays Global Investors               232              183
Businesses in Transition                  -              554
Other operations and Head office      5,562            5,428
functions
Retail life-fund assets               8,040            7,085
attributable to policyholders
                                    254,793          219,494

WEIGHTED RISK ASSETS                                        
Retail Financial Services            33,362           31,546
Corporate Banking                    48,218           45,869
Barclays Capital                     32,032           29,344
Barclays Global Investors               456              207
Businesses in Transition                  -              594
Other operations                      1,810            2,240
                                    115,878          109,800

*  Figures are stated prior to the write-down of leases.
** Businesses in Transition 1998 profit before tax excludes the residual
   losses of the former BZW businesses which are shown separately.
***The charge in 1998 related to the contribution to the overall settlement
   to the Administrators of British & Commonwealth Holdings PLC (B&C) in
   relations to proceedings which arose in connection with B&C's
   acquisition of Atlantic Computers in 1988.
                                      

                    CONSOLIDATED PROFIT AND LOSS ACCOUNT

                                       1999             1998
                                         £m               £m
Interest receivable                   9,320            9,952
Interest payable                    (4,696)          (5,604)
Write-down of leases                      -             (40)
Profit on redemption/repurchase of        3                3
loan capital
Net interest income                   4,627            4,311
Net fees and commissions              2,932            2,779
receivable
Dealing profits                         561             (33)
Other operating income                  244              324
Total non-interest income             3,737            3,070
Operating income                      8,364            7,381
Administration expenses - staff     (3,057)          (2,811)
costs
Administration expenses - other     (1,807)          (1,829)
Depreciation and amortisation         (280)            (275)
Operating expenses                  (5,144)          (4,915)
Operating profit before provisions    3,220            2,466
Provisions for bad and doubtful       (621)            (492)
debts
Provisions for contingent               (1)             (76)
liabilities and commitments
Operating profit                      2,598            1,898
Exceptional items                     (138)                1
Write-down of fixed asset                 -              (4)
investments
Profit on ordinary activities         2,460            1,895
before tax
Tax on profit on ordinary             (649)            (533)
activities
Profit on ordinary activities         1,811            1,362
after tax
                                                            
Minority interests (equity and non-    (52)             (45)
equity)
Profit for the financial year         1,759            1,317
attributable to the members of
Barclays PLC
Dividends                             (746)            (646)
Profit retained for the financial     1,013              671
year
                                                            
Earnings per ordinary share          117.5p            87.2p
                                                            
Earnings per ordinary share for      142.8p            89.6p
the ongoing business
                                                            
Dividend per ordinary share:                                
First interim                         17.5p            15.5p
Second interim (payable 3rd May       32.5p            27.5p
2000)

                                      
        CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE ONGOING BUSINESS
                                      
                                       1999             1998
                                         £m               £m
Interest receivable                   9,320            9,952
Interest payable                    (4,696)          (5,602)
Profit on redemption/repurchase of        3                3
loan capital
Net interest income                   4,627            4,353
                                                            
Net fees and commissions              2,932            2,771
receivable
Dealing profits                         561             (27)
Other operating income                  244              319
Total non-interest income             3,737            3,063
Operating income                      8,364            7,416
Administration expenses - staff     (2,865)          (2,789)
costs
Administration expenses - other     (1,655)          (1,812)
Depreciation and amortisation         (280)            (276)
Operating expenses                  (4,800)          (4,877)
Operating profit before provisions    3,564            2,539
Provisions for bad and doubtful       (621)            (492)
debts
Provisions for contingent               (1)             (76)
liabilities and commitments
Operating profit for the ongoing      2,942            1,971
business
Restructuring charge                  (344)                -
Exceptional items                     (138)                1
Former BZW businesses                     -             (33)
Write-down of leases                      -             (40)
Write-down of fixed asset                 -              (4)
investments
Profit on ordinary activities         2,460            1,895
before tax

The results shown on page 9 include the 1999 restructuring charge and the
residual losses relating to the former BZW businesses and the impact of the
Finance Act in 1998.  The table above presents the consolidated profit and
loss account for the ongoing business excluding the impact of these items.
                                      
                                      
                         CONSOLIDATED BALANCE SHEET

                                       1999             1998
Assets:                                  £m               £m
Cash and balances at central banks    1,166              942
Items in course of collection from    2,492            2,475
other banks
Treasury bills and other eligible     7,176            4,748
bills
Loans and advances to banks   
               - banking             13,071           20,316
               - trading             29,585           16,296
                                     42,656           36,612
Loans and advances to customers      
                - banking            95,006           81,469
                - trading            18,532           14,641
                                    113,538           96,110
Debt and equity securities           59,523           50,068
Interests in associated                 106              150
undertakings and joint ventures
Intangible fixed assets - goodwill      183              196
Tangible fixed assets                 1,800            1,939
Other assets                         18,113           19,169
                                    246,753          212,409
Retail life-fund assets               8,040            7,085
attributable to policyholders
Total assets                        254,793          219,494
                                                            
Liabilities:                                                
Deposits by banks   - banking        26,915           25,951
                    - trading        17,571            8,469
                                     44,486           34,420
Customer accounts   - banking       105,027           96,099
                    - trading        18,939           12,706
                                    123,966          108,805
Debt securities in issue             23,329           17,824
Items in course of collection due     1,400            1,279
to other banks
Other liabilities                    40,140           38,191
Undated loan capital - convertible      309              301
to preference shares
Undated loan capital - non-           1,440            1,441
convertible
Dated loan capital - non-             2,848            1,992
convertible
                                    237,918          204,253
                                                            
Minority interests and                                      
shareholders' funds:
Minority interests: equity               82               51
Minority interests: non-equity          270              263
Called up share capital               1,495            1,511
Reserves                              6,988            6,331
Shareholders' funds: equity           8,483            7,842
                                      8,835            8,156
                                    246,753          212,409
Retail life-fund liabilities          8,040            7,085
attributable to policyholders
Total liabilities and               254,793          219,494
shareholders' funds