Summary Int. Results - 2 of 2

Barclays PLC
2 August 2001


PART 2


Personal Financial Services



Personal Financial Services (previously UK Personal Customers) provides a wide
range of products and services to personal customers throughout the United
Kingdom, including current accounts, savings, consumer loans and payment
protection insurance.  It is also responsible for the management and
development of the Barclays branch network, telephone banking service and
online banking service.



Personal Financial Services works closely with other businesses in the Group,
in particular Woolwich, Barclays Private Clients, Barclaycard and Business
Banking.


                                                 Half-year ended
                                                30.06.01     31.12.00  30.06.00
                                                      £m           £m        £m
Net interest income                                  576          547       545
Net fees and commissions                             256          248       240
Other operating income                                68           63        63
Total income                                         900          858       848
Total costs                                        (479)        (494)     (516)
Provisions for bad and doubtful debts              (158)        (110)     (167)
Operating profit                                     263          254       165
Restructuring costs                                 (12)         (15)      (36)
Integration costs                                    (2)            -         -
Profit before tax and exceptional items              249          239       129





Personal Financial Services operating profit increased 59%, or £98m, to £263m
as a result of reduced costs and higher levels of net interest income and fees
and commissions.  Operating profit in the second half of 2000 benefited from a
low net provision charge for that period.



Net interest income grew by 6% to £576m.  Average lending balances (which
includes balances held on behalf of Barclays Private Clients) were up 9% to £
6.5bn on the first half of 2000 and average deposit balances (on the same
basis) grew 9% to £32.6bn.  Income derived from these volume increases and the
majority of the gain on the hedge closure were offset by reduced margins as a
result of the introduction of personal pricing in consumer loans and by
stronger growth in lower margin savings products and reduced market rates of
interest.



Average retail consumer lending balances increased to £4.6bn, ahead of the
rate of growth of the market.  Notwithstanding the tightening of credit
scoring criteria in the second half of 2000, the promotion of personal pricing
in the consumer loan market proved successful in attracting higher quality,
lower risk business.



Average savings balances increased to £11.6bn, partly as a result of the
launch of the Regular Savings Account in February 2001 and greater focus on
higher balances including e-savings and bonds.



Net fees and commissions increased 7% to £256m as a result of the increased
number of Additions accounts (2001: 1,141,000, 2000: 958,000) and growth in
overdraft lending activity.



Other operating income increased 8% to £68m as a result of higher payment
protection and other insurance business.  Higher quality lending resulted in
lower penetration of payment protection policy sales in consumer loans.



Total costs fell 7%, or £37m, to £479m.  Business as usual costs fell despite
an increase in fraud costs.  Strategic investment expenditure, at £30m, was
mainly directed at the branch network and online services.



Provisions fell 5%, or £9m, despite the 9% growth in average lending balances.
This reflected continued benefit from the introduction of personal pricing
in consumer loans which has resulted in higher quality lending.  New and
increased provisions, including a £20m charge in respect of interest
previously held in suspense, were £157m (31st December 2000: £121m, 30th June
2000: £166m).



The total number of Barclays registered customers for online banking increased
in the half year by half a million to 2.3m.  Overall online sales and
transaction volumes have continued to increase, with balances on the e-savings
account at £290m.  The total number of personal retail customers registered
for telephone banking increased to 1.3m (31st December 2000: 1.1m).



The total number of Barclays personal current accounts increased to 9.0m and
Barclays personal savings accounts increased to 4.3m (31st December 2000:
4.2m)






Woolwich



The Woolwich business comprises Woolwich plc and Barclays Mortgages, the UK
mortgages and household insurance operations of Barclays.  Woolwich is a
predominantly UK-based financial services business which provides a wide range
of personal financial services, including financial advice through one of the
UK's largest independent financial advisory (IFA) teams.


                                                     Half-year ended
                                           30.06.01 31.12.00**  30.06.00*
                                                 £m         £m         £m
Net interest income                             413        209        109
Net fees and commissions                        157         60         17
Income from long-term assurance business         11          5          -
Other operating income                           10          4          -
Total income                                    591        278        126
Total costs                                   (320)      (138)       (32)
Provisions for bad and doubtful debts          (34)       (12)          8
Profit from joint ventures                        1          -          -
Operating profit                                238        128        102
Restructuring costs                             (1)        (2)        (2)
Integration costs                              (12)        (7)          -
Fair value adjustments                         (16)        (6)          -
Profit before tax and exceptional items         209        113        100



*              Barclays mortgage business only.

**             Barclays mortgage business and operating profit of £70m in
               respect of Woolwich plc business from 25th October 2000 to 31st  
               December 2000.



Pro forma profit and loss account for Woolwich



In order to provide a like for like performance of Woolwich's performance, pro
forma tables have been provided below assuming that the acquisition of
Woolwich plc took place on 1st January 2000.


                                                 Half-year ended
                                                30.06.01     31.12.00  30.06.00
                                                   Total        Total     Total
                                                      £m           £m        £m

Net Interest Income                                  413          425       425
Net fees and commissions                             157          161       145
Income from long term assurance business              11           13        21
Other operating income                                10           10         6
Total income                                         591          609       597
Operating costs                                    (320)        (308)     (305)
Provision for bad and doubtful debts                (34)         (24)      (15)
Profit/loss from joint ventures                        1            -       (2)
Operating profit                                     238          277       275
Restructuring costs                                  (1)          (2)       (2)
Integration costs                                   (12)          (7)         -
Profit before tax and exceptional items*             225          268       273



* The fair value adjustments detailed in the footnote on page 10 are not
reflected in this presentation.

Operating profit before restructuring and integration costs was £238m (2000: £
275m).  Barclays Mortgages operating profit reduced by £39m to £63m reflecting
a net credit to provisions in the first half of 2000 and a fall in lending
margins induced by repricing during the second half of last year.  Adjusting
for an £8m one-off increase in the life fund, Woolwich plc operating profit
increased 6%.



Net interest income fell 3% to £413m.  Woolwich plc net interest income
remained stable at £316m and reflected an improved contribution from mortgage
and other lending activities offset by savings margin compression resulting
from intense market competition for deposits.  Overall, the Woolwich plc
mortgage margin remained stable at 0.8% and the savings margin fell from 1.3%
to 1.0%.  Barclays Mortgages net interest income fell £12m to £97m, reflecting
a high level of redemptions in the book in the second half of 2000.



Average UK mortgage balances increased 6.6% to £48.3bn, (2000: £45.3bn).
Total market share of gross mortgage lending was 10%, higher than the 9%
market share of mortgage stock.  Total net UK mortgage lending was £1.8bn, an
18% increase with market share improving strongly in the second quarter.  From
April, Woolwich branded mortgages were available through the Barclays retail
network.  The total mortgage pipeline ended the period at £3.4bn (2000: £
2.2bn).



Net fees and commissions increased 8% to £157m and primarily reflected the
success of the IFA operation and volume driven growth in mortgage related
activities.



Total costs rose 5% to £320m (2000: £305m).  Strategic investment expenditure
increased to £23m (2000: £17m) to support future growth in key business
development areas, such as IFA operations and Open Plan.  Business as usual
costs rose 3%, or £8m, due largely to the greater costs associated with higher
new business volumes.



Provisions for bad and doubtful debts at £34m were £19m higher than in the
first half of 2000,

principally reflecting higher levels of Woolwich plc consumer loan balances
and a general provision release in 2000.



At 30th June 2001 the number of Woolwich Open Plan customers had increased to
806,000 (31st December 2000: 544,000), with product penetration increasing to
3.1 products per customer (2000: 3.0).  Woolwich Open Plan customer numbers
are on course to reach 1 million by the end of this year.





Barclays Private Clients



Barclays Private Clients (previously Wealth Management) serves affluent and
high net worth clients globally with bespoke, relationship-based services in
the areas of banking, asset management, stockbroking and long-term financial
planning.  It brings together the existing operations of Premier Banking,
European Retail Banking, Offshore Services, Private Banking, Stockbrokers and
Caribbean into one business.  Barclays Private Clients serves over 1 million
affluent clients across 33 countries worldwide and has extensive geographical
diversity with over a third of clients based outside the UK, mainly in France,
Iberia and the Caribbean.


                                                 Half-year ended
                                                30.06.01     31.12.00  30.06.00
                                                      £m           £m        £m
Net interest income                                  427          417       376
Net fees and commissions                             260          278       301
Income from long-term assurance business              83           87        79
Other operating income                                14           22        14
Total income                                         784          804       770
Total costs                                        (440)        (480)     (426)
Provisions for bad and doubtful debts               (13)         (14)       (5)
Operating profit                                     331          310       339
Restructuring costs                                  (6)         (30)      (11)
Profit before tax and exceptional items              325          280       328



Operating profit of Barclays Private Clients reduced 2% to £331m compared to
the first six months of 2000 (2000: £339m) although it increased by 7%
compared to the second half of last year.  This performance was achieved
despite an increase in strategic investment spend of £33m, depressed market
conditions with the average FTSE 100 level down 7% and market retail broking
volumes down 32% compared with the first half of last year.



Net interest income increased by 14% to £427m as average lending volumes
increased 18% and average deposits, primarily of UK affluent clients, grew by
8%.  The benefit was partially offset by margin compression in lendings and
deposits, as a result of reduced interest rates.



Net fees and commissions decreased 14%, or £41m, to £260m primarily due to
lower brokerage and fund management fees resulting from adverse stock market
conditions compared with an exceptionally buoyant first quarter of 2000.
Stockbroking volumes in the UK decreased to 7,000 average deals per day (2000:
8,900), although the leading position in the UK as measured by retail client
orders was maintained.



Income from long term assurance business increased by £4m to £83m (2000: £
79m).  Underlying income was restricted by lower stock market levels, offset
by a one-off benefit of £13m as a result of the Legal & General strategic
alliance.



Following the strategic alliance with Legal & General, a stakeholder pensions
product was launched in April 2001.  Designations to date from company
employers through direct sales totalled over 21,000.



Total customer funds, which include assets under management and administration
and on balance sheet deposits, amounted to £80bn (31st December 2000: £81bn).
In addition, Barclays Private Clients currently accounts for and manages £14bn
of assets under management relating to the retail life and funds businesses
(31st December 2000: £14bn).  Within the total customer funds, assets under
management fell by £1bn from 31st December 2000 as growth in net new funds of
£1bn was more than offset by a £2bn impact of falling stock markets.  Loans to
customers grew 5% to £8.4bn (31st December 2000: £8bn).



Total costs rose 3% to £440m (2000: £426m).  Business as usual costs fell £
25m, or 6% through the continued focus on productivity programmes.  This fall
was offset by an increase in strategic investment expenditure of £33m as a
result of the continuation of a major investment programme focussing on the
development of a single relationship across banking and investment and a
seamless multi-channel distribution service.





Barclaycard



Barclaycard is the leading credit card business in Europe with operations in
the United Kingdom, Germany, France, Spain and Greece.  It offers a full range
of credit card services to individual customers, together with card payment
facilities to retailers and other businesses.  Barclaycard includes the
Masterloan consumer lending business.


                                                    Half-year ended
                                          30.06.01   31.12.00    30.06.00
                                                £m         £m          £m
Net interest income                            397        341         344
Net fees and commissions                       284        269         255
Total income                                   681        610         599
Total costs                                  (242)      (210)       (229)
Provisions for bad and doubtful debts        (162)      (168)       (136)
(Loss)/profit from joint ventures              (2)        (2)           -
Operating profit                               275        230         234
Restructuring costs                              -        (4)           -
Integration costs                              (2)
Profit before tax and exceptional items        273        226         234



Barclaycard's operating profit increased 18%, or £41m, to £275m.



Net interest income increased 15% to £397m benefiting from continued strong
growth in average UK extended credit balances which rose 14% during the period
to £6.0bn.  Growth was below market trends reflecting lower recruitment and a
tightening of credit scoring.  Recruitment of UK customers was 275,000 for the
half year.  Barclaycard's recruitment strategy will be focused on the second
half of the year in order to capitalise on the investment in the sponsorship
of the FA Barclaycard Premiership.



The UK net interest margin increased as a result of improved cardholder rate
management and falling interest rates.



Fees and commissions increased 11% to £284m, partly driven by cardholder
turnover growth and account fees.



Barclaycard's international businesses recorded an operating loss of £15m
(2000: loss £17m). Average extended credit balances increased 44% and income
was up 35%.



Total costs increased 6% to £242m primarily reflecting an increase in business
as usual costs.  Business as usual costs rose by 7% largely as a result of an
increase in activity related costs and a continuing rise in fraud costs.
Barclaycard continues to combat fraud through the development of intelligent
fraud identification and monitoring systems, and is developing chip based
technology as a fraud solution.  Strategic investment spend remained in line
with the first six months of last year at £31m but increased 15% on the second
half of 2000.



Provisions for bad and doubtful debts increased 19% to £162m (2000: £136m).
This was attributable to strong lending growth across the UK and international
businesses and reflected high levels of recruitment over the last two years.



Investment in e-enablement continued and a new account service was implemented
on the internet site.  The modular design delivers increased capacity and
improves speed to market.  The UK business now has 512,000 registered users of
its website for online services and over 83,000 active retailer relationships,
of which over 4,600 are registered for Barclaycard's payment systems to
provide shopping facilities online.



Business Banking



Business Banking provides relationship banking to the Group's small, medium
business and large business customers in the United Kingdom.  Customers are
served by a network of specialist relationship managers who provide access to
an extensive range of products.  Customers are also offered access to business
centres in mainland Europe and the United States.



Business Banking offers a range of online and e-commerce based services to
customers.  Barclays B2B, a joint venture with Accenture, was created in 2000
to enable the delivery of business services to companies with a turnover of
between £5m and £250m.  It is one of the UK's first purchase to payment
e-procurement systems and provides a direct channel for the sale and delivery
of a number of business services such as strategic sourcing.
Clearlybusiness.com, a joint venture with Freeserve, is one of the UK's
leading on-line small business service providers.



Around a quarter of small and medium enterprise (SME) businesses in the United
Kingdom bank with Barclays.
                                                      Half-year ended
                                             30.06.01  31.12.00  30.06.00
                                                   £m        £m        £m
Net interest income                               776       760       743
Net fees and commissions                          417       402       385
Other operating income                              -      (12)         5
Total income                                    1,193     1,150     1,133
Total costs                                     (505)     (529)     (526)
Provisions for bad and doubtful debts            (76)      (87)      (33)
(Loss)/income from associated undertakings        (4)         4      (10)
Operating profit                                  608       538       564
Restructuring costs                              (13)      (29)      (30)
Profit before tax and exceptional items           595       509       534





Business Banking operating profit increased 8%, or £44m, to £608m.



Net interest income rose 4% to £776m reflecting increased lending and deposit
balances partly offset by a slight reduction in the overall margin.  Adjusted
for the sale of Dial in 2000 and the consolidation of Banco Barclays e Galicia
SA from January 2001, growth in net interest income was 8%.  Average customer
lending balances increased 8% to £40bn and average customer deposit balances
increased 7% to £42bn.



Lending to large business customers grew strongly.  Lending growth was
concentrated towards higher quality customers and, as a result, the overall
quality of the portfolio improved.  Lending volumes in the medium business and
small business areas grew steadily.  The Sales Financing product range, which
includes factoring and invoice discounting, saw rapid growth in turnover, up
62%, while Barclays Asset Finance direct volumes were up over 40%.



UK lending margins eased in line with the improved quality of the lending
portfolio.



The overall deposit margin reduced slightly as a result of the impact of lower
margins on non-interest bearing current accounts.



Net fees and commissions increased 8% to £417m.  Lending related fees rose as
a result of higher customer use of on and off balance sheet financing products
and strong demand for sales financing products.  UK money transmission income
reduced slightly, with higher volumes offset by lower fee levels as a result
of strong competitive pressure.  Foreign exchange related income increased
strongly as a result of higher volumes.



The use of electronic products continued to increase.  Over 40% of large
business and medium business customers are now registered for BusinessMaster
services.  At the end of June 2001, over 200,000 small business customers were
registered to use online banking.  Barclays B2B's initial offering, the
Barclays B2B exchange, has created a secure marketplace which enables buyers
and sellers to benefit from lower processing costs and increased management
control in their business transactions.  Barclays B2B had 6,400 businesses
registered to trade online as at the end of June 2001.



Total costs fell 4%, to £505m, largely reflecting the continued impact of a
further reduction in headcount and the sale of Dial, the car leasing business,
in June 2000.  Strategic investment expenditure was £39m (2000: £45m).  Costs
included the £24m total operating costs of Barclays B2B and of Banco Barclays
e Galicia SA which was consolidated as a subsidiary from 1st January 2001
having been previously reported as an associate undertaking.



The net provisions charge increased to £76m (2000: £33m) reflecting an
increase in gross new and increased provisions; however the charge remained
below risk tendency.



Barclays Africa



Barclays Africa provides banking services to personal and corporate customers
in North Africa, sub-Saharan Africa and the Indian Ocean.  It operates a
diversified portfolio of banking operations in Botswana, Egypt, Ghana, Kenya,
Mauritius, Seychelles, South Africa, Tanzania, Uganda, Zambia and Zimbabwe.


                                                 Half-year ended
                                                30.06.01     31.12.00  30.06.00
                                                      £m           £m        £m
Net interest income                                   98           92        89
Net fees and commissions                              70           66        60
Other operating income                                 3            5         2
Total income                                         171          163       151
Total costs                                         (87)         (78)      (79)
Provisions for bad and doubtful debts               (16)         (32)      (15)
Operating profit                                      68           53        57
Restructuring costs                                  (5)          (4)      (12)
Profit before tax and exceptional items               63           49        45



Barclays Africa operating profit increased 19%, or £11m, to £68m as a result
of a 13% improvement in total income.  The impact of exchange rate translation
movements reduced profit by £6m.



Net interest income rose 10% to £98m and benefited from good growth in lending
and deposit volumes across the portfolio.  Total average customer lending
balances increased 22% to £1.5bn.  Average customer deposit balances rose 16%
to £2.0bn.  Margins fell slightly during the period due to increased
competitive pressures.



Net fees and commissions increased 17% to £70m as a result of increased
activity levels, together with higher fee levels following the introduction of
new personal product offerings which will provide a comprehensive and
innovative range of banking services to customers across the African market.



Operating costs grew £8m to £87m and reflected costs of £2m to establish new
branch operations in Tanzania and the effect of high levels of inflation in
Zimbabwe.



Provisions for bad and doubtful debts increased slightly to £16m but were
lower than in the second half of 2000.



Barclays Capital



Barclays Capital conducts the Group's investment banking business.  As the
Group's principal point of access to the wholesale markets, it provides
corporate, institutional and government clients with solutions to their
financing and risk management needs.



The Barclays Capital business model is distinctive and client driven.  It
focuses on a broad span of financing and risk management services in the
interest rate, foreign exchange and credit markets combined with capabilities
in commodities and equities.  Activities are split between two areas: Rates
which includes fixed income, foreign exchange, derivatives and money markets
sales, trading and research and prime brokerage; and Credit which includes
origination, sales, trading and research relating to loans, debt capital
markets, structured capital markets and private equity.



Barclays Capital now manages all wholesale client relationships in the UK and
internationally, having integrated the larger corporate and institutional
businesses which previously operated out of Corporate Banking.  This has
extended its client base in Europe, Latin America and the Middle East and is
enabling the delivery of a wider product range across the wholesale markets.



In the first half of the year Barclays Capital was the third (2000: 5th)
largest overall debt arranger* in Europe and eighth (2000: 12th) worldwide.



* Debt arranger includes loan, bond and medium term note activity and is
regarded as one of the most comprehensive measures of market standing in debt
capital markets activity.






                                                            Half-year ended
                                                 30.06.01   31.12.00   30.06.00
                                                       £m         £m         £m
Net interest income                                   312        259        253
Dealing profits                                       569        260        420
Net fees and commissions                              163        278        196
Other operating income                                 25         16         23
Total income                                        1,069        813        892
Total costs                                         (643)      (522)      (542)
Provisions for bad and doubtful debts                (49)       (25)       (41)
Operating profit                                      377        266        309
Restructuring costs                                   (1)        (2)          -
Profit before tax and exceptional items               376        264        309



Operating profit increased 22%, or £68m, to £377m (2000: £309m) as a result of
good performances across all activities, and demonstrating the strengths of
the business model.  During the first six months of the year, Barclays Capital
delivered strong organic income growth at 20%, benefiting from the investments
made in technology in prior years and from product and client coverage and
distribution capabilities.



Net interest income increased 23% to £312m (2000: £253m) mainly as a result of
greater activity in the UK and Europe offset by a small decline in the average
margin levels reflecting a higher average asset quality.  The growth in net
interest income was spread across money markets, credit portfolio and
structured capital markets.



Dealing profits rose 35% to £569m (2000: £420m).  Dealing profits have been
strong across all activities with growth driven primarily by government bonds,
foreign exchange, debt capital markets and credit repackaging.  This improved
performance resulted from better market conditions and a balanced contribution
across different activities.



The growth in operating profit was achieved with a 5% lower average daily
value at risk (DVAR) (2001: £17.0m, 2000: £17.9m).  Weighted risk assets grew
12% to £51.2bn, but weighted risk assets in the credit portfolio were kept at
£17.9bn, the same level as June 2000.



Net fees and commissions fell 17% to £163m (2000: £196m) mainly due to reduced
merger and acquisition financing volumes in the syndicated loan market.  Net
fees and commissions include £42m (half year ended 31st December 2000 £46m,
half year ended 30th June 2000 £35m) internal fees for structured capital
markets activities arranged by Barclays Capital.



Provisions for bad and doubtful debts increased to £49m (2000: £41m).
Provisions mainly related to overseas exposures.



Total costs rose 19% to £643m (2000: £542m).  Business as usual costs grew 9%
reflecting the effect of headcount increases and higher trading volumes.
Headcount at the end of the first half of 2001 increased by 15% to 5,300
compared to the same point last year.  Notwithstanding the substantial
investments made in new capability over the last 12 months, staff costs were
50% of total operating income less provisions (2000: 49%).  There was
increased strategic investment expenditure mainly in respect of product,
client coverage and distribution capabilities.  Revenue related costs grew as
a result of higher performance related remuneration.



Barclays Global Investors



Barclays Global Investors (BGI) is one of the world's largest institutional
asset managers and the world's largest provider of structured investment
solutions such as indexing, tactical asset allocation and quantitative active
strategies.  BGI delivers high value investment products and strategies to
clients by managing all dimensions of performance: return, risk and cost.  BGI
also adds value to its product range through value chain extensions such as
securities lending, cash management, securities crossing and portfolio
transition services.  BGI counts some of the most sophisticated investing
institutions in the world among its 2,400 clients, in over 40 countries.



During the first half of 2001 BGI sold its US asset administration unit to
Investors Bank & Trust Company (IBT), which provides asset administration
services for the financial services industry.  The unit provided custody,
accounting, administration and other back office operations functions.  This
alliance will enable BGI to focus on its core competencies of product
development and investment management.


                                                       Half-year ended
                                               30.06.01 31.12.00 30.06.00
                                                     £m       £m       £m
Net interest income                                   3        1        5
Net fees and commissions                            249      239      196
Other operating income                                -      (1)        -
Total income                                        252      239      201
Total costs                                       (219)    (214)    (167)
Operating profit before tax and exceptional          33       25       34
items





Operating profit of £33m was at a similar level to the first six months of
2000.



Fees and commissions increased by £53m or 27% to £249m (2000: £196m) despite
lower market levels compared with the same period last year.  Some £20m of the
growth in fees was attributable to exchange rate movements.  Revenue growth
was driven by new client asset levels and cross-selling, strong active
investment performance and new revenues from strategic investment initiatives,
such as global securities lending, transition services and exchange traded
funds.



Total costs increased £52m, or 31%, reflecting an increase in headcount and
compensation costs and an increase in strategic and systems investments.  Some
£17m of the increase in costs was attributable to exchange rate movements.
Costs grew by £5m or 2% over the second half of 2000 as a result of limited
hirings in 2001.  Strategic investment expenditure increased to £24m (2000: £
21m).



Total assets under management fell less than 1% to £548bn (2000: £550bn).
This was the net result of increases of £16bn attributable to net new assets,
£32bn due to exchange rate translation movements and a reduction of £50bn
attributable to adverse market movements.  Assets under management consist of
£455bn of indexed funds and £93bn under advanced active management.


           ALTERNATE BARCLAYS PLC/WOOLWICH PLC PRO FORMA DISCLOSURE



Basis of preparation of pro forma results



In order to provide a benchmark against which the Group's future performance
can be compared, pro forma results have been prepared for the six months ended
31st December 2000 and six months ended 30th June 2000 assuming that the
acquisition of Woolwich plc took place on 1st January 2000.



The pro forma results for the six months ended 31st December 2000 and six
months ended 30th June 2000 have been prepared on the following basis:



Changes in accounting policies.

The results for Woolwich plc have been restated using Barclays Group
accounting policies. This has resulted in mortgage incentives and software
costs, previously capitalised and amortised, being expensed as incurred.



Changes in accounting estimates

The results for Woolwich plc have been adjusted to reflect the Barclays
depreciation rates and other accounting estimates.



Adjustment to reflect net funding of the acquisition of Woolwich plc

Interest received has been reduced by £52m in the six months to 30th June 2000
and £76m in the six months to 31st December 2000 to reflect interest foregone
had the cash element of the acquisition been paid on 1st January 2000.  This
is based on the assumption that the amount would have been deposited at the
internal transfer price of cash, which is calculated based on an average of
one-month sterling LIBOR over the period.



Results of businesses disposed of

The results of any businesses disposed of during 2000 by either Barclays or
Woolwich plc have been eliminated, together with any profits or losses on
disposal.  Proceeds of £286m are assumed to have been received on 1st January
2000 and interest received adjusted on the same basis as for the funding
adjustment above.  No adjustment is made for acquisitions and disposals in
2001, the affect of which is immaterial.



Goodwill amortisation.

Amortisation of £103m per six month period based on goodwill balance of £
4,121m over its estimated economic life of 20 years has been included in the
pro forma accounts.



Costs of acquisition

Incremental costs incurred by Woolwich plc in relation to the acquisition have
not been included.




 PRO FORMA CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR BARCLAYS PLC AND WOOLWICH   
             PLC (EXCLUDING BUSINESSES DISPOSED OF IN 2000)
                              (UNAUDITED)



                                                         Half year ended
                                                   Actual      Pro forma
                                                   30.6.01 31.12.00 30.6.00
                                                       £m      £m     £m

Interest receivable                                 6,968   7,037  6,509
Interest payable                                   (3,944) (4,181) (3,825)
Profit on redemption/repurchase of loan capital         -       -      2
Net interest income                                 3,024   2,856  2,686
Net fees and commissions receivable                 1,786   1,865  1,732
Dealing profits                                       570     262    415
Other operating income                                218     214    218
Total non-interest income                           2,574   2,341  2,365
Operating income                                    5,598   5,197  5,051
Administration expenses - staff costs              (1,738) (1,595) (1,594)
Administration expenses - other                    (1,062) (1,100) (1,035)
Depreciation and amortisation                       (152)   (147)  (147)
Operating expenses                                 (2,952) (2,842) (2,776)
Operating profit before provisions                  2,646   2,355  2,275
Provisions for bad and doubtful debts               (498)   (453)  (397)
Provisions for contingent liabilities and             (2)       -      1
commitments
(Loss)/income from joint ventures and associated
undertakings                                          (6)       2   (12)
Operating profit                                    2,140   1,904  1,867
Restructuring charge                                 (63)   (126)  (106)
Woolwich Integration costs                           (19)     (7)      -
Woolwich fair value adjustments                      (16)     (6)      -
Goodwill amortisation                               (115)   (110)  (109)
Exceptional items                                     (4)       -      -
Profit on ordinary activities before tax            1,923   1,655  1,652



The basis for preparation of the 2000 numbers above is set out on the previous
page .