Interim Results - Part 2 of 4

Barclays PLC
2 August 2001


PART 2
                                 BARCLAYS PLC

                               FINANCIAL REVIEW

Results by nature of income and expense

The acquisition of Woolwich plc on 25th October 2000 significantly affects the
comparison of results for the current period with prior periods.  In order to
provide a like for like comparison, pro forma results have been prepared for
the half-year ended 30th June 2000 and 31st December 2000 and are set out on
page 70 and also, where relevant, by category of income and expense as below.


                                                Half-year ended
Net interest income                    30.06.01   31.12.00       30.06.00
                                             £m         £m             £m
Interest receivable                       6,940      6,297          5,491
Interest payable                        (3,936)    (3,613)        (3,022)
Profit on repurchase of loan capital          -          -              2
                                          3,004      2,684          2,471
Pro forma basis                           3,024      2,856          2,686


On a pro forma basis, net interest income increased £338m or 13%.

In Personal Financial Services, net interest income grew by 6% to £576m.
Average lending balances increased 9% to £6.5bn and average deposit balances
grew 9% to £32.6bn.  The impact of these volume increases and certain
non-recurring items was offset by reduced margins as a result of the
introduction of personal pricing in consumer loans, stronger growth in lower
margin savings products and reduced interest rates.

On a pro forma basis, net interest income in Woolwich was 3% lower at £413m.
The net interest income from Woolwich plc remained stable at £316m reflecting
growth in lending balances offset by pressure on deposit margins.  Overall,
the Woolwich plc mortgage margin remained stable at 0.8%.  The Woolwich plc
deposit margin fell from 1.3% to 1.0%.  Barclays Mortgage net interest income
fell £12m to £97m reflecting a high level of redemptions in the book in the
second half of 2000.

In Barclays Private Clients 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.

Barclaycard's net interest income increased 15% to £397m benefiting from
continued strong growth in average UK extended credit balances, which rose 14%
to £6.0bn.  Growth was below market trends reflecting lower recruitment and a
tightening of credit scoring.  The UK credit card net interest margin
increased as a result of reduced interest rates and through improved
cardholder rate management.

In Business Banking, net interest income rose 4% to £776m reflecting increased
lending and deposit balances partly offset by a slight reduction in the
overall margin.  Average customer lending balances increased 8% to £40bn and
average customer deposit balances increased 7% to £42bn.

Net interest income in Barclays Capital increased 23% to £312m (2000: £253m)
mainly as a result of greater activity in the UK and Europe offset by a small
decline in 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.

Overall banking margins were 2.99% compared with 3.17% in the first half of
2000.  The adverse impact on the margin of the acquisition of Woolwich plc was
mitigated in part by the benefit of a gain on closure of a surplus hedge
following this acquisition.  Increased margins in Barclaycard offset margin
pressure in Personal Financial Services, Barclays Private Clients and Business
Banking.

The benefit of free funds fell by 12 basis points to 0.45% as a result of the
fall in the volume of interest free funds as a proportion of total interest
earning assets.

Yields, spreads and margins - banking business

Domestic business is conducted primarily in the UK in sterling.  International
business is conducted primarily in foreign currencies.  In addition to the
business carried out by overseas branches and subsidiaries, international
business is transacted in the United Kingdom by Barclays Capital, mainly with
customers domiciled outside the UK.

The yields, spreads and margins shown below have been computed on this basis,
which generally reflects the domicile of the borrower.  They exclude profits
and losses on the redemption and repurchase of loan capital and the unwinding
of the discount on vacant leasehold property provisions.

Yields, spreads and margins - banking business
                                                Half-year ended
                                      30.06.01         31.12.00         30.6.00
Gross yield (i)                              %                %               %
Group                                     6.91             7.14            7.04
Domestic                                  7.46             7.83            7.98
International                             5.72             5.89            5.53

Interest spread (ii)
Group                                     2.54             2.59            2.60
Domestic                                  3.27             3.49            3.59
International                             1.01             1.02            1.02

Interest margin (iii)
Group                                     2.99             3.05            3.17
Domestic                                  3.81             4.07            4.33
International                             1.23             1.21            1.29

Average UK base rate                      5.64             5.99            5.93


Notes

(i)        Gross yield is the interest rate earned on average interest earning
           assets.
(ii)       Interest spread is the difference between the interest rate earned
           on average interest earning assets and the interest rate paid on     
           average interest bearing liabilities.
(iii)      Interest margin is net interest income as a percentage of average
           interest earning assets.


Average interest earning assets and liabilities - banking business

Average interest earning assets            30.06.01      31.12.00      30.06.00
                                                 £m            £m            £m
Group                                       200,817       176,498       155,901
Domestic                                    137,441       113,233        96,457
International                                63,376        63,265        59,444

Average interest bearing liabilities

Group                                       180,116       158,826       135,909
Domestic                                    119,716        98,121        80,139
International                                60,400        60,705        55,770

Net fees and commissions
                                                  Half-year ended
                                            30.06.01     31.12.00      30.06.00
                                                  £m           £m            £m
Fees and commission receivable                 2,002        1,920         1,769
Less: fees and commissions payable             (216)        (153)         (167)
                                               1,786        1,767         1,602
Pro forma basis                                1,786        1,865         1,732

Net fees and commissions rose 11% to £1,786m with strong performances in
Personal Financial Services, Barclaycard, Business Banking and Barclays Global
Investors.  On a pro forma basis, net fees and commissions rose 3%.

Personal Financial Services fees and commissions increased by 7% to £256m as a
result of an increased number of Additions accounts and growth in overdraft
lending activity.

Woolwich fees and commissions on a pro forma basis increased by 8% to £157m
reflecting the success of the expanded IFA operation and volume driven growth
in mortgage related activities.

Barclays Private Clients fees and commissions decreased 14% 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.

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

Business Banking net fees and commissions increased by 8% to £417m.  Lending
related fees rose as a result of higher customer use of financing and 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.

Barclays Africa net fees and commissions rose by 17% as a result of increased
customer activity and the introduction of new personal product offerings.

In Barclays Capital, net fees and commissions fell 17% to £163m mainly due to
reduced merger and acquisition financing volumes in the syndicated loan
market.

Barclays Global Investors fees increased by 27% to £249m despite lower market
levels.  About a third of the growth was due to foreign exchange translation
movements.  New client asset levels and cross selling, strong active
investment performance and new revenues from recent strategic investment
initiatives all contributed to this improved performance.  There was also
strong performance in securities lending activities.

Personal Financial Services, Barclays Private Clients and Business Banking
fees and commissions include £64m (30th June 2000: £57m) in respect of foreign
exchange income on customer transactions with Barclays Capital.


Dealing profits
                                                    Half-year ended
                                            30.06.01       31.12.00    30.06.00
                                                  £m             £m          £m
Rates related business                           415            272         363
Credit related business                          155           (10)          52
                                                 570            262         415

Almost all of the Group's dealing profits arise in Barclays Capital.

Dealing profits rose 37% to £570m (2000: £415m).  Dealing profits have been
strong across all activities with growth primarily driven by government bonds,
foreign exchange and credit repackaging.  The growth in dealing profits
results from better market conditions and a balanced contribution across
different activities.

Total foreign exchange income for the first half of 2001 was £227m, (2000:
£211m) and consists of the revenues earned from both retail and wholesale
activities.  The foreign exchange income earned by Personal Financial
Services, Barclays Private Clients and Business Banking on customer
transactions, both externally and with Barclays Capital, is reported in those
business units within fees and commissions.


Other operating income
                                                Half-year ended
                                              30.06.01 31.12.00       30.06.00
                                                    £m       £m             £m
Dividend income from equity shares                   6        7              7
Profits on disposal of investment securities        21       21             24
Income from the long-term assurance business        94       92             79
Property rentals                                    16       10             12
Premium income on insurance underwriting            68       65             61
Other income                                        13        4             15
                                                   218      199            198
Pro forma basis                                    218      214            218


Income from the long term assurance business was £94m (including £11m from
Woolwich Life) compared with £79m for the corresponding period in 2000.
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.
The unutilised amount of the redress provision at 30th June 2001 is £71m,
including £4m in Woolwich.  The result of the long term assurance business is
after charging costs borne directly in the fund of £71m (2000: £67m).


Operating Expenses

The Group manages core costs on the basis of three distinct categories:
strategic investment, revenue related and business as usual.  In addition
goodwill amortisation, integration costs and restructuring costs are reported
separately.

Costs are allocated to individual categories based on the following
definitions:

Business as usual costs are those costs not classified as strategic investment
or revenue related.  This category includes operating costs of strategic
projects, other projects not classified as strategic and volume related costs
which are not revenue related.

Strategic investment costs relate to the development costs of an investment
project which has either or both of the following features:

-      it generates or enables new revenue streams or definable growth in
       revenue stream, or
-      it generates or enables reduced costs

Strategic investment costs exclude restructuring costs and project operating
costs.

Revenue or profit related costs are those costs which are directly associated
with a corresponding change in revenues or profit.  An increase or decrease in
revenues or profits will lead to an increase or decrease in these costs.

Restructuring costs are those charges associated with the ongoing
reorganisation and restructuring of the Group's operations as part of its cost
reduction initiatives.

Integration costs are in respect of projects and initiatives associated with
the acquisition of Woolwich plc and include expenditure to achieve any cost
savings and revenue synergies.

Based on the above definitions the Group's costs are summarised in the
following tables on both an actual and pro forma basis:


Operating expenses                                     Half-year ended
                                               30.06.01      31.12.00  30.06.00
                                                     £m            £m        £m
Business as usual expenses                        2,321         2,104     2,079
Strategic investment costs                          243           278       162
Revenue related costs                               371           273       255
Disposals in 2001 and 2000                           17            23        29
                                                  2,952         2,678     2,525
Restructuring charge                                 63           126       106
Goodwill amortisation                               115            45         6
Woolwich integration costs                           19             7         -
Woolwich fair value adjustment                      (4)           (1)         -
                                                  3,145         2,855     2,637


Operating expenses - pro forma basis           30.06.01      31.12.00  30.06.00
                                                     £m            £m        £m
Business as usual expenses                        2,321         2,219     2,294
Strategic investment costs                          243           300       178
Revenue related costs                               371           303       290
Disposals in 2001                                    17            20        14
                                                  2,952         2,842     2,776
Restructuring charge                                 63           126       106
Goodwill amortisation                               115           110       109
Woolwich integration costs                           19             7         -
                                                  3,149         3,085     2,991


Strategic investment expenditure rose by £65m or 37% on a pro forma basis,
primarily reflecting £33m increased investment in Barclays Private Clients on
production and distribution service enhancements.  There was also a
significant increase in central information technology infrastructure
expenditure in the UK.

Revenue related costs rose by £81m or 28% on a pro forma basis, largely
reflecting higher performance related remuneration in line with income growth
in Barclays Capital.

Business as usual costs increased by £27m or 1%.  The increase reflected the
cost of building increased capability in Barclays Capital and Barclays Global
Investors and exchange rate translation movements.


Administrative expenses - staff costs                 Half-year ended
                                               30.06.01      31.12.00  30.06.00
                                                     £m            £m        £m
Salaries and accrued incentive payments           1,512         1,372     1,283
Social security costs                               116            93        85
Pension costs                                         6           (52)       21
Post-retirement health care                          (1)           (6)        7
Other staff costs                                   160           206       210
                                                  1,793         1,613     1,606

Included above:
Restructuring charge                                (48)          (79)      (92)
Woolwich integration costs                           (8)           (1)        -
Woolwich fair value adjustment                        1             -         -
Excluding restructuring charge and integration    1,738         1,533     1,514
costs
Pro forma basis                                   1,738         1,595     1,594

Number of staff at period end:*
Personal Financial Services                      23,400        23,400    24,100
Woolwich**                                        7,200         7,200       700
Barclays Private Clients***                      10,700        10,800    10,700
Barclaycard                                       4,000         4,000     3,800
Business Banking                                  9,600         9,500     9,900
Africa                                            7,400         7,100     7,200
Barclays Capital                                  5,300         4,900     4,600
Barclays Global Investors                         2,100         2,100     1,900
Other operations                                  5,700         5,900     6,800
Head office functions                               400           400       600
Group total world wide                           75,800        75,300    70,300
Of which United Kingdom                          58,300        57,000    52,300

*           Staff numbers do not include temporary and agency staff of 5,000
            (31st December 2000: 4,800); 30th June 2000: 4,300) whose costs are 
            included in staff costs.
**          Includes Barclays mortgage business and the Woolwich plc business
            following the acquisition on 25th October 2000.
***         Personal Financial Services and Barclays Private Clients figures
            exclude 1,000 regulated salesforce and field sales managers (31st   
            December 2000: 1,000 30th June 2000: 1,100) and 1,100 administrative
            staff (31st December 2000: 1,100, 30th June 2000: 1,200) whose costs
            are borne within thelong-term assurance fund.

Staff costs

Staff costs excluding the restructuring charge and integration costs arising
from the acquisition of Woolwich plc increased by £224m to £1,738m.  Salaries
and accrued incentive payments rose by £229m in part as a result of the
inclusion of Woolwich plc (£86m).  Over half of the increase reflects
increased performance related payments and the cost of building new capability
in Barclays Capital and Barclays Global Investors.  On a pro forma basis the
increase in staff costs was £144m.

Pension costs include a £36m credit (first half 2000: £nil) (second half 2000:
£74m) in respect of the Group's main UK schemes.

The reduction in restructuring charges reflects a lower level of staff
reductions compared to 2000.

In addition to the 1,500 staff who have left the Group in 2001 under the 2000
and 2001 restructuring programmes, there are 700 staff where the notice
process was underway at 30th June 2001 and who are covered by the 2001 profit
and loss restructuring charge of £48m.  A further 900 staff, where the notice
process is underway, were provided for during 2000.

New jobs created totalled 2,000 in the first six months of 2001. The jobs were
created in most areas of the business, with significant increases in Personal
Financial Services (600), Barclays Capital (400) and Africa (400).


Administrative expenses - other
                                                      Half-year ended
                                                  30.06.01 31.12.00    30.06.00
                                                        £m       £m          £m
Property and equipment expenses:
Hire of equipment                                       10        9          11
Property rentals                                        94       83          74
Other property and equipment expenses                  351      359         282
                                                       455      451         367
Stationery, postage and telephones                     148      144         117
Advertising and market promotion                        96      101         120
Travel, accommodation and entertainment                 74       63          60
Subscriptions and publications                          46       30          35
Securities clearing and other operational               13       15          11
expenses
Sundry losses, provisions and write-offs                65       70          45
Statutory and regulatory audit and accountancy fees      4        4           3
Consultancy fees                                        68       96          62
Professional fees                                       54       59          40
Other expenses                                          65       32          42
                                                     1,088    1,065         902
Included above
Restructuring charge                                  (15)     (47)        (14)
Integration costs                                     (11)      (6)           -
Excluding restructuring charge and integration       1,062    1,012         888
costs
Pro forma basis                                      1,062    1,100       1,035



Administrative expenses increased by £186m to £1,088m.  On a pro forma basis,
the increase was £27m, or 3%, to £1,062m.

The increase in administrative expenses is attributable to higher levels of
non-property related costs, mainly reflecting higher levels of business and
increased strategic investment, offset by reductions in advertising and
marketing costs.



Depreciation and amortisation
                                                     Half-year ended
                                                30.06.01   31.12.00   30.06.00
                                                      £m         £m         £m
Property depreciation                                 50         43         42
Equipment depreciation                                95         87         79
Loss on sale of equipment                              4          2          2
                                                     149        132        123
Goodwill amortisation - Woolwich plc                 103         38          -
                      - Other                         12          7          6
                                                     264        177        129
Pro-forma basis                                      152        147        147


The increase in non-Woolwich plc goodwill amortisation relates to the Group's
Brazilian operation, Banco Barclays e Galicia SA, which has been accounted for
as a subsidiary from 1st January 2001.


Provisions for bad and doubtful debts

                                                               Half-year ended
                                                30.06.01   31.12.00   30.06.00
The charge for the period in respect of bad and       £m         £m         £m
doubtful debts comprises:
Specific provisions
New and increased                                    568        484        497
Releases                                             (44)       (49)       (42)
Recoveries                                           (32)       (60)       (53)
                                                     492        375        402
General provision - charge/(release)                   6         66        (26)
                                                     498        441        376
Pro forma basis                                      498        453        397

Total provisions for bad and doubtful debts at end
of the year comprise:

Specific provisions                                1,732      1,593      1,418
General provisions                                   767        760        651
                                                   2,499      2,353      2,069

The net provisions charge rose 32%, or £122m, to £498m and by 13% compared to
the second half of last year.  New and increased specific provisions
(including a £20m provision of interest previously held in suspense) increased
by 14%, or £71m, to £568m and releases and recoveries of £77m were £18m lower.
On a pro forma basis, the increase in the net provisions charge was 25%.

The increase in new and increased specific provisions reflects higher new and
increased provisions in Business Banking in addition to increases attributable
to strong lending growth in Barclaycard.

The net provision charge for the period as a percentage of average banking
loans and advances was 0.32% compared with 0.33% in the first half of 2000
largely due to the inclusion of Woolwich plc.  Provision coverage of total
potential credit risk lendings increased slightly to 54.6% compared with 54.5%
at 31st December 2000.


(Loss)/income from joint ventures and associated undertakings

                                                Half-year ended
                                      30.06.01        31.12.00        30.06.00
                                            £m              £m              £m
Joint ventures                               1             (1)               -
Associated undertakings                    (7)               3            (10)
                                           (6)               2            (10)

The loss from associated undertakings in the period is attributable to start
up costs of new ventures in Business Banking.

The loss from associated undertakings in the first half of 2000 largely arose
in the Brazilian entity Banco Barclays e Galicia SA.  This business was
consolidated as a subsidiary undertaking from 1st January 2001.


Exceptional items
                                                         Half-year ended
                                      30.06.01        31.12.00        30.06.00
                                            £m              £m              £m

(Loss)/profit on disposal of
 Group undertakings                         (4)             36             178


The net loss on disposal of Group undertakings includes goodwill written off
of £7m.  It represents losses of £9m offset by gains of £5m.

The profit in the first half of 2000 included a £186m profit on the sale of
the Dial business.  The profit in the second half of 2000 included £18m
arising on the sale of Barclays Property Investment Management.


Tax

The charge for the period assumes a UK corporation tax rate of 30% for the
calendar year 2001 (full year 2000: 30%).  The effective rate of tax for the
first half of 2001 was 28.5% (half year 2000: 26.5%).  This is lower than the
standard rate due to the beneficial effects of lower tax on overseas income
and payments to a qualifying employee trust offset by the absence of tax
relief on the goodwill charge.  The movement from 2000 reflected the absence
of the tax-free gain on the sale of the Dial business.

Included in the charge is £25m (half year to 31st December 2000: £26m, half
year to 30th June 2000: £22m) tax on the increase in the shareholders'
interest in the long-term assurance fund.

There has been no change in the policy for partial provision for deferred
taxation in respect of leasing.


Earnings per ordinary share

Earnings per ordinary share is based upon the results after deducting tax,
profit attributable to minority interests and dividends on staff shares.

                                                        Half-year ended
                                                   30.06.01 31.12.00 30.06.00

Earnings in period                                  £1,307m  £1,153m  £1,320m

Earnings in period before restructuring,
integration costs
Goodwill amortisation, fair value adjustments and
exceptional items                                   £1,492m  £1,262m  £1,221m

Weighted average of ordinary shares in issue         1,662m   1,546m   1,484m

Calculation of adjusted earning per share             Pence    Pence    Pence

Basic earnings per ordinary share                      78.6     74.4     88.9
Restructuring charge                                    2.7      5.6      5.1
Integration costs                                       0.8      0.3        -
Goodwill amortisation                                   6.9      3.0      0.4
Woolwich fair value adjustments                         0.5      0.4        -
Exceptional items                                       0.3    (2.0)   (12.1)
Adjusted earnings per share                            89.8     81.7     82.3


Dividends on ordinary shares

The Board has decided to pay, on 1st October 2001, an interim dividend for the
year ending 31st December 2001 of 23.0p per ordinary share, for shares
registered in the books of the Company at the close of business on 17th August
2001.  Shareholders who have their dividends mandated to their bank or
building society account will receive a consolidated tax voucher detailing the
dividends paid in the 2001/2002 tax year in late October 2001.

For qualifying US and Canadian resident ADR holders, the interim dividend of
23.0p per ordinary share becomes 92.0p per ADS (representing four shares).
The ADR depositary will mail the dividend on 1st October 2001 to ADR holders
on the record on 17th August 2001.

For qualifying Japanese shareholders, the interim dividend of 23.0p per
ordinary share will be distributed in mid October to shareholders on the
record on 17th August 2001.

Shareholders may have their dividends reinvested in Barclays PLC shares by
participating in the Barclays Dividend Reinvestment Plan.  The plan is
available to all shareholders provided that they do not live in or are subject
to the jurisdiction of any country where their participation in the plan would
require Barclays or the plan administrator to take action to comply with local
government or regulatory procedures or any similar formalities.  Any
shareholder wishing to obtain details and a form to join the plan should
contact the plan administrator by writing to The Plan Administrator to
Barclays, PO Box 82, The Pavilions, Bridgwater Road, Bristol, BS99 7NH or by
phoning 0870 702 0196.  The completed form should be returned to the plan
administrator on or before 10th September 2001 for it to be in time for the
payment of the interim dividend on 1st October 2001.  Shareholders who are
already in the plan should take no action unless they wish to change their
instructions in which case they should write to The Plan Administrator.



Balance sheet

Capital resources                        30.06.01       31.12.00       30.06.00
                                               £m             £m             £m
Shareholders' funds                        14,106         13,187          9,237
Minority and other interests                2,010          1,600            765
                                           16,116         14,787         10,002
Loan capital                                7,893          6,370          4,748
                                           24,009         21,157         14,750


The Group continues to manage actively both its debt and equity capital.
Total capital resources increased in the period by £2,852m.

Shareholders' funds increased by £919m due to profit retentions.

The increase in minority and other interests reflects the issue by Barclays
Bank PLC of US$750m (£520m) 7.375% step-up Callable Perpetual Reserve Capital
Instruments on 5th June 2001.  This was offset in part by redemption of the
outstanding Series D1 and D2 Non cumulative Dollar denominated Preference
shares at an aggregate cost of US$213m (£148m).

Loan capital rose by £1,523m reflecting raisings of £1,733m and favourable
exchange rate movements of £53m.  This was offset by repayments of £254m and
the amortisation of issue expenses of £9m.


Capital ratios

Weighted risk assets and capital resources, as defined for supervisory
purposes by the Financial Services Authority, comprise:


                                             30.6.01      31.12.00      30.6.00
Weighted risk assets:                             £m            £m           £m
Banking book
   on-balance sheet                          117,503       112,633       89,917
   off-balance sheet                          19,783        18,413       18,132
   Associated undertakings                       462           783          929
Total banking book                           137,748       131,829      108,978

Trading book
   Market risks                                7,183         6,440        5,665
   Counterparty and settlement risks           9,891         8,771        8,840
Total trading book                            17,074        15,211       14,505
Total weighted risk assets                   154,822       147,040      123,483

Capital resources:
   tier 1 capital                             11,854        10,547        9,841
   tier 2 capital                              8,167         6,619        5,070
   tier 3 capital                                365           331          343
Total gross capital resources                 20,386        17,497       15,254
Less: supervisory deductions                 (1,520)       (1,312)      (1,004)
Total net capital resources                   18,866        16,185       14,250

                                                   %             %            %
Tier 1 ratio                                     7.7           7.2          8.0
Risk asset ratio                                12.2          11.0         11.5


The capital ratios reported at 30th June 2001 and 31st December 2000 reflect
the impact of the acquisition of Woolwich plc.


Total Assets

The Group's balance sheet grew £48bn or 15% to £364bn in the first half of
2001.  Weighted risk assets rose by 5% to £155bn.

Barclays Capital assets increased by 25%, or £43bn, to £212bn during the half
year to June 2001, predominantly as a result of growth in the Rates
businesses.  There was an increase of £15bn in the balance of reverse repos
and stock-lending assets, driven mainly by the prime brokerage business where
collateralised customer inventory financing positions continued to grow.  In
addition, there were increases in the holdings of debt securities, mainly
government debt and settlement balances, of £11bn and £7bn respectively.  An
increase of £2bn in overall assets resulted from the weakening sterling rate
against the US dollar.  Total weighted risk assets increased by 12% to a level
of £51bn, reflecting the relatively low weightings associated with government
securities and reverse repos.

In the first half of 2001, Woolwich total assets grew by £0.7bn, or 1% to £
56bn, and weighted risk assets rose 3% to £29.4bn.  UK mortgage outstandings
grew by 4% to £49.3bn.  European mortgage outstandings grew by 8% to £3.4bn.

Within Business Banking, assets grew by 9% to £45bn in the first half of 2001.
Weighted risk assets increased by 3% during the same period.  Lending to
large business customers grew strongly and as a result the overall quality of
the portfolio has improved.

Barclays Private Clients total assets of £13.3bn were at a similar level to
the end of 2000 at £13.4bn.

Barclaycard assets fell by £0.3bn or 3%, to £9.5bn in the first half of 2001.
Weighted risk assets fell by 3% driven primarily by lower balance
consolidation activity.

Within Personal Financial Services total assets grew by 6% to £6.9bn.
Weighted risk assets were 6% higher at £5.9bn due to consumer lending growth.


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