BARCLAYS BANK PLC [COWTF] Filings |
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BARCLAYS BANK PLC [ATMP] Filings |
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BARCLAYS BANK PLC [BWVTF] Filings |
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BARCLAYS BANK PLC [DJP] Filings |
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BARCLAYS BANK PLC [VXZ] Filings |
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BARCLAYS BANK PLC [VXX] Filings |
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BARCLAYS BANK PLC [PGMFF] Filings |
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BARCLAYS BANK PLC [GRN] Filings |
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BARCLAYS BANK PLC [JJCTF] Filings |
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BARCLAYS BANK PLC [JJETF] Filings |
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BARCLAYS BANK PLC [JJGTF] Filings |
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20-F | [2024-02-20] |
20-F | [2023-02-15] |
20-F | [2022-02-23] |
20-F | [2021-02-18] |
20-F | [2020-02-14] |
20-F | [2019-02-21] |
20-F | [2018-02-22] |
20-F | [2017-02-23] |
20-F | [2016-03-01] |
20-F | [2015-03-03] |
20-F | [2014-03-14] |
20-F | [2013-03-13] |
20-F | [2012-03-30] |
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number | Barclays Bank PLC |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered | |
CBOE BZX Exchange | |||
CBOE BZX Exchange | |||
CBOE BZX Exchange |
£1 ordinary shares | |
€100 preference shares | 31,856 |
$100 preference shares | 58,133 |
Large Accelerated Filer | ¨ | Accelerated Filer | ¨ | þ | Emerging growth company |
Form 20-F item number | Page and caption references in this document* |
1Identity of Directors, Senior Management and Advisers | Not applicable |
2Offer Statistics and Expected Timetable | Not applicable |
3Key Information | |
A.Reserved | |
B.Capitalization and indebtedness | Not applicable |
C.Reason for the offer and use of proceeds | Not applicable |
D.Risk factors | 24-36 |
4.Information on the Company | |
A.History and development of the company | Omitted |
B.Business overview | i (Market and other data), 25-27, 107-115, 135-136 (Note 2), 222 |
C.Organizational structure | 194-198 (Notes 31 and 32), 217-221, 241 |
D.Property, plants and equipment | 169-171 (Notes 18 and 19) |
4AUnresolved staff comments | Not applicable |
5Operating and Financial Review and Prospects | |
A.Operating results | 24-47, 97, 107-115, 150-156 (Note 13) |
B.Liquidity and capital resources | Omitted |
C.Research and development, patents and licenses, etc. | Omitted |
D.Trend information | 24-36, 222-223 |
E.Critical Accounting Estimates | Not applicable |
6Directors, Senior Management and Employees | |
A.Directors and senior management | Omitted |
B.Compensation | Omitted |
C.Board practice | 2, 6-8, 10-11 |
D.Employees | Omitted |
E.Share ownership | Omitted |
F.Erroneously awarded compensation | Not applicable |
7Major Shareholders and Related Party Transactions | |
A.Major shareholders | Omitted |
B.Related party transactions | Omitted |
C.Interests of experts and counsel | Not applicable |
8Financial Information | |
A.Consolidated statements and other financial information | 117-208 (Notes 1-40), 210 |
B.Significant changes | Not Applicable |
9The Offer and Listing | |
A.Offer and listing details | Not applicable |
B.Plan of distribution | Not applicable |
C.Market | Not applicable |
D.Selling shareholders | Not applicable |
E.Dilution | Not applicable |
F.Expenses of the issue | Not applicable |
10Additional Information | |
A.Share capital | Not applicable |
B.Memorandum and Articles of Association | 209-211 |
C.Material contracts | Not applicable |
D.Exchange controls | 214 |
E.Taxation | 211-214 |
F.Dividends and paying assets | Not applicable |
G.Statement by experts | Not applicable |
H.Documents on display | 214 |
I.Subsidiary information | 194-195 (Note 31), 217-221 |
J.Annual Report of Security Holders | Not applicable |
11Quantitative and Qualitative Disclosure about Market Risk | 21-115, 149-167 (Notes 12-16) |
12Description of Securities Other than Equity Securities | |
A.Debt Securities | Not applicable |
B.Warrants and Right | Not applicable |
C.Other Securities | Not applicable |
D.American Depositary Share | Not applicable |
13Defaults, Dividends Arrearages and Delinquencies | Not applicable |
14Material Modifications to the Rights of Security Holders and Use of Proceeds | Not applicable |
15Controls and Procedures | |
A.Disclosure controls and procedures | 214 |
B.Management’s annual report on internal control over financial reporting | 9 |
C.Attestation report of the registered public accounting firm | Not applicable |
D.Changes in internal control over financial reporting | 10 |
16AAudit Committee Financial Expert | Omitted |
16BCode of Ethics | Omitted |
16CPrincipal Accountant Fees and Services | 10, 205 (Note 38) |
16DExemptions from the Listing Standards for Audit Committees | Not applicable |
16EPurchases of Equity Securities by the Issuer and Affiliated Purchasers | 12 |
16FChange in Registrant’s Certifying Accountant | Not applicable |
16GCorporate Governance | 2-11 |
16HMine safety disclosure | Not applicable |
16IDisclosure regarding foreign jurisdictions that prevent inspections | Not applicable |
16JInsider Trading Policies | Not applicable |
16KCybersecurity | 17-18, 32-33, 104 |
17Financial Statements | (See Item 8) |
18Financial Statements | Not applicable |
19Exhibits | Exhibit Index |
Governance | Page | |
Governance contents | ||
Barclays Bank PLC 2023 Annual Report on Form 20-F | 1 |
Board | Nominations Committee | Audit Committee | Risk Committee | Remuneration Committee | Sustainability Committeea | |
Nigel Higgins Chairman of the Board | C | C | C | |||
Robert Berry Independent Non-Executive Director | M | M | C | M | ||
Anna Cross Executive Director | M | |||||
Mohamed A. El-Erian Independent Non-Executive Director | M | M | M | |||
Dawn Fitzpatrick Independent Non-Executive Director | M | M | M | M | ||
Mary Francis Independent Non-Executive Director | M | C | M | |||
Marc Mosesb Independent Non-Executive Director | M | M | M | |||
Diane Schueneman Independent Non-Executive Director | M | M | M | M | ||
C.S. Venkatakrishnan Executive Director | M | M | ||||
Julia Wilsonc Independent Non-Executive Director | M | M | C | M | M | M |
Former Directors | ||||||
Mike Ashleyd Independent Non-Executive Director | M | C, M | M |
Director | Scheduled eligible meetings attendancea | Effective date |
Nigel Higgins | 7/7 | Appointed 1 March 2019 |
Robert Berry | 7/7 | Appointed 8 February 2022 |
Anna Cross | 7/7 | Appointed 23 April 2022 |
Mohamed A. El-Erian | 7/7 | Appointed 1 January 2020 |
Dawn Fitzpatrick | 7/7 | Appointed 25 September 2019 |
Mary Francis | 7/7 | Appointed 25 September 2019 |
Marc Moses | 7/7 | Appointed 23 January 2023 |
Diane Schueneman | 7/7 | Appointed 25 September 2019 |
C.S. Venkatakrishnan | 7/7 | Appointed 1 November 2021 |
Julia Wilson | 6/6 | Appointed 1 April 2023 |
Former Directors | ||
Mike Ashley | 2/2 | Stepped down 3 May 2023 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 2 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 3 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 4 |
Member | Meetings attended/eligible to attend | Effective date |
Nigel Higgins (Chair) | 3/3 | Appointed 1 March 2019 |
Mohamed A. El-Erian | 3/3 | Appointed 1 September 2022 |
Diane Schueneman | 3/3 | Appointed 25 September 2019 |
Julia Wilson | 2/2 | Appointed 1 April 2023 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 5 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 6 |
Member | Meetings attended/eligible to attend | Effective date |
Julia Wilson (Chair) | 8/8 | Appointed 1 April 2023 |
Robert Berry | 12/12 | Appointed 1 March 2022 |
Marc Moses | 12/12 | Appointed 23 January 2023 |
Diane Schueneman | 8/12 | Appointed 25 September 2019 |
Mike Ashley | 6/6 | Stepped down 3 May 2023 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 7 |
Member | Meetings attended/eligible to attend | Effective date |
Robert Berry (Chair) | 11/11 | Appointed 1 March 2022 |
Mohamed El-Erian | 9/11 | Appointed 1 July 2020 |
Dawn Fitzpatrick | 11/11 | Appointed 1 January 2020 |
Marc Moses | 11/11 | Appointed 23 January 2023 |
Diane Schueneman | 9/11 | Appointed 25 September 2019 |
Julia Wilson | 9/9 | Appointed 1 April 2023 |
Mike Ashley | 4/4 | Stepped down 3 May 2023 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 8 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 9 |
Member | Meetings attended/eligible to attend | Effective date |
Mary Francis | 5/5 | Appointed 25 September 2019 |
Dawn Fitzpatrick | 5/5 | Appointed 1 July 2021 |
Julia Wilson | 2/2 | Appointed 1 July 2023 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 10 |
Member | Meetings attended/eligible to attend | Effective date |
Nigel Higgins (Chair) | 4/4 | Appointed 23 March 2023 |
Robert Berry | 4/4 | Appointed 23 March 2023 |
Dawn Fitzpatrick | 3/4 | Appointed 23 March 2023 |
Mary Francis | 4/4 | Appointed 23 March 2023 |
CS Venkatakrishnan | 4/4 | Appointed 23 March 2023 |
Julia Wilson | 3/3 | Appointed 1 April 2023 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 11 |
Pages | |
Performance measures | |
Corporate governance statement | |
Risk Management | |
Principal Risks | |
Disclosures required pursuant to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 as updated by the 2018 Regulations can be found on the following pages: | |
Engagement with employees (Sch.7 Para 11 and 11A Regs 2008/2018 and Section 172(1) Statement) | |
Financial Instruments (Sch.7 Para 6 Regs 2008) | |
Hedge accounting policy (Sch.7 Para 6 Regs 2008) | |
Name | Role | Effective date |
Marc Moses | Non-Executive Director | Appointed 23 January 2023 |
Julia Wilson | Non-Executive Director | Appointed 1 April 2023 |
Mike Ashley | Non-Executive Director | Stepped down 3 May 2023 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 12 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 13 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 14 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 15 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 16 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 17 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 18 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 19 |
Page | ||
Overview of the Barclays Bank Group’s approach to risk management. | ||
Insight into the level of risk across our business and portfolios, the material existing and emerging risks and uncertainties we face and the key areas of management focus. | ||
▪Legal risk and legal, competition and regulatory matters | ||
The Barclays Bank Group’s approach to risk management for each principal risk with focus on organisation and structure and roles and responsibilities. | ||
Climate risk: The impact on Financial (Credit, Market, Treasury & Capital) and Operational Risks arising from climate change through physical risks and risks associated with transitioning to a lower carbon economy. | ||
Credit risk: The risk of loss to the Barclays Bank Group from the failure of clients, customers or counterparties (including sovereigns), to fully honour their obligations to the Barclays Bank Group, including the whole and timely payment of principal, interest, collateral and other receivables. | ||
85 | ||
Market risk: The risk of loss arising from potential adverse changes in the value of the Barclays Bank Group’s assets and liabilities from fluctuation in market variables including, but not limited to, interest rates, foreign exchange, equity prices, commodity prices, credit spreads, implied volatilities and asset correlations. | ||
Barclays Bank PLC 2023 Annual Report on Form 20-F | 20 |
Risk performance continued | ||
Treasury and capital risk – Liquidity: The risk that the Barclays Bank Group is unable to meet its contractual or contingent obligations or that it does not have the appropriate amount, tenor and composition of funding and liquidity to support its assets. | ||
Treasury and capital risk – Capital: The risk that the Barclays Bank Group has an insufficient level or composition of capital to support its normal business activities and to meet its regulatory capital requirements under normal operating environments and stressed conditions (both actual and as defined for internal planning or regulatory testing purposes). This also includes the risk from the Barclays Bank Group’s pension plans. | ||
•Foreign exchange risk | ||
•Pension risk review | ||
Treasury and capital risk – Interest rate risk in the banking book: The risk that the Barclays Bank Group is exposed to capital or income volatility because of a mismatch between the interest rate exposures of its (non-traded) assets and liabilities. | ||
Operational risk: The risk of loss to the Barclays Bank Group from inadequate or failed processes or systems, human factors or due to external events (for example fraud) where the root cause is not due to credit or market risks. | ||
Model risk: The potential for adverse consequences from decisions based on incorrect or misused model outputs and reports. | ||
Compliance risk: The risk of poor outcomes for, or harm to, customers, clients and markets, arising from the delivery of the Barclays Bank Group's products and services. | ||
Reputation risk: The risk that an action, transaction, investment, event, decision, or business relationship will reduce trust in the Barclays Bank Group’s integrity and/or competence. | ||
Legal risk: The risk of loss or imposition of penalties, damages or fines from the failure of the Barclays Bank Group to meet its legal obligations including regulatory or contractual requirements. | ||
Supervision and regulation | ||
The Barclays Bank Group’s operations, including its overseas offices, subsidiaries and associates, are subject to a significant body of rules and regulations. |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 21 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 22 |
Board Committees | Barclays Bank PLC Board | Barclays Bank PLC ExCo | ||||||||
Barclays Bank PLC Board Risk Committee | Barclays Bank PLC Board Audit Committee | Barclays Bank PLC Board Remuneration Committee | ||||||||
Management Level Committees/ Forums | Group Risk Committee | Barclays PLC Remuneration Review Panel | ||||||||
Business Level Committees/ Forums | Risk Committees (aligned to product/risk type or business) | |||||||||
Barclays Bank PLC 2023 Annual Report on Form 20-F | 23 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 24 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 25 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 26 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 27 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 28 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 29 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 30 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 31 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 32 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 33 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 34 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 35 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 36 |
Climate risk management Climate risk is defined as the impact on Financial (Credit, Market, Treasury & Capital Risks) and Operational Risks arising from climate change through physical risks and risks associated with transitioning to a lower carbon economy. •Physical risks: Result from a changing climate and can be event-driven (acute risks), including increased frequency and/or severity of extreme weather events such as cyclones, hurricanes and flooding. Physical risks can also be driven by longer term shifts in climate patterns (chronic risks) arising from sustained higher temperatures that may cause rises in sea levels, rising mean temperatures and more frequent/severe weather events •Transition risks: The transition to a lower carbon economy is likely to involve significant and rapid policy, regulatory and legal changes, as evolving technology and markets adapt to a changing climate and associated impacts |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 37 |
Governance | Enterprise Risk Framework (ERMF) | ||||
Climate Risk Framework (CRF) | Reputation Risk Management Framework (RRMF) | ||||
Board Risk Committee (BRC) | Board Sustainability Committee (BSC) | ||||
Risk | Credit, market, treasury & capital and operational risks | Sustainability matters and reputation risk associated with climate change | |||
Ownership | Group Risk Committee (GRC) | Group Sustainability Committee (GSC) | |||
Group Chief Risk Officer | Group Head of Public Policy and Corporate Responsibllity | ||||
Group Head of Climate Risk | Group Head of Sustainability | ||||
Barclays Bank PLC 2023 Annual Report on Form 20-F | 38 |
Financial system contagion | ||||||||||||||||||
Climate risks | Economic transmission channels | Financial risks | ||||||||||||||||
Transition risks •Policy and legal (e.g. carbon tax, litigation actions) •Reputation (e.g. stakeholder concern, change in consumer preferences) •Technology (e.g. substitute technologies, emissions capture) •Market (e.g. change in market sentiment, uncertainty in market signals) | Micro Affecting individual businesses and households | Credit risk •Defaults by businesses and households •Collateral depreciation | ||||||||||||||||
Businesses •Property damage and business disruption from severe weather •Stranded assets and new capital expenditure due to transition •Changing demand and costs •Legal liability (from failure to mitigate or adapt) | Households •Loss of income (from weather disruption and health impacts, labour market frictions) •Property damage (from severe weather) or restrictions (from low-carbon policies) increasing costs and affecting valuations | |||||||||||||||||
Market risk •Repricing of equities, fixed income, commodities etc. | ||||||||||||||||||
Compliance risk •Increased costs to comply with regulatory requirements | ||||||||||||||||||
Physical risks •Chronic (e.g. temperature, precipitation, agricultural productivity, sea levels) •Acute (e.g. heatwaves, floods, cyclones and wildfires) | Macro Aggregate impacts on the macroeconomy | |||||||||||||||||
•Capital depreciation and increased investment •Shifts in prices (from structural changes, supply shocks) •Productivity changes (from severe heat, diversion of investment to mitigation and adaptation, higher risk aversion) •Labour market frictions (from physical and transition risks) •Socioeconomic changes (from changing consumption patterns, migration, conflict) •Other impacts on international trade, government revenues, fiscal space, output, interest rates and exchange rates. | Operational risk •Supply chain disruption •Forced facility closure | |||||||||||||||||
Liquidity risk •Increased demand for liquidity •Refinancing risk | ||||||||||||||||||
Climate and economy feedback effects | Economy and financial system feedback effects | |||||||||||||||||
Adapted from Network for Greening the Financial System (NGFS), September 2022 and in consideration of transmission channels relevant to Barclays. |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 39 |
Principal Risk | Example effects of climate risk drivers |
Credit risk | Increase in credit risk due to reduction in borrowers' ability to repay and service debt if the borrower is affected by physical risk events that severely damages its infrastructure and operations. Borrowers that are subjected to higher carbon taxes, penalties or fines for not adequately addressing their impact on climate (i.e. exposed to higher litigation and reputational damages) or do not successfully transition to a lower carbon economy might see deterioration in their credit ratings. In some instances, this could lead to borrowers going into default and impact banks' ability to recover loan value. |
Market risk | Uncertainty about timing, severity and frequency of extreme physical climate events may lead to higher volatility in financial markets. Equity prices of corporates operating in carbon intensive sectors may decrease due to reduced demand for products or services. Reduction in financial asset values can potentially lead to abrupt price adjustments, resulting in market risk losses where climate risk is not priced into the asset value. |
Treasury & capital risk | Severe physical events could trigger a sharp increase in demand for liquidity for financial firms, corporates and households. Reduction in banks' access to stable sources of funding or withdrawal of deposits due to climate risk drivers may negatively impact banks' liquidity positions. Deterioration of clients' risk profile due to climate risk drivers may also lead to higher capital requirements. |
Operational risk | Acute physical risk events may cause damage to banks' essential infrastructure and disrupt operations leading to higher operational risks. Banks rely on a complex network of supplier and service providers. Climate change can disrupt supply chains by affecting the availability of goods and services leading to delays or interruptions in critical operations. Increasingly stringent climate and sustainability-related laws and regulations and the pace at which the regulations are implemented means that banks, through their business activities, may face increasing litigation and other claims if they are perceived to have contributed to or failed to prevent climate change or environmental damage, including by financing client activities. |
Reputation risk | Banks may face reputational risks related to climate change in various ways, as the public and stakeholders increasingly expect banks to demonstrate their commitment to environmental sustainability. Banks that are perceived as not adequately addressing climate risks may face reputational damage. Additionally, banks can be accused of greenwashing if the information disclosed is misleading or if they are not able to meet their climate goals. |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 40 |
Credit risk management (audited) The risk of loss to the Barclays Bank Group from the failure of clients, customers or counterparties, including sovereigns, to fully honour their obligations to the Barclays Bank Group, including the whole and timely payment of principal, interest, collateral and other receivables. |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 41 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 42 |
Market risk management (audited) The risk of loss arising from potential adverse changes in the value of the Barclays Bank Group’s assets and liabilities from fluctuation in market variables including, but not limited to, interest rates, foreign exchange, equity prices, commodity prices, credit spreads, implied volatilities and asset correlations. |
Treasury and capital risk management This comprises: Liquidity risk: The risk that the Barclays Bank Group is unable to meet its contractual or contingent obligations or that it does not have the appropriate amount, tenor and composition of funding and liquidity to support its assets. Capital risk: The risk that the Barclays Bank Group has an insufficient level or composition of capital to support its normal business activities and to meet its regulatory capital requirements under normal operating environments and stressed conditions (both actual and as defined for internal planning or regulatory testing purposes). This also includes the risk from the Barclays Bank Group’s pension plans. Interest rate risk in the banking book: The risk that the Barclays Bank Group is exposed to capital or income volatility because of a mismatch between the interest rate exposures of its (non-traded) assets and liabilities. |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 43 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 44 |
Operational risk management The risk of loss to the Barclays Bank Group from inadequate or failed processes or systems, human factors or due to external events (for example fraud) where the root cause is not due to credit or market risks. |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 45 |
Model risk management The potential for adverse consequences from decisions based on incorrect or misused model outputs and reports. |
Compliance risk management The risk of poor outcomes for, or harm to, customers, clients and markets, arising from the delivery of the Barclays Bank Group's products and services, (conduct risk), and the risk to Barclays, its clients, customers or markets from a failure to comply with the Laws, Rules and Regulations (LRR) applicable to the firm. |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 46 |
Reputation risk management The risk that an action, transaction, investment, event, decision, or business relationship will reduce trust in the Barclays Bank Group’s integrity and/or competence. |
Legal risk management The risk of loss or imposition of penalties, damages or fines from the failure of the Barclays Bank Group to meet applicable laws, rules, regulations or contractual requirements or to assert or defend its intellectual property rights. |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 47 |
Elevated risk sector | Example drivers of risk |
Aviation | More stringent air emission and carbon regulations, requiring high levels of capital investment and Research & Development (R&D) expenditure. Vulnerable to shift in consumer preferences. |
Automotive | Policy pressure to cut emissions to meet emission requirements, requiring high levels of capital investment and R&D expenditure. Phase out of fossil fuel vehicles and introduction of low emission zones in city centres. |
Cement | Being one of the hard to abate sectors, policy pressure to cut emissions requires high levels of capital investment and R&D expenditure. |
Coal Mining and Coal Terminals | Reduction in demand of thermal coal, as utilities transition away from fossil fuel. More stringent air emissions regulation, resulting in higher levels of capital investment. |
Chemicals | Technological advances in low-carbon and sustainable alternatives along with new and more stringent environmental regulations, including carbon tax. The increasing efforts to eliminate single-use plastics and improve recycling to prevent marine pollution could also impact demand for products used in plastic manufacture. |
Mining (including diversified miners) | Rising costs as a result of tighter environmental regulations and increasing water stress, vulnerable to litigation cases and reputational damage. |
Oil and Gas | Policy pressure to cut emissions, exposure to carbon taxes and overall increasing environmental regulation of operations and restrictions on access to new resources. Over time, falling demand for fossil fuels. |
Power Utilities | Policy pressure to cut emissions and move to renewable sources of energy, leading to increased capital expenditure costs, plus potential exposure to carbon taxes. |
Agriculture | Evolving taxation on emissions may impact production methods, supply chain and farm viability. Reduced demand for meat and dairy as a consequence of shifts in consumer behaviour. Volatile weather conditions and extreme weather events may impact farm credit quality. |
Residential Real Estate | Evolving minimum energy efficiency requirements and increasing physical risks from flood, subsidence and coastal erosion have the potential to impact house prices and homeowner affordability. |
Shipping | More stringent carbon tax regulations and policy pressure to cut emissions and adopt low-emission fuels, requiring higher levels of R&D expenditure and capital investment. |
Steel | Being an energy-intensive sector, the sector is exposed to the policy pressure to cut emissions and evolving air pollution regulation. |
Road Haulage | Policy pressure to cut emissions, requiring high levels of capital investment. |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 48 |
Carbon-related assets (Incl. sub-sector breakdown)a,b | |||||||
2023 | 2022 | ||||||
£m | £m | ||||||
Loans & advancesc | Loan commitmentsd | Total | Loans & advancesc | Loan commitmentsd | Total | % Change | |
Agriculture, Food and Forest Products (logging) | 79 | 114 | 193 | 89 | 78 | 167 | 16 |
Agriculture | 79 | 114 | 193 | 89 | 78 | 167 | |
Energy & Waters | 1,008 | 13,138 | 14,146 | 2,523 | 13,460 | 15,983 | (11) |
Power Utilities | 943 | 13,049 | 13,992 | 2,476 | 13,318 | 15,794 | |
Metals (waste & recycling) | 65 | 89 | 154 | 47 | 142 | 189 | |
Manufacturing | 5,575 | 31,329 | 36,904 | 6,171 | 32,032 | 38,203 | (3) |
Automotive | 848 | 5,688 | 6,536 | 952 | 5,489 | 6,441 | |
Cements | 154 | 380 | 534 | 214 | 159 | 373 | |
Chemicals | 352 | 3,941 | 4,293 | 446 | 4,216 | 4,662 | |
Food, Bev and Tobacco | 906 | 5,694 | 6,600 | 830 | 6,101 | 6,931 | |
Manufacturing - Others | 2,792 | 12,624 | 15,416 | 3,112 | 13,087 | 16,199 | |
Metals | 142 | 403 | 545 | 241 | 473 | 714 | |
Oil and Gas (refining) | 59 | 1,411 | 1,470 | 100 | 1,375 | 1,475 | |
Packaging Manufacturers: Metal, Glass and Plastics | 110 | 302 | 412 | 90 | 313 | 403 | |
Paper and Forest Products (excluding logging) | 171 | 742 | 913 | 148 | 636 | 784 | |
Steel | 41 | 144 | 185 | 38 | 183 | 221 | |
Materials and Building | 15,367 | 10,345 | 25,712 | 15,794 | 10,305 | 26,099 | (1) |
Construction and Materials | 233 | 598 | 831 | 480 | 705 | 1,185 | |
Homebuilding and Property Development | 2,463 | 2,085 | 4,548 | 2,353 | 1,938 | 4,291 | |
Real Estate Management and Development | 12,671 | 7,662 | 20,333 | 12,961 | 7,662 | 20,623 | |
Mining and Quarrying | 1,708 | 8,369 | 10,077 | 1,520 | 8,758 | 10,278 | (2) |
Mining (incl diversified miners)e | 217 | 1,704 | 1,921 | 196 | 2,261 | 2,457 | |
Oil and Gas (extraction) | 1,491 | 6,665 | 8,156 | 1,324 | 6,497 | 7,821 | |
Transport & storage | 1,524 | 7,080 | 8,604 | 1,814 | 6,952 | 8,766 | (2) |
Aviation | 259 | 2,348 | 2,607 | 460 | 2,221 | 2,681 | |
Oil and Gas (midstream) | 328 | 2,187 | 2,515 | 328 | 2,425 | 2,753 | |
Other Transport Services | 533 | 1,246 | 1,779 | 432 | 1,148 | 1,580 | |
Ports | 75 | 123 | 198 | 95 | 87 | 182 | |
Road Haulage | 228 | 382 | 610 | 213 | 392 | 605 | |
Shipping | 101 | 794 | 895 | 286 | 679 | 965 | |
Wholesale and retail distribution and leisure | 1,293 | 5,355 | 6,648 | 2,120 | 4,259 | 6,379 | 4 |
Oil and Gas (wholesale) | 365 | 2,137 | 2,502 | 978 | 1,612 | 2,590 | |
Others | 928 | 3,218 | 4,146 | 1,142 | 2,647 | 3,789 | |
Other Financial Institutions | 515 | 1,726 | 2,241 | 941 | 2,946 | 3,887 | (42) |
Real Estate Management and Development (REITs) | 515 | 1,726 | 2,241 | 941 | 2,946 | 3,887 | |
Home Loans | 8,002 | 42 | 8,044 | 11,405 | 67 | 11,472 | (30) |
Residential Real Estate | 8,002 | 42 | 8,044 | 11,405 | 67 | 11,472 | |
Subtotal (Elevated risk sectors) | 13,467 | 40,986 | 54,453 | 19,505 | 40,972 | 60,477 | (10) |
Carbon-related assets Grand total | 35,071 | 77,498 | 112,569 | 42,377 | 78,857 | 121,234 | (7) |
Total Loans & advances and Loan commitments | 185,247 | 322,732 | 507,979 | 182,507 | 321,506 | 504,013 | 1 |
Carbon-related assets / Total Loans & advances and Loan commitments (%) | 19 | 24 | 22 | 23 | 25 | 24 | |
Sub-total of sectors spanning in multiple industries | |||||||
Oil & Gas | 2,243 | 12,400 | 14,643 | 2,730 | 11,909 | 14,639 | — |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 49 |
Carbon-related sectors in wholesale credit (Dealogic Industry Classification) a,b,c | |||
2023 | 2022 | ||
£m | £m | % Change | |
Energy & Waters | 20,329 | 27,021 | (25) |
Power Utilities | 20,329 | 27,021 | |
Manufacturing | 31,336 | 24,782 | 26 |
Automotive | 7,333 | 3,136 | |
Cements | 279 | 162 | |
Chemicals | 2,523 | 2,241 | |
Food, Bev and Tobacco | 6,991 | 4,310 | |
Manufacturing - Others | 11,743 | 11,443 | |
Metals | 145 | 604 | |
Oil and Gas (refining) | 1,381 | 1,793 | |
Packaging Manufacturers: Metal, Glass and Plastics | 217 | 27 | |
Paper and Forest Products (excluding logging) | 102 | 711 | |
Steel | 622 | 355 | |
Materials and Building | 3,143 | 6,668 | (53) |
Construction and Materials | 446 | 82 | |
Homebuilding and Property Development | 457 | 617 | |
Real Estate Management and Development | 2,240 | 5,969 | |
Mining and Quarrying | 2,992 | 2,527 | 18 |
Mining (Incl. diversified miners)d | 877 | 354 | |
Oil and Gas (extraction) | 2,115 | 2,173 | |
Transport & storage | 7,858 | 7,654 | 3 |
Aviation | 1,797 | 1,731 | |
Oil and Gas (midstream) | 3,887 | 2,752 | |
Other Transport Services | 997 | 2,149 | |
Road Haulage | 202 | — | |
Shipping | 975 | 1,022 | |
Wholesale and retail distribution and leisure | 3,005 | 6,227 | (52) |
Oil and Gas (wholesale) | 720 | 1,193 | |
Others | 2,285 | 5,034 | |
Other Financial Institutions | 1,163 | 3,178 | (63) |
Real Estate Management and Development (REITs) | 1,163 | 3,178 | |
Carbon-related Assets Grand Total | 69,826 | 78,057 | (11) |
Capital Market Financing Total | 311,054 | 304,249 | 2 |
Financing to Carbon-related Sector over Total Capital Market Financing | 22 | 26 | |
Sub-total of sectors spanning in multiple industries | |||
Oil and Gas | 8,103 | 7,911 | 2 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 50 |
Summary of Contents | Page | |
Credit risk represents a significant risk to the Barclays Bank Group and mainly arises from exposure to loans and advances together with the counterparty credit risk arising from derivative contracts entered into with clients. | ||
This section outlines the expected credit loss allowances, the movements in allowances during the period, material management adjustments to model output and measurement uncertainty and sensitivity analysis. | ||
The Barclays Bank Group reviews and monitors risk concentrations in a variety of ways. This section outlines performance against key concentration risks. | ||
Credit Risk monitors exposure performance across a range of significant portfolios. | 85 | |
–Retail Credit Cards and Retail Other |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 51 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 52 |
Maximum exposure and effect of netting, collateral and risk transfer (audited) | ||||||
Maximum exposure | Netting and set-off | Cash collateral | Non-cash collateral | Risk transfer | Exposure net of risk mitigation | |
Barclays Bank Group | ||||||
As at 31 December 2023 | £m | £m | £m | £m | £m | £m |
On-balance sheet: | ||||||
Cash and balances at central banks | ||||||
Cash collateral and settlement balances | ||||||
Loans and advances at amortised cost: | ||||||
Retail mortgages | ( | ( | ||||
Retail credit cards | ||||||
Retail other | ( | ( | ( | |||
Corporate loans | ( | ( | ( | ( | ||
Total loans and advances at amortised cost | ( | ( | ( | ( | ||
Of which credit-impaired (Stage 3): | ||||||
Retail mortgages | ( | |||||
Retail credit cards | ||||||
Retail other | ( | ( | ||||
Corporate loans | ( | ( | ( | |||
Total credit-impaired loans and advances at amortised cost | ( | ( | ( | |||
Debt securities at amortised cost | ( | ( | ||||
Reverse repurchase agreements and other similar secured lending | ( | |||||
Trading portfolio assets: | ||||||
Debt securities | ( | |||||
Traded loans | ( | |||||
Total trading portfolio assets | ( | |||||
Financial assets at fair value through the income statement: | ||||||
Loans and advances | ( | ( | ( | |||
Debt securities | ( | |||||
Reverse repurchase agreements | ( | ( | ||||
Other financial assets | ||||||
Total financial assets at fair value through the income statement | ( | ( | ( | |||
Derivative financial instruments | ( | ( | ( | ( | ||
Financial assets at fair value through other comprehensive income | ( | ( | ||||
Other assets | ( | |||||
Assets held for sale | ||||||
Total on-balance sheet | ( | ( | ( | ( | ||
Off-balance sheet: | ||||||
Contingent liabilities | ( | ( | ( | |||
Loan commitments | ( | ( | ( | |||
Total off-balance sheet | ( | ( | ( | |||
Total | ( | ( | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 53 |
Maximum exposure and effects of netting, collateral and risk transfer (audited) | ||||||
Maximum exposure | Netting and set-off | Cash collateral | Non-cash collateral | Risk transfer | Exposure net of risk mitigation | |
Barclays Bank Group | ||||||
As at 31 December 2022 | £m | £m | £m | £m | £m | £m |
On-balance sheet: | ||||||
Cash and balances at central banks | ||||||
Cash collateral and settlement balances | ||||||
Loans and advances at amortised cost: | ||||||
Retail mortgages | ( | ( | ( | |||
Retail credit cards | ||||||
Retail other | ( | ( | ( | |||
Corporate loans | ( | ( | ( | ( | ||
Total loans and advances at amortised cost | ( | ( | ( | ( | ||
Of which credit-impaired (Stage 3): | ||||||
Retail mortgages | ( | ( | ||||
Retail credit cards | ||||||
Retail other | ( | ( | ( | |||
Corporate loans | ( | ( | ( | |||
Total credit-impaired loans and advances at amortised cost | ( | ( | ( | |||
Debt securities at amortised cost | ( | ( | ||||
Reverse repurchase agreements and other similar secured lending | ( | |||||
Trading portfolio assets: | ||||||
Debt securities | ( | |||||
Traded loans | ( | ( | ||||
Total trading portfolio assets | ( | ( | ||||
Financial assets at fair value through the income statement: | ||||||
Loans and advances | ( | ( | ( | |||
Debt securities | ( | |||||
Reverse repurchase agreements | ( | ( | ||||
Other financial assets | ||||||
Total financial assets at fair value through the income statement | ( | ( | ( | |||
Derivative financial instruments | ( | ( | ( | ( | ||
Financial assets at fair value through other comprehensive income | ( | ( | ||||
Other assets | ||||||
Assets held for sale | ||||||
Total on-balance sheet | ( | ( | ( | ( | ||
Off-balance sheet: | ||||||
Contingent liabilities | ( | ( | ( | |||
Loan commitments | ( | ( | ( | |||
Total off-balance sheet | ( | ( | ( | |||
Total | ( | ( | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 54 |
Barclays Bank Group (audited) | Stage 2 | ||||||
As at 31 December 2023 | Stage 1 | Not past due | <=30 days past due | >30 days past due | Total | Stage 3 | Totala |
Gross exposure | £m | £m | £m | £m | £m | £m | £m |
Retail mortgages | |||||||
Retail credit cards | |||||||
Retail other | |||||||
Corporate loans | |||||||
Total loans and advances at amortised cost | |||||||
Debt securities at amortised cost | |||||||
Total loans and advances at amortised cost including debt securities | |||||||
Impairment allowance | |||||||
Retail mortgages | |||||||
Retail credit cards | |||||||
Retail other | |||||||
Corporate loans | |||||||
Total loans and advances at amortised cost | |||||||
Debt securities at amortised cost | |||||||
Total loans and advances at amortised cost including debt securities | |||||||
Net exposure | |||||||
Retail mortgages | |||||||
Retail credit cards | |||||||
Retail other | |||||||
Corporate loans | |||||||
Total loans and advances at amortised cost | |||||||
Debt securities at amortised cost | |||||||
Total loans and advances at amortised cost including debt securities | |||||||
Coverage ratio | % | % | % | % | % | % | % |
Retail mortgages | |||||||
Retail credit cards | |||||||
Retail other | |||||||
Corporate loans | |||||||
Total loans and advances at amortised cost | |||||||
Debt securities at amortised cost | |||||||
Total loans and advances at amortised cost including debt securities |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 55 |
Loans and advances to customers classified as assets held for sale | ||||||||||||
Stage 1 | Stage 2 | Stage 3 | Total | |||||||||
Gross | ECL | Coverage | Gross | ECL | Coverage | Gross | ECL | Coverage | Gross | ECL | Coverage | |
As at 31 December 2023a | £m | £m | % | £m | £m | % | £m | £m | % | £m | £m | % |
Retail credit cards | 1,621 | 15 | 0.9 | 445 | 41 | 9.2 | 92 | 68 | 73.9 | 2,158 | 124 | 5.7 |
Retail other | 1,561 | 20 | 1.3 | 288 | 32 | 11.1 | 84 | 60 | 71.4 | 1,933 | 112 | 5.8 |
Total | 3,182 | 35 | 1.1 | 733 | 73 | 10.0 | 176 | 128 | 72.7 | 4,091 | 236 | 5.8 |
Barclays Bank Group (audited) | Stage 2 | ||||||
As at 31 December 2022 | Stage 1 | Not past due | <=30 days past due | >30 days past due | Total | Stage 3 | Totala |
Gross exposure | £m | £m | £m | £m | £m | £m | £m |
Retail mortgages | |||||||
Retail credit cards | |||||||
Retail other | |||||||
Corporate loans | |||||||
Total loans and advances at amortised cost | |||||||
Debt securities at amortised cost | |||||||
Total loans and advances at amortised cost including debt securities | |||||||
Impairment allowance | |||||||
Retail mortgages | |||||||
Retail credit cards | |||||||
Retail other | |||||||
Corporate loans | |||||||
Total loans and advances at amortised cost | |||||||
Debt securities at amortised cost | |||||||
Total loans and advances at amortised cost including debt securities | |||||||
Net exposure | |||||||
Retail mortgages | |||||||
Retail credit cards | |||||||
Retail other | |||||||
Corporate loans | |||||||
Total loans and advances at amortised cost | |||||||
Debt securities at amortised cost | |||||||
Total loans and advances at amortised cost including debt securities | |||||||
Coverage ratio | % | % | % | % | % | % | % |
Retail mortgages | |||||||
Retail credit cards | |||||||
Retail other | |||||||
Corporate loans | |||||||
Total loans and advances at amortised cost | |||||||
Debt securities at amortised cost | |||||||
Total loans and advances at amortised cost including debt securities |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 56 |
Loans and advances at amortised cost (audited) | Stage 1 | Stage 2 | Stage 3 | Total | ||||
Barclays Bank Group | Gross | ECL | Gross | ECL | Gross | ECL | Gross | ECL |
£m | £m | £m | £m | £m | £m | £m | £m | |
Retail mortgages | ||||||||
As at 1 January 2023 | ||||||||
Transfers from Stage 1 to Stage 2 | ( | |||||||
Transfers from Stage 2 to Stage 1 | ( | ( | ||||||
Transfers to Stage 3 | ( | ( | ( | |||||
Transfers from Stage 3 | ( | ( | ||||||
Business activity in the year | ||||||||
Refinements to models used for calculation | ||||||||
Net drawdowns, repayments, net re- measurement and movements due to exposure and risk parameter changes | ( | ( | ( | ( | ( | ( | ( | |
Final repayments | ( | ( | ( | ( | ( | ( | ( | |
Disposals | ||||||||
Write-offs | ( | ( | ( | ( | ||||
As at 31 December 2023 | ||||||||
Retail credit cards | ||||||||
As at 1 January 2023 | ||||||||
Transfers from Stage 1 to Stage 2 | ( | ( | ||||||
Transfers from Stage 2 to Stage 1 | ( | ( | ||||||
Transfers to Stage 3 | ( | ( | ( | ( | ||||
Transfers from Stage 3 | ( | ( | ||||||
Business activity in the year | ||||||||
Refinements to models used for calculationa | ( | ( | ( | ( | ||||
Net drawdowns, repayments, net re- measurement and movements due to exposure and risk parameter changes | ( | ( | ( | |||||
Final repayments | ( | ( | ( | ( | ( | ( | ( | ( |
Transfers to assets held for saleb | ( | ( | ( | ( | ( | ( | ( | ( |
Disposalsc | ( | ( | ( | ( | ||||
Write-offs | ( | ( | ( | ( | ||||
As at 31 December 2023 | ||||||||
Retail other | ||||||||
As at 1 January 2023 | ||||||||
Transfers from Stage 1 to Stage 2 | ( | ( | ||||||
Transfers from Stage 2 to Stage 1 | ( | ( | ||||||
Transfers to Stage 3 | ( | ( | ( | ( | ||||
Transfers from Stage 3 | ( | ( | ||||||
Business activity in the year | ||||||||
Refinements to models used for calculation | ||||||||
Net drawdowns, repayments, net re- measurement and movements due to exposure and risk parameter changes | ( | ( | ( | ( | ( | |||
Final repayments | ( | ( | ( | ( | ( | ( | ( | ( |
Transfers to assets held for saleb | ( | ( | ( | ( | ( | ( | ( | ( |
Disposalsc | ( | ( | ( | ( | ||||
Write-offs | ( | ( | ( | ( | ||||
As at 31 December 2023 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 57 |
Loans and advances at amortised cost (audited) | Stage 1 | Stage 2 | Stage 3 | Total | ||||
Barclays Bank Group | Gross | ECL | Gross | ECL | Gross | ECL | Gross | ECL |
£m | £m | £m | £m | £m | £m | £m | £m | |
Corporate loans | ||||||||
As at 1 January 2023 | ||||||||
Transfers from Stage 1 to Stage 2 | ( | ( | ||||||
Transfers from Stage 2 to Stage 1 | ( | ( | ||||||
Transfers to Stage 3 | ( | ( | ( | ( | ||||
Transfers from Stage 3 | ( | ( | ||||||
Business activity in the year | ||||||||
Refinements to models used for calculationa | ( | |||||||
Net drawdowns, repayments, net re- measurement and movements due to exposure and risk parameter changes | ( | ( | ( | |||||
Final repayments | ( | ( | ( | ( | ( | ( | ( | ( |
Disposalsb | ( | ( | ( | ( | ( | ( | ( | ( |
Write-offs | ( | ( | ( | ( | ||||
As at 31 December 2023 |
Reconciliation of ECL movement to credit impairment charge/(release) for the period | Stage 1 | Stage 2 | Stage 3 | Total |
£m | £m | £m | £m | |
Retail mortgages | ( | ( | ( | |
Retail credit cards | ||||
Retail other | ( | ( | ||
Corporate loans | ( | |||
ECL movement excluding assets held for sale, disposals and write-offsc | ( | |||
ECL movement on loan commitments and financial guarantees | ( | ( | ( | |
ECL movement on other financial assets | ( | ( | ( | |
ECL movement on debt securities at amortised cost | ( | ( | ( | |
Recoveries and reimbursementsd | ( | ( | ( | |
Total exchange and other adjustments | ||||
Total credit impairment charge for the year |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 58 |
Loan commitments and financial guarantees (audited) | Stage 1 | Stage 2 | Stage 3 | Total | ||||
Barclays Bank Group | Gross | ECL | Gross | ECL | Gross | ECL | Gross | ECL |
£m | £m | £m | £m | £m | £m | £m | £m | |
Retail mortgages | ||||||||
As at 1 January 2023 | ||||||||
Net transfers between stages | ||||||||
Business activity in the year | ||||||||
Net drawdowns, repayments, net re- measurement and movement due to exposure and risk parameter changes | ( | ( | ||||||
Limit management and final repayments | ( | ( | ( | |||||
As at 31 December 2023 | ||||||||
Retail credit cardsa | ||||||||
As at 1 January 2023 | ||||||||
Net transfers between stages | ( | ( | ||||||
Business activity in the year | ||||||||
Net drawdowns, repayments, net re- measurement and movement due to exposure and risk parameter changes | ( | ( | ( | ( | ( | |||
Limit management and final repayments | ( | ( | ( | ( | ( | ( | ||
As at 31 December 2023 | ||||||||
Retail othera | ||||||||
As at 1 January 2023 | ||||||||
Net transfers between stages | ( | |||||||
Business activity in the year | ||||||||
Net drawdowns, repayments, net re- measurement and movement due to exposure and risk parameter changes | ( | ( | ( | ( | ||||
Limit management and final repayments | ( | ( | ( | ( | ||||
As at 31 December 2023 |
Corporate loans | ||||||||
As at 1 January 2023 | ||||||||
Net transfers between stages | ( | ( | ( | |||||
Business activity in the year | ||||||||
Net drawdowns, repayments, net re- measurement and movement due to exposure and risk parameter changes | ( | ( | ||||||
Limit management and final repayments | ( | ( | ( | ( | ( | ( | ( | ( |
As at 31 December 2023 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 59 |
Loans and advances at amortised cost (audited) | Stage 1 | Stage 2 | Stage 3 | Total | ||||
Barclays Bank Group | Gross | ECL | Gross | ECL | Gross | ECL | Gross | ECL |
£m | £m | £m | £m | £m | £m | £m | £m | |
Retail mortgages | ||||||||
As at 1 January 2022 | ||||||||
Transfers from Stage 1 to Stage 2 | ( | |||||||
Transfers from Stage 2 to Stage 1 | ( | ( | ||||||
Transfers to Stage 3 | ( | ( | ( | |||||
Transfers from Stage 3 | ( | ( | ||||||
Business activity in the year | ||||||||
Refinements to models used for calculation | ||||||||
Net drawdowns, repayments, net re- measurement and movements due to exposure and risk parameter changes | ( | ( | ( | ( | ||||
Final repayments | ( | ( | ( | ( | ( | ( | ( | ( |
Disposals | ||||||||
Write-offs | ( | ( | ( | ( | ||||
As at 31 December 2022 | ||||||||
Retail credit cards | ||||||||
As at 1 January 2022 | ||||||||
Transfers from Stage 1 to Stage 2 | ( | ( | ||||||
Transfers from Stage 2 to Stage 1 | ( | ( | ||||||
Transfers to Stage 3 | ( | ( | ( | ( | ||||
Transfers from Stage 3 | ( | ( | ||||||
Business activity in the year | ||||||||
Refinements to models used for calculationa | ||||||||
Net drawdowns, repayments, net re- measurement and movements due to exposure and risk parameter changes | ( | |||||||
Final repayments | ( | ( | ( | ( | ( | ( | ( | ( |
Disposalsb | ( | ( | ( | ( | ( | ( | ( | ( |
Write-offs | ( | ( | ( | ( | ||||
As at 31 December 2022 | ||||||||
Retail other | ||||||||
As at 1 January 2022 | ||||||||
Transfers from Stage 1 to Stage 2 | ( | ( | ||||||
Transfers from Stage 2 to Stage 1 | ( | ( | ||||||
Transfers to Stage 3 | ( | ( | ( | ( | ||||
Transfers from Stage 3 | ( | ( | ||||||
Business activity in the year | ||||||||
Refinements to models used for calculation | ||||||||
Net drawdowns, repayments, net re- measurement and movements due to exposure and risk parameter changes | ( | ( | ||||||
Final repayments | ( | ( | ( | ( | ( | ( | ( | ( |
Disposalsb | ( | ( | ( | ( | ||||
Write-offs | ( | ( | ( | ( | ||||
As at 31 December 2022 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 60 |
Loans and advances at amortised cost (audited) | Stage 1 | Stage 2 | Stage 3 | Total | ||||
Barclays Bank Group | Gross | ECL | Gross | ECL | Gross | ECL | Gross | ECL |
£m | £m | £m | £m | £m | £m | £m | £m | |
Corporate loans | ||||||||
As at 1 January 2022 | ||||||||
Transfers from Stage 1 to Stage 2 | ( | ( | ||||||
Transfers from Stage 2 to Stage 1 | ( | ( | ||||||
Transfers to Stage 3 | ( | ( | ( | ( | ||||
Transfers from Stage 3 | ( | ( | ||||||
Business activity in the year | ||||||||
Refinements to models used for calculationa | ( | ( | ||||||
Net drawdowns, repayments, net re- measurement and movements due to exposure and risk parameter changes | ||||||||
Final repayments | ( | ( | ( | ( | ( | ( | ( | ( |
Disposalsb | ( | ( | ( | ( | ( | |||
Write-offs | ( | ( | ( | ( | ||||
As at 31 December 2022 |
Reconciliation of ECL movement to credit impairment (release)/charge for the period | Stage 1 | Stage 2 | Stage 3 | Total |
£m | £m | £m | £m | |
Retail mortgages | ( | |||
Retail credit cards | ( | |||
Retail other | ||||
Corporate loans | ||||
ECL movement excluding disposals and write-offsc | ( | |||
ECL movement on loan commitments and financial guarantees | ||||
ECL movement on other financial assets | ||||
ECL movement on debt securities at amortised cost | ( | |||
Recoveries and reimbursementsd | ( | ( | ( | ( |
Total exchange and other adjustments | ( | |||
Total credit impairment charge for the year |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 61 |
Loan commitments and financial guarantees (audited) | Stage 1 | Stage 2 | Stage 3 | Total | ||||
Barclays Bank Group | Gross | ECL | Gross | ECL | Gross | ECL | Gross | ECL |
£m | £m | £m | £m | £m | £m | £m | £m | |
Retail mortgages | ||||||||
As at 1 January 2022 | ||||||||
Net transfers between stages | ( | |||||||
Business activity in the year | ||||||||
Net drawdowns, repayments, net re- measurement and movement due to exposure and risk parameter changes | ||||||||
Limit management and final repayments | ( | ( | ||||||
As at 31 December 2022 | ||||||||
Retail credit cards | ||||||||
As at 1 January 2022 | ||||||||
Net transfers between stages | ( | ( | ||||||
Business activity in the year | ||||||||
Net drawdowns, repayments, net re- measurement and movement due to exposure and risk parameter changes | ( | ( | ( | |||||
Limit management and final repayments | ( | ( | ( | ( | ( | ( | ( | |
As at 31 December 2022 | ||||||||
Retail other | ||||||||
As at 1 January 2022 | ||||||||
Net transfers between stages | ( | |||||||
Business activity in the year | ||||||||
Net drawdowns, repayments, net re- measurement and movement due to exposure and risk parameter changes | ( | ( | ( | |||||
Limit management and final repayments | ( | ( | ( | ( | ||||
As at 31 December 2022 | ||||||||
Corporate loans | ||||||||
As at 1 January 2022 | ||||||||
Net transfers between stages | ( | ( | ( | ( | ||||
Business activity in the year | ||||||||
Net drawdowns, repayments, net re- measurement and movement due to exposure and risk parameter changes | ( | |||||||
Limit management and final repayments | ( | ( | ( | ( | ( | ( | ( | ( |
As at 31 December 2022 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 62 |
Loans and advances at amortised costa | |||||||||
Gross Exposure | Impairment Allowance | ||||||||
Barclays Bank Group | Quantitative test | Qualitative test | 30 days past due backstop | Total Stage 2 | Quantitative test | Qualitative test | 30 days past due backstop | Total Stage 2 | |
As at 31 December 2023 | £m | £m | £m | £m | £m | £m | £m | £m | |
Retail mortgages | 303 | 53 | 33 | 389 | 24 | 2 | 2 | 28 | |
Retail credit cardsb | 2,399 | 1,020 | 31 | 3,450 | 750 | 367 | 21 | 1,138 | |
Retail otherb | 8 | 308 | 53 | 369 | 1 | 1 | — | 2 | |
Corporate loans | 6,765 | 2,051 | 151 | 8,967 | 240 | 65 | 4 | 309 | |
Total Stage 2 | 9,475 | 3,432 | 268 | 13,175 | 1,015 | 435 | 27 | 1,477 |
Loans and advances at amortised costa | |||||||||
Gross Exposure | Impairment Allowance | ||||||||
Barclays Bank Group | Quantitative test | Qualitative test | 30 days past due backstop | Total Stage 2 | Quantitative test | Qualitative test | 30 days past due backstop | Total Stage 2 | |
As at 31 December 2022 | £m | £m | £m | £m | £m | £m | £m | £m | |
Retail mortgages | 225 | 73 | 64 | 362 | 20 | 2 | 3 | 25 | |
Retail credit cards | 2,999 | 848 | 33 | 3,880 | 801 | 304 | 22 | 1,127 | |
Retail other | 233 | 227 | 64 | 524 | 26 | 2 | 1 | 29 | |
Corporate loans | 8,128 | 2,216 | 140 | 10,484 | 194 | 79 | 2 | 275 | |
Total Stage 2 | 11,585 | 3,364 | 301 | 15,250 | 1,041 | 387 | 28 | 1,456 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 63 |
Loans and advances at amortised cost | |||||||
Gross Exposure | Impairment Allowance | ||||||
Barclays Bank Group | Exposures not charged-off | Exposures individually assessed or in recovery book | Total Stage 3 | Exposures not charged-off | Exposures individually assessed or in recovery book | Total Stage 3 | |
As at 31 December 2023 | £m | £m | £m | £m | £m | £m | |
Retail mortgages | 221 | 495 | 716 | 28 | 293 | 321 | |
Retail credit cardsa | 617 | 905 | 1,522 | 413 | 813 | 1,226 | |
Retail othera | 125 | 183 | 308 | 2 | 33 | 35 | |
Corporate loans | 150 | 1,085 | 1,235 | 25 | 323 | 348 | |
Total Stage 3 | 1,113 | 2,668 | 3,781 | 468 | 1,462 | 1,930 |
Loans and advances at amortised cost | |||||||
Gross Exposure | Impairment Allowance | ||||||
Barclays Bank Group | Exposures not charged-off | Exposures individually assessed or in recovery book | Total Stage 3 | Exposures not charged-off | Exposures individually assessed or in recovery book | Total Stage 3 | |
As at 31 December 2022 | £m | £m | £m | £m | £m | £m | |
Retail mortgages | 280 | 698 | 978 | 24 | 332 | 356 | |
Retail credit cards | 551 | 578 | 1,129 | 359 | 459 | 818 | |
Retail other | 182 | 341 | 523 | 47 | 124 | 171 | |
Corporate loans | 122 | 818 | 940 | 16 | 277 | 293 | |
Total Stage 3 | 1,135 | 2,435 | 3,570 | 446 | 1,192 | 1,638 |
Management adjustments to models for impairment allowance presented by product (audited)a | ||||||
Barclays Bank Group | Impairment allowance pre management adjustmentsb | Economic uncertainty adjustments (a) | Other adjustments (b) | Management adjustments (a+b) | Total impairment allowancec | Proportion of Management adjustments to total impairment allowance |
As at 31 December 2023 | £m | £m | £m | £m | £m | % |
Retail mortgages | ( | ( | ( | |||
Retail credit cards | ||||||
Retail other | ( | ( | ( | |||
Corporate loans | ( | ( | ( | |||
Total | ( | ( | ( | |||
Debt securities at amortised cost | ||||||
Total including debt securities at amortised cost | ( | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 64 |
As at 31 December 2022 | £m | £m | £m | £m | £m | % |
Retail mortgages | ||||||
Retail credit cards | ||||||
Retail other | ||||||
Corporate loans | ( | ( | ( | |||
Total | ( | ( | ( | |||
Debt securities at amortised cost | ||||||
Total including debt securities at amortised cost | ( | ( | ( |
Economic uncertainty adjustments presented by stage (audited) | ||||
Barclays Bank Group | Stage 1 | Stage 2 | Stage 3 | Total |
As at 31 December 2023 | £m | £m | £m | £m |
Retail mortgages | ||||
Retail credit cards | ||||
Retail other | ||||
Corporate loans | ||||
Total |
As at 31 December 2022 | £m | £m | £m | £m |
Retail mortgages | ||||
Retail credit cards | ||||
Retail other | ||||
Corporate loans | ( | |||
Total |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 65 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 66 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 67 |
Baseline | 2023 | 2024 | 2025 | 2026 | 2027 |
As at 31 December 2023 | % | % | % | % | % |
UK GDPa | |||||
UK unemploymentb | |||||
UK HPIc | ( | ( | |||
UK bank rate | |||||
US GDPa | |||||
US unemploymentd | |||||
US HPIe | |||||
US federal funds rate | |||||
Downside 2 | |||||
UK GDPa | ( | ( | |||
UK unemploymentb | |||||
UK HPIc | ( | ( | ( | ||
UK bank rate | |||||
US GDPa | ( | ( | |||
US unemploymentd | |||||
US HPIe | ( | ( | |||
US federal funds rate | |||||
Downside 1 | |||||
UK GDPa | ( | ( | |||
UK unemploymentb | |||||
UK HPIc | ( | ( | ( | ||
UK bank rate | |||||
US GDPa | ( | ||||
US unemploymentd | |||||
US HPIe | ( | ( | |||
US federal funds rate | |||||
Upside 2 | |||||
UK GDPa | |||||
UK unemploymentb | |||||
UK HPIc | ( | ||||
UK bank rate | |||||
US GDPa | |||||
US unemploymentd | |||||
US HPIe | |||||
US federal funds rate | |||||
Upside 1 | |||||
UK GDPa | |||||
UK unemploymentb | |||||
UK HPIc | ( | ||||
UK bank rate | |||||
US GDPa | |||||
US unemploymentd | |||||
US HPIe | |||||
US federal funds rate | |||||
Barclays Bank PLC 2023 Annual Report on Form 20-F | 68 |
Baseline | 2022 | 2023 | 2024 | 2025 | 2026 |
As at 31 December 2022 | % | % | % | % | % |
UK GDPa | ( | ||||
UK unemploymentb | |||||
UK HPIc | ( | ( | |||
UK bank rate | |||||
US GDPa | |||||
US unemploymentd | |||||
US HPIe | |||||
US federal funds rate | |||||
Downside 2 | 2022 | 2023 | 2024 | 2025 | 2026 |
As at 31 December 2022 | % | % | % | % | % |
UK GDPa | ( | ( | |||
UK unemploymentb | |||||
UK HPIc | ( | ( | ( | ||
UK bank rate | |||||
US GDPa | ( | ( | |||
US unemploymentd | |||||
US HPIe | ( | ( | ( | ||
US federal funds rate | |||||
Downside 1 | 2022 | 2023 | 2024 | 2025 | 2026 |
As at 31 December 2022 | % | % | % | % | % |
UK GDPa | ( | ( | |||
UK unemploymentb | |||||
UK HPIc | ( | ( | ( | ||
UK bank rate | |||||
US GDPa | ( | ( | |||
US unemploymentd | |||||
US HPIe | ( | ( | |||
US federal funds rate | |||||
Upside 2 | 2022 | 2023 | 2024 | 2025 | 2026 |
As at 31 December 2022 | % | % | % | % | % |
UK GDPa | |||||
UK unemploymentb | |||||
UK HPIc | |||||
UK bank rate | |||||
US GDPa | |||||
US unemploymentd | |||||
US HPIe | |||||
US federal funds rate | |||||
Upside 1 | 2022 | 2023 | 2024 | 2025 | 2026 |
As at 31 December 2022 | % | % | % | % | % |
UK GDPa | |||||
UK unemploymentb | |||||
UK HPIc | |||||
UK bank rate | |||||
US GDPa | |||||
US unemploymentd | |||||
US HPIe | |||||
US federal funds rate |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 69 |
Scenario probability weighting (audited)a | |||||
Upside 2 | Upside 1 | Baseline | Downside 1 | Downside 2 | |
% | % | % | % | % | |
As at 31 December 2023 | |||||
Scenario probability weighting | |||||
As at 31 December 2022 | |||||
Scenario probability weighting |
Macroeconomic variables used in the calculation of ECL (specific bases) (audited)a | |||||
Upside 2 | Upside 1 | Baseline | Downside 1 | Downside 2 | |
% | % | % | % | % | |
As at 31 December 2023 | |||||
UK GDPb | ( | ( | |||
UK unemploymentc | |||||
UK HPId | ( | ( | |||
UK bank ratec | |||||
US GDPb | ( | ||||
US unemploymentc | |||||
US HPId | ( | ||||
US federal funds ratec | |||||
As at 31 December 2022 | |||||
UK GDPb | ( | ( | |||
UK unemploymentc | |||||
UK HPId | ( | ( | |||
UK bank ratec | |||||
US GDPb | ( | ( | |||
US unemploymentc | |||||
US HPId | |||||
US federal funds ratec |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 70 |
Macroeconomic variables used in the calculation of ECL (5 year averages) (audited)a | |||||
Upside 2 | Upside 1 | Baseline | Downside 1 | Downside 2 | |
% | % | % | % | % | |
As at 31 December 2023 | |||||
UK GDPe | |||||
UK unemploymentf | |||||
UK HPIg | ( | ( | |||
UK bank ratef | |||||
US GDPe | |||||
US unemploymentf | |||||
US HPIg | |||||
US federal funds ratef | |||||
As at 31 December 2022 | |||||
UK GDPe | |||||
UK unemploymentf | |||||
UK HPIg | ( | ( | |||
UK bank ratef | |||||
US GDPe | |||||
US unemploymentf | |||||
US HPIg | |||||
US federal funds ratef |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 71 |
UK GDP (%) |
US GDP (%) |
UK unemployment (%) |
US unemployment (%) |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 72 |
Barclays Bank Group (audited) | Scenarios | |||||
As at 31 December 2023 | Weighteda | Upside 2 | Upside 1 | Baseline | Downside 1 | Downside 2 |
Stage 1 Model exposure (£m) | ||||||
Retail mortgages | ||||||
Retail credit cardsb | ||||||
Retail otherb | ||||||
Corporate loans | ||||||
Stage 1 Model ECL (£m) | ||||||
Retail mortgages | ||||||
Retail credit cardsb | ||||||
Retail otherb | ||||||
Corporate loans | ||||||
Stage 1 Coverage (%) | ||||||
Retail mortgages | ||||||
Retail credit cards | ||||||
Retail other | ||||||
Corporate loans | ||||||
Stage 2 Model exposure (£m) | ||||||
Retail mortgages | ||||||
Retail credit cardsb | ||||||
Retail otherb | ||||||
Corporate loans | ||||||
Stage 2 Model ECL (£m) | ||||||
Retail mortgages | ||||||
Retail credit cardsb | ||||||
Retail otherb | ||||||
Corporate loans | ||||||
Stage 2 Coverage (%) | ||||||
Retail mortgages | ||||||
Retail credit cards | ||||||
Retail other | ||||||
Corporate loans | ||||||
Stage 3 Model exposure (£m)c | ||||||
Retail mortgages | ||||||
Retail credit cardsb | ||||||
Retail otherb | ||||||
Corporate loans | ||||||
Stage 3 Model ECL (£m) | ||||||
Retail mortgages | ||||||
Retail credit cardsb | ||||||
Retail otherb | ||||||
Corporate loansd | ||||||
Stage 3 Coverage (%) | ||||||
Retail mortgages | ||||||
Retail credit cards | ||||||
Retail other | ||||||
Corporate loansd | ||||||
Total Model ECL (£m) | ||||||
Retail mortgages | ||||||
Retail credit cardsb | ||||||
Retail otherb | ||||||
Corporate loansd | ||||||
Total Model ECL |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 73 |
Reconciliation to total ECL | £m |
Total weighted model ECL | |
ECL from individually assessed exposuresd | |
ECL from non-modelled exposures and others | |
ECL from debt securities at amortised cost | |
ECL from post model management adjustmentse | ( |
Of which: ECL from economic uncertainty adjustments | |
Total ECL |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 74 |
Barclays Bank Group (audited) | Scenarios | |||||
As at 31 December 2022 | Weighteda | Upside 2 | Upside 1 | Baseline | Downside 1 | Downside 2 |
Stage 1 Model exposure (£m) | ||||||
Retail mortgages | ||||||
Retail credit cards | ||||||
Retail other | ||||||
Corporate loans | ||||||
Stage 1 Model ECL (£m) | ||||||
Retail mortgages | ||||||
Retail credit cards | ||||||
Retail other | ||||||
Corporate loans | ||||||
Stage 1 Coverage (%) | ||||||
Retail mortgages | ||||||
Retail credit cards | ||||||
Retail other | ||||||
Corporate loans | ||||||
Stage 2 Model exposure (£m) | ||||||
Retail mortgages | ||||||
Retail credit cards | ||||||
Retail other | ||||||
Corporate loans | ||||||
Stage 2 Model ECL (£m) | ||||||
Retail mortgages | ||||||
Retail credit cards | ||||||
Retail other | ||||||
Corporate loans | ||||||
Stage 2 Coverage (%) | ||||||
Retail mortgages | ||||||
Retail credit cards | ||||||
Retail other | ||||||
Corporate loans | ||||||
Stage 3 Model exposure (£m)b | ||||||
Retail mortgages | ||||||
Retail credit cards | ||||||
Retail other | ||||||
Corporate loans | ||||||
Stage 3 Model ECL (£m) | ||||||
Retail mortgages | ||||||
Retail credit cards | ||||||
Retail other | ||||||
Corporate loansc | ||||||
Stage 3 Coverage (%) | ||||||
Retail mortgages | ||||||
Retail credit cards | ||||||
Retail other | ||||||
Corporate loansc | ||||||
Total Model ECL (£m) | ||||||
Retail mortgages | ||||||
Retail credit cards | ||||||
Retail other | ||||||
Corporate loansc | ||||||
Total Model ECL |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 75 |
Reconciliation to total ECL | £m |
Total weighted model ECL | |
ECL from individually assessed exposuresc | |
ECL from non-modelled exposures and others | |
ECL from debt securities at amortised cost | |
ECL from post model management adjustmentsd | ( |
Of which: ECL from economic uncertainty adjustments | |
Total ECL |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 76 |
Loans and advances at amortised cost net of impairment allowance | |||||
Industry | Geography | ||||
United Kingdom | Americas | Europe | Others | Total | |
Barclays Bank Group | |||||
As at 31 December 2023 | £m | £m | £m | £m | £m |
Agriculture, Food and Forest Products | |||||
Mining and Quarrying | |||||
Manufacturing | |||||
Government and central bank | |||||
Banks | |||||
Energy and water | |||||
Materials and Building | |||||
Wholesale and retail distribution and leisure | |||||
Transport and storage | |||||
Home Loans | |||||
Business and other services | |||||
Other Financial Institutions | |||||
Cards, unsecured loans and other personal lending | |||||
Total loans and advances at amortised cost | |||||
Debt securities at amortised cost | |||||
Total loans and advances at amortised cost including debt | |||||
Contingent liabilities | |||||
Loan commitments | |||||
Total off-balance sheeta | |||||
As at 31 December 2022 | |||||
Agriculture, Food and Forest Products | |||||
Mining and Quarrying | |||||
Manufacturing | |||||
Government and central bank | |||||
Banks | |||||
Energy and water | |||||
Materials and Building | |||||
Wholesale and retail distribution and leisure | |||||
Transport and storage | |||||
Home Loans | |||||
Business and other services | |||||
Other Financial Institutions | |||||
Cards, unsecured loans and other personal lending | |||||
Total loans and advances at amortised cost | |||||
Debt securities at amortised cost | |||||
Total loans and advances at amortised cost including debt | |||||
Contingent liabilities | |||||
Loan commitments | |||||
Total off-balance sheeta |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 77 |
PD Range % | Internal DG Band | Default Probability | Credit Quality description | Moody’s | Standard and Poor’s | ||
>Min | Mid | <=Max | |||||
0.00 to < 0.15 | 1 | 0.00% | 0.01% | 0.02% | Strong | Aaa, Aa1, Aa2 | AAA, AA+, AA |
2 | 0.02% | 0.03% | 0.03% | Aa3 | AA- | ||
3 | 0.03% | 0.04% | 0.05% | A1, A2, A3 | A+ | ||
4 | 0.05% | 0.08% | 0.10% | A1, A2, A3 | A, A- | ||
5 | 0.10% | 0.13% | 0.15% | Baa1 | BBB+ | ||
0.15 to < 0.25 | 6 | 0.15% | 0.18% | 0.20% | Strong | Baa2 | BBB |
7 | 0.20% | 0.23% | 0.25% | Baa2 | BBB | ||
0.25 to < 0.50 | 8 | 0.25% | 0.28% | 0.30% | Strong | Baa3 | BBB- |
9 | 0.30% | 0.35% | 0.40% | Baa3 | BBB- | ||
10 | 0.40% | 0.45% | 0.50% | Ba1 | BB+ | ||
0.50 to < 0.75 | 11 | 0.50% | 0.55% | 0.60% | Strong | Ba1 | BB+ |
12 | 0.60% | 0.68% | 0.75% | Satisfactory | Ba1, Ba2 | BB, BB- | |
0.75 to < 2.50 | 12 | 0.75% | 0.98% | 1.20% | Satisfactory | Ba1, Ba2, Ba3 | BB, BB- |
13 | 1.20% | 1.38% | 1.55% | Ba3 | BB- | ||
14 | 1.55% | 1.85% | 2.15% | Ba3 | B+ | ||
15 | 2.15% | 2.33% | 2.50% | B1 | B+ | ||
2.50 to < 10.00 | 15 | 2.50% | 2.78% | 3.05% | Satisfactory | B1 | B+ |
16 | 3.05% | 3.75% | 4.45% | B2 | B+ | ||
17 | 4.45% | 5.40% | 6.35% | B3, Caa1 | B | ||
18 | 6.35% | 7.50% | 8.65% | B3, Caa1 | B- | ||
19 | 8.65% | 9.32% | 10.00% | B3, Caa1 | B- | ||
10.00 to < 100.00 | 19 | 10.00% | 10.67% | 11.35% | Satisfactory | B3, Caa1 | B- |
20 | 11.35% | 15.00% | 18.65% | Higher Risk | Caa2 | CCC+ | |
21 | 18.65% | 30.00% | 99.99% | Higher Risk | Caa3, Ca, C | CCC, CCC-, CC+ ,CC, C | |
100.00 (Default) | 22 | 100% | 100% | 100% | Credit Impaired | D | D |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 78 |
Balance sheet credit quality (audited) | |||||||||
Barclays Bank Group | PD Range | 0.0 to <0.60% | 0.60 to <11.35% | 11.35% to 100% | Total | 0.0 to <0.60% | 0.60 to <11.35% | 11.35% to 100% | Total |
As at 31 December 2023 | £m | £m | £m | £m | % | % | % | % | |
Cash and balances at central banks | |||||||||
Cash collateral and settlement balances | |||||||||
Loans and advances at amortised cost | |||||||||
Retail mortgages | |||||||||
Retail credit cards | |||||||||
Retail other | |||||||||
Corporate loans | |||||||||
Total loans and advances at amortised cost | |||||||||
Debt securities at amortised cost | |||||||||
Reverse repurchase agreements and other similar secured lending | |||||||||
Trading portfolio assets: | |||||||||
Debt securities | |||||||||
Traded loans | |||||||||
Total trading portfolio assets | |||||||||
Financial assets at fair value through the income statement: | |||||||||
Loans and advances | |||||||||
Debt securities | |||||||||
Reverse repurchase agreements | |||||||||
Other financial assets | |||||||||
Total financial assets at fair value through the income statement | |||||||||
Derivative financial instruments | |||||||||
Financial assets at fair value through other comprehensive income | |||||||||
Other assets | |||||||||
Assets held for sale | |||||||||
Total on-balance sheet | |||||||||
As at 31 December 2022 | |||||||||
Cash and balances at central banks | |||||||||
Cash collateral and settlement balances | |||||||||
Loans and advances at amortised cost | |||||||||
Retail mortgages | |||||||||
Retail credit cards | |||||||||
Retail other | |||||||||
Corporate loans | |||||||||
Total loans and advances at amortised cost | |||||||||
Debt securities at amortised cost | |||||||||
Reverse repurchase agreements and other similar secured lending | |||||||||
Trading portfolio assets: | |||||||||
Debt securities | |||||||||
Traded loans | |||||||||
Total trading portfolio assets | |||||||||
Financial assets at fair value through the income statement: | |||||||||
Loans and advances | |||||||||
Debt securities | |||||||||
Reverse repurchase agreements | |||||||||
Other financial assets | |||||||||
Total financial assets at fair value through the income statement | |||||||||
Derivative financial instruments | |||||||||
Financial assets at fair value through other comprehensive income | |||||||||
Other assets | |||||||||
Assets held for sale | |||||||||
Total on-balance sheet |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 79 |
Credit risk profile by internal PD grade for retail mortgages (audited) | ||||||||||||
As at 31 December 2023 | Gross carrying amount | Allowance for ECL | Net exposure | Coverage ratio | ||||||||
Grading | PD range | Credit quality description | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||
% | £m | £m | £m | £m | £m | £m | £m | £m | £m | % | ||
Barclays Bank Group | ||||||||||||
1-3 | 0.0 to <0.05% | Strong | ||||||||||
4-5 | 0.05 to <0.15% | Strong | ||||||||||
6-8 | 0.15 to <0.30% | Strong | ||||||||||
9-11 | 0.30 to <0.60% | Strong | ||||||||||
12-14 | 0.60 to <2.15% | Satisfactory | ||||||||||
15-19 | 2.15 to <11.35% | Satisfactory | ||||||||||
20-21 | 11.35 to <100% | Higher Risk | ||||||||||
22 | 100% | Credit Impaired | ||||||||||
Total |
Credit risk profile by internal PD grade for retail credit cardsd (audited) | ||||||||||||
As at 31 December 2023 | Gross carrying amount | Allowance for ECL | Net exposure | Coverage ratio | ||||||||
Grading | PD range | Credit quality description | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||
% | £m | £m | £m | £m | £m | £m | £m | £m | £m | % | ||
Barclays Bank Group | ||||||||||||
1-3 | 0.0 to <0.05% | Strong | ||||||||||
4-5 | 0.05 to <0.15% | Strong | ||||||||||
6-8 | 0.15 to <0.30% | Strong | ||||||||||
9-11 | 0.30 to <0.60% | Strong | ||||||||||
12-14 | 0.60 to <2.15% | Satisfactory | ||||||||||
15-19 | 2.15 to <11.35% | Satisfactory | ||||||||||
20-21 | 11.35 to <100% | Higher Risk | ||||||||||
22 | 100% | Credit Impaired | ||||||||||
Total |
Credit risk profile by internal PD grade for retail otherd (audited) | ||||||||||||
As at 31 December 2023 | Gross carrying amount | Allowance for ECL | Net exposure | Coverage ratio | ||||||||
Grading | PD range | Credit quality description | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||
% | £m | £m | £m | £m | £m | £m | £m | £m | £m | % | ||
Barclays Bank Group | ||||||||||||
1-3 | 0.0 to <0.05% | Strong | ||||||||||
4-5 | 0.05 to <0.15% | Strong | ||||||||||
6-8 | 0.15 to <0.30% | Strong | ||||||||||
9-11 | 0.30 to <0.60% | Strong | ||||||||||
12-14 | 0.60 to <2.15% | Satisfactory | ||||||||||
15-19 | 2.15 to <11.35% | Satisfactory | ||||||||||
20-21 | 11.35 to <100% | Higher Risk | ||||||||||
22 | 100% | Credit Impaired | ||||||||||
Total |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 80 |
Credit risk profile by internal PD grade for corporate loans (audited) | ||||||||||||
As at 31 December 2023 | Gross carrying amount | Allowance for ECL | Net exposure | Coverage ratio | ||||||||
Grading | PD range | Credit quality description | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||
% | £m | £m | £m | £m | £m | £m | £m | £m | £m | % | ||
Barclays Bank Group | ||||||||||||
1-3 | 0.0 to <0.05% | Strong | ||||||||||
4-5 | 0.05 to <0.15% | Strong | ||||||||||
6-8 | 0.15 to <0.30% | Strong | ||||||||||
9-11 | 0.30 to <0.60% | Strong | ||||||||||
12-14 | 0.60 to <2.15% | Satisfactory | ||||||||||
15-19 | 2.15 to <11.35% | Satisfactory | ||||||||||
20-21 | 11.35 to <100% | Higher Risk | ||||||||||
22 | 100% | Credit Impaired | ||||||||||
Total |
Credit risk profile by internal PD grade for Loans and Advances at amortised costd (audited) | ||||||||||||
As at 31 December 2023 | Gross carrying amount | Allowance for ECL | Net exposure | Coverage ratio | ||||||||
Grading | PD range | Credit quality description | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||
% | £m | £m | £m | £m | £m | £m | £m | £m | £m | % | ||
Barclays Bank Group | ||||||||||||
1-3 | 0.0 to <0.05% | Strong | ||||||||||
4-5 | 0.05 to <0.15% | Strong | ||||||||||
6-8 | 0.15 to <0.30% | Strong | ||||||||||
9-11 | 0.30 to <0.60% | Strong | ||||||||||
12-14 | 0.60 to <2.15% | Satisfactory | ||||||||||
15-19 | 2.15 to <11.35% | Satisfactory | ||||||||||
20-21 | 11.35 to <100% | Higher Risk | ||||||||||
22 | 100% | Credit Impaired | ||||||||||
Total |
Credit risk profile by internal PD grade for retail mortgages (audited) | ||||||||||||
As at 31 December 2022 | Gross carrying amount | Allowance for ECL | Net exposure | Coverage ratio | ||||||||
Grading | PD range | Credit quality description | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||
% | £m | £m | £m | £m | £m | £m | £m | £m | £m | % | ||
Barclays Bank Group | ||||||||||||
1-3 | 0.0 to <0.05% | Strong | ||||||||||
4-5 | 0.05 to <0.15% | Strong | ||||||||||
6-8 | 0.15 to <0.30% | Strong | ||||||||||
9-11 | 0.30 to <0.60% | Strong | ||||||||||
12-14 | 0.60 to <2.15% | Satisfactory | ||||||||||
15-19 | 2.15 to <11.35% | Satisfactory | ||||||||||
20-21 | 11.35 to <100% | Higher Risk | ||||||||||
22 | 100% | Credit Impaired | ||||||||||
Total |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 81 |
Credit risk profile by internal PD grade for retail credit cards (audited) | ||||||||||||
As at 31 December 2022 | Gross carrying amount | Allowance for ECL | Net exposure | Coverage ratio | ||||||||
Grading | PD range | Credit quality description | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||
% | £m | £m | £m | £m | £m | £m | £m | £m | £m | % | ||
Barclays Bank Group | ||||||||||||
1-3 | 0.0 to <0.05% | Strong | ||||||||||
4-5 | 0.05 to <0.15% | Strong | ||||||||||
6-8 | 0.15 to <0.30% | Strong | ||||||||||
9-11 | 0.30 to <0.60% | Strong | ||||||||||
12-14 | 0.60 to <2.15% | Satisfactory | ||||||||||
15-19 | 2.15 to <11.35% | Satisfactory | ||||||||||
20-21 | 11.35 to <100% | Higher Risk | ||||||||||
22 | 100% | Credit Impaired | ||||||||||
Total |
Credit risk profile by internal PD grade for retail other (audited) | ||||||||||||
As at 31 December 2022 | Gross carrying amount | Allowance for ECL | Net exposure | Coverage ratio | ||||||||
Grading | PD range | Credit quality description | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||
% | £m | £m | £m | £m | £m | £m | £m | £m | £m | % | ||
Barclays Bank Group | ||||||||||||
1-3 | 0.0 to <0.05% | Strong | ||||||||||
4-5 | 0.05 to <0.15% | Strong | ||||||||||
6-8 | 0.15 to <0.30% | Strong | ||||||||||
9-11 | 0.30 to <0.60% | Strong | ||||||||||
12-14 | 0.60 to <2.15% | Satisfactory | ||||||||||
15-19 | 2.15 to <11.35% | Satisfactory | ||||||||||
20-21 | 11.35 to <100% | Higher Risk | ||||||||||
22 | 100% | Credit Impaired | ||||||||||
Total |
Credit risk profile by internal PD grade for corporate loans (audited) | ||||||||||||
As at 31 December 2022 | Gross carrying amount | Allowance for ECL | Net exposure | Coverage ratio | ||||||||
Grading | PD range | Credit quality description | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||
% | £m | £m | £m | £m | £m | £m | £m | £m | £m | % | ||
Barclays Bank Group | ||||||||||||
1-3 | 0.0 to <0.05% | Strong | ||||||||||
4-5 | 0.05 to <0.15% | Strong | ||||||||||
6-8 | 0.15 to <0.30% | Strong | ||||||||||
9-11 | 0.30 to <0.60% | Strong | ||||||||||
12-14 | 0.60 to <2.15% | Satisfactory | ||||||||||
15-19 | 2.15 to <11.35% | Satisfactory | ||||||||||
20-21 | 11.35 to <100% | Higher Risk | ||||||||||
22 | 100% | Credit Impaired | ||||||||||
Total |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 82 |
Credit risk profile by internal PD grade for Loans and Advances at amortised cost (audited) | ||||||||||||
As at 31 December 2022 | Gross carrying amount | Allowance for ECL | Net exposure | Coverage ratio | ||||||||
Grading | PD range | Credit quality description | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||
% | £m | £m | £m | £m | £m | £m | £m | £m | £m | % | ||
Barclays Bank Group | ||||||||||||
1-3 | 0.0 to <0.05% | Strong | ||||||||||
4-5 | 0.05 to <0.15% | Strong | ||||||||||
6-8 | 0.15 to <0.30% | Strong | ||||||||||
9-11 | 0.30 to <0.60% | Strong | ||||||||||
12-14 | 0.60 to <2.15% | Satisfactory | ||||||||||
15-19 | 2.15 to <11.35% | Satisfactory | ||||||||||
20-21 | 11.35 to <100% | Higher Risk | ||||||||||
22 | 100% | Credit Impaired | ||||||||||
Total |
As at 31 December 2023 | ||||||||||||
Credit risk profile by internal PD grade for contingent liabilitiesa (audited) | ||||||||||||
Barclays Bank Group | Gross carrying amount | Allowance for ECL | Net exposure | Coverage ratio | ||||||||
PD range | Credit quality description | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | |||
Grading | % | £m | £m | £m | £m | £m | £m | £m | £m | £m | % | |
1-3 | 0.0 to < 0.05% | Strong | ||||||||||
4-5 | 0.05 to < 0.15% | Strong | ||||||||||
6-8 | 0.15 to < 0.30% | Strong | ||||||||||
9-11 | 0.30 to < 0.60% | Strong | ||||||||||
12-14 | 0.60 to < 2.15% | Satisfactory | ||||||||||
15-19 | 2.15 to < 11.35% | Satisfactory | ||||||||||
20-21 | 11.35 to < 100% | Higher Risk | ||||||||||
22 | 100% | Credit Impaired | ||||||||||
Total |
As at 31 December 2022 | ||||||||||||
Credit risk profile by internal PD grade for contingent liabilitiesa (audited) | ||||||||||||
Barclays Bank Group | Gross carrying amount | Allowance for ECL | Net exposure | Coverage ratio | ||||||||
PD range | Credit quality description | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | |||
Grading | % | £m | £m | £m | £m | £m | £m | £m | £m | £m | % | |
1-3 | 0.0 to < 0.05% | Strong | ||||||||||
4-5 | 0.05 to < 0.15% | Strong | ||||||||||
6-8 | 0.15 to < 0.30% | Strong | ||||||||||
9-11 | 0.30 to < 0.60% | Strong | ||||||||||
12-14 | 0.60 to < 2.15% | Satisfactory | ||||||||||
15-19 | 2.15 to < 11.35% | Satisfactory | ||||||||||
20-21 | 11.35 to < 100% | Higher Risk | ||||||||||
22 | 100% | Credit Impaired | ||||||||||
Total |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 83 |
As at 31 December 2023 | ||||||||||||
Credit risk profile by internal PD grade for loan commitmentsa (audited) | ||||||||||||
Barclays Bank Group | Gross carrying amount | Allowance for ECL | Net exposure | Coverage ratio | ||||||||
PD range | Credit quality description | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | |||
Grading | % | £m | £m | £m | £m | £m | £m | £m | £m | £m | % | |
1-3 | 0.0 to < 0.05% | Strong | ||||||||||
4-5 | 0.05 to < 0.15% | Strong | ||||||||||
6-8 | 0.15 to < 0.30% | Strong | ||||||||||
9-11 | 0.30 to < 0.60% | Strong | ||||||||||
12-14 | 0.60 to < 2.15% | Satisfactory | ||||||||||
15-19 | 2.15 to < 11.35% | Satisfactory | ||||||||||
20-21 | 11.35 to < 100% | Higher Risk | ||||||||||
22 | 100% | Credit Impaired | ||||||||||
Total |
As at 31 December 2022 | ||||||||||||
Credit risk profile by internal PD grade for loan commitmentsa (audited) | ||||||||||||
Barclays Bank Group | Gross carrying amount | Allowance for ECL | Net exposure | Coverage ratio | ||||||||
PD range | Credit quality description | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | |||
Grading | % | £m | £m | £m | £m | £m | £m | £m | £m | £m | % | |
1-3 | 0.0 to < 0.05% | Strong | ||||||||||
4-5 | 0.05 to < 0.15% | Strong | ||||||||||
6-8 | 0.15 to < 0.30% | Strong | ||||||||||
9-11 | 0.30 to < 0.60% | Strong | ||||||||||
12-14 | 0.60 to < 2.15% | Satisfactory | ||||||||||
15-19 | 2.15 to < 11.35% | Satisfactory | ||||||||||
20-21 | 11.35 to < 100% | Higher Risk | ||||||||||
22 | 100% | Credit Impaired | ||||||||||
Total |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 84 |
Principal portfolios | |||||
Gross Exposure | 30 Day Arrears, excluding recoveries book | 90 Day Arrears, excluding recoveries book | Annualised Gross Write-off Rates | Annualised Net Write-off Rates | |
£m | % | % | % | % | |
As at 31 December 2023 | |||||
US cards | 27,286 | 2.9 | 1.5 | 2.3 | 2.3 |
As at 31 December 2022 | |||||
US cards | 25,554 | 2.2 | 1.2 | 2.4 | 2.3 |
German consumer finance business | 4,269 | 1.7 | 0.7 | 0.7 | 0.6 |
Portfolios - held for sale | |||||
Gross Exposure | 30 Day Arrears, excluding recoveries book | 90 Day Arrears, excluding recoveries book | Annualised Gross Write-off Rates | Annualised Net Write-off Rates | |
£m | % | % | % | % | |
As at 31 December 2023 | |||||
German consumer finance business | 4,094 | 1.7 | 0.8 | 1.0 | 1.0 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 85 |
Summary of Contents | Page | |
Outlines key measures used to summarise the market risk profile of the Barclays Bank Group such as VaR. | ||
The Barclays Bank Group discloses details on management measures of market risk. Total management VaR includes all trading positions and is presented on a diversified basis by risk factor. | ||
–The daily average,high and low values of management VaR |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 86 |
Management VaR (95%, one day) (audited) | ||||||
2023 | 2022 | |||||
Average | High | Low | Average | High | Low | |
For the year ended 31 December | £m | £m | £m | £m | £m | £m |
Credit risk | ||||||
Interest rate risk | ||||||
Equity risk | ||||||
Basis risk | ||||||
Spread risk | ||||||
Foreign exchange risk | ||||||
Commodity risk | ||||||
Inflation risk | ||||||
Diversification effecta | ( | n/a | n/a | ( | n/a | n/a |
Total management VaR |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 87 |
100 - |
75 - |
50 - |
25 - |
Jan 2022 | Jan 2023 | Jan 2024 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 88 |
Summary of Contents | Page | |
Liquidity risk performance | ||
The risk that the firm is unable to meet its contractual or contingent obligations or that it does not have the appropriate amount, tenor and composition of funding and liquidity to support its assets. This section provides an overview of the Barclays Bank Group’s liquidity risk. | ||
Provides details on the contractual maturity of all financial instruments and other assets and liabilities. | ||
Capital risk performance | ||
Capital risk is the risk that the firm has an insufficient level or composition of capital to support its normal business activities and to meet its regulatory capital requirements under normal operating environments or stressed conditions (both actual and as defined for internal planning or regulatory testing purposes). This also includes the risk from the firm’s pension plans. This section details Barclays Bank Group’s capital and leverage position. | ||
Barclays Bank Group discloses the two sources of foreign exchange risk that it is exposed to. | ||
A review focusing on the UK retirement fund, which represents the majority of Barclays Bank Group’s total retirement benefit obligation. | ||
Interest rate risk in the banking book performance | ||
A description of the non-traded market risk framework is provided. Barclays Bank Group discloses a sensitivity analysis on pre-tax net interest income for non-trading financial assets and liabilities. The analysis is carried out by currency. Barclays Bank Group discloses the overall impact of a parallel shift in interest rates on other comprehensive income and cash flow hedges. Barclays Bank Group measures the volatility of the value of the FVOCI instruments in the liquidity pool through non-traded market risk VaR. | ||
Barclays Bank PLC 2023 Annual Report on Form 20-F | 89 |
2023 | 2022 | |
As at 31 December | £bn | £bn |
Barclays Bank PLC DoLSub Liquidity Pool | 176 | 191 |
% | % | |
Barclays Bank PLC DoLSub Liquidity Coverage Ratioa | 151 | 134 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 90 |
2023 | 2022 | |
Net Stable Funding Ratioa | £bn | £bn |
Total Available Stable Funding | 339 | 310 |
Total Required Stable Funding | 308 | 288 |
Surplus | 31 | 22 |
Net Stable Funding Ratio | 110% | 108% |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 91 |
Contractual maturity of financial assets and liabilities (audited) | ||||||||
Barclays Bank Group | Not more than one month | Over one month but not more than three months | Over three months but not more than six months | Over six months but not more than one year | Over one year but not more than three years | Over three years but not more than five years | Over five years | Total |
As at 31 December 2023 | £m | £m | £m | £m | £m | £m | £m | £m |
Assets | ||||||||
Cash and balances at central banks | ||||||||
Cash collateral and settlement balances | ||||||||
Loans and advances at amortised cost to banks and customers | ||||||||
Debt Securities at amortised cost | ||||||||
Reverse repurchase agreements and other similar secured lending | ||||||||
Trading portfolio assets | ||||||||
Financial assets at fair value through the income statement | ||||||||
Derivative financial instruments | ||||||||
Financial assets at fair value through other comprehensive income | ||||||||
Other financial assets | ||||||||
Total financial assets | ||||||||
Other assets | ||||||||
Total assets | ||||||||
Liabilities | ||||||||
Deposits at amortised cost from bank and customers | ||||||||
Cash collateral and settlement balances | ||||||||
Repurchase agreements and other similar secured borrowing | ||||||||
Debt securities in issue | ||||||||
Subordinated liabilities | ||||||||
Trading portfolio liabilities | ||||||||
Financial liabilities designated at fair value | ||||||||
Derivative financial instruments | ||||||||
Other financial liabilities | ||||||||
Total financial liabilities | ||||||||
Other liabilities | ||||||||
Total liabilities |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 92 |
Contractual maturity of financial assets and liabilities (audited) | ||||||||
Barclays Bank Group | Not more than one month | Over one month but not more than three months | Over three months but not more than six months | Over six months but not more than one year | Over one year but not more than three years | Over three years but not more than five years | Over five years | Total |
As at 31 December 2022 | £m | £m | £m | £m | £m | £m | £m | £m |
Assets | ||||||||
Cash and balances at central banks | ||||||||
Cash collateral and settlement balances | ||||||||
Loans and advances at amortised cost to banks and customers | ||||||||
Debt securities at amortised cost | ||||||||
Reverse repurchase agreements and other similar secured lending | ||||||||
Trading portfolio assets | ||||||||
Financial assets at fair value through the income statement | ||||||||
Derivative financial instruments | ||||||||
Financial assets at fair value through other comprehensive income | ||||||||
Other financial assets | ||||||||
Total financial assets | ||||||||
Other assets | ||||||||
Total assets | ||||||||
Liabilities | ||||||||
Deposits at amortised cost from banks and customers | ||||||||
Cash collateral and settlement balances | ||||||||
Repurchase agreements and other similar secured borrowing | ||||||||
Debt securities in issue | ||||||||
Subordinated liabilities | ||||||||
Trading portfolio liabilities | ||||||||
Financial liabilities designated at fair value | ||||||||
Derivative financial instruments | ||||||||
Other financial liabilities | ||||||||
Total financial liabilities | ||||||||
Other liabilities | ||||||||
Total liabilities |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 93 |
Contractual maturity of financial liabilities - undiscounted (audited) | ||||||||
Barclays Bank Group | Not more than one month | Over one month but not more than three months | Over three months but not more than six months | Over six months but not more than one year | Over one year but not more than three years | Over three years but not more than five years | Over five years | Total |
£m | £m | £m | £m | £m | £m | £m | £m | |
As at 31 December 2023 | ||||||||
Deposits at amortised cost from banks and customers | ||||||||
Cash collateral and settlement balances | ||||||||
Repurchase agreements and other similar secured borrowing | ||||||||
Debt securities in issue | ||||||||
Subordinated liabilities | ||||||||
Trading portfolio liabilities | ||||||||
Financial liabilities designated at fair value | ||||||||
Derivative financial instruments | ||||||||
Other financial liabilities | ||||||||
Total financial liabilities | ||||||||
As at 31 December 2022 | ||||||||
Deposits at amortised cost from banks and customers | ||||||||
Cash collateral and settlement balances | ||||||||
Repurchase agreements and other similar secured borrowing | ||||||||
Debt securities in issue | ||||||||
Subordinated liabilities | ||||||||
Trading portfolio liabilities | ||||||||
Financial liabilities designated at fair value | ||||||||
Derivative financial instruments | ||||||||
Other financial liabilities | ||||||||
Total financial liabilities |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 94 |
Maturity analysis of off-balance sheet commitments given (audited) | ||||||||
Not more than one month | Over one month but not more than three months | Over three months but not more than six months | Over six months but not more than one year | Over one year but not more than three years | Over three years but not more than five years | Over five years | Total | |
Barclays Bank Group | £m | £m | £m | £m | £m | £m | £m | £m |
As at 31 December 2023 | ||||||||
Contingent liabilities and financial guarantees | ||||||||
Documentary credits and other short- term trade related transactions | ||||||||
Standby facilities, credit lines and other commitments | ||||||||
Total off-balance sheet commitments given | ||||||||
As at 31 December 2022 | ||||||||
Contingent liabilities and financial guarantees | ||||||||
Documentary credits and other short- term trade related transactions | ||||||||
Standby facilities, credit lines and other commitments | ||||||||
Total off-balance sheet commitments given |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 95 |
Capital ratiosa,b,d | ||
As at 31 December | 2023 | 2022 |
CET1 | 12.1% | 12.7% |
Tier 1 (T1) | 16.0% | 16.7% |
Total regulatory capital | 19.2% | 20.8% |
Capital resources (audited) | ||
2023 | 2022 | |
As at 31 December | £m | £m |
CET1 capital | ||
T1 capital | ||
Total regulatory capital | ||
Total risk weighted assets (RWAs) (unaudited) |
Leverage ratio BBPLC sub-consolidateda,c,d,e | |
2023 | |
As at 31 December | £m |
UK leverage ratio | 6.0% |
T1 capital | 55,560 |
UK leverage exposure | 924,826 |
Average UK leverage ratio | 5.4% |
Average T1 capital | 55,681 |
Average UK leverage exposure | 1,022,824 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 96 |
Functional currency of operations (audited) | ||||||
Foreign currency net investments | Borrowings which hedge the net investments | Derivatives which hedge the net investments | Structural currency exposures pre- economic hedges | Economic hedges | Remaining structural currency exposures | |
£m | £m | £m | £m | £m | £m | |
As at 31 December 2023 | ||||||
USD | ( | ( | ( | |||
EUR | ( | ( | ||||
JPY | ( | |||||
Other | ( | ( | ||||
Total | ( | ( | ( | |||
As at 31 December 2022 | ||||||
USD | ( | ( | ( | |||
EUR | ( | ( | ( | |||
JPY | ( | |||||
Other | ( | ( | ||||
Total | ( | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 97 |
Proportion of liability cash flows (%) |
n | 0-10 years | 30.7 |
n | 11-20 years | 32.6 |
n | 21-30 years | 22.2 |
n | 31-40 years | 11 |
n | 41-50 years | 3.3 |
n | 51+ years | 0.3 |
IAS 19 pension position from 2021 to 2023 (£bn) |
6 |
5 |
4 |
3 |
2 |
1 |
0 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 98 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 99 |
-£8m |
Net Interest Income sensitivity (AEaR) by currency (audited) | 2023 | 2022 | ||
+25 basis points | -25 basis points | +25 basis points | -25 basis points | |
Barclays Bank Group | £m | £m | £m | £m |
GBP | ( | ( | ||
USD | ( | ( | ||
EUR | ( | ( | ||
Other currencies | ( | ( | ||
Total | ( | ( |
Analysis of equity sensitivity (audited) | 31 December 2023 | 31 December 2022 | ||
+25 basis points | -25 basis points | +25 basis points | -25 basis points | |
Barclays Bank Group | £m | £m | £m | £m |
Net interest income | ( | ( | ||
Taxation effects on the above | ( | ( | ||
Effect on profit for the year | ( | ( | ||
As percentage of net profit after tax | ( | ( | ||
Effect on profit for the year (per above) | ( | ( | ||
Fair value through other comprehensive income reserve | ( | ( | ||
Cash flow hedge reserve | ( | ( | ||
Taxation effects on the above | ( | ( | ||
Effect on equity | ( | ( | ||
As percentage of equity | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 100 |
Analysis of volatility of the FVOCI portfolio in the liquidity pool | ||||||
2023 | 2022 | |||||
Average | High | Low | Average | High | Low | |
For the year ended 31 December | £m | £m | £m | £m | £m | £m |
Non-traded market value at risk (daily, 95%) | 67 | 78 | 51 | 40 | 51 | 31 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 101 |
80% |
of the Barclays Bank Group’s net reportable operational risk events had a loss value of £50,000 or less |
35% |
of events by number are due to Execution, Delivery and Process Management |
64% |
of events by number are due to External Fraud |
78% |
of losses are from events aligned to Execution, Delivery and Process Management |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 102 |
% of total risk events by count |
Internal Fraud |
2023 |
2022 |
External Fraud |
2023 |
2022 |
Execution Delivery and Process Management |
2023 |
2022 |
Employment Practices and Workplace Safety |
2023 |
2022 |
Damage to Physical Assets |
2023 |
2022 |
Clients Products and Business Practices |
2023 |
2022 |
Business Disruption and System Failures |
2023 |
2022 |
% of total risk events by value |
Internal Fraud |
2023 |
2022 |
External Fraud |
2023 |
2022 |
Execution Delivery and Process Management |
2023 |
2022 |
Employment Practices and Workplace Safety |
2023 |
2022 |
Damage to Physical Assets |
2023 |
2022 |
Clients Products and Business Practices |
2023 |
2022 |
Business Disruption and System Failures |
2023 |
2022 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 103 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 104 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 105 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 106 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 107 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 108 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 109 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 110 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 111 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 112 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 113 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 114 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 115 |
Consolidated financial statements | Page | Note | |
Parent financial statements | |||
Notes to the financial statements | |||
Performance/return | 1 | ||
2 | |||
3 | |||
4 | |||
5 | |||
6 | |||
7 | |||
8 | |||
▪Tax | 9 | ||
10 | |||
Assets and liabilities held at fair value | 11 | ||
12 | |||
13 | |||
14 | |||
15 | |||
16 | |||
17 | |||
Assets at amortised cost and other investments | 18 | ||
19 | |||
20 | |||
Accruals, provisions, contingent liabilities and legal proceedings | 21 | ||
22 | |||
23 | |||
24 | |||
Capital instruments, equity and reserves | 25 | ||
26 | |||
27 | |||
Employee benefits | 28 | ||
29 | |||
30 | |||
Scope of consolidation | 31 | ||
32 | |||
33 | |||
34 | |||
35 | |||
Other disclosure matters | 36 | ||
▪Disposal of businesses | 37 | ||
38 | |||
39 | |||
40 | |||
Barclays Bank PLC 2023 Annual Report on Form 20-F | 116 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 117 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 118 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 119 |
2023 | 2022 | 2021 | ||
For the year ended 31 December | Notes | £m | £m | £m |
Continuing operations | ||||
Interest and similar income | 3 | |||
Interest and similar expense | 3 | ( | ( | ( |
Net interest income | ||||
Fee and commission income | 4 | |||
Fee and commission expense | 4 | ( | ( | ( |
Net fee and commission income | ||||
Net trading income | 5 | |||
Net investment income/(expense) | 6 | ( | ( | |
Other income | ||||
Total income | ||||
Staff costs | 28 | ( | ( | ( |
Infrastructure costs | 7 | ( | ( | ( |
Administration and general expenses | 7 | ( | ( | ( |
Litigation and conduct | 7 | ( | ( | ( |
Operating expenses | 7 | ( | ( | ( |
Share of post-tax results of associates and joint ventures | ( | |||
Profit/(loss) on disposal of subsidiaries, associates and joint ventures | ( | |||
Profit before Impairment | ||||
Credit impairment (charges)/releases | 8 | ( | ( | |
Profit before tax | ||||
Taxation | 9 | ( | ( | ( |
Profit after tax | ||||
Attributable to: | ||||
Equity holders of the parent | ||||
Other equity instrument holders | ||||
Total equity holders of the parent | ||||
Profit after tax |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 120 |
2023 | 2022 | 2021 | |
For the year ended 31 December | £m | £m | £m |
Profit after tax | |||
Other comprehensive income/(loss) that may be recycled to profit or loss: | |||
Currency translation reserve | |||
Currency translation differencesa | ( | ( | |
Tax | |||
Fair value through other comprehensive income reserve movement relating to debt securities | |||
Net gains/(losses) from changes in fair value | ( | ( | |
Net (gains)/losses transferred to net profit on disposal | ( | ( | |
Net (gains)/losses related to (releases of) impairment | ( | ( | |
Net (losses)/gains due to fair value hedging | ( | ||
Tax | ( | ||
Cash flow hedging reserve | |||
Net gains/(losses) from changes in fair value | ( | ( | |
Net losses/(gains) transferred to net profit | ( | ||
Tax | ( | ||
Other comprehensive income/(loss) that may be recycled to profit or loss | ( | ( | |
Other comprehensive income/(loss) not recycled to profit or loss: | |||
Retirement benefit remeasurements | ( | ( | |
Own credit | ( | ( | |
Tax | ( | ( | |
Other comprehensive (loss)/income not recycled to profit or loss | ( | ||
Other comprehensive income/(loss) for the year | ( | ( | |
Total comprehensive income for the year | |||
Attributable to: | |||
Equity holders of the parent | |||
Total comprehensive income for the year |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 121 |
2023 | 2022 | ||
As at 31 December | Notes | £m | £m |
Assets | |||
Cash and balances at central banks | |||
Cash collateral and settlement balances | |||
Debt securities at amortised cost | |||
Loans and advances at amortised cost to banks | |||
Loans and advances at amortised cost to customers | |||
Reverse repurchase agreements and other similar secured lending at amortised cost | |||
Trading portfolio assets | 11 | ||
Financial assets at fair value through the income statement | 12 | ||
Derivative financial instruments | 13 | ||
Financial assets at fair value through other comprehensive income | 14 | ||
Investments in associates and joint ventures | 33 | ||
Goodwill and intangible assets | 20 | ||
Property, plant and equipment | 18 | ||
Current tax assets | |||
Deferred tax assets | 9 | ||
Retirement benefit assets | 30 | ||
Assets included in disposal group classified as held for sale | 39 | ||
Other assets | |||
Total assets | |||
Liabilities | |||
Deposits at amortised cost from banks | |||
Deposits at amortised cost from customers | |||
Cash collateral and settlement balances | |||
Repurchase agreements and other similar secured borrowing at amortised cost | |||
Debt securities in issue | |||
Subordinated liabilities | 25 | ||
Trading portfolio liabilities | 11 | ||
Financial liabilities designated at fair value | 15 | ||
Derivative financial instruments | 13 | ||
Current tax liabilities | |||
Deferred tax liabilities | 9 | ||
Retirement benefit liabilities | 30 | ||
Provisions | 22 | ||
Liabilities included in disposal group classified as held for sale | 39 | ||
Other liabilities | 21 | ||
Total liabilities | |||
Equity | |||
Called up share capital and share premium | 26 | ||
Other equity instruments | 26 | ||
Other reserves | 27 | ( | ( |
Retained earnings | |||
Total equity | |||
Total liabilities and equity |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 122 |
Called up share capital and share premiuma | Other equity instrumentsa | Other reservesb | Retained earnings | Total equity | |
£m | £m | £m | £m | £m | |
Balance as at 1 January 2023 | ( | ||||
Profit after tax | — | — | |||
Currency translation movements | — | — | ( | — | ( |
Fair value through other comprehensive income reserve | — | — | — | ||
Cash flow hedges | — | — | — | ||
Retirement benefit remeasurement | — | — | — | ( | ( |
Own credit reserve | — | — | ( | — | ( |
Total comprehensive income for the year | — | ||||
Issue and redemption of other equity instruments | — | — | ( | ||
Other equity instruments coupons paid | — | ( | — | — | ( |
Employee settled Barclays PLC share schemes | — | — | — | ||
Vesting of Barclays PLC shares under share-based payment schemes | — | — | — | ( | ( |
Dividends on ordinary shares | — | — | — | ( | ( |
Dividends on preference shares and other shareholders equity | — | — | — | ( | ( |
Net equity impact on inter Barclays PLC Group transfers | — | — | ( | ||
Other reserve movements | — | — | ( | ||
Balance as at 31 December 2023 | ( |
Called up share capital and share premiuma | Other equity instrumentsa | Other reservesb | Retained earnings | Total equity | |
£m | £m | £m | £m | £m | |
Balance as at 1 January 2022 | |||||
Profit after tax | — | — | |||
Currency translation movements | — | — | — | ||
Fair value through other comprehensive income reserve | — | — | ( | — | ( |
Cash flow hedges | — | — | ( | — | ( |
Retirement benefit remeasurement | — | — | — | ( | ( |
Own credit reserve | — | — | — | ||
Total comprehensive income for the year | — | ( | |||
Issue and redemption of other equity instruments | — | — | |||
Other equity instruments coupons paid | — | ( | — | — | ( |
Employee settled Barclays PLC share schemes | — | — | — | ||
Vesting of Barclays PLC shares under share-based payment schemes | — | — | — | ( | ( |
Dividends on ordinary shares | — | — | — | ( | ( |
Dividends on preference shares and other shareholders equity | — | — | — | ( | ( |
Own credit realisation | — | — | ( | ||
Capital contribution from Barclays Plc | — | — | — | ||
Other reserve movements | — | — | — | ( | ( |
Balance as at 31 December 2022 | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 123 |
Called up share capital and share premiuma | Other equity instruments | Other reserves | Retained earnings | Total equity | |
£m | £m | £m | £m | £m | |
Balance as at 1 January 2021 | |||||
Profit after tax | — | — | |||
Currency translation movements | — | — | ( | — | ( |
Fair value through other comprehensive income reserve | — | — | ( | — | ( |
Cash flow hedges | — | — | ( | — | ( |
Retirement benefit remeasurement | — | — | — | ||
Own credit reserve | — | — | ( | — | ( |
Total comprehensive income for the year | — | ( | |||
Issue and redemption of other equity instruments | — | — | |||
Other equity instruments coupons paid | — | ( | — | — | ( |
Employee settled Barclays PLC share schemes | — | — | — | ||
Vesting of Barclays PLC shares under share-based payment schemes | — | — | — | ( | ( |
Dividends on ordinary shares | — | — | — | ( | ( |
Dividends on preference shares and other shareholders equity | — | — | — | ( | ( |
Other reserve movements | — | — | ( | ||
Balance as at 31 December 2021 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 124 |
2023 | 2022 | 2021 | ||
For the year ended 31 December | Notes | £m | £m | £m |
Reconciliation of profit before tax to net cash flows from operating activities: | ||||
Profit before tax | ||||
Adjustment for non-cash items: | ||||
Credit impairment charges/(releases) | ( | |||
Depreciation, amortisation and impairment of property, plant, equipment and intangibles | ||||
Provisions and pension charges | ||||
Net loss on disposal of investments and property, plant and equipment | ||||
Other non-cash movements including exchange rate movements | ( | |||
Changes in operating assets and liabilities | ||||
Net decrease/ (increase) in cash collateral and settlement balances | ( | |||
Net decrease/ (increase) in loans and advances at amortised cost | ( | ( | ||
Net (increase)/decrease in reverse repurchase agreements and other similar secured lending | ( | |||
Net increase in deposits at amortised cost | ||||
Net (decrease)/increase in debt securities in issue | ( | |||
Net increase/(decrease) in repurchase agreements and other similar secured borrowing | ( | |||
Net decrease/(increase) in derivative financial instruments | ( | ( | ||
Net (increase)/decrease in trading portfolio assets | ( | ( | ||
Net (decrease)/increase in trading portfolio liabilities | ( | |||
Net decrease/(increase) in financial assets and liabilities at fair value through the income statement | ( | ( | ||
Net increase in other assets | ( | ( | ( | |
Net (decrease)/increase in other liabilities | ( | |||
Corporate income tax paid | ( | ( | ( | |
Net cash from operating activities | ||||
Purchase of debt securities at amortised cost | ( | ( | ( | |
Proceeds from redemption or sale of debt securities at amortised cost | ||||
Purchase of financial assets at fair value through other comprehensive income | ( | ( | ( | |
Proceeds from sale or redemption of financial assets at fair value through other comprehensive income | ||||
Purchase of property, plant and equipment and intangibles | ( | ( | ( | |
Disposal of subsidiaries and associates, net of cash disposed | ||||
Other cash flows associated with investing activities | ||||
Net cash from investing activities | ( | ( | ( | |
Dividends paid and other coupon payments on equity instruments | ( | ( | ( | |
Issuance of subordinated liabilities | 25 | |||
Redemption of subordinated liabilities | 25 | ( | ( | ( |
Issue of shares and other equity instruments | 26 | |||
Repurchase of shares and other equity instruments | 26 | ( | ( | |
Capital contribution | ||||
Vesting of employee share schemes | ( | ( | ( | |
Net cash from financing activities | ( | |||
Effect of exchange rates on cash and cash equivalents | ( | ( | ||
Net (decrease)/increase in cash and cash equivalents | ( | |||
Cash and cash equivalents at beginning of year | ||||
Cash and cash equivalents at end of year | ||||
Cash and cash equivalents comprise: | ||||
Cash and balances at central banks | ||||
Loans and advances to banks with original maturity less than three months | ||||
Cash collateral balances with central banks with original maturity less than three months | ||||
Treasury and other eligible bills with original maturity less than three months | ||||
Cash and cash equivalents at end of year |
Balance sheet | |||
2023 | 2022 | ||
As at 31 December | Notes | £m | £m |
Assets | |||
Cash and balances at central banks | |||
Cash collateral and settlement balances | |||
Debt securities at amortised cost | |||
Loans and advances at amortised cost to banks | |||
Loans and advances at amortised cost to customers | |||
Reverse repurchase agreements and other similar secured lending at amortised cost | |||
Trading portfolio assets | |||
Financial assets at fair value through the income statement | |||
Derivative financial instruments | |||
Financial assets at fair value through other comprehensive income | |||
Investments in associates and joint ventures | |||
Investment in subsidiaries | 31 | ||
Goodwill and intangible assets | |||
Property, plant and equipment | |||
Current tax assets | |||
Deferred tax assets | |||
Retirement benefit assets | |||
Other assets | |||
Total assets | |||
Liabilities | |||
Deposits at amortised cost from banks | |||
Deposits at amortised cost from customers | |||
Cash collateral and settlement balances | |||
Repurchase agreements and other similar secured borrowing at amortised cost | |||
Debt securities in issue | |||
Subordinated liabilities | |||
Trading portfolio liabilities | |||
Financial liabilities designated at fair value | |||
Derivative financial instruments | |||
Current tax liabilities | |||
Deferred tax liabilities | |||
Retirement benefit liabilities | |||
Provisions | |||
Other liabilities | |||
Total liabilities | |||
Equity | |||
Called up share capital and share premium | 26 | ||
Other equity instruments | 26 | ||
Other reserves | ( | ( | |
Retained earnings | |||
Total equity | |||
Total liabilities and equity |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 126 |
Statement of changes in equity | |||||
Called up share capital and share premiuma | Other equity instrumentsa, b | Other reservesc | Retained earnings | Total equity | |
£m | £m | £m | £m | £m | |
Balance as at 1 January 2023 | ( | ||||
Profit after tax | — | — | |||
Currency translation movements | — | — | ( | — | ( |
Fair value through other comprehensive income reserve | — | — | — | ||
Cash flow hedges | — | — | — | ||
Retirement benefit remeasurement | — | — | — | ( | ( |
Own credit reserve | — | — | ( | — | ( |
Total comprehensive income for the year | — | ||||
Issue and redemption of other equity instruments | — | — | ( | ||
Other equity instruments coupons paid | — | ( | — | — | ( |
Employee settled Barclays PLC share schemes | — | — | — | ||
Vesting of Barclays PLC shares under share-based payment schemes | — | — | — | ( | ( |
Dividends paid on ordinary shares | — | — | — | ( | ( |
Dividends paid on preference shares and other shareholders' equity | — | — | — | ( | ( |
Other reserve movements | — | — | — | ||
Balance as at 31 December 2023 | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 127 |
Statement of changes in equity | |||||
Called up share capital and share premiuma | Other equity instrumentsa, b | Other reservesc | Retained earnings | Total equity | |
£m | £m | £m | £m | £m | |
Balance as at 1 January 2022 | ( | ||||
Profit after tax | — | — | |||
Currency translation movements | — | — | — | ||
Fair value through other comprehensive income reserve | — | — | ( | — | ( |
Cash flow hedges | — | — | ( | — | ( |
Retirement benefit remeasurement | — | — | — | ( | ( |
Own credit reserve | — | — | — | ||
Total comprehensive income for the year | — | ( | ( | ||
Issue and redemption of other equity instruments | — | — | |||
Other equity instruments coupons paid | — | ( | — | — | ( |
Employee settled Barclays PLC share schemes | — | — | — | ||
Vesting of Barclays PLC shares under share-based payment schemes | — | — | — | ( | ( |
Dividends paid on ordinary shares | — | — | — | ( | ( |
Dividends paid on preference shares and other shareholders' equity | — | — | — | ( | ( |
Own credit realisation | — | — | ( | ||
Capital contribution from Barclays PLC | — | — | — | ||
Other reserve movements | — | — | — | ||
Balance as at 31 December 2022 | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 128 |
Statement of changes in equity | |||||
Called up share capital and share premium | Other equity instrumentsa | Other reserves | Retained earnings | Total equity | |
£m | £m | £m | £m | £m | |
Balance as at 1 January 2021 | |||||
Profit after tax | — | — | |||
Currency translation movements | — | — | — | ||
Fair value through other comprehensive income reserve | — | — | ( | — | ( |
Cash flow hedges | — | — | ( | — | ( |
Retirement benefit remeasurement | — | — | — | ||
Own credit reserve | — | — | — | ||
Total comprehensive income for the year | — | ( | |||
Issue and redemption of other equity instruments | — | — | |||
Other equity instruments coupons paid | — | ( | — | — | ( |
Employee settled Barclays PLC share schemes | — | — | — | ||
Vesting of Barclays PLC shares under share-based payment schemes | — | — | — | ( | ( |
Dividends paid on ordinary shares | — | — | — | ( | ( |
Dividends paid on preference shares and other shareholders' equity | — | — | — | ( | ( |
Other reserve movements | — | — | ( | ( | |
Balance as at 31 December 2021 | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 129 |
Cash flow statement | ||||
2023 | 2022 | 2021 | ||
For the year ended 31 December | Notes | £m | £m | £m |
Reconciliation of profit before tax to net cash flows from operating activities: | ||||
Profit before tax | ||||
Adjustment for non-cash items: | ||||
Credit impairment charges/(releases) | ( | |||
Impairment of Investments in subsidiaries | ||||
Depreciation, amortisation and impairment of property, plant, equipment and intangibles | ||||
Provisions and pensions (credits)/charges | ( | |||
Net loss/(profit) on disposal of investments and property, plant and equipment | ( | ( | ||
Other non-cash movements including exchange rate movements | ( | |||
Changes in operating assets and liabilities | ||||
Net decrease in cash collateral and settlement balances | ||||
Net increase in loans and advances at amortised cost | ( | ( | ( | |
Net (increase)/decrease in reverse repurchase agreements and other similar secured lending | ( | ( | ||
Net increase in deposits at amortised cost | ||||
Net (decrease)/increase in debt securities in issue | ( | |||
Net increase/(decrease) in repurchase agreements and other similar secured borrowing | ( | |||
Net decrease/(increase) in derivative financial instruments | ( | ( | ||
Net (increase)/decrease in trading portfolio assets | ( | ( | ||
Net (decrease)/increase in trading portfolio liabilities | ( | |||
Net decrease/(increase) in financial assets and liabilities at fair value through the income statement | ( | ( | ||
Net increase in other assets | ( | ( | ( | |
Net (decrease)/increase in other liabilities | ( | |||
Corporate income tax received/(paid) | ( | |||
Net cash from operating activities | ||||
Purchase of debt securities at amortised cost | ( | ( | ( | |
Proceeds from redemption or sale of debt securities at amortised cost | ||||
Purchase of financial assets at fair value through other comprehensive income | ( | ( | ( | |
Proceeds from sale or redemption of financial assets at fair value through other comprehensive income | ||||
Purchase of property, plant and equipment and intangibles | ( | ( | ( | |
Disposal of subsidiaries and associates, net of cash disposed | ( | |||
Increase in investment in subsidiaries | ( | ( | ( | |
Other cash flows associated with investing activities | ( | |||
Net cash from investing activities | ( | ( | ( | |
Dividends paid and other coupon payments on equity instruments | ( | ( | ( | |
Issuance of subordinated liabilities | 25 | |||
Redemption of subordinated liabilities | 25 | ( | ( | ( |
Issue of shares and other equity instruments | 26 | |||
Repurchase of shares and other equity instruments | 26 | ( | ( | |
Capital contribution | ||||
Vesting of shares under employee share schemes | ( | ( | ( | |
Net cash from financing activities | ( | |||
Effect of exchange rates on cash and cash equivalents | ( | ( | ||
Net (decrease)/increase in cash and cash equivalents | ( | |||
Cash and cash equivalents at beginning of year | ||||
Cash and cash equivalents at end of year | ||||
Cash and cash equivalents comprise: | ||||
Cash and balances at central banks | ||||
Loans and advances to banks with original maturity less than three months | ||||
Cash collateral balances with central banks with original maturity less than three months | ||||
Treasury and other eligible bills with original maturity less than three months | ||||
Cash and cash equivalents at end of year |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 130 |
This section describes the Barclays Bank Group’s material policies and critical accounting estimates that relate to the financial statements and notes as a whole. If an accounting policy or a critical accounting estimate relates to a particular note, the accounting policy and/or critical accounting estimate is contained with the relevant note. |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 131 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 132 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 133 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 134 |
Presentation of segmental reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, which is responsible for allocating resources and assessing performance of the operating segments, and has been identified as the chief operating decision maker. All transactions between business segments are conducted on an arm’s-length basis, with intra-segment revenue and costs being eliminated in Head Office. Income and expenses directly associated with each segment are included in determining business segment performance. |
Analysis of results by business | ||||
Corporate and Investment Bank | Consumer, Cards and Payments | Head Office | Barclays Bank Group | |
£m | £m | £m | £m | |
For the year ended 31 December 2023 | ||||
Total income | ( | |||
Operating expenses | ( | ( | ( | ( |
Litigation and conduct | ( | ( | ||
Total operating expenses | ( | ( | ( | ( |
Other net expensesa | ( | ( | ( | |
Profit/(loss) before impairment | ( | |||
Credit impairment charges | ( | ( | ( | ( |
Profit/(loss) before tax | ( | |||
Total assets (£bn) | ||||
Total liabilities (£bn) | ( | ( | ( | ( |
Number of employees (full time equivalent) | ||||
Average number of employees (full time equivalent) | ||||
Average number of employees (headcount) |
Corporate and Investment Bank | Consumer, Cards and Payments | Head Office | Barclays Bank Group | |
£m | £m | £m | £m | |
For the year ended 31 December 2022 | ||||
Total income | ( | |||
Operating expenses | ( | ( | ( | ( |
Litigation and conduct | ( | ( | ( | ( |
Total operating expenses | ( | ( | ( | ( |
Other net incomea | ||||
Profit/(loss) before impairment | ( | |||
Credit impairment charges | ( | ( | ( | |
Profit/(loss) before tax | ( | |||
Total assets (£bn) | ||||
Total liabilities (£bn) | ( | ( | ( | ( |
Number of employees (full time equivalent) | ||||
Average number of employees (full time equivalent) | ||||
Average number of employees (headcount) |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 135 |
Corporate and Investment Bank | Consumer, Cards and Payments | Head Office | Barclays Bank Group | |
£m | £m | £m | £m | |
For the year ended 31 December 2021 | ||||
Total income | ( | |||
Operating expenses | ( | ( | ( | ( |
Litigation and conduct | ( | ( | ( | ( |
Total operating expenses | ( | ( | ( | ( |
Other net (expenses)/incomea | ( | ( | ( | |
Profit/(loss) before impairment | ( | |||
Credit impairment releases/(charges) | ( | |||
Profit/(loss) before tax | ( | |||
Total assets (£bn) | ||||
Total liabilities (£bn) | ( | ( | ( | ( |
Number of employees (full time equivalent) | ||||
Average number of employees (full time equivalent) | ||||
Average number of employees (headcount) |
Income by geographic regionb | |||
2023 | 2022 | 2021 | |
For the year ended 31 December | £m | £m | £m |
United Kingdom | |||
Europe | |||
Americas | |||
Africa and Middle East | |||
Asia | |||
Total | |||
Income from individual countries which represent more than 5% of total incomeb | |||
2023 | 2022 | 2021 | |
For the year ended 31 December | £m | £m | £m |
United Kingdom | |||
United States |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 136 |
Accounting for interest income and expenses Interest income on loans and advances at amortised cost and financial assets at fair value through other comprehensive income, and interest expense on financial liabilities held at amortised cost, are calculated using the effective interest method which allocates interest, and direct and incremental fees and costs, over the expected lives of the assets and liabilities. The effective interest method requires the Barclays Bank Group to estimate future cash flows, in some cases based on its experience of customers’ behaviour, considering all contractual terms of the financial instrument, as well as the expected lives of the assets and liabilities. The Barclays Bank Group incurs certain costs to originate credit card balances with the most significant being co-brand partner fees. To the extent these costs are attributed to customers that continuously carry an outstanding balance (revolvers) and incremental to the origination of credit card balances, they are capitalised and subsequently included within the calculation of the effective interest rate. They are amortised to interest income over the period of expected repayment of the originated balance. Costs attributed to customers that settle their outstanding balances each period (transactors) are deferred on the balance sheet as a cost of obtaining a contract and amortised to fee and commission expense over the life of the customer relationship (refer to Note 4). There are no other individual estimates involved in the calculation of effective interest rates that are material to the results or financial position. |
2023 | 2022 | 2021 | |
£m | £m | £m | |
Cash and balances at central banks | |||
Debt securities at amortised cost | |||
Loans and advances at amortised cost | |||
Fair value through other comprehensive income | |||
Negative interest on liabilities | |||
Other a | |||
Interest and similar income | |||
Deposits at amortised cost | ( | ( | ( |
Debt securities in issue | ( | ( | ( |
Subordinated liabilities | ( | ( | ( |
Negative interest on assets | ( | ( | ( |
Other b | ( | ( | ( |
Interest and similar expense | ( | ( | ( |
Net interest income |
Accounting for net fee and commission income The Barclays Bank Group recognises fee and commission income charged for services provided by the Barclays Bank Group as and when performance obligations are satisfied, for example, on completion of the underlying transaction. Incremental costs are reported within fee and commission expense if they are directly attributable to generating identifiable fee and commission income. Where the contractual arrangements also result in the Barclays Bank Group recognising financial instruments in scope of IFRS 9, such financial instruments are initially recognised at fair value in accordance with IFRS 9 before applying the provisions of IFRS 15. |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 137 |
2023 | ||||
Corporate and Investment Bank | Consumer, Cards and Payments | Head Office | Total | |
£m | £m | £m | £m | |
Fee type | ||||
Transactional | ||||
Advisory | ||||
Brokerage and execution | ||||
Underwriting and syndication | ||||
Other | ||||
Total revenue from contracts with customers | ||||
Other non-contract fee income | ||||
Fee and commission income | ||||
Fee and commission expense | ( | ( | ( | ( |
Net fee and commission income |
2022 | ||||
Corporate and Investment Bank | Consumer, Cards and Payments | Head Office | Total | |
£m | £m | £m | £m | |
Fee type | ||||
Transactional | ||||
Advisory | ||||
Brokerage and execution | ||||
Underwriting and syndication | ||||
Other | ||||
Total revenue from contracts with customers | ||||
Other non-contract fee income | ||||
Fee and commission income | ||||
Fee and commission expense | ( | ( | ( | ( |
Net fee and commission income |
2021 | ||||
Corporate and Investment Bank | Consumer, Cards and Payments | Head Office | Total | |
£m | £m | £m | £m | |
Fee type | ||||
Transactional | ||||
Advisory | ||||
Brokerage and execution | ||||
Underwriting and syndication | ||||
Other | ||||
Total revenue from contracts with customers | ||||
Other non-contract fee income | ||||
Fee and commission income | ||||
Fee and commission expense | ( | ( | ( | ( |
Net fee and commission income |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 138 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 139 |
Accounting for net trading income Trading positions are held at fair value, and the resulting gains and losses are included in net trading income, together with interest and dividends arising from long and short positions and funding costs relating to trading activities. Incremental costs are reported within net trading income if they are directly attributable to generating identifiable trading income. Income arises from both the sale and purchase of trading positions, margins which are achieved through market making and customer business and from changes in fair value caused by movements in interest and exchange rates, equity prices and other market variables. Gains or losses on non-trading financial instruments designated or mandatorily at fair value with changes in fair value recognised in the income statement are included in net trading income. |
2023 | 2022 | 2021 | |
£m | £m | £m | |
Net gains on financial instruments held for trading | |||
Net gains on financial instruments designated at fair value | |||
Net gains on financial instruments mandatorily at fair value | |||
Net trading income |
Accounting for net investment income/(expense) Dividends are recognised when the right to receive the dividend has been established. Incremental costs are reported within net investment income if they are directly attributable to generating identifiable investment income. Other accounting policies relating to net investment income are set out in Note 12 and Note 14. |
2023 | 2022 | 2021 | |
£m | £m | £m | |
Net gains/(losses) from financial assets mandatorily at fair value | ( | ||
Net gains/(losses) from disposal of debt instruments at fair value through other comprehensive income | ( | ||
Net (losses)/gains from disposal of financial assets and liabilities measured at amortised cost | ( | ( | |
Net losses on other investments | ( | ( | ( |
Net investment income/(expense) | ( | ( |
2023 | 2022 | 2021 | |
£m | £m | £m | |
Infrastructure costs | |||
Property and equipment | |||
Depreciation and amortisation | |||
Impairment of property, equipment and intangible assets | |||
Total infrastructure costs | |||
Administration and general expenses | |||
Consultancy, legal and professional fees | |||
Marketing and advertising | |||
UK bank levy | |||
Other administration and general expenses | |||
Total administration and general expenses | |||
Staff costsa | |||
Litigation and conductb | |||
Operating expenses |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 140 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 141 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 142 |
2023 | 2022 | 2021 | |||||||
Impairment charges / (releases) | Recoveries and reimbursementsa | Totalb | Impairment charges / (releases) | Recoveries and reimbursementsa | Total | Impairment charges / (releases) | Recoveries and reimbursementsa | Total | |
£m | £m | £m | £m | £m | £m | £m | £m | £m | |
Loans and advances at amortised costc | ( | ( | ( | ( | |||||
Off-balance sheet loan commitments and financial guarantee contracts | ( | ( | ( | ( | |||||
Total | ( | ( | ( | ( | |||||
Cash collateral and settlement balances | ( | ( | |||||||
Financial instruments at fair value through other comprehensive income | ( | ( | ( | ( | |||||
Other financial asset measured at cost | ( | ( | ( | ( | |||||
Credit impairment charges /(releases) | ( | ( | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 143 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 144 |
2023 | 2022 | 2021 | |
£m | £m | £m | |
Current tax charge/(credit) | |||
Current year | |||
Adjustments in respect of prior years | ( | ( | |
( | |||
Deferred tax charge/(credit) | |||
Current year | ( | ||
Adjustments in respect of prior years | ( | ||
( | |||
Tax charge |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 145 |
2023 | 2023 | 2022 | 2022 | 2021 | 2021 | |
£m | % | £m | % | £m | % | |
Profit before tax from continuing operations | ||||||
Tax charge based on the applicable UK corporation tax rate of | ||||||
Impact of profits/losses earned in territories with different statutory rates to the UK (weighted average tax rate is | ||||||
Recurring items: | ||||||
Non-creditable taxes including withholding taxes | ||||||
Non-deductible expenses | ||||||
Impact of UK bank levy being non-deductible | ||||||
Impact of Barclays Bank PLC's overseas branches being taxed both locally and in the UK | ||||||
Adjustments in respect of prior years | ( | ( | ||||
Tax adjustments in respect of share-based payments | ( | ( | ||||
Changes in recognition of deferred tax and effect of unrecognised tax losses | ( | ( | ( | ( | ( | ( |
Non-taxable gains and income | ( | ( | ( | ( | ( | ( |
Banking surchargea and other items | ( | ( | ( | ( | ( | ( |
Tax relief on payments made under AT1 instruments | ( | ( | ( | ( | ( | ( |
Tax relief on holdings of inflation-linked government bonds | ( | ( | ( | ( | ( | ( |
Non-recurring items: | ||||||
Remeasurement of UK deferred tax assets due to tax rate changes | ( | ( | ||||
Non-deductible provisions for investigations and litigation | ||||||
Non-deductible provisions for UK customer redress | ||||||
Total tax charge |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 146 |
Barclays Bank Group | ||
2023 | 2022 | |
£m | £m | |
US Intermediate Holding Company Tax Group ('IHC Tax Group') | ||
Barclays Bank PLC's US Branch Tax Group | ||
UK Tax Group | ||
Other (outside the UK and US tax groups) | ||
Deferred tax asset | ||
Deferred tax liability | ( | |
Net deferred tax |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 147 |
Barclays Bank Group | ||||||||||
Fixed asset timing differences | Fair value through other comprehensive income | Cash flow hedges | Retirement benefit obligations | Loan impairment allowance | Own credit | Share based payments and deferred compensation | Other temporary differences | Tax losses carried forward | Total | |
£m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |
Assets | ||||||||||
Liabilities | ( | ( | ( | ( | ( | |||||
As at 1 January 2023 | ( | ( | ||||||||
Income statement | ( | ( | ( | ( | ( | |||||
Other comprehensive income and reserves | ( | ( | ( | ( | ||||||
Other movements | ( | ( | ( | ( | ( | ( | ( | |||
( | ||||||||||
Assets | ||||||||||
Liabilities | ( | ( | ( | ( | ||||||
As at 31 December 2023 | ( | |||||||||
Assets | ||||||||||
Liabilities | ( | ( | ( | ( | ||||||
As at 1 January 2022 | ( | |||||||||
Income statement | ( | ( | ( | ( | ( | ( | ||||
Other comprehensive income and reserves | ( | ( | ||||||||
Other movements | ||||||||||
( | ( | |||||||||
Assets | ||||||||||
Liabilities | ( | ( | ( | ( | ( | |||||
As at 31 December 2022 | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 148 |
The notes included in this section focus on assets and liabilities the Barclays Bank Group holds and recognises at fair value. Details regarding the |
Accounting for trading portfolio assets and liabilities All assets and liabilities held for trading purposes are held at fair value with gains and losses in the changes in fair value taken to the income statement in net trading income (Note 5). |
Barclays Bank Group | ||
2023 | 2022 | |
£m | £m | |
Debt securities and other eligible bills | ||
Equity securities | ||
Traded loans | ||
Commodities | ||
Trading Portfolio Assets | ||
Debt securities and other eligible bills | ( | ( |
Equity securities | ( | ( |
Trading Portfolio Liabilities | ( | ( |
Accounting for financial assets designated at fair value Financial assets, other than those held for trading, are classified in this category if they are so irrevocably designated at inception and the use of the designation removes or significantly reduces an accounting mismatch. Subsequent changes in fair value for these instruments are recognised in the income statement in net investment income, except if reporting it in trading income reduces an accounting mismatch. The details on how the fair value amounts are derived for financial assets at fair value are described in Note 16. |
Accounting for financial assets mandatorily at fair value Financial assets that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at fair value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are Solely Payments of Principal and Interest (SPPI), or if the financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a business model that is achieved by both collecting contractual cash flows and selling. |
Barclays Bank Group | ||
2023 | 2022 | |
£m | £m | |
Loans and advances | ||
Debt securities | ||
Other financial assets | ||
Financial assets designated at fair value | ||
Loans and advances | ||
Debt securities | ||
Equity securities | ||
Reverse repurchase agreements and other similar secured lending | ||
Other financial assets | ||
Financial assets mandatorily at fair value | ||
Total |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 149 |
Barclays Bank Group | ||||||
Maximum exposure as at 31 December | Changes in fair value during the year ended | Cumulative changes in fair value from inception | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | £m | £m | |
Loans and advances designated at fair value, attributable to credit risk | ( | |||||
Value mitigated by related credit derivatives | ( | ( | ( | ( |
Barclays Bank Group | 2023 | 2022 | ||||
Notional contract amount | Fair value | Notional contract amount | Fair value | |||
Assets | Liabilities | Assets | Liabilities | |||
£m | £m | £m | £m | £m | £m | |
Total derivative assets/(liabilities) held for trading | ( | ( | ||||
Total derivative assets/(liabilities) held for risk management | ( | ( | ||||
Derivative assets/(liabilities) | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 150 |
Derivatives held for trading and risk management | 2023 | 2022 | ||||
Barclays Bank Group | Notional contract amount | Fair value | Notional contract amount | Fair value | ||
Assets | Liabilities | Assets | Liabilities | |||
£m | £m | £m | £m | £m | £m | |
Derivatives held for trading | ||||||
Foreign exchange derivatives | ||||||
OTC derivatives | ( | ( | ||||
Derivatives cleared by central counterparty | ( | ( | ||||
Exchange traded derivatives | ( | ( | ||||
Foreign exchange derivatives | ( | ( | ||||
Interest rate derivatives | ||||||
OTC derivatives | ( | ( | ||||
Derivatives cleared by central counterparty | ( | ( | ||||
Exchange traded derivatives | ( | ( | ||||
Interest rate derivatives | ( | ( | ||||
Credit derivatives | ||||||
OTC derivatives | ( | ( | ||||
Derivatives cleared by central counterparty | ( | ( | ||||
Credit derivatives | ( | ( | ||||
Equity and stock index derivatives | ||||||
OTC derivatives | ( | ( | ||||
Exchange traded derivatives | ( | ( | ||||
Equity and stock index derivatives | ( | ( | ||||
Commodity derivatives | ||||||
OTC derivatives | ( | ( | ||||
Exchange traded derivatives | ( | ( | ||||
Commodity derivatives | ( | ( | ||||
Derivative assets/(liabilities) held for trading | ( | ( | ||||
Total OTC derivatives | ( | ( | ||||
Total derivatives cleared by central counterparty | ( | ( | ||||
Total exchange traded derivatives | ( | ( | ||||
Derivative assets/(liabilities) held for trading | ( | ( | ||||
Derivatives held for risk management | ||||||
Derivatives designated as cash flow hedges | ||||||
Currency Swaps | ( | ( | ||||
Interest rate swaps | ||||||
Interest rate derivatives cleared by central counterparty | ||||||
Derivatives designated as cash flow hedges | ( | ( | ||||
Derivatives designated as fair value hedges | ||||||
Interest rate swaps | ( | ( | ||||
Interest rate derivatives cleared by central counterparty | ||||||
Derivatives designated as fair value hedges | ( | ( | ||||
Derivatives designated as hedges of net investments | ||||||
Forward foreign exchange | ( | ( | ||||
Derivatives designated as hedges of net investments | ( | ( | ||||
Derivative assets/(liabilities) held for risk management | ( | ( | ||||
Total OTC derivatives | ( | ( | ||||
Total derivatives cleared by central counterparty | ||||||
Derivative assets/(liabilities) held for risk management | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 151 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 152 |
Hedged items in fair value hedges | |||||
Barclays Bank Group | Accumulated fair value adjustment included in carrying amount | ||||
Carrying amounta | Total | Of which: Accumulated fair value adjustment on items no longer in a hedge relationship | Change in fair value used as a basis to determine ineffectiveness | Hedge ineffectiveness recognised in the income statementb | |
Hedged item statement of financial position classification and risk category | £m | £m | £m | £m | £m |
2023 | |||||
Assets | |||||
Loans and advances at amortised cost | |||||
- Interest rate risk | ( | ( | ( | ||
- Inflation risk | ( | ||||
Debt securities classified as amortised cost | |||||
- Interest rate risk | ( | ( | |||
- Inflation risk | ( | ( | |||
Financial assets at fair value through other comprehensive income | |||||
- Interest rate risk | ( | ( | |||
- Inflation risk | ( | ( | |||
Total Assets | ( | ( | |||
Liabilities | |||||
Debt securities in issuec | |||||
- Interest rate risk | ( | ( | |||
Total Liabilities | ( | ( | |||
Total Hedged Items | ( | ( | |||
2022 | |||||
Assets | |||||
Loans and advances at amortised cost | |||||
- Interest rate risk | ( | ( | ( | ||
- Inflation risk | ( | ||||
Debt securities classified as amortised cost | |||||
- Interest rate risk | ( | ( | ( | ( | |
- Inflation risk | ( | ( | ( | ||
Financial assets at fair value through other comprehensive incomeb | |||||
- Interest rate risk | ( | ( | ( | ||
- Inflation risk | ( | ( | ( | ||
Total Assets | ( | ( | ( | ||
Liabilities | |||||
Debt securities in issuec | |||||
- Interest rate risk | ( | ( | |||
Total Liabilities | ( | ( | |||
Total Hedged Items | ( | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 153 |
Barclays Bank Group | Carrying value | Nominal amount | Change in fair value used as a basis to determine ineffectiveness | |||
Derivative assets | Derivative liabilities | Loan liabilities | ||||
Hedge type | Risk category | £m | £m | £m | £m | £m |
As at 31 December 2023 | ||||||
Fair value | Interest rate risk | ( | ( | |||
Inflation risk | ( | ( | ||||
Total | ( | ( | ||||
As at 31 December 2022 | ||||||
Fair value | Interest rate risk | |||||
Inflation risk | ( | |||||
Total | ( |
2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 and later | |
As at 31 December 2023 | £m | £m | £m | £m | £m | £m | £m |
Barclays Bank Group | |||||||
Fair value hedges of: | |||||||
Interest rate risk (outstanding notional amount) | |||||||
Inflation risk (outstanding notional amount) |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 154 |
Hedged items in cash flow hedges and hedges of net investments in foreign operations | |||||||
Barclays Bank Group | |||||||
Change in value of hedged item used as the basis for recognising ineffectiveness | Balance in cash flow hedging reserve for continuing hedges | Balance in currency translation reserve for continuing hedges | Balances remaining in cash flow hedging reserve for which hedge accounting is no longer applied | Balances remaining in currency translation reserve for which hedge accounting is no longer applied | Hedging (gains) or losses recognised in other comprehensive income | Hedge ineffectiveness recognised in the income statementa | |
Description of hedge relationship and hedged risk | £m | £m | £m | £m | £m | £m | £m |
2023 | |||||||
Cash flow hedge of: | |||||||
Interest rate risk | |||||||
Loans and advances at amortised cost | ( | ( | |||||
Cash and balances at Central Banks | ( | ( | ( | ||||
Foreign exchange risk | |||||||
Loans and advances at amortised cost | ( | ( | |||||
Inflation risk | |||||||
Debt securities classified at amortised cost | ( | ( | ( | ||||
Total cash flow hedges | ( | ( | ( | ||||
Hedge of net investment in foreign operations | |||||||
USD foreign operations | ( | ( | |||||
EUR foreign operations | ( | ( | |||||
Other foreign operations | ( | ( | |||||
Total foreign operations | ( | ( | |||||
2022 | |||||||
Cash flow hedge of: | |||||||
Interest rate risk | |||||||
Loans and advances at amortised cost | ( | ||||||
Cash and balances at Central Banks | ( | ||||||
Foreign exchange risk | |||||||
Loans and advances at amortised cost | ( | ||||||
Inflation risk | |||||||
Debt securities classified at amortised cost | |||||||
Total cash flow hedges | ( | ||||||
Hedge of net investment in foreign operations | |||||||
USD foreign operations | |||||||
EUR foreign operations | |||||||
Other foreign operations | |||||||
Total foreign operations |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 155 |
Barclays Bank Group | Carrying value | Nominal amount | Change in fair value used as a basis to determine ineffectiveness | |||
Derivative assets | Derivative liabilities | Loan liabilities | ||||
Hedge type | Risk category | £m | £m | £m | £m | £m |
As at 31 December 2023 | ||||||
Cash flow | Interest rate risk | |||||
Foreign exchange risk | ( | |||||
Inflation risk | ||||||
Total | ( | |||||
Net investment | Foreign exchange risk | ( | ( | |||
As at 31 December 2022 | ||||||
Cash flow | Interest rate risk | ( | ||||
Foreign exchange risk | ( | ( | ||||
Inflation risk | ( | |||||
Total | ( | ( | ||||
Net investment | Foreign exchange risk | ( | ( | ( |
Barclays Bank Group | 2023 | 2022 | ||
Amount recycled from other comprehensive income due to hedged item affecting income statement | Amount recycled from other comprehensive income due to sale of investment, or cash flows no longer expected to occur | Amount recycled from other comprehensive income due to hedged item affecting income statement | Amount recycled from other comprehensive income due to sale of investment, or cash flows no longer expected to occur | |
Description of hedge relationship and hedged risk | £m | £m | £m | £m |
Cash flow hedge of interest rate risk | ||||
Recycled to net interest income | ( | ( | ( | ( |
Cash flow hedge of foreign exchange risk | ||||
Recycled to net interest income | ( | |||
Hedge of net investment in foreign operations | ||||
Recycled to other income | ( | ( |
Barclays Bank Group | 2023 | 2022 | ||
Cash flow hedging reserve | Currency translation reserve | Cash flow hedging reserve | Currency translation reserve | |
£m | £m | £m | £m | |
Balance on 1 January | ( | ( | ||
Currency translation movements | ( | ( | ||
Hedging gains/(losses) for the year | ( | ( | ||
Amounts reclassified in relation to cash flows affecting profit or loss | ||||
Tax | ( | |||
Balance on 31 December | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 156 |
Accounting for financial assets at fair value through other comprehensive income (FVOCI) Financial assets that are debt instruments held in a business model that is achieved by both collecting contractual cash flows and selling and that contain contractual terms that give rise on specified dates to cash flows that are SPPI are measured at FVOCI. They are subsequently re-measured at fair value and changes therein (except for those relating to impairment, interest income and foreign currency exchange gains and losses) are recognised in other comprehensive income until the assets are sold. Interest (calculated using the effective interest method) is recognised in the income statement in net interest income (Note 3). Upon disposal, the cumulative gain or loss recognised in other comprehensive income is included in net investment income (Note 6). In determining whether the business model is achieved by both collecting contractual cash flows and selling financial assets, it is determined that both collecting contractual cash flows and selling financial assets are integral to achieving the objective of the business model. The Barclays Bank Group will consider past sales and expectations about future sales to establish if the business model is achieved. For equity securities that are not held for trading, the Barclays Bank Group may make an irrevocable election on initial recognition to present subsequent changes in the fair value of the instrument in other comprehensive income (except for dividend income which is recognised in profit or loss). |
Barclays Bank Group | ||
2023 | 2022 | |
£m | £m | |
Debt securities and other eligible bills | ||
Equity securities | ||
Loans and advances | ||
Financial assets at fair value through other comprehensive income |
Accounting for liabilities designated at fair value through profit and loss In accordance with IFRS 9, financial liabilities may be designated at fair value, with gains and losses taken to the income statement within net trading income (Note 5) and net investment income (Note 6). Movements in own credit are reported through other comprehensive income, unless the effects of changes in the liability's credit risk would create or enlarge an accounting mismatch in profit and loss. In these scenarios, all gains and losses on that liability (including the effects of changes in the credit risk of the liability) are presented in profit and loss. On derecognition of the financial liability no amounts relating to own credit risk are recycled to the income statement. The Barclays Bank Group has the ability to make the fair value designation when holding the instruments at fair value reduces an accounting mismatch (caused by an offsetting liability or asset being held at fair value), or is managed by the Barclays Bank Group on the basis of its fair value, or includes terms that have substantive derivative characteristics (Note 13). The details on how the fair value amounts are arrived at for financial liabilities designated at fair value are described in Note 16. |
Barclays Bank Group | ||||
2023 | 2022 | |||
Fair value | Contractual amount due on maturity | Fair value | Contractual amount due on maturity | |
£m | £m | £m | £m | |
Debt securities | ||||
Deposits | ||||
Repurchase agreements and other similar secured borrowing | ||||
Subordinated debt | ||||
Financial liabilities designated at fair value |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 157 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 158 |
Assets and liabilities held at fair value | ||||||||
2023 | 2022 | |||||||
Valuation technique using | Valuation technique using | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Barclays Bank Group | £m | £m | £m | £m | £m | £m | £m | £m |
Trading portfolio assets | ||||||||
Financial assets at fair value through the income statement | ||||||||
Derivative financial assets | ||||||||
Financial assets at fair value through other comprehensive income | ||||||||
Investment property | ||||||||
Total assets | ||||||||
Trading portfolio liabilities | ( | ( | ( | ( | ( | ( | ( | ( |
Financial liabilities designated at fair value | ( | ( | ( | ( | ( | ( | ( | ( |
Derivative financial liabilities | ( | ( | ( | ( | ( | ( | ( | ( |
Total liabilities | ( | ( | ( | ( | ( | ( | ( | ( |
Level 3 Assets and liabilities held at fair value by product type | ||||
2023 | 2022 | |||
Assets | Liabilities | Assets | Liabilities | |
Barclays Bank Group | £m | £m | £m | £m |
Interest rate derivatives | ( | ( | ||
Foreign exchange derivatives | ( | ( | ||
Credit derivatives | ( | ( | ||
Equity derivatives | ( | ( | ||
Corporate debt | ( | ( | ||
Reverse repurchase and repurchase agreements | ( | ( | ||
Loans | ||||
Private equity investments | ||||
Othera | ( | ( | ||
Total | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 159 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 160 |
Analysis of movements in Level 3 assets and liabilities | |||||||||||
As at 1 January 2023 | Total gains and (losses) in the period recognised in the income statement | Total gains or (losses) recognised in OCI | Transfers | As at 31 December 2023 | |||||||
Purchases | Sales | Issues | Settlements | Trading incomeb | Other income | In | Out | ||||
Barclays Bank Group | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
Corporate debt | ( | ( | ( | ||||||||
Loans | ( | ( | ( | ( | |||||||
Other | ( | ( | ( | ||||||||
Trading portfolio assets | ( | ( | ( | ||||||||
Corporate debt | ( | ( | ( | ||||||||
Loans | ( | ( | ( | ( | |||||||
Private equity investments | ( | ( | ( | ||||||||
Reverse repurchase and repurchase agreements | |||||||||||
Other | ( | ( | ( | ( | ( | ||||||
Financial assets at fair value through the income statement | ( | ( | ( | ( | |||||||
Loans | |||||||||||
Other | ( | ||||||||||
Assets at fair value through other comprehensive income | ( | ||||||||||
Investment property | ( | ||||||||||
Trading portfolio liabilities | ( | ( | ( | ||||||||
Financial liabilities designated at fair value | ( | ( | ( | ( | ( | ( | ( | ||||
Interest rate derivatives | ( | ( | |||||||||
Foreign exchange derivatives | ( | ( | |||||||||
Credit derivatives | ( | ( | ( | ( | ( | ( | |||||
Equity derivatives | ( | ( | ( | ( | ( | ( | |||||
Net derivative financial instrumentsa | ( | ( | ( | ( | |||||||
Total | ( | ( | ( | ( | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 161 |
Analysis of movements in Level 3 assets and liabilities | |||||||||||
As at 1 January 2022 | Total gains and (losses) in the period recognised in the income statement | Total gains or (losses) recognised in OCI | Transfers | As at 31 December 2022 | |||||||
Purchases | Sales | Issues | Settlements | Trading incomeb | Other income | In | Out | ||||
Barclays Bank Group | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
Corporate debt | ( | ( | ( | ( | |||||||
Loans | ( | ( | ( | ( | |||||||
Other | ( | ( | ( | ( | |||||||
Trading portfolio assets | ( | ( | ( | ( | |||||||
Corporate debt | ( | ||||||||||
Loans | ( | ( | ( | ( | |||||||
Private equity investments | ( | ( | |||||||||
Reverse repurchase and repurchase agreements | |||||||||||
Other | ( | ||||||||||
Financial assets at fair value through the income statement | ( | ( | ( | ( | |||||||
Other | ( | ( | |||||||||
Assets at fair value through other comprehensive income | ( | ( | |||||||||
Investment properties | ( | ( | |||||||||
Trading portfolio liabilities | ( | ( | ( | ( | |||||||
Financial liabilities designated at fair value | ( | ( | ( | ( | ( | ||||||
Interest rate derivatives | ( | ( | ( | ( | ( | ||||||
Foreign exchange derivatives | ( | ||||||||||
Credit derivatives | ( | ( | ( | ( | ( | ||||||
Equity derivatives | ( | ( | ( | ( | |||||||
Net derivative financial instrumentsa | ( | ( | ( | ( | ( | ||||||
Total | ( | ( | ( | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 162 |
Unrealised gains and (losses) recognised during the period on Level 3 assets and liabilities held at year end | ||||||||
2023 | 2022 | |||||||
Income statement | Other compre- hensive income | Income statement | Other compre- hensive income | |||||
Barclays Bank Group | Trading incomea | Other income | Total | Trading incomea | Other income | Total | ||
As at 31 December | £m | £m | £m | £m | £m | £m | £m | £m |
Trading portfolio assets | ( | ( | ||||||
Financial assets at fair value through the income statement | ( | ( | ||||||
Fair value through other comprehensive income | ||||||||
Investment property | ( | ( | ||||||
Trading portfolio liabilities | ||||||||
Financial liabilities designated at fair value | ( | ( | ( | |||||
Net derivative financial instruments | ( | ( | ( | ( | ||||
Total | ( | ( | ( | ( | ( |
Valuation technique(s)a | Significant unobservable inputs | 2023 | 2022 | ||||
Range | Range | ||||||
Barclays Bank Group | Min | Max | Min | Max | Unitsb | ||
Derivative financial instrumentsc | |||||||
Interest rate derivatives | Discounted cash flows | Inflation forwards | % | ||||
Credit spread | bps | ||||||
Yield | ( | % | |||||
Growth curve | ( | % | |||||
Correlation Model | Inflation forwards | ( | ( | % | |||
Option model | Inflation volatility | bps vol | |||||
Interest rate volatility | bps vol | ||||||
FX - IR correlation | ( | ( | % | ||||
IR - IR correlation | ( | % | |||||
Credit derivatives | Discounted cash flows | Credit spread | bps | ||||
Comparable pricing | Price | points | |||||
Equity derivatives | Option model | Equity volatility | % | ||||
Equity - equity correlation | % | ||||||
Discounted cash flow | Discount margin | ( | ( | bps | |||
Non-derivative financial instruments | |||||||
Loans | Discounted cash flows | Loan spread | bps | ||||
Credit spread | bps | ||||||
Yield | % | ||||||
Comparable pricing | Price | points | |||||
Corporate debt | Comparable pricing | Price | points | ||||
Discounted cash flows | Loan spread | bps | |||||
Reverse repurchase and repurchase agreements | Discounted cash flows | Repo spread | bps |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 163 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 164 |
Sensitivity analysis of valuations using unobservable inputs | ||||||||
2023 | 2022 | |||||||
Favourable changes | Unfavourable changes | Favourable changes | Unfavourable changes | |||||
Income statement | Equity | Income statement | Equity | Income statement | Equity | Income statement | Equity | |
Barclays Bank Group | £m | £m | £m | £m | £m | £m | £m | £m |
Interest rate derivatives | ( | ( | ||||||
Foreign exchange derivatives | ( | ( | ||||||
Credit derivatives | ( | ( | ||||||
Equity derivatives | ( | ( | ||||||
Corporate debt | ( | ( | ||||||
Loans | ( | ( | ( | |||||
Private equity investments | ( | ( | ||||||
Othera | ( | ( | ( | |||||
Total | ( | ( | ( |
2023 | 2022 | |
Barclays Bank Group | £m | £m |
Exit price adjustments derived from market bid-offer spreads | ( | ( |
Uncollateralised derivative funding | ( | ( |
Derivative credit valuation adjustments | ( | ( |
Derivative debit valuation adjustments |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 165 |
Barclays Bank Group | 2023 | 2022 | ||||||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | |
As at 31 December | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
Financial assets | ||||||||||
Debt securities at amortised cost | ||||||||||
Loans and advances at amortised cost | ||||||||||
Reverse repurchase agreements and other similar secured lending | ||||||||||
Assets included in disposal groups classified as held for sale | ||||||||||
Financial liabilities | ||||||||||
Deposits at amortised cost | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( |
Repurchase agreements and other similar secured borrowing | ( | ( | ( | ( | ( | ( | ||||
Debt securities in issue | ( | ( | ( | ( | ( | ( | ( | ( | ||
Subordinated liabilities | ( | ( | ( | ( | ( | ( | ( | ( | ||
Liabilities included in disposal groups classified as held for sale | ( | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 166 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 167 |
Barclays Bank Group | Amounts subject to enforceable netting arrangements | Amounts not subject to enforceable netting arrangementsc | Balance sheet totald | |||||
Effects of offsetting on-balance sheet | Related amounts not offset | |||||||
Gross amounts | Amounts offseta | Net amounts reported on the balance sheet | Financial instruments | Financial collateralb | Net amount | |||
As at 31 December 2023 | £m | £m | £m | £m | £m | £m | £m | £m |
Derivative financial assets | ( | ( | ( | |||||
Reverse repurchase agreements and other similar secured lendinge | ( | ( | ||||||
Total assets | ( | ( | ( | |||||
Derivative financial liabilities | ( | ( | ( | ( | ( | |||
Repurchase agreements and other similar secured borrowinge | ( | ( | ( | ( | ||||
Total liabilities | ( | ( | ( | ( | ( | |||
As at 31 December 2022 | ||||||||
Derivative financial assets | ( | ( | ( | |||||
Reverse repurchase agreements and other similar secured lendinge | ( | ( | ||||||
Total assets | ( | ( | ( | |||||
Derivative financial liabilities | ( | ( | ( | ( | ( | |||
Repurchase agreements and other similar secured borrowinge | ( | ( | ( | ( | ||||
Total liabilities | ( | ( | ( | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 168 |
Annual rates in calculating depreciation | Depreciation rate |
Freehold land | Not depreciated |
Freehold buildings | |
Leasehold property | Over the remaining life of the lease |
Costs of adaptation of freehold and leasehold property | |
Equipment installed in freehold and leasehold property | |
Computers and similar equipment | |
Fixtures and fittings and other equipment |
Barclays Bank Group | |||||
Investment property | Property | Equipment | Right of use assetsa | Total | |
£m | £m | £m | £m | £m | |
Cost | |||||
As at 1 January 2023 | |||||
Additions | |||||
Disposalsb | ( | ( | ( | ( | ( |
Exchange and other movements | ( | ( | |||
As at 31 December 2023 | |||||
Accumulated depreciation and impairment | |||||
As at 1 January 2023 | ( | ( | ( | ( | |
Depreciation charge | ( | ( | ( | ( | |
Impairment charge | ( | ( | |||
Disposalsb | |||||
Exchange and other movements | ( | ||||
As at 31 December 2023 | ( | ( | ( | ( | |
Net book value | |||||
Cost | |||||
As at 1 January 2022 | |||||
Additions | |||||
Disposalsb | ( | ( | ( | ( | ( |
Exchange and other movements | ( | ||||
As at 31 December 2022 | |||||
Accumulated depreciation and impairment | |||||
As at 1 January 2022 | ( | ( | ( | ( | |
Depreciation charge | ( | ( | ( | ( | |
Impairment charge | ( | ( | |||
Disposalsb | |||||
Exchange and other movements | ( | ( | ( | ( | |
As at 31 December 2022 | ( | ( | ( | ( | |
Net book value |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 169 |
Lease liabilities | Barclays Bank Group | |
2023 | 2022 | |
£m | £m | |
As at 1 January | ||
Interest expense | ||
New leases | ||
Disposals | ( | ( |
Cash paymentsa | ( | ( |
Exchange and other movements | ||
As at 31 December (see Note 21) |
Undiscounted lease liabilities maturity analysis | Barclays Bank Group | |
2023 | 2022 | |
£m | £m | |
Not more than one year | ||
One to two years | ||
Two to three years | ||
Three to four years | ||
Four to five years | ||
Five to ten years | ||
Greater than ten years | ||
Total undiscounted lease liabilities as at 31 December |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 170 |
Annual rates in calculating amortisation | Amortisation period |
Goodwill | Not amortised |
Internally generated softwarea | |
Other software | |
Customer lists | |
Licences and other |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 171 |
Intangible assets | ||||||
Goodwill | Internally generated software | Other software | Customer lists | Licences and other | Total | |
£m | £m | £m | £m | £m | £m | |
Barclays Bank Group | ||||||
Cost | ||||||
As at 1 January 2023 | ||||||
Additions | ||||||
Disposalsa | ( | ( | ( | ( | ||
Exchange and other movementsb | ( | ( | ( | ( | ( | ( |
As at 31 December 2023 | ||||||
Accumulated amortisation and impairment | ||||||
As at 1 January 2023 | ( | ( | ( | ( | ( | ( |
Disposalsa | ||||||
Amortisation charge | ( | ( | ( | ( | ( | |
Impairment charge | ( | ( | ||||
Exchange and other movementsb | ||||||
As at 31 December 2023 | ( | ( | ( | ( | ( | ( |
Net book value |
Goodwill | Internally generated software | Other software | Customer lists | Licences and other | Total | |
£m | £m | £m | £m | £m | £m | |
Barclays Bank Group | ||||||
Cost | ||||||
As at 1 January 2022 | ||||||
Additions | ||||||
Disposalsa | ( | ( | ( | ( | ( | |
Exchange and other movements | ||||||
As at 31 December 2022 | ||||||
Accumulated amortisation and impairment | ||||||
As at 1 January 2022 | ( | ( | ( | ( | ( | ( |
Disposalsa | ||||||
Amortisation charge | ( | ( | ( | ( | ( | |
Impairment charge | ||||||
Exchange and other movements | ( | ( | ( | ( | ( | |
As at 31 December 2022 | ( | ( | ( | ( | ( | ( |
Net book value |
Barclays Bank Group | ||
2023 | 2022 | |
£m | £m | |
Consumer, Cards and Payments | ||
Total net book value of goodwill |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 172 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 173 |
Barclays Bank Group | ||
2023 | 2022 | |
£m | £m | |
Accruals and deferred income | ||
Other creditors | ||
Items in the course of collection due to other banks | ||
Lease liabilities (refer to Note 19) | ||
Other liabilities |
Redundancy and restructuring | Customer redress | Legal, competition and regulatory matters | Sundry provisions | Total | |
£m | £m | £m | £m | £m | |
Barclays Bank Group | |||||
As at 1 January 2023 | |||||
Additions | |||||
Amounts utilised | ( | ( | ( | ( | ( |
Unused amounts reversed | ( | ( | ( | ( | ( |
Exchange and other movements | ( | ( | ( | ( | ( |
As at 31 December 2023 | |||||
Undrawn contractually committed facilities and guaranteesa | |||||
As at 1st January 2023 | |||||
Net change in expected credit loss provision and other movements | ( | ||||
As at 31 December 2023 | |||||
Total Provisions | |||||
As at 1st January 2023 | |||||
As at 31 December 2023 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 174 |
Barclays Bank Group | ||
2023 | 2022 | |
£m | £m | |
Guarantees and letters of credit pledged as collateral security | ||
Performance guarantees, acceptances and endorsements | ||
Total contingent liabilities and financial guarantees | ||
Of which: Financial guarantees and letters of credit carried at fair value | ||
Documentary credits and other short-term trade related transactions | ||
Standby facilities, credit lines and other commitments | ||
Total commitments | ||
Of which: Loan commitments carried at fair value |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 175 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 176 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 177 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 178 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 179 |
Barclays Bank Group | ||
2023 | 2022 | |
£m | £m | |
At amortised cost | ||
As at 1 January | ||
Issuances | ||
Redemptions | ( | ( |
Other | ( | ( |
As at 31 December |
Designated at fair value (Note 15) | ||
Total subordinated liabilities |
Barclays Bank Group | ||
2023 | 2022 | |
£m | £m | |
Undated subordinated liabilities | ||
Dated subordinated liabilities | ||
Total subordinated liabilities |
Undated subordinated liabilitiesa | Barclays Bank Group | ||
2023 | 2022 | ||
Initial call date | £m | £m | |
Barclays Bank PLC externally issued subordinated liabilities | |||
Undated Notes | |||
2027 | |||
Junior Undated Floating Rate Notes (USD | Any interest payment date | ||
Undated Floating Rate Primary Capital Notes Series 1 (USD | Any interest payment date | ||
Undated Floating Rate Primary Capital Notes Series 2 (USD | Any interest payment date | ||
Bonds | |||
At any time | |||
Loans | |||
2028 | |||
2028 | |||
Total undated subordinated liabilities |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 180 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 181 |
Dated subordinated liabilitiesa | Barclays Bank Group | |||
2023 | 2022 | |||
Initial call date | Maturity date | £m | £m | |
Barclays Bank PLC externally issued subordinated liabilities | ||||
Subordinated Floating Rate Notes (EUR | 2023 | |||
2026 | ||||
2027 | ||||
2032 | ||||
Subordinated Floating Rate Notes (EUR | 2040 | |||
External issuances by other subsidiaries | 2033 | |||
Barclays Bank PLC notes issued intra-group to Barclays PLC | ||||
2023 | 2028 | |||
2025 | 2030 | |||
2026 | ||||
2026 | 2031 | |||
2027 | 2028 | |||
2027 | 2032 | |||
2029 | 2030 | |||
2032 | 2033 | |||
2033 | 2034 | |||
2033 | 2034 | |||
2041 | 2042 | |||
2045 | ||||
2047 | ||||
Floating Rate Subordinated Notes (USD | 2047 | |||
Barclays Bank PLC intra-group loans from Barclays PLC | ||||
Various Fixed Rate Subordinated Loans | ||||
Various Subordinated Floating Rate Loans | ||||
Various Fixed Rate Subordinated Callable Loans | ||||
Various Subordinated Floating Rate Callable Loans | ||||
Zero Coupon Callable Loans | 2052 | |||
Total dated subordinated liabilities |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 182 |
Called up share capital, allotted and fully paid and other equity instruments | ||||
Barclays Bank Group | Barclays Bank Group | |||
Ordinary share capital | Preference share capital | Total share capital | Other equity instruments | |
£m | £m | £m | £m | |
As at 1 January 2023 | ||||
AT1 securities issuance | ||||
AT1 securities redemption | ( | |||
As at 31 December 2023 | ||||
As at 1 January 2022 | ||||
AT1 securities issuance | ||||
AT1 securities redemption | ( | |||
As at 31 December 2022 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 183 |
AT1 equity instruments | |||
2023 | 2022 | ||
Initial call date | £m | £m | |
AT1 equity instruments - Barclays Bank Group | |||
2023 | |||
2023 | |||
2024 | |||
2024 | |||
2025 | |||
2025 | |||
2025 | |||
2027 | |||
2027 | |||
2028 | |||
2028 | |||
2028 | |||
2029 | |||
2029 | |||
Barclays Bank PLC 2023 Annual Report on Form 20-F | 184 |
Barclays Bank Group | ||
2023 | 2022 | |
£m | £m | |
Currency translation reserve | ||
Fair value through other comprehensive income reserve | ( | ( |
Cash flow hedging reserve | ( | ( |
Own credit reserve | ( | |
Other reserves | ( | |
Total | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 185 |
2023 | 2022 | 2021 | |
£m | £m | £m | |
Performance costs | |||
Salaries | |||
Social security costs | |||
Post-retirement benefitsa | |||
Other compensation costs | |||
Total compensation costsb | |||
Other resourcing costs | |||
Outsourcing | |||
Redundancy and restructuring | |||
Temporary staff costs | |||
Other | |||
Total other resourcing costs | |||
Total staff costs |
Charge for the year | |||
2023 | 2022 | 2021 | |
£m | £m | £m | |
Deferred Share Value Plan / Share Value Plan | |||
Others | |||
Total equity settled | |||
Cash settled | |||
Total share based payments |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 186 |
2023 | 2022 | |||||||
Weighted average fair value per award granted in year | Weighted average share price at exercise/ release during year | Weighted average remaining contractual life in years | Number of options/ awards outstanding (000s) | Weighted average fair value per award granted in year | Weighted average share price at exercise/ release during year | Weighted average remaining contractual life in years | Number of options/ awards outstanding (000s) | |
£ | £ | £ | £ | |||||
DSVP / SVPa,b | ||||||||
Othersa |
DSVP / SVP a,b | Others a,c | |||||
Number (000s) | Number (000s) | Weighted average ex. price (£) | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
Outstanding at beginning of year/acquisition date | ||||||
Transfers in the yeard | ( | |||||
Granted in the year | ||||||
Exercised/released in the year | ( | ( | ( | ( | ||
Less: forfeited in the year | ( | ( | ( | ( | ||
Less: expired in the year | ( | ( | ||||
Outstanding at end of year | ||||||
Of which exercisable: |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 187 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 188 |
Income statement (credit)/charge | |||
2023 | 2022 | 2021 | |
£m | £m | £m | |
Current service cost | |||
Net finance (income)/cost | ( | ( | ( |
Past service cost | |||
Other movements | ( | ||
Total | ( | ( |
Balance sheet reconciliation | ||||
2023 | 2022 | |||
Barclays Bank Group Total | Of which relates to UKRF | Barclays Bank Group Total | Of which relates to UKRF | |
£m | £m | £m | £m | |
Benefit obligation at beginning of the year | ( | ( | ( | ( |
Current service cost | ( | ( | ( | ( |
Interest costs on scheme liabilities | ( | ( | ( | ( |
Past service cost | ( | ( | ||
Remeasurement (loss)/gain - financial | ( | ( | ||
Remeasurement gain/(loss) - demographic | ||||
Remeasurement (loss)/gain - experience | ( | ( | ( | ( |
Employee contributions | ( | ( | ( | |
Benefits paid | ||||
Exchange and other movements | ( | |||
Benefit obligation at end of the year | ( | ( | ( | ( |
Fair value of scheme assets at beginning of the year | ||||
Interest income on scheme assets | ||||
Employer contribution | ||||
Remeasurement - return on scheme assets (less)/greater than discount rate | ( | ( | ( | ( |
Employee contributions | ||||
Benefits paid | ( | ( | ( | ( |
Exchange and other movements | ( | ( | ||
Fair value of scheme assets at end of the year | ||||
Net surplus | ||||
Retirement benefit assets | ||||
Retirement benefit liabilities | ( | ( | ||
Net retirement benefit assets |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 189 |
Key UKRF financial assumptions | 2023 | 2022 |
% p.a. | % p.a. | |
Discount rate | ||
Inflation rate (RPI) |
Assumed life expectancy | 2023 | 2022 | 2021 |
Life expectancy at 60 for current pensioners (years) | |||
– Males | |||
– Females | |||
Life expectancy at 60 for future pensioners currently aged 40 (years) | |||
– Males | |||
– Females |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 190 |
Change in key assumptions | ||
2023 | 2022 | |
(Decrease)/Increase in UKRF defined benefit obligation | (Decrease)/Increase in UKRF defined benefit obligation | |
£bn | £bn | |
Discount rate | ||
0.5% p.a. increase | ( | ( |
0.25% p.a. increase | ( | ( |
0.25% p.a. decrease | ||
0.5% p.a. decrease | ||
Assumed RPI | ||
0.5% p.a. increase | ||
0.25% p.a. increase | ||
0.25% p.a. decrease | ( | ( |
0.5% p.a. decrease | ( | ( |
Life expectancy at 60 | ||
One year increase | ||
One year decrease | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 191 |
Analysis of scheme assets | ||||||||
Barclays Bank Group Total | Of which relates to UKRF | |||||||
Quoted | Unquoteda | Value | % of total fair value of scheme assets | Quoted | Unquoteda | Value | % of total fair value of scheme assets | |
£m | £m | £m | % | £m | £m | £m | % | |
As at 31 December 2023 | ||||||||
Equities | ||||||||
Private equities | ||||||||
Bonds - fixed government | ||||||||
Bonds - index-linked government | ||||||||
Bonds - corporate and other | ||||||||
Property | ||||||||
Infrastructure | ||||||||
Hedge funds | ||||||||
Derivatives | ( | ( | ( | ( | ( | ( | ||
Longevity reinsurance contracts | ( | ( | ( | ( | ( | ( | ||
Cash and liquid assetsb | ( | ( | ||||||
Mixed investment funds | ||||||||
Other | ||||||||
Fair value of scheme assets | ||||||||
As at 31 December 2022 | ||||||||
Equities | ||||||||
Private equities | ||||||||
Bonds - fixed government | ||||||||
Bonds - index-linked government | ||||||||
Bonds - corporate and other | ||||||||
Property | ||||||||
Infrastructure | ||||||||
Hedge funds | ||||||||
Derivatives | ( | ( | ( | ( | ( | ( | ( | ( |
Longevity reinsurance contracts | ( | ( | ( | ( | ( | ( | ||
Cash and liquid assetsb | ( | ( | ||||||
Mixed Investment funds | ||||||||
Other | ||||||||
Fair value of scheme assets |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 192 |
Contributions paid | |
£m | |
2023 | |
2022 | |
2021 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 193 |
Company Name | Principal place of business or incorporation | Nature of business | Percentage of voting rights held | Non-controlling interests - proportion of ownership interests | Non-controlling interests - proportion of voting interests |
% | % | % | |||
Barclays Bank Delaware | United States | Credit card issuer | |||
Barclays Bank Ireland PLC | Ireland | Banking | |||
Barclays Capital Inc. | United States | Securities dealing | |||
Barclays Capital Securities Limited | United Kingdom | Securities dealing | |||
Barclays Securities Japan Limited | Japan | Securities dealing | |||
Barclays US LLC | United States | Holding company |
Company name | Country of registration or incorporation | Percentage of voting rights held (%) | Equity shareholders' funds (£m) | Retained profit for the year (£m) |
Palomino Limited | Cayman Islands |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 194 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 195 |
Summary of interests in unconsolidated structured entities | |||||
Secured financing | Short-term traded interests | Traded derivatives | Other interests | Total | |
£m | £m | £m | £m | £m | |
As at 31 December 2023 | |||||
Assets | |||||
Trading portfolio assets | |||||
Financial assets at fair value through the income statement | |||||
Derivative financial instruments | |||||
Financial assets at fair value through other comprehensive income | |||||
Loans and advances at amortised cost | |||||
Debt securities at amortised cost | |||||
Reverse repurchase agreements and other similar secured lending | |||||
Other assets | |||||
Total assets | |||||
Liabilities | |||||
Derivative financial instruments | |||||
As at 31 December 2022 | |||||
Assets | |||||
Trading portfolio assets | |||||
Financial assets at fair value through the income statement | |||||
Derivative financial instruments | |||||
Financial assets at fair value through other comprehensive income | |||||
Loans and advances at amortised cost | |||||
Debt securities at amortised cost | |||||
Reverse repurchase agreements and other similar secured lending | |||||
Other assets | |||||
Total assets | |||||
Liabilities | |||||
Derivative financial instruments |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 196 |
Nature of interest | |||||
Multi-seller conduit programme | Lending | Other | Total | Of which: Barclays Bank Group owned, not consolidated entitiesa | |
£m | £m | £m | £m | £m | |
As at 31 December 2023 | |||||
Financial assets at fair value through the income statement | |||||
Financial assets at fair value through other comprehensive income | |||||
Loans and advances at amortised cost | |||||
Debt securities at amortised cost | |||||
Other assets | |||||
Total on-balance sheet exposures | |||||
Total off-balance sheet notional amounts | |||||
Maximum exposure to loss | |||||
Total assets of the entity | |||||
As at 31 December 2022 | |||||
Financial assets at fair value through the income statement | |||||
Financial assets at fair value through other comprehensive income | |||||
Loans and advances at amortised cost | |||||
Debt securities at amortised cost | |||||
Other assets | |||||
Total on-balance sheet exposures | |||||
Total off-balance sheet notional amounts | |||||
Maximum exposure to loss | |||||
Total assets of the entity |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 197 |
2023 | 2022 | |||||
Associates | Joint ventures | Total | Associates | Joint ventures | Total | |
£m | £m | £m | £m | £m | £m | |
Equity accounted (Group) |
2023 | 2022 | |||||
Associates | Joint ventures | Total | Associates | Joint ventures | Total | |
£m | £m | £m | £m | £m | £m | |
Equity accounted (Parent) |
Associates | Joint ventures | |||||
2023 | 2022 | 2021 | 2023 | 2022 | 2021 | |
£m | £m | £m | £m | £m | £m | |
(Loss)/Profit from continuing operations | ( | |||||
Other comprehensive income | ||||||
Total comprehensive (loss)/income from continuing operations | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 198 |
2023 | 2022 | |||||||
Assets | Liabilities | Assets | Liabilities | |||||
Carrying amount | Fair value | Carrying amount | Fair value | Carrying amount | Fair value | Carrying amount | Fair value | |
£m | £m | £m | £m | £m | £m | £m | £m | |
Barclays Bank Group | ||||||||
Loans and advances at amortised cost | ||||||||
Credit cards, unsecured loans and other retail lending | ( | ( | ( | ( | ||||
Financial assets at FVTPL | ||||||||
Mortgage Loans | ||||||||
Total | ( | ( | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 199 |
Continuing involvementa | Gain from continuing involvement | ||||
Carrying amount | Fair value | Maximum exposure to loss | For the year ended | Cumulative to 31 December | |
Type of transfer | £m | £m | £m | £m | £m |
2023 | |||||
Asset backed securities | |||||
Residential mortgage backed securities | |||||
Commercial mortgage backed securities | |||||
Total | |||||
2022 | |||||
Asset backed securities | |||||
Residential mortgage backed securities | |||||
Commercial mortgage backed securities | |||||
Total |
Barclays Bank Group | ||
2023 | 2022 | |
£m | £m | |
Cash collateral and settlement balances | ||
Loans and advances at amortised cost | ||
Trading portfolio assets | ||
Financial assets at fair value through the income statement | ||
Financial assets at fair value through other comprehensive income | ||
Assets pledged |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 200 |
Barclays Bank Group | ||
Transferred assets | Associated liabilities | |
£m | £m | |
At 31 December 2023 | ||
Derivatives | ( | |
Repurchase agreements | ( | |
Securities lending arrangements | ||
Other | ( | |
( | ||
At 31 December 2022 | ||
Derivatives | ( | |
Repurchase agreements | ( | |
Securities lending arrangements | ||
Other | ( | |
( |
Carrying value | Fair value | ||||
Transferred assets | Associated liabilities | Transferred assets | Associated liabilities | Net position | |
£m | £m | £m | £m | £m | |
Barclays Bank Group | |||||
2023 | |||||
Recourse to transferred assets only | ( | ( | |||
2022 | |||||
Recourse to transferred assets only | ( | ( |
Barclays Bank Group | ||
2023 | 2022 | |
£m | £m | |
Fair value of securities accepted as collateral | ||
Of which fair value of securities re-pledged/transferred to others |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 201 |
Parent | Fellow subsidiaries | Pension funds | Other related parties | |
£m | £m | £m | £m | |
For the year ended and as at 31 December 2023 | ||||
Total income | ( | |||
Operating expenses | ( | ( | ( | |
Total assets | ||||
Total liabilities | ||||
For the year ended and as at 31 December 2022 | ||||
Total income | ( | ( | ||
Operating expenses | ( | ( | ( | |
Total assets | ||||
Total liabilities | ||||
For the year ended and as at 31 December 2021 | ||||
Total income | ( | |||
Operating expenses | ( | ( | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 202 |
Loans outstanding | ||
2023 | 2022 | |
£m | £m | |
As at 1 January | ||
Loans issued during the yeara | ||
Loan repayments during the yearb | ( | |
As at 31 December |
Deposits outstanding | ||
2023 | 2022 | |
£m | £m | |
As at 1 January | ||
Deposits received during the yeara | ||
Deposits repaid during the yearb | ( | ( |
As at 31 December |
2023 | 2022 | 2021 | |
£m | £m | £m | |
Salaries and other short-term benefits | |||
Pension costs | |||
Other long-term benefits | |||
Share-based payments | |||
Employer social security charges on emoluments | |||
Costs recognised for accounting purposes | |||
Employer social security charges on emoluments | ( | ( | ( |
Other long-term benefits – difference between awards granted and costs recognised | |||
Share-based payments – difference between awards granted and costs recognised | |||
Total remuneration awarded |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 203 |
2023 | 2022 | 2021 | |
£m | £m | £m | |
Aggregate emolumentsa | |||
Amounts paid under LTIPsb | |||
2023 | 2022 | 2021 | |
£m | £m | £m | |
Aggregate emolumentsa | |||
Amounts paid under LTIPs | |||
Barclays Bank PLC 2023 Annual Report on Form 20-F | 204 |
2023 | 2022 | 2021 | ||
£m | £m | £m | ||
Audit of the Barclays Bank Group's annual accounts | ||||
Other services: | ||||
Audit of the Barclays Bank PLC subsidiariesa | ||||
Other audit related feesb | ||||
Other services | ||||
Total Auditor's remuneration |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 205 |
As at 31 December | 2023 |
£m | |
Assets included in disposal groups classified as held for sale | |
Loans and advances to customers | |
Intangible assets | |
Property, plant and equipment | |
Other assets | |
Total assets classified as held for sale | |
Liabilities included in disposal groups classified as held for sale | |
Deposits from customers | |
Other liabilities | |
Provisions | |
Total liabilities classified as held for sale | |
Net assets classified as held for sale |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 206 |
Income Statement | ||||
Barclays Bank PLC | ||||
2023 | 2022 | 2021 | ||
For the year ended 31 December | £m | £m | £m | |
Continuing operations | ||||
Interest and similar income | ||||
Interest and similar expense | ( | ( | ( | |
Net interest income | ||||
Fee and commission income | ||||
Fee and commission expense | ( | ( | ( | |
Net fee and commission income | ||||
Other income | ||||
Total income | ||||
Staff costs | ( | ( | ( | |
Infrastructure costs | ( | ( | ( | |
Administration and general expenses | ( | ( | ( | |
Litigation and conduct | ( | ( | ( | |
Operating expenses | ( | ( | ( | |
Impairment of investments in subsidiaries | ( | ( | ( | |
Profit on disposal of subsidiaries, associates and joint ventures | ( | |||
Profit before impairment | ||||
Credit impairment releases/(charges) | ( | ( | ||
Profit before tax | ||||
Taxation | ( | |||
Profit after tax | ||||
Attributable to: | ||||
Equity holders of the parent | ||||
Other equity instrument holders | ||||
Total equity holders of the parent | ||||
Profit after tax |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 207 |
Statement of comprehensive income | |||
2023 | 2022 | 2021 | |
For the year ended 31 December | £m | £m | £m |
Profit after tax | |||
Other comprehensive income/(loss) that may be recycled to profit or loss: | |||
Currency translation reserve | |||
Currency translation differencesa | ( | ||
Fair value through other comprehensive income reserve movement relating to debt securities | |||
Net gains/(losses) from changes in fair value | ( | ( | |
Net (gains)/losses transferred to net profit on disposal | ( | ( | |
Net (gains)/losses relating to (release of) impairment | ( | ( | |
Net (losses)/gains due to fair value hedging | ( | ||
Tax | ( | ||
Cash flow hedging reserve | |||
Net gains/(losses) from changes in fair value | ( | ( | |
Net losses/(gains) transferred to net profit | ( | ||
Tax | ( | ||
Other comprehensive income/(loss) that may be recycled to profit or loss | ( | ( | |
Other comprehensive (loss)/income not recycled to profit or loss: | |||
Retirement benefit remeasurements | ( | ( | |
Own credit | ( | ( | |
Tax | ( | ( | |
Other comprehensive (loss)/income not recycled to profit or loss | ( | ||
Other comprehensive income/(loss) for the year | ( | ( | |
Total comprehensive income/(loss) for the year | ( | ||
Attributable to: | |||
Equity holders of the parent | ( | ||
Total comprehensive income/(loss) for the year | ( |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 208 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 209 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 210 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 211 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 212 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 213 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 214 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 215 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 216 |
The Barclays Bank PLC’s corporate structure consists of a number of related undertakings, comprising subsidiary undertakings, joint ventures, associated undertakings and significant holdings. A full list of these related undertakings is set out below, together with the country of incorporation, registered office (or principal place of business) and the identity and percentage of each share class held by Barclays Bank PLC. The information is provided as at 31 December 2023. The entities are grouped by the countries in which they are incorporated. The profits earned by the activities of these entities are in some cases taxed in countries other than the country of incorporation for example where the entity carries on business through a branch in a territory outside of its country of incorporation. Barclays Bank PLC Country Snapshot provides details of where Barclays Bank PLC carries on its business, where its profits are subject to tax and the taxes it pays in each country it operates in. | Notes | ||
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z | Directly held by Barclays Bank PLC Partnership Interest Membership Interest Preference Shares A Preference Shares B Preference Shares Ordinary/Common Shares in addition to other shares A Ordinary Shares B Ordinary Shares C Ordinary Shares F Ordinary Shares First Preference Shares, Second Preference Shares Registered Address not in country of incorporation USD Linked Ordinary Shares Capital Contribution Shares Redeemable Class B Shares Non-Redeemable Ordinary Shares Class A Shares Class B Shares Class C Shares Class D Shares Class E Shares First Class Common Shares, Second Class Common Shares Redeemable Class A Shares Not Consolidated Tracker 1 Euro, GBP, and USD Shares | ||
Barclays Bank PLC 2023 Annual Report on Form 20-F | 217 |
Wholly owned subsidiaries | Note | |
Unless otherwise stated, the undertakings below are wholly owned and included in the consolidation and the share capital held by the Group comprises ordinary and/or common shares, which are held by subsidiaries of the Group. Unless otherwise stated, the Group holds 100% of the nominal value of each share class. | ||
United Kingdom | ||
1 Churchill Place, London, E14 5HP | ||
Aequor Investments Limited | ||
Alynore Investments Limited Partnership | B | |
Ardencroft Investments Limited | A | |
B D & B Investments Limited | ||
B.P.B. (Holdings) Limited | A | |
Barclays Aldersgate Investments Limited | A | |
Barclays Asset Management Limited | A | |
Barclays Capital Asia Holdings Limited | A | |
Barclays Capital Nominees (No.2) Limited | ||
Barclays Capital Nominees (No.3) Limited | A | |
Barclays Capital Nominees Limited | A | |
Barclays Capital Securities Client Nominee Limited | A | |
Barclays Capital Securities Limited | A, D, G | |
Barclays CCP Funding LLP | B | |
Barclays Direct Investing Nominees Limited | ||
Barclays Directors Limited | A | |
Barclays Executive Schemes Trustees Limited | A | |
Barclays Financial Planning Nominee Company Limited | ||
Barclays Group Holdings Limited | A | |
Barclays International Holdings Limited | A | |
Barclays Investment Management Limited | A | |
Barclays Investments Solutions Limited | A | |
Barclays Long Island Limited | A | |
Barclays Nominees (George Yard) Limited | A, Y | |
Barclays OCIO Services Limited | A | |
Barclays Pension Funds Trustees Limited | A | |
Barclays Private Bank | ||
Barclays Services (Japan) Limited | A | |
Barclays Shea Limited | A | |
Barclays Term Funding Limited Liability Partnership | B | |
Barclays Wealth Nominees Limited | A |
Wholly owned subsidiaries | Note | |
Barclayshare Nominees Limited | ||
Barcosec Limited | A | |
Barsec Nominees Limited | A | |
BB Client Nominees Limited | A | |
Chapelcrest Investments Limited | ||
Cornwall Home Loans Limited | A | |
Dorset Home Loans Limited | A | |
Durlacher Nominees Limited | A | |
Eagle Financial and Leasing Services (UK) Limited | A | |
Finpart Nominees Limited | A | |
Foltus Investments Limited | ||
Hawkins Funding Limited | ||
Heraldglen Limited | G, L | |
Isle of Wight Home Loans Limited | A | |
J.V. Estates Limited | A | |
Kirsche Investments Limited | A | |
Leonis Investments LLP | B | |
Long Island Assets Limited | ||
Maloney Investments Limited | ||
Menlo Investments Limited | A | |
Mercantile Credit Company Limited | A | |
Mercantile Leasing Company (No.132) Limited | A | |
MK Opportunities LP | B | |
Naxos Investments Limited | A | |
Northwharf Nominees Limited | A | |
Oak Pension Asset Management Limited | Y | |
Real Estate Participation Management Limited | ||
Real Estate Participation Services Limited | ||
Relative Value Investments UK Limited Liability Partnership | B | |
Relative Value Trading Limited | ||
Roder Investments No. 1 Limited | A, G, Z | |
Roder Investments No. 2 Limited | A, G, Z | |
RVT CLO Investments LLP | B | |
Surety Trust Limited | A | |
Swan Lane Investments Limited | ||
US Real Estate Holdings No.1 Limited | ||
US Real Estate Holdings No.2 Limited | ||
US Real Estate Holdings No.3 Limited | ||
US Real Estate Holdings No.4 Limited | ||
US Real Estate Holdings No.5 Limited | A | |
US Real Estate Holdings No.6 Limited | A | |
Water Street Investments Limited | Y |
Wholly owned subsidiaries | Note | |
Wedd Jefferson (Nominees) Limited | A | |
Westferry Investments Limited | A | |
Woolwich Qualifying Employee Share Ownership Trustee Limited | A | |
Zeban Nominees Limited | A | |
C/O Teneo Financial Advisory Limited, 3rd Floor, The Colmore Building, 20 Colmore Circus Queensway, Birmingham, West Midlands, B4 6AT | ||
Barclays Capital Finance Limited (In Liquidation) | A | |
Barclays Capital Japan Securities Holdings Limited (In Liquidation) | ||
Barclays Global Shareplans Nominee Limited (In Liquidation) | ||
Barclays Nominees (Branches) Limited (In Liquidation | ||
Barclays Singapore Global Shareplans Nominee Limited (In Liquidation) | ||
Cobalt Investments Limited (In Liquidation) | A | |
DMW Realty Limited (In Liquidation) | A | |
1-4 , Clyde Place Lane, Glasgow, G5 8DP | ||
R.C. Greig Nominees Limited | A | |
9, allée Scheffer, Luxembourg, L-2520 | ||
Barclays Blossom Finance Limited Partnership | B, M | |
Barclays Claudas Investments Partnership | B, M | |
Barclays Pelleas Investments Limited Partnership | B, M | |
Argentina | ||
855 Leandro N.Alem Avenue, 8th Floor, Buenos Aires | ||
Compañía Sudamerica S.A. | A | |
Marval, O’Farrell & Mairal, Av. Leandro N. Alem 882, Buenos Aires, C1001AAQ | ||
Compañia Regional del Sur S.A. | A | |
Brazil | ||
Av. Brigadeiro Faria Lima, No.4.440, 12th Floor, Bairro Itaim Bibi, Sao Paulo, CEP, 04538-132 | ||
Barclays Brasil Assessoria Financeira Ltda | A | |
BNC Brazil Consultoria Empresarial Ltda | A | |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 218 |
Wholly owned subsidiaries | Note | |
Canada | ||
333 Bay Street, Suite 4910, Toronto ON M5H 2R2 | ||
Barclays Capital Canada Inc. | ||
Stikeman Elliot LLP, 199 Bay Street, 5300 Commerce Court West, Toronto ON M5L 1B9 | ||
Barclays Corporation Limited | A | |
Cayman Islands | ||
PO Box 309, Ugland House, George Town, Grand Cayman, KY1-1104 | ||
Alymere Investments Limited | E, F, G | |
Analytical Trade UK Limited | A | |
Barclays Capital (Cayman) Limited | A | |
Barclays Securities Financing Limited | E, F, G | |
Barclays US Holdings Limited | A, D, G | |
Braven Investments No.1 Limited | ||
Calthorpe Investments Limited | ||
Capton Investments Limited | ||
Claudas Investments Limited | A, G, P, X | |
Claudas Investments Two Limited | ||
Gallen Investments Limited | ||
Hornbeam Limited | Y | |
Hurley Investments No.1 Limited (In Liquidation) | ||
Mintaka Investments No. 4 Limited | ||
Palomino Limited | A, Y | |
Pelleas Investments Limited | A | |
Pippin Island Investments Limited | A | |
Razzoli Investments Limited | A, D, G | |
RVH Limited | A, D, G | |
Wessex Investments Limited (In Liquidation) | ||
Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, KY1- 9008 | ||
Long Island Holding B Limited (In Liquidation) | A | |
France | ||
34-36 avenue de Friedland, 75008, Paris | ||
Barclays ADF | A | |
Wholly owned subsidiaries | Note | |
Germany | ||
Stuttgarter Straße 55-57, 73033 Göppingen | ||
Holding Stuttgarter Straße GmbH (In Liquidation) | ||
Guernsey | ||
P.O. Box 33, Dorey Court, Admiral Park, St. Peter Port, GY1 4AT | ||
Barclays UKRF ICC Limited | Y | |
Barclays UKRF No.1 IC Limited | Y | |
Barclays UKRF No.2 IC Ltd | Y | |
Hong Kong | ||
42nd floor Citibank Tower, Citibank Plaza, 3 Garden Road | ||
Barclays Bank (Hong Kong Nominees) Limited (In Liquidation) | A | |
Barclays Capital Asia Nominees Limited (In Liquidation) | ||
Level 41,Cheung Kong Center, 2 Queen's Road, Central | ||
Barclays Capital Asia Limited | A | |
India | ||
208 Ceejay House, Shivsagar Estate, Dr A Beasant Road, Worli, Mumbai, 400 018 | ||
Barclays Securities (India) Private Limited | ||
Barclays Wealth Trustees (India) Private Limited | ||
Nirlon Knowledge Park, Level 9, Block B-6, Off Western Express Highway, Goregaon (East), Mumbai, 400063 | ||
Barclays Investments & Loans (India) Private Limited | D, G | |
Ireland | ||
One Molesworth Street, Dublin 2, D02RF29 | ||
Barclays Bank Ireland Public Limited Company | A | |
Barclays Europe Client Nominees Designated Activity Company | ||
Barclays Europe Firm Nominees Designated Activity Company | ||
Barclays Europe Nominees Designated Activity Company | ||
25-28 North Wall Quay, Dublin1, D01H104 |
Wholly owned subsidiaries | Note | |
Erimon Home Loans Ireland Limited | A | |
70 Sir John Rogerson’s Quay, Dublin 2 | ||
Barclays Finance Ireland Limited | ||
Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808 | ||
Barclays Ireland Investments LP | B, N | |
Isle of Man | ||
Eagle Court, Circular Road, Douglas, IM1 1AD, Isle of Man | ||
Barclays Nominees (Manx) Limited | A | |
Barclays Private Clients International Limited | A, H, I | |
2nd Floor, St Georges Court, Upper Church Street, Douglas, IM1 1EE | ||
Barclays Holdings (Isle of Man) Limited (In Liquidation) | A | |
Japan | ||
10-1, Roppongi 6-chome, Minato-ku, Tokyo | ||
Barclays Funds and Advisory Japan Limited | ||
Barclays Securities Japan Limited | G, E | |
6-10-1 Roppongi, Minato-Ku, Tokyo | ||
Barclays Wealth Services Limited | ||
Jersey | ||
Gaspé House, 66-72 Esplanade, St. Helier, JE1 1GH | ||
Barclays Services Jersey Limited | A | |
5 Espalanade, St Helier, JE2 3QA | ||
Barclays Wealth Management Jersey Limited | A | |
13 Library Place, St Helier, JE4 8NE | ||
Barclays Nominees (Jersey) Limited | A | |
Barclaytrust Channel Islands Limited | A | |
Estera Trust (Jersey) Limited, 13-14 Esplanade, St Helier, JE1 1EE, Jersey | ||
MK Opportunities GP Ltd | A | |
Luxembourg | ||
9, allée Scheffer, L-2520 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 219 |
Wholly owned subsidiaries | Note | |
Barclays Bedivere Investments S.à r.l. | G, H, I | |
Barclays Cantal Investments S.à r.l. | ||
Barclays Capital Luxembourg S.à r.l. | ||
Barclays Capital Trading Luxembourg S.à r.l. | ||
Barclays Claudas Investments S.à r.l. | ||
Barclays Equity Index Investments S.à r.l. | ||
Barclays International Luxembourg Dollar Holdings S.à r.l. | ||
Barclays Luxembourg EUR Holdings S.à r.l | Q | |
Barclays Luxembourg GBP Holdings S.à r.l. | Q | |
Barclays Luxembourg Global Funding S.à r.l. | ||
Barclays Luxembourg Holdings S.à r.l. | G, N | |
Barclays Luxembourg Holdings SSC | B | |
68-70 Boulevard de la Petrusse, L-2320 | ||
Adler Toy Holding Sarl | ||
10 rue du Cha'teau d'Eau, Leudelange, Grand Duchy of Luxembourg L-3364 | ||
BPM Management GP SARL | A | |
Mauritius | ||
C/O Rogers Capital Corporate Services Limited, 3rd Floor, Rogers House, No.5 President John Kennedy Street, Port Louis | ||
Barclays Capital Mauritius Limited (In Liquidation) | A | |
Barclays Capital Securities Mauritius Limited | A | |
Fifth Floor Ebene Esplanade, 24 Bank Street, Cybercity 72201 Ebene | ||
Barclays Mauritius Overseas Holdings Limited | A | |
Mexico | ||
Paseo de la Reforma 505, 41 Floor, Torre Mayor, Col. Cuauhtemoc, CP 06500 | ||
Barclays Bank Mexico, S.A. | I, K | |
Barclays Capital Casa de Bolsa, S.A. de C.V. | I, K |
Wholly owned subsidiaries | Note | |
Grupo Financiero Barclays Mexico, S.A. de C.V. | I, K | |
Servicios Barclays, S.A. de C.V. (In Liquidation) | Y | |
Monaco | ||
31 Avenue de la Costa, Monte Carlo BP 339 | ||
Barclays Private Asset Management (Monaco) S.A.M | ||
Saudi Arabia | ||
3rd Floor Al Dahna Center, 114 Al-Ahsa Street, PO Box 1454, Riyadh 11431 | ||
Barclays Saudi Arabia (In Liquidation) | A | |
Singapore | ||
10 Marina Boulevard, #25-01 Marina Bay Financial Centre, Tower 2, 018983 | ||
Barclays Merchant Bank (Singapore) Ltd. | ||
Spain | ||
Calle Jose, Abascal 51, 28003, Madrid | ||
Barclays Tenedora De Inmuebles SL. | A | |
BVP Galvani Global, S.A.U. | A | |
Switzerland | ||
Chemin de Grange Canal 18-20, PO Box 3941, 1211, Geneva | ||
Barclays Bank (Suisse) SA | ||
BPB Holdings SA | ||
Taiwan | ||
19F-1, No. 7, Xinyi Road, Sec. 5, Taipei,A322, Taiwan | ||
Barclays Securities Taiwan Limited | A | |
United States | ||
Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808 | ||
Analytical Trade Holdings LLC | ||
Barclays Asset Backed Depositor LLC | C | |
Barclays Bank Delaware | D, G | |
Barclays Capital Derivatives Funding LLC | C | |
Barclays Capital Energy Inc. | ||
Barclays Capital Equities Trading GP | B |
Wholly owned subsidiaries | Note | |
Barclays Capital Holdings Inc. | E, F, G | |
Barclays Capital Real Estate Finance Inc. | ||
Barclays Capital Real Estate Holdings Inc. | ||
Barclays Capital Real Estate Inc. | ||
Barclays Commercial Mortgage Securities LLC | C | |
Barclays Dryrock Funding LLC | C | |
Barclays Financial LLC | C | |
Barclays Group US Inc. | G, D | |
Barclays Oversight Management Inc. | ||
Barclays Receivables LLC | C | |
Barclays Services Corporation | ||
Barclays Services LLC | C | |
Barclays US CCP Funding LLC | C | |
Barclays US Investment Inc | H,I | |
Barclays US LLC | C | |
BCAP LLC | C | |
Gracechurch Services Corporation | ||
Lagalla Investments LLC | C | |
Long Island Holding A LLC | C | |
Marbury Holdings LLC | C | |
Preferred Liquidity, LLC | H | |
Procella Investments No.2 LLC | C | |
Procella Investments No.3 LLC | C | |
Relative Value Holdings, LLC | ||
Surrey Funding Corporation | ||
Sussex Purchasing Corporation | ||
Sutton Funding LLC | C | |
US Secured Investments LLC | O | |
Verain Investments LLC | ||
Wilmington Riverfront LLC | ||
100 Bank Street, Suite 630, Burlington, Vermont 05401 | ||
Barclays Insurance U.S. Inc. | ||
Corporation Service Company, 80 State Street, Albany, NY, 12207-2543 | ||
Barclays Equity Holdings Inc. | ||
Corporation Service Company Goodwin Square, 225 Asylum Street 20th Floor Hartford CT 06103 | ||
Barclays Capital Inc. | ||
Corporation Service Company, 2626, Glenwood Ave, Suite 550, Raleigh, NC, 27608 | ||
Barclays US GPF Inc. | ||
Equifirst Corporation (In Liquidation, dissolved with State of North Carolina) |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 220 |
Wholly owned subsidiaries | Note | |
125 S West Street Wilmington, DE 19801 | ||
Curve Investments GP | B | |
Barclays Dryrock Issuance Trust |
Unless otherwise stated, the undertakings below are included in the consolidation and the share capital held by Barclays Bank PLC comprises ordinary and/or common shares, which are held by subsidiaries of Barclays Bank PLC . The percentage of the nominal value of each share class held by Barclays Bank PLC is provided below. | ||
Other Related Undertakings | % | Note |
United Kingdom | ||
1 Churchill Place, London, E14 5HP | ||
PSA Credit Company Limited (In Liquidation) | 100.00 | H, J |
Barclays Secured Funding (LM) | 20.00 | |
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ | ||
Equistone Founder Partner II L.P. | 20.00 | B, Y |
Equistone Founder Partner III L.P. | 20.00 | B, Y |
Enigma, Wavendon Business Park Milton Keynes, MK178LX | ||
Intelligent Processing Solutions Limited | 19.50 | Y |
Cayman Islands | ||
PO Box 309, Ugland House, Grand Cayman KY1-1104 | ||
Newman Holdings Limited (In Liquidation) | 80.60 | Y |
Korea, Republic of | ||
18th Floor, Daishin Finance Centre, 343, Samil-daero, Jung- go, Seoul | ||
Woori BC Pegasus Securitization Specialty Co. Ltd | 70.00 | W |
Luxembourg | ||
9, allee Scheffer, L-2520 | ||
Barclays Alzin Investments S.à r.l. | 100.00 | R,S, U |
Barclays Bordang Investments S.à r.l. | 100.00 | R, S |
Preferred Funding S.à r.l. | 100.00 | F |
Preferred Investments S.à r.l. | 100.00 | G, P |
Barclays Lamorak | 100.00 | E,Q |
Malta | ||
RS2 Buildings, Fort Road, Mosta, MST 1859 | ||
RS2 Software PLC | 18.14 | Y |
United States | ||
Corporation Trust Company, Corporation Trust Centre, 1209 Orange Street, Wilmington DE 19801 | ||
DG Solar Lessee, LLC | 75.00 | C, Y |
DG Solar Lessee II, LLC | 75.00 | C, Y |
VS BC Solar Lessee I LLC | 50.00 | C, Y |
1415 Louisiana Street, Suite 1600, TX 77002-0000 | ||
Sabine Oil & Gas Holdings, Inc. (In Liquidation) | 22.12 | Y |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 221 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 222 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 223 |
Barclays Bank Group | Average deposits at amortised cost | Interest expense | Average interest rate |
For the year ended 31 December 2023 | £m | £m | % |
UKa | |||
Current and demand accounts | |||
– interest free | 34,895 | — | — |
– interest bearing | 39,428 | 437 | 1.1 |
Savings accounts | 16,534 | 102 | 0.6 |
Time deposits | 65,824 | 3,345 | 5.1 |
Total UK | 156,681 | 3,884 | 2.5 |
Non-UKa | |||
Current and demand accounts | |||
– interest free | 15,605 | — | — |
– interest bearing | 14,893 | 85 | 0.6 |
Savings accounts | 15,219 | 252 | 1.7 |
Time deposits | 105,126 | 4,520 | 4.3 |
Total Non-UK | 150,843 | 4,857 | 3.2 |
Total Deposits at Amortised Cost | 307,524 | 8,741 | 2.8 |
Barclays Bank Group | Average deposits at amortised cost | Interest expense | Average interest rate |
For the year ended 31 December 2022 | £m | £m | % |
UKa | |||
Current and demand accounts | |||
– interest free | 45,336 | — | — |
– interest bearing | 38,015 | 219 | 0.6 |
Savings accounts | 19,581 | 115 | 0.6 |
Time deposits | 58,879 | 954 | 1.6 |
Total UK | 161,811 | 1,288 | 0.8 |
Non-UKa | |||
Current and demand accounts | |||
– interest free | 18,465 | — | — |
– interest bearing | 16,137 | 167 | 1.0 |
Savings accounts | 15,558 | 231 | 1.5 |
Time deposits | 88,119 | 1,418 | 1.6 |
Total Non-UK | 138,279 | 1,816 | 1.3 |
Total Deposits at Amortised Cost | 300,090 | 3,104 | 1.0 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 224 |
Barclays Bank Group | Average deposits at amortised cost | Interest expense | Average interest rate |
For the year ended 31 December 2021 | £m | £m | % |
UKa | |||
Current and demand accounts | |||
– interest free | 44,482 | — | — |
– interest bearing | 34,026 | 7 | — |
Savings accounts | 20,809 | 4 | — |
Time deposits | 66,330 | 71 | 0.1 |
Total UK | 165,647 | 82 | — |
Non-UKa | |||
Current and demand accounts | |||
– interest free | 16,195 | — | — |
– interest bearing | 15,462 | 29 | 0.2 |
Savings accounts | 13,969 | 71 | 0.5 |
Time deposits | 50,831 | 149 | 0.3 |
Total Non-UK | 96,457 | 249 | 0.3 |
Total Deposits at Amortised Cost | 262,104 | 331 | 0.1 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 225 |
Barclays Bank Group | 2023 | 2022 |
£m | £m | |
3 months or less | 121,529 | 117,345 |
3 to 6 months | 20,075 | 18,666 |
6 to 12 months | 19,113 | 10,340 |
12 months and over | 3,772 | 2,643 |
Total | 164,489 | 148,994 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 226 |
Commercial commitments | |||||
Amount of commitment expiration per period | |||||
Less than one year | Between one to three years | Between three to five years | After five years | Total amounts committed | |
Barclays Bank Group | £m | £m | £m | £m | £m |
As at 31 December 2023 | |||||
Guarantees and letters of credit pledged as collateral security | 17,578 | — | — | — | 17,578 |
Performance guarantees, acceptances and endorsements | 9,250 | 1 | — | — | 9,251 |
Documentary credits and other short-term trade related transactions | 2,352 | — | — | — | 2,352 |
Standby facilities, credit lines and other commitments | 335,528 | 55 | — | — | 335,583 |
As at 31 December 2022 | |||||
Guarantees and letters of credit pledged as collateral security | 17,700 | — | — | — | 17,700 |
Performance guarantees, acceptances and endorsements | 8,099 | 1 | — | — | 8,100 |
Documentary credits and other short-term trade related transactions | 1,748 | — | — | — | 1,748 |
Standby facilities, credit lines and other commitments | 333,192 | 37 | — | — | 333,229 |
Contractual obligations | |||||
Payments due by period | |||||
Less than one year | Between one to three years | Between three to five years | After five years | Total | |
Barclays Bank Group | £m | £m | £m | £m | £m |
As at 31 December 2023 | |||||
Long-term debta | 37,898 | 14,482 | 9,334 | 33,077 | 94,791 |
Purchase obligations | 34 | 17 | 10 | 10 | 71 |
Total | 37,932 | 14,499 | 9,344 | 33,087 | 94,862 |
As at 31 December 2022 | |||||
Long-term debta | 52,519 | 14,436 | 11,897 | 32,448 | 111,300 |
Purchase obligations | 35 | 45 | 19 | — | 99 |
Total | 52,554 | 14,481 | 11,916 | 32,448 | 111,399 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 227 |
Commercial commitments | |||||
Amount of commitment expiration per period | |||||
Less than one year | Between one to three years | Between three to five years | After five years | Total amounts committed | |
Barclays Bank PLC | £m | £m | £m | £m | £m |
As at 31 December 2023 | |||||
Guarantees and letters of credit pledged as collateral security | 58,136 | — | — | — | 58,136 |
Performance guarantees, acceptances and endorsements | 10,816 | 1 | — | — | 10,817 |
Documentary credits and other short-term trade related transactions | 2,298 | — | — | — | 2,298 |
Standby facilities, credit lines and other commitments | 204,374 | 55 | — | — | 204,429 |
As at 31 December 2022 | |||||
Guarantees and letters of credit pledged as collateral security | 52,219 | — | — | — | 52,219 |
Performance guarantees, acceptances and endorsements | 9,983 | 1 | — | — | 9,984 |
Documentary credits and other short-term trade related transactions | 1,686 | — | — | — | 1,686 |
Standby facilities, credit lines and other commitments | 205,612 | 37 | — | — | 205,649 |
Contractual obligations | |||||
Payments due by period | |||||
Less than one year | Between one to three years | Between three to five years | After five years | Total | |
Barclays Bank PLC | £m | £m | £m | £m | £m |
As at 31 December 2023 | |||||
Long-term debta | 21,182 | 12,271 | 9,158 | 28,679 | 71,290 |
Purchase obligations | 6 | 6 | — | — | 12 |
Total | 21,188 | 12,277 | 9,158 | 28,679 | 71,302 |
As at 31 December 2022 | |||||
Long-term debta | 37,907 | 10,517 | 10,596 | 31,103 | 90,123 |
Purchase obligations | 5 | — | — | — | 5 |
Total | 37,912 | 10,517 | 10,596 | 31,103 | 90,128 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 228 |
Maturities and yield of investment debt securities | ||||||||||
Barclays Bank Group | Maturing within one year | Maturing after one but within five years | Maturing after five but within ten years | Maturing after ten years | Total | |||||
Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | |
As at 31 December 2023 | £m | % | £m | % | £m | % | £m | % | £m | % |
Debt securities at amortised cost | 8,994 | 3.9% | 19,560 | 3.4% | 1,114 | 3.6% | 9,378 | 3.5% | 39,046 | 3.5% |
Financial assets at fair value through other comprehensive income | 7,576 | 2.5% | 18,045 | 2.5% | 14,108 | 3.0% | 10,921 | 2.7% | 50,650 | 2.7% |
Total book Value | 16,570 | 37,605 | 15,222 | 20,299 | 89,696 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 229 |
Assets | 2023 | |||||
Barclays Bank Group | Average balance | Interest income | Interest expensea | Total interest | Rate | |
£m | £m | £m | £m | % | ||
Cash and balances at central banks | UK | 78,548 | 3,101 | — | 3,101 | 3.9 |
Cash and balances at central banks | Non-UK | 133,302 | 5,283 | (4) | 5,279 | 4.0 |
Cash and balances at central banks | Total | 211,850 | 8,384 | (4) | 8,380 | 4.0 |
Loans and advances at amortised cost | UK | 97,152 | 4,219 | — | 4,219 | 4.3 |
Loans and advances at amortised cost | Non-UK | 92,044 | 5,454 | — | 5,454 | 5.9 |
Loans and advances at amortised costb | Total | 189,196 | 9,673 | — | 9,673 | 5.1 |
Cash collateral | UK | 51,205 | 1,295 | — | 1,295 | 2.5 |
Cash collateral | Non-UK | 25,880 | 692 | — | 692 | 2.7 |
Cash collateral | Total | 77,085 | 1,987 | — | 1,987 | 2.6 |
Reverse repurchase agreements | UK | 700 | 22 | — | 22 | 3.1 |
Reverse repurchase agreements | Non-UK | 1,247 | 58 | (3) | 55 | 4.4 |
Reverse repurchase agreements | Total | 1,947 | 80 | (3) | 77 | 4.0 |
Interest earning assets at fair value through other comprehensive income | UK | 45,340 | 3,646 | — | 3,646 | 8.0 |
Interest earning assets at fair value through other comprehensive income | Non-UK | 3,458 | 162 | — | 162 | 4.7 |
Interest earning assets at fair value through other comprehensive income | Total | 48,798 | 3,808 | — | 3,808 | 7.8 |
Other interest and similar incomec | — | 329 | (46) | 283 | — | |
Total interest earning assets not at fair value through income statement | 528,876 | 24,261 | (53) | 24,208 | 4.6 | |
Less interest and similar expense | (17,608) | 53 | (17,555) | — | ||
Net interest | 6,653 | — | 6,653 | — | ||
Interest earning assets at fair value through income statement | UK | 226,915 | ||||
Interest earning assets at fair value through income statement | Non-UK | 123,109 | ||||
Interest earning assets at fair value through income statement | Total | 350,024 | ||||
Total interest earning assets | 878,900 | |||||
Impairments | (4,001) | |||||
Non-interest earning assets | 419,474 | |||||
Total | 1,294,373 | |||||
Percentage of total average interest earning assets in offices outside the UK | 43% |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 230 |
Assets | 2022 | |||||
Barclays Bank Group | Average balance | Interest income | Interest expensea | Total net interest | Rate | |
£m | £m | £m | £m | % | ||
Cash and balances at central banks | UK | 67,386 | 850 | — | 850 | 1.3 |
Cash and balances at central banks | Non-UK | 137,155 | 1,247 | (190) | 1,057 | 0.8 |
Cash and balances at central banks | Total | 204,541 | 2,097 | (190) | 1,907 | 0.9 |
Loans and advances at amortised cost | UK | 92,966 | 3,059 | — | 3,059 | 3.3 |
Loans and advances at amortised cost | Non-UK | 84,273 | 4,395 | — | 4,395 | 5.2 |
Loans and advances at amortised costb | Total | 177,239 | 7,454 | — | 7,454 | 4.2 |
Cash collateral | UK | 57,514 | 366 | (1) | 365 | 0.6 |
Cash collateral | Non-UK | 23,592 | 39 | (15) | 24 | 0.1 |
Cash collateral | Total | 81,106 | 405 | (16) | 389 | 0.5 |
Reverse repurchase agreements | UK | 607 | 17 | — | 17 | 2.8 |
Reverse repurchase agreements | Non-UK | 2,383 | 12 | (2) | 10 | 0.4 |
Reverse repurchase agreements | Total | 2,990 | 29 | (2) | 27 | 0.9 |
Interest earning assets at fair value through other comprehensive income | UK | 41,150 | 1,392 | — | 1,392 | 3.4 |
Interest earning assets at fair value through other comprehensive income | Non-UK | 4,447 | 101 | — | 101 | 2.3 |
Interest earning assets at fair value through other comprehensive income | Total | 45,597 | 1,493 | — | 1,493 | 3.3 |
Other interest and similar incomec | — | 301 | (208) | 93 | — | |
Total interest earning assets not at fair value through income statement | 511,473 | 11,779 | (416) | 11,363 | 2.2 | |
Less interest and similar expense | — | (6,381) | 416 | (5,965) | — | |
Net interest | 5,398 | — | 5,398 | — | ||
Interest earning assets at fair value through income statement | UK | 208,206 | ||||
Interest earning assets at fair value through income statement | Non-UK | 113,918 | ||||
Interest earning assets at fair value through income statement | Total | 322,124 | ||||
Total interest earning assets | 833,597 | |||||
Impairments | (3,608) | |||||
Non-interest earning assets | 464,243 | |||||
Total | 1,294,232 | |||||
Percentage of total average interest earning assets in offices outside the UK | 44% |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 231 |
Assets | 2021 | |||||
Barclays Bank Group | Average balance | Interest income | Interest expensea | Total net interest | Rate | |
£m | £m | £m | £m | |||
Cash and balances at central banks | UK | 45,958 | 56 | — | 56 | 0.1 |
Cash and balances at central banks | Non-UK | 130,493 | 72 | (304) | (232) | (0.2) |
Cash and balances at central banks | Total | 176,451 | 128 | (304) | (176) | (0.1) |
Loans and advances at amortised cost | UK | 76,236 | 1,876 | — | 1,876 | 2.5 |
Loans and advances at amortised cost | Non-UK | 64,389 | 2,389 | (1) | 2,388 | 3.7 |
Loans and advances at amortised costb | Total | 140,625 | 4,265 | (1) | 4,264 | 3.0 |
Cash collateral | UK | 47,035 | 109 | (29) | 80 | 0.2 |
Cash collateral | Non-UK | 20,358 | 24 | (36) | (12) | (0.1) |
Cash collateral | Total | 67,393 | 133 | (65) | 68 | 0.1 |
Reverse repurchase agreements | UK | 598 | 11 | — | 11 | 1.8 |
Reverse repurchase agreements | Non-UK | 4,078 | 7 | (4) | 3 | 0.1 |
Reverse repurchase agreements | Total | 4,676 | 18 | (4) | 14 | 0.3 |
Interest earning assets at fair value through other comprehensive income | UK | 45,029 | 342 | — | 342 | 0.8 |
Interest earning assets at fair value through other comprehensive income | Non-UK | 3,006 | 38 | — | 38 | 1.3 |
Interest earning assets at fair value through other comprehensive income | Total | 48,035 | 380 | — | 380 | 0.8 |
Other interest and similar incomec | — | 748 | (248) | 500 | ||
Total interest earning assets not at fair value through P&L | 437,180 | 5,672 | (622) | 5,050 | 1.2 | |
Less interest and similar expense | — | (2,599) | 622 | (1,977) | ||
Net interest | 3,073 | — | 3,073 | |||
Interest earning assets at fair value through P&L | UK | 190,258 | ||||
Interest earning assets at fair value through P&L | Non-UK | 103,179 | ||||
Interest earning assets at fair value through P&L | Total | 293,437 | ||||
Total interest earning assets | 730,617 | |||||
Impairments | (4,251) | |||||
Non-interest earning assets | 401,358 | |||||
Total | 1,127,724 | |||||
Percentage of total average interest earning assets in offices outside the UK | 45% |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 232 |
Liabilities | ||||||
2023 | ||||||
Barclays Bank Group | Average balance | Interest expense | Interest incomea | Total net interest | Rate | |
£m | £m | £m | £m | % | ||
Deposits at amortised cost | UK | 162,350 | 5,000 | — | 5,000 | 3.1 |
Deposits at amortised cost | Non-UK | 93,174 | 3,647 | — | 3,647 | 3.9 |
Deposits at amortised cost | Total | 255,524 | 8,647 | — | 8,647 | 3.4 |
Federal funds purchased | UK | — | — | — | — | — |
Federal funds purchased | Non-UK | 1,500 | 94 | — | 94 | 6.3 |
Federal funds purchased | Total | 1,500 | 94 | — | 94 | 6.3 |
Cash collateral | UK | 44,383 | 1,406 | — | 1,406 | 3.2 |
Cash collateral | Non-UK | 25,678 | 800 | — | 800 | 3.1 |
Cash collateral | Total | 70,061 | 2,206 | — | 2,206 | 3.1 |
Debt securities in issue | UK | 10,524 | 624 | — | 624 | 5.9 |
Debt securities in issue | Non-UK | 19,432 | 1,086 | — | 1,086 | 5.6 |
Debt securities in issue | Total | 29,956 | 1,710 | — | 1,710 | 5.7 |
Commercial paper | UK | 11,332 | 454 | (46) | 408 | 3.6 |
Commercial paper | Non-UK | 16,840 | 866 | — | 866 | 5.1 |
Commercial paper | Total | 28,172 | 1,320 | (46) | 1,274 | 4.5 |
Subordinated liabilities | UK | 36,568 | 2,653 | — | 2,653 | 7.3 |
Subordinated liabilities | Non-UK | 607 | 44 | — | 44 | 7.2 |
Subordinated liabilities | Total | 37,175 | 2,697 | — | 2,697 | 7.3 |
Repurchase agreements | UK | 19,371 | 586 | — | 586 | 3.0 |
Repurchase agreements | Non-UK | 1,899 | 73 | — | 73 | 3.8 |
Repurchase agreements | Total | 21,270 | 659 | — | 659 | 3.1 |
Other interest and similar expenseb | — | 275 | (7) | 268 | — | |
Total interest bearing liabilities not at fair value through income statement | 443,658 | 17,608 | (53) | 17,555 | 4.0 | |
Interest bearing liabilities at fair value through income statement | UK | 313,177 | ||||
Interest bearing liabilities at fair value through income statement | Non-UK | 74,730 | ||||
Interest bearing liabilities at fair value through income statement | Total | 387,907 | ||||
Total interest bearing liabilities | 831,565 | |||||
Interest free customer deposits | UK | 33,671 | ||||
Interest free customer deposits | Non-UK | 16,829 | ||||
Interest free customer deposits | Total | 50,500 | ||||
Other non-interest bearing liabilities | 353,037 | |||||
Shareholders' equity | 59,271 | |||||
Total | 1,294,373 | |||||
Percentage of total average interest earning liabilities in offices outside the UK | 28% |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 233 |
Liabilities | 2022 | |||||
Barclays Bank Group | Average balance | Interest expense | Interest incomea | Total net interest | Rate | |
£m | £m | £m | £m | % | ||
Deposits at amortised cost | UK | 153,385 | 2,000 | (8) | 1,992 | 1.3 |
Deposits at amortised cost | Non-UK | 81,715 | 1,077 | (67) | 1,010 | 1.2 |
Deposits at amortised cost | Total | 235,100 | 3,077 | (75) | 3,002 | 1.3 |
Federal funds purchased | UK | — | — | — | — | — |
Federal funds purchased | Non-UK | 1,189 | 27 | — | 27 | 2.3 |
Federal funds purchased | Total | 1,189 | 27 | — | 27 | 2.3 |
Cash collateral | UK | 50,430 | 365 | (63) | 302 | 0.6 |
Cash collateral | Non-UK | 22,610 | 31 | — | 31 | 0.1 |
Cash collateral | Total | 73,040 | 396 | (63) | 333 | 0.5 |
Debt securities in issue | UK | 11,677 | 538 | — | 538 | 4.6 |
Debt securities in issue | Non-UK | 21,987 | 539 | — | 539 | 2.5 |
Debt securities in issue | Total | 33,664 | 1,077 | — | 1,077 | 3.2 |
Commercial paper | UK | 14,655 | 130 | (62) | 68 | 0.5 |
Commercial paper | Non-UK | 15,247 | 266 | (5) | 261 | 1.7 |
Commercial paper | Total | 29,902 | 396 | (67) | 329 | 1.1 |
Subordinated liabilities | UK | 32,664 | 943 | — | 943 | 2.9 |
Subordinated liabilities | Non-UK | 527 | 23 | — | 23 | 4.4 |
Subordinated liabilities | Total | 33,191 | 966 | — | 966 | 2.9 |
Repurchase agreements | UK | 10,036 | 41 | — | 41 | 0.4 |
Repurchase agreements | Non-UK | 2,982 | 12 | (3) | 9 | 0.3 |
Repurchase agreements | Total | 13,018 | 53 | (3) | 50 | 0.4 |
Other interest and similar expenseb | — | 389 | (208) | 181 | — | |
Total interest bearing liabilities not at fair value through income statement | 419,104 | 6,381 | (416) | 5,965 | 1.4 | |
Interest bearing liabilities at fair value through income statement | UK | 273,623 | ||||
Interest bearing liabilities at fair value through income statement | Non-UK | 66,573 | ||||
Interest bearing liabilities at fair value through income statement | Total | 340,196 | ||||
Total interest bearing liabilities | 759,300 | |||||
Interest free customer deposits | UK | 46,670 | ||||
Interest free customer deposits | Non-UK | 17,131 | ||||
Interest free customer deposits | Total | 63,801 | ||||
Other non-interest bearing liabilities | 412,674 | |||||
Shareholders' equity | 58,457 | |||||
Total | 1,294,232 | |||||
Percentage of total average interest earning liabilities in offices outside the UK | 28% |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 234 |
Liabilities | 2021 | |||||
Barclays Bank Group | Average balance | Interest expense | Interest incomea | Total net interest | Rate | |
£m | £m | £m | £m | % | ||
Deposits at amortised cost | UK | 130,828 | 112 | (55) | 57 | — |
Deposits at amortised cost | Non-UK | 69,811 | 218 | (77) | 141 | 0.2 |
Deposits at amortised cost | Total | 200,639 | 330 | (132) | 198 | 0.1 |
Federal funds purchased | UK | — | — | — | — | — |
Federal funds purchased | Non-UK | 788 | 1 | — | 1 | 0.1 |
Federal funds purchased | Total | 788 | 1 | — | 1 | 0.1 |
Cash collateral | UK | 44,591 | 42 | (40) | 2 | — |
Cash collateral | Non-UK | 16,036 | 22 | — | 22 | 0.1 |
Cash collateral | Total | 60,627 | 64 | (40) | 24 | — |
Debt securities in issue | UK | 9,295 | 290 | — | 290 | 3.1 |
Debt securities in issue | Non-UK | 12,745 | 95 | — | 95 | 0.7 |
Debt securities in issue | Total | 22,040 | 385 | — | 385 | 1.7 |
Commercial paper | UK | 9,094 | 4 | (26) | (22) | (0.2) |
Commercial paper | Non-UK | 11,337 | 24 | (6) | 18 | 0.2 |
Commercial paper | Total | 20,431 | 28 | (32) | (4) | — |
Subordinated liabilities | UK | 29,757 | 922 | — | 922 | 3.1 |
Subordinated liabilities | Non-UK | 227 | 12 | — | 12 | 5.3 |
Subordinated liabilities | Total | 29,984 | 934 | — | 934 | 3.1 |
Repurchase agreements | UK | 8,793 | 15 | — | 15 | 0.2 |
Repurchase agreements | Non-UK | 2,542 | 1 | (44) | (43) | (1.7) |
Repurchase agreements | Total | 11,335 | 16 | (44) | (28) | (0.2) |
Other interest and similar expenseb | — | 841 | (374) | 467 | — | |
Total interest bearing liabilities not at fair value through income statement | 345,844 | 2,599 | (622) | 1,977 | 0.6 | |
Interest bearing liabilities at fair value through income statement | UK | 268,067 | ||||
Interest bearing liabilities at fair value through income statement | Non-UK | 55,754 | ||||
Interest bearing liabilities at fair value through income statement | Total | 323,821 | ||||
Total interest bearing liabilities | 669,665 | |||||
Interest free customer deposits | UK | 45,498 | ||||
Interest free customer deposits | Non-UK | 15,179 | ||||
Interest free customer deposits | Total | 60,677 | ||||
Other non-interest bearing liabilities | 343,510 | |||||
Shareholders' equity | 53,872 | |||||
Total | 1,127,724 | |||||
Percentage of total average interest earning liabilities in offices outside the UK | 25% |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 235 |
Interest income | |||||||
Barclays Bank Group | 2023/2022 Change due to increase/(decrease) in: | 2022/2021 Change due to increase/(decrease) in: | |||||
Total change | Volume | Rate | Total change | Volume | Rate | ||
£m | £m | £m | £m | £m | £m | ||
Cash and balances at central banks | UK | 2,251 | 163 | 2,088 | 794 | 38 | 756 |
Cash and balances at central banks | Non-UK | 4,222 | (31) | 4,253 | 1,289 | (11) | 1,300 |
Cash and balances at central banks | Total | 6,473 | 132 | 6,341 | 2,083 | 27 | 2,056 |
Loans and advances at amortised cost | UK | 1,160 | 143 | 1,017 | 1,183 | 467 | 716 |
Loans and advances at amortised cost | Non-UK | 1,059 | 427 | 632 | 2,007 | 867 | 1,140 |
Loans and advances at amortised cost | Total | 2,219 | 570 | 1,649 | 3,190 | 1,334 | 1,856 |
Cash collateral | UK | 930 | (44) | 974 | 285 | 22 | 263 |
Cash collateral | Non-UK | 668 | 2 | 666 | 36 | (2) | 38 |
Cash collateral | Total | 1,598 | (42) | 1,640 | 321 | 20 | 301 |
Reverse repurchase agreements | UK | 5 | 3 | 2 | 6 | — | 6 |
Reverse repurchase agreements | Non-UK | 45 | (7) | 52 | 7 | (1) | 8 |
Reverse repurchase agreements | Total | 50 | (4) | 54 | 13 | (1) | 14 |
Interest earning assets at fair value through other comprehensive income | UK | 2,254 | 155 | 2,099 | 1,050 | (31) | 1,081 |
Interest earning assets at fair value through other comprehensive income | Non-UK | 61 | (26) | 87 | 63 | 24 | 39 |
Interest earning assets at fair value through other comprehensive income | Total | 2,315 | 129 | 2,186 | 1,113 | (7) | 1,120 |
Other interest and similar income | 190 | — | 190 | (407) | — | (407) | |
Total interest receivable | 12,845 | 785 | 12,060 | 6,313 | 1,373 | 4,940 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 236 |
Interest expense | |||||||
Barclays Bank Group | 2023/2022 Change due to increase/(decrease) in: | 2022/2021 Change due to increase/(decrease) in: | |||||
Total change | Volume | Rate | Total change | Volume | Rate | ||
£m | £m | £m | £m | £m | £m | ||
Deposits at amortised cost | UK | 3,008 | 123 | 2,885 | 1,935 | 12 | 1,923 |
Deposits at amortised cost | non-UK | 2,637 | 161 | 2,476 | 869 | 28 | 841 |
Deposits at amortised cost | Total | 5,645 | 284 | 5,361 | 2,804 | 40 | 2,764 |
Federal funds purchased | UK | — | — | — | — | — | — |
Federal funds purchased | non-UK | 67 | 9 | 58 | 26 | 2 | 24 |
Federal funds purchased | Total | 67 | 9 | 58 | 26 | 2 | 24 |
Cash Collateral | UK | 1,104 | (40) | 1,144 | 300 | — | 300 |
Cash Collateral | non-UK | 769 | 5 | 764 | 9 | 9 | — |
Cash Collateral | Total | 1,873 | (35) | 1,908 | 309 | 9 | 300 |
Debt securities in issue | UK | 86 | (57) | 143 | 248 | 86 | 162 |
Debt securities in issue | non-UK | 547 | (70) | 617 | 444 | 107 | 337 |
Debt securities in issue | Total | 633 | (127) | 760 | 692 | 193 | 499 |
Commercial paper | UK | 340 | (18) | 358 | 90 | (6) | 96 |
Commercial paper | non-UK | 605 | 30 | 575 | 243 | 8 | 235 |
Commercial paper | Total | 945 | 12 | 933 | 333 | 2 | 331 |
Subordinated liabilities | UK | 1,710 | 126 | 1,584 | 21 | 86 | (65) |
Subordinated liabilities | non-UK | 21 | 3 | 18 | 11 | 13 | (2) |
Subordinated liabilities | Total | 1,731 | 129 | 1,602 | 32 | 99 | (67) |
Repurchase agreements | UK | 545 | 69 | 476 | 26 | 2 | 24 |
Repurchase agreements | non-UK | 64 | (4) | 68 | 52 | (6) | 58 |
Repurchase agreements | Total | 609 | 65 | 544 | 78 | (4) | 82 |
Other interest and similar expense | 87 | — | 87 | (286) | — | (286) | |
Total interest payable | 11,590 | 337 | 11,253 | 3,988 | 341 | 3,647 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 237 |
Interest forgone on risk elements in loans and advances at amortised cost | Barclays Bank Group | ||
2023 | 2022 | 2021 | |
As at 31 December | £m | £m | £m |
Interest income that would have been recognised under the original contractual terms | 111 | 44 | 39 |
Allocation of the Allowance for Credit Losses | Barclays Bank Group | |||
Balance at end of period applicable to: | Amount | % of loans in each category to total loans | ||
2023a | 2022 | 2023 | 2022 | |
As at 31 December | £m | £m | ||
Loans and Advances at amortised cost to Banks | 10 | 11 | 6.0% | 5.6% |
Loans and Advances at amortised cost to Customers | 4,007 | 3,768 | 93.5% | 94.2% |
Financial Assets at Fair Value through Other Comprehensive Income | 2 | — | 0.5% | 0.1% |
Total | 4,019 | 3,779 | 100% | 100% |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 238 |
Net Charge offs during the period to average loans outstanding | |||
Barclays Bank Group | Amount | ||
2023a | 2022 | 2021 | |
As at 31 December | £m | £m | £m |
Loans and Advances at amortised cost to Banks | |||
Net charge off | — | — | — |
Average loans | 9,978 | 10,225 | 9,381 |
Ratio % | — | — | — |
Loans and Advances at amortised cost to Customers | |||
Net charge off | 815 | 750 | 1,417 |
Average loans | 145,367 | 139,710 | 114,757 |
Ratio % | 0.6% | 0.5% | 1.2% |
Financial Assets at Fair Value through Other Comprehensive Income | |||
Net charge off | — | — | — |
Average loans | 346 | 221 | 110 |
Ratio | —% | —% | —% |
Consolidated Basis | Barclays Bank Group | |
Allowance for Credit losses to total loans outstanding | Amount | |
2023a | 2022 | |
As at 31 December | £m | £m |
Allowance for credit losses | 4,019 | 3,779 |
Total loans outstanding | 150,988 | 159,205 |
Ratio | 2.7% | 2.4% |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 239 |
Maturity analysis of Gross loans and advances | |||||
Barclays Bank Group | Less than 1 year | One to Five Years | Five to fifteen years | Over fifteen years | Total |
As at 31 December 2023 | £m | £m | £m | £m | £m |
Loans and Advances at Amortised cost to banks | 9,034 | — | — | — | 9,034 |
Loans and Advances at Amortised cost to Customers | 41,942 | 69,771 | 22,239 | 7,232 | 141,184 |
Financial Assets at Fair Value Through Other Comprehensive Income | 78 | 286 | 407 | — | 771 |
Loans and Advances at Fair Value through Profit and Loss | 39,823 | 4,121 | 793 | 683 | 45,420 |
Traded loans | 12,653 | — | — | — | 12,653 |
Total Gross loans and advances | 103,530 | 74,178 | 23,439 | 7,915 | 209,062 |
Less than 1 year | One to Five Years | Five to fifteen years | Over fifteen years | Total | |
As at 31 December 2022 | £m | £m | £m | £m | £m |
Loans and Advances at Amortised cost to banks | 8,972 | — | — | — | 8,972 |
Loans and Advances at Amortised cost to customers | 44,071 | 74,965 | 23,213 | 7,762 | 150,011 |
Financial Assets at Fair Value Through Other Comprehensive Income | — | 222 | — | — | 222 |
Loans and Advances at Fair Value through Profit and Loss | 32,869 | 2,882 | 836 | 863 | 37,450 |
Traded loans | 13,198 | — | — | — | 13,198 |
Total Gross loans and advances | 99,110 | 78,069 | 24,049 | 8,625 | 209,853 |
Interest rate sensitivity of gross loans and advances. Maturity > 1 year | |||||||
2023 | 2022 | ||||||
Barclays Bank Group | Fixed rate | Variable rate | Total | Fixed rate | Variable rate | Total | |
As at 31 December | £m | £m | £m | £m | £m | £m | |
Loans and Advances at Amortised cost to banks | — | — | — | — | — | — | |
Loans and Advances at Amortised cost to customers | 13,077 | 86,165 | 99,242 | 16,153 | 89,787 | 105,940 | |
Financial Assets at Fair Value Through Other Comprehensive Income | — | 693 | 693 | 222 | 222 | ||
Loans and Advances at Fair Value through Profit and Loss | 1,178 | 4,419 | 5,597 | 1,318 | 3,262 | 4,580 | |
Gross loans and advances | 14,255 | 91,277 | 105,532 | 17,471 | 93,271 | 110,742 |
Notional principal amounts of credit derivatives | Barclays Bank Group | |
2023 | 2022 | |
As at 31 December | £m | £m |
Credit derivatives held or issued for trading purposesa | 1,448,350 | 1,727,220 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 240 |
Barclays Bank PLC | |||||||
Corporate and Investment Bank | Consumer, Cards and Payments | ||||||
Barclays Bank PLC 2023 Annual Report on Form 20-F | 241 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 242 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 243 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 244 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 245 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 246 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 247 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 248 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 249 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 250 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 251 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 252 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 253 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 254 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 255 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 256 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 257 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 258 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 259 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 260 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 261 |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 262 |
Exhibit | Description |
1.1 | |
2.1 | Long Term Debt Instruments: Barclays Bank PLC is not party to any single instrument relating to long-term debt pursuant to which a total amount of securities exceeding 10% of its total assets (on a consolidated basis) is authorised to be issued. Barclays Bank PLC hereby agrees to furnish to the Securities and Exchange Commission (the “Commission”), upon its request, a copy of any instrument defining the rights of holders of its long-term debt or the rights of holders of the long-term debt of any of its subsidiaries for which consolidated or unconsolidated financial statements are required to be filed with the Commission. |
2.2 | |
4.1 | |
4.2 | |
4.3 | |
4.4 | |
12.1 | |
13.1 | |
15.1 | |
97.1 | |
99.1 | |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema |
101.CAL | XBRL Taxonomy Extension Schema Calculation Linkbase |
101.DEF | XBRL Taxonomy Extension Schema Definition Linkbase |
101.LAB | XBRL Taxonomy Extension Schema Label Linkbase |
101.PRE | XBRL Taxonomy Extension Schema Presentation Linkbase |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 263 |
Date February 20, 2024 | Barclays Bank PLC (Registrant) | |
By | /s/ Steven Ewart | |
Steven Ewart, Chief Financial Officer |
Barclays Bank PLC 2023 Annual Report on Form 20-F | 264 |