UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
April 28, 2022
Commission File Numbers:
Barclays PLC 001-09246
Barclays Bank PLC 001-10257
Barclays PLC and Barclays Bank PLC
(Name of Registrants)
1 Churchill Place
London E14 5HP
England
(Address of Principal Executive Office)
Interim Results Announcement
Indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F or Form 40-F.
Form 20-F
X
Form 40-F
Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____






The Report comprises the following:
Results of Barclays PLC Group as of, and for the three months ended, 31 March 2022.
A table setting forth the issued share capital of Barclays PLC and the Barclays PLC Group’s total shareholders’ equity, indebtedness and contingent liabilities as at 31 March 2022, the most recent reported statement of position, and updated for any significant or material items since that reporting date.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
BARCLAYS PLC
(Registrant)
Date: Date: April 28, 2022
By:
/s/ Garth Wright
Name: Garth Wright
Title: Assistant Secretary
BARCLAYS BANK PLC
(Registrant)
Date: Date: April 28, 2022
By:
/s/ Garth Wright
Name: Garth Wright
Title: Assistant Secretary

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Exhibit 99.1
Barclays PLC
This exhibit includes portions from the previously published Results Announcement of Barclays PLC relating to the three months ended 31 March 2022, as amended in part to comply with the requirements of Regulation G and Item 10(e) of Regulation S-K promulgated by the US Securities and Exchange Commission (SEC), including the reconciliation of certain financial information to comparable measures prepared in accordance with International Financial Reporting Standards (IFRS). The purpose of this document is to provide such additional disclosure as required by Regulation G and Regulation S-K item 10(e), to delete certain information not in compliance with SEC regulations and to include reconciliations of certain non-IFRS figures to the most directly equivalent IFRS figures for the periods presented. This document does not update or otherwise supplement the information contained in the previously published Results Announcement. Any reference to a website in this document is made for informational purposes only, and information found at such websites is not incorporated by reference into this document.
An audit opinion has not been rendered in respect of this document.
For additional information in respect of the audited financial statements of Barclays PLC and Barclays Bank PLC as at and for the year ended December 31, 2021, please refer to “Supplementary Information” on p. 32 of this exhibit.
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Notes
The terms Barclays or Group refer to Barclays PLC together with its subsidiaries. Unless otherwise stated, the income statement analysis compares the three months ended 31 March 2022 to the corresponding three months of 2021 and balance sheet analysis as at 31 March 2022 with comparatives relating to 31 December 2021 and 31 March 2021. The abbreviations ‘£m’ and ‘£bn’ represent millions and thousands of millions of Pounds Sterling respectively; the abbreviations ‘$m’ and ‘$bn’ represent millions and thousands of millions of US Dollars respectively; and the abbreviations ‘€m’ and ‘€bn’ represent millions and thousands of millions of Euros respectively.
There are a number of key judgement areas, for example impairment calculations, which are based on models and which are subject to ongoing adjustment and modifications. Reported numbers reflect best estimates and judgements at the given point in time.
Relevant terms that are used in this document but are not defined under applicable regulatory guidance or International Financial Reporting Standards (IFRS) are explained in the results glossary, attached hereto.
The information in this announcement, which was approved by the Board of Directors on 27 April 2022, does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2021, which contained an unmodified audit report under Section 495 of the Companies Act 2006 (which did not make any statements under Section 498 of the Companies Act 2006) have been delivered to the Registrar of Companies in accordance with Section 441 of the Companies Act 2006.
Barclays is a frequent issuer in the debt capital markets and regularly meets with investors via formal road-shows and other ad hoc meetings. Consistent with its usual practice, Barclays expects that from time to time over the coming quarter it will meet with investors globally to discuss these results and other matters relating to the Group.
Non-IFRS performance measures

Barclays’ management believes that the non-IFRS performance measures included in this document provide valuable information to the readers of the financial statements as they enable the reader to identify a more consistent basis for comparing the businesses’ performance between financial periods and provide more detail concerning the elements of performance which the managers of these businesses are most directly able to influence or are relevant for an assessment of the Group. They also reflect an important aspect of the way in which operating targets are defined and performance is monitored by Barclays’ management. However, any non-IFRS performance measures in this document are not a substitute for IFRS measures and readers should consider the IFRS measures as well. Refer to the appendix on pages 34 to 38 for further information and calculations of non-IFRS performance measures included throughout this document, and the most directly comparable IFRS measures.
Key non-IFRS measures included in this document, and the most directly comparable IFRS measures, are:
– Average allocated equity represents the average shareholders’ equity that is allocated to the businesses. The comparable IFRS measure is average equity. A reconciliation is provided on pages 35 to 38;
– Average allocated tangible equity is calculated as the average of the previous month’s period end allocated tangible equity and the current month’s period end allocated tangible equity. The average allocated tangible equity for the period is the average of the monthly averages within that period. Period end allocated tangible equity is calculated as 13.5% (2021: 13.5%) of RWAs for each business, adjusted for capital deductions, excluding goodwill and intangible assets, reflecting the assumptions the Group uses for capital planning purposes. Head Office allocated tangible equity represents the difference between the Group’s tangible shareholders’ equity and the amounts allocated to businesses. The comparable IFRS measure is average equity. A reconciliation is provided on pages 35 to 38;
– Average tangible shareholders’ equity is calculated as the average of the previous month’s period end tangible equity and the current month’s period end tangible equity. The average tangible shareholders’ equity for the period is the average of the monthly averages within that period. The comparable IFRS measure is average equity. A reconciliation is provided on pages 35 to 38;
– Return on average allocated equity represents the return on shareholders’ equity that is allocated to the businesses. The comparable IFRS measure is return on equity. A reconciliation is provided on pages 35 to 38;
– Return on average allocated tangible equity is calculated as the annualised profit after tax attributable to ordinary equity holders of the parent, as a proportion of average allocated tangible equity. The comparable IFRS measure is return on equity. A reconciliation is provided on pages 35 to 38;
– Return on average tangible shareholders’ equity is calculated as the annualised profit after tax attributable to ordinary equity holders of the parent, as a proportion of average shareholders’ equity excluding non-controlling interests and other equity instruments adjusted for the deduction of intangible assets and goodwill. The comparable IFRS measure is return on equity. A reconciliation is provided on pages 35 to 38; and
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Notes
– Tangible net asset value per share is calculated by dividing shareholders’ equity, excluding non-controlling interests and other equity instruments, less goodwill and intangible assets, by the number of issued ordinary shares. The comparable IFRS measure is net asset value per share. A reconciliation is provided on page 38.
Forward-looking statements
This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to the Group. Barclays cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘may’, ‘will’, ‘seek’, ‘continue’, ‘aim’, ‘anticipate’, ‘target’, ‘projected’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, ‘achieve’ or other words of similar meaning. Forward-looking statements can be made in writing but also may be made verbally by members of the management of the Group (including, without limitation, during management presentations to financial analysts) in connection with this document. Examples of forward-looking statements include, among others, statements or guidance regarding or relating to the Group’s future financial position, income growth, assets, impairment charges, provisions, business strategy, capital, leverage and other regulatory ratios, capital distributions (including dividend pay-out ratios and expected payment strategies), projected levels of growth in the banking and financial markets, projected costs or savings, any commitments and targets (including, without limitation, environmental, social and governance (ESG) commitments and targets), estimates of capital expenditures, plans and objectives for future operations, projected employee numbers, IFRS impacts and other statements that are not historical fact. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. The forward-looking statements speak only as at the date on which they are made. Forward-looking statements may be affected by a number of factors, including, without limitation: changes in legislation, the development of standards and interpretations under IFRS, including evolving practices with regard to the interpretation and application of accounting and regulatory standards, emerging and developing ESG reporting standards, the outcome of current and future legal proceedings and regulatory investigations, future levels of conduct provisions, the policies and actions of governmental and regulatory authorities, the Group’s ability along with governments and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, environmental, social and geopolitical risks, and the impact of competition. In addition, factors including (but not limited to) the following may have an effect: capital, leverage and other regulatory rules applicable to past, current and future periods; UK, US, Eurozone and global macroeconomic and business conditions; the effects of any volatility in credit markets; market related risks such as changes in interest rates and foreign exchange rates; effects of changes in valuation of credit market exposures; changes in valuation of issued securities; volatility in capital markets; changes in credit ratings of any entity within the Group or any securities issued by such entities; the direct and indirect consequences of the Russia-Ukraine war on European and global macroeconomic conditions, political stability and financial markets; direct and indirect impacts of the coronavirus (COVID-19) pandemic; instability as a result of the UK’s exit from the European Union (EU), the effects of the EU-UK Trade and Cooperation Agreement and the disruption that may subsequently result in the UK and globally; the risk of cyber-attacks, information or security breaches or technology failures on the Group’s reputation, business or operations; and the success of future acquisitions, disposals and other strategic transactions. A number of these influences and factors are beyond the Group’s control. As a result, the Group’s actual financial position, future results, capital distributions, capital, leverage or other regulatory ratios or other financial and non-financial metrics or performance measures or ability to meet commitments and targets may differ materially from the statements or guidance set forth in the Group’s forward-looking statements. Additional risks and factors which may impact the Group’s future financial condition and performance are identified in Barclays PLC’s filings with the SEC (including, without limitation, Barclays PLC’s Annual Report on Form 20-F for the fiscal year ended 31 December 2021), which are available on the SEC’s website at www.sec.gov.
Subject to Barclays’ obligations under the applicable laws and regulations of any relevant jurisdiction (including, without limitation, the UK and the US), in relation to disclosure and ongoing information, we undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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Performance Highlights

Barclays delivered a profit before tax of £2.2bn including £0.5bn of litigation and conduct charges, a return on equity (RoE) of 9.9% and a return on tangible equity (RoTE) of 11.5%

Key financial metrics:
IncomeCost: income ratioProfit before taxRoERoTEEPSCET1 ratioNAV per shareTNAV per share
Q122£6.5bn63%£2.2bn9.9%11.5%8.4p13.8%342p294p
Q122 performance1:
Attributable profit was £1.4bn (Q121: £1.7bn) including litigation and conduct charges net of tax of £0.4bn
Group income was £6.5bn (Q121: £5.9bn) up 10% year-on-year
Strong CIB income: strong FICC and Equities performance with higher levels of activity as we supported our clients through a period of market volatility, more than offsetting weaker Investment Banking fees driven by a reduced fee pool2
Consumer and payments businesses recovering: robust UK mortgage lending, positive trends in UK and US consumer spending and payments volumes, and tailwind from rising rates
Costs impacted by litigation and conduct charges: total operating expenses of £4.1bn (Q121: £3.6bn) included litigation and conduct charges of £0.5bn relating to the over-issuance of securities by Barclays Bank PLC in the US and customer remediation costs relating to a legacy loan portfolio
Group costs excluding litigation and conduct were £3.6bn, up 1% year-on-year
Credit impairment charges: £0.1bn charge (Q121: £0.1bn) driven by low delinquencies and a benign credit environment, with unsecured lending provision levels remaining appropriate in light of inflationary headwinds
Capital: CET1 ratio of 13.8% (December 2021: 15.1%), a net asset value (NAV) per share of 342p (December 2021: 339p) and tangible net asset value (TNAV) per share of 294p (December 2021: 291p)
Outlook:
Returns: Barclays continues to target a RoTE of greater than 10% in 2022
Income: Barclays’ diversified income streams position the Group well for the current economic and market environment and rising interest rates
Costs: given £0.5bn of litigation and conduct charges in Q122 and current expectations for inflation and performance costs, Barclays now expects FY22 total operating expenses to be around £15.0bn3
Impairment: acknowledging geopolitical uncertainty and cost of living pressures, the impairment charge is expected to remain below pre-pandemic levels in coming quarters given reduced unsecured lending balances and appropriate coverage ratios
Capital: Barclays continues to target a CET1 ratio within the range of 13-14%
Capital returns: Barclays' capital distribution policy incorporates a progressive ordinary dividend, supplemented as appropriate, including with share buybacks. Barclays remains committed to the share buyback programme and the intention would be to launch it as soon as practicable following resolution of filing requirements being reached with the SEC and the appropriate 20-F filings having been made. See Supplementary Information on pages 30 to 31 for further details
1To reflect the over-issuance of US securities under the Barclays Bank PLC US Shelf, 2021 comparatives have been restated. See Basis of preparation on page 33 for further details.
2Data source: Dealogic for the period covering 1 January to 31 March 2022.
3Group cost outlook is based on an average USD/GBP FX rate of 1.31 during 2022 and subject to foreign currency movements.
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Performance Highlights
Barclays Group results
for the three months ended
31.03.22
31.03.211
£m£m% Change
Net interest income2,3411,85126
Net fee, commission and other income4,1554,0493
Total income6,4965,90010
Credit impairment charges(141)(55) 
Net operating income 6,3555,8459
Operating costs(3,588)(3,545)(1)
Litigation and conduct(523)(33) 
Total operating expenses(4,111)(3,578)(15)
Other net (expenses)/income(10)132 
Profit before tax 2,2342,399(7)
Tax charge(614)(496)(24)
Profit after tax 1,6201,903(15)
Non-controlling interests(1)(4)75
Other equity instrument holders(215)(195)(10)
Attributable profit1,4041,704(18)
Performance measures
Return on average shareholders' equity9.9%12.5%
Return on average tangible shareholders' equity11.5%14.7%
Average shareholders' equity (£bn)56.954.4
Average tangible shareholders' equity (£bn)48.846.5
Cost: income ratio63%61%
Loan loss rate (bps)156
Basic earnings per share8.4p9.9p
Basic weighted average number of shares (m)16,68217,293(4)
Period end number of shares (m)16,76217,223(3)
As at 31.03.22
Restated2 As at 31.12.21
As at 31.03.21
Balance sheet and capital management£bn£bn£bn
Loans and advances at amortised cost371.7361.5345.8
Loans and advances at amortised cost impairment coverage ratio1.5%1.6%2.2%
Total assets1,496.11,384.31,379.7
Deposits at amortised cost546.5519.4498.8
Net asset value per share342p339p313p
Tangible net asset value per share294p291p267p
Common equity tier 1 ratio13.8%15.1%14.6%
Common equity tier 1 capital45.347.345.9
Risk weighted assets328.8314.1313.4
UK leverage ratio5.0%5.2%5.0%
UK leverage exposure1,123.51,137.91,145.4
Average UK leverage ratio4.8%4.9%4.9%
Average UK leverage exposure1,179.41,229.01,174.9
Funding and liquidity
Group liquidity pool (£bn)320291290
Liquidity coverage ratio159%168%161%
Loan: deposit ratio68%70%69%
1The income statement comparatives for Q121 are not impacted by the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 33 for further details.
231 December 2021 financial and capital metrics have been restated to reflect the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 33 for further details.
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Group Finance Director's Review

Over-issuance of US securities under the Barclays Bank PLC US Shelf: Barclays has a provision of £540m at Q122 relating to this matter, £320m (post-tax impact of £240m) of which was recognised in Q122 and £220m (post-tax impact of £170m) recognised in 2021, see Basis of preparation on page 31 for further details.

Group performance
Barclays' diversified model delivered a profit before tax of £2,234m (Q121: £2,399m), RoE of 9.9% (Q121: 12.5%), RoTE of 11.5% (Q121: 14.7%), and earnings per share (EPS) of 8.4p (Q121: 9.9p)
Total income increased to £6,496m (Q121: £5,900m). Barclays UK income increased 5%. Barclays International income increased 10%, with CIB income up 10% and Consumer, Cards and Payments (CC&P) income up 10%
Credit impairment charges of £141m (Q121: £55m) were driven by ongoing flows to delinquency in unsecured lending. Coverage levels remained materially in line with Q421 and were considered appropriate having been assessed against rising inflation and affordability headwinds
Total operating expenses increased to £4,111m (Q121: £3,578m) due to litigation and conduct charges of £523m including a provision in CIB of £320m (post-tax impact of £240m) relating to the over-issuance of securities by Barclays Bank PLC in the US and higher customer remediation costs relating to a legacy loan portfolio in CC&P. This resulted in a cost: income ratio of 63% (Q121: 61%). Costs excluding litigation and conduct increased 1% to £3,588m, reflecting continued investment and business growth, partially offset by lower performance costs and efficiency savings
The effective tax rate (ETR) was 27.5% (Q121: 20.7%). The tax charge included a £346m charge recognised for the re-measurement of the Group’s UK deferred tax assets (DTAs) due to the enactment of legislation in Q122 which will result in the UK banking surcharge rate being reduced from 8% to 3% effective from 1 April 2023 (the ETR excluding the impact of this downward re-measurement of UK DTAs was 12.0%). Tax credits relating to adjustments in respect of prior years partially offset the impact of the downward UK DTA re-measurement
Attributable profit was £1,404m (Q121: £1,704m) including litigation and conduct charges net of tax of £405m
Total assets increased to £1,496bn (December 2021: £1,384bn) primarily due to an increase in client and trading activity, and growth in the liquidity pool
NAV per share increased to 342p (December 2021: 339p) and TNAV per share increased to 294p (December 2021: 291p1) primarily reflecting 8.4p of EPS, partially offset by net negative reserve movements driven by higher interest rates

Barclays UK
Profit before tax increased to £594m (Q121: £460m). RoE was 11.6% (Q121: 8.8%) and RoTE was 15.6% (Q121: 12.0%) reflecting the resilience of the business which is well positioned within the current UK operating environment
Total income increased 5% to £1,649m. Net interest income increased 5% to £1,339m with a net interest margin of 2.62% (Q121: 2.54%) primarily driven by the rising interest rate environment in the UK. Net fee, commission and other income increased 5% to £310m
Personal Banking income increased 11% to £1,022m, driven by rising interest rates and supported by the benefit of strong 2021 mortgage origination
Barclaycard Consumer UK income decreased 12% to £276m as higher transaction based revenues from improved customer spend volumes were more than offset by lower interest earning lending (IEL) balances. Lower IEL balances were impacted by higher customer repayments and reduced borrowing
Business Banking income increased 4% to £351m driven by rising interest rates alongside improved transaction based revenues, partially offset by lower government scheme lending income as repayments continue
Credit impairment charges decreased 38% to £48m reflecting lower unsecured lending balances and lower delinquency rates. As at 31 March 2022, 30 and 90 day arrears rates in UK cards were 1.0% (Q121: 1.6%) and 0.3% (Q121: 0.8%) respectively. The credit card and consumer loan businesses maintain appropriate provision levels in light of emerging affordability headwinds, as reflected in a total coverage ratio of 10.6% (December 2021: 10.9%)
Total operating expenses decreased 3% to £1,007m driven by lower operational costs and efficiency savings, partially offset by increased investment spend
Loans and advances to customers at amortised cost decreased 1% in the quarter to £207.3bn as £1.0bn of mortgage growth was more than offset by a £2.3bn decrease in Business Banking balances due to the repayment of government scheme lending and the yield curve impact from rising interest rates on the Education, Social Housing and Local Authority portfolio carrying value
Customer deposits at amortised cost remained broadly stable at £260.3bn, maintaining a strong loan: deposit ratio of 85% (December 2021: 85%)
RWAs remained stable at £72.7bn (December 2021: £72.3bn)



131 December 2021 financial and capital metrics have been restated to reflect the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 33 for further details.
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Group Finance Director's Review

Barclays International
Profit before tax decreased 13% to £1,713m with a RoE of 14.4% (Q121: 17.4%), reflecting a RoE of 17.1% (Q121: 17.9%) in CIB and (1.2)% (Q121: 14.6%) in CC&P and a RoTE of 14.8% (Q121: 17.7%), reflecting a RoTE of 17.1% (Q121: 17.9%) in CIB and (1.5)% (Q121: 16.5%) in CC&P
Total income increased to £4,824m (Q121: £4,399m)
CIB income increased 10% to £3,938m reflecting the benefit of a diversified business model
Global Markets income increased 26% to £2,696m driven by strong performances in FICC and Equities, reflecting higher levels of activity as we supported our clients through a period of market volatility. FICC income increased 37% to £1,644m, mainly in macro, and Equities income increased 13% to £1,052m driven by derivatives
Investment Banking fees income decreased 25% to £648m due to the reduced fee pool, particularly in Equity capital markets1, and a strong prior year comparative
Within Corporate, Transaction banking income increased 19% to £469m driven by deposit balance growth, improved margins and higher payments volumes. Corporate lending income decreased 39% to £125m due to higher costs of hedging and credit protection
CC&P income increased 10% to £886m
International Cards and Consumer Bank income was stable at £538m as higher average cards balances were offset by higher customer acquisition costs
Private Bank income increased 20% to £214m, reflecting client balance growth and improved margins
Unified Payments income increased 44% to £134m driven by turnover growth following the easing of lockdown restrictions in the past year
Credit impairment charges were £101m (Q121: £22m net release) reflecting a continued benign credit environment
CIB credit impairment net release of £33m (Q121: £43m net release) was driven by improvements in the portfolio and limited material single name wholesale loan charges
CC&P credit impairment charges increased to £134m (Q121: £21m charge) driven by higher unsecured lending balances in US cards. As at 31 March 2022, 30 and 90 day arrears in US cards were 1.6% (Q121: 2.1%) and 0.8% (Q121: 1.2%) respectively. The US cards business continues to maintain appropriate provision levels in light of potential emerging affordability headwinds, as reflected in a total coverage ratio of 10.4% (December 2021: 10.6%)
Total operating expenses increased 23% to £3,018m
CIB total operating expenses increased 19% to £2,239m primarily driven by a £320m provision relating to the expected losses resulting from a rescission offer to repurchase certain securities issuances identified as being in excess of the registered amount. Operating costs increased 2% to £1,921m as investment in talent, systems and technology were partially offset by lower performance costs
CC&P total operating expenses increased 36% to £779m driven by £195m of litigation and conduct costs, including a provision for higher customer remediation costs relating to a legacy loan portfolio, and higher investment spend reflecting an increase in marketing and costs for existing and new partnerships
RWAs increased to £245.1bn (December 2021: £230.9bn) resulting from regulatory changes that took effect from 1 January 2022, increased client and trading activity within CIB and an increase in respect of short-term hedging arrangements designed to manage the risks of the rescission offer


Head Office
Loss before tax was £73m (Q121: £32m)
Total income was £23m (Q121: £75m expense) which included a one-off gain of £86m from the sale and leaseback of UK data centres, partially offset by hedge accounting, funding costs on legacy capital instruments and treasury items
Total operating expenses were £86m (Q121: £80m)
Other net income was an expense of £18m (Q121: £123m income) driven by a fair value loss in Barclays associate investment holding in the Business Growth Fund
RWAs were £11.0bn (December 2021: £11.0bn)







1Data source: Dealogic for the period covering 1 January to 31 March 2022.
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Group Finance Director's Review

Group capital and leverage1
The CET1 ratio decreased by 130bps to 13.8% (December 2021: 15.1%) as capital decreased by £2.1bn to £45.3bn and RWAs increased by £14.7bn to £328.8bn
The expected impact of regulatory change on 1 January 2022 reduced the CET1 ratio by c80bps as CET1 capital decreased £1.7bn and RWAs increased £6.6bn with a further c30bps reduction due to the £1bn buyback announced with FY21 results
The impact of the over-issuance of securities in the US reduced the CET1 ratio by c20bps due to a £0.2bn (post-tax) increase to the provision reducing CET1 capital and a £2.8bn increase in RWAs reflecting the short-term hedging arrangements designed to manage the risk of the rescission offer
Excluding the above impacts there was an increase to the CET1 ratio as CET1 capital increased by £0.9bn reflecting profits (excluding the increase in provision for the over-issuance of securities in the US), an accrual toward a FY22 dividend, equity coupons paid, and an increased deduction for prudent valuation adjustments (PVA). This was largely offset by an RWA increase of £5.3bn primarily due to increased client and trading activity within the CIB
The UK leverage ratio decreased to 5.0% (December 2021: 5.2%) primarily due to the decrease in CET1 capital and the £1bn redemption of Additional Tier 1 (AT1) instruments partially offset by a decrease in the leverage exposure of £14.4bn to £1,123.5bn (December 2021: £1,137.9bn)
Group funding and liquidity
The liquidity pool was £320bn (December 2021: £291bn) and the liquidity coverage ratio remained significantly above the 100% regulatory requirement at 159% (December 2021: 168%), equivalent to a surplus of £115bn (December 2021: £116bn). The increase in the pool was driven by deposit growth and an increase in wholesale funding, which were partly offset by an increase in business funding consumption
Wholesale funding outstanding, excluding repurchase agreements, was £178.1bn (December 2021: £167.5bn). The Group issued £1.4bn equivalent of minimum requirement for own funds and eligible liabilities (MREL) instruments from Barclays PLC (the Parent company) during the year. The Group has a strong MREL position with a ratio of 31.2% of RWAs which is in excess of its regulatory requirement of 28.9%
Other matters
Over-issuance of US securities under the Barclays Bank PLC US Shelf: as per Barclays’ RNS announcement on 28 March 2022, Barclays has commissioned a review by external counsel of the facts and circumstances relating to the matter and is assisting regulators with their inquiries and requests for information. Barclays Bank PLC has elected to make a rescission offer to certain purchasers of the affected securities issued in excess of the registered amount, which is expected to commence during the second quarter of 2022. Barclays remains committed to its structured products business in the US and expects Barclays Bank PLC to file a new shelf registration statement with the SEC, and resume issuance of structured notes, during the second quarter of 2022. The final cost of any rescission offer will be impacted by prevailing market conditions at the date of that offer. Hedges have been put in place to minimise this volatility, but the final impact may differ from the provision reflected at Q122. For further details, please refer to Supplementary Information on pages 32 to 33
Legacy loan portfolio: a customer remediation provision of £181m has been recognised in relation to a legacy timeshare loan portfolio brokered by Azure Services Limited (ASL). The provision represents the best estimate as at Q122. Barclays continues to review complaints regarding legacy partner finance loans, however it is not currently possible to predict the outcome of this review
Absa sale: on 21 April 2022, Barclays sold 63m ordinary shares in Absa Group Limited (7.4% of Absa’s issued share capital) at a price of ZAR 164.0 per share, raising aggregate gross sale proceeds of ZAR 10.3bn (£516m2). The sale is expected to result in an increase of approximately 10 basis points to Barclays' CET1 ratio in the second quarter of 2022 primarily due to reduced capital deductions and RWAs, partially offset by a loss on sale of £42m through the income statement
Pensions: during 2019 and 2020, the UK Retirement Fund (UKRF), the Group’s main pension scheme, subscribed for non-transferable listed senior fixed rate notes for £1.25bn. As a result of these transactions, the CET1 impact of the UKRF was deferred until 2023, 2024 and 2025 upon maturity of the notes. Following the PRA’s statement on 13 April 2022, Barclays is planning to unwind these transactions and to agree the terms and timing of this unwind with the UKRF Trustee as part of the next triennial actuarial valuation as at 30 September 2022. Upon unwind, this would result in a c30bps reduction to the CET1 ratio potentially being accelerated to Q422 from 2023, 2024 and 2025. As at 31 March 2022, the UKRF was in an accounting surplus of £4.4bn on an IAS 19 basis and as at 30 September 2021 was in a funding surplus of £0.6bn. There may also be a pension related reduction in Pillar 2A requirements in 2022 which could partially mitigate the impact of the unwind on the Group surplus capital position
131 December 2021 financial and capital metrics have been restated to reflect the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 33 for further details.
2Exchange rate GBP/ZAR 20.04 as of 21 April 2022.
Barclays PLC
8
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Group Finance Director's Review

Capital distributions
Barclays is committed to maintaining an appropriate balance between delivering attractive total cash returns to shareholders, investment in the business and maintaining a strong capital position. Barclays pays a progressive ordinary dividend, taking into account these objectives and the earnings outlook of the Group. The Board will also continue to supplement the ordinary dividends as appropriate, including with share buybacks
In its 28 March 2022 announcement, Barclays indicated that its previously announced £1bn share buyback programme was expected to commence in Q222 following the publication of Q1 results. Barclays’ Q1 performance, including a profit before tax of £2.2bn, a RoE of 9.9%, a RoTE of 11.5% and a CET1 ratio of 13.8% continues to provide a strong platform for returning capital through the previously announced buyback programme. Due to the ongoing discussions with the SEC regarding the potential restatement of the 2021 financial statements included in Barclays PLC’s Form 20-F filed with the SEC, Barclays believes that it is prudent to delay the commencement of the buyback programme until those discussions have been concluded. Barclays remains committed to the share buyback programme and the intention would be to launch it as soon as practicable following resolution of filing requirements being reached with the SEC and the appropriate 20-F filings having been made. For further details regarding discussions with the SEC, see Supplementary Information on pages 32 to 33

Group targets
Barclays continues to target the following over the medium term:
Returns: RoTE of greater than 10%
Cost efficiency: cost: income ratio below 60%
Capital adequacy: CET1 ratio in the range of 13-14%



Anna Cross, Group Finance Director





Barclays PLC
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Results by Business
Barclays UK Three months endedThree months ended
31.03.2231.03.21
Income statement information£m£m% Change
Net interest income1,3391,2815
Net fee, commission and other income 3102955
Total income1,6491,5765
Credit impairment charges(48)(77)38
Net operating income1,6011,4997
Operating costs(998)(1,036)4
Litigation and conduct(9)(3) 
Total operating expenses(1,007)(1,039)3
Other net income
Profit before tax59446029
Attributable profit39629833
As at 31.03.22As at 31.12.21As at 31.03.21
Balance sheet information£bn£bn£bn
Loans and advances to customers at amortised cost 207.3208.8205.7
Total assets 317.2321.2309.1
Customer deposits at amortised cost260.3260.6247.5
Loan: deposit ratio85%85%88%
Risk weighted assets72.772.372.7
Three months endedThree months ended
Performance measures31.03.2231.03.21
Return on average allocated equity11.6%8.8%
Return on average allocated tangible equity15.6%12.0%
Average allocated equity (£bn)13.713.5
Average allocated tangible equity (£bn)10.19.9
Cost: income ratio61%66%
Loan loss rate (bps)914
Net interest margin 2.62%2.54%

Barclays PLC
10
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Results by Business
Analysis of Barclays UK Three months endedThree months ended
31.03.2231.03.21
Analysis of total income £m£m% Change
Personal Banking1,02292311
Barclaycard Consumer UK 276315(12)
Business Banking3513384
Total income1,6491,5765
Analysis of credit impairment charges
Personal Banking21(22) 
Barclaycard Consumer UK (44)(36)(22)
Business Banking(25)(19)(32)
Total credit impairment charges(48)(77)38
As at 31.03.22As at 31.12.21As at 31.03.21
Analysis of loans and advances to customers at amortised cost£bn£bn £bn
Personal Banking166.5165.4160.4
Barclaycard Consumer UK 8.48.78.7
Business Banking32.434.736.6
Total loans and advances to customers at amortised cost207.3208.8205.7
Analysis of customer deposits at amortised cost
Personal Banking196.6196.4186.0
Barclaycard Consumer UK 0.1
Business Banking63.764.261.4
Total customer deposits at amortised cost260.3260.6247.5
Barclays PLC
11
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Results by Business
Barclays International Three months ended
Three months ended1
31.03.2231.03.21
Income statement information£m£m% Change
Net interest income93674825
Net trading income 2,4461,93426
Net fee, commission and other income 1,4421,717(16)
Total income4,8244,39910
Credit impairment (charges)/releases(101)22 
Net operating income4,7234,4217
Operating costs(2,505)(2,438)(3)
Litigation and conduct(513)(21) 
Total operating expenses(3,018)(2,459)(23)
Other net income89(11)
Profit before tax1,7131,971(13)
Attributable profit1,3001,431(9)
As at 31.03.22As at 31.12.21As at 31.03.21
Balance sheet information£bn£bn£bn
Loans and advances at amortised cost144.8133.8123.5
Trading portfolio assets 134.1146.9131.1
Derivative financial instrument assets 288.8261.5269.4
Financial assets at fair value through the income statement203.8188.2197.5
Cash collateral and settlement balances132.088.1109.7
Other assets255.5225.6221.7
Total assets 1,159.01,044.11,052.9
Deposits at amortised cost286.1258.8251.2
Derivative financial instrument liabilities277.2256.4260.2
Loan: deposit ratio51%52%49%
Risk weighted assets245.1230.9230.0
Three months endedThree months ended
Performance measures31.03.2231.03.21
Return on average allocated equity14.4%17.4%
Return on average allocated tangible equity14.8%17.7%
Average allocated equity (£bn)36.032.8
Average allocated tangible equity (£bn)35.132.3
Cost: income ratio63%56%
Loan loss rate (bps)28(7)
Net interest margin4.15%3.92%











1The income statement comparatives for Q121 are not impacted by the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 33 for further details.
Barclays PLC
12
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Results by Business
Analysis of Barclays International
Corporate and Investment BankThree months ended
Three months ended1
31.03.2231.03.21
Income statement information£m£m% Change
Net interest income38527043
Net trading income2,4501,91728
Net fee, commission and other income1,1031,407(22)
Total income3,9383,59410
Credit impairment releases3343(23)
Net operating income3,9713,6379
Operating costs(1,921)(1,886)(2)
Litigation and conduct(318)(1) 
Total operating expenses(2,239)(1,887)(19)
Other net income1 
Profit before tax 1,7321,751(1)
Attributable profit1,3161,2634
As at 31.03.22As at 31.12.21As at 31.03.21
Balance sheet information£bn£bn£bn
Loans and advances at amortised cost109.6100.094.3
Trading portfolio assets134.0146.7130.9
Derivative financial instrument assets288.7261.5269.4
Financial assets at fair value through the income statement203.8188.1197.3
Cash collateral and settlement balances131.287.2108.8
Other assets222.5195.8190.8
Total assets1,089.8979.3991.5
Deposits at amortised cost214.7189.4185.2
Derivative financial instrument liabilities277.1256.4260.2
Risk weighted assets 213.5200.7201.3
Three months endedThree months ended
Performance measures31.03.2231.03.21
Return on average allocated equity17.1%17.9%
Return on average allocated tangible equity17.1%17.9%
Average allocated equity (£bn)30.828.2
Average allocated tangible equity (£bn)30.828.2
Cost: income ratio57%53%
Analysis of total income£m£m% Change
FICC1,6441,20437
Equities1,05293213
Global Markets2,6962,13626
Advisory18516313
Equity capital markets47243(81)
Debt capital markets416453(8)
Investment Banking fees648859(25)
Corporate lending125206(39)
Transaction banking46939319
Corporate594599(1)
Total income3,9383,59410
1The income statement comparatives for Q121 are not impacted by the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 33 for further details.
Barclays PLC
13
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Results by Business
Analysis of Barclays International
Consumer, Cards and PaymentsThree months endedThree months ended
31.03.2231.03.21
Income statement information£m£m% Change
Net interest income55147815
Net fee, commission, trading and other income3353272
Total income88680510
Credit impairment charges(134)(21) 
Net operating income752784(4)
Operating costs(584)(552)(6)
Litigation and conduct(195)(20) 
Total operating expenses(779)(572)(36)
Other net income88
(Loss)/profit before tax(19)220 
Attributable (loss)/profit(16)168 
As at 31.03.22As at 31.12.21As at 31.03.21
Balance sheet information£bn£bn£bn
Loans and advances at amortised cost35.233.829.2
Total assets69.264.861.4
Deposits at amortised cost71.469.466.0
Risk weighted assets 31.630.228.8
Three months endedThree months ended
Performance measures31.03.2231.03.21
Return on average allocated equity(1.2)%14.6%
Return on average allocated tangible equity(1.5)%16.5%
Average allocated equity (£bn)5.24.6
Average allocated tangible equity (£bn)4.34.1
Cost: income ratio88%71%
Loan loss rate (bps)14527
Analysis of total income£m£m% Change
International Cards and Consumer Bank5385331
Private Bank21417920
Unified Payments1349344
Total income88680510



Barclays PLC
14
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Results by Business
Head Office Three months endedThree months ended
31.03.2231.03.21
Income statement information£m£m% Change
Net interest income 66(178) 
Net fee, commission and other income(43)103 
Total income23(75) 
Credit impairment releases8
Net operating income31(75) 
Operating costs(85)(71)(20)
Litigation and conduct(1)(9)89
Total operating expenses(86)(80)(8)
Other net (expenses)/income(18)123 
Loss before tax(73)(32) 
Attributable loss(292)(25) 
As at 31.03.22As at 31.12.21As at 31.03.21
Balance sheet information£bn£bn£bn
Total assets19.919.017.7
Risk weighted assets11.011.010.7
Three months endedThree months ended
Performance measures31.03.2231.03.21
Average allocated equity (£bn)7.28.1
Average allocated tangible equity (£bn)3.64.3

Barclays PLC
15
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Performance Management
Margins and balances
Three months ended 31.03.22
Three months ended 31.03.21
Net interest income Average customer assetsNet interest marginNet interest income Average customer assetsNet interest margin
£m£m%£m£m%
Barclays UK1,339207,6072.621,281204,6632.54
Barclays International1
86784,8384.1575578,2303.92
Total Barclays UK and Barclays International2,206292,4453.062,036282,8932.92
Other2
135(185)
Total Barclays Group2,3411,851
1Barclays International margins include the lending related investment bank business.
2Other includes Head Office and the non-lending related investment bank businesses not included in Barclays International margins.
The Group’s combined product and equity structural hedge notional as at 31 March 2022 was £238bn (31 March 2021: £192bn), with an average duration of close to 3 years (2021: average duration 2.5 to 3 years). Group net interest income includes gross structural hedge contributions of £378m (Q121: £350m) and net structural hedge contributions of £141m (Q121: £301m). Gross structural hedge contributions represent the absolute level of interest earned from the fixed receipts on the basket of swaps in the structural hedge, while the net structural hedge contributions represent the net interest earned on the difference between the structural hedge rate and prevailing floating rates.

Quarterly analysis for Barclays UK and Barclays International
Net interest incomeAverage customer assetsNet interest margin
Three months ended 31.12.21
£m£m%
Barclays UK1,313209,064 2.49
Barclays International1
84881,244 4.14
Total Barclays UK and Barclays International2,161290,308 2.95
Three months ended 30.09.21
Barclays UK1,303207,692 2.49
Barclays International1
78377,364 4.02
Total Barclays UK and Barclays International2,086285,056 2.90
Three months ended 30.06.21
Barclays UK1,305205,168 2.55
Barclays International1
76377,330 3.96
Total Barclays UK and Barclays International2,068282,498 2.94
Three months ended 31.03.21
Barclays UK1,281204,663 2.54
Barclays International1
75578,230 3.92
Total Barclays UK and Barclays International2,036282,893 2.92
1Barclays International margins include the lending related investment bank business.
Barclays PLC
16
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Credit Risk
Loans and advances at amortised cost by stage
The table below presents an analysis of loans and advances at amortised cost by gross exposure, impairment allowance, impairment charge and coverage ratio by stage allocation and business segment as at 31 March 2022. Also included are off-balance sheet loan commitments and financial guarantee contracts by gross exposure, impairment allowance and coverage ratio by stage allocation as at 31 March 2022.
Impairment allowance under IFRS 9 considers both the drawn and the undrawn counterparty exposure. For retail portfolios, the total impairment allowance is allocated to the drawn exposure to the extent that the allowance does not exceed the exposure, as expected credit loss (ECL) is not reported separately. Any excess is reported on the liability side of the balance sheet as a provision. For wholesale portfolios, the impairment allowance on the undrawn exposure is reported on the liability side of the balance sheet as a provision.
Gross exposureImpairment allowanceNet exposure
Stage 1Stage 2 Stage 3TotalStage 1Stage 2 Stage 3Total
As at 31.03.22£m£m£m£m£m£m£m£m£m
Barclays UK158,70725,0033,049186,7592219437041,868184,891
Barclays International26,6272,7921,57430,9935758737952,24328,750
Head Office3,6883806914,7591273473754,384
Total Barclays Group retail189,02228,1755,314222,5117971,8431,8464,486218,025
Barclays UK35,0521,84891437,8141424810329337,521
Barclays International102,47613,2711,014116,761195177364736116,025
Head Office1241221472020127
Total Barclays Group wholesale1
137,65215,1201,950154,7223372254871,049153,673
Total loans and advances at amortised cost326,67443,2957,264377,2331,1342,0682,3335,535371,698
Off-balance sheet loan commitments and financial guarantee contracts2
330,71727,8861,724360,32720727521503359,824
Total3
657,39171,1818,988737,5601,3412,3432,3546,038731,522
As at 31.03.22Three months ended 31.03.22
Coverage ratioLoan impairment charge/(release) and loan loss rate
Stage 1Stage 2 Stage 3TotalLoan impairment charge/(release)Loan loss rate
%%%%£mbps
Barclays UK0.13.823.11.0439
Barclays International2.231.350.57.2128167
Head Office7.150.27.9(7)
Total Barclays Group retail0.46.534.72.016430
Barclays UK0.42.611.30.889
Barclays International0.21.335.90.6(7)
Head Office90.913.6(1)
Total Barclays Group wholesale1
0.21.525.00.7
Total loans and advances at amortised cost0.34.832.11.516418
Off-balance sheet loan commitments and financial guarantee contracts2
0.11.01.20.1(42)
Other financial assets subject to impairment3
19
Total4
0.23.326.20.8141
1Includes Wealth and Private Banking exposures measured on an individual basis, and excludes Business Banking exposures, including lending under the government backed Bounce Back Loan Scheme (BBLs) of £9.0bn that are managed on a collective basis and reported within Barclays UK Retail. The net impact is a difference in total exposure of £5,199m of balances reported as wholesale loans on page 19 in the Loans and advances at amortised cost by product disclosure.
2Excludes loan commitments and financial guarantees of £14bn carried at fair value.
3Other financial assets subject to impairment not included in the table above include cash collateral and settlement balances, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of £198.8bn and impairment allowance of £135m. This comprises £7m ECL on £198.5bn Stage 1 assets, £0m on £130m Stage 2 fair value through other comprehensive income assets, cash collateral and settlement balances and £128m on £135m Stage 3 other assets.
4The loan loss rate is 15bps after applying the total impairment charge of £141m.
Barclays PLC
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Credit Risk
Gross exposureImpairment allowanceNet exposure
Stage 1Stage 2 Stage 3TotalStage 1Stage 2 Stage 3Total
As at 31.12.21£m£m£m£m£m£m£m£m£m
Barclays UK160,69522,7792,915186,3892619497281,938184,451
Barclays International25,9812,6911,56630,2386037958582,25627,982
Head Office3,7354297054,8692363473854,484
Total Barclays Group retail190,41125,8995,186221,4968661,7801,9334,579216,917
Barclays UK35,5711,91796938,4571534311130738,150
Barclays International92,34113,2751,059106,675187192458837105,838
Head Office5422215651919546
Total Barclays Group wholesale1
128,45415,1942,049145,6973402355881,163144,534
Total loans and advances at amortised cost318,86541,0937,235367,1931,2062,0152,5215,742361,451
Off-balance sheet loan commitments and financial guarantee contracts2
312,14234,8151,298348,25521730223542347,713
Total3
631,00775,9088,533715,4481,4232,3172,5446,284709,164
As at 31.12.21Year ended 31.12.21
Coverage ratioLoan impairment charge/(release) and loan loss rate
Stage 1Stage 2 Stage 3TotalLoan impairment charge/(release)Loan loss rate
%%%%£mbps
Barclays UK0.24.225.01.0(227)
Barclays International2.329.554.87.518160
Head Office0.18.449.27.9
Total Barclays Group retail0.56.937.32.1(46)
Barclays UK0.42.211.50.812232
Barclays International0.21.443.20.8(197)
Head Office90.53.4
Total Barclays Group wholesale1
0.31.528.70.8(75)
Total loans and advances at amortised cost0.44.934.81.6(121)
Off-balance sheet loan commitments and financial guarantee contracts2
0.10.91.80.2(514)
Other financial assets subject to impairment3
(18)
Total0.23.129.80.9(653)

1Includes Wealth and Private Banking exposures measured on an individual basis, and excludes Business Banking exposures, including BBLs of £9.4bn that are managed on a collective basis and reported within Barclays UK Retail. The net impact is a difference in total exposure of £5,994m of balances reported as wholesale loans on page 19 in the Loans and advances at amortised cost by product disclosure.
2Excludes loan commitments and financial guarantees of £18.8bn carried at fair value.
3Other financial assets subject to impairment not included in the table above include cash collateral and settlement balances, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of £155.2bn and impairment allowance of £114m. This comprises £6m ECL on £154.9bn Stage 1 assets, £1m on £157.0bn Stage 2 fair value through other comprehensive income assets, other assets and cash collateral and settlement balances and £107m on £110m Stage 3 other assets.
Barclays PLC
18
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Credit Risk
Loans and advances at amortised cost by product
The table below presents a breakdown of loans and advances at amortised cost and the impairment allowance with stage allocation by asset classification.
Stage 2
As at 31.03.22Stage 1Not past due<=30 days past due>30 days past dueTotalStage 3Total
Gross exposure£m£m£m£m£m£m£m
Home loans147,839 18,815 1,370 805 20,990 2,148 170,977 
Credit cards, unsecured loans and other retail lending37,963 5,259 318 454 6,031 2,341 46,335 
Wholesale loans140,872 15,057 948 269 16,274 2,775 159,921 
Total326,674 39,131 2,636 1,528 43,295 7,264 377,233 
Impairment allowance
Home loans18 43 53 397 468 
Credit cards, unsecured loans and other retail lending759 1,526 116 133 1,775 1,393 3,927 
Wholesale loans357 235 240 543 1,140 
Total1,134 1,804 122 142 2,068 2,333 5,535 
Net exposure
Home loans147,821 18,772 1,367 798 20,937 1,751 170,509 
Credit cards, unsecured loans and other retail lending37,204 3,733 202 321 4,256 948 42,408 
Wholesale loans140,515 14,822 945 267 16,034 2,232 158,781 
Total325,540 37,327 2,514 1,386 41,227 4,931 371,698 
Coverage ratio%%%%%%%
Home loans0.20.20.90.318.50.3
Credit cards, unsecured loans and other retail lending2.029.036.529.329.459.58.5
Wholesale loans0.31.60.30.71.519.60.7
Total0.34.64.69.34.832.11.5
As at 31.12.21
Gross exposure£m£m£m£m£m£m£m
Home loans148,058 17,133 1,660 707 19,500 2,122 169,680 
Credit cards, unsecured loans and other retail lending37,840 5,102 300 248 5,650 2,332 45,822 
Wholesale loans132,967 15,246 306 391 15,943 2,781 151,691 
Total318,865 37,481 2,266 1,346 41,093 7,235 367,193 
Impairment allowance
Home Loans19 46 59 397 475 
Credit cards, unsecured loans and other retail lending824 1,493 85 123 1,701 1,504 4,029 
Wholesale Loans363 248 255 620 1,238 
Total1,206 1,787 95 133 2,015 2,521 5,742 
Net exposure
Home loans148,039 17,087 1,654 700 19,441 1,725 169,205 
Credit cards, unsecured loans and other retail lending37,016 3,609 215 125 3,949 828 41,793 
Wholesale loans132,604 14,998 302 388 15,688 2,161 150,453 
Total317,659 35,694 2,171 1,213 39,078 4,714 361,451 
Coverage ratio%%%%%%%
Home loans0.30.41.00.318.70.3
Credit cards, unsecured loans and other retail lending2.229.328.349.630.164.58.8
Wholesale loans0.31.61.30.81.622.30.8
Total0.44.84.29.94.934.81.6



Barclays PLC
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Credit Risk
Measurement uncertainty
The Q122 ECL provision has been based on macroeconomic indicators used in the Q421 ECL scenario, rolled forward by one quarter, and updated to reflect changes in balances, risk parameters and individually assessed impaired names during the quarter. Management has applied economic uncertainty and other adjustments to modelled ECL outputs.
Uncertainty persists. The ongoing geopolitical situation could put further pressure on already high levels of inflation which may weigh on corporate profitability and consumer affordability levels. In addition, COVID-19 infection rates have started to increase across the globe which could result in (among other things) labour shortages and supply chain constraints.
In response to the changing economic environment, key baseline macroeconomic indicators have been tracked against consensus updates to March 2022. These latest updates reflect improved UK unemployment expectations but also higher inflationary expectations. However, because the macroeconomic outlook remains uncertain and has only recently changed, these updates have not been reflected in the Q122 ECL modelled provision level.
Furthermore, sensitivity analysis has been completed to estimate the impact of applying the refreshed UK unemployment baseline improvement to the UK Credit Cards portfolio. This high level analysis indicated that, all other things being equal, this would result in an immaterial release to modelled ECL. In addition, coverage levels have been assessed in light of the potential impact of higher inflation on customer affordability and expert judgements updated accordingly with the resulting adjustments included within total post model adjustments of £1.3bn (31 December 2021: £1.5bn).
The tables below show the key consensus macroeconomic variables used in the Baseline scenario and the probability weights applied to each scenario.

Baseline average macroeconomic variables used in the calculation of ECL
20222023202420252026
As at 31.03.22%%%%%
UK GDP1
5.72.52.01.81.7
UK unemployment2
4.84.54.44.24.2
UK HPI3
1.11.71.92.22.2
UK bank rate0.61.01.00.80.8
US GDP1
4.32.92.42.42.4
US unemployment4
4.33.73.63.63.6
US HPI5
4.85.34.95.05.0
US federal funds rate0.30.81.11.31.3
20212022202320242025
As at 31.12.21%%%%%
UK GDP1
6.24.92.31.91.7
UK unemployment2
4.84.74.54.34.2
UK HPI3
4.71.01.91.92.3
UK bank rate0.10.81.01.00.8
US GDP1
5.53.92.62.42.4
US unemployment4
5.54.23.63.63.6
US HPI5
11.84.55.24.95.0
US federal funds rate0.20.30.91.21.3
1Average Real GDP seasonally adjusted change in year.
2Average UK unemployment rate 16-year+.
3Change in year end UK HPI = Halifax All Houses, All Buyers index, relative to prior year end.
4Average US civilian unemployment rate 16-year+.
5Change in year end US HPI = FHFA House Price Index, relative to prior year end.
Scenario probability weighting
Upside 2Upside 1BaselineDownside 1Downside 2
%%%%%
As at 31.03.22
Scenario probability weighting20.9 27.2 30.1 14.8 7.0 
As at 31.12.21
Scenario probability weighting20.9 27.2 30.1 14.8 7.0 
Barclays PLC
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Treasury and Capital Risk
Regulatory minimum requirements
Capital
The Group’s Overall Capital Requirement for CET1 is 11.0% comprising a 4.5% Pillar 1 minimum, a 2.5% Capital Conservation Buffer (CCB), a 1.5% Global Systemically Important Institution (G-SII) buffer, a 2.5% Pillar 2A requirement and a 0% Countercyclical Capital Buffer (CCyB).
The Group’s CCyB is based on the buffer rate applicable for each jurisdiction in which the Group has exposures. On 11 March 2020, the Financial Policy Committee (FPC) set the CCyB rate for UK exposures at 0% with immediate effect. The buffer rates set by other national authorities for non-UK exposures are not currently material. Overall, this results in a 0.0% CCyB for the Group. On 13 December 2021, the FPC announced that a CCyB rate of 1% for UK exposures has been re-introduced and will be applicable from 13 December 2022.
The Group’s Pillar 2A requirement as per the PRA’s Individual Capital Requirement was set as a nominal amount. When expressed as a percentage of RWAs this was 4.4% of which at least 56.25% needed to be met with CET1 capital, equating to approximately 2.5% of RWAs. The Pillar 2A requirement is subject to at least annual review and is based on a point in time assessment.
Leverage
The Group is subject to a UK leverage ratio requirement of 3.8%. This comprises the 3.25% minimum requirement, a G-SII additional leverage ratio buffer (G-SII ALRB) of 0.53% and a countercyclical leverage ratio buffer of 0.0%. Although the leverage ratio is expressed in terms of Tier 1 (T1) capital, 75% of the minimum requirement, equating to 2.4375%, needs to be met with CET1 capital. In addition, the G-SII ALRB must be covered solely with CET1 capital. The CET1 capital held against the 0.53% G-SII ALRB was £5.9bn.
The Group is also required to disclose an average UK leverage ratio which is based on capital on the last day of each month in the quarter and an exposure measure for each day in the quarter.
MREL
The Group is required to meet the higher of: (i) two times the sum of 8% Pillar 1 and 4.4% Pillar 2A; and (ii) 6.75% of leverage exposures. CET1 capital cannot be counted towards both MREL and the capital buffers, meaning that the buffers will effectively be applied above MREL requirements.

Significant regulatory updates in the period
Capital and RWAs
On 1 January 2022 the PRA’s implementation of Basel III standards took effect including the re-introduction of the 100% CET1 capital deduction for qualifying software intangible assets and the introduction of the Standardised Approach for Counterparty Credit Risk (SA-CCR) which replaces the Current Exposure Method (CEM) for Standardised derivative exposures as a more risk sensitive approach. In addition, the PRA also implemented IRB roadmap changes which includes revisions to the criteria for definition of default, probability of default (PD) and loss given default (LGD) estimation to ensure supervisory consistency and increase transparency of IRB models.
Leverage
From 1 January 2022, UK banks are subject to a single UK leverage ratio requirement meaning that the CRR leverage ratio no longer applies. Central bank claims can be excluded from the UK leverage ratio measure as long as they are matched by qualifying liabilities (rather than deposits).
References to CRR, as amended by CRR II mean, unless otherwise specified, CRR as amended by CRR II, as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018. On 31 March 2022, the temporary transitional powers (TTP) available to UK regulators to delay or phase in on-shoring of European Union legislation into UK law ended with full compliance of the on-shored regulations required from 1 April 2022.
Barclays PLC
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Treasury and Capital Risk
Restated1
Capital ratios2,3,4
As at 31.03.22As at 31.12.21
CET113.8%15.1%
T117.1%19.1%
Total regulatory capital20.1%22.2%
Capital resources£m£m
Total equity excluding non-controlling interests per the balance sheet68,46569,052
Less: other equity instruments (recognised as AT1 capital)(11,119)(12,259)
Adjustment to retained earnings for foreseeable ordinary share dividends(968)(666)
Adjustment to retained earnings for foreseeable repurchase of shares(1,000)
Adjustment to retained earnings for foreseeable other equity coupons(39)(32)
Other regulatory adjustments and deductions
Additional value adjustments (PVA)(1,864)(1,585)
Goodwill and intangible assets(8,035)(6,804)
Deferred tax assets that rely on future profitability excluding temporary differences(938)(1,028)
Fair value reserves related to gains or losses on cash flow hedges3,343852
Gains or losses on liabilities at fair value resulting from own credit4892
Defined benefit pension fund assets(3,225)(2,619)
Direct and indirect holdings by an institution of own CET1 instruments(20)(50)
Adjustment under IFRS 9 transitional arrangements6011,229
Other regulatory adjustments64345
CET1 capital45,26947,327
AT1 capital
Capital instruments and related share premium accounts11,11912,259
Qualifying AT1 capital (including minority interests) issued by subsidiaries637
Other regulatory adjustments and deductions(60)(80)
AT1 capital11,05912,816
T1 capital56,32860,143
T2 capital
Capital instruments and related share premium accounts8,3348,713
Qualifying T2 capital (including minority interests) issued by subsidiaries1,5401,113
Credit risk adjustments (excess of impairment over expected losses)9873
Other regulatory adjustments and deductions(160)(160)
Total regulatory capital66,14069,882
Total RWAs328,830314,136
1Capital metrics as at 31 December 2021 have been restated. See Basis of preparation on page 33 for further details. The transitional CET1 ratio remains unchanged at 15.1%.
2CET1, T1 and T2 capital, and RWAs are calculated applying the transitional arrangements of the CRR as amended by CRR II. This includes IFRS 9 transitional arrangements and the grandfathering of CRR II non-compliant capital instruments. Prior period comparatives include the grandfathering of CRR non-compliant capital instruments.
3The fully loaded CET1 ratio, as is relevant for assessing against the conversion trigger in Barclays PLC AT1 securities, was 13.6%, with £44.7bn of CET1 capital and £328.6bn of RWAs calculated without applying the transitional arrangements of the CRR as amended by CRR II.
4The Group’s CET1 ratio, as is relevant for assessing against the conversion trigger in Barclays Bank PLC 7.625% Contingent Capital Notes, was 13.8%. For this calculation CET1 capital and RWAs are calculated applying the transitional arrangements under the CRR as amended by CRR II, including the IFRS 9 transitional arrangements. The benefit of the Financial Services Authority (FSA) October 2012 interpretation of the transitional provisions, relating to the implementation of CRD IV, expired in December 2017.
Barclays PLC
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Treasury and Capital Risk
Restated1
Movement in CET1 capitalThree months ended 31.03.22
£m
Opening CET1 capital47,327
Profit for the period attributable to equity holders1,619
Own credit relating to derivative liabilities(21)
Ordinary share dividends paid and foreseen(302)
Purchased and foreseeable share repurchase(1,000)
Other equity coupons paid and foreseen(222)
Increase in retained regulatory capital generated from earnings74
Net impact of share schemes(268)
Fair value through other comprehensive income reserve(209)
Currency translation reserve370
Other reserves24
Decrease in other qualifying reserves(83)
Pension remeasurements within reserves667
Defined benefit pension fund asset deduction(606)
Net impact of pensions61
Additional value adjustments (PVA)(279)
Goodwill and intangible assets(1,231)
Deferred tax assets that rely on future profitability excluding those arising from temporary differences90
Direct and indirect holdings by an institution of own CET1 instruments30
Adjustment under IFRS 9 transitional arrangements(628)
Other regulatory adjustments(92)
Decrease in regulatory capital due to adjustments and deductions(2,110)
Closing CET1 capital45,269
1Opening balance as at 31 December 2021 has been restated. See Basis of preparation on page 33 for further details.
CET1 capital decreased £2.1bn to £45.3bn (December 2021: £47.3bn).
CET1 capital decreased by £1.7bn as a result of regulatory changes that took effect from 1 January 2022 including the re-introduction of the 100% CET1 capital deduction for qualifying software intangible assets and a reduction in IFRS 9 transitional relief due to the relief applied to the pre-2020 impairment charge reducing to 25% in 2022 from 50% in 2021 and the relief applied to the post-2020 impairment charge reducing to 75% in 2022 from 100% in 2021.
£1.6bn of capital generated from profits, after absorbing the £0.2bn (post-tax) additional impact of the over-issuance of securities in the US, was more than offset by distributions of £1.5bn comprising:
£1bn for share buybacks announced with FY21 results
£0.3bn accrual towards a FY22 dividend
£0.2bn of equity coupons paid
Other significant decreases in the period were:
£0.3bn increase in the PVA deduction as a result of increased volatility and uncertainty in the market
£0.2bn decrease in the Fair value through other comprehensive income reserve primarily due to losses on bonds as a result of an increase in yields, partially offset by gains in value of the Absa investment
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Treasury and Capital Risk
RWAs by risk type and business
Credit riskCounterparty credit riskMarket RiskOperational riskTotal RWAs
STDIRBSTDIRBSettlement RiskCVASTDIMA
As at 31.03.22£m£m£m£m£m£m£m£m£m£m
Barclays UK6,98954,2412295715511,04772,718
Corporate and Investment Bank35,32570,83116,42221,0472683,67517,06823,55125,296213,483
Consumer, Cards and Payments21,2893,4592421237110346,42431,607
Barclays International56,61474,29016,66421,0592683,71217,17823,58531,720245,090
Head Office5,5326,486(996)11,022
Barclays Group69,135135,01716,89321,0592683,76917,33323,58541,771328,830
As at 31.12.21
Barclays UK7,19553,40842613810011,02272,289
Corporate and Investment Bank29,42064,41615,22319,2381052,28917,30627,30825,359200,664
Consumer, Cards and Payments20,7702,7492151821576,39130,221
Barclays International50,19067,16515,43819,2561052,31017,30627,36531,750230,885
Head Office4,7337,254(1,025)10,962
Barclays Group62,118127,82715,86419,2561052,44817,40627,36541,747314,136

Movement analysis of RWAs
Credit riskCounterparty credit riskMarket riskOperational riskTotal RWAs
£m£m£m£m£m
Opening RWAs (as at 31.12.21)189,94537,67344,77141,747314,136
Book size10,139290(4,236)246,217
Acquisitions and disposals(70)(70)
Book quality(1,239)(154)(1,393)
Model updates
Methodology and policy3,2783,3496,627
Foreign exchange movements1
2,0998313833,313
Total RWA movements14,2074,316(3,853)2414,694
Closing RWAs (as at 31.03.22)204,15241,98940,91841,771328,830
1Foreign exchange movements does not include foreign exchange for modelled market risk or operational risk.

Overall RWAs increased £14.7bn to £328.8bn (December 2021: £314.1bn)

Credit risk RWAs increased £14.2bn:
A £10.1bn increase in book size primarily driven by lending activities within CIB and an increase in short-term hedging arrangements designed to manage the risks of the rescission offer, expected to unwind after completion of such rescission offer
A £1.2bn decrease in book quality primarily driven by the benefit in mortgages from an increase in the House Price Index (HPI)
A £3.3bn increase in methodology and policy as a result of regulatory changes that took effect from 1 January 2022, relating to implementation of IRB roadmap changes partially offset by the reversal of the software intangibles benefit
A £2.1bn increase in FX due to appreciation of period end USD and EUR against GBP

Counterparty Credit risk RWAs increased £4.3bn:
A £3.3bn increase in methodology and policy as a result of regulatory changes that took effect from 1 January 2022, relating to the introduction of SA-CCR

Market risk RWAs decreased £3.9bn:
A £4.2bn decrease in book size primarily due to a decrease in Stressed Value at Risk (SVaR) model adjustment as a result of changes in portfolio composition and a reduction in Structural FX. This was partially offset by increased client and trading activities.
Barclays PLC
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Treasury and Capital Risk
Restated1
Leverage ratios2,3
As at 31.03.22As at 31.12.21
£m£m
Average UK leverage ratio4.8%4.9%
Average T1 capital56,70159,739
Average UK leverage exposure1,179,3811,229,041
UK leverage ratio5.0%5.2%
CET1 capital45,26947,327
AT1 capital11,05912,179
T1 capital56,32859,506
UK leverage exposure1,123,5311,137,904
UK leverage exposure
Accounting assets
Derivative financial instruments289,822262,572
Derivative cash collateral64,83658,177
Securities financing transactions (SFTs)186,417170,853
Loans and advances and other assets955,020892,683
Total IFRS assets1,496,0951,384,285
Regulatory consolidation adjustments(3,605)(3,665)
Derivatives adjustments
Derivatives netting(235,071)(236,881)
Adjustments to collateral(52,181)(50,929)
Net written credit protection19,72915,509
Potential future exposure (PFE) on derivatives85,619137,291
Total derivatives adjustments(181,904)(135,010)
SFTs adjustments29,09524,544
Regulatory deductions and other adjustments(22,332)(20,219)
Weighted off-balance sheet commitments119,933115,047
Qualifying central bank claims(260,196)(210,134)
Settlement netting(53,555)(16,944)
UK leverage exposure1,123,5311,137,904
1Capital and leverage metrics as at 31 December 2021 have been restated. See Basis of preparation on page 33 for further details.
2Capital and leverage measures are calculated applying the transitional arrangements of the CRR as amended by CRR II.
3Fully loaded average UK leverage ratio was 4.8%, with £56.1bn of T1 capital and £1,178.8bn of leverage exposure. Fully loaded UK leverage ratio was 5.0%, with £55.7bn of T1 capital and £1,122.9bn of leverage exposure. Fully loaded UK leverage ratios are calculated without applying the transitional arrangements of the CRR as amended by CRR II.

The UK leverage ratio decreased to 5.0% (December 2021: 5.2%) primarily due to a £3.2bn decrease in T1 capital partially offset by a £14.4bn decrease in the leverage exposure. The UK leverage exposure decreased to £1,123.5bn (December 2021: £1,137.9bn), due to the following movements:
£51.7bn decrease in PFE on derivatives primarily driven by increased netting eligibility due to the introduction of SA-CCR
£23.7bn decrease due to a £50.1bn increase in qualifying central bank claims exemption due to the matching of allowable liabilities rather than deposits introduced under the UK leverage framework review, partially offset by a £26.3bn increase in cash
£34.5bn increase in derivative financial instruments post additional regulatory netting and adjustments for cash collateral primarily driven by client and trading activity in CIB and the application of a 1.4 multiplier introduced under SA-CCR
£20.1bn increase in SFTs primarily driven by client activity in CIB
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Treasury and Capital Risk
The average UK leverage ratio decreased to 4.8% (December 2021: 4.9%) primarily due to a £3.0bn decrease in average T1 capital driven by the redemption of AT1 capital instruments and the reduction of IFRS 9 transitional relief. This was partially offset by a £49.7bn decrease in the leverage exposure to £1,179.4bn (December 2021: £1,229.0bn) due to movements broadly in line with UK leverage as well as an increase in net written credit derivatives due to the inclusion of credit default swap options from 1 January 2022.
Barclays PLC
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Treasury and Capital Risk
MREL
MREL requirements including buffers1,2,3
Total requirement (£m) based onRequirement as a percentage of:
Restated1
Restated1
As at 31.03.22As at 31.12.21As at 31.03.22As at 31.12.21
Requirement based on RWAs (minimum requirement)94,94777,30228.9%24.6%
Requirement based on UK leverage exposure3
89,02593,9757.9%6.9%
Restated1
Own funds and eligible liabilities1,2
As at 31.03.22As at 31.12.21
£m£m
CET1 capital45,26947,327
AT1 capital instruments and related share premium accounts4
11,05912,179
T2 capital instruments and related share premium accounts4
8,2728,626
Eligible liabilities37,88639,889
Total Barclays PLC (the Parent company) own funds and eligible liabilities102,486108,021
Total RWAs328,830314,136
Total UK leverage exposure3
1,123,5311,356,191
Restated1
Own funds and eligible liabilities ratios as a percentage of:1
As at 31.03.22As at 31.12.21
Total RWAs31.2%34.4%
Total UK leverage exposure3
9.1%8.0 %
As at 31 March 2022, Barclays PLC (the Parent company) held £102.5bn of own funds and eligible liabilities equating to 31.2% of RWAs. This was in excess of the Group's MREL requirement to hold £94.9bn of own funds and eligible liabilities equating to 28.9% of RWAs.
1Capital and leverage metrics as at 31 December 2021 have been restated. See Basis of preparation on page 33 for further details.
2CET1, T1 and T2 capital, and RWAs are calculated applying IFRS 9 transitional arrangements.
3As at 31 December 2021, MREL requirements were on a CRR leverage basis which, from 1 January 2022, was no longer applicable for UK banks.
4Includes other AT1 capital regulatory adjustments and deductions of £60m (December 2021: £80m), and other T2 credit risk adjustments and deductions of £62m (December 2021: £81m).
Barclays PLC
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Condensed Consolidated Financial Statements

Condensed consolidated income statement (unaudited)
Three months ended 31.03.22
Three months ended 31.03.211
£m£m
Total income6,4965,900
Credit impairment charges(141)(55)
Net operating income6,3555,845
Operating expenses excluding litigation and conduct(3,588)(3,545)
Litigation and conduct(523)(33)
Operating expenses(4,111)(3,578)
Other net (expenses)/income(10)132
Profit before tax2,2342,399
Tax charge(614)(496)
Profit after tax1,6201,903
Attributable to:
Equity holders of the parent1,4041,704
Other equity instrument holders215195
Total equity holders of the parent1,6191,899
Non-controlling interests14
Profit after tax1,6201,903
Earnings per sharepp
Basic earnings per ordinary share8.49.9

1The income statement comparatives for Q121 are not impacted by the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 33 for further details.
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Condensed Consolidated Financial Statements

Condensed consolidated balance sheet (unaudited)
Restated1
As at 31.03.22As at 31.12.21
Assets£m£m
Cash and balances at central banks264,916238,574
Cash collateral and settlement balances136,28992,542
Loans and advances at amortised cost371,698361,451
Reverse repurchase agreements and other similar secured lending2,9993,227
Trading portfolio assets134,208147,035
Financial assets at fair value through the income statement207,392191,972
Derivative financial instruments289,822262,572
Financial assets at fair value through other comprehensive income61,85861,753
Investments in associates and joint ventures988999
Goodwill and intangible assets8,0468,061
Current tax assets342261
Deferred tax assets5,1714,619
Other assets12,36611,219
Total assets1,496,0951,384,285
Liabilities
Deposits at amortised cost546,482519,433
Cash collateral and settlement balances121,29979,371
Repurchase agreements and other similar secured borrowing29,01328,352
Debt securities in issue110,65898,867
Subordinated Liabilities11,63012,759
Trading portfolio liabilities78,09254,169
Financial liabilities designated at fair value238,913250,960
Derivative financial instruments277,466256,883
Current tax liabilities1,050689
Deferred tax liabilities3737
Other liabilities12,02112,724
Total liabilities1,426,6611,314,244
Equity
Called up share capital and share premium4,5514,536
Other reserves3171,770
Retained earnings52,47850,487
Shareholders' equity attributable to ordinary shareholders of the parent57,34656,793
Other equity instruments11,11912,259
Total equity excluding non-controlling interests68,46569,052
Non-controlling interests969989
Total equity69,43470,041
Total equity and liabilities1,496,0951,384,285
    
1See Basis of preparation on page 33 for further details on restatement of prior period comparatives.
Barclays PLC
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Condensed Consolidated Financial Statements

Condensed consolidated statement of changes in equity (unaudited)
Restated1
Restated1
Restated1
Called up share capital and share premiumOther equity instrumentsOther reservesRetained earningsTotalNon-controlling interestsTotal equity
Three months ended 31.03.22£m£m£m£m£m£m£m
Balance as at 01 January 20224,53612,2591,77050,48769,05298970,041
Profit after tax2151,4041,61911,620
Retirement benefit remeasurements667667667
Other(1,462)(1,462)(1,462)
Total comprehensive income for the period215(1,462)2,0718241825
Employee share schemes and hedging thereof15351366366
Issue and redemption of other equity instruments(1,132)25(1,107)(20)(1,127)
Other equity instruments coupon paid(215)(215)(215)
Vesting of employee share schemes9(454)(445)(445)
Dividends paid(1)(1)
Other movements(8)(2)(10)(10)
Balance as at 31 March 20224,55111,11931752,47868,46596969,434
1See Basis of preparation on page 33 for further details on restatement of opening balances.

As at 31.03.2022As at 31.12.2021
Other reserves£m£m
Currency translation reserve3,1102,740
Fair value through other comprehensive income reserve(492)(283)
Cash flow hedging reserve(3,343)(853)
Own credit reserve(93)(960)
Other reserves and treasury shares1,1351,126
Total3171,770
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Financial Statement Notes

1.Contingent liabilities and commitments
Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events and present obligations where the transfer of economic resources is uncertain or cannot be reliably measured. Contingent liabilities are not recognised on the balance sheet but are disclosed unless the likelihood of an outflow of economic resources is remote.
Over Issuance of Securities in the US
Barclays Bank PLC maintains a US Shelf registration statement with the SEC in order to issue securities to US investors. The current shelf registration statement was declared effective by the SEC and was valid for three years from 1 August 2019. At the time this shelf registration statement was filed, Barclays Bank PLC was not eligible to be a “well-known seasoned issuer” (or WKSI) due to an historic SEC settlement order and was required to pre-register a set amount of securities to be issued under the US Shelf with the SEC.
On 10 March 2022, executive management became aware that Barclays Bank PLC had issued securities in excess of the set amount. It has been estimated that the BBPLC US shelf limit was exceeded on or around 18 February 2021, with issuances through to 10 March 2022 exceeding the limit by c.US$15bn. The securities that have been over issued in this period comprise structured notes and exchange traded notes (ETNs). Securities issued in excess of the limit are considered to be “unregistered securities” for the purposes of US securities law with the certain purchasers of those securities having the right to require Barclays Bank PLC to repurchase those securities at their original purchase price with compensatory interest and the potential for the certain purchasers to bring civil claims and the SEC and other regulators to take enforcement actions against Barclays Bank PLC.
Barclays has a provision of £540m at Q122 relating to this matter, £320m (post-tax impact of £240m) of which was recognised in Q122 and £220m (post-tax of £170m) recognised in 2021 in relation to the c.US$13bn over issuance of structured notes which represents the best estimate of the rescission right investors have for these securities. A contingent liability exists in relation to the c.US$2bn over issuance of ETNs due to evidentiary challenges and the high level of trading in the securities. A contingent liability also exists in relation to any potential claims or enforcement actions taken against Barclays Bank PLC but there is currently no indication of the timetable for resolution and it is not practicable to provide an estimate of the financial effects. Barclays Bank PLC is unable to assess the likelihood of liabilities that may arise out of any civil claims or enforcement actions. Any such liabilities, claims or actions could have an adverse effect on Barclays Bank PLC’s and the Group’s business, financial condition, results of operations and reputation as a frequent issuer in the securities markets.
Barclays PLC
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Supplementary Information
Over-issuance of US securities under the Barclays Bank PLC US Shelf
In its announcement on 28 March 2022 relating to the impact of over-issuance under the US shelf registration statement (US Shelf) of Barclays Bank PLC (BBPLC), Barclays indicated that (i) it was assessing the impact of these matters on prior period financial statements of BBPLC and (ii) it had commissioned a review by external counsel (the Review) of the facts and circumstances relating to these matters, including, among other things, the control environment related to such over-issuance. In addition, it disclosed that BBPLC would make a rescission offer to certain purchasers of the affected securities issued in excess of the registered amount under the US Shelf. Since the announcement, Barclays has continued to engage with, and respond to inquiries and requests for information from, various regulators, including the US Securities and Exchange Commission (SEC).
Developments since the announcement:

Financial Statements in BPLC 2021 ARA: The directors do not believe it is appropriate under UK company law and financial reporting standards to revise the financial statements of Barclays PLC (BPLC) included in its 2021 Annual Report and Accounts (BPLC 2021 ARA) to reflect the impact of the over-issuance, but Barclays will instead record a pre-tax provision of £220m (£170m post-tax) as at 31 December 2021 as a prior year adjustment in the financial statements of BPLC for the year ended 31 December 2022 in relation to these matters. This and subsequent results announcements will therefore also reflect the impact of this adjustment in the appropriate prior year quarters.

Financial Statements in BPLC 2021 Form 20-F: Barclays is currently in discussions with the SEC regarding whether the fact that the financial statements of BPLC included in its Annual Report on Form 20-F for the year ended 31 December 2021 (the BPLC 2021 Form 20-F) do not reflect the £220m provision at 31 December 2021 for the over-issuance of structured notes and a contingent liability disclosure in respect of the over-issuance of exchange traded notes (ETNs) and related potential claims and enforcement actions against BBPLC and its affiliates constitutes a material accounting error under US securities laws. Depending on the outcome of those discussions, Barclays may be required to withdraw and refile (Restate or Restatement) the financial statements included in the BPLC 2021 Form 20-F to reflect these matters. In any event, Barclays will be required to reflect the financial impact of these matters by adjusting the comparative financial periods in its subsequent financial filings until the error has been fully corrected.

BBPLC Financial Statements: Similarly, the directors of BBPLC do not believe it is appropriate under UK company law and financial reporting standards, to revise the financial statements of BBPLC included in its 2021 Annual Report and Accounts (BBPLC 2021 ARA), but Barclays will instead record the pre-tax provision of £220m as a prior year adjustment in the financial statements of BBPLC for the year ended 31 December 2022. However, due to the lower applicable materiality threshold for BBPLC, on 27 April 2022 the directors of BBPLC determined that BBPLC would Restate the financial statements included in its Annual Report on Form 20-F for the year ended 31 December 2021 (the BBPLC 2021 20-F) previously filed with the SEC. BBPLC intends to Restate such financial statements to reflect both the provision and the contingent liability referred to above. There will therefore be differences between the 2021 financial statements included in the BBPLC 2021 Form 20-F once amended and the BBPLC 2021 ARA, and investors are therefore cautioned to exercise care in using these financial statements during the course of 2022.

Assessment of Control Environment: In light of the ongoing Review, management has concluded that, by virtue of the fact that the over-issuance occurred and was not immediately identified, both BPLC and BBPLC had a material weakness in relation to certain aspects of their internal control environment and, as a consequence, their internal control over financial reporting for the year ended 31 December 2021 was not effective under the applicable Committee of Sponsoring Organizations (COSO) Framework. The material weakness that has been identified relates to a failure to monitor issuances of structured notes and ETNs under BBPLC’s US Shelf during the period in which BBPLC’s status changed from a “well-known seasoned issuer” to an “ineligible issuer” for US securities law purposes, and BBPLC was required to pre-register a set amount of securities to be issued under its US Shelf with the SEC. As a result of this failure, BBPLC issued securities in excess of that set amount.

Amendments to Forms 20-F: BPLC is preparing an amendment to the BPLC 2021 Form 20-F to reflect the change in management’s assessment of BPLC’s internal control over financial reporting and KPMG’s auditor attestation thereon as well as its disclosure controls and procedures. BBPLC is preparing an amendment to the BBPLC 2021 Form 20-F to include its Restated 2021 financial statements and to reflect the change in management’s assessment of internal control over financial reporting and disclosure controls and procedures. These amendments will be filed as soon as practicable. Until the BPLC 2021 Form 20-F has been amended to disclose that its internal controls were not effective, KPMG’s audit report should not be relied upon by users of BPLC’s financial statements. Until BBPLC has Restated its financial statements for the year ended 31 December 2021 and amended the BBPLC 2021 Form 20-F, investors and other users of BBPLC’s filings with the SEC are cautioned not to rely on the financial statements included in the BBPLC 2021 Form 20-F.

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Supplementary Information
Remediation Plans: Following a review of other issuance programmes utilised by members of the Group, management have determined that the Group is not in excess of any limit applicable to such programmes. Barclays is nonetheless enhancing the internal controls relating to its debt securities issuance activity in all relevant jurisdictions.
Barclays remains committed to its structured products business in the US and expects BBPLC to file a new shelf registration statement with the SEC as soon as practicable following the amendment of the BBPLC 2021 Form 20-F. For further details, please refer to the notes to the condensed consolidated financial statements accompanying this Q122 results announcement.
Notwithstanding any Restatement of the financial statements included in the BPLC 2021 Form 20-F that may ultimately be required in accordance with the applicable SEC rules, as mentioned above, it is not intended that the financial statements in the BPLC 2021 ARA for the financial year ended 31 December 2021 would be revised and the BPLC 2021 ARA, which has been circulated to shareholders ahead of the BPLC AGM to be held on 4 May 2022, will be laid before shareholders at that meeting in the usual way.

Basis of preparation
In March 2022, Barclays management became aware that Barclays Bank PLC, a subsidiary undertaking had issued securities in the US in excess of the amount it had registered with the SEC. The securities issued in excess of the registered amount were structured and exchange traded notes. As the securities were not issued in compliance with the Securities Act of 1933, as amended (the “Securities Act”), this gives rise to a right of rescission for certain purchasers of the securities. A proportion of these costs associated with the right of rescission are attributable to the financial statements for the year ended 31 December 2021. This omission in the financial statements has resulted in the restatement of the prior period comparatives with the following impact:

Litigation and conduct charges in the income statement in relation to 2021 were under reported by £220m increasing total operating expenses from a reported £14,439m to £14,659m. Provisions on the balance sheet have increased from a reported £1,688m to £1,908m.
Taxation charge in the income statement has reduced by £50m from a reported £1,188m to £1,138m with a corresponding decrease in current tax liabilities on the balance sheet from £739m to £689m.
CET1 capital decreased £0.2bn from £47.5bn to £47.3bn with the CET1 ratio remaining unchanged at 15.1%. The T1 ratio moved from 19.2% to 19.1% and Total capital ratio moved from 22.3% to 22.2%.
Leverage exposure increased £1.9bn with the UK leverage ratio decreasing from 5.3% to 5.2% and the average UK leverage ratio remaining unchanged at 4.9%.
Total own funds and eligible liabilities decreased £0.2bn to £108bn, which was in excess of a restated requirement to hold £94bn of own funds and eligible liabilities.
The overall impact of the restatement on the 2021 comparatives has been to reduce the reported profit after tax from £7,226m to £7,056m for the full financial year. This reduction in profit after tax was incurred after Q121 and as such, no adjustments have been made to the Q121 reported income statement figures.
Reflecting this adjustment in this Q122 results announcement results in a pre-tax provision of £220m (£170m post-tax) being reflected as at 31 December 2021. This reduces the 2022 impact of the provision previously communicated on 28 March 2022 and results in a pre-tax provision of £320m (£240m post-tax) being recognised in Q122. Had such adjustment not been made the impact on the key performance ratios for Q122 would have been to reduce the return on average tangible shareholders equity to 10.1% and increase the cost:income ratio to 67%.
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Appendix: Non-IFRS Performance Measures
The Group’s management believes that the non-IFRS performance measures included in this document provide valuable information to the readers of the financial statements as they enable the reader to identify a more consistent basis for comparing the businesses’ performance between financial periods, and provide more detail concerning the elements of performance which the managers of these businesses are most directly able to influence or are relevant for an assessment of the Group. They also reflect an important aspect of the way in which operating targets are defined and performance is monitored by management.
However, any non-IFRS performance measures in this document are not a substitute for IFRS measures and readers should consider the IFRS measures as well.
Non-IFRS performance measures glossary
MeasureDefinition
Loan: deposit ratioLoans and advances at amortised cost divided by deposits at amortised cost.
Period end allocated tangible equityAllocated tangible equity is calculated as 13.5% (2021: 13.5%) of RWAs for each business, adjusted for capital deductions, excluding goodwill and intangible assets, reflecting the assumptions the Group uses for capital planning purposes. Head Office allocated tangible equity represents the difference between the Group’s tangible shareholders’ equity and the amounts allocated to businesses.
Average tangible shareholders’ equityCalculated as the average of the previous month’s period end tangible equity and the current month’s period end tangible equity. The average tangible shareholders’ equity for the period is the average of the monthly averages within that period.
Average allocated tangible equityCalculated as the average of the previous month’s period end allocated tangible equity and the current month’s period end allocated tangible equity. The average allocated tangible equity for the period is the average of the monthly averages within that period.
Return on average tangible shareholders’ equityAnnualised profit after tax attributable to ordinary equity holders of the parent, as a proportion of average shareholders’ equity excluding non-controlling interests and other equity instruments adjusted for the deduction of intangible assets and goodwill. The components of the calculation have been included on pages 35 to 36.
Return on average allocated tangible equityAnnualised profit after tax attributable to ordinary equity holders of the parent, as a proportion of average allocated tangible equity. The components of the calculation have been included on pages 35 to 37.
Cost: income ratioTotal operating expenses divided by total income.
Loan loss rateQuoted in basis points and represents total annualised impairment charges divided by gross loans and advances held at amortised cost at the balance sheet date. The components of the calculation have been included on page 17. Quoted as zero when credit impairment is a net release.
Net interest marginAnnualised net interest income divided by the sum of average customer assets. The components of the calculation have been included on page 16.
Tangible net asset value per shareCalculated by dividing shareholders’ equity, excluding non-controlling interests and other equity instruments, less goodwill and intangible assets, by the number of issued ordinary shares. The components of the calculation have been included on page 38.

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Appendix: Non-IFRS Performance Measures
Returns
Return on average tangible equity is calculated as profit after tax attributable to ordinary equity holders of the parent as a proportion of average tangible equity, excluding non-controlling and other equity interests for businesses. Allocated tangible equity has been calculated as 13.5% (2021: 13.5%) of RWAs for each business, adjusted for capital deductions, excluding goodwill and intangible assets, reflecting the assumptions the Group uses for capital planning purposes. Head Office average allocated tangible equity represents the difference between the Group’s average tangible shareholders’ equity and the amounts allocated to businesses.
Profit/(loss) attributable to ordinary equity holders of the parentAverage tangible equityReturn on average tangible equity
Three months ended 31.03.22£m£bn%
Barclays UK39610.115.6
    Corporate and Investment Bank1,31630.817.1
    Consumer, Cards and Payments(16)4.3(1.5)
Barclays International1,30035.114.8
Head Office(292)3.6n/m
Barclays Group1,40448.811.5
Three months ended 31.03.211
Barclays UK2989.912.0
    Corporate and Investment Bank1,26328.217.9
    Consumer, Cards and Payments1684.116.5
Barclays International1,43132.317.7
Head Office(25)4.3n/m
Barclays Group1,70446.514.7














1The income statement comparatives for Q121 are not impacted by the over-issuance of US securities under the Barclays Bank PLC US Shelf. See Basis of preparation on page 33 for further details.
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Appendix: Non-IFRS Performance Measures
Barclays Group
Return on average tangible shareholders' equityQ122
Q1211
£m£m
Attributable profit1,4041,704
£bn£bn
Average shareholders' equity56.954.4
Average goodwill and intangibles(8.1)(7.9)
Average tangible shareholders' equity 48.846.5
Return on average tangible shareholders' equity11.5%14.7%