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Credit risk management (audited)
The risk of loss to the Group from the
failure of clients, customers or
counterparties, including sovereigns, to
fully honour their obligations to the Group,
including the whole and timely payment of
principal, interest, collateral and other
receivables.
Overview
The credit risk that the Group faces arises
from wholesale and retail loans and
advances together with the counterparty
credit risk arising from derivative contracts
with clients' trading activities, including
debt securities, settlement balances with
market counterparties, fair value through
other comprehensive income (FVOCI)
assets and reverse repurchase loans.
Credit risk management objectives are to:
\u2022 maintain a framework of controls to
oversee credit risk
\u2022 identify, assess and measure credit risk
clearly and accurately across the Group
and within each separate business, from
the level of individual facilities up to the
total portfolio
\u2022 control and plan credit risk taking in line
with external stakeholder expectations,
including risk return objectives, and
avoiding undesirable concentrations
\u2022 monitor credit risk and adherence to
agreed controls.
Organisation, roles and responsibilities
The first line of defence has primary
responsibility for managing credit risk
within the risk appetite and limits set by the
Risk function, supported by a defined set of
policies, standards and controls. In the
entities, business risk committees
(attended by the first line) monitor and
review the credit risk profile of each
business unit, where the most material
issues are escalated to the Retail Credit
Risk Management Committee, Wholesale
Credit Risk Management Committee and
Group Risk Committee.
Wholesale and retail portfolios are
managed separately to reflect the differing
nature of the assets; wholesale balances
tend to be larger and are managed on an
individual basis, while retail balances are
greater in number but lesser in value and
are, therefore, managed in aggregated
segments.
The responsibilities of the credit risk
management teams in the businesses, the
sanctioning team and other shared
services include: sanctioning new credit
agreements (principally wholesale); setting
strategies for approval of transactions
(principally retail); setting risk appetite;
monitoring risk against limits and other
parameters; maintaining robust processes,
data gathering, quality, storage and
reporting methods for effective credit risk
management; performing effective
turnaround and workout scenarios for
wholesale portfolios via dedicated
restructuring and recoveries teams;
maintaining robust collections and
recovery processes/units for retail
portfolios; and review and validation of
credit risk measurement models.
The credit risk management teams in each
legal entity are accountable to the relevant
Legal Entity CRO, who reports to the
Group CRO.
For wholesale portfolios, credit risk
managers are organised in sanctioning
teams by geography, industry and/or
product. In wholesale portfolios, credit risk
approval is undertaken by experienced
credit risk professionals operating within a
clearly defined delegated authority
framework, with only the most senior
credit officers assigned the higher levels of
delegated authority. The largest credit
exposures, which are outside the Risk
Sanctioning Unit or Risk Distribution
Committee authority, require the support
of a Senior Credit Officer. For exposures in
excess of the Senior Credit Officer\u2019s
authority, approval by Group Senior Credit
Officer/Board Risk Committee is also
required. The Group Credit Risk
Committee, attended by Senior Credit
Officers, provides a formal mechanism for
the Group Senior Credit Officer to exercise
the highest level of credit authority over
the most material Group single name
exposures.
Credit risk mitigation
The Group employs a range of techniques
and strategies to actively mitigate credit
risks. These can broadly be divided into
three types:
\u2022 netting and set-off
\u2022 collateral
\u2022 risk transfer.
Netting and set-off
Credit risk exposures can be reduced by
applying netting and set-off. For derivative
transactions, the Group\u2019s normal practice
is, on a legal entity basis, to enter into
standard master agreements with
counterparties (e.g. ISDAs). These master
agreements typically allow for netting of
credit risk exposure to a counterparty
resulting from derivative transactions
against the obligations to the counterparty
in the event of default, and so produce a
lower net credit exposure. These
agreements may also reduce settlement
exposure (e.g. for foreign exchange
transactions) by allowing payments on the
same day in the same currency to be set-
off against one another.
Collateral
The Group has the ability to call on
collateral in the event of default of the
counterparty, comprising:
\u2022 home loans: a fixed charge over
residential property in the form of
houses, flats and other dwellings
\u2022 wholesale lending: a fixed charge over
commercial property and other physical
assets, in various forms
\u2022 other retail lending: includes charges
over other physical assets; second lien
charges over residential property; and
finance lease receivables
\u2022 derivatives: the Group also often seeks
to enter into a margin agreement (e.g.
Credit Support Annex) with
counterparties with which the Group has
master netting agreements in place.
These annexes to master agreements
provide a mechanism for further
reducing credit risk, whereby collateral
(margin) is posted on a regular basis
(typically daily) to collateralise the mark
to market exposure of a derivative
portfolio measured on a net basis
\u2022 reverse repurchase agreements:
collateral typically comprises highly liquid
securities which have been legally
transferred to the Group subject to an
agreement to return them for a fixed
price
\u2022 financial guarantees and similar off-
balance sheet commitments: cash
collateral may be held against these
arrangements.
Risk transfer
A range of instruments including
guarantees, credit insurance, credit
derivatives and securitisation can be used
to transfer credit risk from one
counterparty to another. These mitigate
credit risk in three main ways:
\u2022 if the risk is transferred to a counterparty
which is more creditworthy than the
original counterparty, then overall credit
risk is reduced
\u2022 where recourse to the first counterparty
remains, both counterparties must
default before a loss materialises. This is
less likely than the default of either
counterparty individually so credit risk is
reduced
\u2022 first loss exposures across pools of
credit risk can be hedged via synthetic
securitisation structures, typically via
CLN (credit linked notes) issuance. As
these are fully funded upfront they
provide for a direct reduction in credit
risk exposure on referenced pools.
In addition, referenced pools of assets can
be securitised with specific tranches of risk
sold to investors to provide direct
reduction in credit risk exposures.
\"ReadMore_Arrow.svg\"
Detailed policies are in place to
appropriately recognise and record credit
risk mitigation. For more information, refer
to pages 132 to 135 of the Barclays PLC
Pillar 3 Report 2024 (unaudited).
Governance and oversight of ECLs
under\u00a0IFRS 9
The Group\u2019s organisational structure and
internal governance processes oversee
the estimation of ECL across several areas,
including: i) setting requirements in policy,
including key assumptions and the
application of key judgements; ii) the
design and execution of models; and iii)
review of ECL results.
i) Impairment policy requirements are set
and reviewed regularly, at a minimum
annually, to maintain adherence to
accounting standards. Key judgements
inherent in policy, including the estimated
life of revolving credit facilities and the
quantitative criteria for assessing the
significant increase in credit risk (SICR), are
separately supported by analytical study. In
particular, the quantitative thresholds used
for assessing SICR are subject to a number
of internal validation criteria, particularly in
retail portfolios where thresholds decrease
as the origination Probability of Default
(PD) of each facility increases. Key policy
requirements are also aligned to the
Group\u2019s credit risk management strategy
and practices, for example, wholesale
customers that are risk managed on an
individual basis are assessed for ECL on an
individual basis upon entering Stage 3;
furthermore, key internal risk management
indicators of high risk are used to set SICR
policy, for example, retail customers
identified as high risk account
management are automatically deemed to
have met the SICR criteria.
ii) ECL is estimated in line with internal
policy requirements using models which
are validated by a qualified independent
party to the model development area, the
Independent Validation Unit (IVU), before
first use and on a regular basis, at a
minimum every three years. Each model is
designated an owner who is responsible
for:
\u2022 model maintenance: monitoring of
model performance including
backtesting by comparing predicted ECL
versus flow into stage 3 and coverage
ratios; proposing material changes for
independent IVU approval; and
recalibrating model parameters on more
timely data
\u2022 proposing post-model adjustments
(PMA) to address model weaknesses or
to account for situations where known
or expected risk factors and information
have not been considered in the
modelling process. All PMAs relating to
model deficiencies, regardless of value
are approved by IVU for a set time
period. Material PMAs are approved
before first use whilst immaterial PMAs
are approved as part of IVU's annual
review process. PMAs representing
Expert Judgement are validated by Risk,
as the second line of defence and
approved for a set time period. The
most material PMAs are also approved
by the CRO.
Models must also assess ECL across a
range of future economic conditions.
These economic scenarios are generated
via an independent model and ultimately
set by the Senior Scenario Review
Committee. Economic scenarios are
regenerated at a minimum twice annually
but more frequently if deemed
appropriate, and also to align with the
Group\u2019s medium term planning exercise.
Each model used in the estimation of ECL,
including key inputs, are governed by a
series of internal controls, which include
the validation of completeness and
accuracy of data in golden source systems,
documented data transformations and
documented lineage of data transfers
between systems.
iii) The Group Impairment Committee,
formed of members from both Finance
and Risk and attended by both the Group
Finance Director and the Group CRO (or
their delegates), is responsible for
overseeing impairment policy and practice
across the Group and will approve
impairment results. Reported results and
key messages are communicated to the
BAC, which has an oversight role and
provides challenge of key assumptions,
including the basis of the scenarios
adopted. Impairment results are then
factored into management decision
making, including but not limited to,
business planning, risk appetite setting and
portfolio management.
Market risk management
(audited)
The risk of loss arising from potential
adverse changes in the value of the
Group\u2019s assets and liabilities from
fluctuation in market variables including,
but not limited to, interest rates, foreign
exchange, equity prices, commodity
prices, credit spreads, implied volatilities
and asset correlations.
Overview
Market risk arises primarily as a result of
client facilitation in wholesale markets,
involving market-making activities, risk
management solutions and execution of
syndications. Upon execution of a trade
with a client, the Group will look to hedge
against the risk of the trade moving in an
adverse direction. Mismatches between
client transactions and hedges result in
market risk due to changes in asset prices,
volatility or correlations.
Organisation, roles and responsibilities
Market risk in the businesses resides
primarily in Investment Bank and Treasury.
These businesses have the mandate to
assume market risk. The front office and
Treasury trading desks are responsible for
managing market risk on a day-to-day
basis, where they are required to
understand and adhere to all limits
applicable to their businesses. The Market
Risk team supports the trading desks with
the day-to-day limit management of
market risk exposures through governance
processes which are outlined in supporting
market risk policies and standards.
Market risk oversight and challenge is
provided by business committees and
Group committees, including the Market
Risk Committee (MRC).
The objectives of market risk management
are to:
\u2022 identify, understand and control market
risk by robust measurement, limit
setting, reporting and oversight
\u2022 facilitate business growth within a
controlled and transparent risk
management framework
\u2022 control market risk in the businesses
according to the allocated appetite.
To meet the above objectives, a
governance structure is in place to manage
these risks consistent with the ERMF.
The BRC recommends market risk
appetite to the Board for their approval.
The Market Risk Principal Risk Lead (PR
Lead) is responsible for the Market Risk
Control Framework and, under delegated
authority from the Group CRO, agrees with
the business CROs a limit framework within
the context of the approved market risk
appetite.
The Market Risk Committee (MRC) reviews
and makes recommendations concerning
the group-wide market risk profile. This
includes overseeing the operation of the
Market Risk Framework and associated
policies and standards, monitoring market
and regulatory changes, and reviewing limit
utilisation levels. The committee is chaired
by the PR Lead and attendees include the
business heads of market risk and business
aligned market risk managers.
In addition to MRC, the Investment Bank
Risk Committee (\u2018IBRC\u2019) is the main forum
in which market risk exposures are
discussed and reviewed with senior
business heads. The Committee is chaired
by the BBPLC CRO and meets weekly,
covering current market events, notable
market risk exposures, and key risk topics.
New business initiatives are generally
socialised at IBRC before any changes to
risk appetite or associated limits are
considered in other governance
committees.
The head of each business is accountable
for all market risks associated with its
activities, while the head of the market risk
team covering each business is
responsible for implementing the risk
control framework for market risk.
\"ReadMore_Arrow.svg\"
For more information on market risk
management, refer to the Barclays PLC
Pillar 3 Report pages 156 to 165
(unaudited).
Management value at risk (VaR)
VaR is an estimate of the potential loss
arising from unfavourable market
movements if the current positions were
to be held unchanged for one business day.
For internal market risk management
purposes, a historical simulation
methodology with a one-year equally
weighted historical period, at the 95%
confidence level is used for all trading
books and some banking books.
Limits are applied at the total level as well
as by risk factor type, which are then
cascaded down to particular trading desks
and businesses by the market risk
management function.
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See the market risk performance section
for a review of management VaR.
Liquidity risk management
(audited)
Overview
The efficient management of liquidity is
essential to the Group in order to retain the
confidence of the financial markets and
maintain the sustainability of the business.
Treasury and Capital Risk have created a
framework to manage all liquidity risk
exposures under both normal and stressed
conditions. The framework is designed to
maintain liquidity resources that are
sufficient in amount, quality and funding
tenor profile to remain within the liquidity
limits set by the Barclays PLC Board. The
Board sets liquidity limits on both internal
and regulatory liquidity metrics.
Organisation, roles and responsibilities
Treasury has the primary responsibility for
managing liquidity risk within the set risk
appetite. Both Risk and Treasury
contribute to the production of the Internal
Liquidity Adequacy Assessment Process
(ILAAP). The Treasury and Capital Risk
function is responsible for the
management and governance of the
liquidity risk mandate, as defined by the
Board.
The liquidity risk management framework
established by Treasury and Capital Risk is
designed to deliver the appropriate term
and structure of funding, consistent with
the risk appetite set by the Board. The
framework incorporates a range of
ongoing business management tools to
monitor and stress test the Group\u2019s
balance sheet and recovery plan, including
limit setting. Limit setting and transfer
pricing are tools designed to control the
level of liquidity risk taken and drive the
appropriate mix of funds. Adherence to
limits reduces the likelihood that a liquidity
stress event could lead to an inability to
meet Group\u2019s obligations as they fall due.
The Board approves the Group funding
plan, internal stress tests, regulatory stress
test results, recovery plan and liquidity risk
qualitative statement that supports the
Group risk appetite. The Group Treasury
Committee is responsible for monitoring
and managing liquidity risk in line with the
Group\u2019s funding management objectives,
funding plan and risk appetite. The
Treasury and Capital Risk Committee
monitors and reviews the liquidity risk
profile and control environment, providing
second line oversight of the management
of liquidity risk. The BRC reviews the risk
profile, liquidity risk qualitative statement,
and the impact of stress scenarios on the
Group funding plan/forecast in order to
agree the Group's projected funding
abilities. The Group BRC also approves
liquidity limits to define the Group's risk
appetite liquidity constraint.
Capital risk management
(audited)
Overview
Capital risk is managed through ongoing
monitoring and management of the capital
and leverage position, regular stress
testing and a robust capital governance
framework. The objectives of the
framework are to maintain adequate
capital for the Group and legal entities to
withstand the impact of the risks that may
arise under normal and stressed
conditions, and maintain adequate capital
to cover current and forecast business
needs and associated risks to provide a
viable and sustainable business offering.
The Group\u00a0 aims to prudently manage its
overall leverage position (including risk of
excessive leverage) by utilising plausible
stress scenarios, reviewing and deploying
management actions in response to
deteriorating economic and commercial
positions.\u00a0 In order to manage contingent
leverage risk, the Group considers the
context from which the business
consumption arises, the impact of client
utilisation on leverage and the available
actions to manage.
Organisation, roles and responsibilities
Treasury has the primary responsibility for
managing and monitoring capital
adequacy. The Treasury and Capital Risk
function provides oversight of capital risk.
Production of the Barclays PLC Internal
Capital Adequacy Assessment Process
(ICAAP) is the responsibility of Treasury.
Capital risk management is underpinned by
a control framework and policy. The capital
management strategy, outlined in the
Group and legal entity capital plans, is
developed in alignment with the control
framework and policy for capital risk, and is
implemented consistently in order to
deliver on the Group\u2019s objectives.
The Board approves the Group capital plan,
internal stress tests and results of
regulatory stress tests, and the Group
recovery plan. The Group Treasury
Committee is responsible for monitoring
and managing capital risk in line with the
Group\u2019s capital management objectives,
capital plan and risk frameworks. The
Treasury and Capital Risk Committee
monitors and reviews the capital risk profile
and control environment, providing second
line oversight of the management of
capital risk. The BRC reviews the risk
profile, and reviews risk appetite at least
annually and the impact of stress scenarios
on the Group capital plan/forecast in order
to agree the Group\u2019s projected capital
adequacy.
Local management assures compliance
with an entity\u2019s minimum regulatory capital
requirements by reporting to local Asset
and Liability Committees (ALCOs) with
oversight by the Group Treasury
Committee, as required. In 2025, Barclays
complied with all regulatory minimum
capital requirements. Contingent leverage
risk is managed by; i) setting
comprehensive leverage (and RWA)
targets for each business as part of the
Treasury capital management process,
taking into account adherence to early
warning indicators and maintain a healthy
leverage ratio, and; ii) Monitoring execution
of actions taken to course-correct as
necessary.
The Group maintains a number of defined
benefit pension schemes for past and
current employees. The ability of schemes
to meet pension payments is achieved with
investments and contributions.
Pension risk arises because the market
value of pension fund assets might decline;
investment returns might reduce; or the
estimated value of pension liabilities might
increase. The Group monitors the pension
risks arising from its defined benefit
pension schemes and works with the
relevant pension fund\u2019s trustees to
address shortfalls. In these circumstances,
the Group could be required or might
choose to make extra contributions to the
pension fund. The Group\u2019s main defined
benefit scheme was closed to new
entrants in 2012.
Maximum exposure and effects of netting, collateral and risk transfer (audited)
Maximum
exposure
Netting and
set-off
Cash
collateral
Non-cash
collateral
Risk
transfer
Exposure
net of risk
mitigation
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On-balance sheet:
Cash and balances at central banks
229,752
\u2014
\u2014
\u2014
\u2014
229,752
Cash collateral and settlement balances
130,532
\u2014
\u2014
\u2014
\u2014
130,532
Loans and advances at amortised cost:
Retail mortgages
177,333
\u2014
(11)
(177,294)
(6)
22
Retail credit cards
36,952
\u2014
\u2014
\u2014
\u2014
36,952
Retail other
13,914
\u2014
(1,064)
(2,657)
(43)
10,150
Corporate loans
133,324
(2,977)
(1,429)
(76,288)
(9,683)
42,947
Total loans and advances at amortised cost
361,523
(2,977)
(2,504)
(256,239)
(9,732)
90,071
Of which credit-impaired (Stage 3):
Retail mortgages
1,883
\u2014
\u2014
(1,883)
\u2014
\u2014
Retail credit cards - excluding POCI
486
\u2014
\u2014
\u2014
\u2014
486
Retail credit cards - POCI
24
\u2014
\u2014
\u2014
\u2014
24
Retail other - excluding POCI
116
\u2014
\u2014
(90)
\u2014
26
Retail other - POCI
15
\u2014
\u2014
\u2014
\u2014
15
Corporate loans
2,355
\u2014
(22)
(1,410)
(426)
497
Total credit-impaired loans and advances at amortised cost
4,879
\u2014
(22)
(3,383)
(426)
1,048
Debt securities at amortised cost
68,475
\u2014
\u2014
(136)
\u2014
68,339
Reverse repurchase agreements and other similar secured lending
17,622
\u2014
\u2014
(17,622)
\u2014
\u2014
Trading portfolio assets:
Debt securities
94,359
\u2014
\u2014
(639)
\u2014
93,720
Traded loans
12,249
\u2014
\u2014
(4,907)
\u2014
7,342
Total trading portfolio assets
106,608
\u2014
\u2014
(5,546)
\u2014
101,062
Financial assets at fair value through the income statement:
Loans and advances
47,672
\u2014
(17)
(43,588)
\u2014
4,067
Debt securities
3,214
\u2014
\u2014
(359)
\u2014
2,855
Reverse repurchase agreements
132,488
\u2014
(1,396)
(130,734)
\u2014
358
Other financial assets
83
\u2014
\u2014
\u2014
\u2014
83
Total financial assets at fair value through the income statement
183,457
\u2014
(1,413)
(174,681)
\u2014
7,363
Derivative financial instruments
252,459
(194,743)
(30,758)
(12,646)
(4,121)
10,191
Financial assets at fair value through other comprehensive income
74,390
\u2014
\u2014
(2,390)
(134)
71,866
Other assets
847
\u2014
(1)
\u2014
\u2014
846
Assets held for sale
5,801
\u2014
\u2014
\u2014
\u2014
5,801
Total on-balance sheet
1,431,466
(197,720)
(34,676)
(469,260)
(13,987)
715,823
Off-balance sheet:
Contingent liabilities
25,374
\u2014
(1,768)
(768)
(194)
22,644
Loan commitments
424,606
\u2014
(492)
(52,384)
(2,437)
369,293
Total off-balance sheet
449,980
\u2014
(2,260)
(53,152)
(2,631)
391,937
Total
1,881,446
(197,720)
(36,936)
(522,412)
(16,618)
1,107,760
The above table excludes any credit risk mitigation that does not impact the expected credit loss for financial assets measured at
amortised cost. Off-balance sheet exposures are shown gross of provisions of \u00a3416m ( 2024: \u00a3439m), see Note 24 for further details. In
addition to the above, the Group holds forward starting reverse repos with notional contract amounts of \u00a381.5bn ( 2024: \u00a3108.6b n)
which are fully collateralised. Corporate loans at amortised cost include \u00a31.8bn (2024: \u00a33.3 bn) of BBLS, CBILS and CLBILS supported by
UK government guarantees of \u00a31.8b n (2024: \u00a33.2bn), which are included within the Risk transfer column in the table. Reported off-
balance sheet loan commitments\u00a0 also include exposures relating to financial assets classified as assets held for sale.
Maximum exposure and effects of netting, collateral and risk transfer (audited)
Maximum
exposure
Netting and
set-off
Cash
collateral
Non-cash
collateral
Risk
transfer
Exposure
net of risk
mitigation
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On-balance sheet:
Cash and balances at central banks
210,184
\u2014
\u2014
\u2014
\u2014
210,184
Cash collateral and settlement balances
119,843
\u2014
\u2014
\u2014
\u2014
119,843
Loans and advances at amortised cost:
Retail mortgages
168,061
\u2014
(22)
(168,026)
\u2014
13
Retail credit cards
34,779
\u2014
\u2014
\u2014
\u2014
34,779
Retail other
13,808
\u2014
(1,106)
(2,502)
(36)
10,164
Corporate loans
129,625
(3,006)
(1,107)
(67,909)
(11,548)
46,055
Total loans and advances at amortised cost
346,273
(3,006)
(2,235)
(238,437)
(11,584)
91,011
Of which credit-impaired (Stage 3):
Retail mortgages
1,875
\u2014
\u2014
(1,874)
\u2014
1
Retail credit cards - excluding POCI
396
\u2014
\u2014
\u2014
\u2014
396
Retail credit cards - POCI
40
\u2014
\u2014
\u2014
\u2014
40
Retail other - excluding POCI
217
\u2014
(21)
(175)
\u2014
21
Retail other - POCI
17
\u2014
\u2014
\u2014
\u2014
17
Corporate loans
2,490
\u2014
(32)
(1,108)
(415)
935
Total credit-impaired loans and advances at amortised cost
5,035
\u2014
(53)
(3,157)
(415)
1,410
Debt securities at amortised cost
68,210
\u2014
\u2014
(583)
(90)
67,537
Reverse repurchase agreements and other similar secured lending
4,734
\u2014
\u2014
(4,734)
\u2014
\u2014
Trading portfolio assets:
Debt securities
78,014
\u2014
\u2014
(657)
\u2014
77,357
Traded loans
13,470
\u2014
\u2014
(878)
\u2014
12,592
Total trading portfolio assets
91,484
\u2014
\u2014
(1,535)
\u2014
89,949
Financial assets at fair value through the income statement:
Loans and advances
45,068
\u2014
(17)
(41,766)
\u2014
3,285
Debt securities
2,965
\u2014
\u2014
(182)
\u2014
2,783
Reverse repurchase agreements
141,773
\u2014
(2,429)
(138,905)
\u2014
439
Other financial assets
110
\u2014
\u2014
\u2014
\u2014
110
Total financial assets at fair value through the income statement
189,916
\u2014
(2,446)
(180,853)
\u2014
6,617
Derivative financial instruments
293,530
(230,434)
(30,637)
(12,633)
(5,284)
14,542
Financial assets at fair value through other comprehensive income
78,055
\u2014
\u2014
(1,104)
(246)
76,705
Other assets
891
\u2014
(1)
\u2014
\u2014
890
Assets held for sale
9,544
\u2014
\u2014
\u2014
\u2014
9,544
Total on-balance sheet
1,412,664
(233,440)
(35,319)
(439,879)
(17,204)
686,822
Off-balance sheet:
Contingent liabilities
25,346
\u2014
(2,664)
(441)
(248)
21,993
Loan commitments
423,149
\u2014
(550)
(55,327)
(1,899)
365,373
Total off-balance sheet
448,495
\u2014
(3,214)
(55,768)
(2,147)
387,366
Total
1,861,159
(233,440)
(38,533)
(495,647)
(19,351)
1,074,188
Loans and advances at amortised cost by geography
Total loans and advances at amortised cost in the credit risk performance section includes loans and advances at amortised cost to
banks and loans and advances at amortised cost to customers.
The table below presents a product and geographical breakdown of loans and advances at amortised cost and the impairment
allowance by stage; and includes purchased or originated credit-impaired (POCI) balances. POCI balances represent a fixed pool of
assets purchased at a deep discount to face value reflecting credit losses incurred from the point of origination to date of acquisition.
The table also presents stage allocation of debt securities and off-balance sheet loan commitments and financial guarantee contracts.
Impairment allowance under IFRS 9 considers both the drawn and the undrawn counterparty exposure. For retail portfolios, the total
impairment allowance is allocated to gross loans and advances to the extent allowance does not exceed the drawn exposure and any
excess is reported on the liabilities side of the balance sheet as a provision. For wholesale portfolios, impairment allowance on undrawn
exposure is reported on the liability side of the balance sheet as a provision.
Loans and advances at amortised cost by geography (audited)
Gross exposure
Impairment allowance
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
159,825
13,757
1,836
\u2014
175,418
15
16
60
\u2014
91
Retail credit cards
14,922
1,943
279
24
17,168
171
398
174
\u2014
743
Retail other
9,867
1,512
286
15
11,680
98
178
214
\u2014
490
Corporate loans 1
54,182
6,936
1,392
\u2014
62,510
125
180
422
\u2014
727
Total UK
238,796
24,148
3,793
39
266,776
409
772
870
\u2014
2,051
Retail mortgages
1,829
72
131
\u2014
2,032
2
\u2014
24
\u2014
26
Retail credit cards
18,801
2,536
1,776
\u2014
23,113
395
796
1,395
\u2014
2,586
Retail other
2,482
206
63
\u2014
2,751
3
5
19
\u2014
27
Corporate loans
66,671
3,702
1,767
\u2014
72,140
82
135
382
\u2014
599
Total Rest of the World
89,783
6,516
3,737
\u2014
100,036
482
936
1,820
\u2014
3,238
Total loans and
advances at amortised
cost
328,579
30,664
7,530
39
366,812
891
1,708
2,690
\u2014
5,289
Debt Securities at
amortised cost
68,126
371
\u2014
\u2014
68,497
13
9
\u2014
\u2014
22
Total loans and
advances at amortised
cost including Debt
Securities
396,705
31,035
7,530
39
435,309
904
1,717
2,690
\u2014
5,311
Off-balance sheet loan
commitments and
financial guarantee
contracts 2
410,493
16,473
812
5
427,783
144
240
32
\u2014
416
Total 3,4
807,198
47,508
8,342
44
863,092
1,048
1,957
2,722
\u2014
5,727
Net Exposure
Coverage ratio
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
%
Retail mortgages
159,810
13,741
1,776
\u2014
175,327
\u2014
0.1
3.3
\u2014
0.1
Retail credit cards
14,751
1,545
105
24
16,425
1.1
20.5
62.4
\u2014
4.3
Retail other
9,769
1,334
72
15
11,190
1.0
11.8
74.8
\u2014
4.2
Corporate loans 1
54,057
6,756
970
\u2014
61,783
0.2
2.6
30.3
\u2014
1.2
Total UK
238,387
23,376
2,923
39
264,725
0.2
3.2
22.9
\u2014
0.8
Retail mortgages
1,827
72
107
\u2014
2,006
0.1
\u2014
18.3
\u2014
1.3
Retail credit cards
18,406
1,740
381
\u2014
20,527
2.1
31.4
78.5
\u2014
11.2
Retail other
2,479
201
44
\u2014
2,724
0.1
2.4
30.2
\u2014
1.0
Corporate loans
66,589
3,567
1,385
\u2014
71,541
0.1
3.6
21.6
\u2014
0.8
Total Rest of the world
89,301
5,580
1,917
\u2014
96,798
0.5
14.4
48.7
\u2014
3.2
Total loans and
advances at amortised
cost
327,688
28,956
4,840
39
361,523
0.3
5.6
35.7
\u2014
1.4
Debt securities at
amortised cost
68,113
362
\u2014
\u2014
68,475
\u2014
2.4
\u2014
\u2014
\u2014
Total loans and
advances at amortised
cost including debt
securities
395,801
29,318
4,840
39
429,998
0.2
5.5
35.7
\u2014
1.2
Off-balance sheet loan
commitments and
financial guarantee
contracts 2
410,349
16,233
780
5
427,367
\u2014
1.5
3.9
\u2014
0.1
Total 3, 4
806,150
45,551
5,620
44
857,365
0.1
4.1
32.6
\u2014
0.7
Notes:
1 Includes Business Banking, which has a gross exposure of \u00a3 12.4bn and an impairment allowance of \u00a3 326m. This comprises \u00a362m impairment allowance on
\u00a39.3bn Stage 1 exposure, \u00a350m on \u00a32.3bn Stage 2 exposure and \u00a3214m on \u00a30.8bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is
0.8%.
2 Excludes loan commitments and financial guarantees of \u00a322.2bn carried at fair value and includes exposure relating to financial assets classified as assets held
for sale.
3 Other financial assets subject to impairment excluded in the table above include cash collateral and settlement balances, reverse repurchase agreements and
other similar secured lending, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of
\u00a3224.1bn and an impairment allowance of \u00a3150m. This comprises \u00a318m impairment allowance on \u00a3222.4bn Stage 1 exposure, \u00a38m on \u00a31.6bn\u00a0 Stage 2
exposure and \u00a3124 m on \u00a3127 m Stage 3 exposure.
4 The annualised loan loss rate is 52bps after applying the total impairment charge of \u00a32,279m.
Loans and advances at amortised cost by geography (audited)
Gross exposure
Impairment allowance
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
145,039
19,507
1,793
\u2014
166,339
36
61
61
\u2014
158
Retail credit cards
13,497
2,064
179
40
15,780
219
440
91
\u2014
750
Retail other
10,606
1,218
257
17
12,098
135
110
138
\u2014
383
Corporate loans 1
52,284
7,266
2,171
\u2014
61,721
133
196
420
\u2014
749
Total UK
221,426
30,055
4,400
57
255,938
523
807
710
\u2014
2,040
Retail mortgages
1,651
89
169
\u2014
1,909
2
1
26
\u2014
29
Retail credit cards
17,629
2,953
1,724
\u2014
22,306
334
807
1,416
\u2014
2,557
Retail other
1,844
155
121
\u2014
2,120
3
1
23
\u2014
27
Corporate loans\u00a0
64,224
3,901
945
\u2014
69,070
76
135
206
\u2014
417
Total Rest of the World
85,348
7,098
2,959
\u2014
95,405
415
944
1,671
\u2014
3,030
Total loans and
advances at amortised
cost
306,774
37,153
7,359
57
351,343
938
1,751
2,381
\u2014
5,070
Debt securities at
amortised cost
64,988
3,245
\u2014
\u2014
68,233
12
11
\u2014
\u2014
23
Total loans and
advances at amortised
cost including debt
securities
371,762
40,398
7,359
57
419,576
950
1,762
2,381
\u2014
5,093
Off-balance sheet loan
commitments and
financial guarantee
contracts 2
412,255
18,728
1,168
6
432,157
164
250
25
\u2014
439
Total 3,4
784,017
59,126
8,527
63
851,733
1,114
2,012
2,406
\u2014
5,532
Loans and advances at amortised cost by geography (audited)
Net Exposure
Coverage ratio
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
%
Retail mortgages
145,003
19,446
1,732
\u2014
166,181
\u2014
0.3
3.4
\u2014
0.1
Retail credit cards
13,278
1,624
88
40
15,030
1.6
21.3
50.8
\u2014
4.8
Retail other
10,471
1,108
119
17
11,715
1.3
9.0
53.7
\u2014
3.2
Corporate loans 1
52,151
7,070
1,751
\u2014
60,972
0.3
2.7
19.3
\u2014
1.2
Total UK
220,903
29,248
3,690
57
253,898
0.2
2.7
16.1
\u2014
0.8
Retail mortgages
1,649
88
143
\u2014
1,880
0.1
1.1
15.4
\u2014
1.5
Retail credit cards
17,295
2,146
308
\u2014
19,749
1.9
27.3
82.1
\u2014
11.5
Retail other
1,841
154
98
\u2014
2,093
0.2
0.6
19.0
\u2014
1.3
Corporate loans
64,148
3,766
739
\u2014
68,653
0.1
3.5
21.8
\u2014
0.6
Total Rest of the World
84,933
6,154
1,288
\u2014
92,375
0.5
13.3
56.5
\u2014
3.2
Total loans and
advances at amortised
cost
305,836
35,402
4,978
57
346,273
0.3
4.7
32.4
\u2014
1.4
Debt securities at
amortised cost
64,976
3,234
\u2014
\u2014
68,210
\u2014
0.3
\u2014
\u2014
\u2014
Total loans and
advances at amortised
cost including debt
securities
370,812
38,636
4,978
57
414,483
0.3
4.4
32.4
\u2014
1.2
Off-balance sheet loan
commitments and
financial guarantee
contracts 2
412,091
18,478
1,143
6
431,718
\u2014
1.3
2.1
\u2014
0.1
Total 3, 4
782,903
57,114
6,121
63
846,201
0.1
3.4
28.2
\u2014
0.6
Notes:
1 Includes Business Banking, which has a gross exposure of \u00a313.1bn and an impairment allowance of \u00a3356m. This comprises \u00a360m impairment allowance on
\u00a38.9bn Stage 1 exposure, \u00a360m on \u00a32.8bn Stage 2 exposure and \u00a3236m on \u00a31.5bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is
0.8%.
2 Excludes loan commitments and financial guarantees of \u00a3 16.3bn carried at fair value and includes exposure relating to financial assets classified as assets held
for sale.
3 Other financial assets subject to impairment excluded in the table above include cash collateral and settlement balances,\u00a0 reverse repurchase agreements and
other similar secured lending, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of
\u00a3204.2bn and an impairment allowance of \u00a3156m. This comprises \u00a319m impairment allowance on \u00a3202.7bn Stage 1 exposure, \u00a3 7 m on \u00a31.3bn Stage 2
exposure and \u00a3130m on \u00a3139m Stage 3 exposure.
4 The annualised loan loss rate is 46bps after applying the total impairment charge of \u00a31,982m.
Loans and advances at amortised cost by product (audited)
The table below presents a product breakdown by stages of loans and advances at amortised cost. Also included is a breakdown of
Stage 2 past due balances.
Loans and advances at amortised cost by product (audited)
Stage 2
As at 31 December 2025
Stage 1
Not past
due
<=30 days
past due
>30 days
past due
Total
Stage 3
excluding
POCI
Stage 3
POCI
Total
Gross exposure
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
161,654
11,072
2,033
724
13,829
1,967
\u2014
177,450
Retail credit cards
33,723
3,832
317
330
4,479
2,055
24
40,281
Retail other
12,349
1,398
207
113
1,718
349
15
14,431
Corporate loans
120,853
10,409
71
158
10,638
3,159
\u2014
134,650
Total
328,579
26,711
2,628
1,325
30,664
7,530
39
366,812
Impairment allowance
Retail mortgages
17
9
4
3
16
84
\u2014
117
Retail credit cards
566
840
138
216
1,194
1,569
\u2014
3,329
Retail other
101
126
28
29
183
233
\u2014
517
Corporate loans
207
298
7
10
315
804
\u2014
1,326
Total
891
1,273
177
258
1,708
2,690
\u2014
5,289
Net exposure
Retail mortgages
161,637
11,063
2,029
721
13,813
1,883
\u2014
177,333
Retail credit cards
33,157
2,992
179
114
3,285
486
24
36,952
Retail other
12,248
1,272
179
84
1,535
116
15
13,914
Corporate loans
120,646
10,111
64
148
10,323
2,355
\u2014
133,324
Total
327,688
25,438
2,451
1,067
28,956
4,840
39
361,523
Coverage ratio
%
%
%
%
%
%
%
%
Retail mortgages
\u2014
0.1
0.2
0.4
0.1
4.3
\u2014
0.1
Retail credit cards
1.7
21.9
43.5
65.5
26.7
76.4
\u2014
8.3
Retail other
0.8
9.0
13.5
25.7
10.7
66.8
\u2014
3.6
Corporate loans
0.2
2.9
9.9
6.3
3.0
25.5
\u2014
1.0
Total
0.3
4.8
6.7
19.5
5.6
35.7
\u2014
1.4
As at 31 December 2024
Gross exposure
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
146,690
16,790
2,034
772
19,596
1,962
\u2014
168,248
Retail credit cards
31,126
4,435
303
279
5,017
1,903
40
38,086
Retail other
12,450
1,056
211
106
1,373
378
17
14,218
Corporate loans
116,508
10,849
144
174
11,167
3,116
\u2014
130,791
Total
306,774
33,130
2,692
1,331
37,153
7,359
57
351,343
Impairment allowance
Retail mortgages
38
42
13
7
62
87
\u2014
187
Retail credit cards
553
959
122
166
1,247
1,507
\u2014
3,307
Retail other
138
76
17
18
111
161
\u2014
410
Corporate loans
209
316
7
8
331
626
\u2014
1,166
Total
938
1,393
159
199
1,751
2,381
\u2014
5,070
Net exposure
Retail mortgages
146,652
16,748
2,021
765
19,534
1,875
\u2014
168,061
Retail credit cards
30,573
3,476
181
113
3,770
396
40
34,779
Retail other
12,312
980
194
88
1,262
217
17
13,808
Corporate loans
116,299
10,533
137
166
10,836
2,490
\u2014
129,625
Total
305,836
31,737
2,533
1,132
35,402
4,978
57
346,273
Coverage ratio
%
%
%
%
%
%
%
%
Retail mortgages
\u2014
0.3
0.6
0.9
0.3
4.4
\u2014
0.1
Retail credit cards
1.8
21.6
40.3
59.5
24.9
79.2
\u2014
8.7
Retail other
1.1
7.2
8.1
17.0
8.1
42.6
\u2014
2.9
Corporate loans
0.2
2.9
4.9
4.6
3.0
20.1
\u2014
0.9
Total
0.3
4.2
5.9
15.0
4.7
32.4
\u2014
1.4
Movement in gross exposures and impairment allowance including provisions for loan commitments and
financial guarantees (audited)
The following tables present a reconciliation of the opening to the closing balance of the gross exposure and impairment allowance.
Transfers between stages in the tables have been reflected as if they had taken place at the beginning of the year. 'Net drawdowns,
repayments, net re-measurement and movements due to exposure and risk parameter changes' includes additional drawdowns and
partial repayments from existing facilities. Additionally, the below tables do not include other financial assets subject to impairment such
as debt securities at amortised cost, reverse repurchase agreements and other similar secured lending, cash collateral and settlement
balances, financial assets at fair value through other comprehensive income and other assets.
The movements are measured over a 12-month period.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2025
146,690
38
19,596
62
1,962
87
\u2014
\u2014
168,248
187
Transfers from Stage 1 to Stage 2
(8,750)
(3)
8,750
3
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
12,686
26
(12,686)
(26)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(389)
(1)
(502)
(5)
891
6
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
108
2
119
\u2014
(227)
(2)
\u2014
\u2014
\u2014
\u2014
Business activity in the year
32,944
4
1,186
2
7
\u2014
\u2014
\u2014
34,137
6
Refinements to models used for
calculation 1
\u2014
(19)
\u2014
(36)
\u2014
6
\u2014
\u2014
\u2014
(49)
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
(7,660)
(26)
(683)
25
(113)
30
\u2014
\u2014
(8,456)
29
Final repayments
(13,634)
(3)
(1,802)
(5)
(431)
(20)
\u2014
\u2014
(15,867)
(28)
Disposals 2
(341)
(1)
(149)
(4)
(104)
(5)
\u2014
\u2014
(594)
(10)
Write-offs
\u2014
\u2014
\u2014
\u2014
(18)
(18)
\u2014
\u2014
(18)
(18)
As at 31 December 2025
161,654
17
13,829
16
1,967
84
\u2014
\u2014
177,450
117
Retail credit cards
As at 1 January 2025
31,126
553
5,017
1,247
1,903
1,507
40
\u2014
38,086
3,307
Transfers from Stage 1 to Stage 2
(1,716)
(51)
1,716
51
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
2,220
444
(2,220)
(444)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(728)
(26)
(922)
(351)
1,650
377
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
30
15
20
8
(50)
(23)
\u2014
\u2014
\u2014
\u2014
Business activity in the year 3
4,999
111
617
188
75
54
\u2014
\u2014
5,691
353
Refinements to models used for
calculation 1
\u2014
57
\u2014
(274)
\u2014
1
\u2014
\u2014
\u2014
(216)
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes4
(1,906)
(526)
290
782
(6)
1,074
(16)
\u2014
(1,638)
1,330
Final repayments
(302)
(11)
(39)
(13)
(35)
(28)
\u2014
\u2014
(376)
(52)
Disposals 2
\u2014
\u2014
\u2014
\u2014
(457)
(368)
\u2014
\u2014
(457)
(368)
Write-offs
\u2014
\u2014
\u2014
\u2014
(1,025)
(1,025)
\u2014
\u2014
(1,025)
(1,025)
As at 31 December 2025
33,723
566
4,479
1,194
2,055
1,569
24
\u2014
40,281
3,329
Notes:
1 Refinements to models used for calculation reported within Retail mortgages include a \u00a3(49)m movement in the calculated ECL for the UK Mortgages
portfolio. In Retail credit cards, this include a \u00a3(204)m movement in UK Cards and a \u00a3(12)m movement in US Cards portfolio, respectively. These reflect model
enhancements made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL calculation including review of model
monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that the models used continue to
reflect the risks inherent in the businesses.
2 The \u00a3594 m of gross disposals reported within Retail mortgages include \u00a3584m transfer of facilities to a non-consolidated SPV for the purpose of securitisation
and \u00a310m relates to sale of the Italian mortgage loans. The \u00a3457 m of gross disposals reported within Retail credit cards relate to debt sales undertaken during
the year.
3 Business activity in the year reported within Retail credit cards include \u00a31.2bn related to acquisition of the GM co-branded card portfolio within USCB.
4 'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' reported within Retail credit cards include a
gain recognised on the reassessment of purchased or originated credit-impaired (POCI) assets, where the expected credit loss on POCI assets is lower than
anticipated at the time of purchase. The resulting increase in carrying value is recognised within gross exposure rather than as a negative impairment
allowance.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3\u00a0 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail other
As at 1 January 2025
12,450
138
1,373
111
378
161
17
\u2014
14,218
410
Transfers from Stage 1 to Stage 2
(733)
(12)
733
12
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
372
24
(372)
(24)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(206)
(3)
(119)
(28)
325
31
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
58
2
4
4
(62)
(6)
\u2014
\u2014
\u2014
\u2014
Business activity in the year
4,683
37
494
58
37
34
\u2014
\u2014
5,214
129
Refinements to models used for
calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes1
(1,080)
(62)
(16)
55
34
180
(2)
\u2014
(1,064)
173
Final repayments
(3,195)
(23)
(379)
(5)
(205)
(20)
\u2014
\u2014
(3,779)
(48)
Disposals 2
\u2014
\u2014
\u2014
\u2014
(43)
(32)
\u2014
\u2014
(43)
(32)
Write-offs
\u2014
\u2014
\u2014
\u2014
(115)
(115)
\u2014
\u2014
(115)
(115)
As at 31 December 2025
12,349
101
1,718
183
349
233
15
\u2014
14,431
517
Corporate loans
As at 1 January 2025
116,508
209
11,167
331
3,116
626
\u2014
\u2014
130,791
1,166
Transfers from Stage 1 to Stage 2
(3,993)
(19)
3,993
19
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
3,316
70
(3,316)
(70)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(895)
(5)
(748)
(32)
1,643
37
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
441
18
459
14
(900)
(32)
\u2014
\u2014
\u2014
\u2014
Business activity in the year 3
28,142
49
1,134
40
341
29
\u2014
\u2014
29,617
118
Refinements to models used for
calculation 4
\u2014
(65)
\u2014
(24)
\u2014
\u2014
\u2014
\u2014
\u2014
(89)
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
3,727
(21)
(41)
95
(108)
476
\u2014
\u2014
3,578
550
Final repayments
(26,236)
(28)
(2,008)
(56)
(511)
(10)
\u2014
\u2014
(28,755)
(94)
Disposals 2
(157)
(1)
(2)
(2)
(121)
(21)
\u2014
\u2014
(280)
(24)
Write-offs
\u2014
\u2014
\u2014
\u2014
(301)
(301)
\u2014
\u2014
(301)
(301)
As at 31 December 2025
120,853
207
10,638
315
3,159
804
\u2014
\u2014
134,650
1,326
Notes:
1 'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' reported within Retail other include a gain
recognised on the reassessment of purchased or originated credit-impaired (POCI) assets, where the expected credit loss on POCI assets is lower than
anticipated at the time of purchase. The resulting increase in carrying value is recognised within gross exposure rather than as a negative impairment
allowance.
2 The \u00a343m of gross disposals reported within Retail other and \u00a3280m of gross disposals reported within Corporate loans relate to debt sales undertaken during
the year.
3 Business activity in the year reported within Corporate loans include \u00a30.1bn related to acquisition of the GM co-branded card portfolio within USCB.
4 Refinements to models used for calculation reported within Corporate loans include a \u00a3(89)m movement in the calculated ECL for the UKCB and IB portfolio.
These reflect model enhancements made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL calculation
including review\u00a0 of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that
the models used continue to reflect the risks inherent in the businesses.
Reconciliation of ECL movement to credit impairment charge/(release)\u00a0 for the period
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
(20)
(42)
20
\u2014
(42)
Retail credit cards
13
(53)
1,455
\u2014
1,415
Retail other
(37)
72
219
\u2014
254
Corporate loans
(1)
(14)
500
\u2014
485
ECL movements excluding disposals and write-offs 1
(45)
(37)
2,194
\u2014
2,112
ECL movement on loan commitments and other financial guarantees
(20)
(10)
7
\u2014
(23)
ECL movement on other financial assets
(1)
1
(6)
\u2014
(6)
ECL movement on debt securities at amortised cost
1
(2)
\u2014
\u2014
(1)
Recoveries and reimbursements2
9
(29)
(147)
\u2014
(167)
ECL charge on assets held for sale3
181
Total exchange and other adjustments
183
Total credit impairment charge for the year
2,279
Notes:
1 In 2025, gross write-offs amounted to \u00a31,459m and post write-off recoveries amounted to \u00a383m. Net write-offs represent gross write-offs less post write-off
recoveries and amounted to \u00a31,376m.
2 Recoveries and reimbursements include \u00a384m for reimbursements where the Group has entered into financial guarantee contracts which provide credit
protection over certain assets with third parties and cash recoveries of previously written-off amounts of \u00a383m.
3 ECL charge on assets held for sale relate to the charges on a co-branded card portfolio in USCB and the German consumer finance business.
Loan commitments and financial guarantees (audited) 1
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2025
11,093
\u2014
340
\u2014
2
\u2014
\u2014
\u2014
11,435
\u2014
Net transfers between stages
131
\u2014
(141)
\u2014
10
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
8,970
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
8,970
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
(8,097)
\u2014
(44)
\u2014
(10)
\u2014
\u2014
\u2014
(8,151)
\u2014
Limit management and final repayments
(342)
\u2014
(30)
\u2014
(2)
\u2014
\u2014
\u2014
(374)
\u2014
As at 31 December 2025
11,755
\u2014
125
\u2014
\u2014
\u2014
\u2014
\u2014
11,880
\u2014
Retail credit cards
As at 1 January 2025
162,471
53
2,515
13
122
\u2014
6
\u2014
165,114
66
Net transfers between stages
(1,837)
13
1,760
(13)
77
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
28,148
18
341
3
1
\u2014
\u2014
\u2014
28,490
21
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
(6,183)
(24)
(1,845)
9
(72)
\u2014
(1)
\u2014
(8,101)
(15)
Limit management and final repayments
(13,584)
(8)
(220)
(9)
(24)
\u2014
\u2014
\u2014
(13,828)
(17)
Disposal2
(5,291)
\u2014
(221)
\u2014
(10)
\u2014
\u2014
\u2014
(5,522)
\u2014
As at 31 December 2025
163,724
52
2,330
3
94
\u2014
5
\u2014
166,153
55
Retail other
As at 1 January 2025
8,416
6
440
\u2014
25
\u2014
\u2014
\u2014
8,881
6
Net transfers between stages
(31)
\u2014
28
\u2014
3
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
625
\u2014
1
\u2014
\u2014
\u2014
\u2014
\u2014
626
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
(341)
(5)
7
\u2014
12
\u2014
\u2014
\u2014
(322)
(5)
Limit management and final repayments
(797)
\u2014
(33)
\u2014
(20)
\u2014
\u2014
\u2014
(850)
\u2014
Disposal 2
(756)
\u2014
(30)
\u2014
(1)
\u2014
\u2014
\u2014
(787)
\u2014
As at 31 December 2025
7,116
1
413
\u2014
19
\u2014
\u2014
\u2014
7,548
1
Corporate loans
As at 1 January 2025
230,275
105
15,433
237
1,019
25
\u2014
\u2014
246,727
367
Net transfers between stages
(122)
41
216
(41)
(94)
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
48,961
28
2,701
61
405
\u2014
\u2014
\u2014
52,067
89
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
9,733
(57)
(480)
36
(291)
11
\u2014
\u2014
8,962
(10)
Limit management and final repayments
(60,949)
(26)
(4,265)
(56)
(340)
(4)
\u2014
\u2014
(65,554)
(86)
As at 31 December 2025
227,898
91
13,605
237
699
32
\u2014
\u2014
242,202
360
Notes:
1 Loan commitments reported also include exposure\u00a0 relating to financial assets classified as held for sale.
2 The gross disposals reported within Retail credit cards and Retail other relate to the German consumer finance business; sale of which was completed in Q125.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2024
150,202
50
19,469
105
2,424
428
\u2014
\u2014
172,095
583
Transfers from Stage 1 to Stage 2
(10,013)
(5)
10,013
5
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
6,591
29
(6,591)
(29)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(388)
\u2014
(530)
(10)
918
10
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
82
3
142
2
(224)
(5)
\u2014
\u2014
\u2014
\u2014
Business activity in the year
22,881
8
792
4
7
\u2014
\u2014
\u2014
23,680
12
Refinements to models used for calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
(7,297)
(37)
(918)
36
(53)
23
\u2014
\u2014
(8,268)
22
Final repayments
(12,680)
(5)
(2,099)
(11)
(394)
(24)
\u2014
\u2014
(15,173)
(40)
Disposals 1
(2,688)
(5)
(682)
(40)
(699)
(328)
\u2014
\u2014
(4,069)
(373)
Write-offs
\u2014
\u2014
\u2014
\u2014
(17)
(17)
\u2014
\u2014
(17)
(17)
As at 31 December 2024
146,690
38
19,596
62
1,962
87
\u2014
\u2014
168,248
187
Retail credit cards
As at 1 January 2024
30,409
523
5,578
1,630
1,720
1,333
\u2014
\u2014
37,707
3,486
Transfers from Stage 1 to Stage 2
(2,093)
(66)
2,093
66
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
1,933
461
(1,933)
(461)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(702)
(26)
(1,079)
(469)
1,781
495
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
26
13
25
10
(51)
(23)
\u2014
\u2014
\u2014
\u2014
Business activity in the year 2
7,217
184
400
118
32
29
40
\u2014
7,689
331
Refinements to models used for calculation 3
\u2014
5
\u2014
(29)
\u2014
4
\u2014
\u2014
\u2014
(20)
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
658
(450)
838
628
(7)
1,143
\u2014
\u2014
1,489
1,321
Final repayments
(136)
(7)
(41)
(16)
(5)
(3)
\u2014
\u2014
(182)
(26)
Transfers to assets held for sale 4
(5,495)
(64)
(689)
(161)
(57)
(46)
\u2014
\u2014
(6,241)
(271)
Disposals 1
(691)
(20)
(175)
(69)
(407)
(322)
\u2014
\u2014
(1,273)
(411)
Write-offs
\u2014
\u2014
\u2014
\u2014
(1,103)
(1,103)
\u2014
\u2014
(1,103)
(1,103)
As at 31 December 2024
31,126
553
5,017
1,247
1,903
1,507
40
\u2014
38,086
3,307
Retail other
As at 1 January 2024
8,469
59
1,343
118
493
176
\u2014
\u2014
10,305
353
Transfers from Stage 1 to Stage 2
(619)
(8)
619
8
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
423
27
(423)
(27)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(209)
(2)
(151)
(30)
360
32
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
82
1
52
4
(134)
(5)
\u2014
\u2014
\u2014
\u2014
Business activity in the year 2
7,590
105
252
30
24
22
17
\u2014
7,883
157
Refinements to models used for calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
(265)
(33)
(125)
13
59
116
\u2014
\u2014
(331)
96
Final repayments
(3,021)
(11)
(194)
(5)
(273)
(41)
\u2014
\u2014
(3,488)
(57)
Disposals 1
\u2014
\u2014
\u2014
\u2014
(46)
(34)
\u2014
\u2014
(46)
(34)
Write-offs
\u2014
\u2014
\u2014
\u2014
(105)
(105)
\u2014
\u2014
(105)
(105)
As at 31 December 2024
12,450
138
1,373
111
378
161
17
\u2014
14,218
410
Notes:
1 The \u00a34.1bn of gross disposals reported within Retail mortgages include \u00a33.2bn sale of the Italian mortgage portfolio and \u00a30.8bn of transfer of facilities to a non-
consolidated SPV for the purpose of securitisation. The \u00a31.3bn of gross disposals reported within Retail credit cards include \u00a30.9bn sale of the outstanding US
Cards receivables to Blackstone and \u00a30.4bn of other debt sales undertaken during the year.\u00a0 The \u00a346m of gross disposals reported within Retail other relate to
debt sales undertaken during the year.
2 Business activity in the year reported within Retail credit cards and Retail other includes an acquisition of\u00a0 Tesco Bank, comprising\u00a0 \u00a34.2bn of\u00a0 credit card
receivables\u00a0 and\u00a0 \u00a34.1bn of unsecured personal loans.
3 Refinements to models used for calculation reported within Retail credit cards include a \u00a3(31)m movement in UK Cards and a \u00a311m movement in the US Cards
portfolio. These reflect model enhancements made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL
calculation including review of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to
ensure that the models used continue to reflect the\u00a0 risks inherent across the businesses.
4 Transfers to assets held for sale reported within Retail credit cards relate to a co-branded card portfolio within USCB.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Corporate loans
As at 1 January 2024
112,505
287
13,302
414
2,554
598
\u2014
\u2014
128,361
1,299
Transfers from Stage 1 to Stage 2
(3,810)
(28)
3,810
28
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
3,316
75
(3,316)
(75)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(1,073)
(6)
(892)
(37)
1,965
43
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
269
14
230
22
(499)
(36)
\u2014
\u2014
\u2014
\u2014
Business activity in the year
27,032
45
897
36
415
26
\u2014
\u2014
28,344
107
Refinements to models used for
calculation 1
\u2014
(6)
\u2014
42
\u2014
\u2014
\u2014
\u2014
\u2014
36
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
4,191
(124)
(531)
4
(631)
341
\u2014
\u2014
3,029
221
Final repayments
(25,861)
(46)
(2,322)
(98)
(363)
(21)
\u2014
\u2014
(28,546)
(165)
Transfers to assets held for sale2
(49)
(1)
(9)
(3)
(1)
(1)
(59)
(5)
Disposals 3
(12)
(1)
(2)
(2)
(2)
(2)
\u2014
\u2014
(16)
(5)
Write-offs
\u2014
\u2014
\u2014
\u2014
(322)
(322)
\u2014
\u2014
(322)
(322)
As at 31 December 2024
116,508
209
11,167
331
3,116
626
\u2014
\u2014
130,791
1,166
Reconciliation of ECL movement to credit impairment charge/(release) for the period
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
(7)
(3)
4
\u2014
(6)
Retail credit cards
114
(153)
1,645
\u2014
1,606
Retail other
79
(7)
124
\u2014
196
Corporate loans
(76)
(78)
353
\u2014
199
ECL movement excluding assets held for sale ,disposals and write-offs4
110
(241)
2,126
\u2014
1,995
ECL movement on loan commitments and financial guarantees
(9)
(37)
(19)
\u2014
(65)
ECL movement\u00a0 on other financial assets
3
5
(3)
\u2014
5
ECL movement on debt securities at amortised cost
1
(5)
\u2014
\u2014
(4)
Recoveries and reimbursements5
(21)
20
(90)
\u2014
(91)
ECL charge on assets held for sale6
74
Total exchange and other adjustments
68
Total credit impairment charge for the year
1,982
Notes:
1 Refinements to models used for calculation reported within Corporate loans include a \u00a369m movement in IB and a \u00a3(33)m movement in the ESHLA portfolio.
These reflect model enhancements made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL calculation
including review\u00a0 of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that
the models used continue to reflect the risks inherent across the businesses.
2 Transfers to assets held for sale reported within Corporate loans relate to a co-branded card portfolio within USCB.
3 The \u00a316m of gross disposals reported within Corporate loans relate to debt sales undertaken during the year.
4 In 2024, gross write-offs amounted to \u00a31,547m and post write-off recoveries amounted to \u00a376m. Net write-offs represent gross write-offs less post write-off
recoveries and amounted to \u00a31,471m.
5 Recoveries and reimbursements include \u00a315m for reimbursements where the Group has entered into financial guarantee contracts which provide credit
protection over certain assets with third parties and cash recoveries of previously written off amounts of \u00a376m.
6 ECL charge on assets held for sale relate to the German consumer finance business.
Loan commitments and financial guarantees (audited) 1
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2024
7,776
\u2014
448
\u2014
4
\u2014
\u2014
\u2014
8,228
\u2014
Net transfers between stages
(47)
\u2014
41
\u2014
6
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
8,048
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
8,048
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
(4,336)
\u2014
(106)
\u2014
(7)
\u2014
\u2014
\u2014
(4,449)
\u2014
Limit management and final repayments
(348)
\u2014
(43)
\u2014
(1)
\u2014
\u2014
\u2014
(392)
\u2014
As at 31 December 2024
11,093
\u2014
340
\u2014
2
\u2014
\u2014
\u2014
11,435
\u2014
Retail credit cards
As at 1 January 2024
144,791
59
2,807
54
142
\u2014
\u2014
\u2014
147,740
113
Net transfers between stages
(1,940)
30
1,853
(30)
87
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
31,376
13
226
5
2
\u2014
6
\u2014
31,610
18
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
2,148
(36)
(1,969)
4
(88)
\u2014
\u2014
\u2014
91
(32)
Limit management and final repayments
(13,904)
(13)
(402)
(20)
(21)
\u2014
\u2014
\u2014
(14,327)
(33)
As at 31 December 2024
162,471
53
2,515
13
122
\u2014
6
\u2014
165,114
66
Retail other
As at 1 January 2024
8,607
6
535
2
44
\u2014
\u2014
\u2014
9,186
8
Net transfers between stages
(9)
\u2014
(8)
\u2014
17
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
781
2
1
\u2014
\u2014
\u2014
\u2014
\u2014
782
2
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
110
(2)
(77)
(2)
(13)
\u2014
\u2014
\u2014
20
(4)
Limit management and final repayments
(1,073)
\u2014
(11)
\u2014
(23)
\u2014
\u2014
\u2014
(1,107)
\u2014
As at 31 December 2024
8,416
6
440
\u2014
25
\u2014
\u2014
\u2014
8,881
6
Corporate loans
As at 1 January 2024
212,889
108
20,418
231
847
44
\u2014
\u2014
234,154
383
Net transfers between stages
1,241
29
(1,555)
(32)
314
3
\u2014
\u2014
\u2014
\u2014
Business activity in the year
50,411
33
1,666
31
193
\u2014
\u2014
\u2014
52,270
64
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
10,109
(39)
(1,383)
70
(46)
(14)
\u2014
\u2014
8,680
17
Limit management and final repayments
(44,375)
(26)
(3,713)
(63)
(289)
(8)
\u2014
\u2014
(48,377)
(97)
As at 31 December 2024
230,275
105
15,433
237
1,019
25
\u2014
\u2014
246,727
367
Note:
1 Loan commitments reported also include exposure relating to financial assets classified as held for sale.
Management adjustments to models for impairment (audited)
Management adjustments to impairment models are applied in order to factor in certain conditions or changes in policy that are not fully
incorporated into the impairment models, or to reflect additional facts and circumstances at the period end. Management adjustments
are reviewed and incorporated into future model development where applicable.
Management adjustments are captured through \u201cEconomic uncertainty\u201d and \u201cOther\u201d adjustments, and are presented by product and
geography below:
Management adjustments to models for impairment allowance presented by product and geography (audited)
Impairment
allowance pre
management
adjustments 1
Economic
uncertainty
adjustments
(a)
Other
adjustments
(b)
Management
adjustments 2
(a+b)
Total
impairment
allowance 3
Proportion of
Management
adjustments
to total
impairment
allowance
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail mortgages
76
\u2014
15
15
91
16.5
Retail credit cards
761
\u2014
\u2014
\u2014
761
\u2014
Retail other
406
\u2014
85
85
491
17.3
Corporate loans
714
39
53
92
806
11.4
Total UK
1,957
39
153
192
2,149
8.9
Retail mortgages
25
\u2014
1
1
26
3.8
Retail credit cards
2,505
31
87
118
2,623
4.5
Retail other
27
\u2014
\u2014
\u2014
27
\u2014
Corporate loans
823
44
13
57
880
6.5
Total Rest of the World
3,380
75
101
176
3,556
4.9
Total
5,337
114
254
368
5,705
6.5
Debt securities at amortised cost
21
1
\u2014
1
22
4.5
Total including debt securities at amortised cost
5,358
115
254
369
5,727
6.4
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail mortgages
51
36
71
107
158
67.7
Retail credit cards
787
\u2014
(22)
(22)
765
(2.9)
Retail other
298
\u2014
90
90
388
23.2
Corporate loans
759
42
39
81
840
9.6
Total UK
1,895
78
178
256
2,151
11.9
Retail mortgages
29
\u2014
\u2014
\u2014
29
\u2014
Retail credit cards
2,631
\u2014
(23)
(23)
2,608
(0.9)
Retail other
24
\u2014
4
4
28
14.3
Corporate loans
695
\u2014
(2)
(2)
693
(0.3)
Total Rest of the World
3,379
\u2014
(21)
(21)
3,358
(0.6)
Total
5,274
78
157
235
5,509
4.3
Debt securities at amortised cost
30
\u2014
(7)
(7)
23
(30.4)
Total including debt securities at amortised cost
5,304
78
150
228
5,532
4.1
Notes:
1 Includes \u00a34.3bn (2024: \u00a34.7bn) of modelled ECL, \u00a30.7bn (2024: \u00a30.5bn) of individually assessed impairments, \u00a3(0.2)bn (2024: \u00a3(0.3)bn) of ECL from assets held
for sale (co-branded card portfolio) and \u00a30.6bn (2024: \u00a30.4bn) of ECL from benchmarked exposures and debt securities.
2 Management adjustments related to other financial assets subject to impairment not included in the table above include cash collateral and settlement
balances \u00a31m (2024: \u00a3(1)m), reverse repurchase agreements \u00a31m (2024: \u00a3(2)m) and financial assets at fair value through other comprehensive income \u00a3nil
(2024: \u00a3(2)m) within the IB portfolio.
3 Total impairment allowance consists of ECL stock on drawn and undrawn exposures.
Economic uncertainty adjustments presented by stage (audited)
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
\u2014
\u2014
\u2014
\u2014
Retail credit cards
\u2014
\u2014
\u2014
\u2014
Retail other
\u2014
\u2014
\u2014
\u2014
Corporate loans
23
10
6
39
Total UK
23
10
6
39
Retail mortgages
\u2014
\u2014
\u2014
\u2014
Retail credit cards
\u2014
31
\u2014
31
Retail other
\u2014
\u2014
\u2014
\u2014
Corporate loans
13
31
\u2014
44
Total Rest of the World
13
62
\u2014
75
Total
36
72
6
114
Debt securities at amortised cost
1
\u2014
\u2014
1
Total including debt securities at amortised cost
37
72
6
115
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
7
18
11
36
Retail credit cards
\u2014
\u2014
\u2014
\u2014
Retail other
\u2014
\u2014
\u2014
\u2014
Corporate loans
26
10
6
42
Total UK
33
28
17
78
Retail mortgages
\u2014
\u2014
\u2014
\u2014
Retail credit cards
\u2014
\u2014
\u2014
\u2014
Retail other
\u2014
\u2014
\u2014
\u2014
Corporate loans
\u2014
\u2014
\u2014
\u2014
Total Rest of the World
\u2014
\u2014
\u2014
\u2014
Total
33
28
17
78
Debt securities at amortised cost
\u2014
\u2014
\u2014
\u2014
Total including debt securities at amortised cost
33
28
17
78
Economic uncertainty adjustments
Economic uncertainty adjustments are captured in two ways. First, customer uncertainty: the identification of customers and clients
who may be more vulnerable to economic instability; and second, model uncertainty: to capture the impact of model limitations and
sensitivities to specific macroeconomic parameters, which are applied at a portfolio level.
The Group continues to monitor the elevated tariffs, trade tensions, and geopolitical risks, especially in the US. In response, an
adjustment of \u00a381m introduced during Q125 has been retained, with any resulting effects on customer behaviour yet to materialise.
Total economic uncertainty adjustments as at 31 December 2025 are \u00a3115m (2024: \u00a378m) and include:
Customer and client uncertainty provisions of \u00a3115m (2024: \u00a353m):
Retail mortgages (UK) \u00a3nil (2024: \u00a311m): The prior refinancing risk adjustment was retired following the rebuild of the UK Mortgages
impairment models, which now better capture sensitivity to interest rate and inflation movements
Retail credit cards (ROW) \u00a331m (2024: \u00a3nil): This adjustment reflects elevated US macroeconomic uncertainty, with impacts yet to
materialise in consumer behaviour
Corporate loans (UK) \u00a339m (2024: \u00a342m): This adjustment reflects potential cross-default risk on Barclays\u2019 lending in respect of clients
who have taken out Bounce Back Loans
Corporate loans (ROW) \u00a344m (2024: \u00a3nil): This adjustment reflects elevated US macroeconomic uncertainty, with impacts yet to
materialise in borrower behaviour
Model uncertainty provisions of \u00a3nil (2024: \u00a325m):
Retail mortgages (UK) \u00a3nil (2024:\u00a325m): The prior adjustment to address model over-sensitivity was retired following the rebuild of the
UK Mortgages impairment models, which now better capture consumer responses to the macroeconomic outlook
Other adjustments
Other adjustments are operational and remain in place until incorporated into the underlying models. These adjustments result from
data limitations and model performance related issues identified through model monitoring and other established governance
processes.
Total other adjustments as at 31 December 2025 are \u00a3254 m (2024: \u00a3150m) and include:
Retail mortgages (UK) \u00a315m (2024: \u00a3 71m): The reduction is driven by the retirement of adjustments following the rebuild of the UK
Mortgages impairment models
Retail credit cards (UK) \u00a3nil (2024: \u00a3(22)m): The prior adjustment to address default over-prediction was retired following model
remediation in the UK Cards portfolio
Retail credit cards (ROW) \u00a3 87m (2024: \u00a3(23)m): This adjustment reflects provisioning for the GM consumer cards portfolio acquired
during the year, while the previously held high-risk account management (HRAM) adjustment was retired following model remediation in
USCB
Retail other (UK) \u00a385m (2024: \u00a390m) and Corporate loans (UK) \u00a353m (2024: \u00a339m): These include adjustments for definition of default
(DOD) criteria under the Capital Requirements Regulation and model monitoring outcomes, which were re-sized during the year
Corporate loans (ROW) \u00a313m (2024: \u00a3(2)m): This adjustment reflects provisioning for the GM business cards portfolio acquired during
the year
Debt securities \u00a3nil (2024: \u00a3(7)m): The movement is driven by the retirement of the Exposure at Default recalibration adjustment
following model remediation in the IB portfolio
Average macroeconomic variables used in the calculation of ECL (audited)
As at 31 December 2025
2025
2026
2027
2028
2029
Baseline
%
%
%
%
%
UK GDP 1
1.5
1.1
1.4
1.4
1.4
UK unemployment 2
4.7
4.9
4.8
4.8
4.7
UK HPI 3
1.5
2.9
2.5
4.3
3.8
UK bank rate6
4.2
3.4
3.4
3.5
3.6
US GDP 1
2.1
2.0
2.0
2.0
2.0
US unemployment 4
4.2
4.5
4.4
4.4
4.4
US HPI 5
3.2
1.7
1.9
2.6
2.6
US federal funds rate6
4.2
3.4
3.3
3.3
3.5
Downside 2
UK GDP 1
1.5
(2.5)
(1.2)
2.8
1.1
UK unemployment 2
4.7
5.8
7.7
6.9
5.7
UK HPI 3
1.5
(24.9)
(5.1)
9.6
14.2
UK bank rate 6
4.2
2.3
0.5
0.4
1.1
US GDP 1
2.1
(2.7)
(2.8)
1.6
2.4
US unemployment 4
4.2
5.7
8.0
7.9
5.9
US HPI 5
3.2
(8.2)
(1.7)
7.2
7.7
US federal funds rate6
4.2
3.6
2.4
1.4
1.2
Downside 1
UK GDP 1
1.5
(0.7)
0.1
2.1
1.3
UK unemployment 2
4.7
5.3
6.3
5.8
5.2
UK HPI 3
1.5
(11.8)
(1.3)
6.9
8.9
UK bank rate 6
4.2
2.9
2.0
1.9
2.4
US GDP 1
2.1
(0.3)
(0.4)
1.8
2.2
US unemployment 4
4.2
5.1
6.2
6.1
5.1
US HPI 5
3.2
(3.3)
0.1
4.9
5.1
US federal funds rate6
4.2
3.6
2.8
2.4
2.4
Upside 2
UK GDP 1
1.5
2.7
3.7
2.9
2.4
UK unemployment 2
4.7
4.3
4.0
3.9
3.8
UK HPI 3
1.5
11.9
8.4
5.1
4.1
UK bank rate 6
4.2
3.1
2.3
2.3
2.6
US GDP 1
2.1
2.8
3.1
2.8
2.8
US unemployment 4
4.2
3.9
3.7
3.7
3.7
US HPI 5
3.2
6.2
4.7
4.8
4.9
US federal funds rate6
4.2
3.0
2.5
2.5
2.5
Upside 1
UK GDP 1
1.5
1.9
2.6
2.2
1.9
UK unemployment 2
4.7
4.6
4.4
4.4
4.3
UK HPI 3
1.5
7.4
5.4
4.7
3.9
UK bank rate 6
4.2
3.2
2.8
2.8
3.1
US GDP 1
2.1
2.4
2.6
2.4
2.4
US unemployment 4
4.2
4.2
4.1
4.1
4.1
US HPI 5
3.2
4.0
3.3
3.7
3.7
US federal funds rate6
4.2
3.3
2.8
2.8
3.0
Notes:
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax HPI Meth2 All Houses, All Buyers index.
4 Average US civilian unemployment rate 16-year+.
5 Change in year end US HPI = FHFA house price index, relative to prior year end.
6 Average rate.
As at 31 December 2024
2024
2025
2026
2027
2028
Baseline
%
%
%
%
%
UK GDP 1
1.0
1.4
1.5
1.6
1.5
UK unemployment 2
4.3
4.4
4.5
4.4
4.4
UK HPI 3
2.8
3.3
1.6
4.5
3.0
UK bank rate 6
5.1
4.3
4.0
4.0
3.8
US GDP 1
2.7
2.0
2.0
2.0
2.0
US unemployment 4
4.1
4.3
4.2
4.2
4.2
US HPI 5
6.5
2.6
2.7
3.0
3.0
US federal funds rate6
5.1
4.1
4.0
3.8
3.8
Downside 2
UK GDP 1
1.0
(2.3)
(1.3)
2.6
2.3
UK unemployment 2
4.3
6.2
8.1
6.6
5.5
UK HPI 3
2.8
(24.8)
(5.2)
10.0
14.6
UK bank rate 6
5.1
3.5
1.7
0.6
1.1
US GDP 1
2.7
(1.3)
(1.3)
3.3
2.9
US unemployment 4
4.1
5.8
7.2
6.2
5.5
US HPI 5
6.5
(8.0)
(0.7)
5.2
4.0
US federal funds rate6
5.1
2.5
0.6
0.8
1.5
Downside 1
UK GDP 1
1.0
(0.5)
0.1
2.1
1.9
UK unemployment 2
4.3
5.3
6.3
5.5
5.0
UK HPI 3
2.8
(11.6)
(1.8)
7.2
8.7
UK bank rate 6
5.1
3.9
2.9
2.3
2.4
US GDP 1
2.7
0.3
0.4
2.7
2.4
US unemployment 4
4.1
5.1
5.7
5.2
4.9
US HPI 5
6.5
(2.7)
1.0
4.1
3.5
US federal funds rate6
5.1
3.4
2.3
2.3
2.7
Upside 2
UK GDP 1
1.0
3.0
3.7
2.9
2.4
UK unemployment 2
4.3
3.8
3.4
3.5
3.5
UK HPI 3
2.8
11.9
8.4
5.1
4.1
UK bank rate 6
5.1
3.9
2.9
2.8
2.8
US GDP 1
2.7
2.8
3.1
2.8
2.8
US unemployment 4
4.1
3.8
3.5
3.5
3.5
US HPI 5
6.5
6.2
4.7
4.8
4.9
US federal funds rate6
5.1
3.7
3.3
3.1
2.8
Upside 1
UK GDP 1
1.0
2.2
2.6
2.2
2.0
UK unemployment 2
4.3
4.1
4.0
4.0
4.0
UK HPI 3
2.8
7.6
4.9
4.8
3.5
UK bank rate 6
5.1
4.1
3.5
3.4
3.3
US GDP 1
2.7
2.4
2.6
2.4
2.4
US unemployment 4
4.1
4.0
3.9
3.9
3.9
US HPI 5
6.5
4.4
3.7
3.9
3.9
US federal funds rate6
5.1
4.0
3.8
3.6
3.3
Notes:
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax All Houses, All Buyers index, relative to prior year end.
4 Average US civilian unemployment rate 16-year+.
5 Change in year end US HPI = FHFA house price index, relative to prior year end.
6 Average rate.
Scenario\u00a0 weighting (audited)1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
%
%
%
%
%
As at 31 December 2025
Scenario weighting
14.4
27.4
38.5
12.7
7.0
As at 31 December 2024
Scenario\u00a0 weighting
17.4
26.8
32.5
14.7
8.6
Note
1 For further details on changes to scenario weights see page 285.
Specific bases shows the most extreme position of each variable in the context of the downside/upside scenarios, for example, the
highest unemployment for downside scenarios, average unemployment for baseline scenarios and lowest unemployment for upside
scenarios. GDP and HPI downside and upside scenario data represents the lowest and highest cumulative position relative to the start
point, in the 20 quarter period.
Macroeconomic variables (specific bases) (audited) 1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
As at 31 December 2025
%
%
%
%
%
UK GDP 2
14.5
10.8
1.4
(0.3)
(3.5)
UK unemployment 3
3.8
4.3
4.8
6.5
8.1
UK HPI 4
34.6
24.9
3.0
(12.6)
(28.0)
UK bank rate
2.3
2.8
3.6
4.6
4.6
US GDP 2
14.6
12.4
2.0
(0.2)
(4.6)
US unemployment 3
3.7
4.1
4.4
6.6
8.8
US HPI 4
26.2
19.3
2.4
(1.5)
(8.1)
US federal funds rate
2.5
2.8
3.5
4.3
4.3
As at 31 December 2024
UK GDP 2
15.0
11.6
1.4
0.2
(2.9)
UK unemployment 3
3.4
3.9
4.4
6.5
8.4
UK HPI 4
36.3
25.9
3.0
(11.3)
(26.8)
UK bank rate
2.8
3.3
4.2
5.3
5.3
US GDP 2
14.9
12.8
2.2
0.4
(2.1)
US unemployment 3
3.5
3.8
4.2
5.9
7.5
US HPI 4
30.1
24.4
3.5
1.1
(4.0)
US federal funds rate
2.8
3.3
4.2
5.3
5.3
Average basis represents the average quarterly value of variables in the 20 quarter period with GDP and HPI based on yearly average and
quarterly CAGRs respectively.
Macroeconomic variables (5 year averages) (audited) 1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
As at 31 December 2025
%
%
%
%
%
UK GDP 5
2.7
2.0
1.4
0.9
0.3
UK unemployment 6
4.1
4.5
4.8
5.5
6.2
UK HPI 7
6.1
4.5
3.0
0.6
(2.0)
UK bank rate
2.9
3.2
3.6
2.7
1.7
US GDP 5
2.7
2.4
2.0
1.1
0.1
US unemployment 6
3.9
4.1
4.4
5.4
6.3
US HPI 7
4.8
3.6
2.4
1.9
1.5
US federal funds rate
2.9
3.2
3.5
3.1
2.5
As at 31 December 2024
UK GDP 5
2.6
2.0
1.4
0.9
0.5
UK unemployment 6
3.7
4.0
4.4
5.3
6.1
UK HPI 7
6.4
4.7
3.0
0.8
(1.6)
UK bank rate
3.5
3.9
4.2
3.3
2.4
US GDP 5
2.9
2.5
2.2
1.7
1.2
US unemployment 6
3.7
3.9
4.2
5.0
5.8
US HPI 7
5.4
4.5
3.5
2.4
1.2
US federal funds rate
3.6
4.0
4.2
3.2
2.1
Notes:
1 UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK unemployment rate 16-year+; UK HPI (31.12.24) = Halifax All Houses, All Buyers Index;
UK HPI (31.12.25) = Halifax HPI Meth2 All Houses, All Buyers index; US GDP = Real GDP growth seasonally adjusted; US unemployment = US civilian
unemployment rate 16-year+; US HPI = FHFA house price index. 20 quarter period starts from Q125 (2024: Q124).
2 Maximum growth relative to Q424 (2024: Q423), based on 20 quarter period in Upside scenarios; 5 -year yearly average CAGR in Baseline; minimum growth
relative to Q424 (2024: Q423), based on 20 quarter period in Downside scenarios.
3 Lowest quarter in Upside scenarios; 5-year average in Baseline; highest quarter in Downside scenarios. Period based on 20 quarters from Q125 (2024: Q124).
4 Maximum growth relative to Q424 (2024: Q423), based on 20 quarter period in Upside scenarios; 5-year quarter end CAGR in Baseline; minimum growth
relative to Q424 (2024: Q423), based on 20 quarter period in Downside scenarios.
5 5-year yearly average CAGR, starting 2024 (2024: 2023).
6 5-year average, Period based on 20 quarters from Q125 (2024: Q124).
7 5-year quarter end CAGR, starting Q424 (2024: Q423).
ECL sensitivity analysis (audited)
The table below shows the modelled ECL assuming each of the five modelled scenarios are 100% weighted with the dispersion of
results around the Baseline, highlighting the impact on exposure and ECL across the scenarios.
Model exposure uses exposure at default (EAD) values and is not directly comparable to gross exposure used in other disclosures.
Scenarios
As at 31 December 2025
Weighted1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
Stage 1 Model exposure (\u00a3m)
Retail mortgages
149,004
151,314
150,144
148,760
146,786
144,360
Retail credit cards2
61,320
61,096
61,204
61,325
61,569
61,724
Retail other
6,260
6,378
6,326
6,268
6,106
5,927
Corporate loans2
220,292
222,057
221,337
220,646
218,634
213,827
Stage 1 Model ECL (\u00a3m)
Retail mortgages
3
1
2
2
6
13
Retail credit cards 2
561
523
541
561
599
637
Retail other
32
30
31
31
35
38
Corporate loans 2
231
201
212
221
274
329
Stage 1 Coverage (%)
Retail mortgages
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail credit cards
0.9
0.9
0.9
0.9
1.0
1.0
Retail other
0.5
0.5
0.5
0.5
0.6
0.6
Corporate loans
0.1
0.1
0.1
0.1
0.1
0.2
Stage 2 Model exposure (\u00a3m)
Retail mortgages
13,586
11,276
12,446
13,830
15,804
18,230
Retail credit cards 2
5,307
5,133
5,224
5,301
5,478
5,759
Retail other
1,164
1,046
1,098
1,156
1,318
1,497
Corporate loans 2
18,172
16,264
17,037
17,836
19,979
24,927
Stage 2 Model ECL (\u00a3m)
Retail mortgages
16
6
8
11
33
79
Retail credit cards 2
1,183
1,099
1,138
1,175
1,277
1,415
Retail other
81
67
72
77
102
134
Corporate loans 2
477
383
415
454
604
879
Stage 2 Coverage (%)
Retail mortgages
0.1
0.1
0.1
0.1
0.2
0.4
Retail credit cards
22.3
21.4
21.8
22.2
23.3
24.6
Retail other
7.0
6.4
6.6
6.7
7.7
9.0
Corporate loans
2.6
2.4
2.4
2.5
3.0
3.5
Stage 3 Model exposure (\u00a3m) 3
Retail mortgages
1,621
1,621
1,621
1,621
1,621
1,621
Retail credit cards 2
2,158
2,158
2,158
2,158
2,158
2,158
Retail other
128
128
128
128
128
128
Corporate loans 2
3,650
3,650
3,650
3,650
3,650
3,650
Stage 3 Model ECL (\u00a3m)
Retail mortgages
43
32
35
38
59
98
Retail credit cards 2
1,592
1,548
1,573
1,596
1,632
1,663
Retail other
79
76
77
77
80
87
Corporate loans 2,4
60
57
57
59
64
71
Stage 3 Coverage (%)
Retail mortgages
2.7
2.0
2.2
2.3
3.6
6.0
Retail credit cards
73.8
71.7
72.9
74.0
75.6
77.1
Retail other
61.7
59.4
60.2
60.2
62.5
68.0
Corporate loans 4
1.6
1.6
1.6
1.6
1.8
1.9
Total Model ECL (\u00a3m)
Retail mortgages
62
39
45
51
98
190
Retail credit cards 2
3,336
3,170
3,252
3,332
3,508
3,715
Retail other
192
173
180
185
217
259
Corporate loans2,4
768
641
684
734
942
1,279
Total Model ECL
4,358
4,023
4,161
4,302
4,765
5,443
Reconciliation to total ECL
\u00a3m
Total weighted model ECL
4,358
ECL from individually assessed exposures 4
672
ECL from benchmarked exposures and others 5
542
ECL from debt securities at amortised cost
22
ECL from held for sale assets (co-branded card portfolio)
(235)
ECL from post model management adjustments
368
\u00a0 Of which: ECL from economic uncertainty adjustments
114
Total ECL
5,727
Notes:
1 Model exposures are allocated to a stage based on an individual scenario rather than a probability-weighted approach as required for Barclays reported
impairment allowances. As a result, it is not possible to back solve the final reported weighted ECL from individual scenarios given balances may be assigned to
a different stage dependent on the scenario.
2 Model exposure and ECL reported within Retail credit cards and Corporate loans continue to include a co-branded card portfolio in USCB, classified as assets
held for sale.
3 Model exposures allocated to Stage 3 do not change in any of the scenarios as the transition criteria relies only on observable evidence of default as at 31
December 2025 and not on the macroeconomic scenario.
4 Material corporate loan defaults are individually assessed across different recovery strategies. As a result, ECL of \u00a3672m is reported as an individually assessed
impairment in the reconciliation table.
5 ECL from benchmarked\u00a0 exposures and others includes ECL on Tesco Bank of \u00a3400m c alculated using a benchmarked approach based on UK cards and UK
retail loans. The sensitivity of these exposures would materially reflect the sensitivity of the benchmarked model.
The use of five scenarios with associated weighting results in a total weighted ECL uplift from the Baseline ECL of 1.3%.\u00a0
Retail mortgages: Total weighted ECL of \u00a362m represents a 21.6% increase over the Baseline ECL (\u00a351m). Total ECL increases to
\u00a3190m under the Downside 2 scenario, driven by a fall in UK HPI.
Retail credit cards: Total weighted ECL of \u00a33,336m is broadly aligned to the Baseline ECL (\u00a33,332m). Total ECL increases to \u00a33,715m
under the Downside 2 scenario, driven by an increase in UK and US unemployment rate.
Retail other: Total weighted ECL of \u00a3192m represents a 3.8% increase over the Baseline ECL (\u00a3185m). Total ECL increases to \u00a3259m
under the Downside 2 scenario, largely driven by an increase in UK unemployment rate.
Corporate loans: Total weighted ECL of \u00a3768m represents a 4.6% increase over the Baseline ECL (\u00a3734m). Total ECL increases to
\u00a31,279 under the Downside 2 scenario, driven by a decrease in UK and US GDP.
Scenarios 1
As at 31 December 2024
Weighted 2
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
Stage 1 Model exposure (\u00a3m)
Retail mortgages
139,086
140,828
140,079
139,188
136,671
134,861
Retail credit cards
63,937
63,821
63,859
63,894
63,980
63,975
Retail other
7,952
8,074
8,025
7,968
7,804
7,614
Corporate loans
213,905
216,064
215,215
214,293
212,007
207,062
Stage 1 Model ECL (\u00a3m)
Retail mortgages
1
\u2014
1
1
3
6
Retail credit cards
535
512
523
534
560
586
Retail other
34
32
32
33
36
40
Corporate loans
270
235
247
258
311
363
Stage 1 Coverage (%)
Retail mortgages
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail credit cards
0.8
0.8
0.8
0.8
0.9
0.9
Retail other
0.4
0.4
0.4
0.4
0.5
0.5
Corporate loans
0.1
0.1
0.1
0.1
0.1
0.2
Stage 2 Model exposure (\u00a3m)
Retail mortgages
20,401
18,178
19,072
20,134
23,359
26,339
Retail credit cards
6,904
6,747
6,817
6,889
7,052
7,310
Retail other
1,232
1,110
1,159
1,215
1,380
1,570
Corporate loans
21,197
18,889
19,793
20,827
23,238
28,340
Stage 2 Model ECL (\u00a3m)
Retail mortgages
4
1
2
3
8
16
Retail credit cards
1,473
1,387
1,422
1,459
1,567
1,714
Retail other
81
68
72
77
101
134
Corporate loans
532
424
461
505
655
932
Stage 2 Coverage (%)
Retail mortgages
\u2014
\u2014
\u2014
\u2014
\u2014
0.1
Retail credit cards
21.3
20.6
20.9
21.2
22.2
23.4
Retail other
6.6
6.1
6.2
6.3
7.3
8.5
Corporate loans
2.5
2.2
2.3
2.4
2.8
3.3
Stage 3 Model exposure (\u00a3m) 3
Retail mortgages
1,062
1,062
1,062
1,062
1,062
1,062
Retail credit cards
2,197
2,197
2,197
2,197
2,197
2,197
Retail other
158
158
158
158
158
158
Corporate loans
4,051
4,051
4,051
4,051
4,051
4,051
Stage 3 Model ECL (\u00a3m)
Retail mortgages
19
12
14
17
29
41
Retail credit cards
1,625
1,585
1,606
1,627
1,663
1,695
Retail other
92
90
91
92
95
97
Corporate loans 4
71
66
67
69
79
89
Stage 3 Coverage (%)
Retail mortgages
1.8
1.1
1.3
1.6
2.7
3.9
Retail credit cards
74.0
72.1
73.1
74.1
75.7
77.2
Retail other
58.2
57.0
57.6
58.2
60.1
61.4
Corporate loans 4
1.8
1.6
1.7
1.7
2.0
2.2
Total Model ECL (\u00a3m)
Retail mortgages
24
13
17
21
40
63
Retail credit cards
3,633
3,484
3,551
3,620
3,790
3,995
Retail other
207
190
195
202
232
271
Corporate loans 4
873
725
775
832
1,045
1,384
Total Model ECL
4,737
4,412
4,538
4,675
5,107
5,713
Reconciliation to total ECL
\u00a3m
Total weighted model ECL
4,737
ECL from individually assessed exposures 4
461
ECL from benchmarked exposures and others5
358
ECL from debt securities at amortised cost
23
ECL from held for sale assets (co-branded card portfolio)
(282)
ECL from post model management adjustments
235
Of which: ECL from economic uncertainty adjustments
78
Total ECL
5,532
Notes:
1 Model exposure and ECL reported within Retail credit cards and Retail Other excludes the German consumer finance business, sale of which completed after
the balance sheet date. Model exposure and ECL reported within Retail credit cards and Corporate loans continue to include a co-branded card portfolio, as its
sale is expected to close in 2026.
2 Model exposures are allocated to a stage based on an individual scenario rather than a probability-weighted approach as required for Barclays reported
impairment allowances. As a result, it is not possible to back solve the final reported weighted ECL from individual scenarios given balances may be assigned to
a different stage dependent on the scenario.
3 Model exposures allocated to Stage 3 do not change in any of the scenarios as the transition criteria relies only on observable evidence of default as at 31
December 2024 and not on the macroeconomic scenario.
4 Material corporate loan defaults are individually assessed across different recovery strategies. As a result, ECL of \u00a3461m is reported as an individually assessed
impairment in the reconciliation table.
5 ECL from benchmarked exposures and others includes ECL on Tesco Bank of \u00a3209m calculated using a benchmarked approach based on UK cards and UK
retail loans. The sensitivity of these exposures would materially reflect the sensitivity of the benchmarked model.
Credit risk concentration by Industry for contractual maturity, staging and geography
Loans and advances at amortised cost net of impairment allowance
Industry
Geography (audited)
Stage (audited)
Maturity
Carbon
related
sectors 1
United
Kingdom
Americas
Europe
Others
Total
Stage 1
Stage 2
Stage
3 4
Total
< 1 year
1-5
Years
>5
years
Total
As at 31
December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Agriculture, Food
and Forest
Products
3,153
\u2014
74
\u2014
3,227
2,649
412
166
3,227
642
1,239
1,346
3,227
Yes
Mining and
Quarrying
689
358
221
8
1,276
1,233
36
7
1,276
834
347
95
1,276
Yes
Manufacturing
3,841
1,150
760
361
6,112
4,327
1,574
211
6,112
3,068
2,472
572
6,112
Yes
Government and
central bank
2,538
\u2014
118
478
3,134
2,979
37
118
3,134
153
455
2,526
3,134
Banks
717
3,435
1,746
2,740
8,638
8,638
\u2014
\u2014
8,638
8,591
46
1
8,638
Energy and water
2,219
1,069
294
324
3,906
3,559
177
170
3,906
866
1,730
1,310
3,906
Yes
Materials and
Building
20,677
2,414
398
365
23,854
21,356
2,199
299
23,854
4,761
13,251
5,842
23,854
Yes
Wholesale and
retail distribution
and leisure
7,846
675
251
509
9,281
7,492
1,574
215
9,281
3,433
5,083
765
9,281
Transport and
storage
928
344
205
125
1,602
1,377
112
113
1,602
344
1,070
188
1,602
Yes
Home Loans
175,327
118
832
1,056
177,333
161,637
13,813
1,883
177,333
1,983
8,912
166,438
177,333
Yes
Business and other
services
13,154
5,614
4,024
1,354
24,146
20,677
2,679
790
24,146
7,252
14,640
2,254
24,146
Other Financial
Institutions
6,021
30,761
8,521
2,845
48,148
46,359
1,523
266
48,148
15,074
27,033
6,041
48,148
Cards, unsecured
loans and other
personal lending
27,615
20,939
1,410
902
50,866
45,405
4,820
641
50,866
10,508
20,291
20,067
50,866
Total loans and
advances at
amortised cost
264,725
66,877
18,854
11,067
361,523
327,688
28,956
4,879
361,523
57,509
96,569
207,445
361,523
Debt securities at
amortised cost\u00b3
28,143
19,395
17,523
3,414
68,475
68,113
362
\u2014
68,475
10,664
31,655
26,156
68,475
Total loans and
advances at
amortised cost
including debt
securities
292,868
86,272
36,377
14,481
429,998
395,801
29,318
4,879
429,998
68,173
128,224
233,601
429,998
Contingent
liabilities
5,521
12,320
5,084
1,544
24,469
22,448
1,905
116
24,469
24,469
\u2014
\u2014
24,469
Loan
commitments
118,101
239,886
35,665
9,662
403,314
388,045
14,568
701
403,314
403,294
17
3
403,314
Total off-balance
sheet\u00b2
123,622
252,206
40,749
11,206
427,783
410,493
16,473
817
427,783
427,763
17
3
427,783
Loans and advances at amortised cost net of impairment allowance
Industry
Geography (audited)
Stage (audited)
Maturity
Carbon
related
sectors \u00b9
United
Kingdom
Americas
Europe
Others
Total
Stage 1
Stage 2
Stage
34
Total
< 1 year
1-5
Years
>5 years
Total
As at 31
December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Agriculture, Food
and Forest
Products
3,430
\u2014
\u2014
\u2014
3,430
2,518
484
428
3,430
769
1,109
1,552
3,430
Yes
Mining and
Quarrying
515
708
189
\u2014
1,412
1,335
76
1
1,412
346
1,060
6
1,412
Yes
Manufacturing
3,578
1,418
828
349
6,173
4,764
1,237
172
6,173
3,151
2,715
307
6,173
Yes
Government and
central bank
3,373
\u2014
2
342
3,717
3,674
43
\u2014
3,717
254
291
3,172
3,717
Banks
730
3,573
1,301
2,721
8,325
8,323
2
\u2014
8,325
8,166
159
\u2014
8,325
Energy and water
2,109
401
203
287
3,000
2,537
206
257
3,000
809
1,300
891
3,000
Yes
Materials and
Building
18,502
2,816
399
220
21,937
18,987
2,536
414
21,937
4,535
10,944
6,458
21,937
Yes
Wholesale and
retail distribution
and leisure
7,934
831
294
616
9,675
7,850
1,565
260
9,675
3,647
4,943
1,085
9,675
Transport and
storage
763
421
300
96
1,580
1,321
164
95
1,580
480
925
175
1,580
Yes
Home Loans
166,181
113
899
868
168,061
146,652
19,534
1,875
168,061
1,674
9,585
156,802
168,061
Yes
Business and other
services
13,266
5,196
3,646
1,031
23,139
19,301
3,049
789
23,139
6,510
13,524
3,105
23,139
Other Financial
Institutions
6,772
30,791
7,121
2,553
47,237
45,689
1,474
74
47,237
16,552
24,002
6,683
47,237
Cards, unsecured
loans and other
personal lending
26,745
20,079
994
769
48,587
42,885
5,032
670
48,587
10,505
19,218
18,864
48,587
Total loans and
advances at
amortised cost
253,898
66,347
16,176
9,852
346,273
305,836
35,402
5,035
346,273
57,398
89,775
199,100
346,273
Debt securities at
amortised cost\u00b3
25,939
19,721
15,558
6,992
68,210
64,976
3,234
\u2014
68,210
7,051
32,631
28,528
68,210
Total loans and
advances at
amortised cost
including debt
securities
279,837
86,068
31,734
16,844
414,483
370,812
38,636
5,035
414,483
64,449
122,406
227,628
414,483
Contingent
liabilities
5,721
10,742
5,514
2,381
24,358
21,028
2,835
495
24,358
24,358
\u2014
\u2014
24,358
Loan
commitments
114,458
243,619
41,361
8,361
407,799
391,227
15,893
679
407,799
407,731
68
\u2014
407,799
Total off-balance
sheet\u00b2
120,179
254,361
46,875
10,742
432,157
412,255
18,728
1,174
432,157
432,089
68
\u2014
432,157
Notes:
1 Refer to Carbon related assets table on page 257 for more details on the \"Exposures towards sectors that highly contribute to carbon related assets\" under the
respective Industry sectors.
2 The Off-balance sheet contingent liabilities and loan commitments excludes the fair value balance of \u00a322,197m in 2025 (2024 : \u00a316,338 m) and includes
exposures relating to financial assets classified as assets held for sale.
3 Debt securities at amortised cost primarily includes \u00a340,375m (2024 : \u00a339,699m) in Government and central bank, \u00a325,064 m (2024 : \u00a3 24,007 m) in other
financial\u00a0 institutions, \u00a3414 m (2024 : \u00a31,388m) in materials & building and \u00a3802m (2024: \u00a3 1,249m) in Banks.
-\u00a0 For analysis of Debt securities by issuer, refer to \"Analysis of Debt Securities\" on page 309.
4 Loans and advances stage 3 includes\u00a0 POCI assets of \u00a339m (2024: \u00a357m).
Balance sheet credit quality (audited)
PD Range
Total
PD range
Total
0.0 to
<0.60%
0.60 to
<11.35%
11.35 to
100%
0.0 to
<0.60%
0.60 to
<11.35%
11.35 to
100%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
As at 31 December 2025
Cash and balances at central banks
229,752
\u2014
\u2014
229,752
100
\u2014
\u2014
100
Cash collateral and settlement balances
117,555
12,970
7
130,532
90
10
\u2014
100
Loans and advances at amortised cost:
Retail mortgages
167,674
6,805
2,854
177,333
94
4
2
100
Retail credit cards
12,288
22,612
2,052
36,952
33
61
6
100
Retail other
7,928
5,601
385
13,914
57
40
3
100
Corporate loans
100,457
28,503
4,364
133,324
76
21
3
100
Total loans\u00a0and\u00a0advances at amortised cost
288,347
63,521
9,655
361,523
80
17
3
100
Debt securities at amortised cost
67,920
495
60
68,475
99
1
\u2014
100
Reverse repurchase agreements and other
similar secured lending
15,672
1,950
\u2014
17,622
89
11
\u2014
100
Trading portfolio assets:
Debt securities
79,724
14,144
491
94,359
84
15
1
100
Traded loans
5,339
5,241
1,669
12,249
43
43
14
100
Total trading\u00a0portfolio assets
85,063
19,385
2,160
106,608
80
18
2
100
Financial assets at fair value through the income
statement:
Loans and advances
27,093
20,037
542
47,672
57
42
1
100
Debt securities
2,030
930
254
3,214
63
29
8
100
Reverse repurchase agreements
96,857
35,131
500
132,488
73
27
\u2014
100
Other financial assets
64
19
\u2014
83
77
23
\u2014
100
Total financial assets at fair value through the
income statement
126,044
56,117
1,296
183,457
68
31
1
100
Derivative\u00a0financial instruments
237,405
14,617
437
252,459
94
6
\u2014
100
Financial assets at fair value through other
comprehensive income
74,328
62
\u2014
74,390
100
\u2014
\u2014
100
Other assets
780
65
2
847
92
8
\u2014
100
Assets held for sale
2,461
3,130
210
5,801
42
54
4
100
Total on-balance sheet
1,245,327
172,312
13,827
1,431,466
87
12
1
100
Balance sheet credit quality (audited)
PD Range
Total
PD range
Total
0.0 to
<0.60%
0.60 to
<11.35%
11.35 to
100%
0.0 to
<0.60%
0.60 to
<11.35%
11.35 to
100%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
As at 31 December 2024
Cash and balances at central banks
210,184
\u2014
\u2014
210,184
100
\u2014
\u2014
100
Cash collateral and settlement balances
104,446
15,371
26
119,843
87
13
\u2014
100
Loans and advances at amortised cost:
Retail mortgages
160,441
5,332
2,288
168,061
96
3
1
100
Retail credit cards
11,157
21,779
1,843
34,779
32
63
5
100
Retail other
6,014
7,390
404
13,808
44
53
3
100
Corporate loans
95,560
29,303
4,762
129,625
73
23
4
100
Total loans\u00a0and\u00a0advances at amortised cost
273,172
63,804
9,297
346,273
79
18
3
100
Debt securities at amortised cost
67,645
565
\u2014
68,210
99
1
\u2014
100
Reverse repurchase agreements and
other\u00a0similar secured lending
2,966
1,768
\u2014
4,734
63
37
\u2014
100
Trading portfolio assets:
Debt securities
65,994
11,478
542
78,014
84
15
1
100
Traded loans
2,543
7,442
3,485
13,470
19
55
26
100
Total trading\u00a0portfolio assets
68,537
18,920
4,027
91,484
75
21
4
100
Financial assets at fair value through the\u00a0income
statement:
Loans and advances
25,051
19,444
573
45,068
56
43
1
100
Debt securities
1,756
1,156
53
2,965
59
39
2
100
Reverse repurchase agreements
103,571
37,565
637
141,773
74
26
\u2014
100
Other financial assets
88
22
\u2014
110
80
20
\u2014
100
Total financial assets at fair value through
the\u00a0income statement
130,466
58,187
1,263
189,916
68
31
1
100
Derivative\u00a0financial instruments
275,232
18,104
194
293,530
94
6
\u2014
100
Financial assets at fair value through
other\u00a0comprehensive income
78,005
50
\u2014
78,055
100
\u2014
\u2014
100
Other assets
815
69
7
891
91
8
1
100
Assets held for sale
1,178
8,235
131
9,544
12
87
1
100
Total on-balance sheet
1,212,646
185,073
14,945
1,412,664
86
13
1
100
Credit exposures by internal PD grade
The below tables represent credit risk profiles by PD grade for loans and advances at amortised cost, contingent liabilities and loan
commitments.
Stage 1 higher risk assets, presented gross of associated collateral held, are of weaker credit quality but have not significantly
deteriorated since origination.
IFRS 9 Stage 1 and Stage 2 classification is not dependent solely on the absolute probability of default but on elements that determine a
significant increase in credit risk , including relative movement in probability of default since initial recognition. There is therefore no direct
relationship between credit quality and IFRS 9 stage classification.
Credit risk profile by internal PD grade for retail mortgages (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
11,602
68
\u2014
\u2014
11,670
\u2014
\u2014
\u2014
\u2014
\u2014
11,670
\u2014
4 - 5
0.05 to <0.15%
Strong
91,122
2,291
\u2014
\u2014
93,413
2
1
\u2014
\u2014
3
93,410
\u2014
6 - 8
0.15 to <0.30%
Strong
39,834
2,907
\u2014
\u2014
42,741
5
2
\u2014
\u2014
7
42,734
\u2014
9 - 11
0.30 to <0.60%
Strong
17,191
2,681
\u2014
\u2014
19,872
10
2
\u2014
\u2014
12
19,860
0.1
12 - 14
0.60 to <2.15%
Satisfactory
1,548
2,704
\u2014
\u2014
4,252
\u2014
4
\u2014
\u2014
4
4,248
0.1
15 - 19
2.15 to <11.35%
Satisfactory
296
2,265
\u2014
\u2014
2,561
\u2014
4
\u2014
\u2014
4
2,557
0.2
20 - 21
11.35 to <100%
Higher Risk
61
913
\u2014
\u2014
974
\u2014
3
\u2014
\u2014
3
971
0.3
22
100%
Credit
Impaired
\u2014
\u2014
1,967
\u2014
1,967
\u2014
\u2014
84
\u2014
84
1,883
4.3
Total
161,654
13,829
1,967
\u2014
177,450
17
16
84
\u2014
117
177,333
0.1
Credit risk profile by internal PD grade for retail credit cards 3 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
1,749
38
\u2014
\u2014
1,787
40
23
\u2014
\u2014
63
1,724
3.5
4 - 5
0.05 to <0.15%
Strong
2,360
5
\u2014
\u2014
2,365
3
\u2014
\u2014
\u2014
3
2,362
0.1
6 - 8
0.15 to <0.30%
Strong
3,082
5
\u2014
\u2014
3,087
7
\u2014
\u2014
\u2014
7
3,080
0.2
9 - 11
0.30 to <0.60%
Strong
5,132
12
\u2014
\u2014
5,144
22
\u2014
\u2014
\u2014
22
5,122
0.4
12 -
14
0.60 to <2.15%
Satisfactory
11,536
125
\u2014
\u2014
11,661
127
8
\u2014
\u2014
135
11,526
1.2
15 -
19
2.15 to <11.35%
Satisfactory
9,431
2,344
\u2014
\u2014
11,775
321
368
\u2014
\u2014
689
11,086
5.9
20 -
21
11.35 to <100%
Higher Risk
433
1,950
\u2014
\u2014
2,383
46
795
\u2014
\u2014
841
1,542
35.3
22
100%
Credit
Impaired
\u2014
\u2014
2,055
24
2,079
\u2014
\u2014
1,569
\u2014
1,569
510
75.5
Total
33,723
4,479
2,055
24
40,281
566
1,194
1,569
\u2014
3,329
36,952
8.3
Credit risk profile by internal PD grade for retail other (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
46
1
\u2014
\u2014
47
\u2014
\u2014
\u2014
\u2014
\u2014
47
\u2014
4 - 5
0.05 to <0.15%
Strong
454
6
\u2014
\u2014
460
1
\u2014
\u2014
\u2014
1
459
0.2
6 - 8
0.15 to <0.30%
Strong
889
12
\u2014
\u2014
901
2
\u2014
\u2014
\u2014
2
899
0.2
9 - 11
0.30 to <0.60%
Strong
6,491
63
\u2014
\u2014
6,554
28
3
\u2014
\u2014
31
6,523
0.5
12 - 14
0.60 to <2.15%
Satisfactory
2,894
266
\u2014
\u2014
3,160
23
11
\u2014
\u2014
34
3,126
1.1
15 - 19
2.15 to <11.35%
Satisfactory
1,515
1,066
\u2014
\u2014
2,581
39
67
\u2014
\u2014
106
2,475
4.1
20 - 21
11.35 to <100%
Higher Risk
60
304
\u2014
\u2014
364
8
102
\u2014
\u2014
110
254
30.2
22
100%
Credit
Impaired
\u2014
\u2014
349
15
364
\u2014
\u2014
233
\u2014
233
131
64.0
Total
12,349
1,718
349
15
14,431
101
183
233
\u2014
517
13,914
3.6
Credit risk profile by internal PD grade for corporate loans3 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
41,676
405
\u2014
\u2014
42,081
6
6
\u2014
\u2014
12
42,069
\u2014
4 - 5
0.05 to <0.15%
Strong
25,812
40
\u2014
\u2014
25,852
8
\u2014
\u2014
\u2014
8
25,844
\u2014
6 - 8
0.15 to <0.30%
Strong
14,313
577
\u2014
\u2014
14,890
12
22
\u2014
\u2014
34
14,856
0.2
9 - 11
0.30 to <0.60%
Strong
17,115
612
\u2014
\u2014
17,727
33
3
\u2014
\u2014
36
17,691
0.2
12 -
14
0.60 to <2.15%
Satisfactory
17,605
3,447
\u2014
\u2014
21,052
85
50
\u2014
\u2014
135
20,917
0.6
15 -
19
2.15 to <11.35%
Satisfactory
4,140
3,603
\u2014
\u2014
7,743
57
100
\u2014
\u2014
157
7,586
2.0
20 -
21
11.35 to <100%
Higher Risk
192
1,954
\u2014
\u2014
2,146
6
134
\u2014
\u2014
140
2,006
6.5
22
100%
Credit
Impaired
\u2014
\u2014
3,159
\u2014
3,159
\u2014
\u2014
804
\u2014
804
2,355
25.5
Total
120,853
10,638
3,159
\u2014
134,650
207
315
804
\u2014
1,326
133,324
1.0
Credit risk profile by internal PD grade for loans and advances at amortised cost3 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
55,073
512
\u2014
\u2014
55,585
46
29
\u2014
\u2014
75
55,510
0.1
4 - 5
0.05 to <0.15%
Strong
119,748
2,342
\u2014
\u2014
122,090
14
1
\u2014
\u2014
15
122,075
\u2014
6 - 8
0.15 to <0.30%
Strong
58,118
3,501
\u2014
\u2014
61,619
26
24
\u2014
\u2014
50
61,569
0.1
9 - 11
0.30 to <0.60%
Strong
45,929
3,368
\u2014
\u2014
49,297
93
8
\u2014
\u2014
101
49,196
0.2
12 - 14
0.60 to <2.15%
Satisfactory
33,583
6,542
\u2014
\u2014
40,125
235
73
\u2014
\u2014
308
39,817
0.8
15 - 19
2.15 to <11.35%
Satisfactory
15,382
9,278
\u2014
\u2014
24,660
417
539
\u2014
\u2014
956
23,704
3.9
20 - 21
11.35 to <100%
Higher Risk
746
5,121
\u2014
\u2014
5,867
60
1,034
\u2014
\u2014
1,094
4,773
18.6
22
100%
Credit
Impaired
\u2014
\u2014
7,530
39
7,569
\u2014
\u2014
2,690
\u2014
2,690
4,879
35.5
Total
328,579
30,664
7,530
39
366,812
891
1,708
2,690
\u2014
5,289
361,523
1.4
Credit risk profile by internal PD grade for retail mortgages (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
26,799
649
\u2014
\u2014
27,448
1
\u2014
\u2014
\u2014
1
27,447
\u2014
4 - 5
0.05 to <0.15%
Strong
90,420
6,864
\u2014
\u2014
97,284
16
3
\u2014
\u2014
19
97,265
\u2014
6 - 8
0.15 to <0.30%
Strong
18,574
4,417
\u2014
\u2014
22,991
8
6
\u2014
\u2014
14
22,977
0.1
9 - 11
0.30 to <0.60%
Strong
9,829
2,945
\u2014
\u2014
12,774
12
10
\u2014
\u2014
22
12,752
0.2
12 - 14
0.60 to <2.15%
Satisfactory
863
2,741
\u2014
\u2014
3,604
1
19
\u2014
\u2014
20
3,584
0.6
15 - 19
2.15 to <11.35%
Satisfactory
83
1,681
\u2014
\u2014
1,764
\u2014
16
\u2014
\u2014
16
1,748
0.9
20 - 21
11.35 to <100%
Higher Risk
122
299
\u2014
\u2014
421
\u2014
8
\u2014
\u2014
8
413
1.9
22
100%
Credit
Impaired
\u2014
\u2014
1,962
\u2014
1,962
\u2014
\u2014
87
\u2014
87
1,875
4.4
Total
146,690
19,596
1,962
\u2014
168,248
38
62
87
\u2014
187
168,061
0.1
Credit risk profile by internal PD grade for retail credit cards 3 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
119
\u2014
\u2014
\u2014
119
\u2014
\u2014
\u2014
\u2014
\u2014
119
\u2014
4 - 5
0.05 to <0.15%
Strong
1,706
4
\u2014
\u2014
1,710
2
\u2014
\u2014
\u2014
2
1,708
0.1
6 - 8
0.15 to <0.30%
Strong
3,592
5
\u2014
\u2014
3,597
9
\u2014
\u2014
\u2014
9
3,588
0.3
9 - 11
0.30 to <0.60%
Strong
5,758
10
\u2014
\u2014
5,768
26
\u2014
\u2014
\u2014
26
5,742
0.5
12 - 14
0.60 to <2.15%
Satisfactory
10,298
171
\u2014
\u2014
10,469
179
12
\u2014
\u2014
191
10,278
1.8
15 - 19
2.15 to <11.35%
Satisfactory
9,330
2,907
\u2014
\u2014
12,237
290
446
\u2014
\u2014
736
11,501
6.0
20 - 21
11.35 to <100%
Higher Risk
323
1,920
\u2014
\u2014
2,243
47
789
\u2014
\u2014
836
1,407
37.3
22
100%
Credit
Impaired
\u2014
\u2014
1,903
40
1,943
\u2014
\u2014
1,507
\u2014
1,507
436
77.6
Total
31,126
5,017
1,903
40
38,086
553
1,247
1,507
\u2014
3,307
34,779
8.7
Credit risk profile by internal PD grade for retail other (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
76
1
\u2014
\u2014
77
1
\u2014
\u2014
\u2014
1
76
1.3
4 - 5
0.05 to <0.15%
Strong
575
5
\u2014
\u2014
580
2
\u2014
\u2014
\u2014
2
578
0.3
6 - 8
0.15 to <0.30%
Strong
774
6
\u2014
\u2014
780
4
\u2014
\u2014
\u2014
4
776
0.5
9 - 11
0.30 to <0.60%
Strong
4,539
59
\u2014
\u2014
4,598
11
3
\u2014
\u2014
14
4,584
0.3
12 - 14
0.60 to <2.15%
Satisfactory
5,762
239
\u2014
\u2014
6,001
82
10
\u2014
\u2014
92
5,909
1.5
15 - 19
2.15 to <11.35%
Satisfactory
656
887
\u2014
\u2014
1,543
21
41
\u2014
\u2014
62
1,481
4.0
20 - 21
11.35 to <100%
Higher Risk
68
176
\u2014
\u2014
244
17
57
\u2014
\u2014
74
170
30.3
22
100%
Credit
Impaired
\u2014
\u2014
378
17
395
\u2014
\u2014
161
\u2014
161
234
40.8
Total
12,450
1,373
378
17
14,218
138
111
161
\u2014
410
13,808
2.9
Credit risk profile by internal PD grade for corporate loans3 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
41,412
228
3
\u2014
41,643
6
1
2
\u2014
9
41,634
\u2014
4 - 5
0.05 to <0.15%
Strong
24,082
145
\u2014
\u2014
24,227
10
\u2014
\u2014
\u2014
10
24,217
\u2014
6 - 8
0.15 to <0.30%
Strong
11,933
575
\u2014
\u2014
12,508
9
2
\u2014
\u2014
11
12,497
0.1
9 - 11
0.30 to <0.60%
Strong
16,861
377
\u2014
\u2014
17,238
23
3
\u2014
\u2014
26
17,212
0.2
12 - 14
0.60 to <2.15%
Satisfactory
16,673
3,766
\u2014
\u2014
20,439
79
44
\u2014
\u2014
123
20,316
0.6
15 - 19
2.15 to <11.35%
Satisfactory
5,331
3,857
\u2014
\u2014
9,188
73
128
\u2014
\u2014
201
8,987
2.2
20 - 21
11.35 to <100%
Higher Risk
216
2,219
\u2014
\u2014
2,435
9
153
\u2014
\u2014
162
2,273
6.7
22
100%
Credit
Impaired
\u2014
\u2014
3,113
\u2014
3,113
\u2014
\u2014
624
\u2014
624
2,489
20.0
Total
116,508
11,167
3,116
\u2014
130,791
209
331
626
\u2014
1,166
129,625
0.9
Credit risk profile by internal PD grade for loans and advances at amortised cost3 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
68,406
878
3
\u2014
69,287
8
1
2
\u2014
11
69,276
\u2014
4 - 5
0.05 to <0.15%
Strong
116,783
7,018
\u2014
\u2014
123,801
30
3
\u2014
\u2014
33
123,768
\u2014
6 - 8
0.15 to <0.30%
Strong
34,873
5,003
\u2014
\u2014
39,876
30
8
\u2014
\u2014
38
39,838
0.1
9 - 11
0.30 to <0.60%
Strong
36,987
3,391
\u2014
\u2014
40,378
72
16
\u2014
\u2014
88
40,290
0.2
12 - 14
0.60 to <2.15%
Satisfactory
33,596
6,917
\u2014
\u2014
40,513
341
85
\u2014
\u2014
426
40,087
1.1
15 - 19
2.15 to <11.35%
Satisfactory
15,400
9,332
\u2014
\u2014
24,732
384
631
\u2014
\u2014
1,015
23,717
4.1
20 - 21
11.35 to <100%
Higher Risk
729
4,614
\u2014
\u2014
5,343
73
1,007
\u2014
\u2014
1,080
4,263
20.2
22
100%
Credit
Impaired
\u2014
\u2014
7,356
57
7,413
\u2014
\u2014
2,379
\u2014
2,379
5,034
32.1
Total
306,774
37,153
7,359
57
351,343
938
1,751
2,381
\u2014
5,070
346,273
1.4
Credit risk profile by internal PD grade for contingent liabilities 1 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1-3
0.0 to <0.05%
Strong
8,837
\u2014
\u2014
\u2014
8,837
1
\u2014
\u2014
\u2014
1
8,836
\u2014
4-5
0.05 to <0.15%
Strong
3,920
178
\u2014
\u2014
4,098
2
\u2014
\u2014
\u2014
2
4,096
\u2014
6-8
0.15 to <0.30%
Strong
3,645
5
\u2014
\u2014
3,650
2
\u2014
\u2014
\u2014
2
3,648
0.1
9-11
0.30 to <0.60%
Strong
2,025
92
\u2014
\u2014
2,117
3
\u2014
\u2014
\u2014
3
2,114
0.1
12-14
0.60 to <2.15%
Satisfactory
2,773
230
\u2014
\u2014
3,003
12
3
\u2014
\u2014
15
2,988
0.5
15-19
2.15 to <11.35%
Satisfactory
1,163
691
\u2014
\u2014
1,854
15
16
\u2014
\u2014
31
1,823
1.7
20-21
11.35 to <100%
Higher Risk
85
709
\u2014
\u2014
794
1
84
\u2014
\u2014
85
709
10.7
22
100%
Credit
Impaired
\u2014
\u2014
116
\u2014
116
\u2014
\u2014
23
\u2014
23
93
19.8
Total
22,448
1,905
116
\u2014
24,469
36
103
23
\u2014
162
24,307
0.7
Credit risk profile by internal PD grade for contingent liabilities 1 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1-3
0.0 to <0.05%
Strong
8,132
310
\u2014
\u2014
8,442
1
1
\u2014
\u2014
2
8,440
\u2014
4-5
0.05 to <0.15%
Strong
4,934
\u2014
\u2014
\u2014
4,934
2
\u2014
\u2014
\u2014
2
4,932
\u2014
6-8
0.15 to <0.30%
Strong
2,717
391
\u2014
\u2014
3,108
2
\u2014
\u2014
\u2014
2
3,106
0.1
9-11
0.30 to <0.60%
Strong
2,177
119
\u2014
\u2014
2,296
4
\u2014
\u2014
\u2014
4
2,292
0.2
12-14
0.60 to <2.15%
Satisfactory
2,309
563
\u2014
\u2014
2,872
12
7
\u2014
\u2014
19
2,853
0.7
15-19
2.15 to <11.35%
Satisfactory
730
937
\u2014
\u2014
1,667
22
36
\u2014
\u2014
58
1,609
3.5
20-21
11.35 to <100%
Higher Risk
29
515
\u2014
\u2014
544
\u2014
82
\u2014
\u2014
82
462
15.1
22
100%
Credit
Impaired
\u2014
\u2014
495
\u2014
495
\u2014
\u2014
16
\u2014
16
479
3.2
Total
21,028
2,835
495
\u2014
24,358
43
126
16
\u2014
185
24,173
0.8
Credit risk profile by internal PD grade for loan commitments 1'2 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1-3
0.0 to <0.05%
Strong
99,493
254
\u2014
\u2014
99,747
4
\u2014
\u2014
\u2014
4
99,743
\u2014
4-5
0.05 to <0.15%
Strong
91,508
890
\u2014
\u2014
92,398
7
\u2014
\u2014
\u2014
7
92,391
\u2014
6-8
0.15 to <0.30%
Strong
59,653
768
\u2014
\u2014
60,421
6
1
\u2014
\u2014
7
60,414
\u2014
9-11
0.30 to <0.60%
Strong
70,160
696
\u2014
\u2014
70,856
8
\u2014
\u2014
\u2014
8
70,848
\u2014
12-14
0.60 to <2.15%
Satisfactory
52,220
2,994
\u2014
\u2014
55,214
38
28
\u2014
\u2014
66
55,148
0.1
15-19
2.15 to <11.35%
Satisfactory
14,387
5,332
\u2014
\u2014
19,719
40
42
\u2014
\u2014
82
19,637
0.4
20-21
11.35 to <100%
Higher Risk
624
3,634
\u2014
\u2014
4,258
5
66
\u2014
\u2014
71
4,187
1.7
22
100%
Credit
Impaired
\u2014
\u2014
696
5
701
\u2014
\u2014
9
\u2014
9
692
1.3
Total
388,045
14,568
696
5
403,314
108
137
9
\u2014
254
403,060
0.1
Credit risk profile by internal PD grade for loan commitments 1'2 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at December 31 2024
1-3
0.0 to <0.05%
Strong
92,589
342
\u2014
\u2014
92,931
3
\u2014
\u2014
\u2014
3
92,928
\u2014
4-5
0.05 to <0.15%
Strong
82,489
342
\u2014
\u2014
82,831
8
\u2014
\u2014
\u2014
8
82,823
\u2014
6-8
0.15 to <0.30%
Strong
63,004
1,071
\u2014
\u2014
64,075
12
1
\u2014
\u2014
13
64,062
\u2014
9-11
0.30 to <0.60%
Strong
70,770
904
\u2014
\u2014
71,674
19
1
\u2014
\u2014
20
71,654
\u2014
12-14
0.60 to <2.15%
Satisfactory
68,038
3,179
\u2014
\u2014
71,217
36
12
\u2014
\u2014
48
71,169
0.1
15-19
2.15 to <11.35%
Satisfactory
13,633
6,535
\u2014
\u2014
20,168
41
50
\u2014
\u2014
91
20,077
0.5
20-21
11.35 to <100%
Higher Risk
704
3,520
\u2014
\u2014
4,224
2
60
\u2014
\u2014
62
4,162
1.5
22
100%
Credit
Impaired
\u2014
\u2014
673
6
679
\u2014
\u2014
9
\u2014
9
670
1.3
Total
391,227
15,893
673
6
407,799
121
124
9
\u2014
254
407,545
0.1
Notes:
1 Excludes loan commitments and financial guarantee s of \u00a322.2b n (2024 : \u00a316.3b n) carried at fair value.
2 Reported off-balance sheet loan commitments also include exposures relating to financial assets classified as assets held for sale.
3 Exposure s reported within Retail credit cards and Corporate loans does not include co-branded card portfolio which is classified as assets held for sale.
The tables below set out the fair values of the derivative assets together with the value of those assets subject to enforceable
counterparty netting arrangements for which the Group holds offsetting liabilities and eligible collateral.
Derivative assets (audited)
2025
2024
Balance sheet
assets\u00a0
Counterparty
netting
Net
exposure
Balance sheet
assets\u00a0
Counterparty
netting
Net
exposure
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Foreign exchange
76,887
58,029
18,858
126,098
98,677
27,421
Interest rate
93,241
65,415
27,826
95,796
70,138
25,658
Credit derivatives
7,851
6,350
1,501
6,898
5,728
1,170
Equity and stock index
72,339
63,100
9,239
62,912
54,237
8,675
Commodity derivatives
2,141
1,849
292
1,826
1,654
172
Total derivative assets
252,459
194,743
57,716
293,530
230,434
63,096
Cash collateral held
30,758
30,637
Net exposure less collateral
26,958
32,459
Assets held for sale
This section presents a co-branded card portfolio in USCB classified as assets held for sale. Further, the sale of the German consumer
finance business was completed in Q125.
For further details on assets held for sale, see Note 40 to the financial statements.
Loans and advances by product
Loans and advances to customers classified as assets held for sale (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
ECL
Coverage
Gross
ECL
Coverage
Gross
ECL
Coverage
Gross
ECL
Coverage
As at 31 December 2025
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
Retail credit cards - US
5,468
65
1.2
466
124
26.6
54
44
81.5
5,988
233
3.9
Retail credit cards - Germany
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail other - Germany
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Corporate loans - US
43
1
2.3
6
2
33.3
\u2014
\u2014
\u2014
49
3
6.1
Total Rest of the World
5,511
66
1.2
472
126
26.7
54
44
81.5
6,037
236
3.9
As at 31 December 2024
Retail credit cards - US
5,495
64
1.2
689
161
23.4
57
46
80.7
6,241
271
4.3
Retail credit cards - Germany
1,908
18
0.9
307
29
9.4
93
69
74.2
2,308
116
5.0
Retail other - Germany
1,134
16
1.4
220
33
15.0
71
48
67.6
1,425
97
6.8
Corporate loans - US
49
1
2.0
9
3
33.3
1
1
100.0
59
5
8.5
Total Rest of the World
8,586
99
1.2
1,225
226
18.4
222
164
73.9
10,033
489
4.9
Management adjustments to models for impairment (audited)
Management adjustments to models for impairment allowance presented by product (audited)
Impairment
allowance pre
management
adjustments
Economic
uncertainty
adjustments1
(a)
Other
adjustments
(b)
Management
adjustments
(a+b)
Total
impairment
allowance
Proportion of
Management
adjustments
to total
impairment
allowance
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail credit cards - US
232
5
\u2014
5
237
2.1
Retail credit cards - Germany
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail other - Germany
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Corporate loans - US
3
\u2014
\u2014
\u2014
3
\u2014
Total Rest of the World
235
5
\u2014
5
240
2.1
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail credit cards - US
277
\u2014
\u2014
\u2014
277
\u2014
Retail credit cards - Germany
101
\u2014
16
16
117
13.7
Retail other - Germany
80
\u2014
17
17
97
17.5
Corporate loans - US
5
\u2014
\u2014
\u2014
5
\u2014
Total Rest of the World
463
\u2014
33
33
496
6.7
Note:
1 Reflects a Stage 2 adjustment for elevated US macroeconomic uncertainty; with impacts yet to materialise in consumer behaviour.
Credit exposures by internal PD grade
Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
165
\u2014
\u2014
\u2014
165
\u2014
\u2014
\u2014
\u2014
\u2014
165
\u2014
6 - 8
0.15 to <0.30%
Strong
953
\u2014
\u2014
\u2014
953
3
\u2014
\u2014
\u2014
3
950
0.3
9 - 11
0.30 to <0.60%
Strong
1,351
1
\u2014
\u2014
1,352
6
\u2014
\u2014
\u2014
6
1,346
0.4
12 - 14
0.60 to <2.15%
Satisfactory
1,795
5
\u2014
\u2014
1,800
18
\u2014
\u2014
\u2014
18
1,782
1.0
15 - 19
2.15 to
<11.35%
Satisfactory
1,149
226
\u2014
\u2014
1,375
34
35
\u2014
\u2014
69
1,306
5.0
20 - 21
11.35 to <100%
Higher Risk
55
234
\u2014
\u2014
289
4
89
\u2014
\u2014
93
196
32.2
22
100%
Credit
Impaired
\u2014
\u2014
54
\u2014
54
\u2014
\u2014
44
\u2014
44
10
81.5
Total
5,468
466
54
\u2014
5,988
65
124
44
\u2014
233
5,755
3.9
Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6 - 8
0.15 to <0.30%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9 - 11
0.30 to <0.60%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12 - 14
0.60 to <2.15%
Satisfactory
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
15 - 19
2.15 to
<11.35%
Satisfactory
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
20 - 21
11.35 to <100%
Higher Risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
22
100%
Credit
Impaired
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6 - 8
0.15 to <0.30%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9 - 11
0.30 to <0.60%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12 - 14
0.60 to <2.15%
Satisfactory
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
15 - 19
2.15 to
<11.35%
Satisfactory
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
20 - 21
11.35 to <100%
Higher Risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
22
100%
Credit
Impaired
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6 - 8
0.15 to <0.30%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9 - 11
0.30 to <0.60%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12 - 14
0.60 to <2.15%
Satisfactory
2
\u2014
\u2014
\u2014
2
\u2014
\u2014
\u2014
\u2014
\u2014
2
\u2014
15 - 19
2.15 to <11.35%
Satisfactory
41
\u2014
\u2014
\u2014
41
1
\u2014
\u2014
\u2014
1
40
2.4
20 - 21
11.35 to <100%
Higher Risk
\u2014
6
\u2014
\u2014
6
\u2014
2
\u2014
\u2014
2
4
33.3
22
100%
Credit
Impaired
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
43
6
\u2014
\u2014
49
1
2
\u2014
\u2014
3
46
6.1
Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6 - 8
0.15 to <0.30%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9 - 11
0.30 to <0.60%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12 - 14
0.60 to <2.15%
Satisfactory
5,495
\u2014
\u2014
\u2014
5,495
64
\u2014
\u2014
\u2014
64
5,431
1.2
15 - 19
2.15 to <11.35%
Satisfactory
\u2014
689
\u2014
\u2014
689
\u2014
161
\u2014
\u2014
161
528
23.4
20 - 21
11.35 to <100%
Higher Risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
22
100%
Credit
Impaired
\u2014
\u2014
57
\u2014
57
\u2014
\u2014
46
\u2014
46
11
80.7
Total
5,495
689
57
\u2014
6,241
64
161
46
\u2014
271
5,970
4.3
Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
62
\u2014
\u2014
\u2014
62
\u2014
\u2014
\u2014
\u2014
\u2014
62
\u2014
4 - 5
0.05 to <0.15%
Strong
289
\u2014
\u2014
\u2014
289
1
\u2014
\u2014
\u2014
1
288
0.3
6 - 8
0.15 to <0.30%
Strong
152
\u2014
\u2014
\u2014
152
1
\u2014
\u2014
\u2014
1
151
0.7
9 - 11
0.30 to <0.60%
Strong
250
\u2014
\u2014
\u2014
250
1
\u2014
\u2014
\u2014
1
249
0.4
12 - 14
0.60 to <2.15%
Satisfactory
928
5
\u2014
\u2014
933
9
\u2014
\u2014
\u2014
9
924
1.0
15 - 19
2.15 to <11.35%
Satisfactory
227
229
\u2014
\u2014
456
6
15
\u2014
\u2014
21
435
4.6
20 - 21
11.35 to <100%
Higher Risk
\u2014
73
\u2014
\u2014
73
\u2014
14
\u2014
\u2014
14
59
19.2
22
100%
Credit
Impaired
\u2014
\u2014
93
\u2014
93
\u2014
\u2014
69
\u2014
69
24
74.2
Total
1,908
307
93
\u2014
2,308
18
29
69
\u2014
116
2,192
5.0
Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
1
\u2014
\u2014
\u2014
1
\u2014
\u2014
\u2014
\u2014
\u2014
1
\u2014
4 - 5
0.05 to <0.15%
Strong
25
\u2014
\u2014
\u2014
25
\u2014
\u2014
\u2014
\u2014
\u2014
25
\u2014
6 - 8
0.15 to <0.30%
Strong
110
\u2014
\u2014
\u2014
110
\u2014
\u2014
\u2014
\u2014
\u2014
110
\u2014
9 - 11
0.30 to <0.60%
Strong
294
\u2014
\u2014
\u2014
294
1
\u2014
\u2014
\u2014
1
293
0.3
12 - 14
0.60 to <2.15%
Satisfactory
534
17
\u2014
\u2014
551
6
4
\u2014
\u2014
10
541
1.8
15 - 19
2.15 to <11.35%
Satisfactory
170
182
\u2014
\u2014
352
9
22
\u2014
\u2014
31
321
8.8
20 - 21
11.35 to <100%
Higher Risk
\u2014
21
\u2014
\u2014
21
\u2014
7
\u2014
\u2014
7
14
33.3
22
100%
Credit
Impaired
\u2014
\u2014
71
\u2014
71
\u2014
\u2014
48
\u2014
48
23
67.6
Total
1,134
220
71
\u2014
1,425
16
33
48
\u2014
97
1,328
6.8
Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6 - 8
0.15 to <0.30%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9 - 11
0.30 to <0.60%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12 - 14
0.60 to <2.15%
Satisfactory
49
\u2014
\u2014
\u2014
49
1
\u2014
\u2014
\u2014
1
48
2.0
15 - 19
2.15 to <11.35%
Satisfactory
\u2014
9
\u2014
\u2014
9
\u2014
3
\u2014
\u2014
3
6
33.3
20 - 21
11.35 to <100%
Higher Risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
22
100%
Credit
Impaired
\u2014
\u2014
1
\u2014
1
\u2014
\u2014
1
\u2014
1
\u2014
100.0
Total
49
9
1
\u2014
59
1
3
1
\u2014
5
54
8.5
The daily average, high and low values of management VaR
Management VaR (95%, one day) (audited)
2025
2024
Average
High 1
Low1
Average
High 1
Low1
For the year ended 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Credit risk
15
21
11
21
27
17
Interest rate risk
15
25
5
15
25
7
Equity risk
7
14
4
6
12
2
Basis risk
6
9
4
5
8
4
Spread risk
5
7
3
5
7
3
Foreign exchange risk
5
10
3
4
9
2
Commodity risk
\u2014
1
\u2014
\u2014
1
\u2014
Inflation risk
5
8
3
4
5
2
Diversification effect 1
(40)
n/a
n/a
(34)
n/a
n/a
Total management VaR
18
30
8
26
36
15
Note:
1 Diversification effects recognise that forecast losses from different assets or businesses are unlikely to occur concurrently, hence the expected aggregate
loss is lower than the sum of the expected losses from each area. Historical correlations between losses are taken into account in making these assessments.
The high and low VaR figures reported for each category did not necessarily occur on the same day as the high and low VaR reported as a whole. Consequently,
a diversification effect balance for the high and low VaR figures would not be meaningful and is therefore omitted from the above table.
The table below provides detail on the contractual maturity of all financial instruments and other assets and liabilities. Derivatives (other
than those designated in a hedging relationship) and trading portfolio assets and liabilities are included in the \u2018not more than one month'
column at their fair value. Liquidity risk on these items is not managed on the basis of contractual maturity since they are not held for
settlement according to such maturity and will frequently be settled before contractual maturity at fair value. Derivatives designated in a
hedging relationship are included according to their contractual maturity.
Open-dated financial assets and liabilities are included within 'not more than one month' due to the availability of withdrawals or
redemptions at any time, without notice.
Contractual maturity of financial assets and liabilities (audited)
As at 31 December 2025
Not more
than one
month
Over one
month but
not more
than three
months
Over three
months but
not more
than six
months
Over six
months but
not more
than one
year
Over one
year but
not more
than three
years
Over three
years but
not more
than five
years
Over five
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Cash and balances at central banks
229,752
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
229,752
Cash collateral and settlement balances
87,432
43,100
\u2014
\u2014
\u2014
\u2014
\u2014
130,532
Debt securities at amortised cost
390
5,136
1,776
3,362
18,130
13,525
26,156
68,475
Loans and advances at amortised cost to banks
and customers
23,738
6,113
7,690
19,968
58,229
38,340
207,445
361,523
Reverse repurchase agreements and other similar
secured lending
10,826
338
520
406
1,971
2,816
745
17,622
Trading portfolio assets
190,061
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
190,061
Financial assets at fair value through the income
statement
146,471
13,492
4,506
4,153
10,863
3,036
4,336
186,857
Derivative financial instruments
249,744
146
201
371
1,622
302
73
252,459
Financial assets at fair value through other
comprehensive income
1,370
2,064
483
885
13,412
22,875
33,305
74,394
Assets included in disposal groups classified as
held for sale
\u2014
\u2014
5,932
\u2014
\u2014
\u2014
\u2014
5,932
Other financial assets
743
47
43
6
5
2
1
847
Total financial assets
940,527
70,436
21,151
29,151
104,232
80,896
272,061
1,518,454
Other assets
25,711
Total assets
1,544,165
Liabilities
Deposits at amortised cost from banks and
customers
462,723
42,184
38,930
33,970
6,563
699
544
585,613
Cash collateral and settlement balances
84,836
32,747
\u2014
\u2014
\u2014
\u2014
\u2014
117,583
Repurchase agreements and other similar
secured borrowing
10,174
4,507
75
3,030
4,354
\u2014
3,030
25,170
Debt securities in issue
6,206
10,732
23,120
13,302
17,566
16,036
32,071
119,033
Subordinated liabilities
\u2014
\u2014
1,522
400
1,870
1,063
8,099
12,954
Trading portfolio liabilities
57,737
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
57,737
Financial liabilities designated at fair value
162,852
29,816
16,489
14,172
31,413
19,693
19,673
294,108
Derivative financial instruments
240,147
23
53
13
258
100
214
240,808
Liabilities included in disposal groups classified
as\u00a0held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other financial liabilities
4,602
4
30
53
196
154
813
5,852
Total financial liabilities
1,029,277
120,013
80,219
64,940
62,220
37,745
64,444
1,458,858
Other liabilities
7,071
Total liabilities
1,465,929
Contractual maturity of financial assets and liabilities (audited)
As at 31 December 2024
Not more
than one
month
Over one
month but
not more
than three
months
Over three
months but
not more
than six
months
Over six
months but
not more
than one
year
Over one
year but
not more
than three
years
Over three
years but
not more
than five
years
Over five
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Cash and balances at central banks
210,184
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
210,184
Cash collateral and settlement balances
82,661
37,182
\u2014
\u2014
\u2014
\u2014
\u2014
119,843
Debt securities at amortised cost
233
1,009
2,218
3,591
20,231
12,400
28,528
68,210
Loans and advances at amortised cost to banks
and customers
24,290
6,237
8,327
18,544
57,020
32,755
199,100
346,273
Reverse repurchase agreements and other similar
secured lending
1,390
37
292
359
1,676
980
\u2014
4,734
Trading portfolio assets
166,453
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
166,453
Financial assets at fair value through the income
statement
152,935
11,628
4,489
4,494
10,174
5,568
4,446
193,734
Derivative financial instruments
291,006
293
512
710
783
79
147
293,530
Financial assets at fair value through other
comprehensive income
1,473
1,067
351
944
14,239
23,511
36,474
78,059
Assets included in disposal groups classified as held
for sale
\u2014
3,710
\u2014
\u2014
6,144
\u2014
\u2014
9,854
Other financial assets
786
29
55
18
2
\u2014
1
891
Total financial assets
931,411
61,192
16,244
28,660
110,269
75,293
268,696
1,491,765
Other assets
26,437
Total assets
1,518,202
Liabilities
Deposits at amortised cost from banks and
customers
450,889
40,688
34,512
26,999
5,283
1,505
787
560,663
Cash collateral and settlement balances
76,655
29,574
\u2014
\u2014
\u2014
\u2014
\u2014
106,229
Repurchase agreements and other similar secured
borrowing
18,771
1,823
84
8,537
10,200
\u2014
\u2014
39,415
Debt securities in issue
2,928
16,868
5,859
3,469
17,477
15,378
30,423
92,402
Subordinated liabilities
\u2014
96
65
80
2,126
1,583
7,971
11,921
Trading portfolio liabilities
56,908
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
56,908
Financial liabilities designated at fair value
160,429
23,084
16,739
15,328
28,320
19,050
19,274
282,224
Derivative financial instruments
278,616
27
18
17
282
263
192
279,415
Liabilities included in disposal groups classified as
held for sale
\u2014
3,726
\u2014
\u2014
\u2014
\u2014
\u2014
3,726
Other financial liabilities
4,957
4
30
61
202
140
739
6,133
Total financial liabilities
1,050,153
115,890
57,307
54,491
63,890
37,919
59,386
1,439,036
Other liabilities
6,685
Total liabilities
1,445,721
Contractual maturity of financial liabilities on an undiscounted basis
The table below presents the cash flows payable by the Group under financial liabilities by remaining contractual maturities at the
balance sheet date. The amounts disclosed in the table are the contractual undiscounted cash flows of all financial liabilities (i.e. nominal
values).
The balances in the below table do not agree directly to the balances in the consolidated balance sheet as the table incorporates all cash
flows, on an undiscounted basis, related to both principal as well as those associated with all future coupon payments.
Derivative financial instruments held for trading and trading portfolio liabilities are included in the 'not more than one month' column at
their fair value. Open-dated financial liabilities are also included within 'not more than one month'.
Contractual maturity of financial liabilities - undiscounted (audited)
Not\u00a0 more
than one
month
Over one
month but
not more
than three
months
Over three
months but
not more
than six
months
Over six
months but
not more
than one
year
Over one
year but
not more
than three
years
Over three
years but
not more
than five
years
Over five
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Deposits at amortised cost from banks and
customers
462,812
42,491
39,430
34,773
6,917
777
805
588,005
Cash collateral and settlement balances
84,850
32,908
\u2014
\u2014
\u2014
\u2014
\u2014
117,758
Repurchase agreements and other similar
secured borrowing
10,185
4,520
75
3,111
4,498
\u2014
3,627
26,016
Debt securities in issue
6,217
10,793
23,413
13,619
18,533
18,178
48,191
138,944
Subordinated liabilities
\u2014
\u2014
1,562
418
1,975
1,263
10,502
15,720
Trading portfolio liabilities
57,737
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
57,737
Financial liabilities designated at fair value
162,942
29,981
16,677
14,449
32,852
21,679
34,103
312,683
Derivative financial instruments
240,103
67
54
13
278
115
415
241,045
Liabilities included in disposal groups classified
as\u00a0held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other financial liabilities
4,606
16
48
89
323
262
3,977
9,321
Total financial liabilities
1,029,452
120,776
81,259
66,472
65,376
42,274
101,620
1,507,229
As at 31 December 2024
Deposits at amortised cost from banks and
customers
451,093
40,992
34,963
27,670
5,579
1,752
1,025
563,074
Cash collateral and settlement balances
76,658
29,745
\u2014
\u2014
\u2014
\u2014
\u2014
106,403
Repurchase agreements and other similar
secured borrowing
18,790
1,832
84
8,822
10,953
\u2014
\u2014
40,481
Debt securities in issue
2,937
16,981
5,938
3,593
18,365
17,563
46,183
111,560
Subordinated liabilities
\u2014
96
65
80
2,283
1,777
10,726
15,027
Trading portfolio liabilities
56,908
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
56,908
Financial liabilities designated at fair value
160,604
23,256
16,968
15,709
29,999
21,427
34,407
302,370
Derivative financial instruments
278,620
27
18
17
304
307
403
279,696
Liabilities included in disposal groups classified
as\u00a0held for sale
\u2014
3,726
\u2014
\u2014
\u2014
\u2014
\u2014
3,726
Other financial liabilities
4,963
16
49
96
322
239
4,149
9,834
Total financial liabilities
1,050,573
116,671
58,085
55,987
67,805
43,065
96,893
1,489,079
Maturity of off-balance sheet commitments given
The table below presents the maturity split of the Group\u2019s off-balance sheet commitments given at the balance sheet date. The
amounts disclosed in the table are the undiscounted cash flows (i.e. nominal values) on the basis of earliest opportunity at which they are
available.
Maturity analysis of off-balance sheet commitments given (audited)
Not more
than one
month
Over one
month but not
more than
three months
Over three
months but not
more than six
months
Over six
months but
not more than
one year
Over one
year but
not more
than three
years
Over three
years but not
more than
five years
Over five\u00a0
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Contingent liabilities and financial
guarantees
25,372
\u2014
1
1
\u2014
\u2014
\u2014
25,374
Documentary credits and other short-
term trade related transactions
1,103
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,103
Standby facilities, credit lines and other
commitments 1
423,420
\u2014
\u2014
\u2014
63
17
3
423,503
Total off-balance sheet commitments
given
449,895
\u2014
1
1
63
17
3
449,980
As at 31 December 2024
Contingent liabilities and financial
guarantees
25,322
22
1
1
\u2014
\u2014
\u2014
25,346
Documentary credits and other short-
term trade related transactions
1,432
1
\u2014
\u2014
\u2014
\u2014
\u2014
1,433
Standby facilities, credit lines and other
commitments 1
421,648
\u2014
\u2014
\u2014
68
\u2014
\u2014
421,716
Total off-balance sheet commitments
given
448,402
23
1
1
68
\u2014
\u2014
448,495
Note:
1 Includes exposures relating to financial assets classified as assets held for sale.
Foreign exchange risk (audited)
The Group is exposed to two sources of foreign exchange risk.
a) Transactional foreign currency exposure
Transactional foreign currency exposures represent exposure on banking assets and liabilities, denominated in currencies other than
the functional currency of the transacting entity.
The Group\u2019s risk management policies are designed to prevent the holding of significant open positions in foreign currencies outside the
trading portfolio managed by Barclays Investment bank which is monitored through VaR.
Banking book transactional foreign exchange risk outside of Barclays Investment bank is monitored on a daily basis by the market risk
f unction and minimised by the businesses.
b) Translational foreign exchange exposure
The Group\u2019s investments in overseas subsidiaries and branches create capital resources denominated in foreign currencies, principally
USD and EUR. Changes in the GBP value of the net investments due to foreign currency movements are captured in the currency
translation reserve, resulting in a movement in CET1 capital.
The Group\u2019s strategy is to minimise the volatility of the CET1 ratios caused by foreign exchange movements, by matching the CET1
capital movements to the revaluation of the Group\u2019s foreign currency RWA exposures.
Functional currency of operations (audited)
Foreign
currency net
investments
Borrowings
which hedge
the net
investments
Derivatives
which hedge
the net
investments
Structural
currency
exposures pre-
economic
hedges
Other equity
Instruments
Remaining
structural
currency
exposures
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
31 December 2025
USD
26,370
(4,406)
(2,141)
19,823
(5,450)
14,373
EUR
10,195
(6,097)
\u2014
4,098
(1,310)
2,788
INR
1,489
\u2014
(1,259)
230
\u2014
230
JPY
544
(177)
\u2014
367
\u2014
367
Other currencies
2,007
(8)
(989)
1,010
(1,127)
(117)
Total
40,605
(10,688)
(4,389)
25,528
(7,887)
17,641
31 December 2024
USD
28,012
(6,243)
(2,230)
19,539
(5,846)
13,693
EUR
9,549
(5,655)
\u2014
3,894
(264)
3,630
INR
1,403
\u2014
(992)
411
\u2014
411
JPY
628
(215)
\u2014
413
\u2014
413
Other currencies
2,037
(76)
(792)
1,169
(849)
320
Total
41,629
(12,189)
(4,014)
25,426
(6,959)
18,467
Other equity instruments\u00a0 relate to exposures arising on foreign currency denominated preference share and AT1 instruments. These
are accounted for at historical cost under IFRS and do not qualify as hedges for accounting purposes. The gain or loss arising from
changes in the GBP value of these instruments is recognised on redemption in retained earnings.
During 2025, total structural currency exposure net of hedging instruments decreased to \u00a317.6bn (2024: \u00a318.5bn). Foreign currency
net\u00a0investments decreased\u00a0 to \u00a340.6bn (2024: \u00a341.6bn) driven predominantly by a \u00a31.6bn decrease in USD, offset by \u00a30.6bn increase in
EUR. The hedges (excluding economic hedges) associated with these investments decreased to \u00a315.1bn (2024: \u00a316.2bn).
Net interest income sensitivity (AEaR) by currency (audited)
2025
2024
+25 basis points
-25 basis points
+25 basis points
-25 basis points
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
GBP
31
(41)
56
(76)
USD
(43)
42
(30)
30
EUR
(4)
3
(5)
5
Other currencies
11
(10)
3
(3)
Total
(5)
(6)
24
(44)
Analysis of equity sensitivity
Equity sensitivity measures the overall impact of a +/-25bps movement in interest rates on retained earnings, FVOCI, cash flow hedging
reserves and pensions. For non-NII items a DV01 metric is used, which is an indicator of the shift in value for a 1bp movement in the yield
curve.
Analysis of equity sensitivity (audited)
2025
2024
+25 basis
points
-25 basis
points
+25 basis
points
-25 basis
points
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net interest income
(5)
(6)
24
(44)
Taxation effects on the above
1
2
(6)
11
Effect on profit for the year
(4)
(4)
18
(33)
As percentage of net profit after tax
(0.1%)
(0.1%)
0.3%
(0.5%)
Effect on profit for the year (per above)
(4)
(4)
18
(33)
Fair value through other comprehensive income reserve
(193)
200
(189)
196
Cash flow hedge reserve
(1,211)
1,211
(907)
907
Taxation effects on the above
393
(395)
307
(309)
Effect on equity
(1,015)
1,012
(771)
761
As percentage of equity
(1.3%)
1.3%
(1.1%)
1.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1": { "value": "
Credit risk management (audited)
The risk of loss to the Group from the
failure of clients, customers or
counterparties, including sovereigns, to
fully honour their obligations to the Group,
including the whole and timely payment of
principal, interest, collateral and other
receivables.
Overview
The credit risk that the Group faces arises
from wholesale and retail loans and
advances together with the counterparty
credit risk arising from derivative contracts
with clients' trading activities, including
debt securities, settlement balances with
market counterparties, fair value through
other comprehensive income (FVOCI)
assets and reverse repurchase loans.
Credit risk management objectives are to:
\u2022 maintain a framework of controls to
oversee credit risk
\u2022 identify, assess and measure credit risk
clearly and accurately across the Group
and within each separate business, from
the level of individual facilities up to the
total portfolio
\u2022 control and plan credit risk taking in line
with external stakeholder expectations,
including risk return objectives, and
avoiding undesirable concentrations
\u2022 monitor credit risk and adherence to
agreed controls.
Organisation, roles and responsibilities
The first line of defence has primary
responsibility for managing credit risk
within the risk appetite and limits set by the
Risk function, supported by a defined set of
policies, standards and controls. In the
entities, business risk committees
(attended by the first line) monitor and
review the credit risk profile of each
business unit, where the most material
issues are escalated to the Retail Credit
Risk Management Committee, Wholesale
Credit Risk Management Committee and
Group Risk Committee.
Wholesale and retail portfolios are
managed separately to reflect the differing
nature of the assets; wholesale balances
tend to be larger and are managed on an
individual basis, while retail balances are
greater in number but lesser in value and
are, therefore, managed in aggregated
segments.
The responsibilities of the credit risk
management teams in the businesses, the
sanctioning team and other shared
services include: sanctioning new credit
agreements (principally wholesale); setting
strategies for approval of transactions
(principally retail); setting risk appetite;
monitoring risk against limits and other
parameters; maintaining robust processes,
data gathering, quality, storage and
reporting methods for effective credit risk
management; performing effective
turnaround and workout scenarios for
wholesale portfolios via dedicated
restructuring and recoveries teams;
maintaining robust collections and
recovery processes/units for retail
portfolios; and review and validation of
credit risk measurement models.
The credit risk management teams in each
legal entity are accountable to the relevant
Legal Entity CRO, who reports to the
Group CRO.
For wholesale portfolios, credit risk
managers are organised in sanctioning
teams by geography, industry and/or
product. In wholesale portfolios, credit risk
approval is undertaken by experienced
credit risk professionals operating within a
clearly defined delegated authority
framework, with only the most senior
credit officers assigned the higher levels of
delegated authority. The largest credit
exposures, which are outside the Risk
Sanctioning Unit or Risk Distribution
Committee authority, require the support
of a Senior Credit Officer. For exposures in
excess of the Senior Credit Officer\u2019s
authority, approval by Group Senior Credit
Officer/Board Risk Committee is also
required. The Group Credit Risk
Committee, attended by Senior Credit
Officers, provides a formal mechanism for
the Group Senior Credit Officer to exercise
the highest level of credit authority over
the most material Group single name
exposures.
Credit risk mitigation
The Group employs a range of techniques
and strategies to actively mitigate credit
risks. These can broadly be divided into
three types:
\u2022 netting and set-off
\u2022 collateral
\u2022 risk transfer.
Netting and set-off
Credit risk exposures can be reduced by
applying netting and set-off. For derivative
transactions, the Group\u2019s normal practice
is, on a legal entity basis, to enter into
standard master agreements with
counterparties (e.g. ISDAs). These master
agreements typically allow for netting of
credit risk exposure to a counterparty
resulting from derivative transactions
against the obligations to the counterparty
in the event of default, and so produce a
lower net credit exposure. These
agreements may also reduce settlement
exposure (e.g. for foreign exchange
transactions) by allowing payments on the
same day in the same currency to be set-
off against one another.
Collateral
The Group has the ability to call on
collateral in the event of default of the
counterparty, comprising:
\u2022 home loans: a fixed charge over
residential property in the form of
houses, flats and other dwellings
\u2022 wholesale lending: a fixed charge over
commercial property and other physical
assets, in various forms
\u2022 other retail lending: includes charges
over other physical assets; second lien
charges over residential property; and
finance lease receivables
\u2022 derivatives: the Group also often seeks
to enter into a margin agreement (e.g.
Credit Support Annex) with
counterparties with which the Group has
master netting agreements in place.
These annexes to master agreements
provide a mechanism for further
reducing credit risk, whereby collateral
(margin) is posted on a regular basis
(typically daily) to collateralise the mark
to market exposure of a derivative
portfolio measured on a net basis
\u2022 reverse repurchase agreements:
collateral typically comprises highly liquid
securities which have been legally
transferred to the Group subject to an
agreement to return them for a fixed
price
\u2022 financial guarantees and similar off-
balance sheet commitments: cash
collateral may be held against these
arrangements.
Risk transfer
A range of instruments including
guarantees, credit insurance, credit
derivatives and securitisation can be used
to transfer credit risk from one
counterparty to another. These mitigate
credit risk in three main ways:
\u2022 if the risk is transferred to a counterparty
which is more creditworthy than the
original counterparty, then overall credit
risk is reduced
\u2022 where recourse to the first counterparty
remains, both counterparties must
default before a loss materialises. This is
less likely than the default of either
counterparty individually so credit risk is
reduced
\u2022 first loss exposures across pools of
credit risk can be hedged via synthetic
securitisation structures, typically via
CLN (credit linked notes) issuance. As
these are fully funded upfront they
provide for a direct reduction in credit
risk exposure on referenced pools.
In addition, referenced pools of assets can
be securitised with specific tranches of risk
sold to investors to provide direct
reduction in credit risk exposures.
\"ReadMore_Arrow.svg\"
Detailed policies are in place to
appropriately recognise and record credit
risk mitigation. For more information, refer
to pages 132 to 135 of the Barclays PLC
Pillar 3 Report 2024 (unaudited).
Governance and oversight of ECLs
under\u00a0IFRS 9
The Group\u2019s organisational structure and
internal governance processes oversee
the estimation of ECL across several areas,
including: i) setting requirements in policy,
including key assumptions and the
application of key judgements; ii) the
design and execution of models; and iii)
review of ECL results.
i) Impairment policy requirements are set
and reviewed regularly, at a minimum
annually, to maintain adherence to
accounting standards. Key judgements
inherent in policy, including the estimated
life of revolving credit facilities and the
quantitative criteria for assessing the
significant increase in credit risk (SICR), are
separately supported by analytical study. In
particular, the quantitative thresholds used
for assessing SICR are subject to a number
of internal validation criteria, particularly in
retail portfolios where thresholds decrease
as the origination Probability of Default
(PD) of each facility increases. Key policy
requirements are also aligned to the
Group\u2019s credit risk management strategy
and practices, for example, wholesale
customers that are risk managed on an
individual basis are assessed for ECL on an
individual basis upon entering Stage 3;
furthermore, key internal risk management
indicators of high risk are used to set SICR
policy, for example, retail customers
identified as high risk account
management are automatically deemed to
have met the SICR criteria.
ii) ECL is estimated in line with internal
policy requirements using models which
are validated by a qualified independent
party to the model development area, the
Independent Validation Unit (IVU), before
first use and on a regular basis, at a
minimum every three years. Each model is
designated an owner who is responsible
for:
\u2022 model maintenance: monitoring of
model performance including
backtesting by comparing predicted ECL
versus flow into stage 3 and coverage
ratios; proposing material changes for
independent IVU approval; and
recalibrating model parameters on more
timely data
\u2022 proposing post-model adjustments
(PMA) to address model weaknesses or
to account for situations where known
or expected risk factors and information
have not been considered in the
modelling process. All PMAs relating to
model deficiencies, regardless of value
are approved by IVU for a set time
period. Material PMAs are approved
before first use whilst immaterial PMAs
are approved as part of IVU's annual
review process. PMAs representing
Expert Judgement are validated by Risk,
as the second line of defence and
approved for a set time period. The
most material PMAs are also approved
by the CRO.
Models must also assess ECL across a
range of future economic conditions.
These economic scenarios are generated
via an independent model and ultimately
set by the Senior Scenario Review
Committee. Economic scenarios are
regenerated at a minimum twice annually
but more frequently if deemed
appropriate, and also to align with the
Group\u2019s medium term planning exercise.
Each model used in the estimation of ECL,
including key inputs, are governed by a
series of internal controls, which include
the validation of completeness and
accuracy of data in golden source systems,
documented data transformations and
documented lineage of data transfers
between systems.
iii) The Group Impairment Committee,
formed of members from both Finance
and Risk and attended by both the Group
Finance Director and the Group CRO (or
their delegates), is responsible for
overseeing impairment policy and practice
across the Group and will approve
impairment results. Reported results and
key messages are communicated to the
BAC, which has an oversight role and
provides challenge of key assumptions,
including the basis of the scenarios
adopted. Impairment results are then
factored into management decision
making, including but not limited to,
business planning, risk appetite setting and
portfolio management.
Maximum exposure and effects of netting, collateral and risk transfer (audited)
Maximum
exposure
Netting and
set-off
Cash
collateral
Non-cash
collateral
Risk
transfer
Exposure
net of risk
mitigation
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On-balance sheet:
Cash and balances at central banks
229,752
\u2014
\u2014
\u2014
\u2014
229,752
Cash collateral and settlement balances
130,532
\u2014
\u2014
\u2014
\u2014
130,532
Loans and advances at amortised cost:
Retail mortgages
177,333
\u2014
(11)
(177,294)
(6)
22
Retail credit cards
36,952
\u2014
\u2014
\u2014
\u2014
36,952
Retail other
13,914
\u2014
(1,064)
(2,657)
(43)
10,150
Corporate loans
133,324
(2,977)
(1,429)
(76,288)
(9,683)
42,947
Total loans and advances at amortised cost
361,523
(2,977)
(2,504)
(256,239)
(9,732)
90,071
Of which credit-impaired (Stage 3):
Retail mortgages
1,883
\u2014
\u2014
(1,883)
\u2014
\u2014
Retail credit cards - excluding POCI
486
\u2014
\u2014
\u2014
\u2014
486
Retail credit cards - POCI
24
\u2014
\u2014
\u2014
\u2014
24
Retail other - excluding POCI
116
\u2014
\u2014
(90)
\u2014
26
Retail other - POCI
15
\u2014
\u2014
\u2014
\u2014
15
Corporate loans
2,355
\u2014
(22)
(1,410)
(426)
497
Total credit-impaired loans and advances at amortised cost
4,879
\u2014
(22)
(3,383)
(426)
1,048
Debt securities at amortised cost
68,475
\u2014
\u2014
(136)
\u2014
68,339
Reverse repurchase agreements and other similar secured lending
17,622
\u2014
\u2014
(17,622)
\u2014
\u2014
Trading portfolio assets:
Debt securities
94,359
\u2014
\u2014
(639)
\u2014
93,720
Traded loans
12,249
\u2014
\u2014
(4,907)
\u2014
7,342
Total trading portfolio assets
106,608
\u2014
\u2014
(5,546)
\u2014
101,062
Financial assets at fair value through the income statement:
Loans and advances
47,672
\u2014
(17)
(43,588)
\u2014
4,067
Debt securities
3,214
\u2014
\u2014
(359)
\u2014
2,855
Reverse repurchase agreements
132,488
\u2014
(1,396)
(130,734)
\u2014
358
Other financial assets
83
\u2014
\u2014
\u2014
\u2014
83
Total financial assets at fair value through the income statement
183,457
\u2014
(1,413)
(174,681)
\u2014
7,363
Derivative financial instruments
252,459
(194,743)
(30,758)
(12,646)
(4,121)
10,191
Financial assets at fair value through other comprehensive income
74,390
\u2014
\u2014
(2,390)
(134)
71,866
Other assets
847
\u2014
(1)
\u2014
\u2014
846
Assets held for sale
5,801
\u2014
\u2014
\u2014
\u2014
5,801
Total on-balance sheet
1,431,466
(197,720)
(34,676)
(469,260)
(13,987)
715,823
Off-balance sheet:
Contingent liabilities
25,374
\u2014
(1,768)
(768)
(194)
22,644
Loan commitments
424,606
\u2014
(492)
(52,384)
(2,437)
369,293
Total off-balance sheet
449,980
\u2014
(2,260)
(53,152)
(2,631)
391,937
Total
1,881,446
(197,720)
(36,936)
(522,412)
(16,618)
1,107,760
The above table excludes any credit risk mitigation that does not impact the expected credit loss for financial assets measured at
amortised cost. Off-balance sheet exposures are shown gross of provisions of \u00a3416m ( 2024: \u00a3439m), see Note 24 for further details. In
addition to the above, the Group holds forward starting reverse repos with notional contract amounts of \u00a381.5bn ( 2024: \u00a3108.6b n)
which are fully collateralised. Corporate loans at amortised cost include \u00a31.8bn (2024: \u00a33.3 bn) of BBLS, CBILS and CLBILS supported by
UK government guarantees of \u00a31.8b n (2024: \u00a33.2bn), which are included within the Risk transfer column in the table. Reported off-
balance sheet loan commitments\u00a0 also include exposures relating to financial assets classified as assets held for sale.
Maximum exposure and effects of netting, collateral and risk transfer (audited)
Maximum
exposure
Netting and
set-off
Cash
collateral
Non-cash
collateral
Risk
transfer
Exposure
net of risk
mitigation
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On-balance sheet:
Cash and balances at central banks
210,184
\u2014
\u2014
\u2014
\u2014
210,184
Cash collateral and settlement balances
119,843
\u2014
\u2014
\u2014
\u2014
119,843
Loans and advances at amortised cost:
Retail mortgages
168,061
\u2014
(22)
(168,026)
\u2014
13
Retail credit cards
34,779
\u2014
\u2014
\u2014
\u2014
34,779
Retail other
13,808
\u2014
(1,106)
(2,502)
(36)
10,164
Corporate loans
129,625
(3,006)
(1,107)
(67,909)
(11,548)
46,055
Total loans and advances at amortised cost
346,273
(3,006)
(2,235)
(238,437)
(11,584)
91,011
Of which credit-impaired (Stage 3):
Retail mortgages
1,875
\u2014
\u2014
(1,874)
\u2014
1
Retail credit cards - excluding POCI
396
\u2014
\u2014
\u2014
\u2014
396
Retail credit cards - POCI
40
\u2014
\u2014
\u2014
\u2014
40
Retail other - excluding POCI
217
\u2014
(21)
(175)
\u2014
21
Retail other - POCI
17
\u2014
\u2014
\u2014
\u2014
17
Corporate loans
2,490
\u2014
(32)
(1,108)
(415)
935
Total credit-impaired loans and advances at amortised cost
5,035
\u2014
(53)
(3,157)
(415)
1,410
Debt securities at amortised cost
68,210
\u2014
\u2014
(583)
(90)
67,537
Reverse repurchase agreements and other similar secured lending
4,734
\u2014
\u2014
(4,734)
\u2014
\u2014
Trading portfolio assets:
Debt securities
78,014
\u2014
\u2014
(657)
\u2014
77,357
Traded loans
13,470
\u2014
\u2014
(878)
\u2014
12,592
Total trading portfolio assets
91,484
\u2014
\u2014
(1,535)
\u2014
89,949
Financial assets at fair value through the income statement:
Loans and advances
45,068
\u2014
(17)
(41,766)
\u2014
3,285
Debt securities
2,965
\u2014
\u2014
(182)
\u2014
2,783
Reverse repurchase agreements
141,773
\u2014
(2,429)
(138,905)
\u2014
439
Other financial assets
110
\u2014
\u2014
\u2014
\u2014
110
Total financial assets at fair value through the income statement
189,916
\u2014
(2,446)
(180,853)
\u2014
6,617
Derivative financial instruments
293,530
(230,434)
(30,637)
(12,633)
(5,284)
14,542
Financial assets at fair value through other comprehensive income
78,055
\u2014
\u2014
(1,104)
(246)
76,705
Other assets
891
\u2014
(1)
\u2014
\u2014
890
Assets held for sale
9,544
\u2014
\u2014
\u2014
\u2014
9,544
Total on-balance sheet
1,412,664
(233,440)
(35,319)
(439,879)
(17,204)
686,822
Off-balance sheet:
Contingent liabilities
25,346
\u2014
(2,664)
(441)
(248)
21,993
Loan commitments
423,149
\u2014
(550)
(55,327)
(1,899)
365,373
Total off-balance sheet
448,495
\u2014
(3,214)
(55,768)
(2,147)
387,366
Total
1,861,159
(233,440)
(38,533)
(495,647)
(19,351)
1,074,188
Loans and advances at amortised cost by geography
Total loans and advances at amortised cost in the credit risk performance section includes loans and advances at amortised cost to
banks and loans and advances at amortised cost to customers.
The table below presents a product and geographical breakdown of loans and advances at amortised cost and the impairment
allowance by stage; and includes purchased or originated credit-impaired (POCI) balances. POCI balances represent a fixed pool of
assets purchased at a deep discount to face value reflecting credit losses incurred from the point of origination to date of acquisition.
The table also presents stage allocation of debt securities and off-balance sheet loan commitments and financial guarantee contracts.
Impairment allowance under IFRS 9 considers both the drawn and the undrawn counterparty exposure. For retail portfolios, the total
impairment allowance is allocated to gross loans and advances to the extent allowance does not exceed the drawn exposure and any
excess is reported on the liabilities side of the balance sheet as a provision. For wholesale portfolios, impairment allowance on undrawn
exposure is reported on the liability side of the balance sheet as a provision.
Loans and advances at amortised cost by geography (audited)
Gross exposure
Impairment allowance
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
159,825
13,757
1,836
\u2014
175,418
15
16
60
\u2014
91
Retail credit cards
14,922
1,943
279
24
17,168
171
398
174
\u2014
743
Retail other
9,867
1,512
286
15
11,680
98
178
214
\u2014
490
Corporate loans 1
54,182
6,936
1,392
\u2014
62,510
125
180
422
\u2014
727
Total UK
238,796
24,148
3,793
39
266,776
409
772
870
\u2014
2,051
Retail mortgages
1,829
72
131
\u2014
2,032
2
\u2014
24
\u2014
26
Retail credit cards
18,801
2,536
1,776
\u2014
23,113
395
796
1,395
\u2014
2,586
Retail other
2,482
206
63
\u2014
2,751
3
5
19
\u2014
27
Corporate loans
66,671
3,702
1,767
\u2014
72,140
82
135
382
\u2014
599
Total Rest of the World
89,783
6,516
3,737
\u2014
100,036
482
936
1,820
\u2014
3,238
Total loans and
advances at amortised
cost
328,579
30,664
7,530
39
366,812
891
1,708
2,690
\u2014
5,289
Debt Securities at
amortised cost
68,126
371
\u2014
\u2014
68,497
13
9
\u2014
\u2014
22
Total loans and
advances at amortised
cost including Debt
Securities
396,705
31,035
7,530
39
435,309
904
1,717
2,690
\u2014
5,311
Off-balance sheet loan
commitments and
financial guarantee
contracts 2
410,493
16,473
812
5
427,783
144
240
32
\u2014
416
Total 3,4
807,198
47,508
8,342
44
863,092
1,048
1,957
2,722
\u2014
5,727
Net Exposure
Coverage ratio
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
%
Retail mortgages
159,810
13,741
1,776
\u2014
175,327
\u2014
0.1
3.3
\u2014
0.1
Retail credit cards
14,751
1,545
105
24
16,425
1.1
20.5
62.4
\u2014
4.3
Retail other
9,769
1,334
72
15
11,190
1.0
11.8
74.8
\u2014
4.2
Corporate loans 1
54,057
6,756
970
\u2014
61,783
0.2
2.6
30.3
\u2014
1.2
Total UK
238,387
23,376
2,923
39
264,725
0.2
3.2
22.9
\u2014
0.8
Retail mortgages
1,827
72
107
\u2014
2,006
0.1
\u2014
18.3
\u2014
1.3
Retail credit cards
18,406
1,740
381
\u2014
20,527
2.1
31.4
78.5
\u2014
11.2
Retail other
2,479
201
44
\u2014
2,724
0.1
2.4
30.2
\u2014
1.0
Corporate loans
66,589
3,567
1,385
\u2014
71,541
0.1
3.6
21.6
\u2014
0.8
Total Rest of the world
89,301
5,580
1,917
\u2014
96,798
0.5
14.4
48.7
\u2014
3.2
Total loans and
advances at amortised
cost
327,688
28,956
4,840
39
361,523
0.3
5.6
35.7
\u2014
1.4
Debt securities at
amortised cost
68,113
362
\u2014
\u2014
68,475
\u2014
2.4
\u2014
\u2014
\u2014
Total loans and
advances at amortised
cost including debt
securities
395,801
29,318
4,840
39
429,998
0.2
5.5
35.7
\u2014
1.2
Off-balance sheet loan
commitments and
financial guarantee
contracts 2
410,349
16,233
780
5
427,367
\u2014
1.5
3.9
\u2014
0.1
Total 3, 4
806,150
45,551
5,620
44
857,365
0.1
4.1
32.6
\u2014
0.7
Notes:
1 Includes Business Banking, which has a gross exposure of \u00a3 12.4bn and an impairment allowance of \u00a3 326m. This comprises \u00a362m impairment allowance on
\u00a39.3bn Stage 1 exposure, \u00a350m on \u00a32.3bn Stage 2 exposure and \u00a3214m on \u00a30.8bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is
0.8%.
2 Excludes loan commitments and financial guarantees of \u00a322.2bn carried at fair value and includes exposure relating to financial assets classified as assets held
for sale.
3 Other financial assets subject to impairment excluded in the table above include cash collateral and settlement balances, reverse repurchase agreements and
other similar secured lending, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of
\u00a3224.1bn and an impairment allowance of \u00a3150m. This comprises \u00a318m impairment allowance on \u00a3222.4bn Stage 1 exposure, \u00a38m on \u00a31.6bn\u00a0 Stage 2
exposure and \u00a3124 m on \u00a3127 m Stage 3 exposure.
4 The annualised loan loss rate is 52bps after applying the total impairment charge of \u00a32,279m.
Loans and advances at amortised cost by geography (audited)
Gross exposure
Impairment allowance
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
145,039
19,507
1,793
\u2014
166,339
36
61
61
\u2014
158
Retail credit cards
13,497
2,064
179
40
15,780
219
440
91
\u2014
750
Retail other
10,606
1,218
257
17
12,098
135
110
138
\u2014
383
Corporate loans 1
52,284
7,266
2,171
\u2014
61,721
133
196
420
\u2014
749
Total UK
221,426
30,055
4,400
57
255,938
523
807
710
\u2014
2,040
Retail mortgages
1,651
89
169
\u2014
1,909
2
1
26
\u2014
29
Retail credit cards
17,629
2,953
1,724
\u2014
22,306
334
807
1,416
\u2014
2,557
Retail other
1,844
155
121
\u2014
2,120
3
1
23
\u2014
27
Corporate loans\u00a0
64,224
3,901
945
\u2014
69,070
76
135
206
\u2014
417
Total Rest of the World
85,348
7,098
2,959
\u2014
95,405
415
944
1,671
\u2014
3,030
Total loans and
advances at amortised
cost
306,774
37,153
7,359
57
351,343
938
1,751
2,381
\u2014
5,070
Debt securities at
amortised cost
64,988
3,245
\u2014
\u2014
68,233
12
11
\u2014
\u2014
23
Total loans and
advances at amortised
cost including debt
securities
371,762
40,398
7,359
57
419,576
950
1,762
2,381
\u2014
5,093
Off-balance sheet loan
commitments and
financial guarantee
contracts 2
412,255
18,728
1,168
6
432,157
164
250
25
\u2014
439
Total 3,4
784,017
59,126
8,527
63
851,733
1,114
2,012
2,406
\u2014
5,532
Loans and advances at amortised cost by geography (audited)
Net Exposure
Coverage ratio
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
%
Retail mortgages
145,003
19,446
1,732
\u2014
166,181
\u2014
0.3
3.4
\u2014
0.1
Retail credit cards
13,278
1,624
88
40
15,030
1.6
21.3
50.8
\u2014
4.8
Retail other
10,471
1,108
119
17
11,715
1.3
9.0
53.7
\u2014
3.2
Corporate loans 1
52,151
7,070
1,751
\u2014
60,972
0.3
2.7
19.3
\u2014
1.2
Total UK
220,903
29,248
3,690
57
253,898
0.2
2.7
16.1
\u2014
0.8
Retail mortgages
1,649
88
143
\u2014
1,880
0.1
1.1
15.4
\u2014
1.5
Retail credit cards
17,295
2,146
308
\u2014
19,749
1.9
27.3
82.1
\u2014
11.5
Retail other
1,841
154
98
\u2014
2,093
0.2
0.6
19.0
\u2014
1.3
Corporate loans
64,148
3,766
739
\u2014
68,653
0.1
3.5
21.8
\u2014
0.6
Total Rest of the World
84,933
6,154
1,288
\u2014
92,375
0.5
13.3
56.5
\u2014
3.2
Total loans and
advances at amortised
cost
305,836
35,402
4,978
57
346,273
0.3
4.7
32.4
\u2014
1.4
Debt securities at
amortised cost
64,976
3,234
\u2014
\u2014
68,210
\u2014
0.3
\u2014
\u2014
\u2014
Total loans and
advances at amortised
cost including debt
securities
370,812
38,636
4,978
57
414,483
0.3
4.4
32.4
\u2014
1.2
Off-balance sheet loan
commitments and
financial guarantee
contracts 2
412,091
18,478
1,143
6
431,718
\u2014
1.3
2.1
\u2014
0.1
Total 3, 4
782,903
57,114
6,121
63
846,201
0.1
3.4
28.2
\u2014
0.6
Notes:
1 Includes Business Banking, which has a gross exposure of \u00a313.1bn and an impairment allowance of \u00a3356m. This comprises \u00a360m impairment allowance on
\u00a38.9bn Stage 1 exposure, \u00a360m on \u00a32.8bn Stage 2 exposure and \u00a3236m on \u00a31.5bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is
0.8%.
2 Excludes loan commitments and financial guarantees of \u00a3 16.3bn carried at fair value and includes exposure relating to financial assets classified as assets held
for sale.
3 Other financial assets subject to impairment excluded in the table above include cash collateral and settlement balances,\u00a0 reverse repurchase agreements and
other similar secured lending, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of
\u00a3204.2bn and an impairment allowance of \u00a3156m. This comprises \u00a319m impairment allowance on \u00a3202.7bn Stage 1 exposure, \u00a3 7 m on \u00a31.3bn Stage 2
exposure and \u00a3130m on \u00a3139m Stage 3 exposure.
4 The annualised loan loss rate is 46bps after applying the total impairment charge of \u00a31,982m.
Loans and advances at amortised cost by product (audited)
The table below presents a product breakdown by stages of loans and advances at amortised cost. Also included is a breakdown of
Stage 2 past due balances.
Loans and advances at amortised cost by product (audited)
Stage 2
As at 31 December 2025
Stage 1
Not past
due
<=30 days
past due
>30 days
past due
Total
Stage 3
excluding
POCI
Stage 3
POCI
Total
Gross exposure
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
161,654
11,072
2,033
724
13,829
1,967
\u2014
177,450
Retail credit cards
33,723
3,832
317
330
4,479
2,055
24
40,281
Retail other
12,349
1,398
207
113
1,718
349
15
14,431
Corporate loans
120,853
10,409
71
158
10,638
3,159
\u2014
134,650
Total
328,579
26,711
2,628
1,325
30,664
7,530
39
366,812
Impairment allowance
Retail mortgages
17
9
4
3
16
84
\u2014
117
Retail credit cards
566
840
138
216
1,194
1,569
\u2014
3,329
Retail other
101
126
28
29
183
233
\u2014
517
Corporate loans
207
298
7
10
315
804
\u2014
1,326
Total
891
1,273
177
258
1,708
2,690
\u2014
5,289
Net exposure
Retail mortgages
161,637
11,063
2,029
721
13,813
1,883
\u2014
177,333
Retail credit cards
33,157
2,992
179
114
3,285
486
24
36,952
Retail other
12,248
1,272
179
84
1,535
116
15
13,914
Corporate loans
120,646
10,111
64
148
10,323
2,355
\u2014
133,324
Total
327,688
25,438
2,451
1,067
28,956
4,840
39
361,523
Coverage ratio
%
%
%
%
%
%
%
%
Retail mortgages
\u2014
0.1
0.2
0.4
0.1
4.3
\u2014
0.1
Retail credit cards
1.7
21.9
43.5
65.5
26.7
76.4
\u2014
8.3
Retail other
0.8
9.0
13.5
25.7
10.7
66.8
\u2014
3.6
Corporate loans
0.2
2.9
9.9
6.3
3.0
25.5
\u2014
1.0
Total
0.3
4.8
6.7
19.5
5.6
35.7
\u2014
1.4
As at 31 December 2024
Gross exposure
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
146,690
16,790
2,034
772
19,596
1,962
\u2014
168,248
Retail credit cards
31,126
4,435
303
279
5,017
1,903
40
38,086
Retail other
12,450
1,056
211
106
1,373
378
17
14,218
Corporate loans
116,508
10,849
144
174
11,167
3,116
\u2014
130,791
Total
306,774
33,130
2,692
1,331
37,153
7,359
57
351,343
Impairment allowance
Retail mortgages
38
42
13
7
62
87
\u2014
187
Retail credit cards
553
959
122
166
1,247
1,507
\u2014
3,307
Retail other
138
76
17
18
111
161
\u2014
410
Corporate loans
209
316
7
8
331
626
\u2014
1,166
Total
938
1,393
159
199
1,751
2,381
\u2014
5,070
Net exposure
Retail mortgages
146,652
16,748
2,021
765
19,534
1,875
\u2014
168,061
Retail credit cards
30,573
3,476
181
113
3,770
396
40
34,779
Retail other
12,312
980
194
88
1,262
217
17
13,808
Corporate loans
116,299
10,533
137
166
10,836
2,490
\u2014
129,625
Total
305,836
31,737
2,533
1,132
35,402
4,978
57
346,273
Coverage ratio
%
%
%
%
%
%
%
%
Retail mortgages
\u2014
0.3
0.6
0.9
0.3
4.4
\u2014
0.1
Retail credit cards
1.8
21.6
40.3
59.5
24.9
79.2
\u2014
8.7
Retail other
1.1
7.2
8.1
17.0
8.1
42.6
\u2014
2.9
Corporate loans
0.2
2.9
4.9
4.6
3.0
20.1
\u2014
0.9
Total
0.3
4.2
5.9
15.0
4.7
32.4
\u2014
1.4
Movement in gross exposures and impairment allowance including provisions for loan commitments and
financial guarantees (audited)
The following tables present a reconciliation of the opening to the closing balance of the gross exposure and impairment allowance.
Transfers between stages in the tables have been reflected as if they had taken place at the beginning of the year. 'Net drawdowns,
repayments, net re-measurement and movements due to exposure and risk parameter changes' includes additional drawdowns and
partial repayments from existing facilities. Additionally, the below tables do not include other financial assets subject to impairment such
as debt securities at amortised cost, reverse repurchase agreements and other similar secured lending, cash collateral and settlement
balances, financial assets at fair value through other comprehensive income and other assets.
The movements are measured over a 12-month period.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2025
146,690
38
19,596
62
1,962
87
\u2014
\u2014
168,248
187
Transfers from Stage 1 to Stage 2
(8,750)
(3)
8,750
3
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
12,686
26
(12,686)
(26)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(389)
(1)
(502)
(5)
891
6
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
108
2
119
\u2014
(227)
(2)
\u2014
\u2014
\u2014
\u2014
Business activity in the year
32,944
4
1,186
2
7
\u2014
\u2014
\u2014
34,137
6
Refinements to models used for
calculation 1
\u2014
(19)
\u2014
(36)
\u2014
6
\u2014
\u2014
\u2014
(49)
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
(7,660)
(26)
(683)
25
(113)
30
\u2014
\u2014
(8,456)
29
Final repayments
(13,634)
(3)
(1,802)
(5)
(431)
(20)
\u2014
\u2014
(15,867)
(28)
Disposals 2
(341)
(1)
(149)
(4)
(104)
(5)
\u2014
\u2014
(594)
(10)
Write-offs
\u2014
\u2014
\u2014
\u2014
(18)
(18)
\u2014
\u2014
(18)
(18)
As at 31 December 2025
161,654
17
13,829
16
1,967
84
\u2014
\u2014
177,450
117
Retail credit cards
As at 1 January 2025
31,126
553
5,017
1,247
1,903
1,507
40
\u2014
38,086
3,307
Transfers from Stage 1 to Stage 2
(1,716)
(51)
1,716
51
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
2,220
444
(2,220)
(444)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(728)
(26)
(922)
(351)
1,650
377
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
30
15
20
8
(50)
(23)
\u2014
\u2014
\u2014
\u2014
Business activity in the year 3
4,999
111
617
188
75
54
\u2014
\u2014
5,691
353
Refinements to models used for
calculation 1
\u2014
57
\u2014
(274)
\u2014
1
\u2014
\u2014
\u2014
(216)
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes4
(1,906)
(526)
290
782
(6)
1,074
(16)
\u2014
(1,638)
1,330
Final repayments
(302)
(11)
(39)
(13)
(35)
(28)
\u2014
\u2014
(376)
(52)
Disposals 2
\u2014
\u2014
\u2014
\u2014
(457)
(368)
\u2014
\u2014
(457)
(368)
Write-offs
\u2014
\u2014
\u2014
\u2014
(1,025)
(1,025)
\u2014
\u2014
(1,025)
(1,025)
As at 31 December 2025
33,723
566
4,479
1,194
2,055
1,569
24
\u2014
40,281
3,329
Notes:
1 Refinements to models used for calculation reported within Retail mortgages include a \u00a3(49)m movement in the calculated ECL for the UK Mortgages
portfolio. In Retail credit cards, this include a \u00a3(204)m movement in UK Cards and a \u00a3(12)m movement in US Cards portfolio, respectively. These reflect model
enhancements made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL calculation including review of model
monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that the models used continue to
reflect the risks inherent in the businesses.
2 The \u00a3594 m of gross disposals reported within Retail mortgages include \u00a3584m transfer of facilities to a non-consolidated SPV for the purpose of securitisation
and \u00a310m relates to sale of the Italian mortgage loans. The \u00a3457 m of gross disposals reported within Retail credit cards relate to debt sales undertaken during
the year.
3 Business activity in the year reported within Retail credit cards include \u00a31.2bn related to acquisition of the GM co-branded card portfolio within USCB.
4 'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' reported within Retail credit cards include a
gain recognised on the reassessment of purchased or originated credit-impaired (POCI) assets, where the expected credit loss on POCI assets is lower than
anticipated at the time of purchase. The resulting increase in carrying value is recognised within gross exposure rather than as a negative impairment
allowance.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3\u00a0 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail other
As at 1 January 2025
12,450
138
1,373
111
378
161
17
\u2014
14,218
410
Transfers from Stage 1 to Stage 2
(733)
(12)
733
12
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
372
24
(372)
(24)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(206)
(3)
(119)
(28)
325
31
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
58
2
4
4
(62)
(6)
\u2014
\u2014
\u2014
\u2014
Business activity in the year
4,683
37
494
58
37
34
\u2014
\u2014
5,214
129
Refinements to models used for
calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes1
(1,080)
(62)
(16)
55
34
180
(2)
\u2014
(1,064)
173
Final repayments
(3,195)
(23)
(379)
(5)
(205)
(20)
\u2014
\u2014
(3,779)
(48)
Disposals 2
\u2014
\u2014
\u2014
\u2014
(43)
(32)
\u2014
\u2014
(43)
(32)
Write-offs
\u2014
\u2014
\u2014
\u2014
(115)
(115)
\u2014
\u2014
(115)
(115)
As at 31 December 2025
12,349
101
1,718
183
349
233
15
\u2014
14,431
517
Corporate loans
As at 1 January 2025
116,508
209
11,167
331
3,116
626
\u2014
\u2014
130,791
1,166
Transfers from Stage 1 to Stage 2
(3,993)
(19)
3,993
19
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
3,316
70
(3,316)
(70)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(895)
(5)
(748)
(32)
1,643
37
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
441
18
459
14
(900)
(32)
\u2014
\u2014
\u2014
\u2014
Business activity in the year 3
28,142
49
1,134
40
341
29
\u2014
\u2014
29,617
118
Refinements to models used for
calculation 4
\u2014
(65)
\u2014
(24)
\u2014
\u2014
\u2014
\u2014
\u2014
(89)
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
3,727
(21)
(41)
95
(108)
476
\u2014
\u2014
3,578
550
Final repayments
(26,236)
(28)
(2,008)
(56)
(511)
(10)
\u2014
\u2014
(28,755)
(94)
Disposals 2
(157)
(1)
(2)
(2)
(121)
(21)
\u2014
\u2014
(280)
(24)
Write-offs
\u2014
\u2014
\u2014
\u2014
(301)
(301)
\u2014
\u2014
(301)
(301)
As at 31 December 2025
120,853
207
10,638
315
3,159
804
\u2014
\u2014
134,650
1,326
Notes:
1 'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' reported within Retail other include a gain
recognised on the reassessment of purchased or originated credit-impaired (POCI) assets, where the expected credit loss on POCI assets is lower than
anticipated at the time of purchase. The resulting increase in carrying value is recognised within gross exposure rather than as a negative impairment
allowance.
2 The \u00a343m of gross disposals reported within Retail other and \u00a3280m of gross disposals reported within Corporate loans relate to debt sales undertaken during
the year.
3 Business activity in the year reported within Corporate loans include \u00a30.1bn related to acquisition of the GM co-branded card portfolio within USCB.
4 Refinements to models used for calculation reported within Corporate loans include a \u00a3(89)m movement in the calculated ECL for the UKCB and IB portfolio.
These reflect model enhancements made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL calculation
including review\u00a0 of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that
the models used continue to reflect the risks inherent in the businesses.
Reconciliation of ECL movement to credit impairment charge/(release)\u00a0 for the period
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
(20)
(42)
20
\u2014
(42)
Retail credit cards
13
(53)
1,455
\u2014
1,415
Retail other
(37)
72
219
\u2014
254
Corporate loans
(1)
(14)
500
\u2014
485
ECL movements excluding disposals and write-offs 1
(45)
(37)
2,194
\u2014
2,112
ECL movement on loan commitments and other financial guarantees
(20)
(10)
7
\u2014
(23)
ECL movement on other financial assets
(1)
1
(6)
\u2014
(6)
ECL movement on debt securities at amortised cost
1
(2)
\u2014
\u2014
(1)
Recoveries and reimbursements2
9
(29)
(147)
\u2014
(167)
ECL charge on assets held for sale3
181
Total exchange and other adjustments
183
Total credit impairment charge for the year
2,279
Notes:
1 In 2025, gross write-offs amounted to \u00a31,459m and post write-off recoveries amounted to \u00a383m. Net write-offs represent gross write-offs less post write-off
recoveries and amounted to \u00a31,376m.
2 Recoveries and reimbursements include \u00a384m for reimbursements where the Group has entered into financial guarantee contracts which provide credit
protection over certain assets with third parties and cash recoveries of previously written-off amounts of \u00a383m.
3 ECL charge on assets held for sale relate to the charges on a co-branded card portfolio in USCB and the German consumer finance business.
Loan commitments and financial guarantees (audited) 1
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2025
11,093
\u2014
340
\u2014
2
\u2014
\u2014
\u2014
11,435
\u2014
Net transfers between stages
131
\u2014
(141)
\u2014
10
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
8,970
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
8,970
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
(8,097)
\u2014
(44)
\u2014
(10)
\u2014
\u2014
\u2014
(8,151)
\u2014
Limit management and final repayments
(342)
\u2014
(30)
\u2014
(2)
\u2014
\u2014
\u2014
(374)
\u2014
As at 31 December 2025
11,755
\u2014
125
\u2014
\u2014
\u2014
\u2014
\u2014
11,880
\u2014
Retail credit cards
As at 1 January 2025
162,471
53
2,515
13
122
\u2014
6
\u2014
165,114
66
Net transfers between stages
(1,837)
13
1,760
(13)
77
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
28,148
18
341
3
1
\u2014
\u2014
\u2014
28,490
21
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
(6,183)
(24)
(1,845)
9
(72)
\u2014
(1)
\u2014
(8,101)
(15)
Limit management and final repayments
(13,584)
(8)
(220)
(9)
(24)
\u2014
\u2014
\u2014
(13,828)
(17)
Disposal2
(5,291)
\u2014
(221)
\u2014
(10)
\u2014
\u2014
\u2014
(5,522)
\u2014
As at 31 December 2025
163,724
52
2,330
3
94
\u2014
5
\u2014
166,153
55
Retail other
As at 1 January 2025
8,416
6
440
\u2014
25
\u2014
\u2014
\u2014
8,881
6
Net transfers between stages
(31)
\u2014
28
\u2014
3
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
625
\u2014
1
\u2014
\u2014
\u2014
\u2014
\u2014
626
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
(341)
(5)
7
\u2014
12
\u2014
\u2014
\u2014
(322)
(5)
Limit management and final repayments
(797)
\u2014
(33)
\u2014
(20)
\u2014
\u2014
\u2014
(850)
\u2014
Disposal 2
(756)
\u2014
(30)
\u2014
(1)
\u2014
\u2014
\u2014
(787)
\u2014
As at 31 December 2025
7,116
1
413
\u2014
19
\u2014
\u2014
\u2014
7,548
1
Corporate loans
As at 1 January 2025
230,275
105
15,433
237
1,019
25
\u2014
\u2014
246,727
367
Net transfers between stages
(122)
41
216
(41)
(94)
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
48,961
28
2,701
61
405
\u2014
\u2014
\u2014
52,067
89
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
9,733
(57)
(480)
36
(291)
11
\u2014
\u2014
8,962
(10)
Limit management and final repayments
(60,949)
(26)
(4,265)
(56)
(340)
(4)
\u2014
\u2014
(65,554)
(86)
As at 31 December 2025
227,898
91
13,605
237
699
32
\u2014
\u2014
242,202
360
Notes:
1 Loan commitments reported also include exposure\u00a0 relating to financial assets classified as held for sale.
2 The gross disposals reported within Retail credit cards and Retail other relate to the German consumer finance business; sale of which was completed in Q125.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2024
150,202
50
19,469
105
2,424
428
\u2014
\u2014
172,095
583
Transfers from Stage 1 to Stage 2
(10,013)
(5)
10,013
5
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
6,591
29
(6,591)
(29)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(388)
\u2014
(530)
(10)
918
10
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
82
3
142
2
(224)
(5)
\u2014
\u2014
\u2014
\u2014
Business activity in the year
22,881
8
792
4
7
\u2014
\u2014
\u2014
23,680
12
Refinements to models used for calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
(7,297)
(37)
(918)
36
(53)
23
\u2014
\u2014
(8,268)
22
Final repayments
(12,680)
(5)
(2,099)
(11)
(394)
(24)
\u2014
\u2014
(15,173)
(40)
Disposals 1
(2,688)
(5)
(682)
(40)
(699)
(328)
\u2014
\u2014
(4,069)
(373)
Write-offs
\u2014
\u2014
\u2014
\u2014
(17)
(17)
\u2014
\u2014
(17)
(17)
As at 31 December 2024
146,690
38
19,596
62
1,962
87
\u2014
\u2014
168,248
187
Retail credit cards
As at 1 January 2024
30,409
523
5,578
1,630
1,720
1,333
\u2014
\u2014
37,707
3,486
Transfers from Stage 1 to Stage 2
(2,093)
(66)
2,093
66
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
1,933
461
(1,933)
(461)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(702)
(26)
(1,079)
(469)
1,781
495
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
26
13
25
10
(51)
(23)
\u2014
\u2014
\u2014
\u2014
Business activity in the year 2
7,217
184
400
118
32
29
40
\u2014
7,689
331
Refinements to models used for calculation 3
\u2014
5
\u2014
(29)
\u2014
4
\u2014
\u2014
\u2014
(20)
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
658
(450)
838
628
(7)
1,143
\u2014
\u2014
1,489
1,321
Final repayments
(136)
(7)
(41)
(16)
(5)
(3)
\u2014
\u2014
(182)
(26)
Transfers to assets held for sale 4
(5,495)
(64)
(689)
(161)
(57)
(46)
\u2014
\u2014
(6,241)
(271)
Disposals 1
(691)
(20)
(175)
(69)
(407)
(322)
\u2014
\u2014
(1,273)
(411)
Write-offs
\u2014
\u2014
\u2014
\u2014
(1,103)
(1,103)
\u2014
\u2014
(1,103)
(1,103)
As at 31 December 2024
31,126
553
5,017
1,247
1,903
1,507
40
\u2014
38,086
3,307
Retail other
As at 1 January 2024
8,469
59
1,343
118
493
176
\u2014
\u2014
10,305
353
Transfers from Stage 1 to Stage 2
(619)
(8)
619
8
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
423
27
(423)
(27)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(209)
(2)
(151)
(30)
360
32
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
82
1
52
4
(134)
(5)
\u2014
\u2014
\u2014
\u2014
Business activity in the year 2
7,590
105
252
30
24
22
17
\u2014
7,883
157
Refinements to models used for calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
(265)
(33)
(125)
13
59
116
\u2014
\u2014
(331)
96
Final repayments
(3,021)
(11)
(194)
(5)
(273)
(41)
\u2014
\u2014
(3,488)
(57)
Disposals 1
\u2014
\u2014
\u2014
\u2014
(46)
(34)
\u2014
\u2014
(46)
(34)
Write-offs
\u2014
\u2014
\u2014
\u2014
(105)
(105)
\u2014
\u2014
(105)
(105)
As at 31 December 2024
12,450
138
1,373
111
378
161
17
\u2014
14,218
410
Notes:
1 The \u00a34.1bn of gross disposals reported within Retail mortgages include \u00a33.2bn sale of the Italian mortgage portfolio and \u00a30.8bn of transfer of facilities to a non-
consolidated SPV for the purpose of securitisation. The \u00a31.3bn of gross disposals reported within Retail credit cards include \u00a30.9bn sale of the outstanding US
Cards receivables to Blackstone and \u00a30.4bn of other debt sales undertaken during the year.\u00a0 The \u00a346m of gross disposals reported within Retail other relate to
debt sales undertaken during the year.
2 Business activity in the year reported within Retail credit cards and Retail other includes an acquisition of\u00a0 Tesco Bank, comprising\u00a0 \u00a34.2bn of\u00a0 credit card
receivables\u00a0 and\u00a0 \u00a34.1bn of unsecured personal loans.
3 Refinements to models used for calculation reported within Retail credit cards include a \u00a3(31)m movement in UK Cards and a \u00a311m movement in the US Cards
portfolio. These reflect model enhancements made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL
calculation including review of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to
ensure that the models used continue to reflect the\u00a0 risks inherent across the businesses.
4 Transfers to assets held for sale reported within Retail credit cards relate to a co-branded card portfolio within USCB.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Corporate loans
As at 1 January 2024
112,505
287
13,302
414
2,554
598
\u2014
\u2014
128,361
1,299
Transfers from Stage 1 to Stage 2
(3,810)
(28)
3,810
28
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
3,316
75
(3,316)
(75)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(1,073)
(6)
(892)
(37)
1,965
43
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
269
14
230
22
(499)
(36)
\u2014
\u2014
\u2014
\u2014
Business activity in the year
27,032
45
897
36
415
26
\u2014
\u2014
28,344
107
Refinements to models used for
calculation 1
\u2014
(6)
\u2014
42
\u2014
\u2014
\u2014
\u2014
\u2014
36
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
4,191
(124)
(531)
4
(631)
341
\u2014
\u2014
3,029
221
Final repayments
(25,861)
(46)
(2,322)
(98)
(363)
(21)
\u2014
\u2014
(28,546)
(165)
Transfers to assets held for sale2
(49)
(1)
(9)
(3)
(1)
(1)
(59)
(5)
Disposals 3
(12)
(1)
(2)
(2)
(2)
(2)
\u2014
\u2014
(16)
(5)
Write-offs
\u2014
\u2014
\u2014
\u2014
(322)
(322)
\u2014
\u2014
(322)
(322)
As at 31 December 2024
116,508
209
11,167
331
3,116
626
\u2014
\u2014
130,791
1,166
Reconciliation of ECL movement to credit impairment charge/(release) for the period
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
(7)
(3)
4
\u2014
(6)
Retail credit cards
114
(153)
1,645
\u2014
1,606
Retail other
79
(7)
124
\u2014
196
Corporate loans
(76)
(78)
353
\u2014
199
ECL movement excluding assets held for sale ,disposals and write-offs4
110
(241)
2,126
\u2014
1,995
ECL movement on loan commitments and financial guarantees
(9)
(37)
(19)
\u2014
(65)
ECL movement\u00a0 on other financial assets
3
5
(3)
\u2014
5
ECL movement on debt securities at amortised cost
1
(5)
\u2014
\u2014
(4)
Recoveries and reimbursements5
(21)
20
(90)
\u2014
(91)
ECL charge on assets held for sale6
74
Total exchange and other adjustments
68
Total credit impairment charge for the year
1,982
Notes:
1 Refinements to models used for calculation reported within Corporate loans include a \u00a369m movement in IB and a \u00a3(33)m movement in the ESHLA portfolio.
These reflect model enhancements made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL calculation
including review\u00a0 of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that
the models used continue to reflect the risks inherent across the businesses.
2 Transfers to assets held for sale reported within Corporate loans relate to a co-branded card portfolio within USCB.
3 The \u00a316m of gross disposals reported within Corporate loans relate to debt sales undertaken during the year.
4 In 2024, gross write-offs amounted to \u00a31,547m and post write-off recoveries amounted to \u00a376m. Net write-offs represent gross write-offs less post write-off
recoveries and amounted to \u00a31,471m.
5 Recoveries and reimbursements include \u00a315m for reimbursements where the Group has entered into financial guarantee contracts which provide credit
protection over certain assets with third parties and cash recoveries of previously written off amounts of \u00a376m.
6 ECL charge on assets held for sale relate to the German consumer finance business.
Loan commitments and financial guarantees (audited) 1
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2024
7,776
\u2014
448
\u2014
4
\u2014
\u2014
\u2014
8,228
\u2014
Net transfers between stages
(47)
\u2014
41
\u2014
6
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
8,048
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
8,048
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
(4,336)
\u2014
(106)
\u2014
(7)
\u2014
\u2014
\u2014
(4,449)
\u2014
Limit management and final repayments
(348)
\u2014
(43)
\u2014
(1)
\u2014
\u2014
\u2014
(392)
\u2014
As at 31 December 2024
11,093
\u2014
340
\u2014
2
\u2014
\u2014
\u2014
11,435
\u2014
Retail credit cards
As at 1 January 2024
144,791
59
2,807
54
142
\u2014
\u2014
\u2014
147,740
113
Net transfers between stages
(1,940)
30
1,853
(30)
87
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
31,376
13
226
5
2
\u2014
6
\u2014
31,610
18
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
2,148
(36)
(1,969)
4
(88)
\u2014
\u2014
\u2014
91
(32)
Limit management and final repayments
(13,904)
(13)
(402)
(20)
(21)
\u2014
\u2014
\u2014
(14,327)
(33)
As at 31 December 2024
162,471
53
2,515
13
122
\u2014
6
\u2014
165,114
66
Retail other
As at 1 January 2024
8,607
6
535
2
44
\u2014
\u2014
\u2014
9,186
8
Net transfers between stages
(9)
\u2014
(8)
\u2014
17
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
781
2
1
\u2014
\u2014
\u2014
\u2014
\u2014
782
2
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
110
(2)
(77)
(2)
(13)
\u2014
\u2014
\u2014
20
(4)
Limit management and final repayments
(1,073)
\u2014
(11)
\u2014
(23)
\u2014
\u2014
\u2014
(1,107)
\u2014
As at 31 December 2024
8,416
6
440
\u2014
25
\u2014
\u2014
\u2014
8,881
6
Corporate loans
As at 1 January 2024
212,889
108
20,418
231
847
44
\u2014
\u2014
234,154
383
Net transfers between stages
1,241
29
(1,555)
(32)
314
3
\u2014
\u2014
\u2014
\u2014
Business activity in the year
50,411
33
1,666
31
193
\u2014
\u2014
\u2014
52,270
64
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
10,109
(39)
(1,383)
70
(46)
(14)
\u2014
\u2014
8,680
17
Limit management and final repayments
(44,375)
(26)
(3,713)
(63)
(289)
(8)
\u2014
\u2014
(48,377)
(97)
As at 31 December 2024
230,275
105
15,433
237
1,019
25
\u2014
\u2014
246,727
367
Note:
1 Loan commitments reported also include exposure relating to financial assets classified as held for sale.
Management adjustments to models for impairment (audited)
Management adjustments to impairment models are applied in order to factor in certain conditions or changes in policy that are not fully
incorporated into the impairment models, or to reflect additional facts and circumstances at the period end. Management adjustments
are reviewed and incorporated into future model development where applicable.
Management adjustments are captured through \u201cEconomic uncertainty\u201d and \u201cOther\u201d adjustments, and are presented by product and
geography below:
Management adjustments to models for impairment allowance presented by product and geography (audited)
Impairment
allowance pre
management
adjustments 1
Economic
uncertainty
adjustments
(a)
Other
adjustments
(b)
Management
adjustments 2
(a+b)
Total
impairment
allowance 3
Proportion of
Management
adjustments
to total
impairment
allowance
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail mortgages
76
\u2014
15
15
91
16.5
Retail credit cards
761
\u2014
\u2014
\u2014
761
\u2014
Retail other
406
\u2014
85
85
491
17.3
Corporate loans
714
39
53
92
806
11.4
Total UK
1,957
39
153
192
2,149
8.9
Retail mortgages
25
\u2014
1
1
26
3.8
Retail credit cards
2,505
31
87
118
2,623
4.5
Retail other
27
\u2014
\u2014
\u2014
27
\u2014
Corporate loans
823
44
13
57
880
6.5
Total Rest of the World
3,380
75
101
176
3,556
4.9
Total
5,337
114
254
368
5,705
6.5
Debt securities at amortised cost
21
1
\u2014
1
22
4.5
Total including debt securities at amortised cost
5,358
115
254
369
5,727
6.4
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail mortgages
51
36
71
107
158
67.7
Retail credit cards
787
\u2014
(22)
(22)
765
(2.9)
Retail other
298
\u2014
90
90
388
23.2
Corporate loans
759
42
39
81
840
9.6
Total UK
1,895
78
178
256
2,151
11.9
Retail mortgages
29
\u2014
\u2014
\u2014
29
\u2014
Retail credit cards
2,631
\u2014
(23)
(23)
2,608
(0.9)
Retail other
24
\u2014
4
4
28
14.3
Corporate loans
695
\u2014
(2)
(2)
693
(0.3)
Total Rest of the World
3,379
\u2014
(21)
(21)
3,358
(0.6)
Total
5,274
78
157
235
5,509
4.3
Debt securities at amortised cost
30
\u2014
(7)
(7)
23
(30.4)
Total including debt securities at amortised cost
5,304
78
150
228
5,532
4.1
Notes:
1 Includes \u00a34.3bn (2024: \u00a34.7bn) of modelled ECL, \u00a30.7bn (2024: \u00a30.5bn) of individually assessed impairments, \u00a3(0.2)bn (2024: \u00a3(0.3)bn) of ECL from assets held
for sale (co-branded card portfolio) and \u00a30.6bn (2024: \u00a30.4bn) of ECL from benchmarked exposures and debt securities.
2 Management adjustments related to other financial assets subject to impairment not included in the table above include cash collateral and settlement
balances \u00a31m (2024: \u00a3(1)m), reverse repurchase agreements \u00a31m (2024: \u00a3(2)m) and financial assets at fair value through other comprehensive income \u00a3nil
(2024: \u00a3(2)m) within the IB portfolio.
3 Total impairment allowance consists of ECL stock on drawn and undrawn exposures.
Economic uncertainty adjustments presented by stage (audited)
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
\u2014
\u2014
\u2014
\u2014
Retail credit cards
\u2014
\u2014
\u2014
\u2014
Retail other
\u2014
\u2014
\u2014
\u2014
Corporate loans
23
10
6
39
Total UK
23
10
6
39
Retail mortgages
\u2014
\u2014
\u2014
\u2014
Retail credit cards
\u2014
31
\u2014
31
Retail other
\u2014
\u2014
\u2014
\u2014
Corporate loans
13
31
\u2014
44
Total Rest of the World
13
62
\u2014
75
Total
36
72
6
114
Debt securities at amortised cost
1
\u2014
\u2014
1
Total including debt securities at amortised cost
37
72
6
115
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
7
18
11
36
Retail credit cards
\u2014
\u2014
\u2014
\u2014
Retail other
\u2014
\u2014
\u2014
\u2014
Corporate loans
26
10
6
42
Total UK
33
28
17
78
Retail mortgages
\u2014
\u2014
\u2014
\u2014
Retail credit cards
\u2014
\u2014
\u2014
\u2014
Retail other
\u2014
\u2014
\u2014
\u2014
Corporate loans
\u2014
\u2014
\u2014
\u2014
Total Rest of the World
\u2014
\u2014
\u2014
\u2014
Total
33
28
17
78
Debt securities at amortised cost
\u2014
\u2014
\u2014
\u2014
Total including debt securities at amortised cost
33
28
17
78
Economic uncertainty adjustments
Economic uncertainty adjustments are captured in two ways. First, customer uncertainty: the identification of customers and clients
who may be more vulnerable to economic instability; and second, model uncertainty: to capture the impact of model limitations and
sensitivities to specific macroeconomic parameters, which are applied at a portfolio level.
The Group continues to monitor the elevated tariffs, trade tensions, and geopolitical risks, especially in the US. In response, an
adjustment of \u00a381m introduced during Q125 has been retained, with any resulting effects on customer behaviour yet to materialise.
Total economic uncertainty adjustments as at 31 December 2025 are \u00a3115m (2024: \u00a378m) and include:
Customer and client uncertainty provisions of \u00a3115m (2024: \u00a353m):
Retail mortgages (UK) \u00a3nil (2024: \u00a311m): The prior refinancing risk adjustment was retired following the rebuild of the UK Mortgages
impairment models, which now better capture sensitivity to interest rate and inflation movements
Retail credit cards (ROW) \u00a331m (2024: \u00a3nil): This adjustment reflects elevated US macroeconomic uncertainty, with impacts yet to
materialise in consumer behaviour
Corporate loans (UK) \u00a339m (2024: \u00a342m): This adjustment reflects potential cross-default risk on Barclays\u2019 lending in respect of clients
who have taken out Bounce Back Loans
Corporate loans (ROW) \u00a344m (2024: \u00a3nil): This adjustment reflects elevated US macroeconomic uncertainty, with impacts yet to
materialise in borrower behaviour
Model uncertainty provisions of \u00a3nil (2024: \u00a325m):
Retail mortgages (UK) \u00a3nil (2024:\u00a325m): The prior adjustment to address model over-sensitivity was retired following the rebuild of the
UK Mortgages impairment models, which now better capture consumer responses to the macroeconomic outlook
Other adjustments
Other adjustments are operational and remain in place until incorporated into the underlying models. These adjustments result from
data limitations and model performance related issues identified through model monitoring and other established governance
processes.
Total other adjustments as at 31 December 2025 are \u00a3254 m (2024: \u00a3150m) and include:
Retail mortgages (UK) \u00a315m (2024: \u00a3 71m): The reduction is driven by the retirement of adjustments following the rebuild of the UK
Mortgages impairment models
Retail credit cards (UK) \u00a3nil (2024: \u00a3(22)m): The prior adjustment to address default over-prediction was retired following model
remediation in the UK Cards portfolio
Retail credit cards (ROW) \u00a3 87m (2024: \u00a3(23)m): This adjustment reflects provisioning for the GM consumer cards portfolio acquired
during the year, while the previously held high-risk account management (HRAM) adjustment was retired following model remediation in
USCB
Retail other (UK) \u00a385m (2024: \u00a390m) and Corporate loans (UK) \u00a353m (2024: \u00a339m): These include adjustments for definition of default
(DOD) criteria under the Capital Requirements Regulation and model monitoring outcomes, which were re-sized during the year
Corporate loans (ROW) \u00a313m (2024: \u00a3(2)m): This adjustment reflects provisioning for the GM business cards portfolio acquired during
the year
Debt securities \u00a3nil (2024: \u00a3(7)m): The movement is driven by the retirement of the Exposure at Default recalibration adjustment
following model remediation in the IB portfolio
Average macroeconomic variables used in the calculation of ECL (audited)
As at 31 December 2025
2025
2026
2027
2028
2029
Baseline
%
%
%
%
%
UK GDP 1
1.5
1.1
1.4
1.4
1.4
UK unemployment 2
4.7
4.9
4.8
4.8
4.7
UK HPI 3
1.5
2.9
2.5
4.3
3.8
UK bank rate6
4.2
3.4
3.4
3.5
3.6
US GDP 1
2.1
2.0
2.0
2.0
2.0
US unemployment 4
4.2
4.5
4.4
4.4
4.4
US HPI 5
3.2
1.7
1.9
2.6
2.6
US federal funds rate6
4.2
3.4
3.3
3.3
3.5
Downside 2
UK GDP 1
1.5
(2.5)
(1.2)
2.8
1.1
UK unemployment 2
4.7
5.8
7.7
6.9
5.7
UK HPI 3
1.5
(24.9)
(5.1)
9.6
14.2
UK bank rate 6
4.2
2.3
0.5
0.4
1.1
US GDP 1
2.1
(2.7)
(2.8)
1.6
2.4
US unemployment 4
4.2
5.7
8.0
7.9
5.9
US HPI 5
3.2
(8.2)
(1.7)
7.2
7.7
US federal funds rate6
4.2
3.6
2.4
1.4
1.2
Downside 1
UK GDP 1
1.5
(0.7)
0.1
2.1
1.3
UK unemployment 2
4.7
5.3
6.3
5.8
5.2
UK HPI 3
1.5
(11.8)
(1.3)
6.9
8.9
UK bank rate 6
4.2
2.9
2.0
1.9
2.4
US GDP 1
2.1
(0.3)
(0.4)
1.8
2.2
US unemployment 4
4.2
5.1
6.2
6.1
5.1
US HPI 5
3.2
(3.3)
0.1
4.9
5.1
US federal funds rate6
4.2
3.6
2.8
2.4
2.4
Upside 2
UK GDP 1
1.5
2.7
3.7
2.9
2.4
UK unemployment 2
4.7
4.3
4.0
3.9
3.8
UK HPI 3
1.5
11.9
8.4
5.1
4.1
UK bank rate 6
4.2
3.1
2.3
2.3
2.6
US GDP 1
2.1
2.8
3.1
2.8
2.8
US unemployment 4
4.2
3.9
3.7
3.7
3.7
US HPI 5
3.2
6.2
4.7
4.8
4.9
US federal funds rate6
4.2
3.0
2.5
2.5
2.5
Upside 1
UK GDP 1
1.5
1.9
2.6
2.2
1.9
UK unemployment 2
4.7
4.6
4.4
4.4
4.3
UK HPI 3
1.5
7.4
5.4
4.7
3.9
UK bank rate 6
4.2
3.2
2.8
2.8
3.1
US GDP 1
2.1
2.4
2.6
2.4
2.4
US unemployment 4
4.2
4.2
4.1
4.1
4.1
US HPI 5
3.2
4.0
3.3
3.7
3.7
US federal funds rate6
4.2
3.3
2.8
2.8
3.0
Notes:
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax HPI Meth2 All Houses, All Buyers index.
4 Average US civilian unemployment rate 16-year+.
5 Change in year end US HPI = FHFA house price index, relative to prior year end.
6 Average rate.
As at 31 December 2024
2024
2025
2026
2027
2028
Baseline
%
%
%
%
%
UK GDP 1
1.0
1.4
1.5
1.6
1.5
UK unemployment 2
4.3
4.4
4.5
4.4
4.4
UK HPI 3
2.8
3.3
1.6
4.5
3.0
UK bank rate 6
5.1
4.3
4.0
4.0
3.8
US GDP 1
2.7
2.0
2.0
2.0
2.0
US unemployment 4
4.1
4.3
4.2
4.2
4.2
US HPI 5
6.5
2.6
2.7
3.0
3.0
US federal funds rate6
5.1
4.1
4.0
3.8
3.8
Downside 2
UK GDP 1
1.0
(2.3)
(1.3)
2.6
2.3
UK unemployment 2
4.3
6.2
8.1
6.6
5.5
UK HPI 3
2.8
(24.8)
(5.2)
10.0
14.6
UK bank rate 6
5.1
3.5
1.7
0.6
1.1
US GDP 1
2.7
(1.3)
(1.3)
3.3
2.9
US unemployment 4
4.1
5.8
7.2
6.2
5.5
US HPI 5
6.5
(8.0)
(0.7)
5.2
4.0
US federal funds rate6
5.1
2.5
0.6
0.8
1.5
Downside 1
UK GDP 1
1.0
(0.5)
0.1
2.1
1.9
UK unemployment 2
4.3
5.3
6.3
5.5
5.0
UK HPI 3
2.8
(11.6)
(1.8)
7.2
8.7
UK bank rate 6
5.1
3.9
2.9
2.3
2.4
US GDP 1
2.7
0.3
0.4
2.7
2.4
US unemployment 4
4.1
5.1
5.7
5.2
4.9
US HPI 5
6.5
(2.7)
1.0
4.1
3.5
US federal funds rate6
5.1
3.4
2.3
2.3
2.7
Upside 2
UK GDP 1
1.0
3.0
3.7
2.9
2.4
UK unemployment 2
4.3
3.8
3.4
3.5
3.5
UK HPI 3
2.8
11.9
8.4
5.1
4.1
UK bank rate 6
5.1
3.9
2.9
2.8
2.8
US GDP 1
2.7
2.8
3.1
2.8
2.8
US unemployment 4
4.1
3.8
3.5
3.5
3.5
US HPI 5
6.5
6.2
4.7
4.8
4.9
US federal funds rate6
5.1
3.7
3.3
3.1
2.8
Upside 1
UK GDP 1
1.0
2.2
2.6
2.2
2.0
UK unemployment 2
4.3
4.1
4.0
4.0
4.0
UK HPI 3
2.8
7.6
4.9
4.8
3.5
UK bank rate 6
5.1
4.1
3.5
3.4
3.3
US GDP 1
2.7
2.4
2.6
2.4
2.4
US unemployment 4
4.1
4.0
3.9
3.9
3.9
US HPI 5
6.5
4.4
3.7
3.9
3.9
US federal funds rate6
5.1
4.0
3.8
3.6
3.3
Notes:
1 Average Real GDP seasonally adjusted change in year.
2 Average UK unemployment rate 16-year+.
3 Change in year end UK HPI = Halifax All Houses, All Buyers index, relative to prior year end.
4 Average US civilian unemployment rate 16-year+.
5 Change in year end US HPI = FHFA house price index, relative to prior year end.
6 Average rate.
Scenario\u00a0 weighting (audited)1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
%
%
%
%
%
As at 31 December 2025
Scenario weighting
14.4
27.4
38.5
12.7
7.0
As at 31 December 2024
Scenario\u00a0 weighting
17.4
26.8
32.5
14.7
8.6
Note
1 For further details on changes to scenario weights see page 285.
Specific bases shows the most extreme position of each variable in the context of the downside/upside scenarios, for example, the
highest unemployment for downside scenarios, average unemployment for baseline scenarios and lowest unemployment for upside
scenarios. GDP and HPI downside and upside scenario data represents the lowest and highest cumulative position relative to the start
point, in the 20 quarter period.
Macroeconomic variables (specific bases) (audited) 1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
As at 31 December 2025
%
%
%
%
%
UK GDP 2
14.5
10.8
1.4
(0.3)
(3.5)
UK unemployment 3
3.8
4.3
4.8
6.5
8.1
UK HPI 4
34.6
24.9
3.0
(12.6)
(28.0)
UK bank rate
2.3
2.8
3.6
4.6
4.6
US GDP 2
14.6
12.4
2.0
(0.2)
(4.6)
US unemployment 3
3.7
4.1
4.4
6.6
8.8
US HPI 4
26.2
19.3
2.4
(1.5)
(8.1)
US federal funds rate
2.5
2.8
3.5
4.3
4.3
As at 31 December 2024
UK GDP 2
15.0
11.6
1.4
0.2
(2.9)
UK unemployment 3
3.4
3.9
4.4
6.5
8.4
UK HPI 4
36.3
25.9
3.0
(11.3)
(26.8)
UK bank rate
2.8
3.3
4.2
5.3
5.3
US GDP 2
14.9
12.8
2.2
0.4
(2.1)
US unemployment 3
3.5
3.8
4.2
5.9
7.5
US HPI 4
30.1
24.4
3.5
1.1
(4.0)
US federal funds rate
2.8
3.3
4.2
5.3
5.3
Average basis represents the average quarterly value of variables in the 20 quarter period with GDP and HPI based on yearly average and
quarterly CAGRs respectively.
Macroeconomic variables (5 year averages) (audited) 1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
As at 31 December 2025
%
%
%
%
%
UK GDP 5
2.7
2.0
1.4
0.9
0.3
UK unemployment 6
4.1
4.5
4.8
5.5
6.2
UK HPI 7
6.1
4.5
3.0
0.6
(2.0)
UK bank rate
2.9
3.2
3.6
2.7
1.7
US GDP 5
2.7
2.4
2.0
1.1
0.1
US unemployment 6
3.9
4.1
4.4
5.4
6.3
US HPI 7
4.8
3.6
2.4
1.9
1.5
US federal funds rate
2.9
3.2
3.5
3.1
2.5
As at 31 December 2024
UK GDP 5
2.6
2.0
1.4
0.9
0.5
UK unemployment 6
3.7
4.0
4.4
5.3
6.1
UK HPI 7
6.4
4.7
3.0
0.8
(1.6)
UK bank rate
3.5
3.9
4.2
3.3
2.4
US GDP 5
2.9
2.5
2.2
1.7
1.2
US unemployment 6
3.7
3.9
4.2
5.0
5.8
US HPI 7
5.4
4.5
3.5
2.4
1.2
US federal funds rate
3.6
4.0
4.2
3.2
2.1
Notes:
1 UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK unemployment rate 16-year+; UK HPI (31.12.24) = Halifax All Houses, All Buyers Index;
UK HPI (31.12.25) = Halifax HPI Meth2 All Houses, All Buyers index; US GDP = Real GDP growth seasonally adjusted; US unemployment = US civilian
unemployment rate 16-year+; US HPI = FHFA house price index. 20 quarter period starts from Q125 (2024: Q124).
2 Maximum growth relative to Q424 (2024: Q423), based on 20 quarter period in Upside scenarios; 5 -year yearly average CAGR in Baseline; minimum growth
relative to Q424 (2024: Q423), based on 20 quarter period in Downside scenarios.
3 Lowest quarter in Upside scenarios; 5-year average in Baseline; highest quarter in Downside scenarios. Period based on 20 quarters from Q125 (2024: Q124).
4 Maximum growth relative to Q424 (2024: Q423), based on 20 quarter period in Upside scenarios; 5-year quarter end CAGR in Baseline; minimum growth
relative to Q424 (2024: Q423), based on 20 quarter period in Downside scenarios.
5 5-year yearly average CAGR, starting 2024 (2024: 2023).
6 5-year average, Period based on 20 quarters from Q125 (2024: Q124).
7 5-year quarter end CAGR, starting Q424 (2024: Q423).
ECL sensitivity analysis (audited)
The table below shows the modelled ECL assuming each of the five modelled scenarios are 100% weighted with the dispersion of
results around the Baseline, highlighting the impact on exposure and ECL across the scenarios.
Model exposure uses exposure at default (EAD) values and is not directly comparable to gross exposure used in other disclosures.
Scenarios
As at 31 December 2025
Weighted1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
Stage 1 Model exposure (\u00a3m)
Retail mortgages
149,004
151,314
150,144
148,760
146,786
144,360
Retail credit cards2
61,320
61,096
61,204
61,325
61,569
61,724
Retail other
6,260
6,378
6,326
6,268
6,106
5,927
Corporate loans2
220,292
222,057
221,337
220,646
218,634
213,827
Stage 1 Model ECL (\u00a3m)
Retail mortgages
3
1
2
2
6
13
Retail credit cards 2
561
523
541
561
599
637
Retail other
32
30
31
31
35
38
Corporate loans 2
231
201
212
221
274
329
Stage 1 Coverage (%)
Retail mortgages
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail credit cards
0.9
0.9
0.9
0.9
1.0
1.0
Retail other
0.5
0.5
0.5
0.5
0.6
0.6
Corporate loans
0.1
0.1
0.1
0.1
0.1
0.2
Stage 2 Model exposure (\u00a3m)
Retail mortgages
13,586
11,276
12,446
13,830
15,804
18,230
Retail credit cards 2
5,307
5,133
5,224
5,301
5,478
5,759
Retail other
1,164
1,046
1,098
1,156
1,318
1,497
Corporate loans 2
18,172
16,264
17,037
17,836
19,979
24,927
Stage 2 Model ECL (\u00a3m)
Retail mortgages
16
6
8
11
33
79
Retail credit cards 2
1,183
1,099
1,138
1,175
1,277
1,415
Retail other
81
67
72
77
102
134
Corporate loans 2
477
383
415
454
604
879
Stage 2 Coverage (%)
Retail mortgages
0.1
0.1
0.1
0.1
0.2
0.4
Retail credit cards
22.3
21.4
21.8
22.2
23.3
24.6
Retail other
7.0
6.4
6.6
6.7
7.7
9.0
Corporate loans
2.6
2.4
2.4
2.5
3.0
3.5
Stage 3 Model exposure (\u00a3m) 3
Retail mortgages
1,621
1,621
1,621
1,621
1,621
1,621
Retail credit cards 2
2,158
2,158
2,158
2,158
2,158
2,158
Retail other
128
128
128
128
128
128
Corporate loans 2
3,650
3,650
3,650
3,650
3,650
3,650
Stage 3 Model ECL (\u00a3m)
Retail mortgages
43
32
35
38
59
98
Retail credit cards 2
1,592
1,548
1,573
1,596
1,632
1,663
Retail other
79
76
77
77
80
87
Corporate loans 2,4
60
57
57
59
64
71
Stage 3 Coverage (%)
Retail mortgages
2.7
2.0
2.2
2.3
3.6
6.0
Retail credit cards
73.8
71.7
72.9
74.0
75.6
77.1
Retail other
61.7
59.4
60.2
60.2
62.5
68.0
Corporate loans 4
1.6
1.6
1.6
1.6
1.8
1.9
Total Model ECL (\u00a3m)
Retail mortgages
62
39
45
51
98
190
Retail credit cards 2
3,336
3,170
3,252
3,332
3,508
3,715
Retail other
192
173
180
185
217
259
Corporate loans2,4
768
641
684
734
942
1,279
Total Model ECL
4,358
4,023
4,161
4,302
4,765
5,443
Reconciliation to total ECL
\u00a3m
Total weighted model ECL
4,358
ECL from individually assessed exposures 4
672
ECL from benchmarked exposures and others 5
542
ECL from debt securities at amortised cost
22
ECL from held for sale assets (co-branded card portfolio)
(235)
ECL from post model management adjustments
368
\u00a0 Of which: ECL from economic uncertainty adjustments
114
Total ECL
5,727
Notes:
1 Model exposures are allocated to a stage based on an individual scenario rather than a probability-weighted approach as required for Barclays reported
impairment allowances. As a result, it is not possible to back solve the final reported weighted ECL from individual scenarios given balances may be assigned to
a different stage dependent on the scenario.
2 Model exposure and ECL reported within Retail credit cards and Corporate loans continue to include a co-branded card portfolio in USCB, classified as assets
held for sale.
3 Model exposures allocated to Stage 3 do not change in any of the scenarios as the transition criteria relies only on observable evidence of default as at 31
December 2025 and not on the macroeconomic scenario.
4 Material corporate loan defaults are individually assessed across different recovery strategies. As a result, ECL of \u00a3672m is reported as an individually assessed
impairment in the reconciliation table.
5 ECL from benchmarked\u00a0 exposures and others includes ECL on Tesco Bank of \u00a3400m c alculated using a benchmarked approach based on UK cards and UK
retail loans. The sensitivity of these exposures would materially reflect the sensitivity of the benchmarked model.
The use of five scenarios with associated weighting results in a total weighted ECL uplift from the Baseline ECL of 1.3%.\u00a0
Retail mortgages: Total weighted ECL of \u00a362m represents a 21.6% increase over the Baseline ECL (\u00a351m). Total ECL increases to
\u00a3190m under the Downside 2 scenario, driven by a fall in UK HPI.
Retail credit cards: Total weighted ECL of \u00a33,336m is broadly aligned to the Baseline ECL (\u00a33,332m). Total ECL increases to \u00a33,715m
under the Downside 2 scenario, driven by an increase in UK and US unemployment rate.
Retail other: Total weighted ECL of \u00a3192m represents a 3.8% increase over the Baseline ECL (\u00a3185m). Total ECL increases to \u00a3259m
under the Downside 2 scenario, largely driven by an increase in UK unemployment rate.
Corporate loans: Total weighted ECL of \u00a3768m represents a 4.6% increase over the Baseline ECL (\u00a3734m). Total ECL increases to
\u00a31,279 under the Downside 2 scenario, driven by a decrease in UK and US GDP.
Scenarios 1
As at 31 December 2024
Weighted 2
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
Stage 1 Model exposure (\u00a3m)
Retail mortgages
139,086
140,828
140,079
139,188
136,671
134,861
Retail credit cards
63,937
63,821
63,859
63,894
63,980
63,975
Retail other
7,952
8,074
8,025
7,968
7,804
7,614
Corporate loans
213,905
216,064
215,215
214,293
212,007
207,062
Stage 1 Model ECL (\u00a3m)
Retail mortgages
1
\u2014
1
1
3
6
Retail credit cards
535
512
523
534
560
586
Retail other
34
32
32
33
36
40
Corporate loans
270
235
247
258
311
363
Stage 1 Coverage (%)
Retail mortgages
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail credit cards
0.8
0.8
0.8
0.8
0.9
0.9
Retail other
0.4
0.4
0.4
0.4
0.5
0.5
Corporate loans
0.1
0.1
0.1
0.1
0.1
0.2
Stage 2 Model exposure (\u00a3m)
Retail mortgages
20,401
18,178
19,072
20,134
23,359
26,339
Retail credit cards
6,904
6,747
6,817
6,889
7,052
7,310
Retail other
1,232
1,110
1,159
1,215
1,380
1,570
Corporate loans
21,197
18,889
19,793
20,827
23,238
28,340
Stage 2 Model ECL (\u00a3m)
Retail mortgages
4
1
2
3
8
16
Retail credit cards
1,473
1,387
1,422
1,459
1,567
1,714
Retail other
81
68
72
77
101
134
Corporate loans
532
424
461
505
655
932
Stage 2 Coverage (%)
Retail mortgages
\u2014
\u2014
\u2014
\u2014
\u2014
0.1
Retail credit cards
21.3
20.6
20.9
21.2
22.2
23.4
Retail other
6.6
6.1
6.2
6.3
7.3
8.5
Corporate loans
2.5
2.2
2.3
2.4
2.8
3.3
Stage 3 Model exposure (\u00a3m) 3
Retail mortgages
1,062
1,062
1,062
1,062
1,062
1,062
Retail credit cards
2,197
2,197
2,197
2,197
2,197
2,197
Retail other
158
158
158
158
158
158
Corporate loans
4,051
4,051
4,051
4,051
4,051
4,051
Stage 3 Model ECL (\u00a3m)
Retail mortgages
19
12
14
17
29
41
Retail credit cards
1,625
1,585
1,606
1,627
1,663
1,695
Retail other
92
90
91
92
95
97
Corporate loans 4
71
66
67
69
79
89
Stage 3 Coverage (%)
Retail mortgages
1.8
1.1
1.3
1.6
2.7
3.9
Retail credit cards
74.0
72.1
73.1
74.1
75.7
77.2
Retail other
58.2
57.0
57.6
58.2
60.1
61.4
Corporate loans 4
1.8
1.6
1.7
1.7
2.0
2.2
Total Model ECL (\u00a3m)
Retail mortgages
24
13
17
21
40
63
Retail credit cards
3,633
3,484
3,551
3,620
3,790
3,995
Retail other
207
190
195
202
232
271
Corporate loans 4
873
725
775
832
1,045
1,384
Total Model ECL
4,737
4,412
4,538
4,675
5,107
5,713
Reconciliation to total ECL
\u00a3m
Total weighted model ECL
4,737
ECL from individually assessed exposures 4
461
ECL from benchmarked exposures and others5
358
ECL from debt securities at amortised cost
23
ECL from held for sale assets (co-branded card portfolio)
(282)
ECL from post model management adjustments
235
Of which: ECL from economic uncertainty adjustments
78
Total ECL
5,532
Notes:
1 Model exposure and ECL reported within Retail credit cards and Retail Other excludes the German consumer finance business, sale of which completed after
the balance sheet date. Model exposure and ECL reported within Retail credit cards and Corporate loans continue to include a co-branded card portfolio, as its
sale is expected to close in 2026.
2 Model exposures are allocated to a stage based on an individual scenario rather than a probability-weighted approach as required for Barclays reported
impairment allowances. As a result, it is not possible to back solve the final reported weighted ECL from individual scenarios given balances may be assigned to
a different stage dependent on the scenario.
3 Model exposures allocated to Stage 3 do not change in any of the scenarios as the transition criteria relies only on observable evidence of default as at 31
December 2024 and not on the macroeconomic scenario.
4 Material corporate loan defaults are individually assessed across different recovery strategies. As a result, ECL of \u00a3461m is reported as an individually assessed
impairment in the reconciliation table.
5 ECL from benchmarked exposures and others includes ECL on Tesco Bank of \u00a3209m calculated using a benchmarked approach based on UK cards and UK
retail loans. The sensitivity of these exposures would materially reflect the sensitivity of the benchmarked model.
Credit risk concentration by Industry for contractual maturity, staging and geography
Loans and advances at amortised cost net of impairment allowance
Industry
Geography (audited)
Stage (audited)
Maturity
Carbon
related
sectors 1
United
Kingdom
Americas
Europe
Others
Total
Stage 1
Stage 2
Stage
3 4
Total
< 1 year
1-5
Years
>5
years
Total
As at 31
December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Agriculture, Food
and Forest
Products
3,153
\u2014
74
\u2014
3,227
2,649
412
166
3,227
642
1,239
1,346
3,227
Yes
Mining and
Quarrying
689
358
221
8
1,276
1,233
36
7
1,276
834
347
95
1,276
Yes
Manufacturing
3,841
1,150
760
361
6,112
4,327
1,574
211
6,112
3,068
2,472
572
6,112
Yes
Government and
central bank
2,538
\u2014
118
478
3,134
2,979
37
118
3,134
153
455
2,526
3,134
Banks
717
3,435
1,746
2,740
8,638
8,638
\u2014
\u2014
8,638
8,591
46
1
8,638
Energy and water
2,219
1,069
294
324
3,906
3,559
177
170
3,906
866
1,730
1,310
3,906
Yes
Materials and
Building
20,677
2,414
398
365
23,854
21,356
2,199
299
23,854
4,761
13,251
5,842
23,854
Yes
Wholesale and
retail distribution
and leisure
7,846
675
251
509
9,281
7,492
1,574
215
9,281
3,433
5,083
765
9,281
Transport and
storage
928
344
205
125
1,602
1,377
112
113
1,602
344
1,070
188
1,602
Yes
Home Loans
175,327
118
832
1,056
177,333
161,637
13,813
1,883
177,333
1,983
8,912
166,438
177,333
Yes
Business and other
services
13,154
5,614
4,024
1,354
24,146
20,677
2,679
790
24,146
7,252
14,640
2,254
24,146
Other Financial
Institutions
6,021
30,761
8,521
2,845
48,148
46,359
1,523
266
48,148
15,074
27,033
6,041
48,148
Cards, unsecured
loans and other
personal lending
27,615
20,939
1,410
902
50,866
45,405
4,820
641
50,866
10,508
20,291
20,067
50,866
Total loans and
advances at
amortised cost
264,725
66,877
18,854
11,067
361,523
327,688
28,956
4,879
361,523
57,509
96,569
207,445
361,523
Debt securities at
amortised cost\u00b3
28,143
19,395
17,523
3,414
68,475
68,113
362
\u2014
68,475
10,664
31,655
26,156
68,475
Total loans and
advances at
amortised cost
including debt
securities
292,868
86,272
36,377
14,481
429,998
395,801
29,318
4,879
429,998
68,173
128,224
233,601
429,998
Contingent
liabilities
5,521
12,320
5,084
1,544
24,469
22,448
1,905
116
24,469
24,469
\u2014
\u2014
24,469
Loan
commitments
118,101
239,886
35,665
9,662
403,314
388,045
14,568
701
403,314
403,294
17
3
403,314
Total off-balance
sheet\u00b2
123,622
252,206
40,749
11,206
427,783
410,493
16,473
817
427,783
427,763
17
3
427,783
Loans and advances at amortised cost net of impairment allowance
Industry
Geography (audited)
Stage (audited)
Maturity
Carbon
related
sectors \u00b9
United
Kingdom
Americas
Europe
Others
Total
Stage 1
Stage 2
Stage
34
Total
< 1 year
1-5
Years
>5 years
Total
As at 31
December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Agriculture, Food
and Forest
Products
3,430
\u2014
\u2014
\u2014
3,430
2,518
484
428
3,430
769
1,109
1,552
3,430
Yes
Mining and
Quarrying
515
708
189
\u2014
1,412
1,335
76
1
1,412
346
1,060
6
1,412
Yes
Manufacturing
3,578
1,418
828
349
6,173
4,764
1,237
172
6,173
3,151
2,715
307
6,173
Yes
Government and
central bank
3,373
\u2014
2
342
3,717
3,674
43
\u2014
3,717
254
291
3,172
3,717
Banks
730
3,573
1,301
2,721
8,325
8,323
2
\u2014
8,325
8,166
159
\u2014
8,325
Energy and water
2,109
401
203
287
3,000
2,537
206
257
3,000
809
1,300
891
3,000
Yes
Materials and
Building
18,502
2,816
399
220
21,937
18,987
2,536
414
21,937
4,535
10,944
6,458
21,937
Yes
Wholesale and
retail distribution
and leisure
7,934
831
294
616
9,675
7,850
1,565
260
9,675
3,647
4,943
1,085
9,675
Transport and
storage
763
421
300
96
1,580
1,321
164
95
1,580
480
925
175
1,580
Yes
Home Loans
166,181
113
899
868
168,061
146,652
19,534
1,875
168,061
1,674
9,585
156,802
168,061
Yes
Business and other
services
13,266
5,196
3,646
1,031
23,139
19,301
3,049
789
23,139
6,510
13,524
3,105
23,139
Other Financial
Institutions
6,772
30,791
7,121
2,553
47,237
45,689
1,474
74
47,237
16,552
24,002
6,683
47,237
Cards, unsecured
loans and other
personal lending
26,745
20,079
994
769
48,587
42,885
5,032
670
48,587
10,505
19,218
18,864
48,587
Total loans and
advances at
amortised cost
253,898
66,347
16,176
9,852
346,273
305,836
35,402
5,035
346,273
57,398
89,775
199,100
346,273
Debt securities at
amortised cost\u00b3
25,939
19,721
15,558
6,992
68,210
64,976
3,234
\u2014
68,210
7,051
32,631
28,528
68,210
Total loans and
advances at
amortised cost
including debt
securities
279,837
86,068
31,734
16,844
414,483
370,812
38,636
5,035
414,483
64,449
122,406
227,628
414,483
Contingent
liabilities
5,721
10,742
5,514
2,381
24,358
21,028
2,835
495
24,358
24,358
\u2014
\u2014
24,358
Loan
commitments
114,458
243,619
41,361
8,361
407,799
391,227
15,893
679
407,799
407,731
68
\u2014
407,799
Total off-balance
sheet\u00b2
120,179
254,361
46,875
10,742
432,157
412,255
18,728
1,174
432,157
432,089
68
\u2014
432,157
Notes:
1 Refer to Carbon related assets table on page 257 for more details on the \"Exposures towards sectors that highly contribute to carbon related assets\" under the
respective Industry sectors.
2 The Off-balance sheet contingent liabilities and loan commitments excludes the fair value balance of \u00a322,197m in 2025 (2024 : \u00a316,338 m) and includes
exposures relating to financial assets classified as assets held for sale.
3 Debt securities at amortised cost primarily includes \u00a340,375m (2024 : \u00a339,699m) in Government and central bank, \u00a325,064 m (2024 : \u00a3 24,007 m) in other
financial\u00a0 institutions, \u00a3414 m (2024 : \u00a31,388m) in materials & building and \u00a3802m (2024: \u00a3 1,249m) in Banks.
-\u00a0 For analysis of Debt securities by issuer, refer to \"Analysis of Debt Securities\" on page 309.
4 Loans and advances stage 3 includes\u00a0 POCI assets of \u00a339m (2024: \u00a357m).
Balance sheet credit quality (audited)
PD Range
Total
PD range
Total
0.0 to
<0.60%
0.60 to
<11.35%
11.35 to
100%
0.0 to
<0.60%
0.60 to
<11.35%
11.35 to
100%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
As at 31 December 2025
Cash and balances at central banks
229,752
\u2014
\u2014
229,752
100
\u2014
\u2014
100
Cash collateral and settlement balances
117,555
12,970
7
130,532
90
10
\u2014
100
Loans and advances at amortised cost:
Retail mortgages
167,674
6,805
2,854
177,333
94
4
2
100
Retail credit cards
12,288
22,612
2,052
36,952
33
61
6
100
Retail other
7,928
5,601
385
13,914
57
40
3
100
Corporate loans
100,457
28,503
4,364
133,324
76
21
3
100
Total loans\u00a0and\u00a0advances at amortised cost
288,347
63,521
9,655
361,523
80
17
3
100
Debt securities at amortised cost
67,920
495
60
68,475
99
1
\u2014
100
Reverse repurchase agreements and other
similar secured lending
15,672
1,950
\u2014
17,622
89
11
\u2014
100
Trading portfolio assets:
Debt securities
79,724
14,144
491
94,359
84
15
1
100
Traded loans
5,339
5,241
1,669
12,249
43
43
14
100
Total trading\u00a0portfolio assets
85,063
19,385
2,160
106,608
80
18
2
100
Financial assets at fair value through the income
statement:
Loans and advances
27,093
20,037
542
47,672
57
42
1
100
Debt securities
2,030
930
254
3,214
63
29
8
100
Reverse repurchase agreements
96,857
35,131
500
132,488
73
27
\u2014
100
Other financial assets
64
19
\u2014
83
77
23
\u2014
100
Total financial assets at fair value through the
income statement
126,044
56,117
1,296
183,457
68
31
1
100
Derivative\u00a0financial instruments
237,405
14,617
437
252,459
94
6
\u2014
100
Financial assets at fair value through other
comprehensive income
74,328
62
\u2014
74,390
100
\u2014
\u2014
100
Other assets
780
65
2
847
92
8
\u2014
100
Assets held for sale
2,461
3,130
210
5,801
42
54
4
100
Total on-balance sheet
1,245,327
172,312
13,827
1,431,466
87
12
1
100
Balance sheet credit quality (audited)
PD Range
Total
PD range
Total
0.0 to
<0.60%
0.60 to
<11.35%
11.35 to
100%
0.0 to
<0.60%
0.60 to
<11.35%
11.35 to
100%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
As at 31 December 2024
Cash and balances at central banks
210,184
\u2014
\u2014
210,184
100
\u2014
\u2014
100
Cash collateral and settlement balances
104,446
15,371
26
119,843
87
13
\u2014
100
Loans and advances at amortised cost:
Retail mortgages
160,441
5,332
2,288
168,061
96
3
1
100
Retail credit cards
11,157
21,779
1,843
34,779
32
63
5
100
Retail other
6,014
7,390
404
13,808
44
53
3
100
Corporate loans
95,560
29,303
4,762
129,625
73
23
4
100
Total loans\u00a0and\u00a0advances at amortised cost
273,172
63,804
9,297
346,273
79
18
3
100
Debt securities at amortised cost
67,645
565
\u2014
68,210
99
1
\u2014
100
Reverse repurchase agreements and
other\u00a0similar secured lending
2,966
1,768
\u2014
4,734
63
37
\u2014
100
Trading portfolio assets:
Debt securities
65,994
11,478
542
78,014
84
15
1
100
Traded loans
2,543
7,442
3,485
13,470
19
55
26
100
Total trading\u00a0portfolio assets
68,537
18,920
4,027
91,484
75
21
4
100
Financial assets at fair value through the\u00a0income
statement:
Loans and advances
25,051
19,444
573
45,068
56
43
1
100
Debt securities
1,756
1,156
53
2,965
59
39
2
100
Reverse repurchase agreements
103,571
37,565
637
141,773
74
26
\u2014
100
Other financial assets
88
22
\u2014
110
80
20
\u2014
100
Total financial assets at fair value through
the\u00a0income statement
130,466
58,187
1,263
189,916
68
31
1
100
Derivative\u00a0financial instruments
275,232
18,104
194
293,530
94
6
\u2014
100
Financial assets at fair value through
other\u00a0comprehensive income
78,005
50
\u2014
78,055
100
\u2014
\u2014
100
Other assets
815
69
7
891
91
8
1
100
Assets held for sale
1,178
8,235
131
9,544
12
87
1
100
Total on-balance sheet
1,212,646
185,073
14,945
1,412,664
86
13
1
100
Credit exposures by internal PD grade
The below tables represent credit risk profiles by PD grade for loans and advances at amortised cost, contingent liabilities and loan
commitments.
Stage 1 higher risk assets, presented gross of associated collateral held, are of weaker credit quality but have not significantly
deteriorated since origination.
IFRS 9 Stage 1 and Stage 2 classification is not dependent solely on the absolute probability of default but on elements that determine a
significant increase in credit risk , including relative movement in probability of default since initial recognition. There is therefore no direct
relationship between credit quality and IFRS 9 stage classification.
Credit risk profile by internal PD grade for retail mortgages (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
11,602
68
\u2014
\u2014
11,670
\u2014
\u2014
\u2014
\u2014
\u2014
11,670
\u2014
4 - 5
0.05 to <0.15%
Strong
91,122
2,291
\u2014
\u2014
93,413
2
1
\u2014
\u2014
3
93,410
\u2014
6 - 8
0.15 to <0.30%
Strong
39,834
2,907
\u2014
\u2014
42,741
5
2
\u2014
\u2014
7
42,734
\u2014
9 - 11
0.30 to <0.60%
Strong
17,191
2,681
\u2014
\u2014
19,872
10
2
\u2014
\u2014
12
19,860
0.1
12 - 14
0.60 to <2.15%
Satisfactory
1,548
2,704
\u2014
\u2014
4,252
\u2014
4
\u2014
\u2014
4
4,248
0.1
15 - 19
2.15 to <11.35%
Satisfactory
296
2,265
\u2014
\u2014
2,561
\u2014
4
\u2014
\u2014
4
2,557
0.2
20 - 21
11.35 to <100%
Higher Risk
61
913
\u2014
\u2014
974
\u2014
3
\u2014
\u2014
3
971
0.3
22
100%
Credit
Impaired
\u2014
\u2014
1,967
\u2014
1,967
\u2014
\u2014
84
\u2014
84
1,883
4.3
Total
161,654
13,829
1,967
\u2014
177,450
17
16
84
\u2014
117
177,333
0.1
Credit risk profile by internal PD grade for retail credit cards 3 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
1,749
38
\u2014
\u2014
1,787
40
23
\u2014
\u2014
63
1,724
3.5
4 - 5
0.05 to <0.15%
Strong
2,360
5
\u2014
\u2014
2,365
3
\u2014
\u2014
\u2014
3
2,362
0.1
6 - 8
0.15 to <0.30%
Strong
3,082
5
\u2014
\u2014
3,087
7
\u2014
\u2014
\u2014
7
3,080
0.2
9 - 11
0.30 to <0.60%
Strong
5,132
12
\u2014
\u2014
5,144
22
\u2014
\u2014
\u2014
22
5,122
0.4
12 -
14
0.60 to <2.15%
Satisfactory
11,536
125
\u2014
\u2014
11,661
127
8
\u2014
\u2014
135
11,526
1.2
15 -
19
2.15 to <11.35%
Satisfactory
9,431
2,344
\u2014
\u2014
11,775
321
368
\u2014
\u2014
689
11,086
5.9
20 -
21
11.35 to <100%
Higher Risk
433
1,950
\u2014
\u2014
2,383
46
795
\u2014
\u2014
841
1,542
35.3
22
100%
Credit
Impaired
\u2014
\u2014
2,055
24
2,079
\u2014
\u2014
1,569
\u2014
1,569
510
75.5
Total
33,723
4,479
2,055
24
40,281
566
1,194
1,569
\u2014
3,329
36,952
8.3
Credit risk profile by internal PD grade for retail other (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
46
1
\u2014
\u2014
47
\u2014
\u2014
\u2014
\u2014
\u2014
47
\u2014
4 - 5
0.05 to <0.15%
Strong
454
6
\u2014
\u2014
460
1
\u2014
\u2014
\u2014
1
459
0.2
6 - 8
0.15 to <0.30%
Strong
889
12
\u2014
\u2014
901
2
\u2014
\u2014
\u2014
2
899
0.2
9 - 11
0.30 to <0.60%
Strong
6,491
63
\u2014
\u2014
6,554
28
3
\u2014
\u2014
31
6,523
0.5
12 - 14
0.60 to <2.15%
Satisfactory
2,894
266
\u2014
\u2014
3,160
23
11
\u2014
\u2014
34
3,126
1.1
15 - 19
2.15 to <11.35%
Satisfactory
1,515
1,066
\u2014
\u2014
2,581
39
67
\u2014
\u2014
106
2,475
4.1
20 - 21
11.35 to <100%
Higher Risk
60
304
\u2014
\u2014
364
8
102
\u2014
\u2014
110
254
30.2
22
100%
Credit
Impaired
\u2014
\u2014
349
15
364
\u2014
\u2014
233
\u2014
233
131
64.0
Total
12,349
1,718
349
15
14,431
101
183
233
\u2014
517
13,914
3.6
Credit risk profile by internal PD grade for corporate loans3 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
41,676
405
\u2014
\u2014
42,081
6
6
\u2014
\u2014
12
42,069
\u2014
4 - 5
0.05 to <0.15%
Strong
25,812
40
\u2014
\u2014
25,852
8
\u2014
\u2014
\u2014
8
25,844
\u2014
6 - 8
0.15 to <0.30%
Strong
14,313
577
\u2014
\u2014
14,890
12
22
\u2014
\u2014
34
14,856
0.2
9 - 11
0.30 to <0.60%
Strong
17,115
612
\u2014
\u2014
17,727
33
3
\u2014
\u2014
36
17,691
0.2
12 -
14
0.60 to <2.15%
Satisfactory
17,605
3,447
\u2014
\u2014
21,052
85
50
\u2014
\u2014
135
20,917
0.6
15 -
19
2.15 to <11.35%
Satisfactory
4,140
3,603
\u2014
\u2014
7,743
57
100
\u2014
\u2014
157
7,586
2.0
20 -
21
11.35 to <100%
Higher Risk
192
1,954
\u2014
\u2014
2,146
6
134
\u2014
\u2014
140
2,006
6.5
22
100%
Credit
Impaired
\u2014
\u2014
3,159
\u2014
3,159
\u2014
\u2014
804
\u2014
804
2,355
25.5
Total
120,853
10,638
3,159
\u2014
134,650
207
315
804
\u2014
1,326
133,324
1.0
Credit risk profile by internal PD grade for loans and advances at amortised cost3 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
55,073
512
\u2014
\u2014
55,585
46
29
\u2014
\u2014
75
55,510
0.1
4 - 5
0.05 to <0.15%
Strong
119,748
2,342
\u2014
\u2014
122,090
14
1
\u2014
\u2014
15
122,075
\u2014
6 - 8
0.15 to <0.30%
Strong
58,118
3,501
\u2014
\u2014
61,619
26
24
\u2014
\u2014
50
61,569
0.1
9 - 11
0.30 to <0.60%
Strong
45,929
3,368
\u2014
\u2014
49,297
93
8
\u2014
\u2014
101
49,196
0.2
12 - 14
0.60 to <2.15%
Satisfactory
33,583
6,542
\u2014
\u2014
40,125
235
73
\u2014
\u2014
308
39,817
0.8
15 - 19
2.15 to <11.35%
Satisfactory
15,382
9,278
\u2014
\u2014
24,660
417
539
\u2014
\u2014
956
23,704
3.9
20 - 21
11.35 to <100%
Higher Risk
746
5,121
\u2014
\u2014
5,867
60
1,034
\u2014
\u2014
1,094
4,773
18.6
22
100%
Credit
Impaired
\u2014
\u2014
7,530
39
7,569
\u2014
\u2014
2,690
\u2014
2,690
4,879
35.5
Total
328,579
30,664
7,530
39
366,812
891
1,708
2,690
\u2014
5,289
361,523
1.4
Credit risk profile by internal PD grade for retail mortgages (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
26,799
649
\u2014
\u2014
27,448
1
\u2014
\u2014
\u2014
1
27,447
\u2014
4 - 5
0.05 to <0.15%
Strong
90,420
6,864
\u2014
\u2014
97,284
16
3
\u2014
\u2014
19
97,265
\u2014
6 - 8
0.15 to <0.30%
Strong
18,574
4,417
\u2014
\u2014
22,991
8
6
\u2014
\u2014
14
22,977
0.1
9 - 11
0.30 to <0.60%
Strong
9,829
2,945
\u2014
\u2014
12,774
12
10
\u2014
\u2014
22
12,752
0.2
12 - 14
0.60 to <2.15%
Satisfactory
863
2,741
\u2014
\u2014
3,604
1
19
\u2014
\u2014
20
3,584
0.6
15 - 19
2.15 to <11.35%
Satisfactory
83
1,681
\u2014
\u2014
1,764
\u2014
16
\u2014
\u2014
16
1,748
0.9
20 - 21
11.35 to <100%
Higher Risk
122
299
\u2014
\u2014
421
\u2014
8
\u2014
\u2014
8
413
1.9
22
100%
Credit
Impaired
\u2014
\u2014
1,962
\u2014
1,962
\u2014
\u2014
87
\u2014
87
1,875
4.4
Total
146,690
19,596
1,962
\u2014
168,248
38
62
87
\u2014
187
168,061
0.1
Credit risk profile by internal PD grade for retail credit cards 3 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
119
\u2014
\u2014
\u2014
119
\u2014
\u2014
\u2014
\u2014
\u2014
119
\u2014
4 - 5
0.05 to <0.15%
Strong
1,706
4
\u2014
\u2014
1,710
2
\u2014
\u2014
\u2014
2
1,708
0.1
6 - 8
0.15 to <0.30%
Strong
3,592
5
\u2014
\u2014
3,597
9
\u2014
\u2014
\u2014
9
3,588
0.3
9 - 11
0.30 to <0.60%
Strong
5,758
10
\u2014
\u2014
5,768
26
\u2014
\u2014
\u2014
26
5,742
0.5
12 - 14
0.60 to <2.15%
Satisfactory
10,298
171
\u2014
\u2014
10,469
179
12
\u2014
\u2014
191
10,278
1.8
15 - 19
2.15 to <11.35%
Satisfactory
9,330
2,907
\u2014
\u2014
12,237
290
446
\u2014
\u2014
736
11,501
6.0
20 - 21
11.35 to <100%
Higher Risk
323
1,920
\u2014
\u2014
2,243
47
789
\u2014
\u2014
836
1,407
37.3
22
100%
Credit
Impaired
\u2014
\u2014
1,903
40
1,943
\u2014
\u2014
1,507
\u2014
1,507
436
77.6
Total
31,126
5,017
1,903
40
38,086
553
1,247
1,507
\u2014
3,307
34,779
8.7
Credit risk profile by internal PD grade for retail other (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
76
1
\u2014
\u2014
77
1
\u2014
\u2014
\u2014
1
76
1.3
4 - 5
0.05 to <0.15%
Strong
575
5
\u2014
\u2014
580
2
\u2014
\u2014
\u2014
2
578
0.3
6 - 8
0.15 to <0.30%
Strong
774
6
\u2014
\u2014
780
4
\u2014
\u2014
\u2014
4
776
0.5
9 - 11
0.30 to <0.60%
Strong
4,539
59
\u2014
\u2014
4,598
11
3
\u2014
\u2014
14
4,584
0.3
12 - 14
0.60 to <2.15%
Satisfactory
5,762
239
\u2014
\u2014
6,001
82
10
\u2014
\u2014
92
5,909
1.5
15 - 19
2.15 to <11.35%
Satisfactory
656
887
\u2014
\u2014
1,543
21
41
\u2014
\u2014
62
1,481
4.0
20 - 21
11.35 to <100%
Higher Risk
68
176
\u2014
\u2014
244
17
57
\u2014
\u2014
74
170
30.3
22
100%
Credit
Impaired
\u2014
\u2014
378
17
395
\u2014
\u2014
161
\u2014
161
234
40.8
Total
12,450
1,373
378
17
14,218
138
111
161
\u2014
410
13,808
2.9
Credit risk profile by internal PD grade for corporate loans3 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
41,412
228
3
\u2014
41,643
6
1
2
\u2014
9
41,634
\u2014
4 - 5
0.05 to <0.15%
Strong
24,082
145
\u2014
\u2014
24,227
10
\u2014
\u2014
\u2014
10
24,217
\u2014
6 - 8
0.15 to <0.30%
Strong
11,933
575
\u2014
\u2014
12,508
9
2
\u2014
\u2014
11
12,497
0.1
9 - 11
0.30 to <0.60%
Strong
16,861
377
\u2014
\u2014
17,238
23
3
\u2014
\u2014
26
17,212
0.2
12 - 14
0.60 to <2.15%
Satisfactory
16,673
3,766
\u2014
\u2014
20,439
79
44
\u2014
\u2014
123
20,316
0.6
15 - 19
2.15 to <11.35%
Satisfactory
5,331
3,857
\u2014
\u2014
9,188
73
128
\u2014
\u2014
201
8,987
2.2
20 - 21
11.35 to <100%
Higher Risk
216
2,219
\u2014
\u2014
2,435
9
153
\u2014
\u2014
162
2,273
6.7
22
100%
Credit
Impaired
\u2014
\u2014
3,113
\u2014
3,113
\u2014
\u2014
624
\u2014
624
2,489
20.0
Total
116,508
11,167
3,116
\u2014
130,791
209
331
626
\u2014
1,166
129,625
0.9
Credit risk profile by internal PD grade for loans and advances at amortised cost3 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
68,406
878
3
\u2014
69,287
8
1
2
\u2014
11
69,276
\u2014
4 - 5
0.05 to <0.15%
Strong
116,783
7,018
\u2014
\u2014
123,801
30
3
\u2014
\u2014
33
123,768
\u2014
6 - 8
0.15 to <0.30%
Strong
34,873
5,003
\u2014
\u2014
39,876
30
8
\u2014
\u2014
38
39,838
0.1
9 - 11
0.30 to <0.60%
Strong
36,987
3,391
\u2014
\u2014
40,378
72
16
\u2014
\u2014
88
40,290
0.2
12 - 14
0.60 to <2.15%
Satisfactory
33,596
6,917
\u2014
\u2014
40,513
341
85
\u2014
\u2014
426
40,087
1.1
15 - 19
2.15 to <11.35%
Satisfactory
15,400
9,332
\u2014
\u2014
24,732
384
631
\u2014
\u2014
1,015
23,717
4.1
20 - 21
11.35 to <100%
Higher Risk
729
4,614
\u2014
\u2014
5,343
73
1,007
\u2014
\u2014
1,080
4,263
20.2
22
100%
Credit
Impaired
\u2014
\u2014
7,356
57
7,413
\u2014
\u2014
2,379
\u2014
2,379
5,034
32.1
Total
306,774
37,153
7,359
57
351,343
938
1,751
2,381
\u2014
5,070
346,273
1.4
Credit risk profile by internal PD grade for contingent liabilities 1 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1-3
0.0 to <0.05%
Strong
8,837
\u2014
\u2014
\u2014
8,837
1
\u2014
\u2014
\u2014
1
8,836
\u2014
4-5
0.05 to <0.15%
Strong
3,920
178
\u2014
\u2014
4,098
2
\u2014
\u2014
\u2014
2
4,096
\u2014
6-8
0.15 to <0.30%
Strong
3,645
5
\u2014
\u2014
3,650
2
\u2014
\u2014
\u2014
2
3,648
0.1
9-11
0.30 to <0.60%
Strong
2,025
92
\u2014
\u2014
2,117
3
\u2014
\u2014
\u2014
3
2,114
0.1
12-14
0.60 to <2.15%
Satisfactory
2,773
230
\u2014
\u2014
3,003
12
3
\u2014
\u2014
15
2,988
0.5
15-19
2.15 to <11.35%
Satisfactory
1,163
691
\u2014
\u2014
1,854
15
16
\u2014
\u2014
31
1,823
1.7
20-21
11.35 to <100%
Higher Risk
85
709
\u2014
\u2014
794
1
84
\u2014
\u2014
85
709
10.7
22
100%
Credit
Impaired
\u2014
\u2014
116
\u2014
116
\u2014
\u2014
23
\u2014
23
93
19.8
Total
22,448
1,905
116
\u2014
24,469
36
103
23
\u2014
162
24,307
0.7
Credit risk profile by internal PD grade for contingent liabilities 1 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1-3
0.0 to <0.05%
Strong
8,132
310
\u2014
\u2014
8,442
1
1
\u2014
\u2014
2
8,440
\u2014
4-5
0.05 to <0.15%
Strong
4,934
\u2014
\u2014
\u2014
4,934
2
\u2014
\u2014
\u2014
2
4,932
\u2014
6-8
0.15 to <0.30%
Strong
2,717
391
\u2014
\u2014
3,108
2
\u2014
\u2014
\u2014
2
3,106
0.1
9-11
0.30 to <0.60%
Strong
2,177
119
\u2014
\u2014
2,296
4
\u2014
\u2014
\u2014
4
2,292
0.2
12-14
0.60 to <2.15%
Satisfactory
2,309
563
\u2014
\u2014
2,872
12
7
\u2014
\u2014
19
2,853
0.7
15-19
2.15 to <11.35%
Satisfactory
730
937
\u2014
\u2014
1,667
22
36
\u2014
\u2014
58
1,609
3.5
20-21
11.35 to <100%
Higher Risk
29
515
\u2014
\u2014
544
\u2014
82
\u2014
\u2014
82
462
15.1
22
100%
Credit
Impaired
\u2014
\u2014
495
\u2014
495
\u2014
\u2014
16
\u2014
16
479
3.2
Total
21,028
2,835
495
\u2014
24,358
43
126
16
\u2014
185
24,173
0.8
Credit risk profile by internal PD grade for loan commitments 1'2 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1-3
0.0 to <0.05%
Strong
99,493
254
\u2014
\u2014
99,747
4
\u2014
\u2014
\u2014
4
99,743
\u2014
4-5
0.05 to <0.15%
Strong
91,508
890
\u2014
\u2014
92,398
7
\u2014
\u2014
\u2014
7
92,391
\u2014
6-8
0.15 to <0.30%
Strong
59,653
768
\u2014
\u2014
60,421
6
1
\u2014
\u2014
7
60,414
\u2014
9-11
0.30 to <0.60%
Strong
70,160
696
\u2014
\u2014
70,856
8
\u2014
\u2014
\u2014
8
70,848
\u2014
12-14
0.60 to <2.15%
Satisfactory
52,220
2,994
\u2014
\u2014
55,214
38
28
\u2014
\u2014
66
55,148
0.1
15-19
2.15 to <11.35%
Satisfactory
14,387
5,332
\u2014
\u2014
19,719
40
42
\u2014
\u2014
82
19,637
0.4
20-21
11.35 to <100%
Higher Risk
624
3,634
\u2014
\u2014
4,258
5
66
\u2014
\u2014
71
4,187
1.7
22
100%
Credit
Impaired
\u2014
\u2014
696
5
701
\u2014
\u2014
9
\u2014
9
692
1.3
Total
388,045
14,568
696
5
403,314
108
137
9
\u2014
254
403,060
0.1
Credit risk profile by internal PD grade for loan commitments 1'2 (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at December 31 2024
1-3
0.0 to <0.05%
Strong
92,589
342
\u2014
\u2014
92,931
3
\u2014
\u2014
\u2014
3
92,928
\u2014
4-5
0.05 to <0.15%
Strong
82,489
342
\u2014
\u2014
82,831
8
\u2014
\u2014
\u2014
8
82,823
\u2014
6-8
0.15 to <0.30%
Strong
63,004
1,071
\u2014
\u2014
64,075
12
1
\u2014
\u2014
13
64,062
\u2014
9-11
0.30 to <0.60%
Strong
70,770
904
\u2014
\u2014
71,674
19
1
\u2014
\u2014
20
71,654
\u2014
12-14
0.60 to <2.15%
Satisfactory
68,038
3,179
\u2014
\u2014
71,217
36
12
\u2014
\u2014
48
71,169
0.1
15-19
2.15 to <11.35%
Satisfactory
13,633
6,535
\u2014
\u2014
20,168
41
50
\u2014
\u2014
91
20,077
0.5
20-21
11.35 to <100%
Higher Risk
704
3,520
\u2014
\u2014
4,224
2
60
\u2014
\u2014
62
4,162
1.5
22
100%
Credit
Impaired
\u2014
\u2014
673
6
679
\u2014
\u2014
9
\u2014
9
670
1.3
Total
391,227
15,893
673
6
407,799
121
124
9
\u2014
254
407,545
0.1
Notes:
1 Excludes loan commitments and financial guarantee s of \u00a322.2b n (2024 : \u00a316.3b n) carried at fair value.
2 Reported off-balance sheet loan commitments also include exposures relating to financial assets classified as assets held for sale.
3 Exposure s reported within Retail credit cards and Corporate loans does not include co-branded card portfolio which is classified as assets held for sale.
Assets held for sale
This section presents a co-branded card portfolio in USCB classified as assets held for sale. Further, the sale of the German consumer
finance business was completed in Q125.
For further details on assets held for sale, see Note 40 to the financial statements.
Loans and advances by product
Loans and advances to customers classified as assets held for sale (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
ECL
Coverage
Gross
ECL
Coverage
Gross
ECL
Coverage
Gross
ECL
Coverage
As at 31 December 2025
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
Retail credit cards - US
5,468
65
1.2
466
124
26.6
54
44
81.5
5,988
233
3.9
Retail credit cards - Germany
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail other - Germany
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Corporate loans - US
43
1
2.3
6
2
33.3
\u2014
\u2014
\u2014
49
3
6.1
Total Rest of the World
5,511
66
1.2
472
126
26.7
54
44
81.5
6,037
236
3.9
As at 31 December 2024
Retail credit cards - US
5,495
64
1.2
689
161
23.4
57
46
80.7
6,241
271
4.3
Retail credit cards - Germany
1,908
18
0.9
307
29
9.4
93
69
74.2
2,308
116
5.0
Retail other - Germany
1,134
16
1.4
220
33
15.0
71
48
67.6
1,425
97
6.8
Corporate loans - US
49
1
2.0
9
3
33.3
1
1
100.0
59
5
8.5
Total Rest of the World
8,586
99
1.2
1,225
226
18.4
222
164
73.9
10,033
489
4.9
Management adjustments to models for impairment (audited)
Management adjustments to models for impairment allowance presented by product (audited)
Impairment
allowance pre
management
adjustments
Economic
uncertainty
adjustments1
(a)
Other
adjustments
(b)
Management
adjustments
(a+b)
Total
impairment
allowance
Proportion of
Management
adjustments
to total
impairment
allowance
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail credit cards - US
232
5
\u2014
5
237
2.1
Retail credit cards - Germany
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail other - Germany
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Corporate loans - US
3
\u2014
\u2014
\u2014
3
\u2014
Total Rest of the World
235
5
\u2014
5
240
2.1
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail credit cards - US
277
\u2014
\u2014
\u2014
277
\u2014
Retail credit cards - Germany
101
\u2014
16
16
117
13.7
Retail other - Germany
80
\u2014
17
17
97
17.5
Corporate loans - US
5
\u2014
\u2014
\u2014
5
\u2014
Total Rest of the World
463
\u2014
33
33
496
6.7
Note:
1 Reflects a Stage 2 adjustment for elevated US macroeconomic uncertainty; with impacts yet to materialise in consumer behaviour.
Credit exposures by internal PD grade
Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
165
\u2014
\u2014
\u2014
165
\u2014
\u2014
\u2014
\u2014
\u2014
165
\u2014
6 - 8
0.15 to <0.30%
Strong
953
\u2014
\u2014
\u2014
953
3
\u2014
\u2014
\u2014
3
950
0.3
9 - 11
0.30 to <0.60%
Strong
1,351
1
\u2014
\u2014
1,352
6
\u2014
\u2014
\u2014
6
1,346
0.4
12 - 14
0.60 to <2.15%
Satisfactory
1,795
5
\u2014
\u2014
1,800
18
\u2014
\u2014
\u2014
18
1,782
1.0
15 - 19
2.15 to
<11.35%
Satisfactory
1,149
226
\u2014
\u2014
1,375
34
35
\u2014
\u2014
69
1,306
5.0
20 - 21
11.35 to <100%
Higher Risk
55
234
\u2014
\u2014
289
4
89
\u2014
\u2014
93
196
32.2
22
100%
Credit
Impaired
\u2014
\u2014
54
\u2014
54
\u2014
\u2014
44
\u2014
44
10
81.5
Total
5,468
466
54
\u2014
5,988
65
124
44
\u2014
233
5,755
3.9
Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6 - 8
0.15 to <0.30%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9 - 11
0.30 to <0.60%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12 - 14
0.60 to <2.15%
Satisfactory
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
15 - 19
2.15 to
<11.35%
Satisfactory
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
20 - 21
11.35 to <100%
Higher Risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
22
100%
Credit
Impaired
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6 - 8
0.15 to <0.30%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9 - 11
0.30 to <0.60%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12 - 14
0.60 to <2.15%
Satisfactory
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
15 - 19
2.15 to
<11.35%
Satisfactory
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
20 - 21
11.35 to <100%
Higher Risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
22
100%
Credit
Impaired
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6 - 8
0.15 to <0.30%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9 - 11
0.30 to <0.60%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12 - 14
0.60 to <2.15%
Satisfactory
2
\u2014
\u2014
\u2014
2
\u2014
\u2014
\u2014
\u2014
\u2014
2
\u2014
15 - 19
2.15 to <11.35%
Satisfactory
41
\u2014
\u2014
\u2014
41
1
\u2014
\u2014
\u2014
1
40
2.4
20 - 21
11.35 to <100%
Higher Risk
\u2014
6
\u2014
\u2014
6
\u2014
2
\u2014
\u2014
2
4
33.3
22
100%
Credit
Impaired
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
43
6
\u2014
\u2014
49
1
2
\u2014
\u2014
3
46
6.1
Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6 - 8
0.15 to <0.30%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9 - 11
0.30 to <0.60%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12 - 14
0.60 to <2.15%
Satisfactory
5,495
\u2014
\u2014
\u2014
5,495
64
\u2014
\u2014
\u2014
64
5,431
1.2
15 - 19
2.15 to <11.35%
Satisfactory
\u2014
689
\u2014
\u2014
689
\u2014
161
\u2014
\u2014
161
528
23.4
20 - 21
11.35 to <100%
Higher Risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
22
100%
Credit
Impaired
\u2014
\u2014
57
\u2014
57
\u2014
\u2014
46
\u2014
46
11
80.7
Total
5,495
689
57
\u2014
6,241
64
161
46
\u2014
271
5,970
4.3
Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
62
\u2014
\u2014
\u2014
62
\u2014
\u2014
\u2014
\u2014
\u2014
62
\u2014
4 - 5
0.05 to <0.15%
Strong
289
\u2014
\u2014
\u2014
289
1
\u2014
\u2014
\u2014
1
288
0.3
6 - 8
0.15 to <0.30%
Strong
152
\u2014
\u2014
\u2014
152
1
\u2014
\u2014
\u2014
1
151
0.7
9 - 11
0.30 to <0.60%
Strong
250
\u2014
\u2014
\u2014
250
1
\u2014
\u2014
\u2014
1
249
0.4
12 - 14
0.60 to <2.15%
Satisfactory
928
5
\u2014
\u2014
933
9
\u2014
\u2014
\u2014
9
924
1.0
15 - 19
2.15 to <11.35%
Satisfactory
227
229
\u2014
\u2014
456
6
15
\u2014
\u2014
21
435
4.6
20 - 21
11.35 to <100%
Higher Risk
\u2014
73
\u2014
\u2014
73
\u2014
14
\u2014
\u2014
14
59
19.2
22
100%
Credit
Impaired
\u2014
\u2014
93
\u2014
93
\u2014
\u2014
69
\u2014
69
24
74.2
Total
1,908
307
93
\u2014
2,308
18
29
69
\u2014
116
2,192
5.0
Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
1
\u2014
\u2014
\u2014
1
\u2014
\u2014
\u2014
\u2014
\u2014
1
\u2014
4 - 5
0.05 to <0.15%
Strong
25
\u2014
\u2014
\u2014
25
\u2014
\u2014
\u2014
\u2014
\u2014
25
\u2014
6 - 8
0.15 to <0.30%
Strong
110
\u2014
\u2014
\u2014
110
\u2014
\u2014
\u2014
\u2014
\u2014
110
\u2014
9 - 11
0.30 to <0.60%
Strong
294
\u2014
\u2014
\u2014
294
1
\u2014
\u2014
\u2014
1
293
0.3
12 - 14
0.60 to <2.15%
Satisfactory
534
17
\u2014
\u2014
551
6
4
\u2014
\u2014
10
541
1.8
15 - 19
2.15 to <11.35%
Satisfactory
170
182
\u2014
\u2014
352
9
22
\u2014
\u2014
31
321
8.8
20 - 21
11.35 to <100%
Higher Risk
\u2014
21
\u2014
\u2014
21
\u2014
7
\u2014
\u2014
7
14
33.3
22
100%
Credit
Impaired
\u2014
\u2014
71
\u2014
71
\u2014
\u2014
48
\u2014
48
23
67.6
Total
1,134
220
71
\u2014
1,425
16
33
48
\u2014
97
1,328
6.8
Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6 - 8
0.15 to <0.30%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9 - 11
0.30 to <0.60%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12 - 14
0.60 to <2.15%
Satisfactory
49
\u2014
\u2014
\u2014
49
1
\u2014
\u2014
\u2014
1
48
2.0
15 - 19
2.15 to <11.35%
Satisfactory
\u2014
9
\u2014
\u2014
9
\u2014
3
\u2014
\u2014
3
6
33.3
20 - 21
11.35 to <100%
Higher Risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
22
100%
Credit
Impaired
\u2014
\u2014
1
\u2014
1
\u2014
\u2014
1
\u2014
1
\u2014
100.0
Total
49
9
1
\u2014
59
1
3
1
\u2014
5
54
8.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-3": { "value": "
Market risk management
(audited)
The risk of loss arising from potential
adverse changes in the value of the
Group\u2019s assets and liabilities from
fluctuation in market variables including,
but not limited to, interest rates, foreign
exchange, equity prices, commodity
prices, credit spreads, implied volatilities
and asset correlations.
Overview
Market risk arises primarily as a result of
client facilitation in wholesale markets,
involving market-making activities, risk
management solutions and execution of
syndications. Upon execution of a trade
with a client, the Group will look to hedge
against the risk of the trade moving in an
adverse direction. Mismatches between
client transactions and hedges result in
market risk due to changes in asset prices,
volatility or correlations.
Organisation, roles and responsibilities
Market risk in the businesses resides
primarily in Investment Bank and Treasury.
These businesses have the mandate to
assume market risk. The front office and
Treasury trading desks are responsible for
managing market risk on a day-to-day
basis, where they are required to
understand and adhere to all limits
applicable to their businesses. The Market
Risk team supports the trading desks with
the day-to-day limit management of
market risk exposures through governance
processes which are outlined in supporting
market risk policies and standards.
Market risk oversight and challenge is
provided by business committees and
Group committees, including the Market
Risk Committee (MRC).
The objectives of market risk management
are to:
\u2022 identify, understand and control market
risk by robust measurement, limit
setting, reporting and oversight
\u2022 facilitate business growth within a
controlled and transparent risk
management framework
\u2022 control market risk in the businesses
according to the allocated appetite.
To meet the above objectives, a
governance structure is in place to manage
these risks consistent with the ERMF.
The BRC recommends market risk
appetite to the Board for their approval.
The Market Risk Principal Risk Lead (PR
Lead) is responsible for the Market Risk
Control Framework and, under delegated
authority from the Group CRO, agrees with
the business CROs a limit framework within
the context of the approved market risk
appetite.
The Market Risk Committee (MRC) reviews
and makes recommendations concerning
the group-wide market risk profile. This
includes overseeing the operation of the
Market Risk Framework and associated
policies and standards, monitoring market
and regulatory changes, and reviewing limit
utilisation levels. The committee is chaired
by the PR Lead and attendees include the
business heads of market risk and business
aligned market risk managers.
In addition to MRC, the Investment Bank
Risk Committee (\u2018IBRC\u2019) is the main forum
in which market risk exposures are
discussed and reviewed with senior
business heads. The Committee is chaired
by the BBPLC CRO and meets weekly,
covering current market events, notable
market risk exposures, and key risk topics.
New business initiatives are generally
socialised at IBRC before any changes to
risk appetite or associated limits are
considered in other governance
committees.
The head of each business is accountable
for all market risks associated with its
activities, while the head of the market risk
team covering each business is
responsible for implementing the risk
control framework for market risk.
\"ReadMore_Arrow.svg\"
For more information on market risk
management, refer to the Barclays PLC
Pillar 3 Report pages 156 to 165
(unaudited).
Management value at risk (VaR)
VaR is an estimate of the potential loss
arising from unfavourable market
movements if the current positions were
to be held unchanged for one business day.
For internal market risk management
purposes, a historical simulation
methodology with a one-year equally
weighted historical period, at the 95%
confidence level is used for all trading
books and some banking books.
Limits are applied at the total level as well
as by risk factor type, which are then
cascaded down to particular trading desks
and businesses by the market risk
management function.
\"ReadMore_Arrow.svg\"
See the market risk performance section
for a review of management VaR.
The daily average, high and low values of management VaR
Management VaR (95%, one day) (audited)
2025
2024
Average
High 1
Low1
Average
High 1
Low1
For the year ended 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Credit risk
15
21
11
21
27
17
Interest rate risk
15
25
5
15
25
7
Equity risk
7
14
4
6
12
2
Basis risk
6
9
4
5
8
4
Spread risk
5
7
3
5
7
3
Foreign exchange risk
5
10
3
4
9
2
Commodity risk
\u2014
1
\u2014
\u2014
1
\u2014
Inflation risk
5
8
3
4
5
2
Diversification effect 1
(40)
n/a
n/a
(34)
n/a
n/a
Total management VaR
18
30
8
26
36
15
Note:
1 Diversification effects recognise that forecast losses from different assets or businesses are unlikely to occur concurrently, hence the expected aggregate
loss is lower than the sum of the expected losses from each area. Historical correlations between losses are taken into account in making these assessments.
The high and low VaR figures reported for each category did not necessarily occur on the same day as the high and low VaR reported as a whole. Consequently,
a diversification effect balance for the high and low VaR figures would not be meaningful and is therefore omitted from the above table.
Foreign exchange risk (audited)
The Group is exposed to two sources of foreign exchange risk.
a) Transactional foreign currency exposure
Transactional foreign currency exposures represent exposure on banking assets and liabilities, denominated in currencies other than
the functional currency of the transacting entity.
The Group\u2019s risk management policies are designed to prevent the holding of significant open positions in foreign currencies outside the
trading portfolio managed by Barclays Investment bank which is monitored through VaR.
Banking book transactional foreign exchange risk outside of Barclays Investment bank is monitored on a daily basis by the market risk
f unction and minimised by the businesses.
b) Translational foreign exchange exposure
The Group\u2019s investments in overseas subsidiaries and branches create capital resources denominated in foreign currencies, principally
USD and EUR. Changes in the GBP value of the net investments due to foreign currency movements are captured in the currency
translation reserve, resulting in a movement in CET1 capital.
The Group\u2019s strategy is to minimise the volatility of the CET1 ratios caused by foreign exchange movements, by matching the CET1
capital movements to the revaluation of the Group\u2019s foreign currency RWA exposures.
Functional currency of operations (audited)
Foreign
currency net
investments
Borrowings
which hedge
the net
investments
Derivatives
which hedge
the net
investments
Structural
currency
exposures pre-
economic
hedges
Other equity
Instruments
Remaining
structural
currency
exposures
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
31 December 2025
USD
26,370
(4,406)
(2,141)
19,823
(5,450)
14,373
EUR
10,195
(6,097)
\u2014
4,098
(1,310)
2,788
INR
1,489
\u2014
(1,259)
230
\u2014
230
JPY
544
(177)
\u2014
367
\u2014
367
Other currencies
2,007
(8)
(989)
1,010
(1,127)
(117)
Total
40,605
(10,688)
(4,389)
25,528
(7,887)
17,641
31 December 2024
USD
28,012
(6,243)
(2,230)
19,539
(5,846)
13,693
EUR
9,549
(5,655)
\u2014
3,894
(264)
3,630
INR
1,403
\u2014
(992)
411
\u2014
411
JPY
628
(215)
\u2014
413
\u2014
413
Other currencies
2,037
(76)
(792)
1,169
(849)
320
Total
41,629
(12,189)
(4,014)
25,426
(6,959)
18,467
Other equity instruments\u00a0 relate to exposures arising on foreign currency denominated preference share and AT1 instruments. These
are accounted for at historical cost under IFRS and do not qualify as hedges for accounting purposes. The gain or loss arising from
changes in the GBP value of these instruments is recognised on redemption in retained earnings.
During 2025, total structural currency exposure net of hedging instruments decreased to \u00a317.6bn (2024: \u00a318.5bn). Foreign currency
net\u00a0investments decreased\u00a0 to \u00a340.6bn (2024: \u00a341.6bn) driven predominantly by a \u00a31.6bn decrease in USD, offset by \u00a30.6bn increase in
EUR. The hedges (excluding economic hedges) associated with these investments decreased to \u00a315.1bn (2024: \u00a316.2bn).
Net interest income sensitivity (AEaR) by currency (audited)
2025
2024
+25 basis points
-25 basis points
+25 basis points
-25 basis points
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
GBP
31
(41)
56
(76)
USD
(43)
42
(30)
30
EUR
(4)
3
(5)
5
Other currencies
11
(10)
3
(3)
Total
(5)
(6)
24
(44)
Analysis of equity sensitivity
Equity sensitivity measures the overall impact of a +/-25bps movement in interest rates on retained earnings, FVOCI, cash flow hedging
reserves and pensions. For non-NII items a DV01 metric is used, which is an indicator of the shift in value for a 1bp movement in the yield
curve.
Analysis of equity sensitivity (audited)
2025
2024
+25 basis
points
-25 basis
points
+25 basis
points
-25 basis
points
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net interest income
(5)
(6)
24
(44)
Taxation effects on the above
1
2
(6)
11
Effect on profit for the year
(4)
(4)
18
(33)
As percentage of net profit after tax
(0.1%)
(0.1%)
0.3%
(0.5%)
Effect on profit for the year (per above)
(4)
(4)
18
(33)
Fair value through other comprehensive income reserve
(193)
200
(189)
196
Cash flow hedge reserve
(1,211)
1,211
(907)
907
Taxation effects on the above
393
(395)
307
(309)
Effect on equity
(1,015)
1,012
(771)
761
As percentage of equity
(1.3%)
1.3%
(1.1%)
1.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-4": { "value": "
Liquidity risk management
(audited)
Overview
The efficient management of liquidity is
essential to the Group in order to retain the
confidence of the financial markets and
maintain the sustainability of the business.
Treasury and Capital Risk have created a
framework to manage all liquidity risk
exposures under both normal and stressed
conditions. The framework is designed to
maintain liquidity resources that are
sufficient in amount, quality and funding
tenor profile to remain within the liquidity
limits set by the Barclays PLC Board. The
Board sets liquidity limits on both internal
and regulatory liquidity metrics.
Organisation, roles and responsibilities
Treasury has the primary responsibility for
managing liquidity risk within the set risk
appetite. Both Risk and Treasury
contribute to the production of the Internal
Liquidity Adequacy Assessment Process
(ILAAP). The Treasury and Capital Risk
function is responsible for the
management and governance of the
liquidity risk mandate, as defined by the
Board.
The liquidity risk management framework
established by Treasury and Capital Risk is
designed to deliver the appropriate term
and structure of funding, consistent with
the risk appetite set by the Board. The
framework incorporates a range of
ongoing business management tools to
monitor and stress test the Group\u2019s
balance sheet and recovery plan, including
limit setting. Limit setting and transfer
pricing are tools designed to control the
level of liquidity risk taken and drive the
appropriate mix of funds. Adherence to
limits reduces the likelihood that a liquidity
stress event could lead to an inability to
meet Group\u2019s obligations as they fall due.
The Board approves the Group funding
plan, internal stress tests, regulatory stress
test results, recovery plan and liquidity risk
qualitative statement that supports the
Group risk appetite. The Group Treasury
Committee is responsible for monitoring
and managing liquidity risk in line with the
Group\u2019s funding management objectives,
funding plan and risk appetite. The
Treasury and Capital Risk Committee
monitors and reviews the liquidity risk
profile and control environment, providing
second line oversight of the management
of liquidity risk. The BRC reviews the risk
profile, liquidity risk qualitative statement,
and the impact of stress scenarios on the
Group funding plan/forecast in order to
agree the Group's projected funding
abilities. The Group BRC also approves
liquidity limits to define the Group's risk
appetite liquidity constraint.
The table below provides detail on the contractual maturity of all financial instruments and other assets and liabilities. Derivatives (other
than those designated in a hedging relationship) and trading portfolio assets and liabilities are included in the \u2018not more than one month'
column at their fair value. Liquidity risk on these items is not managed on the basis of contractual maturity since they are not held for
settlement according to such maturity and will frequently be settled before contractual maturity at fair value. Derivatives designated in a
hedging relationship are included according to their contractual maturity.
Open-dated financial assets and liabilities are included within 'not more than one month' due to the availability of withdrawals or
redemptions at any time, without notice.
Contractual maturity of financial assets and liabilities (audited)
As at 31 December 2025
Not more
than one
month
Over one
month but
not more
than three
months
Over three
months but
not more
than six
months
Over six
months but
not more
than one
year
Over one
year but
not more
than three
years
Over three
years but
not more
than five
years
Over five
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Cash and balances at central banks
229,752
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
229,752
Cash collateral and settlement balances
87,432
43,100
\u2014
\u2014
\u2014
\u2014
\u2014
130,532
Debt securities at amortised cost
390
5,136
1,776
3,362
18,130
13,525
26,156
68,475
Loans and advances at amortised cost to banks
and customers
23,738
6,113
7,690
19,968
58,229
38,340
207,445
361,523
Reverse repurchase agreements and other similar
secured lending
10,826
338
520
406
1,971
2,816
745
17,622
Trading portfolio assets
190,061
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
190,061
Financial assets at fair value through the income
statement
146,471
13,492
4,506
4,153
10,863
3,036
4,336
186,857
Derivative financial instruments
249,744
146
201
371
1,622
302
73
252,459
Financial assets at fair value through other
comprehensive income
1,370
2,064
483
885
13,412
22,875
33,305
74,394
Assets included in disposal groups classified as
held for sale
\u2014
\u2014
5,932
\u2014
\u2014
\u2014
\u2014
5,932
Other financial assets
743
47
43
6
5
2
1
847
Total financial assets
940,527
70,436
21,151
29,151
104,232
80,896
272,061
1,518,454
Other assets
25,711
Total assets
1,544,165
Liabilities
Deposits at amortised cost from banks and
customers
462,723
42,184
38,930
33,970
6,563
699
544
585,613
Cash collateral and settlement balances
84,836
32,747
\u2014
\u2014
\u2014
\u2014
\u2014
117,583
Repurchase agreements and other similar
secured borrowing
10,174
4,507
75
3,030
4,354
\u2014
3,030
25,170
Debt securities in issue
6,206
10,732
23,120
13,302
17,566
16,036
32,071
119,033
Subordinated liabilities
\u2014
\u2014
1,522
400
1,870
1,063
8,099
12,954
Trading portfolio liabilities
57,737
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
57,737
Financial liabilities designated at fair value
162,852
29,816
16,489
14,172
31,413
19,693
19,673
294,108
Derivative financial instruments
240,147
23
53
13
258
100
214
240,808
Liabilities included in disposal groups classified
as\u00a0held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other financial liabilities
4,602
4
30
53
196
154
813
5,852
Total financial liabilities
1,029,277
120,013
80,219
64,940
62,220
37,745
64,444
1,458,858
Other liabilities
7,071
Total liabilities
1,465,929
Contractual maturity of financial assets and liabilities (audited)
As at 31 December 2024
Not more
than one
month
Over one
month but
not more
than three
months
Over three
months but
not more
than six
months
Over six
months but
not more
than one
year
Over one
year but
not more
than three
years
Over three
years but
not more
than five
years
Over five
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Cash and balances at central banks
210,184
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
210,184
Cash collateral and settlement balances
82,661
37,182
\u2014
\u2014
\u2014
\u2014
\u2014
119,843
Debt securities at amortised cost
233
1,009
2,218
3,591
20,231
12,400
28,528
68,210
Loans and advances at amortised cost to banks
and customers
24,290
6,237
8,327
18,544
57,020
32,755
199,100
346,273
Reverse repurchase agreements and other similar
secured lending
1,390
37
292
359
1,676
980
\u2014
4,734
Trading portfolio assets
166,453
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
166,453
Financial assets at fair value through the income
statement
152,935
11,628
4,489
4,494
10,174
5,568
4,446
193,734
Derivative financial instruments
291,006
293
512
710
783
79
147
293,530
Financial assets at fair value through other
comprehensive income
1,473
1,067
351
944
14,239
23,511
36,474
78,059
Assets included in disposal groups classified as held
for sale
\u2014
3,710
\u2014
\u2014
6,144
\u2014
\u2014
9,854
Other financial assets
786
29
55
18
2
\u2014
1
891
Total financial assets
931,411
61,192
16,244
28,660
110,269
75,293
268,696
1,491,765
Other assets
26,437
Total assets
1,518,202
Liabilities
Deposits at amortised cost from banks and
customers
450,889
40,688
34,512
26,999
5,283
1,505
787
560,663
Cash collateral and settlement balances
76,655
29,574
\u2014
\u2014
\u2014
\u2014
\u2014
106,229
Repurchase agreements and other similar secured
borrowing
18,771
1,823
84
8,537
10,200
\u2014
\u2014
39,415
Debt securities in issue
2,928
16,868
5,859
3,469
17,477
15,378
30,423
92,402
Subordinated liabilities
\u2014
96
65
80
2,126
1,583
7,971
11,921
Trading portfolio liabilities
56,908
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
56,908
Financial liabilities designated at fair value
160,429
23,084
16,739
15,328
28,320
19,050
19,274
282,224
Derivative financial instruments
278,616
27
18
17
282
263
192
279,415
Liabilities included in disposal groups classified as
held for sale
\u2014
3,726
\u2014
\u2014
\u2014
\u2014
\u2014
3,726
Other financial liabilities
4,957
4
30
61
202
140
739
6,133
Total financial liabilities
1,050,153
115,890
57,307
54,491
63,890
37,919
59,386
1,439,036
Other liabilities
6,685
Total liabilities
1,445,721
Contractual maturity of financial liabilities on an undiscounted basis
The table below presents the cash flows payable by the Group under financial liabilities by remaining contractual maturities at the
balance sheet date. The amounts disclosed in the table are the contractual undiscounted cash flows of all financial liabilities (i.e. nominal
values).
The balances in the below table do not agree directly to the balances in the consolidated balance sheet as the table incorporates all cash
flows, on an undiscounted basis, related to both principal as well as those associated with all future coupon payments.
Derivative financial instruments held for trading and trading portfolio liabilities are included in the 'not more than one month' column at
their fair value. Open-dated financial liabilities are also included within 'not more than one month'.
Contractual maturity of financial liabilities - undiscounted (audited)
Not\u00a0 more
than one
month
Over one
month but
not more
than three
months
Over three
months but
not more
than six
months
Over six
months but
not more
than one
year
Over one
year but
not more
than three
years
Over three
years but
not more
than five
years
Over five
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Deposits at amortised cost from banks and
customers
462,812
42,491
39,430
34,773
6,917
777
805
588,005
Cash collateral and settlement balances
84,850
32,908
\u2014
\u2014
\u2014
\u2014
\u2014
117,758
Repurchase agreements and other similar
secured borrowing
10,185
4,520
75
3,111
4,498
\u2014
3,627
26,016
Debt securities in issue
6,217
10,793
23,413
13,619
18,533
18,178
48,191
138,944
Subordinated liabilities
\u2014
\u2014
1,562
418
1,975
1,263
10,502
15,720
Trading portfolio liabilities
57,737
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
57,737
Financial liabilities designated at fair value
162,942
29,981
16,677
14,449
32,852
21,679
34,103
312,683
Derivative financial instruments
240,103
67
54
13
278
115
415
241,045
Liabilities included in disposal groups classified
as\u00a0held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other financial liabilities
4,606
16
48
89
323
262
3,977
9,321
Total financial liabilities
1,029,452
120,776
81,259
66,472
65,376
42,274
101,620
1,507,229
As at 31 December 2024
Deposits at amortised cost from banks and
customers
451,093
40,992
34,963
27,670
5,579
1,752
1,025
563,074
Cash collateral and settlement balances
76,658
29,745
\u2014
\u2014
\u2014
\u2014
\u2014
106,403
Repurchase agreements and other similar
secured borrowing
18,790
1,832
84
8,822
10,953
\u2014
\u2014
40,481
Debt securities in issue
2,937
16,981
5,938
3,593
18,365
17,563
46,183
111,560
Subordinated liabilities
\u2014
96
65
80
2,283
1,777
10,726
15,027
Trading portfolio liabilities
56,908
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
56,908
Financial liabilities designated at fair value
160,604
23,256
16,968
15,709
29,999
21,427
34,407
302,370
Derivative financial instruments
278,620
27
18
17
304
307
403
279,696
Liabilities included in disposal groups classified
as\u00a0held for sale
\u2014
3,726
\u2014
\u2014
\u2014
\u2014
\u2014
3,726
Other financial liabilities
4,963
16
49
96
322
239
4,149
9,834
Total financial liabilities
1,050,573
116,671
58,085
55,987
67,805
43,065
96,893
1,489,079
Maturity of off-balance sheet commitments given
The table below presents the maturity split of the Group\u2019s off-balance sheet commitments given at the balance sheet date. The
amounts disclosed in the table are the undiscounted cash flows (i.e. nominal values) on the basis of earliest opportunity at which they are
available.
Maturity analysis of off-balance sheet commitments given (audited)
Not more
than one
month
Over one
month but not
more than
three months
Over three
months but not
more than six
months
Over six
months but
not more than
one year
Over one
year but
not more
than three
years
Over three
years but not
more than
five years
Over five\u00a0
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Contingent liabilities and financial
guarantees
25,372
\u2014
1
1
\u2014
\u2014
\u2014
25,374
Documentary credits and other short-
term trade related transactions
1,103
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,103
Standby facilities, credit lines and other
commitments 1
423,420
\u2014
\u2014
\u2014
63
17
3
423,503
Total off-balance sheet commitments
given
449,895
\u2014
1
1
63
17
3
449,980
As at 31 December 2024
Contingent liabilities and financial
guarantees
25,322
22
1
1
\u2014
\u2014
\u2014
25,346
Documentary credits and other short-
term trade related transactions
1,432
1
\u2014
\u2014
\u2014
\u2014
\u2014
1,433
Standby facilities, credit lines and other
commitments 1
421,648
\u2014
\u2014
\u2014
68
\u2014
\u2014
421,716
Total off-balance sheet commitments
given
448,402
23
1
1
68
\u2014
\u2014
448,495
Note:
1 Includes exposures relating to financial assets classified as assets held for sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-5": { "value": "
Capital risk management
(audited)
Overview
Capital risk is managed through ongoing
monitoring and management of the capital
and leverage position, regular stress
testing and a robust capital governance
framework. The objectives of the
framework are to maintain adequate
capital for the Group and legal entities to
withstand the impact of the risks that may
arise under normal and stressed
conditions, and maintain adequate capital
to cover current and forecast business
needs and associated risks to provide a
viable and sustainable business offering.
The Group\u00a0 aims to prudently manage its
overall leverage position (including risk of
excessive leverage) by utilising plausible
stress scenarios, reviewing and deploying
management actions in response to
deteriorating economic and commercial
positions.\u00a0 In order to manage contingent
leverage risk, the Group considers the
context from which the business
consumption arises, the impact of client
utilisation on leverage and the available
actions to manage.
Organisation, roles and responsibilities
Treasury has the primary responsibility for
managing and monitoring capital
adequacy. The Treasury and Capital Risk
function provides oversight of capital risk.
Production of the Barclays PLC Internal
Capital Adequacy Assessment Process
(ICAAP) is the responsibility of Treasury.
Capital risk management is underpinned by
a control framework and policy. The capital
management strategy, outlined in the
Group and legal entity capital plans, is
developed in alignment with the control
framework and policy for capital risk, and is
implemented consistently in order to
deliver on the Group\u2019s objectives.
The Board approves the Group capital plan,
internal stress tests and results of
regulatory stress tests, and the Group
recovery plan. The Group Treasury
Committee is responsible for monitoring
and managing capital risk in line with the
Group\u2019s capital management objectives,
capital plan and risk frameworks. The
Treasury and Capital Risk Committee
monitors and reviews the capital risk profile
and control environment, providing second
line oversight of the management of
capital risk. The BRC reviews the risk
profile, and reviews risk appetite at least
annually and the impact of stress scenarios
on the Group capital plan/forecast in order
to agree the Group\u2019s projected capital
adequacy.
Local management assures compliance
with an entity\u2019s minimum regulatory capital
requirements by reporting to local Asset
and Liability Committees (ALCOs) with
oversight by the Group Treasury
Committee, as required. In 2025, Barclays
complied with all regulatory minimum
capital requirements. Contingent leverage
risk is managed by; i) setting
comprehensive leverage (and RWA)
targets for each business as part of the
Treasury capital management process,
taking into account adherence to early
warning indicators and maintain a healthy
leverage ratio, and; ii) Monitoring execution
of actions taken to course-correct as
necessary.
The Group maintains a number of defined
benefit pension schemes for past and
current employees. The ability of schemes
to meet pension payments is achieved with
investments and contributions.
Pension risk arises because the market
value of pension fund assets might decline;
investment returns might reduce; or the
estimated value of pension liabilities might
increase. The Group monitors the pension
risks arising from its defined benefit
pension schemes and works with the
relevant pension fund\u2019s trustees to
address shortfalls. In these circumstances,
the Group could be required or might
choose to make extra contributions to the
pension fund. The Group\u2019s main defined
benefit scheme was closed to new
entrants in 2012.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-6": { "value": "
Movement in gross exposures and impairment allowance including provisions for loan commitments and
financial guarantees (audited)
The following tables present a reconciliation of the opening to the closing balance of the gross exposure and impairment allowance.
Transfers between stages in the tables have been reflected as if they had taken place at the beginning of the year. 'Net drawdowns,
repayments, net re-measurement and movements due to exposure and risk parameter changes' includes additional drawdowns and
partial repayments from existing facilities. Additionally, the below tables do not include other financial assets subject to impairment such
as debt securities at amortised cost, reverse repurchase agreements and other similar secured lending, cash collateral and settlement
balances, financial assets at fair value through other comprehensive income and other assets.
The movements are measured over a 12-month period.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2025
146,690
38
19,596
62
1,962
87
\u2014
\u2014
168,248
187
Transfers from Stage 1 to Stage 2
(8,750)
(3)
8,750
3
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
12,686
26
(12,686)
(26)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(389)
(1)
(502)
(5)
891
6
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
108
2
119
\u2014
(227)
(2)
\u2014
\u2014
\u2014
\u2014
Business activity in the year
32,944
4
1,186
2
7
\u2014
\u2014
\u2014
34,137
6
Refinements to models used for
calculation 1
\u2014
(19)
\u2014
(36)
\u2014
6
\u2014
\u2014
\u2014
(49)
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
(7,660)
(26)
(683)
25
(113)
30
\u2014
\u2014
(8,456)
29
Final repayments
(13,634)
(3)
(1,802)
(5)
(431)
(20)
\u2014
\u2014
(15,867)
(28)
Disposals 2
(341)
(1)
(149)
(4)
(104)
(5)
\u2014
\u2014
(594)
(10)
Write-offs
\u2014
\u2014
\u2014
\u2014
(18)
(18)
\u2014
\u2014
(18)
(18)
As at 31 December 2025
161,654
17
13,829
16
1,967
84
\u2014
\u2014
177,450
117
Retail credit cards
As at 1 January 2025
31,126
553
5,017
1,247
1,903
1,507
40
\u2014
38,086
3,307
Transfers from Stage 1 to Stage 2
(1,716)
(51)
1,716
51
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
2,220
444
(2,220)
(444)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(728)
(26)
(922)
(351)
1,650
377
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
30
15
20
8
(50)
(23)
\u2014
\u2014
\u2014
\u2014
Business activity in the year 3
4,999
111
617
188
75
54
\u2014
\u2014
5,691
353
Refinements to models used for
calculation 1
\u2014
57
\u2014
(274)
\u2014
1
\u2014
\u2014
\u2014
(216)
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes4
(1,906)
(526)
290
782
(6)
1,074
(16)
\u2014
(1,638)
1,330
Final repayments
(302)
(11)
(39)
(13)
(35)
(28)
\u2014
\u2014
(376)
(52)
Disposals 2
\u2014
\u2014
\u2014
\u2014
(457)
(368)
\u2014
\u2014
(457)
(368)
Write-offs
\u2014
\u2014
\u2014
\u2014
(1,025)
(1,025)
\u2014
\u2014
(1,025)
(1,025)
As at 31 December 2025
33,723
566
4,479
1,194
2,055
1,569
24
\u2014
40,281
3,329
Notes:
1 Refinements to models used for calculation reported within Retail mortgages include a \u00a3(49)m movement in the calculated ECL for the UK Mortgages
portfolio. In Retail credit cards, this include a \u00a3(204)m movement in UK Cards and a \u00a3(12)m movement in US Cards portfolio, respectively. These reflect model
enhancements made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL calculation including review of model
monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that the models used continue to
reflect the risks inherent in the businesses.
2 The \u00a3594 m of gross disposals reported within Retail mortgages include \u00a3584m transfer of facilities to a non-consolidated SPV for the purpose of securitisation
and \u00a310m relates to sale of the Italian mortgage loans. The \u00a3457 m of gross disposals reported within Retail credit cards relate to debt sales undertaken during
the year.
3 Business activity in the year reported within Retail credit cards include \u00a31.2bn related to acquisition of the GM co-branded card portfolio within USCB.
4 'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' reported within Retail credit cards include a
gain recognised on the reassessment of purchased or originated credit-impaired (POCI) assets, where the expected credit loss on POCI assets is lower than
anticipated at the time of purchase. The resulting increase in carrying value is recognised within gross exposure rather than as a negative impairment
allowance.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3\u00a0 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail other
As at 1 January 2025
12,450
138
1,373
111
378
161
17
\u2014
14,218
410
Transfers from Stage 1 to Stage 2
(733)
(12)
733
12
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
372
24
(372)
(24)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(206)
(3)
(119)
(28)
325
31
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
58
2
4
4
(62)
(6)
\u2014
\u2014
\u2014
\u2014
Business activity in the year
4,683
37
494
58
37
34
\u2014
\u2014
5,214
129
Refinements to models used for
calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes1
(1,080)
(62)
(16)
55
34
180
(2)
\u2014
(1,064)
173
Final repayments
(3,195)
(23)
(379)
(5)
(205)
(20)
\u2014
\u2014
(3,779)
(48)
Disposals 2
\u2014
\u2014
\u2014
\u2014
(43)
(32)
\u2014
\u2014
(43)
(32)
Write-offs
\u2014
\u2014
\u2014
\u2014
(115)
(115)
\u2014
\u2014
(115)
(115)
As at 31 December 2025
12,349
101
1,718
183
349
233
15
\u2014
14,431
517
Corporate loans
As at 1 January 2025
116,508
209
11,167
331
3,116
626
\u2014
\u2014
130,791
1,166
Transfers from Stage 1 to Stage 2
(3,993)
(19)
3,993
19
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
3,316
70
(3,316)
(70)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(895)
(5)
(748)
(32)
1,643
37
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
441
18
459
14
(900)
(32)
\u2014
\u2014
\u2014
\u2014
Business activity in the year 3
28,142
49
1,134
40
341
29
\u2014
\u2014
29,617
118
Refinements to models used for
calculation 4
\u2014
(65)
\u2014
(24)
\u2014
\u2014
\u2014
\u2014
\u2014
(89)
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
3,727
(21)
(41)
95
(108)
476
\u2014
\u2014
3,578
550
Final repayments
(26,236)
(28)
(2,008)
(56)
(511)
(10)
\u2014
\u2014
(28,755)
(94)
Disposals 2
(157)
(1)
(2)
(2)
(121)
(21)
\u2014
\u2014
(280)
(24)
Write-offs
\u2014
\u2014
\u2014
\u2014
(301)
(301)
\u2014
\u2014
(301)
(301)
As at 31 December 2025
120,853
207
10,638
315
3,159
804
\u2014
\u2014
134,650
1,326
Notes:
1 'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' reported within Retail other include a gain
recognised on the reassessment of purchased or originated credit-impaired (POCI) assets, where the expected credit loss on POCI assets is lower than
anticipated at the time of purchase. The resulting increase in carrying value is recognised within gross exposure rather than as a negative impairment
allowance.
2 The \u00a343m of gross disposals reported within Retail other and \u00a3280m of gross disposals reported within Corporate loans relate to debt sales undertaken during
the year.
3 Business activity in the year reported within Corporate loans include \u00a30.1bn related to acquisition of the GM co-branded card portfolio within USCB.
4 Refinements to models used for calculation reported within Corporate loans include a \u00a3(89)m movement in the calculated ECL for the UKCB and IB portfolio.
These reflect model enhancements made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL calculation
including review\u00a0 of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that
the models used continue to reflect the risks inherent in the businesses.
Reconciliation of ECL movement to credit impairment charge/(release)\u00a0 for the period
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
(20)
(42)
20
\u2014
(42)
Retail credit cards
13
(53)
1,455
\u2014
1,415
Retail other
(37)
72
219
\u2014
254
Corporate loans
(1)
(14)
500
\u2014
485
ECL movements excluding disposals and write-offs 1
(45)
(37)
2,194
\u2014
2,112
ECL movement on loan commitments and other financial guarantees
(20)
(10)
7
\u2014
(23)
ECL movement on other financial assets
(1)
1
(6)
\u2014
(6)
ECL movement on debt securities at amortised cost
1
(2)
\u2014
\u2014
(1)
Recoveries and reimbursements2
9
(29)
(147)
\u2014
(167)
ECL charge on assets held for sale3
181
Total exchange and other adjustments
183
Total credit impairment charge for the year
2,279
Notes:
1 In 2025, gross write-offs amounted to \u00a31,459m and post write-off recoveries amounted to \u00a383m. Net write-offs represent gross write-offs less post write-off
recoveries and amounted to \u00a31,376m.
2 Recoveries and reimbursements include \u00a384m for reimbursements where the Group has entered into financial guarantee contracts which provide credit
protection over certain assets with third parties and cash recoveries of previously written-off amounts of \u00a383m.
3 ECL charge on assets held for sale relate to the charges on a co-branded card portfolio in USCB and the German consumer finance business.
Loan commitments and financial guarantees (audited) 1
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2025
11,093
\u2014
340
\u2014
2
\u2014
\u2014
\u2014
11,435
\u2014
Net transfers between stages
131
\u2014
(141)
\u2014
10
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
8,970
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
8,970
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
(8,097)
\u2014
(44)
\u2014
(10)
\u2014
\u2014
\u2014
(8,151)
\u2014
Limit management and final repayments
(342)
\u2014
(30)
\u2014
(2)
\u2014
\u2014
\u2014
(374)
\u2014
As at 31 December 2025
11,755
\u2014
125
\u2014
\u2014
\u2014
\u2014
\u2014
11,880
\u2014
Retail credit cards
As at 1 January 2025
162,471
53
2,515
13
122
\u2014
6
\u2014
165,114
66
Net transfers between stages
(1,837)
13
1,760
(13)
77
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
28,148
18
341
3
1
\u2014
\u2014
\u2014
28,490
21
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
(6,183)
(24)
(1,845)
9
(72)
\u2014
(1)
\u2014
(8,101)
(15)
Limit management and final repayments
(13,584)
(8)
(220)
(9)
(24)
\u2014
\u2014
\u2014
(13,828)
(17)
Disposal2
(5,291)
\u2014
(221)
\u2014
(10)
\u2014
\u2014
\u2014
(5,522)
\u2014
As at 31 December 2025
163,724
52
2,330
3
94
\u2014
5
\u2014
166,153
55
Retail other
As at 1 January 2025
8,416
6
440
\u2014
25
\u2014
\u2014
\u2014
8,881
6
Net transfers between stages
(31)
\u2014
28
\u2014
3
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
625
\u2014
1
\u2014
\u2014
\u2014
\u2014
\u2014
626
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
(341)
(5)
7
\u2014
12
\u2014
\u2014
\u2014
(322)
(5)
Limit management and final repayments
(797)
\u2014
(33)
\u2014
(20)
\u2014
\u2014
\u2014
(850)
\u2014
Disposal 2
(756)
\u2014
(30)
\u2014
(1)
\u2014
\u2014
\u2014
(787)
\u2014
As at 31 December 2025
7,116
1
413
\u2014
19
\u2014
\u2014
\u2014
7,548
1
Corporate loans
As at 1 January 2025
230,275
105
15,433
237
1,019
25
\u2014
\u2014
246,727
367
Net transfers between stages
(122)
41
216
(41)
(94)
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
48,961
28
2,701
61
405
\u2014
\u2014
\u2014
52,067
89
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
9,733
(57)
(480)
36
(291)
11
\u2014
\u2014
8,962
(10)
Limit management and final repayments
(60,949)
(26)
(4,265)
(56)
(340)
(4)
\u2014
\u2014
(65,554)
(86)
As at 31 December 2025
227,898
91
13,605
237
699
32
\u2014
\u2014
242,202
360
Notes:
1 Loan commitments reported also include exposure\u00a0 relating to financial assets classified as held for sale.
2 The gross disposals reported within Retail credit cards and Retail other relate to the German consumer finance business; sale of which was completed in Q125.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2024
150,202
50
19,469
105
2,424
428
\u2014
\u2014
172,095
583
Transfers from Stage 1 to Stage 2
(10,013)
(5)
10,013
5
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
6,591
29
(6,591)
(29)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(388)
\u2014
(530)
(10)
918
10
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
82
3
142
2
(224)
(5)
\u2014
\u2014
\u2014
\u2014
Business activity in the year
22,881
8
792
4
7
\u2014
\u2014
\u2014
23,680
12
Refinements to models used for calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
(7,297)
(37)
(918)
36
(53)
23
\u2014
\u2014
(8,268)
22
Final repayments
(12,680)
(5)
(2,099)
(11)
(394)
(24)
\u2014
\u2014
(15,173)
(40)
Disposals 1
(2,688)
(5)
(682)
(40)
(699)
(328)
\u2014
\u2014
(4,069)
(373)
Write-offs
\u2014
\u2014
\u2014
\u2014
(17)
(17)
\u2014
\u2014
(17)
(17)
As at 31 December 2024
146,690
38
19,596
62
1,962
87
\u2014
\u2014
168,248
187
Retail credit cards
As at 1 January 2024
30,409
523
5,578
1,630
1,720
1,333
\u2014
\u2014
37,707
3,486
Transfers from Stage 1 to Stage 2
(2,093)
(66)
2,093
66
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
1,933
461
(1,933)
(461)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(702)
(26)
(1,079)
(469)
1,781
495
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
26
13
25
10
(51)
(23)
\u2014
\u2014
\u2014
\u2014
Business activity in the year 2
7,217
184
400
118
32
29
40
\u2014
7,689
331
Refinements to models used for calculation 3
\u2014
5
\u2014
(29)
\u2014
4
\u2014
\u2014
\u2014
(20)
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
658
(450)
838
628
(7)
1,143
\u2014
\u2014
1,489
1,321
Final repayments
(136)
(7)
(41)
(16)
(5)
(3)
\u2014
\u2014
(182)
(26)
Transfers to assets held for sale 4
(5,495)
(64)
(689)
(161)
(57)
(46)
\u2014
\u2014
(6,241)
(271)
Disposals 1
(691)
(20)
(175)
(69)
(407)
(322)
\u2014
\u2014
(1,273)
(411)
Write-offs
\u2014
\u2014
\u2014
\u2014
(1,103)
(1,103)
\u2014
\u2014
(1,103)
(1,103)
As at 31 December 2024
31,126
553
5,017
1,247
1,903
1,507
40
\u2014
38,086
3,307
Retail other
As at 1 January 2024
8,469
59
1,343
118
493
176
\u2014
\u2014
10,305
353
Transfers from Stage 1 to Stage 2
(619)
(8)
619
8
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
423
27
(423)
(27)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(209)
(2)
(151)
(30)
360
32
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
82
1
52
4
(134)
(5)
\u2014
\u2014
\u2014
\u2014
Business activity in the year 2
7,590
105
252
30
24
22
17
\u2014
7,883
157
Refinements to models used for calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
(265)
(33)
(125)
13
59
116
\u2014
\u2014
(331)
96
Final repayments
(3,021)
(11)
(194)
(5)
(273)
(41)
\u2014
\u2014
(3,488)
(57)
Disposals 1
\u2014
\u2014
\u2014
\u2014
(46)
(34)
\u2014
\u2014
(46)
(34)
Write-offs
\u2014
\u2014
\u2014
\u2014
(105)
(105)
\u2014
\u2014
(105)
(105)
As at 31 December 2024
12,450
138
1,373
111
378
161
17
\u2014
14,218
410
Notes:
1 The \u00a34.1bn of gross disposals reported within Retail mortgages include \u00a33.2bn sale of the Italian mortgage portfolio and \u00a30.8bn of transfer of facilities to a non-
consolidated SPV for the purpose of securitisation. The \u00a31.3bn of gross disposals reported within Retail credit cards include \u00a30.9bn sale of the outstanding US
Cards receivables to Blackstone and \u00a30.4bn of other debt sales undertaken during the year.\u00a0 The \u00a346m of gross disposals reported within Retail other relate to
debt sales undertaken during the year.
2 Business activity in the year reported within Retail credit cards and Retail other includes an acquisition of\u00a0 Tesco Bank, comprising\u00a0 \u00a34.2bn of\u00a0 credit card
receivables\u00a0 and\u00a0 \u00a34.1bn of unsecured personal loans.
3 Refinements to models used for calculation reported within Retail credit cards include a \u00a3(31)m movement in UK Cards and a \u00a311m movement in the US Cards
portfolio. These reflect model enhancements made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL
calculation including review of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to
ensure that the models used continue to reflect the\u00a0 risks inherent across the businesses.
4 Transfers to assets held for sale reported within Retail credit cards relate to a co-branded card portfolio within USCB.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Corporate loans
As at 1 January 2024
112,505
287
13,302
414
2,554
598
\u2014
\u2014
128,361
1,299
Transfers from Stage 1 to Stage 2
(3,810)
(28)
3,810
28
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
3,316
75
(3,316)
(75)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(1,073)
(6)
(892)
(37)
1,965
43
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 3
269
14
230
22
(499)
(36)
\u2014
\u2014
\u2014
\u2014
Business activity in the year
27,032
45
897
36
415
26
\u2014
\u2014
28,344
107
Refinements to models used for
calculation 1
\u2014
(6)
\u2014
42
\u2014
\u2014
\u2014
\u2014
\u2014
36
Net drawdowns, repayments, net re-
measurement and movements due to
exposure and risk parameter changes
4,191
(124)
(531)
4
(631)
341
\u2014
\u2014
3,029
221
Final repayments
(25,861)
(46)
(2,322)
(98)
(363)
(21)
\u2014
\u2014
(28,546)
(165)
Transfers to assets held for sale2
(49)
(1)
(9)
(3)
(1)
(1)
(59)
(5)
Disposals 3
(12)
(1)
(2)
(2)
(2)
(2)
\u2014
\u2014
(16)
(5)
Write-offs
\u2014
\u2014
\u2014
\u2014
(322)
(322)
\u2014
\u2014
(322)
(322)
As at 31 December 2024
116,508
209
11,167
331
3,116
626
\u2014
\u2014
130,791
1,166
Reconciliation of ECL movement to credit impairment charge/(release) for the period
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
(7)
(3)
4
\u2014
(6)
Retail credit cards
114
(153)
1,645
\u2014
1,606
Retail other
79
(7)
124
\u2014
196
Corporate loans
(76)
(78)
353
\u2014
199
ECL movement excluding assets held for sale ,disposals and write-offs4
110
(241)
2,126
\u2014
1,995
ECL movement on loan commitments and financial guarantees
(9)
(37)
(19)
\u2014
(65)
ECL movement\u00a0 on other financial assets
3
5
(3)
\u2014
5
ECL movement on debt securities at amortised cost
1
(5)
\u2014
\u2014
(4)
Recoveries and reimbursements5
(21)
20
(90)
\u2014
(91)
ECL charge on assets held for sale6
74
Total exchange and other adjustments
68
Total credit impairment charge for the year
1,982
Notes:
1 Refinements to models used for calculation reported within Corporate loans include a \u00a369m movement in IB and a \u00a3(33)m movement in the ESHLA portfolio.
These reflect model enhancements made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL calculation
including review\u00a0 of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that
the models used continue to reflect the risks inherent across the businesses.
2 Transfers to assets held for sale reported within Corporate loans relate to a co-branded card portfolio within USCB.
3 The \u00a316m of gross disposals reported within Corporate loans relate to debt sales undertaken during the year.
4 In 2024, gross write-offs amounted to \u00a31,547m and post write-off recoveries amounted to \u00a376m. Net write-offs represent gross write-offs less post write-off
recoveries and amounted to \u00a31,471m.
5 Recoveries and reimbursements include \u00a315m for reimbursements where the Group has entered into financial guarantee contracts which provide credit
protection over certain assets with third parties and cash recoveries of previously written off amounts of \u00a376m.
6 ECL charge on assets held for sale relate to the German consumer finance business.
Loan commitments and financial guarantees (audited) 1
Stage 1
Stage 2
Stage 3 excluding
POCI
Stage 3 POCI
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2024
7,776
\u2014
448
\u2014
4
\u2014
\u2014
\u2014
8,228
\u2014
Net transfers between stages
(47)
\u2014
41
\u2014
6
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
8,048
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
8,048
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
(4,336)
\u2014
(106)
\u2014
(7)
\u2014
\u2014
\u2014
(4,449)
\u2014
Limit management and final repayments
(348)
\u2014
(43)
\u2014
(1)
\u2014
\u2014
\u2014
(392)
\u2014
As at 31 December 2024
11,093
\u2014
340
\u2014
2
\u2014
\u2014
\u2014
11,435
\u2014
Retail credit cards
As at 1 January 2024
144,791
59
2,807
54
142
\u2014
\u2014
\u2014
147,740
113
Net transfers between stages
(1,940)
30
1,853
(30)
87
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
31,376
13
226
5
2
\u2014
6
\u2014
31,610
18
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
2,148
(36)
(1,969)
4
(88)
\u2014
\u2014
\u2014
91
(32)
Limit management and final repayments
(13,904)
(13)
(402)
(20)
(21)
\u2014
\u2014
\u2014
(14,327)
(33)
As at 31 December 2024
162,471
53
2,515
13
122
\u2014
6
\u2014
165,114
66
Retail other
As at 1 January 2024
8,607
6
535
2
44
\u2014
\u2014
\u2014
9,186
8
Net transfers between stages
(9)
\u2014
(8)
\u2014
17
\u2014
\u2014
\u2014
\u2014
\u2014
Business activity in the year
781
2
1
\u2014
\u2014
\u2014
\u2014
\u2014
782
2
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
110
(2)
(77)
(2)
(13)
\u2014
\u2014
\u2014
20
(4)
Limit management and final repayments
(1,073)
\u2014
(11)
\u2014
(23)
\u2014
\u2014
\u2014
(1,107)
\u2014
As at 31 December 2024
8,416
6
440
\u2014
25
\u2014
\u2014
\u2014
8,881
6
Corporate loans
As at 1 January 2024
212,889
108
20,418
231
847
44
\u2014
\u2014
234,154
383
Net transfers between stages
1,241
29
(1,555)
(32)
314
3
\u2014
\u2014
\u2014
\u2014
Business activity in the year
50,411
33
1,666
31
193
\u2014
\u2014
\u2014
52,270
64
Net drawdowns, repayments, net re-
measurement and movement due to
exposure and risk parameter changes
10,109
(39)
(1,383)
70
(46)
(14)
\u2014
\u2014
8,680
17
Limit management and final repayments
(44,375)
(26)
(3,713)
(63)
(289)
(8)
\u2014
\u2014
(48,377)
(97)
As at 31 December 2024
230,275
105
15,433
237
1,019
25
\u2014
\u2014
246,727
367
Note:
1 Loan commitments reported also include exposure relating to financial assets classified as held for sale.
Management adjustments to models for impairment (audited)
Management adjustments to impairment models are applied in order to factor in certain conditions or changes in policy that are not fully
incorporated into the impairment models, or to reflect additional facts and circumstances at the period end. Management adjustments
are reviewed and incorporated into future model development where applicable.
Management adjustments are captured through \u201cEconomic uncertainty\u201d and \u201cOther\u201d adjustments, and are presented by product and
geography below:
Management adjustments to models for impairment allowance presented by product and geography (audited)
Impairment
allowance pre
management
adjustments 1
Economic
uncertainty
adjustments
(a)
Other
adjustments
(b)
Management
adjustments 2
(a+b)
Total
impairment
allowance 3
Proportion of
Management
adjustments
to total
impairment
allowance
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail mortgages
76
\u2014
15
15
91
16.5
Retail credit cards
761
\u2014
\u2014
\u2014
761
\u2014
Retail other
406
\u2014
85
85
491
17.3
Corporate loans
714
39
53
92
806
11.4
Total UK
1,957
39
153
192
2,149
8.9
Retail mortgages
25
\u2014
1
1
26
3.8
Retail credit cards
2,505
31
87
118
2,623
4.5
Retail other
27
\u2014
\u2014
\u2014
27
\u2014
Corporate loans
823
44
13
57
880
6.5
Total Rest of the World
3,380
75
101
176
3,556
4.9
Total
5,337
114
254
368
5,705
6.5
Debt securities at amortised cost
21
1
\u2014
1
22
4.5
Total including debt securities at amortised cost
5,358
115
254
369
5,727
6.4
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail mortgages
51
36
71
107
158
67.7
Retail credit cards
787
\u2014
(22)
(22)
765
(2.9)
Retail other
298
\u2014
90
90
388
23.2
Corporate loans
759
42
39
81
840
9.6
Total UK
1,895
78
178
256
2,151
11.9
Retail mortgages
29
\u2014
\u2014
\u2014
29
\u2014
Retail credit cards
2,631
\u2014
(23)
(23)
2,608
(0.9)
Retail other
24
\u2014
4
4
28
14.3
Corporate loans
695
\u2014
(2)
(2)
693
(0.3)
Total Rest of the World
3,379
\u2014
(21)
(21)
3,358
(0.6)
Total
5,274
78
157
235
5,509
4.3
Debt securities at amortised cost
30
\u2014
(7)
(7)
23
(30.4)
Total including debt securities at amortised cost
5,304
78
150
228
5,532
4.1
Notes:
1 Includes \u00a34.3bn (2024: \u00a34.7bn) of modelled ECL, \u00a30.7bn (2024: \u00a30.5bn) of individually assessed impairments, \u00a3(0.2)bn (2024: \u00a3(0.3)bn) of ECL from assets held
for sale (co-branded card portfolio) and \u00a30.6bn (2024: \u00a30.4bn) of ECL from benchmarked exposures and debt securities.
2 Management adjustments related to other financial assets subject to impairment not included in the table above include cash collateral and settlement
balances \u00a31m (2024: \u00a3(1)m), reverse repurchase agreements \u00a31m (2024: \u00a3(2)m) and financial assets at fair value through other comprehensive income \u00a3nil
(2024: \u00a3(2)m) within the IB portfolio.
3 Total impairment allowance consists of ECL stock on drawn and undrawn exposures.
Economic uncertainty adjustments presented by stage (audited)
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
\u2014
\u2014
\u2014
\u2014
Retail credit cards
\u2014
\u2014
\u2014
\u2014
Retail other
\u2014
\u2014
\u2014
\u2014
Corporate loans
23
10
6
39
Total UK
23
10
6
39
Retail mortgages
\u2014
\u2014
\u2014
\u2014
Retail credit cards
\u2014
31
\u2014
31
Retail other
\u2014
\u2014
\u2014
\u2014
Corporate loans
13
31
\u2014
44
Total Rest of the World
13
62
\u2014
75
Total
36
72
6
114
Debt securities at amortised cost
1
\u2014
\u2014
1
Total including debt securities at amortised cost
37
72
6
115
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
7
18
11
36
Retail credit cards
\u2014
\u2014
\u2014
\u2014
Retail other
\u2014
\u2014
\u2014
\u2014
Corporate loans
26
10
6
42
Total UK
33
28
17
78
Retail mortgages
\u2014
\u2014
\u2014
\u2014
Retail credit cards
\u2014
\u2014
\u2014
\u2014
Retail other
\u2014
\u2014
\u2014
\u2014
Corporate loans
\u2014
\u2014
\u2014
\u2014
Total Rest of the World
\u2014
\u2014
\u2014
\u2014
Total
33
28
17
78
Debt securities at amortised cost
\u2014
\u2014
\u2014
\u2014
Total including debt securities at amortised cost
33
28
17
78
Economic uncertainty adjustments
Economic uncertainty adjustments are captured in two ways. First, customer uncertainty: the identification of customers and clients
who may be more vulnerable to economic instability; and second, model uncertainty: to capture the impact of model limitations and
sensitivities to specific macroeconomic parameters, which are applied at a portfolio level.
The Group continues to monitor the elevated tariffs, trade tensions, and geopolitical risks, especially in the US. In response, an
adjustment of \u00a381m introduced during Q125 has been retained, with any resulting effects on customer behaviour yet to materialise.
Total economic uncertainty adjustments as at 31 December 2025 are \u00a3115m (2024: \u00a378m) and include:
Customer and client uncertainty provisions of \u00a3115m (2024: \u00a353m):
Retail mortgages (UK) \u00a3nil (2024: \u00a311m): The prior refinancing risk adjustment was retired following the rebuild of the UK Mortgages
impairment models, which now better capture sensitivity to interest rate and inflation movements
Retail credit cards (ROW) \u00a331m (2024: \u00a3nil): This adjustment reflects elevated US macroeconomic uncertainty, with impacts yet to
materialise in consumer behaviour
Corporate loans (UK) \u00a339m (2024: \u00a342m): This adjustment reflects potential cross-default risk on Barclays\u2019 lending in respect of clients
who have taken out Bounce Back Loans
Corporate loans (ROW) \u00a344m (2024: \u00a3nil): This adjustment reflects elevated US macroeconomic uncertainty, with impacts yet to
materialise in borrower behaviour
Model uncertainty provisions of \u00a3nil (2024: \u00a325m):
Retail mortgages (UK) \u00a3nil (2024:\u00a325m): The prior adjustment to address model over-sensitivity was retired following the rebuild of the
UK Mortgages impairment models, which now better capture consumer responses to the macroeconomic outlook
Other adjustments
Other adjustments are operational and remain in place until incorporated into the underlying models. These adjustments result from
data limitations and model performance related issues identified through model monitoring and other established governance
processes.
Total other adjustments as at 31 December 2025 are \u00a3254 m (2024: \u00a3150m) and include:
Retail mortgages (UK) \u00a315m (2024: \u00a3 71m): The reduction is driven by the retirement of adjustments following the rebuild of the UK
Mortgages impairment models
Retail credit cards (UK) \u00a3nil (2024: \u00a3(22)m): The prior adjustment to address default over-prediction was retired following model
remediation in the UK Cards portfolio
Retail credit cards (ROW) \u00a3 87m (2024: \u00a3(23)m): This adjustment reflects provisioning for the GM consumer cards portfolio acquired
during the year, while the previously held high-risk account management (HRAM) adjustment was retired following model remediation in
USCB
Retail other (UK) \u00a385m (2024: \u00a390m) and Corporate loans (UK) \u00a353m (2024: \u00a339m): These include adjustments for definition of default
(DOD) criteria under the Capital Requirements Regulation and model monitoring outcomes, which were re-sized during the year
Corporate loans (ROW) \u00a313m (2024: \u00a3(2)m): This adjustment reflects provisioning for the GM business cards portfolio acquired during
the year
Debt securities \u00a3nil (2024: \u00a3(7)m): The movement is driven by the retirement of the Exposure at Default recalibration adjustment
following model remediation in the IB portfolio
Assets held for sale
This section presents a co-branded card portfolio in USCB classified as assets held for sale. Further, the sale of the German consumer
finance business was completed in Q125.
For further details on assets held for sale, see Note 40 to the financial statements.
Loans and advances by product
Loans and advances to customers classified as assets held for sale (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
ECL
Coverage
Gross
ECL
Coverage
Gross
ECL
Coverage
Gross
ECL
Coverage
As at 31 December 2025
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
Retail credit cards - US
5,468
65
1.2
466
124
26.6
54
44
81.5
5,988
233
3.9
Retail credit cards - Germany
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail other - Germany
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Corporate loans - US
43
1
2.3
6
2
33.3
\u2014
\u2014
\u2014
49
3
6.1
Total Rest of the World
5,511
66
1.2
472
126
26.7
54
44
81.5
6,037
236
3.9
As at 31 December 2024
Retail credit cards - US
5,495
64
1.2
689
161
23.4
57
46
80.7
6,241
271
4.3
Retail credit cards - Germany
1,908
18
0.9
307
29
9.4
93
69
74.2
2,308
116
5.0
Retail other - Germany
1,134
16
1.4
220
33
15.0
71
48
67.6
1,425
97
6.8
Corporate loans - US
49
1
2.0
9
3
33.3
1
1
100.0
59
5
8.5
Total Rest of the World
8,586
99
1.2
1,225
226
18.4
222
164
73.9
10,033
489
4.9
Management adjustments to models for impairment (audited)
Management adjustments to models for impairment allowance presented by product (audited)
Impairment
allowance pre
management
adjustments
Economic
uncertainty
adjustments1
(a)
Other
adjustments
(b)
Management
adjustments
(a+b)
Total
impairment
allowance
Proportion of
Management
adjustments
to total
impairment
allowance
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail credit cards - US
232
5
\u2014
5
237
2.1
Retail credit cards - Germany
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail other - Germany
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Corporate loans - US
3
\u2014
\u2014
\u2014
3
\u2014
Total Rest of the World
235
5
\u2014
5
240
2.1
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail credit cards - US
277
\u2014
\u2014
\u2014
277
\u2014
Retail credit cards - Germany
101
\u2014
16
16
117
13.7
Retail other - Germany
80
\u2014
17
17
97
17.5
Corporate loans - US
5
\u2014
\u2014
\u2014
5
\u2014
Total Rest of the World
463
\u2014
33
33
496
6.7
Note:
1 Reflects a Stage 2 adjustment for elevated US macroeconomic uncertainty; with impacts yet to materialise in consumer behaviour.
Credit exposures by internal PD grade
Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
165
\u2014
\u2014
\u2014
165
\u2014
\u2014
\u2014
\u2014
\u2014
165
\u2014
6 - 8
0.15 to <0.30%
Strong
953
\u2014
\u2014
\u2014
953
3
\u2014
\u2014
\u2014
3
950
0.3
9 - 11
0.30 to <0.60%
Strong
1,351
1
\u2014
\u2014
1,352
6
\u2014
\u2014
\u2014
6
1,346
0.4
12 - 14
0.60 to <2.15%
Satisfactory
1,795
5
\u2014
\u2014
1,800
18
\u2014
\u2014
\u2014
18
1,782
1.0
15 - 19
2.15 to
<11.35%
Satisfactory
1,149
226
\u2014
\u2014
1,375
34
35
\u2014
\u2014
69
1,306
5.0
20 - 21
11.35 to <100%
Higher Risk
55
234
\u2014
\u2014
289
4
89
\u2014
\u2014
93
196
32.2
22
100%
Credit
Impaired
\u2014
\u2014
54
\u2014
54
\u2014
\u2014
44
\u2014
44
10
81.5
Total
5,468
466
54
\u2014
5,988
65
124
44
\u2014
233
5,755
3.9
Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6 - 8
0.15 to <0.30%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9 - 11
0.30 to <0.60%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12 - 14
0.60 to <2.15%
Satisfactory
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
15 - 19
2.15 to
<11.35%
Satisfactory
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
20 - 21
11.35 to <100%
Higher Risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
22
100%
Credit
Impaired
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6 - 8
0.15 to <0.30%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9 - 11
0.30 to <0.60%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12 - 14
0.60 to <2.15%
Satisfactory
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
15 - 19
2.15 to
<11.35%
Satisfactory
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
20 - 21
11.35 to <100%
Higher Risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
22
100%
Credit
Impaired
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2025
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6 - 8
0.15 to <0.30%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9 - 11
0.30 to <0.60%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12 - 14
0.60 to <2.15%
Satisfactory
2
\u2014
\u2014
\u2014
2
\u2014
\u2014
\u2014
\u2014
\u2014
2
\u2014
15 - 19
2.15 to <11.35%
Satisfactory
41
\u2014
\u2014
\u2014
41
1
\u2014
\u2014
\u2014
1
40
2.4
20 - 21
11.35 to <100%
Higher Risk
\u2014
6
\u2014
\u2014
6
\u2014
2
\u2014
\u2014
2
4
33.3
22
100%
Credit
Impaired
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
43
6
\u2014
\u2014
49
1
2
\u2014
\u2014
3
46
6.1
Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6 - 8
0.15 to <0.30%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9 - 11
0.30 to <0.60%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12 - 14
0.60 to <2.15%
Satisfactory
5,495
\u2014
\u2014
\u2014
5,495
64
\u2014
\u2014
\u2014
64
5,431
1.2
15 - 19
2.15 to <11.35%
Satisfactory
\u2014
689
\u2014
\u2014
689
\u2014
161
\u2014
\u2014
161
528
23.4
20 - 21
11.35 to <100%
Higher Risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
22
100%
Credit
Impaired
\u2014
\u2014
57
\u2014
57
\u2014
\u2014
46
\u2014
46
11
80.7
Total
5,495
689
57
\u2014
6,241
64
161
46
\u2014
271
5,970
4.3
Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
62
\u2014
\u2014
\u2014
62
\u2014
\u2014
\u2014
\u2014
\u2014
62
\u2014
4 - 5
0.05 to <0.15%
Strong
289
\u2014
\u2014
\u2014
289
1
\u2014
\u2014
\u2014
1
288
0.3
6 - 8
0.15 to <0.30%
Strong
152
\u2014
\u2014
\u2014
152
1
\u2014
\u2014
\u2014
1
151
0.7
9 - 11
0.30 to <0.60%
Strong
250
\u2014
\u2014
\u2014
250
1
\u2014
\u2014
\u2014
1
249
0.4
12 - 14
0.60 to <2.15%
Satisfactory
928
5
\u2014
\u2014
933
9
\u2014
\u2014
\u2014
9
924
1.0
15 - 19
2.15 to <11.35%
Satisfactory
227
229
\u2014
\u2014
456
6
15
\u2014
\u2014
21
435
4.6
20 - 21
11.35 to <100%
Higher Risk
\u2014
73
\u2014
\u2014
73
\u2014
14
\u2014
\u2014
14
59
19.2
22
100%
Credit
Impaired
\u2014
\u2014
93
\u2014
93
\u2014
\u2014
69
\u2014
69
24
74.2
Total
1,908
307
93
\u2014
2,308
18
29
69
\u2014
116
2,192
5.0
Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
1
\u2014
\u2014
\u2014
1
\u2014
\u2014
\u2014
\u2014
\u2014
1
\u2014
4 - 5
0.05 to <0.15%
Strong
25
\u2014
\u2014
\u2014
25
\u2014
\u2014
\u2014
\u2014
\u2014
25
\u2014
6 - 8
0.15 to <0.30%
Strong
110
\u2014
\u2014
\u2014
110
\u2014
\u2014
\u2014
\u2014
\u2014
110
\u2014
9 - 11
0.30 to <0.60%
Strong
294
\u2014
\u2014
\u2014
294
1
\u2014
\u2014
\u2014
1
293
0.3
12 - 14
0.60 to <2.15%
Satisfactory
534
17
\u2014
\u2014
551
6
4
\u2014
\u2014
10
541
1.8
15 - 19
2.15 to <11.35%
Satisfactory
170
182
\u2014
\u2014
352
9
22
\u2014
\u2014
31
321
8.8
20 - 21
11.35 to <100%
Higher Risk
\u2014
21
\u2014
\u2014
21
\u2014
7
\u2014
\u2014
7
14
33.3
22
100%
Credit
Impaired
\u2014
\u2014
71
\u2014
71
\u2014
\u2014
48
\u2014
48
23
67.6
Total
1,134
220
71
\u2014
1,425
16
33
48
\u2014
97
1,328
6.8
Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grade
PD Range
Credit
quality
description
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
excluding
POCI
Stage 3
POCI
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2024
1 - 3
0.0 to <0.05%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4 - 5
0.05 to <0.15%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6 - 8
0.15 to <0.30%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9 - 11
0.30 to <0.60%
Strong
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
12 - 14
0.60 to <2.15%
Satisfactory
49
\u2014
\u2014
\u2014
49
1
\u2014
\u2014
\u2014
1
48
2.0
15 - 19
2.15 to <11.35%
Satisfactory
\u2014
9
\u2014
\u2014
9
\u2014
3
\u2014
\u2014
3
6
33.3
20 - 21
11.35 to <100%
Higher Risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
22
100%
Credit
Impaired
\u2014
\u2014
1
\u2014
1
\u2014
\u2014
1
\u2014
1
\u2014
100.0
Total
49
9
1
\u2014
59
1
3
1
\u2014
5
54
8.5
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1. Reporting entity
Barclays PLC is a public company limited by shares registered in England under company number 48839, having its registered office
at 1 Churchill Place, London, E14 5HP.
These financial statements are prepared for Barclays PLC and its subsidiaries (the Group) under Section 399 of the Companies Act
2006. The Group is a major global financial services provider engaged in retail banking, credit cards, wholesale banking, investment
banking, wealth management and investment management services. In addition, separate financial statements have been presented
for the holding company.
2. Compliance with International Financial Reporting Standards
The consolidated financial statements of the Group, and the separate financial statements of Barclays PLC, have been prepared in
accordance with UK-adopted international accounting standards.
The consolidated financial statements of the Group, and the separate financial statements of Barclays PLC, have also been prepared
in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board
(IASB), including interpretations issued by the IFRS Interpretations Committee, as there are no applicable differences between UK-
adopted international accounting standards and IFRS as issued by the IASB for the periods presented.
The principal accounting policies applied in the preparation of the consolidated and separate financial statements are set out below,
and in the relevant notes to the financial statements. These policies have been consistently applied.
3. Basis of preparation
The consolidated and separate financial statements have been prepared under the historical cost convention modified to the extent
required or permitted under IFRS as set out in the relevant accounting policies. These financial statements are stated in millions of
Pounds Sterling (\u00a3m), the functional currency of Barclays PLC.
The Group has adopted the UK Finance Code for Financial Reporting Disclosure and the financial statements have been prepared in
compliance with these principles. The financial statements are prepared on a going concern basis, as the Board is satisfied that the
Group and the parent company have the resources to continue in business for a period of at least 12 months from approval of the
financial statements.
In making this assessment, the Board has considered a wide range of information relating to present and future conditions and
includes a review of a working capital report (WCR). The WCR is used by the Board to assess the future performance of the Group and
that it has the resources in place that are required to meet its ongoing regulatory requirements. The assessment is based upon
business plans that contain future projections of profitability taken from the Group\u2019s medium-term plan, as well as projections of
regulatory capital requirements and business funding needs. The WCR also includes an assessment of the impact of internally-
generated stress testing scenarios on the liquidity and capital requirement forecasts. The stress tests used were based upon an
assessment of reasonably possible downside economic scenarios that the Group could experience.\u00a0 Further details are set out in the
Viability statement on page\u00a057.
The WCR showed that the Group had sufficient capital and liquidity in place to support its future business requirements and remained
above its regulatory minimum requirements in the stress scenarios. Accordingly, the Directors concluded that there was a
reasonable expectation that the Group and Parent company has adequate resources to continue as a going concern for a period of
at least 12 months from the date of approval of the financial statements.
4. Accounting policies
The Group prepares financial statements in accordance with IFRS. The Group\u2019s material accounting policies relating to specific
financial statement items, together with a description of the accounting estimates and judgements that were critical to preparing
those items, are set out under the relevant notes. Accounting policies that affect the financial statements as a whole are set out
below.
(i) Consolidation
The consolidated financial statements combine the financial statements of Barclays PLC and all its subsidiaries. Subsidiaries are
entities over which Barclays PLC has control. The Group has control over another entity when the Group has all of the following:
1) power over the relevant activities of the investee, for example, through voting or other rights
2) exposure to, or rights to, variable returns from its involvement with the investee, and
3) the ability to affect those returns through its power over the investee.
As the consolidated financial statements include partnerships where the Group member is a partner, advantage has been taken of
the exemption under Regulation 7 of the Partnership (Accounts) Regulations 2008 with regard to preparing and filing of individual
partnership financial statements.
Details of the principal subsidiaries are given in Note 33.
(ii) Foreign currency translation
Transactions in foreign currencies are translated into Sterling at the rate ruling on the date of the transaction. Foreign currency
monetary balances are translated into Sterling at the period end exchange rates. Exchange gains and losses on such balances are
taken to the income statement.
The Group\u2019s foreign operations (including subsidiaries, joint ventures, associates and branches) based mainly outside the UK may
have different functional currencies. The functional currency of an operation is the currency of the main economy to which it is
exposed.
Prior to consolidation (or equity accounting) the assets and liabilities of non-Sterling operations are translated at the period end
exchange rate and items of income, expense and other comprehensive income are translated into Sterling at the rate on the date of
the transactions. Exchange differences arising on the translation of foreign operations are included in currency translation reserves
within equity. These are transferred to the income statement when the Group disposes of the entire interest in a foreign operation,
when partial disposal results in the loss of control of an interest in a subsidiary, when an investment previously accounted for using
the equity method is accounted for as a financial asset, or on the disposal of a foreign operation within a branch.
(iii) Financial assets and liabilities
Recognition
The Group recognises financial assets and liabilities when it becomes a party to the terms of the contract. Trade date or settlement
date accounting is applied, depending on the classification of the financial asset.
Classification and measurement
Financial assets are classified on the basis of two criteria:
i) the business model within which financial assets are managed, and
ii) their contractual cash flow characteristics (whether the cash flows represent \u2018solely payments of principal and interest\u2019 (SPPI)).
The Group assesses the business model criteria at a portfolio level. Information that is considered in determining the applicable
business model includes (i) policies and objectives for the relevant portfolio, (ii) how the performance and risks of the portfolio are
managed, evaluated and reported to management, and (iii) the frequency, volume and timing of sales in prior periods, sales
expectation for future periods, and the reasons for such sales.
The contractual cash flow characteristics of financial assets are assessed with reference to whether the cash flows represent SPPI.
Terms that could change the contractual cash flows, so that it would not meet the condition for SPPI are considered, including: (i)
contingent and leverage features, (ii) non-recourse arrangements, (iii) features that could modify the time value of money, and (iv)
Social, Environmental and Sustainability-linked features. Terms with de minimis impact do not preclude cash flows from representing
SPPI.
The accounting policy for each type of financial asset or liability is included within the relevant note for the item. The Group\u2019s policies
for determining the fair values of the assets and liabilities are set out in Note 17.
Derecognition
The Group derecognises a financial asset, or a portion of a financial asset, from its balance sheet where (i) the contractual rights to
cash flows from the asset have expired, or (ii) the contractual rights to cash flows from the asset have been transferred (usually by
sale) and\u00a0 with them either (a) substantially all the risks and rewards of the asset have been transferred, or (b) where neither
substantially all the risks and reward have been transferred or retained, where control over the asset has been lost.
It may not be obvious whether substantially all of the risks and rewards of a transferred asset, or portion of an asset, have been
transferred. It is often necessary to perform a quantitative analysis that compares the Group's exposure to variability in asset cash
flows before the transfer with its retained exposure after the transfer. A cash flow analysis of this nature may require judgement. In
particular, it is necessary to estimate the asset\u2019s expected future cash flows, as well as potential variability around this expectation.
The method of estimating expected future cash flows depends on the nature of the asset, with market and market-implied data used
to the greatest extent possible. The potential variability around this expectation is typically determined by stressing underlying
parameters to create reasonable alternative upside and downside scenarios. Probabilities are then assigned to each scenario.
Stressed parameters may include default rates, loss severity or prepayment rates.
Financial liabilities are derecognised when the liability has been settled, has expired or has been extinguished. An exchange of an
existing financial liability for a new liability with the same lender on substantially different terms \u2013 generally a difference of 10% or more
in the present value of the cash flows or a substantive qualitative amendment \u2013 is accounted for as an extinguishment of the original
financial liability and the recognition of a new financial liability.
Accounting for reverse repurchase and repurchase agreements including other similar lending and borrowing
Reverse repurchase agreements (and stock borrowing or similar transactions) are a form of secured lending whereby the Group
provides a loan or cash collateral in exchange for the transfer of collateral, generally in the form of marketable securities subject to an
agreement to transfer the securities back at a fixed price in the future. Repurchase agreements are where the Group obtains such
loans or cash collateral in exchange for the transfer of collateral.
The Group purchases (a reverse repurchase agreement) or borrows securities subject to a commitment to resell or return them. The
securities are not included in the balance sheet as the Group does not acquire the risks and rewards of ownership. Consideration paid
(or cash collateral provided) is accounted for as a loan asset at amortised cost, unless it is designated or mandatorily at fair value
through profit and loss.
The Group may also sell (a repurchase agreement) or lend securities subject to a commitment to repurchase or redeem them. The
securities are retained on the balance sheet as the Group retains substantially all the risks and rewards of ownership. Consideration
received (or cash collateral provided) is accounted for as a financial liability at amortised cost, unless it is designated at fair value
through profit and loss.
(iv) Issued debt and equity instruments
Issued financial instruments or their components are classified as liabilities if the contractual arrangement results in the Group having
an obligation to either deliver cash or another financial asset, or a variable number of equity shares, to the holder of the instrument. If
this is not the case, the instrument is generally an equity instrument and the proceeds included in equity, net of transaction costs.
Dividends and other returns to equity holders are recognised when paid or declared by the members at the Annual General Meeting
and treated as a deduction from equity.
Where issued financial instruments contain both liability and equity components, these are accounted for separately. The fair value of
the debt is estimated first and the balance of the proceeds is included within equity.
(v) Cash flow statement
Cash comprises cash on hand and balances at central banks. Cash equivalents comprise loans and advances to banks, cash collateral
balances with central banks related to payment schemes and treasury and other eligible bills, all with original maturities of three
months or less.
Investments in debt securities at amortised cost are deemed to be investing activities for the purposes of the cash flow statement,
except those instruments considered to be cash equivalents.\u00a0
Debt securities issued and redeemed are considered to be operating activities, except qualifying eligible liabilities that satisfy
regulatory requirements for MREL instruments (or have previously satisfied these requirements since 2019 when they came into
effect), which are considered to be financing activities.
5. New and amended standards and interpretations
Future accounting developments
The following accounting standards have been issued by the IASB, but are not yet effective:
Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments
In May 2024, the IASB issued targeted amendments to IFRS 9 to address feedback received from stakeholders following a post-
implementation review. The amendments include:
\u2022 additional guidance to clarify when certain financial assets may be compliant with SPPI requirements, including instruments with
contingent features (e.g. ESG-linked financing), as well as contractually-linked instruments and non-recourse financing.
\u2022 clarifying the derecognition requirements for financial assets and financial liabilities, including establishing a new accounting
policy choice for derecognition of a financial liability when a payment is initiated by the reporting entity using an electronic
payment system provided specified criteria is met.
The amendments are effective from 1 January 2026. The adoption of the derecognition amendments is expected to result in a
change of policy for derecognising certain types of financial liabilities. As a result of these amendments, it is expected that the
impacted liabilities will be reclassified from cash collateral and settlement balances to trading portfolio liabilities. No other material
impacts are anticipated from the adoption of these derecognition amendments or from the other changes introduced to IFRS 9. The
quantitative impact of IFRS 9 and IFRS 7 amendments will continue to be assessed in 2026.
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1. IFRS 18 introduces
new requirements for presentation within the statement of profit or loss, including specified totals and subtotals, it requires entities
to classify all income and expenses into five categories: operating, investing, financing, income tax and discontinued operations, and
introduces defined subtotals, including operating profit
IFRS 18 requires entities to assess whether they have a IFRS 18 defined specified main business activity. For those entities with a
specified main business activity, certain income and expenses will be recorded in the operating category, which may have been
recorded in another category if the entity did not have a specified main business activity.
The standard introduces new aggregation and disaggregation principles for financial information and narrow scope amendments to
IAS 7 Statement of Cash Flows by using operating profit as the starting point for the indirect method and removing optionality in the
classification of interest and dividends. The standard requires disclosure of management-defined performance measures (MPMs),
The Group has commenced its IFRS 18 impact assessment. The Group expects to have an IFRS 18 specified main business activity,
allowing significant items from the Group\u2019s operations to be reported within the operating category.
The Group is also assessing the impact on management\u2011defined performance measures (MPMs) and the enhanced disaggregation
requirements introduced by IFRS 18. In 2026, the Group will continue to assess the impact of IFRS 18.
The new standard is effective from 1 January 2027.
6. Critical accounting estimates and judgements
The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to
exercise judgement in applying the accounting policies. The key areas involving a higher degree of judgement or complexity or areas
where assumptions are significant to the consolidated and individual financial statements are highlighted under the relevant note.
Information about estimates, and other sources of estimation uncertainty at the end of the reporting period, that are considered to
have a significant risk of resulting in material adjustment to the carrying amounts of assets and liabilities within the next financial year
are disclosed within the relevant note.
\u2022 Credit impairment charges on page 417
\u2022 Tax on page 419
\u2022 Fair value of financial instruments on page 433
\u2022 Goodwill and intangible assets on page 451
\u2022 Provisions, including conduct and legal, competition and regulatory matters on page 454
\u2022 Pensions and post-retirement benefit obligations on page 471
7. Other disclosures
To improve transparency and ease of reference, by concentrating related information in one place, certain disclosures required
under IFRS have been included within the Risk review section as follows:
\u2022 Credit risk on pages 247\u00a0 to 248 and 264 to 314
\u2022 Market risk on pages 248 to 249 and 315 to 316
\u2022 Treasury and Capital risk \u2013 liquidity on pages 249 and 318 to 328
\u2022 Treasury and Capital risk \u2013 capital on pages 250 and 329 to 333
These disclosures are covered by the audit opinion (included on pages 380 to 395) where referenced as audited.
Presentation of segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, which is
responsible for allocating resources and assessing performance of the operating segments, and has been identified as the chief
operating decision-maker. All transactions between business segments are conducted on an arm\u2019s-length basis. Income and
expenses directly associated with each segment are included in determining business segment performance.
Barclays is a British universal bank diversified by business, geography and income type, serving consumer and wholesale customers
and clients globally. In addition to its rooting in the UK, Barclays also has a strong presence in the US.
Accounting for interest income and expenses
Interest income on loans and advances at amortised cost, financial assets at fair value through other comprehensive income and
interest expense on financial liabilities held at amortised cost are calculated using the effective interest method, which allocates
interest, and direct and incremental fees and costs, over the expected lives of the assets and liabilities.
The effective interest method requires the Group to estimate future cash flows, in some cases based on its experience of
customers\u2019 behaviour, considering all contractual terms of the financial instrument, as well as the expected lives of the assets and
liabilities.
The Group incurs certain costs to originate credit card balances with the most significant being co-brand partner fees. To the extent
these costs are attributed to customers that continuously carry an outstanding balance (revolvers) and incremental to the origination
of credit card balances, they are capitalised and subsequently included within the calculation of the effective interest rate. They are
amortised to interest income over the period of expected repayment of the originated balance. Costs attributed to customers that
settle their outstanding balances each period (transactors) are deferred on the balance sheet as a cost of obtaining a contract and
amortised to fee and commission expense over the life of the customer relationship (refer to Note 4).
Accounting for net fee and commission income
The Group recognises fee and commission income charged for services provided by the Group as and when performance obligations
are satisfied, for example, on completion of the underlying transaction. Incremental costs are reported within fee and commission
expense if they are directly attributable to generating identifiable fee and commission income. Where the contractual arrangements
also result in the Group recognising financial instruments in scope of IFRS 9, such financial instruments are initially recognised at fair
value in accordance with IFRS 9 before applying the provisions of IFRS 15.
Accounting for net trading income
Trading positions are held at fair value, and the resulting gains and losses are included in net trading income, together with interest
and dividends arising from long and short positions and funding costs relating to trading activities. Incremental costs are reported
within net trading income if they are directly attributable to generating identifiable trading income.
Income arises from both the sale and purchase of trading positions, margins that are achieved through market-making and customer
business, and from changes in fair value caused by movements in interest and exchange rates, equity prices and other market
variables.
Gains or losses on non-trading financial instruments designated or mandatorily at fair value, with changes in fair value recognised in
the income statement, are included in net trading income where the business model is to manage assets and liabilities on a fair value
basis, which includes the use of derivatives. Gains and losses are also reported in net trading income where an instrument is
designated at fair value to eliminate an accounting mismatch.
Accounting for net investment income
Dividends are recognised when the right to receive the dividend has been established. Incremental costs are reported within net
investment income if they are directly attributable to generating identifiable investment income. Other accounting policies relating to
net investment income are set out in Note 13 and Note 15.
Accounting for the impairment of financial assets
Impairment
The Group is required to recognise expected credit losses (ECLs) based on unbiased forward-looking information for all financial
assets at amortised cost, lease receivables, debt financial assets at fair value through other comprehensive income, loan
commitments and financial guarantee contracts.
At the reporting date, an allowance (or provision for loan commitments and financial guarantees) is required for the 12-month
(Stage\u00a01) ECLs. If the credit risk has significantly increased since initial recognition (Stage 2), or if the financial instrument is credit
impaired (Stage\u00a03), an allowance (or provision) should be recognised for the lifetime ECLs.
The measurement of ECL is calculated using three main components: (i) probability of default (PD) (ii) loss given default (LGD) and (iii)
the exposure at default (EAD).\u00a0
The 12-month and lifetime ECLs are calculated by multiplying the respective PD, LGD and the EAD. The 12-month and lifetime PDs
represent the PD occurring over the next 12 months and the remaining maturity of the instrument respectively. The EAD represents
the expected balance at default, taking into account the repayment of principal and interest from the balance sheet date to the
default event together with any expected drawdowns of committed facilities. The LGD represents expected losses on the EAD given
the event of default, taking into account, among other attributes, the mitigating effect of collateral value at the time it is expected to
be realised and the time value of money.\u00a0
Expected credit loss measurement is based on the ability of borrowers to make payments as they fall due. The Group also considers
sector-specific risks and whether additional adjustments are required in the measurement of ECL. Credit risk may be impacted by
climate considerations for certain sectors, such as oil and gas.
Determining a significant increase in credit risk since initial recognition:
The Group assesses when a significant increase in credit risk has occurred based on quantitative and qualitative assessments. The
credit risk of an exposure is considered to have significantly increased when:
i) Quantitative test
The annualised lifetime PD has increased by more than an agreed threshold relative to the equivalent at origination.
PD deterioration thresholds are defined as percentage increases, and are set at an origination score band and segment level to
ensure the test appropriately captures significant increases in credit risk at all risk levels. Generally, thresholds are inversely correlated
to the origination PD, i.e. as the origination PD increases, the threshold value reduces.
The assessment of the point\u00a0at which a PD increase is deemed \u2018significant\u2019, is based upon analysis of the portfolio\u2019s risk profile against
a common set of principles and performance metrics (consistent across both retail and wholesale businesses), incorporating expert
credit judgement, where appropriate. Application of quantitative PD floors does not represent the use of the low credit risk
exemption as exposures can separately move into Stage 2 via the qualitative route described below.
Wholesale assets apply a 100% increase in PD and 0.2% PD floor to determine a significant increase in credit risk.
Retail assets apply bespoke relative increase and absolute PD thresholds based on product type and origination PD. Thresholds are
subject to maximums defined by Group policy and typically apply minimum relative thresholds of 50-100% and a maximum relative
threshold of 400%.
For existing/historical exposures where origination point scores or data are no longer available or do not represent a comparable
estimate of lifetime PD, a proxy origination score is defined, based upon:
\u2022 back-population of the approved lifetime PD score either to origination date or, where this is not feasible, as far back as possible
(subject to a data start point no later than 1 January 2015); or
\u2022 use of available historical account performance data and other customer information, to derive a comparable \u2018proxy\u2019 estimation of
origination PD.
ii) Qualitative test
This is relevant for accounts that meet the portfolio\u2019s \u2018high risk\u2019 criteria and are subject to closer credit monitoring.
High risk customers may not be in arrears, but either through an event or an observed behaviour exhibit credit distress. The definition
and assessment of high risk includes as wide a range of information as reasonably available, such as industry and Group-wide
customer level data, including, but not limited to bureau scores and high consumer indebtedness index, wherever possible or
relevant.
While the high risk populations applied for IFRS 9 impairment purposes are aligned with risk management processes, they are also
regularly reviewed and validated to ensure that they capture any incremental segments where there is evidence of credit
deterioration.
iii) Backstop criteria
This is relevant for accounts that are more than 30 calendar days past due. The 30 days past due criteria is a backstop rather than a
primary driver of moving exposures into Stage 2.
The criteria for determining a significant increase in credit risk for assets with bullet repayments follows the same principle as all other
assets, i.e. quantitative, qualitative and backstop tests are all applied.
Exposures will move back to Stage 1 once they no longer meet the criteria for a significant increase in credit risk. This means that, at a
minimum all payments must be up-to-date, the PD deterioration test is no longer met, the account is no longer classified as high risk,
and the customer has evidenced an ability to maintain future payments.
Exposures are only removed from Stage 3 and reassigned to Stage 2 once the original default trigger event no longer applies.
Exposures being removed from Stage 3 must no longer qualify as credit impaired, and:
a) the obligor will also have demonstrated consistently good payment behaviour over a 12-month period, by making all consecutive
contractual payments due and, for forborne exposures, the relevant EBA defined probationary period has also been successfully
completed or;
b) (for non-forborne exposures) the performance conditions are defined and approved within an appropriately sanctioned
restructure plan, including 12 months\u2019 payment history.
Management overlays and other exceptions to model outputs are applied only if consistent with the objective of identifying
significant increases in credit risk.
Forward-looking information
The measurement of ECL involves complexity and judgement, including estimation of PD, LGD, a range of unbiased future economic
scenarios, estimation of expected lives (where contractual life is not appropriate), and estimation of EAD and assessing significant
increases in credit risk.
Credit losses are the expected cash shortfalls from what is contractually due over the expected life of the financial instrument,
discounted at the original effective interest rate (EIR). ECLs are the unbiased probability-weighted credit losses determined by
evaluating a range of possible outcomes and considering future economic conditions.
Refer to the Measurement uncertainty and sensitivity analysis section on page 285 for further details.
Definition of default, credit impaired assets, write-offs, and interest income recognition
The definition of default for the purpose of determining ECLs, and for internal credit risk management purposes, has been aligned to
the Regulatory Capital CRR Article 178 definition of default, to maintain a consistent approach with IFRS 9 and associated regulatory
guidance. The Regulatory Capital CRR Article 178 definition of default considers indicators that the debtor is unlikely to pay, includes
exposures in forbearance and is no later than when the exposure is more than 90 days past due. When exposures are identified as
credit impaired at the time when they are purchased or originated, interest income is calculated on the carrying value net of the
impairment allowance.
An asset is considered credit impaired when one or more events occur that have a detrimental impact on the estimated future cash
flows of the financial asset. This comprises assets defined as defaulted and other individually assessed exposures where imminent
default or actual loss is identified.
Uncollectable loans are written off against the related allowance for loan impairment on completion of the Group\u2019s internal processes
and when all reasonably expected recoverable amounts have been collected. Subsequent recoveries of amounts previously written
off are credited to the income statement. The timing and extent of write-offs may involve some element of subjective judgement.
Nevertheless, a write-off will often be prompted by a specific event, such as the inception of insolvency proceedings or other formal
recovery action, which makes it possible to establish that some or the entire advance is beyond realistic prospect of recovery.
Purchased or originated credit impaired (POCI)
Purchased or originated credit impaired\u00a0 assets include a fixed pool of credit card and unsecured personal loan balances that were
purchased as part of the Tesco acquisition at a deep discount to face value, reflecting credit losses incurred from the point of
origination to the date of acquisition. Hence, POCI assets do not carry any impairment allowance on initial recognition. All changes in
lifetime expected credit losses subsequent to the assets\u2019 initial recognition are recognised as an impairment charge. Over time,
these POCI assets will run off as the loans redeem, pay down or as loans are written off.
Accounting for purchased financial guarantee contracts
The Group may enter into a financial guarantee contract that requires the issuer of such contract to reimburse the Group for a loss it
incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. For these
separate financial guarantee contracts, the Group recognises a reimbursement asset aligned with the recognition of the underlying
ECLs, if it is considered virtually certain that a reimbursement would be received if the specified debtor fails to make payment when
due in accordance with the terms of the debt instrument.
Loan modifications and renegotiations that are not credit-impaired
When modification of a loan agreement occurs as a result of commercial restructuring activity rather than due to the credit risk of the
borrower, an assessment must be performed to determine whether the terms of the new agreement are substantially different from
the terms of the existing agreement.\u00a0This assessment considers both the change in cash flows arising from the modified terms, as
well as the change in overall instrument risk profile. In respect of payment holidays granted to borrowers that are not due to
forbearance, if the revised cash flows on a present value basis (based on the original EIR) are not substantially different from the
original cash flows, the loan is not considered to be substantially modified.\u00a0
Where terms are substantially different, the existing loan will be derecognised and a new loan will be recognised at fair value, with any
difference in valuation recognised immediately within the income statement, subject to observability criteria.
Where terms are not substantially different, the loan carrying value will be adjusted to reflect the present value of modified cash flows
discounted at the original EIR, with any resulting gain or loss recognised immediately within the income statement as a modification gain or loss.
Expected life
Lifetime ECLs must be measured over the expected life. This is restricted to the maximum contractual life and takes into account
expected prepayment, extension, call and similar options. The exceptions are certain revolving financial instruments, such as credit
cards and bank overdrafts, that include both a drawn and an undrawn component where the entity\u2019s contractual ability to demand
repayment and cancel the undrawn commitment does not limit the entity\u2019s exposure to credit losses to the contractual notice
period. For revolving facilities, expected life is analytically derived to reflect the behavioural life of the asset, i.e. the full period over
which the business expects to be exposed to credit risk. Behavioural life is typically based upon historical analysis of the average time
to default, closure or withdrawal of facility. Where data is insufficient or analysis inconclusive, an additional \u2018maturity factor\u2019 may be
incorporated to reflect the full estimated life of the exposures, based upon experienced judgement and/or peer analysis. Potential
future modifications of contracts are not taken into account when determining the expected life or EAD until they occur.
Discounting
ECLs are discounted at the EIR at initial recognition or an approximation thereof and consistent with income recognition. For loan
commitments, the EIR is the rate that is expected to apply when the loan is drawn down and a financial asset is recognised. Issued
financial guarantee contracts are discounted at the risk-free rate. Lease receivables are discounted at the rate implicit in the lease.
For variable/floating rate financial assets, the spot rate at the reporting date is used and projections of changes in the variable rate
over the expected life are not made to estimate future interest cash flows or for discounting.
Modelling techniques
Currently, Internal Ratings-Based models are leveraged to calculate the point-in-time PD and LGD, which serve as key inputs to the
IFRS 9 models. Thereafter, these inputs are extrapolated by the IFRS 9 models to create macroeconomic sensitive forecasts of PDs,
LGDs and, in turn, ECL.
Forbearance
A financial asset is subject to forbearance when it is modified due to the credit distress of the borrower. A modification made to the terms
of an asset due to forbearance will typically be assessed as a non-substantial modification that does not result in derecognition of the
original loan, except in circumstances where debt is exchanged for equity.
Both performing and non-performing forbearance assets are classified as Stage 3, except where it is established that the concession
granted has not resulted in diminished financial obligation and that no other regulatory definition of default criteria have been triggered, in
which case, the asset is classified as Stage 2. The minimum probationary period for non-performing forbearance is 12 months, and for
performing forbearance, 24 months. Hence, a minimum of 36 months is required for non-performing forbearance to move out of a
forborne state.
No financial instrument in forbearance can transfer back to Stage 1 until all of the Stage 2 thresholds are no longer met, and can only
move out of Stage 3 when no longer credit impaired.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
These estimates are considered to have a significant risk of resulting in material adjustment to the carrying amounts of financial
instruments in scope of IFRS 9 impairment within the next financial year.
IFRS 9 impairment involves several important areas of judgement, including estimating forward-looking modelled parameters (PD,
LGD and EAD), developing a range of unbiased future economic scenarios, estimating expected lives and assessing significant
increases in credit risk, based on the Group\u2019s experience of managing credit risk. The determination of expected life is most material
for Barclays' credit card portfolios which is obtained via behavioural life analysis to materially capture the risk of these facilities.
Within the retail and small businesses portfolios, which comprise large numbers of small homogeneous assets with similar risk characteristics
where credit scoring techniques are generally used, the impairment allowance is calculated using forward-looking modelled parameters that
are typically run at account level. There are many models in use, each tailored to a product, line of business or customer category.
Judgement and knowledge is needed in selecting the statistical methods to use when the models are developed or revised. Management
adjustments to impairment models, which contain an element of subjectivity, are applied in order to factor in certain conditions or changes in
policy that are not fully incorporated into the impairment models, or to reflect additional facts and circumstances at the period end.
Management adjustments are reviewed and incorporated into future model development, where appropriate.
For individually significant assets in Stage 3, impairment allowances are calculated on an individual basis, and all relevant considerations that
have a bearing on the expected future cash flows across a range of economic scenarios are taken into account. These considerations can be
particularly subjective and can include the business prospects for the customer, the realisable value of collateral, the Group\u2019s position relative
to other claimants, the reliability of customer information and the likely cost and duration of the work-out process. The level of the
impairment allowance is the difference between the value of the discounted expected future cash flows (discounted at the loan\u2019s original
effective interest rate), and its carrying amount. Furthermore, judgements change with time as new\u00a0 information becomes available or as
work-out strategies evolve, resulting in frequent revisions to the impairment allowance as individual decisions are taken. Changes in these
estimates would result in a change in the allowances and have a direct impact on the impairment charge.
Further information on impairment allowances, impairment charges, management adjustments to models for impairment, measurement
uncertainty, sensitivity analysis and related credit information is set out within the Credit risk performance section.
Temporary adjustments to calculated IFRS 9 impairment allowances may be applied in limited circumstances to account for situations where
known or expected risk factors or information have not been considered in the ECL assessment or modelling process. For further
information please see page 281 in the Credit risk performance section.
Information about the potential impact of the physical and transition risks of climate change on borrowers is considered, taking into account
reasonable and supportable information to make accounting judgements and estimates. Climate change is inherently of a long-term nature,
with significant levels of uncertainty, and consequently requires judgement in determining the possible impact in the next financial year, if any.
Accounting for income taxes
The Group applies IAS 12 Income Taxes in accounting for taxes on income. Income tax payable on taxable profits (current tax) is
recognised as an expense in the periods in which the profits arise. Withholding taxes are also treated as income taxes. Income tax
recoverable on tax allowable losses is recognised as a current tax asset, only to the extent that it is regarded as recoverable by
offsetting against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have
been enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax liabilities are
recognised for all taxable temporary differences, except for the initial recognition of goodwill. Deferred tax is not recognised where
the temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is determined using
tax rates and legislation enacted or substantively enacted by the balance sheet date that are expected to apply when the deferred tax
asset is realised or the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal right
to set-off and an intention to settle on a net basis.
The Group has adopted the International Tax Reform - Pillar Two Model Rules amendments to IAS 12, which were issued on 23 May
2023 and approved by the UK Endorsement Board on 19 July 2023, and has applied the exception set out in paragraph 4A in respect
of recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
The Group considers an uncertain tax position to exist when it considers that ultimately, in the future, the amount of profit subject to
tax may be greater than the amount initially reflected in the Group\u2019s tax returns. The Group accounts for provisions in respect of
uncertain tax positions in two different ways.
A current tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain
tax position will alter the amount of cash tax due to, or from, a tax authority in the future.\u00a0From recognition, the current tax provision is
then measured at the amount the Group ultimately expects to pay the tax authority to resolve the position. The accrual of interest
and penalty amounts in respect of uncertain income tax positions is recognised as an expense within profit before tax.
Deferred tax provisions are adjustments made to the carrying value of deferred tax assets in respect of uncertain tax positions. A
deferred tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax
position will result in a reduction in the carrying value of the deferred tax asset.\u00a0From recognition of a provision, measurement of the
underlying deferred tax asset is adjusted to take into account the expected impact of resolving the uncertain tax position on the loss
or temporary difference giving rise to the deferred tax asset.
The approach taken to measurement takes account of whether the uncertain tax position is a discrete position that will be reviewed
by the tax authority in isolation from any other position, or one of a number of issues that are expected to be reviewed together
concurrently and resolved simultaneously with a tax authority. The Group\u2019s measurement of provisions is based upon its best
estimate of the additional profit that will become subject to tax. For a discrete position, consideration is given only to the merits of
that position. Where a number of issues are expected to be reviewed and resolved together, the Group will take into account not only
the merits of its position in respect of each particular issue, but also the overall level of provision relative to the aggregate of the
uncertain tax positions across all the issues that are expected to be resolved at the same time. In addition, in assessing provision
levels, it is assumed that tax authorities will review uncertain tax positions and that all facts will be fully and transparently disclosed.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of current and deferred tax
balances, including provisions for uncertain tax positions in the next financial year.\u00a0The provisions for uncertain tax positions cover a
diverse range of issues and reflect advice from external counsel, where relevant. It should be noted that only a proportion of the total
uncertain tax positions will be under audit at any point in time, and could therefore be subject to challenge by a tax authority over the
next year.
Deferred tax assets have been recognised based on business profit forecasts, which included consideration for the current view of
climate impacts. Details on the recognition of deferred tax assets are provided in this note.
Accounting for income taxes
The Group applies IAS 12 Income Taxes in accounting for taxes on income. Income tax payable on taxable profits (current tax) is
recognised as an expense in the periods in which the profits arise. Withholding taxes are also treated as income taxes. Income tax
recoverable on tax allowable losses is recognised as a current tax asset only to the extent that it is regarded as recoverable by
offsetting against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have
been enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax liabilities are
recognised for all taxable temporary differences except for the initial recognition of goodwill. Deferred tax is not recognised where
the temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is determined using
tax rates and legislation enacted or substantively enacted by the balance sheet date which are expected to apply when the deferred
tax asset is realised or the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal
right to set-off and an intention to settle on a net basis.
The Group has adopted the International Tax Reform - Pillar Two Model Rules amendments to IAS 12, which were issued on 23 May
2023 and approved by the UK Endorsement Board on 19 July 2023, and has applied the exception set out in paragraph 4A in respect
of recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
The Group considers an uncertain tax position to exist when it considers that ultimately, in the future, the amount of profit subject to
tax may be greater than the amount initially reflected in the Group\u2019s tax returns. The Group accounts for provisions in respect of
uncertain tax positions in two different ways.
A current tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain
tax position will alter the amount of cash tax due to, or from, a tax authority in the future.\u00a0From recognition, the current tax provision is
then measured at the amount the Group ultimately expects to pay the tax authority to resolve the position. The accrual of interest
and penalty amounts in respect of uncertain income tax positions is recognised as an expense within profit before tax.
Deferred tax provisions are adjustments made to the carrying value of deferred tax assets in respect of uncertain tax positions. A
deferred tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax
position will result in a reduction in the carrying value of the deferred tax asset.\u00a0From recognition of a provision, measurement of the
underlying deferred tax asset is adjusted to take into account the expected impact of resolving the uncertain tax position on the loss
or temporary difference giving rise to the deferred tax asset.
The approach taken to measurement takes account of whether the uncertain tax position is a discrete position that will be reviewed
by the tax authority in isolation from any other position, or one of a number of issues which are expected to be reviewed together
concurrently and resolved simultaneously with a tax authority. The Group\u2019s measurement of provisions is based upon its best
estimate of the additional profit that will become subject to tax. For a discrete position, consideration is given only to the merits of
that position. Where a number of issues are expected to be reviewed and resolved together, the Group will take into account not only
the merits of its position in respect of each particular issue but also the overall level of provision relative to the aggregate of the
uncertain tax positions across all the issues that are expected to be resolved at the same time. In addition, in assessing provision
levels, it is assumed that tax authorities will review uncertain tax positions and that all facts will be fully and transparently disclosed.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
Accounting for trading portfolio assets and liabilities
All assets and liabilities held for trading purposes are held at fair value, with gains and losses in the changes in fair value taken to the
income statement in net trading income (Note 5).
Accounting for financial assets designated at fair value
Financial assets, other than those held for trading, are classified in this category if they are so irrevocably designated at inception and
the use of the designation removes or significantly reduces an accounting mismatch.
Subsequent changes in fair value for these instruments are recognised in the income statement in net investment income, except if
reporting it in trading income reduces an accounting mismatch.
The details on how the fair value amounts are derived for financial assets at fair value are described in Note 17.
Accounting for financial assets mandatorily at fair value
Financial assets that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at fair
value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if
the financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a
business model that is achieved by both collecting contractual cash flows and selling.
Accounting for derivatives
Derivative instruments are contracts whose value is derived from one or more underlying financial instruments or indices defined in
the contract. They include swaps, forward-rate agreements, futures, options and combinations of these instruments and primarily
affect the Group\u2019s net interest income, net trading income and derivative assets and liabilities. Notional amounts of the contracts are
not recorded on the balance sheet. Derivatives are used to hedge interest rate, credit risk, inflation risk, exchange rate, commodity
equity exposures, and exposures to certain indices, such as house price indices and retail price indices related to non-trading
positions.
All derivative instruments are held at fair value through profit or loss, except for derivatives that are in a designated cash flow or net
investment hedge accounting relationship. Derivatives are classified as assets when their fair value is positive or as liabilities when
their fair value is negative.
Hedge accounting
The Group applies the requirements of IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting purposes.
The Group applies hedge accounting to represent the economic effects of its interest rate, currency and contractually-linked
inflation risk management strategies. Where derivatives are held for risk management purposes, and when transactions meet the
required criteria for documentation and hedge effectiveness, the Group applies fair value hedge accounting, cash flow hedge
accounting, or hedging of a net investment in a foreign operation, as appropriate to the risks being hedged.
Fair value hedge accounting
Changes in fair value of derivatives that qualify and are designated as fair value hedges are recorded in the income statement,
together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The fair value changes
adjust the carrying value of the hedged asset or liability held at amortised cost. For hedged items classified as fair value through other
comprehensive income, fair value movements attributable to the hedged risk are transferred from other comprehensive income to
the income statement.
If hedge relationships no longer meet the criteria for hedge accounting, hedge accounting is discontinued. For fair value hedges of
interest rate risk, the fair value adjustment to the hedged item is amortised to the income statement over the period to maturity of
the previously designated hedge relationship, using the effective interest method. If the hedged item is sold or repaid, the
unamortised fair value adjustment is recognised immediately in the income statement.
Cash flow hedge accounting
For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge is recognised
initially in other comprehensive income, and then recycled to the income statement in the periods when the hedged item will affect
profit or loss. Any ineffective portion of the gain or loss on the hedging instrument is recognised in the income statement
immediately.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in equity at that time remains in equity and is recognised when the hedged item is ultimately recognised in the
income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was recognised in
equity is immediately transferred to the income statement.
Hedges of net investments
The Group\u2019s net investments in foreign operations, including monetary items accounted for as part of the net investment, are
hedged for foreign currency risks using both derivatives and foreign currency borrowings. Hedges of net investments are accounted
for similarly to cash flow hedges; the effective portion of the gain or loss on the hedging instrument is being recognised directly in
other comprehensive income and the ineffective portion being recognised immediately in the income statement. The cumulative
gain or loss recognised in other comprehensive income is recognised in the income statement on the disposal or partial disposal of
the foreign operation, or other reductions in the Group\u2019s investment in the operation.
Accounting for financial assets at fair value through other comprehensive income (FVOCI)
Financial assets that are debt instruments held in a business model that is achieved by both collecting contractual cash flows and
selling and that contain contractual terms that give rise on specified dates to cash flows that are SPPI are measured at FVOCI. They
are subsequently remeasured at fair value and changes therein (except for those relating to impairment, interest income and foreign
currency exchange gains and losses) are recognised in other comprehensive income until the assets are sold. Interest (calculated
using the effective interest method) is recognised in the income statement in net interest income (Note 3). Upon disposal, the
cumulative gain or loss\u00a0 in other comprehensive income is recognised in net investment income (Note 6).
In determining whether the business model is achieved by both collecting contractual cash flows and selling financial assets, it is
determined that both collecting contractual cash flows and selling financial assets are integral to achieving the objective of the
business model. The Group will consider past sales and expectations about future sales to establish if the business model is achieved.
For equity securities that are not held for trading, the Group may make an irrevocable election on initial recognition to present
subsequent changes in the fair value of the instrument in other comprehensive income (except for dividend income which is
recognised in profit or loss).
Accounting for liabilities designated at fair value through profit and loss
The Group has the ability to make the fair value designation when holding the instruments at fair value reduces an accounting
mismatch (caused by an offsetting liability or asset being held at fair value), or is managed by the Group on the basis of its fair value, or
includes terms that have substantive derivative characteristics (Note 14). In accordance with IFRS 9, financial liabilities may be
designated at fair value, with gains and losses taken to the income statement within net trading income (Note 5) and net investment
income (Note 6). Movements in own credit are reported through other comprehensive income, unless the effects of changes in the
liability's credit risk would create or enlarge an accounting mismatch in P&L. In these scenarios, all gains and losses on that liability
(including the effects of changes in the credit risk of the liability) are presented in P&L. On derecognition of the financial liability, no
amount relating to own credit risk is recycled to the income statement.
The details on how the fair value amounts are arrived at for financial liabilities designated at fair value are described in Note 17.
Accounting for financial assets and liabilities \u2013 fair value
Financial instruments that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at
fair value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or
if the financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a
business model that is achieved by both collecting contractual cash flows and selling. Subsequent changes in fair value for these
instruments are recognised in the income statement in net investment income, except if reporting it in trading income reduces an
accounting mismatch.
Wherever possible, fair value is determined by reference to a quoted market price for that instrument. For many of the Group\u2019s
financial assets and liabilities, including derivatives, quoted prices are not available and valuation models are used to estimate fair
value. The models calculate the expected cash flows under the terms of each specific contract and then discount these values back
to a present value. These models use as their basis independently sourced market inputs including, for example, interest rate yield
curves, equities and commodities prices, option volatilities and currency rates.
For financial liabilities measured at fair value, the carrying amount also reflects the effect on fair value of changes in own credit
spreads derived from observable market data, such as in primary issuance and redemption activity for structured notes.
The Group uses the portfolio exemption in IFRS 13 Fair Value Measurement to measure the fair value of groups of financial assets and
liabilities. Financial instruments are measured using the price that would be received to sell a net long position (i.e. an asset) for a
particular risk exposure or to transfer a net short position (i.e. a liability) for a particular risk exposure in an orderly transaction between
market participants at the balance sheet date under current market conditions. Accordingly, the Group measures the fair value of the
group of financial assets and liabilities consistently with how market participants would price the net risk exposure at the
measurement date.
On initial recognition, the transaction price often reflects the fair value of the asset or liability.\u00a0 However, in some circumstances, fair
value may differ to the transaction price when there is information to the contrary. If the fair value of the instrument is observable
from current market transactions in the same instrument, or based on a valuation technique whose inputs only include observable
inputs, then the instrument is initially recognised at fair value and the difference to the transaction price is recognised in profit or loss.
For valuations that have made use of unobservable inputs, the difference between the model valuation and the initial transaction
price (day one profit) is recognised in profit or loss either: on a straight-line basis over the term of the transaction; or over the period
until all inputs will become observable where appropriate; or released in full when previously unobservable inputs become observable.
Various factors influence the availability of observable inputs, and these may vary from product-to-product and change over time.
Factors include the depth of activity in the relevant market, the type of product, whether the product is new and not widely traded in
the marketplace, the maturity of market modelling and the nature of the transaction (bespoke or generic). To the extent that
valuation is based on models or inputs that are not observable in the market, the determination of fair value can be more subjective,
dependent on the significance of the unobservable input to the overall valuation. Unobservable inputs are determined based on the
best information available, for example, by reference to similar assets, similar maturities, or other analytical techniques.
The sensitivity of valuations used in the financial statements to possible changes in significant unobservable inputs is shown on
page\u00a0442.
Valuation Control Framework
The Barclays Group has an established valuation control framework that oversees valuation methodologies, standards and
procedures.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
These estimates are considered to have a significant risk of resulting in a material adjustment to the carrying amounts of financial
assets and financial liabilities measured at fair value within the next financial year.
The valuation of financial instruments often involves a significant degree of judgement and complexity, in particular where valuation
models make use of unobservable inputs (\u2018Level 3\u2019 assets and liabilities). This note provides information on these instruments,
including the related unrealised gains and losses recognised in the period, a description of significant valuation techniques and
unobservable inputs, and a sensitivity analysis.
For assets and liabilities traded in active markets, it is determined that the market valuation includes a representation of the prevailing
view of climate-related risks. Within less active markets, for counterparties and instruments identified as being more susceptible to
climate change risk, an impact assessment was performed through increasing their probability of default. The change in valuation of
the assets and liabilities from this assessment was sufficiently immaterial to necessitate any amendment to the reported 2025 year-
end valuations.
The Group reports financial assets and financial liabilities on a net basis on the balance sheet, only if there is a legally enforceable right to
set-off the recognised amounts, and there is intention to settle on a net basis, or to realise the asset and settle the liability
simultaneously. The following table shows the impact of netting arrangements on:
\u2022 All financial assets and liabilities that are reported net on the balance sheet
\u2022 All derivative financial instruments and reverse repurchase and repurchase agreements and other similar secured lending and
borrowing agreements that are subject to enforceable master netting arrangements or similar agreements, but do not qualify for
balance sheet netting.
Accounting for property, plant and equipment
Property, plant and equipment is stated at cost, which includes direct and incremental acquisition costs less accumulated
depreciation and provisions for impairment, if required. Subsequent costs are capitalised if these result in enhancement of the asset.
Depreciation is provided on the depreciable amount of items of property, plant and equipment on a straight-line basis over their estimated useful
economic lives. Depreciation rates, methods and the residual values underlying the calculation of depreciation of items of property, plant and
equipment are kept under review to take account of any change in circumstances, including consideration on future Climate and Sustainability
investments.
The Group uses the following annual rates in calculating depreciation:
Accounting for leases
When the Group is the lessee, it is required to recognise both:
\u2022 a lease liability, measured at the present value of remaining cash flows on the lease
\u2022 a right of use (ROU) asset, measured at the amount of the initial measurement of the lease liability, plus any lease payments made
prior to commencement date, initial direct costs, and estimated costs of restoring the underlying asset to the condition required
by the lease, less any lease incentives received.
Subsequently the lease liability will increase for the accrual of interest, resulting in a constant rate of return throughout the life of the
lease, and reduce when payments are made. The right of use asset will amortise to the income statement over the life of the lease.
When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the ROU asset, or is recorded
in the income statement if the carrying amount of the ROU asset has been reduced to nil.
On the balance sheet, the ROU assets are included within property, plant and equipment and the lease liabilities are included within
other liabilities.
The Group applies the recognition exemption in IFRS 16 for leases with a term not exceeding 12 months. For these leases, the lease
payments are recognised as an expense on a straight-line basis over the lease term unless another systematic basis is more
appropriate.
When the Group is the lessor, the lease must be classified as either a finance lease or an operating lease. A finance lease is a lease
that confers substantially all the risks and rewards of the leased assets on the lessee. An operating lease is a lease where substantially
all of the risks and rewards of the leased asset remain with the lessor.
Accounting for goodwill and intangible assets
Goodwill
Goodwill arising on the acquisition of subsidiaries represents the excess of the fair value of the purchase consideration over the fair
value of the Group\u2019s share of the assets acquired and the liabilities and contingent liabilities assumed on the date of the acquisition.
Goodwill is reviewed annually for impairment, or more frequently when there are indications that impairment may have occurred. The
test involves comparing the carrying value of a cash generating unit (CGU), including goodwill with the present value of the pre-tax
cash flows, discounted at a rate of interest that reflects the inherent risks, of the CGU to which the goodwill relates, or the CGU's fair
value if this is higher.
Intangible assets
Intangible assets are initially recognised when they are separable or arise from contractual or other legal rights, the cost can be
measured reliably and, in the case of intangible assets not acquired in a business combination, where it is probable that future
economic benefits attributable to the assets will flow from their use.
For internally generated intangible assets, only costs incurred during the development phase are capitalised. Expenditure in the
research phase is expensed when it is incurred.
Intangible assets are stated at cost (which is, in the case of assets acquired in a business combination, the acquisition date fair value)
less accumulated amortisation and impairment, if any, and are amortised over their useful lives in a manner that reflects the pattern
to which they contribute to future cash flows, generally using the amortisation periods set out below:
Note:
1 Exceptions to the above rate relate to useful lives of certain core banking platforms that are assessed individually and, if appropriate, amortised over longer
periods ranging from 10 to 15 years.
Critical accounting estimates and judgements
Goodwill
Key areas involving a higher degree of judgement or estimation include:
Judgements
Estimates
Identification of cash generating units (CGUs) and allocation of goodwill
for impairment testing.
The value-in-use (VIU) of a CGU for impairment testing includes
forecasting future cash flows and determination of the discount rate.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of goodwill in the next
financial year.
Testing goodwill for impairment involves a significant amount of judgement. Goodwill is allocated to CGUs for the purpose of
impairment testing. The review of goodwill for impairment involves calculating a value in use (VIU) valuation, which is compared to the
carrying value of a CGU associated with the goodwill to determine whether any impairment has occurred. This includes the identification
of independent CGUs across the organisation and the allocation of goodwill to those CGUs.
The calculation of a value in use contains a high degree of uncertainty in estimating the future cash flows and the rates used to discount
them. Key judgements include determining the carrying value of the CGU, the cash flows and discount rates used in the calculation.
\u2022 The cash flow forecasts used by management involve judgement and are based upon a view of the prospects of the business and
market conditions at the point in time the assessment is prepared, including the potential effect of climate change. The estimation of
cash flows is sensitive to the periods for which detailed forecasts are available and to assumptions regarding long-term sustainable
cash flows.
\u2022 The discount rates applied to the future cash flows also involve judgement. The discount rates used are compared to market
participants to ensure that they are appropriate and based on an estimated cost of equity for each CGU.
\u2022 The choice of a terminal growth rate used to determine the present value of the future cash flows of the CGUs is also a judgement
that can impact the outcome of the assessment. The terminal growth rate and discount rates used may vary due to external market
rates and economic conditions that are beyond management\u2019s control, including the potential effect of climate change.
Further details of some of the key judgements are set out below.
2025 impairment review
The 2025 impairment review was performed during Q4 2025, with the approach and analysis set out below.\u00a0
Determining the carrying value of CGUs
The carrying value for each CGU is the sum of the tangible equity, goodwill and intangible asset balances associated with that CGU.
The Group manages the assets and liabilities of its CGUs with reference to the tangible equity of the respective businesses. That
tangible equity is derived from the level of risk weighted assets (RWAs) and capital required to be deployed in the CGU and therefore
reflects its relative risk, as well as the level of capital that management consider a market participant would be required to hold and retain
to support business growth.
Goodwill is initially allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the acquisition that
generated it. Goodwill is only reallocated if there is a change in its use or when reporting structures are altered in a way that changes the
composition of one or more cash generating units to which goodwill has been allocated.\u00a0 During H1 2025, Barclays Bank UK Group
revised its internal reporting structure to align with strategic changes and allocation of resources. As a result, a new reportable segment
of Retail Banking has replaced the previously reported Personal Banking and Barclaycard Consumer UK segments.\u00a0
Cash flows
The five-year cash flows used in the calculation are based on the formally agreed medium-term plans approved by the Board. These are
prepared using macroeconomic assumptions which management consider reasonable and supportable, and reflect business agreed
initiatives for the forecast period. The macroeconomic assumptions underpinning the medium-term plan were determined during 2025
and management has considered whether there are subsequent significant changes in those assumptions which would adversely
impact the results of the impairment review.
As required by IAS 36, estimates of future cash flows exclude cash inflows or outflows that are expected to arise from restructuring
initiatives where a constructive obligation to carry out the plan does not yet exist.
In line with prior year treatment, the Education, Social Housing and Local Authority (ESHLA) portfolio has been excluded from the
Business Banking CGU cash flows. This is a legacy loan portfolio which was previously within the Non-Core bank and was not part of the
business to which the goodwill relates. As such, the cash flows relating to this portfolio have been excluded from the Business Banking
VIU calculation.\u00a0
Discount rates
IAS 36 requires that the discount rate used in a value in use calculation reflects the pre-tax rate an investor would require if they were to
choose an investment that would generate similar cash flows to those that the entity expects to generate from the asset. In
determining the discount rate, management identified the cost of equity associated with market participants that closely resemble the
Group's CGUs. The cost of equity has been used as the discount rate in the impairment assessment and applied to the post-tax cash
flows of the CGU. This post-tax method incorporates the impact of changing tax rates on the cash flows and is expected to produce the
same VIU result as a pre-tax method adjusted for varying tax rates. Using the resultant VIU, the equivalent pre-tax discount rate has
been calculated. The cost of equity rate used for all CGUs in this year\u2019s calculation has increased to reflect volatility in markets, an
increase in risk free rate and a higher market risk premium rate. The range of equivalent pre-tax discount rates applicable across the
CGUs range from\u00a0 15.2% to 19.6% (2024: 14.7% to 19.2%).
Terminal growth rate
The terminal growth rate is used to estimate the effect of projecting cash flows to the end of an asset\u2019s useful economic life. It is
management\u2019s judgement that the cash flows associated with the CGUs will grow in line with the major economies in which the Group
operates. Inflation rates are used as an approximation of future growth rates and form the basis of the terminal growth rates applied.
The terminal growth rate used is\u00a0 2.0% (2024: 2.0%).
Outcome of goodwill and intangibles review
The Retail Banking CGU carries the majority of the Group\u2019s goodwill balance, predominantly as a consequence of the Woolwich
acquisition. The goodwill within Retail Banking\u00a0 was \u00a33,243m (2024: \u00a33,243m), of which \u00a32,501m (2024: \u00a32,501m) was attributable to
Woolwich, and within Business Banking was \u00a3629m (2024: \u00a3629m), fully attributable to Woolwich.\u00a0
The largest portion of the Group's intangible assets sits within the Barclays Investment Bank CGU, with an allocation of \u00a31,751m (2024:
\u00a31,902m).
Based on management's plans and assumptions the value in use exceeds the carrying value of the CGUs and no impairment has been
indicated in 2025.\u00a0
The outcome of the impairment review for Retail Banking, Business Banking and Barclays US Consumer Bank are set out below:
Cash generating unit
Tangible equity
Goodwill
Intangibles
Carrying value
Value in use
Value in use
exceeding
carrying value
2025
Value in use
exceeding
carrying value
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail Banking
9,619
3,243
795
13,657
19,961
6,304
1,925
Business Banking
1,987
629
208
2,824
8,069
5,245
3,197
Barclays US Consumer Bank
3,055
414
519
3,988
7,081
3,093
480
Total
14,661
4,286
1,522
20,469
35,111
14,642
5,602
Note:
1 For comparative purposes, the 2024 figures have been re-presented to reflect the cash-generating units within the new operating divisions introduced in the
first half of 2025. Goodwill related to Retail Banking, which was previously reported under Personal Banking and Barclaycard Consumer UK, has now been
reclassified accordingly.\u00a0 \u00a0
All of the above CGUs have seen an increase in value in use in the period, which is mainly attributable to improved performance
expectations.
Sensitivity of key judgements
Headroom is sensitive to possible adverse changes in the key assumptions that support the recoverable amount:
Cash flows: The medium-term plans used to determine the cash flows used in the VIU calculation rely on macroeconomic forecasts,
including interest rates, GDP and unemployment, and forecast levels of market and client activity. Interest rate assumptions impact
planned cash flows from both customer income and structural hedge contributions and therefore cash flow expectations are highly
sensitive to movements in the yield curve. The cash flows also contain assumptions with regard to the prudential and financial conduct
regulatory environment which may be subject to change. Given the current level of economic uncertainty, a 10% reduction in cash flows
has been provided to show the sensitivity of the outcome to a change in these key assumptions.
Discount rate: The discount rate should reflect the market risk-free rate adjusted for the inherent risks of the business it is applied to.
Management have identified discount rates for comparable businesses and consider these to be a reasonable estimate of a suitable
market rate for the profile of the business unit being tested. The risk that these discount rates may not be appropriate is quantified below
and shows the impact of a 100bps change in the discount rate.
Terminal growth rate: The terminal growth rate is used to estimate the cash flows into perpetuity based on the expected longevity of the
CGU's businesses. The terminal growth rate is sensitive to uncertainties in the macroeconomic environment. The risk that using inflation
data may not be appropriate for its determination is quantified below and shows the impact of 100bps change in the terminal growth rate.
Allocated capital rate: Tangible equity is allocated based on the level of risk weighted assets (RWAs) and capital required to be deployed in
the CGU, which is dependent on the relative risk of businesses. The capital rate used in determining the level of tangible equity allocated to
the CGU and its capital cash flows could move over time. The impact of a 50bps increase in capital rate is quantified below.
Accounting for provisions
Provisions are recognised for present obligations arising as consequences of past events where it is more likely than not that a
transfer of economic benefit will be necessary to settle the obligation, which can be reliably estimated.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
These estimates are considered to have a significant risk of resulting in a material adjustment to the carrying amounts of provisions
within the next financial year.
The financial reporting of provisions involves a significant degree of judgement and is complex. Identifying whether a present
obligation exists and estimating the probability, timing, nature and quantum of the outflows that may arise from past events requires
judgements to be made based on the specific facts and circumstances relating to individual events and often requires specialist
professional advice. When matters are at an early stage, accounting judgements and estimates can be difficult because of the high
degree of uncertainty involved. Management continues to monitor matters as they develop to re-evaluate on an ongoing basis
whether provisions should be recognised, however there can remain a wide range of possible outcomes and uncertainties,
particularly in relation to legal, competition and regulatory matters, and as a result, it is often not practicable to make meaningful
estimates, even when matters are at a more advanced stage.
The amount that is recognised as a provision can also be very sensitive to the assumptions made in calculating it. This gives rise to a
large range of potential outcomes which require judgement in determining an appropriate provision level. See Note 25 for more detail
of legal, competition and regulatory matters.
Accounting for contingent liabilities
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.
The following table summarises the nominal principal amount of contingent liabilities and commitments which are not recorded on-
balance sheet:
Accounting for subordinated liabilities
Subordinated liabilities are measured at amortised cost, using the effective interest method under IFRS 9.
Accounting for staff costs
Deferred cash and share awards are made to employees to incentivise performance over the period employees provide services.
To receive an award, an individual must have provided service over the vesting period and been employed on the scheduled vesting
date or be considered an eligible leaver. The expense for deferred cash and share awards is recognised over the period employees\u2019
services contribute to the awards. The Group considers it appropriate to recognise the expense over the vesting period, including the
financial year prior to the grant date.
The accounting policies for share-based payments and retirement benefits are included in Note 31 and Note 32, respectively.
Accounting for share-based payments
Employee incentives include awards in the form of shares and share options, as well as offering employees the opportunity to
purchase shares on favourable terms. The cost of the employee services received in respect of the shares or share options granted
is recognised in the income statement over the period that employees provide services. The overall cost of the award is calculated
using the number of shares and options expected to vest and the fair value of the shares or options at the date of grant.
The number of shares and options expected to vest takes into account the likelihood that applicable performance and service
conditions included in the terms of the awards will be met. For other share-based payment schemes, such as Sharesave and
Sharepurchase, there are non-vesting conditions which must be met. Failure to meet the non-vesting condition is treated as a
cancellation, resulting in an acceleration of recognition of the cost of the employee services.
The fair value of shares is the market price ruling on the grant date, in some cases adjusted to reflect restrictions on transferability.
The fair value of options granted is determined using the Black-Scholes model to estimate the numbers of shares likely to vest. The
model takes into account the exercise price of the option, the current share price, the risk-free interest rate, the expected volatility of
the share price over the life of the option and other relevant factors. Market conditions that must be met in order for the award to
vest are also reflected in the fair value of the award, as are any other non-vesting conditions \u2013 such as continuing to make payments
into a share-based savings scheme.
The charge for the year arising from share-based payment schemes was as follows:
Accounting for retirement benefits
The Group operates a number of pension schemes and post-employment benefit schemes.
Defined contribution \u2013 the Group recognises contributions due in respect of the accounting period in the income statement. Any
contributions unpaid at the balance sheet date are included as a liability.
Defined benefit \u2013 the Group recognises its obligations to members of each scheme at the period end, less the fair value of the
scheme assets after applying the asset ceiling test.
Each scheme\u2019s obligations are calculated using the projected unit credit method. Scheme assets are stated at fair value as at the
period end.
Changes in pension scheme liabilities or assets (remeasurements) that do not arise from regular pension cost, net interest on net
defined benefit liabilities or assets, past service costs, settlements or contributions to the scheme, are recognised in other
comprehensive income. Remeasurements comprise experience adjustments (differences between previous actuarial assumptions
and what has actually occurred), the effects of changes in actuarial assumptions, return on scheme assets (excluding amounts
included in the interest on the assets) and any changes in the effect of the asset ceiling restriction (excluding amounts included in the
interest on the restriction).
The cost of providing healthcare benefits to retired employees is accrued as a liability in the financial statements over the period that
the employees provide services to the Group, using a methodology similar to that for defined benefit pension schemes.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
Estimates
Valuation of defined benefit scheme obligations are dependent on a number of assumptions, the most critical being discount rates, price inflation, and
life expectancy.
These estimates are considered to\u00a0 have a significant risk of resulting in a material adjustment to the carrying amount of defined benefit
obligations within the next financial year.
Below is a summary of the main financial and demographic assumptions adopted for both sections of the UKRF with the Barclays Bank
Section representing 91.5% of the UKRF benefit obligation and the Barclays UK Section representing 3.8%.
2025
2024
Barclays Bank
Section
Barclays UK
Section
UKRF
Key UKRF financial assumptions
% p.a.
% p.a.
% p.a.
Discount rate
5.46
5.42
5.44
Inflation rate (RPI)
2.92
2.89
3.32
The discount rate assumption for 2025 for both sections of the UKRF was based on a standard WTW RATE Link model. The RPI inflation
assumption for 2025 was set by reference to the Bank of England\u2019s implied inflation curve. The inflation assumption incorporates a
deduction of 20 basis points as an allowance for an inflation risk premium. The methodology used to derive the discount rate and
inflation assumptions is consistent with that used at the prior year end.
The Barclays Bank Section of the UKRF\u2019s post-retirement mortality assumptions are based on best estimates derived from an analysis in
2022 of the UKRF\u2019s own post-retirement mortality experience and taking account of recent evidence from published mortality surveys.
An allowance has been made for future mortality improvements based on the 2024 core projection model published by the Continuous
Mortality Investigation Bureau subject to a long-term trend of 1.1% per annum in future improvements (2024: 1.25% per annum).
Barclays UK Section of the UKRF does not have any post-retirement mortality assumptions as it only provides a cash lump sum at
retirement, not a pension for life.
The table below shows how the assumed life expectancy, for members of the Barclays Bank Section, has changed since last year:
Assumed life expectancy 1
2025
2024
Life expectancy at 60 for current pensioners (years)
\u2013 Males
26.6
26.5
\u2013 Females
29.3
29.4
Life expectancy at 60 for future pensioners currently aged 40 (years)
\u2013 Males
28.0
28.0
\u2013 Females
30.6
30.8
Note:
1 The life expectancies disclosed are in respect of a population of the membership that represents c60% of the Defined Benefit Obligation of the Barclays Bank
Section of the UKRF (excluding Afterwork, which has no post-retirement mortality risk) with the remaining members having life expectancy at age 60 of
between 26.4 years and 29.3 years.
Approximately, 70% of the longevity risk for current pensioners of the Barclays Bank Section of the UKRF has been reinsured and the
transactions will provide income to the Section if pensions are paid out for longer than expected. The contracts form part of the
Section\u2019s investment portfolio.
Sensitivity analysis on actuarial assumptions
The sensitivity analysis has been calculated by valuing the UKRF liabilities, using the amended assumptions shown in the table below and
keeping the remaining assumptions the same as disclosed in the table above, except in the case of the inflation sensitivity where other
assumptions that depend on assumed inflation have also been amended correspondingly. The difference between the recalculated
liability figure and that stated in the balance sheet reconciliation table above is the figure shown. The selection of these movements to
illustrate the sensitivity of the defined benefit obligation to key assumptions should not be interpreted as Barclays expressing any
specific view of the probability of such movements happening.
Change in key assumptions for the UKRF
2025
2025
2024
(Decrease)/Increase in defined benefit obligation
Barclays Bank
Section
Barclays UK
Section
UKRF
\u00a3bn
\u00a3bn
\u00a3bn
Discount rate
0.5% p.a. increase
(0.9)
(0.03)
(1.0)
0.25% p.a. increase
(0.4)
(0.02)
(0.5)
0.25% p.a. decrease
0.5
0.02
0.5
0.5% p.a. decrease
1.0
0.04
1.1
Assumed RPI
0.5% p.a. increase
0.7
0.03
0.7
0.25% p.a. increase
0.3
0.01
0.3
0.25% p.a. decrease
(0.3)
(0.01)
(0.4)
0.5% p.a. decrease
(0.6)
(0.03)
(0.7)
Life expectancy at 60
One year increase
0.5
0.00
0.5
One year decrease
(0.5)
0.00
(0.5)
The significant judgements used in applying this policy are set out below.
Accounting for investment in subsidiaries
In the individual financial statements of Barclays PLC, investments in subsidiaries are stated at cost less impairment.
Principal subsidiaries for the Group are set out below. This includes those subsidiaries that are most significant in the context of the
Group\u2019s business, results or financial position. The principal subsidiaries are held directly or indirectly via intermediate holding
companies within the Group. There were no significant changes in ownership interests in these subsidiaries during the year, and the
Group did not lose control of any of these subsidiaries. There has been no material percentage change in the Group\u2019s shareholding
for its main subsidiaries since 2024.
Accounting for associates and joint ventures
The equity accounted associates include the Group's investment in the Business Growth Fund \u00a3724m (2024: \u00a3678m) which has
increased primarily due to a fair value gain in its investments by \u00a364m (2024: \u00a330m). The equity accounted joint ventures has
decreased to \u00a3nil (2024: \u00a3199m) due to the announced sale of the holding during the year. The joint ventures held at fair value
through profit or loss has increased to \u00a3211m (2024: \u00a3171m).
Accounting for securitisations
The Group uses securitisations as a source of finance and a means of risk transfer. Such transactions generally result in the transfer
of contractual cash flows from portfolios of financial assets to holders of issued debt securities.
Securitisations may, depending on the individual arrangement, result in continued recognition of the securitised assets and the
recognition of the debt securities issued in the transaction; lead to partial continued recognition of the assets to the extent of the
Group\u2019s continuing involvement in those assets or lead to derecognition of the assets and the separate recognition, as assets or
liabilities, of any rights and obligations created or retained in the transfer. Full derecognition only occurs when the Group transfers
both its contractual right to receive cash flows from the financial assets, or retains the contractual rights to receive the cash flows,
but assumes a contractual obligation to pay the cash flows to another party without material delay or reinvestment, and also
transfers substantially all the risks and rewards of ownership, including credit risk, prepayment risk and interest rate risk.
Assets are pledged or transferred as collateral to secure liabilities under repurchase agreements, securitisations and stock lending
agreements or as security deposits relating to derivatives. Assets transferred are non-cash assets transferred to a third party that do
not qualify for derecognition from the Group balance sheet, for example, because Barclays retains substantially all the exposure to those
assets under an agreement to repurchase them in the future for a fixed price.
Assets pledged or transferred as collateral include all assets categorised as encumbered in the disclosure on pages 205 to 209 of the
Barclays PLC Pillar 3 Report 2025 (unaudited), other than those held in commercial paper conduits.\u00a0In these transactions, the Group will
be required to step in to provide financing itself under a liquidity facility if the vehicle cannot access the commercial paper market.
Where non-cash assets are pledged or transferred as collateral for cash received, the asset continues to be recognised in full, and a
related liability is also recognised on the balance sheet. Where non-cash assets are pledged or transferred as collateral in an exchange
for non-cash assets, the transferred asset continues to be recognised in full, and there is no associated liability as the non-cash
collateral received is not recognised on the balance sheet. The Group is unable to use, sell or pledge the transferred assets for the
duration of the transaction and remains exposed to interest rate risk and credit risk on these pledged assets. Unless stated, the
counterparty's recourse is not limited to the transferred assets.
Collateralised transactions, such as securities lending and borrowing, repurchase and derivative transactions are conducted in
accordance with standard terms which are customary in the market.
Related party transactions
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other
party in making financial or operational decisions, or one other party controls both.
Accounting for Non-current assets held for sale and associated liabilities
The Group applies IFRS 5 Non-current Assets Held for Sale and Discontinued Operations . Non-current assets (or disposal groups) are
classified as held for sale when their carrying amount is to be recovered principally through a sale transaction rather than continuing use.
In order to be classified as held for sale, the asset must be available for immediate sale in its present condition subject only to terms that
are usual and customary, and the sale must be highly probable. Non-current assets (or disposal groups) held for sale are measured at the
lower of carrying amount and fair value less cost to sell. Assets and liabilities classified as held for sale are presented separately in the
consolidated balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-634": { "value": "Reporting entity
Barclays PLC is a public company limited by shares registered in England under company number 48839, having its registered office
at 1 Churchill Place, London, E14 5HP.
These financial statements are prepared for Barclays PLC and its subsidiaries (the Group) under Section 399 of the Companies Act
2006. The Group is a major global financial services provider engaged in retail banking, credit cards, wholesale banking, investment
banking, wealth management and investment management services. In addition, separate financial statements have been presented
for the holding company.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-635": { "value": "Barclays PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-636": { "value": "Barclays PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-637": { "value": "Barclays PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-638": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-639": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-640": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-641": { "value": "1 Churchill Place, London, E14 5HP", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-642": { "value": "1 Churchill Place, London, E14 5HP", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-643": { "value": "The Group is a major global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services. In addition, separate financial statements have been presented for the holding company.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-644": { "value": "Compliance with International Financial Reporting Standards
The consolidated financial statements of the Group, and the separate financial statements of Barclays PLC, have been prepared in
accordance with UK-adopted international accounting standards.
The consolidated financial statements of the Group, and the separate financial statements of Barclays PLC, have also been prepared
in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board
(IASB), including interpretations issued by the IFRS Interpretations Committee, as there are no applicable differences between UK-
adopted international accounting standards and IFRS as issued by the IASB for the periods presented.
The principal accounting policies applied in the preparation of the consolidated and separate financial statements are set out below,
and in the relevant notes to the financial statements. These policies have been consistently applied.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-645": { "value": "Basis of preparation
The consolidated and separate financial statements have been prepared under the historical cost convention modified to the extent
required or permitted under IFRS as set out in the relevant accounting policies. These financial statements are stated in millions of
Pounds Sterling (\u00a3m), the functional currency of Barclays PLC.
The Group has adopted the UK Finance Code for Financial Reporting Disclosure and the financial statements have been prepared in
compliance with these principles. The financial statements are prepared on a going concern basis, as the Board is satisfied that the
Group and the parent company have the resources to continue in business for a period of at least 12 months from approval of the
financial statements.
In making this assessment, the Board has considered a wide range of information relating to present and future conditions and
includes a review of a working capital report (WCR). The WCR is used by the Board to assess the future performance of the Group and
that it has the resources in place that are required to meet its ongoing regulatory requirements. The assessment is based upon
business plans that contain future projections of profitability taken from the Group\u2019s medium-term plan, as well as projections of
regulatory capital requirements and business funding needs. The WCR also includes an assessment of the impact of internally-
generated stress testing scenarios on the liquidity and capital requirement forecasts. The stress tests used were based upon an
assessment of reasonably possible downside economic scenarios that the Group could experience.\u00a0 Further details are set out in the
Viability statement on page\u00a057.
The WCR showed that the Group had sufficient capital and liquidity in place to support its future business requirements and remained
above its regulatory minimum requirements in the stress scenarios. Accordingly, the Directors concluded that there was a
reasonable expectation that the Group and Parent company has adequate resources to continue as a going concern for a period of
at least 12 months from the date of approval of the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-646": { "value": "
The consolidated and separate financial statements have been prepared under the historical cost convention modified to the extent
required or permitted under IFRS as set out in the relevant accounting policies. These financial statements are stated in millions of
Pounds Sterling (\u00a3m), the functional currency of Barclays PLC.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-647": { "value": "
The Group has adopted the UK Finance Code for Financial Reporting Disclosure and the financial statements have been prepared in
compliance with these principles. The financial statements are prepared on a going concern basis, as the Board is satisfied that the
Group and the parent company have the resources to continue in business for a period of at least 12 months from approval of the
financial statements.
In making this assessment, the Board has considered a wide range of information relating to present and future conditions and
includes a review of a working capital report (WCR). The WCR is used by the Board to assess the future performance of the Group and
that it has the resources in place that are required to meet its ongoing regulatory requirements. The assessment is based upon
business plans that contain future projections of profitability taken from the Group\u2019s medium-term plan, as well as projections of
regulatory capital requirements and business funding needs. The WCR also includes an assessment of the impact of internally-
generated stress testing scenarios on the liquidity and capital requirement forecasts. The stress tests used were based upon an
assessment of reasonably possible downside economic scenarios that the Group could experience.\u00a0 Further details are set out in the
Viability statement on page\u00a057.
The WCR showed that the Group had sufficient capital and liquidity in place to support its future business requirements and remained
above its regulatory minimum requirements in the stress scenarios. Accordingly, the Directors concluded that there was a
reasonable expectation that the Group and Parent company has adequate resources to continue as a going concern for a period of
at least 12 months from the date of approval of the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-648": { "value": "Consolidation
The consolidated financial statements combine the financial statements of Barclays PLC and all its subsidiaries. Subsidiaries are
entities over which Barclays PLC has control. The Group has control over another entity when the Group has all of the following:
1) power over the relevant activities of the investee, for example, through voting or other rights
2) exposure to, or rights to, variable returns from its involvement with the investee, and
3) the ability to affect those returns through its power over the investee.
As the consolidated financial statements include partnerships where the Group member is a partner, advantage has been taken of
the exemption under Regulation 7 of the Partnership (Accounts) Regulations 2008 with regard to preparing and filing of individual
partnership financial statements.
Details of the principal subsidiaries are given in Note 33.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-649": { "value": "Foreign currency translation
Transactions in foreign currencies are translated into Sterling at the rate ruling on the date of the transaction. Foreign currency
monetary balances are translated into Sterling at the period end exchange rates. Exchange gains and losses on such balances are
taken to the income statement.
The Group\u2019s foreign operations (including subsidiaries, joint ventures, associates and branches) based mainly outside the UK may
have different functional currencies. The functional currency of an operation is the currency of the main economy to which it is
exposed.
Prior to consolidation (or equity accounting) the assets and liabilities of non-Sterling operations are translated at the period end
exchange rate and items of income, expense and other comprehensive income are translated into Sterling at the rate on the date of
the transactions. Exchange differences arising on the translation of foreign operations are included in currency translation reserves
within equity. These are transferred to the income statement when the Group disposes of the entire interest in a foreign operation,
when partial disposal results in the loss of control of an interest in a subsidiary, when an investment previously accounted for using
the equity method is accounted for as a financial asset, or on the disposal of a foreign operation within a branch.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-651": { "value": "Financial assets and liabilities
Recognition
The Group recognises financial assets and liabilities when it becomes a party to the terms of the contract. Trade date or settlement
date accounting is applied, depending on the classification of the financial asset.
Classification and measurement
Financial assets are classified on the basis of two criteria:
i) the business model within which financial assets are managed, and
ii) their contractual cash flow characteristics (whether the cash flows represent \u2018solely payments of principal and interest\u2019 (SPPI)).
The Group assesses the business model criteria at a portfolio level. Information that is considered in determining the applicable
business model includes (i) policies and objectives for the relevant portfolio, (ii) how the performance and risks of the portfolio are
managed, evaluated and reported to management, and (iii) the frequency, volume and timing of sales in prior periods, sales
expectation for future periods, and the reasons for such sales.
The contractual cash flow characteristics of financial assets are assessed with reference to whether the cash flows represent SPPI.
Terms that could change the contractual cash flows, so that it would not meet the condition for SPPI are considered, including: (i)
contingent and leverage features, (ii) non-recourse arrangements, (iii) features that could modify the time value of money, and (iv)
Social, Environmental and Sustainability-linked features. Terms with de minimis impact do not preclude cash flows from representing
SPPI.
The accounting policy for each type of financial asset or liability is included within the relevant note for the item. The Group\u2019s policies
for determining the fair values of the assets and liabilities are set out in Note 17.
Derecognition
The Group derecognises a financial asset, or a portion of a financial asset, from its balance sheet where (i) the contractual rights to
cash flows from the asset have expired, or (ii) the contractual rights to cash flows from the asset have been transferred (usually by
sale) and\u00a0 with them either (a) substantially all the risks and rewards of the asset have been transferred, or (b) where neither
substantially all the risks and reward have been transferred or retained, where control over the asset has been lost.
It may not be obvious whether substantially all of the risks and rewards of a transferred asset, or portion of an asset, have been
transferred. It is often necessary to perform a quantitative analysis that compares the Group's exposure to variability in asset cash
flows before the transfer with its retained exposure after the transfer. A cash flow analysis of this nature may require judgement. In
particular, it is necessary to estimate the asset\u2019s expected future cash flows, as well as potential variability around this expectation.
The method of estimating expected future cash flows depends on the nature of the asset, with market and market-implied data used
to the greatest extent possible. The potential variability around this expectation is typically determined by stressing underlying
parameters to create reasonable alternative upside and downside scenarios. Probabilities are then assigned to each scenario.
Stressed parameters may include default rates, loss severity or prepayment rates.
Financial liabilities are derecognised when the liability has been settled, has expired or has been extinguished. An exchange of an
existing financial liability for a new liability with the same lender on substantially different terms \u2013 generally a difference of 10% or more
in the present value of the cash flows or a substantive qualitative amendment \u2013 is accounted for as an extinguishment of the original
financial liability and the recognition of a new financial liability.
Accounting for reverse repurchase and repurchase agreements including other similar lending and borrowing
Reverse repurchase agreements (and stock borrowing or similar transactions) are a form of secured lending whereby the Group
provides a loan or cash collateral in exchange for the transfer of collateral, generally in the form of marketable securities subject to an
agreement to transfer the securities back at a fixed price in the future. Repurchase agreements are where the Group obtains such
loans or cash collateral in exchange for the transfer of collateral.
The Group purchases (a reverse repurchase agreement) or borrows securities subject to a commitment to resell or return them. The
securities are not included in the balance sheet as the Group does not acquire the risks and rewards of ownership. Consideration paid
(or cash collateral provided) is accounted for as a loan asset at amortised cost, unless it is designated or mandatorily at fair value
through profit and loss.
The Group may also sell (a repurchase agreement) or lend securities subject to a commitment to repurchase or redeem them. The
securities are retained on the balance sheet as the Group retains substantially all the risks and rewards of ownership. Consideration
received (or cash collateral provided) is accounted for as a financial liability at amortised cost, unless it is designated at fair value
through profit and loss.
Accounting for trading portfolio assets and liabilities
All assets and liabilities held for trading purposes are held at fair value, with gains and losses in the changes in fair value taken to the
income statement in net trading income (Note 5).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-650": { "value": "Financial assets and liabilities
Recognition
The Group recognises financial assets and liabilities when it becomes a party to the terms of the contract. Trade date or settlement
date accounting is applied, depending on the classification of the financial asset.
Classification and measurement
Financial assets are classified on the basis of two criteria:
i) the business model within which financial assets are managed, and
ii) their contractual cash flow characteristics (whether the cash flows represent \u2018solely payments of principal and interest\u2019 (SPPI)).
The Group assesses the business model criteria at a portfolio level. Information that is considered in determining the applicable
business model includes (i) policies and objectives for the relevant portfolio, (ii) how the performance and risks of the portfolio are
managed, evaluated and reported to management, and (iii) the frequency, volume and timing of sales in prior periods, sales
expectation for future periods, and the reasons for such sales.
The contractual cash flow characteristics of financial assets are assessed with reference to whether the cash flows represent SPPI.
Terms that could change the contractual cash flows, so that it would not meet the condition for SPPI are considered, including: (i)
contingent and leverage features, (ii) non-recourse arrangements, (iii) features that could modify the time value of money, and (iv)
Social, Environmental and Sustainability-linked features. Terms with de minimis impact do not preclude cash flows from representing
SPPI.
The accounting policy for each type of financial asset or liability is included within the relevant note for the item. The Group\u2019s policies
for determining the fair values of the assets and liabilities are set out in Note 17.
Derecognition
The Group derecognises a financial asset, or a portion of a financial asset, from its balance sheet where (i) the contractual rights to
cash flows from the asset have expired, or (ii) the contractual rights to cash flows from the asset have been transferred (usually by
sale) and\u00a0 with them either (a) substantially all the risks and rewards of the asset have been transferred, or (b) where neither
substantially all the risks and reward have been transferred or retained, where control over the asset has been lost.
It may not be obvious whether substantially all of the risks and rewards of a transferred asset, or portion of an asset, have been
transferred. It is often necessary to perform a quantitative analysis that compares the Group's exposure to variability in asset cash
flows before the transfer with its retained exposure after the transfer. A cash flow analysis of this nature may require judgement. In
particular, it is necessary to estimate the asset\u2019s expected future cash flows, as well as potential variability around this expectation.
The method of estimating expected future cash flows depends on the nature of the asset, with market and market-implied data used
to the greatest extent possible. The potential variability around this expectation is typically determined by stressing underlying
parameters to create reasonable alternative upside and downside scenarios. Probabilities are then assigned to each scenario.
Stressed parameters may include default rates, loss severity or prepayment rates.
Financial liabilities are derecognised when the liability has been settled, has expired or has been extinguished. An exchange of an
existing financial liability for a new liability with the same lender on substantially different terms \u2013 generally a difference of 10% or more
in the present value of the cash flows or a substantive qualitative amendment \u2013 is accounted for as an extinguishment of the original
financial liability and the recognition of a new financial liability.
Accounting for reverse repurchase and repurchase agreements including other similar lending and borrowing
Reverse repurchase agreements (and stock borrowing or similar transactions) are a form of secured lending whereby the Group
provides a loan or cash collateral in exchange for the transfer of collateral, generally in the form of marketable securities subject to an
agreement to transfer the securities back at a fixed price in the future. Repurchase agreements are where the Group obtains such
loans or cash collateral in exchange for the transfer of collateral.
The Group purchases (a reverse repurchase agreement) or borrows securities subject to a commitment to resell or return them. The
securities are not included in the balance sheet as the Group does not acquire the risks and rewards of ownership. Consideration paid
(or cash collateral provided) is accounted for as a loan asset at amortised cost, unless it is designated or mandatorily at fair value
through profit and loss.
The Group may also sell (a repurchase agreement) or lend securities subject to a commitment to repurchase or redeem them. The
securities are retained on the balance sheet as the Group retains substantially all the risks and rewards of ownership. Consideration
received (or cash collateral provided) is accounted for as a financial liability at amortised cost, unless it is designated at fair value
through profit and loss.
Accounting for trading portfolio assets and liabilities
All assets and liabilities held for trading purposes are held at fair value, with gains and losses in the changes in fair value taken to the
income statement in net trading income (Note 5).
Accounting for financial assets at fair value through other comprehensive income (FVOCI)
Financial assets that are debt instruments held in a business model that is achieved by both collecting contractual cash flows and
selling and that contain contractual terms that give rise on specified dates to cash flows that are SPPI are measured at FVOCI. They
are subsequently remeasured at fair value and changes therein (except for those relating to impairment, interest income and foreign
currency exchange gains and losses) are recognised in other comprehensive income until the assets are sold. Interest (calculated
using the effective interest method) is recognised in the income statement in net interest income (Note 3). Upon disposal, the
cumulative gain or loss\u00a0 in other comprehensive income is recognised in net investment income (Note 6).
In determining whether the business model is achieved by both collecting contractual cash flows and selling financial assets, it is
determined that both collecting contractual cash flows and selling financial assets are integral to achieving the objective of the
business model. The Group will consider past sales and expectations about future sales to establish if the business model is achieved.
For equity securities that are not held for trading, the Group may make an irrevocable election on initial recognition to present
subsequent changes in the fair value of the instrument in other comprehensive income (except for dividend income which is
recognised in profit or loss).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-652": { "value": "
Derecognition
The Group derecognises a financial asset, or a portion of a financial asset, from its balance sheet where (i) the contractual rights to
cash flows from the asset have expired, or (ii) the contractual rights to cash flows from the asset have been transferred (usually by
sale) and\u00a0 with them either (a) substantially all the risks and rewards of the asset have been transferred, or (b) where neither
substantially all the risks and reward have been transferred or retained, where control over the asset has been lost.
It may not be obvious whether substantially all of the risks and rewards of a transferred asset, or portion of an asset, have been
transferred. It is often necessary to perform a quantitative analysis that compares the Group's exposure to variability in asset cash
flows before the transfer with its retained exposure after the transfer. A cash flow analysis of this nature may require judgement. In
particular, it is necessary to estimate the asset\u2019s expected future cash flows, as well as potential variability around this expectation.
The method of estimating expected future cash flows depends on the nature of the asset, with market and market-implied data used
to the greatest extent possible. The potential variability around this expectation is typically determined by stressing underlying
parameters to create reasonable alternative upside and downside scenarios. Probabilities are then assigned to each scenario.
Stressed parameters may include default rates, loss severity or prepayment rates.
Financial liabilities are derecognised when the liability has been settled, has expired or has been extinguished. An exchange of an
existing financial liability for a new liability with the same lender on substantially different terms \u2013 generally a difference of 10% or more
in the present value of the cash flows or a substantive qualitative amendment \u2013 is accounted for as an extinguishment of the original
financial liability and the recognition of a new financial liability.
Accounting for securitisations
The Group uses securitisations as a source of finance and a means of risk transfer. Such transactions generally result in the transfer
of contractual cash flows from portfolios of financial assets to holders of issued debt securities.
Securitisations may, depending on the individual arrangement, result in continued recognition of the securitised assets and the
recognition of the debt securities issued in the transaction; lead to partial continued recognition of the assets to the extent of the
Group\u2019s continuing involvement in those assets or lead to derecognition of the assets and the separate recognition, as assets or
liabilities, of any rights and obligations created or retained in the transfer. Full derecognition only occurs when the Group transfers
both its contractual right to receive cash flows from the financial assets, or retains the contractual rights to receive the cash flows,
but assumes a contractual obligation to pay the cash flows to another party without material delay or reinvestment, and also
transfers substantially all the risks and rewards of ownership, including credit risk, prepayment risk and interest rate risk.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-653": { "value": "Issued debt and equity instruments
Issued financial instruments or their components are classified as liabilities if the contractual arrangement results in the Group having
an obligation to either deliver cash or another financial asset, or a variable number of equity shares, to the holder of the instrument. If
this is not the case, the instrument is generally an equity instrument and the proceeds included in equity, net of transaction costs.
Dividends and other returns to equity holders are recognised when paid or declared by the members at the Annual General Meeting
and treated as a deduction from equity.
Where issued financial instruments contain both liability and equity components, these are accounted for separately. The fair value of
the debt is estimated first and the balance of the proceeds is included within equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-655": { "value": "Cash flow statement
Cash comprises cash on hand and balances at central banks. Cash equivalents comprise loans and advances to banks, cash collateral
balances with central banks related to payment schemes and treasury and other eligible bills, all with original maturities of three
months or less.
Investments in debt securities at amortised cost are deemed to be investing activities for the purposes of the cash flow statement,
except those instruments considered to be cash equivalents.\u00a0
Debt securities issued and redeemed are considered to be operating activities, except qualifying eligible liabilities that satisfy
regulatory requirements for MREL instruments (or have previously satisfied these requirements since 2019 when they came into
effect), which are considered to be financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-654": { "value": "Cash flow statement
Cash comprises cash on hand and balances at central banks. Cash equivalents comprise loans and advances to banks, cash collateral
balances with central banks related to payment schemes and treasury and other eligible bills, all with original maturities of three
months or less.
Investments in debt securities at amortised cost are deemed to be investing activities for the purposes of the cash flow statement,
except those instruments considered to be cash equivalents.\u00a0
Debt securities issued and redeemed are considered to be operating activities, except qualifying eligible liabilities that satisfy
regulatory requirements for MREL instruments (or have previously satisfied these requirements since 2019 when they came into
effect), which are considered to be financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-657": { "value": "Critical accounting estimates and judgements
The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to
exercise judgement in applying the accounting policies. The key areas involving a higher degree of judgement or complexity or areas
where assumptions are significant to the consolidated and individual financial statements are highlighted under the relevant note.
Information about estimates, and other sources of estimation uncertainty at the end of the reporting period, that are considered to
have a significant risk of resulting in material adjustment to the carrying amounts of assets and liabilities within the next financial year
are disclosed within the relevant note.
\u2022 Credit impairment charges on page 417
\u2022 Tax on page 419
\u2022 Fair value of financial instruments on page 433
\u2022 Goodwill and intangible assets on page 451
\u2022 Provisions, including conduct and legal, competition and regulatory matters on page 454
\u2022 Pensions and post-retirement benefit obligations on page 471
Accounting for the impairment of financial assets
Impairment
The Group is required to recognise expected credit losses (ECLs) based on unbiased forward-looking information for all financial
assets at amortised cost, lease receivables, debt financial assets at fair value through other comprehensive income, loan
commitments and financial guarantee contracts.
At the reporting date, an allowance (or provision for loan commitments and financial guarantees) is required for the 12-month
(Stage\u00a01) ECLs. If the credit risk has significantly increased since initial recognition (Stage 2), or if the financial instrument is credit
impaired (Stage\u00a03), an allowance (or provision) should be recognised for the lifetime ECLs.
The measurement of ECL is calculated using three main components: (i) probability of default (PD) (ii) loss given default (LGD) and (iii)
the exposure at default (EAD).\u00a0
The 12-month and lifetime ECLs are calculated by multiplying the respective PD, LGD and the EAD. The 12-month and lifetime PDs
represent the PD occurring over the next 12 months and the remaining maturity of the instrument respectively. The EAD represents
the expected balance at default, taking into account the repayment of principal and interest from the balance sheet date to the
default event together with any expected drawdowns of committed facilities. The LGD represents expected losses on the EAD given
the event of default, taking into account, among other attributes, the mitigating effect of collateral value at the time it is expected to
be realised and the time value of money.\u00a0
Expected credit loss measurement is based on the ability of borrowers to make payments as they fall due. The Group also considers
sector-specific risks and whether additional adjustments are required in the measurement of ECL. Credit risk may be impacted by
climate considerations for certain sectors, such as oil and gas.
Determining a significant increase in credit risk since initial recognition:
The Group assesses when a significant increase in credit risk has occurred based on quantitative and qualitative assessments. The
credit risk of an exposure is considered to have significantly increased when:
i) Quantitative test
The annualised lifetime PD has increased by more than an agreed threshold relative to the equivalent at origination.
PD deterioration thresholds are defined as percentage increases, and are set at an origination score band and segment level to
ensure the test appropriately captures significant increases in credit risk at all risk levels. Generally, thresholds are inversely correlated
to the origination PD, i.e. as the origination PD increases, the threshold value reduces.
The assessment of the point\u00a0at which a PD increase is deemed \u2018significant\u2019, is based upon analysis of the portfolio\u2019s risk profile against
a common set of principles and performance metrics (consistent across both retail and wholesale businesses), incorporating expert
credit judgement, where appropriate. Application of quantitative PD floors does not represent the use of the low credit risk
exemption as exposures can separately move into Stage 2 via the qualitative route described below.
Wholesale assets apply a 100% increase in PD and 0.2% PD floor to determine a significant increase in credit risk.
Retail assets apply bespoke relative increase and absolute PD thresholds based on product type and origination PD. Thresholds are
subject to maximums defined by Group policy and typically apply minimum relative thresholds of 50-100% and a maximum relative
threshold of 400%.
For existing/historical exposures where origination point scores or data are no longer available or do not represent a comparable
estimate of lifetime PD, a proxy origination score is defined, based upon:
\u2022 back-population of the approved lifetime PD score either to origination date or, where this is not feasible, as far back as possible
(subject to a data start point no later than 1 January 2015); or
\u2022 use of available historical account performance data and other customer information, to derive a comparable \u2018proxy\u2019 estimation of
origination PD.
ii) Qualitative test
This is relevant for accounts that meet the portfolio\u2019s \u2018high risk\u2019 criteria and are subject to closer credit monitoring.
High risk customers may not be in arrears, but either through an event or an observed behaviour exhibit credit distress. The definition
and assessment of high risk includes as wide a range of information as reasonably available, such as industry and Group-wide
customer level data, including, but not limited to bureau scores and high consumer indebtedness index, wherever possible or
relevant.
While the high risk populations applied for IFRS 9 impairment purposes are aligned with risk management processes, they are also
regularly reviewed and validated to ensure that they capture any incremental segments where there is evidence of credit
deterioration.
iii) Backstop criteria
This is relevant for accounts that are more than 30 calendar days past due. The 30 days past due criteria is a backstop rather than a
primary driver of moving exposures into Stage 2.
The criteria for determining a significant increase in credit risk for assets with bullet repayments follows the same principle as all other
assets, i.e. quantitative, qualitative and backstop tests are all applied.
Exposures will move back to Stage 1 once they no longer meet the criteria for a significant increase in credit risk. This means that, at a
minimum all payments must be up-to-date, the PD deterioration test is no longer met, the account is no longer classified as high risk,
and the customer has evidenced an ability to maintain future payments.
Exposures are only removed from Stage 3 and reassigned to Stage 2 once the original default trigger event no longer applies.
Exposures being removed from Stage 3 must no longer qualify as credit impaired, and:
a) the obligor will also have demonstrated consistently good payment behaviour over a 12-month period, by making all consecutive
contractual payments due and, for forborne exposures, the relevant EBA defined probationary period has also been successfully
completed or;
b) (for non-forborne exposures) the performance conditions are defined and approved within an appropriately sanctioned
restructure plan, including 12 months\u2019 payment history.
Management overlays and other exceptions to model outputs are applied only if consistent with the objective of identifying
significant increases in credit risk.
Forward-looking information
The measurement of ECL involves complexity and judgement, including estimation of PD, LGD, a range of unbiased future economic
scenarios, estimation of expected lives (where contractual life is not appropriate), and estimation of EAD and assessing significant
increases in credit risk.
Credit losses are the expected cash shortfalls from what is contractually due over the expected life of the financial instrument,
discounted at the original effective interest rate (EIR). ECLs are the unbiased probability-weighted credit losses determined by
evaluating a range of possible outcomes and considering future economic conditions.
Refer to the Measurement uncertainty and sensitivity analysis section on page 285 for further details.
Definition of default, credit impaired assets, write-offs, and interest income recognition
The definition of default for the purpose of determining ECLs, and for internal credit risk management purposes, has been aligned to
the Regulatory Capital CRR Article 178 definition of default, to maintain a consistent approach with IFRS 9 and associated regulatory
guidance. The Regulatory Capital CRR Article 178 definition of default considers indicators that the debtor is unlikely to pay, includes
exposures in forbearance and is no later than when the exposure is more than 90 days past due. When exposures are identified as
credit impaired at the time when they are purchased or originated, interest income is calculated on the carrying value net of the
impairment allowance.
An asset is considered credit impaired when one or more events occur that have a detrimental impact on the estimated future cash
flows of the financial asset. This comprises assets defined as defaulted and other individually assessed exposures where imminent
default or actual loss is identified.
Uncollectable loans are written off against the related allowance for loan impairment on completion of the Group\u2019s internal processes
and when all reasonably expected recoverable amounts have been collected. Subsequent recoveries of amounts previously written
off are credited to the income statement. The timing and extent of write-offs may involve some element of subjective judgement.
Nevertheless, a write-off will often be prompted by a specific event, such as the inception of insolvency proceedings or other formal
recovery action, which makes it possible to establish that some or the entire advance is beyond realistic prospect of recovery.
Purchased or originated credit impaired (POCI)
Purchased or originated credit impaired\u00a0 assets include a fixed pool of credit card and unsecured personal loan balances that were
purchased as part of the Tesco acquisition at a deep discount to face value, reflecting credit losses incurred from the point of
origination to the date of acquisition. Hence, POCI assets do not carry any impairment allowance on initial recognition. All changes in
lifetime expected credit losses subsequent to the assets\u2019 initial recognition are recognised as an impairment charge. Over time,
these POCI assets will run off as the loans redeem, pay down or as loans are written off.
Accounting for purchased financial guarantee contracts
The Group may enter into a financial guarantee contract that requires the issuer of such contract to reimburse the Group for a loss it
incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. For these
separate financial guarantee contracts, the Group recognises a reimbursement asset aligned with the recognition of the underlying
ECLs, if it is considered virtually certain that a reimbursement would be received if the specified debtor fails to make payment when
due in accordance with the terms of the debt instrument.
Loan modifications and renegotiations that are not credit-impaired
When modification of a loan agreement occurs as a result of commercial restructuring activity rather than due to the credit risk of the
borrower, an assessment must be performed to determine whether the terms of the new agreement are substantially different from
the terms of the existing agreement.\u00a0This assessment considers both the change in cash flows arising from the modified terms, as
well as the change in overall instrument risk profile. In respect of payment holidays granted to borrowers that are not due to
forbearance, if the revised cash flows on a present value basis (based on the original EIR) are not substantially different from the
original cash flows, the loan is not considered to be substantially modified.\u00a0
Where terms are substantially different, the existing loan will be derecognised and a new loan will be recognised at fair value, with any
difference in valuation recognised immediately within the income statement, subject to observability criteria.
Where terms are not substantially different, the loan carrying value will be adjusted to reflect the present value of modified cash flows
discounted at the original EIR, with any resulting gain or loss recognised immediately within the income statement as a modification gain or loss.
Expected life
Lifetime ECLs must be measured over the expected life. This is restricted to the maximum contractual life and takes into account
expected prepayment, extension, call and similar options. The exceptions are certain revolving financial instruments, such as credit
cards and bank overdrafts, that include both a drawn and an undrawn component where the entity\u2019s contractual ability to demand
repayment and cancel the undrawn commitment does not limit the entity\u2019s exposure to credit losses to the contractual notice
period. For revolving facilities, expected life is analytically derived to reflect the behavioural life of the asset, i.e. the full period over
which the business expects to be exposed to credit risk. Behavioural life is typically based upon historical analysis of the average time
to default, closure or withdrawal of facility. Where data is insufficient or analysis inconclusive, an additional \u2018maturity factor\u2019 may be
incorporated to reflect the full estimated life of the exposures, based upon experienced judgement and/or peer analysis. Potential
future modifications of contracts are not taken into account when determining the expected life or EAD until they occur.
Discounting
ECLs are discounted at the EIR at initial recognition or an approximation thereof and consistent with income recognition. For loan
commitments, the EIR is the rate that is expected to apply when the loan is drawn down and a financial asset is recognised. Issued
financial guarantee contracts are discounted at the risk-free rate. Lease receivables are discounted at the rate implicit in the lease.
For variable/floating rate financial assets, the spot rate at the reporting date is used and projections of changes in the variable rate
over the expected life are not made to estimate future interest cash flows or for discounting.
Modelling techniques
Currently, Internal Ratings-Based models are leveraged to calculate the point-in-time PD and LGD, which serve as key inputs to the
IFRS 9 models. Thereafter, these inputs are extrapolated by the IFRS 9 models to create macroeconomic sensitive forecasts of PDs,
LGDs and, in turn, ECL.
Forbearance
A financial asset is subject to forbearance when it is modified due to the credit distress of the borrower. A modification made to the terms
of an asset due to forbearance will typically be assessed as a non-substantial modification that does not result in derecognition of the
original loan, except in circumstances where debt is exchanged for equity.
Both performing and non-performing forbearance assets are classified as Stage 3, except where it is established that the concession
granted has not resulted in diminished financial obligation and that no other regulatory definition of default criteria have been triggered, in
which case, the asset is classified as Stage 2. The minimum probationary period for non-performing forbearance is 12 months, and for
performing forbearance, 24 months. Hence, a minimum of 36 months is required for non-performing forbearance to move out of a
forborne state.
No financial instrument in forbearance can transfer back to Stage 1 until all of the Stage 2 thresholds are no longer met, and can only
move out of Stage 3 when no longer credit impaired.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
These estimates are considered to have a significant risk of resulting in material adjustment to the carrying amounts of financial
instruments in scope of IFRS 9 impairment within the next financial year.
IFRS 9 impairment involves several important areas of judgement, including estimating forward-looking modelled parameters (PD,
LGD and EAD), developing a range of unbiased future economic scenarios, estimating expected lives and assessing significant
increases in credit risk, based on the Group\u2019s experience of managing credit risk. The determination of expected life is most material
for Barclays' credit card portfolios which is obtained via behavioural life analysis to materially capture the risk of these facilities.
Within the retail and small businesses portfolios, which comprise large numbers of small homogeneous assets with similar risk characteristics
where credit scoring techniques are generally used, the impairment allowance is calculated using forward-looking modelled parameters that
are typically run at account level. There are many models in use, each tailored to a product, line of business or customer category.
Judgement and knowledge is needed in selecting the statistical methods to use when the models are developed or revised. Management
adjustments to impairment models, which contain an element of subjectivity, are applied in order to factor in certain conditions or changes in
policy that are not fully incorporated into the impairment models, or to reflect additional facts and circumstances at the period end.
Management adjustments are reviewed and incorporated into future model development, where appropriate.
For individually significant assets in Stage 3, impairment allowances are calculated on an individual basis, and all relevant considerations that
have a bearing on the expected future cash flows across a range of economic scenarios are taken into account. These considerations can be
particularly subjective and can include the business prospects for the customer, the realisable value of collateral, the Group\u2019s position relative
to other claimants, the reliability of customer information and the likely cost and duration of the work-out process. The level of the
impairment allowance is the difference between the value of the discounted expected future cash flows (discounted at the loan\u2019s original
effective interest rate), and its carrying amount. Furthermore, judgements change with time as new\u00a0 information becomes available or as
work-out strategies evolve, resulting in frequent revisions to the impairment allowance as individual decisions are taken. Changes in these
estimates would result in a change in the allowances and have a direct impact on the impairment charge.
Further information on impairment allowances, impairment charges, management adjustments to models for impairment, measurement
uncertainty, sensitivity analysis and related credit information is set out within the Credit risk performance section.
Temporary adjustments to calculated IFRS 9 impairment allowances may be applied in limited circumstances to account for situations where
known or expected risk factors or information have not been considered in the ECL assessment or modelling process. For further
information please see page 281 in the Credit risk performance section.
Information about the potential impact of the physical and transition risks of climate change on borrowers is considered, taking into account
reasonable and supportable information to make accounting judgements and estimates. Climate change is inherently of a long-term nature,
with significant levels of uncertainty, and consequently requires judgement in determining the possible impact in the next financial year, if any.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of current and deferred tax
balances, including provisions for uncertain tax positions in the next financial year.\u00a0The provisions for uncertain tax positions cover a
diverse range of issues and reflect advice from external counsel, where relevant. It should be noted that only a proportion of the total
uncertain tax positions will be under audit at any point in time, and could therefore be subject to challenge by a tax authority over the
next year.
Deferred tax assets have been recognised based on business profit forecasts, which included consideration for the current view of
climate impacts. Details on the recognition of deferred tax assets are provided in this note.
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Current tax charge/(credit)
Current year
1,905
1,633
1,359
Adjustments in respect of prior years
(131)
26
(181)
1,774
1,659
1,178
Deferred tax charge/(credit)
Current year
58
128
(95)
Adjustments in respect of prior years
94
(35)
151
152
93
56
Tax charge
1,926
1,752
1,234
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
These estimates are considered to have a significant risk of resulting in a material adjustment to the carrying amounts of financial
assets and financial liabilities measured at fair value within the next financial year.
The valuation of financial instruments often involves a significant degree of judgement and complexity, in particular where valuation
models make use of unobservable inputs (\u2018Level 3\u2019 assets and liabilities). This note provides information on these instruments,
including the related unrealised gains and losses recognised in the period, a description of significant valuation techniques and
unobservable inputs, and a sensitivity analysis.
For assets and liabilities traded in active markets, it is determined that the market valuation includes a representation of the prevailing
view of climate-related risks. Within less active markets, for counterparties and instruments identified as being more susceptible to
climate change risk, an impact assessment was performed through increasing their probability of default. The change in valuation of
the assets and liabilities from this assessment was sufficiently immaterial to necessitate any amendment to the reported 2025 year-
end valuations.
Critical accounting estimates and judgements
Goodwill
Key areas involving a higher degree of judgement or estimation include:
Judgements
Estimates
Identification of cash generating units (CGUs) and allocation of goodwill
for impairment testing.
The value-in-use (VIU) of a CGU for impairment testing includes
forecasting future cash flows and determination of the discount rate.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of goodwill in the next
financial year.
Testing goodwill for impairment involves a significant amount of judgement. Goodwill is allocated to CGUs for the purpose of
impairment testing. The review of goodwill for impairment involves calculating a value in use (VIU) valuation, which is compared to the
carrying value of a CGU associated with the goodwill to determine whether any impairment has occurred. This includes the identification
of independent CGUs across the organisation and the allocation of goodwill to those CGUs.
The calculation of a value in use contains a high degree of uncertainty in estimating the future cash flows and the rates used to discount
them. Key judgements include determining the carrying value of the CGU, the cash flows and discount rates used in the calculation.
\u2022 The cash flow forecasts used by management involve judgement and are based upon a view of the prospects of the business and
market conditions at the point in time the assessment is prepared, including the potential effect of climate change. The estimation of
cash flows is sensitive to the periods for which detailed forecasts are available and to assumptions regarding long-term sustainable
cash flows.
\u2022 The discount rates applied to the future cash flows also involve judgement. The discount rates used are compared to market
participants to ensure that they are appropriate and based on an estimated cost of equity for each CGU.
\u2022 The choice of a terminal growth rate used to determine the present value of the future cash flows of the CGUs is also a judgement
that can impact the outcome of the assessment. The terminal growth rate and discount rates used may vary due to external market
rates and economic conditions that are beyond management\u2019s control, including the potential effect of climate change.
Further details of some of the key judgements are set out below.
2025 impairment review
The 2025 impairment review was performed during Q4 2025, with the approach and analysis set out below.\u00a0
Determining the carrying value of CGUs
The carrying value for each CGU is the sum of the tangible equity, goodwill and intangible asset balances associated with that CGU.
The Group manages the assets and liabilities of its CGUs with reference to the tangible equity of the respective businesses. That
tangible equity is derived from the level of risk weighted assets (RWAs) and capital required to be deployed in the CGU and therefore
reflects its relative risk, as well as the level of capital that management consider a market participant would be required to hold and retain
to support business growth.
Goodwill is initially allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the acquisition that
generated it. Goodwill is only reallocated if there is a change in its use or when reporting structures are altered in a way that changes the
composition of one or more cash generating units to which goodwill has been allocated.\u00a0 During H1 2025, Barclays Bank UK Group
revised its internal reporting structure to align with strategic changes and allocation of resources. As a result, a new reportable segment
of Retail Banking has replaced the previously reported Personal Banking and Barclaycard Consumer UK segments.\u00a0
Cash flows
The five-year cash flows used in the calculation are based on the formally agreed medium-term plans approved by the Board. These are
prepared using macroeconomic assumptions which management consider reasonable and supportable, and reflect business agreed
initiatives for the forecast period. The macroeconomic assumptions underpinning the medium-term plan were determined during 2025
and management has considered whether there are subsequent significant changes in those assumptions which would adversely
impact the results of the impairment review.
As required by IAS 36, estimates of future cash flows exclude cash inflows or outflows that are expected to arise from restructuring
initiatives where a constructive obligation to carry out the plan does not yet exist.
In line with prior year treatment, the Education, Social Housing and Local Authority (ESHLA) portfolio has been excluded from the
Business Banking CGU cash flows. This is a legacy loan portfolio which was previously within the Non-Core bank and was not part of the
business to which the goodwill relates. As such, the cash flows relating to this portfolio have been excluded from the Business Banking
VIU calculation.\u00a0
Discount rates
IAS 36 requires that the discount rate used in a value in use calculation reflects the pre-tax rate an investor would require if they were to
choose an investment that would generate similar cash flows to those that the entity expects to generate from the asset. In
determining the discount rate, management identified the cost of equity associated with market participants that closely resemble the
Group's CGUs. The cost of equity has been used as the discount rate in the impairment assessment and applied to the post-tax cash
flows of the CGU. This post-tax method incorporates the impact of changing tax rates on the cash flows and is expected to produce the
same VIU result as a pre-tax method adjusted for varying tax rates. Using the resultant VIU, the equivalent pre-tax discount rate has
been calculated. The cost of equity rate used for all CGUs in this year\u2019s calculation has increased to reflect volatility in markets, an
increase in risk free rate and a higher market risk premium rate. The range of equivalent pre-tax discount rates applicable across the
CGUs range from\u00a0 15.2% to 19.6% (2024: 14.7% to 19.2%).
Terminal growth rate
The terminal growth rate is used to estimate the effect of projecting cash flows to the end of an asset\u2019s useful economic life. It is
management\u2019s judgement that the cash flows associated with the CGUs will grow in line with the major economies in which the Group
operates. Inflation rates are used as an approximation of future growth rates and form the basis of the terminal growth rates applied.
The terminal growth rate used is\u00a0 2.0% (2024: 2.0%).
Outcome of goodwill and intangibles review
The Retail Banking CGU carries the majority of the Group\u2019s goodwill balance, predominantly as a consequence of the Woolwich
acquisition. The goodwill within Retail Banking\u00a0 was \u00a33,243m (2024: \u00a33,243m), of which \u00a32,501m (2024: \u00a32,501m) was attributable to
Woolwich, and within Business Banking was \u00a3629m (2024: \u00a3629m), fully attributable to Woolwich.\u00a0
The largest portion of the Group's intangible assets sits within the Barclays Investment Bank CGU, with an allocation of \u00a31,751m (2024:
\u00a31,902m).
Based on management's plans and assumptions the value in use exceeds the carrying value of the CGUs and no impairment has been
indicated in 2025.\u00a0
The outcome of the impairment review for Retail Banking, Business Banking and Barclays US Consumer Bank are set out below:
Cash generating unit
Tangible equity
Goodwill
Intangibles
Carrying value
Value in use
Value in use
exceeding
carrying value
2025
Value in use
exceeding
carrying value
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail Banking
9,619
3,243
795
13,657
19,961
6,304
1,925
Business Banking
1,987
629
208
2,824
8,069
5,245
3,197
Barclays US Consumer Bank
3,055
414
519
3,988
7,081
3,093
480
Total
14,661
4,286
1,522
20,469
35,111
14,642
5,602
Note:
1 For comparative purposes, the 2024 figures have been re-presented to reflect the cash-generating units within the new operating divisions introduced in the
first half of 2025. Goodwill related to Retail Banking, which was previously reported under Personal Banking and Barclaycard Consumer UK, has now been
reclassified accordingly.\u00a0 \u00a0
All of the above CGUs have seen an increase in value in use in the period, which is mainly attributable to improved performance
expectations.
Sensitivity of key judgements
Headroom is sensitive to possible adverse changes in the key assumptions that support the recoverable amount:
Cash flows: The medium-term plans used to determine the cash flows used in the VIU calculation rely on macroeconomic forecasts,
including interest rates, GDP and unemployment, and forecast levels of market and client activity. Interest rate assumptions impact
planned cash flows from both customer income and structural hedge contributions and therefore cash flow expectations are highly
sensitive to movements in the yield curve. The cash flows also contain assumptions with regard to the prudential and financial conduct
regulatory environment which may be subject to change. Given the current level of economic uncertainty, a 10% reduction in cash flows
has been provided to show the sensitivity of the outcome to a change in these key assumptions.
Discount rate: The discount rate should reflect the market risk-free rate adjusted for the inherent risks of the business it is applied to.
Management have identified discount rates for comparable businesses and consider these to be a reasonable estimate of a suitable
market rate for the profile of the business unit being tested. The risk that these discount rates may not be appropriate is quantified below
and shows the impact of a 100bps change in the discount rate.
Terminal growth rate: The terminal growth rate is used to estimate the cash flows into perpetuity based on the expected longevity of the
CGU's businesses. The terminal growth rate is sensitive to uncertainties in the macroeconomic environment. The risk that using inflation
data may not be appropriate for its determination is quantified below and shows the impact of 100bps change in the terminal growth rate.
Allocated capital rate: Tangible equity is allocated based on the level of risk weighted assets (RWAs) and capital required to be deployed in
the CGU, which is dependent on the relative risk of businesses. The capital rate used in determining the level of tangible equity allocated to
the CGU and its capital cash flows could move over time. The impact of a 50bps increase in capital rate is quantified below.
The sensitivity of the value in use to key judgements in the calculations for certain CGUs holding goodwill balances is set out below:
Cash generating unit
Carrying
value
Value in
use
Value in
use
exceeding
carrying
value
Discount
rate
Reduction in headroom
Change required to reduce
headroom to zero
100 bps
increase
in the
discount
rate
100 bps
decrease
in
terminal
growth
rate
50 bps
increase
to
allocated
capital
rate
10%
reduction
in
forecasted
cash flows
Discount
rate
Terminal
growth
rate
Allocated
capital
rate
Cash
flows
\u00a3m
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
Retail Banking
13,657
19,961
6,304
19.6
(1,164)
(676)
(428)
(2,189)
7.4
(17.8)
7.4
(28.8)
Barclays US Consumer Bank
3,988
7,081
3,093
16.8
(572)
(368)
(229)
(901)
8.0
(16.8)
6.7
(34.3)
Total
17,645
27,042
9,397
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
These estimates are considered to have a significant risk of resulting in a material adjustment to the carrying amounts of provisions
within the next financial year.
The financial reporting of provisions involves a significant degree of judgement and is complex. Identifying whether a present
obligation exists and estimating the probability, timing, nature and quantum of the outflows that may arise from past events requires
judgements to be made based on the specific facts and circumstances relating to individual events and often requires specialist
professional advice. When matters are at an early stage, accounting judgements and estimates can be difficult because of the high
degree of uncertainty involved. Management continues to monitor matters as they develop to re-evaluate on an ongoing basis
whether provisions should be recognised, however there can remain a wide range of possible outcomes and uncertainties,
particularly in relation to legal, competition and regulatory matters, and as a result, it is often not practicable to make meaningful
estimates, even when matters are at a more advanced stage.
The amount that is recognised as a provision can also be very sensitive to the assumptions made in calculating it. This gives rise to a
large range of potential outcomes which require judgement in determining an appropriate provision level. See Note 25 for more detail
of legal, competition and regulatory matters.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
Estimates
Valuation of defined benefit scheme obligations are dependent on a number of assumptions, the most critical being discount rates, price inflation, and
life expectancy.
These estimates are considered to\u00a0 have a significant risk of resulting in a material adjustment to the carrying amount of defined benefit
obligations within the next financial year.
Below is a summary of the main financial and demographic assumptions adopted for both sections of the UKRF with the Barclays Bank
Section representing 91.5% of the UKRF benefit obligation and the Barclays UK Section representing 3.8%.
2025
2024
Barclays Bank
Section
Barclays UK
Section
UKRF
Key UKRF financial assumptions
% p.a.
% p.a.
% p.a.
Discount rate
5.46
5.42
5.44
Inflation rate (RPI)
2.92
2.89
3.32
The discount rate assumption for 2025 for both sections of the UKRF was based on a standard WTW RATE Link model. The RPI inflation
assumption for 2025 was set by reference to the Bank of England\u2019s implied inflation curve. The inflation assumption incorporates a
deduction of 20 basis points as an allowance for an inflation risk premium. The methodology used to derive the discount rate and
inflation assumptions is consistent with that used at the prior year end.
The Barclays Bank Section of the UKRF\u2019s post-retirement mortality assumptions are based on best estimates derived from an analysis in
2022 of the UKRF\u2019s own post-retirement mortality experience and taking account of recent evidence from published mortality surveys.
An allowance has been made for future mortality improvements based on the 2024 core projection model published by the Continuous
Mortality Investigation Bureau subject to a long-term trend of 1.1% per annum in future improvements (2024: 1.25% per annum).
Barclays UK Section of the UKRF does not have any post-retirement mortality assumptions as it only provides a cash lump sum at
retirement, not a pension for life.
The table below shows how the assumed life expectancy, for members of the Barclays Bank Section, has changed since last year:
Assumed life expectancy 1
2025
2024
Life expectancy at 60 for current pensioners (years)
\u2013 Males
26.6
26.5
\u2013 Females
29.3
29.4
Life expectancy at 60 for future pensioners currently aged 40 (years)
\u2013 Males
28.0
28.0
\u2013 Females
30.6
30.8
Note:
1 The life expectancies disclosed are in respect of a population of the membership that represents c60% of the Defined Benefit Obligation of the Barclays Bank
Section of the UKRF (excluding Afterwork, which has no post-retirement mortality risk) with the remaining members having life expectancy at age 60 of
between 26.4 years and 29.3 years.
Approximately, 70% of the longevity risk for current pensioners of the Barclays Bank Section of the UKRF has been reinsured and the
transactions will provide income to the Section if pensions are paid out for longer than expected. The contracts form part of the
Section\u2019s investment portfolio.
Sensitivity analysis on actuarial assumptions
The sensitivity analysis has been calculated by valuing the UKRF liabilities, using the amended assumptions shown in the table below and
keeping the remaining assumptions the same as disclosed in the table above, except in the case of the inflation sensitivity where other
assumptions that depend on assumed inflation have also been amended correspondingly. The difference between the recalculated
liability figure and that stated in the balance sheet reconciliation table above is the figure shown. The selection of these movements to
illustrate the sensitivity of the defined benefit obligation to key assumptions should not be interpreted as Barclays expressing any
specific view of the probability of such movements happening.
Change in key assumptions for the UKRF
2025
2025
2024
(Decrease)/Increase in defined benefit obligation
Barclays Bank
Section
Barclays UK
Section
UKRF
\u00a3bn
\u00a3bn
\u00a3bn
Discount rate
0.5% p.a. increase
(0.9)
(0.03)
(1.0)
0.25% p.a. increase
(0.4)
(0.02)
(0.5)
0.25% p.a. decrease
0.5
0.02
0.5
0.5% p.a. decrease
1.0
0.04
1.1
Assumed RPI
0.5% p.a. increase
0.7
0.03
0.7
0.25% p.a. increase
0.3
0.01
0.3
0.25% p.a. decrease
(0.3)
(0.01)
(0.4)
0.5% p.a. decrease
(0.6)
(0.03)
(0.7)
Life expectancy at 60
One year increase
0.5
0.00
0.5
One year decrease
(0.5)
0.00
(0.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-656": { "value": "Critical accounting estimates and judgements
The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to
exercise judgement in applying the accounting policies. The key areas involving a higher degree of judgement or complexity or areas
where assumptions are significant to the consolidated and individual financial statements are highlighted under the relevant note.
Information about estimates, and other sources of estimation uncertainty at the end of the reporting period, that are considered to
have a significant risk of resulting in material adjustment to the carrying amounts of assets and liabilities within the next financial year
are disclosed within the relevant note.
\u2022 Credit impairment charges on page 417
\u2022 Tax on page 419
\u2022 Fair value of financial instruments on page 433
\u2022 Goodwill and intangible assets on page 451
\u2022 Provisions, including conduct and legal, competition and regulatory matters on page 454
\u2022 Pensions and post-retirement benefit obligations on page 471
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
These estimates are considered to have a significant risk of resulting in material adjustment to the carrying amounts of financial
instruments in scope of IFRS 9 impairment within the next financial year.
IFRS 9 impairment involves several important areas of judgement, including estimating forward-looking modelled parameters (PD,
LGD and EAD), developing a range of unbiased future economic scenarios, estimating expected lives and assessing significant
increases in credit risk, based on the Group\u2019s experience of managing credit risk. The determination of expected life is most material
for Barclays' credit card portfolios which is obtained via behavioural life analysis to materially capture the risk of these facilities.
Within the retail and small businesses portfolios, which comprise large numbers of small homogeneous assets with similar risk characteristics
where credit scoring techniques are generally used, the impairment allowance is calculated using forward-looking modelled parameters that
are typically run at account level. There are many models in use, each tailored to a product, line of business or customer category.
Judgement and knowledge is needed in selecting the statistical methods to use when the models are developed or revised. Management
adjustments to impairment models, which contain an element of subjectivity, are applied in order to factor in certain conditions or changes in
policy that are not fully incorporated into the impairment models, or to reflect additional facts and circumstances at the period end.
Management adjustments are reviewed and incorporated into future model development, where appropriate.
For individually significant assets in Stage 3, impairment allowances are calculated on an individual basis, and all relevant considerations that
have a bearing on the expected future cash flows across a range of economic scenarios are taken into account. These considerations can be
particularly subjective and can include the business prospects for the customer, the realisable value of collateral, the Group\u2019s position relative
to other claimants, the reliability of customer information and the likely cost and duration of the work-out process. The level of the
impairment allowance is the difference between the value of the discounted expected future cash flows (discounted at the loan\u2019s original
effective interest rate), and its carrying amount. Furthermore, judgements change with time as new\u00a0 information becomes available or as
work-out strategies evolve, resulting in frequent revisions to the impairment allowance as individual decisions are taken. Changes in these
estimates would result in a change in the allowances and have a direct impact on the impairment charge.
Further information on impairment allowances, impairment charges, management adjustments to models for impairment, measurement
uncertainty, sensitivity analysis and related credit information is set out within the Credit risk performance section.
Temporary adjustments to calculated IFRS 9 impairment allowances may be applied in limited circumstances to account for situations where
known or expected risk factors or information have not been considered in the ECL assessment or modelling process. For further
information please see page 281 in the Credit risk performance section.
Information about the potential impact of the physical and transition risks of climate change on borrowers is considered, taking into account
reasonable and supportable information to make accounting judgements and estimates. Climate change is inherently of a long-term nature,
with significant levels of uncertainty, and consequently requires judgement in determining the possible impact in the next financial year, if any.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of current and deferred tax
balances, including provisions for uncertain tax positions in the next financial year.\u00a0The provisions for uncertain tax positions cover a
diverse range of issues and reflect advice from external counsel, where relevant. It should be noted that only a proportion of the total
uncertain tax positions will be under audit at any point in time, and could therefore be subject to challenge by a tax authority over the
next year.
Deferred tax assets have been recognised based on business profit forecasts, which included consideration for the current view of
climate impacts. Details on the recognition of deferred tax assets are provided in this note.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
These estimates are considered to have a significant risk of resulting in a material adjustment to the carrying amounts of financial
assets and financial liabilities measured at fair value within the next financial year.
The valuation of financial instruments often involves a significant degree of judgement and complexity, in particular where valuation
models make use of unobservable inputs (\u2018Level 3\u2019 assets and liabilities). This note provides information on these instruments,
including the related unrealised gains and losses recognised in the period, a description of significant valuation techniques and
unobservable inputs, and a sensitivity analysis.
For assets and liabilities traded in active markets, it is determined that the market valuation includes a representation of the prevailing
view of climate-related risks. Within less active markets, for counterparties and instruments identified as being more susceptible to
climate change risk, an impact assessment was performed through increasing their probability of default. The change in valuation of
the assets and liabilities from this assessment was sufficiently immaterial to necessitate any amendment to the reported 2025 year-
end valuations.
Critical accounting estimates and judgements
Goodwill
Key areas involving a higher degree of judgement or estimation include:
Judgements
Estimates
Identification of cash generating units (CGUs) and allocation of goodwill
for impairment testing.
The value-in-use (VIU) of a CGU for impairment testing includes
forecasting future cash flows and determination of the discount rate.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of goodwill in the next
financial year.
Testing goodwill for impairment involves a significant amount of judgement. Goodwill is allocated to CGUs for the purpose of
impairment testing. The review of goodwill for impairment involves calculating a value in use (VIU) valuation, which is compared to the
carrying value of a CGU associated with the goodwill to determine whether any impairment has occurred. This includes the identification
of independent CGUs across the organisation and the allocation of goodwill to those CGUs.
The calculation of a value in use contains a high degree of uncertainty in estimating the future cash flows and the rates used to discount
them. Key judgements include determining the carrying value of the CGU, the cash flows and discount rates used in the calculation.
\u2022 The cash flow forecasts used by management involve judgement and are based upon a view of the prospects of the business and
market conditions at the point in time the assessment is prepared, including the potential effect of climate change. The estimation of
cash flows is sensitive to the periods for which detailed forecasts are available and to assumptions regarding long-term sustainable
cash flows.
\u2022 The discount rates applied to the future cash flows also involve judgement. The discount rates used are compared to market
participants to ensure that they are appropriate and based on an estimated cost of equity for each CGU.
\u2022 The choice of a terminal growth rate used to determine the present value of the future cash flows of the CGUs is also a judgement
that can impact the outcome of the assessment. The terminal growth rate and discount rates used may vary due to external market
rates and economic conditions that are beyond management\u2019s control, including the potential effect of climate change.
Further details of some of the key judgements are set out below.
2025 impairment review
The 2025 impairment review was performed during Q4 2025, with the approach and analysis set out below.\u00a0
Determining the carrying value of CGUs
The carrying value for each CGU is the sum of the tangible equity, goodwill and intangible asset balances associated with that CGU.
The Group manages the assets and liabilities of its CGUs with reference to the tangible equity of the respective businesses. That
tangible equity is derived from the level of risk weighted assets (RWAs) and capital required to be deployed in the CGU and therefore
reflects its relative risk, as well as the level of capital that management consider a market participant would be required to hold and retain
to support business growth.
Goodwill is initially allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the acquisition that
generated it. Goodwill is only reallocated if there is a change in its use or when reporting structures are altered in a way that changes the
composition of one or more cash generating units to which goodwill has been allocated.\u00a0 During H1 2025, Barclays Bank UK Group
revised its internal reporting structure to align with strategic changes and allocation of resources. As a result, a new reportable segment
of Retail Banking has replaced the previously reported Personal Banking and Barclaycard Consumer UK segments.\u00a0
Cash flows
The five-year cash flows used in the calculation are based on the formally agreed medium-term plans approved by the Board. These are
prepared using macroeconomic assumptions which management consider reasonable and supportable, and reflect business agreed
initiatives for the forecast period. The macroeconomic assumptions underpinning the medium-term plan were determined during 2025
and management has considered whether there are subsequent significant changes in those assumptions which would adversely
impact the results of the impairment review.
As required by IAS 36, estimates of future cash flows exclude cash inflows or outflows that are expected to arise from restructuring
initiatives where a constructive obligation to carry out the plan does not yet exist.
In line with prior year treatment, the Education, Social Housing and Local Authority (ESHLA) portfolio has been excluded from the
Business Banking CGU cash flows. This is a legacy loan portfolio which was previously within the Non-Core bank and was not part of the
business to which the goodwill relates. As such, the cash flows relating to this portfolio have been excluded from the Business Banking
VIU calculation.\u00a0
Discount rates
IAS 36 requires that the discount rate used in a value in use calculation reflects the pre-tax rate an investor would require if they were to
choose an investment that would generate similar cash flows to those that the entity expects to generate from the asset. In
determining the discount rate, management identified the cost of equity associated with market participants that closely resemble the
Group's CGUs. The cost of equity has been used as the discount rate in the impairment assessment and applied to the post-tax cash
flows of the CGU. This post-tax method incorporates the impact of changing tax rates on the cash flows and is expected to produce the
same VIU result as a pre-tax method adjusted for varying tax rates. Using the resultant VIU, the equivalent pre-tax discount rate has
been calculated. The cost of equity rate used for all CGUs in this year\u2019s calculation has increased to reflect volatility in markets, an
increase in risk free rate and a higher market risk premium rate. The range of equivalent pre-tax discount rates applicable across the
CGUs range from\u00a0 15.2% to 19.6% (2024: 14.7% to 19.2%).
Terminal growth rate
The terminal growth rate is used to estimate the effect of projecting cash flows to the end of an asset\u2019s useful economic life. It is
management\u2019s judgement that the cash flows associated with the CGUs will grow in line with the major economies in which the Group
operates. Inflation rates are used as an approximation of future growth rates and form the basis of the terminal growth rates applied.
The terminal growth rate used is\u00a0 2.0% (2024: 2.0%).
Outcome of goodwill and intangibles review
The Retail Banking CGU carries the majority of the Group\u2019s goodwill balance, predominantly as a consequence of the Woolwich
acquisition. The goodwill within Retail Banking\u00a0 was \u00a33,243m (2024: \u00a33,243m), of which \u00a32,501m (2024: \u00a32,501m) was attributable to
Woolwich, and within Business Banking was \u00a3629m (2024: \u00a3629m), fully attributable to Woolwich.\u00a0
The largest portion of the Group's intangible assets sits within the Barclays Investment Bank CGU, with an allocation of \u00a31,751m (2024:
\u00a31,902m).
Based on management's plans and assumptions the value in use exceeds the carrying value of the CGUs and no impairment has been
indicated in 2025.\u00a0
The outcome of the impairment review for Retail Banking, Business Banking and Barclays US Consumer Bank are set out below:
Cash generating unit
Tangible equity
Goodwill
Intangibles
Carrying value
Value in use
Value in use
exceeding
carrying value
2025
Value in use
exceeding
carrying value
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail Banking
9,619
3,243
795
13,657
19,961
6,304
1,925
Business Banking
1,987
629
208
2,824
8,069
5,245
3,197
Barclays US Consumer Bank
3,055
414
519
3,988
7,081
3,093
480
Total
14,661
4,286
1,522
20,469
35,111
14,642
5,602
Note:
1 For comparative purposes, the 2024 figures have been re-presented to reflect the cash-generating units within the new operating divisions introduced in the
first half of 2025. Goodwill related to Retail Banking, which was previously reported under Personal Banking and Barclaycard Consumer UK, has now been
reclassified accordingly.\u00a0 \u00a0
All of the above CGUs have seen an increase in value in use in the period, which is mainly attributable to improved performance
expectations.
Sensitivity of key judgements
Headroom is sensitive to possible adverse changes in the key assumptions that support the recoverable amount:
Cash flows: The medium-term plans used to determine the cash flows used in the VIU calculation rely on macroeconomic forecasts,
including interest rates, GDP and unemployment, and forecast levels of market and client activity. Interest rate assumptions impact
planned cash flows from both customer income and structural hedge contributions and therefore cash flow expectations are highly
sensitive to movements in the yield curve. The cash flows also contain assumptions with regard to the prudential and financial conduct
regulatory environment which may be subject to change. Given the current level of economic uncertainty, a 10% reduction in cash flows
has been provided to show the sensitivity of the outcome to a change in these key assumptions.
Discount rate: The discount rate should reflect the market risk-free rate adjusted for the inherent risks of the business it is applied to.
Management have identified discount rates for comparable businesses and consider these to be a reasonable estimate of a suitable
market rate for the profile of the business unit being tested. The risk that these discount rates may not be appropriate is quantified below
and shows the impact of a 100bps change in the discount rate.
Terminal growth rate: The terminal growth rate is used to estimate the cash flows into perpetuity based on the expected longevity of the
CGU's businesses. The terminal growth rate is sensitive to uncertainties in the macroeconomic environment. The risk that using inflation
data may not be appropriate for its determination is quantified below and shows the impact of 100bps change in the terminal growth rate.
Allocated capital rate: Tangible equity is allocated based on the level of risk weighted assets (RWAs) and capital required to be deployed in
the CGU, which is dependent on the relative risk of businesses. The capital rate used in determining the level of tangible equity allocated to
the CGU and its capital cash flows could move over time. The impact of a 50bps increase in capital rate is quantified below.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
These estimates are considered to have a significant risk of resulting in a material adjustment to the carrying amounts of provisions
within the next financial year.
The financial reporting of provisions involves a significant degree of judgement and is complex. Identifying whether a present
obligation exists and estimating the probability, timing, nature and quantum of the outflows that may arise from past events requires
judgements to be made based on the specific facts and circumstances relating to individual events and often requires specialist
professional advice. When matters are at an early stage, accounting judgements and estimates can be difficult because of the high
degree of uncertainty involved. Management continues to monitor matters as they develop to re-evaluate on an ongoing basis
whether provisions should be recognised, however there can remain a wide range of possible outcomes and uncertainties,
particularly in relation to legal, competition and regulatory matters, and as a result, it is often not practicable to make meaningful
estimates, even when matters are at a more advanced stage.
The amount that is recognised as a provision can also be very sensitive to the assumptions made in calculating it. This gives rise to a
large range of potential outcomes which require judgement in determining an appropriate provision level. See Note 25 for more detail
of legal, competition and regulatory matters.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
Estimates
Valuation of defined benefit scheme obligations are dependent on a number of assumptions, the most critical being discount rates, price inflation, and
life expectancy.
These estimates are considered to\u00a0 have a significant risk of resulting in a material adjustment to the carrying amount of defined benefit
obligations within the next financial year.
Below is a summary of the main financial and demographic assumptions adopted for both sections of the UKRF with the Barclays Bank
Section representing 91.5% of the UKRF benefit obligation and the Barclays UK Section representing 3.8%.
2025
2024
Barclays Bank
Section
Barclays UK
Section
UKRF
Key UKRF financial assumptions
% p.a.
% p.a.
% p.a.
Discount rate
5.46
5.42
5.44
Inflation rate (RPI)
2.92
2.89
3.32
The discount rate assumption for 2025 for both sections of the UKRF was based on a standard WTW RATE Link model. The RPI inflation
assumption for 2025 was set by reference to the Bank of England\u2019s implied inflation curve. The inflation assumption incorporates a
deduction of 20 basis points as an allowance for an inflation risk premium. The methodology used to derive the discount rate and
inflation assumptions is consistent with that used at the prior year end.
The Barclays Bank Section of the UKRF\u2019s post-retirement mortality assumptions are based on best estimates derived from an analysis in
2022 of the UKRF\u2019s own post-retirement mortality experience and taking account of recent evidence from published mortality surveys.
An allowance has been made for future mortality improvements based on the 2024 core projection model published by the Continuous
Mortality Investigation Bureau subject to a long-term trend of 1.1% per annum in future improvements (2024: 1.25% per annum).
Barclays UK Section of the UKRF does not have any post-retirement mortality assumptions as it only provides a cash lump sum at
retirement, not a pension for life.
The table below shows how the assumed life expectancy, for members of the Barclays Bank Section, has changed since last year:
Assumed life expectancy 1
2025
2024
Life expectancy at 60 for current pensioners (years)
\u2013 Males
26.6
26.5
\u2013 Females
29.3
29.4
Life expectancy at 60 for future pensioners currently aged 40 (years)
\u2013 Males
28.0
28.0
\u2013 Females
30.6
30.8
Note:
1 The life expectancies disclosed are in respect of a population of the membership that represents c60% of the Defined Benefit Obligation of the Barclays Bank
Section of the UKRF (excluding Afterwork, which has no post-retirement mortality risk) with the remaining members having life expectancy at age 60 of
between 26.4 years and 29.3 years.
Approximately, 70% of the longevity risk for current pensioners of the Barclays Bank Section of the UKRF has been reinsured and the
transactions will provide income to the Section if pensions are paid out for longer than expected. The contracts form part of the
Section\u2019s investment portfolio.
Sensitivity analysis on actuarial assumptions
The sensitivity analysis has been calculated by valuing the UKRF liabilities, using the amended assumptions shown in the table below and
keeping the remaining assumptions the same as disclosed in the table above, except in the case of the inflation sensitivity where other
assumptions that depend on assumed inflation have also been amended correspondingly. The difference between the recalculated
liability figure and that stated in the balance sheet reconciliation table above is the figure shown. The selection of these movements to
illustrate the sensitivity of the defined benefit obligation to key assumptions should not be interpreted as Barclays expressing any
specific view of the probability of such movements happening.
Change in key assumptions for the UKRF
2025
2025
2024
(Decrease)/Increase in defined benefit obligation
Barclays Bank
Section
Barclays UK
Section
UKRF
\u00a3bn
\u00a3bn
\u00a3bn
Discount rate
0.5% p.a. increase
(0.9)
(0.03)
(1.0)
0.25% p.a. increase
(0.4)
(0.02)
(0.5)
0.25% p.a. decrease
0.5
0.02
0.5
0.5% p.a. decrease
1.0
0.04
1.1
Assumed RPI
0.5% p.a. increase
0.7
0.03
0.7
0.25% p.a. increase
0.3
0.01
0.3
0.25% p.a. decrease
(0.3)
(0.01)
(0.4)
0.5% p.a. decrease
(0.6)
(0.03)
(0.7)
Life expectancy at 60
One year increase
0.5
0.00
0.5
One year decrease
(0.5)
0.00
(0.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-658": { "value": "Segmental reporting
Presentation of segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, which is
responsible for allocating resources and assessing performance of the operating segments, and has been identified as the chief
operating decision-maker. All transactions between business segments are conducted on an arm\u2019s-length basis. Income and
expenses directly associated with each segment are included in determining business segment performance.
Barclays is a British universal bank diversified by business, geography and income type, serving consumer and wholesale customers
and clients globally. In addition to its rooting in the UK, Barclays also has a strong presence in the US.
The Group presents its financial disclosures through the following five operating segments (plus Head Office):
\u2022 Barclays UK broadly represents businesses that sit within the UK ring-fenced bank entity, Barclays Bank UK PLC, and comprises
Retail Banking (which includes Personal Banking and Barclaycard Consumer UK) and Business Banking
\u2022 Barclays UK Corporate Bank brings together lending, trade and working capital, liquidity, payments and FX solutions for UK
corporate clients with an annual turnover from \u00a36.5 million and higher, excluding those clients that form part of the FTSE 350, which
are included within the IB
\u2022 Barclays Private Bank and Wealth Management serves UK and international private banking clients, providing a range of investment,
banking and lending products alongside expert advice. It also serves UK wealth management and UK digital investing clients offering a
range of financial services
\u2022 Barclays Investment Bank incorporates the Global Markets, Investment Banking and International Corporate Banking businesses,
serving FTSE 350, multinationals and financial institution clients that are regular users of Investment Bank services
\u2022 Barclays US Consumer Bank is a co-branded credit card issuer and financial services partner in the United States for travel,
entertainment, retail and affinity institutions. It offers co-branded, small business and private label credit cards, instalment loans,
online savings accounts and certificates of deposits
The tables below also include Head Office, which comprises central support, central treasury operations, Barclays Execution Services
assets, the Payment Acceptance business and legacy businesses
Analysis of results by business
Barclays UK
Barclays UK
Corporate
Bank
Barclays
Private Bank
& Wealth
Management
Barclays
Investment
Bank
Barclays US
Consumer
Bank
Head Office
Group
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
For the year ended 31 December 2025
Net interest income
7,653
1,480
799
1,334
2,820
415
14,501
Non-interest income
1,055
584
581
11,721
861
(163)
14,639
Total income
8,708
2,064
1,380
13,055
3,681
252
29,140
Of which inter-segmental income/(expense)
(5)
1,868
1,840
(3,577)
(6)
(120)
\u2014
Operating costs
(4,746)
(989)
(994)
(7,927)
(1,637)
(747)
(17,040)
UK regulatory levies
(85)
(29)
(10)
(181)
\u2014
(8)
(313)
Litigation and conduct
(51)
(39)
(9)
(28)
(8)
(257)
(392)
Total operating expenses
(4,882)
(1,057)
(1,013)
(8,136)
(1,645)
(1,012)
(17,745)
Other net income 1
\u2014
\u2014
\u2014
\u2014
\u2014
23
23
Profit/(loss) before impairment
3,826
1,007
367
4,919
2,036
(737)
11,418
Credit impairment (charges)/ releases
(413)
(37)
8
(305)
(1,521)
(11)
(2,279)
Profit/(loss) before tax
3,413
970
375
4,614
515
(748)
9,139
Total assets (\u00a3bn)
299.6
71.3
41.9
1,072.4
34.6
24.4
1,544.2
Total liabilities (\u00a3bn)
280.3
103.7
80.4
965.9
25.4
10.2
1,465.9
Number of employees (full time equivalent)
17,900
1,900
2,100
7,200
2,300
61,600
93,000
Average number of employees (full time equivalent)
93,100
Average number of employees (headcount)
94,700
Note:
1 Other net income represents the share of post-tax results of associates and joint ventures and the profit or loss on disposal of subsidiaries, associates and
joint ventures .
Barclays UK
Barclays UK
Corporate
Bank
Barclays
Private Bank
& Wealth
Management
Barclays
Investment
Bank
Barclays US
Consumer
Bank
Head Office
Group
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
For the year ended 31 December 2024
Net interest income
6,627
1,206
767
1,031
2,659
646
12,936
Non-interest income
1,647
574
542
10,774
667
(352)
13,852
Total income
8,274
1,780
1,309
11,805
3,326
294
26,788
Of which inter-segmental income/(expense)
(29)
2,379
2,148
(3,909)
(8)
(581)
\u2014
Operating costs
(4,235)
(935)
(911)
(7,666)
(1,612)
(836)
(16,195)
UK regulatory levies
(78)
(37)
(9)
(187)
\u2014
(9)
(320)
Litigation and conduct
(16)
(1)
\u2014
(55)
(14)
(134)
(220)
Total operating expenses
(4,329)
(973)
(920)
(7,908)
(1,626)
(979)
(16,735)
Other net income 1
\u2014
\u2014
\u2014
\u2014
\u2014
37
37
Profit/(loss) before impairment
3,945
807
389
3,897
1,700
(648)
10,090
Credit impairment charges
(365)
(76)
(6)
(123)
(1,293)
(119)
(1,982)
Profit/(loss) before tax
3,580
731
383
3,774
407
(767)
8,108
Total assets (\u00a3bn)
299.8
61.2
34.1
1,053.9
35.4
33.8
1,518.2
Total liabilities (\u00a3bn)
284.1
94.4
75.0
952.1
24.5
15.6
1,445.7
Number of employees (full time equivalent)
18,000
1,900
1,900
7,100
2,300
61,800
93,000
Average number of employees (full time equivalent)
91,300
Average number of employees (headcount)
92,900
Barclays UK
Barclays UK
Corporate
Bank
Barclays
Private Bank
& Wealth
Management
Barclays
Investment
Bank
Barclays US
Consumer
Bank
Head
Office
Group
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
For the year ended 31 December 2023
Net interest income
6,431
1,160
768
1,393
2,604
353
12,709
Non-interest income
1,156
610
440
9,642
664
157
12,669
Total income
7,587
1,770
1,208
11,035
3,268
510
25,378
Of which inter-segmental income/(expense)
(73)
1,524
1,707
(2,590)
(5)
(563)
\u2014
Operating costs
(4,393)
(905)
(795)
(7,619)
(1,650)
(1,352)
(16,714)
UK bank levy
(30)
(8)
(4)
(123)
\u2014
(14)
(180)
Litigation and conduct
8
1
2
5
(6)
(48)
(37)
Total operating expenses
(4,415)
(912)
(797)
(7,737)
(1,656)
(1,414)
(16,931)
Other net expenses 1
\u2014
(3)
\u2014
\u2014
\u2014
(6)
(9)
Profit/(loss) before impairment
3,172
855
411
3,298
1,612
(910)
8,438
Credit impairment (charges)/releases
(304)
27
(4)
(102)
(1,438)
(60)
(1,881)
Profit/(loss) before tax
2,868
882
407
3,196
174
(970)
6,557
Total assets (\u00a3bn)
293.1
61.5
32.0
1,019.2
33.6
38.1
1,477.5
Total liabilities (\u00a3bn)
264.2
85.9
60.9
904.5
21.1
69.0
1,405.6
Number of employees (full time equivalent)
6,800
1,800
2,100
7,100
600
74,000
92,400
Average number of employees (full time equivalent)
92,900
Average number of employees (headcount)
94,800
Note:
1 Other net income represents the share of post-tax results of associates and joint ventures and the profit or loss on disposal of subsidiaries, associates and
joint ventures.
Inter-segmental income/(expense) refers to the internal charging of revenues between different business segments, reflecting how
resources such as funding, capital, or services are utilised across the organisation. Segments that operate with a net customer deposit
position contribute surplus deposits as a funding source for other Group segment activities.
Income by geographic region 1
2025
2024
2023
For the year ended 31 December
\u00a3m
\u00a3m
\u00a3m
United Kingdom
15,811
13,927
13,295
Americas
9,541
8,772
8,109
Europe
2,269
2,734
2,517
Asia\u00a0
1,433
1,273
1,370
Africa and Middle East
86
82
87
Total
29,140
26,788
25,378
Income from individual countries which represent more than 5% of total income 1
2025
2024
2023
For the year ended 31 December
\u00a3m
\u00a3m
\u00a3m
United Kingdom
15,811
13,927
13,295
United States
9,388
8,614
7,911
Note:
1 The geographical analysis is based on the location of the office where the transactions are recorded .", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-659": { "value": "
Presentation of segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, which is
responsible for allocating resources and assessing performance of the operating segments, and has been identified as the chief
operating decision-maker. All transactions between business segments are conducted on an arm\u2019s-length basis. Income and
expenses directly associated with each segment are included in determining business segment performance.
Barclays is a British universal bank diversified by business, geography and income type, serving consumer and wholesale customers
and clients globally. In addition to its rooting in the UK, Barclays also has a strong presence in the US.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-660": { "value": "Net interest income
Accounting for interest income and expenses
Interest income on loans and advances at amortised cost, financial assets at fair value through other comprehensive income and
interest expense on financial liabilities held at amortised cost are calculated using the effective interest method, which allocates
interest, and direct and incremental fees and costs, over the expected lives of the assets and liabilities.
The effective interest method requires the Group to estimate future cash flows, in some cases based on its experience of
customers\u2019 behaviour, considering all contractual terms of the financial instrument, as well as the expected lives of the assets and
liabilities.
The Group incurs certain costs to originate credit card balances with the most significant being co-brand partner fees. To the extent
these costs are attributed to customers that continuously carry an outstanding balance (revolvers) and incremental to the origination
of credit card balances, they are capitalised and subsequently included within the calculation of the effective interest rate. They are
amortised to interest income over the period of expected repayment of the originated balance. Costs attributed to customers that
settle their outstanding balances each period (transactors) are deferred on the balance sheet as a cost of obtaining a contract and
amortised to fee and commission expense over the life of the customer relationship (refer to Note 4).
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Cash and balances at central banks
8,730
11,076
10,262
Debt securities at amortised cost
2,820
2,445
2,337
Loans and advances at amortised cost to banks and customers
18,662
17,836
14,742
Fair value through other comprehensive income
3,134
3,821
4,907
Cash collateral
2,134
2,408
2,375
Other 1
709
740
452
Interest and similar income
36,189
38,326
35,075
Deposits at amortised cost from banks and customers
(12,284)
(14,092)
(11,252)
Debt securities in issue
(6,006)
(6,708)
(6,344)
Subordinated liabilities
(855)
(945)
(866)
Cash collateral
(1,501)
(2,276)
(2,254)
Other 2
(1,042)
(1,369)
(1,650)
Interest and similar expense
(21,688)
(25,390)
(22,366)
Net interest income
14,501
12,936
12,709
Notes:
1 Includes interest income from reverse repurchase agreements and other similar secured lending at amortised cost.
2\u00a0 \u00a0 Includes interest expense from repurchase agreement and other similar secured borrowing at amortised cost and lease expense.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-661": { "value": "
Accounting for interest income and expenses
Interest income on loans and advances at amortised cost, financial assets at fair value through other comprehensive income and
interest expense on financial liabilities held at amortised cost are calculated using the effective interest method, which allocates
interest, and direct and incremental fees and costs, over the expected lives of the assets and liabilities.
The effective interest method requires the Group to estimate future cash flows, in some cases based on its experience of
customers\u2019 behaviour, considering all contractual terms of the financial instrument, as well as the expected lives of the assets and
liabilities.
The Group incurs certain costs to originate credit card balances with the most significant being co-brand partner fees. To the extent
these costs are attributed to customers that continuously carry an outstanding balance (revolvers) and incremental to the origination
of credit card balances, they are capitalised and subsequently included within the calculation of the effective interest rate. They are
amortised to interest income over the period of expected repayment of the originated balance. Costs attributed to customers that
settle their outstanding balances each period (transactors) are deferred on the balance sheet as a cost of obtaining a contract and
amortised to fee and commission expense over the life of the customer relationship (refer to Note 4).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-663": { "value": "
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Cash and balances at central banks
8,730
11,076
10,262
Debt securities at amortised cost
2,820
2,445
2,337
Loans and advances at amortised cost to banks and customers
18,662
17,836
14,742
Fair value through other comprehensive income
3,134
3,821
4,907
Cash collateral
2,134
2,408
2,375
Other 1
709
740
452
Interest and similar income
36,189
38,326
35,075
Deposits at amortised cost from banks and customers
(12,284)
(14,092)
(11,252)
Debt securities in issue
(6,006)
(6,708)
(6,344)
Subordinated liabilities
(855)
(945)
(866)
Cash collateral
(1,501)
(2,276)
(2,254)
Other 2
(1,042)
(1,369)
(1,650)
Interest and similar expense
(21,688)
(25,390)
(22,366)
Net interest income
14,501
12,936
12,709
Notes:
1 Includes interest income from reverse repurchase agreements and other similar secured lending at amortised cost.
2\u00a0 \u00a0 Includes interest expense from repurchase agreement and other similar secured borrowing at amortised cost and lease expense.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-662": { "value": "
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Cash and balances at central banks
8,730
11,076
10,262
Debt securities at amortised cost
2,820
2,445
2,337
Loans and advances at amortised cost to banks and customers
18,662
17,836
14,742
Fair value through other comprehensive income
3,134
3,821
4,907
Cash collateral
2,134
2,408
2,375
Other 1
709
740
452
Interest and similar income
36,189
38,326
35,075
Deposits at amortised cost from banks and customers
(12,284)
(14,092)
(11,252)
Debt securities in issue
(6,006)
(6,708)
(6,344)
Subordinated liabilities
(855)
(945)
(866)
Cash collateral
(1,501)
(2,276)
(2,254)
Other 2
(1,042)
(1,369)
(1,650)
Interest and similar expense
(21,688)
(25,390)
(22,366)
Net interest income
14,501
12,936
12,709
Notes:
1 Includes interest income from reverse repurchase agreements and other similar secured lending at amortised cost.
2\u00a0 \u00a0 Includes interest expense from repurchase agreement and other similar secured borrowing at amortised cost and lease expense.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-664": { "value": "Net fee and commission income
Accounting for net fee and commission income
The Group recognises fee and commission income charged for services provided by the Group as and when performance obligations
are satisfied, for example, on completion of the underlying transaction. Incremental costs are reported within fee and commission
expense if they are directly attributable to generating identifiable fee and commission income. Where the contractual arrangements
also result in the Group recognising financial instruments in scope of IFRS 9, such financial instruments are initially recognised at fair
value in accordance with IFRS 9 before applying the provisions of IFRS 15.
Fee and commission income is disaggregated below by fee types that reflect the nature of the services offered across the Group and
operating segments, in accordance with IFRS 15 . The table below includes a total for fees in scope of IFRS 15. Refer to Note 2 for more
detailed information about operating segments.
2025
Barclays UK
Barclays UK
Corporate
Bank
Barclays
Private Bank
and Wealth
Management
Barclays
Investment
Bank
Barclays US
Consumer
Bank
Head Office
Barclays
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fee type
Transactional
1,226
462
30
336
2,727
272
5,053
Advisory
\u2014
\u2014
344
710
\u2014
\u2014
1,054
Brokerage and execution
201
\u2014
158
1,824
\u2014
\u2014
2,183
Underwriting and syndication
36
102
\u2014
2,656
\u2014
\u2014
2,794
Other
7
\u2014
\u2014
\u2014
\u2014
19
26
Total revenue from contracts with customers
1,470
564
532
5,526
2,727
291
11,110
Other non-contract fee income
\u2014
26
\u2014
146
\u2014
\u2014
172
Fee and commission income
1,470
590
532
5,672
2,727
291
11,282
Fee and commission expense
(480)
(92)
(39)
(1,253)
(1,858)
(62)
(3,784)
Net fee and commission income
990
498
493
4,419
869
229
7,498
2024
Barclays UK
Barclays UK
Corporate
Bank
Barclays
Private Bank
and Wealth
Management
Barclays
Investment
Bank
Barclays US
Consumer
Bank
Head Office
Barclays
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fee type
Transactional
1,150
448
33
336
2,661
342
4,970
Advisory
\u2014
\u2014
319
739
\u2014
\u2014
1,058
Brokerage and execution
215
\u2014
129
1,580
\u2014
\u2014
1,924
Underwriting and syndication
36
92
\u2014
2,596
\u2014
\u2014
2,724
Other
15
1
\u2014
\u2014
\u2014
18
34
Total revenue from contracts with customers
1,416
541
481
5,251
2,661
360
10,710
Other non-contract fee income
\u2014
25
\u2014
112
\u2014
\u2014
137
Fee and commission income
1,416
566
481
5,363
2,661
360
10,847
Fee and commission expense
(408)
(90)
(38)
(1,121)
(1,855)
(88)
(3,600)
Net fee and commission income
1,008
476
443
4,242
806
272
7,247
2023
Barclays UK
Barclays UK
Corporate
Bank
Barclays
Private Bank
and Wealth
Management
Barclays
Investment
Bank
Barclays US
Consumer
Bank
Head Office
Barclays
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fee type
Transactional
1,124
429
32
327
2,603
301
4,816
Advisory
52
\u2014
251
652
\u2014
\u2014
955
Brokerage and execution
234
\u2014
89
1,674
\u2014
\u2014
1,997
Underwriting and syndication
33
82
\u2014
1,998
\u2014
\u2014
2,113
Other
36
1
\u2014
\u2014
\u2014
64
101
Total revenue from contracts with customers
1,479
512
372
4,651
2,603
365
9,982
Other non-contract fee income
\u2014
28
1
110
\u2014
\u2014
139
Fee and commission income
1,479
540
373
4,761
2,603
365
10,121
Fee and commission expense
(368)
(96)
(33)
(1,247)
(1,765)
(83)
(3,592)
Net fee and commission income
1,111
444
340
3,514
838
282
6,529
Fee types
Transactional
Transactional fees are service charges on deposit accounts, cash management services fees and transactional processing fees. These
include interchange and merchant fee income generated from credit and bank card usage. Transaction and processing fees are
recognised at the point in time the transaction occurs or service is performed. Interchange and merchant fees are recognised upon
settlement of the card transaction payment.
The Group incurs certain card-related costs, including those related to cardholder reward programmes and payments to co-brand
partners. Cardholder reward programme costs related to customers that settle their outstanding balance each period (transactors) are
expensed when incurred and presented in fee and commission expense, while costs related to customers that continuously carry an
outstanding balance (revolvers) are included in the effective interest rate of the receivable (refer to Note 3). Payments to partners for
new cardholder account originations related to transactor accounts are deferred as costs to obtain a contract under IFRS 15, while
costs related to revolver accounts are included in the effective interest rate of the receivable (refer to Note 3). Those costs deferred
under IFRS 15 are capitalised and amortised over the estimated life of the customer relationship. Payments to co-brand partners based
on revenue sharing to the extent the revenue share relates to 'revolvers' are included in the effective interest rate of the receivable and
to the extent revenue share relates to 'transactors' it is presented in fee and commission expense. Payments based on profitability are
presented in fee and commission expense.
Advisory
Advisory fees are generated from wealth management services and investment banking advisory services related to mergers,
acquisitions and financial restructurings. Wealth management advisory fees are earned over the period the services are provided and are
generally recognised quarterly when the market value of client assets is determined. Investment banking advisory fees are recognised at
the point in time when the services related to the transaction have been completed under the terms of the engagement. Investment
banking advisory costs are recognised as incurred in fee and commission expense if direct and incremental to the advisory services or
are otherwise recognised in operating expenses.
Brokerage and execution
Brokerage and execution fees are earned for executing client transactions with various exchanges and over-the-counter markets and
assisting clients in clearing transactions and facilitating foreign exchange transactions for spot/forward contracts. Brokerage and
execution fees are recognised at the point in time the associated service has been completed, which is generally the trade date of the
transaction.
Underwriting and syndication
Underwriting and syndication fees are earned for the distribution of client equity or debt securities and the arrangement and
administration of a loan syndication. This includes commitment fees to provide loan financing. Underwriting fees are generally
recognised on trade date if there is no remaining contingency, such as the transaction being conditional on the closing of an acquisition
or another transaction. Underwriting costs are deferred and recognised in fee and commission expense when the associated
underwriting fees are recorded. Syndication fees are earned for arranging and administering a loan syndication; however, the associated
fee may be subject to variability until the loan has been syndicated to other syndicate members or until other contingencies have been
resolved, and therefore the fee revenue is deferred until the uncertainty is resolved.
Included in the underwriting and syndication fees are loan commitment fees, when the drawdown is not probable. Such commitment
fees are recognised over time through to the contractual maturity of the commitment.
Contract assets and contract liabilities
The Group had no material contract assets or contract liabilities as at 31\u00a0December 2025 (2024: \u00a3nil; 2023: \u00a3nil).
Impairment of fee receivables and contract assets
During 2025, there have been no material impairments recognised in relation to fees receivable and contract assets (2024: \u00a3nil; 2023:
\u00a3nil). Fees in relation to transactional business can be added to outstanding customer balances. These amounts may be subsequently
impaired as part of the overall loans and advances balance.
Remaining performance obligations
The Group applies the practical expedient of IFRS 15 and does not disclose information about remaining performance obligations that
have original expected durations of one year or less or because the Group has a right to consideration that corresponds directly with the
value of the service provided to the client or customer.
Costs incurred in obtaining or fulfilling a contract
The Group expects that incremental costs of obtaining a contract, such as success fee and commission fees paid are recoverable and
therefore capitalises such contract\u00a0 costs. Capitalised contract costs net of amortisation as at 31\u00a0December 2025 are \u00a3161m ( 2024:
\u00a3122m; 2023: \u00a3217m).
Capitalised contract costs are amortised over the customer relationship period, depending on the transfer of services to which the
asset pertains. In 2025, the amount of amortisation was \u00a335m ( 2024: \u00a362m; 2023: \u00a355m) and there was no impairment loss recognised
in connection with the capitalised contract costs (2024: \u00a3nil; 2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-665": { "value": "
Accounting for net fee and commission income
The Group recognises fee and commission income charged for services provided by the Group as and when performance obligations
are satisfied, for example, on completion of the underlying transaction. Incremental costs are reported within fee and commission
expense if they are directly attributable to generating identifiable fee and commission income. Where the contractual arrangements
also result in the Group recognising financial instruments in scope of IFRS 9, such financial instruments are initially recognised at fair
value in accordance with IFRS 9 before applying the provisions of IFRS 15.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-666": { "value": "Net trading income
Accounting for net trading income
Trading positions are held at fair value, and the resulting gains and losses are included in net trading income, together with interest
and dividends arising from long and short positions and funding costs relating to trading activities. Incremental costs are reported
within net trading income if they are directly attributable to generating identifiable trading income.
Income arises from both the sale and purchase of trading positions, margins that are achieved through market-making and customer
business, and from changes in fair value caused by movements in interest and exchange rates, equity prices and other market
variables.
Gains or losses on non-trading financial instruments designated or mandatorily at fair value, with changes in fair value recognised in
the income statement, are included in net trading income where the business model is to manage assets and liabilities on a fair value
basis, which includes the use of derivatives. Gains and losses are also reported in net trading income where an instrument is
designated at fair value to eliminate an accounting mismatch.
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Net gains on financial instruments held for trading
5,054
4,038
4,257
Net gains on financial instruments mandatorily at fair value
1,327
1,201
1,308
Net gains on financial instruments designated at fair value
661
529
380
Net trading income
7,042
5,768
5,945
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-667": { "value": "
Accounting for net trading income
Trading positions are held at fair value, and the resulting gains and losses are included in net trading income, together with interest
and dividends arising from long and short positions and funding costs relating to trading activities. Incremental costs are reported
within net trading income if they are directly attributable to generating identifiable trading income.
Income arises from both the sale and purchase of trading positions, margins that are achieved through market-making and customer
business, and from changes in fair value caused by movements in interest and exchange rates, equity prices and other market
variables.
Gains or losses on non-trading financial instruments designated or mandatorily at fair value, with changes in fair value recognised in
the income statement, are included in net trading income where the business model is to manage assets and liabilities on a fair value
basis, which includes the use of derivatives. Gains and losses are also reported in net trading income where an instrument is
designated at fair value to eliminate an accounting mismatch.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-668": { "value": "Net investment income
Accounting for net investment income
Dividends are recognised when the right to receive the dividend has been established. Incremental costs are reported within net
investment income if they are directly attributable to generating identifiable investment income. Other accounting policies relating to
net investment income are set out in Note 13 and Note 15.
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Net gains from financial instruments mandatorily at fair value
252
326
171
Net (losses)/gains from disposal of financial assets at fair value through other comprehensive
income
(191)
164
26
Net losses from disposal of financial assets and liabilities measured at amortised cost 1
(18)
(209)
(17)
Dividend income
\u2014
3
\u2014
Net losses on other investments
(33)
(68)
(119)
Net investment income
10
216
61
Note:
1 Included within the 2024 balance are losses of \u00a3 220m on sale of the performing Italian retail mortgage portfolio.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-669": { "value": "
Accounting for net investment income
Dividends are recognised when the right to receive the dividend has been established. Incremental costs are reported within net
investment income if they are directly attributable to generating identifiable investment income. Other accounting policies relating to
net investment income are set out in Note 13 and Note 15.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-670": { "value": "Infrastructure, administration and general expenses
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Infrastructure costs
Property and equipment
1,928
1,815
1,948
Depreciation and amortisation
1,756
1,700
1,784
Impairment of property, equipment and intangible assets
20
34
363
Total infrastructure costs
3,704
3,549
4,095
Administration and general expenses
Consultancy, legal and professional fees
790
829
782
Marketing and advertising
618
649
585
Other administration and general expenses
1,321
1,292
1,235
Total administration and general expenses
2,729
2,770
2,602
Total infrastructure, administration and general expenses
6,433
6,319
6,697
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-671": { "value": "Credit impairment charges/(releases)
Accounting for the impairment of financial assets
Impairment
The Group is required to recognise expected credit losses (ECLs) based on unbiased forward-looking information for all financial
assets at amortised cost, lease receivables, debt financial assets at fair value through other comprehensive income, loan
commitments and financial guarantee contracts.
At the reporting date, an allowance (or provision for loan commitments and financial guarantees) is required for the 12-month
(Stage\u00a01) ECLs. If the credit risk has significantly increased since initial recognition (Stage 2), or if the financial instrument is credit
impaired (Stage\u00a03), an allowance (or provision) should be recognised for the lifetime ECLs.
The measurement of ECL is calculated using three main components: (i) probability of default (PD) (ii) loss given default (LGD) and (iii)
the exposure at default (EAD).\u00a0
The 12-month and lifetime ECLs are calculated by multiplying the respective PD, LGD and the EAD. The 12-month and lifetime PDs
represent the PD occurring over the next 12 months and the remaining maturity of the instrument respectively. The EAD represents
the expected balance at default, taking into account the repayment of principal and interest from the balance sheet date to the
default event together with any expected drawdowns of committed facilities. The LGD represents expected losses on the EAD given
the event of default, taking into account, among other attributes, the mitigating effect of collateral value at the time it is expected to
be realised and the time value of money.\u00a0
Expected credit loss measurement is based on the ability of borrowers to make payments as they fall due. The Group also considers
sector-specific risks and whether additional adjustments are required in the measurement of ECL. Credit risk may be impacted by
climate considerations for certain sectors, such as oil and gas.
Determining a significant increase in credit risk since initial recognition:
The Group assesses when a significant increase in credit risk has occurred based on quantitative and qualitative assessments. The
credit risk of an exposure is considered to have significantly increased when:
i) Quantitative test
The annualised lifetime PD has increased by more than an agreed threshold relative to the equivalent at origination.
PD deterioration thresholds are defined as percentage increases, and are set at an origination score band and segment level to
ensure the test appropriately captures significant increases in credit risk at all risk levels. Generally, thresholds are inversely correlated
to the origination PD, i.e. as the origination PD increases, the threshold value reduces.
The assessment of the point\u00a0at which a PD increase is deemed \u2018significant\u2019, is based upon analysis of the portfolio\u2019s risk profile against
a common set of principles and performance metrics (consistent across both retail and wholesale businesses), incorporating expert
credit judgement, where appropriate. Application of quantitative PD floors does not represent the use of the low credit risk
exemption as exposures can separately move into Stage 2 via the qualitative route described below.
Wholesale assets apply a 100% increase in PD and 0.2% PD floor to determine a significant increase in credit risk.
Retail assets apply bespoke relative increase and absolute PD thresholds based on product type and origination PD. Thresholds are
subject to maximums defined by Group policy and typically apply minimum relative thresholds of 50-100% and a maximum relative
threshold of 400%.
For existing/historical exposures where origination point scores or data are no longer available or do not represent a comparable
estimate of lifetime PD, a proxy origination score is defined, based upon:
\u2022 back-population of the approved lifetime PD score either to origination date or, where this is not feasible, as far back as possible
(subject to a data start point no later than 1 January 2015); or
\u2022 use of available historical account performance data and other customer information, to derive a comparable \u2018proxy\u2019 estimation of
origination PD.
ii) Qualitative test
This is relevant for accounts that meet the portfolio\u2019s \u2018high risk\u2019 criteria and are subject to closer credit monitoring.
High risk customers may not be in arrears, but either through an event or an observed behaviour exhibit credit distress. The definition
and assessment of high risk includes as wide a range of information as reasonably available, such as industry and Group-wide
customer level data, including, but not limited to bureau scores and high consumer indebtedness index, wherever possible or
relevant.
While the high risk populations applied for IFRS 9 impairment purposes are aligned with risk management processes, they are also
regularly reviewed and validated to ensure that they capture any incremental segments where there is evidence of credit
deterioration.
iii) Backstop criteria
This is relevant for accounts that are more than 30 calendar days past due. The 30 days past due criteria is a backstop rather than a
primary driver of moving exposures into Stage 2.
The criteria for determining a significant increase in credit risk for assets with bullet repayments follows the same principle as all other
assets, i.e. quantitative, qualitative and backstop tests are all applied.
Exposures will move back to Stage 1 once they no longer meet the criteria for a significant increase in credit risk. This means that, at a
minimum all payments must be up-to-date, the PD deterioration test is no longer met, the account is no longer classified as high risk,
and the customer has evidenced an ability to maintain future payments.
Exposures are only removed from Stage 3 and reassigned to Stage 2 once the original default trigger event no longer applies.
Exposures being removed from Stage 3 must no longer qualify as credit impaired, and:
a) the obligor will also have demonstrated consistently good payment behaviour over a 12-month period, by making all consecutive
contractual payments due and, for forborne exposures, the relevant EBA defined probationary period has also been successfully
completed or;
b) (for non-forborne exposures) the performance conditions are defined and approved within an appropriately sanctioned
restructure plan, including 12 months\u2019 payment history.
Management overlays and other exceptions to model outputs are applied only if consistent with the objective of identifying
significant increases in credit risk.
Forward-looking information
The measurement of ECL involves complexity and judgement, including estimation of PD, LGD, a range of unbiased future economic
scenarios, estimation of expected lives (where contractual life is not appropriate), and estimation of EAD and assessing significant
increases in credit risk.
Credit losses are the expected cash shortfalls from what is contractually due over the expected life of the financial instrument,
discounted at the original effective interest rate (EIR). ECLs are the unbiased probability-weighted credit losses determined by
evaluating a range of possible outcomes and considering future economic conditions.
Refer to the Measurement uncertainty and sensitivity analysis section on page 285 for further details.
Definition of default, credit impaired assets, write-offs, and interest income recognition
The definition of default for the purpose of determining ECLs, and for internal credit risk management purposes, has been aligned to
the Regulatory Capital CRR Article 178 definition of default, to maintain a consistent approach with IFRS 9 and associated regulatory
guidance. The Regulatory Capital CRR Article 178 definition of default considers indicators that the debtor is unlikely to pay, includes
exposures in forbearance and is no later than when the exposure is more than 90 days past due. When exposures are identified as
credit impaired at the time when they are purchased or originated, interest income is calculated on the carrying value net of the
impairment allowance.
An asset is considered credit impaired when one or more events occur that have a detrimental impact on the estimated future cash
flows of the financial asset. This comprises assets defined as defaulted and other individually assessed exposures where imminent
default or actual loss is identified.
Uncollectable loans are written off against the related allowance for loan impairment on completion of the Group\u2019s internal processes
and when all reasonably expected recoverable amounts have been collected. Subsequent recoveries of amounts previously written
off are credited to the income statement. The timing and extent of write-offs may involve some element of subjective judgement.
Nevertheless, a write-off will often be prompted by a specific event, such as the inception of insolvency proceedings or other formal
recovery action, which makes it possible to establish that some or the entire advance is beyond realistic prospect of recovery.
Purchased or originated credit impaired (POCI)
Purchased or originated credit impaired\u00a0 assets include a fixed pool of credit card and unsecured personal loan balances that were
purchased as part of the Tesco acquisition at a deep discount to face value, reflecting credit losses incurred from the point of
origination to the date of acquisition. Hence, POCI assets do not carry any impairment allowance on initial recognition. All changes in
lifetime expected credit losses subsequent to the assets\u2019 initial recognition are recognised as an impairment charge. Over time,
these POCI assets will run off as the loans redeem, pay down or as loans are written off.
Accounting for purchased financial guarantee contracts
The Group may enter into a financial guarantee contract that requires the issuer of such contract to reimburse the Group for a loss it
incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. For these
separate financial guarantee contracts, the Group recognises a reimbursement asset aligned with the recognition of the underlying
ECLs, if it is considered virtually certain that a reimbursement would be received if the specified debtor fails to make payment when
due in accordance with the terms of the debt instrument.
Loan modifications and renegotiations that are not credit-impaired
When modification of a loan agreement occurs as a result of commercial restructuring activity rather than due to the credit risk of the
borrower, an assessment must be performed to determine whether the terms of the new agreement are substantially different from
the terms of the existing agreement.\u00a0This assessment considers both the change in cash flows arising from the modified terms, as
well as the change in overall instrument risk profile. In respect of payment holidays granted to borrowers that are not due to
forbearance, if the revised cash flows on a present value basis (based on the original EIR) are not substantially different from the
original cash flows, the loan is not considered to be substantially modified.\u00a0
Where terms are substantially different, the existing loan will be derecognised and a new loan will be recognised at fair value, with any
difference in valuation recognised immediately within the income statement, subject to observability criteria.
Where terms are not substantially different, the loan carrying value will be adjusted to reflect the present value of modified cash flows
discounted at the original EIR, with any resulting gain or loss recognised immediately within the income statement as a modification gain or loss.
Expected life
Lifetime ECLs must be measured over the expected life. This is restricted to the maximum contractual life and takes into account
expected prepayment, extension, call and similar options. The exceptions are certain revolving financial instruments, such as credit
cards and bank overdrafts, that include both a drawn and an undrawn component where the entity\u2019s contractual ability to demand
repayment and cancel the undrawn commitment does not limit the entity\u2019s exposure to credit losses to the contractual notice
period. For revolving facilities, expected life is analytically derived to reflect the behavioural life of the asset, i.e. the full period over
which the business expects to be exposed to credit risk. Behavioural life is typically based upon historical analysis of the average time
to default, closure or withdrawal of facility. Where data is insufficient or analysis inconclusive, an additional \u2018maturity factor\u2019 may be
incorporated to reflect the full estimated life of the exposures, based upon experienced judgement and/or peer analysis. Potential
future modifications of contracts are not taken into account when determining the expected life or EAD until they occur.
Discounting
ECLs are discounted at the EIR at initial recognition or an approximation thereof and consistent with income recognition. For loan
commitments, the EIR is the rate that is expected to apply when the loan is drawn down and a financial asset is recognised. Issued
financial guarantee contracts are discounted at the risk-free rate. Lease receivables are discounted at the rate implicit in the lease.
For variable/floating rate financial assets, the spot rate at the reporting date is used and projections of changes in the variable rate
over the expected life are not made to estimate future interest cash flows or for discounting.
Modelling techniques
Currently, Internal Ratings-Based models are leveraged to calculate the point-in-time PD and LGD, which serve as key inputs to the
IFRS 9 models. Thereafter, these inputs are extrapolated by the IFRS 9 models to create macroeconomic sensitive forecasts of PDs,
LGDs and, in turn, ECL.
Forbearance
A financial asset is subject to forbearance when it is modified due to the credit distress of the borrower. A modification made to the terms
of an asset due to forbearance will typically be assessed as a non-substantial modification that does not result in derecognition of the
original loan, except in circumstances where debt is exchanged for equity.
Both performing and non-performing forbearance assets are classified as Stage 3, except where it is established that the concession
granted has not resulted in diminished financial obligation and that no other regulatory definition of default criteria have been triggered, in
which case, the asset is classified as Stage 2. The minimum probationary period for non-performing forbearance is 12 months, and for
performing forbearance, 24 months. Hence, a minimum of 36 months is required for non-performing forbearance to move out of a
forborne state.
No financial instrument in forbearance can transfer back to Stage 1 until all of the Stage 2 thresholds are no longer met, and can only
move out of Stage 3 when no longer credit impaired.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
These estimates are considered to have a significant risk of resulting in material adjustment to the carrying amounts of financial
instruments in scope of IFRS 9 impairment within the next financial year.
IFRS 9 impairment involves several important areas of judgement, including estimating forward-looking modelled parameters (PD,
LGD and EAD), developing a range of unbiased future economic scenarios, estimating expected lives and assessing significant
increases in credit risk, based on the Group\u2019s experience of managing credit risk. The determination of expected life is most material
for Barclays' credit card portfolios which is obtained via behavioural life analysis to materially capture the risk of these facilities.
Within the retail and small businesses portfolios, which comprise large numbers of small homogeneous assets with similar risk characteristics
where credit scoring techniques are generally used, the impairment allowance is calculated using forward-looking modelled parameters that
are typically run at account level. There are many models in use, each tailored to a product, line of business or customer category.
Judgement and knowledge is needed in selecting the statistical methods to use when the models are developed or revised. Management
adjustments to impairment models, which contain an element of subjectivity, are applied in order to factor in certain conditions or changes in
policy that are not fully incorporated into the impairment models, or to reflect additional facts and circumstances at the period end.
Management adjustments are reviewed and incorporated into future model development, where appropriate.
For individually significant assets in Stage 3, impairment allowances are calculated on an individual basis, and all relevant considerations that
have a bearing on the expected future cash flows across a range of economic scenarios are taken into account. These considerations can be
particularly subjective and can include the business prospects for the customer, the realisable value of collateral, the Group\u2019s position relative
to other claimants, the reliability of customer information and the likely cost and duration of the work-out process. The level of the
impairment allowance is the difference between the value of the discounted expected future cash flows (discounted at the loan\u2019s original
effective interest rate), and its carrying amount. Furthermore, judgements change with time as new\u00a0 information becomes available or as
work-out strategies evolve, resulting in frequent revisions to the impairment allowance as individual decisions are taken. Changes in these
estimates would result in a change in the allowances and have a direct impact on the impairment charge.
Further information on impairment allowances, impairment charges, management adjustments to models for impairment, measurement
uncertainty, sensitivity analysis and related credit information is set out within the Credit risk performance section.
Temporary adjustments to calculated IFRS 9 impairment allowances may be applied in limited circumstances to account for situations where
known or expected risk factors or information have not been considered in the ECL assessment or modelling process. For further
information please see page 281 in the Credit risk performance section.
Information about the potential impact of the physical and transition risks of climate change on borrowers is considered, taking into account
reasonable and supportable information to make accounting judgements and estimates. Climate change is inherently of a long-term nature,
with significant levels of uncertainty, and consequently requires judgement in determining the possible impact in the next financial year, if any.
Credit impairment charges/(releases)
2025
2024
2023
Impairment
charges/
(releases)
Recoveries and
reimbursements 1
Total 2,3
Impairment
charges/
(releases)
Recoveries and
reimbursements 1
Total2
Impairment
charges/
(releases)
Recoveries and
reimbursements 1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances at
amortised cost 4
2,452
(180)
2,272
2,115
(94)
2,021
2,017
(73)
1,944
Off-balance sheet loan
commitments and financial
guarantee contracts
1
\u2014
1
(46)
\u2014
(46)
(61)
\u2014
(61)
Total
2,453
(180)
2,273
2,069
(94)
1,975
1,956
(73)
1,883
Cash collateral and settlement
balances
1
\u2014
1
(3)
\u2014
(3)
4
\u2014
4
Financial instruments at fair
value through other
comprehensive income
(3)
\u2014
(3)
1
\u2014
1
(1)
\u2014
(1)
Reverse repurchase
agreements and other similar
secured lending at amortised
cost
5
\u2014
5
8
\u2014
8
\u2014
\u2014
\u2014
Other financial assets
measured at amortised cost
3
\u2014
3
1
\u2014
1
(5)
\u2014
(5)
Credit impairment charges /
(releases)
2,459
(180)
2,279
2,076
(94)
1,982
1,954
(73)
1,881
Notes:
1 Recoveries and reimbursements include \u00a384m (2024: \u00a315m, 2023: \u00a329m) for reimbursements where the Group has entered into financial guarantee contracts
that provide credit protection over certain assets with third parties and cash recoveries of previously written off amounts of \u00a396m (2024: \u00a379m, 2023: \u00a344m).
2 Includes net impairment charge on co-branded card portfolio of \u00a3176m (2024:\u00a3160m) within USCB classified as held for sale.
3 Includes net impairment charge of \u00a3101m related to the acquisition of GM\u00a0 portfolio .
4 Includes debt securities at amortised cost.
Write-offs that can be subjected to enforcement activity
The contractual amount outstanding on financial assets that were written off during the year, and that can still be subjected to
enforcement activity is \u00a3883m (2024: \u00a3746m, 2023: \u00a3597m) including \u00a363m pertaining to co-branded card portfolio within USCB\u00a0
classified as held for sale in December 2024. This is lower than the write-offs presented in the movement in the gross exposures and
impairment allowance table due to assets sold during the year post write-offs and post write-off recoveries.
Modification of financial assets
Financial assets of \u00a32,488m (2024: \u00a32,146m, 2023: \u00a32,690m), with a loss allowance measured at an amount equal to lifetime ECL, were
subject to non-substantial modification during the year, with a resulting loss of \u00a384m (2024: \u00a378m, 2023: \u00a34m). The gross carrying
amount of financial assets subject to non-substantial modification for which the loss allowance has changed to a 12-month ECL during
the year amounts to \u00a3221m (2024: \u00a3101m, 2023: \u00a3149m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-672": { "value": "
Accounting for the impairment of financial assets
Impairment
The Group is required to recognise expected credit losses (ECLs) based on unbiased forward-looking information for all financial
assets at amortised cost, lease receivables, debt financial assets at fair value through other comprehensive income, loan
commitments and financial guarantee contracts.
At the reporting date, an allowance (or provision for loan commitments and financial guarantees) is required for the 12-month
(Stage\u00a01) ECLs. If the credit risk has significantly increased since initial recognition (Stage 2), or if the financial instrument is credit
impaired (Stage\u00a03), an allowance (or provision) should be recognised for the lifetime ECLs.
The measurement of ECL is calculated using three main components: (i) probability of default (PD) (ii) loss given default (LGD) and (iii)
the exposure at default (EAD).\u00a0
The 12-month and lifetime ECLs are calculated by multiplying the respective PD, LGD and the EAD. The 12-month and lifetime PDs
represent the PD occurring over the next 12 months and the remaining maturity of the instrument respectively. The EAD represents
the expected balance at default, taking into account the repayment of principal and interest from the balance sheet date to the
default event together with any expected drawdowns of committed facilities. The LGD represents expected losses on the EAD given
the event of default, taking into account, among other attributes, the mitigating effect of collateral value at the time it is expected to
be realised and the time value of money.\u00a0
Expected credit loss measurement is based on the ability of borrowers to make payments as they fall due. The Group also considers
sector-specific risks and whether additional adjustments are required in the measurement of ECL. Credit risk may be impacted by
climate considerations for certain sectors, such as oil and gas.
Determining a significant increase in credit risk since initial recognition:
The Group assesses when a significant increase in credit risk has occurred based on quantitative and qualitative assessments. The
credit risk of an exposure is considered to have significantly increased when:
i) Quantitative test
The annualised lifetime PD has increased by more than an agreed threshold relative to the equivalent at origination.
PD deterioration thresholds are defined as percentage increases, and are set at an origination score band and segment level to
ensure the test appropriately captures significant increases in credit risk at all risk levels. Generally, thresholds are inversely correlated
to the origination PD, i.e. as the origination PD increases, the threshold value reduces.
The assessment of the point\u00a0at which a PD increase is deemed \u2018significant\u2019, is based upon analysis of the portfolio\u2019s risk profile against
a common set of principles and performance metrics (consistent across both retail and wholesale businesses), incorporating expert
credit judgement, where appropriate. Application of quantitative PD floors does not represent the use of the low credit risk
exemption as exposures can separately move into Stage 2 via the qualitative route described below.
Wholesale assets apply a 100% increase in PD and 0.2% PD floor to determine a significant increase in credit risk.
Retail assets apply bespoke relative increase and absolute PD thresholds based on product type and origination PD. Thresholds are
subject to maximums defined by Group policy and typically apply minimum relative thresholds of 50-100% and a maximum relative
threshold of 400%.
For existing/historical exposures where origination point scores or data are no longer available or do not represent a comparable
estimate of lifetime PD, a proxy origination score is defined, based upon:
\u2022 back-population of the approved lifetime PD score either to origination date or, where this is not feasible, as far back as possible
(subject to a data start point no later than 1 January 2015); or
\u2022 use of available historical account performance data and other customer information, to derive a comparable \u2018proxy\u2019 estimation of
origination PD.
ii) Qualitative test
This is relevant for accounts that meet the portfolio\u2019s \u2018high risk\u2019 criteria and are subject to closer credit monitoring.
High risk customers may not be in arrears, but either through an event or an observed behaviour exhibit credit distress. The definition
and assessment of high risk includes as wide a range of information as reasonably available, such as industry and Group-wide
customer level data, including, but not limited to bureau scores and high consumer indebtedness index, wherever possible or
relevant.
While the high risk populations applied for IFRS 9 impairment purposes are aligned with risk management processes, they are also
regularly reviewed and validated to ensure that they capture any incremental segments where there is evidence of credit
deterioration.
iii) Backstop criteria
This is relevant for accounts that are more than 30 calendar days past due. The 30 days past due criteria is a backstop rather than a
primary driver of moving exposures into Stage 2.
The criteria for determining a significant increase in credit risk for assets with bullet repayments follows the same principle as all other
assets, i.e. quantitative, qualitative and backstop tests are all applied.
Exposures will move back to Stage 1 once they no longer meet the criteria for a significant increase in credit risk. This means that, at a
minimum all payments must be up-to-date, the PD deterioration test is no longer met, the account is no longer classified as high risk,
and the customer has evidenced an ability to maintain future payments.
Exposures are only removed from Stage 3 and reassigned to Stage 2 once the original default trigger event no longer applies.
Exposures being removed from Stage 3 must no longer qualify as credit impaired, and:
a) the obligor will also have demonstrated consistently good payment behaviour over a 12-month period, by making all consecutive
contractual payments due and, for forborne exposures, the relevant EBA defined probationary period has also been successfully
completed or;
b) (for non-forborne exposures) the performance conditions are defined and approved within an appropriately sanctioned
restructure plan, including 12 months\u2019 payment history.
Management overlays and other exceptions to model outputs are applied only if consistent with the objective of identifying
significant increases in credit risk.
Forward-looking information
The measurement of ECL involves complexity and judgement, including estimation of PD, LGD, a range of unbiased future economic
scenarios, estimation of expected lives (where contractual life is not appropriate), and estimation of EAD and assessing significant
increases in credit risk.
Credit losses are the expected cash shortfalls from what is contractually due over the expected life of the financial instrument,
discounted at the original effective interest rate (EIR). ECLs are the unbiased probability-weighted credit losses determined by
evaluating a range of possible outcomes and considering future economic conditions.
Refer to the Measurement uncertainty and sensitivity analysis section on page 285 for further details.
Definition of default, credit impaired assets, write-offs, and interest income recognition
The definition of default for the purpose of determining ECLs, and for internal credit risk management purposes, has been aligned to
the Regulatory Capital CRR Article 178 definition of default, to maintain a consistent approach with IFRS 9 and associated regulatory
guidance. The Regulatory Capital CRR Article 178 definition of default considers indicators that the debtor is unlikely to pay, includes
exposures in forbearance and is no later than when the exposure is more than 90 days past due. When exposures are identified as
credit impaired at the time when they are purchased or originated, interest income is calculated on the carrying value net of the
impairment allowance.
An asset is considered credit impaired when one or more events occur that have a detrimental impact on the estimated future cash
flows of the financial asset. This comprises assets defined as defaulted and other individually assessed exposures where imminent
default or actual loss is identified.
Uncollectable loans are written off against the related allowance for loan impairment on completion of the Group\u2019s internal processes
and when all reasonably expected recoverable amounts have been collected. Subsequent recoveries of amounts previously written
off are credited to the income statement. The timing and extent of write-offs may involve some element of subjective judgement.
Nevertheless, a write-off will often be prompted by a specific event, such as the inception of insolvency proceedings or other formal
recovery action, which makes it possible to establish that some or the entire advance is beyond realistic prospect of recovery.
Purchased or originated credit impaired (POCI)
Purchased or originated credit impaired\u00a0 assets include a fixed pool of credit card and unsecured personal loan balances that were
purchased as part of the Tesco acquisition at a deep discount to face value, reflecting credit losses incurred from the point of
origination to the date of acquisition. Hence, POCI assets do not carry any impairment allowance on initial recognition. All changes in
lifetime expected credit losses subsequent to the assets\u2019 initial recognition are recognised as an impairment charge. Over time,
these POCI assets will run off as the loans redeem, pay down or as loans are written off.
Accounting for purchased financial guarantee contracts
The Group may enter into a financial guarantee contract that requires the issuer of such contract to reimburse the Group for a loss it
incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. For these
separate financial guarantee contracts, the Group recognises a reimbursement asset aligned with the recognition of the underlying
ECLs, if it is considered virtually certain that a reimbursement would be received if the specified debtor fails to make payment when
due in accordance with the terms of the debt instrument.
Loan modifications and renegotiations that are not credit-impaired
When modification of a loan agreement occurs as a result of commercial restructuring activity rather than due to the credit risk of the
borrower, an assessment must be performed to determine whether the terms of the new agreement are substantially different from
the terms of the existing agreement.\u00a0This assessment considers both the change in cash flows arising from the modified terms, as
well as the change in overall instrument risk profile. In respect of payment holidays granted to borrowers that are not due to
forbearance, if the revised cash flows on a present value basis (based on the original EIR) are not substantially different from the
original cash flows, the loan is not considered to be substantially modified.\u00a0
Where terms are substantially different, the existing loan will be derecognised and a new loan will be recognised at fair value, with any
difference in valuation recognised immediately within the income statement, subject to observability criteria.
Where terms are not substantially different, the loan carrying value will be adjusted to reflect the present value of modified cash flows
discounted at the original EIR, with any resulting gain or loss recognised immediately within the income statement as a modification gain or loss.
Expected life
Lifetime ECLs must be measured over the expected life. This is restricted to the maximum contractual life and takes into account
expected prepayment, extension, call and similar options. The exceptions are certain revolving financial instruments, such as credit
cards and bank overdrafts, that include both a drawn and an undrawn component where the entity\u2019s contractual ability to demand
repayment and cancel the undrawn commitment does not limit the entity\u2019s exposure to credit losses to the contractual notice
period. For revolving facilities, expected life is analytically derived to reflect the behavioural life of the asset, i.e. the full period over
which the business expects to be exposed to credit risk. Behavioural life is typically based upon historical analysis of the average time
to default, closure or withdrawal of facility. Where data is insufficient or analysis inconclusive, an additional \u2018maturity factor\u2019 may be
incorporated to reflect the full estimated life of the exposures, based upon experienced judgement and/or peer analysis. Potential
future modifications of contracts are not taken into account when determining the expected life or EAD until they occur.
Discounting
ECLs are discounted at the EIR at initial recognition or an approximation thereof and consistent with income recognition. For loan
commitments, the EIR is the rate that is expected to apply when the loan is drawn down and a financial asset is recognised. Issued
financial guarantee contracts are discounted at the risk-free rate. Lease receivables are discounted at the rate implicit in the lease.
For variable/floating rate financial assets, the spot rate at the reporting date is used and projections of changes in the variable rate
over the expected life are not made to estimate future interest cash flows or for discounting.
Modelling techniques
Currently, Internal Ratings-Based models are leveraged to calculate the point-in-time PD and LGD, which serve as key inputs to the
IFRS 9 models. Thereafter, these inputs are extrapolated by the IFRS 9 models to create macroeconomic sensitive forecasts of PDs,
LGDs and, in turn, ECL.
Forbearance
A financial asset is subject to forbearance when it is modified due to the credit distress of the borrower. A modification made to the terms
of an asset due to forbearance will typically be assessed as a non-substantial modification that does not result in derecognition of the
original loan, except in circumstances where debt is exchanged for equity.
Both performing and non-performing forbearance assets are classified as Stage 3, except where it is established that the concession
granted has not resulted in diminished financial obligation and that no other regulatory definition of default criteria have been triggered, in
which case, the asset is classified as Stage 2. The minimum probationary period for non-performing forbearance is 12 months, and for
performing forbearance, 24 months. Hence, a minimum of 36 months is required for non-performing forbearance to move out of a
forborne state.
No financial instrument in forbearance can transfer back to Stage 1 until all of the Stage 2 thresholds are no longer met, and can only
move out of Stage 3 when no longer credit impaired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-673": { "value": "
iii) Backstop criteria
This is relevant for accounts that are more than 30 calendar days past due. The 30 days past due criteria is a backstop rather than a
primary driver of moving exposures into Stage 2.
The criteria for determining a significant increase in credit risk for assets with bullet repayments follows the same principle as all other
assets, i.e. quantitative, qualitative and backstop tests are all applied.
Exposures will move back to Stage 1 once they no longer meet the criteria for a significant increase in credit risk. This means that, at a
minimum all payments must be up-to-date, the PD deterioration test is no longer met, the account is no longer classified as high risk,
and the customer has evidenced an ability to maintain future payments.
Exposures are only removed from Stage 3 and reassigned to Stage 2 once the original default trigger event no longer applies.
Exposures being removed from Stage 3 must no longer qualify as credit impaired, and:
a) the obligor will also have demonstrated consistently good payment behaviour over a 12-month period, by making all consecutive
contractual payments due and, for forborne exposures, the relevant EBA defined probationary period has also been successfully
completed or;
b) (for non-forborne exposures) the performance conditions are defined and approved within an appropriately sanctioned
restructure plan, including 12 months\u2019 payment history.
Management overlays and other exceptions to model outputs are applied only if consistent with the objective of identifying
significant increases in credit risk.
Forward-looking information
The measurement of ECL involves complexity and judgement, including estimation of PD, LGD, a range of unbiased future economic
scenarios, estimation of expected lives (where contractual life is not appropriate), and estimation of EAD and assessing significant
increases in credit risk.
Credit losses are the expected cash shortfalls from what is contractually due over the expected life of the financial instrument,
discounted at the original effective interest rate (EIR). ECLs are the unbiased probability-weighted credit losses determined by
evaluating a range of possible outcomes and considering future economic conditions.
Refer to the Measurement uncertainty and sensitivity analysis section on page 285 for further details.
Definition of default, credit impaired assets, write-offs, and interest income recognition
The definition of default for the purpose of determining ECLs, and for internal credit risk management purposes, has been aligned to
the Regulatory Capital CRR Article 178 definition of default, to maintain a consistent approach with IFRS 9 and associated regulatory
guidance. The Regulatory Capital CRR Article 178 definition of default considers indicators that the debtor is unlikely to pay, includes
exposures in forbearance and is no later than when the exposure is more than 90 days past due. When exposures are identified as
credit impaired at the time when they are purchased or originated, interest income is calculated on the carrying value net of the
impairment allowance.
An asset is considered credit impaired when one or more events occur that have a detrimental impact on the estimated future cash
flows of the financial asset. This comprises assets defined as defaulted and other individually assessed exposures where imminent
default or actual loss is identified.
Uncollectable loans are written off against the related allowance for loan impairment on completion of the Group\u2019s internal processes
and when all reasonably expected recoverable amounts have been collected. Subsequent recoveries of amounts previously written
off are credited to the income statement. The timing and extent of write-offs may involve some element of subjective judgement.
Nevertheless, a write-off will often be prompted by a specific event, such as the inception of insolvency proceedings or other formal
recovery action, which makes it possible to establish that some or the entire advance is beyond realistic prospect of recovery.
Purchased or originated credit impaired (POCI)
Purchased or originated credit impaired\u00a0 assets include a fixed pool of credit card and unsecured personal loan balances that were
purchased as part of the Tesco acquisition at a deep discount to face value, reflecting credit losses incurred from the point of
origination to the date of acquisition. Hence, POCI assets do not carry any impairment allowance on initial recognition. All changes in
lifetime expected credit losses subsequent to the assets\u2019 initial recognition are recognised as an impairment charge. Over time,
these POCI assets will run off as the loans redeem, pay down or as loans are written off.
Accounting for purchased financial guarantee contracts
The Group may enter into a financial guarantee contract that requires the issuer of such contract to reimburse the Group for a loss it
incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. For these
separate financial guarantee contracts, the Group recognises a reimbursement asset aligned with the recognition of the underlying
ECLs, if it is considered virtually certain that a reimbursement would be received if the specified debtor fails to make payment when
due in accordance with the terms of the debt instrument.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-674": { "value": "Tax
Accounting for income taxes
The Group applies IAS 12 Income Taxes in accounting for taxes on income. Income tax payable on taxable profits (current tax) is
recognised as an expense in the periods in which the profits arise. Withholding taxes are also treated as income taxes. Income tax
recoverable on tax allowable losses is recognised as a current tax asset, only to the extent that it is regarded as recoverable by
offsetting against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have
been enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax liabilities are
recognised for all taxable temporary differences, except for the initial recognition of goodwill. Deferred tax is not recognised where
the temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is determined using
tax rates and legislation enacted or substantively enacted by the balance sheet date that are expected to apply when the deferred tax
asset is realised or the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal right
to set-off and an intention to settle on a net basis.
The Group has adopted the International Tax Reform - Pillar Two Model Rules amendments to IAS 12, which were issued on 23 May
2023 and approved by the UK Endorsement Board on 19 July 2023, and has applied the exception set out in paragraph 4A in respect
of recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
The Group considers an uncertain tax position to exist when it considers that ultimately, in the future, the amount of profit subject to
tax may be greater than the amount initially reflected in the Group\u2019s tax returns. The Group accounts for provisions in respect of
uncertain tax positions in two different ways.
A current tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain
tax position will alter the amount of cash tax due to, or from, a tax authority in the future.\u00a0From recognition, the current tax provision is
then measured at the amount the Group ultimately expects to pay the tax authority to resolve the position. The accrual of interest
and penalty amounts in respect of uncertain income tax positions is recognised as an expense within profit before tax.
Deferred tax provisions are adjustments made to the carrying value of deferred tax assets in respect of uncertain tax positions. A
deferred tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax
position will result in a reduction in the carrying value of the deferred tax asset.\u00a0From recognition of a provision, measurement of the
underlying deferred tax asset is adjusted to take into account the expected impact of resolving the uncertain tax position on the loss
or temporary difference giving rise to the deferred tax asset.
The approach taken to measurement takes account of whether the uncertain tax position is a discrete position that will be reviewed
by the tax authority in isolation from any other position, or one of a number of issues that are expected to be reviewed together
concurrently and resolved simultaneously with a tax authority. The Group\u2019s measurement of provisions is based upon its best
estimate of the additional profit that will become subject to tax. For a discrete position, consideration is given only to the merits of
that position. Where a number of issues are expected to be reviewed and resolved together, the Group will take into account not only
the merits of its position in respect of each particular issue, but also the overall level of provision relative to the aggregate of the
uncertain tax positions across all the issues that are expected to be resolved at the same time. In addition, in assessing provision
levels, it is assumed that tax authorities will review uncertain tax positions and that all facts will be fully and transparently disclosed.
Accounting for income taxes
The Group applies IAS 12 Income Taxes in accounting for taxes on income. Income tax payable on taxable profits (current tax) is
recognised as an expense in the periods in which the profits arise. Withholding taxes are also treated as income taxes. Income tax
recoverable on tax allowable losses is recognised as a current tax asset only to the extent that it is regarded as recoverable by
offsetting against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have
been enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax liabilities are
recognised for all taxable temporary differences except for the initial recognition of goodwill. Deferred tax is not recognised where
the temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is determined using
tax rates and legislation enacted or substantively enacted by the balance sheet date which are expected to apply when the deferred
tax asset is realised or the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal
right to set-off and an intention to settle on a net basis.
The Group has adopted the International Tax Reform - Pillar Two Model Rules amendments to IAS 12, which were issued on 23 May
2023 and approved by the UK Endorsement Board on 19 July 2023, and has applied the exception set out in paragraph 4A in respect
of recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
The Group considers an uncertain tax position to exist when it considers that ultimately, in the future, the amount of profit subject to
tax may be greater than the amount initially reflected in the Group\u2019s tax returns. The Group accounts for provisions in respect of
uncertain tax positions in two different ways.
A current tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain
tax position will alter the amount of cash tax due to, or from, a tax authority in the future.\u00a0From recognition, the current tax provision is
then measured at the amount the Group ultimately expects to pay the tax authority to resolve the position. The accrual of interest
and penalty amounts in respect of uncertain income tax positions is recognised as an expense within profit before tax.
Deferred tax provisions are adjustments made to the carrying value of deferred tax assets in respect of uncertain tax positions. A
deferred tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax
position will result in a reduction in the carrying value of the deferred tax asset.\u00a0From recognition of a provision, measurement of the
underlying deferred tax asset is adjusted to take into account the expected impact of resolving the uncertain tax position on the loss
or temporary difference giving rise to the deferred tax asset.
The approach taken to measurement takes account of whether the uncertain tax position is a discrete position that will be reviewed
by the tax authority in isolation from any other position, or one of a number of issues which are expected to be reviewed together
concurrently and resolved simultaneously with a tax authority. The Group\u2019s measurement of provisions is based upon its best
estimate of the additional profit that will become subject to tax. For a discrete position, consideration is given only to the merits of
that position. Where a number of issues are expected to be reviewed and resolved together, the Group will take into account not only
the merits of its position in respect of each particular issue but also the overall level of provision relative to the aggregate of the
uncertain tax positions across all the issues that are expected to be resolved at the same time. In addition, in assessing provision
levels, it is assumed that tax authorities will review uncertain tax positions and that all facts will be fully and transparently disclosed.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of current and deferred tax
balances, including provisions for uncertain tax positions in the next financial year.\u00a0The provisions for uncertain tax positions cover a
diverse range of issues and reflect advice from external counsel, where relevant. It should be noted that only a proportion of the total
uncertain tax positions will be under audit at any point in time, and could therefore be subject to challenge by a tax authority over the
next year.
Deferred tax assets have been recognised based on business profit forecasts, which included consideration for the current view of
climate impacts. Details on the recognition of deferred tax assets are provided in this note.
Accounting for income taxes
The Group applies IAS 12 Income Taxes in accounting for taxes on income. Income tax payable on taxable profits (current tax) is
recognised as an expense in the periods in which the profits arise. Withholding taxes are also treated as income taxes. Income tax
recoverable on tax allowable losses is recognised as a current tax asset only to the extent that it is regarded as recoverable by
offsetting against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have
been enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax liabilities are
recognised for all taxable temporary differences except for the initial recognition of goodwill. Deferred tax is not recognised where
the temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is determined using
tax rates and legislation enacted or substantively enacted by the balance sheet date which are expected to apply when the deferred
tax asset is realised or the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal
right to set-off and an intention to settle on a net basis.
The Group has adopted the International Tax Reform - Pillar Two Model Rules amendments to IAS 12, which were issued on 23 May
2023 and approved by the UK Endorsement Board on 19 July 2023, and has applied the exception set out in paragraph 4A in respect
of recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
The Group considers an uncertain tax position to exist when it considers that ultimately, in the future, the amount of profit subject to
tax may be greater than the amount initially reflected in the Group\u2019s tax returns. The Group accounts for provisions in respect of
uncertain tax positions in two different ways.
A current tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain
tax position will alter the amount of cash tax due to, or from, a tax authority in the future.\u00a0From recognition, the current tax provision is
then measured at the amount the Group ultimately expects to pay the tax authority to resolve the position. The accrual of interest
and penalty amounts in respect of uncertain income tax positions is recognised as an expense within profit before tax.
Deferred tax provisions are adjustments made to the carrying value of deferred tax assets in respect of uncertain tax positions. A
deferred tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax
position will result in a reduction in the carrying value of the deferred tax asset.\u00a0From recognition of a provision, measurement of the
underlying deferred tax asset is adjusted to take into account the expected impact of resolving the uncertain tax position on the loss
or temporary difference giving rise to the deferred tax asset.
The approach taken to measurement takes account of whether the uncertain tax position is a discrete position that will be reviewed
by the tax authority in isolation from any other position, or one of a number of issues which are expected to be reviewed together
concurrently and resolved simultaneously with a tax authority. The Group\u2019s measurement of provisions is based upon its best
estimate of the additional profit that will become subject to tax. For a discrete position, consideration is given only to the merits of
that position. Where a number of issues are expected to be reviewed and resolved together, the Group will take into account not only
the merits of its position in respect of each particular issue but also the overall level of provision relative to the aggregate of the
uncertain tax positions across all the issues that are expected to be resolved at the same time. In addition, in assessing provision
levels, it is assumed that tax authorities will review uncertain tax positions and that all facts will be fully and transparently disclosed.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Current tax charge/(credit)
Current year
1,905
1,633
1,359
Adjustments in respect of prior years
(131)
26
(181)
1,774
1,659
1,178
Deferred tax charge/(credit)
Current year
58
128
(95)
Adjustments in respect of prior years
94
(35)
151
152
93
56
Tax charge
1,926
1,752
1,234
The table below shows the reconciliation between the actual tax charge and the tax charge that would result from applying the standard
UK corporation tax rate to the Group\u2019s profit before tax.
2025
2025
2024
2024
2023
2023
\u00a3m
%
\u00a3m
%
\u00a3m
%
Profit before tax
9,139
8,108
6,557
Tax charge based on the applicable UK corporation tax rate of 25%\u00a0 \u00a0 \u00a0
(2024: 25%; 2023: 23.5% )
2,285
25.0%
2,027
25.0%
1,541
23.5%
Impact of profits/losses earned in territories with different statutory
rates to the UK (weighted average tax rate is 24% (2024: 23.8%; 2023:
23.6% ))
(93)
(1.0%)
(97)
(1.2%)
4
0.1%
Recurring items:
Non-creditable taxes, including withholding taxes
148
1.6%
105
1.3%
130
2.0%
Impact of UK bank levy being non-deductible
57
0.6%
56
0.7%
42
0.6%
Non-deductible expenses
53
0.6%
61
0.8%
65
1.0%
Changes in recognition of deferred tax and effect of unrecognised tax
losses
49
0.5%
69
0.8%
(58)
(0.9%)
Other items, including banking surcharge 1
(8)
(0.1%)
91
1.1%
49
0.8%
Adjustments in respect of prior years
(37)
(0.4%)
(9)
(0.1%)
(30)
(0.5%)
Non-taxable gains and income
(87)
(1.0%)
(125)
(1.5%)
(65)
(1.0%)
Tax relief on holdings of inflation-linked government bonds
(221)
(2.4%)
(186)
(2.3%)
(214)
(3.3%)
Tax relief on payments made under AT1 instruments
(244)
(2.7%)
(241)
(3.0%)
(222)
(3.4%)
Non-recurring items:
Non-deductible impairments and losses on divestments
13
0.1%
\u2014
\u2014
\u2014
\u2014
Non-deductible provisions for investigations and litigation
11
0.1%
(1)
(0.0%)
\u2014
\u2014
Non-deductible provisions for UK customer redress
\u2014
\u2014
2
0.0%
(8)
(0.1%)
Total tax charge
1,926
21.1%
1,752
21.6%
1,234
18.8%
Note:
1 Banking surcharge includes the impact of the 3% UK banking\u00a0 surcharge rate on profits/losses and tax adjustments relating to UK banking entities.
Factors influencing the effective tax rate
The effective tax rate of 21.1% is lower than the UK corporation tax rate of 25%, primarily due to tax relief on payments made under AT1
instruments and tax relief on holdings of inflation-linked government bonds. These factors, which have each decreased the effective tax
rate, are partially offset by non-creditable taxes including withholding taxes.
The tax charge for the year includes a credit in respect of prior years of \u00a3133m in relation to the gain that arose on the acquisition of
Tesco Bank. During the year, the Group has engaged with HM Revenue & Customs (HMRC) to help determine the tax treatment of this
gain, and following that engagement that amount is being treated as non-taxable in Barclays Bank UK PLC's corporation tax return for
the year ended 31 December 2024. The tax charge for the year also includes \u00a323m in respect of global minimum tax arising under the
Pillar Two rules.
Factors that may influence the effective tax rate in future periods
The Group\u2019s future tax charge will be sensitive to the geographic mix of profits earned, the tax rates in force and changes to the tax rules
in the jurisdictions that the Group operates in.
Tax law is, at times, complex, and it is the role of courts and tribunals to act as the final authority on the correct interpretation of tax law.
In October 2023, a First-tier Tax Tribunal hearing took place between Barclays Bank PLC and HMRC in respect of the UK corporation tax
treatment of an element of the finance costs associated with reserve capital instruments issued as part of the capital raising announced
by Barclays in October 2008, which have since been redeemed. The judgment was handed down in March 2024 and was in HMRC\u2019s
favour. In January 2025, Barclays was granted permission from the Upper Tribunal to appeal against the judgment, and the Upper
Tribunal will hear the case in 2026. A provision is carried that is expected to be sufficient to cover the tax cost (once tax attributes that
are available to partially offset a potential tax liability in respect of this issue are taken into account) in the event that the appeal is
unsuccessful and the existing judgment were to stand.
Tax in the consolidated statement of comprehensive income
Tax relating to each component of other comprehensive income can be found in the consolidated statement of comprehensive
income.
Tax included directly in equity
Tax included directly in equity comprises a \u00a3278m credit (2024: \u00a3135m credit) relating to share-based payments and deductible costs
on issuing other equity instruments.
Deferred tax assets and liabilities
The deferred tax amounts on the balance sheet were as follows:
2025
2024
\u00a3m
\u00a3m
UK Tax Group
3,408
4,451
US Intermediate Holding Company Tax Group ('IHC Tax Group')
1,005
1,162
Barclays Bank PLC's US Branch Tax Group
255
270
Other (outside the UK and US tax groups)
324
438
Deferred tax asset
4,992
6,321
Deferred tax liability
(13)
(18)
Net deferred tax
4,979
6,303
UK Tax Group deferred tax asset
The deferred tax asset in the UK Tax Group of \u00a33,408m (2024: \u00a34,451m) includes \u00a31,031m (2024: \u00a31,385m) relating to tax losses, with
the balance relating to temporary differences. There is no time limit on utilisation of UK tax losses, and business profit forecasts indicate
that these losses will be fully recovered.
US deferred tax assets in the IHC and US Branch Tax Groups
The deferred tax asset in the IHC Tax Group of \u00a31,005m (2024: \u00a31,162m) includes \u00a312m (2024: \u00a338m) relating to tax losses, with the
balance relating to temporary differences. The deferred tax asset in Barclays Bank PLC\u2019s US Branch Tax Group of \u00a3255m (2024: \u00a3270m)
relates entirely to temporary differences.
In relation to the IHC Tax Group, these temporary differences include \u00a3307m (2024: \u00a3365m) arising from New York State and City prior
net operating loss conversion that can be carried forward and will expire in 2034. Business profit forecasts indicate that these amounts
will be utilised prior to expiry.
Other deferred tax assets (outside the UK and US tax groups)
The deferred tax asset of \u00a3324m (2024: \u00a3438m) in other entities within the Group includes \u00a354m (2024: \u00a3111m) relating to tax losses.
These deferred tax assets relate to a number of different territories and their recognition is based on profit forecasts or local country
law, which indicate that it is probable that those deferred tax assets will be fully recovered.
Of the deferred tax asset of \u00a3324m (2024: \u00a3438m), an amount of \u00a312m (2024: \u00a34m) relates to entities that have suffered a loss in either
the current or prior year, and for which the utilisation of the deferred tax is dependent on future taxable profits. This has been taken into
account in reaching the above conclusion that these deferred tax assets will be fully recovered in the future.
The table below shows movements on deferred tax assets and liabilities during the year. The amounts are different from those disclosed
on the balance sheet and in the preceding table as they are presented before offsetting asset and liability balances where there is a legal
right to set-off and an intention to settle on a net basis.
Fixed asset
timing
differences
Fair value
through other
comprehensive
income
Cash
flow
hedges
Retirement
benefit
obligations
Loan
impairment
allowance
Own credit
Share-based
payments and
deferred
compensation
Other
temporary
differences
Tax
losses
carried
forward
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
1,435
765
1,223
43
499
394
534
1,203
1,534
7,630
Liabilities
(117)
\u2014
(13)
(897)
\u2014
\u2014
\u2014
(300)
\u2014
(1,327)
As at 1 January 2025
1,318
765
1,210
(854)
499
394
534
903
1,534
6,303
Income statement
104
\u2014
\u2014
8
(181)
\u2014
46
287
(416)
(152)
Other comprehensive
income and reserves
\u2014
(297)
(874)
(11)
\u2014
(28)
168
\u2014
\u2014
(1,042)
Other movements
(13)
\u2014
\u2014
(5)
(32)
\u2014
(17)
(42)
(21)
(130)
1,409
468
336
(862)
286
366
731
1,148
1,097
4,979
Assets
1,507
468
336
52
286
366
731
1,306
1,097
6,149
Liabilities
(98)
\u2014
\u2014
(914)
\u2014
\u2014
\u2014
(158)
\u2014
(1,170)
As at 31 December 2025
1,409
468
336
(862)
286
366
731
1,148
1,097
4,979
Assets
1,277
571
1,477
38
628
85
449
1,146
1,748
7,419
Liabilities
(124)
\u2014
\u2014
(1,014)
\u2014
\u2014
\u2014
(343)
\u2014
(1,481)
As at 1 January 2024
1,153
571
1,477
(976)
628
85
449
803
1,748
5,938
Income statement
159
\u2014
\u2014
4
(110)
1
(34)
101
(214)
(93)
Other comprehensive
income and reserves
\u2014
194
(269)
118
\u2014
308
110
1
\u2014
462
Other movements
6
\u2014
2
\u2014
(19)
\u2014
9
(2)
\u2014
(4)
1,318
765
1,210
(854)
499
394
534
903
1,534
6,303
Assets
1,435
765
1,223
43
499
394
534
1,203
1,534
7,630
Liabilities
(117)
\u2014
(13)
(897)
\u2014
\u2014
\u2014
(300)
\u2014
(1,327)
As at 31 December 2024
1,318
765
1,210
(854)
499
394
534
903
1,534
6,303
Other movements include the impact of changes in foreign exchange rates, as well as deferred tax amounts relating to acquisitions and
disposals.
The amount of deferred tax assets expected to be recovered after more than 12 months is \u00a35,516m (2024: \u00a36,663m). The amount of
deferred tax liability expected to be settled after more than 12 months is \u00a31,058m (2024: \u00a31,044m). These amounts are before
offsetting asset and liability balances where there is a legal right to set-off and an intention to settle on a net basis.
Unrecognised deferred tax
Tax losses and temporary differences
Deferred tax assets have not been recognised in respect of gross deductible temporary differences of \u00a3288m (2024: \u00a3373m), unused
tax credits of \u00a3336m (2024: \u00a3359m), and gross tax losses of \u00a321,002m (2024: \u00a321,295m). The tax losses include capital losses of
\u00a33,986m (2024: \u00a33,903m). Of these tax losses, \u00a313m (2024: \u00a313m) expire within five years, \u00a32,216m (2024: \u00a36m) expire within six to ten
years, \u00a39,466m (2024: \u00a311,789m) expire within eleven to twenty years and \u00a39,307m (2024: \u00a39,487m) can be carried forward indefinitely.
Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profits and gains
will be available against which they can be utilised.
Group investments in subsidiaries, branches and associates
Deferred tax is not recognised in respect of the value of the Group's investments in subsidiaries, branches and associates where the
Group is able to control the timing of the reversal of the temporary differences, and it is probable that such differences will not reverse in
the foreseeable future. The aggregate amount of these temporary differences for which deferred tax liabilities have not been
recognised was \u00a3869m (2024: \u00a3920m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-676": { "value": "
Accounting for income taxes
The Group applies IAS 12 Income Taxes in accounting for taxes on income. Income tax payable on taxable profits (current tax) is
recognised as an expense in the periods in which the profits arise. Withholding taxes are also treated as income taxes. Income tax
recoverable on tax allowable losses is recognised as a current tax asset, only to the extent that it is regarded as recoverable by
offsetting against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have
been enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax liabilities are
recognised for all taxable temporary differences, except for the initial recognition of goodwill. Deferred tax is not recognised where
the temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is determined using
tax rates and legislation enacted or substantively enacted by the balance sheet date that are expected to apply when the deferred tax
asset is realised or the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal right
to set-off and an intention to settle on a net basis.
The Group has adopted the International Tax Reform - Pillar Two Model Rules amendments to IAS 12, which were issued on 23 May
2023 and approved by the UK Endorsement Board on 19 July 2023, and has applied the exception set out in paragraph 4A in respect
of recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
The Group considers an uncertain tax position to exist when it considers that ultimately, in the future, the amount of profit subject to
tax may be greater than the amount initially reflected in the Group\u2019s tax returns. The Group accounts for provisions in respect of
uncertain tax positions in two different ways.
A current tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain
tax position will alter the amount of cash tax due to, or from, a tax authority in the future.\u00a0From recognition, the current tax provision is
then measured at the amount the Group ultimately expects to pay the tax authority to resolve the position. The accrual of interest
and penalty amounts in respect of uncertain income tax positions is recognised as an expense within profit before tax.
Deferred tax provisions are adjustments made to the carrying value of deferred tax assets in respect of uncertain tax positions. A
deferred tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax
position will result in a reduction in the carrying value of the deferred tax asset.\u00a0From recognition of a provision, measurement of the
underlying deferred tax asset is adjusted to take into account the expected impact of resolving the uncertain tax position on the loss
or temporary difference giving rise to the deferred tax asset.
The approach taken to measurement takes account of whether the uncertain tax position is a discrete position that will be reviewed
by the tax authority in isolation from any other position, or one of a number of issues that are expected to be reviewed together
concurrently and resolved simultaneously with a tax authority. The Group\u2019s measurement of provisions is based upon its best
estimate of the additional profit that will become subject to tax. For a discrete position, consideration is given only to the merits of
that position. Where a number of issues are expected to be reviewed and resolved together, the Group will take into account not only
the merits of its position in respect of each particular issue, but also the overall level of provision relative to the aggregate of the
uncertain tax positions across all the issues that are expected to be resolved at the same time. In addition, in assessing provision
levels, it is assumed that tax authorities will review uncertain tax positions and that all facts will be fully and transparently disclosed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-675": { "value": "
Accounting for income taxes
The Group applies IAS 12 Income Taxes in accounting for taxes on income. Income tax payable on taxable profits (current tax) is
recognised as an expense in the periods in which the profits arise. Withholding taxes are also treated as income taxes. Income tax
recoverable on tax allowable losses is recognised as a current tax asset, only to the extent that it is regarded as recoverable by
offsetting against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have
been enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax liabilities are
recognised for all taxable temporary differences, except for the initial recognition of goodwill. Deferred tax is not recognised where
the temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is determined using
tax rates and legislation enacted or substantively enacted by the balance sheet date that are expected to apply when the deferred tax
asset is realised or the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal right
to set-off and an intention to settle on a net basis.
The Group has adopted the International Tax Reform - Pillar Two Model Rules amendments to IAS 12, which were issued on 23 May
2023 and approved by the UK Endorsement Board on 19 July 2023, and has applied the exception set out in paragraph 4A in respect
of recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
The Group considers an uncertain tax position to exist when it considers that ultimately, in the future, the amount of profit subject to
tax may be greater than the amount initially reflected in the Group\u2019s tax returns. The Group accounts for provisions in respect of
uncertain tax positions in two different ways.
A current tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain
tax position will alter the amount of cash tax due to, or from, a tax authority in the future.\u00a0From recognition, the current tax provision is
then measured at the amount the Group ultimately expects to pay the tax authority to resolve the position. The accrual of interest
and penalty amounts in respect of uncertain income tax positions is recognised as an expense within profit before tax.
Deferred tax provisions are adjustments made to the carrying value of deferred tax assets in respect of uncertain tax positions. A
deferred tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax
position will result in a reduction in the carrying value of the deferred tax asset.\u00a0From recognition of a provision, measurement of the
underlying deferred tax asset is adjusted to take into account the expected impact of resolving the uncertain tax position on the loss
or temporary difference giving rise to the deferred tax asset.
The approach taken to measurement takes account of whether the uncertain tax position is a discrete position that will be reviewed
by the tax authority in isolation from any other position, or one of a number of issues that are expected to be reviewed together
concurrently and resolved simultaneously with a tax authority. The Group\u2019s measurement of provisions is based upon its best
estimate of the additional profit that will become subject to tax. For a discrete position, consideration is given only to the merits of
that position. Where a number of issues are expected to be reviewed and resolved together, the Group will take into account not only
the merits of its position in respect of each particular issue, but also the overall level of provision relative to the aggregate of the
uncertain tax positions across all the issues that are expected to be resolved at the same time. In addition, in assessing provision
levels, it is assumed that tax authorities will review uncertain tax positions and that all facts will be fully and transparently disclosed.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of current and deferred tax
balances, including provisions for uncertain tax positions in the next financial year.\u00a0The provisions for uncertain tax positions cover a
diverse range of issues and reflect advice from external counsel, where relevant. It should be noted that only a proportion of the total
uncertain tax positions will be under audit at any point in time, and could therefore be subject to challenge by a tax authority over the
next year.
Deferred tax assets have been recognised based on business profit forecasts, which included consideration for the current view of
climate impacts. Details on the recognition of deferred tax assets are provided in this note.
Accounting for income taxes
The Group applies IAS 12 Income Taxes in accounting for taxes on income. Income tax payable on taxable profits (current tax) is
recognised as an expense in the periods in which the profits arise. Withholding taxes are also treated as income taxes. Income tax
recoverable on tax allowable losses is recognised as a current tax asset only to the extent that it is regarded as recoverable by
offsetting against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have
been enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax liabilities are
recognised for all taxable temporary differences except for the initial recognition of goodwill. Deferred tax is not recognised where
the temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is determined using
tax rates and legislation enacted or substantively enacted by the balance sheet date which are expected to apply when the deferred
tax asset is realised or the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal
right to set-off and an intention to settle on a net basis.
The Group has adopted the International Tax Reform - Pillar Two Model Rules amendments to IAS 12, which were issued on 23 May
2023 and approved by the UK Endorsement Board on 19 July 2023, and has applied the exception set out in paragraph 4A in respect
of recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
The Group considers an uncertain tax position to exist when it considers that ultimately, in the future, the amount of profit subject to
tax may be greater than the amount initially reflected in the Group\u2019s tax returns. The Group accounts for provisions in respect of
uncertain tax positions in two different ways.
A current tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain
tax position will alter the amount of cash tax due to, or from, a tax authority in the future.\u00a0From recognition, the current tax provision is
then measured at the amount the Group ultimately expects to pay the tax authority to resolve the position. The accrual of interest
and penalty amounts in respect of uncertain income tax positions is recognised as an expense within profit before tax.
Deferred tax provisions are adjustments made to the carrying value of deferred tax assets in respect of uncertain tax positions. A
deferred tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax
position will result in a reduction in the carrying value of the deferred tax asset.\u00a0From recognition of a provision, measurement of the
underlying deferred tax asset is adjusted to take into account the expected impact of resolving the uncertain tax position on the loss
or temporary difference giving rise to the deferred tax asset.
The approach taken to measurement takes account of whether the uncertain tax position is a discrete position that will be reviewed
by the tax authority in isolation from any other position, or one of a number of issues which are expected to be reviewed together
concurrently and resolved simultaneously with a tax authority. The Group\u2019s measurement of provisions is based upon its best
estimate of the additional profit that will become subject to tax. For a discrete position, consideration is given only to the merits of
that position. Where a number of issues are expected to be reviewed and resolved together, the Group will take into account not only
the merits of its position in respect of each particular issue but also the overall level of provision relative to the aggregate of the
uncertain tax positions across all the issues that are expected to be resolved at the same time. In addition, in assessing provision
levels, it is assumed that tax authorities will review uncertain tax positions and that all facts will be fully and transparently disclosed.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-677": { "value": "
Deferred tax assets and liabilities
The deferred tax amounts on the balance sheet were as follows:
2025
2024
\u00a3m
\u00a3m
UK Tax Group
3,408
4,451
US Intermediate Holding Company Tax Group ('IHC Tax Group')
1,005
1,162
Barclays Bank PLC's US Branch Tax Group
255
270
Other (outside the UK and US tax groups)
324
438
Deferred tax asset
4,992
6,321
Deferred tax liability
(13)
(18)
Net deferred tax
4,979
6,303
UK Tax Group deferred tax asset
The deferred tax asset in the UK Tax Group of \u00a33,408m (2024: \u00a34,451m) includes \u00a31,031m (2024: \u00a31,385m) relating to tax losses, with
the balance relating to temporary differences. There is no time limit on utilisation of UK tax losses, and business profit forecasts indicate
that these losses will be fully recovered.
US deferred tax assets in the IHC and US Branch Tax Groups
The deferred tax asset in the IHC Tax Group of \u00a31,005m (2024: \u00a31,162m) includes \u00a312m (2024: \u00a338m) relating to tax losses, with the
balance relating to temporary differences. The deferred tax asset in Barclays Bank PLC\u2019s US Branch Tax Group of \u00a3255m (2024: \u00a3270m)
relates entirely to temporary differences.
In relation to the IHC Tax Group, these temporary differences include \u00a3307m (2024: \u00a3365m) arising from New York State and City prior
net operating loss conversion that can be carried forward and will expire in 2034. Business profit forecasts indicate that these amounts
will be utilised prior to expiry.
Other deferred tax assets (outside the UK and US tax groups)
The deferred tax asset of \u00a3324m (2024: \u00a3438m) in other entities within the Group includes \u00a354m (2024: \u00a3111m) relating to tax losses.
These deferred tax assets relate to a number of different territories and their recognition is based on profit forecasts or local country
law, which indicate that it is probable that those deferred tax assets will be fully recovered.
Of the deferred tax asset of \u00a3324m (2024: \u00a3438m), an amount of \u00a312m (2024: \u00a34m) relates to entities that have suffered a loss in either
the current or prior year, and for which the utilisation of the deferred tax is dependent on future taxable profits. This has been taken into
account in reaching the above conclusion that these deferred tax assets will be fully recovered in the future.
The table below shows movements on deferred tax assets and liabilities during the year. The amounts are different from those disclosed
on the balance sheet and in the preceding table as they are presented before offsetting asset and liability balances where there is a legal
right to set-off and an intention to settle on a net basis.
Fixed asset
timing
differences
Fair value
through other
comprehensive
income
Cash
flow
hedges
Retirement
benefit
obligations
Loan
impairment
allowance
Own credit
Share-based
payments and
deferred
compensation
Other
temporary
differences
Tax
losses
carried
forward
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
1,435
765
1,223
43
499
394
534
1,203
1,534
7,630
Liabilities
(117)
\u2014
(13)
(897)
\u2014
\u2014
\u2014
(300)
\u2014
(1,327)
As at 1 January 2025
1,318
765
1,210
(854)
499
394
534
903
1,534
6,303
Income statement
104
\u2014
\u2014
8
(181)
\u2014
46
287
(416)
(152)
Other comprehensive
income and reserves
\u2014
(297)
(874)
(11)
\u2014
(28)
168
\u2014
\u2014
(1,042)
Other movements
(13)
\u2014
\u2014
(5)
(32)
\u2014
(17)
(42)
(21)
(130)
1,409
468
336
(862)
286
366
731
1,148
1,097
4,979
Assets
1,507
468
336
52
286
366
731
1,306
1,097
6,149
Liabilities
(98)
\u2014
\u2014
(914)
\u2014
\u2014
\u2014
(158)
\u2014
(1,170)
As at 31 December 2025
1,409
468
336
(862)
286
366
731
1,148
1,097
4,979
Assets
1,277
571
1,477
38
628
85
449
1,146
1,748
7,419
Liabilities
(124)
\u2014
\u2014
(1,014)
\u2014
\u2014
\u2014
(343)
\u2014
(1,481)
As at 1 January 2024
1,153
571
1,477
(976)
628
85
449
803
1,748
5,938
Income statement
159
\u2014
\u2014
4
(110)
1
(34)
101
(214)
(93)
Other comprehensive
income and reserves
\u2014
194
(269)
118
\u2014
308
110
1
\u2014
462
Other movements
6
\u2014
2
\u2014
(19)
\u2014
9
(2)
\u2014
(4)
1,318
765
1,210
(854)
499
394
534
903
1,534
6,303
Assets
1,435
765
1,223
43
499
394
534
1,203
1,534
7,630
Liabilities
(117)
\u2014
(13)
(897)
\u2014
\u2014
\u2014
(300)
\u2014
(1,327)
As at 31 December 2024
1,318
765
1,210
(854)
499
394
534
903
1,534
6,303
Other movements include the impact of changes in foreign exchange rates, as well as deferred tax amounts relating to acquisitions and
disposals.
The amount of deferred tax assets expected to be recovered after more than 12 months is \u00a35,516m (2024: \u00a36,663m). The amount of
deferred tax liability expected to be settled after more than 12 months is \u00a31,058m (2024: \u00a31,044m). These amounts are before
offsetting asset and liability balances where there is a legal right to set-off and an intention to settle on a net basis.
Unrecognised deferred tax
Tax losses and temporary differences
Deferred tax assets have not been recognised in respect of gross deductible temporary differences of \u00a3288m (2024: \u00a3373m), unused
tax credits of \u00a3336m (2024: \u00a3359m), and gross tax losses of \u00a321,002m (2024: \u00a321,295m). The tax losses include capital losses of
\u00a33,986m (2024: \u00a33,903m). Of these tax losses, \u00a313m (2024: \u00a313m) expire within five years, \u00a32,216m (2024: \u00a36m) expire within six to ten
years, \u00a39,466m (2024: \u00a311,789m) expire within eleven to twenty years and \u00a39,307m (2024: \u00a39,487m) can be carried forward indefinitely.
Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profits and gains
will be available against which they can be utilised.
Group investments in subsidiaries, branches and associates
Deferred tax is not recognised in respect of the value of the Group's investments in subsidiaries, branches and associates where the
Group is able to control the timing of the reversal of the temporary differences, and it is probable that such differences will not reverse in
the foreseeable future. The aggregate amount of these temporary differences for which deferred tax liabilities have not been
recognised was \u00a3869m (2024: \u00a3920m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-678": { "value": "Earnings per share
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Profit attributable to ordinary equity holders of the parent
6,175
5,316
4,274
2025
2024
2023
million
million
million
Basic weighted average number of shares in issue
14,112
14,755
15,445
Number of potential ordinary shares
492
516
450
Diluted weighted average number of shares
14,604
15,271
15,895
Basic earnings per share
Diluted earnings per share
2025
2024
2023
2025
2024
2023
p
p
p
p
p
p
Earnings per ordinary share
43.8
36.0
27.7
42.3
34.8
26.9
The calculation of basic earnings per share is based on the profit attributable to equity holders of the parent and the basic weighted
average number of shares excluding treasury shares held in employee benefit trusts or held for trading. When calculating the diluted
earnings per share, the weighted average number of shares in issue is adjusted for the effects of all expected dilutive potential ordinary
shares held in respect of Barclays PLC, totalling 492m ( 2024: 516m, 2023: 450m) shares. The number of share options and share
awards outstanding under schemes that were considered to be potentially dilutive was 629m ( 2024: 713m , 2023: 750m) of which share
options accounted for 152m (2024: 185m, 2023: 232m) with a strike prices ranging from \u00a30.84 to \u00a32.99 .
Of the total number of employee share options and share awards at 31\u00a0December 2025, 28m (2024 : 29m, 2022: 39m) were anti-dilutive.
The 643m decrease ( 2024: 690m decrease, 2023: 888m decrease) in the basic weighted average number of shares is primarily due to
the impact of the share buyback programmes carried out each ye ar.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-679": { "value": "Dividends on ordinary shares
The Directors have approved a total dividend in respect of 2025 of 8.6 p per ordinary share of 25 p each.\u00a0The full year dividend for 2025 of
5.6p per ordinary share will be paid on 31 March 2026 to shareholders on the Share Register on 20 February 2026. On 31 December
2025, there were 13,867m ordinary shares in issue. The financial statements for the year ended 31 December 2025\u00a0 do not reflect this
dividend, which will be accounted for in shareholders\u2019 equity as an appropriation of retained profits in the year ending 31 December 2026.
For qualifying American Depositary Receipt (ADR) holders, the 2025 full year dividend of 5.6p per ordinary share becomes 22.4 p per
American Depositary Share (ADS) (representing four shares). The ex-dividend date for ADR holders is 20 February 2026. The dividend
record date is 20 February 2026 and dividend payment date for ADR holders is 31 March 2026.
The Directors have confirmed their intention to initiate a share buyback of up to \u00a31bn after the balance sheet date. The proposed share
buyback\u00a0 is expected to\u00a0 commence in the first quarter of 2026. The financial statements for the year ended 31 December 2025\u00a0 do not
reflect the impact of the proposed share buyback, which will be accounted for as and when shares are repurchased by the Company.\u00a0
The 2025 financial statements include the 2025 interim dividend of \u00a3 422m (2024: \u00a3425m, 2023: \u00a3417m); a full year dividend declared in
relation to 2024 of \u00a3 791m (2023: \u00a3796m, 2022: \u00a3793m) and share buyback programmes totalling \u00a32,229m (2024: \u00a31,750m, 2023:
\u00a31,250m). Dividends and share buybacks are funded out of distributable reserves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-680": { "value": "0.086", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-682": { "value": "Trading portfolio
Accounting for trading portfolio assets and liabilities
All assets and liabilities held for trading purposes are held at fair value, with gains and losses in the changes in fair value taken to the
income statement in net trading income (Note 5).
Trading portfolio assets
Trading portfolio liabilities
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt securities and other eligible bills
94,359
78,014
(33,217)
(37,050)
Equity securities
83,242
74,859
(24,520)
(19,858)
Traded loans
12,249
13,470
\u2014
\u2014
Commodities
211
110
\u2014
\u2014
Trading portfolio assets/(liabilities)
190,061
166,453
(57,737)
(56,908)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-681": { "value": "Trading portfolio
Accounting for trading portfolio assets and liabilities
All assets and liabilities held for trading purposes are held at fair value, with gains and losses in the changes in fair value taken to the
income statement in net trading income (Note 5).
Trading portfolio assets
Trading portfolio liabilities
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt securities and other eligible bills
94,359
78,014
(33,217)
(37,050)
Equity securities
83,242
74,859
(24,520)
(19,858)
Traded loans
12,249
13,470
\u2014
\u2014
Commodities
211
110
\u2014
\u2014
Trading portfolio assets/(liabilities)
190,061
166,453
(57,737)
(56,908)
Financial assets at fair value through the income statement
Accounting for financial assets designated at fair value
Financial assets, other than those held for trading, are classified in this category if they are so irrevocably designated at inception and
the use of the designation removes or significantly reduces an accounting mismatch.
Subsequent changes in fair value for these instruments are recognised in the income statement in net investment income, except if
reporting it in trading income reduces an accounting mismatch.
The details on how the fair value amounts are derived for financial assets at fair value are described in Note 17.
Accounting for financial assets mandatorily at fair value
Financial assets that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at fair
value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if
the financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a
business model that is achieved by both collecting contractual cash flows and selling.
Mandatorily at fair value
Designated at fair value
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances
45,474
42,487
2,198
2,581
47,672
45,068
Debt securities
2,911
2,783
303
182
3,214
2,965
Equity securities
3,400
3,818
\u2014
\u2014
3,400
3,818
Reverse repurchase agreements and other
similar secured lending
132,488
141,773
\u2014
\u2014
132,488
141,773
Other financial assets
83
110
\u2014
\u2014
83
110
Financial assets at fair value through the
income statement
184,356
190,971
2,501
2,763
186,857
193,734
Credit risk of financial assets designated at fair value and related credit derivatives
The following table shows the maximum exposure to credit risk, the changes in fair value attributable to changes in credit risk, and the
cumulative changes in fair value since initial recognition for loans and advances. The table does not include debt securities designated at
fair value as they have minimal exposure to credit risk due to limited gross exposure.
Maximum exposure
as at 31 December
Changes in fair value during the
year ended
Cumulative changes in fair value
from inception
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances designated at fair value,
attributable to credit risk
2,198
2,581
2
(1)
(6)
(8)
Value mitigated by related credit derivatives
193
405
(2)
\u2014
(2)
\u2014
Derivative financial instruments
Accounting for derivatives
Derivative instruments are contracts whose value is derived from one or more underlying financial instruments or indices defined in
the contract. They include swaps, forward-rate agreements, futures, options and combinations of these instruments and primarily
affect the Group\u2019s net interest income, net trading income and derivative assets and liabilities. Notional amounts of the contracts are
not recorded on the balance sheet. Derivatives are used to hedge interest rate, credit risk, inflation risk, exchange rate, commodity
equity exposures, and exposures to certain indices, such as house price indices and retail price indices related to non-trading
positions.
All derivative instruments are held at fair value through profit or loss, except for derivatives that are in a designated cash flow or net
investment hedge accounting relationship. Derivatives are classified as assets when their fair value is positive or as liabilities when
their fair value is negative.
Hedge accounting
The Group applies the requirements of IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting purposes.
The Group applies hedge accounting to represent the economic effects of its interest rate, currency and contractually-linked
inflation risk management strategies. Where derivatives are held for risk management purposes, and when transactions meet the
required criteria for documentation and hedge effectiveness, the Group applies fair value hedge accounting, cash flow hedge
accounting, or hedging of a net investment in a foreign operation, as appropriate to the risks being hedged.
Fair value hedge accounting
Changes in fair value of derivatives that qualify and are designated as fair value hedges are recorded in the income statement,
together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The fair value changes
adjust the carrying value of the hedged asset or liability held at amortised cost. For hedged items classified as fair value through other
comprehensive income, fair value movements attributable to the hedged risk are transferred from other comprehensive income to
the income statement.
If hedge relationships no longer meet the criteria for hedge accounting, hedge accounting is discontinued. For fair value hedges of
interest rate risk, the fair value adjustment to the hedged item is amortised to the income statement over the period to maturity of
the previously designated hedge relationship, using the effective interest method. If the hedged item is sold or repaid, the
unamortised fair value adjustment is recognised immediately in the income statement.
Cash flow hedge accounting
For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge is recognised
initially in other comprehensive income, and then recycled to the income statement in the periods when the hedged item will affect
profit or loss. Any ineffective portion of the gain or loss on the hedging instrument is recognised in the income statement
immediately.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in equity at that time remains in equity and is recognised when the hedged item is ultimately recognised in the
income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was recognised in
equity is immediately transferred to the income statement.
Hedges of net investments
The Group\u2019s net investments in foreign operations, including monetary items accounted for as part of the net investment, are
hedged for foreign currency risks using both derivatives and foreign currency borrowings. Hedges of net investments are accounted
for similarly to cash flow hedges; the effective portion of the gain or loss on the hedging instrument is being recognised directly in
other comprehensive income and the ineffective portion being recognised immediately in the income statement. The cumulative
gain or loss recognised in other comprehensive income is recognised in the income statement on the disposal or partial disposal of
the foreign operation, or other reductions in the Group\u2019s investment in the operation.
Total derivatives
2025
2024
Notional
contract
amount
Fair value
Notional
contract
amount
Fair value
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total derivative assets/(liabilities) held for trading
100,471,927
249,743
(240,127)
84,125,071
290,991
(278,595)
Total derivative assets/(liabilities) held for risk
management
320,316
2,716
(681)
310,376
2,539
(820)
Derivative assets/(liabilities)
100,792,243
252,459
(240,808)
84,435,447
293,530
(279,415)
Further information on netting arrangements of derivative financial instruments can be found within Note 18.
The fair values and notional amounts of derivative instruments held for trading and held for risk management are set out in the following
table:
Derivatives held for trading and held for risk management
2025
2024
Notional
contract
amount
Fair value
Notional
contract
amount
Fair value
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivatives held for trading
Foreign exchange derivatives
OTC derivatives
8,237,176
73,994
(71,556)
8,249,213
123,489
(116,429)
Derivatives cleared by central counterparty
276,189
251
(221)
240,612
228
(235)
Exchange traded derivatives
20,733
1
(1)
27,441
7
(7)
Foreign exchange derivatives
8,534,098
74,246
(71,778)
8,517,266
123,724
(116,671)
Interest rate derivatives
OTC derivatives
32,249,542
90,240
(77,130)
26,422,379
91,488
(79,925)
Derivatives cleared by central counterparty
42,748,421
1,428
(1,131)
36,810,961
1,479
(1,344)
Exchange traded derivatives
11,473,370
1,498
(1,457)
7,672,496
2,664
(2,698)
Interest rate derivatives
86,471,333
93,166
(79,718)
70,905,836
95,631
(83,967)
Credit derivatives
OTC derivatives
671,066
4,169
(4,666)
593,702
3,474
(4,307)
Derivatives cleared by central counterparty
1,065,702
3,682
(3,713)
943,413
3,424
(3,148)
Credit derivatives
1,736,768
7,851
(8,379)
1,537,115
6,898
(7,455)
Equity and stock index derivatives
OTC derivatives
739,183
22,178
(27,092)
598,297
21,965
(26,319)
Exchange traded derivatives
2,769,230
50,161
(51,063)
2,347,247
40,947
(42,309)
Equity and stock index derivatives
3,508,413
72,339
(78,155)
2,945,544
62,912
(68,628)
Commodity derivatives
OTC derivatives
4,681
15
(16)
7,084
17
(32)
Exchange traded derivatives
216,634
2,126
(2,081)
212,226
1,809
(1,842)
Commodity derivatives
221,315
2,141
(2,097)
219,310
1,826
(1,874)
Derivative assets/(liabilities) held for trading
100,471,927
249,743
(240,127)
84,125,071
290,991
(278,595)
Total OTC derivatives
41,901,648
190,596
(180,460)
35,870,675
240,433
(227,012)
Total derivatives cleared by central counterparty
44,090,312
5,361
(5,065)
37,994,986
5,131
(4,727)
Total exchange traded derivatives
14,479,967
53,786
(54,602)
10,259,410
45,427
(46,856)
Derivative assets/(liabilities) held for trading
100,471,927
249,743
(240,127)
84,125,071
290,991
(278,595)
Derivatives held for risk management
Derivatives designated as cash flow hedges
OTC foreign exchange derivatives
30,429
2,485
(86)
35,202
2,338
(320)
OTC interest rate derivatives
\u2014
\u2014
\u2014
105
\u2014
\u2014
Interest rate derivatives cleared by central
counterparty
120,983
\u2014
\u2014
111,873
\u2014
\u2014
Derivatives designated as cash flow hedges
151,412
2,485
(86)
147,180
2,338
(320)
Derivatives designated as fair value hedges
OTC interest rate derivatives
5,963
75
(552)
11,955
165
(434)
Interest rate derivatives cleared by central
counterparty
158,552
\u2014
\u2014
147,227
\u2014
\u2014
Derivatives designated as fair value hedges
164,515
75
(552)
159,182
165
(434)
Derivatives designated as hedges of net
investments
OTC foreign exchange derivatives
4,389
156
(43)
4,014
36
(66)
Derivatives designated as hedges of net
investments
4,389
156
(43)
4,014
36
(66)
Derivative assets/(liabilities) held for risk
management
320,316
2,716
(681)
310,376
2,539
(820)
Total OTC derivatives
40,781
2,716
(681)
51,276
2,539
(820)
Total derivatives cleared by central counterparty
279,535
\u2014
\u2014
259,100
\u2014
\u2014
Derivative assets/(liabilities) held for risk
management
320,316
2,716
(681)
310,376
2,539
(820)
Hedge accounting
Hedge accounting is applied predominantly for the following risks:
\u2022 Interest rate risk \u2013 arises due to a mismatch between fixed interest rates and floating interest rates. Interest rate risk also includes
exposure to inflation risk for certain types of investments
\u2022 Currency risk \u2013 arises due to assets or liabilities being denominated in different currencies than the functional currency of the relevant
entity. At a consolidated level, currency risk also arises when the functional currency of subsidiaries are different from the parent
\u2022 Contractually-linked inflation risk \u2013 arises from financial instruments within contractually specified inflation risk. The Group does not
hedge inflation risk that arises from other activities
In order to hedge these risks, the Group uses the following hedging instruments:
\u2022 Interest rate derivatives to swap interest rate exposures into either fixed or variable rates
\u2022 Currency derivatives to swap foreign currency exposures into the entity\u2019s functional currency, and net investment exposure to local
currency
\u2022 Inflation derivatives to swap inflation exposure into either fixed or variable interest rates
In some cases, certain items that are economically hedged may be ineligible hedged items for the purposes of IAS 39, such as core
deposits and equity. In these instances, a proxy hedging solution can be utilised, whereby portfolios of floating rate assets are
designated as eligible hedged items in cash flow hedges.
In some hedging relationships, the Group designates risk components of hedged items as follows:
\u2022 Benchmark interest rate risk as a component of interest rate risk, such as the Risk Free Rate (RFR) component
\u2022 Inflation risk as a contractually specified component of a debt instrument
\u2022 Exchange rate risk for foreign currency financial assets or financial liabilities
\u2022 Components of cash flows of hedged items, for example, certain interest payments for part of the life of an instrument
Using the benchmark interest rate risk results in other risks, such as credit risk and liquidity risk, being excluded from the hedge
accounting relationship.
In respect of many of the Group\u2019s hedge accounting relationships, the hedged item and hedging instrument change frequently due to
the dynamic nature of the risk management and hedge accounting strategy. The Group applies hedge accounting to dynamic scenarios,
predominantly in relation to interest rate risk, with a combination of hedged items in order for its financial statements to reflect as closely
as possible the economic risk management undertaken. In some cases, if the hedge accounting objective changes, the relevant hedge
accounting relationship is de-designated and is replaced with a different hedge accounting relationship.
Changes in the GBP value of net investments due to foreign currency movements are captured in the currency translation reserve,
resulting in a movement in CET1 capital.\u00a0The Group mitigates this by matching the CET1 capital movements to the revaluation of the
foreign currency RWA exposures.\u00a0Net investment hedges are designated, where necessary, to reduce the exposure to movement in a
particular exchange rate to within limits mandated by Risk.\u00a0As far as possible, existing external currency liabilities are designated as the
hedging instruments.
The hedging instruments share the same risk exposures as the hedged items. Hedge effectiveness is determined with reference to
quantitative tests, predominantly regression testing, but to the extent hedging instruments are exposed to different risks than the
hedged items, this could result in hedge ineffectiveness or hedge accounting failures.
Sources of ineffectiveness include the following:
\u2022 Mismatches between the contractual terms of the hedged item and hedging instrument, including basis differences
\u2022 Changes in credit risk of the hedging instruments
\u2022 If a hedging relationship becomes over-hedged, for example, in hedges of net investments if the net asset value designated at the
start of the period falls below the amount of the hedging instrument
\u2022 Cash flow hedges using external swaps with non-zero fair values.
Hedged items in fair value hedges
Accumulated fair value
adjustment included in carrying
amount
Hedged item statement of financial position classification and
risk category
Carrying
amount
Total
Of which:
Accumulated
fair value
adjustment on
items no longer
in a hedge
relationship
Change in fair
value used as a
basis to
determine
ineffectiveness
Hedge
ineffectiveness
recognised in
the income
statements1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
Assets
Loans and advances at amortised cost
- Interest rate risk
1,989
(3,342)
(1,709)
(196)
1
- Inflation risk
280
188
79
(9)
\u2014
Debt securities classified at amortised cost
- Interest rate risk
11,652
27
(1)
102
32
- Inflation risk
8,704
(1,332)
(2)
17
12
Financial assets at fair value through other comprehensive
income2
- Interest rate risk
48,598
(1,502)
(410)
31
167
- Inflation risk
8,813
(142)
(48)
62
(14)
Total assets
80,036
(6,103)
(2,091)
7
198
Liabilities
Debt securities in issue
- Interest rate risk
(50,966)
1,826
557
(746)
(20)
Subordinated liabilities
- Interest rate risk
(11,179)
358
2
(237)
1
Deposits at amortised cost from banks and customers
- Interest rate risk
(13,058)
(14)
(1)
(1)
3
Total liabilities
(75,203)
2,170
558
(984)
(16)
Total hedged items
4,833
(3,933)
(1,533)
(977)
182
2024
Assets
Loans and advances at amortised cost
- Interest rate risk
2,394
(3,853)
(1,786)
(848)
22
- Inflation risk
318
219
102
(17)
7
Debt securities classified at amortised cost
- Interest rate risk
8,223
(47)
8
62
69
- Inflation risk
10,100
(1,400)
(37)
(575)
(40)
Financial assets at fair value through other comprehensive income
- Interest rate risk
47,293
(1,381)
(423)
(126)
226
- Inflation risk
8,477
(254)
(86)
(113)
(35)
Total assets
76,805
(6,716)
(2,222)
(1,617)
249
Liabilities
Debt securities in issue
- Interest rate risk
(50,209)
2,747
775
333
(49)
Subordinated liabilities
- Interest rate risk
(10,765)
648
38
(4)
8
Deposits at amortised cost from banks and customers
- Interest rate risk
(8,596)
(12)
(1)
(4)
(2)
Total liabilities
(69,570)
3,383
812
325
(43)
Total hedged items
7,235
(3,333)
(1,410)
(1,292)
206
Notes:
1 Hedge ineffectiveness is recognised in net interest income.
2 For items classified as fair value through other comprehensive income, the hedge accounting adjustment is not included in the carrying amount, but rather
adjusts other comprehensive income.
The following table shows the fair value hedging instruments that are carried on the Group\u2019s balance sheet:
Carrying value
Nominal amount
Change in fair
value used as a
basis to
determine
ineffectiveness
Derivative assets
Derivative liabilities
Loan liabilities
Hedge type
Risk category
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Fair value
Interest rate risk
2
(317)
\u2014
145,474
1,231
Inflation risk
73
(235)
\u2014
19,041
(72)
Total
75
(552)
\u2014
164,515
1,159
As at 31 December 2024
Fair value
Interest rate risk
26
(3)
\u2014
138,354
861
Inflation risk
139
(431)
\u2014
20,828
637
Total
165
(434)
\u2014
159,182
1,498
The following table profiles the expected notional values of current hedging instruments in future years:
2025
2026
2027
2028
2029
2030
2031 and
later
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges of:
Interest rate risk (outstanding notional amount)
145,474
121,544
107,350
94,230
81,454
60,932
48,248
Inflation risk (outstanding notional amount)
19,041
17,794
15,874
13,660
11,364
9,332
7,769
There are 2,194 (2024: 2,212) interest rate risk fair value hedges with an average fixed rate of 3.33% (2024: 3.29%) across the
relationships and 188 (2024: 196) inflation risk fair value hedges with an average rate of\u00a0 0.75% (2024: 0.59%) across the relationships.
Hedged items in cash flow hedges and hedges of net investments in foreign operations
Description of hedge
relationship and hedged risk
Change in value
of hedged item
used as the
basis for
recognising
ineffectiveness
Balance in cash
flow hedging
reserve for
continuing
hedges
Balance in
currency
translation
reserve for
continuing
hedges
Balances
remaining in
cash flow
hedging reserve
for which hedge
accounting is no
longer applied
Balances
remaining in
currency
translation
reserve for
which hedge
accounting is no
longer applied
Hedging gains
or losses
recognised in
other
comprehensive
income
Hedge
ineffectiveness
recognised in
the income
statement1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
Assets
Cash flow hedge of:
Interest rate risk
Loans and advances at
amortised cost
(806)
(193)
\u2014
642
\u2014
(806)
12
Cash and balances at central
banks
(782)
(227)
\u2014
805
\u2014
(782)
6
Foreign exchange risk
Loans and advances at
amortised cost
(1,638)
120
\u2014
\u2014
\u2014
(1,638)
18
Debt securities classified at
amortised cost
(309)
(23)
\u2014
\u2014
\u2014
(309)
1
Inflation risk
Debt securities classified at
amortised cost
(113)
(143)
\u2014
(21)
\u2014
(113)
8
Liabilities
Cash flow hedge of:
Foreign exchange risk
Debt securities in issue
9
16
\u2014
\u2014
\u2014
9
\u2014
Subordinated liabilities
5
4
\u2014
\u2014
\u2014
5
\u2014
Total cash flow hedge
(3,634)
(446)
\u2014
1,426
\u2014
(3,634)
45
Hedge of net investment in
foreign operations
USD foreign operations
(589)
\u2014
1,118
\u2014
\u2014
(589)
\u2014
EUR foreign operations
299
\u2014
89
\u2014
\u2014
299
\u2014
Other foreign operations
(156)
\u2014
(39)
\u2014
(13)
(156)
\u2014
Total foreign operations
(446)
\u2014
1,168
\u2014
(13)
(446)
\u2014
2024
Assets
Cash flow hedge of:
Interest rate risk
Loans and advances at
amortised cost
362
608
\u2014
1,273
\u2014
362
18
Cash and balances at central
banks
443
674
\u2014
1,389
\u2014
443
8
Foreign exchange risk
Loans and advances at
amortised cost
300
106
\u2014
\u2014
\u2014
300
5
Debt securities classified at
amortised cost
(449)
142
\u2014
\u2014
\u2014
(449)
\u2014
Inflation risk
Debt securities classified at
amortised cost
118
(73)
\u2014
25
\u2014
118
\u2014
Liabilities
Cash flow hedge of:
Foreign exchange risk
Subordinated liabilities
34
(12)
\u2014
\u2014
\u2014
34
\u2014
Total cash flow hedge
808
1,445
\u2014
2,687
\u2014
808
31
Hedge of net investment in
foreign operations
USD foreign operations
160
\u2014
1,520
\u2014
\u2014
160
\u2014
EUR foreign operations
(242)
\u2014
(209)
\u2014
\u2014
(242)
\u2014
Other foreign operations
(18)
\u2014
100
\u2014
23
(18)
\u2014
Total foreign operations
(100)
\u2014
1,411
\u2014
23
(100)
\u2014
Note:
1 Hedge ineffectiveness is recognised in net interest income.
The following table shows the cash flow and net investment hedging instruments that are carried on the Group\u2019s balance sheet:
Carrying value
Nominal
amount
Change in fair
value used as a
basis to
determine
ineffectiveness
Derivative
assets
Derivative
liabilities
Loan liabilities
Hedge type
Risk category
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Cash flow
Interest rate risk
\u2014
\u2014
\u2014
114,610
1,606
Foreign exchange risk
2,485
(86)
\u2014
30,429
1,952
Inflation risk
\u2014
\u2014
\u2014
6,373
121
Total
2,485
(86)
\u2014
151,412
3,679
Net investment
Foreign exchange risk
156
(43)
(10,688)
15,077
446
As at 31 December 2024
Cash flow
Interest rate risk
\u2014
\u2014
\u2014
105,600
(779)
Foreign exchange risk
2,338
(320)
\u2014
35,202
120
Inflation risk
\u2014
\u2014
\u2014
6,378
(118)
Total
2,338
(320)
\u2014
147,180
(777)
Net investment
Foreign exchange risk
36
(66)
(12,189)
16,203
100
There are 20 (2024: 45) foreign exchange risk cash flow hedges with an average foreign exchange rate of 162.69 JPY:1 GBP (2024:
142.93 JPY: 1 GBP) across the relationships, 11 (2024: 11) foreign exchange risk cash flow hedges with an average foreign exchange rate
of 1.26\u00a0 USD:1 GBP (2024: 1.26 USD:1 GBP ) across the relationships, 14 (2024: 11) foreign exchange risk cash flow hedges with an
average foreign exchange rate of 1.97\u00a0 AUD:1 GBP (2024: 1.94 AUD:1 GBP) across the relationships and 2 (2024: 2) foreign exchange
risk cash flow hedges with an average foreign exchange rate of 1.12 CHF:1 GBP (2024: 1.12 CHF:1 GBP) across the relationships.
The effect on the income statement and other comprehensive income of recycling amounts in respect of cash flow hedges and net
investment hedges of foreign operations is set out in the following table:
2025
2024
Amount recycled from
other comprehensive
income due to hedged
item affecting income
statement
Amount recycled from
other comprehensive
income due to sale of
investment, or cash
flows no longer
expected to occur
Amount recycled from
other comprehensive
income due to hedged
item affecting income
statement
Amount recycled from
other comprehensive
income due to sale of
investment, or cash
flows no longer
expected to occur
Description of hedge relationship and hedged risk
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedge of interest rate risk
Recycled to net interest income
(1,293)
\u2014
(1,830)
\u2014
Cash flow hedge of foreign exchange risk
Recycled to trading income
1,835
(20)
(12)
\u2014
Hedge of net investment in foreign operations
\u2014
\u2014
\u2014
\u2014
Recycled to trading income
\u2014
(18)
\u2014
(1)
A detailed reconciliation of the movements of the cash flow hedging reserve and the currency translation reserve is as follows:
2025
2024
Cash flow hedging
reserve
Currency translation
reserve
Cash flow hedging
reserve
Currency translation
reserve
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance on 1 January
(2,930)
3,625
(3,707)
3,671
Currency translation movements
41
(1,595)
24
(160)
Hedging gains/(losses) for the year
3,634
446
(808)
100
Amounts reclassified in relation to cash flows
affecting profit or loss
(522)
18
1,842
1
Tax
(889)
(1)
(281)
13
Balance on 31 December
(666)
2,493
(2,930)
3,625
Financial assets at fair value through other comprehensive income
Accounting for financial assets at fair value through other comprehensive income (FVOCI)
Financial assets that are debt instruments held in a business model that is achieved by both collecting contractual cash flows and
selling and that contain contractual terms that give rise on specified dates to cash flows that are SPPI are measured at FVOCI. They
are subsequently remeasured at fair value and changes therein (except for those relating to impairment, interest income and foreign
currency exchange gains and losses) are recognised in other comprehensive income until the assets are sold. Interest (calculated
using the effective interest method) is recognised in the income statement in net interest income (Note 3). Upon disposal, the
cumulative gain or loss\u00a0 in other comprehensive income is recognised in net investment income (Note 6).
In determining whether the business model is achieved by both collecting contractual cash flows and selling financial assets, it is
determined that both collecting contractual cash flows and selling financial assets are integral to achieving the objective of the
business model. The Group will consider past sales and expectations about future sales to establish if the business model is achieved.
For equity securities that are not held for trading, the Group may make an irrevocable election on initial recognition to present
subsequent changes in the fair value of the instrument in other comprehensive income (except for dividend income which is
recognised in profit or loss).
2025
2024
\u00a3m
\u00a3m
Debt securities and other eligible bills
72,023
74,772
Equity securities
4
4
Loans and advances
2,367
3,283
Financial assets at fair value through other comprehensive income
74,394
78,059
Financial liabilities designated at fair value
Accounting for liabilities designated at fair value through profit and loss
The Group has the ability to make the fair value designation when holding the instruments at fair value reduces an accounting
mismatch (caused by an offsetting liability or asset being held at fair value), or is managed by the Group on the basis of its fair value, or
includes terms that have substantive derivative characteristics (Note 14). In accordance with IFRS 9, financial liabilities may be
designated at fair value, with gains and losses taken to the income statement within net trading income (Note 5) and net investment
income (Note 6). Movements in own credit are reported through other comprehensive income, unless the effects of changes in the
liability's credit risk would create or enlarge an accounting mismatch in P&L. In these scenarios, all gains and losses on that liability
(including the effects of changes in the credit risk of the liability) are presented in P&L. On derecognition of the financial liability, no
amount relating to own credit risk is recycled to the income statement.
The details on how the fair value amounts are arrived at for financial liabilities designated at fair value are described in Note 17.
2025
2024
Fair value
Contractual
amount due
on maturity
Fair value
Contractual
amount due
on maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt securities
86,676
101,106
80,218
96,316
Deposits
48,960
51,225
46,383
48,201
Repurchase agreements and other similar secured borrowing
158,452
158,870
155,606
156,180
Other financial liabilities
20
20
17
17
Financial liabilities designated at fair value
294,108
311,221
282,224
300,714
The cumulative own credit net loss recognised is \u00a31,335m (2024: \u00a31,434m loss).
Fair value of financial instruments
Accounting for financial assets and liabilities \u2013 fair value
Financial instruments that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at
fair value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or
if the financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a
business model that is achieved by both collecting contractual cash flows and selling. Subsequent changes in fair value for these
instruments are recognised in the income statement in net investment income, except if reporting it in trading income reduces an
accounting mismatch.
Wherever possible, fair value is determined by reference to a quoted market price for that instrument. For many of the Group\u2019s
financial assets and liabilities, including derivatives, quoted prices are not available and valuation models are used to estimate fair
value. The models calculate the expected cash flows under the terms of each specific contract and then discount these values back
to a present value. These models use as their basis independently sourced market inputs including, for example, interest rate yield
curves, equities and commodities prices, option volatilities and currency rates.
For financial liabilities measured at fair value, the carrying amount also reflects the effect on fair value of changes in own credit
spreads derived from observable market data, such as in primary issuance and redemption activity for structured notes.
The Group uses the portfolio exemption in IFRS 13 Fair Value Measurement to measure the fair value of groups of financial assets and
liabilities. Financial instruments are measured using the price that would be received to sell a net long position (i.e. an asset) for a
particular risk exposure or to transfer a net short position (i.e. a liability) for a particular risk exposure in an orderly transaction between
market participants at the balance sheet date under current market conditions. Accordingly, the Group measures the fair value of the
group of financial assets and liabilities consistently with how market participants would price the net risk exposure at the
measurement date.
On initial recognition, the transaction price often reflects the fair value of the asset or liability.\u00a0 However, in some circumstances, fair
value may differ to the transaction price when there is information to the contrary. If the fair value of the instrument is observable
from current market transactions in the same instrument, or based on a valuation technique whose inputs only include observable
inputs, then the instrument is initially recognised at fair value and the difference to the transaction price is recognised in profit or loss.
For valuations that have made use of unobservable inputs, the difference between the model valuation and the initial transaction
price (day one profit) is recognised in profit or loss either: on a straight-line basis over the term of the transaction; or over the period
until all inputs will become observable where appropriate; or released in full when previously unobservable inputs become observable.
Various factors influence the availability of observable inputs, and these may vary from product-to-product and change over time.
Factors include the depth of activity in the relevant market, the type of product, whether the product is new and not widely traded in
the marketplace, the maturity of market modelling and the nature of the transaction (bespoke or generic). To the extent that
valuation is based on models or inputs that are not observable in the market, the determination of fair value can be more subjective,
dependent on the significance of the unobservable input to the overall valuation. Unobservable inputs are determined based on the
best information available, for example, by reference to similar assets, similar maturities, or other analytical techniques.
The sensitivity of valuations used in the financial statements to possible changes in significant unobservable inputs is shown on
page\u00a0442.
Valuation Control Framework
The Barclays Group has an established valuation control framework that oversees valuation methodologies, standards and
procedures.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
These estimates are considered to have a significant risk of resulting in a material adjustment to the carrying amounts of financial
assets and financial liabilities measured at fair value within the next financial year.
The valuation of financial instruments often involves a significant degree of judgement and complexity, in particular where valuation
models make use of unobservable inputs (\u2018Level 3\u2019 assets and liabilities). This note provides information on these instruments,
including the related unrealised gains and losses recognised in the period, a description of significant valuation techniques and
unobservable inputs, and a sensitivity analysis.
For assets and liabilities traded in active markets, it is determined that the market valuation includes a representation of the prevailing
view of climate-related risks. Within less active markets, for counterparties and instruments identified as being more susceptible to
climate change risk, an impact assessment was performed through increasing their probability of default. The change in valuation of
the assets and liabilities from this assessment was sufficiently immaterial to necessitate any amendment to the reported 2025 year-
end valuations.
Valuation
Assets and liabilities are classified according to a hierarchy that reflects the observability of significant market inputs. The three levels of
the fair value hierarchy are defined below, with judgement applied in determining the boundary between Level 2 and 3 classifications.
Valuation techniques using quoted market prices \u2013 Level 1
Assets and liabilities are classified as Level 1 if their value is observable in an active market. Such instruments are valued by reference to
unadjusted quoted prices for identical assets or liabilities in active markets where the quoted price is readily available, and the price
represents actual and regularly occurring market transactions. An active market is one in which transactions occur with sufficient volume
and frequency to provide pricing information on an ongoing basis.
Valuation techniques using observable inputs \u2013 Level 2
Assets and liabilities classified as Level 2 have been valued using models whose inputs are observable either directly or indirectly. A
valuation input is considered observable if it can be directly observed from transactions in an active market, or if there is compelling
external evidence demonstrating an executable exit price. Valuations based on observable inputs include assets and liabilities, such as
swaps and forwards that are valued using market standard pricing techniques, and options that are commonly traded in markets where
all the inputs to the market standard pricing models are observable. For certain instruments that derive a fair value using unobservable
inputs that are not considered significant, then the asset or liability may be classified as Level 2.
Valuation techniques using significant unobservable inputs \u2013 Level 3
Assets and liabilities are classified as Level 3 if their valuation incorporates significant inputs that are not based on observable market
data (unobservable inputs). Unobservable input levels are generally determined via reference to observable inputs, historical
observations or using other analytical techniques.
The following table shows the Group\u2019s assets and liabilities that are held at fair value disaggregated by the fair value hierarchy and
balance sheet classification:
Assets and liabilities held at fair value
2025
2024
Valuation techniques used
Valuation techniques used
Quoted
market
price
Observable
inputs
Significant
unobservable
inputs
Quoted
market
price
Observable
inputs
Significant
unobservable
inputs
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
111,158
68,556
10,347
190,061
77,761
78,577
10,115
166,453
Financial assets at fair value through the income
statement
5,140
173,140
8,577
186,857
3,526
181,784
8,424
193,734
Derivative financial assets
108
250,639
1,712
252,459
101
291,352
2,077
293,530
Financial assets at fair value through other
comprehensive income
51,717
19,578
3,099
74,394
25,913
48,407
3,739
78,059
Investment property
\u2014
\u2014
43
43
\u2014
\u2014
9
9
Total assets
168,123
511,913
23,778
703,814
107,301
600,120
24,364
731,785
Trading portfolio liabilities
(42,917)
(14,733)
(87)
(57,737)
(27,694)
(28,819)
(395)
(56,908)
Financial liabilities designated at fair value
(1,702)
(287,532)
(4,874)
(294,108)
(181)
(278,785)
(3,258)
(282,224)
Derivative financial liabilities
(93)
(237,650)
(3,065)
(240,808)
(86)
(276,148)
(3,181)
(279,415)
Total liabilities
(44,712)
(539,915)
(8,026)
(592,653)
(27,961)
(583,752)
(6,834)
(618,547)
The following table shows the Group\u2019s Level 3 assets and liabilities that are held at fair value disaggregated by product type:
As at
31 December 2025
Loans
Corporate
debt
Asset
backed
securities
Government
and
Government
sponsored
debt
Private
equity
investments
Issued
debt
Reverse
repurchase
and
repurchase
agreements
Interest
rate
derivatives
Equity
derivatives
Other
products 1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
5,667
1,849
874
1,513
\u2014
\u2014
\u2014
\u2014
\u2014
444
10,347
Financial assets at fair
value through the
income statement
5,990
905
188
33
1,260
\u2014
97
\u2014
\u2014
104
8,577
Derivative financial
assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
759
522
431
1,712
Financial assets at fair
value through other
comprehensive income
2,235
25
756
79
4
\u2014
\u2014
\u2014
\u2014
\u2014
3,099
Investment property
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
43
43
Total assets
13,892
2,779
1,818
1,625
1,264
\u2014
97
759
522
1,022
23,778
Trading portfolio
liabilities
\u2014
(36)
\u2014
(34)
\u2014
\u2014
\u2014
\u2014
\u2014
(17)
(87)
Financial liabilities
designated at fair value
\u2014
\u2014
\u2014
\u2014
(20)
(3,760)
(887)
\u2014
\u2014
(207)
(4,874)
Derivative financial
liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(612)
(1,602)
(851)
(3,065)
Total liabilities
\u2014
(36)
\u2014
(34)
(20)
(3,760)
(887)
(612)
(1,602)
(1,075)
(8,026)
As at
31 December 2024
Loans
Corporate
debt
Asset
backed
securities
Government
and
Government
sponsored
debt
Private
equity\u00a0
investments
Issued
debt
Reverse
repurchase
and
repurchase
agreements
Interest
rate
derivatives
Equity
derivatives
Other
products 1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
6,146
1,590
991
1,018
\u2014
\u2014
\u2014
\u2014
\u2014
370
10,115
Financial assets at fair
value through the income
statement
5,455
913
139
35
1,166
\u2014
539
\u2014
\u2014
177
8,424
Derivative financial
assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,193
481
403
2,077
Financial assets at fair
value through other
comprehensive income
2,858
108
757
12
4
\u2014
\u2014
\u2014
\u2014
\u2014
3,739
Investment property
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9
9
Total assets
14,459
2,611
1,887
1,065
1,170
\u2014
539
1,193
481
959
24,364
Trading portfolio liabilities
\u2014
(374)
(6)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(15)
(395)
Financial liabilities
designated at fair value
\u2014
\u2014
\u2014
\u2014
(17)
(1,842)
(1,379)
\u2014
\u2014
(20)
(3,258)
Derivative financial
liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1,013)
(1,219)
(949)
(3,181)
Total liabilities
\u2014
(374)
(6)
\u2014
(17)
(1,842)
(1,379)
(1,013)
(1,219)
(984)
(6,834)
Note:
1 Other products include certificate of deposits, funds and fund-linked products, equity cash products, investment property, credit derivatives and foreign
exchange derivatives.
Valuation techniques
The valuation techniques and observability used are described below:
Loans
Description: A drawn lending facility issued to corporate clients and customers.
Also includes Prime Brokerage Margin lending, and other similar secured lending agreements. The agreements are primarily short-term
in nature.
Valuation: Loans are valued either using a price-based approach, or through models that discount expected future cash flows based on
interest rates and loan spreads.
Prime Brokerage Margin Lending transactions are generally valued by discounting the expected future cash flows, using industry
standard models that incorporate market interest rates and repurchase rates, based on the specific details of the transaction.
Observability: Within this loan population, the price or loan spread may be generally unobservable.\u00a0
For Margin Lending inputs are deemed observable up to liquid maturities, and are determined based on the specific features of the
transaction. Unobservable inputs are generally set by referencing liquid market instruments and applying extrapolation techniques, or
inferred via another reasonable method.
Corporate debt
Description: Primarily corporate bonds.
Valuation: Corporate bonds are valued using observable market prices sourced from broker quotes, inter-dealer prices or other reliable
pricing sources.
Observability: Prices for actively-traded bonds are considered observable. Unobservable bond prices are generally determined by
reference to bond yields or credit default swap (CDS) spreads for actively-traded instruments issued by or referencing the same (or a
similar) issuer.
Asset backed securities
Description: Securities that are linked to the cash flows of a pool of referenced assets via securitisation. The category includes residential
mortgage backed securities, commercial mortgage backed securities, collateralised debt obligations (CDOs), collateralised loan
obligations (CLOs) and other asset backed securities.
Valuation: Where available, valuations are based on observable market prices sourced from broker quotes and inter-dealer prices and
external vendors who provide pricing. Otherwise, valuations are determined using industry standard discounted cash flow analysis that
calculates the fair value based on valuation inputs, such as constant default rate, conditional prepayment rate, loss given default and
yield. These inputs are determined by reference to a number of sources, including proxying to observed transactions, market indices or
market research, and by assessing underlying collateral performance.
Proxying to observed transactions, indices or research requires an assessment and comparison of the relevant securities\u2019 underlying
attributes, including collateral, tranche, vintage, underlying asset composition (historical losses, borrower characteristics and loan
attributes, such as loan to value ratio and geographic concentration) and credit ratings (original and current).
Observability: Where an asset backed product does not have an observable market price and the valuation is determined using a
discounted cash flow analysis, the instrument is considered unobservable.
Government and Government sponsored debt
Description: Government bonds, supra sovereign bonds and agency bonds.
Valuation: Liquid bonds that are actively traded through an exchange or clearing house are marked to the levels observed in these
markets. Other actively traded bonds are valued using observable market prices sourced from broker quotes, inter-dealer prices or
other reliable pricing sources.
Observability: Observability assessment is performed with reference to bond market trading data. Bonds are assessed at Level 1 if they
are traded in active market with a quoted price in line with requirements of IFRS 13. Unobservable bonds prices are generally determined
by reference to bond yields for actively traded bonds from the same (or a similar) issuer.
Private equity investments
Description: Includes investments in equity holdings in operating companies not quoted on a public exchange.
Valuation: Private equity investments are valued in accordance with the \u2018International Private Equity and Venture Capital Valuation
Guidelines\u2019 that require the use of a number of individual pricing benchmarks, such as the prices of recent transactions in the same or
similar entities, discounted cash flow analysis and comparison with the earnings or revenue multiples of listed companies. While the
valuation of unquoted equity instruments is subjective by nature, the relevant methodologies are commonly applied by other market
participants and have been consistently applied over time.
Observability: Inputs are considered observable if there is active trading in a liquid market of products with significant sensitivity to the
inputs. Unobservable inputs include earnings or revenue estimates, multiples of comparative companies, marketability discounts and
discount rates.
Issued debt
Description: Debt notes issued by Barclays.
Valuation: Issued debt is valued using discounted cash flow techniques incorporating various inputs observed for each instrument.
Observability: Barclays issued notes are generally observable. Structured notes are debt instruments containing embedded derivatives.
Where either an input to the embedded derivative or the debt instrument is deemed unobservable and significant to the overall valuation
of the note, the structured note is classified as Level 3.
Reverse repurchase and repurchase agreements
Description: Includes securities purchased under resale agreements, securities sold under repurchase agreements and other similar
secured lending agreements. The agreements are primarily short-term in nature.
Valuation: Repurchase and reverse repurchase agreements are generally valued by discounting the expected future cash flows, using
industry standard models that incorporate market interest rates and repurchase rates based on the specific details of the transaction.
Observability: Inputs are deemed observable up to liquid maturities or for consensus pricing with low pricing-range and are determined
based on the specific features of the transaction. Unobservable inputs are generally set by referencing liquid market instruments and
applying extrapolation techniques or inferred via another reasonable method.
Interest rate derivatives
Description: Derivatives linked to interest rates or inflation indices. The category includes futures, interest rate and inflation swaps,
swaptions, caps, floors, inflation options and other exotic interest rate derivatives.
Valuation: Interest rate and inflation derivatives are generally valued using curves of forward rates constructed from market data to
project and discount the expected future cash flows of trades. Instruments with optionality are valued using volatilities implied from
market inputs and use industry standard or bespoke models depending on the product type.
Observability: In general, inputs are considered observable up to liquid maturities that are determined separately for each input and
underlying. Unobservable inputs are generally set by referencing liquid market instruments and applying extrapolation techniques or
inferred via another reasonable method.
Equity derivatives
Description: Exchange traded or\u00a0 OTC derivatives linked to equity indices and single names. The category includes vanilla and exotic
equity products.
Valuation: Equity derivatives are valued using industry standard models. Valuation inputs include stock prices, dividends, volatilities,
interest rates, equity repurchase curves and, for multi-asset products, correlations.
Observability: In general, valuation inputs are observable up to liquid maturities that are determined separately for each input and
underlying. Unobservable inputs are set by referencing liquid market instruments and applying extrapolation techniques or inferred via
another reasonable method.
Foreign exchange derivatives
Description: Derivatives linked to the foreign exchange (FX) market. The category includes FX forward contracts, FX swaps and FX
options. The majority are traded as over the counter (OTC) derivatives.
Valuation: FX derivatives are valued using industry standard and bespoke models, depending on the product type. Valuation inputs
include FX rates, interest rates, FX volatilities, interest rate volatilities, FX interest rate correlations and others, as appropriate.
Observability: FX correlations, forwards and volatilities are generally observable up to liquid maturities that are determined separately for
each input and underlying. Unobservable inputs are set by referencing liquid market instruments and applying extrapolation techniques
or inferred via another reasonable method.
Credit derivatives
Description: Derivatives linked to the credit spread of a referenced entity, index or basket of referenced entities or a pool of referenced
assets (e.g. a securitised product). The category includes single name and index credit default swaps (CDS) and total return swaps (TRS).
Valuation: Credit derivatives are valued on industry standard models, using curves of credit spreads as the principal input. Credit spreads
are observed directly from broker data, third party vendors or priced to proxies.
Observability: Credit derivative contracts referencing entities that are actively traded are generally considered observable. Other
valuation inputs are considered observable, if products with significant sensitivity to the inputs are actively traded in a liquid market.
Unobservable valuation inputs are generally determined with reference to recent benchmark transactions or inferred from observable
trades of the same issuer or similar entities.
Assets and liabilities transferred between levels
During the year ended 31 December 2025, there were \u00a342.7bn assets and \u00a3(9.9)bn liabilities transferred from Level 2 to Level 1\u00a0 (year
ended 31 December 2024: there were no material transfers). Additionally, there were \u00a30.8bn assets and \u00a3(2.8)bn liabilities transferred
from Level 2 to Level 3 (year ended 31 December 2024: there were no material transfers). These transfers reflect enhancement to the
Group\u2019s levelling policy, including the use of additional data in the active market assessment of Level 1 government bonds and updated
assessments of unobservable market parameters for government bonds and issued debt; resulting in an increase in Level 3 balances.
Level 3 movement analysis
The following table summarises the movements in the Level 3 balances during the year. Transfers have been reflected as if they had
taken place at the beginning of the year.
Asset and liability transfers between Level 2 and Level 3 are primarily due to i) an increase or decrease in observable market activity
related to an input or ii) a change in the significance of the unobservable input, with assets and liabilities classified as Level 3 if an
unobservable input is deemed significant.
Analysis of movements in Level 3 assets and liabilities
As at 1
January
2025
Total gains and
(losses) in the
period
recognised in the
income
statement
Total gains
and
(losses) in
the period
recognised
in OCI
Transfers
As at 31
December
2025
Purchases
Sales
Issues
Settlements
Trading
income 2
Other
income
In
Out
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
10,115
5,810
(4,157)
\u2014
(1,554)
151
\u2014
\u2014
382
(400)
10,347
Financial assets at fair value
through the income statement
8,424
2,858
(1,202)
\u2014
(1,436)
95
72
\u2014
60
(294)
8,577
Financial assets at fair value
through other comprehensive
income
3,739
922
(640)
\u2014
(1,030)
4
(2)
\u2014
118
(12)
3,099
Investment property
9
34
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
43
Trading portfolio liabilities
(395)
(55)
25
\u2014
352
2
\u2014
\u2014
(28)
12
(87)
Financial liabilities designated at
fair value
(3,258)
\u2014
28
(503)
1,020
43
(3)
\u2014
(2,954)
753
(4,874)
Net derivative financial
instruments 1
(1,104)
(447)
220
\u2014
\u2014
(44)
\u2014
\u2014
3
19
(1,353)
Total
17,530
9,122
(5,726)
(503)
(2,648)
251
67
\u2014
(2,419)
78
15,752
Analysis of movements in Level 3 assets and liabilities
As at 1
January
2024
Total gains and
(losses) in the
period recognised
in the income
statement
Total gains
and (losses)
in the period
recognised
in OCI
Transfers
As at 31
December
2024
Purchases
Sales
Issues
Settlements
Trading
income 2
Other
income
In
Out
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
6,509
5,848
(1,817)
\u2014
(865)
(9)
\u2014
\u2014
775
(326)
10,115
Financial assets at fair value
through the income statement
8,249
2,704
(2,072)
\u2014
(793)
(1)
218
\u2014
207
(88)
8,424
Financial assets at fair value
through other comprehensive
income
1,078
3,116
(43)
\u2014
\u2014
3
22
(1)
49
(485)
3,739
Investment property
2
9
(2)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9
Trading portfolio liabilities
(368)
(26)
20
\u2014
\u2014
(7)
\u2014
\u2014
(15)
1
(395)
Financial liabilities designated at
fair value
(1,222)
(415)
19
(1,146)
143
(74)
(20)
\u2014
(893)
350
(3,258)
Net derivative financial
instruments 1
(1,113)
(568)
(6)
\u2014
(16)
(64)
(1)
\u2014
163
501
(1,104)
Total
13,135
10,668
(3,901)
(1,146)
(1,531)
(152)
219
(1)
286
(47)
17,530
Notes:
1 The derivative financial instruments are represented on a net basis. On a gross basis, derivative financial assets are \u00a31,712m (2024: \u00a32,077m) and derivative
financial liabilities are \u00a3(3,065)m (2024: \u00a3(3,181)m).
2 Trading income represents gains and losses on Level 3 financial instruments which in the majority are offset by losses and gains on financial instruments
disclosed in Level 2.
Unrealised gains and losses on Level 3 assets and liabilities
The following table discloses the unrealised gains and losses recognised in the year, arising on Level 3 assets and liabilities held at year
end.
Unrealised gains and (losses) recognised during the period on Level 3 assets and liabilities held at year end
2025
2024
Income statement
Other
compre-
hensive
income
Total
Income statement
Other
compre-
hensive
income
Total
Trading
income 1
Other
income
Trading
income 1
Other
income
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
36
\u2014
\u2014
36
(9)
\u2014
\u2014
(9)
Financial assets at fair value through the income
statement
94
72
\u2014
166
2
94
\u2014
96
Financial assets at fair value through other
comprehensive income
4
(1)
\u2014
3
3
22
(1)
24
Investment property
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Trading portfolio liabilities
1
\u2014
\u2014
1
(7)
\u2014
\u2014
(7)
Financial liabilities designated at fair value
43
(3)
\u2014
40
(77)
(9)
\u2014
(86)
Net derivative financial instruments
(44)
\u2014
\u2014
(44)
(57)
(1)
\u2014
(58)
Total
134
68
\u2014
202
(145)
106
(1)
(40)
Note:
1 Trading income represents gains and losses on Level 3 financial instruments which in the majority are offset by losses and gains on financial instruments
disclosed in Level 2.
Significant unobservable inputs
The following table discloses the valuation techniques and significant unobservable inputs for material products recognised at fair value
and classified as Level 3 along with the range of values used for those significant unobservable inputs:
Valuation technique(s) 1
Significant unobservable
inputs
2025 Range
2024 Range
Min
Max
Min
Max
Units 2
Derivative financial
instruments 3
Interest rate derivatives
Discounted cash flows
Inflation forwards
n/m4
n/m4
3
3
%
Credit spread
8
2,070
14
1,972
bps
Yield
\u2014
5
\u2014
12
%
Option model
Interest rate volatility
\u2014
2
19
175
bps vol
FX - IR correlation
(36)
30
(36)
30
%
IR - IR correlation
35
98
33
98
%
IR - Inflation correlation
10
10
10
10
%
Inflation - Inflation
correlation
5
5
5
5
%
Equity derivatives
Discounted cash flow
Discount margin
(190)
350
(215)
351
bps
Option model
Equity volatility
1
88
1
133
%
Equity - equity
correlation
15
100
40
100
%
Non-derivative financial
instruments
Loans
Discounted cash flows
Loan spread
30
942
35
908
bps
Credit spread
194
420
194
1,011
bps
Discount margin
\u2014
\u2014
230
345
bps
Yield
5
8
2
18
%
Comparable pricing
Comparable price
\u2014
186
\u2014
240
points
Asset backed securities
Comparable pricing
Comparable price
\u2014
530
\u2014
125
points
Discounted cash flows
Discount margin
n/m4
n/m4
(137)
(25)
bps
Option Model
Equity volatility
n/m4
n/m4
15
32
%
Private equity investments
EBITDA multiple
EBITDA multiple
6
17
2
7
Multiple
Earnings multiple
Earnings multiple
1
11
3
17
Multiple
Discounted cash flow
Credit spread
297
522
210
430
bps
Discount margin
8
10
8
10
%
Corporate debt
Comparable pricing
Comparable price
\u2014
239
\u2014
2,322
points
Government and
Government sponsored debt
Comparable pricing
Comparable price
\u2014
231
\u2014
123
points
Issued debt
Discounted cash flows
Credit spread
80
120
50
198
bps
Option model
Equity volatility
1
95
1
111
%
Interest rate volatility
37
178
19
211
bps vol
Reverse repurchase and
repurchase agreements
Discounted cash flows
Repo spread
100
148
14
186
bps
Notes:
1 A range has not been provided for Net Asset Value as there would be a wide range reflecting the diverse nature of the positions.
2 The units used to disclose ranges for significant unobservable inputs are percentages, points and basis points. Points are a percentage of par; for example, 100
points equals 100% of par. A basis point equals 1/100th of 1%; for example, 150 basis points equals 1.5%.
3 Certain derivative instruments are classified as Level 3 due to a significant unobservable credit spread input into the calculation of the Credit Valuation
Adjustment for the instruments.
4 Non-material Level 3 balances for these unobservable inputs.
The following section describes the significant unobservable inputs identified in the table above, and the sensitivity of fair value
measurement of the instruments categorised as Level 3 assets or liabilities to increases in significant unobservable inputs. Where
sensitivities are described, the inverse relationship will also generally apply.
Where reliable interrelationships can be identified between significant unobservable inputs used in fair value measurement, a description
of those interrelationships is included below.
Forwards
A price or rate that is applicable to a financial transaction that will take place in the future.
In general, a significant increase in a forward in isolation will result in a fair value increase for the contracted receiver of the underlying
(currency, bond, commodity, etc.), but the sensitivity is dependent on the specific terms of the instrument.
Credit spread
Credit spreads typically represent the difference in yield between an instrument and a benchmark security or reference rate. Credit
spreads reflect the additional yield that a market participant demands for taking on exposure to the credit risk of an instrument and
forms part of the yield used in a discounted cash flow calculation.
In general, a significant increase in credit spread in isolation will result in a fair value decrease for a cash asset.
For a derivative instrument, a significant increase in credit spread in isolation can result in a fair value increase or decrease, depending on
the specific terms of the instrument.
Volatility
Volatility is a measure of the variability or uncertainty in return for a given derivative underlying. It is an estimate of how much a particular
underlying instrument input or index will change in value over time. In general, volatilities are implied from observed option prices. For
unobservable options the implied volatility may reflect additional assumptions about the nature of the underlying risk, and the strike/
maturity profile of a specific contract.
In general, a significant increase in volatility in isolation will result in a fair value increase for the holder of a simple option, but the
sensitivity is dependent on the specific terms of the instrument.
There may be interrelationships between unobservable volatilities and other unobservable inputs (e.g. when equity prices fall, implied
equity volatilities generally rise) but these are generally specific to individual markets and may vary over time.
Correlation
Correlation is a measure of the relationship between the movements of two variables. Correlation can be a significant input into the
valuation of derivative contracts with more than one underlying instrument. Credit correlation generally refers to the correlation
between default processes for the separate names that make up the reference pool of a collateralised debt obligation (CDO) structure.
A significant increase in correlation in isolation can result in a fair value increase or decrease, depending on the specific terms of the
instrument.
Discount Margin
Discount margin represents the additional yield over a benchmark rate that market participants require to compensate for credit risk,
liquidity risk and other factors associated with the instrument. It is commonly used in discounted cash flow valuations.
In general, a significant increase in discount margin in isolation will result in a fair value decrease for the instrument, as higher required
returns reduce present value. The sensitivity depends on the specific terms of the instrument.
Repo Spread
Repo spread refers to the difference between the repurchase agreement rate and a benchmark funding rate. It reflects market
conditions, counterparty credit risk and liquidity premiums that influence the cost of financing through repos.
In general, a significant increase in repo spread in isolation will result in a fair value decrease for the instrument, as higher financing costs
reduce its attractiveness. The sensitivity is dependent on the specific contractual terms.
Comparable price
Comparable instrument prices are used in valuation by calculating an implied yield (or spread over a liquid benchmark) from the price of a
comparable observable instrument, then adjusting that yield (or spread) to account for relevant differences, such as maturity or credit
quality. Alternatively, a price-to-price basis can be assumed between the comparable and unobservable instruments in order to
establish a value.
Loans include a portfolio of loans extended to clients within the Group\u2019s leveraged finance business. Leveraged finance loans are
originated where Barclays provides financing commitments to clients to facilitate strategic transactions, such as leverage buyouts and
acquisitions. The sensitivity of the portfolio to unobservable inputs is judgmental, reflecting their illiquid nature and the significance of
unobservable price inputs to the valuation.
In general, a significant increase in comparable price in isolation will result in an increase in the price of the unobservable instrument. For
derivatives, a change in the comparable price in isolation can result in a fair value increase or decrease depending on the specific terms of
the instrument.
Loan spread
Loan spreads typically represent the difference in yield between an instrument and a benchmark security or reference rate. Loan
spreads typically reflect credit quality, the level of comparable assets, such as gilts and other factors, and form part of the yield used in a
discounted cash flow calculation.
In general, a significant increase in loan spreads in isolation will result in a fair value decrease for a loan.
EBITDA multiple
EBITDA multiple is the ratio of the valuation of the investment to the earnings before interest, taxes, depreciation and amortisation.
In general, a significant increase in the multiple will result in a fair value increase for an investment.
Earnings multiple
Earnings or Revenue multiple is the ratio of the valuation of the investment to the earnings or revenue. In general, a significant increase in
the multiple will result in a fair value increase for an investment.
Sensitivity Analysis
Sensitivity analysis is performed on products with significant unobservable inputs (Level 3) to generate a range of reasonably possible
alternative valuations. The sensitivity methodologies applied take account of the nature of the valuation techniques used, as well as the
availability and reliability of observable proxy and historical data and the impact of using alternative models.
Sensitivities are\u00a0 calculated on a monthly basis. The calculation is based on range or spread data of a reliable reference source or a
scenario based on relevant market analysis alongside the impact of using alternative models. Sensitivities are calculated without
reflecting the impact of any diversification in the portfolio.
Sensitivity analysis of valuations using unobservable inputs (relates to Level 3 portfolios)
2025
2024
Favourable changes
Unfavourable changes
Favourable changes
Unfavourable changes
Income
statement
Equity
Income
statement
Equity
Income
statement
Equity
Income
statement
Equity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a0 Loans
245
21
(324)
(37)
653
43
(766)
(43)
\u00a0 Corporate debt
88
\u2014
(68)
\u2014
87
\u2014
(56)
\u2014
\u00a0 Asset backed securities
51
6
(43)
(6)
57
4
(40)
(4)
Government and Government sponsored debt
45
\u2014
(41)
\u2014
47
\u2014
(56)
\u2014
\u00a0 Private equity investments
218
1
(218)
(1)
232
\u2014
(232)
\u2014
\u00a0 Interest rate derivatives
109
\u2014
(134)
\u2014
98
\u2014
(212)
\u2014
\u00a0 Equity derivatives
336
\u2014
(336)
\u2014
199
\u2014
(269)
\u2014
Other products 1
109
312
(108)
(89)
92
\u2014
(104)
\u2014
Total
1,201
340
(1,272)
(133)
1,465
47
(1,735)
(47)
Note:
1 Other products include issued debt, reverse repurchase and repurchase agreements, certificate of deposits, funds and fund-linked products, equity cash
products, credit derivatives and foreign exchange derivatives
The effect of stressing unobservable inputs to a range of reasonably possible alternatives, alongside considering the impact of using
alternative models, would be to increase fair values by up to \u00a31,541m (2024: \u00a31,512m) or to decrease fair values by up to \u00a31,405m
(2024: \u00a31,782m) with substantially all the potential effect impacting profit and loss. Unfavourable changes shown in the table above are
partly provided for through the capital and prudential valuation adjustment framework.
Fair value adjustments
Key balance sheet valuation adjustments are quantified below:
2025
2024
\u00a3m
\u00a3m
Exit price adjustments derived from market bid-offer spreads
(628)
(542)
Uncollateralised derivative funding
62
19
Derivative credit valuation adjustments
(155)
(184)
Derivative debit valuation adjustments
119
108
Exit price adjustments derived from market bid-offer spreads
The Group uses mid-market pricing where it is a market-maker and has the ability to transact at, or better than, mid-price (which is the
case for certain equity, bond and vanilla derivative markets). For other financial assets and liabilities, bid-offer adjustments are recorded
to reflect the exit level for the expected close out strategy. The methodology for determining the bid-offer adjustment for a derivative
portfolio involves calculating the net risk exposure by offsetting long and short positions by strike and term in accordance with the risk
management and hedging strategy.
Bid-offer levels are generally derived from market quotes, such as broker data. Less liquid instruments may not have a directly
observable bid-offer level. In such instances, an exit price adjustment may be derived from an observable bid-offer level for a
comparable liquid instrument, or determined by calibrating to derivative prices, or by scenario or historical analysis.
Exit price adjustments derived from market bid-offer spreads have increased by \u00a386m .
Discounting approaches for derivative instruments
Collateralised
In line with market practice, the methodology for discounting collateralised derivatives takes into account the nature and currency of the
collateral that can be posted within the relevant credit support annex (CSA). The CSA aware discounting approach recognises the
\u2018cheapest to deliver\u2019 option that reflects the ability of the party posting collateral to change the currency of the collateral.
Uncollateralised
A fair value adjustment of \u00a362m is applied to account for the impact of incorporating the cost/benefit of funding into the valuation of
uncollateralised and partially collateralised derivative portfolios and collateralised derivatives where the terms of the agreement do not
allow the rehypothecation of collateral received. The derivative funding adjustment has moved by \u00a343m.
Derivative credit and debit valuation adjustments
Derivative credit valuation adjustments and derivative debit valuation adjustments are incorporated into derivative valuations to reflect
the impact on fair value of counterparty credit risk and Barclays\u2019 own credit quality, respectively. These adjustments are calculated for
uncollateralised and partially collateralised derivatives across all asset classes. Derivative credit valuation adjustments and derivative
debit valuation adjustments are calculated using estimates of exposure at default, probability of default and recovery rates, at a
counterparty level. Counterparties include (but are not limited to) corporates, Sovereigns and Sovereign agencies and Supranationals.
Exposure at default is generally estimated through the simulation of underlying risk factors through approximating with a more vanilla
structure, or by using current or scenario-based mark to market as an estimate of future exposure.
Probability of default and recovery rate information is generally sourced from the credit default swap (CDS) markets. Where this
information is not available, or considered unreliable, alternative approaches are taken based on mapping internal counterparty ratings
onto historical or market-based default and recovery information.
Derivative credit valuation adjustments decreased by \u00a3(29)m. Derivative debit valuation adjustments increased by \u00a311m.
Correlation between counterparty credit and underlying derivative risk factors, termed \u2018wrong-way', or \u2018right-way\u2019 risk, is not
systematically incorporated into the derivative credit valuation adjustments calculation, but is adjusted where the underlying exposure is
directly related to the counterparty.
Barclays continues to monitor market practices and activity to ensure the approach to uncollateralised derivative valuation remains
appropriate.
Unrecognised gains as a result of the use of valuation models using unobservable inputs
The amount that is yet to be recognised in income, relating to the difference between the transaction price (the fair value at initial
recognition) and the amount that would have arisen had valuation models using unobservable inputs been used on initial recognition, is
\u00a3264m (2024: \u00a3273m) for financial instruments measured at fair value. There are additions and FX revaluation of\u00a0 \u00a355m (2024: \u00a3173m)
and amortisation and releases of \u00a364m (2024: \u00a3105m) for these instruments. For financial instruments carried at amortised cost, the
amount that is yet to be recognised in income is \u00a3164m (2024: \u00a3173m). There are additions of \u00a3nil (2024: \u00a3nil) and amortisation and
releases of \u00a39m (2024: \u00a319m) for these instruments.
Third-party credit enhancements
Structured and brokered certificates of deposit issued by the Group are insured up to $250,000 per depositor by the Federal Deposit
Insurance Corporation (FDIC) in the United States. The FDIC is funded by fees that Barclays and other banks pay for deposit insurance
coverage. The carrying value of these issued certificates of deposit that are designated under the IFRS 9 fair value option includes this
third-party credit enhancement. The on-balance sheet value of these brokered certificates of deposit amounted to \u00a34,156m (2024:
\u00a34,844m).
Comparison of carrying amounts and fair values for assets and liabilities not held at fair value
The following table shows the fair value of financial assets and liabilities measured at amortised cost disaggregated by the fair value
hierarchy and balance sheet classification
2025
2024
Carrying
amount
Fair value
Level 1
Level 2
Level 3
Carrying
amount
Fair value
Level 1
Level 2
Level 3
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Debt securities at amortised cost
68,475
67,442
34,118
29,853
3,471
68,210
67,354
19,341
46,429
1,584
Loans and advances at amortised cost
361,523
361,517
7,631
71,157
282,729
346,273
343,016
6,977
73,606
262,433
Reverse repurchase agreements and other
similar secured lending
17,622
17,622
\u2014
17,622
\u2014
4,734
4,734
\u2014
4,734
\u2014
Assets included in disposal groups
classified as held for sale
5,801
6,065
\u2014
\u2014
6,065
9,544
9,628
\u2014
3,520
6,108
Financial liabilities
Deposits at amortised cost
(585,613)
(585,689)
(421,488)
(160,433)
(3,768)
(560,663)
(560,393)
(410,955)
(146,607)
(2,831)
Repurchase agreements and other similar
secured borrowing
(25,170)
(25,170)
\u2014
(25,170)
\u2014
(39,415)
(39,415)
\u2014
(39,415)
\u2014
Debt securities in issue
(119,033)
(121,439)
\u2014
(119,590)
(1,849)
(92,402)
(94,463)
\u2014
(92,066)
(2,397)
Subordinated liabilities
(12,954)
(13,483)
\u2014
(12,764)
(719)
(11,921)
(12,434)
\u2014
(11,697)
(737)
Liabilities included in disposal groups
classified as held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
(3,647)
(3,647)
\u2014
(3,647)
\u2014
The fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. As a wide range of valuation techniques are available, it may not be appropriate
to directly compare this fair value information to independent market sources or other financial institutions. Different valuation
methodologies and assumptions can have a significant impact on fair values which are based on unobservable inputs.
Debt securities at amortised cost
Debt securities at amortised cost are valued using observable market prices sourced from broker quotes, inter-dealer prices or other
reliable pricing sources. Observability assessment is performed with reference to bond market trading data. Bonds are assessed at Level
1 if they are traded in active market, with a quoted price in line with requirements of IFRS 13. Where market data for the underlying bond
is unavailable, a number of proxy/extrapolation techniques are employed to determine the appropriate fair value. The enhancements
noted in levelling policy are applicable to the government bond reported at amortised cost.
Loans and advances at amortised cost
The fair value of loans and advances, for the purpose of this disclosure, is derived from discounting expected cash flows in a way that
reflects the current market price or loan spreads of the borrowers. Where market data or credit information on the underlying borrowers
is unavailable, a number of proxy/extrapolation techniques are employed to determine the appropriate discount rates.
Reverse repurchase agreements and other similar secured lending
The fair value of reverse repurchase agreements approximates carrying amounts as these balances are generally short dated and fully
collateralised.
Deposits at amortised cost
In many cases, the fair value disclosed approximates carrying value because the instruments are short-term in nature or have interest
rates that reprice frequently, such as customer accounts and other deposits and short-term debt securities.
The fair value for deposits with longer-term maturities, mainly time deposits, are estimated using discounted cash flows applying either
market rates or current rates for deposits of similar remaining maturities.
Repurchase agreements and other similar secured borrowing
The fair value of repurchase agreements approximates carrying amounts as these balances are generally short dated.
Debt securities in issue
Fair values of other debt securities in issue are based on quoted prices where available or, where the instruments are short dated,
carrying amount approximates fair value.
Subordinated liabilities
Fair values for dated and undated convertible and non-convertible loan capital are based on quoted market rates for the issuer
concerned or issuers with similar terms and conditions.
Assets & liabilities included in disposal groups classified as held for sale
The fair value for the purposes of this disclosure has been prepared in accordance with the products held for sale, and valuation
techniques used to determine the expected sales price of these assets and liabilities that will be achieved when the disposal group is
sold.\u00a0
Offsetting financial assets and financial liabilities
The Group reports financial assets and financial liabilities on a net basis on the balance sheet, only if there is a legally enforceable right to
set-off the recognised amounts, and there is intention to settle on a net basis, or to realise the asset and settle the liability
simultaneously. The following table shows the impact of netting arrangements on:
\u2022 All financial assets and liabilities that are reported net on the balance sheet
\u2022 All derivative financial instruments and reverse repurchase and repurchase agreements and other similar secured lending and
borrowing agreements that are subject to enforceable master netting arrangements or similar agreements, but do not qualify for
balance sheet netting.
Amounts subject to enforceable netting arrangements
Amounts not
subject to
enforceable
netting
arrangements 3
Balance
sheet total 4
Effects of offsetting on-balance sheet
Related amounts not offset
Gross
amounts
Amounts
offset 1
Net
amounts
reported on
the balance
sheet
Financial
instruments
Financial
collateral 2
Net amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Derivative financial assets
291,146
(42,571)
248,575
(194,743)
(43,404)
10,428
3,884
252,459
Reverse repurchase agreements and
other similar secured lending5
779,674
(630,480)
149,194
\u2014
(148,845)
349
916
150,110
Total assets
1,070,820
(673,051)
397,769
(194,743)
(192,249)
10,777
4,800
402,569
Derivative financial liabilities
(278,718)
43,257
(235,461)
194,743
28,546
(12,172)
(5,347)
(240,808)
Repurchase agreements and other
similar secured borrowing 5
(802,164)
630,480
(171,684)
\u2014
171,684
\u2014
(11,938)
(183,622)
Total liabilities
(1,080,882)
673,737
(407,145)
194,743
200,230
(12,172)
(17,285)
(424,430)
As at 31 December 2024
Derivative financial assets
334,885
(47,207)
287,678
(230,434)
(43,270)
13,974
5,852
293,530
Reverse repurchase agreements and
other similar secured lending5
701,482
(556,373)
145,109
\u2014
(144,670)
439
1,398
146,507
Total assets
1,036,367
(603,580)
432,787
(230,434)
(187,940)
14,413
7,250
440,037
Derivative financial liabilities
(318,897)
46,040
(272,857)
230,434
27,677
(14,746)
(6,558)
(279,415)
Repurchase agreements and other
similar secured borrowing 5
(731,622)
556,373
(175,249)
\u2014
175,249
\u2014
(19,772)
(195,021)
Total liabilities
(1,050,519)
602,413
(448,106)
230,434
202,926
(14,746)
(26,330)
(474,436)
Notes:
1 Amounts offset for derivative financial assets additionally includes cash collateral netted of \u00a36,086m (2024 : \u00a35,126m). Amounts offset for derivative financial
liabilities additionally includes cash collateral netted of \u00a35,400m (2024 : \u00a36,293m). Settlements assets and liabilities have been offset amounting to \u00a338,196m
( 2024: \u00a325,133m).
2 Financial collateral of \u00a343,404m (2024: \u00a343,270m) was received in respect of derivative assets, including \u00a330,758m ( 2024: \u00a330,637m) of cash collateral and
\u00a312,646m (2024: \u00a312,633m) of non-cash collateral. Financial collateral of \u00a328,546m (2024: \u00a327,677m) was placed in respect of derivative liabilities, including
\u00a323,369m (2024: \u00a323,126m) of cash collateral and \u00a35,177m ( 2024: \u00a34,551m) of non-cash collateral. The collateral amounts are limited to net balance sheet
exposure, so as to not include overcollateralisation.
3 This column includes contractual rights of set-off that are subject to uncertainty under the laws of the relevant jurisdiction.
4 The balance sheet total is the sum of \u2018Net amounts reported on the balance sheet that are subject to enforceable netting arrangements' and \u2018Amounts not
subject to enforceable netting arrangements\u2019.
5 Reverse repurchase agreements and other similar secured lending of \u00a3150,110m (2024: \u00a3146,507m) is split by fair value \u00a3132,488m (2024: \u00a3141,773m) and
amortised cost \u00a317,622m (2024: \u00a34,734m ). Repurchase agreements and other similar secured borrowing of \u00a3183,622m (2024: \u00a3195,021m) is split by fair value
\u00a3158,452m (2024: \u00a3155,606m ) and amortised cost \u00a325,170m (2024: \u00a339,415m).
These offsetting and collateral arrangements and other credit risk mitigation strategies used by the Group are further explained in the
Credit risk management section.
Securitisations
Accounting for securitisations
The Group uses securitisations as a source of finance and a means of risk transfer. Such transactions generally result in the transfer
of contractual cash flows from portfolios of financial assets to holders of issued debt securities.
Securitisations may, depending on the individual arrangement, result in continued recognition of the securitised assets and the
recognition of the debt securities issued in the transaction; lead to partial continued recognition of the assets to the extent of the
Group\u2019s continuing involvement in those assets or lead to derecognition of the assets and the separate recognition, as assets or
liabilities, of any rights and obligations created or retained in the transfer. Full derecognition only occurs when the Group transfers
both its contractual right to receive cash flows from the financial assets, or retains the contractual rights to receive the cash flows,
but assumes a contractual obligation to pay the cash flows to another party without material delay or reinvestment, and also
transfers substantially all the risks and rewards of ownership, including credit risk, prepayment risk and interest rate risk.
In the course of its normal banking activities, the Group\u00a0 transfers financial assets, either where legal rights to the cash flows from the
asset are passed to the counterparty or beneficially, where the Group retains the rights to the cash flows, but assumes a responsibility to
transfer them to the counterparty. Depending on the nature of the transaction, this may result in derecognition of the assets in their
entirety, partial derecognition or no derecognition of the assets subject to the transfer.
A summary of the main transactions, and the assets and liabilities and the financial risks arising from these transactions, is set out below:
Transfers of financial assets that do not result in derecognition
Securitisations
The Group was party to securitisation transactions involving its credit card balances, consumer and mortgage loans.
In these transactions, the assets, interests in the assets, or beneficial interests in the cash flows arising from the assets, are transferred
to a special purpose entity, which then issues interest bearing debt securities to third-party investors.
Securitisations may, depending on the individual arrangement, result in continued recognition of the securitised assets and the
recognition of the debt securities issued in the transaction. Partial continued recognition of the assets to the extent of the Group\u2019s
continuing involvement in those assets can also occur or derecognition of the assets and the separate recognition, as assets or
liabilities, of any rights and obligations created or retained in the transfer.
The following table shows the carrying amount of securitised assets that have not resulted in full derecognition, together with the
associated liabilities, for each category of asset on the balance sheet:
2025
2024
Assets
Liabilities
Assets
Liabilities
Carrying
amount
Fair value
Carrying
amount
Fair value
Carrying
amount
Fair value
Carrying
amount
Fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances at amortised cost
Credit cards, unsecured and other retail
lending
12,288
12,318
(2,213)
(2,210)
10,115
10,698
(2,130)
(2,134)
Mortgage assets
236
238
(21)
(26)
254
263
(21)
(20)
Financial assets at FVTPL
Mortgage assets
1,523
1,523
\u2014
\u2014
576
576
\u2014
\u2014
Assets included in disposal group
classified as held for sale
Personal Loans
\u2014
\u2014
\u2014
\u2014
846
826
\u2014
\u2014
Total
14,047
14,079
(2,234)
(2,236)
11,791
12,363
(2,151)
(2,154)
Balances included within loans and advances at amortised cost represent securitisations where substantially all the risks and rewards of
the asset have been retained by the Group, and balances included within Financial assets at FVTPL and Assets included in disposal
groups classified as held for sale represent securitisations where the risks and rewards are neither substantially transferred nor retained.
The relationship between the transferred assets and the associated liabilities is that holders of notes may only look to cash flows from
the securitised assets for payments of principal and interest due to them under the terms of their notes, although the contractual terms
of their notes may be different to the maturity and interest of the transferred assets.
If Barclays transfers a financial asset, but does not transfer or retain substantially all the risk and rewards of the asset and retains control
over it, the transferred assets is recognised to the extent of Barclays\u2019 continuing involvement. Total Financial assets of \u00a321,932m (2024:
\u00a311,951 m) were originally transferred in this manner and the carrying value of the asset representing continued involvement is included
in the table above.
For transfers of assets in relation to repurchase agreements, refer to Note 37.
Continuing involvement in financial assets that have been derecognised
In some cases, the Group may have transferred a financial asset in its entirety but may have continuing involvement in it. This arises in
asset securitisations where loans and asset backed securities were derecognised as a result of the Group\u2019s involvement with asset
backed securities, residential mortgage backed securities and commercial mortgage backed securities. Continuing involvement largely
arises from providing financing into these structures in the form of retained notes, which do not bear first losses.
The table below shows the potential financial implications of such continuing involvement:
Continuing involvement 1
Gain from continuing
involvement
Carrying
amount
Fair value
Maximum
exposure to
loss 2
For the year
ended
Cumulative to
31 December
Type of transfer
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
Asset backed securities
67
67
141
3
5
Residential mortgage backed securities
3,456
3,452
3,456
150
414
Commercial mortgage backed securities
360
328
360
5
26
Total
3,883
3,847
3,957
158
445
2024
Asset backed securities
53
53
130
1
1
Residential mortgage backed securities
4,462
4,454
4,462
194
261
Commercial mortgage backed securities
377
334
377
3
21
Total
4,892
4,841
4,969
198
283
Notes:
1 Assets which represent the Group\u2019s continuing involvement in derecognised assets are recorded in Loans and advances at amortised cost and Debt securities
at FVTPL.
2 Maximum exposure to loss includes notional value of undrawn loan commitment, if any.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-684": { "value": "
Trading portfolio assets
Trading portfolio liabilities
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt securities and other eligible bills
94,359
78,014
(33,217)
(37,050)
Equity securities
83,242
74,859
(24,520)
(19,858)
Traded loans
12,249
13,470
\u2014
\u2014
Commodities
211
110
\u2014
\u2014
Trading portfolio assets/(liabilities)
190,061
166,453
(57,737)
(56,908)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-683": { "value": "
Trading portfolio assets
Trading portfolio liabilities
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt securities and other eligible bills
94,359
78,014
(33,217)
(37,050)
Equity securities
83,242
74,859
(24,520)
(19,858)
Traded loans
12,249
13,470
\u2014
\u2014
Commodities
211
110
\u2014
\u2014
Trading portfolio assets/(liabilities)
190,061
166,453
(57,737)
(56,908)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-686": { "value": "Financial assets at fair value through the income statement
Accounting for financial assets designated at fair value
Financial assets, other than those held for trading, are classified in this category if they are so irrevocably designated at inception and
the use of the designation removes or significantly reduces an accounting mismatch.
Subsequent changes in fair value for these instruments are recognised in the income statement in net investment income, except if
reporting it in trading income reduces an accounting mismatch.
The details on how the fair value amounts are derived for financial assets at fair value are described in Note 17.
Accounting for financial assets mandatorily at fair value
Financial assets that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at fair
value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if
the financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a
business model that is achieved by both collecting contractual cash flows and selling.
Mandatorily at fair value
Designated at fair value
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances
45,474
42,487
2,198
2,581
47,672
45,068
Debt securities
2,911
2,783
303
182
3,214
2,965
Equity securities
3,400
3,818
\u2014
\u2014
3,400
3,818
Reverse repurchase agreements and other
similar secured lending
132,488
141,773
\u2014
\u2014
132,488
141,773
Other financial assets
83
110
\u2014
\u2014
83
110
Financial assets at fair value through the
income statement
184,356
190,971
2,501
2,763
186,857
193,734
Credit risk of financial assets designated at fair value and related credit derivatives
The following table shows the maximum exposure to credit risk, the changes in fair value attributable to changes in credit risk, and the
cumulative changes in fair value since initial recognition for loans and advances. The table does not include debt securities designated at
fair value as they have minimal exposure to credit risk due to limited gross exposure.
Maximum exposure
as at 31 December
Changes in fair value during the
year ended
Cumulative changes in fair value
from inception
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances designated at fair value,
attributable to credit risk
2,198
2,581
2
(1)
(6)
(8)
Value mitigated by related credit derivatives
193
405
(2)
\u2014
(2)
\u2014
Financial liabilities designated at fair value
Accounting for liabilities designated at fair value through profit and loss
The Group has the ability to make the fair value designation when holding the instruments at fair value reduces an accounting
mismatch (caused by an offsetting liability or asset being held at fair value), or is managed by the Group on the basis of its fair value, or
includes terms that have substantive derivative characteristics (Note 14). In accordance with IFRS 9, financial liabilities may be
designated at fair value, with gains and losses taken to the income statement within net trading income (Note 5) and net investment
income (Note 6). Movements in own credit are reported through other comprehensive income, unless the effects of changes in the
liability's credit risk would create or enlarge an accounting mismatch in P&L. In these scenarios, all gains and losses on that liability
(including the effects of changes in the credit risk of the liability) are presented in P&L. On derecognition of the financial liability, no
amount relating to own credit risk is recycled to the income statement.
The details on how the fair value amounts are arrived at for financial liabilities designated at fair value are described in Note 17.
2025
2024
Fair value
Contractual
amount due
on maturity
Fair value
Contractual
amount due
on maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt securities
86,676
101,106
80,218
96,316
Deposits
48,960
51,225
46,383
48,201
Repurchase agreements and other similar secured borrowing
158,452
158,870
155,606
156,180
Other financial liabilities
20
20
17
17
Financial liabilities designated at fair value
294,108
311,221
282,224
300,714
The cumulative own credit net loss recognised is \u00a31,335m (2024: \u00a31,434m loss).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-685": { "value": "Financial assets at fair value through the income statement
Accounting for financial assets designated at fair value
Financial assets, other than those held for trading, are classified in this category if they are so irrevocably designated at inception and
the use of the designation removes or significantly reduces an accounting mismatch.
Subsequent changes in fair value for these instruments are recognised in the income statement in net investment income, except if
reporting it in trading income reduces an accounting mismatch.
The details on how the fair value amounts are derived for financial assets at fair value are described in Note 17.
Accounting for financial assets mandatorily at fair value
Financial assets that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at fair
value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if
the financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a
business model that is achieved by both collecting contractual cash flows and selling.
Mandatorily at fair value
Designated at fair value
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances
45,474
42,487
2,198
2,581
47,672
45,068
Debt securities
2,911
2,783
303
182
3,214
2,965
Equity securities
3,400
3,818
\u2014
\u2014
3,400
3,818
Reverse repurchase agreements and other
similar secured lending
132,488
141,773
\u2014
\u2014
132,488
141,773
Other financial assets
83
110
\u2014
\u2014
83
110
Financial assets at fair value through the
income statement
184,356
190,971
2,501
2,763
186,857
193,734
Credit risk of financial assets designated at fair value and related credit derivatives
The following table shows the maximum exposure to credit risk, the changes in fair value attributable to changes in credit risk, and the
cumulative changes in fair value since initial recognition for loans and advances. The table does not include debt securities designated at
fair value as they have minimal exposure to credit risk due to limited gross exposure.
Maximum exposure
as at 31 December
Changes in fair value during the
year ended
Cumulative changes in fair value
from inception
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances designated at fair value,
attributable to credit risk
2,198
2,581
2
(1)
(6)
(8)
Value mitigated by related credit derivatives
193
405
(2)
\u2014
(2)
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-687": { "value": "
Accounting for financial assets designated at fair value
Financial assets, other than those held for trading, are classified in this category if they are so irrevocably designated at inception and
the use of the designation removes or significantly reduces an accounting mismatch.
Subsequent changes in fair value for these instruments are recognised in the income statement in net investment income, except if
reporting it in trading income reduces an accounting mismatch.
The details on how the fair value amounts are derived for financial assets at fair value are described in Note 17.
Accounting for financial assets mandatorily at fair value
Financial assets that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at fair
value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if
the financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a
business model that is achieved by both collecting contractual cash flows and selling.
Accounting for liabilities designated at fair value through profit and loss
The Group has the ability to make the fair value designation when holding the instruments at fair value reduces an accounting
mismatch (caused by an offsetting liability or asset being held at fair value), or is managed by the Group on the basis of its fair value, or
includes terms that have substantive derivative characteristics (Note 14). In accordance with IFRS 9, financial liabilities may be
designated at fair value, with gains and losses taken to the income statement within net trading income (Note 5) and net investment
income (Note 6). Movements in own credit are reported through other comprehensive income, unless the effects of changes in the
liability's credit risk would create or enlarge an accounting mismatch in P&L. In these scenarios, all gains and losses on that liability
(including the effects of changes in the credit risk of the liability) are presented in P&L. On derecognition of the financial liability, no
amount relating to own credit risk is recycled to the income statement.
The details on how the fair value amounts are arrived at for financial liabilities designated at fair value are described in Note 17.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-688": { "value": "Derivative financial instruments
Accounting for derivatives
Derivative instruments are contracts whose value is derived from one or more underlying financial instruments or indices defined in
the contract. They include swaps, forward-rate agreements, futures, options and combinations of these instruments and primarily
affect the Group\u2019s net interest income, net trading income and derivative assets and liabilities. Notional amounts of the contracts are
not recorded on the balance sheet. Derivatives are used to hedge interest rate, credit risk, inflation risk, exchange rate, commodity
equity exposures, and exposures to certain indices, such as house price indices and retail price indices related to non-trading
positions.
All derivative instruments are held at fair value through profit or loss, except for derivatives that are in a designated cash flow or net
investment hedge accounting relationship. Derivatives are classified as assets when their fair value is positive or as liabilities when
their fair value is negative.
Hedge accounting
The Group applies the requirements of IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting purposes.
The Group applies hedge accounting to represent the economic effects of its interest rate, currency and contractually-linked
inflation risk management strategies. Where derivatives are held for risk management purposes, and when transactions meet the
required criteria for documentation and hedge effectiveness, the Group applies fair value hedge accounting, cash flow hedge
accounting, or hedging of a net investment in a foreign operation, as appropriate to the risks being hedged.
Fair value hedge accounting
Changes in fair value of derivatives that qualify and are designated as fair value hedges are recorded in the income statement,
together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The fair value changes
adjust the carrying value of the hedged asset or liability held at amortised cost. For hedged items classified as fair value through other
comprehensive income, fair value movements attributable to the hedged risk are transferred from other comprehensive income to
the income statement.
If hedge relationships no longer meet the criteria for hedge accounting, hedge accounting is discontinued. For fair value hedges of
interest rate risk, the fair value adjustment to the hedged item is amortised to the income statement over the period to maturity of
the previously designated hedge relationship, using the effective interest method. If the hedged item is sold or repaid, the
unamortised fair value adjustment is recognised immediately in the income statement.
Cash flow hedge accounting
For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge is recognised
initially in other comprehensive income, and then recycled to the income statement in the periods when the hedged item will affect
profit or loss. Any ineffective portion of the gain or loss on the hedging instrument is recognised in the income statement
immediately.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in equity at that time remains in equity and is recognised when the hedged item is ultimately recognised in the
income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was recognised in
equity is immediately transferred to the income statement.
Hedges of net investments
The Group\u2019s net investments in foreign operations, including monetary items accounted for as part of the net investment, are
hedged for foreign currency risks using both derivatives and foreign currency borrowings. Hedges of net investments are accounted
for similarly to cash flow hedges; the effective portion of the gain or loss on the hedging instrument is being recognised directly in
other comprehensive income and the ineffective portion being recognised immediately in the income statement. The cumulative
gain or loss recognised in other comprehensive income is recognised in the income statement on the disposal or partial disposal of
the foreign operation, or other reductions in the Group\u2019s investment in the operation.
Total derivatives
2025
2024
Notional
contract
amount
Fair value
Notional
contract
amount
Fair value
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total derivative assets/(liabilities) held for trading
100,471,927
249,743
(240,127)
84,125,071
290,991
(278,595)
Total derivative assets/(liabilities) held for risk
management
320,316
2,716
(681)
310,376
2,539
(820)
Derivative assets/(liabilities)
100,792,243
252,459
(240,808)
84,435,447
293,530
(279,415)
Further information on netting arrangements of derivative financial instruments can be found within Note 18.
The fair values and notional amounts of derivative instruments held for trading and held for risk management are set out in the following
table:
Derivatives held for trading and held for risk management
2025
2024
Notional
contract
amount
Fair value
Notional
contract
amount
Fair value
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivatives held for trading
Foreign exchange derivatives
OTC derivatives
8,237,176
73,994
(71,556)
8,249,213
123,489
(116,429)
Derivatives cleared by central counterparty
276,189
251
(221)
240,612
228
(235)
Exchange traded derivatives
20,733
1
(1)
27,441
7
(7)
Foreign exchange derivatives
8,534,098
74,246
(71,778)
8,517,266
123,724
(116,671)
Interest rate derivatives
OTC derivatives
32,249,542
90,240
(77,130)
26,422,379
91,488
(79,925)
Derivatives cleared by central counterparty
42,748,421
1,428
(1,131)
36,810,961
1,479
(1,344)
Exchange traded derivatives
11,473,370
1,498
(1,457)
7,672,496
2,664
(2,698)
Interest rate derivatives
86,471,333
93,166
(79,718)
70,905,836
95,631
(83,967)
Credit derivatives
OTC derivatives
671,066
4,169
(4,666)
593,702
3,474
(4,307)
Derivatives cleared by central counterparty
1,065,702
3,682
(3,713)
943,413
3,424
(3,148)
Credit derivatives
1,736,768
7,851
(8,379)
1,537,115
6,898
(7,455)
Equity and stock index derivatives
OTC derivatives
739,183
22,178
(27,092)
598,297
21,965
(26,319)
Exchange traded derivatives
2,769,230
50,161
(51,063)
2,347,247
40,947
(42,309)
Equity and stock index derivatives
3,508,413
72,339
(78,155)
2,945,544
62,912
(68,628)
Commodity derivatives
OTC derivatives
4,681
15
(16)
7,084
17
(32)
Exchange traded derivatives
216,634
2,126
(2,081)
212,226
1,809
(1,842)
Commodity derivatives
221,315
2,141
(2,097)
219,310
1,826
(1,874)
Derivative assets/(liabilities) held for trading
100,471,927
249,743
(240,127)
84,125,071
290,991
(278,595)
Total OTC derivatives
41,901,648
190,596
(180,460)
35,870,675
240,433
(227,012)
Total derivatives cleared by central counterparty
44,090,312
5,361
(5,065)
37,994,986
5,131
(4,727)
Total exchange traded derivatives
14,479,967
53,786
(54,602)
10,259,410
45,427
(46,856)
Derivative assets/(liabilities) held for trading
100,471,927
249,743
(240,127)
84,125,071
290,991
(278,595)
Derivatives held for risk management
Derivatives designated as cash flow hedges
OTC foreign exchange derivatives
30,429
2,485
(86)
35,202
2,338
(320)
OTC interest rate derivatives
\u2014
\u2014
\u2014
105
\u2014
\u2014
Interest rate derivatives cleared by central
counterparty
120,983
\u2014
\u2014
111,873
\u2014
\u2014
Derivatives designated as cash flow hedges
151,412
2,485
(86)
147,180
2,338
(320)
Derivatives designated as fair value hedges
OTC interest rate derivatives
5,963
75
(552)
11,955
165
(434)
Interest rate derivatives cleared by central
counterparty
158,552
\u2014
\u2014
147,227
\u2014
\u2014
Derivatives designated as fair value hedges
164,515
75
(552)
159,182
165
(434)
Derivatives designated as hedges of net
investments
OTC foreign exchange derivatives
4,389
156
(43)
4,014
36
(66)
Derivatives designated as hedges of net
investments
4,389
156
(43)
4,014
36
(66)
Derivative assets/(liabilities) held for risk
management
320,316
2,716
(681)
310,376
2,539
(820)
Total OTC derivatives
40,781
2,716
(681)
51,276
2,539
(820)
Total derivatives cleared by central counterparty
279,535
\u2014
\u2014
259,100
\u2014
\u2014
Derivative assets/(liabilities) held for risk
management
320,316
2,716
(681)
310,376
2,539
(820)
Hedge accounting
Hedge accounting is applied predominantly for the following risks:
\u2022 Interest rate risk \u2013 arises due to a mismatch between fixed interest rates and floating interest rates. Interest rate risk also includes
exposure to inflation risk for certain types of investments
\u2022 Currency risk \u2013 arises due to assets or liabilities being denominated in different currencies than the functional currency of the relevant
entity. At a consolidated level, currency risk also arises when the functional currency of subsidiaries are different from the parent
\u2022 Contractually-linked inflation risk \u2013 arises from financial instruments within contractually specified inflation risk. The Group does not
hedge inflation risk that arises from other activities
In order to hedge these risks, the Group uses the following hedging instruments:
\u2022 Interest rate derivatives to swap interest rate exposures into either fixed or variable rates
\u2022 Currency derivatives to swap foreign currency exposures into the entity\u2019s functional currency, and net investment exposure to local
currency
\u2022 Inflation derivatives to swap inflation exposure into either fixed or variable interest rates
In some cases, certain items that are economically hedged may be ineligible hedged items for the purposes of IAS 39, such as core
deposits and equity. In these instances, a proxy hedging solution can be utilised, whereby portfolios of floating rate assets are
designated as eligible hedged items in cash flow hedges.
In some hedging relationships, the Group designates risk components of hedged items as follows:
\u2022 Benchmark interest rate risk as a component of interest rate risk, such as the Risk Free Rate (RFR) component
\u2022 Inflation risk as a contractually specified component of a debt instrument
\u2022 Exchange rate risk for foreign currency financial assets or financial liabilities
\u2022 Components of cash flows of hedged items, for example, certain interest payments for part of the life of an instrument
Using the benchmark interest rate risk results in other risks, such as credit risk and liquidity risk, being excluded from the hedge
accounting relationship.
In respect of many of the Group\u2019s hedge accounting relationships, the hedged item and hedging instrument change frequently due to
the dynamic nature of the risk management and hedge accounting strategy. The Group applies hedge accounting to dynamic scenarios,
predominantly in relation to interest rate risk, with a combination of hedged items in order for its financial statements to reflect as closely
as possible the economic risk management undertaken. In some cases, if the hedge accounting objective changes, the relevant hedge
accounting relationship is de-designated and is replaced with a different hedge accounting relationship.
Changes in the GBP value of net investments due to foreign currency movements are captured in the currency translation reserve,
resulting in a movement in CET1 capital.\u00a0The Group mitigates this by matching the CET1 capital movements to the revaluation of the
foreign currency RWA exposures.\u00a0Net investment hedges are designated, where necessary, to reduce the exposure to movement in a
particular exchange rate to within limits mandated by Risk.\u00a0As far as possible, existing external currency liabilities are designated as the
hedging instruments.
The hedging instruments share the same risk exposures as the hedged items. Hedge effectiveness is determined with reference to
quantitative tests, predominantly regression testing, but to the extent hedging instruments are exposed to different risks than the
hedged items, this could result in hedge ineffectiveness or hedge accounting failures.
Sources of ineffectiveness include the following:
\u2022 Mismatches between the contractual terms of the hedged item and hedging instrument, including basis differences
\u2022 Changes in credit risk of the hedging instruments
\u2022 If a hedging relationship becomes over-hedged, for example, in hedges of net investments if the net asset value designated at the
start of the period falls below the amount of the hedging instrument
\u2022 Cash flow hedges using external swaps with non-zero fair values.
Hedged items in fair value hedges
Accumulated fair value
adjustment included in carrying
amount
Hedged item statement of financial position classification and
risk category
Carrying
amount
Total
Of which:
Accumulated
fair value
adjustment on
items no longer
in a hedge
relationship
Change in fair
value used as a
basis to
determine
ineffectiveness
Hedge
ineffectiveness
recognised in
the income
statements1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
Assets
Loans and advances at amortised cost
- Interest rate risk
1,989
(3,342)
(1,709)
(196)
1
- Inflation risk
280
188
79
(9)
\u2014
Debt securities classified at amortised cost
- Interest rate risk
11,652
27
(1)
102
32
- Inflation risk
8,704
(1,332)
(2)
17
12
Financial assets at fair value through other comprehensive
income2
- Interest rate risk
48,598
(1,502)
(410)
31
167
- Inflation risk
8,813
(142)
(48)
62
(14)
Total assets
80,036
(6,103)
(2,091)
7
198
Liabilities
Debt securities in issue
- Interest rate risk
(50,966)
1,826
557
(746)
(20)
Subordinated liabilities
- Interest rate risk
(11,179)
358
2
(237)
1
Deposits at amortised cost from banks and customers
- Interest rate risk
(13,058)
(14)
(1)
(1)
3
Total liabilities
(75,203)
2,170
558
(984)
(16)
Total hedged items
4,833
(3,933)
(1,533)
(977)
182
2024
Assets
Loans and advances at amortised cost
- Interest rate risk
2,394
(3,853)
(1,786)
(848)
22
- Inflation risk
318
219
102
(17)
7
Debt securities classified at amortised cost
- Interest rate risk
8,223
(47)
8
62
69
- Inflation risk
10,100
(1,400)
(37)
(575)
(40)
Financial assets at fair value through other comprehensive income
- Interest rate risk
47,293
(1,381)
(423)
(126)
226
- Inflation risk
8,477
(254)
(86)
(113)
(35)
Total assets
76,805
(6,716)
(2,222)
(1,617)
249
Liabilities
Debt securities in issue
- Interest rate risk
(50,209)
2,747
775
333
(49)
Subordinated liabilities
- Interest rate risk
(10,765)
648
38
(4)
8
Deposits at amortised cost from banks and customers
- Interest rate risk
(8,596)
(12)
(1)
(4)
(2)
Total liabilities
(69,570)
3,383
812
325
(43)
Total hedged items
7,235
(3,333)
(1,410)
(1,292)
206
Notes:
1 Hedge ineffectiveness is recognised in net interest income.
2 For items classified as fair value through other comprehensive income, the hedge accounting adjustment is not included in the carrying amount, but rather
adjusts other comprehensive income.
The following table shows the fair value hedging instruments that are carried on the Group\u2019s balance sheet:
Carrying value
Nominal amount
Change in fair
value used as a
basis to
determine
ineffectiveness
Derivative assets
Derivative liabilities
Loan liabilities
Hedge type
Risk category
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Fair value
Interest rate risk
2
(317)
\u2014
145,474
1,231
Inflation risk
73
(235)
\u2014
19,041
(72)
Total
75
(552)
\u2014
164,515
1,159
As at 31 December 2024
Fair value
Interest rate risk
26
(3)
\u2014
138,354
861
Inflation risk
139
(431)
\u2014
20,828
637
Total
165
(434)
\u2014
159,182
1,498
The following table profiles the expected notional values of current hedging instruments in future years:
2025
2026
2027
2028
2029
2030
2031 and
later
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges of:
Interest rate risk (outstanding notional amount)
145,474
121,544
107,350
94,230
81,454
60,932
48,248
Inflation risk (outstanding notional amount)
19,041
17,794
15,874
13,660
11,364
9,332
7,769
There are 2,194 (2024: 2,212) interest rate risk fair value hedges with an average fixed rate of 3.33% (2024: 3.29%) across the
relationships and 188 (2024: 196) inflation risk fair value hedges with an average rate of\u00a0 0.75% (2024: 0.59%) across the relationships.
Hedged items in cash flow hedges and hedges of net investments in foreign operations
Description of hedge
relationship and hedged risk
Change in value
of hedged item
used as the
basis for
recognising
ineffectiveness
Balance in cash
flow hedging
reserve for
continuing
hedges
Balance in
currency
translation
reserve for
continuing
hedges
Balances
remaining in
cash flow
hedging reserve
for which hedge
accounting is no
longer applied
Balances
remaining in
currency
translation
reserve for
which hedge
accounting is no
longer applied
Hedging gains
or losses
recognised in
other
comprehensive
income
Hedge
ineffectiveness
recognised in
the income
statement1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
Assets
Cash flow hedge of:
Interest rate risk
Loans and advances at
amortised cost
(806)
(193)
\u2014
642
\u2014
(806)
12
Cash and balances at central
banks
(782)
(227)
\u2014
805
\u2014
(782)
6
Foreign exchange risk
Loans and advances at
amortised cost
(1,638)
120
\u2014
\u2014
\u2014
(1,638)
18
Debt securities classified at
amortised cost
(309)
(23)
\u2014
\u2014
\u2014
(309)
1
Inflation risk
Debt securities classified at
amortised cost
(113)
(143)
\u2014
(21)
\u2014
(113)
8
Liabilities
Cash flow hedge of:
Foreign exchange risk
Debt securities in issue
9
16
\u2014
\u2014
\u2014
9
\u2014
Subordinated liabilities
5
4
\u2014
\u2014
\u2014
5
\u2014
Total cash flow hedge
(3,634)
(446)
\u2014
1,426
\u2014
(3,634)
45
Hedge of net investment in
foreign operations
USD foreign operations
(589)
\u2014
1,118
\u2014
\u2014
(589)
\u2014
EUR foreign operations
299
\u2014
89
\u2014
\u2014
299
\u2014
Other foreign operations
(156)
\u2014
(39)
\u2014
(13)
(156)
\u2014
Total foreign operations
(446)
\u2014
1,168
\u2014
(13)
(446)
\u2014
2024
Assets
Cash flow hedge of:
Interest rate risk
Loans and advances at
amortised cost
362
608
\u2014
1,273
\u2014
362
18
Cash and balances at central
banks
443
674
\u2014
1,389
\u2014
443
8
Foreign exchange risk
Loans and advances at
amortised cost
300
106
\u2014
\u2014
\u2014
300
5
Debt securities classified at
amortised cost
(449)
142
\u2014
\u2014
\u2014
(449)
\u2014
Inflation risk
Debt securities classified at
amortised cost
118
(73)
\u2014
25
\u2014
118
\u2014
Liabilities
Cash flow hedge of:
Foreign exchange risk
Subordinated liabilities
34
(12)
\u2014
\u2014
\u2014
34
\u2014
Total cash flow hedge
808
1,445
\u2014
2,687
\u2014
808
31
Hedge of net investment in
foreign operations
USD foreign operations
160
\u2014
1,520
\u2014
\u2014
160
\u2014
EUR foreign operations
(242)
\u2014
(209)
\u2014
\u2014
(242)
\u2014
Other foreign operations
(18)
\u2014
100
\u2014
23
(18)
\u2014
Total foreign operations
(100)
\u2014
1,411
\u2014
23
(100)
\u2014
Note:
1 Hedge ineffectiveness is recognised in net interest income.
The following table shows the cash flow and net investment hedging instruments that are carried on the Group\u2019s balance sheet:
Carrying value
Nominal
amount
Change in fair
value used as a
basis to
determine
ineffectiveness
Derivative
assets
Derivative
liabilities
Loan liabilities
Hedge type
Risk category
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Cash flow
Interest rate risk
\u2014
\u2014
\u2014
114,610
1,606
Foreign exchange risk
2,485
(86)
\u2014
30,429
1,952
Inflation risk
\u2014
\u2014
\u2014
6,373
121
Total
2,485
(86)
\u2014
151,412
3,679
Net investment
Foreign exchange risk
156
(43)
(10,688)
15,077
446
As at 31 December 2024
Cash flow
Interest rate risk
\u2014
\u2014
\u2014
105,600
(779)
Foreign exchange risk
2,338
(320)
\u2014
35,202
120
Inflation risk
\u2014
\u2014
\u2014
6,378
(118)
Total
2,338
(320)
\u2014
147,180
(777)
Net investment
Foreign exchange risk
36
(66)
(12,189)
16,203
100
There are 20 (2024: 45) foreign exchange risk cash flow hedges with an average foreign exchange rate of 162.69 JPY:1 GBP (2024:
142.93 JPY: 1 GBP) across the relationships, 11 (2024: 11) foreign exchange risk cash flow hedges with an average foreign exchange rate
of 1.26\u00a0 USD:1 GBP (2024: 1.26 USD:1 GBP ) across the relationships, 14 (2024: 11) foreign exchange risk cash flow hedges with an
average foreign exchange rate of 1.97\u00a0 AUD:1 GBP (2024: 1.94 AUD:1 GBP) across the relationships and 2 (2024: 2) foreign exchange
risk cash flow hedges with an average foreign exchange rate of 1.12 CHF:1 GBP (2024: 1.12 CHF:1 GBP) across the relationships.
The effect on the income statement and other comprehensive income of recycling amounts in respect of cash flow hedges and net
investment hedges of foreign operations is set out in the following table:
2025
2024
Amount recycled from
other comprehensive
income due to hedged
item affecting income
statement
Amount recycled from
other comprehensive
income due to sale of
investment, or cash
flows no longer
expected to occur
Amount recycled from
other comprehensive
income due to hedged
item affecting income
statement
Amount recycled from
other comprehensive
income due to sale of
investment, or cash
flows no longer
expected to occur
Description of hedge relationship and hedged risk
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedge of interest rate risk
Recycled to net interest income
(1,293)
\u2014
(1,830)
\u2014
Cash flow hedge of foreign exchange risk
Recycled to trading income
1,835
(20)
(12)
\u2014
Hedge of net investment in foreign operations
\u2014
\u2014
\u2014
\u2014
Recycled to trading income
\u2014
(18)
\u2014
(1)
A detailed reconciliation of the movements of the cash flow hedging reserve and the currency translation reserve is as follows:
2025
2024
Cash flow hedging
reserve
Currency translation
reserve
Cash flow hedging
reserve
Currency translation
reserve
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance on 1 January
(2,930)
3,625
(3,707)
3,671
Currency translation movements
41
(1,595)
24
(160)
Hedging gains/(losses) for the year
3,634
446
(808)
100
Amounts reclassified in relation to cash flows
affecting profit or loss
(522)
18
1,842
1
Tax
(889)
(1)
(281)
13
Balance on 31 December
(666)
2,493
(2,930)
3,625
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-689": { "value": "
Accounting for derivatives
Derivative instruments are contracts whose value is derived from one or more underlying financial instruments or indices defined in
the contract. They include swaps, forward-rate agreements, futures, options and combinations of these instruments and primarily
affect the Group\u2019s net interest income, net trading income and derivative assets and liabilities. Notional amounts of the contracts are
not recorded on the balance sheet. Derivatives are used to hedge interest rate, credit risk, inflation risk, exchange rate, commodity
equity exposures, and exposures to certain indices, such as house price indices and retail price indices related to non-trading
positions.
All derivative instruments are held at fair value through profit or loss, except for derivatives that are in a designated cash flow or net
investment hedge accounting relationship. Derivatives are classified as assets when their fair value is positive or as liabilities when
their fair value is negative.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-691": { "value": "
Hedge accounting
The Group applies the requirements of IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting purposes.
The Group applies hedge accounting to represent the economic effects of its interest rate, currency and contractually-linked
inflation risk management strategies. Where derivatives are held for risk management purposes, and when transactions meet the
required criteria for documentation and hedge effectiveness, the Group applies fair value hedge accounting, cash flow hedge
accounting, or hedging of a net investment in a foreign operation, as appropriate to the risks being hedged.
Fair value hedge accounting
Changes in fair value of derivatives that qualify and are designated as fair value hedges are recorded in the income statement,
together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The fair value changes
adjust the carrying value of the hedged asset or liability held at amortised cost. For hedged items classified as fair value through other
comprehensive income, fair value movements attributable to the hedged risk are transferred from other comprehensive income to
the income statement.
If hedge relationships no longer meet the criteria for hedge accounting, hedge accounting is discontinued. For fair value hedges of
interest rate risk, the fair value adjustment to the hedged item is amortised to the income statement over the period to maturity of
the previously designated hedge relationship, using the effective interest method. If the hedged item is sold or repaid, the
unamortised fair value adjustment is recognised immediately in the income statement.
Cash flow hedge accounting
For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge is recognised
initially in other comprehensive income, and then recycled to the income statement in the periods when the hedged item will affect
profit or loss. Any ineffective portion of the gain or loss on the hedging instrument is recognised in the income statement
immediately.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in equity at that time remains in equity and is recognised when the hedged item is ultimately recognised in the
income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was recognised in
equity is immediately transferred to the income statement.
Hedges of net investments
The Group\u2019s net investments in foreign operations, including monetary items accounted for as part of the net investment, are
hedged for foreign currency risks using both derivatives and foreign currency borrowings. Hedges of net investments are accounted
for similarly to cash flow hedges; the effective portion of the gain or loss on the hedging instrument is being recognised directly in
other comprehensive income and the ineffective portion being recognised immediately in the income statement. The cumulative
gain or loss recognised in other comprehensive income is recognised in the income statement on the disposal or partial disposal of
the foreign operation, or other reductions in the Group\u2019s investment in the operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-690": { "value": "
Hedge accounting
The Group applies the requirements of IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting purposes.
The Group applies hedge accounting to represent the economic effects of its interest rate, currency and contractually-linked
inflation risk management strategies. Where derivatives are held for risk management purposes, and when transactions meet the
required criteria for documentation and hedge effectiveness, the Group applies fair value hedge accounting, cash flow hedge
accounting, or hedging of a net investment in a foreign operation, as appropriate to the risks being hedged.
Fair value hedge accounting
Changes in fair value of derivatives that qualify and are designated as fair value hedges are recorded in the income statement,
together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The fair value changes
adjust the carrying value of the hedged asset or liability held at amortised cost. For hedged items classified as fair value through other
comprehensive income, fair value movements attributable to the hedged risk are transferred from other comprehensive income to
the income statement.
If hedge relationships no longer meet the criteria for hedge accounting, hedge accounting is discontinued. For fair value hedges of
interest rate risk, the fair value adjustment to the hedged item is amortised to the income statement over the period to maturity of
the previously designated hedge relationship, using the effective interest method. If the hedged item is sold or repaid, the
unamortised fair value adjustment is recognised immediately in the income statement.
Cash flow hedge accounting
For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge is recognised
initially in other comprehensive income, and then recycled to the income statement in the periods when the hedged item will affect
profit or loss. Any ineffective portion of the gain or loss on the hedging instrument is recognised in the income statement
immediately.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in equity at that time remains in equity and is recognised when the hedged item is ultimately recognised in the
income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was recognised in
equity is immediately transferred to the income statement.
Hedges of net investments
The Group\u2019s net investments in foreign operations, including monetary items accounted for as part of the net investment, are
hedged for foreign currency risks using both derivatives and foreign currency borrowings. Hedges of net investments are accounted
for similarly to cash flow hedges; the effective portion of the gain or loss on the hedging instrument is being recognised directly in
other comprehensive income and the ineffective portion being recognised immediately in the income statement. The cumulative
gain or loss recognised in other comprehensive income is recognised in the income statement on the disposal or partial disposal of
the foreign operation, or other reductions in the Group\u2019s investment in the operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-692": { "value": "Fair value of financial instruments
Accounting for financial assets and liabilities \u2013 fair value
Financial instruments that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at
fair value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or
if the financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a
business model that is achieved by both collecting contractual cash flows and selling. Subsequent changes in fair value for these
instruments are recognised in the income statement in net investment income, except if reporting it in trading income reduces an
accounting mismatch.
Wherever possible, fair value is determined by reference to a quoted market price for that instrument. For many of the Group\u2019s
financial assets and liabilities, including derivatives, quoted prices are not available and valuation models are used to estimate fair
value. The models calculate the expected cash flows under the terms of each specific contract and then discount these values back
to a present value. These models use as their basis independently sourced market inputs including, for example, interest rate yield
curves, equities and commodities prices, option volatilities and currency rates.
For financial liabilities measured at fair value, the carrying amount also reflects the effect on fair value of changes in own credit
spreads derived from observable market data, such as in primary issuance and redemption activity for structured notes.
The Group uses the portfolio exemption in IFRS 13 Fair Value Measurement to measure the fair value of groups of financial assets and
liabilities. Financial instruments are measured using the price that would be received to sell a net long position (i.e. an asset) for a
particular risk exposure or to transfer a net short position (i.e. a liability) for a particular risk exposure in an orderly transaction between
market participants at the balance sheet date under current market conditions. Accordingly, the Group measures the fair value of the
group of financial assets and liabilities consistently with how market participants would price the net risk exposure at the
measurement date.
On initial recognition, the transaction price often reflects the fair value of the asset or liability.\u00a0 However, in some circumstances, fair
value may differ to the transaction price when there is information to the contrary. If the fair value of the instrument is observable
from current market transactions in the same instrument, or based on a valuation technique whose inputs only include observable
inputs, then the instrument is initially recognised at fair value and the difference to the transaction price is recognised in profit or loss.
For valuations that have made use of unobservable inputs, the difference between the model valuation and the initial transaction
price (day one profit) is recognised in profit or loss either: on a straight-line basis over the term of the transaction; or over the period
until all inputs will become observable where appropriate; or released in full when previously unobservable inputs become observable.
Various factors influence the availability of observable inputs, and these may vary from product-to-product and change over time.
Factors include the depth of activity in the relevant market, the type of product, whether the product is new and not widely traded in
the marketplace, the maturity of market modelling and the nature of the transaction (bespoke or generic). To the extent that
valuation is based on models or inputs that are not observable in the market, the determination of fair value can be more subjective,
dependent on the significance of the unobservable input to the overall valuation. Unobservable inputs are determined based on the
best information available, for example, by reference to similar assets, similar maturities, or other analytical techniques.
The sensitivity of valuations used in the financial statements to possible changes in significant unobservable inputs is shown on
page\u00a0442.
Valuation Control Framework
The Barclays Group has an established valuation control framework that oversees valuation methodologies, standards and
procedures.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
These estimates are considered to have a significant risk of resulting in a material adjustment to the carrying amounts of financial
assets and financial liabilities measured at fair value within the next financial year.
The valuation of financial instruments often involves a significant degree of judgement and complexity, in particular where valuation
models make use of unobservable inputs (\u2018Level 3\u2019 assets and liabilities). This note provides information on these instruments,
including the related unrealised gains and losses recognised in the period, a description of significant valuation techniques and
unobservable inputs, and a sensitivity analysis.
For assets and liabilities traded in active markets, it is determined that the market valuation includes a representation of the prevailing
view of climate-related risks. Within less active markets, for counterparties and instruments identified as being more susceptible to
climate change risk, an impact assessment was performed through increasing their probability of default. The change in valuation of
the assets and liabilities from this assessment was sufficiently immaterial to necessitate any amendment to the reported 2025 year-
end valuations.
Valuation
Assets and liabilities are classified according to a hierarchy that reflects the observability of significant market inputs. The three levels of
the fair value hierarchy are defined below, with judgement applied in determining the boundary between Level 2 and 3 classifications.
Valuation techniques using quoted market prices \u2013 Level 1
Assets and liabilities are classified as Level 1 if their value is observable in an active market. Such instruments are valued by reference to
unadjusted quoted prices for identical assets or liabilities in active markets where the quoted price is readily available, and the price
represents actual and regularly occurring market transactions. An active market is one in which transactions occur with sufficient volume
and frequency to provide pricing information on an ongoing basis.
Valuation techniques using observable inputs \u2013 Level 2
Assets and liabilities classified as Level 2 have been valued using models whose inputs are observable either directly or indirectly. A
valuation input is considered observable if it can be directly observed from transactions in an active market, or if there is compelling
external evidence demonstrating an executable exit price. Valuations based on observable inputs include assets and liabilities, such as
swaps and forwards that are valued using market standard pricing techniques, and options that are commonly traded in markets where
all the inputs to the market standard pricing models are observable. For certain instruments that derive a fair value using unobservable
inputs that are not considered significant, then the asset or liability may be classified as Level 2.
Valuation techniques using significant unobservable inputs \u2013 Level 3
Assets and liabilities are classified as Level 3 if their valuation incorporates significant inputs that are not based on observable market
data (unobservable inputs). Unobservable input levels are generally determined via reference to observable inputs, historical
observations or using other analytical techniques.
The following table shows the Group\u2019s assets and liabilities that are held at fair value disaggregated by the fair value hierarchy and
balance sheet classification:
Assets and liabilities held at fair value
2025
2024
Valuation techniques used
Valuation techniques used
Quoted
market
price
Observable
inputs
Significant
unobservable
inputs
Quoted
market
price
Observable
inputs
Significant
unobservable
inputs
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
111,158
68,556
10,347
190,061
77,761
78,577
10,115
166,453
Financial assets at fair value through the income
statement
5,140
173,140
8,577
186,857
3,526
181,784
8,424
193,734
Derivative financial assets
108
250,639
1,712
252,459
101
291,352
2,077
293,530
Financial assets at fair value through other
comprehensive income
51,717
19,578
3,099
74,394
25,913
48,407
3,739
78,059
Investment property
\u2014
\u2014
43
43
\u2014
\u2014
9
9
Total assets
168,123
511,913
23,778
703,814
107,301
600,120
24,364
731,785
Trading portfolio liabilities
(42,917)
(14,733)
(87)
(57,737)
(27,694)
(28,819)
(395)
(56,908)
Financial liabilities designated at fair value
(1,702)
(287,532)
(4,874)
(294,108)
(181)
(278,785)
(3,258)
(282,224)
Derivative financial liabilities
(93)
(237,650)
(3,065)
(240,808)
(86)
(276,148)
(3,181)
(279,415)
Total liabilities
(44,712)
(539,915)
(8,026)
(592,653)
(27,961)
(583,752)
(6,834)
(618,547)
The following table shows the Group\u2019s Level 3 assets and liabilities that are held at fair value disaggregated by product type:
As at
31 December 2025
Loans
Corporate
debt
Asset
backed
securities
Government
and
Government
sponsored
debt
Private
equity
investments
Issued
debt
Reverse
repurchase
and
repurchase
agreements
Interest
rate
derivatives
Equity
derivatives
Other
products 1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
5,667
1,849
874
1,513
\u2014
\u2014
\u2014
\u2014
\u2014
444
10,347
Financial assets at fair
value through the
income statement
5,990
905
188
33
1,260
\u2014
97
\u2014
\u2014
104
8,577
Derivative financial
assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
759
522
431
1,712
Financial assets at fair
value through other
comprehensive income
2,235
25
756
79
4
\u2014
\u2014
\u2014
\u2014
\u2014
3,099
Investment property
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
43
43
Total assets
13,892
2,779
1,818
1,625
1,264
\u2014
97
759
522
1,022
23,778
Trading portfolio
liabilities
\u2014
(36)
\u2014
(34)
\u2014
\u2014
\u2014
\u2014
\u2014
(17)
(87)
Financial liabilities
designated at fair value
\u2014
\u2014
\u2014
\u2014
(20)
(3,760)
(887)
\u2014
\u2014
(207)
(4,874)
Derivative financial
liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(612)
(1,602)
(851)
(3,065)
Total liabilities
\u2014
(36)
\u2014
(34)
(20)
(3,760)
(887)
(612)
(1,602)
(1,075)
(8,026)
As at
31 December 2024
Loans
Corporate
debt
Asset
backed
securities
Government
and
Government
sponsored
debt
Private
equity\u00a0
investments
Issued
debt
Reverse
repurchase
and
repurchase
agreements
Interest
rate
derivatives
Equity
derivatives
Other
products 1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
6,146
1,590
991
1,018
\u2014
\u2014
\u2014
\u2014
\u2014
370
10,115
Financial assets at fair
value through the income
statement
5,455
913
139
35
1,166
\u2014
539
\u2014
\u2014
177
8,424
Derivative financial
assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,193
481
403
2,077
Financial assets at fair
value through other
comprehensive income
2,858
108
757
12
4
\u2014
\u2014
\u2014
\u2014
\u2014
3,739
Investment property
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9
9
Total assets
14,459
2,611
1,887
1,065
1,170
\u2014
539
1,193
481
959
24,364
Trading portfolio liabilities
\u2014
(374)
(6)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(15)
(395)
Financial liabilities
designated at fair value
\u2014
\u2014
\u2014
\u2014
(17)
(1,842)
(1,379)
\u2014
\u2014
(20)
(3,258)
Derivative financial
liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1,013)
(1,219)
(949)
(3,181)
Total liabilities
\u2014
(374)
(6)
\u2014
(17)
(1,842)
(1,379)
(1,013)
(1,219)
(984)
(6,834)
Note:
1 Other products include certificate of deposits, funds and fund-linked products, equity cash products, investment property, credit derivatives and foreign
exchange derivatives.
Valuation techniques
The valuation techniques and observability used are described below:
Loans
Description: A drawn lending facility issued to corporate clients and customers.
Also includes Prime Brokerage Margin lending, and other similar secured lending agreements. The agreements are primarily short-term
in nature.
Valuation: Loans are valued either using a price-based approach, or through models that discount expected future cash flows based on
interest rates and loan spreads.
Prime Brokerage Margin Lending transactions are generally valued by discounting the expected future cash flows, using industry
standard models that incorporate market interest rates and repurchase rates, based on the specific details of the transaction.
Observability: Within this loan population, the price or loan spread may be generally unobservable.\u00a0
For Margin Lending inputs are deemed observable up to liquid maturities, and are determined based on the specific features of the
transaction. Unobservable inputs are generally set by referencing liquid market instruments and applying extrapolation techniques, or
inferred via another reasonable method.
Corporate debt
Description: Primarily corporate bonds.
Valuation: Corporate bonds are valued using observable market prices sourced from broker quotes, inter-dealer prices or other reliable
pricing sources.
Observability: Prices for actively-traded bonds are considered observable. Unobservable bond prices are generally determined by
reference to bond yields or credit default swap (CDS) spreads for actively-traded instruments issued by or referencing the same (or a
similar) issuer.
Asset backed securities
Description: Securities that are linked to the cash flows of a pool of referenced assets via securitisation. The category includes residential
mortgage backed securities, commercial mortgage backed securities, collateralised debt obligations (CDOs), collateralised loan
obligations (CLOs) and other asset backed securities.
Valuation: Where available, valuations are based on observable market prices sourced from broker quotes and inter-dealer prices and
external vendors who provide pricing. Otherwise, valuations are determined using industry standard discounted cash flow analysis that
calculates the fair value based on valuation inputs, such as constant default rate, conditional prepayment rate, loss given default and
yield. These inputs are determined by reference to a number of sources, including proxying to observed transactions, market indices or
market research, and by assessing underlying collateral performance.
Proxying to observed transactions, indices or research requires an assessment and comparison of the relevant securities\u2019 underlying
attributes, including collateral, tranche, vintage, underlying asset composition (historical losses, borrower characteristics and loan
attributes, such as loan to value ratio and geographic concentration) and credit ratings (original and current).
Observability: Where an asset backed product does not have an observable market price and the valuation is determined using a
discounted cash flow analysis, the instrument is considered unobservable.
Government and Government sponsored debt
Description: Government bonds, supra sovereign bonds and agency bonds.
Valuation: Liquid bonds that are actively traded through an exchange or clearing house are marked to the levels observed in these
markets. Other actively traded bonds are valued using observable market prices sourced from broker quotes, inter-dealer prices or
other reliable pricing sources.
Observability: Observability assessment is performed with reference to bond market trading data. Bonds are assessed at Level 1 if they
are traded in active market with a quoted price in line with requirements of IFRS 13. Unobservable bonds prices are generally determined
by reference to bond yields for actively traded bonds from the same (or a similar) issuer.
Private equity investments
Description: Includes investments in equity holdings in operating companies not quoted on a public exchange.
Valuation: Private equity investments are valued in accordance with the \u2018International Private Equity and Venture Capital Valuation
Guidelines\u2019 that require the use of a number of individual pricing benchmarks, such as the prices of recent transactions in the same or
similar entities, discounted cash flow analysis and comparison with the earnings or revenue multiples of listed companies. While the
valuation of unquoted equity instruments is subjective by nature, the relevant methodologies are commonly applied by other market
participants and have been consistently applied over time.
Observability: Inputs are considered observable if there is active trading in a liquid market of products with significant sensitivity to the
inputs. Unobservable inputs include earnings or revenue estimates, multiples of comparative companies, marketability discounts and
discount rates.
Issued debt
Description: Debt notes issued by Barclays.
Valuation: Issued debt is valued using discounted cash flow techniques incorporating various inputs observed for each instrument.
Observability: Barclays issued notes are generally observable. Structured notes are debt instruments containing embedded derivatives.
Where either an input to the embedded derivative or the debt instrument is deemed unobservable and significant to the overall valuation
of the note, the structured note is classified as Level 3.
Reverse repurchase and repurchase agreements
Description: Includes securities purchased under resale agreements, securities sold under repurchase agreements and other similar
secured lending agreements. The agreements are primarily short-term in nature.
Valuation: Repurchase and reverse repurchase agreements are generally valued by discounting the expected future cash flows, using
industry standard models that incorporate market interest rates and repurchase rates based on the specific details of the transaction.
Observability: Inputs are deemed observable up to liquid maturities or for consensus pricing with low pricing-range and are determined
based on the specific features of the transaction. Unobservable inputs are generally set by referencing liquid market instruments and
applying extrapolation techniques or inferred via another reasonable method.
Interest rate derivatives
Description: Derivatives linked to interest rates or inflation indices. The category includes futures, interest rate and inflation swaps,
swaptions, caps, floors, inflation options and other exotic interest rate derivatives.
Valuation: Interest rate and inflation derivatives are generally valued using curves of forward rates constructed from market data to
project and discount the expected future cash flows of trades. Instruments with optionality are valued using volatilities implied from
market inputs and use industry standard or bespoke models depending on the product type.
Observability: In general, inputs are considered observable up to liquid maturities that are determined separately for each input and
underlying. Unobservable inputs are generally set by referencing liquid market instruments and applying extrapolation techniques or
inferred via another reasonable method.
Equity derivatives
Description: Exchange traded or\u00a0 OTC derivatives linked to equity indices and single names. The category includes vanilla and exotic
equity products.
Valuation: Equity derivatives are valued using industry standard models. Valuation inputs include stock prices, dividends, volatilities,
interest rates, equity repurchase curves and, for multi-asset products, correlations.
Observability: In general, valuation inputs are observable up to liquid maturities that are determined separately for each input and
underlying. Unobservable inputs are set by referencing liquid market instruments and applying extrapolation techniques or inferred via
another reasonable method.
Foreign exchange derivatives
Description: Derivatives linked to the foreign exchange (FX) market. The category includes FX forward contracts, FX swaps and FX
options. The majority are traded as over the counter (OTC) derivatives.
Valuation: FX derivatives are valued using industry standard and bespoke models, depending on the product type. Valuation inputs
include FX rates, interest rates, FX volatilities, interest rate volatilities, FX interest rate correlations and others, as appropriate.
Observability: FX correlations, forwards and volatilities are generally observable up to liquid maturities that are determined separately for
each input and underlying. Unobservable inputs are set by referencing liquid market instruments and applying extrapolation techniques
or inferred via another reasonable method.
Credit derivatives
Description: Derivatives linked to the credit spread of a referenced entity, index or basket of referenced entities or a pool of referenced
assets (e.g. a securitised product). The category includes single name and index credit default swaps (CDS) and total return swaps (TRS).
Valuation: Credit derivatives are valued on industry standard models, using curves of credit spreads as the principal input. Credit spreads
are observed directly from broker data, third party vendors or priced to proxies.
Observability: Credit derivative contracts referencing entities that are actively traded are generally considered observable. Other
valuation inputs are considered observable, if products with significant sensitivity to the inputs are actively traded in a liquid market.
Unobservable valuation inputs are generally determined with reference to recent benchmark transactions or inferred from observable
trades of the same issuer or similar entities.
Assets and liabilities transferred between levels
During the year ended 31 December 2025, there were \u00a342.7bn assets and \u00a3(9.9)bn liabilities transferred from Level 2 to Level 1\u00a0 (year
ended 31 December 2024: there were no material transfers). Additionally, there were \u00a30.8bn assets and \u00a3(2.8)bn liabilities transferred
from Level 2 to Level 3 (year ended 31 December 2024: there were no material transfers). These transfers reflect enhancement to the
Group\u2019s levelling policy, including the use of additional data in the active market assessment of Level 1 government bonds and updated
assessments of unobservable market parameters for government bonds and issued debt; resulting in an increase in Level 3 balances.
Level 3 movement analysis
The following table summarises the movements in the Level 3 balances during the year. Transfers have been reflected as if they had
taken place at the beginning of the year.
Asset and liability transfers between Level 2 and Level 3 are primarily due to i) an increase or decrease in observable market activity
related to an input or ii) a change in the significance of the unobservable input, with assets and liabilities classified as Level 3 if an
unobservable input is deemed significant.
Analysis of movements in Level 3 assets and liabilities
As at 1
January
2025
Total gains and
(losses) in the
period
recognised in the
income
statement
Total gains
and
(losses) in
the period
recognised
in OCI
Transfers
As at 31
December
2025
Purchases
Sales
Issues
Settlements
Trading
income 2
Other
income
In
Out
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
10,115
5,810
(4,157)
\u2014
(1,554)
151
\u2014
\u2014
382
(400)
10,347
Financial assets at fair value
through the income statement
8,424
2,858
(1,202)
\u2014
(1,436)
95
72
\u2014
60
(294)
8,577
Financial assets at fair value
through other comprehensive
income
3,739
922
(640)
\u2014
(1,030)
4
(2)
\u2014
118
(12)
3,099
Investment property
9
34
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
43
Trading portfolio liabilities
(395)
(55)
25
\u2014
352
2
\u2014
\u2014
(28)
12
(87)
Financial liabilities designated at
fair value
(3,258)
\u2014
28
(503)
1,020
43
(3)
\u2014
(2,954)
753
(4,874)
Net derivative financial
instruments 1
(1,104)
(447)
220
\u2014
\u2014
(44)
\u2014
\u2014
3
19
(1,353)
Total
17,530
9,122
(5,726)
(503)
(2,648)
251
67
\u2014
(2,419)
78
15,752
Analysis of movements in Level 3 assets and liabilities
As at 1
January
2024
Total gains and
(losses) in the
period recognised
in the income
statement
Total gains
and (losses)
in the period
recognised
in OCI
Transfers
As at 31
December
2024
Purchases
Sales
Issues
Settlements
Trading
income 2
Other
income
In
Out
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
6,509
5,848
(1,817)
\u2014
(865)
(9)
\u2014
\u2014
775
(326)
10,115
Financial assets at fair value
through the income statement
8,249
2,704
(2,072)
\u2014
(793)
(1)
218
\u2014
207
(88)
8,424
Financial assets at fair value
through other comprehensive
income
1,078
3,116
(43)
\u2014
\u2014
3
22
(1)
49
(485)
3,739
Investment property
2
9
(2)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9
Trading portfolio liabilities
(368)
(26)
20
\u2014
\u2014
(7)
\u2014
\u2014
(15)
1
(395)
Financial liabilities designated at
fair value
(1,222)
(415)
19
(1,146)
143
(74)
(20)
\u2014
(893)
350
(3,258)
Net derivative financial
instruments 1
(1,113)
(568)
(6)
\u2014
(16)
(64)
(1)
\u2014
163
501
(1,104)
Total
13,135
10,668
(3,901)
(1,146)
(1,531)
(152)
219
(1)
286
(47)
17,530
Notes:
1 The derivative financial instruments are represented on a net basis. On a gross basis, derivative financial assets are \u00a31,712m (2024: \u00a32,077m) and derivative
financial liabilities are \u00a3(3,065)m (2024: \u00a3(3,181)m).
2 Trading income represents gains and losses on Level 3 financial instruments which in the majority are offset by losses and gains on financial instruments
disclosed in Level 2.
Unrealised gains and losses on Level 3 assets and liabilities
The following table discloses the unrealised gains and losses recognised in the year, arising on Level 3 assets and liabilities held at year
end.
Unrealised gains and (losses) recognised during the period on Level 3 assets and liabilities held at year end
2025
2024
Income statement
Other
compre-
hensive
income
Total
Income statement
Other
compre-
hensive
income
Total
Trading
income 1
Other
income
Trading
income 1
Other
income
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
36
\u2014
\u2014
36
(9)
\u2014
\u2014
(9)
Financial assets at fair value through the income
statement
94
72
\u2014
166
2
94
\u2014
96
Financial assets at fair value through other
comprehensive income
4
(1)
\u2014
3
3
22
(1)
24
Investment property
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Trading portfolio liabilities
1
\u2014
\u2014
1
(7)
\u2014
\u2014
(7)
Financial liabilities designated at fair value
43
(3)
\u2014
40
(77)
(9)
\u2014
(86)
Net derivative financial instruments
(44)
\u2014
\u2014
(44)
(57)
(1)
\u2014
(58)
Total
134
68
\u2014
202
(145)
106
(1)
(40)
Note:
1 Trading income represents gains and losses on Level 3 financial instruments which in the majority are offset by losses and gains on financial instruments
disclosed in Level 2.
Significant unobservable inputs
The following table discloses the valuation techniques and significant unobservable inputs for material products recognised at fair value
and classified as Level 3 along with the range of values used for those significant unobservable inputs:
Valuation technique(s) 1
Significant unobservable
inputs
2025 Range
2024 Range
Min
Max
Min
Max
Units 2
Derivative financial
instruments 3
Interest rate derivatives
Discounted cash flows
Inflation forwards
n/m4
n/m4
3
3
%
Credit spread
8
2,070
14
1,972
bps
Yield
\u2014
5
\u2014
12
%
Option model
Interest rate volatility
\u2014
2
19
175
bps vol
FX - IR correlation
(36)
30
(36)
30
%
IR - IR correlation
35
98
33
98
%
IR - Inflation correlation
10
10
10
10
%
Inflation - Inflation
correlation
5
5
5
5
%
Equity derivatives
Discounted cash flow
Discount margin
(190)
350
(215)
351
bps
Option model
Equity volatility
1
88
1
133
%
Equity - equity
correlation
15
100
40
100
%
Non-derivative financial
instruments
Loans
Discounted cash flows
Loan spread
30
942
35
908
bps
Credit spread
194
420
194
1,011
bps
Discount margin
\u2014
\u2014
230
345
bps
Yield
5
8
2
18
%
Comparable pricing
Comparable price
\u2014
186
\u2014
240
points
Asset backed securities
Comparable pricing
Comparable price
\u2014
530
\u2014
125
points
Discounted cash flows
Discount margin
n/m4
n/m4
(137)
(25)
bps
Option Model
Equity volatility
n/m4
n/m4
15
32
%
Private equity investments
EBITDA multiple
EBITDA multiple
6
17
2
7
Multiple
Earnings multiple
Earnings multiple
1
11
3
17
Multiple
Discounted cash flow
Credit spread
297
522
210
430
bps
Discount margin
8
10
8
10
%
Corporate debt
Comparable pricing
Comparable price
\u2014
239
\u2014
2,322
points
Government and
Government sponsored debt
Comparable pricing
Comparable price
\u2014
231
\u2014
123
points
Issued debt
Discounted cash flows
Credit spread
80
120
50
198
bps
Option model
Equity volatility
1
95
1
111
%
Interest rate volatility
37
178
19
211
bps vol
Reverse repurchase and
repurchase agreements
Discounted cash flows
Repo spread
100
148
14
186
bps
Notes:
1 A range has not been provided for Net Asset Value as there would be a wide range reflecting the diverse nature of the positions.
2 The units used to disclose ranges for significant unobservable inputs are percentages, points and basis points. Points are a percentage of par; for example, 100
points equals 100% of par. A basis point equals 1/100th of 1%; for example, 150 basis points equals 1.5%.
3 Certain derivative instruments are classified as Level 3 due to a significant unobservable credit spread input into the calculation of the Credit Valuation
Adjustment for the instruments.
4 Non-material Level 3 balances for these unobservable inputs.
The following section describes the significant unobservable inputs identified in the table above, and the sensitivity of fair value
measurement of the instruments categorised as Level 3 assets or liabilities to increases in significant unobservable inputs. Where
sensitivities are described, the inverse relationship will also generally apply.
Where reliable interrelationships can be identified between significant unobservable inputs used in fair value measurement, a description
of those interrelationships is included below.
Forwards
A price or rate that is applicable to a financial transaction that will take place in the future.
In general, a significant increase in a forward in isolation will result in a fair value increase for the contracted receiver of the underlying
(currency, bond, commodity, etc.), but the sensitivity is dependent on the specific terms of the instrument.
Credit spread
Credit spreads typically represent the difference in yield between an instrument and a benchmark security or reference rate. Credit
spreads reflect the additional yield that a market participant demands for taking on exposure to the credit risk of an instrument and
forms part of the yield used in a discounted cash flow calculation.
In general, a significant increase in credit spread in isolation will result in a fair value decrease for a cash asset.
For a derivative instrument, a significant increase in credit spread in isolation can result in a fair value increase or decrease, depending on
the specific terms of the instrument.
Volatility
Volatility is a measure of the variability or uncertainty in return for a given derivative underlying. It is an estimate of how much a particular
underlying instrument input or index will change in value over time. In general, volatilities are implied from observed option prices. For
unobservable options the implied volatility may reflect additional assumptions about the nature of the underlying risk, and the strike/
maturity profile of a specific contract.
In general, a significant increase in volatility in isolation will result in a fair value increase for the holder of a simple option, but the
sensitivity is dependent on the specific terms of the instrument.
There may be interrelationships between unobservable volatilities and other unobservable inputs (e.g. when equity prices fall, implied
equity volatilities generally rise) but these are generally specific to individual markets and may vary over time.
Correlation
Correlation is a measure of the relationship between the movements of two variables. Correlation can be a significant input into the
valuation of derivative contracts with more than one underlying instrument. Credit correlation generally refers to the correlation
between default processes for the separate names that make up the reference pool of a collateralised debt obligation (CDO) structure.
A significant increase in correlation in isolation can result in a fair value increase or decrease, depending on the specific terms of the
instrument.
Discount Margin
Discount margin represents the additional yield over a benchmark rate that market participants require to compensate for credit risk,
liquidity risk and other factors associated with the instrument. It is commonly used in discounted cash flow valuations.
In general, a significant increase in discount margin in isolation will result in a fair value decrease for the instrument, as higher required
returns reduce present value. The sensitivity depends on the specific terms of the instrument.
Repo Spread
Repo spread refers to the difference between the repurchase agreement rate and a benchmark funding rate. It reflects market
conditions, counterparty credit risk and liquidity premiums that influence the cost of financing through repos.
In general, a significant increase in repo spread in isolation will result in a fair value decrease for the instrument, as higher financing costs
reduce its attractiveness. The sensitivity is dependent on the specific contractual terms.
Comparable price
Comparable instrument prices are used in valuation by calculating an implied yield (or spread over a liquid benchmark) from the price of a
comparable observable instrument, then adjusting that yield (or spread) to account for relevant differences, such as maturity or credit
quality. Alternatively, a price-to-price basis can be assumed between the comparable and unobservable instruments in order to
establish a value.
Loans include a portfolio of loans extended to clients within the Group\u2019s leveraged finance business. Leveraged finance loans are
originated where Barclays provides financing commitments to clients to facilitate strategic transactions, such as leverage buyouts and
acquisitions. The sensitivity of the portfolio to unobservable inputs is judgmental, reflecting their illiquid nature and the significance of
unobservable price inputs to the valuation.
In general, a significant increase in comparable price in isolation will result in an increase in the price of the unobservable instrument. For
derivatives, a change in the comparable price in isolation can result in a fair value increase or decrease depending on the specific terms of
the instrument.
Loan spread
Loan spreads typically represent the difference in yield between an instrument and a benchmark security or reference rate. Loan
spreads typically reflect credit quality, the level of comparable assets, such as gilts and other factors, and form part of the yield used in a
discounted cash flow calculation.
In general, a significant increase in loan spreads in isolation will result in a fair value decrease for a loan.
EBITDA multiple
EBITDA multiple is the ratio of the valuation of the investment to the earnings before interest, taxes, depreciation and amortisation.
In general, a significant increase in the multiple will result in a fair value increase for an investment.
Earnings multiple
Earnings or Revenue multiple is the ratio of the valuation of the investment to the earnings or revenue. In general, a significant increase in
the multiple will result in a fair value increase for an investment.
Sensitivity Analysis
Sensitivity analysis is performed on products with significant unobservable inputs (Level 3) to generate a range of reasonably possible
alternative valuations. The sensitivity methodologies applied take account of the nature of the valuation techniques used, as well as the
availability and reliability of observable proxy and historical data and the impact of using alternative models.
Sensitivities are\u00a0 calculated on a monthly basis. The calculation is based on range or spread data of a reliable reference source or a
scenario based on relevant market analysis alongside the impact of using alternative models. Sensitivities are calculated without
reflecting the impact of any diversification in the portfolio.
Sensitivity analysis of valuations using unobservable inputs (relates to Level 3 portfolios)
2025
2024
Favourable changes
Unfavourable changes
Favourable changes
Unfavourable changes
Income
statement
Equity
Income
statement
Equity
Income
statement
Equity
Income
statement
Equity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a0 Loans
245
21
(324)
(37)
653
43
(766)
(43)
\u00a0 Corporate debt
88
\u2014
(68)
\u2014
87
\u2014
(56)
\u2014
\u00a0 Asset backed securities
51
6
(43)
(6)
57
4
(40)
(4)
Government and Government sponsored debt
45
\u2014
(41)
\u2014
47
\u2014
(56)
\u2014
\u00a0 Private equity investments
218
1
(218)
(1)
232
\u2014
(232)
\u2014
\u00a0 Interest rate derivatives
109
\u2014
(134)
\u2014
98
\u2014
(212)
\u2014
\u00a0 Equity derivatives
336
\u2014
(336)
\u2014
199
\u2014
(269)
\u2014
Other products 1
109
312
(108)
(89)
92
\u2014
(104)
\u2014
Total
1,201
340
(1,272)
(133)
1,465
47
(1,735)
(47)
Note:
1 Other products include issued debt, reverse repurchase and repurchase agreements, certificate of deposits, funds and fund-linked products, equity cash
products, credit derivatives and foreign exchange derivatives
The effect of stressing unobservable inputs to a range of reasonably possible alternatives, alongside considering the impact of using
alternative models, would be to increase fair values by up to \u00a31,541m (2024: \u00a31,512m) or to decrease fair values by up to \u00a31,405m
(2024: \u00a31,782m) with substantially all the potential effect impacting profit and loss. Unfavourable changes shown in the table above are
partly provided for through the capital and prudential valuation adjustment framework.
Fair value adjustments
Key balance sheet valuation adjustments are quantified below:
2025
2024
\u00a3m
\u00a3m
Exit price adjustments derived from market bid-offer spreads
(628)
(542)
Uncollateralised derivative funding
62
19
Derivative credit valuation adjustments
(155)
(184)
Derivative debit valuation adjustments
119
108
Exit price adjustments derived from market bid-offer spreads
The Group uses mid-market pricing where it is a market-maker and has the ability to transact at, or better than, mid-price (which is the
case for certain equity, bond and vanilla derivative markets). For other financial assets and liabilities, bid-offer adjustments are recorded
to reflect the exit level for the expected close out strategy. The methodology for determining the bid-offer adjustment for a derivative
portfolio involves calculating the net risk exposure by offsetting long and short positions by strike and term in accordance with the risk
management and hedging strategy.
Bid-offer levels are generally derived from market quotes, such as broker data. Less liquid instruments may not have a directly
observable bid-offer level. In such instances, an exit price adjustment may be derived from an observable bid-offer level for a
comparable liquid instrument, or determined by calibrating to derivative prices, or by scenario or historical analysis.
Exit price adjustments derived from market bid-offer spreads have increased by \u00a386m .
Discounting approaches for derivative instruments
Collateralised
In line with market practice, the methodology for discounting collateralised derivatives takes into account the nature and currency of the
collateral that can be posted within the relevant credit support annex (CSA). The CSA aware discounting approach recognises the
\u2018cheapest to deliver\u2019 option that reflects the ability of the party posting collateral to change the currency of the collateral.
Uncollateralised
A fair value adjustment of \u00a362m is applied to account for the impact of incorporating the cost/benefit of funding into the valuation of
uncollateralised and partially collateralised derivative portfolios and collateralised derivatives where the terms of the agreement do not
allow the rehypothecation of collateral received. The derivative funding adjustment has moved by \u00a343m.
Derivative credit and debit valuation adjustments
Derivative credit valuation adjustments and derivative debit valuation adjustments are incorporated into derivative valuations to reflect
the impact on fair value of counterparty credit risk and Barclays\u2019 own credit quality, respectively. These adjustments are calculated for
uncollateralised and partially collateralised derivatives across all asset classes. Derivative credit valuation adjustments and derivative
debit valuation adjustments are calculated using estimates of exposure at default, probability of default and recovery rates, at a
counterparty level. Counterparties include (but are not limited to) corporates, Sovereigns and Sovereign agencies and Supranationals.
Exposure at default is generally estimated through the simulation of underlying risk factors through approximating with a more vanilla
structure, or by using current or scenario-based mark to market as an estimate of future exposure.
Probability of default and recovery rate information is generally sourced from the credit default swap (CDS) markets. Where this
information is not available, or considered unreliable, alternative approaches are taken based on mapping internal counterparty ratings
onto historical or market-based default and recovery information.
Derivative credit valuation adjustments decreased by \u00a3(29)m. Derivative debit valuation adjustments increased by \u00a311m.
Correlation between counterparty credit and underlying derivative risk factors, termed \u2018wrong-way', or \u2018right-way\u2019 risk, is not
systematically incorporated into the derivative credit valuation adjustments calculation, but is adjusted where the underlying exposure is
directly related to the counterparty.
Barclays continues to monitor market practices and activity to ensure the approach to uncollateralised derivative valuation remains
appropriate.
Unrecognised gains as a result of the use of valuation models using unobservable inputs
The amount that is yet to be recognised in income, relating to the difference between the transaction price (the fair value at initial
recognition) and the amount that would have arisen had valuation models using unobservable inputs been used on initial recognition, is
\u00a3264m (2024: \u00a3273m) for financial instruments measured at fair value. There are additions and FX revaluation of\u00a0 \u00a355m (2024: \u00a3173m)
and amortisation and releases of \u00a364m (2024: \u00a3105m) for these instruments. For financial instruments carried at amortised cost, the
amount that is yet to be recognised in income is \u00a3164m (2024: \u00a3173m). There are additions of \u00a3nil (2024: \u00a3nil) and amortisation and
releases of \u00a39m (2024: \u00a319m) for these instruments.
Third-party credit enhancements
Structured and brokered certificates of deposit issued by the Group are insured up to $250,000 per depositor by the Federal Deposit
Insurance Corporation (FDIC) in the United States. The FDIC is funded by fees that Barclays and other banks pay for deposit insurance
coverage. The carrying value of these issued certificates of deposit that are designated under the IFRS 9 fair value option includes this
third-party credit enhancement. The on-balance sheet value of these brokered certificates of deposit amounted to \u00a34,156m (2024:
\u00a34,844m).
Comparison of carrying amounts and fair values for assets and liabilities not held at fair value
The following table shows the fair value of financial assets and liabilities measured at amortised cost disaggregated by the fair value
hierarchy and balance sheet classification
2025
2024
Carrying
amount
Fair value
Level 1
Level 2
Level 3
Carrying
amount
Fair value
Level 1
Level 2
Level 3
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Debt securities at amortised cost
68,475
67,442
34,118
29,853
3,471
68,210
67,354
19,341
46,429
1,584
Loans and advances at amortised cost
361,523
361,517
7,631
71,157
282,729
346,273
343,016
6,977
73,606
262,433
Reverse repurchase agreements and other
similar secured lending
17,622
17,622
\u2014
17,622
\u2014
4,734
4,734
\u2014
4,734
\u2014
Assets included in disposal groups
classified as held for sale
5,801
6,065
\u2014
\u2014
6,065
9,544
9,628
\u2014
3,520
6,108
Financial liabilities
Deposits at amortised cost
(585,613)
(585,689)
(421,488)
(160,433)
(3,768)
(560,663)
(560,393)
(410,955)
(146,607)
(2,831)
Repurchase agreements and other similar
secured borrowing
(25,170)
(25,170)
\u2014
(25,170)
\u2014
(39,415)
(39,415)
\u2014
(39,415)
\u2014
Debt securities in issue
(119,033)
(121,439)
\u2014
(119,590)
(1,849)
(92,402)
(94,463)
\u2014
(92,066)
(2,397)
Subordinated liabilities
(12,954)
(13,483)
\u2014
(12,764)
(719)
(11,921)
(12,434)
\u2014
(11,697)
(737)
Liabilities included in disposal groups
classified as held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
(3,647)
(3,647)
\u2014
(3,647)
\u2014
The fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. As a wide range of valuation techniques are available, it may not be appropriate
to directly compare this fair value information to independent market sources or other financial institutions. Different valuation
methodologies and assumptions can have a significant impact on fair values which are based on unobservable inputs.
Debt securities at amortised cost
Debt securities at amortised cost are valued using observable market prices sourced from broker quotes, inter-dealer prices or other
reliable pricing sources. Observability assessment is performed with reference to bond market trading data. Bonds are assessed at Level
1 if they are traded in active market, with a quoted price in line with requirements of IFRS 13. Where market data for the underlying bond
is unavailable, a number of proxy/extrapolation techniques are employed to determine the appropriate fair value. The enhancements
noted in levelling policy are applicable to the government bond reported at amortised cost.
Loans and advances at amortised cost
The fair value of loans and advances, for the purpose of this disclosure, is derived from discounting expected cash flows in a way that
reflects the current market price or loan spreads of the borrowers. Where market data or credit information on the underlying borrowers
is unavailable, a number of proxy/extrapolation techniques are employed to determine the appropriate discount rates.
Reverse repurchase agreements and other similar secured lending
The fair value of reverse repurchase agreements approximates carrying amounts as these balances are generally short dated and fully
collateralised.
Deposits at amortised cost
In many cases, the fair value disclosed approximates carrying value because the instruments are short-term in nature or have interest
rates that reprice frequently, such as customer accounts and other deposits and short-term debt securities.
The fair value for deposits with longer-term maturities, mainly time deposits, are estimated using discounted cash flows applying either
market rates or current rates for deposits of similar remaining maturities.
Repurchase agreements and other similar secured borrowing
The fair value of repurchase agreements approximates carrying amounts as these balances are generally short dated.
Debt securities in issue
Fair values of other debt securities in issue are based on quoted prices where available or, where the instruments are short dated,
carrying amount approximates fair value.
Subordinated liabilities
Fair values for dated and undated convertible and non-convertible loan capital are based on quoted market rates for the issuer
concerned or issuers with similar terms and conditions.
Assets & liabilities included in disposal groups classified as held for sale
The fair value for the purposes of this disclosure has been prepared in accordance with the products held for sale, and valuation
techniques used to determine the expected sales price of these assets and liabilities that will be achieved when the disposal group is
sold.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-693": { "value": "
Accounting for financial assets and liabilities \u2013 fair value
Financial instruments that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at
fair value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or
if the financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a
business model that is achieved by both collecting contractual cash flows and selling. Subsequent changes in fair value for these
instruments are recognised in the income statement in net investment income, except if reporting it in trading income reduces an
accounting mismatch.
Wherever possible, fair value is determined by reference to a quoted market price for that instrument. For many of the Group\u2019s
financial assets and liabilities, including derivatives, quoted prices are not available and valuation models are used to estimate fair
value. The models calculate the expected cash flows under the terms of each specific contract and then discount these values back
to a present value. These models use as their basis independently sourced market inputs including, for example, interest rate yield
curves, equities and commodities prices, option volatilities and currency rates.
For financial liabilities measured at fair value, the carrying amount also reflects the effect on fair value of changes in own credit
spreads derived from observable market data, such as in primary issuance and redemption activity for structured notes.
The Group uses the portfolio exemption in IFRS 13 Fair Value Measurement to measure the fair value of groups of financial assets and
liabilities. Financial instruments are measured using the price that would be received to sell a net long position (i.e. an asset) for a
particular risk exposure or to transfer a net short position (i.e. a liability) for a particular risk exposure in an orderly transaction between
market participants at the balance sheet date under current market conditions. Accordingly, the Group measures the fair value of the
group of financial assets and liabilities consistently with how market participants would price the net risk exposure at the
measurement date.
On initial recognition, the transaction price often reflects the fair value of the asset or liability.\u00a0 However, in some circumstances, fair
value may differ to the transaction price when there is information to the contrary. If the fair value of the instrument is observable
from current market transactions in the same instrument, or based on a valuation technique whose inputs only include observable
inputs, then the instrument is initially recognised at fair value and the difference to the transaction price is recognised in profit or loss.
For valuations that have made use of unobservable inputs, the difference between the model valuation and the initial transaction
price (day one profit) is recognised in profit or loss either: on a straight-line basis over the term of the transaction; or over the period
until all inputs will become observable where appropriate; or released in full when previously unobservable inputs become observable.
Various factors influence the availability of observable inputs, and these may vary from product-to-product and change over time.
Factors include the depth of activity in the relevant market, the type of product, whether the product is new and not widely traded in
the marketplace, the maturity of market modelling and the nature of the transaction (bespoke or generic). To the extent that
valuation is based on models or inputs that are not observable in the market, the determination of fair value can be more subjective,
dependent on the significance of the unobservable input to the overall valuation. Unobservable inputs are determined based on the
best information available, for example, by reference to similar assets, similar maturities, or other analytical techniques.
The sensitivity of valuations used in the financial statements to possible changes in significant unobservable inputs is shown on
page\u00a0442.
Valuation Control Framework
The Barclays Group has an established valuation control framework that oversees valuation methodologies, standards and
procedures.
These estimates are considered to have a significant risk of resulting in a material adjustment to the carrying amounts of financial
assets and financial liabilities measured at fair value within the next financial year.
The valuation of financial instruments often involves a significant degree of judgement and complexity, in particular where valuation
models make use of unobservable inputs (\u2018Level 3\u2019 assets and liabilities). This note provides information on these instruments,
including the related unrealised gains and losses recognised in the period, a description of significant valuation techniques and
unobservable inputs, and a sensitivity analysis.
For assets and liabilities traded in active markets, it is determined that the market valuation includes a representation of the prevailing
view of climate-related risks. Within less active markets, for counterparties and instruments identified as being more susceptible to
climate change risk, an impact assessment was performed through increasing their probability of default. The change in valuation of
the assets and liabilities from this assessment was sufficiently immaterial to necessitate any amendment to the reported 2025 year-
end valuations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-694": { "value": "
Valuation
Assets and liabilities are classified according to a hierarchy that reflects the observability of significant market inputs. The three levels of
the fair value hierarchy are defined below, with judgement applied in determining the boundary between Level 2 and 3 classifications.
Valuation techniques using quoted market prices \u2013 Level 1
Assets and liabilities are classified as Level 1 if their value is observable in an active market. Such instruments are valued by reference to
unadjusted quoted prices for identical assets or liabilities in active markets where the quoted price is readily available, and the price
represents actual and regularly occurring market transactions. An active market is one in which transactions occur with sufficient volume
and frequency to provide pricing information on an ongoing basis.
Valuation techniques using observable inputs \u2013 Level 2
Assets and liabilities classified as Level 2 have been valued using models whose inputs are observable either directly or indirectly. A
valuation input is considered observable if it can be directly observed from transactions in an active market, or if there is compelling
external evidence demonstrating an executable exit price. Valuations based on observable inputs include assets and liabilities, such as
swaps and forwards that are valued using market standard pricing techniques, and options that are commonly traded in markets where
all the inputs to the market standard pricing models are observable. For certain instruments that derive a fair value using unobservable
inputs that are not considered significant, then the asset or liability may be classified as Level 2.
Valuation techniques using significant unobservable inputs \u2013 Level 3
Assets and liabilities are classified as Level 3 if their valuation incorporates significant inputs that are not based on observable market
data (unobservable inputs). Unobservable input levels are generally determined via reference to observable inputs, historical
observations or using other analytical techniques.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-695": { "value": "
The Group reports financial assets and financial liabilities on a net basis on the balance sheet, only if there is a legally enforceable right to
set-off the recognised amounts, and there is intention to settle on a net basis, or to realise the asset and settle the liability
simultaneously. The following table shows the impact of netting arrangements on:
\u2022 All financial assets and liabilities that are reported net on the balance sheet
\u2022 All derivative financial instruments and reverse repurchase and repurchase agreements and other similar secured lending and
borrowing agreements that are subject to enforceable master netting arrangements or similar agreements, but do not qualify for
balance sheet netting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-697": { "value": "Property, plant and equipment
Accounting for property, plant and equipment
Property, plant and equipment is stated at cost, which includes direct and incremental acquisition costs less accumulated
depreciation and provisions for impairment, if required. Subsequent costs are capitalised if these result in enhancement of the asset.
Depreciation is provided on the depreciable amount of items of property, plant and equipment on a straight-line basis over their estimated useful
economic lives. Depreciation rates, methods and the residual values underlying the calculation of depreciation of items of property, plant and
equipment are kept under review to take account of any change in circumstances, including consideration on future Climate and Sustainability
investments.
The Group uses the following annual rates in calculating depreciation:
Costs of adaptation and installed equipment are depreciated over the shorter of the life of the lease or the depreciation rates noted in
the table above.
Investment property
The Group initially recognises investment property at cost, and subsequently at fair value at each balance sheet date, reflecting market
conditions at the reporting date. Gains and losses on remeasurement are included in the income statement.
Investment
property
Property
Equipment
Right of use
assets 1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
As at 1 January 2025
9
3,628
2,245
2,215
8,097
Additions
33
215
267
156
671
Disposals 2
\u2014
(158)
(68)
(87)
(313)
Exchange and other movements
1
(192)
11
45
(135)
As at 31 December 2025
43
3,493
2,455
2,329
8,320
Accumulated depreciation and impairment
As at 1 January 2025
\u2014
(1,798)
(1,557)
(1,138)
(4,493)
Depreciation charge3
\u2014
(139)
(236)
(136)
(511)
Impairment3
\u2014
(3)
(1)
(7)
(11)
Disposals 2
\u2014
156
60
79
295
Exchange and other movements
\u2014
99
7
14
120
As at 31 December 2025
\u2014
(1,685)
(1,727)
(1,188)
(4,600)
Net book value
43
1,808
728
1,141
3,720
Cost
As at 1 January 2024
2
3,578
2,347
2,002
7,929
Additions
9
165
186
48
408
Disposals
(2)
(140)
(273)
(96)
(511)
Exchange and other movements
\u2014
25
(15)
261
271
As at 31 December 2024
9
3,628
2,245
2,215
8,097
Accumulated depreciation and impairment
As at 1 January 2024
\u2014
(1,778)
(1,563)
(1,171)
(4,512)
Depreciation charge3
\u2014
(143)
(250)
(139)
(532)
Impairment3
\u2014
(1)
\u2014
(14)
(15)
Disposals
\u2014
131
258
94
483
Exchange and other movements
\u2014
(7)
(2)
92
83
As at 31 December 2024
\u2014
(1,798)
(1,557)
(1,138)
(4,493)
Net book value
9
1,830
688
1,077
3,604
Notes:
1 Right of use (ROU) asset balances relate to property leases under IFRS 16. Refer to Note 20 for further details.
2 Disposals primarily pertain to fully depreciated assets which are not in use.
3 Depreciation charge and impairment charge is part of Infrastructure, Administration and General expenses shown in Note 7.
4 In 2024, Exchange and other movements in Right of use (ROU) asset balances include modification related to a lease extended by ~91 years
Property rentals o f \u00a37m\u00a0 (2024: 11m) have been included in other income.
The fair value of investment property is determined by reference to current market prices for similar properties, adjusted as necessary,
for condition and location, or by reference to recent transactions updated to reflect current economic conditions. Discounted cash flow
techniques may be employed to calculate fair value where there have been no recent transactions, using current external market inputs,
such as market rents and interest rates. Valuations are carried out by management with the support of appropriately qualified
independent valuers.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-696": { "value": "Property, plant and equipment
Accounting for property, plant and equipment
Property, plant and equipment is stated at cost, which includes direct and incremental acquisition costs less accumulated
depreciation and provisions for impairment, if required. Subsequent costs are capitalised if these result in enhancement of the asset.
Depreciation is provided on the depreciable amount of items of property, plant and equipment on a straight-line basis over their estimated useful
economic lives. Depreciation rates, methods and the residual values underlying the calculation of depreciation of items of property, plant and
equipment are kept under review to take account of any change in circumstances, including consideration on future Climate and Sustainability
investments.
The Group uses the following annual rates in calculating depreciation:
Costs of adaptation and installed equipment are depreciated over the shorter of the life of the lease or the depreciation rates noted in
the table above.
Investment property
The Group initially recognises investment property at cost, and subsequently at fair value at each balance sheet date, reflecting market
conditions at the reporting date. Gains and losses on remeasurement are included in the income statement.
Investment
property
Property
Equipment
Right of use
assets 1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
As at 1 January 2025
9
3,628
2,245
2,215
8,097
Additions
33
215
267
156
671
Disposals 2
\u2014
(158)
(68)
(87)
(313)
Exchange and other movements
1
(192)
11
45
(135)
As at 31 December 2025
43
3,493
2,455
2,329
8,320
Accumulated depreciation and impairment
As at 1 January 2025
\u2014
(1,798)
(1,557)
(1,138)
(4,493)
Depreciation charge3
\u2014
(139)
(236)
(136)
(511)
Impairment3
\u2014
(3)
(1)
(7)
(11)
Disposals 2
\u2014
156
60
79
295
Exchange and other movements
\u2014
99
7
14
120
As at 31 December 2025
\u2014
(1,685)
(1,727)
(1,188)
(4,600)
Net book value
43
1,808
728
1,141
3,720
Cost
As at 1 January 2024
2
3,578
2,347
2,002
7,929
Additions
9
165
186
48
408
Disposals
(2)
(140)
(273)
(96)
(511)
Exchange and other movements
\u2014
25
(15)
261
271
As at 31 December 2024
9
3,628
2,245
2,215
8,097
Accumulated depreciation and impairment
As at 1 January 2024
\u2014
(1,778)
(1,563)
(1,171)
(4,512)
Depreciation charge3
\u2014
(143)
(250)
(139)
(532)
Impairment3
\u2014
(1)
\u2014
(14)
(15)
Disposals
\u2014
131
258
94
483
Exchange and other movements
\u2014
(7)
(2)
92
83
As at 31 December 2024
\u2014
(1,798)
(1,557)
(1,138)
(4,493)
Net book value
9
1,830
688
1,077
3,604
Notes:
1 Right of use (ROU) asset balances relate to property leases under IFRS 16. Refer to Note 20 for further details.
2 Disposals primarily pertain to fully depreciated assets which are not in use.
3 Depreciation charge and impairment charge is part of Infrastructure, Administration and General expenses shown in Note 7.
4 In 2024, Exchange and other movements in Right of use (ROU) asset balances include modification related to a lease extended by ~91 years
Property rentals o f \u00a37m\u00a0 (2024: 11m) have been included in other income.
The fair value of investment property is determined by reference to current market prices for similar properties, adjusted as necessary,
for condition and location, or by reference to recent transactions updated to reflect current economic conditions. Discounted cash flow
techniques may be employed to calculate fair value where there have been no recent transactions, using current external market inputs,
such as market rents and interest rates. Valuations are carried out by management with the support of appropriately qualified
independent valuers.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-699": { "value": "
Accounting for property, plant and equipment
Property, plant and equipment is stated at cost, which includes direct and incremental acquisition costs less accumulated
depreciation and provisions for impairment, if required. Subsequent costs are capitalised if these result in enhancement of the asset.
Depreciation is provided on the depreciable amount of items of property, plant and equipment on a straight-line basis over their estimated useful
economic lives. Depreciation rates, methods and the residual values underlying the calculation of depreciation of items of property, plant and
equipment are kept under review to take account of any change in circumstances, including consideration on future Climate and Sustainability
investments.
The Group uses the following annual rates in calculating depreciation:
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-698": { "value": "
Accounting for property, plant and equipment
Property, plant and equipment is stated at cost, which includes direct and incremental acquisition costs less accumulated
depreciation and provisions for impairment, if required. Subsequent costs are capitalised if these result in enhancement of the asset.
Depreciation is provided on the depreciable amount of items of property, plant and equipment on a straight-line basis over their estimated useful
economic lives. Depreciation rates, methods and the residual values underlying the calculation of depreciation of items of property, plant and
equipment are kept under review to take account of any change in circumstances, including consideration on future Climate and Sustainability
investments.
The Group uses the following annual rates in calculating depreciation:
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-700": { "value": "
Investment property
The Group initially recognises investment property at cost, and subsequently at fair value at each balance sheet date, reflecting market
conditions at the reporting date. Gains and losses on remeasurement are included in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-701": { "value": "Leases
Accounting for leases
When the Group is the lessee, it is required to recognise both:
\u2022 a lease liability, measured at the present value of remaining cash flows on the lease
\u2022 a right of use (ROU) asset, measured at the amount of the initial measurement of the lease liability, plus any lease payments made
prior to commencement date, initial direct costs, and estimated costs of restoring the underlying asset to the condition required
by the lease, less any lease incentives received.
Subsequently the lease liability will increase for the accrual of interest, resulting in a constant rate of return throughout the life of the
lease, and reduce when payments are made. The right of use asset will amortise to the income statement over the life of the lease.
When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the ROU asset, or is recorded
in the income statement if the carrying amount of the ROU asset has been reduced to nil.
On the balance sheet, the ROU assets are included within property, plant and equipment and the lease liabilities are included within
other liabilities.
The Group applies the recognition exemption in IFRS 16 for leases with a term not exceeding 12 months. For these leases, the lease
payments are recognised as an expense on a straight-line basis over the lease term unless another systematic basis is more
appropriate.
When the Group is the lessor, the lease must be classified as either a finance lease or an operating lease. A finance lease is a lease
that confers substantially all the risks and rewards of the leased assets on the lessee. An operating lease is a lease where substantially
all of the risks and rewards of the leased asset remain with the lessor.
As a lessor
Finance lease receivables are included within loans and advances at amortised cost.
The following table sets out a maturity analysis of lease receivables, showing the lease payments to be received after the reporting date.
2025
2024
Gross
investment
in finance
lease
receivables
Future
finance
income
Present
value of
minimum
lease
payments
receivable
Unguaranteed
residual
values
Gross
investment
in finance
lease
receivables
Future
finance
income
Present
value of
minimum
lease
payments
receivable
Unguaranteed
residual
values
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not more than one year
1
\u2014
1
\u2014
7
(1)
6
\u2014
One to two years
3
(1)
2
\u2014
3
(1)
2
\u2014
Two to three years
1
\u2014
1
\u2014
\u2014
\u2014
\u2014
\u2014
Total
5
(1)
4
\u2014
10
(2)
8
\u2014
Barclays provided leasing and other asset finance facilities to businesses and individual customers. There is no significant impairment
allowance for finance lease receivables in current and previous year.
The Group does not have any material operating leases as a lessor.
Finance lease income
Finance lease income is included within interest income. The following table shows amounts recognised in the income statement during
the year.
2025
2024
\u00a3m
\u00a3m
Finance income from net investment in lease
1
2
Profit on sales
\u2014
\u2014
As a lessee
The Group leases various offices, branches and other premises under non-cancellable lease arrangements to meet its operational
business requirements. In some instances, Barclays will sublease property to third parties when it is no longer needed to meet business
requirements. Currently, Barclays does not have any material subleasing arrangements.
ROU asset balances relate to property leases only. Refer to Note 19 for the carrying amount of ROU assets.
The total expenses recognised during the year for short-term leases were\u00a0 \u00a31m (2024: \u00a31m). The portfolio of short-term leases to
which Barclays is exposed at the end of the year is not dissimilar to the expenses recognised in the year.
Lease liabilities
2025
2024
\u00a3m
\u00a3m
As at 1 January
1,205
971
Interest expense
71
71
New leases
155
45
Disposals
(14)
(18)
Cash payments
(196)
(204)
Exchange and other movements1
57
340
As at 31 December (see Note 22)
1,278
1,205
Note:
1 Exchange and other movements in 2024\u00a0 include modification related to a lease extended by ~91 years
The table below sets out a maturity analysis of undiscounted lease liabilities, showing the lease payments after the reporting date.
Undiscounted lease liabilities maturity analysis
2025
2024
\u00a3m
\u00a3m
Not more than one year
187
195
One to two years
170
173
Two to three years
153
149
Three to four years
142
126
Four to five years
120
113
Five to ten years
503
395
Greater than ten years
3,474
3,754
Total undiscounted lease liabilities as at 31 December
4,749
4,905
In 2024, Barclays had a lease modification for property \"New York, 745 7th Avenue\" wherein there was an extension of lease term by ~ 91
years.
In addition to the cash flows identified above, the Group is exposed to:
\u2022 Variable lease payments: This variability will typically arise from either inflation index instruments or market-based pricing
adjustments. Currently, Barclays has 205 (2024: 238) leases out of the total 603 (2024: 631) leases with variable payment terms. Of
the gross cash flows identified above, \u00a34,613m (2024: \u00a34,634m) is attributable to leases with some degree of payment variability.
\u2022 Extension and termination options: The table above represents Barclays' best estimate of future cash outflows for leases, including
assumptions regarding the exercising of contractual extension and termination options. The above gross cash flows include
adjustments of \u00a35m (2024: \u00a310m) and \u00a31,820m (2024: \u00a31,872m) in respect of leases for which Barclays is highly likely to exercise an
early termination and a lease extension option, respectively.
In 2025, the Group does not have any sale and leaseback transaction ( 2024: Nil).
The Group does not have any restrictions or covenants imposed by the lessor on its property leases which restrict its businesses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-702": { "value": "
Accounting for leases
When the Group is the lessee, it is required to recognise both:
\u2022 a lease liability, measured at the present value of remaining cash flows on the lease
\u2022 a right of use (ROU) asset, measured at the amount of the initial measurement of the lease liability, plus any lease payments made
prior to commencement date, initial direct costs, and estimated costs of restoring the underlying asset to the condition required
by the lease, less any lease incentives received.
Subsequently the lease liability will increase for the accrual of interest, resulting in a constant rate of return throughout the life of the
lease, and reduce when payments are made. The right of use asset will amortise to the income statement over the life of the lease.
When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the ROU asset, or is recorded
in the income statement if the carrying amount of the ROU asset has been reduced to nil.
On the balance sheet, the ROU assets are included within property, plant and equipment and the lease liabilities are included within
other liabilities.
The Group applies the recognition exemption in IFRS 16 for leases with a term not exceeding 12 months. For these leases, the lease
payments are recognised as an expense on a straight-line basis over the lease term unless another systematic basis is more
appropriate.
When the Group is the lessor, the lease must be classified as either a finance lease or an operating lease. A finance lease is a lease
that confers substantially all the risks and rewards of the leased assets on the lessee. An operating lease is a lease where substantially
all of the risks and rewards of the leased asset remain with the lessor.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-703": { "value": "Goodwill and intangible assets
Accounting for goodwill and intangible assets
Goodwill
Goodwill arising on the acquisition of subsidiaries represents the excess of the fair value of the purchase consideration over the fair
value of the Group\u2019s share of the assets acquired and the liabilities and contingent liabilities assumed on the date of the acquisition.
Goodwill is reviewed annually for impairment, or more frequently when there are indications that impairment may have occurred. The
test involves comparing the carrying value of a cash generating unit (CGU), including goodwill with the present value of the pre-tax
cash flows, discounted at a rate of interest that reflects the inherent risks, of the CGU to which the goodwill relates, or the CGU's fair
value if this is higher.
Intangible assets
Intangible assets are initially recognised when they are separable or arise from contractual or other legal rights, the cost can be
measured reliably and, in the case of intangible assets not acquired in a business combination, where it is probable that future
economic benefits attributable to the assets will flow from their use.
For internally generated intangible assets, only costs incurred during the development phase are capitalised. Expenditure in the
research phase is expensed when it is incurred.
Intangible assets are stated at cost (which is, in the case of assets acquired in a business combination, the acquisition date fair value)
less accumulated amortisation and impairment, if any, and are amortised over their useful lives in a manner that reflects the pattern
to which they contribute to future cash flows, generally using the amortisation periods set out below:
Note:
1 Exceptions to the above rate relate to useful lives of certain core banking platforms that are assessed individually and, if appropriate, amortised over longer
periods ranging from 10 to 15 years.
xIntangible assets are reviewed for impairment when there are indications that impairment may have occurred. Intangible assets not yet
available for use are reviewed annually for impairment.
Intangible assets
Goodwill
Internally
generated
software
Other
software
Core
deposits
Brand
Customer
lists
Licences
and other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
Cost
As at 1 January 2025
5,308
7,280
671
17
7
1,230
219
14,732
Additions
\u2014
1,341
4
\u2014
\u2014
\u2014
\u2014
1,345
Disposals 1
\u2014
(1,306)
(5)
\u2014
\u2014
\u2014
(3)
(1,314)
Exchange and other movements
(35)
(74)
(4)
\u2014
\u2014
(78)
(14)
(205)
As at 31 December 2025
5,273
7,241
666
17
7
1,152
202
14,558
Accumulated amortisation and
impairment
As at 1 January 2025
(858)
(3,897)
(486)
(1)
(2)
(1,073)
(140)
(6,457)
Disposals 1
\u2014
1,306
4
\u2014
\u2014
\u2014
3
1,313
Amortisation charge2
\u2014
(1,135)
(63)
(3)
(1)
(33)
(10)
(1,245)
Impairment charge2
\u2014
(8)
(1)
\u2014
\u2014
\u2014
\u2014
(9)
Exchange and other movements
\u2014
41
2
\u2014
\u2014
71
10
124
As at 31 December 2025
(858)
(3,693)
(544)
(4)
(3)
(1,035)
(137)
(6,274)
Net book value
4,415
3,548
122
13
4
117
65
8,284
2024
As at 1 January 2024
5,035
7,190
717
\u2014
7
1,569
156
14,674
Additions
263
1,225
12
17
\u2014
66
66
1,649
Disposals 1
\u2014
(1,156)
(58)
\u2014
\u2014
(90)
(6)
(1,310)
Exchange and other movements
10
21
\u2014
\u2014
\u2014
(315)
3
(281)
As at 31 December 2024
5,308
7,280
671
17
7
1,230
219
14,732
Accumulated amortisation and
impairment
As at 1 January 2024
(858)
(3,965)
(478)
\u2014
(1)
(1,438)
(140)
(6,880)
Disposals 1
\u2014
1,156
58
\u2014
\u2014
90
6
1,310
Amortisation charge2
\u2014
(1,066)
(67)
(1)
(1)
(28)
(5)
(1,168)
Impairment charge2
\u2014
(19)
\u2014
\u2014
\u2014
\u2014
\u2014
(19)
Exchange and other movements
\u2014
(3)
1
\u2014
\u2014
303
(1)
300
As at 31 December 2024
(858)
(3,897)
(486)
(1)
(2)
(1,073)
(140)
(6,457)
Net book value
4,450
3,383
185
16
5
157
79
8,275
Notes:
1 Disposals pertain to\u00a0 fully amortised\u00a0 assets which are\u00a0 not in use.
2 Amortisation charge and impairment charge is part of Infrastructure, Administration and General expenses shown in Note 7.
Goodwill
Goodwill and Intangible assets are allocated to business operations according to business segments as follows:
2025
2024
Goodwill
Intangibles
Total
Goodwill
Intangibles
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Barclays UK
3,872
1,013
4,885
3,872
1,042
4,914
Barclays UK Corporate Bank
\u2014
256
256
\u2014
59
59
Barclays UK Private Bank and Wealth
Management
95
298
393
95
251
346
Barclays US Consumer Bank
414
516
930
444
513
957
Barclays Investment Bank
\u2014
1,751
1,751
0
1,902
1,902
Head Office
34
35
69
39
58
97
Total
4,415
3,869
8,284
4,450
3,825
8,275
Critical accounting estimates and judgements
Goodwill
Key areas involving a higher degree of judgement or estimation include:
Judgements
Estimates
Identification of cash generating units (CGUs) and allocation of goodwill
for impairment testing.
The value-in-use (VIU) of a CGU for impairment testing includes
forecasting future cash flows and determination of the discount rate.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of goodwill in the next
financial year.
Testing goodwill for impairment involves a significant amount of judgement. Goodwill is allocated to CGUs for the purpose of
impairment testing. The review of goodwill for impairment involves calculating a value in use (VIU) valuation, which is compared to the
carrying value of a CGU associated with the goodwill to determine whether any impairment has occurred. This includes the identification
of independent CGUs across the organisation and the allocation of goodwill to those CGUs.
The calculation of a value in use contains a high degree of uncertainty in estimating the future cash flows and the rates used to discount
them. Key judgements include determining the carrying value of the CGU, the cash flows and discount rates used in the calculation.
\u2022 The cash flow forecasts used by management involve judgement and are based upon a view of the prospects of the business and
market conditions at the point in time the assessment is prepared, including the potential effect of climate change. The estimation of
cash flows is sensitive to the periods for which detailed forecasts are available and to assumptions regarding long-term sustainable
cash flows.
\u2022 The discount rates applied to the future cash flows also involve judgement. The discount rates used are compared to market
participants to ensure that they are appropriate and based on an estimated cost of equity for each CGU.
\u2022 The choice of a terminal growth rate used to determine the present value of the future cash flows of the CGUs is also a judgement
that can impact the outcome of the assessment. The terminal growth rate and discount rates used may vary due to external market
rates and economic conditions that are beyond management\u2019s control, including the potential effect of climate change.
Further details of some of the key judgements are set out below.
2025 impairment review
The 2025 impairment review was performed during Q4 2025, with the approach and analysis set out below.\u00a0
Determining the carrying value of CGUs
The carrying value for each CGU is the sum of the tangible equity, goodwill and intangible asset balances associated with that CGU.
The Group manages the assets and liabilities of its CGUs with reference to the tangible equity of the respective businesses. That
tangible equity is derived from the level of risk weighted assets (RWAs) and capital required to be deployed in the CGU and therefore
reflects its relative risk, as well as the level of capital that management consider a market participant would be required to hold and retain
to support business growth.
Goodwill is initially allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the acquisition that
generated it. Goodwill is only reallocated if there is a change in its use or when reporting structures are altered in a way that changes the
composition of one or more cash generating units to which goodwill has been allocated.\u00a0 During H1 2025, Barclays Bank UK Group
revised its internal reporting structure to align with strategic changes and allocation of resources. As a result, a new reportable segment
of Retail Banking has replaced the previously reported Personal Banking and Barclaycard Consumer UK segments.\u00a0
Cash flows
The five-year cash flows used in the calculation are based on the formally agreed medium-term plans approved by the Board. These are
prepared using macroeconomic assumptions which management consider reasonable and supportable, and reflect business agreed
initiatives for the forecast period. The macroeconomic assumptions underpinning the medium-term plan were determined during 2025
and management has considered whether there are subsequent significant changes in those assumptions which would adversely
impact the results of the impairment review.
As required by IAS 36, estimates of future cash flows exclude cash inflows or outflows that are expected to arise from restructuring
initiatives where a constructive obligation to carry out the plan does not yet exist.
In line with prior year treatment, the Education, Social Housing and Local Authority (ESHLA) portfolio has been excluded from the
Business Banking CGU cash flows. This is a legacy loan portfolio which was previously within the Non-Core bank and was not part of the
business to which the goodwill relates. As such, the cash flows relating to this portfolio have been excluded from the Business Banking
VIU calculation.\u00a0
Discount rates
IAS 36 requires that the discount rate used in a value in use calculation reflects the pre-tax rate an investor would require if they were to
choose an investment that would generate similar cash flows to those that the entity expects to generate from the asset. In
determining the discount rate, management identified the cost of equity associated with market participants that closely resemble the
Group's CGUs. The cost of equity has been used as the discount rate in the impairment assessment and applied to the post-tax cash
flows of the CGU. This post-tax method incorporates the impact of changing tax rates on the cash flows and is expected to produce the
same VIU result as a pre-tax method adjusted for varying tax rates. Using the resultant VIU, the equivalent pre-tax discount rate has
been calculated. The cost of equity rate used for all CGUs in this year\u2019s calculation has increased to reflect volatility in markets, an
increase in risk free rate and a higher market risk premium rate. The range of equivalent pre-tax discount rates applicable across the
CGUs range from\u00a0 15.2% to 19.6% (2024: 14.7% to 19.2%).
Terminal growth rate
The terminal growth rate is used to estimate the effect of projecting cash flows to the end of an asset\u2019s useful economic life. It is
management\u2019s judgement that the cash flows associated with the CGUs will grow in line with the major economies in which the Group
operates. Inflation rates are used as an approximation of future growth rates and form the basis of the terminal growth rates applied.
The terminal growth rate used is\u00a0 2.0% (2024: 2.0%).
Outcome of goodwill and intangibles review
The Retail Banking CGU carries the majority of the Group\u2019s goodwill balance, predominantly as a consequence of the Woolwich
acquisition. The goodwill within Retail Banking\u00a0 was \u00a33,243m (2024: \u00a33,243m), of which \u00a32,501m (2024: \u00a32,501m) was attributable to
Woolwich, and within Business Banking was \u00a3629m (2024: \u00a3629m), fully attributable to Woolwich.\u00a0
The largest portion of the Group's intangible assets sits within the Barclays Investment Bank CGU, with an allocation of \u00a31,751m (2024:
\u00a31,902m).
Based on management's plans and assumptions the value in use exceeds the carrying value of the CGUs and no impairment has been
indicated in 2025.\u00a0
The outcome of the impairment review for Retail Banking, Business Banking and Barclays US Consumer Bank are set out below:
Cash generating unit
Tangible equity
Goodwill
Intangibles
Carrying value
Value in use
Value in use
exceeding
carrying value
2025
Value in use
exceeding
carrying value
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail Banking
9,619
3,243
795
13,657
19,961
6,304
1,925
Business Banking
1,987
629
208
2,824
8,069
5,245
3,197
Barclays US Consumer Bank
3,055
414
519
3,988
7,081
3,093
480
Total
14,661
4,286
1,522
20,469
35,111
14,642
5,602
Note:
1 For comparative purposes, the 2024 figures have been re-presented to reflect the cash-generating units within the new operating divisions introduced in the
first half of 2025. Goodwill related to Retail Banking, which was previously reported under Personal Banking and Barclaycard Consumer UK, has now been
reclassified accordingly.\u00a0 \u00a0
All of the above CGUs have seen an increase in value in use in the period, which is mainly attributable to improved performance
expectations.
Sensitivity of key judgements
Headroom is sensitive to possible adverse changes in the key assumptions that support the recoverable amount:
Cash flows: The medium-term plans used to determine the cash flows used in the VIU calculation rely on macroeconomic forecasts,
including interest rates, GDP and unemployment, and forecast levels of market and client activity. Interest rate assumptions impact
planned cash flows from both customer income and structural hedge contributions and therefore cash flow expectations are highly
sensitive to movements in the yield curve. The cash flows also contain assumptions with regard to the prudential and financial conduct
regulatory environment which may be subject to change. Given the current level of economic uncertainty, a 10% reduction in cash flows
has been provided to show the sensitivity of the outcome to a change in these key assumptions.
Discount rate: The discount rate should reflect the market risk-free rate adjusted for the inherent risks of the business it is applied to.
Management have identified discount rates for comparable businesses and consider these to be a reasonable estimate of a suitable
market rate for the profile of the business unit being tested. The risk that these discount rates may not be appropriate is quantified below
and shows the impact of a 100bps change in the discount rate.
Terminal growth rate: The terminal growth rate is used to estimate the cash flows into perpetuity based on the expected longevity of the
CGU's businesses. The terminal growth rate is sensitive to uncertainties in the macroeconomic environment. The risk that using inflation
data may not be appropriate for its determination is quantified below and shows the impact of 100bps change in the terminal growth rate.
Allocated capital rate: Tangible equity is allocated based on the level of risk weighted assets (RWAs) and capital required to be deployed in
the CGU, which is dependent on the relative risk of businesses. The capital rate used in determining the level of tangible equity allocated to
the CGU and its capital cash flows could move over time. The impact of a 50bps increase in capital rate is quantified below.
The sensitivity of the value in use to key judgements in the calculations for certain CGUs holding goodwill balances is set out below:
Cash generating unit
Carrying
value
Value in
use
Value in
use
exceeding
carrying
value
Discount
rate
Reduction in headroom
Change required to reduce
headroom to zero
100 bps
increase
in the
discount
rate
100 bps
decrease
in
terminal
growth
rate
50 bps
increase
to
allocated
capital
rate
10%
reduction
in
forecasted
cash flows
Discount
rate
Terminal
growth
rate
Allocated
capital
rate
Cash
flows
\u00a3m
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
Retail Banking
13,657
19,961
6,304
19.6
(1,164)
(676)
(428)
(2,189)
7.4
(17.8)
7.4
(28.8)
Barclays US Consumer Bank
3,988
7,081
3,093
16.8
(572)
(368)
(229)
(901)
8.0
(16.8)
6.7
(34.3)
Total
17,645
27,042
9,397
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-706": { "value": "
Accounting for goodwill and intangible assets
Goodwill
Goodwill arising on the acquisition of subsidiaries represents the excess of the fair value of the purchase consideration over the fair
value of the Group\u2019s share of the assets acquired and the liabilities and contingent liabilities assumed on the date of the acquisition.
Goodwill is reviewed annually for impairment, or more frequently when there are indications that impairment may have occurred. The
test involves comparing the carrying value of a cash generating unit (CGU), including goodwill with the present value of the pre-tax
cash flows, discounted at a rate of interest that reflects the inherent risks, of the CGU to which the goodwill relates, or the CGU's fair
value if this is higher.
Intangible assets
Intangible assets are initially recognised when they are separable or arise from contractual or other legal rights, the cost can be
measured reliably and, in the case of intangible assets not acquired in a business combination, where it is probable that future
economic benefits attributable to the assets will flow from their use.
For internally generated intangible assets, only costs incurred during the development phase are capitalised. Expenditure in the
research phase is expensed when it is incurred.
Intangible assets are stated at cost (which is, in the case of assets acquired in a business combination, the acquisition date fair value)
less accumulated amortisation and impairment, if any, and are amortised over their useful lives in a manner that reflects the pattern
to which they contribute to future cash flows, generally using the amortisation periods set out below:
Note:
1 Exceptions to the above rate relate to useful lives of certain core banking platforms that are assessed individually and, if appropriate, amortised over longer
periods ranging from 10 to 15 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-705": { "value": "
Accounting for goodwill and intangible assets
Goodwill
Goodwill arising on the acquisition of subsidiaries represents the excess of the fair value of the purchase consideration over the fair
value of the Group\u2019s share of the assets acquired and the liabilities and contingent liabilities assumed on the date of the acquisition.
Goodwill is reviewed annually for impairment, or more frequently when there are indications that impairment may have occurred. The
test involves comparing the carrying value of a cash generating unit (CGU), including goodwill with the present value of the pre-tax
cash flows, discounted at a rate of interest that reflects the inherent risks, of the CGU to which the goodwill relates, or the CGU's fair
value if this is higher.
Intangible assets
Intangible assets are initially recognised when they are separable or arise from contractual or other legal rights, the cost can be
measured reliably and, in the case of intangible assets not acquired in a business combination, where it is probable that future
economic benefits attributable to the assets will flow from their use.
For internally generated intangible assets, only costs incurred during the development phase are capitalised. Expenditure in the
research phase is expensed when it is incurred.
Intangible assets are stated at cost (which is, in the case of assets acquired in a business combination, the acquisition date fair value)
less accumulated amortisation and impairment, if any, and are amortised over their useful lives in a manner that reflects the pattern
to which they contribute to future cash flows, generally using the amortisation periods set out below:
Note:
1 Exceptions to the above rate relate to useful lives of certain core banking platforms that are assessed individually and, if appropriate, amortised over longer
periods ranging from 10 to 15 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-704": { "value": "
Accounting for goodwill and intangible assets
Goodwill
Goodwill arising on the acquisition of subsidiaries represents the excess of the fair value of the purchase consideration over the fair
value of the Group\u2019s share of the assets acquired and the liabilities and contingent liabilities assumed on the date of the acquisition.
Goodwill is reviewed annually for impairment, or more frequently when there are indications that impairment may have occurred. The
test involves comparing the carrying value of a cash generating unit (CGU), including goodwill with the present value of the pre-tax
cash flows, discounted at a rate of interest that reflects the inherent risks, of the CGU to which the goodwill relates, or the CGU's fair
value if this is higher.
Intangible assets
Intangible assets are initially recognised when they are separable or arise from contractual or other legal rights, the cost can be
measured reliably and, in the case of intangible assets not acquired in a business combination, where it is probable that future
economic benefits attributable to the assets will flow from their use.
For internally generated intangible assets, only costs incurred during the development phase are capitalised. Expenditure in the
research phase is expensed when it is incurred.
Intangible assets are stated at cost (which is, in the case of assets acquired in a business combination, the acquisition date fair value)
less accumulated amortisation and impairment, if any, and are amortised over their useful lives in a manner that reflects the pattern
to which they contribute to future cash flows, generally using the amortisation periods set out below:
Note:
1 Exceptions to the above rate relate to useful lives of certain core banking platforms that are assessed individually and, if appropriate, amortised over longer
periods ranging from 10 to 15 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-707": { "value": "
Intangible assets
Goodwill
Internally
generated
software
Other
software
Core
deposits
Brand
Customer
lists
Licences
and other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
Cost
As at 1 January 2025
5,308
7,280
671
17
7
1,230
219
14,732
Additions
\u2014
1,341
4
\u2014
\u2014
\u2014
\u2014
1,345
Disposals 1
\u2014
(1,306)
(5)
\u2014
\u2014
\u2014
(3)
(1,314)
Exchange and other movements
(35)
(74)
(4)
\u2014
\u2014
(78)
(14)
(205)
As at 31 December 2025
5,273
7,241
666
17
7
1,152
202
14,558
Accumulated amortisation and
impairment
As at 1 January 2025
(858)
(3,897)
(486)
(1)
(2)
(1,073)
(140)
(6,457)
Disposals 1
\u2014
1,306
4
\u2014
\u2014
\u2014
3
1,313
Amortisation charge2
\u2014
(1,135)
(63)
(3)
(1)
(33)
(10)
(1,245)
Impairment charge2
\u2014
(8)
(1)
\u2014
\u2014
\u2014
\u2014
(9)
Exchange and other movements
\u2014
41
2
\u2014
\u2014
71
10
124
As at 31 December 2025
(858)
(3,693)
(544)
(4)
(3)
(1,035)
(137)
(6,274)
Net book value
4,415
3,548
122
13
4
117
65
8,284
2024
As at 1 January 2024
5,035
7,190
717
\u2014
7
1,569
156
14,674
Additions
263
1,225
12
17
\u2014
66
66
1,649
Disposals 1
\u2014
(1,156)
(58)
\u2014
\u2014
(90)
(6)
(1,310)
Exchange and other movements
10
21
\u2014
\u2014
\u2014
(315)
3
(281)
As at 31 December 2024
5,308
7,280
671
17
7
1,230
219
14,732
Accumulated amortisation and
impairment
As at 1 January 2024
(858)
(3,965)
(478)
\u2014
(1)
(1,438)
(140)
(6,880)
Disposals 1
\u2014
1,156
58
\u2014
\u2014
90
6
1,310
Amortisation charge2
\u2014
(1,066)
(67)
(1)
(1)
(28)
(5)
(1,168)
Impairment charge2
\u2014
(19)
\u2014
\u2014
\u2014
\u2014
\u2014
(19)
Exchange and other movements
\u2014
(3)
1
\u2014
\u2014
303
(1)
300
As at 31 December 2024
(858)
(3,897)
(486)
(1)
(2)
(1,073)
(140)
(6,457)
Net book value
4,450
3,383
185
16
5
157
79
8,275
Notes:
1 Disposals pertain to\u00a0 fully amortised\u00a0 assets which are\u00a0 not in use.
2 Amortisation charge and impairment charge is part of Infrastructure, Administration and General expenses shown in Note 7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-708": { "value": "
Goodwill
Goodwill and Intangible assets are allocated to business operations according to business segments as follows:
2025
2024
Goodwill
Intangibles
Total
Goodwill
Intangibles
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Barclays UK
3,872
1,013
4,885
3,872
1,042
4,914
Barclays UK Corporate Bank
\u2014
256
256
\u2014
59
59
Barclays UK Private Bank and Wealth
Management
95
298
393
95
251
346
Barclays US Consumer Bank
414
516
930
444
513
957
Barclays Investment Bank
\u2014
1,751
1,751
0
1,902
1,902
Head Office
34
35
69
39
58
97
Total
4,415
3,869
8,284
4,450
3,825
8,275
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-709": { "value": "Other liabilities
2025
2024
\u00a3m
\u00a3m
Accruals and deferred income
4,261
4,479
Other creditors
4,477
4,828
Items in the course of collection due to other banks
97
99
Lease liabilities (refer to Note 20)
1,278
1,205
Other liabilities
10,113
10,611
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-710": { "value": "Provisions
Accounting for provisions
Provisions are recognised for present obligations arising as consequences of past events where it is more likely than not that a
transfer of economic benefit will be necessary to settle the obligation, which can be reliably estimated.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
These estimates are considered to have a significant risk of resulting in a material adjustment to the carrying amounts of provisions
within the next financial year.
The financial reporting of provisions involves a significant degree of judgement and is complex. Identifying whether a present
obligation exists and estimating the probability, timing, nature and quantum of the outflows that may arise from past events requires
judgements to be made based on the specific facts and circumstances relating to individual events and often requires specialist
professional advice. When matters are at an early stage, accounting judgements and estimates can be difficult because of the high
degree of uncertainty involved. Management continues to monitor matters as they develop to re-evaluate on an ongoing basis
whether provisions should be recognised, however there can remain a wide range of possible outcomes and uncertainties,
particularly in relation to legal, competition and regulatory matters, and as a result, it is often not practicable to make meaningful
estimates, even when matters are at a more advanced stage.
The amount that is recognised as a provision can also be very sensitive to the assumptions made in calculating it. This gives rise to a
large range of potential outcomes which require judgement in determining an appropriate provision level. See Note 25 for more detail
of legal, competition and regulatory matters.
Legal,
competition
and regulatory
matters
Sundry
provisions
Redundancy
and
restructuring
Customer
redress
Onerous
contracts
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January 2025
213
299
59
14
359
944
Additions
267
302
114
41
165
889
Amounts utilised
(210)
(43)
(89)
(14)
(76)
(432)
Unused amounts reversed
(79)
(13)
(3)
\u2014
(48)
(143)
Exchange and other movements
(1)
(2)
(2)
\u2014
(5)
(10)
As at 31 December 2025
190
543
79
41
395
1,248
Undrawn contractually committed facilities and
guarantees
As at 1 January 2025
439
Net change in expected credit loss provision and
other movements
(23)
As at 31 December 2025
416
Total provisions
As at 1 January 2025
1,383
As at 31 December 2025
1,664
Provisions expected to be recovered or settled within no more than 12 months after 31\u00a0December 2025 are \u00a31,400m (2024: \u00a31,192m).
Redundancy and restructuring
These provisions comprise the estimated cost of restructuring, including redundancy costs where an obligation exists. For example,
when the Group has a detailed formal plan for restructuring a business and has raised valid expectations in those affected by the
restructuring by announcing its main features or starting to implement the plan.
Customer redress
Customer redress provisions comprise the estimated cost of making redress payments to customers, clients and counterparties for
losses or damages associated with inappropriate judgement in the execution of the Group\u2019s business activities.
Motor finance provision
From 2003 to late 2019, Clydesdale Financial Services Limited (CFSL), a wholly-owned subsidiary of the Group, provided motor finance
to customers in the UK.
In January 2024, the FCA appointed a skilled person to undertake a review of the historical use of discretionary commission
arrangements and sales in the motor finance market across several firms. This review followed two final decisions by the UK Financial
Ombudsman Service (FOS) and a number of complaints and court claims, including some against CFSL.
On 7 October 2025, the FCA began consulting on an industrywide compensation scheme for eligible motor finance customers. Barclays
has engaged with the FCA as part of its consultation process and the FCA has stated that, if it introduces a redress scheme, it expects to
publish a policy statement and final rules in February or March 2026, with compensation to consumers beginning later in 2026. The FCA
has indicated that it expects to lift the existing pause on the handling of certain motor finance complaints on 31 May 2026, subject to the
terms of the FCA redress scheme, if adopted.
Barclays considers it more likely than not that a redress scheme will be implemented by the FCA. As a result, Barclays has recognised a
provision of \u00a3325m in respect of this matter as at 31 December 2025 (as at 31 December 2024: \u00a390m). Recognising that the proposed
terms of the FCA redress scheme are subject to consultation, in calculating potential redress costs and the amount of provision
required, Barclays has applied a weighted average of multiple scenarios, each incorporating differing evaluations of the FCA\u2019s current
proposals. The current provision reflects the estimated number of motor finance cases falling within the scope of the FCA redress
scheme as proposed by the FCA consultation paper (which covers regulated motor finance agreements between 6 April 2007 and 1
November 2024 where a commission was payable by the lender to the broker), the anticipated level of customer redress reflecting the
FCA\u2019s proposed methodology, the estimated customer response rate with reference to Barclays previous remediation exercises, and
the costs associated with implementing the FCA\u2019s proposed approach to customer engagement.
The final terms of the FCA redress scheme remain uncertain pending publication of the FCA\u2019s policy statement and final scheme rules.
Accordingly, the legal and regulatory outcomes and the nature, extent and timing of any remediation action, if required, remain
uncertain. The ultimate financial impact on Barclays could differ from the recognised provision, which represents Barclays\u2019 best estimate
of the cost of redress based on the information currently available to Barclays.
Legal, competition and regulatory matters
The Group is engaged in various legal proceedings, both in the UK and a number of other overseas jurisdictions, including the US. For
further information in relation to legal proceedings and discussion of the associated uncertainties, refer to Note 25.
Onerous contracts
Onerous contract provisions comprise an estimate of the unavoidable costs involved with fulfilling the terms and conditions of contracts
net of any expected benefits to be received.
Sundry provisions
This category includes provisions that do not fit into any of the other categories, such as fraud losses and dilapidation provisions.
Undrawn contractually committed facilities and guarantees
Undrawn contractually committed facilities and guarantees provisions are accounted under IFRS9. 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 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. Further analysis of the movement\u00a0 is disclosed within the
'Movement in gross exposures and impairment allowance including provisions for loan commitments and financial guarantees' in the
expected credit loss provision table on page 273.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-711": { "value": "
Accounting for provisions
Provisions are recognised for present obligations arising as consequences of past events where it is more likely than not that a
transfer of economic benefit will be necessary to settle the obligation, which can be reliably estimated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-712": { "value": "Contingent liabilities and commitments
Accounting for contingent liabilities
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.
The following table summarises the nominal principal amount of contingent liabilities and commitments which are not recorded on-
balance sheet:
2025
2024
\u00a3m
\u00a3m
Guarantees and letters of credit pledged as collateral security
16,749
16,713
Performance guarantees, acceptances and endorsements
8,625
8,633
Total contingent liabilities and financial guarantees
25,374
25,346
\u2022\u00a0 Of which: Financial guarantees and letters of credit carried at fair value
905
988
Documentary credits and other short-term trade related transactions
1,103
1,433
Standby facilities, credit lines and other commitments
423,503
421,716
Total commitments 1
424,606
423,149
\u2022\u00a0 Of which: Loan commitments carried at fair value
21,292
15,350
Note:
1 Includes exposures relating to financial assets classified as assets held for sale.
Provisions for expected credit losses held against contingent liabilities and commitments equal \u00a3416m (2024: \u00a3439m) and are reported
in Note 23. Further details on contingent liabilities relating to legal and competition and regulatory matters can be found in Note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-713": { "value": "
Accounting for contingent liabilities
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.
The following table summarises the nominal principal amount of contingent liabilities and commitments which are not recorded on-
balance sheet:
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-715": { "value": "
2025
2024
\u00a3m
\u00a3m
Guarantees and letters of credit pledged as collateral security
16,749
16,713
Performance guarantees, acceptances and endorsements
8,625
8,633
Total contingent liabilities and financial guarantees
25,374
25,346
\u2022\u00a0 Of which: Financial guarantees and letters of credit carried at fair value
905
988
Documentary credits and other short-term trade related transactions
1,103
1,433
Standby facilities, credit lines and other commitments
423,503
421,716
Total commitments 1
424,606
423,149
\u2022\u00a0 Of which: Loan commitments carried at fair value
21,292
15,350
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-714": { "value": "
2025
2024
\u00a3m
\u00a3m
Guarantees and letters of credit pledged as collateral security
16,749
16,713
Performance guarantees, acceptances and endorsements
8,625
8,633
Total contingent liabilities and financial guarantees
25,374
25,346
\u2022\u00a0 Of which: Financial guarantees and letters of credit carried at fair value
905
988
Documentary credits and other short-term trade related transactions
1,103
1,433
Standby facilities, credit lines and other commitments
423,503
421,716
Total commitments 1
424,606
423,149
\u2022\u00a0 Of which: Loan commitments carried at fair value
21,292
15,350
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-716": { "value": "Legal, competition and regulatory matters
The Group faces legal, competition and regulatory challenges, many of which are beyond our control. The extent of the impact of these
matters cannot always be predicted but may materially impact our operations, financial results, condition and prospects. Matters arising
from a set of similar circumstances can give rise to either a contingent liability or a provision, or both, depending on the relevant facts
and circumstances.
The recognition of provisions in relation to such matters involves critical accounting estimates and judgements in accordance with the
relevant accounting policies applicable to Note 23, Provisions. We have not disclosed an estimate of the potential financial impact or
effect on the Group of contingent liabilities where it is not currently practicable to do so. Various matters detailed in this note seek
damages of an unspecified amount. While certain matters specify the damages claimed, such claimed amounts do not necessarily
reflect the Group\u2019s potential financial exposure in respect of those matters.
Matters are ordered under headings corresponding to the financial statements in which they are disclosed.
1. Barclays PLC and Barclays Bank PLC
Proceedings relating to certain advisory services agreements
In 2023, Barclays Bank PLC received requests for arbitration from two Jersey special purpose vehicles connected to PCP International
Finance Limited asserting claims in relation to the October 2008 capital raising. This matter is now concluded, and there are no other
outstanding matters relating to the advisory services agreements.
Civil actions related to LIBOR and other benchmarks
Various individuals and corporates in a range of jurisdictions have threatened or brought civil actions against the Group and other banks
in relation to the alleged manipulation of LIBOR and/or other benchmarks.
US civil actions related to LIBOR
Multiple civil actions have been filed in the US against the Group and other banks alleging manipulation of USD LIBOR, Sterling LIBOR and
the LIBOR benchmark that was administered by the Intercontinental Exchange Inc. and certain of its affiliates (ICE LIBOR).\u00a0
With respect to USD LIBOR, one action alleging that Barclays Bank PLC, Barclays Capital Inc. (BCI) and other financial institutions
individually and collectively violated provisions of the US Sherman Antitrust Act (Sherman Act), the US Commodity Exchange Act, the US
Racketeer Influenced and Corrupt Organizations Act (RICO), the US Securities Exchange Act of 1934 and various state laws by
manipulating USD LIBOR rates remains, seeking unspecified damages. In September 2025, the US federal district court in the Southern
District of New York (SDNY) granted the defendants' motion for summary judgment and dismissed the remaining USD LIBOR litigations,
including the action against the Group. The plaintiffs are appealing the decision. A separate USD LIBOR action pending in the SDNY was
previously settled. The settlement is not material to the Group\u2019s operating results, cash flows or financial position.
With respect to Sterling LIBOR, consolidated class actions filed in the SDNY against Barclays Bank PLC, BCI and other Sterling LIBOR
panel banks alleging, among other things, manipulation of the Sterling LIBOR rate in violation of the Sherman Act, US Commodity
Exchange Act and RICO, were dismissed in 2018. The US Court of Appeals for the Second Circuit (Second Circuit) affirmed the dismissal
in September 2025. This matter is concluded.
With respect to ICE LIBOR, in August 2020, a group of individual plaintiffs in the US District Court for the Northern District of California
on behalf of individual borrowers and consumers of loans and credit cards with variable interest rates linked to USD ICE LIBOR brought
an action against Barclays Bank PLC and other financial institutions alleging Sherman Act violations. The defendants\u2019 motion to dismiss
the case was granted in 2022. The US Court of Appeals for the Ninth Circuit affirmed the dismissal in December 2024. The plaintiffs'
petition for US Supreme Court review was denied in June 2025, concluding the matter.
Non-US benchmarks civil actions
The remaining UK claim, issued in 2017, against Barclays Bank PLC and other banks in connection with alleged manipulation of LIBOR
has now settled. The settlement is not material to the Group's operating results, cash flows or financial position. Proceedings are
ongoing in Spain and Italy relating to alleged manipulation of LIBOR and EURIBOR. The proceedings in Israel have concluded.
Foreign exchange civil actions
Legal proceedings have been brought or are threatened against Barclays PLC, Barclays Bank PLC, BCI and Barclays Execution Services
Limited (BX) in connection with alleged manipulation of foreign exchange in the UK, the Netherlands, Israel, Brazil and Australia. In
Australia, the court has approved the settlement and the proceedings are concluded. In Israel, a settlement in principle has been agreed
subject to court approval. The settlements are not material to the Group's operating results, cash flows or financial position.
The above-mentioned proceedings include a class action filed against Barclays PLC, Barclays Bank PLC, BX, BCI and other financial
institutions in the UK Competition Appeal Tribunal (CAT) in 2019. The CAT refused to certify the claim in 2022 and in 2023, the Court of
Appeal overturned the CAT\u2019s decision and found that the claim should be certified on an opt-out basis. Barclays and the other financial
institutions involved appealed this decision and, in December 2025, the UK Supreme Court issued a judgment in their favour,
establishing that this claim should be brought as an opt-in class action.\u00a0
Metals-related civil actions
A US civil complaint alleging manipulation of the price of silver in violation of the US Commodity Exchange Act, the Sherman Act and
state antitrust and consumer protection laws was brought by a proposed class of plaintiffs against a number of banks, including Barclays
Bank PLC, BCI and BX. The complaint, which is filed in the SDNY, was dismissed against the Barclays entities and certain other
defendants in 2018, and against the remaining defendants in 2023. The plaintiffs have appealed the dismissal of the complaint against all
defendants.
Civil actions have also been filed in Canadian courts against Barclays PLC, Barclays Bank PLC, Barclays Capital Canada Inc. and BCI on
behalf of proposed classes of plaintiffs alleging manipulation of gold and silver prices. The Barclays entities have reached a settlement in
principle, which will require court approval. The settlement is not material to the Group's operating results, cash flows or financial
position.
US residential mortgage-related civil action
There remains one US Residential Mortgage-Backed Securities (RMBS) related civil action arising from unresolved repurchase requests
submitted by Trustees for certain RMBS, alleging breaches of various loan-level representations and warranties made by Barclays Bank
PLC and/or a subsidiary acquired in 2007. Barclays\u2019 motion to dismiss the action was denied in 2023. The parties appealed the decision
and in January 2025, the appellate court reversed the lower court\u2019s decision and dismissed the action. The plaintiff has requested review
by the New York State Court of Appeals.
Government and agency securities civil actions
Treasury auction securities civil actions
Consolidated purported class action complaints filed in US federal court against Barclays Bank PLC, BCI and other financial institutions
under the Sherman Act and state common law allege that the defendants: (i) conspired to manipulate the US Treasury securities
market; and/or (ii) conspired to prevent the creation of certain platforms by boycotting or threatening to boycott such trading platforms.
The court dismissed the consolidated action in 2021 and the plaintiffs filed an amended complaint. The defendants\u2019 motion to dismiss
the amended complaint was granted in 2022. The plaintiffs appealed this decision, and in February 2024 the appellate court affirmed the
dismissal. The plaintiffs did not seek US Supreme Court review, thereby concluding the matter.
In addition, certain plaintiffs have filed a related, direct action against BCI and certain other financial institutions, alleging that defendants
conspired to fix and manipulate the US Treasury securities market in violation of the Sherman Act, the US Commodity Exchange Act and
state common law. This action remains stayed.
Variable Rate Demand Obligations civil actions
Civil actions have been filed against Barclays Bank PLC and BCI and other financial institutions alleging the defendants conspired or
colluded to artificially inflate interest rates set for Variable Rate Demand Obligations (VRDOs). VRDOs are municipal bonds with interest
rates that reset on a periodic basis, most commonly weekly. An action in state court has been filed by private plaintiffs on behalf of the
state of California. A settlement in principle has been agreed in that action, subject to court approval. This settlement is not material to
the Group's operating results, cash flows or financial position. In addition, three purported class action complaints have been
consolidated in the SDNY. In the consolidated SDNY class action, certain of the plaintiffs\u2019 claims were dismissed in 2020 and 2022 and
the plaintiffs\u2019 motion for class certification was granted in 2023, which means the case may proceed as a class action. The defendants
appealed and the decision was affirmed by the Second Circuit in August 2025. The defendants have petitioned for US Supreme Court
review.
Odd-lot corporate bonds antitrust class action
In 2020, BCI, together with other financial institutions, was named as a defendant in a purported class action in the US. The complaint
alleges a conspiracy to boycott developing electronic trading platforms for odd-lots and price fixing. The plaintiffs demand unspecified
money damages. The defendants\u2019 motion to dismiss was granted in 2021, which the plaintiffs appealed. In July 2024, the Second Circuit
vacated the judgment and remanded the case to the SDNY, where the plaintiffs filed a second amended complaint in September 2024.
The defendants' motion to dismiss was granted in its entirety in September 2025. The parties have stipulated to the discontinuance of
the action, thereby concluding the matter.\u00a0
Credit Default Swap civil action
A purported antitrust class action is pending in New Mexico federal court against Barclays Bank PLC, BCI and various other financial
institutions. The plaintiffs, the New Mexico State Investment Council and certain New Mexico pension funds, allege that the defendants
conspired to manipulate the benchmark price used to value Credit Default Swap (CDS) contracts at settlement (i.e. the CDS final auction
price). The plaintiffs allege violations of US antitrust laws and the US Commodity Exchange Act, and unjust enrichment under state law.
The defendants\u2019 motion to dismiss was denied in 2023. In January 2024, the SDNY ruled that settlement in an earlier CDS antitrust
litigation bars these plaintiffs from asserting claims based on conduct occurring before 30 June 2014. The plaintiffs appealed to the
Second Circuit and the appeal was denied in May 2025. The case has returned to New Mexico federal court and the defendants have
filed a motion for judgment on the pleadings.
Interest rate swap and credit default swap US civil actions
Barclays PLC, Barclays Bank PLC and BCI, together with other financial institutions that act as market makers for interest rate swaps
(IRS), are named as defendants in several antitrust actions, including one purported class action and individual actions brought by certain
swap execution facilities, which are consolidated in the SDNY. The complaints allege the defendants conspired to prevent the
development of exchanges for IRS and demand unspecified money damages. The parties have reached a settlement of the class action,
which received final court approval and was paid in 2024. The individual claims are proceeding separately in the SDNY.
BDC Finance L.L.C.
In 2008, BDC Finance L.L.C. (BDC) filed a complaint in the Supreme Court of the State of New York, demanding damages of $298m,
alleging that Barclays Bank PLC had breached a contract in connection with a portfolio of total return swaps governed by an ISDA Master
Agreement. Following a trial, the court ruled in 2018 that Barclays Bank PLC was not a defaulting party, which was affirmed on appeal.
Barclays Bank PLC filed a counterclaim against BDC for damages, legal fees, expenses and interest. In November 2025, the court
granted Barclays' pretrial motion to exclude certain evidence. BDC is appealing. A trial on damages will be scheduled.\u00a0
Civil actions in respect of the US Anti-Terrorism Act
Eight civil actions, on behalf of more than 4,000 plaintiffs, were filed in US federal courts in the US District Court in the Eastern District of
New York (EDNY) and SDNY against Barclays Bank PLC and a number of other banks. The complaints generally allege that Barclays Bank
PLC and those banks engaged in a conspiracy to facilitate US dollar-denominated transactions for the Iranian government and various
Iranian banks, which in turn funded acts of terrorism that injured or killed the plaintiffs or the plaintiffs\u2019 family members. The plaintiffs seek
to recover damages for pain, suffering and mental anguish under the US Anti-Terrorism Act, which allows for the trebling of any proven
damages.
The court granted the defendants\u2019 motions to dismiss three out of the six actions in the EDNY. The plaintiffs appealed in one action and
the dismissal was affirmed, and judgment was entered, in 2023. The plaintiffs\u2019 motion to vacate the judgment was denied in September
2025. The other two dismissed actions in the EDNY were consolidated into one action. The plaintiffs in that action, and in one other
action in the EDNY, filed amended complaints and the defendants' motion to dismiss is fully briefed. The two other actions in the EDNY
are currently stayed. Out of the two actions in the SDNY, the court granted the defendants\u2019 motion to dismiss the first action. That
action is stayed, and the second SDNY action is stayed pending any appeal on the dismissal of the first.
Shareholder derivative action
In 2020, a purported Barclays shareholder filed a purported derivative action in New York state court against BCI and a number of current
and former members of the Board of Directors of Barclays PLC and senior executives or employees of the Group. The shareholder
plaintiff filed the claim on behalf of nominal defendant Barclays PLC, alleging that the individual defendants harmed the company
through breaches of their duties, including under the Companies Act 2006. The plaintiff sought damages on behalf of Barclays PLC for
the losses that Barclays PLC allegedly suffered as a result of these alleged breaches. An amended complaint was filed in 2021, which BCI
and certain other defendants moved to dismiss. The motion to dismiss was granted in 2022. The plaintiff appealed the decision, and the
dismissal was unanimously affirmed in 2023 by the First Judicial Department in New York. The plaintiff\u00a0 appealed the First Judicial
Department\u2019s decision to the New York Court of Appeals. The dismissal was affirmed by the New York Court of Appeals in May 2025,
concluding the matter. In November 2025, the same plaintiff filed a new complaint in New York state court against the same defendants.
Barclays has not yet been served.
Skilled person review in relation to historical timeshare loans and associated matters
Clydesdale Financial Services Limited (CFSL), a subsidiary of the Group which trades as Barclays Partner Finance and houses Barclays\u2019
point-of-sale finance business, was required by the FCA to undertake a skilled person review in 2020 following concerns about historical
affordability assessments for certain loans to customers in connection with timeshare purchases. The skilled person review was
concluded in 2021. CFSL complied fully with the skilled person review requirements, including carrying out certain remediation
measures. CFSL was not required to conduct a full back book review. Instead, CFSL reviewed limited historical lending to ascertain
whether its practices caused customer harm and has remediated any examples of harm. This work was substantially completed during
2023, utilising provisions booked to account for any remediations. This matter is now concluded.
Motor finance commission arrangements
From 2003 to late 2019, CFSL, a wholly-owned subsidiary of the Group, provided motor finance to customers in the UK. In 2020, CFSL
was transferred from Barclays Bank PLC to Barclays Principal Investments Ltd (BPIL), another subsidiary of Barclays PLC. Barclays Bank
PLC has provided an intragroup indemnity to BPIL in respect of historical litigation and conduct matters relating to CFSL.
In January 2024, the FCA appointed a skilled person to undertake a review of the historical use of discretionary commission
arrangements and sales in the motor finance market across several firms. This review followed two final decisions by the UK Financial
Ombudsman Service (FOS) and a number of complaints and court claims, including some against CFSL.\u00a0
On 7 October 2025, the FCA began consulting on an industry-wide compensation scheme for eligible motor finance customers.
Barclays has engaged with the FCA as part of its consultation process and the FCA has stated that, if it introduces a redress scheme, it
expects to publish a policy statement and final rules in February or March 2026, with compensation to consumers beginning later in
2026. The FCA has indicated that it expects to lift the existing pause on the handling of certain motor finance complaints on 31 May
2026, subject to the terms of the FCA redress scheme, if adopted.
Barclays considers it more likely than not that a redress scheme will be implemented by the FCA. As a result, Barclays has recognised in
CFSL a provision of \u00a3325m in respect of this matter as at 31 December 2025 (as at 31 December 2024:\u00a0 \u00a390m). Recognising that the
proposed terms of the FCA redress scheme are subject to consultation, in calculating potential redress costs and the amount of
provision required, Barclays has applied a weighted average of multiple scenarios, each incorporating differing evaluations of the FCA's
current proposals. The current provision reflects the estimated number of motor finance cases falling within the scope of the FCA
redress scheme as proposed by the FCA consultation paper (which covers regulated motor finance agreements between 6 April 2007
and 1 November 2024 where a commission was payable by the lender to the broker), the anticipated level of customer redress reflecting
the FCA's proposed methodology, the estimated customer response rate with reference to Barclays' previous remediation exercises\u00a0
and the costs associated with implementing the FCA's proposed approach to customer engagement.
The final terms of the FCA redress scheme remain uncertain pending publication of the FCA's policy statement and final scheme rules.
Accordingly, the legal and regulatory outcomes and the nature, extent and timing of any remediation action, if required, remain
uncertain. The ultimate financial impact on Barclays could differ from the recognised provision, which represents Barclays' best estimate
of the cost of redress based on the information currently available to Barclays.
Over-issuance of securities in the US
In 2022, executive management became aware that Barclays Bank PLC had issued securities materially in excess of the set amount
under its US shelf registration statements.
In 2022, a purported class action claim was filed in the US District Court in Manhattan seeking to hold Barclays PLC, Barclays Bank PLC
and former and current executives responsible for declines in the price of Barclays PLC\u2019s American depositary receipts, which the
plaintiffs claim occurred as a result of alleged misstatements and omissions in its public disclosures. The defendants\u2019 motion to dismiss
the case was granted in part and denied in part in February 2024. The parties reached a settlement in respect of such lawsuit, which has
received final court approval and has been paid, concluding the matter. The financial impact of this settlement is not material to the
Group\u2019s operating results, cash flows or financial position.
In addition, holders of VXX ETNs have brought a purported class action in the SDNY against Barclays PLC, Barclays Bank PLC, and former
and current executives and board members in the US alleging, among other things, that Barclays\u2019 failure to disclose that these ETNs
were unregistered securities misled investors and that, as a result, Barclays is liable for the holders\u2019 alleged losses following the
suspension of further sales and issuances of the ETNs. The plaintiffs were granted leave to amend and filed a new complaint in March
2024. Barclays' motion to dismiss was granted in March 2025. The plaintiffs' motion for reconsideration was denied in June 2025. The
plaintiffs are appealing the decision.
In March 2024, a purported class action was filed in the SDNY against Barclays PLC, Barclays Bank PLC and former and current
executives. The plaintiff purports to bring claims on behalf of a class of short sellers, alleging that their short positions suffered
substantial losses when Barclays suspended new issuances and sales of VXX ETNs as a result of the over-issuance of securities.
Barclays' motion to dismiss was granted in March 2025. The plaintiff appealed the decision granting Barclays' motion to dismiss and, in
December 2025, the Second Circuit affirmed the dismissal.
2. Barclays PLC, Barclays Bank PLC and Barclays Bank UK PLC
HM Revenue & Customs (HMRC) assessments concerning UK Value Added Tax
In 2018, HMRC issued notices that have the effect of either removing certain Barclays overseas subsidiaries that have operations in the
UK from Barclays\u2019 UK VAT group or preventing them from joining it. Supplies between members of a UK VAT group are generally free
from VAT. The notices had both retrospective and prospective effect. Barclays appealed HMRC\u2019s decisions to the First-Tier Tribunal
(Tax Chamber) in relation to both the retrospective VAT assessments and the ongoing VAT payments made since 2018. \u00a3181m of VAT
(inclusive of interest) was assessed retrospectively by HMRC covering the periods 2014 to 2018, of which approximately \u00a3128m is
expected to be attributed to Barclays Bank UK PLC and \u00a353m to Barclays Bank PLC. This retrospectively assessed VAT was paid in 2018
and an asset, adjusted to reflect expected eventual recovery, is recognised. Since 2018 Barclays has paid, and recognised as an expense,
VAT on intra-group supplies from the relevant subsidiaries to the members of the VAT group. In respect of the ongoing VAT payments,
the court upheld HMRC\u2019s denial of the VAT grouping in August 2024. Barclays has appealed this decision to the Upper Tribunal.
FCA investigations concerning financial crime systems and controls and compliance with the Money Laundering Regulations
The FCA conducted civil enforcement investigations into Barclays Bank PLC\u2019s and Barclays Bank UK PLC\u2019s compliance with the Money
Laundering Regulations and the FCA\u2019s Principles of Business and Rules relating to anti-money laundering and financial crime systems
and controls. The FCA's investigation of Barclays Bank PLC focused primarily on the historical oversight and management of a customer
with heightened risk. In July 2025, Barclays Bank PLC agreed a settlement with the FCA to resolve the investigation. At the same time,
Barclays Bank UK PLC reached a settlement with the FCA in a separate investigation concerning the onboarding of a client money
account for an FCA-regulated firm. The FCA recognised Barclays' cooperation in both matters, which are now concluded.
UK bank levy
In November 2024, HMRC updated its published guidance on the treatment of beneficiary accounts for the purposes of the exclusion of
protected deposits from the UK bank levy charge. HMRC\u2019s interpretation of the UK bank levy legislation differs from Barclays\u2019
interpretation of the legislation, which has been applied in Barclays\u2019 UK bank levy returns and which Barclays continues to consider is
correct. In December 2024, HMRC wrote to notify Barclays of its intention to challenge this treatment. Whilst engagement with HMRC
continued during 2025, discussions remain at a relatively early stage and assessments have not yet been issued.
3. Barclays PLC, Barclays Bank PLC and Barclays Bank Ireland PLC
Potential indemnity claim relating to the sale of Barclays Consumer Bank Europe
In January 2025, Barclays Bank Ireland PLC completed the sale of certain assets and liabilities, specifically the Consumer Bank Europe, its
German consumer finance business, to BAWAG P.S.K., a wholly-owned subsidiary of BAWAG Group AG (BAWAG). As part of the
transaction, Barclays Bank Ireland PLC\u00a0 provided BAWAG with a capped indemnity in relation to transfer taxes on certain assets.
Discussions with the relevant taxation authority are ongoing and are at an early stage. No formal assessment has been issued.
4. Barclays PLC
Civil action in respect of statements concerning Barclays\u2019 former CEO\u00a0
In 2023, a purported class action was filed in federal court in California against Barclays PLC and a number of current and former senior
executives of Barclays PLC. It was amended in 2024 to assert US securities law claims against Barclays PLC and individual defendants,
and a UK securities law claim against Barclays PLC. The complaint seeks to hold the defendants responsible for declines in the price of
Barclays PLC\u2019s American depositary receipts and Barclays PLC's ordinary shares, which the plaintiffs claim occurred as a result of alleged
misstatements and omissions in Barclays\u2019 public disclosures relating to its former CEO\u2019s relationship with Jeffrey Epstein. The
defendants filed motions to dismiss and in June 2025, the court dismissed the UK securities law claim against Barclays PLC and granted
an individual defendant's motion to dismiss in part. Another individual defendant's motion to dismiss was denied. The defendants moved
for reconsideration or, alternatively, leave to appeal, which is pending before the court. The plaintiffs filed a second amended complaint
in July 2025, repleading the UK securities law claim against Barclays PLC and which Barclays PLC has moved to dismiss.
General
The Group is engaged in various other legal, competition and regulatory matters in the UK, the US and a number of other overseas
jurisdictions. It is subject to legal proceedings brought by and against the Group which arise in the ordinary course of business from time
to time, including (but not limited to) disputes in relation to contracts, securities, guarantees, debt collection, consumer credit, fraud,
trusts, client assets, competition, data management and protection, intellectual property, money laundering, financial crime,
employment, environmental and other statutory and common law issues.
The Group is also subject to enquiries and examinations, requests for information, audits, investigations and legal and other proceedings
by regulators, governmental and other public bodies in connection with (but not limited to) consumer protection measures, measures to
combat money laundering and financial crime, compliance with legislation and regulation, wholesale trading activity and other areas of
banking and business activities in which the Group is or has been engaged. The Group is cooperating with the relevant authorities and
keeping all relevant agencies briefed as appropriate in relation to these matters and others described in this note on an ongoing basis.
At the present time, Barclays PLC does not expect the ultimate resolution of any of these other matters to have a material adverse
effect on the Group\u2019s financial position. However, in light of the uncertainties involved in such matters and the matters specifically
described in this note, there can be no assurance that the outcome of a particular matter or matters (including formerly active matters
or those matters arising after the date of this note) will not be material to Barclays PLC\u2019s results, operations or cash flows for a particular
period, depending on, among other things, the amount of the loss resulting from the matter(s) and the amount of profit otherwise
reported for the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-717": { "value": "Subordinated liabilities
Accounting for subordinated liabilities
Subordinated liabilities are measured at amortised cost, using the effective interest method under IFRS 9.
2025
2024
\u00a3m
\u00a3m
As at 1 January
11,921
10,494
Issuances
1,772
1,870
Redemptions
(727)
(476)
Other
(12)
33
As at 31 December
12,954
11,921
Issuances of \u00a31,772m comprise \u00a31,045m EUR 4.616% Fixed Rate Resetting Subordinated Callable Notes\u00a0 issued externally by Barclays
PLC and \u00a3727m mezzanine and junior securitisation notes issued externally by a Barclays securitisation special purpose vehicle (SPV).
Redemptions of \u00a3727m comprise \u00a3500m GBP 3.750% Fixed Rate Resetting Subordinated Callable Notes, \u00a3115m SGD 3.750% Fixed
Rate Resetting Subordinated Callable Notes\u00a0 issued externally by Barclays PLC, \u00a3112m USD Floating Rate Notes issued externally by a
Barclays subsidiary,
Other movements predominantly comprise foreign exchange movements and fair value hedge adjustments.
Subordinated liabilities include accrued interest and none of the Group's subordinated liabilities are secured other than the \u00a3732m
subordinated notes.
Dated subordinated liabilities 1
2025
2024
Initial call date
Maturity date
\u00a3m
\u00a3m
Barclays PLC issued
3.750% Fixed Rate Resetting Subordinated Callable Notes (GBP 500m)
2025
2030
\u2014
483
3.750% Fixed Rate Resetting Subordinated Callable Notes (SGD 200m)
2025
2030
\u2014
117
5.20% Fixed Rate Subordinated Notes (USD 2,050m)
2026
1,522
1,580
1.125% Fixed Rate Resetting Subordinated Callable\u00a0 Notes (EUR 1,000m)
2026
2031
876
810
4.836% Fixed Rate Subordinated Notes (USD 2,000m)
2027
2028
1,472
1,535
8.407% Fixed Rate Resetting Subordinated Callable Notes (GBP 1,000m)
2027
2032
1,023
1,010
5.088% Fixed-to-Floating Rate Subordinated Callable Notes (USD 1,500 m)
2029
2030
1,063
1,088
3.564% Fixed Rate Resetting Subordinated Callable Notes (USD 1,000m)
2030
2035
657
663
6.158% Fixed to Floating Tier 2 Subordinated Callable notes (AUD 500 m)
2030
2035
249
248
Floating Rate Tier 2 Subordinated Callable Notes (AUD 500m)
2030
2035
249
248
4.973% Fixed Rate Resetting Tier 2 Subordinated Callable Notes (EUR 1,500 m)
2031
2036
1,371
1,324
4.616% Fixed Rate Resetting Subordinated Callable Notes (EUR 1,250m)
2032
2037
1,126
\u2014
7.119% Fixed-to-Floating Rate Subordinated Callable Notes (USD 1,500 m)
2033
2034
1,105
1,146
3.811% Fixed Rate Resetting Subordinated Callable Notes (USD 1,000m)
2041
2042
562
590
Barclays Bank PLC issued
5.75% Fixed Rate Subordinated Notes (GBP 274m)
2026
279
279
5.4% Reverse Dual Currency Subordinated Loan (JPY 15,000 m)
2027
71
76
6.33% Subordinated Notes\u00a0 (GBP 50m)
2032
46
45
Subordinated Floating Rate Notes (EUR 68m)
2040
59
56
External issuances by other subsidiaries
492
623
External issuances by Barclays securitisation SPV
2036
732
\u2014
Total dated subordinated liabilities
12,954
11,921
Note:
1 Instrument values are disclosed to the nearest million.
Dated subordinated liabilities
Dated subordinated liabilities are issued by Barclays PLC, Barclays Bank PLC and its subsidiaries for the development and expansion of
their businesses and to strengthen their respective capital bases. The principal terms of the dated subordinated liabilities are described
below:
Subordination
Dated subordinated liabilities issued by Barclays PLC rank behind the claims against Barclays PLC of unsecured unsubordinated
creditors, but before the claims of the holders of its equity.
All dated subordinated liabilities externally issued by Barclays Bank PLC rank behind the claims against Barclays Bank PLC of depositors
and other unsecured unsubordinated creditors, but before the claims of the holders of its equity. The dated subordinated liabilities
externally issued by Barclays Bank PLC subsidiaries are similarly subordinated as the external subordinated liabilities issued by Barclays
Bank PLC.
The dated subordinated liabilities issued externally by a Barclays Bank UK securitisation SPV are asset backed securities with limited
recourse obligations against the SPV\u2019s assets. The junior and mezzanine notes rank behind the senior notes issued by the Barclays Bank
UK SPV. Noteholders will have no recourse to Barclays Bank UK PLC as a source of payment.
Maturity
Dated floating rate subordinated liabilities\u00a0 externally issued by Barclays Bank PLC subsidiaries \u00a3492m( 2024:\u00a3623m)\u00a0 with maturities
ranging from 2026 to 2032.
Interest
Interest on the Floating Rate Notes is fixed periodically in advance, based on the related market rates.
Interest on Fixed Rate Notes is set by reference to market rates at the time of issuance and fixed until maturity.
Interest on the 3.811% USD Fixed Rate Resetting Subordinated Callable notes, 1.125%\u00a0 EUR Fixed Rate Resetting Subordinated Callable
Notes, 3.564% USD Fixed Rate Resetting Subordinated Callable Notes, 4.973% EUR Fixed Rate Resetting Tier2 Subordinated Callable
Notes, 4.616% EUR Fixed Rate Resetting Subordinated Callable Notes , and the 8.407% GBP Fixed Rate Resetting Subordinated Callable
Notes are fixed until the call date. After the respective call dates, in the event that they are not redeemed, the interest rates will be reset
and fixed until maturity based on a market rate. Interest on the 5.088% USD Fixed-to-Floating Rate Subordinated Callable Notes,
6.158% AUD Fixed to Floating Tier 2 Subordinated Callable notes and 7.119% USD Fixed-to-Floating Rate Subordinated Callable Notes
are fixed until the call date. After the call date, in the event that they are not redeemed, the interest rate will reset periodically in advance
based on market rates.
Repayment
Those subordinated liabilities with a call date are repayable at the option of the issuer on such call date in accordance with the conditions
governing the respective debt obligations, some in whole or in part, and some only in whole. The remaining dated subordinated liabilities
outstanding at 31\u00a0December 2025 are redeemable only on maturity, subject in particular cases to provisions allowing an early
redemption in the event of certain changes in tax law, or to certain changes in legislation or regulations.
Any repayments prior to maturity require, in the case of Barclays PLC and Barclays Bank PLC, the prior consent of the PRA, or in the case
of the overseas issues, the approval of the local regulator for that jurisdiction and of the PRA in certain circumstances.
There are no committed facilities in existence at the balance sheet date which permit the refinancing of debt beyond the date of
maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-718": { "value": "
Accounting for subordinated liabilities
Subordinated liabilities are measured at amortised cost, using the effective interest method under IFRS 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-719": { "value": "Ordinary shares, share premium, and other equity
Called up share capital, allotted and fully paid
Number of
shares
Ordinary share
capital
Ordinary share
premium
Total share
capital and
share premium
Other
equity
instruments
m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January 2025
14,420
3,605
581
4,186
12,075
Issued to staff under share incentive plans
83
20
130
150
\u2014
AT1 securities issuance
\u2014
\u2014
\u2014
\u2014
3,784
AT1 securities redemption
\u2014
\u2014
\u2014
\u2014
(3,133)
Repurchase of shares
(636)
(158)
\u2014
(158)
\u2014
Other movements
\u2014
\u2014
\u2014
\u2014
(1)
As at 31 December 2025
13,867
3,467
711
4,178
12,725
As at 1 January 2024
15,155
3,789
499
4,288
13,259
Issued to staff under share incentive plans
83
21
82
103
\u2014
AT1 securities issuance
\u2014
\u2014
\u2014
\u2014
1,598
AT1 securities redemption
\u2014
\u2014
\u2014
\u2014
(2,753)
Repurchase of shares
(818)
(205)
\u2014
(205)
\u2014
Other movements
\u2014
\u2014
\u2014
\u2014
(29)
As at 31 December 2024
14,420
3,605
581
4,186
12,075
Called up share capital
Called up share capital c omprises 13,867m ( 2024: 14,420m ) ordinary shares of 25 p each.
Share repurchase
At the 2025 AGM on 7 May 2025, Barclays PLC was authorised to repurchase up to an aggregate of 1,437m of its ordinary shares of 25p
each. The authorisation is effective until the AGM in 2026 or the close of business on 30 June 2025, whichever is the earlier. During 2025 ,
636m shares were repurchased with a total nominal value of \u00a3158m ( 2024 : 818m shares with a nominal value of \u00a3205m ).
Other equity instruments
Other equity instruments of \u00a312,725m ( 2024: \u00a312,075m) include AT1 securities issued by Barclays PLC. The AT1 securities are
perpetual securities with no fixed maturity and are structured to qualify as AT 1 instruments under prevailing capital rules applicable as at
the relevant issue date .
In 2025, there were four issuances of AT1 instruments, in the form of Fixed Rate Resetting Perpetual Subordinated Contingent
Convertible Securities, for \u00a33,784m (2024: two issuances for \u00a31,598m) which includes issuance costs of \u00a315m (2024 : \u00a36m ). There were
three redemptions in 2025 totalling \u00a33,133m ( 2024 : two redemptions totalling \u00a32,753m).
AT1 equity instruments
2025
2024
Initial call date
\u00a3m
\u00a3m
AT1 equity instruments - Barclays PLC
7.125% Perpetual Subordinated Contingent Convertible Securities
2025
\u2014
996
6.375% Perpetual Subordinated Contingent Convertible Securities 1
2025
\u2014
994
6.125% Perpetual Subordinated Contingent Convertible Securities (USD 1,500 m)
2025
\u2014
1,142
8.875% Perpetual Subordinated Contingent Convertible Securities 1
2027
1,247
1,247
8.300% Perpetual Subordinated Contingent Convertible Securities (SGD 450 m)
2027
264
264
4.375% Perpetual Subordinated Contingent Convertible Securities (USD 1,500 m) 1
2028
1,075
1,078
7.300% Perpetual Subordinated Contingent Convertible Securities (SGD 400 m)
2028
248
248
9.250% Perpetual Subordinated Contingent Convertible Securities 1
2028
1,484
1,497
8.000% Perpetual Subordinated Contingent Convertible Securities (USD 2,000 m)
2029
1,647
1,647
9.625% Perpetual Subordinated Contingent Convertible Securities (USD 1,750 m) 1
2029
1,395
1,395
5.400% Perpetual Subordinated Contingent Convertible Securities (SGD 600 m) 1
2030
343
339
8.500% Perpetual Subordinated Contingent Convertible Securities 1
2030
1,245
1,228
8.375% Perpetual Subordinated Contingent Convertible Securities1
2031
993
\u2014
4.650% Perpetual Subordinated Contingent Convertible Securities (SGD 500m)1
2031
290
\u2014
7.625% Perpetual Subordinated Contingent Convertible Securities (USD 1,500m)
2035
1,181
\u2014
6.125% Perpetual Subordinated Contingent Convertible Securities (EUR 1,500m)1
2035
1,313
\u2014
Total AT1 equity instruments
12,725
12,075
Note:
1 Reported net of securities held by the Group.
The principal terms of the AT1 securities are described below:
\u2022 AT1 securities rank behind the claims against Barclays PLC\u00a0 i) of all creditors of Barclays PLC; ii) such\u00a0 claims which are expressed to be
subordinated to the claims of unsubordinated creditors of Barclays PLC, but not further or otherwise; or iii) such\u00a0 claims which are, or
are expressed to be, junior to the claims of other creditors of Barclays PLC, whether subordinated or unsubordinated, other than
claims which rank, or are expressed to rank, pari passu with, or junior to, the claims of holders of the AT1 securities of Barclays PLC.
\u2022 AT1 securities are undated and are redeemable, at the option of Barclays PLC, in whole on either (i) the initial reset date, or on any
fifth anniversary after the initial reset date or (ii) any day falling in a named period ending on the initial reset date, or on any fifth
anniversary after the initial reset date. In addition, the AT1 securities are redeemable, at the option of Barclays PLC, in whole in the
event of certain changes in the tax or regulatory treatment of the securities and, in certain cases, on a clean-up call. Any redemptions
require the prior permission of the PRA.
\u2022 Interest on the AT1 securities is due and payable only at the sole discretion of Barclays PLC, and Barclays PLC has sole and absolute
discretion at all times and for any reason to cancel (in whole or in part) any interest payment that would otherwise be payable on any
interest payment date.
\u2022 The Additional Tier 1 securities shall convert into ordinary shares of Barclays PLC, at a predetermined price, should the fully loaded
CET1 Ratio fall below 7%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-720": { "value": "
Called up share capital, allotted and fully paid
Number of
shares
Ordinary share
capital
Ordinary share
premium
Total share
capital and
share premium
Other
equity
instruments
m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January 2025
14,420
3,605
581
4,186
12,075
Issued to staff under share incentive plans
83
20
130
150
\u2014
AT1 securities issuance
\u2014
\u2014
\u2014
\u2014
3,784
AT1 securities redemption
\u2014
\u2014
\u2014
\u2014
(3,133)
Repurchase of shares
(636)
(158)
\u2014
(158)
\u2014
Other movements
\u2014
\u2014
\u2014
\u2014
(1)
As at 31 December 2025
13,867
3,467
711
4,178
12,725
As at 1 January 2024
15,155
3,789
499
4,288
13,259
Issued to staff under share incentive plans
83
21
82
103
\u2014
AT1 securities issuance
\u2014
\u2014
\u2014
\u2014
1,598
AT1 securities redemption
\u2014
\u2014
\u2014
\u2014
(2,753)
Repurchase of shares
(818)
(205)
\u2014
(205)
\u2014
Other movements
\u2014
\u2014
\u2014
\u2014
(29)
As at 31 December 2024
14,420
3,605
581
4,186
12,075
Called up share capital
Called up share capital c omprises 13,867m ( 2024: 14,420m ) ordinary shares of 25 p each.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-721": { "value": "Reserves
Currency translation reserve
The currency translation reserve represents the cumulative gains and losses on the retranslation of the Group\u2019s net investment in
foreign operations, net of the effects of hedging.
Fair value through other comprehensive income reserve
The fair value through other comprehensive income reserve represents the changes in the fair value of financial instruments accounted
for at fair value through other comprehensive income investments since initial recognition.
Cash flow hedging reserve
The cash flow hedging reserve represents the cumulative gains and losses on effective cash flow hedging instruments that will be
recycled to profit or loss when the hedged transactions affect profit or loss.
Own credit reserve
The own credit reserve reflects the cumulative own credit gains and losses on financial liabilities at fair value. Amounts in the own credit
reserve are not recycled to profit or loss in future periods.
Other reserves and treasury shares
Other reserves relate to redeemed ordinary and preference shares issued by the Group.
Treasury shares relate to Barclays PLC shares held in relation to the Group\u2019s various share schemes. These schemes are described in
Note 31. Treasury shares are deducted from shareholders\u2019 equity within other reserves.
2025
2024
\u00a3m
\u00a3m
Currency translation reserve
2,493
3,625
Fair value through other comprehensive income reserve
(1,100)
(1,873)
Cash flow hedging reserve
(666)
(2,930)
Own credit reserve
(990)
(1,059)
Other reserves and treasury shares
1,891
1,769
Total
1,628
(468)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-722": { "value": "N on-contro lling interests
Profit attributable to non-
controlling interest
Equity attributable to non-
controlling interest
Dividends paid to non-
controlling interest
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Barclays Bank PLC issued:
\u2013 Preference shares
32
41
318
529
32
41
Undated subordinated\u00a0 liabilities
8
8
126
126
8
8
Other non-controlling interests
1
\u2014
8
5
1
\u2014
Total
41
49
452
660
41
49
In 2025, there were no issuances ( 2024 : none ) and \u00a3211 m redemptions\u00a0 (2024 : \u00a30m ). Other non-controlling interests relates to the
holding in Female Innovators Lab LP , see Note 43 for more details.
Barclays Bank PLC and protective rights of non-controlling interests
Barclays PLC holds 100% of the voting rights of Barclays Bank PLC. As at 31\u00a0December 2025 , Barclays Bank PLC has in issue preference
shares and undated subordinated liabilities instruments. These are non-controlling interests to the Group.
A fixed coupon rate is attached to all undated subordinated liabilities instruments until the initial call date.
After the initial call date, in the event they are not redeemed, coupon payments in relation to the 6.125% Undated Notes are fixed
periodically in advance for five-year periods based on market rates. Coupon payments for all other undated subordinated liabilities
instruments are at rates fixed periodically in advance based on market rates.
The payment of preference share dividends are at the discretion of Barclays Bank PLC, save that payment of preference share dividends
will be compulsory where Barclays PLC has declared or paid a dividend on ordinary shares, or in certain cases, any class of preference
shares, in the preceding six-month period.\u00a0 If Barclays Bank PLC does not declare or pay in full any dividend on the preference shares,
Barclays Bank PLC and Barclays PLC are restricted from paying dividends on ordinary shares until a dividend or coupon is next paid on
these instruments or the instruments are redeemed or purchased by Barclays Bank PLC. Any unpaid dividends will accumulate if not paid
and dividends not paid become payable if Barclays PLC subsequently declares or pays a dividend on ordinary shares, or in certain cases,
any class of preference shares, or in certain other circumstances. There are no restrictions on Barclays Bank PLC's ability to remit capital
to Barclays PLC as a result of these issued instruments.\u00a0 The payment of undated subordinated liabilities instrument coupons are
typically at the sole discretion of Barclays Bank PLC. No dividend or coupon payments may be made unless Barclays Bank PLC satisfies a
specified solvency test.
Preference share redemptions are typically at the discretion of Barclays Bank PLC and are redeemable in whole, but not in part, at the
initial call date and on any dividend payment date after the initial call date, pursuant to their respective terms. Undated subordinated
liabilities instruments are repayable, at the option of Barclays Bank PLC in whole at the initial call date and on any fifth anniversary after
the initial call date. In addition, each issue of undated subordinated liabilities instruments is repayable, at the option of Barclays Bank PLC,
in whole for certain tax reasons, either at any time, or on an interest payment date. There are no events of default except non-payment
of principal or mandatory interest. Any repayments or redemptions require the prior consent of the PRA, and in respect of the
preference shares, any such redemption will be subject to the Companies Act 2006 and the Articles of Barclays Bank PLC.
2025
2024
Instrument
\u00a3m
\u00a3m
Preference Shares:
US Dollar Preference Shares
318
318
Euro Preference Shares
\u2014
211
Total Barclays Bank PLC Preference Shares
318
529
Undated subordinated liabilities:
5.03% Undated Reverse Dual Currency Subordinated Loan (JPY 8 bn)
39
39
5.0% Reverse Dual Currency Undated Subordinated Loan (JPY 12 bn)
53
53
6.125% Undated Subordinated Notes (\u00a3 550 m)
34
34
Total undated subordinated liabilities
126
126
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-723": { "value": "Staff costs
Accounting for staff costs
Deferred cash and share awards are made to employees to incentivise performance over the period employees provide services.
To receive an award, an individual must have provided service over the vesting period and been employed on the scheduled vesting
date or be considered an eligible leaver. The expense for deferred cash and share awards is recognised over the period employees\u2019
services contribute to the awards. The Group considers it appropriate to recognise the expense over the vesting period, including the
financial year prior to the grant date.
The accounting policies for share-based payments and retirement benefits are included in Note 31 and Note 32, respectively.
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Incentive awards granted:
Current year bonus
1,422
1,278
1,202
Deferred bonus
786
636
543
Total incentive awards granted
2,208
1,914
1,745
Reconciliation of incentive awards granted to income statement charge:
Less: deferred bonuses granted but not charged in current year
(555)
(452)
(384)
Add: current year charges for deferred bonuses from previous years
426
405
390
Other differences between incentive awards granted and income statement charge
3
(2)
(1)
Income statement charge for performance costs
2,082
1,865
1,750
Other income statement charges:
Salaries
5,099
4,994
5,120
Social security costs
863
754
755
Retirement benefits 1
572
558
539
Other compensation costs
637
587
555
Total compensation costs 2
9,253
8,758
8,719
Other resourcing costs:
Outsourcing
929
693
601
Redundancy and restructuring
199
235
452
Temporary staff costs
70
61
91
Other
156
129
154
Total other resourcing costs
1,354
1,118
1,298
Total staff costs
10,607
9,876
10,017
Group compensation costs as a % of total income
31.8
32.7
34.4
Group staff costs as a % of total income
36.4
36.9
39.5
Notes:
1 Retirement benefits charge includes \u00a3382m (2024: \u00a3377m; 2023: \u00a3371m) with respect to defined contribution schemes and \u00a3190m ( 2024: \u00a3181m; 2023:
\u00a3168m) with respect to defined benefit schemes.
2 \u00a3834m (2024 : \u00a3875m; 2023: \u00a3860m) of Group compensation cost was capitalised as internally generated software and excluded from the staff costs disclosed
above.
Retirement benefits
Accounting for retirement benefits
The Group operates a number of pension schemes and post-employment benefit schemes.
Defined contribution \u2013 the Group recognises contributions due in respect of the accounting period in the income statement. Any
contributions unpaid at the balance sheet date are included as a liability.
Defined benefit \u2013 the Group recognises its obligations to members of each scheme at the period end, less the fair value of the
scheme assets after applying the asset ceiling test.
Each scheme\u2019s obligations are calculated using the projected unit credit method. Scheme assets are stated at fair value as at the
period end.
Changes in pension scheme liabilities or assets (remeasurements) that do not arise from regular pension cost, net interest on net
defined benefit liabilities or assets, past service costs, settlements or contributions to the scheme, are recognised in other
comprehensive income. Remeasurements comprise experience adjustments (differences between previous actuarial assumptions
and what has actually occurred), the effects of changes in actuarial assumptions, return on scheme assets (excluding amounts
included in the interest on the assets) and any changes in the effect of the asset ceiling restriction (excluding amounts included in the
interest on the restriction).
The cost of providing healthcare benefits to retired employees is accrued as a liability in the financial statements over the period that
the employees provide services to the Group, using a methodology similar to that for defined benefit pension schemes.
Pension schemes
UK Retirement Fund (UKRF)
The UKRF is the Group\u2019s main scheme, representing 95.3% (2024: 96%) of the Group\u2019s total retirement benefit obligations.
Between 1 January 2025 and 30 June 2025, Barclays Bank PLC was the principal employer of the UKRF, with Barclays Bank UK PLC and
Barclays Execution Services Limited as the participating employers.
From 1 July 2025, the UKRF was amended to become a sectionalised scheme to meet the requirements of the Financial Services and
Markets Act 2000 (Banking Reform) (Pensions) Regulations 2015, creating two separate sections - the Barclays Bank Section and the
Barclays UK Section. From 1 July 2025, Barclays Bank PLC became the principal employer of the Barclays Bank Section, with Barclays
Execution Services Limited as a participating employer. From that date, Barclays Bank UK PLC participates only in the Barclays UK
Section and is solely responsible for funding that section.
Sectionalisation did not change the balance sheet position of the UKRF from the Group's perspective, and employees\u2019 benefits are
unchanged.
The UKRF was closed to new entrants on 1 October 2012, and comprises a number of different benefit categories, the two most
significant of which are:
\u2022 Afterwork,\u00a0which comprises a contributory cash balance defined benefit element, and a voluntary defined contribution element. The
cash balance element is accrued each year and revalued until Normal Retirement Age in line with the increase in Retail Price Index
(RPI) (up to a maximum of 5% p.a.). The\u00a0 risks that Barclays is exposed to in relation to Afterwork are limited although additional
contributions are required if pre-retirement investment returns are not sufficient to provide for the benefits.
\u2022 The 1964 Pension Scheme. Most UK employees recruited before July 1997 built up benefits in this non-contributory defined benefit
scheme in respect of service up to 31 March 2010. Pensions were calculated by reference to service and pensionable salary. From
1\u00a0April 2010, members became eligible to accrue future service benefits in either Afterwork or the Pension Investment Plan, a historic
defined contribution section which is now closed to future contributions. The risks that Barclays is exposed to\u00a0 in relation to the 1964
Pension Scheme are typical of final salary pension schemes, principally that investment returns fall short of expectations, that
inflation exceeds expectations, and that retirees live longer than expected.
Barclays Pension Savings Plan (BPSP)
The BPSP is a defined contribution scheme providing benefits for all new UK hires from 1 October 2012. BPSP is not subject to the same
investment return, inflation or life expectancy risks for Barclays that defined benefit schemes are. Members\u2019 benefits reflect
contributions paid and the level of investment returns achieved.
Other
Apart from the UKRF and the BPSP, Barclays operates a number of smaller pension and long-term employee benefits and post-
retirement healthcare plans globally, the largest of which are the US defined benefit and defined contribution schemes. Many of the
schemes are funded, with assets backing the obligations held in separate legal vehicles, such as trusts. Others are operated on an
unfunded basis. The benefits provided, the approach to funding, and the legal basis of the schemes, reflect local environments.
Governance
The UKRF operates under trust law and is managed and administered on behalf of the members in accordance with the terms of the
Trust Deed and Rules and all relevant legislation. The Trustee is Barclays Pension Funds Trustees Limited, a private limited company and
a wholly owned subsidiary of Barclays Bank PLC. The Trustee is the legal owner of the assets of the UKRF, which are held separately from
the assets of the Group.
The Trustee Board comprises six Management Directors selected by Barclays, of whom three are independent Directors, with no
relationship with Barclays (and who are not members of the UKRF), plus three Member Nominated Directors selected from eligible
active, deferred or pensioner members of the UKRF, who apply for the role.
The BPSP is a group personal pension arrangement which operates as a collection of personal pension plans. Each personal pension plan
is a direct contract between the employee and the BPSP provider (Legal & General Assurance Society Limited), and is regulated by the
FCA.
Similar principles of pension governance apply to the Group\u2019s other pension schemes, depending on local legislation.
Amounts recognised
The following tables include amounts recognised in the income statement and an analysis of benefit obligations and scheme assets for
all Group defined benefit schemes. The net position is reconciled to the assets and liabilities recognised on the balance sheet. The tables
include funded and unfunded post-retirement benefits. The income statement charge with respect to Defined contribution schemes is
disclosed as part of footnotes to Note 30 Staff costs.
Income statement charge/(credit)
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Current service cost
171
180
165
Net finance income
(159)
(154)
(222)
Past service cost
18
\u2014
\u2014
Other movements
1
1
3
Total
31
27
(54)
Balance sheet reconciliation
2025
2024
Total
Of which
relates to UKRF
Total
Of which
relates to UKRF
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Benefit obligation at beginning of the year
(19,600)
(18,729)
(21,513)
(20,618)
Current service cost
(171)
(143)
(180)
(155)
Interest costs on scheme liabilities
(1,029)
(994)
(933)
(901)
Past service cost
(18)
\u2014
\u2014
\u2014
Remeasurement gain \u2013 financial
536
548
1,794
1,797
Remeasurement (loss)/gain \u2013 demographic
(59)
(47)
12
13
Remeasurement loss \u2013 experience
(196)
(202)
(55)
(54)
Employee contributions
(5)
\u2014
(6)
\u2014
Benefits paid
1,206
1,163
1,230
1,189
Exchange and other movements
25
\u2014
51
\u2014
Benefit obligation at end of the year
(19,311)
(18,404)
(19,600)
(18,729)
Fair value of scheme assets at beginning of the year
22,623
21,928
24,914
24,234
Interest income on scheme assets
1,188
1,164
1,087
1,062
Employer contribution
55
42
37
22
Remeasurement \u2013 return on scheme assets less than discount rate
(292)
(303)
(2,192)
(2,184)
Employee contributions
5
\u2014
6
\u2014
Benefits paid
(1,195)
(1,163)
(1,221)
(1,189)
Exchange and other movements
(30)
(14)
(8)
(17)
Fair value of scheme assets at end of the year
22,354
21,654
22,623
21,928
Net surplus
3,043
3,250
3,023
3,199
Retirement benefit assets
3,308
3,250
3,263
3,199
Retirement benefit liabilities
(265)
\u2014
(240)
\u2014
Net retirement benefit assets
3,043
3,250
3,023
3,199
Included within the total benefit obligation is \u00a3701m (2024: \u00a3695m) relating to overseas pensions and \u00a3206m (2024: \u00a3175m) relating to
other post-employment benefits.
Breakdown of the UKRF benefit obligation and assets split by section
2025
2025
2024
Barclays Bank
Section
Barclays UK
Section
UKRF Total
UKRF Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Active members
981
719
1,700
1,699
Deferred members (Afterwork)
1,828
11
1,839
1,716
Deferred members (non-Afterwork)
3,786
\u2014
3,786
4,269
Pensioners and Dependents
11,079
\u2014
11,079
11,045
Benefit obligation at end of the year
17,674
730
18,404
18,729
Assets at end of the year
20,855
799
21,654
21,928
Barclays previously considered the potential implications for the UKRF of the ruling and appeal in Virgin Media v NTL Pension Trustees II
Ltd. This activity did not identify any relevant amendments to the UKRF (of the nature of that found to have been void in the Virgin Media
case) that were not subject to actuarial confirmation. Since this activity was completed the Pension Schemes Bill 2025 (the Bill) has been
published, which once in force will enable trustees to obtain retrospective actuarial confirmation in certain circumstances. Progress of
the Bill continues to be tracked by Barclays. The position remains that no material additional benefit obligation is expected
As at 31\u00a0December 2025 , the UKRF as a whole was\u00a0 in surplus versus benefit obligations by \u00a33,250m (2024: \u00a33,199m).\u00a0 The Barclays
Bank Section had a surplus of \u00a33,181m and the Barclays UK Section had a surplus of \u00a369m.
The weighted average duration of the benefit payments reflected in the defined benefit obligation for the Barclays Bank Section of the\u00a0
UKRF is 11 years and Barclays UK Section is 10 years (2024 UKRF: 11 years).\u00a0The UKRF expected benefits promised to date are
projected to be paid out for in excess of 50 years, although 35% of the benefits are expected to be paid in the next 10 years; 34% in
years 11 to 20 and 20% in years 21 to 30.\u00a0The remainder of the benefits are expected to be paid beyond 30 years.
Of the \u00a31,163m (2024: \u00a31,189m) UKRF benefits paid out, \u00a3148m (2024: \u00a3165m) related to transfers out.
Where a scheme\u2019s assets exceed its obligation, an asset is recognised to the extent that it does not exceed the present value of future
contribution holidays or if the Group has an unconditional right to a refund of this asset at the end of the life of the plan (the asset ceiling). In the
case of the UKRF the asset ceiling is not applied as, in certain specified circumstances such as wind-up, the Group expects to be able to
recover any surplus or reduce contributions. Similarly, a liability in respect of future minimum funding requirements is not recognised. The
Trustee does not have a substantive right to augment benefits, nor do they have the right to wind up the plan except in the dissolution of the
Group or termination of contributions by the Group. The application of the asset ceiling to other plans and recognition of additional liabilities in
respect of future minimum funding requirements are considered on an individual plan basis.
Critical accounting estimates and judgements
Key areas involving a higher degree of judgement or estimation include:
Estimates
Valuation of defined benefit scheme obligations are dependent on a number of assumptions, the most critical being discount rates, price inflation, and
life expectancy.
These estimates are considered to\u00a0 have a significant risk of resulting in a material adjustment to the carrying amount of defined benefit
obligations within the next financial year.
Below is a summary of the main financial and demographic assumptions adopted for both sections of the UKRF with the Barclays Bank
Section representing 91.5% of the UKRF benefit obligation and the Barclays UK Section representing 3.8%.
2025
2024
Barclays Bank
Section
Barclays UK
Section
UKRF
Key UKRF financial assumptions
% p.a.
% p.a.
% p.a.
Discount rate
5.46
5.42
5.44
Inflation rate (RPI)
2.92
2.89
3.32
The discount rate assumption for 2025 for both sections of the UKRF was based on a standard WTW RATE Link model. The RPI inflation
assumption for 2025 was set by reference to the Bank of England\u2019s implied inflation curve. The inflation assumption incorporates a
deduction of 20 basis points as an allowance for an inflation risk premium. The methodology used to derive the discount rate and
inflation assumptions is consistent with that used at the prior year end.
The Barclays Bank Section of the UKRF\u2019s post-retirement mortality assumptions are based on best estimates derived from an analysis in
2022 of the UKRF\u2019s own post-retirement mortality experience and taking account of recent evidence from published mortality surveys.
An allowance has been made for future mortality improvements based on the 2024 core projection model published by the Continuous
Mortality Investigation Bureau subject to a long-term trend of 1.1% per annum in future improvements (2024: 1.25% per annum).
Barclays UK Section of the UKRF does not have any post-retirement mortality assumptions as it only provides a cash lump sum at
retirement, not a pension for life.
The table below shows how the assumed life expectancy, for members of the Barclays Bank Section, has changed since last year:
Assumed life expectancy 1
2025
2024
Life expectancy at 60 for current pensioners (years)
\u2013 Males
26.6
26.5
\u2013 Females
29.3
29.4
Life expectancy at 60 for future pensioners currently aged 40 (years)
\u2013 Males
28.0
28.0
\u2013 Females
30.6
30.8
Note:
1 The life expectancies disclosed are in respect of a population of the membership that represents c60% of the Defined Benefit Obligation of the Barclays Bank
Section of the UKRF (excluding Afterwork, which has no post-retirement mortality risk) with the remaining members having life expectancy at age 60 of
between 26.4 years and 29.3 years.
Approximately, 70% of the longevity risk for current pensioners of the Barclays Bank Section of the UKRF has been reinsured and the
transactions will provide income to the Section if pensions are paid out for longer than expected. The contracts form part of the
Section\u2019s investment portfolio.
Sensitivity analysis on actuarial assumptions
The sensitivity analysis has been calculated by valuing the UKRF liabilities, using the amended assumptions shown in the table below and
keeping the remaining assumptions the same as disclosed in the table above, except in the case of the inflation sensitivity where other
assumptions that depend on assumed inflation have also been amended correspondingly. The difference between the recalculated
liability figure and that stated in the balance sheet reconciliation table above is the figure shown. The selection of these movements to
illustrate the sensitivity of the defined benefit obligation to key assumptions should not be interpreted as Barclays expressing any
specific view of the probability of such movements happening.
Change in key assumptions for the UKRF
2025
2025
2024
(Decrease)/Increase in defined benefit obligation
Barclays Bank
Section
Barclays UK
Section
UKRF
\u00a3bn
\u00a3bn
\u00a3bn
Discount rate
0.5% p.a. increase
(0.9)
(0.03)
(1.0)
0.25% p.a. increase
(0.4)
(0.02)
(0.5)
0.25% p.a. decrease
0.5
0.02
0.5
0.5% p.a. decrease
1.0
0.04
1.1
Assumed RPI
0.5% p.a. increase
0.7
0.03
0.7
0.25% p.a. increase
0.3
0.01
0.3
0.25% p.a. decrease
(0.3)
(0.01)
(0.4)
0.5% p.a. decrease
(0.6)
(0.03)
(0.7)
Life expectancy at 60
One year increase
0.5
0.00
0.5
One year decrease
(0.5)
0.00
(0.5)
Assets
A long-term investment strategy has been set for the Barclays Bank Section and Barclays UK Section of the UKRF, with asset allocation
comprising a mixture of gilts, bonds, and other appropriate assets. This strategy recognises that different asset classes are likely to
produce different long-term returns, and some asset classes may be more volatile than others. The long-term investment strategies
ensure, among other aims, that investments are adequately diversified.
The value of the assets of the schemes and their percentage in relation to total scheme assets were as follows:
Analysis of scheme assets
Total
Of which relates to UKRF
Quoted 1
\u00a3m
Unquoted 1,2
\u00a3m
Value
\u00a3m
% of total fair
value of
scheme assets
%
Quoted 1
\u00a3m
Unquoted 1,2
\u00a3m
Value
\u00a3m
% of total fair
value of
scheme assets
%
As at 31 December 2025
Bonds - fixed government
1,975
4
1,979
8.9
1,769
4
1,773
8.2
Bonds - index-linked government
8,283
\u2014
8,283
37.1
8,269
\u2014
8,269
38.2
Bonds - corporate and other 3
1,767
5,015
6,782
30.3
1,562
5,015
6,577
30.4
Equities
227
\u2014
227
1.0
99
\u2014
99
0.4
Private equities
\u2014
1,859
1,859
8.3
\u2014
1,859
1,859
8.6
Property
22
1,392
1,414
6.3
\u2014
1,392
1,392
6.4
Infrastructure
\u2014
414
414
1.9
\u2014
413
413
1.9
Hedge funds
13
1,635
1,648
7.4
\u2014
1,635
1,635
7.6
Derivatives
1
(1,476)
(1,475)
(6.6)
\u2014
(1,475)
(1,475)
(6.8)
Longevity reinsurance contracts
\u2014
(103)
(103)
(0.5)
\u2014
(103)
(103)
(0.5)
Cash and liquid assets 4
2,309
(1,093)
1,216
5.4
2,305
(1,093)
1,212
5.6
Mixed investment funds
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other
15
95
110
0.5
\u2014
3
3
\u2014
Fair value of scheme assets 5
14,612
7,742
22,354
100.0
14,004
7,650
21,654
100.0
As at 31 December 2024
Bonds - fixed government
1,546
\u2014
1,546
6.8
1,306
\u2014
1,306
6.0
Bonds - index-linked government
8,234
\u2014
8,234
36.4
8,214
\u2014
8,214
37.5
Bonds - corporate and other
5,604
717
6,321
27.9
5,395
717
6,112
27.9
Equities\u00a0
121
\u2014
121
0.5
\u2014
\u2014
\u2014
\u2014
Private equities
\u2014
2,134
2,134
9.4
\u2014
2,134
2,134
9.7
Property
19
1,238
1,257
5.6
\u2014
1,238
1,238
5.6
Infrastructure
\u2014
1,388
1,388
6.1
\u2014
1,388
1,388
6.3
Hedge funds
9
1,390
1,399
6.2
\u2014
1,390
1,390
6.3
Derivatives
(7)
(1,799)
(1,806)
(8.0)
(7)
(1,799)
(1,806)
(8.2)
Longevity reinsurance contract
\u2014
(117)
(117)
(0.5)
\u2014
(117)
(117)
(0.5)
Cash and liquid assets 4
(454)
2,529
2,075
9.2
(464)
2,529
2,065
9.4
Mixed investment funds
8
\u2014
8
\u2014
\u2014
\u2014
\u2014
\u2014
Other
7
56
63
0.4
\u2014
4
4
\u2014
Fair value of scheme assets 5
15,087
7,536
22,623
100.0
14,444
7,484
21,928
100.0
Notes:
1 During the year ended 31\u00a0December 2025, there were c\u00a33bn assets re-classified from unquoted to quoted under cash and liquid assets and c\u00a34bn assets
reclassified from quoted to unquoted for Bonds - corporate and other (year ended 31 December 2024: there were no material re-classifications). These re-
classifications reflect enhancement to the Bank's levelling policy, including the use of additional data in the active market assessment of issued debt.
2 Valuation of unquoted assets is provided by the underlying managers or qualified independent valuers. The valuation for some of the unquoted assets, in
particular private equities, is based on valuations as at 30 September 2025 adjusted by cash flows, these being the latest available valuations as at the point of
publication. All valuations are determined in accordance with relevant industry guidance. Barclays does not believe these valuations will differ materially from
the fair value, in the context of the overall UKRF asset size.
3 During the year ended 31\u00a0December 2025, there were c\u00a3740m of infrastructure loan assets reclassified to Bonds - corporate and other (2024 classification :
Infrastructure).
4 Cash and liquid assets for the UKRF consists of \u00a3189m (2024: \u00a3484m) of cash including receivables/payables, \u00a32,116m (2024: \u00a32,529m) of pooled cash funds
and \u00a3(1,093)m (2024: \u00a3(948)m) of repurchase agreements.
5 Included within the fair value of UKRF assets was nil (2024: nil) relating to shares in Barclays PLC and nil (2024: nil) relating to bonds issued by Barclays PLC. The
UKRF also invests in pooled investment vehicles which may hold shares or debt issued by Barclays PLC.
The value of the UKRF assets split by section are shown in the table below.
UKRF assets split by section
Barclays Bank Section
Barclays UK Section
Quoted
\u00a3m
Unquoted
\u00a3m
Value
\u00a3m
% of total fair
value of
scheme assets
%
Quoted
\u00a3m
Unquoted
\u00a3m
Value
\u00a3m
% of total fair
value of
scheme assets
%
As at 31 December 2025
Bonds - fixed government
1,721
4
1,725
8.3
48
\u2014
48
6.0
Bonds - index-linked government
7,751
\u2014
7,751
37.2
518
\u2014
518
64.8
Bonds - corporate and other
1,471
4,729
6,200
29.7
91
286
377
47.2
Equities
\u2014
\u2014
\u2014
\u2014
99
\u2014
99
12.4
Private equities
\u2014
1,859
1,859
8.9
\u2014
\u2014
\u2014
\u2014
Property
\u2014
1,392
1,392
6.7
\u2014
\u2014
\u2014
\u2014
Infrastructure
\u2014
413
413
2.0
\u2014
\u2014
\u2014
\u2014
Hedge funds
\u2014
1,635
1,635
7.8
\u2014
\u2014
\u2014
\u2014
Derivatives
\u2014
(1,478)
(1,478)
(7.1)
\u2014
3
3
0.4
Longevity reinsurance contracts
\u2014
(103)
(103)
(0.5)
\u2014
\u2014
\u2014
\u2014
Cash and liquid assets
2,288
(830)
1,458
7.0
17
(263)
(246)
(30.8)
Other
\u2014
3
3
\u2014
\u2014
\u2014
\u2014
\u2014
Fair value of scheme assets
13,231
7,624
20,855
100.0
773
26
799
100.0
At 31\u00a0December 2025, 39% of the Barclays Bank Section assets and 38% of the Barclays UK Section assets (2024 UKRF: 38%) were
invested in liability-driven investment strategies; primarily UK gilts as well as interest rate and inflation swaps. These swaps are used to
better match the assets to its liabilities. The swaps are used to reduce the scheme\u2019s inflation and duration risks against its liabilities.
The UKRF employs derivative instruments, where appropriate, to match assets more closely to liabilities, or to achieve a desired
exposure or return.\u00a0 The value of assets shown reflects the assets held by the UKRF, with any derivative holdings reflected on a fair value
basis. The Trustee also uses repurchase agreements and reverse repurchase agreements to achieve the Trustee\u2019s liability hedging
objective.
The UKRF has a comprehensive and robust liquidity framework in place. The aim of the liquidity framework is to ensure that benefit
payments and other liquidity outflows are paid in due course, sufficient liquidity and collateral is maintained to achieve strategic allocation
targets and that all liquidity outflows/collateral needs are covered without forced sale or strategic asset allocation changes.
The Barclays Bank Section of the UKRF holds two longevity reinsurance contracts covering 70% of the current pensioner liabilities of the
Barclays Bank Section. The contracts provide income to the Section if pensions are paid out for longer than expected. At 31\u00a0December
2025, the combined value of the contracts was \u00a3(103)m (2024: \u00a3(117)m). The negative value reflects the estimated impact of changes
in the reinsurance market, demographic assumptions and risk premia since the contracts were entered into.
For information on the UKRF Trustee\u2019s approach to Responsible Investment and Climate Risk, in the context of managing the UKRF, please
refer to the UKRF Trustee website at epa.towerswatson.com/accounts/barclays/public/barclays-bank-responsible-investment-policy/.
Funding valuation
The UKRF annual funding update as at 30 September 2024 showed a funding surplus of \u00a31.75bn. The 30 September 2025 funding
update is not available at the date of this report , as the triennial funding valuations for the UKRF are due to be completed in 2026 with an
effective date of 30 September 2025.
The main differences between the funding and accounting assumptions are a different approach to setting the discount rate and a more
conservative life expectancy assumption for funding.
As part of the 2022 triennial funding valuation, the Trustee and Barclays Bank PLC agreed an annual adequacy test on a basis more
prudent than the IAS 19 or funding bases. Should the Barclays Bank Section of the UKRF be sufficiently funded on this basis, the regular
employer contributions to this Section to fund future Afterwork accrual will not be required in the following calendar year. The test will be
reviewed at the 2025 triennial valuation, which is expected to be completed in 2026. The test was passed in September, so no regular
employer contributions to the Barclays Bank Section are required for 2026. Regular employer contributions are being paid to the
Barclays UK Section to fund future Afterwork accrual, an annual adequacy test does not apply to this Section.
Other support measure agreed
Collateral \u2013 Barclays Bank PLC has entered into an agreement with the UKRF Trustee to provide collateral to cover at least 100% of any
Barclays Bank Section funding deficit with an overall cap of \u00a38.4bn. Barclays Bank UK PLC has entered into an agreement with the UKRF
Trustee to provide collateral to cover at least 100% of any Barclays UK Section funding deficit with an overall cap of \u00a30.6bn. The
collateral pools are currently zero, reflecting the surplus funding position of each Section. The arrangements provide the UKRF Trustee
with dedicated access to pools of assets in the event of Barclays Bank PLC or Barclays Bank UK PLC not paying any required deficit
reduction contribution to their respective Sections or in the event of their respective insolvency.
Contribution
There were nil (2024: nil) Section 75 contributions included within the Group\u2019s contributions paid.
The Group\u2019s expected contribution to the UKRF in respect of defined benefits in 2026 is \u00a359m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-724": { "value": "
Accounting for staff costs
Deferred cash and share awards are made to employees to incentivise performance over the period employees provide services.
To receive an award, an individual must have provided service over the vesting period and been employed on the scheduled vesting
date or be considered an eligible leaver. The expense for deferred cash and share awards is recognised over the period employees\u2019
services contribute to the awards. The Group considers it appropriate to recognise the expense over the vesting period, including the
financial year prior to the grant date.
The accounting policies for share-based payments and retirement benefits are included in Note 31 and Note 32, respectively.
Accounting for retirement benefits
The Group operates a number of pension schemes and post-employment benefit schemes.
Defined contribution \u2013 the Group recognises contributions due in respect of the accounting period in the income statement. Any
contributions unpaid at the balance sheet date are included as a liability.
Defined benefit \u2013 the Group recognises its obligations to members of each scheme at the period end, less the fair value of the
scheme assets after applying the asset ceiling test.
Each scheme\u2019s obligations are calculated using the projected unit credit method. Scheme assets are stated at fair value as at the
period end.
Changes in pension scheme liabilities or assets (remeasurements) that do not arise from regular pension cost, net interest on net
defined benefit liabilities or assets, past service costs, settlements or contributions to the scheme, are recognised in other
comprehensive income. Remeasurements comprise experience adjustments (differences between previous actuarial assumptions
and what has actually occurred), the effects of changes in actuarial assumptions, return on scheme assets (excluding amounts
included in the interest on the assets) and any changes in the effect of the asset ceiling restriction (excluding amounts included in the
interest on the restriction).
The cost of providing healthcare benefits to retired employees is accrued as a liability in the financial statements over the period that
the employees provide services to the Group, using a methodology similar to that for defined benefit pension schemes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-725": { "value": "Share-based payments
Accounting for share-based payments
Employee incentives include awards in the form of shares and share options, as well as offering employees the opportunity to
purchase shares on favourable terms. The cost of the employee services received in respect of the shares or share options granted
is recognised in the income statement over the period that employees provide services. The overall cost of the award is calculated
using the number of shares and options expected to vest and the fair value of the shares or options at the date of grant.
The number of shares and options expected to vest takes into account the likelihood that applicable performance and service
conditions included in the terms of the awards will be met. For other share-based payment schemes, such as Sharesave and
Sharepurchase, there are non-vesting conditions which must be met. Failure to meet the non-vesting condition is treated as a
cancellation, resulting in an acceleration of recognition of the cost of the employee services.
The fair value of shares is the market price ruling on the grant date, in some cases adjusted to reflect restrictions on transferability.
The fair value of options granted is determined using the Black-Scholes model to estimate the numbers of shares likely to vest. The
model takes into account the exercise price of the option, the current share price, the risk-free interest rate, the expected volatility of
the share price over the life of the option and other relevant factors. Market conditions that must be met in order for the award to
vest are also reflected in the fair value of the award, as are any other non-vesting conditions \u2013 such as continuing to make payments
into a share-based savings scheme.
The charge for the year arising from share-based payment schemes was as follows:
Charge for the year
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Share Value Plan and Deferred Share Value Plan
353
319
284
Others
259
178
191
Total equity settled
612
497
475
Cash settled
40
10
4
Total Share-based payments
652
507
479
The terms of the main current plans are as follows:
Share Value Plan (SVP)
SVP awards have been granted to participants in the form of a conditional right to receive Barclays PLC shares or provisional allocations
of Barclays PLC shares which vest or are considered for release over a period of three, four, five or seven years. Participants do not pay
to receive an award or to receive a release of shares. SVP awards are also made to eligible employees for recruitment purposes. All
awards are subject to potential forfeiture in certain leaver scenarios.
Deferred Share Value Plan (DSVP)
The terms of the DSVP are materially the same as the terms of the SVP as described above, save that Executive Directors are not
eligible to participate in the DSVP, and the DSVP operates over market purchase shares only.
Other schemes
In addition to the SVP and DSVP, the Barclays PLC Group operates a number of other schemes settled in Barclays PLC Shares including
Sharesave (both UK and Ireland), Sharepurchase (both UK and overseas), and the Barclays PLC Group Long Term Incentive Plan. A
delivery of upfront shares to \u2018Material Risk Takers\u2019 can be made as a Share Incentive Award (Holding Period) under the SVP. A free share
award was delivered under the SVP to all eligible employees in 2025, with this award being subject to a two-year holding period.
Share option and award plans
The weighted average fair value per award granted, weighted average share price at the date of exercise/release of shares during the
year, weighted average contractual remaining life and number of options and awards outstanding (including those exercisable) at the
balance sheet date were as follows:
2025
2024
Weighted
average fair
value per
award
granted in
year
Weighted
average
share price
at exercise/
release
during year
Weighted
average
remaining
contractual
life
Number of
options/
awards
outstanding
Weighted
average fair
value per
award
granted in
year
Weighted
average
share price
at exercise/
release
during year
Weighted
average
remaining
contractual
life
Number of
options/
awards
outstanding
\u00a3
\u00a3
in years
(000s)
\u00a3
\u00a3
in years
(000s)
SVP and DSVP 1,2
2.86
3.09
1
438,402
1.52
1.74
1
504,825
Others 1,3
1.46-3.55
3.04-3.99
0-3
210,182
0.81- 2.10
1.71- 2.12
0- 3
240,029
SVP and DSVP are nil cost awards on which the performance conditions are substantially completed at the date of grant. Consequently,
the fair value of these awards is based on the market value at that date.
Sharesave has a contractual life of 3 years and 5 years, the expected volatility is 29.04% for 3 years and 26.48% for 5 years. The risk-free
interest rates used for valuations are 3.47% and 3.56% for 3 years and 5 years, respectively. The pure dividend yield rates used for
valuations are 1.99% and 2.14% for 3 years and 5 years respectively. The repo rates used for valuations are (0.60)% and (0.69)% for
3\u00a0years and 5 years respectively. The inputs into the model, such as risk-free interest rate, expected volatility, pure dividend yield rates
and repo rates are derived from market data.
Movements in options and awards
The movement in the number of options and awards for the major schemes and the weighted average exercise price of options was:
SVP and DSVP 1,2
Others 1,3
Number (000s)
Number (000s)
Weighted average exercise
price (\u00a3)
2025
2024
2025
2024
2025
2024
Outstanding at beginning of year/acquisition date
504,825
495,724
240,029
288,755
1.19
1.06
Granted in the year
144,110
224,385
102,649
132,013
2.99
1.79
Exercised/released in the year
(190,408)
(191,471)
(123,832)
(163,322)
1.01
0.95
Less: forfeited in the year
(20,125)
(23,813)
(7,874)
(15,164)
1.44
1.19
Less: expired in the year
\u2014
\u2014
(790)
(2,253)
1.19
1.25
Outstanding at end of year
438,402
504,825
210,182
240,029
1.54
1.19
Of which exercisable:
\u2014
\u2014
39,755
25,164
0.95
1.23
Notes:
1 Options/award granted over Barclays PLC shares.
2 Weighted average exercise price is not applicable for SVP and DSVP awards as these are not share option schemes.
3 The number of awards within Others at the end of the year principally relates to Sharesave (number of awards exercisable at end of year was 22,046,433 (2024:
5,343,579)). The weighted average exercise price relates to Sharesave.
Awards and options granted to employees and former employees under the Group\u2019s share plans may be satisfied using new issue
shares, treasury shares and market purchase shares. Awards granted under the DSVP may be satisfied using market purchase shares
only.
There were no significant modifications to the share-based payments arrangements in 2025 and 2024.
As at 31\u00a0December 2025, the total liability arising from cash-settled employee share-based payments transactions was \u00a340m (2024:
\u00a311m).
Holdings of Barclays PLC shares and hedges
Various employee benefit trusts established by the Group hold shares in Barclays PLC to meet obligations under the Barclays share-
based payment schemes. The total number of Barclays shares held in these employee benefit trusts at 31\u00a0December 2025 was 20m
(2024: 19m). Dividend rights have been waived on all these shares. The total market value of the shares held in trust based on the year
end share price of \u00a34.80 (2024: \u00a32.68) was \u00a396m (2024: \u00a350m). For accounting of treasury shares, see Note 28.
The Group has entered into physically settled forward contracts to hedge the settlement of certain share-based payment schemes.
The fixed forward price to be paid under these contracts is \u00a330m and has been recorded in retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-726": { "value": "
Accounting for share-based payments
Employee incentives include awards in the form of shares and share options, as well as offering employees the opportunity to
purchase shares on favourable terms. The cost of the employee services received in respect of the shares or share options granted
is recognised in the income statement over the period that employees provide services. The overall cost of the award is calculated
using the number of shares and options expected to vest and the fair value of the shares or options at the date of grant.
The number of shares and options expected to vest takes into account the likelihood that applicable performance and service
conditions included in the terms of the awards will be met. For other share-based payment schemes, such as Sharesave and
Sharepurchase, there are non-vesting conditions which must be met. Failure to meet the non-vesting condition is treated as a
cancellation, resulting in an acceleration of recognition of the cost of the employee services.
The fair value of shares is the market price ruling on the grant date, in some cases adjusted to reflect restrictions on transferability.
The fair value of options granted is determined using the Black-Scholes model to estimate the numbers of shares likely to vest. The
model takes into account the exercise price of the option, the current share price, the risk-free interest rate, the expected volatility of
the share price over the life of the option and other relevant factors. Market conditions that must be met in order for the award to
vest are also reflected in the fair value of the award, as are any other non-vesting conditions \u2013 such as continuing to make payments
into a share-based savings scheme.
The charge for the year arising from share-based payment schemes was as follows:
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-727": { "value": "
Accounting for retirement benefits
The Group operates a number of pension schemes and post-employment benefit schemes.
Defined contribution \u2013 the Group recognises contributions due in respect of the accounting period in the income statement. Any
contributions unpaid at the balance sheet date are included as a liability.
Defined benefit \u2013 the Group recognises its obligations to members of each scheme at the period end, less the fair value of the
scheme assets after applying the asset ceiling test.
Each scheme\u2019s obligations are calculated using the projected unit credit method. Scheme assets are stated at fair value as at the
period end.
Changes in pension scheme liabilities or assets (remeasurements) that do not arise from regular pension cost, net interest on net
defined benefit liabilities or assets, past service costs, settlements or contributions to the scheme, are recognised in other
comprehensive income. Remeasurements comprise experience adjustments (differences between previous actuarial assumptions
and what has actually occurred), the effects of changes in actuarial assumptions, return on scheme assets (excluding amounts
included in the interest on the assets) and any changes in the effect of the asset ceiling restriction (excluding amounts included in the
interest on the restriction).
The cost of providing healthcare benefits to retired employees is accrued as a liability in the financial statements over the period that
the employees provide services to the Group, using a methodology similar to that for defined benefit pension schemes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-728": { "value": "Principal subsidiaries
The significant judgements used in applying this policy are set out below.
Accounting for investment in subsidiaries
In the individual financial statements of Barclays PLC, investments in subsidiaries are stated at cost less impairment.
Principal subsidiaries for the Group are set out below. This includes those subsidiaries that are most significant in the context of the
Group\u2019s business, results or financial position. The principal subsidiaries are held directly or indirectly via intermediate holding
companies within the Group. There were no significant changes in ownership interests in these subsidiaries during the year, and the
Group did not lose control of any of these subsidiaries. There has been no material percentage change in the Group\u2019s shareholding
for its main subsidiaries since 2024.
Principal place of business or
incorporation
Percentage of
voting rights
held
Non-controlling
interests -
proportion of
ownership
interests
Non-controlling
interests -
proportion of
voting interests
Company name
Nature of business
%
%
%
Barclays Bank PLC
United Kingdom
Banking, holding company
100
1
\u2014
Barclays Bank UK PLC
United Kingdom
Banking, holding company
100
\u2014
\u2014
Barclays Bank Ireland PLC
Ireland
Banking
100
\u2014
\u2014
Barclays Execution Services
Limited
United Kingdom
Service company
100
\u2014
\u2014
Barclays Capital Inc.
United States
Securities dealing
100
\u2014
\u2014
Barclays Capital Securities
Limited
United Kingdom
Securities dealing
100
\u2014
\u2014
Barclays Securities Japan
Limited
Japan
Securities dealing
100
\u2014
\u2014
Barclays US LLC
United States
Holding company
100
\u2014
\u2014
Barclays Bank Delaware
United States
Credit card issuer
100
\u2014
\u2014
The country of registration or incorporation is also the principal area of operation of each of the above subsidiaries.
Ownership interests are in some cases different to voting interests due to the existence of non-voting equity interests, such as
preference shares. Refer to Note 29 for more information.
Significant judgements and assumptions used to determine the scope of the consolidation
Determining whether the Group has control of an entity is generally straightforward based on ownership of the majority of the voting
capital. However, in certain instances, this determination will involve judgement, particularly in the case of structured entities where
voting rights are often not the determining factor in decisions over the relevant activities.\u00a0This judgement will involve assessing the
purpose and design of the entity.\u00a0It will also often be necessary to consider whether the Group, or another involved party with power
over the relevant activities, is acting as a principal in its own right or as an agent on behalf of others.\u00a0
There is also often considerable judgement involved in the ongoing assessment of control over structured entities. In this regard, where
market conditions have deteriorated, such that the other investors\u2019\u00a0exposures to the structure\u2019s variable returns have been
substantively eliminated, the Group may conclude that the managers of the structured entity are acting as its agent and therefore\u00a0will
consolidate the structured entity.
An interest in equity voting rights exceeding 50% would typically indicate that the Group has control of an entity. Until 25 October 2024,
Palomino Limited was excluded from consolidation, despite the Group holding 100% of the voting rights as it was managed by an
external counterparty and the Group was not exposed to its variable returns. Following the termination of the management agreement,
as from 26 October 2024, the entity is now fully consolidated.
Significant restrictions
As is typical for a group of its size and international scope, there are restrictions on the ability of Barclays PLC to obtain distributions of
capital, access the assets or repay the liabilities of members of its Group due to the statutory, regulatory and contractual requirements
of its subsidiaries and due to the protective rights of non-controlling interests. These are considered below.
Regulatory requirements
Barclays\u2019 principal subsidiary companies have assets and liabilities before intercompany eliminations of \u00a32,132bn (2024 : \u00a32,015bn) and
\u00a32,031bn (2024: \u00a31,919bn) respectively. Certain of these assets and liabilities are subject to prudential regulation and regulatory capital
requirements in the countries in which they are regulated. These require entities to maintain minimum capital levels which cannot be
returned to the parent company, Barclays PLC, on a going concern basis.
In order to meet capital requirements, subsidiaries may issue certain equity-accounted and debt-accounted financial instruments and
non-equity instruments, such as Tier 1 and Tier 2 capital instruments and other forms of subordinated liabilities. Refer to Note 26 and
Note 27 for particulars of these instruments. These instruments may be subject to cancellation clauses or preference share restrictions
that would limit the ability of the entity to repatriate the capital on a timely basis.
Liquidity requirements
Regulated subsidiaries of the Group are required to meet applicable PRA or local regulatory requirements pertaining to liquidity. The
regulated subsidiaries include Barclays Bank PLC and Barclays Capital Securities Limited (which are regulated on a combined basis under
a Domestic Liquidity Sub-Group (DoLSub) arrangement), Barclays Bank UK PLC, Barclays Bank Ireland PLC, Barclays Capital Inc. and
Barclays Bank Delaware. Refer to the Liquidity risk section for further details of liquidity requirements, including those of the Group\u2019s
significant subsidiaries.
Statutory requirements
The Group\u2019s subsidiaries are subject to statutory requirements not to make distributions of capital and unrealised profits and generally
to maintain solvency. These requirements restrict the ability of subsidiaries to make remittances of dividends to Barclays PLC, the
ultimate parent, except in the event of a legal capital reduction or liquidation. In most cases, the regulatory restrictions referred to above
exceed the statutory restrictions.
Asset encumbrance
The Group uses its financial assets to raise finance in the form of securitisations and through the liquidity schemes of central banks, as
well as to provide security to the UK Retirement Fund. Once encumbered, the assets are not available for transfer around the Group.
The assets typically affected are disclosed in Note 37.
Other restrictions
The Group is required to maintain cash balances with central banks and other regulatory authorities, and these amounted to\u00a0 \u00a33,007m
(2024: \u00a32,945m).
42 Related undertakings
The Group\u2019s corporate structure consists
of a number of related undertakings,
comprising subsidiary undertakings, joint
ventures, associated undertakings and
significant holdings. A full list of these
related undertakings is set out below,
together with the country of incorporation,
registered office (or principal place of
business) and the identity and percentage\u00a0
of each share class held by the Group.
The\u00a0information is provided as at
31\u00a0December 2025.
The entities are grouped by the countries
in which they are incorporated. The profits
earned by the activities of these entities
are in some cases taxed in countries other
than the country of incorporation, for
example, where the entity carries on
business through a branch in a territory
outside of\u00a0 its country of incorporation.
Barclays PLC Country Snapshot provides
details of where the Group carries on its
business, where its profits are subject to
tax and the taxes it pays in each country it
operates in.
Wholly owned subsidiaries
Unless otherwise stated, the undertakings
below are wholly owned and included in the
consolidation and the share capital held by
the Group comprises ordinary and/or
common shares, which are held by
subsidiaries of Barclays PLC. Unless
otherwise stated, the Group holds 100% of
the nominal value of each share class.
Notes
A
Directly held by Barclays PLC
B
Partnership Interest
C
Membership Interest
D
Class D Shares
E
Preference Shares
F
A Preference Shares
G
B\u00a0 Preference Shares
H
Ordinary/Common Shares in
addition to other shares
I
A Ordinary Shares
J
B Ordinary Shares
K
C Ordinary Shares
L
F Ordinary Shares
M
First Preference Shares, Second
Preference Shares
N
Registered Address not in country
of Incorporation
O
Core Shares, Insurance (Classified)
Shares
P
Class B, C, D, E, F, G, H, I, J and K
Q
Non-Redeemable Ordinary Shares
Notes
R
Class A, B and C Shares
S
Class A and Class B Shares
T
PEF Carry Shares
U
Not Consolidated (see Note 34
IFRS12 Structured entities)
V
USD Linked Ordinary Shares
W
Redeemable Class B Shares
X
Capital Contribution Shares
Y
Class A Redeemable Preference
Z
Class B Redeemable Preference
AA
First Class Common Shares,
Second Class Common Shares
CC
Non-Voting Redeemable
Preference Shares
DD
Ordinary \"F\" Shares - Variable
EE
Class C Preferred Shares and Class
D Preferred Shares
FF
Trust Interest
GG
A1 Ordinary Shares (42.85% ) and A2
Preference Shares (45.15%)
HH
A2 Ordinary Shares (14.14% ) and A3\u00a0
Ordinary Shares( 68.10% )
II
LLC Share
JJ
A Shares (4.99%) and B Shares
(100%)
KK
Class A Ordinary Shares (34.47%)
and Class C Ordinary Shares\u00a0
(22.98%)
LL
Class A Ordinary Shares (49.52%)
and Preference Shares (48.25%)
Wholly owned subsidiaries
Note
United Kingdom
1 Churchill Place, London, E14 5HP
Aequor Investments Limited
Ardencroft Investments Limited
B D & B Investments Limited
B.P.B. (Holdings) Limited
Barclay Leasing Limited
Barclays Aldersgate Investments Limited
Barclays Asset Management Limited
Barclays Bank PLC
A, H
Barclays Bank UK PLC
A
Barclays Capital Asia Holdings Limited
Barclays Capital Nominees (No.2) Limited
Barclays Capital Nominees (No.3) Limited
Barclays Capital Nominees Limited
Barclays Capital Securities Client Nominee
Limited
Barclays Capital Securities Limited
Barclays CCP Funding LLP
B
Barclays Converted Investments (No.2)
Limited
Barclays Direct Investing Nominees
Limited
Barclays Directors Limited
Barclays Equity Holdings Limited
Barclays Execution Services Limited
A
Barclays Executive Schemes Trustees
Limited
Wholly owned subsidiaries
Note
Barclays Financial Planning Nominee
Company Limited
Barclays Funds Investments Limited
Barclays Gaia Holdings Limited
Barclays Group Holdings Limited
Barclays Industrial Development Limited
Barclays Industrial Investments Limited
Barclays Insurance Services Company
Limited
Barclays International Holdings Limited
Barclays Investment Management Limited
Barclays Investment Solutions Limited
Barclays Leasing (No.9) Limited
Barclays Long Island Limited
Barclays Nominees (George Yard) Limited
U
Barclays OCIO Services Limited
Barclays Pension Funds Trustees Limited
Barclays Principal Investments Limited
A, I, J
Barclays Private Bank
Barclays SAMS Limited
Barclays Security Trustee Limited
A
Barclays Services (Japan) Limited
Barclays Shea Limited
Barclays Term Funding Limited Liability
Partnership
B
Barclays UK Investments Limited
Barclays Unquoted Investments Limited
Barclays Wealth Nominees Limited
Barclaycard Payments Limited
Barclayshare Nominees Limited
Barcosec Limited
Barsec Nominees Limited
BB Client Nominees Limited
BMI (No.9) Limited
BNRI ENG 2014 Limited Partnership
B
BNRI ENG GP LLP
B
BNRI England 2010 Limited Partnership
B
BNRI England 2012 Limited Partnership
B
Carnegie Holdings Limited
Chapelcrest Investments Limited
Clydesdale Financial Services Limited
Cornwall Home Loans Limited
CPIA England 2009 Limited Partnership
B
CPIA England No.2 Limited Partnership
B
Dorset Home Loans Limited
Durlacher Nominees Limited
Eagle Financial and Leasing Services (UK)
Limited
Finpart Nominees Limited
FirstPlus Financial Group Limited
Foltus Investments Limited
Global Dynasty Natural Resource Private
Equity Limited Partnership
B
Globe Nominees Limited
Hawkins Funding Limited
Heraldglen Limited
H, M
Isle of Wight Home Loans Limited
J.V. Estates Limited
Wholly owned subsidiaries
Note
Kirsche Investments Limited
Long Island Assets Limited
Maloney Investments Limited
Menlo Investments Limited
Mercantile Credit Company Limited
Mercantile Leasing Company (No.132)
Limited
MK Opportunities LP
B
Naxos Investments Limited (In Liquidation
14 January 2026)
North Colonnade Investments Limited
Northwharf Investments Limited
T,H
Northwharf Nominees Limited
Oak Pension Asset Management Limited
U
Radbroke Mortgages UK Limited
Real Estate Participation Management
Limited
Real Estate Participation Services Limited
Relative Value Investments UK Limited
Liability Partnership
B
Relative Value Trading Limited
Roder Investments No. 1 Limited
H, E
Roder Investments No. 2 Limited
H, E
RVT CLO Investments LLP
B
Surety Trust Limited
Sustainable Impact Capital Limited
Swan Lane Investments Limited
US Real Estate Holdings No.1 Limited
US Real Estate Holdings No.2 Limited
US Real Estate Holdings No.3 Limited
US Real Estate Holdings No.4 Limited
US Real Estate Holdings No.5 Limited
US Real Estate Holdings No.6 Limited
Water Street Investments Limited
U
Wedd Jefferson (Nominees) Limited
Westferry Investments Limited
Woolwich Homes Limited
Woolwich Qualifying Employee Share
Ownership Trustee Limited
Zeban Nominees Limited
C/O Teneo Financial Advisory Limited,
3rd Floor, The Colmore Building, 20
Colmore Circus Queensway,
Birmingham, West Midlands, B4 6AT
Barclays Nominees (Branches) Limited (In
Liquidation)
Leonis Investments LLP (In Liquidation)
B
2nd Floor, Marlow International,
Parkway, Marlow, SL7 1YL, United
Kingdom
Kensington Mortgage Company Limited
Kensington Mortgage Services Limited
1-4, Clyde Place Lane, Glasgow, G5 8DP
R.C. Greig Nominees Limited
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ
Wholly owned subsidiaries
Note
BNRI PIA Scot GP Limited
BNRI Scots GP, LLP
B
Pecan Aggregator LP
B
Logic House, Waterfront Business Park,
Park, Fleet Road, Fleet, Hampshire,
GU51 3SB
The Logic Group Enterprises Limited
The Logic Group Holdings Limited
I
9, all\u00e9e Scheffer, L-2520, Luxembourg
Barclays Claudas Investments Partnership
B, N
Barclays Pelleas Investments Limited
Partnership
B, N
Barclays Blossom Finance Limited
Partnership
B, N
Argentina
Marval, O\u2019Farrell & Mairal, Av. Leandro
N.Alem 882, Buenos Aires, C1001AAQ
Compa\u00f1ia Regional del Sur S.A.(In
Liquidation)
Brazil
Av. Brigadeiro Faria Lima, No.4.440,
12th Floor, Bairro Itaim Bibi, Sao Paulo,
CEP, 04538-132
Barclays Brasil Assessoria Financeira Ltda
Canada
Bay Wellington Tower, Brookfield Place,
47th floor, 181 Bay Street, Toronto,
Ontario, M5J 2T3
Barclays Capital Canada Inc.
Barclays Corporation Limited
1 Churchill Place, London, E14 5HP
CPIA Canada Holdings
B, N
Cayman Islands
PO Box\u00a0 309, Ugland House, George
Town, Grand Cayman, KY1-1104
Alymere Investments Limited
F, G,
H
Analytical Trade UK Limited
Barclays Capital (Cayman) Limited
Barclays Securities Financing Limited
F, G,
H
Barclays US Holdings Limited
E, I
Braven Investments No.1 Limited
Capton Investments Limited
Claudas Investments Limited
H, Y,
Z
Claudas Investments Two Limited
CPIA Investments No.2 Limited
E, H
Gallen Investments Limited
Hornbeam Limited
U
Mintaka Investments No. 4 Limited
Palomino Limited
Pelleas Investments Limited
Pippin Island Investments Limited
Wholly owned subsidiaries
Note
Razzoli Investments Limited
E, H
RVH Limited
E, H
France
34-36 avenue de Friedland, 75008, Paris
Barclays ADF SA
Guernsey
P.O. Box 33, Dorey Court, Admiral Park,
St.\u00a0 Peter\u00a0Port, GY1 4AT
Barclays Insurance Guernsey PCC Limited
O
Barclays UKRF No.1 IC Limited
U
Barclays UKRF ICC Limited
U
Barclays UKRF No.2 IC Ltd
U
Hong Kong
Level 41, Cheung Kong Center, 2
Queen's Road Central, N/A, Hong Kong
Barclays Capital Asia Limited
India
Nirlon Knowledge Park, Level 9, Block
B-6, Off Western Express Highway,
Goregaon (East), Mumbai, 400063
Barclays Securities (India) Private Limited
Barclays Wealth Trustees (India) Private
Limited
Barclays Investments & Loans (India)
Private Limited
E, H
5th to 12th Floor (Part), Building G2,
Gera Commerzone SEZ, Survey No.65,
Kharadi, Pune, 411014
Barclays Global Service Centre Private
Limited
Ireland
One Molesworth Street, Dublin 2, D02
RF29
Barclaycard International Payments
Limited
Barclays Bank Ireland Public Limited
Company
Barclays Europe Client Nominees
Designated Activity Company
Barclays Europe Firm Nominees
Designated Activity Company
Barclays Europe Nominees Designated
Activity Company
25-28 North Wall Quay, Dublin1, D01
Erimon Home Loans Ireland Limited
70 Sir John Rogerson\u2019s Quay, Dublin 2,
D02 R296
Barclays Finance Ireland Limited
Isle of Man
Eagle Court, Circular Road, Douglas, IM1
1AD
Barclays Nominees (Manx) Limited (In
Liquidation)
U
Wholly owned subsidiaries
Note
Barclays Private Clients International
Limited
I, J, U
c/o Zedra Trust Company (Isle of Man)
Limited, 2nd Floor, St Georges Court,
Upper Church Street, Douglas, IM1 1EE
Barclays Holdings (Isle of Man) Limited (In
Liquidation)
Japan
10-1, Roppongi 6-chome, Minato-ku,
Tokyo
Barclays Funds and Advisory Japan
Barclays Securities Japan Limited
F, H
Jersey
28 Esplanade, St Helier, JE2 3QA
Barclays Services Jersey Limited (In
Liquidation)
13 Library Place, St Helier, JE4 8NE
Barclays Nominees (Jersey) Limited
U
Barclaytrust Channel Islands Limited
U
Estera Trust (Jersey) Limited, 13-14
Esplanade, St Helier, JE1 1EE
MK Opportunities GP Ltd
3rd Floor, 44 Esplanade, St. Helier, JE4
9WG, Jersey
Barclaycard Payments Holdings Limited
Barclaycard Payments Midco Limited
Luxembourg
9, all\u00e9e Scheffer, L-2520, Luxembourg
Barclays Bedivere Investments S.\u00e0 r.l.
H, I, J
Barclays Cantal Investments S.\u00e0 r.l.
S
Barclays Capital Luxembourg S.\u00e0 r.l.
Barclays Treasury Luxembourg S.\u00e0 r.l.
Barclays Claudas Investments S.\u00e0 r.l.
Barclays International Luxembourg Dollar
Holdings\u00a0S.\u00e0 r.l.
Barclays Lamorak Investments S.\u00e0 r.l.
Q
Barclays Luxembourg GBP Holdings\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
S.\u00e0 r.l.
Q
Barclays Luxembourg Global Funding\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
S.\u00e0 r.l.
Barclays Luxembourg Holdings S.\u00e0 r.l.
Barclays Luxembourg Holdings SSC
B
BNRI Limehouse No.1 S.\u00e0 r.l.
P
68-70 Boulevard de la Petrusse, L-2320
Adler Toy Holding Sarl
Wholly owned subsidiaries
Note
10 rue du Ch\u00e2teau d\u2019Eau, Leudelange,
Grand Duchy of Luxembourg L-3364
BPM Management GP SARL
Mauritius
C/O Rogers Capital Corporate Services
Limited, 3rd Floor, Rogers House, No.5
President John Kennedy Street, Port
Louis
Barclays Capital Mauritius Limited (In
Liquidation)
Barclays Capital Securities Mauritius
Limited
Fifth Floor Ebene Esplanade,
24 Bank Street, Cybercity
72201 Ebene
Barclays Mauritius Overseas Holdings
Limited
Mexico
Paseo de la Reforma 505, Torre Mayor
Floor 41, Colona Cuauht\u00e9moc, 06500,
Mexico City
Barclays Bank Mexico, S.A.
J, L
Barclays Capital Casa de Bolsa, S.A. de
C.V.
J, L
Grupo Financiero Barclays Mexico, S.A. de
C.V.
J, L
Monaco
31 Avenue de la Costa, Monte Carlo BP
339
Barclays Private Asset Management
(Monaco) S.A.M
Saudi Arabia
3rd Floor Al Dahna Center, 114 Al-Ahsa
Street, PO Box 1454, Riyadh 11431
Barclays Saudi Arabia (In Liquidation)
Building 4.09- Unit 2- Level 9th, King
Abdullah Financial District Riyadh, KSA,
Kingdom Abdullah Financial District,
Riyadh
Barclays Regional Headquarters Company
Singapore
10 Marina Boulevard, #25-01 Marina Bay\u00a0
Financial Centre, Tower 2, 018983
Barclays Merchant Bank (Singapore) Ltd.
Spain
Calle Jose, Abascal 51, 28003, Madrid
Barclays Tenedora De Inmuebles SL.
Switzerland
Chemin de Grange Canal 18-20, PO Box
3941, 1211, Geneva
Barclays Bank (Suisse) SA
Barclays Switzerland Services SA
BPB Holdings SA
Wholly owned subsidiaries
Note
Taiwan
19F-1, No. 7, Xinyi Road, Sec. 5, Taipei,
A322, Taiwan
Barclays Securities Taiwan Limited
Turkey
13th floor, Kanyon Office Block,
B\u00fcy\u00fckdere Caddesi, Levent, Istanbul,
34394
Barclays Menkul De\u011ferler Anonim \u015eirketi
United States
Corporation Service Company, 251
Little Falls Drive, Wilmington, DE 19808
Analytical Trade Holdings LLC
Barclays Asset Backed Depositor LLC
C
Barclays Bank Delaware
E, H
Barclays Capital Derivatives Funding LLC
C
Barclays STBT Inc.
Barclays Capital Equities Trading GP
B
Barclays Capital Holdings Inc.
F, G,
H
Barclays Capital Real Estate Finance Inc.
Barclays Capital Real Estate Holdings Inc.
Barclays Capital Real Estate Inc.
Barclays Commercial Mortgage Securities
LLC
C
Barclays Dryrock Funding LLC
C
Barclays Financial LLC
C
Barclays Group US Inc.
F, H
Barclays Lifestyles LLC
C
Barclays Nest LLC
C
Barclays Oversight Management Inc.
Barclays Receivables LLC
C
Barclays Services Corporation
Barclays Services LLC
C
Barclays US CCP Funding LLC
C
Barclays US Investments Inc.
Barclays US LLC
H, EE
BCAP LLC
C
Gracechurch Services Corporation
Lagalla Investments LLC
Marbury Holdings LLC
Preferred Liquidity, LLC
I
Procella Investments No.2 LLC
II
Procella Investments No.3 LLC
II
Relative Value Holdings, LLC
Surrey Funding Corporation
Sussex Purchasing Corporation
Sutton Funding LLC
C
US Secured Investments LLC
X
Verain Investments LLC
Wilmington Riverfront\u00a0 LLC
C
100 Bank Street, Suite 630, Burlington,
Vermont 05401
Barclays Insurance U.S. Inc.
Wholly owned subsidiaries
Note
Corporation Service Company, 80 State
Street, Albany, NY, 12207-2543
Barclays Equity Holdings Inc.
Corporation Service Company,
Goodwin Square, 225 Asylum Street,
20th Floor Hartford CT 06103
Barclays Capital Inc.
Corporation Service Company, 2626,
Glenwood Ave, Suite 550, Raleigh, NC,
27608
Barclays US GPF Inc.
Equifirst Corporation (In Liquidation,
dissolved with State of North Carolina)
Rodney Square North, 1100, North
Market Street, Wilmington, Delaware,
19890
Barclays Dryrock Issuance Trust
FF
745 Seventh Avenue, New York,
NY10019
Alynore Investments Limited Partnership
B, N
Other Related Undertakings
Unless otherwise stated, the undertakings
below are included in the consolidation and
the share capital held by the Group
comprises ordinary and/or common
shares,\u00a0 which are held by subsidiaries of
Barclays PLC. The percentage of the
nominal value of each share class held by
the Group\u00a0 is provided below.
Other Related Undertakings
%
Note
United Kingdom
1 Churchill Place, London, E14
5HP
Barclaycard Funding PLC
100.00
I
Barclays Covered Bonds
Limited
Liability Partnership
50.00
B
Barclays Secured Funding (LM)
Limited
20.00
Barclays Secured Notes
Finance LLP
20.00
B
80 Fenchurch Street, London
EC3M 4AE
Igloo Regeneration (General
Partner) Limited
25.00
K, U
3-5 London Road, Rainham,
Gillingham, Kent ME8\u00a07RG
Trade Ideas Limited
20.00
U
50 Lothian Road, Festival
Square, Edinburgh, EH3 9WJ
Equistone Founder Partner III
L.P.
20.00
B, U
Other Related Undertakings
%
Note
Enigma, Wavendon Business
Park Milton Keynes, MK17 8LX
Intelligent Processing Solutions
Limited
19.50
U
180 Borough High Street,
London SE1 1LB
Protium Green Solutions
Limited
U, GG
13-15 York Buildings, London,
WC2N\u00a06JU
BGF Group PLC
24.60
I, U
Unit 9 Westbrook Court,
Sharrowvale Road, Sheffield,
S11\u00a08YZ
Palms Row Healthcare Holdings
Limited
100.00
U, CC
3rd Floor 19-20 Berners
Street, London, W1T 3NW
AVFI TIDE I LP
41.30
B, U
3rd Floor, 19-20 Berners
Street, London W1T 3NW
Female Innovators Lab L.P.
60.00
B
6th Floor 60 Gracechurch
Street, London, EC3V 0HR
BMC (UK) Ltd
U, LL
1301 K Street Nw, Washington
DC 20005, United States
Barclays Pre-Seed Investments
I LP
100.00
B, N, U
Barclays Pre-Seed Investments
II LP
100.00
B, N, U
The White House, High Street,
Dereham, Norfolk, NR19 1DR
Naked Energy Limited
25.80
G, U
Belgium
Klipperstraat 15 2030
Antwerp
Euphony Benelux NV (In
Administration)
20.00
U
Cayman Islands
Maples Corporate Services
Limited, PO Box 309, Ugland
House, South Church Street,
Grand Cayman, KY1-1104
Southern Peaks Mining LP
54.05
B, U
SPM GP Limited
90.00
U
Korea, Republic of
18th Floor, Daishin Finance
Centre, 343, Samil-daero,
Jung-go, Seoul
Woori BC Pegasus
Securitization Specialty Co. Ltd
70.00
AA
Other Related Undertakings
%
Note
Luxembourg
9, all\u00e9e Scheffer, L-2520,
Luxembourg
Barclays Alzin Investments\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
S.\u00e0 r.l.
100.00
D, S
Barclays Bordang Investments
S.\u00e0 r.l.
100.00
S
17, Boulevard F.W. Raiffeisen
Salica Growth Debt Fund II
SCSp
33.00
B, U
Netherlands
Winschoterdiep, 70,
Groningen, 9723AB,
Groningen,
Cube Solidus B.V.
U, JJ
Alexanderstraat 18, The
Hague, 2514 JM, Zuid-Holland
Tulip Oil Holding BV
U, KK
Joint Ventures
The related undertaking below is dealt with
as a Joint Venture1 in accordance with s.18,
Schedule 4, The Large and Medium-sized
Companies and Groups (Accounts and
Reports) Regulations 2008 and is
proportionally consolidated. The proportion
of the capital of the related undertaking
held by the Group is stated below.
Joint Venture
%
Note
United Kingdom
All Saints Triangle, Caledonian
Road, London, N1 9UT
Vaultex UK Limited
50.00
Joint management factors
The Board of Directors of the above Joint
Venture\u00a0 comprises two Barclays
representative Directors, two JV partner
Directors and two non-JV partner
Directors. The Board of Directors are
responsible, amongst other things, for
setting the company strategy and budgets.
The last financial year of the above JV
ended on 3 October 2025 and the average
number of monthly employees reported in
the accounts was 1,118.\u00a0
Notes:
1 This is distinct to how the term \u201cjoint venture\u201d
may be used for the purposes of IFRS.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-729": { "value": "
The significant judgements used in applying this policy are set out below.
Accounting for investment in subsidiaries
In the individual financial statements of Barclays PLC, investments in subsidiaries are stated at cost less impairment.
Principal subsidiaries for the Group are set out below. This includes those subsidiaries that are most significant in the context of the
Group\u2019s business, results or financial position. The principal subsidiaries are held directly or indirectly via intermediate holding
companies within the Group. There were no significant changes in ownership interests in these subsidiaries during the year, and the
Group did not lose control of any of these subsidiaries. There has been no material percentage change in the Group\u2019s shareholding
for its main subsidiaries since 2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-730": { "value": "3007000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:MandatoryReserveDepositsAtCentralBanks", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-731": { "value": "2945000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:MandatoryReserveDepositsAtCentralBanks", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-733": { "value": "Structured entities
A structured entity is an entity in which voting or similar rights are not the dominant factor in deciding who\u00a0 controls the entity.\u00a0 Voting
rights may relate to administrative tasks only, with the relevant activities of the entity being directed by means of contractual
arrangements.\u00a0 Structured entities are generally created to achieve a narrow and well-defined objective with restrictions around their
ongoing activities.
Depending on the Group\u2019s power over the activities of the entity and its exposure to and ability to influence its own returns, it may
consolidate the entity. In other cases, it may sponsor or have exposure to such an entity, but not consolidate it.
Consolidated structured entities
The Group has contractual arrangements which may require it to provide financial support to the following types of consolidated
structured entities:
\u2022 Securitisation vehicles: The Group uses securitisation as a source of financing and a means of risk transfer.\u00a0 Where entities are
controlled by the Group, they are consolidated.\u00a0 Refer to Note 36 for further detail.
\u2022 Commercial Paper (CP) conduits: These entities issue CP and use the proceeds to lend to clients as part of the Group's multi-seller
conduit programme. The Group has provided \u00a321.0 bn (2024 : \u00a323.9bn) in contractual liquidity facilities to the CP conduits that the
Group consolidates. These amounts represent the maximum the conduits can lend externally. The amounts of CP conduit lending
(drawn and undrawn) to unconsolidated structured entities can be seen in Other interests in unconsolidated structured entities under
multi-seller conduit programme in the Nature of interest table.
\u2022 Employee benefit trusts: The Group provides capital contributions to employee benefit trusts to enable them to meet obligations to
employees in relation to share-based remuneration arrangements.
\u2022 Tender Option Bond (TOB)\u00a0 trusts: During 2025 , the Group provided undrawn liquidity facilities of \u00a34.0bn (2024: \u00a34.0b n) to
consolidated TOB trusts.\u00a0 These trusts invest in fixed income instruments issued by state, local or other municipalities in the United
States, funded by long-term senior floating-rate notes and junior residual securities.\u00a0 \u00a0
Unconsolidated structured entities
The term \u2018unconsolidated structured entities\u2019 refers to structured entities not controlled by Barclays, and are established either by
Barclays or a third party. An interest in a structured entity is any form of contractual or non-contractual involvement which creates
variability in returns arising from the performance of the entity for the Group. Such interests include holdings of debt or equity securities,
derivatives that transfer financial risks from the entity to the Group, lending, loan commitments, financial guarantees and investment
management agreements.
The Group enters into transactions with unconsolidated structured entities in the normal course of business to facilitate customer
transactions, to provide\u00a0 risk management services and for specific investment opportunities.\u00a0 This is predominantly within the Barclays
Investment Bank. Structured entities may take the form of funds, trusts, securitisation vehicles, and private investment companies. The
largest transactions for Barclays include loans and derivatives with hedge fund structures and special purpose entities, multi-seller
conduit lending, holding notes issued by securitisation vehicles, and facilitating customer requirements through funds.
The nature and extent of the Group\u2019s interests in structured entities is summarised below:
Summary of interests in unconsolidated structured entities
Secured
financing
Short-term
traded interests
Traded
derivatives
Other interests
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Assets
Trading portfolio assets
\u2014
31,386
\u2014
\u2014
31,386
Financial assets at fair value through the income statement
79,053
\u2014
\u2014
654
79,707
Derivative financial instruments
\u2014
\u2014
6,257
\u2014
6,257
Financial assets at fair value through other comprehensive income
\u2014
\u2014
\u2014
3,811
3,811
Loans and advances at amortised cost
\u2014
\u2014
\u2014
47,279
47,279
Debt securities at amortised cost
\u2014
\u2014
\u2014
23,818
23,818
Reverse repurchase agreements and other similar secured lending
7,049
\u2014
\u2014
\u2014
7,049
Other assets
\u2014
\u2014
\u2014
\u2014
\u2014
Total assets
86,102
31,386
6,257
75,562
199,307
Liabilities
Derivative financial instruments
\u2014
\u2014
6,451
\u2014
6,451
As at 31 December 2024
Assets
Trading portfolio assets
\u2014
23,941
\u2014
\u2014
23,941
Financial assets at fair value through the income statement
87,546
\u2014
\u2014
1,295
88,841
Derivative financial instruments
\u2014
\u2014
6,540
\u2014
6,540
Financial assets at fair value through other comprehensive income
\u2014
\u2014
\u2014
5,571
5,571
Loans and advances at amortised cost
\u2014
\u2014
\u2014
47,151
47,151
Debt securities at amortised cost
\u2014
\u2014
\u2014
24,331
24,331
Reverse repurchase agreements and other similar secured lending
3,145
\u2014
\u2014
\u2014
3,145
Other assets
\u2014
\u2014
\u2014
\u2014
\u2014
Total assets
90,691
23,941
6,540
78,348
199,520
Liabilities
Derivative financial instruments
\u2014
\u2014
6,978
\u2014
6,978
Secured financing arrangements, short-term traded interests and traded derivatives are typically managed under Market risk
management policies described in the Market risk management section, which includes an indication of the change of risk measures
compared to last year. For this reason, the total assets of these entities are not considered meaningful for the purposes of
understanding the related risks, and so have not been presented. Other interests include conduits and lending where the interest is
driven by normal customer demand. As at 31\u00a0December 2025 , Barclays entered into transactions with approximately 8,000 (2024:
5,000) structured entities.
Secured financing
The Group routinely enters into reverse repurchase contracts, margin lending, stock borrowing and similar arrangements on normal
commercial terms where the counterparty to the arrangement is a structured entity. Due to the nature of these arrangements,
especially the transfer of collateral and ongoing margining, the Group is able to manage its variable exposure to the performance of the
structured entity counterparty. The counterparties included in secured financing mainly include hedge fund limited structures,
investment companies and special purpose entities.
Short-term traded interests
As part of its market making activities, the Group buys and sells interests in structured vehicles, which are predominantly debt securities
issued by asset securitisation vehicles. Such interests are typically held individually or as part of a larger portfolio for no more than 90
days. In such cases, the Group typically has no other involvement with the structured entity other than the securities it holds as part of
trading activities and its maximum exposure to loss is restricted to the carrying value of the asset.
Traded derivatives
The Group enters into a variety of derivative contracts with structured entities which reference market risk variables, such as interest
rates, equities, foreign exchange rates and credit indices among other things. The main derivative types which are considered interests
in structured entities include equity options, index-based and entity-specific credit default swaps, and total return swaps.\u00a0 Interest rate
swaps and foreign exchange derivatives that are not complex and which expose the Group to insignificant credit risk by being senior in
the payment waterfall of a securitisation and derivatives that are determined to introduce risk or variability to a structured entity are not
considered to be an interest in an entity and have been excluded from the disclosures.
A description of the types of derivatives and the risk management practices are detailed in Note 14. The risk of loss may be mitigated
through ongoing margining requirements, as well as a right to cash flows from the structured entity which are senior in the payment
waterfall. Such margining requirements are consistent with market practice for many derivative arrangements and in line with the
Group\u2019s normal credit policies.
Derivative transactions require the counterparty to provide cash or other collateral under margining agreements to mitigate
counterparty credit risk. The Group is mainly exposed to settlement risk on these derivatives which is mitigated through daily margining.
Total notional contract amounts were \u00a3641,837m (2024: \u00a3712,793m).
Except for credit default swaps where the maximum exposure to loss is the swap notional amount, it is not possible to estimate the
maximum exposure to loss in respect of derivative positions as the fair value of derivatives is subject to changes in market rates of
interest, exchange rates and credit indices which by their nature are uncertain. In addition, the Group\u2019s losses would be subject to
mitigating action under its traded market risk and credit risk policies that require the counterparty to provide collateral in cash or other
assets in most cases.
Other interests in unconsolidated structured entities
The Group\u2019s interests in structured entities not held for the purposes of short-term trading activities are set out below, summarised by
the nature of the interest and limited to significant categories, based on maximum exposure to loss.
Nature of interest
Multi-seller
conduit
programme
Lending
Other
Total
Of which:
Barclays
owned, not
consolidated
entities 1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Financial assets at fair value through the income statement
\u2014
25
629
654
\u2014
Financial assets at fair value through other comprehensive income
\u2014
2,367
1,444
3,811
\u2014
Loans and advances at amortised cost
9,697
37,582
\u2014
47,279
\u2014
Debt securities at amortised cost
\u2014
\u2014
23,818
23,818
\u2014
Other assets
\u2014
\u2014
\u2014
\u2014
\u2014
Total on-balance sheet exposures
9,697
39,974
25,891
75,562
\u2014
Total off-balance sheet notional amounts
11,326
24,866
\u2014
36,192
\u2014
Maximum exposure to loss
21,023
64,840
25,891
111,754
\u2014
Total assets of the entity
32,527
195,337
81,686
309,550
\u2014
As at 31 December 2024
Financial assets at fair value through the income statement
\u2014
27
1,268
1,295
\u2014
Financial assets at fair value through other comprehensive income
\u2014
3,206
2,365
5,571
\u2014
Loans and advances at amortised cost
11,103
36,048
\u2014
47,151
\u2014
Debt securities at amortised cost
\u2014
\u2014
24,331
24,331
\u2014
Other assets
\u2014
\u2014
\u2014
\u2014
\u2014
Total on-balance sheet exposures
11,103
39,281
27,964
78,348
\u2014
Total off-balance sheet notional amounts
11,530
25,737
\u2014
37,267
\u2014
Maximum exposure to loss
22,633
65,018
27,964
115,615
\u2014
Total assets of the entity
41,431
203,723
75,284
320,438
\u2014
Note:
1 Comprises of Barclays owned, not consolidated structured entities per IFRS 10 Consolidated Financial Statements. Refer to Note 33 Principal subsidiaries for
more details on consolidation.
Maximum exposure to loss
Unless specified otherwise below, the Group\u2019s maximum exposure to loss is the total of its on-balance sheet positions and its off-
balance sheet arrangements, being loan commitments and financial guarantees. Exposure to loss is mitigated through collateral,
financial guarantees, the availability of netting and credit protection held.
Multi-seller conduit programme
Barclays' multi-seller conduit programme engages in providing financing to various clients and holds whole or partial interests in pools of
receivables or similar obligations. These instruments are protected from loss through over-collateralisation, seller guarantees, or other
credit enhancements provided to the conduit entities. The Group\u2019s off-balance sheet exposure included in the table above represents
liquidity facilities that are provided to the conduit for the benefit of the holders of the commercial paper issued by the conduit and will
only be drawn where the conduit is unable to access the commercial paper market. If these liquidity facilities are drawn, the Group is
protected from loss through over-collateralisation, seller guarantees, or other credit enhancements provided to the conduit.
Lending
The portfolio includes lending provided by the Group to unconsolidated structured entities in the normal course of its lending business
to earn income in the form of interest and lending fees and includes loans to structured entities that are generally collateralised by
property, equipment or other assets. All loans are subject to the Group\u2019s credit sanctioning process. Collateral arrangements are
specific to the circumstances of each loan, with additional guarantees and collateral sought from the sponsor of the structured entity for
certain arrangements. During the period, the Group incurred immaterial impairment against such facilities.
Other
This includes fair value loans with structured entities where the market risk is materially hedged with corresponding derivative contracts,
interests in debt securities issued by securitisation vehicles and drawn and undrawn loan facilities to these entities. In addition, other
includes investment funds with interests restricted to management fees based on performance of the fund and trusts held on behalf of
beneficiaries with interests restricted to unpaid fees.
Assets transferred to sponsored unconsolidated structured entities
Barclays is considered to sponsor another entity if: it had a key role in establishing that entity, it transferred assets to the entity, the
Barclays name appears in the name of the entity or it provides guarantees on the entity\u2019s performance. As at 31\u00a0December 2025, assets
transferred to sponsored unconsolidated structured entities were \u00a31,060m (2024: \u00a3890m).
Investments in associates and joint ventures
Accounting for associates and joint ventures
The equity accounted associates include the Group's investment in the Business Growth Fund \u00a3724m (2024: \u00a3678m) which has
increased primarily due to a fair value gain in its investments by \u00a364m (2024: \u00a330m). The equity accounted joint ventures has
decreased to \u00a3nil (2024: \u00a3199m) due to the announced sale of the holding during the year. The joint ventures held at fair value
through profit or loss has increased to \u00a3211m (2024: \u00a3171m).
2025
2024
Associates
Joint ventures
Total
Associates
Joint ventures
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equity accounted
739
\u2014
739
692
199
891
Held at fair value through profit or loss
\u2014
211
211
\u2014
171
171
Total
739
211
950
692
370
1,062
Summarised financial information for the Group\u2019s equity accounted associates and joint ventures is set out below. The amounts shown
are the Group\u2019s share of the net income of the investees for the year ended 31 December 2025, with the exception of certain
undertakings for which the amounts are based on accounts made up to dates not earlier than three months before the balance sheet
date.
Associates
Joint ventures
2025
2024
2023
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit/(loss) from continuing operations
64
30
(10)
6
8
1
Other comprehensive income/(loss)
\u2014
\u2014
\u2014
(4)
(1)
(3)
Total comprehensive income/(loss) from continuing operations
64
30
(10)
2
7
(2)
Unrecognised shares of the losses of individually immaterial associates and joint ventures were \u00a3nil (2024: \u00a3nil ).
The Group has provided guarantees amounted to \u00a3nil (2024: \u00a3 nil) to its associates and\u00a0 joint ventures. The Barclays drawn
commitments to finance or otherwise provide resources to its associates and joint ventures are \u00a3474m (2024 : \u00a3474m) The Barclays
share of the associates and joint ventures unutilised credit facilities commitments amounted to \u00a3nil (2024: \u00a31,389m).
42 Related undertakings
The Group\u2019s corporate structure consists
of a number of related undertakings,
comprising subsidiary undertakings, joint
ventures, associated undertakings and
significant holdings. A full list of these
related undertakings is set out below,
together with the country of incorporation,
registered office (or principal place of
business) and the identity and percentage\u00a0
of each share class held by the Group.
The\u00a0information is provided as at
31\u00a0December 2025.
The entities are grouped by the countries
in which they are incorporated. The profits
earned by the activities of these entities
are in some cases taxed in countries other
than the country of incorporation, for
example, where the entity carries on
business through a branch in a territory
outside of\u00a0 its country of incorporation.
Barclays PLC Country Snapshot provides
details of where the Group carries on its
business, where its profits are subject to
tax and the taxes it pays in each country it
operates in.
Wholly owned subsidiaries
Unless otherwise stated, the undertakings
below are wholly owned and included in the
consolidation and the share capital held by
the Group comprises ordinary and/or
common shares, which are held by
subsidiaries of Barclays PLC. Unless
otherwise stated, the Group holds 100% of
the nominal value of each share class.
Notes
A
Directly held by Barclays PLC
B
Partnership Interest
C
Membership Interest
D
Class D Shares
E
Preference Shares
F
A Preference Shares
G
B\u00a0 Preference Shares
H
Ordinary/Common Shares in
addition to other shares
I
A Ordinary Shares
J
B Ordinary Shares
K
C Ordinary Shares
L
F Ordinary Shares
M
First Preference Shares, Second
Preference Shares
N
Registered Address not in country
of Incorporation
O
Core Shares, Insurance (Classified)
Shares
P
Class B, C, D, E, F, G, H, I, J and K
Q
Non-Redeemable Ordinary Shares
Notes
R
Class A, B and C Shares
S
Class A and Class B Shares
T
PEF Carry Shares
U
Not Consolidated (see Note 34
IFRS12 Structured entities)
V
USD Linked Ordinary Shares
W
Redeemable Class B Shares
X
Capital Contribution Shares
Y
Class A Redeemable Preference
Z
Class B Redeemable Preference
AA
First Class Common Shares,
Second Class Common Shares
CC
Non-Voting Redeemable
Preference Shares
DD
Ordinary \"F\" Shares - Variable
EE
Class C Preferred Shares and Class
D Preferred Shares
FF
Trust Interest
GG
A1 Ordinary Shares (42.85% ) and A2
Preference Shares (45.15%)
HH
A2 Ordinary Shares (14.14% ) and A3\u00a0
Ordinary Shares( 68.10% )
II
LLC Share
JJ
A Shares (4.99%) and B Shares
(100%)
KK
Class A Ordinary Shares (34.47%)
and Class C Ordinary Shares\u00a0
(22.98%)
LL
Class A Ordinary Shares (49.52%)
and Preference Shares (48.25%)
Wholly owned subsidiaries
Note
United Kingdom
1 Churchill Place, London, E14 5HP
Aequor Investments Limited
Ardencroft Investments Limited
B D & B Investments Limited
B.P.B. (Holdings) Limited
Barclay Leasing Limited
Barclays Aldersgate Investments Limited
Barclays Asset Management Limited
Barclays Bank PLC
A, H
Barclays Bank UK PLC
A
Barclays Capital Asia Holdings Limited
Barclays Capital Nominees (No.2) Limited
Barclays Capital Nominees (No.3) Limited
Barclays Capital Nominees Limited
Barclays Capital Securities Client Nominee
Limited
Barclays Capital Securities Limited
Barclays CCP Funding LLP
B
Barclays Converted Investments (No.2)
Limited
Barclays Direct Investing Nominees
Limited
Barclays Directors Limited
Barclays Equity Holdings Limited
Barclays Execution Services Limited
A
Barclays Executive Schemes Trustees
Limited
Wholly owned subsidiaries
Note
Barclays Financial Planning Nominee
Company Limited
Barclays Funds Investments Limited
Barclays Gaia Holdings Limited
Barclays Group Holdings Limited
Barclays Industrial Development Limited
Barclays Industrial Investments Limited
Barclays Insurance Services Company
Limited
Barclays International Holdings Limited
Barclays Investment Management Limited
Barclays Investment Solutions Limited
Barclays Leasing (No.9) Limited
Barclays Long Island Limited
Barclays Nominees (George Yard) Limited
U
Barclays OCIO Services Limited
Barclays Pension Funds Trustees Limited
Barclays Principal Investments Limited
A, I, J
Barclays Private Bank
Barclays SAMS Limited
Barclays Security Trustee Limited
A
Barclays Services (Japan) Limited
Barclays Shea Limited
Barclays Term Funding Limited Liability
Partnership
B
Barclays UK Investments Limited
Barclays Unquoted Investments Limited
Barclays Wealth Nominees Limited
Barclaycard Payments Limited
Barclayshare Nominees Limited
Barcosec Limited
Barsec Nominees Limited
BB Client Nominees Limited
BMI (No.9) Limited
BNRI ENG 2014 Limited Partnership
B
BNRI ENG GP LLP
B
BNRI England 2010 Limited Partnership
B
BNRI England 2012 Limited Partnership
B
Carnegie Holdings Limited
Chapelcrest Investments Limited
Clydesdale Financial Services Limited
Cornwall Home Loans Limited
CPIA England 2009 Limited Partnership
B
CPIA England No.2 Limited Partnership
B
Dorset Home Loans Limited
Durlacher Nominees Limited
Eagle Financial and Leasing Services (UK)
Limited
Finpart Nominees Limited
FirstPlus Financial Group Limited
Foltus Investments Limited
Global Dynasty Natural Resource Private
Equity Limited Partnership
B
Globe Nominees Limited
Hawkins Funding Limited
Heraldglen Limited
H, M
Isle of Wight Home Loans Limited
J.V. Estates Limited
Wholly owned subsidiaries
Note
Kirsche Investments Limited
Long Island Assets Limited
Maloney Investments Limited
Menlo Investments Limited
Mercantile Credit Company Limited
Mercantile Leasing Company (No.132)
Limited
MK Opportunities LP
B
Naxos Investments Limited (In Liquidation
14 January 2026)
North Colonnade Investments Limited
Northwharf Investments Limited
T,H
Northwharf Nominees Limited
Oak Pension Asset Management Limited
U
Radbroke Mortgages UK Limited
Real Estate Participation Management
Limited
Real Estate Participation Services Limited
Relative Value Investments UK Limited
Liability Partnership
B
Relative Value Trading Limited
Roder Investments No. 1 Limited
H, E
Roder Investments No. 2 Limited
H, E
RVT CLO Investments LLP
B
Surety Trust Limited
Sustainable Impact Capital Limited
Swan Lane Investments Limited
US Real Estate Holdings No.1 Limited
US Real Estate Holdings No.2 Limited
US Real Estate Holdings No.3 Limited
US Real Estate Holdings No.4 Limited
US Real Estate Holdings No.5 Limited
US Real Estate Holdings No.6 Limited
Water Street Investments Limited
U
Wedd Jefferson (Nominees) Limited
Westferry Investments Limited
Woolwich Homes Limited
Woolwich Qualifying Employee Share
Ownership Trustee Limited
Zeban Nominees Limited
C/O Teneo Financial Advisory Limited,
3rd Floor, The Colmore Building, 20
Colmore Circus Queensway,
Birmingham, West Midlands, B4 6AT
Barclays Nominees (Branches) Limited (In
Liquidation)
Leonis Investments LLP (In Liquidation)
B
2nd Floor, Marlow International,
Parkway, Marlow, SL7 1YL, United
Kingdom
Kensington Mortgage Company Limited
Kensington Mortgage Services Limited
1-4, Clyde Place Lane, Glasgow, G5 8DP
R.C. Greig Nominees Limited
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ
Wholly owned subsidiaries
Note
BNRI PIA Scot GP Limited
BNRI Scots GP, LLP
B
Pecan Aggregator LP
B
Logic House, Waterfront Business Park,
Park, Fleet Road, Fleet, Hampshire,
GU51 3SB
The Logic Group Enterprises Limited
The Logic Group Holdings Limited
I
9, all\u00e9e Scheffer, L-2520, Luxembourg
Barclays Claudas Investments Partnership
B, N
Barclays Pelleas Investments Limited
Partnership
B, N
Barclays Blossom Finance Limited
Partnership
B, N
Argentina
Marval, O\u2019Farrell & Mairal, Av. Leandro
N.Alem 882, Buenos Aires, C1001AAQ
Compa\u00f1ia Regional del Sur S.A.(In
Liquidation)
Brazil
Av. Brigadeiro Faria Lima, No.4.440,
12th Floor, Bairro Itaim Bibi, Sao Paulo,
CEP, 04538-132
Barclays Brasil Assessoria Financeira Ltda
Canada
Bay Wellington Tower, Brookfield Place,
47th floor, 181 Bay Street, Toronto,
Ontario, M5J 2T3
Barclays Capital Canada Inc.
Barclays Corporation Limited
1 Churchill Place, London, E14 5HP
CPIA Canada Holdings
B, N
Cayman Islands
PO Box\u00a0 309, Ugland House, George
Town, Grand Cayman, KY1-1104
Alymere Investments Limited
F, G,
H
Analytical Trade UK Limited
Barclays Capital (Cayman) Limited
Barclays Securities Financing Limited
F, G,
H
Barclays US Holdings Limited
E, I
Braven Investments No.1 Limited
Capton Investments Limited
Claudas Investments Limited
H, Y,
Z
Claudas Investments Two Limited
CPIA Investments No.2 Limited
E, H
Gallen Investments Limited
Hornbeam Limited
U
Mintaka Investments No. 4 Limited
Palomino Limited
Pelleas Investments Limited
Pippin Island Investments Limited
Wholly owned subsidiaries
Note
Razzoli Investments Limited
E, H
RVH Limited
E, H
France
34-36 avenue de Friedland, 75008, Paris
Barclays ADF SA
Guernsey
P.O. Box 33, Dorey Court, Admiral Park,
St.\u00a0 Peter\u00a0Port, GY1 4AT
Barclays Insurance Guernsey PCC Limited
O
Barclays UKRF No.1 IC Limited
U
Barclays UKRF ICC Limited
U
Barclays UKRF No.2 IC Ltd
U
Hong Kong
Level 41, Cheung Kong Center, 2
Queen's Road Central, N/A, Hong Kong
Barclays Capital Asia Limited
India
Nirlon Knowledge Park, Level 9, Block
B-6, Off Western Express Highway,
Goregaon (East), Mumbai, 400063
Barclays Securities (India) Private Limited
Barclays Wealth Trustees (India) Private
Limited
Barclays Investments & Loans (India)
Private Limited
E, H
5th to 12th Floor (Part), Building G2,
Gera Commerzone SEZ, Survey No.65,
Kharadi, Pune, 411014
Barclays Global Service Centre Private
Limited
Ireland
One Molesworth Street, Dublin 2, D02
RF29
Barclaycard International Payments
Limited
Barclays Bank Ireland Public Limited
Company
Barclays Europe Client Nominees
Designated Activity Company
Barclays Europe Firm Nominees
Designated Activity Company
Barclays Europe Nominees Designated
Activity Company
25-28 North Wall Quay, Dublin1, D01
Erimon Home Loans Ireland Limited
70 Sir John Rogerson\u2019s Quay, Dublin 2,
D02 R296
Barclays Finance Ireland Limited
Isle of Man
Eagle Court, Circular Road, Douglas, IM1
1AD
Barclays Nominees (Manx) Limited (In
Liquidation)
U
Wholly owned subsidiaries
Note
Barclays Private Clients International
Limited
I, J, U
c/o Zedra Trust Company (Isle of Man)
Limited, 2nd Floor, St Georges Court,
Upper Church Street, Douglas, IM1 1EE
Barclays Holdings (Isle of Man) Limited (In
Liquidation)
Japan
10-1, Roppongi 6-chome, Minato-ku,
Tokyo
Barclays Funds and Advisory Japan
Barclays Securities Japan Limited
F, H
Jersey
28 Esplanade, St Helier, JE2 3QA
Barclays Services Jersey Limited (In
Liquidation)
13 Library Place, St Helier, JE4 8NE
Barclays Nominees (Jersey) Limited
U
Barclaytrust Channel Islands Limited
U
Estera Trust (Jersey) Limited, 13-14
Esplanade, St Helier, JE1 1EE
MK Opportunities GP Ltd
3rd Floor, 44 Esplanade, St. Helier, JE4
9WG, Jersey
Barclaycard Payments Holdings Limited
Barclaycard Payments Midco Limited
Luxembourg
9, all\u00e9e Scheffer, L-2520, Luxembourg
Barclays Bedivere Investments S.\u00e0 r.l.
H, I, J
Barclays Cantal Investments S.\u00e0 r.l.
S
Barclays Capital Luxembourg S.\u00e0 r.l.
Barclays Treasury Luxembourg S.\u00e0 r.l.
Barclays Claudas Investments S.\u00e0 r.l.
Barclays International Luxembourg Dollar
Holdings\u00a0S.\u00e0 r.l.
Barclays Lamorak Investments S.\u00e0 r.l.
Q
Barclays Luxembourg GBP Holdings\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
S.\u00e0 r.l.
Q
Barclays Luxembourg Global Funding\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
S.\u00e0 r.l.
Barclays Luxembourg Holdings S.\u00e0 r.l.
Barclays Luxembourg Holdings SSC
B
BNRI Limehouse No.1 S.\u00e0 r.l.
P
68-70 Boulevard de la Petrusse, L-2320
Adler Toy Holding Sarl
Wholly owned subsidiaries
Note
10 rue du Ch\u00e2teau d\u2019Eau, Leudelange,
Grand Duchy of Luxembourg L-3364
BPM Management GP SARL
Mauritius
C/O Rogers Capital Corporate Services
Limited, 3rd Floor, Rogers House, No.5
President John Kennedy Street, Port
Louis
Barclays Capital Mauritius Limited (In
Liquidation)
Barclays Capital Securities Mauritius
Limited
Fifth Floor Ebene Esplanade,
24 Bank Street, Cybercity
72201 Ebene
Barclays Mauritius Overseas Holdings
Limited
Mexico
Paseo de la Reforma 505, Torre Mayor
Floor 41, Colona Cuauht\u00e9moc, 06500,
Mexico City
Barclays Bank Mexico, S.A.
J, L
Barclays Capital Casa de Bolsa, S.A. de
C.V.
J, L
Grupo Financiero Barclays Mexico, S.A. de
C.V.
J, L
Monaco
31 Avenue de la Costa, Monte Carlo BP
339
Barclays Private Asset Management
(Monaco) S.A.M
Saudi Arabia
3rd Floor Al Dahna Center, 114 Al-Ahsa
Street, PO Box 1454, Riyadh 11431
Barclays Saudi Arabia (In Liquidation)
Building 4.09- Unit 2- Level 9th, King
Abdullah Financial District Riyadh, KSA,
Kingdom Abdullah Financial District,
Riyadh
Barclays Regional Headquarters Company
Singapore
10 Marina Boulevard, #25-01 Marina Bay\u00a0
Financial Centre, Tower 2, 018983
Barclays Merchant Bank (Singapore) Ltd.
Spain
Calle Jose, Abascal 51, 28003, Madrid
Barclays Tenedora De Inmuebles SL.
Switzerland
Chemin de Grange Canal 18-20, PO Box
3941, 1211, Geneva
Barclays Bank (Suisse) SA
Barclays Switzerland Services SA
BPB Holdings SA
Wholly owned subsidiaries
Note
Taiwan
19F-1, No. 7, Xinyi Road, Sec. 5, Taipei,
A322, Taiwan
Barclays Securities Taiwan Limited
Turkey
13th floor, Kanyon Office Block,
B\u00fcy\u00fckdere Caddesi, Levent, Istanbul,
34394
Barclays Menkul De\u011ferler Anonim \u015eirketi
United States
Corporation Service Company, 251
Little Falls Drive, Wilmington, DE 19808
Analytical Trade Holdings LLC
Barclays Asset Backed Depositor LLC
C
Barclays Bank Delaware
E, H
Barclays Capital Derivatives Funding LLC
C
Barclays STBT Inc.
Barclays Capital Equities Trading GP
B
Barclays Capital Holdings Inc.
F, G,
H
Barclays Capital Real Estate Finance Inc.
Barclays Capital Real Estate Holdings Inc.
Barclays Capital Real Estate Inc.
Barclays Commercial Mortgage Securities
LLC
C
Barclays Dryrock Funding LLC
C
Barclays Financial LLC
C
Barclays Group US Inc.
F, H
Barclays Lifestyles LLC
C
Barclays Nest LLC
C
Barclays Oversight Management Inc.
Barclays Receivables LLC
C
Barclays Services Corporation
Barclays Services LLC
C
Barclays US CCP Funding LLC
C
Barclays US Investments Inc.
Barclays US LLC
H, EE
BCAP LLC
C
Gracechurch Services Corporation
Lagalla Investments LLC
Marbury Holdings LLC
Preferred Liquidity, LLC
I
Procella Investments No.2 LLC
II
Procella Investments No.3 LLC
II
Relative Value Holdings, LLC
Surrey Funding Corporation
Sussex Purchasing Corporation
Sutton Funding LLC
C
US Secured Investments LLC
X
Verain Investments LLC
Wilmington Riverfront\u00a0 LLC
C
100 Bank Street, Suite 630, Burlington,
Vermont 05401
Barclays Insurance U.S. Inc.
Wholly owned subsidiaries
Note
Corporation Service Company, 80 State
Street, Albany, NY, 12207-2543
Barclays Equity Holdings Inc.
Corporation Service Company,
Goodwin Square, 225 Asylum Street,
20th Floor Hartford CT 06103
Barclays Capital Inc.
Corporation Service Company, 2626,
Glenwood Ave, Suite 550, Raleigh, NC,
27608
Barclays US GPF Inc.
Equifirst Corporation (In Liquidation,
dissolved with State of North Carolina)
Rodney Square North, 1100, North
Market Street, Wilmington, Delaware,
19890
Barclays Dryrock Issuance Trust
FF
745 Seventh Avenue, New York,
NY10019
Alynore Investments Limited Partnership
B, N
Other Related Undertakings
Unless otherwise stated, the undertakings
below are included in the consolidation and
the share capital held by the Group
comprises ordinary and/or common
shares,\u00a0 which are held by subsidiaries of
Barclays PLC. The percentage of the
nominal value of each share class held by
the Group\u00a0 is provided below.
Other Related Undertakings
%
Note
United Kingdom
1 Churchill Place, London, E14
5HP
Barclaycard Funding PLC
100.00
I
Barclays Covered Bonds
Limited
Liability Partnership
50.00
B
Barclays Secured Funding (LM)
Limited
20.00
Barclays Secured Notes
Finance LLP
20.00
B
80 Fenchurch Street, London
EC3M 4AE
Igloo Regeneration (General
Partner) Limited
25.00
K, U
3-5 London Road, Rainham,
Gillingham, Kent ME8\u00a07RG
Trade Ideas Limited
20.00
U
50 Lothian Road, Festival
Square, Edinburgh, EH3 9WJ
Equistone Founder Partner III
L.P.
20.00
B, U
Other Related Undertakings
%
Note
Enigma, Wavendon Business
Park Milton Keynes, MK17 8LX
Intelligent Processing Solutions
Limited
19.50
U
180 Borough High Street,
London SE1 1LB
Protium Green Solutions
Limited
U, GG
13-15 York Buildings, London,
WC2N\u00a06JU
BGF Group PLC
24.60
I, U
Unit 9 Westbrook Court,
Sharrowvale Road, Sheffield,
S11\u00a08YZ
Palms Row Healthcare Holdings
Limited
100.00
U, CC
3rd Floor 19-20 Berners
Street, London, W1T 3NW
AVFI TIDE I LP
41.30
B, U
3rd Floor, 19-20 Berners
Street, London W1T 3NW
Female Innovators Lab L.P.
60.00
B
6th Floor 60 Gracechurch
Street, London, EC3V 0HR
BMC (UK) Ltd
U, LL
1301 K Street Nw, Washington
DC 20005, United States
Barclays Pre-Seed Investments
I LP
100.00
B, N, U
Barclays Pre-Seed Investments
II LP
100.00
B, N, U
The White House, High Street,
Dereham, Norfolk, NR19 1DR
Naked Energy Limited
25.80
G, U
Belgium
Klipperstraat 15 2030
Antwerp
Euphony Benelux NV (In
Administration)
20.00
U
Cayman Islands
Maples Corporate Services
Limited, PO Box 309, Ugland
House, South Church Street,
Grand Cayman, KY1-1104
Southern Peaks Mining LP
54.05
B, U
SPM GP Limited
90.00
U
Korea, Republic of
18th Floor, Daishin Finance
Centre, 343, Samil-daero,
Jung-go, Seoul
Woori BC Pegasus
Securitization Specialty Co. Ltd
70.00
AA
Other Related Undertakings
%
Note
Luxembourg
9, all\u00e9e Scheffer, L-2520,
Luxembourg
Barclays Alzin Investments\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
S.\u00e0 r.l.
100.00
D, S
Barclays Bordang Investments
S.\u00e0 r.l.
100.00
S
17, Boulevard F.W. Raiffeisen
Salica Growth Debt Fund II
SCSp
33.00
B, U
Netherlands
Winschoterdiep, 70,
Groningen, 9723AB,
Groningen,
Cube Solidus B.V.
U, JJ
Alexanderstraat 18, The
Hague, 2514 JM, Zuid-Holland
Tulip Oil Holding BV
U, KK
Joint Ventures
The related undertaking below is dealt with
as a Joint Venture1 in accordance with s.18,
Schedule 4, The Large and Medium-sized
Companies and Groups (Accounts and
Reports) Regulations 2008 and is
proportionally consolidated. The proportion
of the capital of the related undertaking
held by the Group is stated below.
Joint Venture
%
Note
United Kingdom
All Saints Triangle, Caledonian
Road, London, N1 9UT
Vaultex UK Limited
50.00
Joint management factors
The Board of Directors of the above Joint
Venture\u00a0 comprises two Barclays
representative Directors, two JV partner
Directors and two non-JV partner
Directors. The Board of Directors are
responsible, amongst other things, for
setting the company strategy and budgets.
The last financial year of the above JV
ended on 3 October 2025 and the average
number of monthly employees reported in
the accounts was 1,118.\u00a0
Notes:
1 This is distinct to how the term \u201cjoint venture\u201d
may be used for the purposes of IFRS.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-732": { "value": "Structured entities
A structured entity is an entity in which voting or similar rights are not the dominant factor in deciding who\u00a0 controls the entity.\u00a0 Voting
rights may relate to administrative tasks only, with the relevant activities of the entity being directed by means of contractual
arrangements.\u00a0 Structured entities are generally created to achieve a narrow and well-defined objective with restrictions around their
ongoing activities.
Depending on the Group\u2019s power over the activities of the entity and its exposure to and ability to influence its own returns, it may
consolidate the entity. In other cases, it may sponsor or have exposure to such an entity, but not consolidate it.
Consolidated structured entities
The Group has contractual arrangements which may require it to provide financial support to the following types of consolidated
structured entities:
\u2022 Securitisation vehicles: The Group uses securitisation as a source of financing and a means of risk transfer.\u00a0 Where entities are
controlled by the Group, they are consolidated.\u00a0 Refer to Note 36 for further detail.
\u2022 Commercial Paper (CP) conduits: These entities issue CP and use the proceeds to lend to clients as part of the Group's multi-seller
conduit programme. The Group has provided \u00a321.0 bn (2024 : \u00a323.9bn) in contractual liquidity facilities to the CP conduits that the
Group consolidates. These amounts represent the maximum the conduits can lend externally. The amounts of CP conduit lending
(drawn and undrawn) to unconsolidated structured entities can be seen in Other interests in unconsolidated structured entities under
multi-seller conduit programme in the Nature of interest table.
\u2022 Employee benefit trusts: The Group provides capital contributions to employee benefit trusts to enable them to meet obligations to
employees in relation to share-based remuneration arrangements.
\u2022 Tender Option Bond (TOB)\u00a0 trusts: During 2025 , the Group provided undrawn liquidity facilities of \u00a34.0bn (2024: \u00a34.0b n) to
consolidated TOB trusts.\u00a0 These trusts invest in fixed income instruments issued by state, local or other municipalities in the United
States, funded by long-term senior floating-rate notes and junior residual securities.\u00a0 \u00a0
Unconsolidated structured entities
The term \u2018unconsolidated structured entities\u2019 refers to structured entities not controlled by Barclays, and are established either by
Barclays or a third party. An interest in a structured entity is any form of contractual or non-contractual involvement which creates
variability in returns arising from the performance of the entity for the Group. Such interests include holdings of debt or equity securities,
derivatives that transfer financial risks from the entity to the Group, lending, loan commitments, financial guarantees and investment
management agreements.
The Group enters into transactions with unconsolidated structured entities in the normal course of business to facilitate customer
transactions, to provide\u00a0 risk management services and for specific investment opportunities.\u00a0 This is predominantly within the Barclays
Investment Bank. Structured entities may take the form of funds, trusts, securitisation vehicles, and private investment companies. The
largest transactions for Barclays include loans and derivatives with hedge fund structures and special purpose entities, multi-seller
conduit lending, holding notes issued by securitisation vehicles, and facilitating customer requirements through funds.
The nature and extent of the Group\u2019s interests in structured entities is summarised below:
Summary of interests in unconsolidated structured entities
Secured
financing
Short-term
traded interests
Traded
derivatives
Other interests
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Assets
Trading portfolio assets
\u2014
31,386
\u2014
\u2014
31,386
Financial assets at fair value through the income statement
79,053
\u2014
\u2014
654
79,707
Derivative financial instruments
\u2014
\u2014
6,257
\u2014
6,257
Financial assets at fair value through other comprehensive income
\u2014
\u2014
\u2014
3,811
3,811
Loans and advances at amortised cost
\u2014
\u2014
\u2014
47,279
47,279
Debt securities at amortised cost
\u2014
\u2014
\u2014
23,818
23,818
Reverse repurchase agreements and other similar secured lending
7,049
\u2014
\u2014
\u2014
7,049
Other assets
\u2014
\u2014
\u2014
\u2014
\u2014
Total assets
86,102
31,386
6,257
75,562
199,307
Liabilities
Derivative financial instruments
\u2014
\u2014
6,451
\u2014
6,451
As at 31 December 2024
Assets
Trading portfolio assets
\u2014
23,941
\u2014
\u2014
23,941
Financial assets at fair value through the income statement
87,546
\u2014
\u2014
1,295
88,841
Derivative financial instruments
\u2014
\u2014
6,540
\u2014
6,540
Financial assets at fair value through other comprehensive income
\u2014
\u2014
\u2014
5,571
5,571
Loans and advances at amortised cost
\u2014
\u2014
\u2014
47,151
47,151
Debt securities at amortised cost
\u2014
\u2014
\u2014
24,331
24,331
Reverse repurchase agreements and other similar secured lending
3,145
\u2014
\u2014
\u2014
3,145
Other assets
\u2014
\u2014
\u2014
\u2014
\u2014
Total assets
90,691
23,941
6,540
78,348
199,520
Liabilities
Derivative financial instruments
\u2014
\u2014
6,978
\u2014
6,978
Secured financing arrangements, short-term traded interests and traded derivatives are typically managed under Market risk
management policies described in the Market risk management section, which includes an indication of the change of risk measures
compared to last year. For this reason, the total assets of these entities are not considered meaningful for the purposes of
understanding the related risks, and so have not been presented. Other interests include conduits and lending where the interest is
driven by normal customer demand. As at 31\u00a0December 2025 , Barclays entered into transactions with approximately 8,000 (2024:
5,000) structured entities.
Secured financing
The Group routinely enters into reverse repurchase contracts, margin lending, stock borrowing and similar arrangements on normal
commercial terms where the counterparty to the arrangement is a structured entity. Due to the nature of these arrangements,
especially the transfer of collateral and ongoing margining, the Group is able to manage its variable exposure to the performance of the
structured entity counterparty. The counterparties included in secured financing mainly include hedge fund limited structures,
investment companies and special purpose entities.
Short-term traded interests
As part of its market making activities, the Group buys and sells interests in structured vehicles, which are predominantly debt securities
issued by asset securitisation vehicles. Such interests are typically held individually or as part of a larger portfolio for no more than 90
days. In such cases, the Group typically has no other involvement with the structured entity other than the securities it holds as part of
trading activities and its maximum exposure to loss is restricted to the carrying value of the asset.
Traded derivatives
The Group enters into a variety of derivative contracts with structured entities which reference market risk variables, such as interest
rates, equities, foreign exchange rates and credit indices among other things. The main derivative types which are considered interests
in structured entities include equity options, index-based and entity-specific credit default swaps, and total return swaps.\u00a0 Interest rate
swaps and foreign exchange derivatives that are not complex and which expose the Group to insignificant credit risk by being senior in
the payment waterfall of a securitisation and derivatives that are determined to introduce risk or variability to a structured entity are not
considered to be an interest in an entity and have been excluded from the disclosures.
A description of the types of derivatives and the risk management practices are detailed in Note 14. The risk of loss may be mitigated
through ongoing margining requirements, as well as a right to cash flows from the structured entity which are senior in the payment
waterfall. Such margining requirements are consistent with market practice for many derivative arrangements and in line with the
Group\u2019s normal credit policies.
Derivative transactions require the counterparty to provide cash or other collateral under margining agreements to mitigate
counterparty credit risk. The Group is mainly exposed to settlement risk on these derivatives which is mitigated through daily margining.
Total notional contract amounts were \u00a3641,837m (2024: \u00a3712,793m).
Except for credit default swaps where the maximum exposure to loss is the swap notional amount, it is not possible to estimate the
maximum exposure to loss in respect of derivative positions as the fair value of derivatives is subject to changes in market rates of
interest, exchange rates and credit indices which by their nature are uncertain. In addition, the Group\u2019s losses would be subject to
mitigating action under its traded market risk and credit risk policies that require the counterparty to provide collateral in cash or other
assets in most cases.
Other interests in unconsolidated structured entities
The Group\u2019s interests in structured entities not held for the purposes of short-term trading activities are set out below, summarised by
the nature of the interest and limited to significant categories, based on maximum exposure to loss.
Nature of interest
Multi-seller
conduit
programme
Lending
Other
Total
Of which:
Barclays
owned, not
consolidated
entities 1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Financial assets at fair value through the income statement
\u2014
25
629
654
\u2014
Financial assets at fair value through other comprehensive income
\u2014
2,367
1,444
3,811
\u2014
Loans and advances at amortised cost
9,697
37,582
\u2014
47,279
\u2014
Debt securities at amortised cost
\u2014
\u2014
23,818
23,818
\u2014
Other assets
\u2014
\u2014
\u2014
\u2014
\u2014
Total on-balance sheet exposures
9,697
39,974
25,891
75,562
\u2014
Total off-balance sheet notional amounts
11,326
24,866
\u2014
36,192
\u2014
Maximum exposure to loss
21,023
64,840
25,891
111,754
\u2014
Total assets of the entity
32,527
195,337
81,686
309,550
\u2014
As at 31 December 2024
Financial assets at fair value through the income statement
\u2014
27
1,268
1,295
\u2014
Financial assets at fair value through other comprehensive income
\u2014
3,206
2,365
5,571
\u2014
Loans and advances at amortised cost
11,103
36,048
\u2014
47,151
\u2014
Debt securities at amortised cost
\u2014
\u2014
24,331
24,331
\u2014
Other assets
\u2014
\u2014
\u2014
\u2014
\u2014
Total on-balance sheet exposures
11,103
39,281
27,964
78,348
\u2014
Total off-balance sheet notional amounts
11,530
25,737
\u2014
37,267
\u2014
Maximum exposure to loss
22,633
65,018
27,964
115,615
\u2014
Total assets of the entity
41,431
203,723
75,284
320,438
\u2014
Note:
1 Comprises of Barclays owned, not consolidated structured entities per IFRS 10 Consolidated Financial Statements. Refer to Note 33 Principal subsidiaries for
more details on consolidation.
Maximum exposure to loss
Unless specified otherwise below, the Group\u2019s maximum exposure to loss is the total of its on-balance sheet positions and its off-
balance sheet arrangements, being loan commitments and financial guarantees. Exposure to loss is mitigated through collateral,
financial guarantees, the availability of netting and credit protection held.
Multi-seller conduit programme
Barclays' multi-seller conduit programme engages in providing financing to various clients and holds whole or partial interests in pools of
receivables or similar obligations. These instruments are protected from loss through over-collateralisation, seller guarantees, or other
credit enhancements provided to the conduit entities. The Group\u2019s off-balance sheet exposure included in the table above represents
liquidity facilities that are provided to the conduit for the benefit of the holders of the commercial paper issued by the conduit and will
only be drawn where the conduit is unable to access the commercial paper market. If these liquidity facilities are drawn, the Group is
protected from loss through over-collateralisation, seller guarantees, or other credit enhancements provided to the conduit.
Lending
The portfolio includes lending provided by the Group to unconsolidated structured entities in the normal course of its lending business
to earn income in the form of interest and lending fees and includes loans to structured entities that are generally collateralised by
property, equipment or other assets. All loans are subject to the Group\u2019s credit sanctioning process. Collateral arrangements are
specific to the circumstances of each loan, with additional guarantees and collateral sought from the sponsor of the structured entity for
certain arrangements. During the period, the Group incurred immaterial impairment against such facilities.
Other
This includes fair value loans with structured entities where the market risk is materially hedged with corresponding derivative contracts,
interests in debt securities issued by securitisation vehicles and drawn and undrawn loan facilities to these entities. In addition, other
includes investment funds with interests restricted to management fees based on performance of the fund and trusts held on behalf of
beneficiaries with interests restricted to unpaid fees.
Assets transferred to sponsored unconsolidated structured entities
Barclays is considered to sponsor another entity if: it had a key role in establishing that entity, it transferred assets to the entity, the
Barclays name appears in the name of the entity or it provides guarantees on the entity\u2019s performance. As at 31\u00a0December 2025, assets
transferred to sponsored unconsolidated structured entities were \u00a31,060m (2024: \u00a3890m).
Investments in associates and joint ventures
Accounting for associates and joint ventures
The equity accounted associates include the Group's investment in the Business Growth Fund \u00a3724m (2024: \u00a3678m) which has
increased primarily due to a fair value gain in its investments by \u00a364m (2024: \u00a330m). The equity accounted joint ventures has
decreased to \u00a3nil (2024: \u00a3199m) due to the announced sale of the holding during the year. The joint ventures held at fair value
through profit or loss has increased to \u00a3211m (2024: \u00a3171m).
2025
2024
Associates
Joint ventures
Total
Associates
Joint ventures
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equity accounted
739
\u2014
739
692
199
891
Held at fair value through profit or loss
\u2014
211
211
\u2014
171
171
Total
739
211
950
692
370
1,062
Summarised financial information for the Group\u2019s equity accounted associates and joint ventures is set out below. The amounts shown
are the Group\u2019s share of the net income of the investees for the year ended 31 December 2025, with the exception of certain
undertakings for which the amounts are based on accounts made up to dates not earlier than three months before the balance sheet
date.
Associates
Joint ventures
2025
2024
2023
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit/(loss) from continuing operations
64
30
(10)
6
8
1
Other comprehensive income/(loss)
\u2014
\u2014
\u2014
(4)
(1)
(3)
Total comprehensive income/(loss) from continuing operations
64
30
(10)
2
7
(2)
Unrecognised shares of the losses of individually immaterial associates and joint ventures were \u00a3nil (2024: \u00a3nil ).
The Group has provided guarantees amounted to \u00a3nil (2024: \u00a3 nil) to its associates and\u00a0 joint ventures. The Barclays drawn
commitments to finance or otherwise provide resources to its associates and joint ventures are \u00a3474m (2024 : \u00a3474m) The Barclays
share of the associates and joint ventures unutilised credit facilities commitments amounted to \u00a3nil (2024: \u00a31,389m).
42 Related undertakings
The Group\u2019s corporate structure consists
of a number of related undertakings,
comprising subsidiary undertakings, joint
ventures, associated undertakings and
significant holdings. A full list of these
related undertakings is set out below,
together with the country of incorporation,
registered office (or principal place of
business) and the identity and percentage\u00a0
of each share class held by the Group.
The\u00a0information is provided as at
31\u00a0December 2025.
The entities are grouped by the countries
in which they are incorporated. The profits
earned by the activities of these entities
are in some cases taxed in countries other
than the country of incorporation, for
example, where the entity carries on
business through a branch in a territory
outside of\u00a0 its country of incorporation.
Barclays PLC Country Snapshot provides
details of where the Group carries on its
business, where its profits are subject to
tax and the taxes it pays in each country it
operates in.
Wholly owned subsidiaries
Unless otherwise stated, the undertakings
below are wholly owned and included in the
consolidation and the share capital held by
the Group comprises ordinary and/or
common shares, which are held by
subsidiaries of Barclays PLC. Unless
otherwise stated, the Group holds 100% of
the nominal value of each share class.
Notes
A
Directly held by Barclays PLC
B
Partnership Interest
C
Membership Interest
D
Class D Shares
E
Preference Shares
F
A Preference Shares
G
B\u00a0 Preference Shares
H
Ordinary/Common Shares in
addition to other shares
I
A Ordinary Shares
J
B Ordinary Shares
K
C Ordinary Shares
L
F Ordinary Shares
M
First Preference Shares, Second
Preference Shares
N
Registered Address not in country
of Incorporation
O
Core Shares, Insurance (Classified)
Shares
P
Class B, C, D, E, F, G, H, I, J and K
Q
Non-Redeemable Ordinary Shares
Notes
R
Class A, B and C Shares
S
Class A and Class B Shares
T
PEF Carry Shares
U
Not Consolidated (see Note 34
IFRS12 Structured entities)
V
USD Linked Ordinary Shares
W
Redeemable Class B Shares
X
Capital Contribution Shares
Y
Class A Redeemable Preference
Z
Class B Redeemable Preference
AA
First Class Common Shares,
Second Class Common Shares
CC
Non-Voting Redeemable
Preference Shares
DD
Ordinary \"F\" Shares - Variable
EE
Class C Preferred Shares and Class
D Preferred Shares
FF
Trust Interest
GG
A1 Ordinary Shares (42.85% ) and A2
Preference Shares (45.15%)
HH
A2 Ordinary Shares (14.14% ) and A3\u00a0
Ordinary Shares( 68.10% )
II
LLC Share
JJ
A Shares (4.99%) and B Shares
(100%)
KK
Class A Ordinary Shares (34.47%)
and Class C Ordinary Shares\u00a0
(22.98%)
LL
Class A Ordinary Shares (49.52%)
and Preference Shares (48.25%)
Wholly owned subsidiaries
Note
United Kingdom
1 Churchill Place, London, E14 5HP
Aequor Investments Limited
Ardencroft Investments Limited
B D & B Investments Limited
B.P.B. (Holdings) Limited
Barclay Leasing Limited
Barclays Aldersgate Investments Limited
Barclays Asset Management Limited
Barclays Bank PLC
A, H
Barclays Bank UK PLC
A
Barclays Capital Asia Holdings Limited
Barclays Capital Nominees (No.2) Limited
Barclays Capital Nominees (No.3) Limited
Barclays Capital Nominees Limited
Barclays Capital Securities Client Nominee
Limited
Barclays Capital Securities Limited
Barclays CCP Funding LLP
B
Barclays Converted Investments (No.2)
Limited
Barclays Direct Investing Nominees
Limited
Barclays Directors Limited
Barclays Equity Holdings Limited
Barclays Execution Services Limited
A
Barclays Executive Schemes Trustees
Limited
Wholly owned subsidiaries
Note
Barclays Financial Planning Nominee
Company Limited
Barclays Funds Investments Limited
Barclays Gaia Holdings Limited
Barclays Group Holdings Limited
Barclays Industrial Development Limited
Barclays Industrial Investments Limited
Barclays Insurance Services Company
Limited
Barclays International Holdings Limited
Barclays Investment Management Limited
Barclays Investment Solutions Limited
Barclays Leasing (No.9) Limited
Barclays Long Island Limited
Barclays Nominees (George Yard) Limited
U
Barclays OCIO Services Limited
Barclays Pension Funds Trustees Limited
Barclays Principal Investments Limited
A, I, J
Barclays Private Bank
Barclays SAMS Limited
Barclays Security Trustee Limited
A
Barclays Services (Japan) Limited
Barclays Shea Limited
Barclays Term Funding Limited Liability
Partnership
B
Barclays UK Investments Limited
Barclays Unquoted Investments Limited
Barclays Wealth Nominees Limited
Barclaycard Payments Limited
Barclayshare Nominees Limited
Barcosec Limited
Barsec Nominees Limited
BB Client Nominees Limited
BMI (No.9) Limited
BNRI ENG 2014 Limited Partnership
B
BNRI ENG GP LLP
B
BNRI England 2010 Limited Partnership
B
BNRI England 2012 Limited Partnership
B
Carnegie Holdings Limited
Chapelcrest Investments Limited
Clydesdale Financial Services Limited
Cornwall Home Loans Limited
CPIA England 2009 Limited Partnership
B
CPIA England No.2 Limited Partnership
B
Dorset Home Loans Limited
Durlacher Nominees Limited
Eagle Financial and Leasing Services (UK)
Limited
Finpart Nominees Limited
FirstPlus Financial Group Limited
Foltus Investments Limited
Global Dynasty Natural Resource Private
Equity Limited Partnership
B
Globe Nominees Limited
Hawkins Funding Limited
Heraldglen Limited
H, M
Isle of Wight Home Loans Limited
J.V. Estates Limited
Wholly owned subsidiaries
Note
Kirsche Investments Limited
Long Island Assets Limited
Maloney Investments Limited
Menlo Investments Limited
Mercantile Credit Company Limited
Mercantile Leasing Company (No.132)
Limited
MK Opportunities LP
B
Naxos Investments Limited (In Liquidation
14 January 2026)
North Colonnade Investments Limited
Northwharf Investments Limited
T,H
Northwharf Nominees Limited
Oak Pension Asset Management Limited
U
Radbroke Mortgages UK Limited
Real Estate Participation Management
Limited
Real Estate Participation Services Limited
Relative Value Investments UK Limited
Liability Partnership
B
Relative Value Trading Limited
Roder Investments No. 1 Limited
H, E
Roder Investments No. 2 Limited
H, E
RVT CLO Investments LLP
B
Surety Trust Limited
Sustainable Impact Capital Limited
Swan Lane Investments Limited
US Real Estate Holdings No.1 Limited
US Real Estate Holdings No.2 Limited
US Real Estate Holdings No.3 Limited
US Real Estate Holdings No.4 Limited
US Real Estate Holdings No.5 Limited
US Real Estate Holdings No.6 Limited
Water Street Investments Limited
U
Wedd Jefferson (Nominees) Limited
Westferry Investments Limited
Woolwich Homes Limited
Woolwich Qualifying Employee Share
Ownership Trustee Limited
Zeban Nominees Limited
C/O Teneo Financial Advisory Limited,
3rd Floor, The Colmore Building, 20
Colmore Circus Queensway,
Birmingham, West Midlands, B4 6AT
Barclays Nominees (Branches) Limited (In
Liquidation)
Leonis Investments LLP (In Liquidation)
B
2nd Floor, Marlow International,
Parkway, Marlow, SL7 1YL, United
Kingdom
Kensington Mortgage Company Limited
Kensington Mortgage Services Limited
1-4, Clyde Place Lane, Glasgow, G5 8DP
R.C. Greig Nominees Limited
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ
Wholly owned subsidiaries
Note
BNRI PIA Scot GP Limited
BNRI Scots GP, LLP
B
Pecan Aggregator LP
B
Logic House, Waterfront Business Park,
Park, Fleet Road, Fleet, Hampshire,
GU51 3SB
The Logic Group Enterprises Limited
The Logic Group Holdings Limited
I
9, all\u00e9e Scheffer, L-2520, Luxembourg
Barclays Claudas Investments Partnership
B, N
Barclays Pelleas Investments Limited
Partnership
B, N
Barclays Blossom Finance Limited
Partnership
B, N
Argentina
Marval, O\u2019Farrell & Mairal, Av. Leandro
N.Alem 882, Buenos Aires, C1001AAQ
Compa\u00f1ia Regional del Sur S.A.(In
Liquidation)
Brazil
Av. Brigadeiro Faria Lima, No.4.440,
12th Floor, Bairro Itaim Bibi, Sao Paulo,
CEP, 04538-132
Barclays Brasil Assessoria Financeira Ltda
Canada
Bay Wellington Tower, Brookfield Place,
47th floor, 181 Bay Street, Toronto,
Ontario, M5J 2T3
Barclays Capital Canada Inc.
Barclays Corporation Limited
1 Churchill Place, London, E14 5HP
CPIA Canada Holdings
B, N
Cayman Islands
PO Box\u00a0 309, Ugland House, George
Town, Grand Cayman, KY1-1104
Alymere Investments Limited
F, G,
H
Analytical Trade UK Limited
Barclays Capital (Cayman) Limited
Barclays Securities Financing Limited
F, G,
H
Barclays US Holdings Limited
E, I
Braven Investments No.1 Limited
Capton Investments Limited
Claudas Investments Limited
H, Y,
Z
Claudas Investments Two Limited
CPIA Investments No.2 Limited
E, H
Gallen Investments Limited
Hornbeam Limited
U
Mintaka Investments No. 4 Limited
Palomino Limited
Pelleas Investments Limited
Pippin Island Investments Limited
Wholly owned subsidiaries
Note
Razzoli Investments Limited
E, H
RVH Limited
E, H
France
34-36 avenue de Friedland, 75008, Paris
Barclays ADF SA
Guernsey
P.O. Box 33, Dorey Court, Admiral Park,
St.\u00a0 Peter\u00a0Port, GY1 4AT
Barclays Insurance Guernsey PCC Limited
O
Barclays UKRF No.1 IC Limited
U
Barclays UKRF ICC Limited
U
Barclays UKRF No.2 IC Ltd
U
Hong Kong
Level 41, Cheung Kong Center, 2
Queen's Road Central, N/A, Hong Kong
Barclays Capital Asia Limited
India
Nirlon Knowledge Park, Level 9, Block
B-6, Off Western Express Highway,
Goregaon (East), Mumbai, 400063
Barclays Securities (India) Private Limited
Barclays Wealth Trustees (India) Private
Limited
Barclays Investments & Loans (India)
Private Limited
E, H
5th to 12th Floor (Part), Building G2,
Gera Commerzone SEZ, Survey No.65,
Kharadi, Pune, 411014
Barclays Global Service Centre Private
Limited
Ireland
One Molesworth Street, Dublin 2, D02
RF29
Barclaycard International Payments
Limited
Barclays Bank Ireland Public Limited
Company
Barclays Europe Client Nominees
Designated Activity Company
Barclays Europe Firm Nominees
Designated Activity Company
Barclays Europe Nominees Designated
Activity Company
25-28 North Wall Quay, Dublin1, D01
Erimon Home Loans Ireland Limited
70 Sir John Rogerson\u2019s Quay, Dublin 2,
D02 R296
Barclays Finance Ireland Limited
Isle of Man
Eagle Court, Circular Road, Douglas, IM1
1AD
Barclays Nominees (Manx) Limited (In
Liquidation)
U
Wholly owned subsidiaries
Note
Barclays Private Clients International
Limited
I, J, U
c/o Zedra Trust Company (Isle of Man)
Limited, 2nd Floor, St Georges Court,
Upper Church Street, Douglas, IM1 1EE
Barclays Holdings (Isle of Man) Limited (In
Liquidation)
Japan
10-1, Roppongi 6-chome, Minato-ku,
Tokyo
Barclays Funds and Advisory Japan
Barclays Securities Japan Limited
F, H
Jersey
28 Esplanade, St Helier, JE2 3QA
Barclays Services Jersey Limited (In
Liquidation)
13 Library Place, St Helier, JE4 8NE
Barclays Nominees (Jersey) Limited
U
Barclaytrust Channel Islands Limited
U
Estera Trust (Jersey) Limited, 13-14
Esplanade, St Helier, JE1 1EE
MK Opportunities GP Ltd
3rd Floor, 44 Esplanade, St. Helier, JE4
9WG, Jersey
Barclaycard Payments Holdings Limited
Barclaycard Payments Midco Limited
Luxembourg
9, all\u00e9e Scheffer, L-2520, Luxembourg
Barclays Bedivere Investments S.\u00e0 r.l.
H, I, J
Barclays Cantal Investments S.\u00e0 r.l.
S
Barclays Capital Luxembourg S.\u00e0 r.l.
Barclays Treasury Luxembourg S.\u00e0 r.l.
Barclays Claudas Investments S.\u00e0 r.l.
Barclays International Luxembourg Dollar
Holdings\u00a0S.\u00e0 r.l.
Barclays Lamorak Investments S.\u00e0 r.l.
Q
Barclays Luxembourg GBP Holdings\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
S.\u00e0 r.l.
Q
Barclays Luxembourg Global Funding\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
S.\u00e0 r.l.
Barclays Luxembourg Holdings S.\u00e0 r.l.
Barclays Luxembourg Holdings SSC
B
BNRI Limehouse No.1 S.\u00e0 r.l.
P
68-70 Boulevard de la Petrusse, L-2320
Adler Toy Holding Sarl
Wholly owned subsidiaries
Note
10 rue du Ch\u00e2teau d\u2019Eau, Leudelange,
Grand Duchy of Luxembourg L-3364
BPM Management GP SARL
Mauritius
C/O Rogers Capital Corporate Services
Limited, 3rd Floor, Rogers House, No.5
President John Kennedy Street, Port
Louis
Barclays Capital Mauritius Limited (In
Liquidation)
Barclays Capital Securities Mauritius
Limited
Fifth Floor Ebene Esplanade,
24 Bank Street, Cybercity
72201 Ebene
Barclays Mauritius Overseas Holdings
Limited
Mexico
Paseo de la Reforma 505, Torre Mayor
Floor 41, Colona Cuauht\u00e9moc, 06500,
Mexico City
Barclays Bank Mexico, S.A.
J, L
Barclays Capital Casa de Bolsa, S.A. de
C.V.
J, L
Grupo Financiero Barclays Mexico, S.A. de
C.V.
J, L
Monaco
31 Avenue de la Costa, Monte Carlo BP
339
Barclays Private Asset Management
(Monaco) S.A.M
Saudi Arabia
3rd Floor Al Dahna Center, 114 Al-Ahsa
Street, PO Box 1454, Riyadh 11431
Barclays Saudi Arabia (In Liquidation)
Building 4.09- Unit 2- Level 9th, King
Abdullah Financial District Riyadh, KSA,
Kingdom Abdullah Financial District,
Riyadh
Barclays Regional Headquarters Company
Singapore
10 Marina Boulevard, #25-01 Marina Bay\u00a0
Financial Centre, Tower 2, 018983
Barclays Merchant Bank (Singapore) Ltd.
Spain
Calle Jose, Abascal 51, 28003, Madrid
Barclays Tenedora De Inmuebles SL.
Switzerland
Chemin de Grange Canal 18-20, PO Box
3941, 1211, Geneva
Barclays Bank (Suisse) SA
Barclays Switzerland Services SA
BPB Holdings SA
Wholly owned subsidiaries
Note
Taiwan
19F-1, No. 7, Xinyi Road, Sec. 5, Taipei,
A322, Taiwan
Barclays Securities Taiwan Limited
Turkey
13th floor, Kanyon Office Block,
B\u00fcy\u00fckdere Caddesi, Levent, Istanbul,
34394
Barclays Menkul De\u011ferler Anonim \u015eirketi
United States
Corporation Service Company, 251
Little Falls Drive, Wilmington, DE 19808
Analytical Trade Holdings LLC
Barclays Asset Backed Depositor LLC
C
Barclays Bank Delaware
E, H
Barclays Capital Derivatives Funding LLC
C
Barclays STBT Inc.
Barclays Capital Equities Trading GP
B
Barclays Capital Holdings Inc.
F, G,
H
Barclays Capital Real Estate Finance Inc.
Barclays Capital Real Estate Holdings Inc.
Barclays Capital Real Estate Inc.
Barclays Commercial Mortgage Securities
LLC
C
Barclays Dryrock Funding LLC
C
Barclays Financial LLC
C
Barclays Group US Inc.
F, H
Barclays Lifestyles LLC
C
Barclays Nest LLC
C
Barclays Oversight Management Inc.
Barclays Receivables LLC
C
Barclays Services Corporation
Barclays Services LLC
C
Barclays US CCP Funding LLC
C
Barclays US Investments Inc.
Barclays US LLC
H, EE
BCAP LLC
C
Gracechurch Services Corporation
Lagalla Investments LLC
Marbury Holdings LLC
Preferred Liquidity, LLC
I
Procella Investments No.2 LLC
II
Procella Investments No.3 LLC
II
Relative Value Holdings, LLC
Surrey Funding Corporation
Sussex Purchasing Corporation
Sutton Funding LLC
C
US Secured Investments LLC
X
Verain Investments LLC
Wilmington Riverfront\u00a0 LLC
C
100 Bank Street, Suite 630, Burlington,
Vermont 05401
Barclays Insurance U.S. Inc.
Wholly owned subsidiaries
Note
Corporation Service Company, 80 State
Street, Albany, NY, 12207-2543
Barclays Equity Holdings Inc.
Corporation Service Company,
Goodwin Square, 225 Asylum Street,
20th Floor Hartford CT 06103
Barclays Capital Inc.
Corporation Service Company, 2626,
Glenwood Ave, Suite 550, Raleigh, NC,
27608
Barclays US GPF Inc.
Equifirst Corporation (In Liquidation,
dissolved with State of North Carolina)
Rodney Square North, 1100, North
Market Street, Wilmington, Delaware,
19890
Barclays Dryrock Issuance Trust
FF
745 Seventh Avenue, New York,
NY10019
Alynore Investments Limited Partnership
B, N
Other Related Undertakings
Unless otherwise stated, the undertakings
below are included in the consolidation and
the share capital held by the Group
comprises ordinary and/or common
shares,\u00a0 which are held by subsidiaries of
Barclays PLC. The percentage of the
nominal value of each share class held by
the Group\u00a0 is provided below.
Other Related Undertakings
%
Note
United Kingdom
1 Churchill Place, London, E14
5HP
Barclaycard Funding PLC
100.00
I
Barclays Covered Bonds
Limited
Liability Partnership
50.00
B
Barclays Secured Funding (LM)
Limited
20.00
Barclays Secured Notes
Finance LLP
20.00
B
80 Fenchurch Street, London
EC3M 4AE
Igloo Regeneration (General
Partner) Limited
25.00
K, U
3-5 London Road, Rainham,
Gillingham, Kent ME8\u00a07RG
Trade Ideas Limited
20.00
U
50 Lothian Road, Festival
Square, Edinburgh, EH3 9WJ
Equistone Founder Partner III
L.P.
20.00
B, U
Other Related Undertakings
%
Note
Enigma, Wavendon Business
Park Milton Keynes, MK17 8LX
Intelligent Processing Solutions
Limited
19.50
U
180 Borough High Street,
London SE1 1LB
Protium Green Solutions
Limited
U, GG
13-15 York Buildings, London,
WC2N\u00a06JU
BGF Group PLC
24.60
I, U
Unit 9 Westbrook Court,
Sharrowvale Road, Sheffield,
S11\u00a08YZ
Palms Row Healthcare Holdings
Limited
100.00
U, CC
3rd Floor 19-20 Berners
Street, London, W1T 3NW
AVFI TIDE I LP
41.30
B, U
3rd Floor, 19-20 Berners
Street, London W1T 3NW
Female Innovators Lab L.P.
60.00
B
6th Floor 60 Gracechurch
Street, London, EC3V 0HR
BMC (UK) Ltd
U, LL
1301 K Street Nw, Washington
DC 20005, United States
Barclays Pre-Seed Investments
I LP
100.00
B, N, U
Barclays Pre-Seed Investments
II LP
100.00
B, N, U
The White House, High Street,
Dereham, Norfolk, NR19 1DR
Naked Energy Limited
25.80
G, U
Belgium
Klipperstraat 15 2030
Antwerp
Euphony Benelux NV (In
Administration)
20.00
U
Cayman Islands
Maples Corporate Services
Limited, PO Box 309, Ugland
House, South Church Street,
Grand Cayman, KY1-1104
Southern Peaks Mining LP
54.05
B, U
SPM GP Limited
90.00
U
Korea, Republic of
18th Floor, Daishin Finance
Centre, 343, Samil-daero,
Jung-go, Seoul
Woori BC Pegasus
Securitization Specialty Co. Ltd
70.00
AA
Other Related Undertakings
%
Note
Luxembourg
9, all\u00e9e Scheffer, L-2520,
Luxembourg
Barclays Alzin Investments\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
S.\u00e0 r.l.
100.00
D, S
Barclays Bordang Investments
S.\u00e0 r.l.
100.00
S
17, Boulevard F.W. Raiffeisen
Salica Growth Debt Fund II
SCSp
33.00
B, U
Netherlands
Winschoterdiep, 70,
Groningen, 9723AB,
Groningen,
Cube Solidus B.V.
U, JJ
Alexanderstraat 18, The
Hague, 2514 JM, Zuid-Holland
Tulip Oil Holding BV
U, KK
Joint Ventures
The related undertaking below is dealt with
as a Joint Venture1 in accordance with s.18,
Schedule 4, The Large and Medium-sized
Companies and Groups (Accounts and
Reports) Regulations 2008 and is
proportionally consolidated. The proportion
of the capital of the related undertaking
held by the Group is stated below.
Joint Venture
%
Note
United Kingdom
All Saints Triangle, Caledonian
Road, London, N1 9UT
Vaultex UK Limited
50.00
Joint management factors
The Board of Directors of the above Joint
Venture\u00a0 comprises two Barclays
representative Directors, two JV partner
Directors and two non-JV partner
Directors. The Board of Directors are
responsible, amongst other things, for
setting the company strategy and budgets.
The last financial year of the above JV
ended on 3 October 2025 and the average
number of monthly employees reported in
the accounts was 1,118.\u00a0
Notes:
1 This is distinct to how the term \u201cjoint venture\u201d
may be used for the purposes of IFRS.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-734": { "value": "Investments in associates and joint ventures
Accounting for associates and joint ventures
The equity accounted associates include the Group's investment in the Business Growth Fund \u00a3724m (2024: \u00a3678m) which has
increased primarily due to a fair value gain in its investments by \u00a364m (2024: \u00a330m). The equity accounted joint ventures has
decreased to \u00a3nil (2024: \u00a3199m) due to the announced sale of the holding during the year. The joint ventures held at fair value
through profit or loss has increased to \u00a3211m (2024: \u00a3171m).
2025
2024
Associates
Joint ventures
Total
Associates
Joint ventures
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equity accounted
739
\u2014
739
692
199
891
Held at fair value through profit or loss
\u2014
211
211
\u2014
171
171
Total
739
211
950
692
370
1,062
Summarised financial information for the Group\u2019s equity accounted associates and joint ventures is set out below. The amounts shown
are the Group\u2019s share of the net income of the investees for the year ended 31 December 2025, with the exception of certain
undertakings for which the amounts are based on accounts made up to dates not earlier than three months before the balance sheet
date.
Associates
Joint ventures
2025
2024
2023
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit/(loss) from continuing operations
64
30
(10)
6
8
1
Other comprehensive income/(loss)
\u2014
\u2014
\u2014
(4)
(1)
(3)
Total comprehensive income/(loss) from continuing operations
64
30
(10)
2
7
(2)
Unrecognised shares of the losses of individually immaterial associates and joint ventures were \u00a3nil (2024: \u00a3nil ).
The Group has provided guarantees amounted to \u00a3nil (2024: \u00a3 nil) to its associates and\u00a0 joint ventures. The Barclays drawn
commitments to finance or otherwise provide resources to its associates and joint ventures are \u00a3474m (2024 : \u00a3474m) The Barclays
share of the associates and joint ventures unutilised credit facilities commitments amounted to \u00a3nil (2024: \u00a31,389m).
42 Related undertakings
The Group\u2019s corporate structure consists
of a number of related undertakings,
comprising subsidiary undertakings, joint
ventures, associated undertakings and
significant holdings. A full list of these
related undertakings is set out below,
together with the country of incorporation,
registered office (or principal place of
business) and the identity and percentage\u00a0
of each share class held by the Group.
The\u00a0information is provided as at
31\u00a0December 2025.
The entities are grouped by the countries
in which they are incorporated. The profits
earned by the activities of these entities
are in some cases taxed in countries other
than the country of incorporation, for
example, where the entity carries on
business through a branch in a territory
outside of\u00a0 its country of incorporation.
Barclays PLC Country Snapshot provides
details of where the Group carries on its
business, where its profits are subject to
tax and the taxes it pays in each country it
operates in.
Wholly owned subsidiaries
Unless otherwise stated, the undertakings
below are wholly owned and included in the
consolidation and the share capital held by
the Group comprises ordinary and/or
common shares, which are held by
subsidiaries of Barclays PLC. Unless
otherwise stated, the Group holds 100% of
the nominal value of each share class.
Notes
A
Directly held by Barclays PLC
B
Partnership Interest
C
Membership Interest
D
Class D Shares
E
Preference Shares
F
A Preference Shares
G
B\u00a0 Preference Shares
H
Ordinary/Common Shares in
addition to other shares
I
A Ordinary Shares
J
B Ordinary Shares
K
C Ordinary Shares
L
F Ordinary Shares
M
First Preference Shares, Second
Preference Shares
N
Registered Address not in country
of Incorporation
O
Core Shares, Insurance (Classified)
Shares
P
Class B, C, D, E, F, G, H, I, J and K
Q
Non-Redeemable Ordinary Shares
Notes
R
Class A, B and C Shares
S
Class A and Class B Shares
T
PEF Carry Shares
U
Not Consolidated (see Note 34
IFRS12 Structured entities)
V
USD Linked Ordinary Shares
W
Redeemable Class B Shares
X
Capital Contribution Shares
Y
Class A Redeemable Preference
Z
Class B Redeemable Preference
AA
First Class Common Shares,
Second Class Common Shares
CC
Non-Voting Redeemable
Preference Shares
DD
Ordinary \"F\" Shares - Variable
EE
Class C Preferred Shares and Class
D Preferred Shares
FF
Trust Interest
GG
A1 Ordinary Shares (42.85% ) and A2
Preference Shares (45.15%)
HH
A2 Ordinary Shares (14.14% ) and A3\u00a0
Ordinary Shares( 68.10% )
II
LLC Share
JJ
A Shares (4.99%) and B Shares
(100%)
KK
Class A Ordinary Shares (34.47%)
and Class C Ordinary Shares\u00a0
(22.98%)
LL
Class A Ordinary Shares (49.52%)
and Preference Shares (48.25%)
Wholly owned subsidiaries
Note
United Kingdom
1 Churchill Place, London, E14 5HP
Aequor Investments Limited
Ardencroft Investments Limited
B D & B Investments Limited
B.P.B. (Holdings) Limited
Barclay Leasing Limited
Barclays Aldersgate Investments Limited
Barclays Asset Management Limited
Barclays Bank PLC
A, H
Barclays Bank UK PLC
A
Barclays Capital Asia Holdings Limited
Barclays Capital Nominees (No.2) Limited
Barclays Capital Nominees (No.3) Limited
Barclays Capital Nominees Limited
Barclays Capital Securities Client Nominee
Limited
Barclays Capital Securities Limited
Barclays CCP Funding LLP
B
Barclays Converted Investments (No.2)
Limited
Barclays Direct Investing Nominees
Limited
Barclays Directors Limited
Barclays Equity Holdings Limited
Barclays Execution Services Limited
A
Barclays Executive Schemes Trustees
Limited
Wholly owned subsidiaries
Note
Barclays Financial Planning Nominee
Company Limited
Barclays Funds Investments Limited
Barclays Gaia Holdings Limited
Barclays Group Holdings Limited
Barclays Industrial Development Limited
Barclays Industrial Investments Limited
Barclays Insurance Services Company
Limited
Barclays International Holdings Limited
Barclays Investment Management Limited
Barclays Investment Solutions Limited
Barclays Leasing (No.9) Limited
Barclays Long Island Limited
Barclays Nominees (George Yard) Limited
U
Barclays OCIO Services Limited
Barclays Pension Funds Trustees Limited
Barclays Principal Investments Limited
A, I, J
Barclays Private Bank
Barclays SAMS Limited
Barclays Security Trustee Limited
A
Barclays Services (Japan) Limited
Barclays Shea Limited
Barclays Term Funding Limited Liability
Partnership
B
Barclays UK Investments Limited
Barclays Unquoted Investments Limited
Barclays Wealth Nominees Limited
Barclaycard Payments Limited
Barclayshare Nominees Limited
Barcosec Limited
Barsec Nominees Limited
BB Client Nominees Limited
BMI (No.9) Limited
BNRI ENG 2014 Limited Partnership
B
BNRI ENG GP LLP
B
BNRI England 2010 Limited Partnership
B
BNRI England 2012 Limited Partnership
B
Carnegie Holdings Limited
Chapelcrest Investments Limited
Clydesdale Financial Services Limited
Cornwall Home Loans Limited
CPIA England 2009 Limited Partnership
B
CPIA England No.2 Limited Partnership
B
Dorset Home Loans Limited
Durlacher Nominees Limited
Eagle Financial and Leasing Services (UK)
Limited
Finpart Nominees Limited
FirstPlus Financial Group Limited
Foltus Investments Limited
Global Dynasty Natural Resource Private
Equity Limited Partnership
B
Globe Nominees Limited
Hawkins Funding Limited
Heraldglen Limited
H, M
Isle of Wight Home Loans Limited
J.V. Estates Limited
Wholly owned subsidiaries
Note
Kirsche Investments Limited
Long Island Assets Limited
Maloney Investments Limited
Menlo Investments Limited
Mercantile Credit Company Limited
Mercantile Leasing Company (No.132)
Limited
MK Opportunities LP
B
Naxos Investments Limited (In Liquidation
14 January 2026)
North Colonnade Investments Limited
Northwharf Investments Limited
T,H
Northwharf Nominees Limited
Oak Pension Asset Management Limited
U
Radbroke Mortgages UK Limited
Real Estate Participation Management
Limited
Real Estate Participation Services Limited
Relative Value Investments UK Limited
Liability Partnership
B
Relative Value Trading Limited
Roder Investments No. 1 Limited
H, E
Roder Investments No. 2 Limited
H, E
RVT CLO Investments LLP
B
Surety Trust Limited
Sustainable Impact Capital Limited
Swan Lane Investments Limited
US Real Estate Holdings No.1 Limited
US Real Estate Holdings No.2 Limited
US Real Estate Holdings No.3 Limited
US Real Estate Holdings No.4 Limited
US Real Estate Holdings No.5 Limited
US Real Estate Holdings No.6 Limited
Water Street Investments Limited
U
Wedd Jefferson (Nominees) Limited
Westferry Investments Limited
Woolwich Homes Limited
Woolwich Qualifying Employee Share
Ownership Trustee Limited
Zeban Nominees Limited
C/O Teneo Financial Advisory Limited,
3rd Floor, The Colmore Building, 20
Colmore Circus Queensway,
Birmingham, West Midlands, B4 6AT
Barclays Nominees (Branches) Limited (In
Liquidation)
Leonis Investments LLP (In Liquidation)
B
2nd Floor, Marlow International,
Parkway, Marlow, SL7 1YL, United
Kingdom
Kensington Mortgage Company Limited
Kensington Mortgage Services Limited
1-4, Clyde Place Lane, Glasgow, G5 8DP
R.C. Greig Nominees Limited
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ
Wholly owned subsidiaries
Note
BNRI PIA Scot GP Limited
BNRI Scots GP, LLP
B
Pecan Aggregator LP
B
Logic House, Waterfront Business Park,
Park, Fleet Road, Fleet, Hampshire,
GU51 3SB
The Logic Group Enterprises Limited
The Logic Group Holdings Limited
I
9, all\u00e9e Scheffer, L-2520, Luxembourg
Barclays Claudas Investments Partnership
B, N
Barclays Pelleas Investments Limited
Partnership
B, N
Barclays Blossom Finance Limited
Partnership
B, N
Argentina
Marval, O\u2019Farrell & Mairal, Av. Leandro
N.Alem 882, Buenos Aires, C1001AAQ
Compa\u00f1ia Regional del Sur S.A.(In
Liquidation)
Brazil
Av. Brigadeiro Faria Lima, No.4.440,
12th Floor, Bairro Itaim Bibi, Sao Paulo,
CEP, 04538-132
Barclays Brasil Assessoria Financeira Ltda
Canada
Bay Wellington Tower, Brookfield Place,
47th floor, 181 Bay Street, Toronto,
Ontario, M5J 2T3
Barclays Capital Canada Inc.
Barclays Corporation Limited
1 Churchill Place, London, E14 5HP
CPIA Canada Holdings
B, N
Cayman Islands
PO Box\u00a0 309, Ugland House, George
Town, Grand Cayman, KY1-1104
Alymere Investments Limited
F, G,
H
Analytical Trade UK Limited
Barclays Capital (Cayman) Limited
Barclays Securities Financing Limited
F, G,
H
Barclays US Holdings Limited
E, I
Braven Investments No.1 Limited
Capton Investments Limited
Claudas Investments Limited
H, Y,
Z
Claudas Investments Two Limited
CPIA Investments No.2 Limited
E, H
Gallen Investments Limited
Hornbeam Limited
U
Mintaka Investments No. 4 Limited
Palomino Limited
Pelleas Investments Limited
Pippin Island Investments Limited
Wholly owned subsidiaries
Note
Razzoli Investments Limited
E, H
RVH Limited
E, H
France
34-36 avenue de Friedland, 75008, Paris
Barclays ADF SA
Guernsey
P.O. Box 33, Dorey Court, Admiral Park,
St.\u00a0 Peter\u00a0Port, GY1 4AT
Barclays Insurance Guernsey PCC Limited
O
Barclays UKRF No.1 IC Limited
U
Barclays UKRF ICC Limited
U
Barclays UKRF No.2 IC Ltd
U
Hong Kong
Level 41, Cheung Kong Center, 2
Queen's Road Central, N/A, Hong Kong
Barclays Capital Asia Limited
India
Nirlon Knowledge Park, Level 9, Block
B-6, Off Western Express Highway,
Goregaon (East), Mumbai, 400063
Barclays Securities (India) Private Limited
Barclays Wealth Trustees (India) Private
Limited
Barclays Investments & Loans (India)
Private Limited
E, H
5th to 12th Floor (Part), Building G2,
Gera Commerzone SEZ, Survey No.65,
Kharadi, Pune, 411014
Barclays Global Service Centre Private
Limited
Ireland
One Molesworth Street, Dublin 2, D02
RF29
Barclaycard International Payments
Limited
Barclays Bank Ireland Public Limited
Company
Barclays Europe Client Nominees
Designated Activity Company
Barclays Europe Firm Nominees
Designated Activity Company
Barclays Europe Nominees Designated
Activity Company
25-28 North Wall Quay, Dublin1, D01
Erimon Home Loans Ireland Limited
70 Sir John Rogerson\u2019s Quay, Dublin 2,
D02 R296
Barclays Finance Ireland Limited
Isle of Man
Eagle Court, Circular Road, Douglas, IM1
1AD
Barclays Nominees (Manx) Limited (In
Liquidation)
U
Wholly owned subsidiaries
Note
Barclays Private Clients International
Limited
I, J, U
c/o Zedra Trust Company (Isle of Man)
Limited, 2nd Floor, St Georges Court,
Upper Church Street, Douglas, IM1 1EE
Barclays Holdings (Isle of Man) Limited (In
Liquidation)
Japan
10-1, Roppongi 6-chome, Minato-ku,
Tokyo
Barclays Funds and Advisory Japan
Barclays Securities Japan Limited
F, H
Jersey
28 Esplanade, St Helier, JE2 3QA
Barclays Services Jersey Limited (In
Liquidation)
13 Library Place, St Helier, JE4 8NE
Barclays Nominees (Jersey) Limited
U
Barclaytrust Channel Islands Limited
U
Estera Trust (Jersey) Limited, 13-14
Esplanade, St Helier, JE1 1EE
MK Opportunities GP Ltd
3rd Floor, 44 Esplanade, St. Helier, JE4
9WG, Jersey
Barclaycard Payments Holdings Limited
Barclaycard Payments Midco Limited
Luxembourg
9, all\u00e9e Scheffer, L-2520, Luxembourg
Barclays Bedivere Investments S.\u00e0 r.l.
H, I, J
Barclays Cantal Investments S.\u00e0 r.l.
S
Barclays Capital Luxembourg S.\u00e0 r.l.
Barclays Treasury Luxembourg S.\u00e0 r.l.
Barclays Claudas Investments S.\u00e0 r.l.
Barclays International Luxembourg Dollar
Holdings\u00a0S.\u00e0 r.l.
Barclays Lamorak Investments S.\u00e0 r.l.
Q
Barclays Luxembourg GBP Holdings\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
S.\u00e0 r.l.
Q
Barclays Luxembourg Global Funding\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
S.\u00e0 r.l.
Barclays Luxembourg Holdings S.\u00e0 r.l.
Barclays Luxembourg Holdings SSC
B
BNRI Limehouse No.1 S.\u00e0 r.l.
P
68-70 Boulevard de la Petrusse, L-2320
Adler Toy Holding Sarl
Wholly owned subsidiaries
Note
10 rue du Ch\u00e2teau d\u2019Eau, Leudelange,
Grand Duchy of Luxembourg L-3364
BPM Management GP SARL
Mauritius
C/O Rogers Capital Corporate Services
Limited, 3rd Floor, Rogers House, No.5
President John Kennedy Street, Port
Louis
Barclays Capital Mauritius Limited (In
Liquidation)
Barclays Capital Securities Mauritius
Limited
Fifth Floor Ebene Esplanade,
24 Bank Street, Cybercity
72201 Ebene
Barclays Mauritius Overseas Holdings
Limited
Mexico
Paseo de la Reforma 505, Torre Mayor
Floor 41, Colona Cuauht\u00e9moc, 06500,
Mexico City
Barclays Bank Mexico, S.A.
J, L
Barclays Capital Casa de Bolsa, S.A. de
C.V.
J, L
Grupo Financiero Barclays Mexico, S.A. de
C.V.
J, L
Monaco
31 Avenue de la Costa, Monte Carlo BP
339
Barclays Private Asset Management
(Monaco) S.A.M
Saudi Arabia
3rd Floor Al Dahna Center, 114 Al-Ahsa
Street, PO Box 1454, Riyadh 11431
Barclays Saudi Arabia (In Liquidation)
Building 4.09- Unit 2- Level 9th, King
Abdullah Financial District Riyadh, KSA,
Kingdom Abdullah Financial District,
Riyadh
Barclays Regional Headquarters Company
Singapore
10 Marina Boulevard, #25-01 Marina Bay\u00a0
Financial Centre, Tower 2, 018983
Barclays Merchant Bank (Singapore) Ltd.
Spain
Calle Jose, Abascal 51, 28003, Madrid
Barclays Tenedora De Inmuebles SL.
Switzerland
Chemin de Grange Canal 18-20, PO Box
3941, 1211, Geneva
Barclays Bank (Suisse) SA
Barclays Switzerland Services SA
BPB Holdings SA
Wholly owned subsidiaries
Note
Taiwan
19F-1, No. 7, Xinyi Road, Sec. 5, Taipei,
A322, Taiwan
Barclays Securities Taiwan Limited
Turkey
13th floor, Kanyon Office Block,
B\u00fcy\u00fckdere Caddesi, Levent, Istanbul,
34394
Barclays Menkul De\u011ferler Anonim \u015eirketi
United States
Corporation Service Company, 251
Little Falls Drive, Wilmington, DE 19808
Analytical Trade Holdings LLC
Barclays Asset Backed Depositor LLC
C
Barclays Bank Delaware
E, H
Barclays Capital Derivatives Funding LLC
C
Barclays STBT Inc.
Barclays Capital Equities Trading GP
B
Barclays Capital Holdings Inc.
F, G,
H
Barclays Capital Real Estate Finance Inc.
Barclays Capital Real Estate Holdings Inc.
Barclays Capital Real Estate Inc.
Barclays Commercial Mortgage Securities
LLC
C
Barclays Dryrock Funding LLC
C
Barclays Financial LLC
C
Barclays Group US Inc.
F, H
Barclays Lifestyles LLC
C
Barclays Nest LLC
C
Barclays Oversight Management Inc.
Barclays Receivables LLC
C
Barclays Services Corporation
Barclays Services LLC
C
Barclays US CCP Funding LLC
C
Barclays US Investments Inc.
Barclays US LLC
H, EE
BCAP LLC
C
Gracechurch Services Corporation
Lagalla Investments LLC
Marbury Holdings LLC
Preferred Liquidity, LLC
I
Procella Investments No.2 LLC
II
Procella Investments No.3 LLC
II
Relative Value Holdings, LLC
Surrey Funding Corporation
Sussex Purchasing Corporation
Sutton Funding LLC
C
US Secured Investments LLC
X
Verain Investments LLC
Wilmington Riverfront\u00a0 LLC
C
100 Bank Street, Suite 630, Burlington,
Vermont 05401
Barclays Insurance U.S. Inc.
Wholly owned subsidiaries
Note
Corporation Service Company, 80 State
Street, Albany, NY, 12207-2543
Barclays Equity Holdings Inc.
Corporation Service Company,
Goodwin Square, 225 Asylum Street,
20th Floor Hartford CT 06103
Barclays Capital Inc.
Corporation Service Company, 2626,
Glenwood Ave, Suite 550, Raleigh, NC,
27608
Barclays US GPF Inc.
Equifirst Corporation (In Liquidation,
dissolved with State of North Carolina)
Rodney Square North, 1100, North
Market Street, Wilmington, Delaware,
19890
Barclays Dryrock Issuance Trust
FF
745 Seventh Avenue, New York,
NY10019
Alynore Investments Limited Partnership
B, N
Other Related Undertakings
Unless otherwise stated, the undertakings
below are included in the consolidation and
the share capital held by the Group
comprises ordinary and/or common
shares,\u00a0 which are held by subsidiaries of
Barclays PLC. The percentage of the
nominal value of each share class held by
the Group\u00a0 is provided below.
Other Related Undertakings
%
Note
United Kingdom
1 Churchill Place, London, E14
5HP
Barclaycard Funding PLC
100.00
I
Barclays Covered Bonds
Limited
Liability Partnership
50.00
B
Barclays Secured Funding (LM)
Limited
20.00
Barclays Secured Notes
Finance LLP
20.00
B
80 Fenchurch Street, London
EC3M 4AE
Igloo Regeneration (General
Partner) Limited
25.00
K, U
3-5 London Road, Rainham,
Gillingham, Kent ME8\u00a07RG
Trade Ideas Limited
20.00
U
50 Lothian Road, Festival
Square, Edinburgh, EH3 9WJ
Equistone Founder Partner III
L.P.
20.00
B, U
Other Related Undertakings
%
Note
Enigma, Wavendon Business
Park Milton Keynes, MK17 8LX
Intelligent Processing Solutions
Limited
19.50
U
180 Borough High Street,
London SE1 1LB
Protium Green Solutions
Limited
U, GG
13-15 York Buildings, London,
WC2N\u00a06JU
BGF Group PLC
24.60
I, U
Unit 9 Westbrook Court,
Sharrowvale Road, Sheffield,
S11\u00a08YZ
Palms Row Healthcare Holdings
Limited
100.00
U, CC
3rd Floor 19-20 Berners
Street, London, W1T 3NW
AVFI TIDE I LP
41.30
B, U
3rd Floor, 19-20 Berners
Street, London W1T 3NW
Female Innovators Lab L.P.
60.00
B
6th Floor 60 Gracechurch
Street, London, EC3V 0HR
BMC (UK) Ltd
U, LL
1301 K Street Nw, Washington
DC 20005, United States
Barclays Pre-Seed Investments
I LP
100.00
B, N, U
Barclays Pre-Seed Investments
II LP
100.00
B, N, U
The White House, High Street,
Dereham, Norfolk, NR19 1DR
Naked Energy Limited
25.80
G, U
Belgium
Klipperstraat 15 2030
Antwerp
Euphony Benelux NV (In
Administration)
20.00
U
Cayman Islands
Maples Corporate Services
Limited, PO Box 309, Ugland
House, South Church Street,
Grand Cayman, KY1-1104
Southern Peaks Mining LP
54.05
B, U
SPM GP Limited
90.00
U
Korea, Republic of
18th Floor, Daishin Finance
Centre, 343, Samil-daero,
Jung-go, Seoul
Woori BC Pegasus
Securitization Specialty Co. Ltd
70.00
AA
Other Related Undertakings
%
Note
Luxembourg
9, all\u00e9e Scheffer, L-2520,
Luxembourg
Barclays Alzin Investments\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
S.\u00e0 r.l.
100.00
D, S
Barclays Bordang Investments
S.\u00e0 r.l.
100.00
S
17, Boulevard F.W. Raiffeisen
Salica Growth Debt Fund II
SCSp
33.00
B, U
Netherlands
Winschoterdiep, 70,
Groningen, 9723AB,
Groningen,
Cube Solidus B.V.
U, JJ
Alexanderstraat 18, The
Hague, 2514 JM, Zuid-Holland
Tulip Oil Holding BV
U, KK
Joint Ventures
The related undertaking below is dealt with
as a Joint Venture1 in accordance with s.18,
Schedule 4, The Large and Medium-sized
Companies and Groups (Accounts and
Reports) Regulations 2008 and is
proportionally consolidated. The proportion
of the capital of the related undertaking
held by the Group is stated below.
Joint Venture
%
Note
United Kingdom
All Saints Triangle, Caledonian
Road, London, N1 9UT
Vaultex UK Limited
50.00
Joint management factors
The Board of Directors of the above Joint
Venture\u00a0 comprises two Barclays
representative Directors, two JV partner
Directors and two non-JV partner
Directors. The Board of Directors are
responsible, amongst other things, for
setting the company strategy and budgets.
The last financial year of the above JV
ended on 3 October 2025 and the average
number of monthly employees reported in
the accounts was 1,118.\u00a0
Notes:
1 This is distinct to how the term \u201cjoint venture\u201d
may be used for the purposes of IFRS.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-737": { "value": "
Accounting for associates and joint ventures
The equity accounted associates include the Group's investment in the Business Growth Fund \u00a3724m (2024: \u00a3678m) which has
increased primarily due to a fair value gain in its investments by \u00a364m (2024: \u00a330m). The equity accounted joint ventures has
decreased to \u00a3nil (2024: \u00a3199m) due to the announced sale of the holding during the year. The joint ventures held at fair value
through profit or loss has increased to \u00a3211m (2024: \u00a3171m).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-736": { "value": "
Accounting for associates and joint ventures
The equity accounted associates include the Group's investment in the Business Growth Fund \u00a3724m (2024: \u00a3678m) which has
increased primarily due to a fair value gain in its investments by \u00a364m (2024: \u00a330m). The equity accounted joint ventures has
decreased to \u00a3nil (2024: \u00a3199m) due to the announced sale of the holding during the year. The joint ventures held at fair value
through profit or loss has increased to \u00a3211m (2024: \u00a3171m).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-735": { "value": "
Accounting for associates and joint ventures
The equity accounted associates include the Group's investment in the Business Growth Fund \u00a3724m (2024: \u00a3678m) which has
increased primarily due to a fair value gain in its investments by \u00a364m (2024: \u00a330m). The equity accounted joint ventures has
decreased to \u00a3nil (2024: \u00a3199m) due to the announced sale of the holding during the year. The joint ventures held at fair value
through profit or loss has increased to \u00a3211m (2024: \u00a3171m).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-738": { "value": "Assets pledged, collateral received and assets transferred
Assets are pledged or transferred as collateral to secure liabilities under repurchase agreements, securitisations and stock lending
agreements or as security deposits relating to derivatives. Assets transferred are non-cash assets transferred to a third party that do
not qualify for derecognition from the Group balance sheet, for example, because Barclays retains substantially all the exposure to those
assets under an agreement to repurchase them in the future for a fixed price.
Assets pledged or transferred as collateral include all assets categorised as encumbered in the disclosure on pages 205 to 209 of the
Barclays PLC Pillar 3 Report 2025 (unaudited), other than those held in commercial paper conduits.\u00a0In these transactions, the Group will
be required to step in to provide financing itself under a liquidity facility if the vehicle cannot access the commercial paper market.
Where non-cash assets are pledged or transferred as collateral for cash received, the asset continues to be recognised in full, and a
related liability is also recognised on the balance sheet. Where non-cash assets are pledged or transferred as collateral in an exchange
for non-cash assets, the transferred asset continues to be recognised in full, and there is no associated liability as the non-cash
collateral received is not recognised on the balance sheet. The Group is unable to use, sell or pledge the transferred assets for the
duration of the transaction and remains exposed to interest rate risk and credit risk on these pledged assets. Unless stated, the
counterparty's recourse is not limited to the transferred assets.
Collateralised transactions, such as securities lending and borrowing, repurchase and derivative transactions are conducted in
accordance with standard terms which are customary in the market.
The following table summarises the nature and carrying amount of the assets pledged as security:
2025
2024
\u00a3m
\u00a3m
Cash collateral
79,653
76,401
Loans and advances at amortised cost
38,095
63,531
Trading portfolio assets
115,923
107,368
Financial assets at fair value through the income statement
5,726
5,728
Financial assets at fair value through other comprehensive income
17,438
20,982
Assets pledged
256,835
274,010
The following table summarises the transferred financial assets and the associated liabilities. The transferred assets represent the gross
carrying value of the assets pledged and the associated liabilities represent the liability recorded on the balance sheet:
Transferred
assets
Associated
liabilities
\u00a3m
\u00a3m
As at 31 December 2025
Derivatives
79,753
(79,753)
Repurchase agreements
64,689
(45,810)
Securities lending arrangements
99,238
\u2014
Other
13,155
(12,658)
256,835
(138,221)
As at 31 December 2024
Derivatives
75,157
(75,157)
Repurchase agreements
77,793
(53,481)
Securities lending arrangements
106,106
\u2014
Other
14,954
(13,580)
274,010
(142,218)
For repurchase agreements, the difference between transferred assets and the associated liabilities is predominantly due to IFRS
netting. Included within Other are agreements where a counterparty's recourse is limited to the transferred assets. The relationship
between the gross transferred assets and the associated liabilities is that holders of notes may only look to cash flows from the
securitised assets for payments of principal and interest due to them under the terms of their notes.
Carrying value
Fair value
Transferred
assets
Associated
liabilities
Transferred
assets
Associated
liabilities
Net position
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
Recourse to transferred assets only
12,524
(2,234)
12,556
(2,236)
10,320
2024
Recourse to transferred assets only
10,369
(2,151)
10,961
(2,154)
8,807
The Group has an additional \u00a3 10,567m (2024: \u00a39,500m) of loans and advances within its asset backed funding programmes that can
readily be used to raise additional secured funding and are available to support future issuances.
Collateral held as security for assets
Under certain transactions, including reverse repurchase agreements and stock borrowing transactions, the Group is allowed to resell or
re-pledge the collateral held. Collateralised transactions, such as securities lending and borrowing, repurchase and derivative
transactions are conducted in accordance with standard terms, which are customary in the market.
The fair value at the balance sheet date of collateral accepted and re-pledged or transferred to others was as follows:
2025
2024
\u00a3m
\u00a3m
Fair value of securities accepted as collateral
1,513,869
1,318,862
Of which fair value of securities re-pledged/transferred to others
1,382,090
1,191,938
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-739": { "value": "
Assets are pledged or transferred as collateral to secure liabilities under repurchase agreements, securitisations and stock lending
agreements or as security deposits relating to derivatives. Assets transferred are non-cash assets transferred to a third party that do
not qualify for derecognition from the Group balance sheet, for example, because Barclays retains substantially all the exposure to those
assets under an agreement to repurchase them in the future for a fixed price.
Assets pledged or transferred as collateral include all assets categorised as encumbered in the disclosure on pages 205 to 209 of the
Barclays PLC Pillar 3 Report 2025 (unaudited), other than those held in commercial paper conduits.\u00a0In these transactions, the Group will
be required to step in to provide financing itself under a liquidity facility if the vehicle cannot access the commercial paper market.
Where non-cash assets are pledged or transferred as collateral for cash received, the asset continues to be recognised in full, and a
related liability is also recognised on the balance sheet. Where non-cash assets are pledged or transferred as collateral in an exchange
for non-cash assets, the transferred asset continues to be recognised in full, and there is no associated liability as the non-cash
collateral received is not recognised on the balance sheet. The Group is unable to use, sell or pledge the transferred assets for the
duration of the transaction and remains exposed to interest rate risk and credit risk on these pledged assets. Unless stated, the
counterparty's recourse is not limited to the transferred assets.
Collateralised transactions, such as securities lending and borrowing, repurchase and derivative transactions are conducted in
accordance with standard terms which are customary in the market.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-740": { "value": "Related party transactions and Directors\u2019 remuneration
Related party transactions
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other
party in making financial or operational decisions, or one other party controls both.
Subsidiaries
Transactions between Barclays PLC and its subsidiaries meet the definition of related party transactions. Where these are eliminated on
consolidation, they are not disclosed in the Group\u2019s financial statements. Transactions between Barclays PLC and its subsidiaries are
fully disclosed in Barclays PLC\u2019s financial statements. A list of the Group\u2019s principal subsidiaries is shown in Note 33.
Associates, joint ventures and other entities
The Group provides banking services to its associates, joint ventures and the Group pension funds (principally the UK Retirement Fund),
providing loans, overdrafts, interest and non-interest bearing deposits and current accounts to these entities, as well as other services.
Group companies also provide investment management and custodian services to the Group pension schemes. All of these
transactions are conducted on the same terms as third-party transactions. Summarised financial information for the Group\u2019s
investments in associates and joint ventures is set out in Note 35.
Amounts included in the Group\u2019s financial statements, in aggregate, by category of related party entity are as follows:
Associates
Joint ventures
Pension funds
\u00a3m
\u00a3m
\u00a3m
For the year ended and as at 31 December 2025
Total income
18
43
8
Credit impairment charges
\u2014
\u2014
\u2014
Operating expenses
(22)
\u2014
(1)
Total assets
\u2014
\u2014
Total liabilities
126
\u2014
140
For the year ended and as at 31 December 2024
Total income
(2)
56
2
Credit impairment charges
\u2014
\u2014
\u2014
Operating expenses
(21)
\u2014
(1)
Total assets
\u2014
1,104
0
Total liabilities
64
\u2014
176
For the year ended and as at 31 December 2023
Total income
13
70
4
Credit impairment charges
\u2014
\u2014
\u2014
Operating expenses
(20)
\u2014
(1)
Total liabilities includes derivatives transacted on behalf of the pension funds of \u00a389m ( 2024: \u00a3100m).
Key Management Personnel
Key Management Personnel are defined as those persons having authority and responsibility for planning, directing and controlling the
activities of Barclays PLC (directly or indirectly) and comprise the Directors and Officers of Barclays PLC, certain direct reports of the
Group Chief Executive and the heads of major business units and functions.
The Group provides banking services to Key Management Personnel and persons connected to them. The balances outstanding as at
31 December were as follows:
Banking services provided
2025
2024
\u00a3m
\u00a3m
Loans outstanding as at 31 December
15.4
17.5
Deposit outstanding as at 31 December
27.5
23.3
Total commitments outstanding
Total commitments outstanding refers to the total of any undrawn amounts on credit cards and/or overdraft facilities provided to Key
Management Personnel. Total commitments outstanding as at 31\u00a0December 2025 were \u00a30.5m ( 2024: \u00a30.6m).
All loans to Key Management Personnel (and persons connected to them) were made in the ordinary course of business; were made on
substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions
with other persons; and did not involve more than a normal risk of collectability or present other unfavourable features.
Remuneration of Key Management Personnel
Total remuneration awarded to Key Management Personnel below represents salaries, short-term benefits and pensions contributions
received during the year and awards made as part of the latest remuneration decisions in relation to the year. Costs recognised in the
income statement reflect the accounting charge for the year included within operating expenses. The difference between the values
awarded and the recognised income statement charge principally relates to the recognition of costs for deferred awards. Figures are
provided for the period that individuals met the definition of Key Management Personnel.
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Salaries and other short-term benefits
48.3
45.0
33.3
Pension costs
0.1
0.1
\u2014
Other long-term benefits
13.6
10.5
7.2
Share-based payments
26.2
18.1
10.2
Employer social security charges on emoluments
10.2
8.7
6.3
Costs recognised for accounting purposes
98.4
82.4
57.0
Employer social security charges on emoluments
(10.2)
(8.7)
(6.3)
Other long-term benefits \u2013 difference between awards granted and costs recognised
9.5
6.6
1.1
Share-based payments \u2013 difference between awards granted and costs recognised
11.7
7.4
6.0
Total remuneration awarded
109.4
87.7
57.8
Disclosure required by the Companies Act 2006
The following information regarding the Barclays PLC Board of Directors is presented in accordance with the Companies Act 2006:
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Aggregate emoluments 1
11.4
10.9
9.8
Amounts paid under LTIPs 2
1.2
\u2014
\u2014
12.6
10.9
9.8
Notes:
1 The aggregate emoluments include amounts paid for the 2025 year. In addition, deferred share awards for 2025 with a total value at grant of \u00a31.3m (2024 :
\u00a31.8m, 2023: \u00a31.5m) will be made to Directors, which will only vest subject to meeting certain conditions.
2 The figure above for \"Amounts paid under LTIPs\" relates to tranches of prior year LTIP awards that were released to Directors during the year. The LTIP figure
in the single total figure table for Executive Directors' 2025 remuneration in the Directors' Remuneration report relates to the 2023-2025 LTIP cycle, the first
tranche of which is scheduled to be released following the performance period ending on 31 December 2025.
There were no pension contributions paid to defined contribution schemes on behalf of Directors (2024: \u00a3nil, 2023: \u00a3nil). There were no
notional pension contributions to defined contribution schemes.
As at 31\u00a0December 2025, there were no Directors accruing benefits under a defined benefit scheme (2024: nil, 2023: nil).
Directors\u2019 and Officers\u2019 shareholdings and options
The beneficial ownership of ordinary share capital of Barclays PLC by all Directors and Officers of Barclays PLC (involving 30 persons) at
31\u00a0December 2025 amounted to 18,192,011 (2024: 20,479,846) ordinary shares of 25p each (0.13% of the ordinary share capital
outstanding).
As at 31\u00a0December 2025, Executive Directors and Officers of Barclays PLC (involving 19 persons) held options to purchase a total of
59,803 (2024: 49,911 ) Barclays PLC ordinary shares of 25p each at a weighted average price of 148p under Sharesave.
Advances and credit to Directors and guarantees on behalf of Directors
In accordance with Section 413 of the Companies Act 2006, the total amount of advances and credits made available in 2025 to persons
who served as Directors during the year was \u00a30.7m (2024: \u00a30.6m). The total value of guarantees entered into on behalf of Directors
during 2025 was \u00a3nil (2024: \u00a3nil ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-741": { "value": "
Related party transactions
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other
party in making financial or operational decisions, or one other party controls both.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-742": { "value": "
Key Management Personnel
Key Management Personnel are defined as those persons having authority and responsibility for planning, directing and controlling the
activities of Barclays PLC (directly or indirectly) and comprise the Directors and Officers of Barclays PLC, certain direct reports of the
Group Chief Executive and the heads of major business units and functions.
The Group provides banking services to Key Management Personnel and persons connected to them. The balances outstanding as at
31 December were as follows:
Banking services provided
2025
2024
\u00a3m
\u00a3m
Loans outstanding as at 31 December
15.4
17.5
Deposit outstanding as at 31 December
27.5
23.3
Total commitments outstanding
Total commitments outstanding refers to the total of any undrawn amounts on credit cards and/or overdraft facilities provided to Key
Management Personnel. Total commitments outstanding as at 31\u00a0December 2025 were \u00a30.5m ( 2024: \u00a30.6m).
All loans to Key Management Personnel (and persons connected to them) were made in the ordinary course of business; were made on
substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions
with other persons; and did not involve more than a normal risk of collectability or present other unfavourable features.
Remuneration of Key Management Personnel
Total remuneration awarded to Key Management Personnel below represents salaries, short-term benefits and pensions contributions
received during the year and awards made as part of the latest remuneration decisions in relation to the year. Costs recognised in the
income statement reflect the accounting charge for the year included within operating expenses. The difference between the values
awarded and the recognised income statement charge principally relates to the recognition of costs for deferred awards. Figures are
provided for the period that individuals met the definition of Key Management Personnel.
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Salaries and other short-term benefits
48.3
45.0
33.3
Pension costs
0.1
0.1
\u2014
Other long-term benefits
13.6
10.5
7.2
Share-based payments
26.2
18.1
10.2
Employer social security charges on emoluments
10.2
8.7
6.3
Costs recognised for accounting purposes
98.4
82.4
57.0
Employer social security charges on emoluments
(10.2)
(8.7)
(6.3)
Other long-term benefits \u2013 difference between awards granted and costs recognised
9.5
6.6
1.1
Share-based payments \u2013 difference between awards granted and costs recognised
11.7
7.4
6.0
Total remuneration awarded
109.4
87.7
57.8
Disclosure required by the Companies Act 2006
The following information regarding the Barclays PLC Board of Directors is presented in accordance with the Companies Act 2006:
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Aggregate emoluments 1
11.4
10.9
9.8
Amounts paid under LTIPs 2
1.2
\u2014
\u2014
12.6
10.9
9.8
Notes:
1 The aggregate emoluments include amounts paid for the 2025 year. In addition, deferred share awards for 2025 with a total value at grant of \u00a31.3m (2024 :
\u00a31.8m, 2023: \u00a31.5m) will be made to Directors, which will only vest subject to meeting certain conditions.
2 The figure above for \"Amounts paid under LTIPs\" relates to tranches of prior year LTIP awards that were released to Directors during the year. The LTIP figure
in the single total figure table for Executive Directors' 2025 remuneration in the Directors' Remuneration report relates to the 2023-2025 LTIP cycle, the first
tranche of which is scheduled to be released following the performance period ending on 31 December 2025.
There were no pension contributions paid to defined contribution schemes on behalf of Directors (2024: \u00a3nil, 2023: \u00a3nil). There were no
notional pension contributions to defined contribution schemes.
As at 31\u00a0December 2025, there were no Directors accruing benefits under a defined benefit scheme (2024: nil, 2023: nil).
Directors\u2019 and Officers\u2019 shareholdings and options
The beneficial ownership of ordinary share capital of Barclays PLC by all Directors and Officers of Barclays PLC (involving 30 persons) at
31\u00a0December 2025 amounted to 18,192,011 (2024: 20,479,846) ordinary shares of 25p each (0.13% of the ordinary share capital
outstanding).
As at 31\u00a0December 2025, Executive Directors and Officers of Barclays PLC (involving 19 persons) held options to purchase a total of
59,803 (2024: 49,911 ) Barclays PLC ordinary shares of 25p each at a weighted average price of 148p under Sharesave.
Advances and credit to Directors and guarantees on behalf of Directors
In accordance with Section 413 of the Companies Act 2006, the total amount of advances and credits made available in 2025 to persons
who served as Directors during the year was \u00a30.7m (2024: \u00a30.6m). The total value of guarantees entered into on behalf of Directors
during 2025 was \u00a3nil (2024: \u00a3nil ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-743": { "value": "Auditor\u2019s remuneration
Auditor\u2019s remuneration is included within consultancy, legal and professional fees in administration and general expenses and
comprises:
2025
2024
2023
\u00a3m
\u00a3m
\u00a3m
Audit of the Barclays Group's annual accounts
13
13
11
Other services:
Audit of the Company's subsidiaries1
57
58
53
Other audit related fees 2
15
14
12
Other services
5
6
2
Total auditor's remuneration
90
91
78
Notes:
1 Comprises the fees for the statutory audit of subsidiaries both inside and outside the UK and fees for work performed by associates of KPMG in respect of the
consolidated financial statements of the Company.
2 Comprises services in relation to statutory and regulatory filings. These include audit services for the review of the interim financial information under the
Listing Rules of the UK listing authority .
Audit scope changes are finalised following the completion of the audit and recognised when agreed. The 2025 audit fee includes \u00a3nil
(2024: 2m, 2023 : \u00a31m) relating to the previous year\u2019s audit.
2025
2024
2023
Barclays associated pension schemes
\u00a3m
\u00a3m
\u00a3m
Audit fee
0.6
0.3
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-744": { "value": "Assets and liabilities included in disposal group classified as held for sale
Accounting for Non-current assets held for sale and associated liabilities
The Group applies IFRS 5 Non-current Assets Held for Sale and Discontinued Operations . Non-current assets (or disposal groups) are
classified as held for sale when their carrying amount is to be recovered principally through a sale transaction rather than continuing use.
In order to be classified as held for sale, the asset must be available for immediate sale in its present condition subject only to terms that
are usual and customary, and the sale must be highly probable. Non-current assets (or disposal groups) held for sale are measured at the
lower of carrying amount and fair value less cost to sell. Assets and liabilities classified as held for sale are presented separately in the
consolidated balance sheet.
Management judgement is required in determining whether the IFRS 5 held for sale classification criteria are met, in particular whether
the sale is highly probable and expected to qualify for recognition as a completed sale within 12 months of classification. This
assessment requires consideration of how committed management is to the sales plan, the likelihood of obtaining regulatory or other
external approvals which is often required for sales of banking operations and how committed the buyer is to complete the sales
transaction within the agreed timelines.
The perimeter of the disposal group has been accounted for in line with the requirements of IFRS 5 as at 31 December 2025. A detailed
analysis of the disposal group is presented below.
The 2025 disposal group relates to a USCB co-branded Cards portfolio. Barclays has decided not to compete to become the sole issuer
for this portfolio leading to its transfer in H1 2026. The portfolio is expected to be sold at a premium. The extension to the 1 year sale period
is aligned to the signed contractual arrangements in place to allow the transition of the portfolio in a controlled and effective manner. The
2024 disposal group includes the USCB Cards portfolio and the German Consumer Finance Business within Head Office.
The fair value level of the financial instruments included in held for sale along with corresponding fair value hierarchy under IFRS13 is
disclosed on page 444.
As at 31 December
2025
2024
\u00a3m
\u00a3m
Assets included in disposal groups classified as held for sale
Loans and advances to customers
5,801
9,544
Intangible assets
11
25
Property, plant and equipment
\u2014
24
Other assets
120
261
Total assets classified as held for sale
5,932
9,854
Liabilities included in disposal groups classified as held for sale
Deposits from customers
\u2014
3,647
Other liabilities
\u2014
77
Provisions
\u2014
2
Total liabilities classified as held for sale
\u2014
3,726
Net assets classified as held for sale
5,932
6,128
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-745": { "value": "
Accounting for Non-current assets held for sale and associated liabilities
The Group applies IFRS 5 Non-current Assets Held for Sale and Discontinued Operations . Non-current assets (or disposal groups) are
classified as held for sale when their carrying amount is to be recovered principally through a sale transaction rather than continuing use.
In order to be classified as held for sale, the asset must be available for immediate sale in its present condition subject only to terms that
are usual and customary, and the sale must be highly probable. Non-current assets (or disposal groups) held for sale are measured at the
lower of carrying amount and fair value less cost to sell. Assets and liabilities classified as held for sale are presented separately in the
consolidated balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }