UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
May 2004
Barclays PLC and
Barclays Bank PLC
(Names of Registrants)
54 Lombard Street
London EC3P 3AH
England
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No x
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b):
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This Report is a joint Report on Form 6-K filed by Barclays PLC and Barclays
Bank PLC. All of the issued ordinary share capital of Barclays Bank PLC is
owned by Barclays PLC.
This Report comprises:
Information given to The London Stock Exchange and furnished pursuant to
General Instruction B to the General Instructions to Form 6-K.
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EXHIBIT INDEX
Exhibit No.
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1. Transaction in Own Shares dated 04 May 2004
2. Transaction in Own Shares dated 05 May 2004
3. Directors' Interests dated 05 May 2004
4. Base Rate Change dated 06 May 2004
5. Transaction in Own Shares dated 06 May 2004
6. Transaction in Own Shares dated 07 May 2004
7. Director Shareholding dated 10 May 2004
8. Transaction in Own Shares dated 10 May 2004
9. Transaction in Own Shares dated 12 May 2004
10. Transaction in Own Shares dated 13 May 2004
11. Listing Particulars dated 14 May 2004
12. Property Index Certificates dated 17 May 2004
13. Transaction in Own Shares dated 17 May 2004
14. Director Shareholding dated 18 May 2004
15. Transaction in Own Shares dated 19 May 2004
16. Transaction in Own Shares dated 20 May 2004
17. Transaction in Own Shares dated 21 May 2004
18. Transaction in Own Shares dated 24 May 2004
19. Director Shareholding dated 24 May 2004
20. Director Shareholding dated 25 May 2004
21. Transaction in Own Shares dated 25 May 2004
22. Trading Statement dated 27 May 2004
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each of
the registrants has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BARCLAYS PLC
(Registrant)
Date: June 1, 2004 By: /s/ Simon Pordage
----------------------
Simon Pordage
Head of Board Support
BARCLAYS BANK PLC
(Registrant)
Date: June 1, 2004 By: /s/ Simon Pordage
----------------------
Simon Pordage
Head of Board Support
Exhibit No. 1
Barclays PLC
SHARE REPURCHASE
Barclays PLC announces that on 4th May 2004 it purchased for cancellation
525,000 of its Ordinary shares at a price of 508.21pence per share.
Exhibit No. 2
Barclays PLC
SHARE REPURCHASE
Barclays PLC announces that on 5th May 2004 it purchased for cancellation
3,340,000 of its Ordinary shares at a price of 509.11pence per share.
Exhibit No. 3
5 May 2004
Notification of directors' interests: Companies Act 1985 s.329
1. The independent trustee of the Barclays Group (ESAS) Employees' Benefit
Trust (the "trust") notified the Company on 4 May 2004 that it had between
26 April 2004 and 30 April 2004 exercised its discretion and released
14,062 ordinary shares in Barclays PLC at a price between 507.13p and
510.25p per share to participants in the Executive Share Award Scheme
("ESAS"). None of these shares were released to a director of Barclays
PLC.
2. The independent trustee of the Barclays Group (PSP & ESOS) Trust (the "PSP
& ESOS trust") notified the Company on 4 May 2004 that it had on 26 April
2004 exercised its discretion and released 23,856 ordinary shares in
Barclays PLC to participants who exercised their awards under the Barclays
Group Performance Share Plan ("PSP"). None of these shares were released
to directors of Barclays PLC.
3. The independent trustee of the Barclays Group (PSP & ESOS) Supplementary
Trust (the "PSP & ESOS Supplementary trust") notified the Company on 4 May
2004 that it had on 26 April 2004 exercised its discretion and released
1,719 ordinary shares in Barclays PLC. None of these shares were released
to directors of Barclays PLC.
4. The Company was notified on 4 May 2004 by the Administrators of the
Dividend Reinvestment Plan (the "Plan") that on 30 April 2004 the following
directors had received ordinary shares in the Company by way of the Plan
for the 2003 final dividend at a price of 508.36p per share. The number of
shares received by each director, together with their total beneficial
interests following the allotments are as follows:
Director No. of shares received Beneficial interests
M W Barrett 7,273 284,929
S G Russell 60 12,163
D L Roberts 37 62,170
5. The Company was notified on 5 May 2004 by C J Lendrum, a director of the
Company, that on 4 May 2004 he had gifted 6,008 ordinary shares in the
Company to Durham University. The number of ordinary shares in the Company
held beneficially by Mr Lendrum following the transaction is now 231,418.
Following these transactions, the trustees of all the Barclays Group employees'
benefit trusts hold a total of 107,169,056 ordinary shares in Barclays PLC. Sir
Peter Middleton, Chairman, and the executive directors of Barclays PLC are
amongst the potential beneficiaries under these trusts and are therefore
regarded for Companies Act purposes as being interested in the Barclays PLC
ordinary shares held in them.
Exhibit No. 4
6 May 2004
BARCLAYS BANK INCREASING BASE RATE
Barclays Bank is increasing its base rate by 0.25 per cent to 4.25 per cent with
effect from today, 6 May 2004.
Exhibit No. 5
Barclays PLC
SHARE REPURCHASE
Barclays PLC announces that on 6th May 2004 it purchased for cancellation
7,690,000 of its Ordinary shares at a price of 506.08pence per share.
Exhibit No. 6
Barclays PLC
Share Repurchase
Barclays PLC announces that on 7 May 2004 it purchased for cancellation
3,000,000 of its Ordinary Shares at a price of 498.3717 pence per share.
Exhibit No. 7
10 May 2004
Notification of directors' interests: Companies Act 1985 s.329
1. The independent trustee of the Barclays Group (ESAS) Employees' Benefit
Trust (the "ESAS Trust") notified the Company on 10 May 2004 that it had between
4 May 2004 and 7 May 2004 exercised its discretion and released 73,467 ordinary
shares in Barclays PLC to participants in the Executive Share Award Scheme
("ESAS"). The participants to whom the shares were released are not directors of
Barclays PLC.
2. The trustee of the Barclays Group Share Incentive Plan ("the SIP")
informed the Company on 7 May 2004 it had purchased, and now held as bare
trustee under the SIP, the following ordinary shares in the capital of Barclays
PLC for the following directors at a price of 502p per share:
Director Number of Shares
Mr G A Hoffman 25
Mr C J Lendrum 25
Mr D L Roberts 25
Mr J S Varley 25
The revised total shareholding for each director following these transactions,
is as follows:
Director Beneficial Holding Non Beneficial
Holding
Mr G A Hoffman 133,005 -
Mr C J Lendrum 231,443 -
Mr D L Roberts 62,195 -
Mr J S Varley 329,600 -
Following these transactions, the trustees of all the Barclays Group employees'
benefit trusts hold a total of 107,095,589 ordinary shares in Barclays PLC. Sir
Peter Middleton, Chairman, and the executive directors of Barclays PLC are
amongst the potential beneficiaries under these trusts and are therefore
regarded for Companies Act purposes as being interested in the Barclays PLC
ordinary shares held in them.
Exhibit No. 8
Barclays PLC
Share Repurchase
Barclays PLC announces that on 10 May 2004 it purchased for cancellation
2,925,000 of its Ordinary Shares at a price of 491.9973 pence per share.
Exhibit No. 9
Barclays PLC
Share Repurchase
Barclays PLC announces that on 12 May 2004 it purchased for cancellation
4,125,000 of its Ordinary Shares at a price of 496.31 pence per share.
Exhibit No. 10
Barclays PLC
Share Repurchase
Barclays PLC announces that on 13 May 2004 it purchased for cancellation 750,000
of its Ordinary Shares at a price of 496.1809pence per share.
Exhibit No. 11
FORMAL NOTICE FOR SPECIALIST SECURITIES
PUBLICATION DATE: 14 May 2004
Application has been made to the UK Listing Authority for the following
securities to be admitted to the Official List.
DETAILS OF ISSUE: GBP15,000,000,000 Debt Issuance Programme for the
issue of Notes
ISSUER: Barclays Bank Plc
INCORPORATED IN: The United Kingdom
Particulars relating to the programme may be obtained during the business hours
throughout the period that the notes are issued under the programme and
commencing from the date of this formal notice from:
Barclays Bank Plc The Bank of New York
10 The South Colonnade One Canada Square
Canary Wharf London
London E14 5AL
W14 4PU
In addition, a copy of the Particulars is available for inspection at the
Document Viewing Facility at the Financial Services Authority, 25 The North
Colonnade, London E14 5HS.
Exhibit No. 12
BARCLAYS PROPERTY INDEX CERTIFICATES
"PICs"
Notification of Monthly Proxy Index and Monthly Proxy Capital Growth Index
IPD Annual Capital IPD Annual
Growth Index1 Index1
Dec 2002 (as certified by IPD March 2003) 200.90647 853.53947
Dec 2003 (as certified by IPD February 2004) 208.76776 946.69827
Monthly Proxy Capital Monthly Proxy
Growth Index2 Index2
March 2004 (as certified by IPD April 2004) 212.4 978.2
April 2004 (as certified by IPD May 2004) 213.6 989.1
Capital Growth Total Return
In month of April 2004 0.6% 1.1%
In 2004 to end April 2.3% 4.5%
Source: Investment Property Databank Limited ("IPD")
Notes
1. The index referred to as the IPD "Annual Index" is the Investment Property
Databank All Property (Standing Investments excluding Active Management)
Annual Total Return Index. The IPD Annual Capital Growth Index is a
component of the Annual Index and both are calculated by IPD from
information held in its annual database which at 31st December 2003
contained information relating to individual properties having an aggregate
value of approximately GBP105.1bn.
2. IPD compiles monthly indices as proxies for the Annual Index (the "Monthly
Proxy Index") and for the Annual Capital Growth Index (the "Monthly Proxy
Capital Growth Index") for the preceding month. The Monthly Proxy Index and
the Monthly Proxy Capital Growth Index are estimated by reference to
information contained in the monthly database, which at the end of December
2003 contained information relating to individual properties having an
aggregate value of approximately GBP17.4bn. As these indices are intended
to be proxies for the Annual Index and the Annual Capital Growth Index, the
constituent information is re-weighted by sector, property type and region
to reflect the portfolio of properties used in the calculation of the
Annual Index and the Annual Capital Growth Index.
Investment Property Databank Limited ("IPD") will not be liable to any holder of
Barclays Property Index Certificates for any loss or damage as a result of any
error in any of the above mentioned indices. This information has been prepared
by IPD. Whilst it is deemed to be reliable, Barclays Bank PLC does not represent
that such information is accurate or complete and it should not be relied upon
as such. The prices of investments which trade in limited markets may go up or
down.
Charles House, 5-11 Regent Street
London SW1Y 4LR
Telephone : 020- 7747 1700.
Fax : 020-7839 7460.
Contact : Simon Redman or
Andrew Thomson
May 17th 2004
Exhibit No. 13
Barclays PLC
Share Repurchase
Barclays PLC announces that on 17 May 2004 it purchased for cancellation 750,000
of its Ordinary Shares at a price of 490.8473pence per share.
Exhibit No. 14
18 May 2004
Notification of directors' interests: Companies Act 1985 s.329
1. The independent trustee of the Barclays Group (ESAS) Employees' Benefit
Trust, (the "ESAS trust") notified the Company on 17 May 2004 that it had on
13 May 2004 exercised its discretion and purchased a total of 678,452
ordinary shares in Barclays PLC at a price of GBP5.00 per share. None of the
shares purchased were in respect of an award made to a director of Barclays
PLC.
2. The independent trustee of the Barclays Group (ESAS) Employees' Benefit
Trust, (the "ESAS trust") notified the Company on 17 May 2004 that it had on
11 May 2004 and 12 May 2004 exercised its discretion and released a total of
13,675 ordinary shares in Barclays PLC at prices of GBP4.97 and GBP4.96 per
share, respectively. None of the shares released were in respect of an award
made to a director of Barclays PLC.
3. The independent trustee of the Barclays Group (ESAS) Supplementary
Trust (the "ESAS Supplementary trust") notified the Company on 17 May 2004
that it had on 13 May 2004 purchased a total of 16,615 shares in Barclays PLC
at a price of GBP5.00 per share. None of the shares purchased were in respect
of an award made to a director of Barclays PLC.
Following these transactions, the trustees of all the Barclays Group employees'
benefit trusts hold a total of 107,776,981 ordinary shares in Barclays PLC. Sir
Peter Middleton, Chairman, and the executive directors of Barclays PLC are
amongst the potential beneficiaries under these trusts and are therefore
regarded for Companies Act purposes as being interested in the Barclays PLC
ordinary shares held in them.
Exhibit No. 15
Barclays PLC
Share Repurchase
Barclays PLC announces that on 19 May 2004 it purchased for cancellation 700,000
of its Ordinary Shares at a price of 501.7431pence per share.
Exhibit No. 16
Barclays PLC
Share Repurchase
Barclays PLC announces that on 20 May 2004 it purchased for cancellation
1,450,000 of its Ordinary Shares at a price of 498.85pence per share.
Exhibit No. 17
Barclays PLC
Share Repurchase
Barclays PLC announces that on 21 May 2004 it purchased for cancellation
3,000,000 of its Ordinary Shares at a price of 504.5053pence per share.
Exhibit No. 18
Barclays PLC
Share Repurchase
Barclays PLC announces that on 24 May 2004 it purchased for cancellation
3,500,000 of its Ordinary Shares at a price of 503.6514pence per share.
Exhibit No. 19
24 May 2004
Notification of directors' interests: Companies Act 1985 s.329
1. The Company was notified on 21 May 2004 by the Plan Manager of the
Barclays Self Select PEP that on 14 May 2004, Mr C J Lendrum, a director of
Barclays PLC, received 29 ordinary shares in the Company at a price of 494.5p
per share as a result of the dividend on the shares held in the PEP for Mr
Lendrum being reinvested.
Following this transaction, Mr Lendrum holds a beneficial interest in 231,472
ordinary shares in the capital of Barclays PLC.
Following this transaction, the trustees of all the Barclays Group employees'
benefit trusts hold a total of 107,095,589 ordinary shares in Barclays PLC. Mr
Lendrum, and the executive directors of Barclays PLC are amongst the potential
beneficiaries under these trusts and are therefore regarded for Companies Act
purposes as being interested in the Barclays PLC ordinary shares held in them.
Exhibit No. 20
25 May 2004
Notification of directors' interests: Companies Act 1985 s.329
1. The independent trustee of the Barclays Group (ESAS) Employees' Benefit
Trust (the "ESAS Trust") notified the Company on 24 May 2004 that it
had between 19 May 2004 and 21 May 2004 exercised its discretion and
released 36,101 ordinary shares in Barclays PLC to participants in the
Executive Share Award Scheme ("ESAS"). The participants to whom the
shares were released are not directors of Barclays PLC.
Following these transactions, the trustees of all the Barclays Group employees'
benefit trusts hold a total of 107,740,880 ordinary shares in Barclays PLC. Sir
Peter Middleton, Chairman, and the executive directors of Barclays PLC are
amongst the potential beneficiaries under these trusts and are therefore
regarded for Companies Act purposes as being interested in the Barclays PLC
ordinary shares held in them.
Exhibit No. 21
Barclays PLC
Share Repurchase
Barclays PLC announces that on 25 May 2004 it purchased for cancellation 129,909
of its Ordinary Shares at a price of 498.75pence per share.
Exhibit No. 22
27th May 2004
BARCLAYS PLC
TRADING UPDATE
Barclays PLC ("Barclays") will host a conference call at 09.00 (BST) today. A
recording of the conference call will be posted on the Investor Relations
website.
Key trends set out below, unless stated otherwise, relate to the three months to
31st March 2004, and are compared to the corresponding three months of 2003.
Barclays re-organised its portfolio of businesses with effect from 1st January
2004. The 2003 results based on the new structure are set out in the Appendix.
Group Performance Commentary
Matthew W. Barrett, Group Chief Executive, commented: "Barclays has made a
strong start to 2004, demonstrating continued success in implementing our growth
strategy both in the UK and internationally."
Profit before tax increased significantly compared to the relatively weak first
quarter of 2003 and was well ahead of the quarterly average for 2003.
The growth in profit before tax continued to be broadly based, with sustained
income growth underpinning increased confidence to invest for the future.
Individual Business Commentary
UK Banking made a solid start to 2004. In UK Retail Banking, income increased
modestly, driven by higher average assets and liabilities, although balances
remained in line with end of 2003 levels. Costs remained well controlled. In UK
Business Banking, income growth reflected good increases in average lending and
deposit balances. Costs rose as a consequence of increased volumes.
Private Clients made a strong start to 2004 as a result of a good underlying
performance, improving equity markets and the successful integration of the
Charles Schwab Europe business which was acquired in the first quarter of 2003.
The Gerrard business, which was acquired in December 2003 performed well in the
first quarter. The closed life assurance activities continued to be affected by
costs relating to redress for customers in respect of sales of endowment
policies. International performed well during the first quarter with a good
performance in Spain, driven in part by Banco Zaragozano which was acquired in
the third quarter of 2003. The integration of Banco Zaragozano is ahead of plan.
Barclaycard had a good first quarter. Income growth resulted from higher average
balances in both the credit card and consumer finance businesses. Higher average
balances more than compensated for the modest margin pressure resulting from the
increases in UK base rates. Extended credit balances in the UK at the end of the
quarter were in line with end of 2003 levels. The international business
continued to demonstrate good income and balance growth. Costs in Barclaycard
increased, reflecting higher business volumes and increased strategic investment
spend.
The Wholesale and Institutional businesses made a very strong start to 2004.
Barclays Capital had an excellent quarter as a result of record levels of client
activity and an improved market environment. Record levels of income were well
spread, with both primary and secondary income growing very strongly. Costs
increased in line with income growth as a result of increased business volumes,
continued investment in the business and higher performance related costs.
Barclays Global Investors performed very strongly reflecting the positive effect
of increased funds under management, continued good investment performance in
the active business and further growth in exchange traded funds (Global
iShares).
Group Income
Operating income rose strongly, with net interest income, fees and commissions,
and dealing profits all higher. Total operating income was higher than in any
quarter of 2003. Income growth also reflected the inclusion, for the first time,
of businesses which were acquired in 2003.
The Group net interest margin remained broadly stable; an increase in the
international margin more than offset a small decline in the domestic margin.
Group Costs
Operating expenses increased broadly in line with income growth, reflecting
accelerating investment, increased variable compensation due to strong profit
performances, and higher business volumes. Cost growth also reflected the
inclusion, for the first time, of businesses which were acquired in 2003.
Industry wide regulatory compliance programmes, such as new UK regulation of
mortgages and general insurance, International Financial Reporting Standards,
Sarbanes Oxley and Basel II, affected cost growth in the first quarter and will
impact cost growth in 2004.
Risk Management
Asset quality remained strong; potential credit risk loan balances fell during
the first quarter. Total provisions for bad and doubtful debts also fell.
In UK Retail Banking, UK Business Banking and Barclaycard, growth in average
balances resulted in provisions rising in line with expectations. Arrears
performance and early warning risk indicators in these businesses were stable.
Barclays Capital continued to benefit from the improved credit environment in
the wholesale markets.
Capital Management
Capital ratios remained strong, and the generation of earnings exceeded the
capital requirements in the business.
The share repurchase programme continues to be used as the balancing factor in
capital management. In 2004 to date, Barclays has repurchased GBP600m of shares,
1.9% of issued share capital, for cancellation at a weighted average price of
495p per share.
Conference call and webcast details
The Group Finance Director's briefing of investors and analysts will be
available as a live conference call at 09.00 (BST) on 27th May 2004. The
telephone number is 0845-301-4020 (UK) or +44 (0) 20-8322-2037(outside UK), with
the access code 'Barclays trading update'. The briefing will also be available
as a live audio webcast on the investor relations website at:
www.investorrelations.barclays.co.uk/ivr/q1_update.
Results timetable
2004 interim results announced 5th August 2004
Interim 2004 Ex Dividend Date 18th August 2004
Interim 2004 Dividend Record Date 20th August 2004
Interim 2004 Dividend Payment Date 1st October 2004
For further information please contact:
Investor Relations Media Relations
James S Johnson/Cathy Turner Chris Tucker/Leigh Bruce
+44 (0) 20 7699 4525/3638 +44 (0) 20 7699 3161/2658
This document contains certain forward-looking statements within the meaning of
Section 21E of the US Securities Exchange Act of 1934, as amended, and Section
27A of the Securities Act of 1933, as amended, with respect to certain of the
Group's plans and its current goals and expectations relating to its future
financial condition and performance. These forward looking statements can be
identified by the fact that they do not relate only to historical or current
facts. Forward looking statements sometimes use words such as "anticipate",
"target", "expect", "estimate", "intend", "plan", "goal", "believe" or other
words of similar meaning. By their nature, forward looking statements involve
risk and uncertainty because they relate to future events and circumstances,
including but not limited to UK domestic and global economic and business
conditions, market related risks such as changes in interest and exchange rates,
the policies and actions of governmental and regulatory authorities, changes in
legislation and the impact of competition a number of which are beyond the
Group's control. As a result, the Group's actual future results may differ
materially from the plans, goals and expectations set forth in the
forward-looking statements. A more detailed list of these factors is contained
on pages pp110-111 of Barclays PLC Annual Report 2003 that is available on the
Internet at www.investorrelations.barclays.co.uk/ivr/2004_report. Any forward
looking statements made by or on behalf of Barclays speak only as of the date
they are made. Barclays does not undertake to update forward looking statements
to reflect any changes in Barclays expectations with regard thereto or any
changes in events, conditions or circumstances on which any such statement is
based. The reader should, however, consult any additional disclosure that
Barclays may make in documents it files with the US Securities and Exchange
Commission.
APPENDIX
REPORTING OF GROUP STRUCTURE IN 2004
As announced in October 2003, Barclays has re-organised its portfolio of
businesses. This structure is better aligned to furthering the Group's strategic
priorities and serving customers in the most effective manner.
From 1st January 2004, for reporting purposes, Barclays has been organised into
the following business groupings.
* UK Banking, comprising
- UK Retail Banking
- UK Business Banking
* Private Clients and International, comprising
- Private Clients
- International
* Barclaycard
* Wholesale and Institutional
- Barclays Capital
- Barclays Global Investors
Group structure changes from 2003
UK Banking has been created from most of the former Personal Financial Services
and Business Banking businesses. In addition UK Premier, formerly part of
Barclays Private Clients is now managed as part of UK Banking. UK Banking will
report at the aggregate level and in addition as UK Retail Banking, and UK
Business Banking.
UK Retail Banking comprises Personal Customers, Small Business, UK Premier and
Mortgages. The UK unsecured consumer lending business is now part of Barclaycard
(although UK Retail Banking receives fee income for card and consumer finance
business originated through the distribution network); Banca Woolwich in Italy
is now part of Private Clients and International. The UK Premier business was
formerly part of Barclays Private Clients. Management of activities providing
Group-wide central information technology services has been transferred to UK
Retail Banking. Operating expenses were previously reported within Head office
functions and other operations. The net impact of this revised structure against
Personal Financial Services results for 2003 is: the addition of GBP330m to
operating income, the addition of GBP349m to operating expenses excluding
goodwill, a reduction of GBP196m in provisions and the addition of GBP178m to
profit before tax excluding goodwill and exceptional items.
UK Business Banking comprises Larger Business and Medium Business including
Asset, Sales and Venture Finance. Small Business is now reported in UK Retail
Banking. A small number of corporate clients and elements of the large asset
leasing business previously managed within Business Banking are now managed by
and reported in Barclays Capital. The net impact of this revised structure
against Business Banking results for 2003 is: a reduction of GBP562m in
operating income, a reduction of GBP356m in operating expenses excluding
goodwill, a reduction of GBP30m in provisions and a reduction of GBP176m in
profit before tax excluding goodwill and exceptional items.
Private Clients and International has been created from the former Barclays
Private Clients and Barclays Africa businesses. In addition the Italian
business, Banca Woolwich, formerly part of Personal Financial Services, is now
managed as part of the International business. UK Premier, formerly part of
Barclays Private Clients, is now part of UK Retail Banking. The net impact of
this revised structure against the combined results of Barclays Private Clients
and Barclays Africa for 2003 is: a reduction of GBP207m in operating income, a
reduction of GBP80m in operating expenses excluding goodwill, a reduction of
GBP22m in provisions and a reduction of GBP107m in profit before tax excluding
goodwill and exceptional items. Private Clients and International will report at
the aggregate level and in addition as Private Clients, and International.
Private Clients comprises Private Banking, Wealth Solutions (formerly Investment
Management) and International Offshore Banking. The UK Premier business is now
part of UK Retail Banking.
International comprises the international retail and corporate banking
operations in Iberia, France, Italy, Africa and the Caribbean associated
undertaking.
Barclaycard comprises the UK and international credit card operations and the UK
unsecured consumer lending business which was formerly part of Personal
Financial Services. A fee structure has been put in place to reflect the flows
of cards and consumer finance business to Barclaycard from UK Banking. The net
impact of this revised structure against Barclaycard results for 2003 is: the
addition of GBP398m to operating income, the addition of GBP115m to operating
expenses excluding goodwill, the addition of GBP246m to provisions and the
addition of GBP37m to profit before tax excluding goodwill and exceptional
items.
Barclays Capital has added a small number of corporate clients and elements of
the large asset leasing business previously managed within Business Banking. The
net impact of this revised structure against Barclays Capital results for 2003
is: the addition of GBP74m to operating income, the addition of GBP20m to
operating expenses excluding goodwill, the addition of GBP1m to provisions and
the addition of GBP53m to profit before tax excluding goodwill and exceptional
items.
Head Office Functions and Other Operations: management of activities providing
central information technology services has been transferred to UK Retail
Banking. The impact of this revised structure, against Head Office Functions and
Other Operations for 2003, is a reduction of operating expenses by GBP24m.
The restructure has had no impact on the Group profit and loss account as
reported in the 2003 Annual Report. A breakdown of profit before tax excluding
goodwill amortisation and exceptional items and reconciled to Group profit
before tax is set out below.
In addition for each business, the 2003 profit and loss account, risk tendency,
weighted risk assets, total assets and staff numbers under the new structure are
also set out below.
Barclays Group profit before tax
Half-year ended
2003 31.12.03 30.06.03
GBPm GBPm GBPm
_____ _____ _____
UK Retail Banking 1,151 569 582
UK Business Banking 1,135 568 567
_____ _____ _____
UK Banking 2,286 1,137 1,149
_____ _____ _____
Private Clients 18 8 10
International 262 143 119
_____ _____ _____
Private Clients and International 280 151 129
Barclaycard 761 374 387
Barclays Capital 836 398 438
Barclays Global Investors 191 100 91
Head office functions and other (241) (139) (102)
operations
_____ _____ _____
Profit on ordinary activities before 4,113 2,021 2,092
tax excluding goodwill and
exceptional items
Exceptional items 4 5 (1)
Profit before tax excluding goodwill 4,117 2,026 2,091
amortisation
Goodwill relating to associated (7) (4) (3)
undertakings
Goodwill amortisation (265) (140) (125)
_____ _____ _____
Profit before tax 3,845 1,882 1,963
===== ===== =====
UK Banking
Half-year ended
2003 31.12.03 30.06.03
GBPm GBPm GBPm
Net interest income 3,301 1,667 1,634
Net fees and commissions 1,807 926 881
Other operating income 397 217 180
_____ _____ _____
Operating income 5,505 2,810 2,695
Operating expenses excluding
goodwill and restructuring costs (2,813) (1,464) (1,349)
Restructuring costs (90) (46) (44)
_____ _____ _____
Operating expenses excluding (2,903) (1,510) (1,393)
goodwill
Operating profit before provisions 2,602 1,300 1,302
excluding goodwill
Provisions for bad and doubtful (326) (169) (157)
debts
_____ _____ _____
Operating profit excluding goodwill 2,276 1,131 1,145
Profit from associated undertakings 10 6 4
_____ _____ _____
Profit on ordinary activities before
tax excluding goodwill and
exceptional items 2,286 1,137 1,149
===== ===== =====
UK Retail Banking
Half-year ended
2003 31.12.03 30.06.03
GBPm GBPm GBPm
Net interest income 2,000 1,003 997
Net fees and commissions 1,074 550 524
Other operating income 365 204 161
_____ _____ _____
Operating income 3,439 1,757 1,682
Operating expenses excluding
goodwill and restructuring costs (2,124) (1,116) (1,008)
Restructuring costs (64) (31) (33)
_____ _____ _____
Operating expenses excluding (2,188) (1,147) (1,041)
goodwill
Operating profit before provisions 1,251 610 641
excluding goodwill
Provisions for bad and doubtful (107) (45) (62)
debts
_____ _____ _____
Operating profit excluding goodwill 1,144 565 579
Profit from associated undertakings 7 4 3
_____ _____ _____
Profit on ordinary activities before
tax excluding goodwill and
exceptional items 1,151 569 582
===== ===== =====
UK Business Banking
Half-year ended
2003 31.12.03 30.06.03
GBPm GBPm GBPm
Net interest income 1,301 664 637
Net fees and commissions 733 376 357
Other operating income 32 13 19
_____ _____ _____
Operating income 2,066 1,053 1,013
Operating expenses excluding
goodwill and restructuring costs (689) (348) (341)
Restructuring costs (26) (15) (11)
_____ _____ _____
Operating expenses excluding (715) (363) (352)
goodwill
Operating profit before provisions 1,351 690 661
excluding goodwill
Provisions for bad and doubtful (219) (124) (95)
debts
_____ _____ _____
Operating profit excluding goodwill 1,132 566 566
Profit from associated undertakings 3 2 1
_____ _____ _____
Profit on ordinary activities before
tax excluding goodwill and
exceptional items 1,135 568 567
===== ===== =====
Private Clients and International
Half-year ended
2003 31.12.03 30.06.03
GBPm GBPm GBPm
Net interest income 749 410 339
Net fees and commissions 683 364 319
Other operating income 36 24 12
_____ _____ _____
Operating income 1,468 798 670
Operating expenses excluding
goodwill and restructuring costs (1,027) (552) (475)
Restructuring costs (69) (56) (13)
_____ _____ _____
Operating expenses excluding (1,096) (608) (488)
goodwill
Operating profit before provisions 372 190 182
excluding goodwill
Provisions for bad and doubtful (36) (22) (14)
debts
_____ _____ _____
Operating profit
- ongoing business 336 168 168
Profit from associated undertakings 24 15 9
_____ _____ _____
Profit on ordinary activities before
tax excluding goodwill and
exceptional items - ongoing business 360 183 177
Contribution from closed life (80) (32) (48)
assurance activities
_____ _____ _____
Profit on ordinary activities before
tax excluding goodwill and
exceptional items 280 151 129
===== ===== =====
Private Clients
Half-year ended
2003 31.12.03 30.06.03
GBPm GBPm GBPm
Net interest income 288 148 140
Net fees and commissions 394 206 188
Other operating income 4 1 3
_____ _____ _____
Operating income 686 355 331
Operating expenses excluding
goodwill and restructuring costs (548) (285) (263)
Restructuring costs (37) (29) (8)
_____ _____ _____
Operating expenses excluding (585) (314) (271)
goodwill
Operating profit before provisions 101 41 60
excluding goodwill
Provisions for bad and doubtful (3) (1) (2)
debts
_____ _____ _____
Operating profit
- ongoing business 98 40 58
_____ _____ _____
Profit on ordinary activities before
tax excluding goodwill and
exceptional items - ongoing business 98 40 58
Contribution from closed life (80) (32) (48)
assurance activities
_____ _____ _____
Profit on ordinary activities before
tax excluding goodwill and
exceptional items 18 8 10
===== ===== =====
International
Half-year ended
2003 31.12.03 30.06.03
GBPm GBPm GBPm
Net interest income 461 262 199
Net fees and commissions 289 158 131
Other operating income 32 23 9
_____ _____ _____
Operating income 782 443 339
Operating expenses excluding
goodwill and restructuring costs (479) (267) (212)
Restructuring costs (32) (27) (5)
_____ _____ _____
Operating expenses excluding (511) (294) (217)
goodwill
Operating profit before provisions 271 149 122
excluding goodwill
Provisions for bad and doubtful (33) (21) (12)
debts
_____ _____ _____
Operating profit excluding goodwill 238 128 110
Profit from associated undertakings 24 15 9
_____ _____ _____
Profit on ordinary activities before
tax excluding goodwill and
exceptional items 262 143 119
===== ===== =====
Barclaycard
Half-year ended
2003 31.12.03 30.06.03
GBPm GBPm GBPm
Net interest income 1,555 804 751
Net fees and commissions 670 347 323
Other operating income 3 3 -
_____ _____ _____
Operating income 2,228 1,154 1,074
Operating expenses excluding
goodwill and restructuring costs (746) (399) (347)
Restructuring costs (15) (10) (5)
_____ _____ _____
Operating expenses excluding (761) (409) (352)
goodwill
Operating profit before provisions 1,467 745 722
excluding goodwill
Provisions for bad and doubtful (708) (373) (335)
debts
_____ _____ _____
Operating profit excluding goodwill 759 372 387
Profit from joint ventures 2 2 -
_____ _____ _____
Profit on ordinary activities before
tax excluding goodwill and
exceptional items 761 374 387
===== ===== =====
Wholesale and Institutional - Barclays Capital
Half-year ended
2003 31.12.03 30.06.03
GBPm GBPm GBPm
Net interest income 1,024 509 515
Dealing profits 1,042 515 527
Net fees and commissions 551 298 253
Other operating income 109 61 48
_____ _____ _____
Operating income 2,726 1,383 1,343
Operating expenses excluding
goodwill and restructuring costs (1,626) (857) (769)
Restructuring costs (12) (6) (6)
_____ _____ _____
Operating expenses excluding
goodwill (1,638) (863) (775)
Operating profit before provisions 1,088 520 568
Provisions for bad and doubtful (253) (122) (131)
debts
_____ _____ _____
Operating profit excluding goodwill 835 398 437
Profit from associated undertakings 1 - 1
_____ _____ _____
Profit on ordinary activities before
tax excluding goodwill and
exceptional items 836 398 438
===== ===== =====
Wholesale and Institutional - Barclays Global Investors
Half-year ended
2003 31.12.03 30.06.03
GBPm GBPm GBPm
Net interest income 9 4 5
Net fees and commissions 662 356 306
Other operating income 1 1 -
_____ _____ _____
Operating income 672 361 311
Operating expenses excluding
goodwill and restructuring costs (473) (253) (220)
Restructuring costs (7) (7) -
_____ _____ _____
Operating expenses excluding (480) (260) (220)
goodwill
Operating profit excluding goodwill 192 101 91
Loss from joint ventures (1) (1) -
_____ _____ _____
Profit on ordinary activities before 191 100 91
tax excluding goodwill
===== ===== =====
Head office functions and other operations
Half-year ended
2003 31.12.03 30.06.03
GBPm GBPm GBPm
Head office functions and central (200) (124) (76)
items
Transition businesses (25) (5) (20)
Restructuring costs (16) (10) (6)
_____ _____ _____
Loss on ordinary activities before (241) (139) (102)
tax excluding goodwill and
exceptional items
===== ===== =====
Risk Tendency
Half-year ended
31.12.03 30.06.03
GBPm GBPm
_______ ______
UK Retail Banking 150 185
UK Business Banking 225 225
_______ ______
UK Banking 375 410
_______ ______
Private Clients 5 5
International 70 45
_______ ______
Private Clients and International 75 50
Barclaycard 775 710
Barclays Capital 145 200
Transition businesses 20 20
_______ ______
1,390 1,390
======= ======
Total assets1 and weighted risk assets
Total assets Weighted risk assets
31.12.03 30.06.03 31.12.03 30.06.03
GBPm GBPm GBPm GBPm
_________ ________ ________ _________
UK Retail Banking 67,001 66,415 35,835 36,022
UK Business Banking 43,994 43,114 48,647 47,040
_________ ________ ________ _________
UK Banking 110,995 109,529 84,482 83,062
_________ ________ ________ _________
Private Clients 4,395 4,944 3,240 2,984
International 22,097 16,226 14,944 12,572
_________ ________ ________ _________
Private Clients and 26,492 21,170 18,184 15,556
International
Barclaycard 20,348 19,054 18,334 17,571
Barclays Capital 268,702 279,963 65,149 62,082
Barclays Global Investors 533 607 1,137 1,083
Head office functions and 3,709 4,792 1,711 2,060
other operations
Goodwill 4,406 3,867 - -
Retail life-fund assets 8,077 7,642 - -
_________ ________ ________ _________
443,262 446,624 188,997 181,414
========= ======== ======== =========
1Comparatives for June 2003 and December 2003 have been restated to reduce own
shares and shareholders' funds by GBP100m at 30th June 2003 and GBP99m at 31st
December 2003 consequent to the adoption of UITF 38.
Staff numbers
31.12.03 30.06.03
Number of staff at period end:
_______ _______
UK Retail Banking 32,400 33,600
UK Business Banking 8,800 9,200
_______ _______
UK Banking 41,200 42,800
_______ _______
Private Clients 6,900 6,200
International 12,100 10,700
_______ _______
Private Clients and International 19,000 16,900
Barclaycard 6,200 5,900
Barclays Capital 5,800 5,300
Barclays Global Investors 2,000 2,000
Head office functions and other operations 600 700
_______ _______
Total Group permanent and contract staff 74,800 73,600
worldwide
Temporary and agency staff worldwide 4,100 3,800
_______ _______
Total including temporary and agency staff 78,900 77,400
======= =======