Barclays delivered return on tangible equity (RoTE) of 11.4% in Q223 and 13.2% in H123, with a half year dividend of 2.7p per share and intends to initiate a share buyback of up to £750m
C. S. Venkatakrishnan, Group Chief Executive, commented“We have positioned Barclays carefully for this mixed macroeconomic environment and delivered a consistent performance in the second quarter. Through our diverse sources of income, prudent risk management, and ongoing cost discipline we have again demonstrated the stability and strength of the franchise we have built over many years. This means we are able to distribute increased capital returns to shareholders, while providing targeted support to our customers and clients. Looking forward we are very confident of meeting our targets for the full year.”
·
Q223 RoTE of 11.4% and H123 of 13.2%, with double-digit RoTE across all operating divisions in both periods
·
Announced H123 dividend of 2.7p per share and a share buyback of up to £750m
·
Strong balance sheet with Common Equity Tier 1 (CET1) ratio of 13.8% and Liquidity Coverage Ratio (LCR) of 158%
Key financial metrics:
Income
Cost: income ratio
LLR
Profit before tax
Attributable profit
RoTE
EPS
TNAV per share
CET1 ratio
Total capital return1
Q223
£6.3bn
63%
37bps
£2.0bn
£1.3bn
11.4%
8.6p
291p
13.8%
c.7.5p
H123
£13.5bn
60%
44bps
£4.6bn
£3.1bn
13.2%
19.9p
Q223 Performance highlights:
·
Group RoTE of 11.4% with profit before tax increased to £2.0bn (Q222: £1.5bn). The prior year includes impacts from the Over-issuance of Securities2; £0.8bn income gain and £1.1bn litigation and conduct charges. Excluding these impacts
–
Group income, up 6% year-on-year to £6.3bn, reflects diverse sources of income across Barclays:
–
Barclays UK income increased 14% to £2.0bn, primarily driven by net interest income growth from higher rates, including continued structural hedge income, partially offset by product dynamics in deposits and mortgages
–
Corporate and Investment Bank (CIB) income decreased 3% to £3.2bn, reflecting lower client activity in Global Markets and Investment Banking fees, more than offsetting a strong performance in Transaction Banking from higher rates
–
Consumer, Cards and Payments (CC&P) increased 18% to £1.3bn reflecting higher balances in US cards (including the Gap portfolio3), growth in client assets and liabilities, and higher rates in Private Bank
–
Group total operating expenses were £4.0bn,up 2% year-on-year, as inflation and business growth were partially offset by efficiency savings and lower litigation and conduct charges
–
Cost: income ratio was 63% as the Group delivered positive cost: income jaws
·
Credit impairment charges were £0.4bn, with a loss loan rate (LLR) of 37bps
·
CET1 ratio of 13.8%, based on broadly stable risk weighted assets (RWAs) of £336.9bn, and tangible net asset value (TNAV) per share of 291p
H123 Performance highlights:
·
Group RoTE was 13.2%, well positioned to achieve our greater than 10% target for 2023
·
Excluding the impact of Over-issuance of Securities in the prior year4:
–
Group income of £13.5bn, up 9% year-on-year
–
Group total operating expenses were £8.1bn, up 5% year-on-year. Cost: income ratio of 60%, consistent with full year guidance of low 60s in 2023
·
Credit impairment charges were £0.9bn, reflecting the anticipated normalising of charges, with an LLR of 44bps; maintaining expectation of 50-60bps LLR for 2023
·
On a statutory basis:
–
Group income was £13.5bn, up 2% year-on-year
–
Group total operating expenses were £8.1bn, down 12% year-on-year
1
Includes dividend for H123 of 2.7p per share and share buyback announced in relation to H123 of £750m.
2
Denotes the Over-issuance of Securities under Barclays Bank PLC’s US shelf registration statements on Form F-3 filed with the SEC in 2018 and 2019. See page 5 for reconciliation of ex. Over-issuance of Securities performance.
3
The Gap portfolio refers to the Gap Inc. US credit card portfolio
4
H122 impacts from the Over-Issuance of Securities; £0.8bn income gain and £1.5bn litigation and conduct charges.
Group Targets and Outlook:
·
Returns: targeting RoTE of greater than 10% in 2023, consistent with our medium-term target
·
Income: diversified income streams continue to position the Group well for the current economic and market environment including higher interest rates. In 2023, Barclays UK Net Interest Margin (NIM) is now expected to be less than 3.20%, with a current view of around 3.15%. Guidance remains sensitive to product dynamics including the trajectory of deposit balances and further macroeconomic developments
·
Costs: targeting a cost: income ratio percentage in the low 60s in 2023, investing for growth whilst progressing towards the Group’s medium-term target of below 60%
·
Impairment: expect an LLR of 50-60bps in 2023, based on the current macroeconomic outlook
·
Capital: expect to operate within the CET1 ratio medium-term target range of 13-14%
·
Capital returns: capital distribution policy incorporates a progressive ordinary dividend, supplemented with share buybacks as appropriate
Barclays Group results
Half year ended
Three months ended
30.06.23
30.06.22
30.06.23
30.06.22
£m
£m
% Change
£m
£m
% Change
Barclays UK
3,922
3,373
16
1,961
1,724
14
Corporate and Investment Bank
7,138
7,971
(10)
3,162
4,033
(22)
Consumer, Cards and Payments
2,584
1,969
31
1,278
1,083
18
Barclays International
9,722
9,940
(2)
4,440
5,116
(13)
Head Office
(122)
(109)
(12)
(116)
(132)
12
Total income
13,522
13,204
2
6,285
6,708
(6)
Operating costs
(8,030)
(7,270)
(10)
(3,919)
(3,682)
(6)
Litigation and conduct
(32)
(1,857)
98
(33)
(1,334)
98
Total operating expenses
(8,062)
(9,127)
12
(3,952)
(5,016)
21
Other net (expenses)/income
(2)
(3)
33
3
7
(57)
Profit before impairment
5,458
4,074
34
2,336
1,699
37
Credit impairment charges
(896)
(341)
(372)
(200)
(86)
Profit before tax
4,562
3,733
22
1,964
1,499
31
Tax charge
(914)
(823)
(11)
(353)
(209)
(69)
Profit after tax
3,648
2,910
25
1,611
1,290
25
Non-controlling interests
(30)
(21)
(43)
(22)
(20)
(10)
Other equity instrument holders
(507)
(414)
(22)
(261)
(199)
(31)
Attributable profit
3,111
2,475
26
1,328
1,071
24
Performance measures
Return on average tangible shareholders’ equity
13.2%
10.1%
11.4%
8.7%
Average tangible shareholders’ equity (£bn)
47.2
48.9
46.7
49.0
Cost: income ratio
60%
69%
63%
75%
Loan loss rate (bps)
44
17
37
20
Basic earnings per share
19.9p
14.8p
8.6p
6.4p
Dividend per share
2.7p
2.25p
Share buyback announced (£m)
750
500
Total payout equivalent per share
c.7.5p
c.5.25p
Basic weighted average number of shares (m)
15,645
16,684
(6)
15,523
16,684
(7)
Period end number of shares (m)
15,556
16,531
(6)
15,556
16,531
(6)
As at 30.06.23
As at 31.12.22
As at 30.06.22
Balance sheet and capital management1
£bn
£bn
£bn
Loans and advances at amortised cost
401.4
398.8
395.8
Loans and advances at amortised cost impairment coverage ratio
1.4%
1.4%
1.4%
Total assets
1,549.7
1,513.7
1,589.2
Deposits at amortised cost
554.7
545.8
568.7
Tangible net asset value per share
291p
295p
297p
Common equity tier 1 ratio
13.8%
13.9%
13.6%
Common equity tier 1 capital
46.6
46.9
46.7
Risk weighted assets
336.9
336.5
344.5
UK leverage ratio
5.1%
5.3%
5.1%
UK leverage exposure
1,183.7
1,130.0
1,151.2
Funding and liquidity
Group liquidity pool (£bn)
330.7
318.0
342.5
Liquidity coverage ratio
158%
165%
156%
Net stable funding ratio2
139%
137%
Loan: deposit ratio
72%
73%
70%
1
Refer to pages54to 59 for further information on how capital, RWAs and leverage are calculated.
2
Represents average of the last four spot quarter end positions
Reconciliation of financial results excluding the impact of the Over-issuance of Securities in the prior year
Three months ended
30.06.23
30.06.22
Statutory
Statutory
Impact of the Over-issuance of Securities
Excluding impact of the Over-issuance of Securities
£m
£m
£m
£m
% Change
Barclays UK
1,961
1,724
–
1,724
14
Corporate and Investment Bank
3,162
4,033
758
3,275
(3)
Consumer, Cards and Payments
1,278
1,083
–
1,083
18
Barclays International
4,440
5,116
758
4,358
2
Head Office
(116)
(132)
–
(132)
12
Total income
6,285
6,708
758
5,950
6
Operating costs
(3,919)
(3,682)
–
(3,682)
(6)
Litigation and conduct
(33)
(1,334)
(1,149)
(185)
82
Total operating expenses
(3,952)
(5,016)
(1,149)
(3,867)
(2)
Other net income
3
7
–
7
(57)
Profit before impairment
2,336
1,699
(391)
2,090
12
Credit impairment charges
(372)
(200)
–
(200)
(86)
Profit before tax
1,964
1,499
(391)
1,890
4
Attributable profit
1,328
1,071
(341)
1,412
(6)
Average tangible shareholders’ equity (£bn)
46.7
49.0
49.0
Return on average tangible shareholders’ equity
11.4%
8.7%
11.5%
Half year ended
30.06.23
30.06.22
Statutory
Statutory
Impact of the Over-issuance of Securities
Excluding impact of the Over-issuance of Securities
£m
£m
£m
£m
% Change
Barclays UK
3,922
3,373
–
3,373
16
Corporate and Investment Bank
7,138
7,971
758
7,213
(1)
Consumer, Cards and Payments
2,584
1,969
–
1,969
31
Barclays International
9,722
9,940
758
9,182
6
Head Office
(122)
(109)
–
(109)
(12)
Total income
13,522
13,204
758
12,446
9
Operating costs
(8,030)
(7,270)
–
(7,270)
(10)
Litigation and conduct
(32)
(1,857)
(1,469)
(388)
92
Total operating expenses
(8,062)
(9,127)
(1,469)
(7,658)
(5)
Other net expenses
(2)
(3)
–
(3)
33
Profit before impairment
5,458
4,074
(711)
4,785
14
Credit impairment charges
(896)
(341)
–
(341)
Profit before tax
4,562
3,733
(711)
4,444
3
Attributable profit
3,111
2,475
(581)
3,056
2
Average tangible shareholders’ equity (£bn)
47.2
48.9
48.9
Return on average tangible shareholders’ equity
13.2%
10.1%
12.5%
Group Finance Director’s Review
H123 Group performance
·
Barclays delivered a profit before tax of £4,562m (H122: £3,733m), RoTE of 13.2% (H122: 10.1%) and earnings per share (EPS) of 19.9p (H122: 14.8p)
·
The Group has a diverse income profile across businesses and geographies including a significant presence in the US. The appreciation of average USD against GBP positively impacted income and profits and adversely impacted credit impairment charges and total operating expenses
·
Group income increased2% to £13,522m primarily from the higher interest rate environment, including continued structural hedge income, and the benefit of higher balances in US cards, partially offset by the prior year benefit from hedging arrangements related to the Over-issuance of Securities and lower client activity in Global Markets and Investment Banking fees
·
Group total operating expenses decreasedto £8,062m (H122: £9,127m)
–
Group operating expenses excluding litigation and conduct charges increased to £8,030m (H122: £7,270m) reflecting the impact of business growth, including the Gap portfolio acquisition in US cards and the Kensington Mortgage Company (KMC) acquisition in Barclays UK, with the impact of inflation broadly offset by efficiency savings
–
Litigation and conduct charges decreased to £32m (H122: £1,857m). The prior year charges included £1,469m of costs related to the Over-issuance of Securities
·
Credit impairment charges were £896m (H122: £341m), reflecting higher US cards balances and normalising delinquencies. Total coverage ratio remains strong at 1.4% (December 2022: 1.4%)
·
The effective tax rate (ETR) was 20.0% (H122: 22.0%). The prior year included the tax charge recognised for the re-measurement of the Group’s UK deferred tax assets as a result of the UK banking surcharge rate being reduced from 8% to 3%
·
Attributable profit was £3,111m (H122: £2,475m)
·
Total assets increased to £1,549.7bn (December 2022: £1,513.7bn) driven by increased trading and client activity within Global Markets, partially offset by the strengthening of GBP against USD since December 2022. The Group liquidity pool was further strengthened by growth in deposits
·
TNAV per sharewas 291p (December 2022: 295p) as EPS of 19.9p was more than offset by the 2022 full year dividend paid on 31 March 2023 and net negative reserve movements driven by currency movements and the interest rate environment
Capital distributions
·
Announced a half year dividend of 2.7p per share and intention to initiate a further share buyback of up to £750m
·
Barclays is committed to maintaining a balance between a strong capital position, delivering total cash returns to shareholders and investment in the business. Barclays pays a progressive ordinary dividend, taking into account these objectives and the earnings outlook of the Group. The Board will also continue to supplement the ordinary dividend as appropriate, including with share buybacks
Group capital and leverage
·
The CET1 ratio decreased by c.10bps to 13.8% (December 2022: 13.9%) as CET1 capital decreased to £46.6bn (December 2022: £46.9bn) whilst RWAs remained broadly stable at £336.9bn:
–
c.90bps increase from attributable profit generated in the period
–
c.40bps aggregate decrease from expected capital impacts in Q123, including the £0.5bn share buyback announced at FY22 results, the impact of regulatory change on 1 January 2023 relating to IFRS 9 transitional relief, and the impact of the KMC acquisition
–
c.30bps decrease as a result of a £8.6bn increase in RWAs primarily driven by increased trading and credit risk RWAs within CIB
–
c.30bps decrease primarily due to increased regulatory capital deductions largely driven by an accrual for the FY23 dividend
–
An £8.8bn decrease in RWAs as a result of foreign exchange movements was broadly offset by a £1.2bn decrease in CET1 capital due to a decrease in the currency translation reserve
·
The UK leverage ratio decreased to 5.1% (December 2022: 5.3%) primarily due to a £53.7bn increase in leverage exposure to £1,183.7bn (December 2022: £1,130.0bn). This is largely driven by increased trading and client activity within Global Markets
Group funding and liquidity
·
The liquidity and funding position remains robust and stable in H123. The liquidity pool increased to £330.7bn (December 2022: £318.0bn) driven by deposit growth. The composition of the liquidity pool is conservative, with 80% held in cash and deposits with central banks and the remainder primarily held in high quality government bonds, materially held at fair value or hedged
·
The strength of the funding and liquidity position is supported by a diverse and stable deposit franchise. Total deposits increased to £554.7bn (December 2022: £545.8bn)
·
The LCR remained significantly above the 100% regulatory requirement at 158% (December 2022: 165%), equivalent to a surplus of £115.3bn (December 2022: £116.4bn)
·
Net Stable Funding Ratio (average of last four quarter ends) was 139% (December 2022: 137%), which represents a £166.6bn (December 2022: £155.6bn) surplus above the 100% regulatory requirement
The Group issued £7.1bn equivalent of minimum requirement for own funds and eligible liabilities (MREL) instruments from Barclays PLC (the Parent company) in H123. The Group has a strong MREL position with a ratio of 32.9%, which is in excess of the regulatory requirement of 29.2% plus a confidential, institution specific, Prudential Regulation Authority (PRA) buffer
Other matters
·
KMC acquisition: on 1 March 2023 Barclays completed the acquisition of UK specialist mortgage lender KMC, including a portfolio of mortgages totalling £2.2bn with an RWA impact of £0.8bn
·
Combination of the Private Bank and Barclays UK Wealth business: on 1 May 2023, Wealth Management & Investments (WM&I) was transferred from Barclays UK to CC&P, creating a combined Private Bank and Wealth Management business. The combination seeks to improve customer and client experience and create business synergies:
–
The business transferred includes c.£28bn of invested assets, generating annualised income of c.£0.2bn
–
Excluding the transfer, Q223 Barclays UK income would have been c.£35m higher, NIM c.2bps higher and operating costs c.£35m higher, with corresponding impacts to income and operating costs for CC&P
Anna Cross, Group Finance Director
Results by Business
Barclays UK
Half year ended
Three months ended
30.06.23
30.06.22
30.06.23
30.06.22
Income statement information
£m
£m
% Change
£m
£m
% Change
Net interest income
3,278
2,732
20
1,660
1,393
19
Net fee, commission and other income
644
641
–
301
331
(9)
Total income
3,922
3,373
16
1,961
1,724
14
Operating costs
(2,182)
(2,083)
(5)
(1,090)
(1,085)
–
Litigation and conduct
3
(25)
5
(16)
Total operating expenses
(2,179)
(2,108)
(3)
(1,085)
(1,101)
1
Other net income
–
–
–
–
Profit before impairment
1,743
1,265
38
876
623
41
Credit impairment charges
(208)
(48)
(95)
–
Profit before tax
1,535
1,217
26
781
623
25
Attributable profit
1,049
854
23
534
458
17
Performance measures
Return on average allocated tangible equity
20.4%
17.0%
20.9%
18.4%
Average allocated tangible equity (£bn)
10.3
10.0
10.2
10.0
Cost: income ratio
56%
62%
55%
64%
Loan loss rate (bps)
18
4
17
–
Net interest margin
3.20%
2.67%
3.22%
2.71%
Key facts
UK mortgage balances (£bn)
163.6
159.6
Mortgage gross lending flow (£bn)
12.2
13.9
Average loan to value of mortgage portfolio1
53%
51%
Average loan to value of new mortgage lending1
63%
69%
Number of branches
414
593
Mobile banking active customers (m)
10.8
10.1
30 day arrears rate – Barclaycard Consumer UK
0.9%
1.0%
As at 30.06.23
As at 31.12.22
As at 30.06.22
Balance sheet information
£bn
£bn
£bn
Loans and advances to customers at amortised cost
206.8
205.1
205.9
Total assets
304.8
313.2
318.8
Customer deposits at amortised cost
249.8
258.0
261.5
Loan: deposit ratio
90%
87%
85%
Risk weighted assets
73.0
73.1
72.2
Period end allocated tangible equity
10.1
10.1
9.9
1
Average loan to value of mortgages is balance weighted and reflects both residential and buy-to-let mortgage portfolios within the Home Loans portfolio.
Analysis of Barclays UK
Half year ended
Three months ended
30.06.23
30.06.22
30.06.23
30.06.22
Analysis of total income
£m
£m
% Change
£m
£m
% Change
Personal Banking
2,497
2,099
19
1,244
1,077
16
Barclaycard Consumer UK
484
541
(11)
237
265
(11)
Business Banking
941
733
28
480
382
26
Total income
3,922
3,373
16
1,961
1,724
14
Analysis of credit impairment (charges)/releases
Personal Banking
(120)
(21)
(92)
(42)
Barclaycard Consumer UK
(118)
40
(35)
84
Business Banking
30
(67)
32
(42)
Total credit impairment charges
(208)
(48)
(95)
–
As at 30.06.23
As at 31.12.22
As at 30.06.22
Analysis of loans and advances to customers at amortised cost
£bn
£bn
£bn
Personal Banking
173.3
169.7
167.1
Barclaycard Consumer UK
9.3
9.2
8.8
Business Banking
24.2
26.2
30.0
Total loans and advances to customers at amortised cost
206.8
205.1
205.9
Analysis of customer deposits at amortised cost
Personal Banking
191.1
195.6
197.0
Barclaycard Consumer UK
–
–
–
Business Banking
58.7
62.4
64.5
Total customer deposits at amortised cost
249.8
258.0
261.5
Barclays UK delivered a RoTE of 20.4% supported by the higher interest rate environment and the continued investment in our transformation into a next-generation, digitised consumer bank. The challenging environment has persisted with customer behaviour driving a reduction in the NIM outlook.
Income statement – H123 compared to H122
·
Profit before tax increased 26% to £1,535m with a RoTE of 20.4% (H122: 17.0%)
·
Total income increased 16% to £3,922m. Net interest income increased 20% to £3,278m with a NIM of 3.20% (H122: 2.67%), as higher interest rates and associated structural hedge benefit outweighed mortgage margin pressure and lower deposit volumes. Net fee, commission and other income was stable at £644m, including the impact of the transfer of WM&I to CC&P
–
Personal Banking income increased 19% to £2,497m, driven by higher interest rates, partially offset by mortgage margin compression and lower current accounts deposit volumes in line with wider market trends and cost of living pressures
–
Barclaycard Consumer UK income decreased 11% to £484m as higher customer spend volumes were more than offset by lower interest earning lending balances following repayments and ongoing prudent risk management
–
Business Banking income increased 28% to £941m driven by higher interest rates, partially offset by lower government scheme lending as repayments continue and lower deposit volumes in line with wider market trends
·
Total operating expenses increased 3% to £2,179m from the impact of inflation, partially offset by the transfer of WM&I to CC&P. Ongoing efficiency savings continue to be reinvested in digitisation to support further improvements to the cost: income ratio over time
·
Credit impairment charges increased to £208m (H122: £48m), driven by UK cards and Mortgages. The updated macroeconomic scenarios reflect improvement in GDP and unemployment outlook against a backdrop of higher interest rates and a weaker House Price Index (HPI). UK cards 30 and 90 day arrears remained low at 0.9% (H122: 1.0%) and 0.2% (H122: 0.2%) respectively. The UK cards total coverage ratio was 7.1% (December 2022: 7.6%)
Balance sheet – 30 June 2023 compared to 31 December 2022
·
Loans and advances to customers at amortised cost increased 1% to £206.8bn primarily reflecting the acquisition of KMC and continued mortgage lending, which more than offset repayment of government scheme lending in Business Banking
·
Customer deposits at amortised cost decreased 3% to £249.8bn. Increases in savings product balances were more than offset by reduced current account and Business Banking deposits, reflecting broader market trends. The loan: deposit ratio increased to 90% (December 2022: 87%)
·
RWAs were broadly stable at £73.0bn (December 2022: £73.1bn) including a capital Loss Given Default (LGD) model update for the mortgages portfolio, partially offset by the acquisition of KMC
Barclays International
Half year ended
Three months ended
30.06.23
30.06.22
30.06.23
30.06.22
Income statement information
£m
£m
% Change
£m
£m
% Change
Net interest income
3,084
1,965
57
1,730
1,029
68
Net trading income
3,697
5,212
(29)
1,278
2,766
(54)
Net fee, commission and other income
2,941
2,763
6
1,432
1,321
8
Total income
9,722
9,940
(2)
4,440
5,116
(13)
Operating costs
(5,703)
(5,042)
(13)
(2,747)
(2,537)
(8)
Litigation and conduct
(30)
(1,832)
98
(33)
(1,319)
97
Total operating expenses
(5,733)
(6,874)
17
(2,780)
(3,856)
28
Other net income
9
13
(31)
6
5
20
Profit before impairment
3,998
3,079
30
1,666
1,265
32
Credit impairment charges
(679)
(310)
(275)
(209)
(32)
Profit before tax
3,319
2,769
20
1,391
1,056
32
Attributable profit
2,301
2,083
10
953
783
22
Performance measures
Return on average allocated tangible equity
12.4%
11.5%
10.3%
8.4%
Average allocated tangible equity (£bn)
37.1
36.2
37.1
37.3
Cost: income ratio
59%
69%
63%
75%
Loan loss rate (bps)
78
37
63
49
Net interest margin1
5.86%
4.29%
5.85%
4.41%
As at 30.06.23
As at 31.12.22
As at 30.06.22
Balance sheet information
£bn
£bn
£bn
Loans and advances to customers at amortised cost
126.6
133.7
126.7
Loans and advances to banks at amortised cost
9.7
8.7
11.3
Debt securities at amortised cost
35.2
27.2
29.3
Loans and advances at amortised cost
171.5
169.6
167.3
Trading portfolio assets
165.1
133.8
126.9
Derivative financial instrument assets
264.9
301.7
343.5
Financial assets at fair value through the income statement
232.2
210.5
209.3
Cash collateral and settlement balances
123.9
107.7
128.5
Other assets
268.8
258.0
275.1
Total assets
1,226.4
1,181.3
1,250.6
Deposits at amortised cost
305.0
287.6
307.4
Derivative financial instrument liabilities
254.5
288.9
321.2
Loan: deposit ratio
56%
59 %
54 %
Risk weighted assets
254.6
254.8
263.8
Period end allocated tangible equity
36.7
36.8
38.0
1
CIB and Barclays International margins include the lending related investment bank business.
Analysis of Barclays International
Corporate and Investment Bank
Half year ended
Three months ended
30.06.23
30.06.22
30.06.23
30.06.22
Income statement information
£m
£m
% Change
£m
£m
% Change
Net interest income
1,321
795
66
856
410
Net trading income
3,790
5,188
(27)
1,353
2,738
(51)
Net fee, commission and other income
2,027
1,988
2
953
885
8
Total income
7,138
7,971
(10)
3,162
4,033
(22)
Operating costs
(4,186)
(3,791)
(10)
(1,984)
(1,870)
(6)
Litigation and conduct
2
(1,632)
(1)
(1,314)
100
Total operating expenses
(4,184)
(5,423)
23
(1,985)
(3,184)
38
Other net income
1
–
1
–
Profit before impairment
2,955
2,548
16
1,178
849
39
Credit impairment (charges)/releases
(20)
(32)
38
13
(65)
Profit before tax
2,935
2,516
17
1,191
784
52
Attributable profit
2,007
1,895
6
798
579
38
Performance measures
Return on average allocated tangible equity
12.6%
11.9%
10.0%
7.1%
Average allocated tangible equity (£bn)
31.8
31.8
31.8
32.7
Cost: income ratio
59%
68%
63%
79%
Loan loss rate (bps)
3
5
(4)
20
As at 30.06.23
As at 31.12.22
As at 30.06.22
Balance sheet information
£bn
£bn
£bn
Loans and advances to customers at amortised cost
84.8
90.5
86.5
Loans and advances to banks at amortised cost
9.0
8.1
10.0
Debt securities at amortised cost
35.1
27.2
29.3
Loans and advances at amortised cost
128.9
125.8
125.8
Trading portfolio assets
165.0
133.7
126.7
Derivative financial instrument assets
264.8
301.6
343.4
Financial assets at fair value through the income statement
232.1
210.5
209.2
Cash collateral and settlement balances
122.5
106.9
127.7
Other assets
224.6
222.6
237.2
Total assets
1,137.9
1,101.1
1,170.0
Deposits at amortised cost
225.5
205.8
229.5
Derivative financial instrument liabilities
254.5
288.9
321.2
Risk weighted assets
216.5
215.9
227.6
Half year ended
Three months ended
30.06.23
30.06.22
30.06.23
30.06.22
Analysis of total income
£m
£m
% Change
£m
£m
% Change
FICC
2,974
3,173
(6)
1,186
1,529
(22)
Equities
1,267
2,463
(49)
563
1,411
(60)
Global Markets
4,241
5,636
(25)
1,749
2,940
(41)
Advisory
342
421
(19)
130
236
(45)
Equity capital markets
119
84
42
69
37
86
Debt capital markets
614
697
(12)
273
281
(3)
Investment Banking fees
1,075
1,202
(11)
472
554
(15)
Corporate lending
263
78
168
(47)
Transaction banking
1,559
1,055
48
773
586
32
Corporate
1,822
1,133
61
941
539
75
Total income
7,138
7,971
(10)
3,162
4,033
(22)
Analysis of Barclays International
Consumer, Cards and Payments
Half year ended
Three months ended
30.06.23
30.06.22
30.06.23
30.06.22
Income statement information
£m
£m
% Change
£m
£m
% Change
Net interest income
1,763
1,170
51
874
619
41
Net fee, commission, trading and other income
821
799
3
404
464
(13)
Total income
2,584
1,969
31
1,278
1,083
18
Operating costs
(1,517)
(1,251)
(21)
(763)
(667)
(14)
Litigation and conduct
(32)
(200)
84
(32)
(5)
Total operating expenses
(1,549)
(1,451)
(7)
(795)
(672)
(18)
Other net income
8
13
(38)
5
5
–
Profit before impairment
1,043
531
96
488
416
17
Credit impairment charges
(659)
(278)
(288)
(144)
Profit before tax
384
253
52
200
272
(26)
Attributable profit
294
188
56
155
204
(24)
Performance measures
Return on average allocated tangible equity
11.1%
8.5%
11.8%
17.8%
Average allocated tangible equity (£bn)
5.3
4.4
5.3
4.6
Cost: income ratio
60%
74%
62%
62%
Loan loss rate (bps)
293
128
255
132
Key facts
US cards 30 day arrears rate
2.4%
1.4%
US cards customer FICO score distribution
<660
11%
10%
>660
89%
90%
Total number of payments clients
401k
391k
Value of payments processed (£bn)1,2
161
150
As at 30.06.23
As at 31.12.22
As at 30.06.22
Balance sheet information
£bn
£bn
£bn
Loans and advances to customers at amortised cost
41.7
43.2
40.2
Total assets
88.5
80.2
80.6
Deposits at amortised cost
79.5
81.8
77.9
Risk weighted assets
38.1
38.9
36.2
Half year ended
Three months ended
30.06.23
30.06.22
30.06.23
30.06.22
Analysis of total income
£m
£m
% Change
£m
£m
% Change
International Cards and Consumer Bank
1,734
1,229
41
835
691
21
Private Bank
554
459
21
295
245
20
Payments
296
281
5
148
147
1
Total income
2,584
1,969
31
1,278
1,083
18
1
Includes £155bn (H122: £145bn) of merchant acquiring payments.
2
The H122 comparative has been restated to reflect only the turnover of the Payments business to be consistent with H123
Barclays International delivered a RoTE of 12.4%. Despite the reduced banking industry fee pool and lower client activity in Global Markets, CIB delivered a RoTE of 12.6% reflecting the benefits of income diversification and investment in sustainable growth. CC&P RoTE of 11.1% reflected continued investment in the business resulting in balance growth and increased income, partially offset by higher impairment charges.
Income statement – H123 compared to H122
·
Profit before tax increased 20% to £3,319m with a RoTE of 12.4% (H122: 11.5%), reflecting a RoTE of 12.6% (H122: 11.9%) in CIB and 11.1% (H122: 8.5%) in CC&P
·
Barclays International has a diverse income profile across businesses and geographies including a significant presence in the US. The appreciation of average USD against GBP positively impacted income and profits, and adversely impacted credit impairment charges and total operating expenses
·
Total income decreased to £9,722m (H122: £9,940m)
–
CIB income decreased 10% to £7,138m. Excluding the impact from prior year hedging arrangements related to the Over-issuance of Securities1, CIB income decreased 1%
–
Global Markets income of £4,241m decreased 25%, and 13% excluding the impact from prior year hedging arrangements related to the Over-issuance of Securities. FICC income decreased 6% to £2,974m, driven by macro reflecting lower market volatility and client activity, partially offset by a strong performance in credit. Equities income of £1,267m decreased 49%, and 26% excluding the impact from the Over-issuance of Securities driven by a decline in derivatives income reflecting less volatile equity market conditions
–
Investment Banking fees decreased 11% to £1,075m due to the reduced fee pool across Advisory and Debt capital markets2, partially offset by an improvement in Equity capital markets
–
Within Corporate, Transaction banking income increased 48% to £1,559m driven by improved deposit margins in the higher rate environment. Corporate lending income increased to £263m (H122: £78m) mainly driven by lower costs of hedging and the non-repeat of fair value losses on leverage finance lending net of mark to market gains on related hedges in H122
–
CC&P income increased 31% to £2,584m
–
International Cards and Consumer Bank income increased 41% to £1,734m reflecting higher cards balances and improved margins, including the Gap portfolio acquisition in Q222
–
Private Bank income increased 21% to £554m, reflecting client balance growth and improved margins, including the transfer of WM&I from Barclays UK
–
Payments income increased 5% to £296m driven by merchant acquiring turnover growth
·
Total operating expenses decreased 17% to £5,733m and increased 13% to £5,703m excluding litigation and conduct, reflecting investment in the business
–
CIB total operating expenses decreased 23% to £4,184m. Operating expenses excluding litigation and conduct charges increased 10% to £4,186m reflecting investment in talent and technology, and the impact of inflation
–
CC&P total operating expenses increased 7% to £1,549m. Operating expenses excluding litigation and conduct charges increased 21% to £1,517m, driven by higher investment spend to support growth, mainly in marketing and partnership costs, including the Gap portfolio acquisition, the transfer of WM&I from Barclays UK and the impact of inflation
·
Credit impairment charges were £679m (H122: £310m)
–
CIB credit impairment charges of £20m (H122: £32m) were driven by single name charges partially offset by the benefit of credit protection and the updated macroeconomic scenarios
–
CC&P credit impairment charges increased to £659m (H122: £278m), reflecting higher US cards balances, including the Gap portfolio, and normalising delinquencies. US cards 30 and 90 day arrears were 2.4% (H122: 1.4%) and 1.2% (H122: 0.7%) respectively. The US cards total coverage ratio was 9.0% (December 2022: 8.1%)
1
H122 included a £758m of income related to hedging arrangements to manage the risks of the rescission offer in relation to the Over-issuance of Securities.
2
Data source: Dealogic for the period covering 1 January to 30 June 2023.
Balance sheet – 30 June 2023 compared to 31 December 2022
·
Loans and advances at amortised cost increased £1.9bn to £171.5bn driven by increased investment in debt securities in Treasury, offset by net loan repayments in CIB and the strengthening of GBP against USD
·
Trading portfolio assets increased £31.3bn to £165.1bn driven by increased trading activity at the end of the period within Global Markets
·
Derivative assets and liabilities decreased £36.8bn and £34.4bn respectively to £264.9bn and £254.5bn reflecting lower market volatility and the strengthening of GBP against USD
·
Financial assets at fair value through the income statement increased £21.7bn to £232.2bn driven by increased secured lending
·
Deposits at amortised costs increased £17.4bn to £305.0bn driven by increased deposits in Treasury
·
RWAs decreased to £254.6bn (December 2022: £254.8bn), as a reduction from the strengthening of GBP against USD was partially offset by increased trading and credit risk RWAs within CIB
Head Office
Half year ended
Three months ended
30.06.23
30.06.22
30.06.23
30.06.22
Income statement information
£m
£m
% Change
£m
£m
% Change
Net interest income
(39)
66
(120)
–
Net fee, commission and other income
(83)
(175)
53
4
(132)
Total income
(122)
(109)
(12)
(116)
(132)
12
Operating costs
(145)
(145)
–
(82)
(60)
(37)
Litigation and conduct
(5)
–
(5)
1
Total operating expenses
(150)
(145)
(3)
(87)
(59)
(47)
Other net (expenses)/income
(11)
(16)
31
(3)
2
Loss before impairment
(283)
(270)
(5)
(206)
(189)
(9)
Credit impairment (charges)/releases
(9)
17
(2)
9
Loss before tax
(292)
(253)
(15)
(208)
(180)
(16)
Attributable loss
(239)
(462)
48
(159)
(170)
6
Performance measures
Average allocated tangible equity (£bn)
(0.2)
2.7
(0.6)
1.7
As at 30.06.23
As at 31.12.22
As at 30.06.22
Balance sheet information
£bn
£bn
£bn
Total assets
18.5
19.2
19.8
Risk weighted assets
9.3
8.6
8.6
Period end allocated tangible equity
(1.5)
(0.2)
1.1
Income statement – H123 compared to H122
·
Loss before tax was £292m (H122: £253m)
·
Total income was an expense of £122m (H122: £109m expense) primarily reflecting hedge accounting and treasury items. The prior year included a one-off gain of £86m from the sale and leaseback of UK data centres
·
Total operating expenses were £150m (H122: £145m)
Balance sheet – 30 June 2023 compared to 31 December 2022
·
RWAs were £9.3bn (December 2022: £8.6bn)
Quarterly Results Summary
Barclays Group
Q223
Q123
Q422
Q322
Q222
Q122
Q4211
Q3211
Income statement information
£m
£m
£m
£m
£m
£m
£m
£m
Net interest income
3,270
3,053
2,741
3,068
2,422
2,341
2,230
1,940
Net fee, commission and other income
3,015
4,184
3,060
2,883
4,286
4,155
2,930
3,525
Total income
6,285
7,237
5,801
5,951
6,708
6,496
5,160
5,465
Operating costs
(3,919)
(4,111)
(3,748)
(3,939)
(3,682)
(3,588)
(3,514)
(3,446)
UK bank levy
–
–
(176)
–
–
–
(170)
–
Litigation and conduct
(33)
1
(79)
339
(1,334)
(523)
(92)
(129)
Total operating expenses
(3,952)
(4,110)
(4,003)
(3,600)
(5,016)
(4,111)
(3,776)
(3,575)
Other net income/(expenses)
3
(5)
10
(1)
7
(10)
13
94
Profit before impairment
2,336
3,122
1,808
2,350
1,699
2,375
1,397
1,984
Credit impairment (charges)/releases
(372)
(524)
(498)
(381)
(200)
(141)
31
(120)
Profit before tax
1,964
2,598
1,310
1,969
1,499
2,234
1,428
1,864
Tax (charge)/credit
(353)
(561)
33
(249)
(209)
(614)
(104)
(292)
Profit after tax
1,611
2,037
1,343
1,720
1,290
1,620
1,324
1,572
Non-controlling interests
(22)
(8)
(22)
(2)
(20)
(1)
(27)
(1)
Other equity instrument holders
(261)
(246)
(285)
(206)
(199)
(215)
(218)
(197)
Attributable profit
1,328
1,783
1,036
1,512
1,071
1,404
1,079
1,374
Performance measures
Return on average tangible shareholders’ equity
11.4%
15.0%
8.9%
12.5%
8.7%
11.5%
9.0%
11.4%
Average tangible shareholders’ equity (£bn)
46.7
47.6
46.7
48.6
49.0
48.8
48.0
48.3
Cost: income ratio
63%
57%
69%
60%
75%
63%
73%
65%
Loan loss rate (bps)
37
52
49
36
20
15
(3)
13
Basic earnings per share
8.6p
11.3p
6.5p
9.4p
6.4p
8.4p
6.4p
8.0p
Basic weighted average number of shares (m)
15,523
15,770
15,828
16,148
16,684
16,682
16,985
17,062
Period end number of shares (m)
15,556
15,701
15,871
15,888
16,531
16,762
16,752
16,851
Balance sheet and capital management2
£bn
£bn
£bn
£bn
£bn
£bn
£bn
£bn
Loans and advances to customers at amortised cost
337.4
343.6
343.3
346.3
337.2
325.8
319.9
313.5
Loans and advances to banks at amortised cost
10.9
11.0
10.0
12.5
12.5
11.4
9.7
10.6
Debt securities at amortised cost
53.1
48.9
45.5
54.8
46.1
34.5
31.8
28.9
Loans and advances at amortised cost
401.4
403.5
398.8
413.7
395.8
371.7
361.5
353.0
Loans and advances at amortised cost impairment coverage ratio
1.4%
1.4%
1.4%
1.4%
1.4%
1.5%
1.6%
1.7%
Total assets
1,549.7
1,539.1
1,513.7
1,726.9
1,589.2
1,496.1
1,384.3
1,406.5
Deposits at amortised cost
554.7
555.7
545.8
574.4
568.7
546.5
519.4
510.2
Tangible net asset value per share
291p
301p
295p
286p
297p
294p
291p
286p
Common equity tier 1 ratio
13.8%
13.6%
13.9%
13.8%
13.6%
13.8%
15.1%
15.3%
Common equity tier 1 capital
46.6
46.0
46.9
48.6
46.7
45.3
47.3
47.2
Risk weighted assets
336.9
338.4
336.5
350.8
344.5
328.8
314.1
307.7
UK leverage ratio
5.1%
5.1%
5.3%
5.0%
5.1%
5.0%
5.2%
5.1%
UK leverage exposure
1,183.7
1,168.9
1,130.0
1,232.1
1,151.2
1,123.5
1,137.9
1,162.7
Funding and liquidity
Group liquidity pool (£bn)
330.7
333.0
318.0
325.8
342.5
319.8
291.0
292.8
Liquidity coverage ratio
158%
163%
165%
151%
156%
159%
168%
161%
Net stable funding ratio3
139%
139%
137%
Loan: deposit ratio
72%
73%
73%
72%
70%
68%
70%
69%
1
The comparative capital and financial metrics relating to Q321 and Q421 have been restated to reflect the impact of the Over-issuance of Securities.
2
Refer to pages 54 to 59 for further information on how capital, RWAs and leverage are calculated.
3.
Represents average of the last four spot quarter end positions
Quarterly Results by Business
Barclays UK
Q223
Q123
Q422
Q322
Q222
Q122
Q421
Q321
Income statement information
£m
£m
£m
£m
£m
£m
£m
£m
Net interest income
1,660
1,618
1,600
1,561
1,393
1,339
1,313
1,303
Net fee, commission and other income
301
343
370
355
331
310
386
335
Total income
1,961
1,961
1,970
1,916
1,724
1,649
1,699
1,638
Operating costs
(1,090)
(1,092)
(1,108)
(1,069)
(1,085)
(998)
(1,202)
(1,041)
UK bank levy
–
–
(26)
–
–
–
(36)
–
Litigation and conduct
5
(2)
(13)
(3)
(16)
(9)
(5)
(10)
Total operating expenses
(1,085)
(1,094)
(1,147)
(1,072)
(1,101)
(1,007)
(1,243)
(1,051)
Other net income/(expenses)
–
–
1
(1)
–
–
(1)
1
Profit before impairment
876
867
824
843
623
642
455
588
Credit impairment (charges)/releases
(95)
(113)
(157)
(81)
–
(48)
59
(137)
Profit before tax
781
754
667
762
623
594
514
451
Attributable profit
534
515
474
549
458
396
420
317
Balance sheet information
£bn
£bn
£bn
£bn
£bn
£bn
£bn
£bn
Loans and advances to customers at amortised cost
206.8
208.2
205.1
205.1
205.9
207.3
208.8
208.6
Total assets
304.8
308.6
313.2
316.8
318.8
317.2
321.2
312.1
Customer deposits at amortised cost
249.8
254.3
258.0
261.0
261.5
260.3
260.6
256.8
Loan: deposit ratio
90%
90 %
87 %
86%
85%
85%
85 %
86 %
Risk weighted assets
73.0
74.6
73.1
73.2
72.2
72.7
72.3
73.2
Period end allocated tangible equity
10.1
10.3
10.1
10.1
9.9
10.1
10.0
10.0
Performance measures
Return on average allocated tangible equity
20.9%
20.0 %
18.7 %
22.1%
18.4%
15.6%
16.8 %
12.7 %
Average allocated tangible equity (£bn)
10.2
10.3
10.2
9.9
10.0
10.1
10.0
10.0
Cost: income ratio
55%
56 %
58 %
56%
64%
61%
73 %
64 %
Loan loss rate (bps)
17
20
27
14
–
9
(10)
24
Net interest margin
3.22%
3.18 %
3.10 %
3.01 %
2.71%
2.62%
2.49 %
2.49 %
Analysis of Barclays UK
Q223
Q123
Q422
Q322
Q222
Q122
Q421
Q321
Analysis of total income
£m
£m
£m
£m
£m
£m
£m
£m
Personal Banking
1,244
1,253
1,229
1,212
1,077
1,022
983
990
Barclaycard Consumer UK
237
247
269
283
265
276
352
293
Business Banking
480
461
472
421
382
351
364
355
Total income
1,961
1,961
1,970
1,916
1,724
1,649
1,699
1,638
Analysis of credit impairment (charges)/releases
Personal Banking
(92)
(28)
(120)
(26)
(42)
21
8
(30)
Barclaycard Consumer UK
(35)
(83)
(12)
2
84
(44)
114
(108)
Business Banking
32
(2)
(25)
(57)
(42)
(25)
(63)
1
Total credit impairment (charges)/releases
(95)
(113)
(157)
(81)
–
(48)
59
(137)
Analysis of loans and advances to customers at amortised cost
£bn
£bn
£bn
£bn
£bn
£bn
£bn
£bn
Personal Banking
173.3
173.6
169.7
168.7
167.1
166.5
165.4
164.6
Barclaycard Consumer UK
9.3
9.0
9.2
9.0
8.8
8.4
8.7
8.6
Business Banking
24.2
25.6
26.2
27.4
30.0
32.4
34.7
35.4
Total loans and advances to customers at amortised cost
206.8
208.2
205.1
205.1
205.9
207.3
208.8
208.6
Analysis of customer deposits at amortised cost
Personal Banking
191.1
194.3
195.6
197.3
197.0
196.6
196.4
193.3
Barclaycard Consumer UK
–
–
–
–
–
–
–
–
Business Banking
58.7
60.0
62.4
63.7
64.5
63.7
64.2
63.5
Total customer deposits at amortised cost
249.8
254.3
258.0
261.0
261.5
260.3
260.6
256.8
Barclays International
Q223
Q123
Q422
Q322
Q222
Q122
Q4211
Q3211
Income statement information
£m
£m
£m
£m
£m
£m
£m
£m
Net interest income
1,730
1,354
1,465
1,497
1,029
936
955
749
Net trading income
1,278
2,419
1,169
1,328
2,766
2,446
789
1,515
Net fee, commission and other income
1,432
1,509
1,228
1,240
1,321
1,442
1,766
1,673
Total income
4,440
5,282
3,862
4,065
5,116
4,824
3,510
3,937
Operating costs
(2,747)
(2,956)
(2,543)
(2,776)
(2,537)
(2,505)
(2,160)
(2,310)
UK bank levy
–
–
(133)
–
–
–
(134)
–
Litigation and conduct
(33)
3
(67)
396
(1,319)
(513)
(84)
(100)
Total operating expenses
(2,780)
(2,953)
(2,743)
(2,380)
(3,856)
(3,018)
(2,378)
(2,410)
Other net income
6
3
5
10
5
8
3
15
Profit before impairment
1,666
2,332
1,124
1,695
1,265
1,814
1,135
1,542
Credit impairment (charges)/releases
(275)
(404)
(328)
(295)
(209)
(101)
(23)
18
Profit before tax
1,391
1,928
796
1,400
1,056
1,713
1,112
1,560
Attributable profit
953
1,348
625
1,136
783
1,300
818
1,191
Balance sheet information
£bn
£bn
£bn
£bn
£bn
£bn
£bn
£bn
Loans and advances to customers at amortised cost
126.6
131.0
133.7
137.0
126.7
113.9
106.4
99.9
Loans and advances to banks at amortised cost
9.7
9.8
8.7
11.0
11.3
10.2
8.4
9.4
Debt securities at amortised cost
35.2
30.8
27.2
36.2
29.3
20.7
19.0
16.6
Loans and advances at amortised cost
171.5
171.6
169.6
184.2
167.3
144.8
133.8
125.9
Trading portfolio assets
165.1
137.7
133.8
126.3
126.9
134.1
146.9
144.8
Derivative financial instrument assets
264.9
256.6
301.7
415.7
343.5
288.8
261.5
257.0
Financial assets at fair value through the income statement
232.2
245.0
210.5
244.7
209.3
203.8
188.2
200.5
Cash collateral and settlement balances
123.9
125.5
107.7
163.3
128.5
132.0
88.1
115.9
Other assets
268.8
275.0
258.0
257.2
275.1
255.5
225.6
231.8
Total assets
1,226.4
1,211.4
1,181.3
1,391.4
1,250.6
1,159.0
1,044.1
1,075.9
Deposits at amortised cost
305.0
301.6
287.6
313.2
307.4
286.1
258.8
253.3
Derivative financial instrument liabilities
254.5
246.7
288.9
394.2
321.2
277.2
256.4
252.3
Loan: deposit ratio
56%
57%
59%
59%
54%
51%
52%
50%
Risk weighted assets
254.6
255.1
254.8
269.3
263.8
245.1
230.9
222.7
Period end allocated tangible equity
36.7
36.8
36.8
38.8
38.0
35.6
33.2
31.8
Performance measures
Return on average allocated tangible equity
10.3%
14.5%
6.4%
11.6%
8.4%
14.8%
9.9%
14.9%
Average allocated tangible equity (£bn)
37.1
37.1
38.9
39.1
37.3
35.1
32.9
31.8
Cost: income ratio
63%
56%
71%
59%
75%
63%
68%
61%
Loan loss rate (bps)
63
94
75
62
49
28
7
(6)
Net interest margin2
5.85%
5.87%
5.71%
5.58%
4.41%
4.15%
4.14%
4.02%
1
The comparative capital and financial metrics relating to Q321 and Q421 have been restated to reflect the impact of the Over-issuance of Securities.
2
CIB and Barclays International margins include the lending related investment bank business.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-advertisement
1 year
Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics
1 year
Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Analytics" category .
cookielawinfo-checkbox-functional
1 year
The cookie is set by the GDPR Cookie Consent plugin to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
1 year
Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Necessary" category .
cookielawinfo-checkbox-others
1 year
Set by the GDPR Cookie Consent plugin, this cookie is used to store the user consent for cookies in the category "Others".
cookielawinfo-checkbox-performance
1 year
Set by the GDPR Cookie Consent plugin, this cookie is used to store the user consent for cookies in the category "Performance".
CookieLawInfoConsent
1 year
Records the default button state of the corresponding category & the status of CCPA. It works only in coordination with the primary cookie.
rc::a
never
This cookie is set by the Google recaptcha service to identify bots to protect the website against malicious spam attacks.
rc::c
session
This cookie is set by the Google recaptcha service to identify bots to protect the website against malicious spam attacks.
viewed_cookie_policy
1 year
The cookie is set by the GDPR Cookie Consent plugin to store whether or not the user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Cookie
Duration
Description
__utma
2 years
This cookie is set by Google Analytics and is used to distinguish users and sessions. The cookie is created when the JavaScript library executes and there are no existing __utma cookies. The cookie is updated every time data is sent to Google Analytics.
__utmb
30 minutes
Google Analytics sets this cookie, to determine new sessions/visits. __utmb cookie is created when the JavaScript library executes and there are no existing __utma cookies. It is updated every time data is sent to Google Analytics.
__utmc
session
The cookie is set by Google Analytics and is deleted when the user closes the browser. It is used to enable interoperability with urchin.js, which is an older version of Google Analytics and is used in conjunction with the __utmb cookie to determine new sessions/visits.
__utmt
10 minutes
Google Analytics sets this cookie to inhibit request rate.
__utmz
6 months
Google Analytics sets this cookie to store the traffic source or campaign by which the visitor reached the site.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Cookie
Duration
Description
_ga
1 year 1 month 4 days
Google Analytics sets this cookie to calculate visitor, session and campaign data and track site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognise unique visitors.
_ga_*
1 year 1 month 4 days
Google Analytics sets this cookie to store and count page views.
_gat_UA-*
1 minute
Google Analytics sets this cookie for user behaviour tracking.
_gid
1 day
Google Analytics sets this cookie to store information on how visitors use a website while also creating an analytics report of the website's performance. Some of the collected data includes the number of visitors, their source, and the pages they visit anonymously.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.