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Barclays H1 2021 Results

Barclays has announced its H1 2021 Results at 7am UK time on 28th July. 

Webcast details:

Conference call and webcast hosted by Jes Staley, Group Chief Executive and Tushar Morzaria, Group Finance Director
Replay dial in:
+44 (0)20 3936 3001 (all locations) 
1 845 709 8569 (US)
Access code: 770184
Webcast replay link 

Fixed Income conference call and webcast hosted by Tushar Morzaria, Group Finance Director and Kathryn McLeland, Group Treasurer
Replay dial in:
+44 (0)20 3936 3001 (all locations) 
1 845 709 8569 (US) 
Access code: 291204
Webcast replay link

Financial performance highlights

Group income
group profit before tax
Tangible net asset value
Group RoTE
CET1 ratio
cost:income ratio

Group Chief Executive Officer’s review

This has been a strong first half. We continue to invest behind opportunities for growth, manage our capital and balance sheet conservatively, and focus on our role in society. With a first half profit before tax of £5bn, quadruple the same period last year, and a RoTE of 16.4%, it provides a strong platform on which to build in the second half.

Jes Staley

Group CEO

Updates from across the business

Barclays results

Barclays Group

Barclays delivered a profit before tax of £4,979m (H120: £1,272m), RoTE of 16.4% (H120: 2.9%), and EPS of 22.2p (H120: 4.0p). Profitability benefitted from a credit impairment net release and the upwards re-measurement of UK DTAs. The 10% depreciation of average USD against GBP adversely impacted income and profits and positively impacted total operating expenses. We have demonstrated our ability, and willingness, to support customers and clients through the pandemic, and we are mindful that this support will need to continue as we see the pandemic subside. Taken together, we continue to invest behind opportunities for growth, manage our capital and balance sheet conservatively, and focus on our role in society. With a first half profit before tax of £5bn, quadruple the same period last year, and a RoTE of 16.4%, this is a good first half performance. It provides a strong platform on which to build in the second half, and to deliver a full year RoTE in excess of 10%.

Barclays UK banking

Barclays UK

Barclays UK delivered a RoTE of 20.6% including the benefit from a net impairment release following an improved UK macroeconomic outlook. Income increased 1% reflecting strong growth in mortgage balances of £6.9bn at improved margins, despite a £1.5bn reduction in unsecured lending balances. Barclays UK grew deposits by £15.0bn, further strengthening the liquidity position reflected in the loan: deposit ratio of 87%, 2% lower than FY20.

Remote home working

Barclays International

Barclays International delivered a RoTE of 16.7% reflecting the benefits of a diversified business. Corporate and Investment Bank delivered a RoTE of 16.3% reflecting a strong performance in Equities and Investment Banking fees, offset by a decrease in FICC against a very strong H120 comparative. Consumer Cards and Payments RoTE improved significantly to 19.1% as a decline in income, reflecting lower cards balances, was more than offset by an improvement in impairment.

Barclays annual report 2020

Annual Report 2020

Our strategy is working and we are confident Barclays is in a strong position for the challenges and opportunities ahead.

Jes Staley

Our 2021 Annual General Meeting

The Barclays PLC 2021 AGM was held on Wednesday 5 May 2021 at 11:00 (UK time) at 1 Churchill Place, London E14 5HP and on an electronic platform as described in the Notice of Meeting (PDF 1.4MB).

Contact Investor Relations

For any enquiries, please do not hesitate to contact a member of the relevant team. 


Jes Staley - Group Chief Executive Officer Review

This has been a strong first half, clearly demonstrating the benefits of our resilient and diversified universal bank in supporting the growth of capital markets, our corporate clients and retail customers. Barclays UK, and the CIB and CC&P businesses within Barclays International have all delivered strong double-digit RoTE. Our investment banking fees and equities businesses have delivered record income1, and we are seeing encouraging signs of recovery in consumer banking. Our profitability, strong capital position and balance sheet have enabled us to increase capital distributions to shareholders.

We are starting to see the resurgence of activity across our businesses, with Group income up on the same period last year when excluding the impact of FX movements. Our CIB business is well-positioned to benefit from continued growth in debt and equity capital markets, with Global Markets and Investment Banking fees income up 36% since 2019, and our strong retail businesses are poised to support and benefit from a consumer recovery.

We are also continuing to build our presence where we see further opportunities to scale, by organically growing our own products and service, and by partnering. Whilst we continue to develop our leading payments services including our new Barclays Cubed platform, we are also able to partner with major businesses in our US consumer banking business. In CIB, we are enhancing our ability to compete for client business with a stronger product and service set, from transaction banking to our equity franchise, alongside a build-out of our sectoral expertise in healthcare, technology and sustainability.

We will continue to invest behind those opportunities we see for growing income and returns across our businesses, whilst also driving efficiencies and savings across Barclays. Excluding performance costs and structural cost actions, costs in 2021 will be broadly in line with 20202.

Against this backdrop of economic recovery, our robust approach to risk management means we are making a net impairment release of £0.7bn versus a charge of £3.7bn in H120. We also delivered a CET1 ratio of 15.1%, and increased capital distributions, with the announcement of a half year dividend of 2 pence per share, alongside the intention to initiate a share buyback of up to £500m. This is in addition to the £700m share buyback completed in April.

Alongside the role we play in supporting economic growth, we are firmly focused on our wider societal responsibilities. We continue to drive hard on our ambition to be a net zero bank, and support the aims of the Paris Agreement, already having provided nearly half of our £100bn green financing commitment through our capital markets and lending expertise. We continue to develop our ability to measure our financed emissions and track them at a portfolio level through our unique BlueTrackTM methodology.

We have also demonstrated our ability, and willingness, to support customers and clients through the pandemic, and we are mindful that this support will need to continue as we see the pandemic subside.

Taken together, we continue to invest behind opportunities for growth, manage our capital and balance sheet conservatively, and focus on our role in society. With a first half profit before tax of £5bn, quadruple the same period last year, and a RoTE of 16.4%, this is a good first half performance. It provides a strong platform on which to build in the second half, and to deliver a full year RoTE in excess of 10%.