21st Feb 2006 14:00
Barclays Bank PLC21 February 2006 Barclays Bank PLC Results Announcement 31st December 2005 Barclays Bank PLC Barclays Bank PLC21st February 2006 BARCLAYS BANK PLC BARCLAYS BANK PLC IS A WHOLLY OWNED SUBSIDIARY OF BARCLAYS PLC The Directors report the following results of the Barclays Bank PLC Group forthe year ended 31st December 2005: CONSOLIDATED INCOME STATEMENT 2005 2004 £m £mContinuing operations -------- --------Interest income 17,232 13,880Interest expense (9,157) (7,047) -------- --------Net interest income 8,075 6,833 -------- --------Fee and commission income 6,430 5,509Fee and commission expense (725) (662) -------- --------Net fee and commission income 5,705 4,847 -------- --------Net trading income 2,321 1,487Net investment income 858 1,027 -------- --------Principal transactions 3,179 2,514Net premiums from insurance contracts 872 1,042Other income 178 140 -------- --------Total income 18,009 15,376Net claims and benefits paid on insurance contracts (645) (1,259) -------- --------Total income net of insurance claims 17,364 14,117Impairment charge and other credit provisions (1,571) (1,093) -------- --------Net income 15,793 13,024 -------- --------Operating expenses excluding amortisation of intangibleassets (10,448) (8,514)Amortisation of intangible assets (79) (22) -------- --------Operating expenses (10,527) (8,536) -------- --------Share of post-tax results of associates and jointventures 45 56Profit on disposal of associates and joint ventures - 45 -------- --------Profit before tax 5,311 4,589Tax (1,439) (1,279) -------- --------Profit for the year 3,872 3,310 -------- -------- Profit attributable to minority interests 177 47Profit attributable to equity holders 3,695 3,263 -------- -------- 3,872 3,310 -------- -------- The information in this announcement, which was approved by the Board ofDirectors on 20th February 2006, does not comprise statutory accounts within themeaning of Section 240 of the Companies Act 1985 (the 'Act'). Statutory accountswill be delivered to the Registrar of Companies in accordance with Section 242of the Act. BARCLAYS BANK PLC CONSOLIDATED BALANCE SHEET As at 2005 01.01.05 2004 £m £m £mAssetsCash and balances at central banks 3,506 3,238 1,753Items in the course of collection fromother banks 1,901 1,772 1,772Treasury bills and other eligible bills - - 6,658Trading portfolio assets 155,730 110,044 -Financial assets designated at fair value:- held on own account 12,904 9,799 -- held in respect of linked liabilities tocustomers under investment contracts 83,193 63,124 -Derivative financial instruments 136,823 94,211 -Loans and advances to banks 31,105 25,728 80,632Loans and advances to customers 268,896 207,259 262,409Debt securities - - 130,311Equity shares - - 11,518Available for sale financial investments 53,703 48,227 -Reverse repurchase agreements and cashcollateral on securities borrowed 160,398 139,574 -Other assets 4,620 3,647 25,915Insurance assets including unit linkedassets 114 109 8,576Investments in associates and joint ventures 546 429 429Goodwill 6,022 4,518 4,518Intangible assets 1,269 139 139Property, plant and equipment 2,754 2,282 2,282Deferred tax assets 686 1,641 1,388 -------- -------- --------Total assets 924,170 715,741 538,300 -------- -------- -------- BARCLAYS BANK PLC CONSOLIDATED BALANCE SHEET As at 2005 01.01.05 2004 £m £m £mLiabilitiesDeposits from banks 75,127 74,735 111,024Items in the course of collection due toother banks 2,341 1,205 1,205Customer accounts 238,684 194,478 217,492Trading portfolio liabilities 71,564 59,114 -Financial liabilities designated at fairvalue:- held on own account 33,385 5,320 -Liabilities to customers under investmentcontracts 85,201 64,609 -Derivative financial instruments 137,971 94,429 -Debt securities in issue 103,328 76,154 83,842Repurchase agreements and cash collateralon securities lent 121,178 98,582 -Other liabilities 11,131 9,903 82,970Current tax liabilities 747 621 621Insurance contract liabilities, includingunit-linked liabilities 3,767 3,596 8,377Subordinated liabilities:- Undated loan capital - non convertible 4,397 4,208 6,149- Dated loan capital - convertible 38 15 15- Dated loan capital - non convertible 8,028 6,383 6,113Deferred tax liabilities 700 1,397 1,362Other provisions for liabilities 517 403 416Retirement benefit liabilities 1,823 1,865 1,865 -------- -------- --------Total liabilities 899,927 697,017 521,451 -------- -------- -------- Shareholders' equityCalled up share capital 2,348 2,316 2,316Share premium account 8,882 6,531 6,531Available for sale reserve 257 336 -Cash flow hedging reserve 70 302 -Other shareholders' funds 2,490 2,494 -Translation reserve 156 (58) (58)Retained earnings 8,462 6,657 7,849 -------- -------- --------Shareholders' equity excluding minorityinterests 22,665 18,578 16,638Minority interests 1,578 146 211 -------- -------- --------Total shareholders' equity 24,243 18,724 16,849 -------- -------- -------- -------- -------- --------Total liabilities and shareholders' equity 924,170 715,741 538,300 -------- -------- -------- BARCLAYS BANK PLC CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE 2005 2004 £m £mNet movements in available for sale reserve (77) -Net movements in cash flow hedging reserve (119) -Currency translation differences arising during the year 300 (58)Tax 50 -Other movements (102) - -------- --------Amounts included directly in equity 52 (58)Profit for the year 3,872 3,310 -------- --------Total recognised income and expense for the year 3,924 3,252 -------- -------- Attributable to:Equity holders 3,659 3,205Minority interests 265 47 -------- -------- 3,924 3,252 -------- -------- The consolidated statement of recognised income and expense reflects theaccumulated income and expense for the year, including items taken directly toequity and reserves. In accordance with IAS 39, gains or losses arising from the change in fair valueof available for sale assets are recognised in the available for sale reserveexcept for impairment losses and foreign exchange gains on monetary items suchas debt securities, which are recognised in income. When an available for saleasset is impaired or derecognised, the cumulative gain or loss previouslyrecognised in the available for sale reserve is transferred to income. In accordance with IAS 39, cash flow hedging aims to minimise exposure tovariability in cash flows that is attributable to a particular risk associatedwith a recognised asset or liability that could affect profit or loss. Theportion of the gain or loss on the hedging instrument that is deemed to be aneffective hedge is recognised in the cash flow hedging reserve. The gains andlosses deferred in this reserve are transferred to income in the same period orperiods during which the hedged item effects profit or loss. Exchange differences arising on the net investments in foreign operations andeffective hedges of net investments are recognised in the translation reserveand transferred to income on the disposal of the net investment. Tax comprises tax on items taken directly to reserves, including tax on theavailable for sale reserve and cash flow hedging reserve. Other movements primarily reflects the change in insurance liabilities takendirectly to reserves. BARCLAYS BANK PLC CONSOLIDATED CASH FLOW STATEMENT 2005(1) 2004 £m £mNet cash (outflow)/inflow from operating activities (10,468) 5,204Net cash outflow from investing activities (5,321) (7,033)Net cash inflow from financing activities 14,829 2,962Net gain on exchange rate changes on cash and cashequivalents (237) (470) --------- ---------Net (decrease)/increase in cash and cash (1,197) 663equivalentsCash and cash equivalents at beginning of period 21,602 13,854 --------- ---------Cash and cash equivalents at end of period 20,405 14,517 --------- --------- (1) The opening cash equivalents balance includes the impacts of adopting IAS 32and IAS 39 and IFRS 4, which have not been applied to 2004 comparatives, inaccordance with IFRS 1. BARCLAYS BANK PLC NOTES 1. Basis of preparation The Group has adopted the requirements of International Financial ReportingStandards and International Accounting Standards (collectively IFRS) as adoptedby the European Union for the first time for the purpose of preparing financialstatements for the year ended 31st December 2005. The reconciliations requiredby IFRS 1 will be provided in the 2005 Annual Report. The Group has applied IFRSfrom 1st January 2004, with the exception of the standards relating to financialinstruments and insurance contracts, which are applied only with effect from 1stJanuary 2005. The impacts of adopting IAS 32, IAS 39 and IFRS 4 are not includedin the 2004 comparatives in accordance with IFRS 1 and financial instruments andinsurance contracts are accounted for in accordance with UK GAAP in 2004.Therefore, the results for 2005 are not entirely comparable to those for 2004 inaffected areas. Dashes have been used to indicate where changes in policy causean item to be not applicable and where there is no amount to report. 2. Authorised share capital Ordinary sharesThe authorised ordinary share capital of Barclays Bank PLC at 31st December 2005was 3,000 million (2004: 3,000 million) ordinary shares of £1 each. Preference shares 2005 2004 '000 '000Authorised share capital - shares of £1 each 1 1Authorised share capital - shares of £100 each 400 -Authorised share capital - shares of US$0.01 each(1) - 150,000Authorised share capital - shares of US$0.25 each(1) 80,000 -Authorised share capital - shares of US$100 each 400 -Authorised share capital - shares of €100 each 400 400 3. Issued share capital Ordinary sharesThe issued ordinary share capital of Barclays Bank PLC at 31st December 2005comprised 2,318 million (2004: 2,309 million) ordinary shares of £1 each. The whole of the issued ordinary share capital of Barclays Bank PLC isbeneficially owned by Barclays PLC. Preference sharesThe issued preference share capital of Barclays Bank PLC at 31st December 2005comprised £30m (2004: £7m) of preference shares of the following denominations: 2005 2004 '000 '000Issued and fully paid shares of £1 each 1 1Issued and fully paid shares of £100 each 75 -Issued and fully paid shares of US$0.01 each - -Issued and fully paid shares of US$0.25 each - -Issued and fully paid shares of US$100 each 100 -Issued and fully paid shares of €100 each 240 100 4. Staff numbersOn a full time equivalent basis the total permanent and contract staff at 31stDecember 2005 was 113,300 (2004: 78,400). Additionally, temporary and agencystaff totalled 7,000 (2004: 4,300). 1 On 1st June 2005, Barclays Bank PLC consolidated the 150,000,000 preferenceshares of US$0.01 into 6,000,000 preference shares of US$0.25 each, andauthorised a further 74,000,000 of such shares. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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