5th Aug 2005 14:00
Barclays Bank PLC05 August 2005 Barclays Bank PLC Interim Results Announcement June 2005 Barclays Bank PLC Barclays Bank PLC5th August 2005 BARCLAYS BANK PLC BARCLAYS BANK PLC IS A WHOLLY OWNED SUBSIDIARY OF BARCLAYS PLC The Directors report the following results of Barclays Bank PLC for thehalf-year ended 30th June 2005: CONSOLIDATED INCOME STATEMENT (UNAUDITED) Half-year ended 30.06.05 31.12.04 30.06.04 £m £m £mContinuing operationsInterest income 7,648 7,315 6,565Interest expense (3,948) (3,815) (3,232) -------- -------- --------Net interest income 3,700 3,500 3,333 -------- -------- --------Fee and commission income 2,872 2,861 2,648Fee and commission expense (332) (329) (333) -------- -------- --------Net fee and commission income 2,540 2,532 2,315 -------- -------- --------Net trading income 1,176 684 803Net investment income 373 714 313 -------- -------- --------Principal transactions 1,549 1,398 1,116Net premiums from insurance contracts 371 506 536Other operating income 49 84 56 -------- -------- --------Total operating income 8,209 8,020 7,356Net claims and benefits on insurancecontracts (287) (870) (389) -------- -------- --------Total income, net of insurance claims 7,922 7,150 6,967Impairment loss on loans and advancesand other credit risk provisions (706) (504) (589) -------- -------- --------Net operating income 7,216 6,646 6,378Operating expenses (4,542) (4,562) (3,974)Share of results of associates andjoint ventures 16 42 14Profit on disposal of associates andjoint ventures - - 45 -------- -------- --------Profit before tax 2,690 2,126 2,463Tax (715) (634) (645) -------- -------- --------Profit for the year 1,975 1,492 1,818 -------- -------- -------- Profit attributable to minorityinterests 29 27 20Profit attributable to shareholders 1,946 1,465 1,798 -------- -------- -------- 1,975 1,492 1,818 -------- -------- -------- BARCLAYS BANK PLC CONSOLIDATED BALANCE SHEET (UNAUDITED) As at 30.06.05 01.01.05 31.12.04 30.06.04 £m £m £m £mAssetsCash and balances atcentral banks 4,106 3,238 1,753 1,829Items in the course ofcollection fromotherbanks 2,208 1,772 1,772 2,527Treasury bills and othereligible bills 6,658 6,547Trading portfolio assets 134,235 110,033Non-trading financialinstruments fairvalued through profit andloss:- held on own account 9,747 9,799- held in respect oflinked liabilities tocustomers underinvestment contracts 69,792 63,124Derivative financialinstruments 133,932 94,211Loans and advances tobanks 35,225 25,728 80,632 83,034Loans and advances tocustomers 237,123 207,259 262,409 252,053Debt securities 130,464 119,942Equity shares 11,410 8,612Available for salefinancial investments 61,382 48,216Reverse repurchaseagreements and cashcollateral on securitiesborrowed 149,400 139,574Other assets 3,491 3,647 25,915 21,344Insurance assets,including unit-linkedassets 107 109 8,576 8,165Investments in associatesand joint ventures 438 429 429 442Goodwill 4,590 4,518 4,518 4,398Intangible assets 120 139 139 62Property, plant andequipment 2,407 2,282 2,282 2,108Deferred tax assets 2,059 1,641 1,388 1,383 -------- -------- -------- --------Total assets 850,362 715,719 538,345 512,446 -------- -------- -------- -------- BARCLAYS BANK PLC CONSOLIDATED BALANCE SHEET (UNAUDITED) As at 30.06.05 01.01.05 31.12.04 30.06.04 £m £m £m £mLiabilitiesDeposits from banks 84,538 74,735 111,024 115,836Items in the course ofcollection due tootherbanks 2,809 1,205 1,205 1,442Customer accounts 217,715 194,478 217,492 206,170Trading portfolioliabilities 65,598 59,114Non-trading financialinstruments fair value throughprofit and loss:- Held on own account 8,231 5,320Liabilities to customersunderinvestmentcontracts 71,608 64,609Derivative financialinstruments 132,784 94,429Debt securities in issue 93,328 76,154 83,842 69,431Repurchase agreements andcashcollateral onsecurities lent 122,076 98,582Other liabilities 9,649 9,869 82,936 79,546Current tax liabilities 786 621 621 697Insurance contractliabilities, includingunit-linked liabilities 3,589 3,596 8,377 7,944Subordinated liabilities:- Undated loan capital -non convertible 4,366 4,208 6,149 6,233- Dated loan capital -convertible to preferenceshares 13 15 15 15- Dated loan capital -non convertible 6,930 6,383 6,113 6,220Deferred tax liabilities 1,891 1,397 1,362 1,284Other provisions forliabilities 386 403 416 329Retirement benefitliabilities 2,041 1,865 1,865 2,028 -------- ------- -------- --------Total liabilities 828,338 696,983 521,417 497,175 -------- ------- -------- -------- Shareholders' equityCalled up share capital 2,341 2,316 2,316 2,304Share premium account 8,786 6,531 6,531 5,763Available for salereserve 374 314Cash flow hedging reserve 328 302Other shareholders' funds 2,551 2,494Translation reserve (35) (58) (58) (43)Retained earnings 7,479 6,691 7,933 7,069 -------- ------- -------- --------Shareholders' equityexcludingminorityinterests 21,824 18,590 16,722 15,093Minority interests 200 146 206 178 -------- ------- -------- --------Total shareholders'equity 22,024 18,736 16,928 15,271 -------- ------- -------- -------- -------- ------- -------- --------Total liabilities andshareholders' equity 850,362 715,719 538,345 512,446 -------- ------- -------- -------- BARCLAYS BANK PLC CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE (UNAUDITED) Half-year ended 30.06.05 31.12.04 30.06.04 £m £m £mAvailable for sale reserve:Net gains from changes in fair value 112Amount transferred to profit ondisposal (26) Cash flow hedging reserve:Gains from changes in fair value 16Amount transferred to profit 12 Share of changes in associates equity (28) (17) - Currency translation differencesarising during the year 23 (15) (43)Tax (118) - -Other 38 16 11Profit for the period 1,946 1,465 1,798 --------- --------- ---------Total recognised income and expense forthe period 1,975 1,449 1,766 --------- --------- --------- Attributable to:Equity holders of the parent 1,950 1,422 1,746Minority interest 25 27 20 --------- --------- --------- 1,975 1,449 1,766 --------- --------- --------- BARCLAYS BANK PLC CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED) Half-year ended 30.06.051 31.12.04 30.06.04 £m £m £mNet cash inflow from operatingactivities 17,636 2,293 2,911Net cash outflow from investingactivities (11,514) (2,702) (4,296)Net cash inflow from financingactivities 2,594 1,095 1,832Effect of exchange rate changes oncash and cash equivalents (539) (165) (305) -------- -------- --------Net increase in cash and cashequivalents 8,177 521 142Cash and cash equivalents at beginningof period 21,603 13,996 13,854 -------- -------- --------Cash and cash equivalents at end ofperiod 29,780 14,517 13,996 -------- -------- -------- 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 preparationThe Group will adopt the requirements of International Financial ReportingStandards (collectively IFRS) for the first time for the purpose of preparingfinancial statements for the year ending 31st December 2005. Restated 2004comparatives, 2005 opening balance sheets and the reconciliations required byIFRS 1 will be provided in the full year Results Announcement 2005. The Grouphas applied IFRS from 1st January 2004, with the exception of the standardsrelating to financial instruments and insurance contracts, which are appliedonly with effect from 1st January 2005. The impacts of adopting IAS 32, IAS 39and IFRS 4 are not included in the 2004 comparatives in accordance with IFRS 1and financial instruments and insurance contracts are accounted for inaccordance with UK GAAP in 2004. Therefore, the results for 2005 are notentirely comparable to those for 2004 in affected areas. 2. Authorised share capitalOrdinary sharesThe authorised ordinary share capital of Barclays Bank PLC at 30th June 2005 was3,000 million (31st December 2004: 3,000 million) ordinary shares of £1 each. Preference shares 30.06.05 31.12.04 30.06.04 '000 '000 '000Authorised share capital - shares of £1 each 1 1 -Authorised share capital - shares of £100each 400 - -Authorised share capital - shares ofU.S.$0.01 each1 - 150,000 150,000Authorised share capital - shares ofU.S.$0.25 each1 80,000 - -Authorised share capital - shares of U.S.$100each 400 - -Authorised share capital - shares of €100each 400 400 - 3. Issued share capitalOrdinary sharesThe issued ordinary share capital of Barclays Bank PLC at 30th June 2005comprised 2,311 million (31st December 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 shares 30.06.05 31.12.04 30.06.04 '000 '000 '000Issued and fully paid shares of £1 each 1 1 -Issued and fully paid shares of £100 each 75 - -Issued and fully paid shares of U.S.$0.01 - - -eachIssued and fully paid shares of U.S.$0.25 - - -eachIssued and fully paid shares of U.S.$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 30thJune 2005 was 78,800 (31st December 2004: 78,400). Additionally temporary andagency staff totalled 4,300 (31st December 2004: 4,300). 1 On 1st June 2005, Barclays Bank PLC consolidated the 150,000,000 preferenceshares of $0.01 into 6,000,000 preference shares of $0.25 each, and authorised afurther 74,000,000 of such shares. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Barclays