Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 509

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 509
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 gain, income was broadly stable at £4,777m, as continued structural hedge momentum and the Q424 Tesco Bank NII were partially offset by adverse deposit dynamics and mortgage margin compression – Barclaycard Consumer UK income decreased 3 % to £937m due to lower interest earning lending balances, resulting from higher customer spend being more than offset by repayments – Business Banking income increased 6 % to £2,004m driven by continued structural hedge momentum, partially offset by lower government scheme lending as repayments continue and lower deposit volumes • Total operating expenses decreased 2 % to £4,329m , driven by lower structural cost actions and by the transfer of WM&I to PBWM 1 partially offset by Q424 Tesco Bank costs and inflation. Ongoing efficiency savings continue to be reinvested, to drive sustainable improvement to the cost: income ratio • Credit impairment charges were £365m (2023: £304m ), driven by the £209m day 1 impact from the acquisition of Tesco Bank, partially offset by a resilient credit performance in UK cards and UK mortgages. UK cards 30 and 90 day arrears remained low at 0.7% 3 (Q423: 0.9%) and 0.2% 3 (Q423: 0.2%) respectively. The UK cards total coverage ratio reduced to 4.8% (December 2023: 6.8%) following the day 1 impact from the acquisition of Tesco Bank and release of the affordability linked adjustments • Loans and advances to customers at amortised cost increased by £4.9bn to £ 207.7 bn, primarily driven by a c.£8bn increase from the acquisition of Tesco Bank, growth in unsecured lending and mortgage lending, partially offset by securitisation of mortgage balances in Q424 and continued repayment of government scheme lending in Business Banking • Customer deposits at amortised cost increased by £3.1bn to £ 244.2 bn, driven by a c.£7bn increase from the acquisition of Tesco Bank, partially offset by reduction in Business Banking and retail current account balances, however these dynamics have stabilised throughout 2024. The loan: deposit ratio remained stable at 92% (December 2023: 92% ) • RWAs increased to £84.5bn (December 2023: £73.5bn ), primarily driven by a c.£7bn increase from the acquisition of