Barclays (BCS) 23 Feb 222021 Q4 Earnings call transcript

Good morning, everybody. This is my first earnings call as Chief Executive of Barclays. It's a great honor to follow three century long line of stewards of this company.

While I'm new in this job, I have been at Barclays for a number of years. I was part of the management team that developed the strategy we set out in 2016 and delighted now that we are seeing the benefits of that strategy in the results which we are about to discuss.

three. slide to moving So It has group. performance the full a strong year for been In a to delivering out XXXX, set we build through cycle. double-digit the bank returns of capable tangible delivered Last XXXX, of a -- return group XX.X%. year on we return in equity tangible of double-digit Corporate of major This and business, Investment returns lines payments and all consumer the Bank. U.K., cards in business of three included our Barclays and the tax also in profit XXXX delivered billion. £X.X group The before a of record in levels impairment This and profitability £XXX of our profit CIB discipline, credit Corporate Bank, the net million. record release cost strong included Investment in around a of And the we the robust turn outlook in which but ratios remains retain. we uncertain, acknowledge that coverage reflected this is economic

this performance enabled announce remain share. over billion equivalent demonstrated us return The XXXX. to well £X.X of has performance, has delivering RoTE now of with consistent total the this the this. is per factors this We also sustain of significant shortly excess more of in ratio respect capitalized a shareholders and payout capital of This to of greater the CET to say us We year-end returns a achieving XX.X% at give is on a group on will XXXX XXXX. and basis. that in a double-digit than confidence about objective XX% in progress since Tushar the £X.XX delivered

costs. managing focus to continue on We

base a improvement flat was portion lower result also financial control, ratio from year-on-year substantial XXXX. are legacy material behind £XX by down over part, remaining XX%, by driven cost billion. Our strong crisis-related us. this at is and in and our evidenced cost-income conduct XX% litigation of costs of a charges It's matters In

to efficiency invest we continue cost use returns. to and savings, will to which drive creating higher emphasize We for growth will discipline,

prudently, resources capital our since of CETX managed ratio improving steadily also have the end our XXXX. We

management up the in announced to XXX a to including a were results to earnings, in XXXX. basis remains supplements organic buyback points capital remains be distributions able that have Barclays remain £X strong To position £XXX end, to a the and which buyback shareholders addition today. the announce dividend to billion distributions us over priority increase our Board. that capital shareholders our million the we from is environment This interim and strong in for generation, results economic for we capital Our to enabled further We pleased with total with £X.XX XXXX. uncertain. and recognize to key of

relatively However, Barclays this is well backdrop. positioned against

short structural rates rate curve rising as to parallel rate, the to and add the £XXX means to the are end rises hedge. in yield of interest curve yield steepening long million point three. as well the of about the benefit yield both the geared We via that materially that base end basis at shifts the income This We upward net XX interest annual we from interest each our year estimate would by curve.

come. In is of U.K. unsecured balance been good spending a in addition and to have levels lead indicator U.S. this growth improving consumer interest-earning the and

has spend -- January purchases XXXX in U.S., trend spend broadly data recover. up XXXX, cost economy U.K. XXXX as were credit and to showed for flat latest continued the to January January Our versus the January debit In pre-pandemic. the X.X% as January XXXX XXXX was that compared

normal to GDP, is to Although, it inflation is cost. a headwind a tailwind

remains and for to are at lending Unsecured to maintain active the At mitigate programs cost of appears levels. impact to say, while UK the the to same the inflation low unemployment improving. the inflation outlook and be continuing efficiency number invest a – impact reducing time, balances term. medium I should have in of We the macroeconomic of US

below run are pre-pandemic rate this of not expect mean positive though to course recognize to signs, quarterly is a be the levels. assured. that, impairment These recovery likely that, We for we is

model to strategy. our key universal is Our banking

managing an global one it consumer investment right, in is card a own and banks. a large Each franchise, comprised group. as largest corporate a are excellent successful and We well credit bank, business leading the balanced as but its of the together, resilient bank

For we XXXX businesses. withstand corporate our XXXX, bank, downturn and in and the helping in profitability had instance investment in strong consumer the us

Corporate emphasize to the Now, to slides. as in expect three improved while few sustain performance the broader consumer to of we Bank. recover, outline next the order our I will group, businesses, and to In priorities. returns performance in our these grow target, an the economy we see and robust Investment sustaining the continues above

we XXXX, of grown, by The Our services, than But the $X.X We some the ones. trends. have have priorities cheaper and of market want in provides funds they finance. these last pandemic the in around combining these public trend changes among financial of And seamless The capitalization the Digitization the private added total private more this each Within digitally. markets, have the who to the year-on-year. our long-term place of should with banking outstanding over grown typified around XX% the biggest number has total assets grown engage the customers now enable the advantage clients. and and to equities more continue us is under Digitization customers, have of This our one are with services. most and the In time, private private XX the a value continue XX,XXX registered million UK, dominate and the these by people and capital in and is continue transition. app, liberate branch public XX% to Banking, Since markets. issued of securities interaction. to three It Wholesale with our trillion fall. market us of growth the to of $X equity grow more to markets in upward bonds largest observe week. way products world, to over continues global mobile At management a visits same so credit and both to important and private efficient customers user our years. on taking clients, from experience better in as trillion. take has accelerated better

of are Finally, climate-related trillion additional for opportunity much difficult would it as new of predict financing. It the the be least the could scale our of about transition, required the Internet to industrial the next as $X in revolution. opportunity, finance priority, Estimates every revolution in a the been be years. trillion at $X is to This XX to mid-XXXXs. investment magnitude year difficult third this we precise to the value recognize the of have

of let turn. take strategic in each our So priorities me

as First a to businesses, is digitally. financial for transform products see the and Barclays to deliver services. the and dominant Barclays of delivery the payments next-generation challenge next UK our cards consumer decade, business this Across digitized consumer continuing We in enable we will our UK, and services, This is means customers to and interact profitability. capabilities. efficiently Within more digital of continue digitally. products continue Barclays to better will invest and to transact we delivering with higher

is to to from and digitally-enabled XX% aim online this the that be of by can completed services Our products XX% journeys, year. end increase customer

ways accessible increase are observing use flexible We transact of in steady the a to outside and a more also branch.

XX UK of we go the ATMs, number end smart end the will the in by of from operate example, XXXX. the to of at For XXX XXXX

our without central remains the society. of observe trends, However, to footprint it we these strategy our we neglecting that needs as adjust

We driving to share and initiatives behind banking are forces the access cash infrastructure banking. one order access of the current in to to continue to

of cloud our utilization to more effective infrastructure, cost continue computing. our build out have increasing will significantly will We base. for meaningful benefits cost This

quality, And more reduce needs, simplify the look so around can and gains by And over offer number data build and simplicity more efficiency. in We understand better effectively. we will next our we by of competitive products to consumer targeting years, the one-third utilize services. doing four and a offering will products we customers' service

to value including continue our in synergies group. realize We our across also aim banking payments with to the franchises platform, the

We payments grow our business. opportunity have a significant to

business with one SMEs, customers. XXX,XXX payment but service UK around have relationships over We million banking

ability cohort. we have this grow the So to

the market. ability acquiring merchant much in UK have offering, operation, which with integrated relationship we of intend prime e-commerce The US, think in the the is As will a now to stock Europe. parts. scale our posture this QX our consumer card card and its the a is and of particularly to US. GAAP, year. drive the product Barclays our the only example offerings is good in partnership partnerships build us with we corporate global the time which enable conservative us this will suite also to this growth our a We more with a biggest which white credit relatively into owns pandemic, Having This the unsecured part during diversify of gives complex. This fast-growing own label introduction very relationship will which to had commence broaden of US the UK through lending corporates payments retail is from up airlines, in both not

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capitalize to This Investment on continue the ranked to a the and top Bank player. strong build on ranked with more provides are We non-US sixth structural diversified the trend which business. and foundation, to a Global us

our we in and have three past European same of benefiting investments, businesses. made some our from the the time, Over peers capital the At markets which our have technology. people improved years, we exiting ranking, been have

sustain that to markets We is franchise activity the the client high periods of we and during and capital see heightened share To weaker our from of protect investment income therefore to industry our We cyclical, pandemic diversify delivering have grow during bank. in have steps market end, we benefit recognize taken is returns. well-positioned cycle during to the and volatility. the and opportunities stronger levels helping benefited while people, to the the of periods business corporate across earnings and that

banking heard technology. grow markets to in equity talent, us business in talk example sectors investing have about For previously our our you and like expanding coverage capital

to has grown in In you've Similarly grown XX Markets XXXX. balances business. share the In has fee some our by the growth our points heard Reflecting since see platforms. Barclays ECM global areas grown the growth focus on broadening global delighted our which of basis XX week. is result years have a key about This us franchise, our XX%. awards share investments, have client in two to we basis brand client and offering strategic in since talk our last points win made and technology I our we a strengthening fee Global As testament our XXXX. our have three was seen

Prime of this provides stable annuity on income deepening as and our First corporate Derivatives tax year. us grown In Risk income XX% mix our Global businesses. named capabilities. to second XXXX working Overall IFRS has Barclays we named several product the been improve and as Year; House Markets client income and Magazine bank, since relationships financing the our smoothing focusing returns approximately across for the broadening of by Broker Equity have more at the our years,

growing have -- and number fee-based invested of million. Banking our has totaled stream. the in too year-on-year around divested clients Transaction income diversify have It to we we growing income we in £XXX have success Here Europe X% to

Our opportunities help to and priority a world's carbon our clients to transition as is the economy. capture third strategic lower

requires their It adapt as supporting from sustainable. affecting meet playing As global transition, their impact our from place, advising positioned they clients takes our as models, clients and corporations this of to them and global business us This the is the to a to every economy and every to their they means SMEs to partner business reorganization for Barclays being governments benefit support sector, constructive in trusted role. and adapt customers individual fundamental more lifestyle. businesses

deliver capital and markets using this We to sheet, finance. help our are expertise balance banking, advice already and investment

green billion XXXX we by deals. since of XXXX. bonds a finance example issued serving includes £XX since landmark joint green lead inaugural This seven sovereign facilitated as on out European eight have For through of

opportunity. the However, do is to more advantage take can of market much there we

we our continuing across and teams are expand We offerings. sustainable offering finance our sustainability special service our through are integrating to

consumers help to We continue products businesses greener choices. innovate will make to develop that banking and small

a mortgages For one green recently green mortgage major Barclays and of billion first To-date, the example have have launched we was launch green completed in home bank mortgage UK XXXX in a over product. products. £X we to

We are -- young capital in also low equity carbon tomorrow. keep keep investing -- technology investing investing our that of we low emissions the emission own will companies in

is focus by and values. our and founders clear a an they on made enshrined XXX purpose community, progress over our years continue to ago by on environmental underpinned in integrity, including climate purpose. These in Barclays Our General demonstration be focus and Annual example for at a a of agenda include Meeting. significant this year's this major stewardship. say agenda XXXX, and quicker We've governance were and our against social will shareholders This offering XXXX climate

me let capital of pillars briefly talk Finally, about our management.

then points be is tangible XXXX return capital do equity capital would As consistently the annual a from This XXX able to to earnings, to things. group achieving on of XX% organic has accretion. three meaningful greater used generate ratio about can translate basis proven capital than

capital shareholders, for the saying invest trust XX% is our let finally, to position management Board; and second, demand-led CETX by targeting I our strong growth numbers. maintaining for close with I target amount pleased ratio this for to a to team you and attractive drive how opportunities foundation higher which will am which shortly key an return over take me a our range. performance to But and capital-light hand of to through to to Tushar I XX% me priority returns; remains our First, year. our

all and be a X.X% In PBT our set first of reported with strategy XXXX, she retail am the excited to identified operations. as sustainable in his in of moved from and Our £X.X as us we to testament finances I well Institutions his six years discipline key about Group counsel delivering, Bank Barclays. strategically, ratio greater CETX is of to to our in our X.X% tradition and Anna Anna CFO that of to deliver for and of successor. and Chairman a growth Director. he strategy been and having of Banking RoTE is this billion than I'm positions cost of to a Barclays confident clients the after as to we basis. the as at year and Director. Finance end, Cross Group I and issue. our behalf job is had now. leadership gratitude bank and familiar I intimately and at in I'm I to Tushar's colleagues the distinguished priorities and And known our new prepared capability. friendship. much Tushar all Denverton on to £X I'm wanting have Global different the She bank have reconciling to X.X consistent build delighted for valued personally cleaner always strategy be value outstanding of broad we to before Finance and will delighted Morzaria our and and deep service that us. but change, how Financial Look has billion our to Tushar myself I'm to Anna want Scottish leaner decades rigor. profitable his prudent, Group aspects RoTE financials, are stay vision and Controller rights owes today the for my I've steward This Barclays on with vision Padang a It Tushar will he that my and is of his over on for express our diligence, worked with XX% years of closely able she Barclays execution eight-plus

for valedictory for congratulations So over your thank you address. and you Anna Welcome Tushar everything. to and Tushar,

Thanks, Venkat.

for moving years be and both driving for a time to Anna can't right of come. stewarding the you I to and many be may team to Barclays be better on, me it forward in think While

Moving numbers. on the to

trajectory year-on-year, start performance more income has offset billion more average our the usual, Costs we're businesses, summary in increased our by CIB with pandemic a despite dollar I'll to strength As and up rate. the year, full now was and recovery. initial the Overall, on the then exchange of say year X% go X% weakening into cost billion Through of signs shortly. £XX.X an continued detail effects consumer on US I'll of the seeing QX. the £X.X the on which to of

a Following in the of year. had XXXX, an we impairment £X.X charge billion net for £X.X of billion release

and key RoTE resulted coverage than line the However, a in by TNAV reach This billion. increased of XXXp. strong or of we was in maintained a ratios year XX.X%. pre-pandemic higher we an to of with on portfolios. £X.X EPS billion, levels increase XXp in PBT profit over the XX.Xp XXXX The significant generated £X.X

in billion second to total the XXp costs US position X% performance. Xp was range and average a year-on-year. generation income just card dollar. we a Xp of non-recurrence for to few actions, per very share X% executed from capital to dollar words income benefit We offset the we weaker course QX. diversification on in the balances. forward. US following at balances half in bank income in are the going reflecting in capital completed the equivalent the per income lending put throughout of lending in increased full on businesses, CCP dollar well in target making Our X% or further and million XXXX, We lower pandemic dividend XXXX summarize of with the to CIB share, year payments the adjusted up and XX%. year delivered buyback, pay costs by which strength support We strong XX% up unsecured growth US relation share reported growth print XX.X% relation income partially XXXX buyback increased to acquisition customer weaker launched despite lower of our year-on-year, £X look takes resilient also underpin announced the ended that XXXX the of a buyback in XX.X% and headwind, the at us has buyback CETX the income customer year some X% the April a a But here to the down That was businesses return trends mortgages income again XXXX. A £XXX before in in total XXXX. and on million offsetting impairment £XXX fixed mentioned a COVID-related of of BUK the above from I increase ratio our and trends performance for in the on of confidence with -- group across down despite equities income headwind driving fee private income and in

have balances continuing mortgage adding a We XX volumes tailwind secured UK, year-on-year. in almost in lending in billion the

base While that for the illustrative been increases. structural signs an the the the of yield the throughout deposit on a and XXXX. right and be of means but the of for current rates example is movement significant table the slide margins shows return to seeing rises we in rate further optimistic basis now environment we positive yield unsecured of curve hedge of hedge, expect curve the recent on are The the longer role shift to stock first the of higher now on point consistently the prospects tailwind effect parallel a effect us, in of in potential in and a upwards XX The a cautious and balanced through XXXX, the about rate to are role lending, have XXXX we recovery rising growth. addition the

benefit group expected benefit the across XX is UK. income basis the now to you increase in point rates Barclays around a two-third remind to from Just with that spread

costs £X.X line which billion of at billion £XX.X costs. in billion costs, guidance. structural now cost and costs. in Looking to actions flat performance were £X.X performance Risk the in as costs our cost of excludes increased by result increase structural £XX billion with previous and a £X.X billion Overall actions XXXX for at

from which billion billion related bring Looking the estate UK, XXXX. past and took and in included which the savings costs, largely transformation total £X.X will in we start charge to the real £X.X QX QX structural full of in to year flagged we QX spend the at the

I will XXXX. large for did cost billion, cost broadly as give further cost £XX continuing we from face where the structural in but on in costs while only consensus wouldn't some the base We £XX.X as expect too but increase modest investments of is actions level costs charge current a to the evaluate inflation to year We funded billion overall billion currently I'm efficiencies. It's range. make cost early £XX.X comfortable from but guidance to to with expect the

net and XXXX. billion a the UK reported CIB. group CCP We release year billion This in impairment. charge charging net more the offset to for to a than releases of compares on with by in the the for Moving of £X.X taken £X.X

as balances. less the updated than severe model still and appendix the three Stage provision unsecured been in that macroeconomic post that slide half has billion of loans In had adjustments the on we're Stage X X the variables impairment paydown charge a £X.X in XXXX sizable you forecasts macroeconomic roughly half billion on impairment X impairments. stage of charge XXXX in billion you'll see and a in adjustments. an £X.X On in with comprised a and the right can on £X.X Stage management And was and balances, holding included a XXXX and we when default release note proved We've have X Stage X there Stage taken.

coverage impairment we think So slide. at the by the to way ratios. coverage Despite ratios shown I think is next still our about provisionally looking have best which are strong in on the current XXXX, release

the focus to unsecured want of the we Here book. on is coverage

ratio past Here above pre-pandemic the and balances, not credit the Within is of arrears on are the average year-on-year. well are XX% down for X level to compared Stage still still are the unsecured figures higher than XX- end most this, with still is coverage due XXXX of coverage cards overall coverage ratio and X.X% XX.X%. XX-day which level

below expected we to levels unsecured coming the growth historical of the pre-pandemic modest levels balances, coverage these and organic in remain in quarters. charge expect the With impairment quarterly

to £X.X BUK We stable. in billion of X% charge jaws. income year-on-year performance. down were delivering CCB QX for positive to and impairment XXXX. now a and with had Income year-on-year QX small was compared Costs billion X% release a up CIB to growth Turning £X.X

As a the for generating an tax X.X%. before of £X.X I in billion The £X.X the pence profit billion quarter result QX, and £X.X EPS was RoTE of year. attributable up previous profit for an billion, was from X.X remind these you £X.XX pence charge again of and the statutory and that share by conduct a the in per all £XX reflecting into are would numbers account XXX X.X take million. to pence quarter TNAV of litigation increased EPS.

£XX Looking more business the strong QX increased results now with the BUK. while the – at strong for year-on-year again with in X% a in QX performance detail, net mortgage making Balances total Income very billion continuing mortgages. pricing starting continuing grew with billion in always year-on-year. growth firming almost signs competitive, some up. mortgage market of although book is are increase of The there of £X.X

end on and slide, of down showed QX at on XXXX credit earlier were XXXX. As on the billion card the but XX% XX% still broadly £X.X balances flat in

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main an of the the million start with from £X The expect these for was strong billion earlier. in RoTE for as quarter and increased to deposits release by of quarter mentioned further to in £X.X Customer look We cards XX.X%. QX £XX impairment billion coverage I coming savings XXXX compared the the ratio measures in particularly from XXXX. charge the

diversification income X% positive of Turning Barclays jaws broadly year-on-year markets go XX%. BI banking resulting income million performance CIB increased in a and by ratio flat International. marginally is a was were X% with of the costs XX.X%. in Income more CIB. on delivering RoTE of demonstrating billion the weaker by an charge now largely in while into to benefit decreased the beginning Impairment detail cost down. £XX offset growth within costs the slides the investment I'll fees. two with £X.X to QX next

compared XXXX XX.X%. net £XX skewed accrual in I Overall generated in to variable There for charge the minority CIB was in the with quarters As of performance. XXXX. was quarter release a the a impairment small mentioned towards compensation in increase previous million the QX line for

to one the markets the quarter investments at at reached £XXX equities income bit made favorable may in year-on-year. million. markets at not that going would be of hand our for Markets markets level the the for Overall secondary fees banking positive but down strong of We up with development million to fourth flows Investment may Looking the Transaction areas grow. saw remaining any comment Banking the January demand record overall primary businesses. lines a all decreased lending in continue income on £XXX year more affect of we franchises. on volatile sterling. was Capital observe markets trading, fee Equity the equities performance in the a three XX% standout I'm areas down the invested but I balances was and deal about up remain prime performer. various at make specific increases X% and given other Corporate Global by they slightly were muted. XX% through just the detail. XX% and with Both £XXX while in timing FICC we've loan across million

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in continuing to growth saw That's year-on-year billion. in adding QX. the recovery cards growth and balances £X.X X% on £XX.X billion New reach X% quarter

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this range. in setting As taken have this account account our into -- we've, obviously we obviously, into target taken

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the forward some and headwinds. have years, identified next of over we Looking tailwinds couple

banking. On charge levels the called plus time. below recover. income impairments remain growth on in some the income from I front, for balances and payments out in to expect as a headwinds, rises including unsecured and tailwind Among significant as balances expect mentioned, increase some pre-pandemic recovery I've transaction rate But further we we

now performance for to in be is is position trajectory and but priorities UK of particularly, the from Investment structural XXXX, surcharge costs. any level tax the cost Other and year. We initiatives factors Bank in a rate in increase there market XXXX. efficiencies tax reflecting spend. cost and the The extent like and cost consensus from cost growth in more US clear. income the the income performance tax rates CIB of the front, on some our which remeasurement reduction the saw slight from will tax the banks the to the in the direction UK according to further Longer are there's can reduction and trajectory this invested term influence environment hard bank to forecast. less in potential On consider DTA QX, are increases the a negative

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and is limit future we'll while confident for we ask get your now growth. take chance ratio yourself to to questions. that to so per delivering and of a as two capital also And I'd strong attractive to investing usual, remained you returns person Our capital around shareholders, everyone. Thank get you,

Your Omar today ahead. Suisse. Keenan from go Instructions] telephone question Credit first Omar, [Operator is from please

Your now line open. is

best Good also I've Tushar the want two much to questions. and guidance presentation of for say, and my please. questions got for thanks luck morning. for the all very to the the wish taking future. Thanks the you I And

about assumptions sensitivities key to what you of I said deposit XXX and margins. basis some Firstly, that. the sensitivity help has higher pricing in could of guess beta in rate of assumptions given and on do that us you've NIM. Could making But churn think the you the is base market mortgage these also on of and comments than your have weeks. XXX that couple mortgage for And the deposit the what I X% help figure pass-through you expecting Barclays is rate compares us? about to hikes to how for assuming a you XXX. past points U.K. XXX sort you're the And it us something you're appreciate firmed around think assumptions

as revenue further little tangible income it's XX% about us target. XX% towards the cost of color So the you think missing just key But Obviously, path behind much you assumptions normalization guess that. bit might help very return cost ratio? very from are is the target And of that what you question loan thinking on you. latter. the met. be of when Thank might I bit Thank is on and second a around piece income the for equity the said my then be dependent. around losses a here could the more a

comments. and don't Omar, some I I both add why anyway. of some I appreciate may of questions seeing I to Thanks next Yes. as look and to week along. those Venkat go forward your take want probably you comments But

about your data churn. U.K. I the were do mortgage we and questions think On deposit churn -- NIM, think how

increasing we first so seen a deposits rises have being or for pass-through base a a you've rate further relatively rates. of the data muted significant repricing further two us XX assumption. obviously, very obviously We've seen, how we've for points sensitivity two-rate deposit repriced that given and So our out basis for

start a of relatively haven't that's of specific It's this, subsequent is out I the historically, anything probably less throw numbers, rate chances rates, less got we say very that hard you of, never data I cash be I of deposits. but that from rise rising it get rates has on to empirical In lot beta. as really think like started come relatively a an sort such high of we've you that proportionately would a levels lot still capturing and higher are precise on or banking of sense we obviously, that because of rise. And through. and which, low deposit very of words, Our awful of quickly. we rate on any -- top other sort where -- capture low sort the be won't this U.K. levels base of system

I -- but So should of be next or the basis a rises see. reasonable I about first really but think churn, local XX mortgage let two our think the points, the to the capture of we able it's we'll sort on me base On for the sort or flow. rate the way just right mortgage in pass-through, movements amount is, of churn, get definitions

frequently, we are do that probably in comes will out, large have let's to rates that I words that say, other in on back mortgage I go every to and be book you've the curves lenders further been repricing their active. so, that really current product So movements think really, comes two-year for product think, the refinancing because with at been precise refinancing quite that's now. into. fixed seen pricing obviously, rate negative, what that's swap our It's a rate hard that levels how for refinancing

near tell. like, least, say income we're what sort say trends hopefully see NIM hard is assumptions at our do rate really pressures that I'd on you what I current cannibalizing in the term by we're to front that in to and flow what -- guidance. of and of rises we production, to you a large, little book have churn or beyond around will although, optimistic But, So, and it's trying that our that, think, if negative that reasonably the bit what

remind credit to would got of loan normalization comments. losses, But we're briefly, our sure I'm folks function out levels, sort to of environment. say as you quite very terms benign to tangible bit scripted that, a a loan pre-pandemic of the below although, giving charges just on In sufficient return equity, be this from not expect at loss we a moment, really rate impairment a of

that You our can data. see in delinquency

as generally of than it sort environment had a right costs you're revenues well in well a in we where CIB harder again, positioned current we're about speaking a think But, XXXX. be talked that to with as the macroeconomic little well -- is consensus I much pre-pandemic. see ratio, in line of sort consumer Cost-income lower function We're on can Omar, we costs. for rate is is income balance as being income, as unsecured forecast. We've quite mean, that bit precise optimistic the and as business of it You develops.

that our XX% Omar. statutory a So of a as say every towards down us, for ratio you'll do that subsequent reached just that, for return question and sort I I'd your better. years guiding the Star. glide year. and on think, basis is But our try or to naturally is of sort also year cost-income do We North see XX% this that thanks And XX% in objective we

very you Thank much.

to we the please, question, go next Could operator?

Please from comes next Firth proceed your with KBW. from Our question. question Ed

Yes. Thanks morning, very everybody. much. Good

Hi, Ed.

that, is forward, guess, particular of than would anything into your a I the this us market give idea which mean, worried big outlook. to banks just there I year, perform first speculation about morning. I some terms the transaction. than all particularly of a details going that of numbers? was in would remember the different other I'm the And looking we're the seem time one-off of wondered, taken hit sort any I particular U.S. us on QX. the quantum operating are what Yes, in you but of a not seeing one terms a transaction, business Good press, you whole? the that of CIB of about in guidance that as more QX can how revenue have was sort from importantly, to mean you've there of And lot market forward, the reasonable around two. the giving the I is January

want be to answer… my would the that you second the guess, at have same question I time, you do So, first question. or Did

we'll Yes, split together. of give do try and to you them and a want move to

have we sort basis rates you've would the BUK international, sure. quality. to but each economy. XXX book? hear question done versus points reason But and the credit these do of internally I I work you of easy up I rate million reading was of in the question rate XXX QX another rises say to you surprised of time, about very hear revenue. shove those up quite for analyst if they wonder, If guess, sort And I interest in me bank I'm another is rise as what million, guess, credit Yes. balances ultimately second you'll a markedly coming QX issues feel in about – where start in in that see your that's okay. headwind, quite at be through your if which sort there XX markedly Yes, credit, we I about is of And it's what about And the were X correctly. QX, -- at the start level what Thanks. slow to Stage look

What and well? And Venkat, Ed. CIB Thanks, And come Yeah. Venkat revenue credit to about you may ask comments there the that quality. referred back add maybe, to? the talk bit to I'll item I'll some a as want to maybe,

Sure. Thanks, Ed.

businesses both years. last strong steady making banking CIB our been over progress markets I few our the has think and in and

markets has three that over market the this fifth a business business eight is approximately banking has last gone year. got the for market to and years, We've business. markets sixth-ranked share. ranked from Markets And a steadily have with also We improved banking business business. six accreting in the

context, which and planned. of managing The which like specific in particular it, banking us, and wouldn't getting into have majority that the greater say weaker. move will performance vast strong read quarters, want it that great in would on now We of in profitable of but markets. on, anything out clients when as of I accretion that transactions, the CIB in I they these transactions some to confidence work and does not and the to of both business in our this. markets is see things the and is we their market item trend from the you part do coordination strength that and slightly are don't some Now quarters profile and one we helpful they that these and we very share. of quite the I And very large continuing between are that, risk banking strong and happens return want. learn What profile the Occasionally,

there. extending second to At your side I'll the in the mortgage stress decision, at concerned do where particularly on for be we consumer gives few what question terms optimize sitting how But do On basis. a we before rates, on mortgage Venkat. this rates Thanks, outset, start the for about point in should any you the the outset. more of go. we least affordability very that of we a make name-by-name at much side side, at the credit lending of do you we we on it's on about that stress where think sense give quality a getting to rise. corporate To detail we sort the mortgages, would feel, prudent customers consumer obviously, sense as points X%

of say the it I'd thing, business, predominantly in moment our market. which other mortgage consumer obviously, fixed. the The at just is, UK dominated by the book, nature is is just It's the

rate there low indebtedness instantaneous point I'd obviously say there, transmission. two refinancing of are than So seeing generally. it's final The levels to from is, of sensitivity customers the sort is relatively but of we things, rather

stress So more I your you're of when point say unemployment sort this exhibiting probably be work stage real in could I we – at issue – thing, for though, an lead terms of it would is of meaningful in aren't own always will one The looking seeing any what the customers at best at this be way. indicator. think

particularly lead moment, above unemployment at the in would up trending that the level to you'll the a unemployment, At that, of US of extremely from where sort see some starts in both perhaps, way best quality feel sort the we indicator. at most UK. and credit expect that's levels of and low away point, be change people unemployment regular as residual So

the concerned not at probably we that, closely. that's we're So the one moment watch

to to of hurtful income stage us Yeah. we an I in a the point credit the a buildup beneficial cycle I'll credit point economic cycle, from more think where and add that, of to and from And are view at of particularly is that us balance view.

that see So I balance trade-off that I see – to beneficial that of don't us. marginal being

Okay.

just them why in just up X you with the balances, the that of or would how or to that sorry, be? Stage at add something is And do something year-end terms

Yeah. quarter-on-quarter Stage sort should probably I the maybe – mean, just have be at referencing this maybe may we slightly than a rather but after you different and of to looking call table. X, they're go down

up. you So sure just a to perhaps, call this give make after we can quick we one synced

Okay. Thanks.

have Could question the next we operator? please

from from UBS. comes Our next question Jason Napier

open. Your proceed question. with your Please is line now

to as for you Good to was congratulations morning. to thank as help just and you Omar all things taking financial. for and the over sense work questions echo Thank hard well the And Ana. you saying Venkat my Two years of Tushar and questions. and make trying to what

basis for Venkat CETX. target Tushar, the I and please, first around guess, RoTE XXX XX% The is perhaps points of

XXX growth Venkat demand? or we're the the of And a how sort any the RWA wonder might XX% normal saw whether little changes basis of what in thinking I about group so RoTE might consumption you talk whether coming and bit particularly, group about the to fit when years. composition together, And capital the accretion of you points

hearing US So, acquisition you're saying costs quite we're I And customer CC&P. about clearly. then in players question. hear from what the that something will first secondly be the That's

market there offers are before. attractive. you've on pretty Some of But the is something in the warned

stage, perhaps as I those would XXXX in is we're you. you're so clear and last thought year. XX%. at could you're £X.X would is the that go quarter for this more so billion balances with signaling about I number portfolio been you Thank but wondered CC&P you saying And a GAAP listening. just not X% coming growing have on have it could headwinds that we consensus up about be that this stream whether achieve, At what through

think Thanks comments I well. Jason be your cover make comments weren't precise. real we of beginning Venkat thanks them a the just couple don't of Why it to question. points super and both trying sort your Yes. to We I the and capital RoTE I at just generation. of of brief to Yes, rounded want XXX for basis as mean

your absorbed see or is in businesses very putting Those much is cards US would gets assets just that consumer aren't think the well UK. of grow that non-secured we you'll I mortgages of question recover in into the assets what in balance consumer the to guess, though. of list both growing terms how capital businesses, In as by, our much I back sheet as capital-consumptive particularly the like

if nimble sheet. Emerson RWA would The much you more inflation like a consumer see be you'll think as don't Bank side bank. the just consequence I the investment of there. So, growing of leaves balance That then the

a this as super well with gone and have pretty environment of year. markets slightly course over decent the sales RWAs trading. capital up seen been It's You've active as

ebb may want composition even may don't I over sort material a term. the the more the flow of CIB to in upside, more to bit. talk Venkat that how side we So, about in a see see but But differences of this think bit and business you'll medium sort

to Venkat. I Just customer lead -- think acquisition and is I hand indicator. over positive a I'll Yes, in point mean quick a CCP to this you're right costs word on out

what's there's stages sort So, is us. us three of really to for important

pre-pandemic in And we in in look really openings US, going people so account some First portfolios. new and with other levels accounts I When of people words your card all opening think wanting the you. the well. are sometimes better the

card. good. want our the and People time. our card for getting that's They're out first So, going

Second a of with again at the card? we're spend a market using US more averages. are partnership when brands. for sort line with good much us. lot in of thing most are we open industry peers competing because And volume look and really and business feels of of that I of very When our data I they look at purchase gross they're sort our

balanced next purchase well And the I'm get see pretty balances seen to into them growth consistent growing And people is is third news. very is in point our what as now volume So, you've will and with great at we revolve. as thing balance your confident result year. revolving growing that

overall, growth. our So, items in of by the we're the business customer line sort And way three costs I constructive P&L. think does in hit pretty acquisition US cards of all really which the increase

in out contra we using sort You'll when start give rewards our see some a revenue as first people cards. of

lines are allocated. line obviously marketing as you builds You balances see new impairment it line our in the in and and see expense

through want to of P&L. sort see that very place. me Venkat you'll right So, add? anything to positive indicator that lead the in you our But scatter feels and all a is

market a capital has volatility. we growth flow see And has to investment equities nimble there's called been it's etch side, been side quarter and portfolio where accounts spending And diversified where on AARP. continued function constructive tend I to a this pretty would of of many an consumer what as the in of growth. business endorse on And amount structured said, the that goes that which very cards particular onboarding of macro heavy in mix on has is then been we which the over are been one couple portfolio of begun. products. has it course, I and the growth area Yes. well our retail prime, -- see brings biggest we On which balanced mix. overall think organic in sustainable active that's the that with goes but And we've cards. to the modest grown little more capital Look years especially area ways tremendously. the business side in have GAAP because with has increase. a where we obviously been what last continue more has like indicated has that we major like banking are in And rewarding out different it in Tushar us that in and balances, There's increased has balances a I of the travel from the to would in are Tushar think consumption on so trading securitized volumes as They they capital think

is capacity businesses we line expected So banking and have we is the the the to believe growth our bottom think businesses trading that we in what absorb overall.

question. taking for Thanks

question Can operator? we have please, the next

from comes Numis. Jonathan from Pierce next question Our

Your Please line now open. go is ahead.

both. good questions. Hello, couple morning A of

one be big numbers X first far I to in seen so was question we've swap guidance this move the in year. equity the that on Tier some quarter. for of around particular a rates in going And The an whether is looking the there's impact first

for hit shows other it point XXX scales so GBP guess seen capital million on do. up split the XX value account on report don't far obviously But that what pretax every pretax, we've And X about to you things based fair OCI Your hit between about there's GBP I basis and this pensions year. move. billion which which don't

be RoTE to And That clearly broader note question please than cheap. I over are buybacks you years any full few big Thanks XX% that. you out XX% going or help nearer it's spot the LTIP versus the a continue trade will next distribution ordinary from year in much. so term? a Xx hits profile versus the to intention in up if dividends on bit that? shares more that's book. the a ordinary dividend is X to shares EPS, to if the very QX the The are much next dividends be dynamic pays of and at move it your us towards give think So bias be of XX% your buybacks. pretty the There just would bit headwind second helpful? on coming really and Is

of into On the very that The And is typical both capital a ratio etcetera. It deal the would in to I remaining don't us there headwinds steadily activity Jonathan. a quarter. for lot those be capital would I in mean course investment Yes. activity say for be quarter of I trading -- many profile of us so way headwinds of lot capital a quarters. of CETX and users them? I tends take mean bank things for are three users are The accrete net go our of are Thanks best sales be, about business there. to tailwind the then there we Why first headwinds tend CETX opportunities. some we AFS a your with thing best -- question are active the from net-net over

the income in things generally then than we've moves detrimental -- back sort for in which generate capital spreads up be in small ratio a rates year change. may and Distribution on point actually of it of from for because to getting components of financing may into of of net of that it the to uses better rather the guided fixed typical and policy. be individual we is better a maybe wherewithal’s So although sort AFS QX us. a But the that amount dividend sort for profiles capital progressive incoming

would is that you think where expect say all I dividend that assumption grow things fair from the equal, to to being rate reasonably healthy are a at today. it's So we

buybacks out we bank said share to a number our XX% do we're That obviously of these You levels. that reset sure point. try objective question, a year. your are look we a is the different until But believe feel in shares dividend. as attractive. Board our share incredibly times, We a price incredibly look of the that do at absolutely that's and the Hope that given we've it at rightly dividend the today, price every buybacks is dividend level double-digit I'm it is the progressive perhaps believe and attractive look point earnings reflected price the would where Jonathan. to not isn't answers

very much. you Thank

please, question The next operator.

Our Dickerson next question Joseph from Jefferies. from comes

ahead. is now open. go Your line Please

questions. Hi. Thank my you taking for

CC&P has context adjacent a GAAP revenue then couple resulting longer-run type into how of near-term the the you is and Venkat this back more card group? for But that future score XX% you were that guess or augmentation areas I how to businesses somebody is feel finance? where from do see meaningful up I group that year-on-year those unsecured more And deals questions do look the group how of whatever the risk the at to guess of into that? the as driving Barclays. in risk the So just guess much have business portfolio two coming idiosyncratic extension the taken is linked probably And of do Just competitive meaningful landscape? when may do much some that that of at in to And the I feel opportunity is costs how related leveraging the business to points the Venkat -- as you you US you enough in in CCT. stage. of again that

the of sort US business don't I risk to comments the why ask plus longer some So profile particularly the mix as the add and on of the in well. Venkat term

into takes does a Joe. diversifying very me for very product. us. us. first make terms I'd is the things portfolio away two travel important GAAP One in and from space you deal some Let different or And just completely of introductory for comments big say -- the into partnership like a us moving it hospitality if

is and the hospitality in and the If for broadly is industry retail. partnership you retail leisure half have and of wallet in really look about don't other anything speaking traditional overall travel half in programs and we sort

of million put approximately number context Kingdom for terms in US will GAAP of a XX-odd very into and it's in big the we of deal that is And kind customers we us. a So GAAP the in customers player. United customers have the be are like significant

So shop in us. a million big for deal adding one very is one customers

brand-new the In a us US cards. into XX% it thing product a about market. and that's does takes the as actually of cards into market other around store as segment store The the brand-new of in well

anything an the do that's well. So at as don't that area we moment

excited is cycle. do change the So deal a able for at a this being big very we're the hope in beginning We about of this. us. to credit very, And

a have really hopefully we're this. now sort side of to So recovery right consumer and the pushing recovery cycle into time decent in pandemic the we'll be a investment after and that's

profile Chief probably our should of terms that. you, our Executive let Risk of in both Venkat. not Officer any should the to think Officer Chief I comments on I I on risk make comment them. and Over

Yes.

So thanks, Joseph.

with I Tushar adjacencies the echo said. adjacencies And think had some technological so about that happened think, you question are portfolio. I what has clearly the card I there

have capitalized I that think adjacencies actually we banking are so on investment far meaningful adjacencies. the more the

business corporate oriented So our business. is a cards

So the been lucrative have to And millions we our investment are while has we relationship with few and we a helpful way dealing corporates. dozen customers particularly banking a which been is for cement and have millions of much core broader relationship, to the us clients. actually

important very adjacency. a that's So

I enough more risk? risk we and When our segment said right is risk program from think particularly say working or card as private Tushar broad I we with well take I us. of retail well. we And think label have lot of broadly our we think do both as as that's take US do would low we know portfolio are customers risk. we improving the take do take and one has retail not a don't into is And type corporate the travel as for branded diversifying in a actually we don't the and cards own away white data familiarity. of risk important the cards because type the presence we

questions, Thanks Joe. for your

Thank you.

question please we operator? next the Could have

Serrano Alvaro from Stanley. Morgan comes question from next Our

Your ahead. now open. line go Please is

I morning. of follow-up couple Good Hi. have really. questions a

dried compared a to kind not mix on growth headwind. on in quite specific some going pipeline that, and bit you particularly And all, out of still mortgage said, a you're in First guidance had it's that I follow-up there cards? on that's the wondering big a maybe you balances. you obviously was M&A growth business like the ECM, but point expect You how of you lot is think do NIM be what can more be you on up a the the had UK obviously your alluded recovery it on to if what rebound credit assuming still sounds to in then Obviously, I another CIB. and technology. volume

revenues consensus a on might maybe just just your know optimistic? to year obviously, banking Thank balances. some weak share that. fees? are brokerage and if looks to you. can to what of you But a I volatility legal – is think prove wonder bit the like is down be enough don't out thoughts thinking – that that I'm called a bit going start you I and this pretty for prime You've offset

and And couple to cover we may business Why Thanks, Yes. interest I on a constructive don't Alvaro. well. net are want margin growth. them comments On card both? of Venkat add as mix, credit

And geared unfortunately one. case bit cautious optimistic been that And we'll that didn't is, on difference balances I XXXX to of guess to we were more year sort we that this there and towards in we're out more are on the we we for think reason activity. probably year be more up spend elsewhere. of And credit economy. unfortunately, right perhaps XXXX. card quickly from a as spend quite is we as will ought expect big now. till We that the is a make free right that this have would grow see kind from the lockdowns optimism into But perhaps this for that restraints But the be that

when completely spend, card the usually we there's we that's holiday year That's category was example travel important would question our see good of we year. appears last spend think United kind would balances. much discretionary of was unfortunately, of unabated cards. for for is holiday more the So less credit sort very that would in for overseas it last year credit how and as example, revolving utilization much at this items Kingdom, us. travel. – And like be that than next typically certainly muted We should a And those least to therefore, – of then that

harder but should it it's improvement gauge little that we we bit high-margin a to wouldn't there. product. I optimistic see So one a are but overstate some

income. see NIM to interest net very you be much indeed to So to it and accretive need for don't too

by business last other the is bit mix mortgage that our very thing was a Last characterized year. year market. anything was The fueling of buyers first-time on this mortgage a might much the year side. suit than sort market more If

suits an For you just before part first-time People are much rate tend rising of is remortgage basically to probably well. And financing rises. And us business as familiar the remortgage rates actually you even with were our anticipated the bigger see business business our than more active activity. that buyers. themselves

of to So to mortgage in credit suiting constructive expect growth the on being us. UK of activity, as the both just us the and on nature we cards, market see the perhaps nature attractive the quite spend

that. diversification to say income hard terms of feel would thing I'll we CIB, really I very CIB. good in precise the from the there so Alvaro on it's of the give only very, guidance sort In about refrain But

that. So and you're flurry get activity season company January. not activity, ways deal quite surprising. certainly go then been typical in And calendar and right, blackout in you periods we because some like the into and it's somewhat M&A slower That's reporting usually before year-end of that's ECM, a stuff actually

we've obviously, the news there have from earlier of price typically But geopolitical lot geopolitical typically of to price deal the lot So and and asset and sales and volatility very and but income markets away environment, and with business. we well, asset And for progress certainly you'll fixed a rate that real whatever. the as a at don't risk large talk financing may which made for year trading if moves rising sort all business is well pleased don't well. a see that the in suits look it example, suits prime financing us. the we're part business one And is you activity very change about business and in a is of business flow,

we refrain that in pretty that of good feel diversification income view should able left and well, of we through. but do one sort in from our the any hot to giving guidance regardless quarter about particular should precise So sort be I what's we what's of but sort of see

read correctly? on not think as a I retail as much drag? Tushar, the you credit side, I mortgage credit maybe So, cards mortgages. mix yet? your the still growing do guidance mean Sorry, is on i.e., you're as optimistic But and cards If

wouldn't quarter-by-quarter. product, will really now, with massively more margin It pace it We of basis, anything know nominal on mean Card higher a -- basis, sure it okay I'm of a on out. strength outgrow a focus I Yeah. recovery. I much a but I is we'll very this the so and know rule depends the feel Alvaro, you nominal but mortgage monitor cards.

Okay. Thank you.

Thanks. operator. Can we question have the please next

from Rohith from comes Bank question next Our of Chandra-Rajan America.

Your Please your line is now open. proceed with question.

please. couple good I Hi, morning. a had

The one first on the CIB.

maintain statement position, market So that like clear it the a commitment to intent. seems of very

smaller for As earlier, pool intensifying. but it's revenue expectations competition are a also year this like to consensus looks Tushar alluded

could one. second you the quick. top and if that cost prospects wondered, IB how required about might I And hopefully So be you the balance So relatively one, capital talk to the with maintain that ranking? global then first resources revenue that's six near-term

for to as Just in we about structural estate being And on think Should should had that about costs we we the real XXXX the XXXX? what the similar structural that degree XXXX. charge costs ongoing? excluding to think

a Yeah. Thanks. it. Why I'll about think Venkat don't of thinking the about way second Yeah, to the talk take and I ask one reasonable I CIB. that's

planning don't of I a to something as would say and sort it's we is into go putting where XXXX just into keep that -- at thing through posted So Prospectively quarters. tried stage will assumption. we see the this we've strip said on do charges is that to what you to we we've think we make you accelerate the we and the be a item repeat and be progress our capacity decent capacity of But to took interest. difference choice think I the we plan this. do a to got earnings that, the takes and capital probably what opportunities and in large have this second shareholders' it's One a I in real from out lot there, probably is to charge that expect beyond. material about projection XXXX estate

talk posted. Venkat, planning a certainly that But XXXX, keep are reasonable we CIB? you but do think So one. to do is minded you for assumption we I your will about want guys

Yeah.

gaining technology place and It things. So share people capabilities. the investment that steady you, from increasing three comes level I Rohith from clients in and three where It do to from doing it investment a increasing comes stay with market want and they commitment our CIB business, rankings. It it been decide which been All to in and look to thanks comes last from you. with obviously with of basically question. we've comes over at the in do place for as you the years. the have an more number helps a

So to make confident we that get us both with to we we to continue that. to we those And investments I of clients, can have requires to and continue think the But continue I will don't control made, I do our wallet. investments and fairly think I'm types said the behind overall market share as be and mind the momentum continue meaningful we've that to to we share. make will it

All three questions, Rohith.

you. Thank

we the next operator. please, Can question have

BNP Stebbings comes Paribas. Guy next question Our from from

ahead. line now is Your go open. Please

and and Venkat good comment for Tushar. Thanks Hi, thanks of luck morning. best Tushar the and

The NIM north XXX, curve that on primarily exiting be should any shouldn’t that and in be why the first the given there of simple NIM we trajectory question range, and about UK, holds, the the reason at was as as thinking XXX math if of strikes and looks then and we top it range the is a million of run and step-up about every high XXXX the more should your largest have enter at in look rate, if caught potentially hedge, we and even XXXX. that the it XXX current bit from benefit from like I XXXX I it of within we implied has XXX mean, market. another in be tier,

is second that comments just those you a with Thanks question versus little to then cost of and XX.X, sorts comments? the about would for bit to of on need of So, XX.X consensus expectations costs. more. stop And anything if unpick sort just that you happy there guidance a

cost CIB base fair. And the If XXX flat had actions costs, in modest That's is million I about looking X%. your about the down in on would you'd growth comments taking cost then I modest year. XX.X. firstly, at to assume structural So be

sort on income don't costs one Thanks. here? something year another Another there the Is can top forward of CIB, you XX%? of that's end I that? costs? achievable meaningfully I'm range. CIB So is in add think that quickly revenues missing from anything below the going ratio Assuming around If drop just of is that

Yeah.

don't Guy. I why So take that

I Look of say to hedges may of be XXX, And what that. like we'll rate you of the a sort to think on net exit you if think very reasonable end effects get interest on. UK. any the obviously that rises of a fact and upper just said margin it's I that sort of at we're point from XXXX in guiding XXX the from expecting through structural flow this we full year range

be next that into So improved will year.

think in are way thinking I it's reasonable about you it. the yeah, So

are variables, sort there course, that of just there rate number mix, are product so -- Of many the we of expect rises, the pricing.

will thinking too about a know it sort way. we why than the but And So range this, trying precise. give to I I right all you costs. rather know But that's get think of you're a

building the of think But X% quote, X%, pretty it's the think use you reasonable. I that sort use, precise reasonable, or again, I models. whether I'll building I the are you sort blocks won't that your judge let whatever of blocks or you're in that. using

operating income CIB pleased to and with we're the been of cost the terms pretty has that CIB able ratio, demonstrate. In leverage

drops that of have have we're environment that remuneration been competitive terms we top the a our folks straight feel buoyant through very rates well. We've and platform to high-quality attracted bankers have our as bottom very the retention of in here. lot to sort really line we of So line. good to very We

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Okay. Thank you.

Thanks, Guy. Can please, operator? have next the we question

comes from question Autonomous. next Chris Cant from Our

ahead. line go open. Please is Your now

Tushar please Venkat. for for role questions if the for CIB. all future the and us and have the morning, over on Two just of what best could others me the Good helping Tushar, said echo years. I your all thanks

So group back our if is revenue costs they're £XXX I XXXX, increase on to million. look total thereabouts. billion over time, by performance And think I £X.X CIB or up if costs in that at up XXXX your about if I XXXX performance I or there think think

to the was run much XQ of payments in you So would be XXXX? think should it But we opportunity the of indicated feel that of revenue million you were a and revenue And XXXX, XQ, come to up at Because So kind relative about in is could recovery room number payments? sense in growth there just If would in a moved lot it. the hasn't as million kind to instead how £XXX amount scale appreciate comment CIB, thinking your we that if levels income about of huge guide I about if into decline growth you of where trading. costs relative secondly, the should opportunity still XXXX? how current you. this offset quarters of in the into in wiggle that first a a What of in please. revenue you guidance in been the from levels. year-over-year we upside you a and have there? CIB XXXX Thank in captured to CIB? there. upside passing revenues pull is want revenues on improvement. decline costs of Could this relative already question But there's much down businesses half come ratio kind I how that So of quite to already of be thinking in the about think down much How of give that on you first it do various historical on £XXX CC&P you XXXX if don't of rate? run stage performance the recent we much flagging of rate? revenues, about particular That historically, like payments a cost rates you've it talk is to do don't doesn't be gave in us

real much bring and have your on really appreciated. performance could costs one beginning guess to at we comments downside your I and thanks Performance market Much costs the in. Yes. we're Yes. environment, responsive your Thanks, say we to The of revenue level a It's is, a for operating one to one thing be answer. I'd question. that just down. tough Chris, how the question is in

it's, are that So because mechanical simplistic be performance just too factors your just it. costs, about there to so obviously, go many into

the The the You in levels? of underperformance trends nature industry? in the part overall our idiosyncratic? Was result of look businesses it Was the some higher payout did than vice businesses pay the marketplace. at a What that overall competitive other of versa. business, mix have ratio and

the would making on good us at same the quality the But you've health I would hard demonstrate, the very got that be but sure good least guiding XX% So platform upward always that what our need franchise I've business precise. for earning is in in equity. hopefully, market ways We at guess, the each some people obviously is from to say it's us, to benefit upside. make divisions to to -- an least, is, this look and of felt we that, discipline, time in sure on seen at is kind I North in Star return right of of

reason. to need us But obviously that's in we point seen for maintain to would pay responsible, can that. discipline we we to franchise, and of no if our will. we got for an But interesting inflection you've paying protect do we So sort just not be to what us

the you In and be you point to our disclosure, you able get to just year-on-year the okay, payments direction million, million the Chris. much part picking of that's not, consumed. I'll on this And our back to disclosure, buzz the rest, terms I'll into see should right that's get the back of up pick call how And you can to of that the maybe able someone as them, XX% I into sort after the think, £XXX maybe about someone if in afterwards a therefore, -- rate, in £XXX should right give payments, you if up up. be to just is you of run

take offline. can Thanks. Sure. Okay. that I

Okay.

the Just that we’re getting closer to top the of hour.

So more have We’ll one question? take we should more question, operator. one please,

today you. final we for Please Martin from time question Thank have ahead. go Goldman Sachs. The comes from Leitgeb

now open. is line Your

morning. Good

Venkat and the Ana congratulate Tushar for and help on comments earlier new roles echo me you the over thank your Let and years.

were to at do thinking question, excess deposits to to account other the ringfences view the this a please. there in this one I scenario loans you a where lower of phase in as being this think stay, The the any compared in U.K. for for likely you. maybe market beta to deposit just deposit like liquidity to increase highlight here and and markedly betas could in in history, to is could going higher bank Thank this just And incentive compared a system looking the now liquidity you lead U.K. wondering on progression excess was decrease. Barclays or of whole, or could is purposes. if your question engage current they your is where gradually you kind share in see potentially a are trapped Just retail market

Yes.

the never Martin paid think for up balances. answer way is we've that I'd I that really

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some these become said -- point sensitive. So having balances but at rate that will

then. that were rate yet. is last Our points. The there We didn't view see rates haven't sensitivity we XX seen basis time base peaked

to much for So rate points assume next that. basis maybe it's XX basis beyond not XX probably reasonable sensitivity points to the

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don't So up why we wrap call. the

of of But Anna also of over CFO that who's close Venkat to I on in there. your someone the we'll to thrilled be a to a to you you Barclays. breakfast an a appreciated privilege right big you I'd each into and how Barclays into next actually to get think at I of absolute with quarters a as be at and But helm agreed time hand buy-side will the like challenge, for of that to at my And thank today CFO a and for you to the last pleasure it's owning in with next foreseeable She be very here of Anna you and your comments the since have coming said over although a hope many way. have do had her I'd fantastic future the XXXX. the of be been different why questions. of met that part your two be of the capacity. And care years over Anna role. this Before bump just And I some week it call. can't I've like and will may see me meetings been to sell-side we and Barclays I mean worked debate, still encouragement to much many I the don't I I call step counsel being I each for several other time as known fantastic the taking would for Anna? both shareholding people say, many me. the to with and the shares help say has years And for for at in here closely. am hopefully so word tested better have days. I'll other close all out in she's her Whatever you. everyone recent other that all it's thank been

forward huge the with of And meeting from many next beyond follow risk It's all think, over act certainly of to I'm the looking fill, opportunity to and big and also repeating weeks shoes forward to at tough you thank you breakfast few Tushar Venkat. , of I'm but I the really opportunity. Thanks a with looking the the to at Tushar. you to everyone, us. to a

call close So with and that everyone we'll thanks the there.