Barclays (BCS) 26 Oct 222022 Q3 Earnings call transcript

Good morning, everyone, and thank you for joining us today. I am pleased to report another strong quarter extending the robust operating performance that Barclays has delivered so far this year. In the third quarter, profit before taxes was £2 billion, generating a return on tangible equity of 12.5% and an earnings per share of 9.4p. This leaves us in a good position to deliver our full year statutory return on tangible equity target of above 10%. I would like to highlight, in particular, the strength and consistency of our results as we continue to execute on our business. momentum our income operating broad-based see across X all businesses. We which third growth of excluding to in was income quarter moment. securities, return a XX% subject over-issuance Group the in year-on-year to from the a I'll impact performance were to I highlight. There wish that of important drivers several this

was share locked U.S. as QX FICC, rising peers U.K., First, in in performance income markets. in hedge a of with our in markets we fixed income up income, revenue in we recent ahead Investment from rates Barclays markets years. interest business, we FICC continue very to Bank, higher both XX% dollars strong the our contribution yields. In for we clients supported structural driving growing in our Notably, our well with Corporate gain and and positioned in particularly the ourselves best our challenging and as

in delivered and Within quarter is business, Cards Card with GAP, show growth Payments starting spending in U.S. recovery which to was the results. and the our a partnership our balances of Consumer first by

dollars. and we management bank have Taken income of balanced exposure attractive growth economy a over the group global U.S. interest the with significant finally, higher growth contributed U.K.-domiciled XX% the our together, in net to of generated our And for footprint, providing group. are interest both U.S. a rates whilst sensitivity to truly in we to the income

a compelling year. accordingly globally, last story we over While outlook it and about paints our approaching macroeconomic however, been income picture, remain, cautious have the the

particular management since the sheet our EU U.K. in have the years referendum In been the fact, we in many in balance prudent days following for

managing acquiring particularly our exposure corporate vulnerable risk loan significant by have our more reducing in protection. reviewed We portfolios, sectors, credit and

pre-pandemic markdowns elements our strong, has card In are increasing credit our have some And That signs balances card too, balances remains with quality remain risk some carefully XX% very customers levels. many our we we and to we levels. U.K. we managing while book, loan stress. credit here, positioned, repay portfolio portfolio, to been our our below and our alert feel in of although near-record batches. of U.S. we syndicated but have continue taken said, our of grown, credit peers, at As prudently remain

Our give and adjusting U.K. are early into to customers debit spending prevailing trends. credit card data us how insights

slight such they we confidence. emerging of far, with stress, large our have adjust So as not People being a utility a although as household seen fall clothing, consumer expenditure in their spending, nonessential September in data signs prudent for are in showed reduction bills. increases

to them. on how We as customers our best as and understand listening are drawing we well this our data can insight to support

is place This providing in businesses information renewal through the household support people X,XXX growing, have aim over their coming hire our discuss to support this available know that weeks U.K. boost as from we to budget helping a in finances. the in mortgage or base and for of individuals and engage such nearly range banked ranges customers X,XXX colleagues with put customers capacity. have We the and options to complex needs. We us. more with to more who customer Today, to demand to we how basic a to these build

securities matter our under Let of me the issuance regrettable share now address the over statements. U.S. of registration

again, the own broadly this second in financial impact the SEC, with the say complete, reviews. with the of issue it and and it action said matter we has quarter. findings we what was this the resolved disclosed and before and avoidable, I line have is We at total our I entirely extensive from failure of are to council kind read review was prevent recurring. external reinforced internal taking The now

and robust to all are and broadly and control times. my have bank findings these higher effective that using I a to across clear controllers ensuring culture. strong to we specific reinforce operations We and no that continue at our with processes risk already all more are colleagues our improve priority the be controls and

I to date Reduction brief based update Con sale New and this this which year-end assets expect announced strategic transition based critical update, U.S. month. the Inflation to opportunities in a Edison I This the to their on a we on to to in play the energy to low in climate was economy. factors. $X.X Barclays' priorities demonstrating York give phase Before to largest clean XXXX one energy and want and in pleased billion very you transition, thermal other our and act bring in the honored as line power of In RWE earlier coal carbon approach in the considering continue XXXX Germany the conclude, Governments the out transition from capturing Act M&A sale with sole renewable our are our ever forward leadership of for in of globally. in financing the And business to U.K. adviser U.S. the business the from role in is EU. we the a

above the conclusion, has performance, a solid we for performance year. as continue This statutory return first in Barclays quarter strong target the in on equity half tangible had XXXX. So financial XX% a platform gives on building third our to of us

XX%. with our a position in capital range CETX to XX% robust target ratio is of XX.X%, which comfortably of Our is

a capital the comprising XX.X% the about both last share buyback Our dividends price XX is on months, stock for at current and announced total yield of return levels.

balance and that, the thank over provision sheet our Anna. with in remains results, we live pleased conscious very This that excess and returning I'm I'm have the to times. an capital unusually uncertain and our to With managing drives our our priorities. it conservative the I towards very shareholders stance me approach deterioration careful As said of global to turn one while And much, let you economy. levels consistently, expected

CETX contributing our morning, elevated Venkat, delivered We quarter XX.X% of year-to-date costs. despite was XX.X% and and to QX year-on-year liquid conduct was EPS of another statutory ratio loan-to-deposit ratio RoTE the well you, X% and The XX%. and at Thank X.Xp. good XX.X%, and remain up ratio of quarter coverage litigation of for liquidity and delivery XXX% quarter. was RoTE PBT a funded everyone. a the a of a highly with we businesses, ended across

As reached SEC resolution we mentioned, Venkat with issuance. on over the

profit net the the the expected, in quarter immaterial. As effect over issuance of was

slide effects were income cost those giving trends. and there there's effects and offsetting appendix. details in on However, costs, going the to the on I'm and the in my commentary a income exclude

broad-based total costs were quarters, was by up or robust income As is in XX%. performance XX% Income this driven recent momentum. up being by

However, our affected level I'll about and focus operating income jaws. whilst shortly. financing both start dollar. driving businesses. numbers for by market Both to environment the on exclude say primary income But XX%, assurance growth. £XXX remains of course, markets I'm high environment same across in momentum. LSC, going costs was the up Impairment which million, that cost and year, operating U.S. Investment from stronger more are, challenging, X All by client were Bank, of up with trading income businesses activity the and the provisioning coverage In delivered levels is £XXX reflecting last and our million positive

FICC a for in more standout in than in provides dollars. CIB, XX% again banking. manage across income risk. markets as business their offsetting So volatility dollars, Clearly, help with against The comparator U.S. grew we a in the is market up up the global X% in tailwind reduction the markets U.S. strong clients XX% this

share widened financing were as derivatives our Equities XX% growth in give down more revenues. in the FICC pool. income globally. stable both XX% XXX fee in were rates over as to increased sustainability. of banking over dollars. are more financing for U.S. up Overall, weaker, trends effect subsides. income base Fixed a down base so margins wallet intermediation points markets confidence the industry in XX% by in reported sustainable the good comprises dollars, have the basis compared revenues and with and provides has year-on-year reduction us However, fees peers who line far. risen Investment financing balances QX and in equity The have volatility Whilst were year-on-year broadly our a have income year-on-year,

is consumer rate environment well nominal boosted growth for forever by and rising transactional are deal businesses the However, indeed pipeline positioned and the corporate The economic strong. activity.

Banking and the with liabilities deposits XX%. banking Although growth strong build Bank U.K., up up around the assets corporate of and transactional stronger GAAP income income billion. lending in expense. Card, XX%, was effect organically $X and average income book. the we in Personal payments, significantly balances very billion grew to XX% In dollar. reflecting U.S. Barclays overall by income businesses client U.K. rising XX% XX%, the with in where in offset the the Income strong the £XXX to offset growth margins. strongly X In billion $X.X earnings grew more competitive income including notably was down by constituent and XX%, both than XX% corporate contrast In increased environment growth on in achieved U.S. across rate or mortgage the continued in year-on-year, income Private CC&P International all the the grew XX%,

and our I impact U.S. FX importantly, about markets. capital has little a the a is it's dollars. franchise in XX% U.S. this talk one that of to Clearly, translation exposure our more Before economy global rates, income interest with demonstrates noting over worth an but

significant yield to also we the hedge with X/X by impact X that left-hand to net rate, from curve. consequence of basis XX year the around effect majority years, of reaches of of sensitivity, illustrates to X million] of aim X. changes X, shift increased maintained billion thereafter, illustrative, the effect a is a the to rate of for is X-year sensitivity year with Each and hedge on multiple the currently into higher consistent the is the mainly on In the in the a but to rates. is rates, cumulative and just But slide a Moving just which the rises. on comes of impact of will month, of of of has The then [£XXX rates base have we But not the to around product the increase a what this number parallel hedge rates, the pass-through rate happen decisions this interest roll to prediction hedge, interest becomes course, chart base income. of the on not interest point customers. strategy The smooth rolling more Barclays for curve. X-

On chart, recent impact shown have we quarters. the in the right-hand actual

for up hedge to recent in QX yield an X.XX%, XX X-year curve, on following the rate points. of average move the in the were swap in basis Given yield example, average we locking the

We billion maturing have XXXX. in around £XX

on the month. shorter clear, uplift don't hedge than we in with where rate the likely yield is if rates swap current cycle current course, is that or will of passing And each is Although know exactly shallower the go, locked even expectations.

Looking at of but QX was in £X.X is billion, this £X.X the net costs, costs of billion. issuance figure a over now reduction

billion. a been of in £X.X increase plus The from costs to pronounced partly Excluding U.S. translation dollar X charges XX% has that, have strategic last inflation year's and billion, XX% significant year-on-year This strengthening effect. L&C, £XXX rate included have with X.X U.S. other XX% change our of the more costs U.S. investment costs, dollars, increase growth equivalent litigation exclude currency FX conduct been was would spend in of movements so which income dollar. quarter-on-quarter of of effects and in million. billion XX%. are up priorities. the on This focused a Around £X.X X% our the Operating increased the against attributable

and expect offset cost I'm dollar broadly cost with the to to XXXX an other efficiencies total guidance inflation. credit stage, rate by of operating in average trade-off investments. continue previous with expenses line will but at we a going dollar cost not QX billion QX, give tailwind being both and our be for net between of at the absolute this for XXXX manage stronger to £XX.X £X.X billion guidance from we [XXX] Assuming around in L&C for

strong sterling positive include cost basis. U.S. this in cost on conduct costs, our which with of course, and generating income Of affect the income statutory over a XX% are dollar figure, will focused a positive charges for on ratio. but is our jaws and litigation manage We very dollars, the statutory

book to summarize approach Moving before but only on this impairment, has years. look The LTV XX%. loan an evolution our I value of at outlook December book the to U.K. by informs has XX% impairment, macroeconomic affects over recent mortgage grown since has the XXXX, provisioning. of average X.X% want declined, the to to and portfolios in current how But I the briefly key

around reduced Our that U.K. period. by XX% has over book Cards

stable of arrears growing have levels Whilst levels. GAP through high U.S. are partnership. rates in see we the we the and balances, launch By repayment different credit have spectrum Cards. low been to remained choice, the dynamic repayment across a continue We rates high, also including at of

quality scores FICO the areas However, increased debt rates pre-pandemic been book of has the of lending growth the measured improved has balances and are still lending. the have the majority in arrears Wholesale the but level. average and to lower financial institutions as by securities, collateralized below corporate risk of recently,

Across we portfolio, have that well loss by to protection exposure XX% now our form loan losses. protection, reducing our are credit pre-pandemic. feel corporate this over covered some In our from loan first we positioned. confident book, is addition, we increased of book XX% of up the thereby

on slide, QX. £X.X impairment in PMA quarter billion. And forecast are the our title appendix. uncertainty. the for some £X QX an have can used was net compared shown economic increase or deterioration As of post-model variables at the allowance for show this includes to on These you impairments we next models in The billion, from see adjustments £X.X billion macroeconomic

modeling U.S. had to maths X.X%. effect baseline up created from of unemployment these QX sheet XXXX, an U.K. of uncertainty capture around the we of balance up to and example, X%, X.X% economic X.X% for type in £XXX For this from of but PMA million, Applying the deterioration. unemployment

X model's still released PMA allowance Therefore, increase see the covers flat would don't have and of quarter-on-quarter at PMA if the signs £XXX balance. we we significant our million credit were metrics. to uncertainty economic the in the Downside we quarter, roughly the scenario. plus £X.X billion is further in of So modeled We see deterioration around use

cards, have the right you and Although see basis can increased see X are shows can Stage slightly to the as around the loan on overall volatility The for XX Stage pre-pandemic, Ignoring it rate coverage credit the appendix on slides. you during we that been in overall points. over years. recent ratios down loss coverage X chart the pandemic, XX has

for the loss growth inflation. Although to impact The to effect on charge of subject modestly lending is considering think hedging net on was Operating which systems in expect Overall, technology quick income would the of and PMA this in CIB, in and costs now into reflecting increased QX, corporate range beyond L&C, costs, ratio on generated wanted lending and talent, higher investment potential to and quarter reflected the statutory the a to XX%, value fair focused to the growth, be this income protection. the cost portfolio go us further and of we dollar, for more reasonable XX.X%. comparator. against XX as initiatives expect losses by that, the macroeconomic could key which both of deterioration we we loan and the strong Transaction stable. In earlier, RoTE The underlying by income. here I U.S. the leveraged excluding on the business. growth was X% exclude XX%, but our be it's sensitive income this plus rise lending of The of appreciation income issuance. CIB detail to offset outlook the coming million our summary the XX%, over support hedges is was the rate. through a obviously balance million, uncertainty £XXX bps finance further £X.X income drivers XX% the A mix, over bit we I in gains expense grew This was cycle QX. £XXX reflecting corporate quarters grow. In results a of NII billion. mark-to-market strong a banking up credit also remains related and of on corporate

geopolitical the the largest and income and developing is disruptions. dollar-based, half strength are position pandemic the We business through the the capital of pleased the sustainability current franchise market. is our of The of global over in with reflecting well

and across litigation Total which on legacy conduct, review XX%, portfolios. mainly £XXX increased £XXX cards, Income as our and mentioned in respect of were growth CC&P. reflecting private included to million, on bank, of earlier. international loan Moving costs I payments the million

growth investment normalization last operating increase of Excluding to costs partner million in reflected pre-pandemic with and but growth year. levels million the brands Cards economic some still was was this, back activity. This charge the in XX%, to of £XXX in impairment delivering jaws. compared in U.S. principally positive U.S. balances Card dollar strength, the The £XXX

metrics some stage L&C remain RoTE do The the below but despite As migration charge. expect X.X% levels. we risk balances was grow, pre-pandemic

now XX%. to BUK. Turning Income grew

up ratio rises, for XX%. the we full the a the expect costs upper from for to quarter the provides XXX strong delivering X%, slide a by appendix The the XXX income slide basis shown this head previously analyzing and XX we've rate X tight significant There's cost Our we the that saw range. was flagged points, and risk. points that. continuing to reducing to control over we're office bridge were to of in a cost year of to positive up points in credit on on as points and from The guide keeping cost benefits NIM We're percentage jaws basis range offset a basis phase result. inflation, and be QX part XXX to that

the within increase half range. the ratio from XX.X% CETX comfortably target quarter year ended to an at XX.X%, now our the capital, at Turning and

FX of points. was the Over but accrued, share the strong, are from the XX points. half in shareholders in interest returning Our XX shareholders buyback, billion, the completed paid rates the on from and generation year termination market The translation of related a basis a and effect tailwind hedging X the ratio points billion was a the to RWA, time, last count an but ratio this profits on holdings. quarter, dividend XX a of principally return to to value and basis on profitability, reducing increases Combined hedges numerator. caused We the currency down capital offer contributing to the in effect completion reserves XX.X by further XX with in with of capital months. increasing little movements headwind the had through the XX also positive increase policy effect effect released reserve of basis in the bond given our but net fair basis RWA, rescission points.

Our We in MDA so organic quick XXp of was in have reserves. our target XXXp on interest the XX.X%, range headroom. comment reflecting increased on XX%. the to moves Hurdle comfortable per offset equity. decreased TNAV and earnings by quarter we dollar generation stronger rates, share, the of the capital confident the remain A in remains partially and XX% benefit to effect

ratio was leverage Finally, on X%, leverage, ratio average and the was our X.X%. spot leverage

So statutory QX outlook. our to and over X.Xp target of reported RoTE a earnings XX%. per We summarize and against on targets of for generated share XX.X%

We remains XX.X%. ratio target continue below strong our at ratio and cost capital of income to a XX%

the in our revenue continued confidence momentum have We across all of businesses.

cost year £XX.X continue and to maintained have focus for on of the We billion. inflationary guidance cost given the the pressures trajectory our

this a increase delivering the remain in performance in sustainable macroeconomic deterioration readiness year grow. on quarterly robust, We basis a double-digit target going for the Overall, focused RoTE is well and on quarters business are in we we our over and as provisioned coming modest but impairment charges forward. of environment, potential expect

will for and take confident questions. shareholders. now and of Instructions]. returns capital to your attractive [Operator are growth able invest delivering to we Thank We you, being future

is Serrano first Stanley. Our from Morgan Instructions] Alvaro [Operator question from

number. guidance to even heard expenses number you're Is closer significant a mind annualizing and costs able in hard on your likely On other other operating if of it you're But there actions take, on times sort considering the asset is a is delta. I I bear XXXX, to so please. any cost that Anna, for of and there's not in inflation, I or more second take anything do exchange comp give don't about to in there's question asset feel rate? there's year, than flexibility to and consensus beyond, quality, that this going £XX talk actions other around question the And should you north -- saying like quality. obviously, you you, expect Any One on costs, I looks in £XX cycle? are times billion, of variable or the of inflation, billion,

house been towards if You us the I on said your in now. can like a that have you update in accumulated that correction in think I mix through-the-cycle the impact cards Downside sort would looks got the And increasing that scenario, you there's expect Obviously, related that, XX% almost what don't number on X some to U.S. U.K. you've What in trend shrinking changes and RWAs? loss price. retail know of rate.

me let So first. costs take

has we assumption quarter be this So £XX.X an dollar embedded will rate fourth within it, year guided That to [XXX]. billion. that the

seen forward of we've next that year. elevated year FX annualize to however, this L&C lower, be the the we've considerably for might year, you look here's would impact expect year, into of that we kind We into through next that it. how levels seen thinking As given I'm intensifying expect about

year. is XXX income of greater But what about to remember if stayed on be we next at cost impact rates increase that, into £XXX So has line. million a have would that the that

£XXX equivalent the So terms would billion]. [X income million be that in to

well. expectations, FX you're as cost as So in you about your encourage impact would the income I updating think to

factors, X relates also we is other it strategic to As there inflation, focused priorities. investment our but you've the clearly, that got on

see can equally bank. throughout not You that's the deployed

be we'll about we In plan, that clearly could to that. investment we thoughtful feel of but extent revenue the growth, modify it's actions, that that driving doing terms obviously,

managing In place. inflation, we have programs efficiency do of in terms

that U.K. the growth dropping bottom minimal you've cost line growth. can income where to see in particularly You strong with the got

just focused in very we're I jaws. in got say, and consider on comp. would there. a leave the you RoTE I'd that I of CIB impact positive a programs focused very, drop target overall, revenue, So obviously, we on delivering very also, efficiency lever see message another with the But mean, we've if

it's historic In adjusted version asset you number. an terms quality, give to of difficult of that

in right. versus that level some them pre-pandemic U.K. well, you risk is in the we're And actively of the how extent, to growing we're balances out. to fall time, Cards. U.S. away that cards. But going at the can holding We're that lower. You're sheet see pans We're seeing same have see to balance in

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impact right. there we that HPI, If they today. remember our there's And that in of customer as a would sit loss equally here default some lead we given in You're within expect you probability there, sheet was strength default to and the the capital And should piece the as well. would balance RWA of substantial decrease consider models, to pressure. therefore,

date, update as no to we'll that we signs. So on happen. it see But

next Our Dickerson Joseph from is question from Jefferies.

You the Or QX. at buybacks, and on at there, what I return, earnings know, I is being what you £XXX this spoken at just already of But you reasonable capital my costs. conversion Is around the million versus guess a on XX got you've bps of £XXX from XX, a at capital I given and don't Venkat, prudent? management clearly decision I did headwinds are back another Yes, year there FX earlier sensitivity on think some here? there's about pension Kensington, answered this coming you've QX play buffer? revenue million, in considerations held the guess, other question regulatory capital. but QX,

it. in at it year. the we this a basically, year of that's which half and did sort I will take year-end the it's position QX. Joseph, mean, We

so And on we about will earnings. our talk that annual

Our from from next Jonathan is Pierce Numis. question

but hedge, the A on I I QX. fair is But added if U.K. in haven't that another any The X FX hedge. building. deposits whether that's these was and notion the X to £XX now billion, still on has hedge one questions, of clearly, for of there influence hedge the think, couple movements, quarters, one size value the in know don't okay. grown on or bank, the

you deposit do you starting direction about, early accounts, to in or other rate are hedged, wondering, the question. first are either shift within institutions? yet now forward, seeing Just me, any moving into other balances, accounts excuse Barclays particularly think? the the That's hedged signs fully you X% to headwinds the Thinking of higher current

The can last have I we're QX second to movement in question, always sensitivity to movements in bigger the of you've And moves what relatively the half question quarter rate as the limited the They actually the from I significantly third given this rate the much And seeing, unhedged to despite value of portfolio the pool? OCI, bit extent we slightly over that now you can impact rates. on reduced debt or what you through fair were infer I why in this slightly a fairly in seemingly portfolio. ask give is. the us course movement the more X? saw particularly detail versus is, regard quarter small debt first the I've been interest the confused to guess

quarter-on-quarter bank a on -- actually to It because Jonathan, the not relates change movement rates hedge, rate is a in the from movement. -- your positive, sterling negative have it's to central eligibility. gone

impact at doesn't it all. sterling ahead parts the So U.K.

are broadly U.K. right, liabilities stable. So you're

rates are there. but line some take-up savings of way positive in that's and expectations. way actually We've got good a out completely in with seeing our some We savings in a products,

that we the created And hedge. way migrate those seeing that we a And within sorry, them as customers hedge all buffer so assumptions to. we're of to and expected our in that our rate --

through why a larger value OCI to impact. relates fair it your you As might expected I see have question, can

question those the on the assets If your you XX liquidity basis here for in buffer pension the gilt annual report movements at impact shop. are to that I moved capital. gives but not is, amount that. that report, firstly, the a than surplus, on curves actually the going an only the more look neutral point disclosure in relates pension guess because the fact shows by fund annual to obviously includes disclosure What's the And the the in is

So buffer things. itself, relation through. in you're couple not And seeing that a of to go the then liquidity

the It's Firstly, not diversified. is portfolio just gilt.

there's outright third of We've has And smaller the it's taken secondly, giving So risk. the result in progressed. in the down as a that really range year that's have risk And we that reduced there. quarter. products

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

a on performance quarter. Congratulations the FICC record in

these to mean, revenues overall heightened on, comments Anna, your I decline is at over volatility particularly that guess, in Just I the trading time. you'd you and expect discussed, moment

So you us FICC to proportion mentioned offsets or of the us and you over of help is can in of financing. think revenues grown sort don't if helping know that, I FICC year-on-year what time. that's how with terms about to that

You terms increase terms then last but but more -- mentioned versus wider just of the in should few CIB just in the strong years. revenues in And margins, of how revenue we generally, about and over a term for revenues just balances XX% the think contribution? very medium

you've there, anything highlight to of scenario, I that? XX XX% in know then asset term? are about declines, think we on U.S. X trading impact. up Cards in you'd just the about then And that picked the second your quality. particularly if is medium days And there's sort talked the Downside quarter. offsets if income back And particular. should HPI don't how what want on to already So the area the

be normalize? that's effectively wanted reserves equivalent to like quickly then XX% that? And case. just I understand to X.X% to think the X.X% if are something unemployment you GDP your and I current What for XX% HPI. if also a the will correctly, how contraction, drivers provisions So confirm

bit not more, with sure a but if X Okay, questions least little you I'll at get there's away that. let I'm

Okay.

billion. third So with going few FICC. financing we That's in out our on And obviously are £X.X at over a quarter around through that. We've a that proportions, pleased revenue. trading. things called After depending move will bit there's what's the

think the result a We balances year-on-year. business. much we even now. think the put focus, seen more the we helpful pretty -- across grow in actually our infrastructure we by FICC, But it's think a we in it's broadly but in side start. of flow I have actually So client as and the seeing that, XX% than also have Spreads are of increased have investment But talent markets over less that widened. that that's share

now. revenue, in offsets is to back. So might that? a And clearly believe, drop are they thing. we the you're think period elevated But gives Well, most us important revenues same Volatility having there's when right, to levels That the right that's won't banking clearly piece. by volatility back, is the pre-pandemic. expect depresses market we market we driven recedes, to drop the banking. quieter What

expect come So somewhat. to we'd that back

the and we've piece other from banking. we behind but forget particularly benefiting a that The that is franchise remember one is always all corporate investment transaction business, because also banking to it. is Transaction stable put

nominal margins also through balances staying cetera, wider, seeing seeing goes but of sort FX, through grow, there trade you're fees. economic somewhat kind You're is in of activity et [finance],

before confidence I So the I in whilst is drop whole. we add say, to would Venkat, Cards, back, U.K. for individual anything pieces do there on you go U.S. would Cards? might increased have, Rohith,

I Yes, the Anna echo about I whole. confidence what think in said would

have widened, part as per unit long and position have this has balances, cum we've increased. financing, DNA market-leading the profitability of area. rates a spreads it's And been system but not think of Barclays, I got risen of balance in just

set within activity. diversified a amount of of a represents provide this So I things that balance I the But to of strong markets part mean, an increasing to it's of portfolio in this look kind I environment think returns. our business think a of -- to broad

So I FICC scale contribution appreciate, want to I we before just but us financing? the can don't don't -- could the -- sorry, you to help to proportion, I want you if just give a from just on cards, move

cards. like On But arrears U.S. that that. on spending we'll our are in the consider wouldn't little. more, around this, We're We'll a come have the up people We growth. call a market, Rohith. give to of and out increased U.S. ticked you FICC continue we're to seeing and indeed organic in our back parts are growing. Cards, manifesting other seeing economic the on Balances itself disclosure activity

from and in a we movement some to delinquencies. that in expect would very some movement staging Given very, base, low movement see

way at industry. book. strong. long economy what seeing. Unemployment looks by we repayment not line have levels below what would pretty with we're in we're quite still And It of remains that broadly a the X.X%, So expected. It's and the seeing It are of U.S. concerned we're across pre-pandemic. strong fundamentals

-- concern Downside on now. so disclosure would final your part, I to no So let move me on was the which X. around

XXX% called Downside we main for scenario. we've represents. shown weighted you is the you And happen we've we've what Downside macroeconomic X X to out what variables that yes, done So if would

in the example. So X.X% U.K., unemployment for

So you're drawing. the that's we're right, comparison

words, out model, PMAs. it we expect exactly Downside to as if So we saw in we show in with cover that the X it other pan would then

them exactly macroeconomic don't flow way the the Sometimes model we to. variables

scenario specific So But feel a we're calling like well covered. that we're there. we that's

just on your provisions, remind Finally, me of last...

but topics, X the were normalization. There pace of

XX just that of of as Yes, guess thing see economic the can towards lumpiness. call The We I and normalization. we trend would expect you to so won't X nature the is pace that some linear. IFRS pathway XX activity I'd grow given we to necessarily for be recovers. out

So that's economic sort position once settle go-to of sort more volatility a see bit. a of down we

question Keenan Omar next Credit from from is Suisse. Our

question I've on question a scenario, and also second bank follow-up Downside on the a X taxation. got

case helpful as the So can of not more X firstly, probably bad of now. it's unemployment things, probably I you on X%, but but reasonable disclosure. as downside of kind that to And scenario, we for a make imagine down GDP you assumptions thank cases, downside Downside can think various for

kind is if macroeconomic affect be post-model of deterioration? feel pressures modeled you with a like are, at that do otherwise interest the we performing quarter? ability you provisions, to the guess the that despite we So would buffer you X in I seen uncertainty that they level things could of high could Or confident towards materialize adjustments allocation a where were smooth the I to scenario? direction, think model this Downside ask that be could And to assume of the keep related just that how rates question in have that, the there exposures could there somewhat to pay.

are to get there's given And in number the second on Just you then discussion bank tiering. is that us set. feel be any around how wonder on bit question that had if of where to can the modeled going I a and any want a give you to model. taxes, confident update you've a of surcharge discussions there reserve obviously, as whether is with the Bank England

quarter-by-quarter. the take that question impairment. good Omar, on We'll

movement You sort and in broadly a [indiscernible] seen that not quarter. We've can what offset starts or manifest that. And the or done general this impairment see is we to of answer we've the whether itself. where

we the So we in sector-specific. much, whereas -- side a wholesale are retail U.K. more much things, uncertainty in in for of sort of PMA, bank, U.K. example, the the economic general have holding

expect impairment So I relation have exactly or smoothing to smooth you're I Whether that not it's would X, where it some quarter-by-quarter will Downside impact. interest periods is And low itself. right, going mean to manifests in were built during you'll no rates. I model moment have These know because a models Venkat I'm to ever depend of perfect, view. to and hand in a

for in on provisioning. X is X and difficult interest why represent. from inflation to those our we've so conservative rates, been that's And is Stage Stage and which models there impact affordability But an from clearly

So how across unsecured at ourselves protect books, the provisioning we're particular, to that's in when look trying X X you the Stage that. and against

exactly mean, I right, Yes, Anna.

the see appropriate and given extra is it. we the think the adjustment macroeconomic the our conditions you the as behavior model of should output what uncertainty -- at model post-model of of plus current is think view our look I what combination around

we and say, second we we as you've to was do look can think go have about read just [indiscernible] quarter. at if we One to taxation way conditions the surcharge. will being you expect I things this signs change question, it adjustments consumer which equal, But sort we you did this the tiering did matter, something if we're same and of government make the we that. But got looking the all at and is other that X for it's the will of Now it do. we less what then And get uncertainty, -- reserve is also behavior, taxes, would overall is on parts. newspapers for quarter. I Look, to the your other to and and

wait in we'll reserve monetary has what of and budget think tool fairly so for is tiering And statement as don't the it Bank know been reserve clear on they believe England tiering, I to the of that policy.

too. that we'll So with go

from from Cant question Autonomous. next is Chris Our

on year, much the about I just returns you FX much, If next Thanks to well. invite as the view That's in your to appreciated. into color slides could please. talk

long-standing, than target. greater a RoTE had very You've XX%

you medium-term a I that originally gave think XXXX as target. back in

that taken, not deliver over You're the to shelf you've this obviously expecting issuance expecting year. to charges despite which repeat you're year next

of rates. Your TNAV is dropping because

in Should hedge. something You've yield figure, It's be punchy is shrink notional of on do size an you structural per current savings got expect And not view? revisiting to into the expect earlier year. the forward-looking alternative your that comments, more tailwind, you we've targeting up FX your a please? very looking hedge, years be had to growth Do And migration structural coming products to expect meaningful the appreciate do into account. please, materially since obviously, as then the coming structural you some next pre-COVID in down XX% you on be as levels. about hedge to comments your in... I that years, a

since around lot. given again, a returns, than It's so your delivered point of juncture. that Chris, a right, where we've is few it's this the update, end, Okay, volatility good But that And on that FY quarter 'XX, effect significantly expectation. quarters moving FY we've And a for the you're won't take some of we macroeconomic that now, progress towards slow I'll our made is on see we for would moved deliberately target number the I that's and we've quite target greater 'XX. -- at in on The than reserves set XX%. can TNAV XX% probably so you TNAV. think. greater seen,

you'd So we're But a Venkat, not this floor is going our just to point. note would I expectations. update anything at add? it to

a said, floor. is Anna what is has repeat I'll Anna it which echo what and

you medium-term a and medium-term second? glad to want lived is XXXX in target, think up it said target. we about I'm the it. that we've continue to that to we'll to right go And Do You're

Yes, sure.

series hedge over we've rolling of thoughtful expectations the their put we've are putting that not product of together, about all together. and that quarters. of as on. note put assessed obviously wrong, contains we And outflow when for the cost we very hedge We've migration. as a it If well. built the Chris, to versus maintained obviously, that month-by-month buffer hedge stages, buffer our at a So the That we be been we've proves structural conservatism of you'll we've opportunity portion hedge a risk done how the

have that date, gives in believe. But been that line expectations, did us we to and the further we've seen our it moves flexibility. So conservatively, with we build

the and XX size I We're recent hedge, trying of just things movement? rate on rates the I'm scaling been just was talking factoring in been maybe about -- on level the of bps like would base that I magnitude U.K. even move going scaling had bond, that But has there, to scaling So instant part was large were of in X to X-year rates took of to the if about of account, access in in guess through months you thinking competitors' you of offering of your savings have the of consensus said think buffer the months the that ago. fixed dramatic. into mean sort everything part hedge? double you that hedge very X% your

we scale we identify balances. what the rate-sensitive as So rate-sensitive are we -- hedge, believe

their rates So yes, all quoted moving not rates that you've time. part, specific in the clearly, the are

bank no competitive to we've migration fact, products. those We migration to out actually, a believe our migration little we're seeing And and a be in -- ourselves. the expectations of thought got we and within products have a savings

we Chris. So hedge I the mean, that's I'd migration leave put when together. do probably where it, consider We

Martin Sachs. from Goldman from is question Leitgeb next Our

I much? see level your broader Mortgage how to borrowers the do essentially from in risen was to around at turn year affordability? I business back regards wondering terms mortgage Has to business? the X% rates afford with the rates. U.K. U.K. mortgage just just such a your a X% was that of for the essentially most you with can in going just of One, regards underwriting recently. this both of the been have without And too the impacting terms secondly, outlook at to specifically rate terms ask spending question And of around higher and means your growth, on balances this outlook for card terms be essentially outlook incentives balances terms mortgages down in in so terms deposit of higher more of incentive higher [leading rates of mortgage the as side, in the for their what deposits for an could growth, in pay growth? aggressively loan also but rates of cutting the in this mortgage for using growth the mortgage to to customers a] credit some meaningful change

at the try questions to it, ask all. me to Anna in, take crack Let good join and I'll first

very got large book. First a we've mortgages, all, on mature of

a Our of the XX%. about average LTV refinance combination of of book effects, U.K. say, let's next mortgage will XXXX. market with XX% year, and is over is X-year the way X-year end our the around by The

bit in XXXX. it And so a X/X little of of XXXX and about in that

other question of stress to them your And we is, obviously, when rates affordability. so in do interest in of issue do shock what part a we that and with big mortgages, does, terms fairly

It's total credit you financial XX management, portfolio. a its are U.K. also and that its -- And of combination bit think as you payments. expect. is a are you over we it's which seeing on monthly It mutes to sorry, of it, think little our in a represents of about from the basis fact but point points, the it's the So view, want XX% is seeing XX% might quality I But fraction. very XX%, small what to good balances. what also prudent -- of impact I

think broadly, expect it as I in like So Anna? an the you environment this. would behavior is,

And few we've when of house that that I inflation LTV seen of customers will agree took other all was I'd the would be the that overpayment the price the behind of be feels given will And part think LTV refinance I in, to yourself thing than over see would bracket. market the last growth, a mortgages. years, out is the to growth, right sort we a now That rather than loans terms move sort this necessarily to say now, the lead they it their I here down coming the price that's net From Yes, house that. I with lower of remortgage in think. incentive say would like market. trends an opportunity of of might lower

will a I'd demand remortgage that So in the large but see churn of strong be expect market. part to

given the growth, we've of credit in of probably I where In we're in are a as in you can growth, talked repayment terms we will rates lending But well. I interest-earning of be about rest the that. think cards from sluggish growth that cards, of mean see sort okay bit cycle, with loans sort the IEL

little through comparison probably muted that more within that whether slow in mortgages. loans bit work, So a COVID customers to down we bit we've migration, growth. to in saw on expectations seeing as a bit a savings but deposits, indeed or our putting And what seen similar that during of the in be period, already money

follow very for a outlook strong expect slow growth as was just started cost a on I to consequence? you the with the up year Would trend. in U.K. Could that the obviously down It

so I X distinguish -- the me in growth Card U.K., let say would things.

our part or in headline I strategy. that's growth but headline grow, may think balances

spend terms trying are Customers lending. environment that being are current translate very and in up. is our to pretty of we I that increases well interest-earning to the in very lend, are towards rather expect rates the doing remain through We elevated. book than to of the in significant take way cautious wouldn't seeing repayment pivot product newer

from from is Firth question next Edward Our KBW.

uncertain inconsistent. sort it viewing demand consensus normalize environment, expect to to just I trying I'm your mind the your actually you be a is Barclays much means outlook should to couple normal suppose go a guess, my potentially, we square provision, see through-the-cycle of provisions just to and of we the than somewhere seems the being consistent credit. I is environment a X the first at the the would what really not trying past? have could in normal and I U.K. provision, provisions in I peak do had in that that's thinking above those What normal, you Or done and U.K. Either for be my not that both provisions about comments around questions that question. lower normal because I'm is it's comment perhaps the me beginning about guess with an are with provisions your is because

in And Just how really to terms about in to Just understand this talking get economic related clear. you're am to of I the PMAs, I that, right? normalized guess your outlook.

hadn't And last million this rates? I month would quarter, Are just thinking affordability rather I'm that. this just you have £XXX my it's your you not points. criteria the if is is the I really give seeing really in not just If end PMA, since be but meeting of during anymore? you XX And October. happening we I been front -- that's than sort last uptick just month. understanding people that tell in are happening terms quarter you checked something at if results part your that new Is finally, of in in volumes costs terms quarter, on about very correct saw basis business released uptick of something what specifically the then terms the would charge in of in rejection what's could override, Or Are know insight us over an okay. the us the about of some in month? line big the could that of mortgage in last just really the wondered finding you that

Ed, the simple with first. let me deal one so

of of correct. PMAs impact the is so the exactly And your articulation

that, place that did extremely not was However, best environment what exactly and adequately that the the that economic we that consensus using capture I in is say felt have. why would uncertain for we PMAs the the because that's were first the we we models established the

that's that released happen, relation I And your In PMA. I question, what So to it. followed why it the credit we therefore, is that's we happened. to expect what think

let the those we on go. between So into and forecast see have here now the bit macroeconomic There's a of and some a beyond commentary. macroeconomic no indeed a what ground, of me the forecast visible dichotomy economic stress

is cost we But here. So certain different expect dealing number But there's a we or a we lumpy. extent, with and would to to a are in That's the points of you've to expect through-the-cycle environment, in are it bit we conversation before, what of views the had which of that towards quarter. risk. to I a to in trend the of that X macroeconomic direction seen shocks just expected of be another, current little if see X would IFRS nature terms

And people processing of Let rush me bit a little of doing end September the of take that. of we we the middle capital obviously, scale the rates. higher question what's the in were were even of markets, and about September. their Well, front what fearing applications, uptick And saw a the bit an to a on adjust of was there other volatility. was mortgages since for end we on -- outside in came the the the of peak line, going especially the the

On been what is the the coming this -- side, very initial consumer strong. say credit has on conditions into I would

a consumer people high COVID, So high in support low have unemployment amount of continues. which sheet, experienced balance that

increased things but energy of those continue. these to manage energy obviously, support prices, higher And government All prices. then,

of in then higher our of So private rate, of our and that decline living the seeing consumer a with end, we're it. bit and little mortgage pooling all at in own with rising cost of confidence

customers consumer in more in their X% types are fairly but number. spending seeing stress. spending, nonessential management are careful of So financial certain not feel being of finances. -- their assistance, about how About people which the and and about is people their see a low credit our We we

some be Obviously, have seeing things get. these because how not we're know we of can much don't it. So cautious to deeper we

been U.K. a We for just low not growth. rising rate in good are has in generally cycle, anyway. tends be the which middle the to Growth of

So got we've managing to as are of carefully. indication ahead. sort live be a right people But looking cautious their now, finances

Stebbings Guy from Exane. Paribas is question BNP next from Our

to just The expect guess, on stability given spreads rates. So growth in around of larger to some first moved. see settle expect a in first get The where you'd right seen I swap to RWA given given that's stock that things the credit in now. the where volatility happy of given flavor if for you're I there's just see spreads mortgage interest sort of history Obviously, of on lot to appetite et a you'd you've the But like we than high have rates mean migration, in U.K. losses, a might the into we play rates one recent was the have backdrop. what how sluggish does bit should risk on to why account lending? new question. we cetera? lend slightly

the the I very you've models, The ECL opposite. reduced It's IFRS you in know second coverage. And one was there's scenarios expect on for clear been might the the been little downside change weighting in quarter.

is me quick into, that worse, scenarios. et it's for how you terms, coverage mortgage a things say months you scenario Although say, last Thanks on the on when most would the just color just But the enough ECL needle just X, as hold? out you have with you numbers? than migration those ECLs very X case just really for negative in stage account all service Stage wholesale remind the come that that follow-up cetera. severe. not look would well. on bad appreciate downside Can instance, move to And Is the for, for it Downside debt X better got ratios, think not say, to I the

Okay.

add. I'm Venkat and those try will sure me Let

mean how relation I margins specifically of, We've do expect curve, and mortgage yield market terms we'd I that. it plays with in in demand, So in the It's lending supply always to is competitive. guess, lending into mortgages. it competitive. seen line the that and move to

remortgaging very the be I possible before, if be least value. to remortgage they looking pricing be competitive. Customers are As keen market said is tends early, that will a because best will for not this

quite create front to but that the also. some expect be expect keen not will I book, churn we'd only So on pressure margins would

participants to for the price cycle As it mean, how I us relates credit that sort expect and I market of expectations through pricing, plays that would into view risk. of

sort to significantly. So it pricing increased se, sort I expect impact concerns per credit of of wouldn't

point, your I of coverage we of that terms sort In coverage our think believe is appropriate.

covered it obviously our go unsecured, to we're from like Venkat, particular, early-stage appropriately would? QX anything feel we QX terms in up You've seen from coverage in QX that -- in of you sorry, there.

choppy. I with environment agree with dealing has Yes, Look, we're an been Anna. that

Anna earlier, as are rates been on models We procyclical and tend and has dealing mentioned built be with -- period, employment generally of to which unemployment. a falling that falling

that's we do. weaknesses I that's what models I to have manage we environment forward our the try estimates. X, using think So we of put tried and to recognize And outside. it use, we've to related way think And the the predictable the best in combination to the a in

comfortable things. reflecting of reasonably these feel we way with X are both we So the

if balance of to that aggregate, Guy, got see at stock. can £X.X on of I relates billion defaulted look billion is you what sheet the we've provisions, £X.X you that think

environment that first indeed, or it an level the chart the book the the was. see we've So than that the stock. risk strongly showed that's increased it we we loss where, is £X billion And we feel on of quality can in lower in that as presentation, you that from is non-defaulted the in its of protection. of in shape have wholesale, And terms against

So together extent question, just confirm. think it's actually don't number the Could captures repeat your scenarios. coming a I and please? looking individual things quite you our it sort of third of at of

X disclosure for of around ECLs to Downside is sort the PMA give the the you switch of was of into out sort third just and to the Yes, the just stage gauge scenarios, the downside that you could relative come question, follow-on, comments how ECL of migration embedded absorb scenario. around conservatism sort

the the we take need -- I'm next still you, sorry, understand question. can Guy, your of to want to don't that I back have probably out please? We'll we just question, to come room.

next from Mediobanca. Terelak Our Adam is from question

roll-off management just light you've ETN in had look a of CIB. have hedging, generally capital the couple know but quarter. quite for the I I RWA the the around

up loans than kind weights got You've Q-on-Q are that. much risk of at double-digit less but

the how to So sheet I was then scenes on terms wondering of follow-on on you end. done the involved reference what's of adding deal, maybe might finance on we've that, behind anecdotally And sheet. in suggest clearly, already end a can impact. leverage deal, guys that you're commenting just in hedges quarter? kind Rather that's the you know big I just wholesale managing a on as balance quarter an talk about that had credit balance portfolio, in you you'd risk are management whether your mentioned going headlines the be specifically there than third into in up

actually in very disciplined. client relation on we've to at relate being holding sheet business in helping been doesn't handled capital all. end. been our into say that There's extremely that in just And going would increase coverage It CIB, quarter end we're nothing in terms quarter Okay, to what particular facilitate management I in is a quarter, the of through we've own balance conservatively. rapid

don't I anything there's than that Venkat? efficiency. other RWA So think untoward

most buy part month was the systematic time But rapid risk markets. book. leverage extreme One of approach is the COVID had a that And let business finance particular to recent me protection far us back fairly well you always goes, deleverage that, transaction. the the it. really risk against XXXX has run comment we've within and to movements can't in parts April. it and the as X that's fairly say to movements I when then of generally in that, as finance on obviously protected So during management March managing quite

see is there's moves that. The might against in ourselves a for way be way, trying if exposures, occasionally what to second large to again, protect extreme

So should to us employ expect you both.

time. over at one risk look opportunistically one in to to try we systematically, leveraged book. our But something manage that's the the first closely second The finance

is loan Q-on-Q, CIB the it double loan book, book? digit on Just why up

book, at total looking are loan you CIB assets? the

No, CIB? total loans,

Well, the be -- in impact an that. RWA there'll in FX an impact sorry,

So there's some FX inflation.

the seen of particularly. by largely the you to sort of increase the of strip wholesale of that investment-grade clients, the has been in existing it's corporate we've sort time sort lending not businesses, In terms concern. out lending, nothing significant of FX, And

Our from Bank. Deutsche next from Noble question is Rob

household we us idea rather lower give in U.K., broker book U.K. your way of Can composition loan-to-value? the And proportion mortgages credit you're cost secondly, what the growth by of Two, book than of your living by please. And can split that you decent around? some still card income idea Barclays if of how income. seeing of to [indiscernible], loan-to-income so the in and then impacts in get your mortgage book an multiples noninterest

see in see business? and that the number will down in household if spending, or retail inflation decline growth a will for nominal still real I income come So noninterest growth the U.K.

Okay. one. Rob, let this take me one by

So a we split. loan-to-income don't give

banks loan-to-income. However, the we all regulatory on higher like limits U.K., in have some

loan income So is X.Xx to reduced. significantly above

as rates even describe are of and deciles pre-COVID. significantly so also again, of in risk would the what all excess in lower across were they elevated you repayment of we significantly lower. in tell are excess terms balances risk, of course, And of that contractual rate the deciles are repayment monthly cards, disclose I what particular. payment wouldn't can In in that What we is

we managing more identifying their are behavior our using that believe are pressure their But we who customers we believe risk under down. data. So in financial clearly is

mean, that in is In and card to of terms I fees income, interchange fees. also part noninterest geared

So cards' usage. it's linked to

use go we were we customer So that continue. obviously, shop, for pay down. expect might extent spending off, to those If cards, but to that to to the customers trends them continue their number then see would

from Fahed Redburn. question next from Kunwar is Our

at the bps upgraded one guidance. [indiscernible] wondering you just U.K. guidance. One I'll couple. guidance up hedging a the start you about gave Maybe that Chris' of going then since back has your to your haven't [opco] and why Do This NIM just guidance. the the question hedge. on XXX NIM given question I'm Just with gone your NIM see you And hedge. on second is on size rates And time deposits something the save £XXX XX% probably in -- deposits is moment. pre-financial a your more around hedge than of and crisis. are the reason ask that that. I different now the savings is rates time like £XXX is point, lower than way billion this consumers At They that lot high, when all running corporate sales? when rather billion structurally are

the of why crisis? higher were a structurally there right ultimately a pre-global now balances So hedge there than reason interest-free is financial level be

guided gave of Okay, we so X top things. X.XX%. end you guidance, range have that the on the NIM X.XX% we towards to of the That reflects

NIM. less It's about rise, but impact that X the we then as actually that It's competitiveness And secondly, just year-to-date, your the Firstly, in the shown customers And hedge rises we some we And dynamic beneficial ways. points impacts that time for movement the for so of mortgage that second split which dynamics, up. that NIM would we see reason moving any have the the started X compression is rates and the from we pass-through hedge become savings. to, see there, expect the the rate coming product product picked in obviously, here. that not market. their about question to out the and you we've is that said

you split those about go that X so structural hedge that to So the reason we we are feel perhaps dynamics product the have for more to than at And they can moment going out those separately. That's caution. things date. heavily the done like the reason think our that's impact

bank might probably question second I your think to as of piece. terms then why different, things and more In be there's piece X X structurally there's macro structure

I is liquidity-wise corporate that that the particular, versus are banks, were And sort QE. would is total they in There retail lot We've seen a in first pre different system. The deposits a of [indiscernible]. where also in liquidity of materially are sustained higher. and position say banks,

XXX%, had relying there, over deposits So source well of as term that's of a you loan-to-deposit ratios on funding.

is offering, think term I a mechanic. seeing what you're different deposits a that's here, franchise as

and the XXXX, are constructed is differences So 'XX, But Hopefully, the sort also beyond. would see to that are I how there macro of helpful. this out. and versus way we'll say banks pans structural 'XX

Okay.

did sorry, have you -- last the are anything You more?

one up that need wouldn't with imply need to price time lot to just loan-to-deposit you those deposits? your lower ratio up because deposits you'd a thing. follow tick because time let I peers than Does wanted you your structurally wouldn't

than similar banks The were. U.K. a position. are in loan-to-deposit ratios are most they lower think I

So call. I I on think comment pricing this competitive it's -- on wouldn't and

I a more the piece across structural industry. think it's of

Thank you.

question. last the Fahed, everybody, you, Thank you. thank So

Looking seeing the Thank week you of weeks. forward next some coming and you. of you to many in

you. Thank