Barclays Plc · LSE:BARC
Barclays — Q4 2019 Earnings Presentation
74 slides from Barclays's earnings presentation, Feb 13, 2020
Slide 1: Barclays PLC 2019 Full Year Results
Barclays PLC 2019 Full Year Results 13 February 2020 1 | Barclays 2019 Full Year Results | 13 February 2020
Slide 2: Jes Staley, Barclays Group Chief Executive
Jes Staley Barclays Group Chief Executive 2 | Barclays 2019 Full Year Results | 13 February 2020
Slide 3: Continuing to deliver: FY19 Financial highlights
Continuing to deliver FY19 Financial highlights 9.0% RoTE1 Delivered improved Group RoTE of 9.0%, in line with target +50bps £21.6bn Income Cost discipline allowing reinvestment in the business +2% <£13.6bn Operating Opportunity to grow in less capital intensive, -2% expenses2 technology-led areas £
Slide 4: Increased RoTE and cash returns to shareholders
Increased RoTE and cash returns to shareholders Improved RoTE year-on-year Ordinary dividend tripled 9.0%2 9.0p 8.5%2 6.5p 5.6%1,2 4.4%1 3.0p 3.0p 2016 2017 2018 2019 2016 2017 2018 2019 Strong CET1 ratio Lower absolute costs and improved efficiency2 Cost: income ratio 13.3% 13.2%3 13.8%3 £15.0bn £1
Slide 5: Diversification is a key strength of Barclays
Diversification is a key strength of Barclays 47% Consumer Banking Diversified by customer and client, 27% & Payments 35% product, geography and currency FY19 Group income by customer1 UK Consumer Intl. Consumer & Payments 20% Business Banking Countercyclical benefits from 11% Corporate 6% consumer
Slide 6: Three consecutive years of Group returns progression
Three consecutive years of Group returns progression RoTE1 Improved returns year-on-year for 20172 2018 2019 the last three years Group3 8.5% 9.0% 5.6% BUK and CC&P are consistently 17.8% 16.7% 17.5% high returning businesses BUK BI 7.6% 8.7% 9.3% Steady improvement in CIB returns CIB 7.1% 8.0% 5.7%
Slide 7: Steady improvement in CIB returns with increased income
Steady improvement in CIB returns with increased income, despite a lower industry wallet 248 12 240 Industry 233 CIB RoTE improved by Wallet1 6%230 230bps since 2017 to 8.0% 10 9% Markets & Banking 7.8 fee income (£bn) 7.4 180 8 7.1 8.0% Share gains driving income 7.1% 6 growth in Markets and Bankin
Slide 8: Market share gains and returns discipline across CIB
Market share gains and returns discipline across CIB MARKETS: Consistent trend of share gains BANKING: Fee share growth to rank 6th CORPORATE: Focused on increased vs. global banking peers1 globally and 5th in the US2 profitability of clients Q319 YTD vs. FY17 (bps) FY19 vs. FY17 (bps) 5.3%3 +120 +5
Slide 9: Investing in less capital intensive, technology-led, annuity businesses
Investing in less capital intensive, technology-led, annuity businesses Growth businesses that have the potential to differentiate Barclays over the next 3-5 years • Build on advantages of being a bank-owned payments provider Payments • Grow our leading UK position and expand European capabilities •
Slide 10: Payments: significant non-capital intensive growth potential
Payments Unique footprint with significant non-capital intensive growth potential • Develop further commercial opportunities as the only bank-owned merchant acquirer and Grow our leading corporate payments provider in the UK, with international expansion opportunities position in UK and build – End-
Slide 11: Transaction Banking: non-capital intensive, annuity income growth
Transaction Banking Focusing on non-capital intensive, annuity income growth • Within Corporate Banking, rebalancing income mix, building on annuity, fee-based products Grow non-capital – Increasing integration with the Payments and FX businesses intensive, annuity – Aligning CIB coverage across Cor
Slide 12: Integrated platform for banking, advice and investments
Advice & Investments Creating a leading integrated platform for banking, advice and investments • Significant opportunity to increase scale and market share by addressing an underserved customer need in a sector with high levels of disruption Opportunity with – Enabling savings to investments contin
Slide 13: Continued delivery of financial targets
Continued delivery of financial targets Targets/guidance achieved Future targets Group RoTE1 Group RoTE >10% over time 9% in 2019 Meaningful YoY improvement in 20201 Costs Cost efficiency <£13.6bn in 2019 <60% cost: income ratio over time Cost: income ratio Reduced to 63% from 66% in 2018 CET1 ratio
Slide 14: Tushar Morzaria, Barclays Group Finance Director
Tushar Morzaria Barclays Group Finance Director 14 | Barclays 2019 Full Year Results | 13 February 2020
Slide 15: FY19 Group highlights
FY19 Group highlights Delivered on FY19 Group RoTE target and cost guidance, while increasing capital distribution to shareholders • Income increased 2%, reflecting resilient Financial performance1 performance in Barclays UK and growth in CIB RoTE1 Income and CC&P Q1 Q2 Q3 Q4 FY19 £21.6bn FY18: £21.
Slide 16: Q419 Group highlights
Q419 Group highlights Improved income with continued positive operating leverage Financial performance1 • Income increased 4% driven by improvement across all operating businesses • Costs of £3.5bn decreased 9%2, with positive cost: income jaws across all operating businesses Income − Driven by disc
Slide 17: Q419 Barclays UK
Q419 Barclays UK Strong RoTE of 18.7%, with positive cost: income jaws for both Q419 and FY19 • Income increased 5% YoY despite a challenging income Q418 Q119 Q219 Q319 Q419 Financial performance1 environment − Lower interest earning lending in UK cards, reflective 1,863 1,846 1,959 Income 1,777 1,7
Slide 18: Q419 Barclays International
Q419 Barclays International Improved returns with focused investment in the business • Income grew 7% to £3.5bn reflecting improved Income balanced across Financial performance1 performance in both CIB and CC&P − Balanced and diversified business, businesses and geographies Income with the US repres
Slide 19: Q419 Barclays International: Corporate & Investment Bank
Q419 Barclays International: Corporate & Investment Bank Strong performance with improved RoTE and a disciplined approach to costs • Strong positive jaws from an 8% increase in income Financial performance1 and 9% decrease in costs Income Income • Markets income increased 20% GBP basis (£m) USD basi
Slide 20: Q419 Barclays International: Consumer, Cards & Payments
Q419 Barclays International: Consumer, Cards & Payments RoTE of 16.3% with steady growth in US co-branded cards balances • Income increased 6% with continued growth Q418 Q119 Q219 Q319 Q419 Financial performance1 in US co-branded cards balances as well as the YoY Private Bank Income +1% − Q418 inclu
Slide 21: Head Office
Head Office Q418 Q319 Q419 • Q419 negative income of £110m included: − c.£30m residual negative income impact from legacy capital instruments − Negative income from the sale of close to Income £1bn of the Italian mortgage book (£m) (11) (55) − Hedge accounting expenses (110) − Certain other negative
Slide 22: Continued efficiencies driving positive operating leverage
Continued efficiencies driving positive operating leverage Delivered 2019 cost guidance and continue to target <60% cost: income ratio over time Absolute cost reduction and income momentum have driven improved efficiency, with three consecutive years of positive jaws from 2016 to 2019 (£bn)1 Costs C
Slide 23: Creating capacity through transforming the way we operate
Creating capacity through transforming the way we operate c.£550m Examples of BX generated Capacity drivers savings in 2019 productivity savings Technology productivity 476 applications Internal Technology Application decommissioning, reducing Run retired in 2019, workforce increased from the Bank c
Slide 24: Q419 TNAV movement
Q419 TNAV movement TNAV decreased by 12p primarily due to reserve movements TNAV (pence per share) • TNAV reduced by 12p to 262p, as 4p of profits after tax were offset by: − 7p due to currency translation reserve movements, as GBP strengthened against both USD 4 and EUR 7 − 3p from the cash flow he
Slide 25: Q419 CET1 ratio progression
Q419 CET1 ratio progression CET1 ratio increased to 13.8% reflecting capital generation from profits and lower RWAs CET1 ratio1 • CET1 ratio of 13.8% reflecting: − 28bps of profits − 37bps from lower RWAs 37bps and other reserve movements 28bps 18bps Offset by: − 18bps for dividends paid and foresee
Slide 26: CET1 ratio target remains c.13.5%
CET1 ratio target remains c.13.5% Provides adequate headroom above the CRD Maximum Distributable Amount (MDA) hurdle Illustrative evolution of minimum CET1 requirements and buffers Target of c.13.5% unchanged • Comfortable with headroom above the MDA hurdle FY19 CET1 ratio1 13.8% • Expect Barclays’
Slide 27: Prudently managed leverage ratio
Prudently managed leverage ratio A material portion of our leverage exposure is short term or liquid in nature Minimum leverage requirements and Proven ability to dynamically manage our leverage exposure buffers under the UK regime • We deploy a material portion of leverage balance sheet into short
Slide 28: High quality funding position with conservatively positioned liquidity pool and LDR
High quality funding position with a conservatively positioned liquidity pool and LDR Diversified funding profile with strong deposit base Well positioned for future MREL requirements 2% Deposits • Issued £8.6bn equivalent of 8% 31.2% 31.3% MREL in 2019 8% OpCo debt – Achieved 2019 MREL FY19 issuanc
Slide 29: Environmental, Social and Governance Highlights
Environmental, Social and Governance Highlights Managing ESG factors to strengthen our franchise and deliver sustainable returns for all our stakeholders Key principles Key 2019 highlights • £34.8bn social and environmental financing facilitated Supporting • Targeting £4bn Green Bond portfolio in Tr
Slide 30: Continued delivery of financial targets
Continued delivery of financial targets Delivering attractive capital returns to shareholders remains a key priority whilst also continuing to improve RoTE on a sustainable basis and investing in business growth FY19 highlights Progress against targets/guidance Future targets Group RoTE1 Group RoTE
Slide 31: Appendix
Appendix 31 | Barclays 2019 Full Year Results | 13 February 2020
Slide 32: Interest rate sensitivity
Interest rate sensitivity Illustrative sensitivity of Group NII to a 25bps parallel upward and downward shift in interest rates1 Change in NII based on illustrative 50% Commentary/assumptions pass-through scenario (£m) • This analysis is based on the modelled performance of the 25bps upward parallel
Slide 33: Prudently managing credit risk in both the UK and US
Prudently managing credit risk in both the UK and US Conservatively positioned in both the UK and US consumer credit markets FY18 H119 FY19 £136.5bn £138.3bn £143.3bn • Focused on growing mortgage book within risk UK 67.1% 67.9% appetite 65.4% UK mortgage • c.50% average LTV of mortgage book stock b
Slide 34: YoY TNAV movement
YoY TNAV movement TNAV (pence per share) • TNAV is stable at 262p year-on-year, as increases of: − 24p of profits after tax 2 − 2p of positive cash flow hedge 7 reserve movements, as interest rate forward curves 3 flattened across major 2 currencies 1 24 3 Were offset by: − 10p of L&C, including the
Slide 35: YoY CET1 ratio progression
YoY CET1 ratio progression CET1 ratio1 • CET1 ratio of 13.8% reflecting: − 63bps from the benefit of 76bps removing the operational 15bps risk RWA floor 161bps 13bps 10bps 10bps − 161bps of profits generated in the year 56bps − 10bps of RWA and other movements 63bps • Offset by: − 76bps for dividend
Slide 36: 2019 pension triennial valuation
2019 pension triennial valuation The latest triennial valuation of the UK Retirement Fund (UKRF) has been completed • As at 30 September 2019, the triennial valuation showed a funding deficit of £2.3bn with the difference to the IAS 19 surplus representing a different approach to setting the discoun
Slide 37: Think digital, think Barclays UK
Think digital, think Barclays UK Building meaningful relationships with our customers Front end digitisation Changing the shape of our business Delivering sustainable Investing in digital talent, Automation income generation through cyber resilience digital transformation and digital technology Data
Slide 38: Improving share in the CIB
Improving share in the CIB Gaining share in Markets and Banking Markets1 Banking fees2 2% 20bps 10bps 5% $159bn $156bn 4.4% 4.2% 4.1% 4.2% $81bn $77bn FY18 FY19 FY18 FY19 FY18 FY19 FY18 FY19 Revenue pools Market share Wallet Market share Q419 fee share rank of #6 globally for fifth consecutive Up 1
Slide 39: Markets: Managing the business for improved returns
Markets: Managing the business for improved returns • Continue to grow client financing balances to build a large and stable income base, which Leverage our will form the core foundation of the Markets franchise differentiated − Deliver our fully integrated financing platform to our clients Financin
Slide 40: Consumer, Cards & Payments opportunities
Consumer, Cards & Payments opportunities Portfolio of leading franchises with high returns and growth potential Cards & Payments #9 US credit card receivables1 Barclays Strong market US position and Consumer delivering Bank growth $16.1bn US retail deposits #2 Merchant acquirer in Europe1 A leading
Slide 41: Growing green and sustainable finance franchise
Growing green and sustainable finance franchise Increased activity across business lines, geographies and client segments Increasing range of product solutions FY19 social and environmental financing (£bn)1 • Consumer products launched, including Barclays UK Impact and ESG investing and first green
Slide 42: Financial results tables
Financial results tables 42 | Barclays 2019 Full Year Results | 13 February 2020
Slide 43: Other items of interest – FY19 and Q419 vs. prior year
Other items of interest – FY19 and Q419 vs. prior year Material items (£m) FY19 FY18 Q419 Q418 Litigation and conduct DoJ RMBS - (1,420) - - Head Office Charges for PPI (1,400) (400) - - Barclays UK Other items of interest (£m) FY19 FY18 Q419 Q418 Income Receivables relating to Lehman Brothers acqui
Slide 44: FY19 Group
FY19 Group Year ended (£m) Dec-19 Dec-18 % change Excluding L&C – year ended (£m) Dec-19 Dec-18 % change Income 21,632 21,136 2% PBT 6,206 5,701 9% Impairment (1,912) (1,468) (30%) Attributable profit 4,194 3,733 12% – Operating costs (13,359) (13,627) 2% – UK bank levy (226) (269) 16% Performance m
Slide 45: Q419 Group
Q419 Group Three months ended (£m) Dec-19 Dec-18 % change Excluding L&C – three months ended (£m) Dec-19 Dec-18 % change Income 5,301 5,073 4% PBT 1,264 434 Impairment (523) (643) 19% Attributable profit 803 48 – Operating costs (3,308) (3,624) 9% – UK bank levy (226) (269) 16% Performance measures
Slide 46: FY19 Barclays UK
FY19 Barclays UK Year ended (£m) Dec-19 Dec-18 % change Excluding L&C – year ended (£m) Dec-19 Dec-18 % change – Personal Banking 4,009 4,006 PBT 2,604 2,439 7% – Barclaycard Consumer UK 1,992 2,104 (5%) – Business Banking 1,352 1,273 6% Attributable profit 1,813 1,670 9% Income 7,353 7,383 Performa
Slide 47: Q419 Barclays UK
Q419 Barclays UK Three months ended (£m) Dec-19 Dec-18 % change Excluding L&C – three months ended (£m) Dec-19 Dec-18 % change – Personal Banking 1,064 998 7% PBT 705 405 74% – Barclaycard Consumer UK 533 522 2% – Business Banking 362 343 6% Attributable profit 481 253 90% Income 1,959 1,863 5% Perf
Slide 48: FY19 Barclays International
FY19 Barclays International Year ended (£m) Dec-19 Dec-18 % change Excluding L&C – year ended (£m) Dec-19 Dec-18 % change – CIB 10,231 9,765 5% PBT 4,234 3,902 9% – CC&P 4,444 4,261 4% Attributable profit 2,906 2,705 7% Income 14,675 14,026 5% – CIB (157) 150 Performance measures – CC&P (1,016) (808
Slide 49: Q419 Barclays International
Q419 Barclays International Three months ended (£m) Dec-19 Dec-18 % change Excluding L&C – three months ended (£m) Dec-19 Dec-18 % change – CIB 2,314 2,151 8% PBT 726 248 – CC&P 1,138 1,070 6% Attributable profit 461 13 Income 3,452 3,221 7% – CIB (30) (35) 14% Performance measures – CC&P (299) (319
Slide 50: FY19 Barclays International: CIB and Consumer, Cards & Payments
FY19 Barclays International: Corporate & Investment Bank and Consumer, Cards & Payments CIB business performance – CC&P business performance – Dec-19 Dec-18 % change Dec-19 Dec-18 % change year ended (£m) year ended (£m) – FICC 3,364 2,863 17% Income 4,444 4,261 4% – Equities 1,887 2,037 (7%) Impair
Slide 51: Q419 Barclays International: CIB and Consumer, Cards & Payments
Q419 Barclays International: Corporate & Investment Bank and Consumer, Cards & Payments CIB business performance – CC&P business performance – Dec-19 Dec-18 % change three months ended (£m) Dec-19 Dec-18 % change three months ended (£m) – FICC 726 570 27% Income 1,138 1,070 6% – Equities 409 375 9%
Slide 52: Head Office – FY19 and Q419
Head Office – FY19 and Q419 Year ended (£m) Dec-19 Dec-18 Three months ended (£m) Dec-19 Dec-18 Income (396) (273) Income (110) (11) Impairment (charges)/releases (27) 16 Impairment (charges)/releases (4) 7 – Operating costs (200) (228) – Operating costs (45) (69) – UK bank levy (11) (13) – UK bank
Slide 53: Fixed Income Slides
Fixed Income Slides 53 | Barclays 2019 Full Year Results | 13 February 2020
Slide 54: Prudently managing the Group's capital position
Prudently managing the Group’s capital position Group’s CET1 managed to be prudently above the regulatory minimum and to pass stress tests Illustrative evolution of minimum CET1 requirements and buffers FY19 CET1 ratio1 13.8% • Barclays’ headroom to the MDA hurdle is intended to absorb fluctuations
Slide 55: Demonstrated ability to pass stress tests
Demonstrated ability to pass stress tests Favourable drawdown in 2019 BoE stress test compared to major UK peers FY19 CET1 ratio 13.8% Barclays Bank A Bank B Bank C c.13.5% target Headroom MDA hurdle 12.1% (4.3%) (5.1%) (5.9%) (6.1%) 2019 BoE stress test 430bps drawdown to 8.9%1 Stress headroom Stre
Slide 56: Managing evolving future Group minimum leverage requirements
Managing evolving future Group minimum leverage requirements Minimum leverage requirements and buffers under the UK regime Q419 UK leverage ratios1: • The RWA based CET1 ratio remains our primary regulatory constraint Spot: 5.1% • The Group currently has one leverage requirement, as Average: 4.5% me
Slide 57: Capital structure well established
Capital structure well established Expect to hold prudent headroom above AT1 and Tier 2 minimums Illustrative evolution of regulatory capital structure Well managed and balanced total capital structure ≥17.9% • BBPLC issued capital instruments are expected to be included as MREL, 21.6% until 1 Janua
Slide 58: Managing call and maturity profiles of BPLC and BBPLC capital instruments
Managing the call and maturity profiles of BPLC and BBPLC capital instruments BPLC capital call and maturity profile (£bn) BPLC AT1 capital as at 31 December 20191 BPLC Tier 2 capital as at 31 December 20191 • Redemption of three AT1 First or next call date By contractual maturity as applicable By n
Slide 59: Successfully transitioning to a HoldCo funding model
Successfully transitioning to a HoldCo funding model Currently expect £7-8bn of MREL issuance in 2020 HoldCo MREL position and expected requirement Well advanced on 2022 HoldCo issuance plan • Issued £8.6bn equivalent of MREL in 2019 in Senior, AT1 and Tier 2, in 31.2% 31.3% line with the 2019 HoldC
Slide 60: Continued progress in HoldCo issuance
Continued progress in HoldCo issuance Annual HoldCo issuance volume materially lower vs 2016-18 (£bn)1 2019 HoldCo issuance by currency3 AT1 Tier 2 Senior unsecured 13.4 12.1 12.2 March: USD 2bn AT1 11.5 6.2 8.6 April: USD 750m Senior tap 6.1 Target: 7-8 9.3 10.2 1.8 4.0 May: USD 2bn Senior 2.9 1.1
Slide 61: Balanced HoldCo funding profile by debt class and tenor
Balanced HoldCo funding profile by debt class and tenor Barclays PLC AT1 Tier 2 Senior unsecured 21% By product 15% £53bn 64% BPLC AT1 capital BPLC Tier 2 capital BPLC Senior unsecured debt as at 31 December 20191 as at 31 December 20191 as at 31 December 20191 First or next call date By contractual
Slide 62: High quality liquidity position
High quality liquidity position Prudently positioned liquidity pool, LDR and lower reliance on short-term wholesale funding Highly liquid, comfortably exceeding minimum requirement Conservative loan: deposit ratio2 L&A3 (£bn) Deposits3 (£bn) LDR Liquidity Coverage Ratio (LCR) 83% 83% 83% 82% 82% 169
Slide 63: Illustrative UK approach to resolution
Illustrative UK approach to resolution1 OpCo waterfall Intercompany investments HoldCo waterfall • Total OpCo losses which exceed its equity • Losses are transmitted to HoldCo • The loss on HoldCo’s investment from step 2 is capacity are allocated to OpCo investors in through write-down of its alloc
Slide 64: Divisions: legal entity structure of the Group
Legal entity structure of the Group since April 2018 Barclays PLC Barclays International Barclays UK and Head Office1 Market leading UK retail bank, combining digital Diversified bank across Cards & Payments, innovation and scale Corporate & Investment Banking and Private Banking Divisions Personal
Slide 65: Strong legal entity capital and liquidity positions
Strong legal entity capital and liquidity positions Group expects to accommodate all legal entity capital requirements within Group CET1 ratio target of c.13.5% Barclays PLC Accounting and regulated sub-group Accounting sub-group Barclays Bank UK PLC sub-group Barclays Bank PLC sub-group Barclays Ba
Slide 66: Diversified Funding Sources across all legal entities
Diversified Funding Sources across all legal entities1 Majority of funding within legal entities through deposits Barclays PLC 54 26 8% 4% 416 67 65% 11% FY19: 2% 12 £640bn2 8% 52 2% Barclays Bank UK PLC 3 Barclays Bank PLC 3 13 14 1 42 0% 8 Key: 6% 3% 11% 25 10 4% Deposits 11 5% 4% Shareholders’ eq
Slide 67: Deposit and wholesale funding sources of Barclays Bank UK PLC and Barclays Bank PLC
Deposit and wholesale funding sources of Barclays Bank UK PLC and Barclays Bank PLC Barclays PLC Barclays Bank UK PLC Barclays Bank PLC (and subsidiaries) FY19 FY18 FY19 FY18 Personal Banking 159 154 Corporate and Investment Bank 146 136 Deposit funding2 206 197 214 199 Business Banking 46 43 Consum
Slide 68: Wholesale funding composition as at December 2019
Wholesale funding composition as at 31 December 20191 <1 1-3 3-6 6-12 Total 1-2 2-3 3-4 4-5 As at 31 December 2019 (£bn) >5 years Total month months months months <1 year years years years years Barclays PLC (the Parent company) Senior unsecured - - 0.8 0.3 1.1 4.2 0.9 8.2 4.5 14.2 33.1 (Public benc
Slide 69: Ratings remain a key priority
Ratings remain a key priority Focus on strategy execution and performance targets to improve ratings Current Senior Long and We solicit ratings from Moody’s, S&P and Fitch for Moody’s Standard & Poor’s Fitch Short Term ratings the HoldCo and both its OpCos that sit immediately beneath it. • Moody’s
Slide 70: Barclays rating composition for senior debt
Barclays rating composition for senior debt Moody’s Standard & Poor’s Fitch BPLC BBPLC BBUKPLC BPLC BBPLC BBUKPLC BPLC BBPLC BBUKPLC Adj. Baseline Credit baa2 baa2 a3 Stand-Alone Credit Profile bbb+ Viability Rating2 a a a Assessment Macro profile Strong+ Strong+ Strong+ Anchor bbb+ Operating enviro
Slide 71: Barclays rating composition for subordinated debt
Barclays rating composition for subordinated debt Moody’s Standard & Poor’s Fitch Adj. Baseline Stand-alone Stand-Alone Viability Credit baa2 baa2 bbb+ a a rating Assessment Credit Profile Rating BPLC BBPLC BPLC BBPLC BPLC BBPLC T2 T1 T2 T2 T2 AT1 LT2 UT2 T2 AT1 LT2 UT2 T1 T2 AT1 LT2 UT2 T1 Coco (cu
Slide 72: ESG Highlights – Group Treasurer's perspective
ESG Highlights – Group Treasurer’s perspective Managing ESG factors to strengthen our franchise and deliver sustainable returns for all our stakeholders Group Treasury ESG highlights and commitments Green bond issuance Green bond investments Climate risk incorporated • Updated Green Bond • We contin
Slide 73: Abbreviations
Abbreviations ABS Asset-backed Securities ECM Equity Capital Markets PPI Payment Protection Insurance ACS Annual Cyclical Scenario EPS Basic Earnings per Share PRA Prudential Regulation Authority ADI Available Distributable Items ESG Environmental, Social and Governance QoQ Quarter-on-Quarter moveme
Slide 74: Disclaimer
Disclaimer Important Notice The terms Barclays or Group refer to Barclays PLC together with its subsidiaries. The information, statements and opinions contained in this presentation do not constitute a public offer under any applicable legislation, an offer to sell or solicitation of any offer to bu