Barclays Plc · LSE:BARC
Barclays — Debt Investor Presentation (May 2014)
62 slides from Barclays's debt investor presentation, May 2014
Slide 1: Barclays PLC Fixed Income Investor Presentation Q1 2014
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Barclays PLC Fixed Income Investor Presentation Q1 2014 |
Slide 2: Performance Overview
PERFORMANCE PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Performance Overview 2 | Fixed Income Investor Presentation - Q1 2014
Slide 3: Steady performance by traditional banking franchises, offset by weakness in FICC
PERFORMANCE PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Steady performance by traditional banking franchises, offset by weakness in FICC Three months ended – March (£m) 2013 2014 Key Messages Income 7,734 6,650 • Income reflected growth i
Slide 4: Financial strength provides a platform for long-term sustainable returns
PERFORMANCE PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Financial strength provides a platform for long-term sustainable returns (£bn) Dec-13 Mar-14 Key Messages Total IFRS assets 1,3461 1,362 • Key balance sheet and capital measures cont
Slide 5: Strategy
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Strategy 5 | Fixed Income Investor Presentation - Q1 2014
Slide 6: Repositioning and simplifying Barclays
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Repositioning and simplifying Barclays Rightsizing and focusing the Investment Bank Establishing a dedicated non-core unit and a new Personal & Corporate Banking business Allocating capital to g
Slide 7: A focused international bank delivering improved, sustainable returns and growth
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW A focused international bank delivering improved, sustainable returns and growth Playing to our Focusing on high Eliminating marginal or Relentlessly focusing existing strengths growth businesse
Slide 8: Rebalancing the Group to improve returns
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Rebalancing the Group to improve returns Regulatory landscape shifted significantly IB - overweight FICC Group - overweight IB • Increasing capital requirements • Accelerated timetable for lever
Slide 9: Reorganising to a simpler, more focused and balanced structure
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Reorganising to a simpler, more focused and balanced structure Barclays Group Personal & Africa Investment Barclays Non-Core Barclaycard Corporate Banking Banking Bank (BNC) RWAs c.£120bn RWAs c
Slide 10: Reducing and reallocating RWAs to drive growth and returns
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW <15% Reducing and reallocating RWAs to drive growth and returns 2013 pre-resegmentation (£bn) 2013 post-resegmentation estimate (£bn) 2016 guidance (£bn) Leverage exposure £1.4tn £1.4tn c.£1.1tn
Slide 11: Non-core will be tightly managed to reduce RWAs and leverage
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Non-core will be tightly managed to reduce RWAs and leverage Anticipated RWA reduction of c.55% by 2016 (£bn) Anticipated reduction in leverage exposure of c.55% by 2016 (£bn) c.400 c.55% c.115
Slide 12: Preliminary adjusted results FY 2013
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Preliminary adjusted results FY 2013 Personal & Core Preliminary FY 2013 Africa Barclays Total Corporate Barclaycard Investment BNC (£bn) 1 Banking Core3 Group Banking Bank Income 8.8 4.1 4.0 8.
Slide 13: 2016 Transform financial commitments
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW 2016 Transform financial commitments 1 Capital CRD IV FL CET1 ratio >11.0% Group 2 Leverage Leverage ratio >4.0% 3 Dividend Payout ratio 40-50% 4 Returns Adjusted RoE >12% Barclays Core 5 Cost A
Slide 14: Capital & leverage
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Capital & leverage 14 | Fixed Income Investor Presentation - Q1 2014
Slide 15: Progressive strengthening of capital and leverage ratios
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Progressive strengthening of capital and leverage ratios reflecting focused capital and balance sheet management Fully loaded CRD IV CET1 ratio (%)1 Estimated PRA leverage ratio (%)3 11.5- 10.5%
Slide 16: Good progress on transition towards target end-state capital structure
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW We are making good progress on the transition towards our „target‟ end-state capital structure Evolution of capital structure Fully loaded CRD IV capital position • Fully loaded CRD IV CET1 rati
Slide 17: Our plan incorporates the progressive implementation of CET1 requirements
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Our plan incorporates the progressive implementation of CET1 requirements Regulatory targets, excluding internal buffer Key assumptions in this illustration CRD IV minimum CET1 requirement • CET
Slide 18: We continue to strengthen our leverage ratio and reduce leverage exposure
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW We continue to strengthen our leverage ratio and reduce leverage exposure PRA leverage exposure1 (£bn) Highlights L&A and other assets2 Derivatives • Estimated PRA leverage ratio improved furthe
Slide 19: Liquidity & funding
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Liquidity & funding 19 | Fixed Income Investor Presentation - Q1 2014
Slide 20: Balance sheet totals £1.3tn, wholesale funding limited to £186bn
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW While the balance sheet totals £1.3tn (excl. BAGL), wholesale funding requirements are limited to £186bn Total balance sheet as at 31 March 14 of £1.3tn (excl. BAGL5) Highlights (£bn) Derivative
Slide 21: Maintaining a robust liquidity position
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Maintaining a robust liquidity position, with pool well in excess of internal and external minimum requirements High quality liquidity pool Highlights (£bn) • Liquidity pool increased £7bn to £1
Slide 22: Access to stable and diverse sources of funding
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW We maintain access to stable and diverse sources of funding, across customer deposits and wholesale debt Significant increase in deposit funding Key messages (£bn) • Group Loan to Deposit Ratio
Slide 23: Continued access to diverse wholesale funding sources
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Continued access to diverse wholesale funding sources across multiple products, currencies and maturities Wholesale funding (as at 31 December 2013) Key Messages By Product • Total wholesale fun
Slide 24: Asset quality
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Asset quality 24 | Fixed Income Investor Presentation - Q1 2014
Slide 25: Asset quality trends remain favourable
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Asset quality trends remain favourable, demonstrating our conservative approach to credit risk management Impairment charge and CRLs (£)m • Annualised loan loss rate of 45bps in Q1 2014, down fr
Slide 26: Impairment improved 22%, with positive trends in all businesses
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Impairment improved 22%, with positive trends in all businesses Loan loss rate (bps)1 • Declining Loan Loss Rate (LLR) trend at Group level reflecting Barclays‟ well managed and conservative ris
Slide 27: Reduced exposure to Eurozone periphery
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Reduced exposure to Eurozone periphery Exposures by geography • Active management of exposure to Eurozone periphery countries £bn 67.5 • Continuous reduction in exposure to Spain, Italy, Portuga
Slide 28: Track record in legacy asset run-down, reducing Exit Quadrant portfolios
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW With a good track record in legacy asset run-down, we have continued to focus on reducing our Exit Quadrant portfolios 2008 – 2012 Credit Market Exposure (CME) balances (£bn) Transform Legacy As
Slide 29: Credit ratings
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Credit ratings 29 | Fixed Income Investor Presentation - Q1 2014
Slide 30: Barclays' credit ratings remain strong and in line with peers'
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Barclays‟ credit ratings remain strong and in line with peers‟ As at 8 May 2014 • Barclays‟ ratings and outlooks have been adversely Barclays PLC Barclays Bank PLC impacted by: Standard & Poor‟s
Slide 31: Prudently managing and reserving for potential rating actions
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Barclays prudently manages and reserves for potential rating actions in the liquidity pool Contractual credit rating downgrade exposure • Potential outflows related to a multiple-notch credit (a
Slide 32: Summary
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Summary • A diversified international bank focused on delivering improved and more sustainable returns • Focusing on areas of competitive advantage, exiting businesses where appropriate returns
Slide 33: Appendix
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Appendix 33 | Fixed Income Investor Presentation - Q1 2014
Slide 34: Core Investment Bank: Building on competitive advantages
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Core Investment Bank: Building on competitive advantages Core Investment Bank Non-core Investment Bank RWAs: c.£120bn RWAs: c.£90bn 20131 FY Leverage exposure: c.£490bn Leverage exposure: c.£340
Slide 35: Rescaling the Investment Bank enables greater balance
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Rescaling the Investment Bank enables greater balance Balance Sheet – 2013 and 2016 P&L – 2013 Total Group (100%) 53% c.£844bn 46% £222bn 11% 50% 19% £2.8bn £10.7bn c.£2.5bn c.£400bn1 c.£120bn c
Slide 36: Investment Bank assets are majority of non-core
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Investment Bank assets are majority of non-core Portfolios and businesses included Portfolios and businesses included: Preliminary 2013 Income RWAs Split of 2013 (£m) (£bn) Non-strategic RWAs (£
Slide 37: Selected corporate, retail and other assets constitute remainder of non-core
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Selected corporate, retail and other assets constitute remainder of non-core Portfolios and businesses included: Income RWAs Preliminary 2013 (£m) (£bn) Split of 2013 CRD IV RWAs Other retail as
Slide 38: Core businesses expected to maintain average adjusted RoE >12%
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Core businesses expected to maintain average adjusted RoE >12% on a much higher equity base % Core c.12 >12 Non-core c.3 c.9-10 drag <3% c.6 6.1 4.5 1.6 Group >9% 3.5 1.0 2013 Adjusting 2013 CTA
Slide 39: Broad contribution by diverse businesses
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Broad contribution by diverse businesses Income Profit Before Tax Three months ended – March (£m) 2013 2014 2013 2014 UK RBB 1,067 1,145 299 360 Barclaycard 1,153 1,184 363 423 Corporate Banking
Slide 40: Net interest income - driven by volume growth
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Net interest income - driven by volume growth Customer assets and liabilities £bn • Average customer assets plus liabilities were up 4% YoY, driven 630 654 655 principally by increases in deposi
Slide 41: Net interest margins and volumes
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Net interest margins and volumes UK Barclay- Corporate Africa Europe Wealth Total1 RBB card Banking RBB RBB and IM Three months ended – March 2014 Net interest margin (%) 1.32 8.19 1.24 3.39 0.7
Slide 42: On track to deliver revised 2014 cost guidance of £17bn
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW On track to deliver revised 2014 cost guidance of £17bn £bn Operating expenses progress (£m) Staff costs Other opex Q1 2013 Q1 2014 Net CTA Anticipated savings from operating operating decrease
Slide 43: Structural cost reduction being achieved
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Structural cost reduction being achieved Group cost guidance1 (£bn) Core cost targets1 (£bn) Original Group cost target and interim guidance Revised Group cost guidance Core cost targets 19 18.7
Slide 44: Capital Resources
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Capital Resources1 (£m) 31 December 2013 31 March 2014 Shareholders' equity (excluding non controlling interests) per the balance sheet 55,385 56,393 Less: Other equity instruments (recognised a
Slide 45: CRD IV RWAs by business
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW CRD IV RWAs by business (£bn) 31 December 2013 31 March 2014 UK RBB 44.1 44.0 Barclaycard 40.5 41.2 Corporate Banking 70.5 67.9 Africa RBB 22.8 21.9 Europe RBB 16.2 15.8 Wealth and Investment Ma
Slide 46: Estimated CRD IV Capital and RWAs – notes
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Estimated CRD IV Capital and RWAs – notes Estimated Capital Ratios are based on/subject to the following: CRD IV as implemented by the Prudential Regulation Authority The new Capital Requirement
Slide 47: Estimated CRD IV Capital and RWAs – notes
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Estimated CRD IV Capital and RWAs – notes Estimated Capital Ratios are based on/subject to the following: RWAs • The PRA has confirmed Barclays model approvals under CRD IV, with certain provisi
Slide 48: Estimated leverage exposure
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Estimated leverage exposure (£bn) 31 December 2013 31 March 2014 IFRS derivative financial instruments 355 333 Additional netting adjustments for derivatives (285) (264) Potential Future Exposur
Slide 49: Estimated leverage exposure measure adjustments - notes
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Estimated leverage exposure measure adjustments - notes In calculating the CRD IV leverage ratio the IFRS balance sheet is taken as a starting point and the following key adjustments to total as
Slide 50: Wholesale funding composition (as at 31 December 2013)
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Wholesale funding composition1 (as at 31 December 2013) >3 >6 >1 month >9 months >1 year >2 years months months Total As at 31 December 2013 (£bn) ≤1 month but ≤3 but ≤12 but ≤2 but ≤5 >5 years
Slide 51: Additional Tier 1 capital issuance
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Additional Tier 1 capital issuance Barclays PLC $2bn Perp-NC5 Additional Tier 1 Barclays PLC €1bn Perp-NC7 Additional Tier 1 Geography – Allocations Investor Type – Allocations Geography – Alloc
Slide 52: Reduced exposure to the Eurozone (as at 31 December 2013)
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Reduced exposure to the Eurozone (as at 31 December 2013) As at 31 December 2013 (£m) Spain Italy Portugal Ireland Total Sovereign 184 1,556 372 67 2,179 Financial institutions 1,029 417 38 5,03
Slide 53: Positioning Barclays for structural reform
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Positioning Barclays for structural reform although rules are still to be finalised Regulatory timeline Sept 2011: Jun 2012: Oct 2012: Dec 2012: Jun 2013: Jan 2013 – May 2015: Jan 2019: Publicat
Slide 54: UK Banking Act now includes a statutory bail-in power
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW In line with the European Bank Recovery & Resolution Directive the UK Banking Act now includes a statutory bail-in power Overview Considerations for Bondholders • Statutory bail-in of debt is a
Slide 55: CRD IV - Regulatory timeline
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW CRD IV - Regulatory timeline Timeframe based on Capital Requirements Regulation (CRR) and Capital Requirements Directive (CRD) published in June 2013 H1 2010 1 Jan 2011 1 Jan 2012 1 Jan 2013 1 J
Slide 56: Debt investor relations contact information
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Debt investor relations contact information Richard Caven Sofia Lonnqvist Julie Stanzl +44 (0)20 7116 2809 +44 (0)20 7116 5716 +44 (0)20 7116 7748 richard.caven@barclays.com sofia.lonnqvist@barc
Slide 57: Important Notice
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Important Notice The information, statements and opinions contained in this document do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of any
Slide 58: Exchange Offer (continued)
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Exchange Offer (continued) This document must be read in conjunction with the prospectus. No offer or invitation to acquire or exchange any securities is being made pursuant to this document. Th
Slide 59: Forward-looking Statements
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Forward-looking Statements this document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of t
Slide 60: Certain non-IFRS Measures
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Certain non-IFRS Measures Barclays management believes that the non-International Financial Reporting Standards (IFRS) measures included in this document provide valuable information to readers
Slide 61: Certain non-IFRS Measures (continued)
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Certain non-IFRS Measures (continued) • Adjusted return on average shareholders‟ equity represents adjusted attributable profit (see page 6 of the May 6 6-K) divided by adjusted average equity,
Slide 62: Certain non-IFRS Measures (continued)
PERFORMANCE STRATEGY CAPITAL & LEVERAGE LIQUIDITY & FUNDING ASSET QUALITY CREDIT RATING APPENDIX OVERVIEW Certain non-IFRS Measures (continued) • PRA leverage exposure makes certain adjustments to CRDIV leverage exposure as shown in the “Estimated CRD IV Leverage” table on page 45, which also includ