Barclays PLC (BCS) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Barclays Q1 2025 Results Analyst and Investor Conference Call. I will now hand over to C.S. Venkatakrishnan, Group Chief Executive, before I hand over to Anna Cross, Group Finance Director. Good morning, everyone. Thank you for joining Barclays' first quarter 2025 results call. At our progress update 11 weeks ago, we outlined expectations for the second year of our three-year plan. These were to deliver a better run, a more strongly performing, and higher return in Barclays. I'm pleased with our performance and progress to date, including in this the first quarter of 2025. While the environment has certainly become more uncertain, we are firmly on track to achieve the full objectives of our plan, including approximately 11% return on tangible equity for 2025. Our confidence reflects the inherent diversification of our business, the careful and proactive approach which we adopt to managing risk, and our ongoing focus and delivery of operational efficiency. All of this is supported by a robust balance sheet, including a 13.9% CET1 ratio at the end of the first quarter. This is intentionally towards the top of our 13 to 14% target range. In addition, we are supported with very strong liquidity. In the first quarter, Barclays generated a return on tangible equity of 14%. This was achieved even as tangible book value grew 11% year on year to 372 pence. Total income for the first quarter was 7.7 billion pounds. And importantly, the quality and stability of our income continues to improve. Looking ahead, we remain confident in our income growth profile. And today, we are upgrading 2025 NII guidance for Barclays UK and the group, reflecting favorable deposit volumes and mix. And we will amplify our top line growth through positive operating leverage, as we did aga...