Barclays PLC (BCS) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Barclays Q3 2025 Results Analyst and Investor Conference Call. I will now hand over to C.S. Venkata Krishnan, Group Chief Executive, before I hand over to Anna Cross, Group Finance Director. Good morning, everyone. Thank you for joining Barclays' third quarter 2025 results call. We are well into the second half of the three-year plan, which we shared with you in February 2024. I'm very pleased with the momentum and consistency of progress which we have shown in the last seven quarters. This quarter, our top line income increased by 11% to 7.2 billion pounds from 6.5 billion pounds in the same quarter last year. Our income growth has allowed our tangible net asset value per share, TNAV, to rise to 392 pence compared to 384 pence per share in the previous quarter. And we have delivered a third quarter ROTE of 10.6%, which equates to 12.3% for the year to date 2025. We are therefore upgrading our 2025 ROTE guidance to greater than 11%, and we are reaffirming our 2026 target of more than 12%. Our returns are supported by a stronger outlook for stable income. We now expect group NII for 2025 to be more than 12.6 billion pounds, up from more than 12.5 billion pounds. And this has been supported by UK lending momentum, positive stability and operational progress in the US consumer bank. Further, we are pleased to bring forward a portion of our full year distribution plan with a 500 million pound share buyback. This is the result of a strong capital generation of a CET1 ratio of 14.1% and disciplined execution of our capital priorities. This buyback will commence as soon as the current one is completed. Looking ahead, we plan to announce buybacks quarterly, reflecting the consistency of our capital generation, and this is subject, as usual, to regulatory and board...