Barclays PLC (BCS) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.239 Welcome to Berkeley's Full Year 2025 Fixed Income Conference Call. 00:00:05.239 -- 00:00:11.389 I'll now hand over to Anna Cross, Group Finance Director, and Dan Faircloth, Group Treasurer. 00:00:11.389 -- 00:00:17.298 Good afternoon, and welcome to the Full Year 2025 Fixed Income Investor Call. 00:00:17.298 -- 00:00:21.405 I'm joined by Dan Faircloth, our Group Treasurer. 00:00:21.405 -- 00:00:26.440 Let me begin with a brief overview of our financial performance in 2025. 00:00:26.440 -- 00:00:32.805 and key areas of the progress and targets update announced this morning. 00:00:32.848 -- 00:00:37.754 Barclays achieved all financial targets and guidance in 2025. 00:00:37.754 -- 00:00:43.399 We generated a return on tangible equity of 11.3%, top-line 00:00:43.822 -- 00:00:48.928 income grew by 9% year-on-year to $29.1 billion, and 00:00:48.928 -- 00:00:54.217 we achieved our NII guidance for the Group and for Barclays UK. 00:00:54.217 -- 00:00:59.983 our cost-income ratio once again improved year-on-year to 61%, 00:01:00.087 -- 00:01:05.135 and the group low loss rate for 52 basis points was comfortably within the 00:01:05.135 -- 00:01:09.322 50 to 60 basis points through the cycle guidance. 00:01:09.322 -- 00:01:14.371 Finally, we remained well capitalised, ending the year at the top of our 00:01:14.371 -- 00:01:20.677 13 to 14% target range after accounting for today's buyback. 00:01:20.677 -- 00:01:25.844 This positions us well to deliver against our 26 targets and provides a 00:01:25.844 -- 00:01:28.788 solid foundation for future progress. 00:01:28.788 -- 00:01:32.173 Taking a step back, since 2021, 00:01:32.173 -- 00:01:36.619 Barclays has been on a journey to sustainably high returns. 00:01:36.619 -- 00:01:42.407 So far, this...