Barclays PLC (BCS) 2023 Q1 法說會逐字稿

Welcome to Barclays Q1 2023 Results Analyst and Investor Conference Call. I will now hand you over to C.S. Venkatakrishnan, Group Chief Executive; and Anna Cross, Group Finance Director.

歡迎來到巴克萊 2023 年第一季度業績分析師和投資者電話會議。我現在將您交給集團首席執行官 C.S. Venkatakrishnan；和集團財務總監 Anna Cross。

Good morning. Thank you for joining us on today's call. Let me start by saying how pleased I am with our first quarter's performance for 2023. This was a record quarter of profitability for the bank. We generated 11.3p of earnings per share, which is well above the 8.4p of EPS in the first quarter of 2022. And our profit before tax of GBP 2.6 billion for this quarter is up 16% year-on-year.

早上好。感謝您參加今天的電話會議。首先讓我說我對我們 2023 年第一季度的業績感到非常滿意。這是該銀行創紀錄的季度盈利能力。我們產生了 11.3 便士的每股收益，遠高於 2022 年第一季度 8.4 便士的每股收益。本季度我們的稅前利潤為 26 億英鎊，同比增長 16%。

We grew income by 11% or GBP 741 million year-on-year to GBP 7.2 billion. This has demonstrated the broad-based and high-quality sources of income which we have across the group's businesses. Supporting this income momentum, we maintained our focus on costs and our disciplined approach to investment, resulting in a cost: income ratio of 57%. We have delivered a 15% return on tangible equity, with all 3 of our operating businesses generating a double-digit return.

我們的收入同比增長 11% 或 7.41 億英鎊，達到 72 億英鎊。這證明了我們在集團業務中擁有基礎廣泛和高質量的收入來源。為了支持這種收入勢頭，我們繼續關注成本和嚴格的投資方法，從而使成本收入比達到 57%。我們已經實現了 15% 的有形資產回報率，我們所有 3 家運營業務都產生了兩位數的回報率。

And what this means is that we are very confident of being above 10% for the full year RoTE, in line with our group target. I am especially proud that we delivered this strong performance while supporting our customers and clients through what has been a challenging environment for the banking sector globally.

這意味著我們非常有信心全年 RoTE 超過 10%，符合我們的集團目標。我感到特別自豪的是，我們在支持我們的客戶和客戶度過全球銀行業充滿挑戰的環境的同時，取得瞭如此強勁的業績。

As you think about these results, I would like to emphasize 3 factors, which I think have driven it. The first factor is our risk management approach, developed over a number of quarters and years, which has helped to underpin this performance. The second is a series of disciplined investments over recent years, which have helped to drive top line growth. And third, our approach to capital management, which continues to support attractive shareholder returns. Let me begin first with the risk management.

當你考慮這些結果時，我想強調 3 個我認為推動它的因素。第一個因素是我們的風險管理方法，該方法經過數個季度和數年的發展，有助於鞏固這一業績。第二個是近年來一系列有紀律的投資，這有助於推動營收增長。第三，我們的資本管理方法繼續支持有吸引力的股東回報。讓我先從風險管理開始。

We have highlighted before that we have intentionally positioned the group's balance sheet to protect against downside risk in a volatile macroeconomic and market environment. This risk management has shown itself in different ways. In our markets business, to begin with, we have maintained a defensive risk profile since the start of 2022 and managed our risk well and adroitly throughout.

我們之前強調過，我們有意調整集團的資產負債表，以防範動蕩的宏觀經濟和市場環境中的下行風險。這種風險管理以不同的方式表現出來。首先，在我們的市場業務中，自 2022 年初以來，我們一直保持防禦性風險狀況，並在整個過程中妥善、巧妙地管理我們的風險。

In interest rate risk in our banking book, we have successfully positioned ourselves for rising rates, and minimized the capital impact from the large moves in interest rates which we have experienced.

在我們銀行賬戶的利率風險方面，我們成功地為自己做好了利率上升的準備，並將我們經歷的利率大幅變動對資本的影響降至最低。

In our credit portfolio, we have maintained robust coverage ratios and limited our risk appetite in specific products and sectors, and added first loss protection to our portfolios where appropriate.

在我們的信貸組合中，我們保持了穩健的覆蓋率並限制了我們對特定產品和行業的風險偏好，並在適當的情況下為我們的投資組合增加了首次損失保護。

Now the U.K. coming to liquidity has not experienced the liquidity concerns that we've witnessed elsewhere in the world. At Barclays, our customer-led liquidity deposit strategy over many, many years has laid the foundation for the highly liquid, diverse, and stable funding base which we have today. All these deliberate actions over a long period of time have proven their value in a quarter like this one.

現在，英國走向流動性並沒有經歷我們在世界其他地方看到的流動性問題。在巴克萊銀行，多年來，我們以客戶為主導的流動性存款策略為我們今天擁有的高流動性、多樣化和穩定的資金基礎奠定了基礎。所有這些經過長時間的深思熟慮的行為都在這樣的一個季度中證明了它們的價值。

We were able to operate normally in a volatile environment and deliver strong returns to our shareholders. The second big factor is investments. As we turn to investments, you will see that they are behind the income growth that we see in today's results.

我們能夠在動蕩的環境中正常運營，並為我們的股東帶來豐厚的回報。第二大因素是投資。當我們轉向投資時，您會發現它們是我們在今天的結果中看到的收入增長的幕後推手。

In our markets business, our consistent investment in our platform has driven significant growth year-on-year in financing income, including prime, and market share gains over several years. This has contributed to the Corporate and Investment Bank delivering its second highest quarterly income on record, just shy of GBP 4 billion, and a 15.2% return on tangible equity.

在我們的市場業務中，我們對我們平台的持續投資推動了融資收入的顯著增長，包括幾年來的主要收入和市場份額增長。這有助於企業和投資銀行實現有記錄以來第二高的季度收入，略低於 40 億英鎊，以及 15.2% 的有形股本回報率。

In our U.S. cards business, our GAAP partnership is performing well, and we also grew cards balances organically across our other partner portfolios, while credit continued to normalize in line with our expectations. This growth in U.S. cards, along with 15% year-on-year AUM growth in our private bank, has helped drive 47% higher income in our Consumer Cards and Payments business with a 10.5% return on tangible equity.

在我們的美國卡業務中，我們的 GAAP 合作夥伴關係表現良好，我們還在其他合作夥伴組合中有機地增加了卡餘額，而信貸繼續正常化符合我們的預期。美國卡業務的增長，加上我們私人銀行資產管理規模同比增長 15%，幫助我們的消費卡和支付業務收入增長了 47%，有形資產回報率為 10.5%。

Now as we have mentioned previously, we plan to consolidate our U.K. wealth business with our private bank in this, the second quarter of 2023. This will enable us to operate a more efficient, competitive and customer-focused private banking and wealth business from a unified platform. We will update you on this important step in due course.

正如我們之前提到的，我們計劃在 2023 年第二季度將我們的英國財富業務與我們的私人銀行合併。這將使我們能夠從一個更高效、更具競爭力和以客戶為中心的私人銀行和財富業務中運營統一平台。我們會在適當的時候向您介紹這一重要步驟。

And lastly, turning to our U.K. consumer business, Barclays U.K. Investment in our transformation program is generating efficiencies and allowing rate tailwinds to drive strong profitability while maintaining a cost-to-income ratio of 56% and generating an RoTE of 20%. Our positive momentum in Barclays U.K. is reflected in the increase in active Barclays app customers. It's growing up to 10.7 million users by the end of the first quarter of 2023, which is up 8% year-on-year.

最後，轉向我們的英國消費者業務，巴克萊英國對我們轉型計劃的投資正在提高效率，並允許利率順風推動強勁的盈利能力，同時保持 56% 的成本收入比和 20% 的 RoTE。我們在英國巴克萊銀行的積極勢頭反映在巴克萊應用程序活躍客戶的增加上。到 2023 年第一季度末，它的用戶將增長到 1070 萬，同比增長 8%。

In other areas, we are laying the foundation for our future, such as our investments in support of our strategic priority to capture opportunities from the transmission to a low-carbon economy. In fact, this quarter, Barclays helped Nextracker, the leading provider of intelligent integrated solar tracking and software solutions, raise $730 million through an initial public offering. This was the first major renewable energy IPO since 2021.

在其他領域，我們正在為我們的未來奠定基礎，例如我們投資支持我們的戰略優先事項，以抓住從傳輸到低碳經濟的機會。事實上，本季度，巴克萊銀行幫助領先的智能集成太陽能跟踪和軟件解決方案提供商 Nextracker 通過首次公開募股籌集了 7.3 億美元。這是自 2021 年以來首次重大可再生能源 IPO。

And the third point is capital. On capital, the GBP 500 million share buyback, which we announced earlier this year, along with other capital items that we have highlighted, have brought our CET1 ratio to 13.6% as expected, around the midpoint of our target range. Our profits delivered 53 basis points of CET1 ratio in the quarter, supporting further capital distributions for our shareholders over the coming year. This remains a key focus for the bank.

第三點是資本。在資本方面，我們今年早些時候宣布的 5 億英鎊股票回購以及我們強調的其他資本項目使我們的 CET1 比率達到預期的 13.6%，接近我們目標範圍的中點。我們的利潤在本季度實現了 53 個基點的 CET1 比率，支持我們股東在來年的進一步資本分配。這仍然是該銀行關注的重點。

When we consider our capital allocation, we are carefully balancing capital returns with the disciplined investments about which I just spoke to you and which are driving improved returns for shareholders.

當我們考慮我們的資本配置時，我們正在謹慎地平衡資本回報與我剛才與您談到的有紀律的投資，這些投資正在推動股東回報的提高。

So in summary, we have delivered a very strong quarter for the first quarter of 2023. It's a very strong performance. We generated a 15% RoTE with double-digit returns across all of our operating businesses. Our risk management and robust liquidity has helped insulate Barclays from recent events in the industry and enabled us to continue to support our customers and clients.

因此，總而言之，我們在 2023 年第一季度的表現非常強勁。這是非常強勁的表現。我們在所有運營業務中產生了 15% 的 RoTE 和兩位數的回報。我們的風險管理和穩健的流動性幫助巴克萊銀行免受行業近期事件的影響，並使我們能夠繼續支持我們的客戶和客戶。

Our investments are delivering growth and improved returns, and we remain committed to returning capital to our shareholders. With that, thank you for listening, and I'll hand over to Anna to take you through the financials in more detail.

我們的投資帶來了增長和更高的回報，我們仍然致力於將資本返還給我們的股東。有了這個，感謝您的收聽，我將交給安娜，讓您更詳細地了解財務狀況。

Thank you, Venkat, and good morning, everyone. Q1 was another quarter of consistent delivery, with a statutory return on tangible equity of 15%. Whilst Q1 is usually strong for returns, as Venkat mentioned, we are confident of achieving our RoTE target of above 10% for the year.

謝謝 Venkat，大家早上好。第一季度又是一個持續交付的季度，有形資產的法定回報率為 15%。正如 Venkat 所提到的，雖然第一季度的回報率通常很高，但我們有信心實現今年 10% 以上的 RoTE 目標。

The cost: income ratio was 57%, better than our guidance of low 60s for the year, reflecting Q1 income seasonality. The loan loss rate was 52 basis points, within our 50 to 60 guidance for 2023.

成本：收入比率為 57%，好於我們今年低 60 的指導，反映了第一季度收入的季節性。貸款損失率為 52 個基點，在我們 2023 年 50 至 60 的指導範圍內。

Our highly liquid and stable balance sheet positions us well to pursue our returns objectives with a CET1 ratio of 13.6%, a conservative loan-to-deposit ratio and a liquidity coverage ratio of 163%.

我們高流動性和穩定的資產負債表使我們能夠以 13.6% 的 CET1 比率、保守的貸存比率和 163% 的流動性覆蓋率實現我們的回報目標。

Our 15% return reflects income growth of GBP 741 million year-on-year to GBP 7.2 billion, whilst total costs were flat at GBP 4.1 billion. Within that, operating costs increased GBP 523 million, offsetting the decrease in litigation and conduct.

我們 15% 的回報率反映了收入同比增長 7.41 億英鎊至 72 億英鎊，而總成本持平於 41 億英鎊。其中，運營成本增加了 5.23 億英鎊，抵消了訴訟和行為的減少。

Profit before impairment was up 31%. As we expected, impairment increased GBP 383 million against a low comparator, resulting in a 16% increase in profit before tax overall to GBP 2.6 billion. Earnings per share were 11.3p, partially offset by the 5p full year dividend, driving the increase of 6p in tangible net asset value in the quarter to 301p per share.

減值前溢利上升 31%。正如我們預期的那樣，與低比較對象相比，減值增加了 3.83 億英鎊，導致總體稅前利潤增長 16% 至 26 億英鎊。每股收益為 11.3 便士，部分被 5 便士的全年股息所抵消，推動本季度有形資產淨值增長 6 便士至每股 301 便士。

I'm now going to emphasize key drivers of our return: income, costs and risk management. First, [key 1] again demonstrated our broad-based income momentum. We are benefiting from the rate environment and also seeing the results of our targeted investment initiatives.

我現在要強調我們回報的主要驅動因素：收入、成本和風險管理。首先，[關鍵 1] 再次展示了我們基礎廣泛的收入勢頭。我們受益於利率環境，也看到了我們有針對性的投資計劃的結果。

Second, as we invest, we are maintaining cost discipline, driving cost efficiency to mitigate inflation whilst directing investment into areas which we expect to generate attractive returns for shareholders. And third, we continue to manage risk tightly, which, along with our prudent balance sheet positioning and liquidity management, underpin our delivery against target in this environment.

其次，在我們投資時，我們會保持成本紀律，提高成本效率以減輕通貨膨脹，同時將投資引導到我們期望為股東帶來可觀回報的領域。第三，我們繼續嚴格管理風險，這與我們審慎的資產負債表定位和流動性管理一起，支持我們在這種環境下實現目標。

Starting with the income on Slide 8. Income increased 11% year-on-year with growth across the group, partly from margin expansion, but also from client activity and selective growth in the balance sheet.

從幻燈片 8 的收入開始。隨著整個集團的增長，收入同比增長 11%，部分原因是利潤率擴張，但也來自客戶活動和資產負債表的選擇性增長。

Barclays U.K. grew 19%, mainly from net interest income. Consumer Cards and Payments increased 47%, including the effect of the stronger U.S. dollar, driven mainly by U.S. cards and also growth in both payments and the private bank. CIB reported its second best quarter on record, with income up GBP 38 million at just under GBP 4 billion, including some benefit from U.S. dollar strength.

巴克萊英國增長 19%，主要來自淨利息收入。消費卡和支付業務增長 47%，其中包括美元走強的影響，主要受美國卡業務的推動，以及支付業務和私人銀行業務的增長。 CIB 報告了有記錄以來第二好的季度，收入增加了 3800 萬英鎊，略低於 40 億英鎊，其中包括美元走強帶來的一些好處。

We are particularly pleased with the quality and diverse sources of strong income growth, which we'll look at on Slide 9. The GBP 741 million increase mainly reflected growth in net interest income from several businesses across the group.

我們對強勁收入增長的質量和多樣化來源感到特別滿意，我們將在幻燈片 9 中看到這一點。7.41 億英鎊的增長主要反映了集團多個業務的淨利息收入增長。

In Barclays U.K., NII grew GBP 279 million, reflecting broadly stable balances and a stronger margin. In Consumer Cards and Payments, income growth of GBP 420 million reflected the significant U.S. card balance growth, up 30%, and improvement in margin. CIB income was broadly flat despite a reduction of around GBP 370 million in intermediation income in market.

在英國巴克萊銀行，NII 增長了 2.79 億英鎊，反映出總體穩定的餘額和更高的利潤率。在消費卡和支付方面，4.2 億英鎊的收入增長反映了美國卡餘額的顯著增長（增長 30%）和利潤率的改善。儘管市場中介收入減少了約 3.7 億英鎊，但 CIB 收入基本持平。

The financing income in market increased by around GBP 160 million to just over GBP 800 million. This reflects the investment we have made in that area over the last few years, as we mentioned at full year, and also benefit from inflation.

市場融資收入增加約1.6億英鎊，達到8億多英鎊。正如我們在全年提到的那樣，這反映了我們過去幾年在該領域所做的投資，並且還受益於通貨膨脹。

Whilst this revenue stream is relatively more stable, it will be subject to fluctuations and seasonality from quarter-to-quarter as client demand is impacted by the market environment, where spreads and inflation are expected to moderate.

雖然這一收入流相對更穩定，但由於客戶需求受到市場環境的影響，預計利差和通脹將放緩，因此每個季度都會受到波動和季節性的影響。

Transaction Banking contributed over GBP 300 million of growth, mainly net interest income from higher margin, including the structural hedge, plus some year-on-year growth in deposit balances. Transactional activity drove some fee income growth across both the consumer and corporate businesses.

交易銀行業務貢獻了超過 3 億英鎊的增長，主要是來自更高利潤率的淨利息收入，包括結構性對沖，以及存款餘額的一些同比增長。交易活動推動了消費者和企業業務的一些費用收入增長。

We've illustrated on Slide 10 why we remain confident about the momentum in net interest income from the role of the structural hedge. You can see the quarterly build in gross income from the hedge to GBP 773 million in Q1. Although swap rates have moderated from Q4, reinvestment rates are still well above the yield of about 1% on hedges, which mature this year. So the build in gross hedge income is expected to continue, and 2/3 of this accrues to BUK.

我們在幻燈片 10 中說明了為什麼我們對結構性對沖作用帶來的淨利息收入增長勢頭充滿信心。您可以看到第一季度來自對沖的季度總收入增加到 7.73 億英鎊。儘管互換利率從第四季度開始有所緩和，但再投資利率仍遠高於今年到期的對沖約 1% 的收益率。因此，對沖總收入的增加預計將繼續，其中 2/3 歸 BUK。

We reduced the size of the hedge marginally again in Q1, reflecting the deposit migration to interest-bearing accounts, particularly in Corporate, as expected. In total, we have over GBP 50 billion maturing in 2023 and expect to reinvest the majority of that.

正如預期的那樣，我們在第一季度再次小幅減少了對沖規模，反映了存款向生息賬戶的轉移，尤其是在企業賬戶中。總的來說，我們有超過 500 億英鎊的資金將於 2023 年到期，並預計將其中的大部分進行再投資。

Turning now to costs on Slide 11. Total costs were broadly flat year-on-year at GBP 4.1 billion, and our group cost income ratio was 57%. Operating costs, excluding litigation and conduct, which was immaterial this quarter, increased by GBP 0.5 billion. GBP 0.1 billion of this came from FX moves with around 30% of group costs in U.S. dollars.

現在轉到幻燈片 11 的成本。總成本同比基本持平，為 41 億英鎊，我們的集團成本收入率為 57%。本季度無關緊要的運營成本（不包括訴訟和行為）增加了 5 億英鎊。其中 1 億英鎊來自外匯交易，約 30% 的集團成本以美元計算。

Efficiencies generated by previous cost actions broadly offset the effect of inflation to date. The increase also reflected disciplined investment to drive returns and generate further efficiency savings. This 30% U.S. card balance growth, including the Gap acquisition, along with further marketing and partner spend and FX moves, drove the GBP 170 million increase in consumer cards and payments.

以前的成本行動產生的效率廣泛抵消了迄今為止通貨膨脹的影響。這一增長還反映了為推動回報和產生進一步的效率節約而進行的有紀律的投資。美國信用卡餘額增長 30%，包括收購 Gap，以及進一步的營銷和合作夥伴支出以及外匯變動，推動消費卡和支付業務增長 1.7 億英鎊。

The CIB increase of around GBP 280 million included a GBP 40 million increase in European levies, which are a Q1 event, and FX impact of circa GBP 60 million. We have also invested selectively in a number of CIB initiatives to support both the income momentum you see in our current performance, and to improve resilience and controls. These include technology platform enhancements to generate income and to deliver better client experience.

CIB 增加約 2.8 億英鎊，其中包括歐洲徵稅增加 4000 萬英鎊，這是第一季度的事件，以及約 6000 萬英鎊的外匯影響。我們還選擇性地投資於一些 CIB 計劃，以支持您在我們當前業績中看到的收入勢頭，並提高彈性和控制。其中包括增強技術平台以產生收入和提供更好的客戶體驗。

For example, we have improved our financing platforms supporting the growth in that area and e-trading systems, and developed a unified interface for corporate clients. We have also invested selectively in front office talent.

例如，我們改進了支持該領域增長的融資平台和電子交易系統，並為企業客戶開發了統一的界面。我們還選擇性地投資於前台人才。

In Barclays U.K., our focus is on transformation as we automate and digitize our customer service model. The efficiency savings we've referenced previously are more than offsetting inflation and helping to fund the continued investment in digitization and product simplification to improve our service for customers.

在英國巴克萊銀行，我們的重點是轉型，因為我們將客戶服務模型自動化和數字化。我們之前提到的效率節省不僅可以抵消通貨膨脹，還有助於為數字化和產品簡化方面的持續投資提供資金，以改善我們為客戶提供的服務。

Turning to the cost outlook. Our cost guidance for the year is unchanged, and we continue to target a group cost: income ratio in the low 60s. Litigation and conduct is expected to be lower year-on-year, resulting in some reduction in total costs. To give some color on the expected phasing of costs through the year, we currently expect Q1 to be the high point for group operating costs in 2023 based on current FX rates, but with different dynamics by business.

轉向成本前景。我們今年的成本指導沒有改變，我們繼續將集團成本：收入比目標定在 60 多歲以下。訴訟和行為預計將同比減少，從而導致總成本有所下降。為了說明全年成本的預期分階段，我們目前預計，根據當前匯率，第一季度將是 2023 年集團運營成本的高點，但各業務的動態不同。

We expect CIB quarterly operating costs also to be lower than the Q1 level. Moving on to impairment on Slide 12. We haven't changed the baseline macroeconomic variables for modeled impairment from the full year, but they are more severe than for Q1 last year.

我們預計 CIB 的季度運營成本也將低於第一季度的水平。轉到幻燈片 12 的減值。我們沒有改變全年建模減值的基線宏觀經濟變量，但它們比去年第一季度更嚴重。

Our total impairment allowance at the quarter end was GBP 6.3 billion, a slight increase from GBP 6.2 billion at full year, driven by a normalization in customer behavior. At the end of the quarter, we retained post model adjustments for economic uncertainty of GBP 0.3 billion.

由於客戶行為正常化，我們在本季度末的減值準備總額為 63 億英鎊，比全年的 62 億英鎊略有增加。在本季度末，我們保留了 3 億英鎊的經濟不確定性模型後調整。

On Slide 13, we've shown key coverage and delinquency metrics for our 2 largest unsecured books: U.K. and U.S. cards. U.K. card balances have reduced by around 40% since 2019. We continued to see high repayment rates in the U.K. cards across the credit spectrum, and arrears rates remained stable and low. The coverage ratio was 7.7% in U.K. cards, slightly up on the year-end, with 21.6% coverage of Stage 2 balances.

在幻燈片 13 上，我們展示了我們最大的 2 個無擔保賬簿（英國和美國信用卡）的主要覆蓋範圍和拖欠指標。自 2019 年以來，英國信用卡餘額減少了約 40%。我們繼續看到英國信用卡在整個信用範圍內的高還款率，拖欠率保持穩定和低位。英國卡的覆蓋率為 7.7%，比年底略有上升，第二階段餘額的覆蓋率為 21.6%。

By contrast, we've continued to grow U.S. cards. Delinquency rates have picked up a little as we continue to see normalization of credit behaviors. However, they remain below pre-pandemic level. As we grow, we are maintaining strong coverage levels with an increase from 8.1% at year-end to 8.9% overall and higher coverage ratios at Stage 2 and Stage 3.

相比之下，我們繼續發展美國卡。隨著我們繼續看到信貸行為正常化，拖欠率有所回升。但是，它們仍低於大流行前的水平。隨著我們的發展，我們保持著強勁的覆蓋率水平，從年底的 8.1% 增加到整體的 8.9%，並且在第二階段和第三階段的覆蓋率更高。

The resulting impairment charge for the quarter was GBP 524 million compared to the very low charge of GBP 141 million last year. This charge translated into a loan loss ratio of 52 basis points, and we are reiterating our guidance of 50 to 60 basis points for 2023, reflecting the expected normalization in credit.

本季度由此產生的減值費用為 5.24 億英鎊，而去年則為 1.41 億英鎊，非常低。這筆費用轉化為 52 個基點的貸款損失率，我們重申我們對 2023 年 50 至 60 個基點的指導，反映了信貸正常化的預期。

The Barclays U.K. charge of GBP 113 million reflects both the lower level of unsecured lending compared to pre-pandemic, and benign credit performance. The bulk of the charge is in consumer cards and payments, and U.S. cards in particular. This reflects the continuing normalization of delinquencies, plus some seasonality following holiday expenditure.

巴克萊英國 1.13 億英鎊的費用反映了與大流行前相比較低的無擔保貸款水平以及良好的信貸表現。大部分費用來自消費卡和支付，尤其是美國卡。這反映了拖欠率的持續正常化，以及假期支出後的一些季節性。

Continuing balance growth, with a seasoning effect as balances grow post pandemic, is also contributing to the increase. This was particularly the case for Gap, where balances were Stage 1 at the point of acquisition. As some balances have migrated to stage 2, we have seen impairment increase, as expected.

隨著大流行後餘額的增長，餘額的持續增長也對增長做出了貢獻。 Gap 的情況尤其如此，其餘額在收購時處於第一階段。由於一些餘額已遷移到第 2 階段，我們已經看到減值增加，正如預期的那樣。

Turning now to the performance of each business, beginning with Barclays U.K. on Slide 15. Profit before tax increased 27% and return on tangible equity was 20%. Income grew 19% to GBP 2 billion with costs up 9%, reducing the cost: income ratio by a further 5 percentage points to 56%.

現在轉向每項業務的業績，從幻燈片 15 上的英國巴克萊銀行開始。稅前利潤增長 27%，有形股本回報率為 20%。收入增長 19% 至 20 億英鎊，成本增長 9%，成本與收入之比進一步降低 5 個百分點至 56%。

Net interest margin was 318 basis points, up 8 basis points from Q4, as we benefited further from the role of the structural hedge and the lagged effect from recent base rate rises. These impacts continue to be moderated, as we expected, by product margin impact, notably in mortgages, and also from migration of deposits into higher rate products during the quarter.

淨息差為 318 個基點，比第四季度上升 8 個基點，因為我們進一步受益於結構性對沖的作用和近期基準利率上升的滯後效應。正如我們預期的那樣，這些影響將繼續受到產品利潤率影響的影響，特別是在抵押貸款方面，以及本季度存款向更高利率產品的轉移。

As we indicated at full year results, overall, we still expect the NIM to build over the year, though more gradually than we saw from Q4 to Q1. And we continue to guide to a Barclays U.K. NIM above 320 basis points for the year as a whole.

正如我們在全年業績中指出的那樣，總體而言，我們仍然預計 NIM 將在一年內建立，儘管比我們從第四季度到第一季度看到的要緩慢。我們繼續指導巴克萊英國 NIM 全年高於 320 個基點。

There were no incremental headwinds from the treasury effect we highlighted in Q4, and we expect a modest reversal of these over the rest of the year, supporting the margin progression.

我們在第四季度強調的財政效應並沒有帶來更多的不利因素，我們預計這些因素在今年餘下時間會適度逆轉，從而支持利潤率的增長。

Looking next at Consumer Cards and Payments on Slide 16. The return on tangible equity was 10.5%. Income increased 47%, reflecting growth across international cards, payments and the private bank. U.S. card balances grew 30% to $28.5 billion, including $3.3 billion from the acquisition of the Gap book plus organic growth. Total costs were down 3%, reflecting the nonrecurrence of the significant litigation and conduct charge last year.

接下來看幻燈片 16 上的消費卡和支付。有形股本回報率為 10.5%。收入增長 47%，反映了國際卡、支付和私人銀行的增長。美國信用卡餘額增長 30% 至 285 億美元，其中包括收購 Gap 賬簿以及有機增長帶來的 33 億美元。總成本下降了 3%，反映出去年未再發生重大訴訟和行為指控。

Excluding this, operating costs were up 29%, reflecting continuing growth across the businesses and still delivering positive jaws. Overall, the cost: income ratio improved to 58%. As I discussed earlier, the increase in the impairment was in line with our expectations and overall loan loss rate guidance.

除此以外，運營成本增長了 29%，反映了整個業務的持續增長，並且仍然表現良好。整體而言，成本：收入比率提升至58%。正如我之前討論的那樣，減值的增加符合我們的預期和總體貸款損失率指導。

Looking next at the CIB on Slide 17. Return on tangible equity was 15.2%, while CIB income was broadly flat against a very strong comparator. Markets had a standout first quarter in 2022. So income down 8% is a creditable performance with FICC continuing to perform strongly, up 9%. This was offset by equity reflecting lower volatility compared to prior years, which impacted intermediation income, and derivatives in particular.

接下來看幻燈片 17 上的 CIB。有形股本回報率為 15.2%，而 CIB 收入與非常強大的比較對象相比基本持平。市場在 2022 年第一季度表現出色。因此，收入下降 8% 是一個值得信賴的表現，FICC 繼續表現強勁，增長 9%。這被股票所抵消，反映出與往年相比較低的波動性，這影響了中介收入，尤其是衍生品。

As I mentioned, we continue to see good growth in financing. Investment banking fees were down 7%, reflecting the lower industry fee pool. Although within this, advisory fees were up 15%.

正如我所提到的，我們繼續看到融資的良好增長。投資銀行費用下降了 7%，反映了較低的行業費用池。儘管其中，諮詢費上漲了 15%。

Our deal pipeline remains strong, and we would expect that to drive improved fee income as rates and market conditions stabilize. As I mentioned earlier, transaction banking was another strong performance, up 68% year-on-year to GBP 786 million. Total costs decreased 2%, reflecting non-recurrence of the significant litigation and conduct charge last Q1. Excluding this, operating costs increased 15%.

我們的交易管道仍然強勁，我們預計隨著利率和市場狀況的穩定，這將推動費用收入的增加。正如我之前提到的，交易銀行業務是另一個強勁表現，同比增長 68% 至 7.86 億英鎊。總成本下降 2%，反映出上一季度未再發生重大訴訟和行為指控。除此以外，運營成本增加了 15%。

Overall, we're pleased with the continuing development of this franchise. There's a slide in the Appendix on the head office results, which was a loss before tax of GBP 84 million.

總的來說，我們對這個特許經營權的持續發展感到滿意。附錄中有一張關於總部業績的幻燈片，其中稅前虧損為 8400 萬英鎊。

Turning now to capital and liquidity on Slide 18. We have consistently maintained strong capital and liquidity levels, as illustrated on this slide. We ended this quarter with a CET1 ratio of 13.6%, which is in the middle of our target range of 13% to 14%. Our liquidity pool ended the quarter at GBP 333 billion with a liquidity coverage ratio of 163% and a net stable funding ratio of 139%, both substantially ahead of the regulatory requirements of 100%.

現在轉向幻燈片 18 上的資本和流動性。如本幻燈片所示，我們一直保持強勁的資本和流動性水平。本季度結束時，我們的 CET1 比率為 13.6%，處於我們 13% 至 14% 的目標範圍的中間。我們的流動性池在本季度末為 3330 億英鎊，流動性覆蓋率為 163%，淨穩定資金比率為 139%，均大大高於 100% 的監管要求。

Looking in more detail at capital. As we flagged at the year-end, 3 items reduced the CET1 ratio by around 40 basis points: the reduction in IFRS 9 transition relief, the completion of the Kensington acquisition and the recently completed GBP 500 million buyback announced in February. Our capital generation from profits was strong, contributing 53 basis points in the quarter, of which 10 basis points was applied to the dividend accrual.

更詳細地看資本。正如我們在年底指出的那樣，有 3 個項目將 CET1 比率降低了約 40 個基點：IFRS 9 過渡減免的減少、Kensington 收購的完成以及 2 月份宣布的最近完成的 5 億英鎊回購。我們的利潤資本生成強勁，本季度貢獻了 53 個基點，其中 10 個基點用於應計股息。

The expected increase in RWAs amounted to 21 basis points as we invested in opportunities in the markets business, supporting our strong income performance. We ended the quarter at 13.6%, and our MDA is now 11.4%, though our target range of 13% to 14% is comfortable headroom.

由於我們投資於市場業務的機會，支持我們強勁的收入表現，因此 RWA 的預期增長達到 21 個基點。我們以 13.6% 結束了本季度，我們的 MDA 現在是 11.4%，儘管我們 13% 到 14% 的目標範圍是舒適的淨空。

Looking forward, we expect strong organic capital generation to support increased returns to shareholders and further business growth in line with our 3 strategic priorities. Recent events in the sector have increased the market's focus on deposit funding.

展望未來，我們預計強勁的有機資本生成將支持股東回報的增加和業務的進一步增長，這符合我們的 3 個戰略重點。該行業最近發生的事件增加了市場對存款融資的關注。

At Barclays, we have grown deposit balances substantially ahead of loan volumes for many years. As shown on Slide 20, we have seen an overall increase in deposits of GBP 10 billion, or 2% this quarter, to GBP 556 billion. This increase has been driven by international term deposits and treasury. These are mainly from corporate and reflect the flight to quality in the market.

多年來，在巴克萊銀行，我們的存款餘額增長遠遠超過貸款量。如幻燈片 20 所示，本季度存款總體增長 100 億英鎊，即 2%，達到 5560 億英鎊。這一增長是由國際定期存款和國庫券推動的。這些主要來自企業，反映了市場對質量的追求。

Excluding these, underlying customer deposits across the businesses are down just 1% in the quarter. This is consistent with previous Q1 experience and is largely as a result of expected seasonal effects, including payment of tax bills in January and some FX moves.

排除這些因素，本季度各業務的基礎客戶存款僅下降 1%。這與之前第一季度的經驗一致，主要是由於預期的季節性影響，包括 1 月份支付稅款和一些外匯變動。

Of total group deposits, 41% are insured, with over 70% of U.K. retail and over 90% of U.S. consumer deposits covered. Our franchise deposit strategy means we have remained highly liquid through the quarter and have a liquidity coverage ratio of 163%, well ahead of the regulatory requirements and equivalent to a surplus of GBP 122 billion.

在集團存款總額中，41% 有保險，超過 70% 的英國零售存款和超過 90% 的美國消費者存款受保。我們的特許存款策略意味著我們在本季度保持高流動性，流動性覆蓋率為 163%，遠高於監管要求，相當於 1220 億英鎊的盈餘。

The liquidity pool of GBP 333 billion is held 82% in cash, with the risk in the residual debt securities tightly managed. We have invested in liquidity management over many years. And our approach is focused not just on the LCR, but also on a set of internal stress metrics that apply conservative stresses to our balance sheet in multiple scenarios across various time horizons.

3330 億英鎊的流動資金池中 82% 為現金，剩餘債務證券的風險受到嚴格管理。多年來，我們一直投資於流動性管理。我們的方法不僅關注 LCR，還關註一組內部壓力指標，這些指標在不同時間範圍內的多種情況下對我們的資產負債表施加保守壓力。

So to recap and summarize the outlook on Slide 22. We delivered earnings of 11.3p per share in Q1 and generated a 15% return on tangible equity. Whilst Q1 tends to be a seasonally strong quarter for returns, we are confident of achieving our target of above 10% for the year.

因此，回顧和總結幻燈片 22 的前景。我們在第一季度實現了每股 11.3 便士的收益，並產生了 15% 的有形股本回報率。雖然第一季度往往是回報率的季節性強勁季度，但我們有信心實現全年 10% 以上的目標。

We have broad-based and high-quality income momentum from the investments we have made in CIB and in growing CCP, while the rate environment and structural hedge also continues to drive income. We will balance this investment with cost efficiency given inflationary pressures, and we expect the litigation and conduct charges to be lower than in 2022.

我們在 CIB 和成長中的 CCP 的投資帶來了基礎廣泛和高質量的收入勢頭，而利率環境和結構性對沖也繼續推動收入增長。鑑於通脹壓力，我們將平衡這項投資與成本效益，我們預計訴訟和行為費用將低於 2022 年。

Whilst we expect operating costs, which exclude litigation and conduct, to be higher year-on-year, we currently expect Q1 to be the high point for quarterly operating costs in 2023, based on current FX rates. The cost: income ratio for the quarter was 57%, and we expect to deliver a statutory cost: income ratio in the low 60s this year, as we progress towards our target of below 60%.

雖然我們預計不包括訴訟和行為的運營成本將同比增加，但根據當前匯率，我們目前預計第一季度將成為 2023 年季度運營成本的高點。本季度的成本：收入比率為 57%，隨著我們朝著低於 60% 的目標邁進，我們預計今年的法定成本：收入比率將保持在 60 左右。

We remain focused on risk management in readiness for potential deterioration in the macroeconomic environment. We expect an increase in the impairment charge this year as we grow U.S. cards in particular, and have seen an increase in the charge there in Q1 as expected. We continue to guide to a loan loss ratio in the range of 50 to 60 basis points for the full year.

我們仍然專注於風險管理，為宏觀經濟環境的潛在惡化做好準備。我們預計今年的減值費用會增加，因為我們特別是美國卡的增長，並且第一季度的費用如預期的那樣增加。我們繼續指導全年的貸款損失率在 50 至 60 個基點之間。

Our capital ratio remained strong at 13.6%, and we expect to deliver attractive capital returns to shareholders, balanced with disciplined investments to drive returns.

我們的資本比率保持在 13.6% 的強勁水平，我們希望為股東提供有吸引力的資本回報，並與有紀律的投資相平衡以推動回報。

Thank you. And we will now take your questions. And as usual, I would ask that you limit yourself to 2 per person so we get a chance to get around to everyone.

謝謝。我們現在將回答您的問題。和往常一樣，我會要求您將自己限制在每人 2 人以內，這樣我們就有機會接觸到每個人。

(Operator Instructions) Our first question today comes from Omar Keenan from Credit Suisse.

（操作員說明）我們今天的第一個問題來自瑞士信貸的 Omar Keenan。

Congratulations on a great set of numbers. I've got 2 questions. If we look at Barclays' businesses, clearly there's been a tailwind from higher interest rates. But also, as you mentioned, there has been a market share and investment story over some time, which does imply that structurally, the RoTE potential has improved. However, the RoTE hurdle is unchanged.

祝賀你獲得了一組很棒的數字。我有兩個問題。如果我們看一下巴克萊的業務，很明顯，利率上升帶來了順風。但是，正如您提到的，一段時間以來一直存在市場份額和投資故事，這確實意味著從結構上講，RoTE 的潛力已經提高。但是，RoTE 障礙沒有改變。

So I just wanted an updated thinking from you on that RoTE hurdle. Do you think greater than 10% adequately reflects Barclays' cost of equity? And if not, I was just hoping to explore your thinking on what you think the barriers are to giving a more challenging hurdle? And if you think it does need to be fine-tuned, whether you're considering any Investor Days in the future to do that.

所以我只是想從你那裡得到關於 RoTE 障礙的最新想法。您認為大於 10% 是否充分反映了巴克萊銀行的股本成本？如果沒有，我只是希望探討您對設置更具挑戰性障礙的障礙的看法？如果你認為它確實需要微調，你是否正在考慮未來的任何投資者日來做這件事。

And my next question is just on capital generation. So historically, Q1 has been the trough for capital generation. Can I just check, it sounds like that's expected to be the case this year. And are there any specific headwinds on capital that you called out? And conceptually, it does seem that the interim buyback has not been larger than the full year buyback. Is that something that is applied as a rule? Or is there no particular constraint on what [by] interim buyback can be relative to the full year?

我的下一個問題是關於資本生成的。所以從歷史上看，Q1 一直是資本生成的低谷。我可以檢查一下嗎，聽起來今年預計會是這樣。您是否提到了任何具體的資本逆風？從概念上講，臨時回購似乎確實沒有超過全年回購。那是作為規則應用的東西嗎？還是對 [by] 臨時回購相對於全年的影響沒有特別限制？

Thanks, Omar. It's Venkat. So let me answer the first question and Anna will take the second one. Look, you're absolutely right that our businesses have delivered strong double-digit returns across the spectrum. And this reflects quality and breadth of performance across the group, which reflects the investments we've made over a number of years.

謝謝，奧馬爾。是文卡特。所以讓我回答第一個問題，安娜將回答第二個問題。看，你說得對，我們的業務在各個領域都實現了兩位數的強勁回報。這反映了整個集團的業績質量和廣度，反映了我們多年來所做的投資。

And the 15% RoTE for this first quarter, in my opinion, is a very serious down payment on the target, which is above 10%. So that -- it's above 10% means 10% is a floor. It is not a ceiling. It is not reflecting the extent of our ambition. We -- our view is with this strong start, we are very comfortable and we expect to meet that target of above 10%. Anna?

在我看來，第一季度 15% 的 RoTE 是超過 10% 的目標的非常嚴重的預付款。所以 - 它高於 10% 意味著 10% 是一個底線。這不是天花板。它沒有反映我們的雄心壯志。我們 - 我們的觀點是有了這個強勁的開端，我們感到非常滿意，我們希望達到 10% 以上的目標。安娜？

Yes, sure. Omar, you're right. We said that in the past. Typically it is what we expect, that Q1 is a lower point in our capital generation and trajectory for the year, just because of seasonality. Obviously, all of that is prior to any distribution or buyback.

是的，當然。奧馬爾，你是對的。我們過去說過。通常情況下，正如我們所期望的那樣，第一季度是我們今年資本生成和軌蹟的較低點，只是因為季節性。顯然，所有這些都是在任何分配或回購之前。

Equally, we'll come back and consider that buyback when we come back to the half year. That's the cadence that we've established. We don't have hard and fast rules. And we'll look both at our expected capital [print] at that point in time, but also our expectations of capital generation in the second half when we do so. Thank you. Can we go to the next question, please?

同樣，當我們回到半年時，我們會回過頭來考慮回購。這就是我們建立的節奏。我們沒有硬性規定。我們將同時關注我們在那個時間點的預期資本 [印刷]，以及我們對下半年資本產生的預期。謝謝。我們可以轉到下一個問題嗎？

The next question is from Jason Napier from UBS.

下一個問題來自瑞銀的 Jason Napier。

The first one, Anna, it's not enormous within the group context. But I wondered whether we could explore the loan loss charge in Barclays U.K. for cards. Stage 1 and -- sorry, Stage 2 and 3 balances are down. You talked of the higher degree of transactors in the book. Unemployment hasn't risen. So I just wonder whether there was a preemptive component to that charge? Or is this the sort of run rate before the economy starts to sort of noticeably slow at a headline level?

第一個，安娜，在小組背景下並不重要。但我想知道我們是否可以探索英國巴克萊銀行的銀行卡貸款損失費用。第 1 階段和 - 抱歉，第 2 階段和第 3 階段的餘額下降了。你在書中談到了更高級別的交易者。失業率沒有上升。所以我只是想知道該指控是否有先發製人的成分？或者這是經濟開始在標題水平上明顯放緩之前的那種運行率？

And then secondly, perhaps Venkat, for you. I mean, the Barclays implied cost of equity is above 20%. Some firms in that position have decided to not grow the balance sheet at all, the likes of UniCredit and StanChart, for example, and drive perhaps bigger buybacks. I appreciate it's easy to run a bank where revenues are going up and banking is a fixed cost [in your] volume gain.

其次，也許是 Venkat，對你來說。我的意思是，巴克萊銀行的隱含股本成本超過 20%。處於該位置的一些公司已決定根本不擴大資產負債表，例如 UniCredit 和 StanChart，並可能推動更大規模的回購。我很欣賞在收入上升的情況下經營一家銀行很容易，而且銀行業務是 [in your] 業務增長的固定成本。

But I just wonder whether you could sort of simply talk about whether the valuation of the bank affects your attitude to growth. Sort of how much would you expect RWAs to expand given the share price and the market environment that we find themselves in?

但我只是想知道你是否可以簡單地談談銀行的估值是否會影響你對增長的態度。考慮到股價和我們所處的市場環境，您預計風險加權資產會擴大多少？

Thanks, Jason. Our impairment charge in the first quarter, both for the group and for the individual businesses, is as we expected it to be. And what's really driving that charge, Jason, is 2 things.

謝謝，傑森。我們在第一季度對集團和個別業務的減值支出符合我們的預期。 Jason，真正推動這種趨勢的是兩件事。

The first is that the cards book is 40% lower than it was pre-pandemic. So you need to take that into account when you're comparing this to what I would describe as a historic growth rate for BUK.

首先是卡片簿比大流行前低 40%。因此，當您將此與我描述為 BUK 的歷史增長率進行比較時，您需要考慮到這一點。

The second thing is that the credit environment and credit behavior is actually benign. And so we're seeing very conservative behavior from our customers. They're repaying at extremely high levels. They're managing their finances very carefully, and you're seeing that come through in a low impairment print.

第二，信用環境和信用行為其實是良性的。因此，我們看到客戶的行為非常保守。他們以極高的水平償還。他們非常謹慎地管理他們的財務，你會看到它以低減值印刷的形式出現。

Clearly, as the economy recovers, we might see that rise. But we would also expect to see credit card income rise at the same time because, obviously, those 2 things are strongly linked. But not a surprise to us. Venkat?

顯然，隨著經濟復甦，我們可能會看到這種上升。但我們也希望看到信用卡收入同時增長，因為很明顯，這兩件事是密切相關的。但對我們來說並不意外。文卡特？

Yes. So Jason, thank you. It's a good question. What I would say when you look at this quarter's results is, you see the benefit of the investments which we've made, not just in terms of the profits of the revenues we've produced, but the stability in our metrics of capital.

是的。傑森，謝謝你。這是個好問題。當您查看本季度的結果時，我要說的是，您會看到我們所做投資的好處，不僅體現在我們產生的收入的利潤方面，還體現在我們資本指標的穩定性方面。

And what you see is that we are running a business for the long term. And when you run that business for the long term, you obviously hope that the stock price will ultimately recognize the value of those businesses. And so what we are aiming to do is to create a series of a set of businesses, operate them well, run them efficiently, manage our risks well and produce numbers.

你所看到的是，我們正在長期經營一家企業。當您長期經營該業務時，您顯然希望股價最終會認可這些業務的價值。因此，我們的目標是創建一系列業務，運營好它們，高效地運行它們，管理好我們的風險並產生數字。

Some quarters will be better than others, but we hope we could do this kind of thing very steadily. And then that will be recognized and reflected in the stock price. Capital return is an important part of that strategy, just as investment is an important part of that strategy. And we take our capital return very, very seriously, and we will balance it with the investment needs of an ongoing business that we expect to be successful.

有些季度會比其他季度好，但我們希望我們能夠非常穩定地做這種事情。然後這將被認可並反映在股價中。資本回報是該戰略的重要組成部分，正如投資是該戰略的重要組成部分一樣。我們非常非常重視我們的資本回報，我們將平衡它與我們期望成功的正在進行的業務的投資需求。

Venkat, if I could just sort of follow up on that. What sort of RWA growth do you think the sort of environment -- and there's potential market share gains given some of the volatility in the industry that we're seeing -- what sort of balance sheet expansion would you have in mind for this year, do you think?

Venkat，如果我能跟進一下就好了。您認為什麼樣的 RWA 增長在什麼樣的環境中——考慮到我們所看到的行業的一些波動，市場份額可能會增加——今年您會想到什麼樣的資產負債表擴張，你認為？

Jason, why don't I take that? I mean, really, it depends on the opportunities that we have in front of us. But you can see that we're doing it in a very disciplined way.

傑森，我為什麼不接受呢？我的意思是，真的，這取決於我們面前的機會。但是你可以看到我們正在以一種非常有紀律的方式來做這件事。

We expected to deploy RWAs into markets in the first quarter, and that's what we've done. So where we see opportunities, we will obviously pursue them, but only in a very disciplined way, very focused on returns to shareholders. Both returns up in RoTE terms, but our ability to distribute capital.

我們預計將在第一季度將 RWA 部署到市場，這就是我們所做的。因此，當我們看到機會時，我們顯然會追求它們，但只會以一種非常有紀律的方式，非常注重股東回報。兩者都以 RoTE 的形式回報，但我們分配資本的能力。

Our next question comes from Joseph Dickerson from Jefferies.

我們的下一個問題來自 Jefferies 的 Joseph Dickerson。

Just a quick one. Your Slide 10 on the hedge income is rather interesting because effectively, if you just assume your 3.75 average Q1 level of swap rates versus the yield, you're looking at somewhere south of about a GBP 7 billion gap.

只是一個快速的。您關於對沖收入的幻燈片 10 相當有趣，因為實際上，如果您假設第一季度的掉期利率與收益率的平均水平為 3.75，您就會看到大約 70 億英鎊的差距。

So it's a very big number, considering that the market only expects you to grow your revenues in the U.K. bank by about GBP 300 million, GBP 25 million on 2023. And I wouldn't have thought that assuming rates -- assuming that number stays flat, right, so theoretical, I wouldn't have thought that mortgage pricing and deposit mix shift would have eaten up the bulk of that.

所以這是一個非常大的數字，考慮到市場只希望你在英國銀行的收入增加約 3 億英鎊，到 2023 年增加 2500 萬英鎊。而且我不會想到假設利率 - 假設這個數字保持不變持平，對，理論上如此，我不會想到抵押貸款定價和存款組合轉變會吞噬其中的大部分。

So I just wonder your thoughts there, because it seems like there's still an incredible amount of momentum behind the hedge repricing, the obvious caveat of where swap rates go, but we're actually sitting here higher today than 3.75.

所以我只是想知道你在那裡的想法，因為似乎對沖重新定價背後仍有令人難以置信的勢頭，這是掉期利率走向的明顯警告，但我們今天實際上坐在這里高於 3.75。

Thanks, Joe. Why don't I take that question? We've shown this slide for some time, I'm glad it's useful. And I think what it highlights is that we have got structural hedge momentum, and we've seen that actually fairly repeatedly over the last few quarters. And you've seen that particularly in our BUK NIM bridge.

謝謝，喬。我為什麼不回答這個問題？我們已經展示這張幻燈片有一段時間了，我很高興它很有用。而且我認為它強調的是我們有結構性對沖勢頭，而且我們在過去幾個季度實際上已經多次看到這種勢頭。您已經在我們的 BUK NIM 橋中看到了這一點。

And it's one of the reasons that we are calling out that we still expect our BUK NIM to continue to rise in the current environment despite the product dynamics that you call out. And it really underpins the guidance that we've given you already of a greater than 3.20 NIM. So it's as we expected it to be, Joe, and fairly consistent over the last few quarters.

這是我們呼籲的原因之一，儘管您呼籲產品動態，但我們仍然希望我們的 BUK NIM 在當前環境中繼續上漲。它確實支持了我們已經為您提供的大於 3.20 NIM 的指導。因此，正如我們所預期的那樣，喬，並且在過去幾個季度中相當一致。

It's just very impressive when you look at, I think it's Page 21 or so of the release, where you look at the net number being GBP 1.7 billion. I mean it's a rather extraordinary gap. So it just seems to me like the market is missing something on the out years, normal caveats notwithstanding.

當你看到它時，它給人留下了深刻的印象，我認為它是發布的第 21 頁左右，你看到的淨數字是 17 億英鎊。我的意思是這是一個相當不尋常的差距。因此，在我看來，過去幾年市場似乎遺漏了一些東西，儘管有正常的警告。

Okay. Thank you. Did you have another question? Or shall we...

好的。謝謝。你還有其他問題嗎？還是我們...

Just one. That was all.

只有一個。就這些。

Okay. Thank you. Next question, please.

好的。謝謝。請下一個問題。

Our next question is from Rohith Chandra-Rajan from Bank of America.

我們的下一個問題來自美國銀行的 Rohith Chandra-Rajan。

I had a couple on CIB revenues and costs, please. Firstly, on CIB revenues. I mean congratulations here on a particularly strong performance. I think that's very commendable, given the tough prior year comps that you had.

請給我一些關於 CIB 收入和成本的信息。首先，關於 CIB 的收入。我的意思是在這裡祝賀您的表現特別出色。我認為這是非常值得稱讚的，考慮到你前一年的艱難表現。

I was wondering if I could just ask in terms of the trends on the corporate side in particular. So lending was better quarter-on-quarter, which I presume was just primarily fewer marks. And then transaction banking was a little bit weaker quarter-on-quarter. So I was just wondering if you could help us understand firstly, what's happened in the first quarter? And then secondly, how we should think about that -- those 2 revenue lines for the remainder of the year?

我想知道我是否可以特別詢問企業方面的趨勢。因此，貸款環比有所好轉，我認為這主要是分數減少了。然後，交易銀行業務環比略微疲軟。所以我想知道您是否可以首先幫助我們了解第一季度發生了什麼？其次，我們應該如何考慮這一點——今年剩餘時間的這兩條收入線？

And then the second was on costs. You mentioned Q1 is the high point for both CIB and group costs. I think particularly about the CIB. Is that particularly relating to the compensation accrual and maybe the SRF contribution in the first quarter? Or is there something around the phasing of either investment spend or cost savings that we should think about as well, as the year progresses?

然後第二個是成本。你提到 Q1 是 CIB 和集團成本的高點。我特別想到 CIB。這是否特別與第一季度的應計薪酬和 SRF 貢獻有關？或者，隨著時間的推移，我們是否也應該考慮分階段投資支出或成本節約？

And then I guess the conclusion from sort of both of those is strong revenue performance, but jaws in the CIB was still minus 14% in Q1. How should we think about that for the year as a whole? And more broadly, how are you managing that business in terms of costs and revenues?

然後我想從這兩個方面得出的結論是收入表現強勁，但第一季度 CIB 的下巴仍然為負 14%。我們應該如何考慮全年的情況？更廣泛地說，您如何在成本和收入方面管理該業務？

Okay. Thanks, Rohith. It felt like there were about 10 questions in there, but I'll try and remember them all. So just on the first one on corporate lending. Remember, there are a few things in there. There's corporate lending itself, then there's the cost of our first loss protection, there's a leveraged loan mark, and there's also the cost of the hedges against our leveraged pipeline.

好的。謝謝，羅希特。感覺裡面大約有 10 個問題，但我會盡力記住所有問題。因此，就第一個關於企業貸款的問題而言。記住，裡面有一些東西。有公司貸款本身，然後是我們第一次損失保護的成本，有槓桿貸款標記，還有對沖我們槓桿管道的成本。

So the quarter-on-quarter movement that you see is really caused by 2 of those. You're right, it's the marks. So we've taken no material marks this quarter. The second point, though, is if you recall from the full year, we said that we managed down our leveraged loan pipeline. We've continued to do that again in Q1. And therefore, the scale of those hedges, it's smaller and therefore, the costs are smaller. And that's really what's moving that line.

因此，您看到的季度環比變動實際上是由其中兩個因素引起的。你沒看錯，就是標記。所以我們本季度沒有採取任何實質性措施。不過，第二點是，如果你回顧一下全年，我們說過我們管理著我們的槓桿貸款渠道。我們在第一季度繼續這樣做。因此，這些對沖的規模較小，因此成本也較小。這才是推動這條線的真正原因。

On the transaction banking side, the reduction in income is coming from a couple of things, largely. You'll see that the balances are broadly stable. But remember, during the quarter, actually what happens in transaction banking typically is we see corporate dividends being paid in the first quarter. So the average balance tends to dip down and then grow towards the back end of the quarter.

在交易銀行業務方面，收入的減少主要來自兩方面。您會看到餘額大致穩定。但請記住，在本季度，交易銀行業務通常發生的情況通常是我們看到公司在第一季度支付股息。因此，平均餘額往往會下降，然後在本季度末增長。

And also remember, you've got fewer business days within Q1. So you've got 90 business days versus 92, I think. So that has an impact on any kind of banking income. Taking all of that together and going forward, I think we expect our CIB NIM, which we very rarely talk about, to be broadly flat for the year. And the reason I say that is you've obviously got deposit migration going on within Transaction Banking. But we feel like that's very well progressed.

還要記住，第一季度的工作日更少。所以我認為你有 90 個工作日，而不是 92 個工作日。所以這對任何一種銀行收入都有影響。綜合考慮所有這些並展望未來，我認為我們預計我們很少談論的 CIB NIM 今年將基本持平。我這麼說的原因是你顯然在交易銀行業務中進行了存款遷移。但我們覺得進展非常順利。

And on the other side, you've got actually quite a helpful asset mix going on within Corporate, because in the current environment, there's slightly higher levels of both trade and sales finance, which are slightly higher margin. So overall, that NIM is pretty stable. And with an expanding franchise, we think that's useful for the future.

另一方面，您實際上在公司內部進行了非常有用的資產組合，因為在當前環境下，貿易和銷售融資的水平略高，利潤率略高。總的來說，NIM 非常穩定。隨著特許經營權的擴大，我們認為這對未來很有用。

On the CIB cost point, this is largely a seasonality point. So you're right, we accrue compensation costs in line with revenue and returns on the CIB. So you're seeing a higher level there. You're also seeing the SRF, so the European levy, which is a Q1 event, but is higher year-on-year.

在 CIB 成本點上，這主要是一個季節性點。所以你是對的，我們根據 CIB 的收入和回報計算補償成本。所以你在那裡看到了更高的水平。您還看到了 SRF，即歐洲徵稅，這是第一季度的事件，但同比更高。

And in scale terms is about GBP 90 million. And you're seeing a fairly consistent run rate in terms of investment that's underpinning the growth, as Venkat said. So that's why we're saying we expect it to sort of tick down from here. We're very focused on returns in that business.

而按規模計算，約為 9000 萬英鎊。正如 Venkat 所說，你會看到在支撐增長的投資方面相當一致的運行率。所以這就是為什麼我們說我們預計它會從這裡開始下降。我們非常關注該業務的回報。

You can see that the cost income ratio at 55% is actually better, I think, than the market expected despite that increase in cost. So it's very deliberate on our part. And of course, we aspire to deliver positive jaws in this business. But at this point in the cycle, we're in an investment phase. So hopefully that gives you a bit more color.

你可以看到，儘管成本增加了，但我認為 55% 的成本收入比實際上比市場預期的要好。所以這對我們來說是非常刻意的。當然，我們渴望在這項業務中取得積極的成果。但在周期的這一點上，我們正處於投資階段。所以希望這能給你更多的顏色。

Our next question comes from Jonathan Pierce from Numis.

我們的下一個問題來自 Numis 的 Jonathan Pierce。

Two questions, please. The first, just on the A Tier 1. You've issued quite a lot of it over the last 8 to 9 months. And I guess there's an argument that you prefunded the instrument that's callable in September.

請教兩個問題。第一個，就在 A 級 1 上。在過去的 8 到 9 個月裡，你們已經發行了很多。我想有一個論點是你預先為 9 月份可贖回的工具提供資金。

I mean the overall stack at nearly GBP 14 billion, I think, is higher than you would ordinarily look to run with. So can you talk a little bit about how you feel with regard to A Tier 1 issuance over the rest of the year, and whether specifically you can still call that September instrument without refinancing it?

我的意思是，我認為總籌碼接近 140 億英鎊，比您通常希望的要高。那麼，您能否談一談您對今年剩餘時間 A Tier 1 發行的看法，以及您是否還可以在不進行再融資的情況下，特別是在 9 月發行該工具？

The second question is just on this Barclays U.K. NIM. The 21 basis points drop in the quarter due to product margins. I mean, obviously, the hedge keeps on giving something like 13 basis points every quarter for the next few quarters. Sooner or later, the bank rate element [tends to] drop away.

第二個問題只是關於這個巴克萊英國 NIM。由於產品利潤率，該季度下降了 21 個基點。我的意思是，很明顯，在接下來的幾個季度中，對沖每季度繼續提供大約 13 個基點。遲早，銀行利率因素[往往]會消失。

So thinking about the balance between these 2, it would be helpful if you could give me a sense of how much of that 21 basis points is coming from the components parts, of mortgage refinancings, deposit migration. And I guess in Q1 there was an element related to the actual losses, deposits as well, that would be helpful.

因此，考慮這兩者之間的平衡，如果你能告訴我這 21 個基點中有多少來自抵押貸款再融資、存款遷移的組成部分，那將很有幫助。我想在第一季度有一個與實際損失、存款相關的因素，這會有所幫助。

Okay. Thanks, Jonathan. I'll take both of those. Yes, you're right. We issued AT1 in the first quarter, 2 very successful AT1s in the U.K. and actually in Singapore. We typically operate with a surplus of AT1 in our capital stack.

好的。謝謝，喬納森。這兩個我都要。你是對的。我們在第一季度發行了 AT1，在英國和新加坡都有 2 個非常成功的 AT1。我們通常在資本堆棧中有 AT1 盈餘的情況下運營。

We do that deliberately, in part to give us flexibility, in part to give us flexibility around, for example, FX volatility that we might [own cancer], but also because we deploy it flexibly into our markets business, where -- despite the fact that the cost of that AT1 is higher than the Tier 2, obviously the returns in the markets business are sufficiently high to make that a good economic trade for us.

我們故意這樣做，部分是為了給我們靈活性，部分是為了給我們靈活性，例如，我們可能 [擁有癌症] 的外匯波動，但也因為我們將它靈活地部署到我們的市場業務中，在那裡 - 儘管事實上，AT1 的成本高於 Tier 2，顯然市場業務的回報足夠高，對我們來說是一項良好的經濟貿易。

So that's why we typically run with a surplus. We have got a call opportunity later in the year. We assess every call in line with the economic circumstances at that point in time. So we'll be looking at that very carefully as we ordinarily would. So no change there.

所以這就是為什麼我們通常有盈餘。我們在今年晚些時候得到了一個電話機會。我們根據當時的經濟情況評估每個電話。因此，我們將像往常一樣非常仔細地研究它。所以那裡沒有變化。

On the Barclays U.K. NIM, 3.18 in the quarter, up 8 basis points. That is as we expected. And the product migration again is as we expected and as we were talking about at the full year. We haven't given a split of that by business, Jonathan. But the larger part of it in mortgages.

在巴克萊英國 NIM，本季度為 3.18，上漲 8 個基點。這正如我們所料。產品遷移再次符合我們的預期，正如我們在全年討論的那樣。喬納森，我們還沒有按業務劃分。但其中很大一部分用於抵押貸款。

What's happening there is, it's just a portfolio effect of the fact that most mortgages that are maturing this year were written in 2021, where asset margins were wider than they are now. We have seen some deposit migration. That's within our expectations.

那裡發生的事情只是投資組合效應，因為大多數今年到期的抵押貸款都是在 2021 年簽發的，當時的資產利潤率比現在高。我們已經看到了一些存款遷移。這在我們的預期之內。

As you can see, we haven't moved our product hedge on the retail side. So that 21 basis points is not a surprise to us. I'll just remind you that as the year progresses, we expect to see continued hedge momentum. We expect that migration to continue, but we also expect to see some modest treasury tailwinds as we called out at the full year, and it's really taking all of those pieces together. That means that we are confident in our guidance of greater than 3.20 for the year.

如您所見，我們沒有在零售方面移動我們的產品對沖。因此，21 個基點對我們來說並不意外。我只是提醒您，隨著時間的推移，我們預計會看到持續的對沖勢頭。我們預計這種遷移將繼續下去，但我們也預計會看到一些適度的財政順風，正如我們在全年呼籲的那樣，它確實將所有這些部分結合在一起。這意味著我們對今年高於 3.20 的指導充滿信心。

And sorry, just a quick follow-on on that. Do you think without the treasury movements turning into tailwinds, the U.K. NIM would still manage to creep up? In other words, will this 21 basis points ease, do you think, over the course of the year to a level more consistent with or even below the structural hedge tailwind?

抱歉，只是快速跟進一下。你認為如果沒有財政部的變動變成順風，英國的 NIM 仍會設法爬升嗎？換句話說，您認為在這一年中，這 21 個基點是否會緩和到更符合甚至低於結構性對沖順風的水平？

So I would say yes, because they are modest treasury tailwinds. We did talk before about expecting more product compression earlier in the year than later. And that's part of the seasonal, the seasonal movement that we see in deposits around Q1. And I'd also encourage you just have a look at the asset margins and how they played out in 2021. That might help you. Thank you. Next question, please.

所以我會說是的，因為它們是適度的財政順風。我們之前確實談到過預計今年早些時候會比晚些時候有更多的產品壓縮。這是我們在第一季度左右的存款中看到的季節性、季節性運動的一部分。我還鼓勵您看看資產利潤率以及它們在 2021 年的表現。這可能對您有所幫助。謝謝。請下一個問題。

The next question is from Guy Stebbings from Exane BNP Paribas.

下一個問題來自 Exane BNP Paribas 的 Guy Stebbings。

The first one was just on your comment on the Gap portfolio and stage migration. Could you perhaps elaborate on the dynamics on that book? I would presume the quality of that book is not quite as strong as the rest of your very good quality card-built portfolio. So can you maybe give us a sense of the coverage ratio on that portfolio and how it compares to the rest of the book to help us gauge what stage migration or normalization of these sales might mean for impairments in the coming quarter?

第一個是關於您對 Gap 產品組合和階段遷移的評論。您能否詳細說明那本書的動態？我認為那本書的質量不如您其他非常優質的卡片組合。那麼，您能否讓我們了解一下該投資組合的覆蓋率，以及它與本書其餘部分的比較，以幫助我們衡量這些銷售的哪個階段遷移或正常化可能對下一季度的減值意味著什麼？

And then on costs, thanks for the helpful guidance on Q1 being a high point for the group and for CIB. I presume that's struck off a certain revenue assumption, and if you had a really strong revenue performance, you might very understandably not hold yourself to that guidance. So could you share any more details on what those assumptions are that go into the guidance, in particular anything on revenue or what sort of market backdrop you're assuming on the CIB?

然後是成本，感謝您對第一季度的有益指導，這是該集團和 CIB 的一個高點。我認為這取消了一定的收入假設，如果你的收入表現非常強勁，你可能不會堅持這一指導是可以理解的。那麼，您能否分享更多關於指南中的假設的詳細信息，特別是關於收入的任何內容或您在 CIB 上假設的市場背景？

And then just one very small point of clarification. On the SRF, I think you said it was GBP 90 million. Is that the absolute number? So how does that compare to a normal year, if you like?

然後只是一個非常小的澄清點。在 SRF 上，我想你說的是 9000 萬英鎊。這是絕對數字嗎？如果你願意，那與正常年份相比如何？

Okay. Guy, why don't I have a go at those. So when you purchase a portfolio, you purchase it at Stage 1. So when we acquired Gap, it was all Stage 1. As Gap has started to season and started to mature and grow, we see some natural migration into Stage 2. That means that customers are starting to borrow more. We've got new customers coming on to the books, that's exactly as we expected.

好的。伙計，為什麼我不去那些。所以當你購買一個投資組合時，你是在第 1 階段購買的。所以當我們收購 Gap 時，一切都處於第 1 階段。隨著 Gap 開始成熟並開始成熟和成長，我們看到一些自然遷移到第 2 階段。這意味著客戶開始借更多的錢。我們已經有新客戶加入我們的行列，這完全符合我們的預期。

If you use your credit card more than you did previously, you might progress to Stage 2 even though you're showing no signs of delinquency. That's just the way IFRS 9 works. So it's within our expectations.

如果您比以前更頻繁地使用信用卡，即使您沒有任何拖欠跡象，也可能會進入第二階段。這正是 IFRS 9 的運作方式。所以這在我們的預期之內。

And in terms of sort of coverage of NIM, we don't disclose individual partner ratios, whether that be delinquency or NIM. But what I will tell you is that we manage each partner individually. We manage them on a risk-adjusted return. The Gap is a very good quality portfolio. But it is a retail portfolio, and we typically expect the cost of risk to be higher in that type of portfolio than we would in an airline one, but we would also expect the NIM to be higher.

就 NIM 的覆蓋範圍而言，我們不披露個人合夥人比率，無論是拖欠率還是 NIM。但我要告訴你的是，我們單獨管理每個合作夥伴。我們根據風險調整後的回報來管理它們。 Gap 是一個非常優質的投資組合。但它是一個零售投資組合，我們通常預計這種投資組合的風險成本會高於我們在航空公司投資組合中的風險成本，但我們也預計 NIM 會更高。

So overall, think of this as us managing a risk-adjusted return. So even though impairment might be higher, we'd obviously expect NIM to be higher. So that hopefully deals with the first question.

因此，總的來說，將其視為我們管理風險調整後的回報。因此，即使減值可能更高，我們顯然預計 NIM 會更高。因此，這有望解決第一個問題。

On the second one, the easy bit is, yes, around GBP 90 million in absolute terms on the SRF. It does move around a little bit, not quite as mechanistic as the bank levy in the U.K. But that is up year-on-year, which I think we've talked about in the slides.

在第二個方面，簡單的一點是，是的，SRF 的絕對值約為 9000 萬英鎊。它確實有一點變動，不像英國的銀行稅那樣機械化。但這是同比上升的，我想我們已經在幻燈片中談到了這一點。

From here on in, we have -- we obviously have an expectation of performance. Let me try and help you with that. We've given you, I think, clear guidance in terms of how we expect costs to move from here. We've also, by inference, given you some income guidance because we've given you our cost: income ratio expectations for the year. So hopefully, that will be somewhat helpful in getting you to the range of income that we expect, albeit at group level.

從現在開始，我們 - 我們顯然對性能有期望。讓我試著幫助你。我認為，我們已經為您提供了關於我們預期成本如何從這裡轉移的明確指導。根據推論，我們也給了你一些收入指導，因為我們已經給了你我們的成本：今年的收入比率預期。因此，希望這對您達到我們預期的收入範圍有所幫助，儘管是在集團層面。

The only other thing I would say is that the guidance we've given is based on the FX rate. It's also based on our current expectations of a normal seasonal profile in CIB revenues, and driven very much by the performance costs underpinning that. So hopefully, that's helpful. And next question, please.

我要說的另一件事是，我們給出的指導是基於匯率。這也是基於我們目前對 CIB 收入正常季節性特徵的預期，並且在很大程度上受到支撐這一點的績效成本的推動。希望這會有所幫助。下一個問題，請。

Our next question comes from Alvaro Serrano from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Alvaro Serrano。

A couple of questions from me. One of them is more a follow-up. On the deposits, it's great to see that you saw sort of deposits up actually, and we've seen quite different reports from some of your peers and overall. Can I just maybe sort of press you to -- you mentioned the flight to quality, but I don't know if you can size that flight to quality like some of the U.S. players have done.

我有幾個問題。其中一個更像是一個後續行動。在存款方面，很高興看到您實際上看到了一些存款，而且我們從一些同行和整體上看到了截然不同的報告。我是否可以向你施壓——你提到了對質量的追求，但我不知道你是否可以像一些美國玩家那樣調整對質量的追求。

And more importantly, going forward, and I'm thinking here in particular in BUK, what would you expect the deposits to do from here? Do you continue to -- do you [expect them] to slip or more stability? And the second question is more of a follow-up on the previous question on markets. You mentioned, Anna, that you're kind of expecting a normal seasonality that FICC was very, very strong on a very strong comp.

更重要的是，展望未來，我在這里特別是在 BUK 思考，您希望存款從這裡做什麼？你會繼續——你[期望他們]下滑還是更穩定？第二個問題更多是對前一個市場問題的跟進。你提到過，安娜，你有點期待一個正常的季節性，即 FICC 在一個非常強大的 comp 上非常非常強大。

So maybe to give us some comfort or some more color, could you maybe talk us through Q1. If a lot of that was March volatility, is it more consistent and that gives you the confidence for that normal seasonality?

因此，也許為了給我們一些安慰或更多色彩，您能否通過 Q1 與我們交談。如果其中很大一部分是 3 月份的波動，那麼它是否更加一致並且讓您對正常的季節性有信心？

Alvaro, I'll take the questions. So the first one on deposits. You're right. I mean, we've gone up a little over the quarter, GBP 10 billion. We saw a normal seasonality within the BUK deposit base, which has a very slight shrinkage. And that was due to basically people paying their taxes.

阿爾瓦羅，我來回答問題。所以第一個關於存款。你說得對。我的意思是，我們在本季度增加了一點，達到 100 億英鎊。我們在 BUK 存款基數中看到了正常的季節性，該基數略有收縮。這基本上是由於人們納稅。

The broad point within the U.K. context is that it has not seen the movement across banks that you've seen in the U.S., because there's not been the kind of deposit pressure you've got in the U.S. from some of the very large regional banks having problems.

在英國范圍內的廣泛觀點是，它沒有看到你在美國看到的跨銀行的變動，因為你在美國沒有從一些非常大的區域性銀行那裡得到的那種存款壓力有問題。

So in the U.S., it's very much a function of that regional bank issue and the movement from regionals to the big money center banks. You don't have that in the U.K. So it's been behaving the way we would expect it to in the first quarter, and we'd expect that same seasonal trend in the second quarter.

因此，在美國，這在很大程度上取決於地區性銀行問題以及從地區性銀行向大型貨幣中心銀行的轉移。你在英國沒有這樣的東西所以它一直表現得像我們在第一季度預期的那樣，我們預計第二季度也會出現同樣的季節性趨勢。

Where we have seen a bit of inflow is in what we would call our treasury deposits, we've called it out, which are basically corporates around the world placing deposits, time deposits with us, which is -- it's a nice thing to have. It's a show of confidence. And so that is what's been driving it. And I would say otherwise, in the U.K. context, think of it as just the normal seasonal flow.

我們看到一些流入的地方是我們稱之為國庫存款的地方，我們已經把它叫出來了，這基本上是世界各地的公司在我們這裡存款，定期存款，這是 - 擁有它是一件好事.這是自信的表現。這就是推動它的原因。我要說的是，在英國的背景下，將其視為正常的季節性流量。

Coming back to markets, I'll say 2 things. As far as the first quarter goes, it was a case of great volatility in fixed income markets both before March and in March, right? So if you remember, in the early part of the year, interest rates started rising.

回到市場，我會說兩件事。就一季度來看，固定收益市場在三月之前和三月都是劇烈波動的情況，對吧？所以如果你還記得，在今年年初，利率開始上升。

And then there was a big view that actually, that things were going to -- that the Fed was going to stop making having interest rates rise after a certain point. And there was a bunch of sort of, shall we say, bearish trades on rates and bullish trades on spreads in January. That reversed in March. So you see volatility.

然後有一個很大的觀點認為，實際上，事情會發生——美聯儲將在某個點後停止加息。容我們說，1 月份出現了一系列利率看跌交易和利差看漲交易。這在三月份發生了逆轉。所以你看到了波動性。

But I think the important thing what I would like to say about our FICC franchise is that our market share has continued to grow in that franchise. And as it has in equities over a number of quarters and years, based on deepening client relationships, investment in technology, investment in people, right? So I expect as we go forward in the next quarter and the one after that for that market share to be sustained, if not to grow.

但我認為，關於我們的 FICC 特許經營權，我想說的重要一點是，我們的市場份額在該特許經營權中持續增長。就像它在幾個季度和幾年的股票中一樣，基於深化的客戶關係、技術投資、人員投資，對吧？因此，我預計隨著我們在下一季度和之後的一個季度前進，該市場份額即使不會增長也能保持下去。

And we did well in the first quarter of this year. We did -- and the second quarter, I'll also remind you that Q2 of '22 was a very strong point of comparison with the volatility that you had post [Russia] Europe. I mean, so far, you've not seen that in this quarter.

我們在今年第一季度做得很好。我們做到了——第二季度，我還要提醒你，22 年的第二季度與你在 [俄羅斯] 歐洲之後的波動性相比是一個非常重要的點。我的意思是，到目前為止，你還沒有在本季度看到這一點。

The next question comes from Chris Cant from Autonomous.

下一個問題來自 Autonomous 的 Chris Cant。

If I could ask 2, please. On the structural hedge, you said in the slide that about 2/3 of the hedge income is coming through in the U.K. But where does the other 1/3 get booked by business, please? And how much of that will be coming through the transaction banking line? I'm just trying to get a sense of how much growth we should expect there. Are you able to guide this all, please, on your expectations for revenues for the corporate lending and transaction banking line?

如果我可以問 2，請。關於結構性對沖，您在幻燈片中說大約 2/3 的對沖收入來自英國。但是另外 1/3 是從哪裡被企業預定的？其中有多少將來自交易銀行業務？我只是想了解我們應該期望那裡有多少增長。請問，您能否根據您對企業貸款和交易銀行業務的收入預期來指導這一切？

I know you don't generally talk about the revenue outlook, but I would hope that those lines might be a little bit forecastable. And I think that was a source of the beat in the quarter versus consensus. So perhaps we're missing something there. And then on the BUK side of things, in terms of the mortgage book, could you give us a sense, please, of where you're writing new business today versus where the average spread on the back book is, in terms of what's rolling?

我知道你一般不會談論收入前景，但我希望這些線路可能有點可預測。我認為這是本季度與共識相比節拍的來源。所以也許我們在那裡遺漏了一些東西。然後在 BUK 方面，就抵押貸款賬簿而言，請告訴我們您今天在哪些地方開展新業務與後賬簿的平均利差，就滾動而言？

Okay. Let me take those, Chris. So the majority of the rest of the structural hedge does appear in transaction banking. There's a little bit in the private bank, but as you can imagine, much less given its scale and also given that those are much more interest-sensitive balances. So that's where you see it going. That's in part driving the NIM in the CIB up year-on-year.

好的。讓我拿走那些，克里斯。因此，其餘大部分結構性對沖確實出現在交易銀行業務中。私人銀行有一點點，但正如你可以想像的那樣，考慮到它的規模以及那些對利率敏感得多的餘額，就少得多了。所以這就是你看到它的地方。這在一定程度上推動了 CIB 的 NIM 同比增長。

And then there's another smaller part from assets, which I called out before, from the sales and trade finance side on that. In terms of corporate lending, I called out before, we've seen some movement quarter-on-quarter because we haven't taken marks, because the pipeline is much lower. From here, let's see where that goes, but it's certainly much recovered on the prior quarter. We've given some guidance on this line before, but just remember the other thing that's in there is our SRT costs, so our first loss protection costs.

然後是來自資產的另一小部分，我之前提到過，來自銷售和貿易融資方面。在公司貸款方面，我之前說過，我們已經看到了一些季度環比的變化，因為我們沒有做標記，因為管道要低得多。從這裡開始，讓我們看看情況如何，但肯定比上一季度恢復了很多。我們之前已經在這條線上給出了一些指導，但請記住其中的另一件事是我們的 SRT 成本，所以我們的第一個損失保護成本。

If I take all of that together, actually, our corporate income is pretty stable. And the reason I say that is you're seeing a NIM that's stable for reasons that I said before. You're seeing good balance growth coming through. Actually, we've seen some year-on-year corporate lending growth as well. So as an outlook, it's performed. And as you say, a lot more stable than some of the other parts of the CIB. So we're pretty confident in its outlook.

如果我把所有這些加在一起，實際上，我們的公司收入相當穩定。我這麼說的原因是，由於我之前說過的原因，您正在看到一個穩定的 NIM。你看到了良好的平衡增長。實際上，我們也看到了一些同比企業貸款增長。因此，作為前景，它已經執行。正如你所說，比 CIB 的其他部分穩定得多。所以我們對它的前景非常有信心。

I think the other thing I'd just call out is we've obviously seen quite a lot of deposit migration there already. If I contrast the sort of 3 different deposit franchises we have, we've seen most migration in private banking, as you'd expect, a lot in corporate and probably less in personal. So hopefully, that gives you some guidance there.

我想我要說的另一件事是我們顯然已經在那裡看到了相當多的存款遷移。如果我對比一下我們擁有的 3 種不同的存款特許經營權，正如您所期望的那樣，我們已經看到私人銀行業務的大部分遷移，很多是在公司，而在個人方面可能較少。希望這能為您提供一些指導。

And in terms of BUK mortgages, we don't talk about specific margins. That's not something we ever disclose. But if you're looking for the effects of the compression, I would say mortgage margins have been relatively stable, and they're pretty consistent across the market, given the very competitive nature of it. And if you were to look back at the spread over swap in '21, then you're going to see that compression effect quite clearly, I think. Hopefully, that's helpful.

而在BUK房貸方面，我們不談具體的保證金。這不是我們曾經透露過的事情。但如果你正在尋找壓縮的影響，我會說抵押貸款利潤率一直相對穩定，並且考慮到它非常具有競爭力的性質，它們在整個市場上非常一致。如果你回顧一下 21 年的掉期利差，那麼我認為你會非常清楚地看到壓縮效果。希望這會有所幫助。

Just if I could come back on the sort of CIB revenue line items. So we should be interpreting kind of corporate lending book GBP 100 million a quarter from here and transaction banking growing from GBP 750 million to GBP 800 million as the hedge benefits come through?

只要我能回到 CIB 的收入項目中就好了。因此，我們應該解釋從這裡開始每季度 1 億英鎊的公司貸款賬簿，以及隨著對沖收益的實現，交易銀行業務從 7.5 億英鎊增長到 8 億英鎊？

I think as alluded to in an earlier question, the structural hedge benefits prospectively are quite meaty. And if a lot is coming through that transaction banking line, presumably you should be expecting that to grow sequentially from here. Is that fair?

我認為正如在之前的問題中提到的那樣，預期的結構性對沖收益非常豐富。而且，如果通過該交易銀行業務流水線有很多，大概您應該期望它會從這裡開始依次增長。這公平嗎？

So let me just correct you slightly. So I'm not going to give you a quarterly income number for corporate lending, simply because the number of factors in there. But given that we've hopefully seen the stress of leveraged lending behind us, then hopefully, it will stabilize from here at least.

所以讓我稍微糾正你一下。所以我不會給你公司貸款的季度收入數字，僅僅是因為其中的因素數量。但鑑於我們希望看到我們背後的槓桿貸款壓力，那麼希望它至少會從這裡穩定下來。

On the transactional banking side, you've got 2 things going on there. You've got hopefully potential further growth coming from the expansion in Europe, but also the U.K. franchise. But there is some NIM effect in there. Because although we're well through the deposit migration in transaction banking, I'd still expect more to come in Corporate.

在交易銀行方面，你有兩件事正在發生。你有望從歐洲的擴張以及英國的特許經營中獲得潛在的進一步增長。但是那裡有一些 NIM 效應。因為儘管我們很好地完成了交易銀行業務的存款遷移，但我仍然預計企業會有更多。

So very sophisticated, actively managing their balance sheet, which is what we've seen and we'd expect it to continue. Okay. Thank you. Our next question, please.

非常複雜，積極管理他們的資產負債表，這是我們所看到的，我們希望它會繼續下去。好的。謝謝。我們的下一個問題，請。

The next question is from Edward Firth from Stifel (sic) [Stifel KBW].

下一個問題來自 Stifel (sic) [Stifel KBW] 的 Edward Firth。

Just a question for Venkat, actually. If you think of the questions of profitability of your businesses. BUK is now making what, around a 20% return. And I guess, if I look at your forecasts, so your guidance, you're going to expect that to go up from here, so probably mid-20s or even higher.

實際上，這只是 Venkat 的一個問題。如果您考慮企業盈利能力的問題。 BUK 現在賺什麼，大約 20% 的回報率。而且我想，如果我看一下你的預測，那麼你的指導，你會期望它從這裡上升，所以可能是 20 年代中期甚至更高。

Which is, I think, double what you're targeting for the group as a whole. And [I'm just start lacking] business in recent years, you've been ceding market share in some of your key areas. And I wonder, at what point do you start to think that, actually, that is an area now where you should be putting more capital in and start trying to gain share, particularly in things like credit cards, deposits, that type of stuff, and actually [try] -- because it would seem that, that would make logical sense, given you look at the sort of the profitability mix of the business as a whole. So that was the key question.

我認為，這是您為整個團隊設定的目標的兩倍。而且 [我剛剛開始缺乏] 近年來的業務，你一直在放棄一些關鍵領域的市場份額。我想知道，你什麼時候開始認為，實際上，現在你應該投入更多資金並開始嘗試獲得份額，特別是在信用卡、存款等領域，實際上[嘗試] - 因為看起來，這似乎是合乎邏輯的，因為你看一下整個企業的盈利能力組合。所以這是關鍵問題。

And I guess related to that. I see that, and it maybe be part of the answer. The U.K. costs were up 9% year-on-year. Is that the sort of cost growth? It's quite punchy. Is there sort of one-offs in there? Or should we be expecting that sort of cost growth for the year as a whole?

我想與此有關。我看到了，這可能是答案的一部分。英國的成本同比增長了 9%。這是那種成本增長嗎？這是相當有力的。那裡有一次性的嗎？或者我們應該期待全年的這種成本增長嗎？

Thank you very much. So let me begin with the first part of it, and I'll ask Anna to talk a little about cost growth, about costs. So you're right, the profitability or the RoTE of the U.K. is 20%. We are not making any statement about how that would grow quarter-on-quarter.

非常感謝。所以讓我從第一部分開始，我會請安娜談談成本增長，成本。所以你是對的，英國的盈利能力或 RoTE 是 20%。我們沒有就季度環比增長情況發表任何聲明。

I think what you're seeing is the impact of, on the one hand, of rising interest rates. On the other hand, especially when you look at the mortgage business and the NIM, we've spoken about those dynamics. So you see that all coming together and producing good numbers.

我認為你所看到的一方面是利率上升的影響。另一方面，特別是當您查看抵押貸款業務和 NIM 時，我們已經談到了這些動態。所以你看到所有這些都聚集在一起並產生了很好的數字。

I would make 2 statements about just our market positioning in the U.K. We aim and continue to be a sort of a full-service bank across small businesses, retail, mortgages, credit cards, everything. What you've seen is risk positioning on our side, particularly in credit cards since around Brexit, but a little after that, where we have backed off from some of the longer-term balance transfer offers and sort of the juicier aspects of them.

我會就我們在英國的市場定位發表兩點聲明。我們的目標是並將繼續成為一家提供小型企業、零售、抵押貸款、信用卡等全方位服務的銀行。你所看到的是我們這邊的風險定位，特別是自英國脫歐前後以來的信用卡，但在那之後不久，我們放棄了一些長期餘額轉移提議以及其中一些更有趣的方面。

And you're seeing a prudent risk positioning. We will assess that as we assess all risk positioning over time, depending on facts and circumstances, how the economy grows, and we will make those changes. So it's not a question of ceding or gaining market share. It's a question of just managing the risk profile of the book. And that's what you should see it as.

你看到了審慎的風險定位。我們將評估隨著時間的推移，根據事實和情況評估所有風險定位，經濟如何增長，我們將做出這些改變。因此，這不是放棄或獲得市場份額的問題。這只是管理這本書的風險狀況的問題。這就是你應該看到的。

At the same time, if you look at our Kensington mortgage acquisition from last year, what that is, is about building a capability for issuing mortgages or offering mortgages to people with complex incomes. It's something we felt we needed. And we will build that capability, and that will be part of the [ossenloof] items. I'll turn it to Anna for cost.

與此同時，如果你看看我們去年對肯辛頓抵押貸款的收購，那就是建立一種能力來發放抵押貸款或向收入複雜的人提供抵押貸款。這是我們覺得我們需要的東西。我們將建立這種能力，這將成為 [ossenloof] 項目的一部分。我會把它轉給安娜以支付費用。

Sorry, Venkat, could I just come back...

對不起，Venkat，我可以回來嗎...

Yes, go ahead.

好，去吧。

I mean the credit environment does look very benign. All your forward-looking indicators show no deterioration. And so I'm just wondering at what point do you start thinking, well, this is by far and away my most profitable business? It's time to start competing a little bit and taking some share and seeing if I can grow it.

我的意思是信貸環境看起來確實非常良性。你們所有的前瞻性指標都沒有惡化。所以我只是想知道你什麼時候開始思考，好吧，這是迄今為止我最賺錢的業務？是時候開始一點點競爭並分享一些份額，看看我是否可以發展它。

Is it something like -- is this something you review annually? Or is it something you [bundle in] -- I mean, at what point could we start seeing that change, I guess, is what I'm trying to get to grips with?

是不是類似——這是您每年審查的內容嗎？或者它是你[捆綁]的東西——我的意思是，我想我們什麼時候可以開始看到這種變化，這就是我想要掌握的？

Yes. So we look at a fairly frequently -- frequent basis about our positioning and how much we want to take risk in certain -- in all parts of the U.K. market. So it's not something that happens annually. It happens, frankly, monthly, quarterly through risk committees. And we've been doing it since the start of this year.

是的。因此，我們在英國市場的所有部分都相當頻繁地查看我們的定位以及我們想在某些方面承擔多少風險的頻繁基礎。所以這不是每年都會發生的事情。坦率地說，它通過風險委員會每月、每季度發生一次。自今年年初以來，我們一直在這樣做。

As I said, you're right that if you look at the trailing credit behavior, it has been fairly benign. And we continue to see, what you continue to see in the U.K. consumer is a resilience to the shock of higher energy costs, a resilience to the shock of higher mortgage rates and managing the overall inflation.

正如我所說，你是對的，如果你看一下尾隨信用行為，它是相當良性的。我們繼續看到，你繼續在英國消費者身上看到的是對能源成本上漲衝擊的彈性，對抵押貸款利率上升衝擊的彈性以及對整體通脹的管理。

Now we will watch it month-to-month, quarter-to-quarter and we will make our decision. So it's not something that we sort of decide annually and it's [put] cost in stone at that point. No. We're watching it carefully.

現在我們將逐月、逐季度地觀察它，然後我們將做出決定。所以這不是我們每年都會決定的事情，而且在那個時候它的成本是固定不變的。不，我們正在仔細觀察。

Thanks, Venkat. Let me add 1 thing, actually, and then I'll go on to cost. The other thing is that as we step back into a market, you don't always see the results immediately. And the example I'd give you is actually our card book. So we stepped back into promotional balances. We're very thoughtful about where we position ourselves. But that sort of balance transfer business takes a while to season through and get interest earning lending. So there's a little factor from there.

謝謝，文卡特。實際上，讓我添加一件事，然後我將繼續計算成本。另一件事是，當我們重新進入市場時，您並不總是立即看到結果。我給你的例子實際上是我們的名片簿。所以我們退回到促銷餘額。我們非常考慮自己的定位。但這種餘額轉賬業務需要一段時間才能完成並獲得生息貸款。所以這裡有一點因素。

And also the way that we are rebuilding our cards portfolio, we're obviously investing a lot in new products like the Avios product, which is more fee-based and probably a slightly different demographic sector. So there's a lot of activity in there, I would say, for new growth forward as well.

還有我們重建卡產品組合的方式，我們顯然在 Avios 產品等新產品上投入了大量資金，該產品更多地以收費為基礎，並且人口統計領域可能略有不同。因此，我想說，那裡也有很多活動，以實現新的增長。

Just moving to costs. BUK is in the midst of a transformation. We talked about that a few times. And essentially, what we're doing is we're generating efficiencies, which are absorbing inflation, and then we are also reinvesting them into future transformation. So the kind of thing we're doing is, we're obviously changing our physical footprint, fewer branches but more flex locations.

只是轉向成本。 BUK 正處於變革之中。我們談過幾次。從本質上講，我們正在做的是提高效率，吸收通貨膨脹，然後我們也將它們重新投資到未來的轉型中。所以我們正在做的事情是，我們顯然正在改變我們的物理足跡，更少的分支機構，但更多的靈活地點。

We're simplifying our product stack, we're digitizing all of the [journeys]. So there's been quite heavy investment phases happening in there. That means the cost breakout can be a bit lumpy. I wouldn't call out anything specific in Q1, but it's not a steady state, is what I'd say.

我們正在簡化我們的產品堆棧，我們正在數字化所有 [journeys]。所以那裡發生了相當大的投資階段。這意味著成本突破可能有點不穩定。我不會在第一季度說出任何具體的事情，但我會說這不是一個穩定的狀態。

To help you from here, Venkat mentioned Kensington. So you should expect some integration costs from Kensington in Q2. But thereafter, you're going to start to see a cost profile that reflects the transformation starting to come through. So hopefully that gives you a view of how we expect things to pan out this year, and maybe a bit of background on the nature of the cost. Okay. So thank you. So we'll go to our last question, which I think is Andy Coombs from Citi.

為了從這裡幫助您，Venkat 提到了 Kensington。因此，您應該預計第二季度 Kensington 會產生一些整合成本。但此後，您將開始看到反映轉型開始實現的成本概況。因此，希望這能讓您了解我們對今年事情的預期，也許還能了解一些成本性質的背景。好的。所以謝謝。那麼我們將轉到最後一個問題，我認為這是來自花旗的安迪庫姆斯。

Yes. Please go ahead, Andrew. Your line is now open.

是的。請繼續，安德魯。您的線路現已開通。

I'll keep it to one, actually, given I'm the last up. But just on Slide 17, I'd point to the focus on the 5th (sic) [4th] note you put around the financing revenues. So there, you talked about the 25% growth year-on-year was in part due to inflation, and in a more normalized environment, you'd expect it to be around 10% growth. Can you just elaborate a bit more on that comment?

實際上，鑑於我是最後一個，我會保持一個。但就在幻燈片 17 上，我將重點放在融資收入周圍的第 5 個（原文如此）[4] 註釋上。所以在那裡，你談到 25% 的同比增長部分是由於通貨膨脹，在更正常的環境中，你預計它會增長 10% 左右。您能否詳細說明一下該評論？

You previously last quarter talked about the financing revenues being more stable and an example of where you've gained market share that you think you can keep. But I was just interested in that comment specifically in the footnote, it sounds like there's an element of one-off nature in Q1 '23. So can you elaborate, please?

你之前在上個季度談到了融資收入更加穩定，以及你獲得了你認為可以保持的市場份額的例子。但我只是對腳註中的評論特別感興趣，這聽起來像是 23 年第一季度中的一次性元素。那麼你能詳細說明一下嗎？

Okay. Thanks, Andy. Okay. Let me help a bit here because this is obviously quite a new disclosure for us. We've done it a couple of times now. So financing, like any other business, is really -- has been patched from balances, from spreads and from seasonality. What we're seeing in Q1 is continued good growth in client balances that reflects the investments that we've put down, that we talked about today.

好的。謝謝，安迪。好的。讓我在這裡提供一點幫助，因為這對我們來說顯然是一個全新的披露。我們已經做過幾次了。因此，與任何其他業務一樣，融資實際上已經從餘額、利差和季節性中得到了修補。我們在第一季度看到的是客戶餘額的持續良好增長，這反映了我們今天談到的我們已經放下的投資。

The spreads do reflect the macroeconomic environment. So for example, in Q1, we saw very conducive spreads in our fixed income financing business, given the rate volatility. But we actually saw a bit of compression in prime because of the reduction on the equity side. The reason that we called out inflation in particular is that there are some positions within our fixed income financing business that are linked to inflation. And we're calling it out just to be helpful.

利差確實反映了宏觀經濟環境。因此，例如，在第一季度，考慮到利率波動，我們的固定收益融資業務利差非常有利。但由於股票方面的減少，我們實際上看到了黃金市場的一些壓縮。我們特別指出通貨膨脹的原因是我們的固定收益融資業務中有一些頭寸與通貨膨脹有關。我們大聲疾呼只是為了提供幫助。

They're not one-off. But the reason that I'm calling them out is that in a lower inflationary environment, we might expect them to generate less income. So -- and then the final thing I would say, Andy, is just this business is quite seasonal. So it tends to be heavier in the first couple of quarters just because of dividend season, and then also tends to sort of be a little bit lower in the second half.

它們不是一次性的。但我叫他們出來的原因是在較低的通貨膨脹環境中，我們可能期望他們產生較少的收入。所以 - 然後我要說的最後一件事，安迪，就是這項業務非常季節性。因此，僅僅因為股息季節，它在前幾個季度往往會更重，然後在下半年也會稍微降低一點。

Actually, you can see that in the disclosures from some of our peers who have given this disclosure for quite a lot longer. So hopefully that will help you shape it. But it's not a one-off, but we're just calling it out simply because of its scale in that particular quarter. But underlying that, we're seeing 10% growth, which we think reflects the investment that we've made. And you can see actually even at 10% growth, the real stability in this business that it's afforded to the markets business in Q1.

實際上，您可以在我們的一些同行的披露中看到這一點，他們已經披露了相當長的時間。所以希望這能幫助你塑造它。但這不是一次性的，但我們只是因為它在那個特定季度的規模而把它叫出來。但在此基礎上，我們看到了 10% 的增長，我們認為這反映了我們所做的投資。實際上，即使增長 10%，你也可以看到它在第一季度為市場業務提供的真正穩定性。

Okay. Thank you. And with that, we will conclude today's call. Thank you very much for joining us, for your questions. And I will see some of you the week after next. So thanks very much, and have a great day.

好的。謝謝。至此，我們將結束今天的電話會議。非常感謝您加入我們，感謝您提出問題。下週我會見到你們中的一些人。非常感謝，祝你有美好的一天。

Thank you.

謝謝。

Thank you everyone. That concludes today's conference call.

謝謝大家。今天的電話會議到此結束。