Barclays PLC (BCS) 2023 Q3 法說會逐字稿

Welcome to Barclays Q3 2023 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.

歡迎來到巴克萊 2023 年第三季業績 - 分析師和投資者電話會議。現在我將把工作交給集團執行長 C.S. Venkatakrishnan，然後再交給集團財務總監 Anna Cross。

Good morning. Thank you for joining Anna and me on today's third quarter results call. Against the background of mixed market activity and the competitive environment for U.K. retail deposits, the group generated income of GBP 6.3 billion in the quarter, down modestly year-on-year, excluding last year's impact from the over-issuance securities.

早安.感謝您參加安娜和我今天的第三季業績電話會議。在市場活動參差不齊以及英國零售存款競爭激烈的背景下，該集團本季營收為63億英鎊，年比小幅下降，剔除去年超額發行證券的影響。

Our profit before tax was GBP 1.9 billion, with earnings per share of 8.3p. We maintained a strong capital position with our CET1 ratio at 14%, up around 20 basis points in the second quarter and at the top of our target range. In this context, we delivered a third quarter return on tangible equity of 11%, taking us to 12.5% for the year-to-date, and we continue to target above 10% for the full year.

我們的稅前利潤為 19 億英鎊，每股收益為 8.3 便士。我們維持了強勁的資本狀況，CET1 比率為 14%，第二季上升了約 20 個基點，處於我們目標範圍的頂部。在此背景下，我們第三季的有形股本回報率為 11%，今年迄今達到 12.5%，我們繼續將全年目標定在 10% 以上。

We are managing credit well with year-to-date loan loss rate of 43 basis points versus our through-the-cycle guidance of 50 to 60 basis points. Costs reduced by 4% in Q3 year-on-year, excluding over-issuance costs last year. And in Q4, we will continue to transfer the efficiencies and greater productivity for the bank.

我們的信貸管理良好，今年迄今的貸款損失率為 43 個基點，而我們的整個週期指導為 50 至 60 個基點。剔除去年超額發行成本，第三季成本較去年同期下降4%。在第四季度，我們將繼續為銀行提高效率和生產力。

We expect this to continue to -- to contribute to delivering enhanced returns for shareholders. We will update you on these and other actions alongside our full year results in February.

我們預計這將繼續為股東帶來更高的回報。我們將在二月向您通報這些行動和其他行動以及我們的全年業績。

Now turning to the business highlights. We continue to grow our U.S. cards business with end net receivables up 11% year-on-year at $30 billion. And we announced a new partnership with Microsoft and Mastercard to issue Xbox's first-ever co-branded card in the U.S.

現在轉向業務亮點。我們持續發展美國信用卡業務，最終應收帳款淨額年增 11%，達到 300 億美元。我們也宣布與 Microsoft 和 Mastercard 建立新的合作關係，在美國發行 Xbox 首張聯名卡。

The integration of our U.K. Wealth business and our Private Bank is also progressing well. We grew client assets and liabilities to nearly GBP 180 billion and invested assets to around GBP 105.4 billion. With this, business is making nearly GBP 900 million of income in the year-to-date and generating attractive returns.

我們的英國財富業務和私人銀行的整合也進展順利。我們將客戶資產和負債增加至近 1,800 億英鎊，投資資產增至約 1,054 億英鎊。至此，該公司今年迄今已創造近 9 億英鎊的收入，並產生了可觀的回報。

In Investment Banking, we led some prominent transactions in this quarter, including the ARM IPO in the U.S. However, in the mid-market environment, we've had pockets of underperformance relative to U.S. peers. In part, this has reflected our business composition. We performed well in equity capital markets, which is a smaller business for us relative to others. We were also selective on leveraged finance deals as a risk management matter, which has affected our debt capital markets performance.

在投資銀行業務領域，我們在本季主導了一些重要交易，包括 ARM 在美國的 IPO。然而，在中階市場環境中，我們的表現相對於美國同業來說有些遜色。這在一定程度上反映了我們的業務組成。我們在股權資本市場表現良好，與其他公司相比，我們的業務規模較小。作為風險管理事項，我們也對槓桿融資交易進行了選擇性，這影響了我們的債務資本市場表現。

We continue to be cautious about the market backdrop, but are confident in the potential of our business. And as an example, we are acting as sole financial adviser to Capri in their $8.5 billion acquisition by Tapestry announced in the third quarter and expected to close in 2024. In markets, this was our second highest Q3 income print in a decade with income of 4% quarter-on-quarter better than the U.S. peer average.

我們對市場背景繼續保持謹慎，但對我們業務的潛力充滿信心。舉個例子，在第三季Tapestry 宣布以85 億美元收購Capri 並預計於2024 年完成收購時，我們擔任Capri 的唯一財務顧問。在市場上，這是我們十年來第二高的第三季收入，收入為比美國同業平均高 4%。

However, income was down 13% against a record Q3 last year on a comparable basis, in which we supported clients through extreme volatility in gifts in our home U.K. market. This quarter, we did not benefit to the same extent as our U.S. peers did from the volatility in U.S. rates.

然而，與去年第三季創紀錄的可比收入相比，收入下降了 13%，其中我們為客戶提供了支持，幫助客戶度過了英國本土市場禮品的極端波動。本季度，我們並沒有像美國同業那樣從美國利率波動中受益。

As we have said previously, investment in our combined fixed income and equity financing business delivers stability to our overall markets income. Over the past 4 years, our ranking and equity prime brokerage has moved up from 7th rank to joint 5th, complementing our existing strength of fixed income financing where we ranked jointly 1st globally for the first half of 2023.

正如我們之前所說，對固定收益和股權融資業務的投資為我們的整體市場收入帶來了穩定性。在過去 4 年裡，我們的排名和股票主要經紀業務已從第 7 位上升至並列第 5 位，補充了我們現有的固定收益融資實力，我們在 2023 年上半年並列全球第一。

Turning now to Barclays U.K. We delivered a RoTE in the business above 20% for the quarter. Both income and expenses were broadly stable, generating a cost:income ratio of 56%, and we intend to improve this over time as we continue to transform the business digitally. There has been an impact on our deposits and margins from retail customers seeking a higher return on their savings, which Anna will cover in more detail.

現在轉向英國巴克萊銀行，我們本季的業務 RoTE 超過 20%。收入和支出基本上穩定，成本收入比為 56%，隨著我們繼續對業務進行數位轉型，我們打算隨著時間的推移不斷改善這種情況。尋求更高儲蓄回報的零售客戶對我們的存款和利潤產生了影響，安娜將對此進行更詳細的介紹。

However, at the group level, deposits were up GBP 7 billion quarter-on-quarter, demonstrating the strength of our diversified deposit and funding base. Our performance over the past 3 years compared to the previous slide shows that we have reset and stabilized group returns, providing a solid foundation on which to build even further. And I look forward to providing an investor update in February alongside our full year results, where we will talk more about our plan to deliver further value to our shareholders.

然而，在集團層面，存款環比增長70億英鎊，顯示了我們多元化存款和融資基礎的實力。與上一張投影片相比，我們過去三年的表現表明，我們已經重置並穩定了團體回報，為進一步發展奠定了堅實的基礎。我期待在二月份提供投資者最新情況以及我們的全年業績，屆時我們將更多地討論我們為股東提供更多價值的計劃。

This will include setting out our capital allocation priorities as well as revised financial targets for costs, returns and shareholder distributions. We have just completed the GBP 750 million buyback announced at the half year, taking total shareholder distributions to around GBP 1.2 billion so far this year, including dividends and buybacks. This is up over 30% on the first half of last year and reflects our commitment to returning capital to shareholders.

這將包括制定我們的資本配置優先事項以及修訂後的成本、回報和股東分配的財務目標。我們剛完成了半年宣布的 7.5 億英鎊回購，使今年迄今的股東分配總額達到約 12 億英鎊，其中包括股息和回購。這比去年上半年成長了 30% 以上，反映了我們向股東返還資本的承諾。

Thank you for listening, and I will pass it on to Anna now.

感謝您的聆聽，我現在將其轉告給安娜。

Thank you, Venkat, and good morning, everyone. Turning now to Slide 6. We return on tangible equity for the third quarter was 11%, which takes us to 12.5% for the year-to-date. The cost:income ratio was 63% in Q3 and 61% for the 9 months, in line with our low 60s guidance for the full year. We continue to see limited signs of credit stress as the loan loss rate for the quarter was 42 basis points and 43 basis points for the 9 months.

謝謝你，Venkat，大家早安。現在轉向投影片 6。第三季的有形股本回報率為 11%，今年迄今為 12.5%。第三季的成本收入比為 63%，前 9 個月的成本收入比為 61%，與我們全年 60 左右的指引一致。我們仍然看到有限的信貸壓力跡象，本季貸款損失率為 42 個基點，前 9 個月為 43 個基點。

And we have maintained strong capital and liquidity positions. As you just heard from Venkat, we will update you with revised financial targets at an investor update alongside our full year results. As part of this update, we are evaluating actions to reduce structural costs, which may result in material additional charges in Q4 impacting this year's statutory performance. Excluding any such charges, we continue to target a RoTE above 10% for the full year.

我們維持了強勁的資本和流動性狀況。正如您剛剛從 Venkat 獲悉的那樣，我們將在投資者更新中向您通報修訂後的財務目標以及我們的全年業績。作為本次更新的一部分，我們正在評估降低結構性成本的行動，這可能會導致第四季度產生重大額外費用，從而影響今年的法定業績。排除任何此類費用，我們繼續將全年 RoTE 目標定為 10% 以上。

Focusing now on Q3, starting on Slide 7. There was no impact from the Over-issuance of Securities this quarter. But given the largely offsetting impact to income and costs in Q3 last year, I will again use the adjusted numbers for the prior period.

現在關注第三季度，從幻燈片 7 開始。本季度證券超額發行沒有影響。但考慮到去年第三季對收入和成本的影響很大程度上抵消了，我將再次使用前期調整後的數字。

Group profit before tax was around GBP 50 million lower at GBP 1.9 billion with income down 2% and costs down 4% year-on-year. Within total costs, operating costs were stable and there were no litigation and conduct charges this quarter compared to GBP 164 million in Q3 last year.

集團稅前利潤減少約 5,000 萬英鎊，至 19 億英鎊，營收年減 2%，成本較去年同期下降 4%。在總成本中，營運成本穩定，與去年第三季的 1.64 億英鎊相比，本季沒有訴訟和行為費用。

Impairment charges were up GBP 52 million to GBP 433 million with the charge and business mix, as we expected, largely driven by growth in U.S. cards. TNAV increased 25p to 316p, reflecting our profit and positive cash flow hedge reserve movements broadly offsetting last quarter's downward move.

正如我們預期的那樣，減損費用增加了 5,200 萬英鎊，達到 4.33 億英鎊，費用和業務組合主要是由美國信用卡的成長推動的。 TNAV 增加 25 便士至 316 便士，反映出我們的利潤和積極的現金流對沖儲備變動大致抵消了上季的下降。

As usual, I will now cover the 3 key drivers of our returns, namely income, costs and credit risk management. Starting on Slide 8. Group income was down 2% at GBP 6.3 billion. The 8% stronger sterling U.S. dollar rate in Q3 year-on-year reduced our reported income around 40% of which is in dollars. CIB income fell 6% with a lower activity in the Investment Bank, partially offset by core income growth year-on-year.

像往常一樣，我現在將介紹我們回報的三個關鍵驅動因素，即收入、成本和信用風險管理。從幻燈片 8 開始。集團收入下降 2%，為 63 億英鎊。第三季英鎊美元匯率年增 8%，導致我們報告的收入減少了約 40%，其中美元收入約為 40%。由於投資銀行活動減少，CIB 收入下降 6%，但部分被核心收入年增率所抵銷。

Consumer, Cards & Payments income was up 9%, driven by growth in U.S. cost receivables and the U.K. Wealth business transfer from Barclays U.K. in Q2. Excluding the transfer, CC&P income was up 5% and Barclays U.K. income was up 1%.

第二季度，受美國成本應收帳款成長以及英國巴克萊銀行英國財富業務轉移的推動，消費者、卡片和支付收入成長 9%。不包括轉賬，CC&P 營收成長 5%，巴克萊英國營收成長 1%。

Net interest income across the bank grew by GBP 179 million or 6% year-on-year, driving a 13 basis point increase in Group NIM to 3.98%. Barclays U.K. contributed around half of group NII this quarter with approximately 20% from CIB and 30% from CC&P, mostly U.S. cards and the Private Bank.

全行淨利息收入年增1.79億英鎊，成長6%，帶動集團淨利差增加13個基點至3.98%。英國巴克萊銀行本季貢獻了集團 NII 的約一半，其中約 20% 來自 CIB，30% 來自 CC&P，主要是美國信用卡和私人銀行。

BUK NII was GBP 17 million higher year-on-year with NIM of 304 basis points, a low where we anticipated at Q2, which I will come back to when I cover Barclays U.K.

BUK NII 年比增加 1700 萬英鎊，NIM 為 304 個基點，這是我們第二季度預期的低點，我將在報道英國巴克萊銀行時回顧這一點。

CC&P NII increased by GBP 64 million, mainly from U.S. cards balance growth, partially offset by private client deposit migration to our higher yielding products. This generated NIM of circa 8.9% in Q3, which was up from circa 8.3% at Q2 and included a small one-off increase in Private Bank so we would expect NIM to step back a little in Q4.

CC&P NII 增加了 6,400 萬英鎊，主要來自美國卡餘額增長，部分被私人客戶存款轉向我們的高收益產品所抵消。這使得第三季的淨利差約為8.9%，高於第二季的約8.3%，其中包括私人銀行的一次性小幅成長，因此我們預計第四季的淨利差將略有回落。

CIB NII increased GBP 94 million year-on-year, which included an improvement of 9 basis points to 3.65% in NIM, driven by the benefit of rate rises in transaction banking.

CIB NII 年增 9,400 萬英鎊，其中淨利差 (NIM) 提高 9 個基點至 3.65%，主要得益於交易銀行利率上升的推動。

Moving on to costs on Slide 10. We are delivering our operating cost guidance with costs in Q2 and Q3 of around GBP 4 billion below the Q1 high points. The cost:income ratio improved year-on-year to 63%, consistent with Q2. Barclays U.K. cost:income ratio was 56%, with total costs swapped year-on-year as we progressed our digital transformation and rationalization of the physical footprint and headcount.

接下來討論投影片 10 上的成本。我們正在提供營運成本指導，第二季和第三季的成本比第一季高點低約 40 億英鎊。成本收入比年增至63%，與第二季一致。巴克萊英國的成本：收入比率為 56%，隨著我們推動數位轉型以及實體足跡和員工人數的合理化，總成本比去年同期發生變化。

Consumer, Cards & Payments operating costs increased by 9%, broadly in line with income as we invested to grow U.S. cards and our Private Bank. CIB operating costs were stable year-on-year and below the Q1 level as guided. As we said, we are evaluating actions to reduce structural costs across the group and will give more detail at our Investor Update.

消費者、卡片和支付營運成本增加了 9%，與我們投資發展美國卡片和私人銀行的收入基本一致。 CIB 營運成本年比穩定，低於第一季指引水準。正如我們所說，我們正在評估降低整個集團結構性成本的行動，並將在投資者更新中提供更多細節。

Moving on to credit on Slide 11. We are seeing the benefit of our long-standing prudent approach to provisioning both in terms of credit decisions we have taken in the past, reflected in our balance sheet provision and coverage ratios as well as the credit protection we have in the CIB. The impairment allowance increased by GBP 0.3 billion to GBP 6.4 billion. This was primarily driven by our U.S. card portfolio, in line with our expectations. We updated the macroeconomic variables from Q2, resulting in a modest impact on expected credit losses.

轉向幻燈片 11 上的信貸。我們看到了我們過去採取的信貸決策方面長期審慎的撥備方法的好處，這反映在我們的資產負債表撥備和覆蓋率以及信貸保護中我們在 CIB 有。減損準備增加了 3 億英鎊，達到 64 億英鎊。這主要是由我們的美國信用卡組合推動的，符合我們的預期。我們更新了第二季的宏觀經濟變量，對預期信用損失影響不大。

We maintained robust coverage ratios of 1.4% for the group and 8.6% for our card portfolios in aggregate, which I'll cover in more detail on the next slide, starting with U.K. cards.

我們集團的覆蓋率維持在 1.4%，卡片投資組合的覆蓋率整體維持在 8.6%，我將在下一張投影片中更詳細地介紹這一點，首先從英國卡開始。

We continue to see conservative customer behavior across our U.K. portfolio and credit performance remains benign. Customers are being disciplined about building unsecured balances with U.K. cards, repayment rates, high across the credit spectrum.

我們在英國投資組合中繼續看到保守的客戶行為，信貸表現仍然良好。客戶在使用英國卡建立無擔保餘額時受到紀律處分，還款率在整個信用範圍內都很高。

Although we have grown balances modestly over the past year, interest-earning lending balances have decreased, impacting NIM but benefiting credit performance. We do expect IELs to grow in 2024 as our more recent customer acquisition activity begins to mature. 30-day arrear rates remain stable and low relative to historic levels.

儘管過去一年我們的餘額略有增長，但生息貸款餘額有所下降，影響了淨息差，但有利於信貸表現。隨著我們最近的客戶獲取活動開始成熟，我們預計 IEL 將在 2024 年成長。 30 天欠款率相對於歷史水準保持穩定且較低。

The nature of our U.S. cards proposition is different. As a reminder, we are the partner card issuer for around 20 client rewards programs, including some of the biggest brands in the U.S.

我們的美國信用卡主張的性質有所不同。請注意，我們是大約 20 個客戶獎勵計劃的合作夥伴發卡機構，其中包括美國一些最大的品牌。

Given our historic SKU to travel and airlines, this is a high credit quality portfolio. Our risk mix has improved since the end of 2019 with 88% of the book above 660 FICO compared to 86% at the end of 2019, including the addition of the Gap portfolio in 2022.

鑑於我們歷史悠久的旅遊和航空公司 SKU，這是一個高信用品質的投資組合。自 2019 年底以來，我們的風險組合有所改善，其中 88% 的帳面價值高於 660 FICO，而 2019 年底這一比例為 86%，其中包括 2022 年增加的 Gap 投資組合。

On the chart, you can see that 30-day arrears rates are now in line with our pre-pandemic experience at 2.7%, as we expected. Our impairment coverage also increased to 9.7% with Stage 2 now at 35%, reflecting our expectation of higher unemployment from September's low level of 3.8% to a peak of 4.4% by Q3 2024. This would, of course, result in increased arrears, which are reflected in our balance sheet provisioning.

在圖表上，您可以看到 30 天欠款率現在與我們大流行前的經驗一致，為 2.7%，正如我們預期的那樣。我們的減損覆蓋率也增加至9.7%，第二階段目前為35%，反映出我們預期失業率將從9 月的低水準3.8% 升至2024 年第三季的峰值4.4%。這當然會導致拖欠增加，這反映在我們的資產負債表撥備中。

Moving on to the impairment charge on Slide 13. The impairment charge of GBP 433 million was up around GBP 50 million year-on-year, giving a loan loss rate of 42 basis points. Most of the Q3 charge was driven by growth in U.S. card balances, continued seasoning of the Gap book in line with expectations and the increase in arrears that I mentioned.

接下來是投影片 13 上的減損費用。減損費用為 4.33 億英鎊，年增約 5,000 萬英鎊，貸款損失率上升 42 個基點。第三季的大部分費用是由美國信用卡餘額的成長、Gap帳簿的持續老化（符合預期）以及我提到的欠款增加所推動的。

Our guidance of 50 to 60 basis points through the cycle is higher than the year-to-date experience. We are mindful that Q4 usually sees a higher charge in part reflecting seasonality and our expectations of U.S. cards growth over the holiday season. This generally leads to higher balances and some build and impairment under IFRS 9, where increased utilization, even by customers who are making timely payments, can trigger Stage 2 migration.

我們對整個週期 50 至 60 個基點的指導高於今年迄今為止的經驗。我們注意到，第四季度的收費通常會較高，部分反映了季節性以及我們對美國信用卡在假期季節增長的預期。這通常會導致 IFRS 9 下的餘額增加以及一些累積和減值，其中利用率的提高（即使是及時付款的客戶）也可能觸發第二階段遷移。

The Barclays U.K. charge was GBP 59 million, with a loan loss rate of 10 basis points, and this has been below 30 now for nearly 3 years. Even though our customers are experiencing affordability pressures, this is not translating into credit stress as they manage their finances proactively.

巴克萊英國的費用為5,900萬英鎊，貸款損失率為10個基點，近三年來一直低於30個基點。儘管我們的客戶正面臨承受能力的壓力，但這並沒有轉化為信貸壓力，因為他們主動管理財務。

The CIB had a small release, and we are seeing no real observed credit deterioration with our synthetic credit protection also working well. Moving now to the business performance, starting with Barclays U.K. on Slide 14.

CIB 發布了小幅釋放，我們沒有看到真正觀察到的信用惡化，我們的綜合信用保護也運作良好。現在轉向業務績效，從幻燈片 14 上的巴克萊英國公司開始。

Profits were stable year-on-year with RoTE of 21% for the quarter. Excluding the U.K. wealth transfer, income was up 1%. Costs were broadly stable as our transformation plan progressed, resulting in a cost-to-income ratio of 56% for the quarter.

本季獲利年增，RoTE 為 21%。不包括英國的財富轉移，收入成長了 1%。隨著我們轉型計畫的進展，成本基本上穩定，本季成本收入比達到 56%。

Loan growth remains muted, reflecting customer caution in the current macroeconomic environment and our prudent risk positioning. The reduction in business banking assets was driven primarily by repayment of government-backed loan schemes of GBP 2.7 billion. Mortgage balances were stable in the quarter at GBP 166 billion with remortgaging still contributing most of the activity.

貸款成長依然疲軟，反映出客戶對當前宏觀經濟環境的謹慎態度以及我們審慎的風險定位。商業銀行資產的減少主要是由於償還 27 億英鎊政府支持的貸款計劃。本季抵押貸款餘額穩定在 1,660 億英鎊，其中再抵押貸款仍貢獻了大部分活動。

Now looking at the U.K. NIM, which was 304 basis points. As a reminder, BUK NII is around 25% of group income and 1 basis point of NIM equates to around GBP 20 million of NII annualized or less than 0.1% of group income.

現在看看英國的淨利差 (NIM)，為 304 個基點。提醒一下，BUK NII 約佔集團收入的 25%，NIM 的 1 個基點相當於年化 NII 約 2,000 萬英鎊，或不到集團收入的 0.1%。

At Q2, we said that we expected NIM to step down in Q3 and then to stabilize into Q4. Most of the moving parts played out as expected in Q3, with structural hedge tailwinds continuing and mortgage margin pressure somewhat easing. The impact of base rates was also in line, given pass-through rates have increased. However, the step down in NIM in Q3 was larger than expected with deposit balance and mix trends more pronounced.

在第二季度，我們表示預計淨利差將在第三季度下降，然後在第四季度穩定下來。第三季的大部分變化都符合預期，結構性對沖順風持續，抵押貸款利潤率壓力有所緩解。鑑於轉嫁率上升，基本利率的影響也與此一致。然而，第三季淨利差的降幅大於預期，存款餘額和混合趨勢更為明顯。

Average balances quarter-on-quarter actually contributed a larger deposit effect than period-end balances we have shown on the slide. When combined with pricing effect, this reduced NIM by a net 21 basis points compared to a net 6 basis points in Q2.

季度平均餘額實際上比我們在幻燈片中顯示的期末餘額貢獻了更大的存款效應。與定價效應結合，淨利差減少了 21 個基點，而第二季淨利差為 6 個基點。

You can see that we grew deposits during the pandemic by GBP 53 billion to GBP 258 billion by the end of 2022 as customers built up cash with us in their current and instant access accounts. We anticipated that these balances would fall as customers manage their finances proactively, paying down debt and locking in higher yields on their residual savings.

您可以看到，隨著客戶在我們的活期帳戶和即時存取帳戶中累積現金，我們在疫情期間的存款增加了 530 億英鎊，到 2022 年底達到 2580 億英鎊。我們預計，隨著客戶主動管理財務、償還債務並鎖定剩餘儲蓄的更高收益率，這些餘額將會下降。

Our current count moves appear in line with the latest Bank of England industry data, but intense competitive pricing meant we did not capture as much of the flow into higher-rate products.

我們目前的計數變動似乎與英格蘭銀行最新的行業數據一致，但激烈的定價競爭意味著我們沒有捕獲盡可能多的流入更高利率產品的資金。

We emphasize that Q2, how sensitive guidance is to the level and mix of deposits, and this remains the case. We now guide to a range of 305 to 310 basis points for the full year. To help frame this, if we see similar trends in Q4 as we did in Q3, both in terms of mix and volume, full year NIM would be towards the top end of this range.

我們強調第二季指引對存款水準和組合的敏感性，情況仍然如此。我們現在的全年指引為 305 至 310 個基點。為了幫助建構這一點，如果我們在第四季度看到與第三季度類似的趨勢，無論是在組合還是數量方面，全年淨息差將接近該範圍的高端。

Turning now structural hedge income, 2/3 of which accrues the Barclays U.K. Slide 16 illustrates the importance of the hedge to the level and visibility of our future net interest income. The hedge is designed to reduce volatility in NII. So in an environment where rates are peaking and eventually start to fall, it will help to stabilize NIM. It also provides a high degree of certainty to future NII.

現在轉向結構性對沖收入，其中 2/3 應計入巴克萊英國幻燈片 16，說明了對沖對我們未來淨利息收入水準和可見性的重要性。對沖旨在減少NII 的波動性。因此，在利率達到高峰並最終開始下降的環境下，這將有助於穩定淨利差。它也為未來的NII提供了高度的確定性。

The chart shows that 95% of 2023 gross hedge income is already locked in. And the next 2 years, portions of locked income in NII have increased by GBP 300 million to GBP 400 million per year since H1 as we rolled a further quarter of hedge maturities.

這張圖表顯示，2023 年總對沖收入的95% 已被鎖定。在接下來的兩年中，隨著我們又進行了一個季度的對沖，自上半年以來，NII 中的鎖定收入部分每年增加3 億英鎊，達到4 億英鎊到期日。

Notional hedge balances reduced by GBP 4 billion in Q3 to GBP 252 billion. Given the trends we are seeing in retail deposits, we expect the notional balance to continue to reduce more or less in line with lower hedgeable deposits.

第三季名義對沖餘額減少 40 億英鎊，至 2,520 億英鎊。鑑於我們在零售存款中看到的趨勢，我們預計名目餘額將繼續減少，或多或少與可對沖存款的減少一致。

Swap rates, currently at around 4.5%, means reinvestment rates remain well above maturing yields of around 1% to 1.5% for the next 2 years and with GBP 50 billion to GBP 60 billion of hedges maturing annually over this period, we expect the reinvestment effect to outweigh notional hedge declines.

目前掉期利率約為4.5%，意味著未來2 年再投資率仍遠高於約1% 至1.5% 的到期收益率，並且在此期間每年有500 億英鎊至600 億英鎊的對沖到期，我們預計再投資其影響超過了名義對沖的下降。

Turning now to Consumer, Cards & Payments on Slide 17. Growth in our U.S. card balances and the U.K. Wealth transfer drove a 9% increase in CC&P income, partially offset by FX. We grew U.S. card balances by 11% year-on-year to GBP 30 billion.

現在轉向投影片 17 上的消費者、卡片和付款。美國卡片餘額的成長和英國財富轉移推動 CC&P 收入成長 9%，部分被外匯抵銷。我們的美國卡餘額年增 11%，達到 300 億英鎊。

In the Private Bank, total invested assets were GBP 105 billion, up 27%, excluding U.K. Wealth, as clients move deposits to money market funds and other investments with us. Payments income was modestly down year-on-year as customers adjusted their spending to lower value essential items, which have lower margins, offsetting the 9% increase in payments processed.

在私人銀行，隨著客戶將存款轉移到我們的貨幣市場基金和其他投資，總投資資產達到 1,050 億英鎊，成長 27%（不包括英國財富）。由於客戶將支出調整為利潤較低的低價值必需品，支付收入同比小幅下降，抵消了已處理支付量 9% 的成長。

RoTE was 9.6%, reflecting both higher income and operating costs year-on-year as we grow these businesses.

RoTE 為 9.6%，反映出隨著我們發展這些業務，收入和營運成本均較去年同期上升。

Moving on to the CIB. CIB income fell 6% year-on-year in sterling terms, in part reflecting the stronger sterling U.S. dollar rate. The more stable elements of our CIB income performed as we expected. In markets, the relative stability from our combined fixed income and equity financing businesses was visible again compared to the downward move in intermediation.

繼續前往 CIB。以英鎊計算，CIB 收入年減 6%，部分反映了英鎊美元匯率走強。 CIB 收入中較穩定的部分錶現符合我們的預期。在市場上，與中介業務的下行趨勢相比，我們的固定收益和股權融資業務組合的相對穩定性再次顯現出來。

And Corporate delivered strong year-on-year income growth, reflecting higher rates in transaction banking and the non-repeat of leveraged finance marks this time last year in Corporate lending.

企業營收年增率強勁成長，反映出交易銀行利率上升以及去年此時企業貸款中槓桿融資的標誌不再重演。

As you heard from Venkat, market was down 13% in dollars versus a record third quarter in 2022. FICC fell 19% in dollars as we benefited less from the U.S. rate volatility compared to Gilt volatility in the U.K. this time last year. Fixed income financing income reduced due to a normalization of inflation-linked benefits, as we have mentioned previously.

正如您從Venkat 了解到的那樣，與2022 年創紀錄的第三季度相比，市場以美元計算下跌了13%。以美元計算的FICC 下跌了19%，因為與去年同期英國金邊債券波動相比，我們從美國利率波動中受益較少。正如我們之前提到的，由於與通膨掛鉤的福利正常化，固定收益融資收入減少。

And we have smaller and securitized products, which was an area of strength for some of our peers. Equities was up 3% in dollars as derivatives and cash performance was partially offset by equity financing. Client balances continue to grow, albeit as spreads tightened.

我們擁有規模較小的證券化產品，這是我們一些同行的優勢領域。由於衍生性商品和現金表現被股權融資部分抵消，以美元計價的股票上漲 3%。儘管利差收緊，但客戶餘額仍持續成長。

Banking fees were down 24% year-on-year with a better performance in ECM not sufficient to offset weaker DCM and advisory given the relative scale of those businesses for us. Combined with stable costs and a small impairment release, RoTE was 9.2%, which even in a mixed quarter like this one does not reflect the potential of our franchise. CIB RWAs were relatively stable with the increase to GBP 219 billion on Q2, largely driven by FX.

銀行費用年減 24%，考慮到我們這些業務的相對規模，ECM 的表現較好不足以抵消 DCM 和諮詢業務的疲軟。加上穩定的成本和小額減損釋放，RoTE 為 9.2%，即使在像本季度這樣的混合季度，也不能反映我們特許經營的潛力。 CIB RWA 相對穩定，第二季增加至 2,190 億英鎊，主要受到外匯的推動。

Turning now to capital, funding and liquidity, starting on Slide 19. We continue to maintain a well-capitalized and liquid balance sheet with diverse sources of funding and a significant excess of deposits over loans.

現在轉向資本、融資和流動性，從幻燈片 19 開始。我們繼續保持資本充足和流動性良好的資產負債表，資金來源多樣化，存款遠遠超過貸款。

Looking at these metrics in more detail, starting with capital on Slide 20. Our CET1 ratio increased around 20 basis points to 14%. Attributable profit generated 37 basis points, totaling 128 basis points over the last 3 quarters. As we indicated previously, our MDA hurdle increased to 11.8% from the increase in the U.K. countercyclical buffer, and we continue to operate with ample headroom.

從幻燈片 20 上的資本開始，更詳細地查看這些指標。我們的 CET1 比率增加了約 20 個基點，達到 14%。歸屬獲利成長 37 個基點，過去 3 個季度總計 128 個基點。正如我們之前指出的，我們的 MDA 門檻因英國反週期緩衝的增加而增加至 11.8%，我們繼續以充足的空間運作。

Whilst Basel 3.1 remains at proposal stage, we continue to guide to the day 1 RWA impact to be at the lower end of the 5% to 10% range. This reflects what we see from all the proposals across the jurisdictions we operate in, including the U.S.

雖然巴塞爾 3.1 仍處於提案階段，但我們繼續將第一天 RWA 影響指導在 5% 至 10% 範圍的下限。這反映了我們從我們營運所在司法管轄區（包括美國）的所有提案中看到的情況。

As a reminder, the PRA's rules remain the most relevant on a brief consolidated basis. Our total deposit position remains stable as we have a diverse deposit franchise across consumer, U.K. and international corporate customers. Within that, the decline in the U.K. deposits that we discussed earlier was more than offset this quarter by inflows from global corporates. And this places us in a strong position to manage seasonal fluctuations that we often see around year-end from balances held for financial sector clients.

提醒一下，PRA 的規則在簡短的綜合基礎上仍然是最相關的。我們的總存款部位保持穩定，因為我們在消費者、英國和國際企業客戶中擁有多元化的存款業務。其中，我們先前討論的英國存款下降在本季被全球企業的資金流入所抵銷。這使我們能夠更好地管理季節性波動，這種波動是我們經常在年底左右從金融部門客戶持有的餘額中看到的。

Our LCR of 159% represents a surplus of GBP 116 billion above our minimum regulatory requirements. We continue to be comfortable with our liquidity position, and we have demonstrated its robustness throughout the market disruption earlier this year.

我們的 LCR 為 159%，這意味著比我們的最低監管要求高出 1,160 億英鎊的盈餘。我們仍然對我們的流動性狀況感到滿意，並且在今年早些時候的市場混亂中我們已經證明了其穩健性。

So concluding with our outlook. We are evaluating actions to reduce structural costs to help drive future returns, which may result in material additional charges in Q4 impacting this year's statutory performance. Excluding any such structural cost actions, we continue to target RoTE above 10% in 2023 and a cost:income ratio in the low 60s.

最後總結一下我們的展望。我們正在評估降低結構性成本的行動，以幫助推動未來回報，這可能會導致第四季度產生重大額外費用，從而影響今年的法定業績。排除任何此類結構性成本行動，我們繼續目標是到 2023 年 RoTE 超過 10%，成本收入比在 60 左右。

Our loan loss rate guidance remains 50 to 60 basis points. This is higher than the year-to-date experience, allowing for some potential seasonality in U.S. cards in Q4. As of now, we are not seeing anything that concerns us and we would view the guidance as of through the cycle range.

我們的貸款損失率指引仍為 50 至 60 個基點。這高於今年迄今為止的經驗，考慮到第四季度美國信用卡存在一些潛在的季節性。截至目前，我們沒有看到任何令我們擔心的事情，我們將在整個週期範圍內查看指導。

Our CET1 ratio was at the top end of our target range and strong capital generation in the year-to-date supports our commitment to return capital to shareholders. We will provide more detail at an investor update of our full year results in February, including our capital allocation priorities and revised financial targets.

我們的 CET1 比率處於目標範圍的頂端，今年迄今強勁的資本生成支持了我們向股東返還資本的承諾。我們將在二月份的投資者更新中提供更多詳細信息，包括我們的資本配置優先事項和修訂後的財務目標。

Thank you for listening. We will now take your questions. And as usual, please limit yourself to 2 per person so we get around to everybody.

感謝您的聆聽。我們現在將回答您的問題。和往常一樣，請限制每人 2 人，以便我們可以為每個人提供服務。

(Operator Instructions) Our first question today comes from Alvaro Serrano from Morgan Stanley.

（操作員指令）我們今天的第一個問題來自摩根士丹利的阿爾瓦羅·塞拉諾（Alvaro Serrano）。

A couple of questions, please. On the first one, on U.K. NIM. Your guidance, I think I understood the top end of the guidance, the 310 assumes a similar sort of deposit trends as in Q3, i.e., I guess your guidance implicitly says that things could get worse in Q4 in terms of mix and volumes. Can you maybe sort of explain what happened during Q3 and why have you given yourself some room for deteriorating trends? I think most of the guidance from your peers and maybe even yourselves was that once the rate sort of hikes were over, you would see much more stable deposits. So interested to see why you've left yourself some room for deterioration.

請教幾個問題。第一個是英國 NIM。您的指導，我想我理解了指導的最高端，310 假設了與第三季度類似的存款趨勢，即，我猜您的指導隱含地表明，第四季度的情況可能會在組合和數量方面變得更糟。您能否解釋一下第三季發生的事情以及為什麼您給自己一些趨勢惡化的空間？我認為您的同行甚至您自己的大部分指導是，一旦升息結束，您會看到更穩定的存款。很想知道為什麼你給自己留下了一些惡化的空間。

And second point -- second question is on the restructuring charge in Q4. Obviously, your 10% RoTE guidance is now ex this restructuring charge. The question is how much is that going to interfere with the payout and with buybacks that you may announce at the end of the year? Because I would have thought, given the provisions are going much better than expected, you would have had plenty of room to cover potential restructuring without going into your RoTE guidance, but that doesn't seem to be the case. So maybe how should we think about year-end distribution, obviously, capital doing better, but more restructuring costs, maybe sizing that restructuring costs would be helpful.

第二點－第二個問題是關於第四季的重組費用。顯然，您的 10% RoTE 指導現在不包括這項重組費用。問題是，這會對您年底可能宣布的支付和回購產生多大影響？因為我原以為，鑑於規定的進展比預期要好得多，您將有足夠的空間來涵蓋潛在的重組，而無需進入 RoTE 指南，但情況似乎並非如此。因此，也許我們應該如何考慮年終分配，顯然，資本表現更好，但重組成本更多，也許調整重組成本會有所幫助。

Thank you, Alvaro. And thanks for starting off the questioning. I'll take the first one and then I'll pass to Venkat for the second half of that. So let me just talk through U.K. NIM in the third quarter.

謝謝你，阿爾瓦羅。感謝您開始提問。我將選擇第一個，然後我將把第二個一半交給 Venkat。讓我談談第三季英國的淨利差。

And just to level set and reiterate what I said on the call, a basis point of NIM is GBP 20 million annualized, less than 0.1% of group income. What we said at Q2 was that we expected NIM to step down in the third quarter and somewhat stabilize into the fourth. There are a few moving parts within that, and much of it has played out as we expected.

為了確定並重申我在電話會議上所說的話，NIM 的基點是年化 2000 萬英鎊，不到集團收入的 0.1%。我們在第二季所說的是，我們預期淨利差將在第三季下降，並在第四季有所穩定。其中有一些活動部分，其中大部分已經按照我們的預期進行了。

So we've seen a lessening of the impact of mortgage churn. We've seen a continued tailwind from the structural hedges. Actually, deposit pricing played out roughly as we expected, and you can see that, that's negative in the quarter for the first time as we indicated it might be. What's really different is the movement in deposits.

因此，我們看到抵押貸款流失的影響減輕。我們看到結構性對沖帶來了持續的推動力。實際上，存款定價的表現大致符合我們的預期，您可以看到，正如我們所指出的那樣，本季度首次出現負值。真正不同的是存款的變動。

And what I said on the call earlier was that actually, the movement in average deposit is a bit more significant than the quarter end might indicate. And whilst we saw very similar trends to the overall Bank of England movement in current accounts through the quarter, we capture less of that into fixed-term deposits than we might have expected to. And that related purely to the intensity of competition that we saw during the quarter and very intense that particular points.

我之前在電話會議上所說的是，實際上，平均存款的變動比季度末可能顯示的要大一些。雖然我們看到本季經常帳戶的整體趨勢與英格蘭銀行的整體趨勢非常相似，但我們在定期存款中獲得的金額比我們預期的要少。這純粹與我們在本季看到的競爭強度以及非常激烈的特定點有關。

And it's really that that's made the difference. So I would say it's the positive behavior that has somewhat intensified in response to pricing. So previously, we said that we expected that to be more stable in Q4. And that's simply because in Q4, you typically see a deposit stabilization pre-Christmas. We now no longer anticipate that just because of these competitive dynamics, and that's really what's causing us to change that outlook.

這確實是造成差異的原因。所以我想說的是，積極的行為在某種程度上因定價而增強。所以之前我們說過我們預計第四季會更加穩定。這只是因為在第四季度，您通常會在聖誕節前看到存款穩定。我們現在不再僅僅因為這些競爭動態而預測這一點，這才是真正促使我們改變這種前景的原因。

We're not saying that it will be better or worse in the fourth quarter. I think what we are saying is that this customer deposit behavior has been relatively difficult to predict, and that's why we're giving you a range, but indicating to you if we saw something similar, that would be towards the top of that range. So that's the reason for the change in guidance. Venkat?

我們並不是說第四季的情況會更好或更糟。我認為我們所說的是，這種客戶存款行為相對難以預測，這就是為什麼我們給您一個範圍，但向您表明，如果我們看到類似的情況，那將接近該範圍的頂部。這就是指導方針發生變化的原因。文卡特？

Yes. Thanks, Anna. And Alvaro, I'm sure you sort of caught this through the presentation. But just to add on the NIM point for 1 minute. Overall group deposits, as Anna said, BUK NIM is part of our overall NIM. Our overall deposits grew by GBP 7 billion quarter-on-quarter, and our NII is up about 6% year-on-year at GBP 3.2 billion and NIM itself at 3.98% at the group level. Again, 13 bps higher.

是的。謝謝，安娜。阿爾瓦羅，我相信您透過演示已經明白了這一點。但只要加入 NIM 點 1 分鐘。整體團體存款，正如安娜所說，BUK NIM 是我們整體 NIM 的一部分。我們的總存款較上季成長了 70 億英鎊，NII 年成長約 6%，達到 32 億英鎊，集團層級的 NIM 本身成長了 3.98%。再次上漲 13 個基點。

So -- and to think about in the larger context. And also coming back to the restructuring charge, 2 things I would say. One is you should think of this structural cost action as in part of the investor update, which we will provide in February. So what this is, is we have to announce it now because as we work through it, we will likely take a charge in Q4. That's why we announced it now.

所以——並在更大的背景下思考。回到重組費用，我要說兩件事。一是你應該將這種結構性成本行動視為投資者更新的一部分，我們將在二月提供。所以，我們現在必須宣布這一點，因為在我們解決這個問題時，我們可能會在第四季度收取費用。這就是我們現在宣布這一消息的原因。

But you should think of it as not something related to a quarter or the last 2 quarters, but part of the larger structural improvement of efficiency and productivity for the bank.

但你應該將其視為與一個季度或過去兩個季度無關的事情，而是銀行效率和生產力的更大結構性改善的一部分。

As for your specific question, what I would say is a few things. Number 1 is that we very deliberately start this quarter at strong capital position of 14%. And we've got a capital generation of about 130 basis points of CET1 ratio year-to-date. This underpins our ability to return capital to shareholders.

至於你的具體問題，我想說的是。第一個是我們非常刻意地以 14% 的強勁資本狀況開始本季。年初至今，我們的資本產生率約為 CET1 比率 130 個基點。這鞏固了我們向股東返還資本的能力。

As far as our desire, you know we completed a GBP 750 million buyback in the first half, and so total distribution so far this year of GBP 1.2 billion, which is about 30% higher versus the first half of last year. And this really reflects our commitment to return capital to shareholders. We spoke about the efficiencies we're driving across the group.

就我們的願望而言，你知道，我們上半年完成了 7.5 億英鎊的回購，因此今年迄今的總分配額為 12 億英鎊，比去年上半年高出約 30%。這確實體現了我們向股東返還資本的承諾。我們討論了我們正在提高整個集團的效率。

Equally, you should know that we are comfortable to operate in the full range of 13% to 14%, and we have been there in the past. Obviously, any capital action ultimately is approved by the Board and approved by regulators. But from our point of view -- and we'll come back with the details in February. From our point of view, good initial starting position, good capital generation across the bank, understand the importance and the priority to our shareholders of returning capital, willingness to operate through the range.

同樣，你應該知道，我們在 13% 至 14% 的整個範圍內運行是很舒服的，而且我們過去也曾經歷過這樣的情況。顯然，任何資本行動最終都要得到董事會的批准並且得到監管機構的批准。但從我們的角度來看，我們將在二月提供詳細資訊。從我們的角度來看，良好的初始起點，整個銀行良好的資本生成，了解股東資本回報的重要性和優先性，並願意透過範圍進行經營。

The next question comes from Jason Napier from UBS.

下一個問題來自瑞銀集團的 Jason Napier。

Two for me. The first is coming back to the issue of the flagged restructuring charges. Venkat, as you mentioned, capital really strong. And in fact, the Q3 beat alone is GBP 1 billion relative to consensus. And so I guess anything that you could say to provide a rough sense of how much you're looking at spending here. I appreciate this is not the venue at which you wanted to give it. But today, conversations with investors are that there's no -- there seem to be risks on the payout front with no sense of how much cost savings you might be talking about or where in the group you might be looking to be more efficient. Clearly, we think it's the right thing to be doing.

給我兩個。首先是回到所標記的重組費用問題。 Venkat，如你所提到的，資本確實雄厚。事實上，相對於共識而言，光是第三季的預期就達 10 億英鎊。因此，我猜想您可以說的任何內容都可以讓您大致了解您打算在這裡花多少錢。我很高興這不是您想要的舉辦地點。但今天，與投資者的對話是，在支付方面似乎沒有風險，不知道你可能正在談論多少成本節約，或者你可能希望在集團的哪個方面提高效率。顯然，我們認為這是正確的做法。

But the GBP 1 billion beat on CET1 is 7% of annual group costs. You could do a lot with that. So anything you can do to be helpful on what the payback would be for the charges that are already in mind and which are triggering these provisions. That would be the first.

但 CET1 的 10 億英鎊僅佔年度團體成本的 7%。你可以用它做很多事。因此，您可以採取任何措施來幫助了解已經考慮的費用以及觸發這些條款的費用的回報。那將是第一個。

And then secondly, linked to that. At your conference in New York last -- in September last month, a month before, you said you were happy with the mix of business for the group. And so I wonder whether you'd give us a sense as to when you talk about updating investors on capital allocation priorities, whether you're really just talking about what grows faster in future or whether we should have in mind a sense that the present mix of capital allocation is up for debate.

其次，與此相關。上個月，也就是一個月前的九月份，在紐約舉行的會議上，您表示您對集團的業務組合感到滿意。因此，我想知道當您談論向投資者更新資本配置優先事項時，您是否會給我們一種感覺，您是否真的只是在談論未來增長更快的事物，或者我們是否應該牢記當前的情況資本配置的組合有爭議。

Yes. Good questions, Jason. Thank you. Let me begin on both of them, and then I'll let Anna add on any details.

是的。好問題，傑森。謝謝。讓我從這兩方面開始，然後讓安娜添加任何細節。

So on the capital versus the spending, look, this is not the right place to be giving it. I think as I said in the answer to the previous question from Alvaro, we started a good point on capital. We've been accretive on capital and view the spending and the restructuring in the larger term context. I'll let Anna add to that in a minute.

因此，就資本與支出而言，這不是給予它的正確地方。我認為正如我在回答阿爾瓦羅上一個問題時所說的那樣，我們在資本方面開始了一個很好的觀點。我們一直在增加資本，並從更長遠的角度來看待支出和重組。稍後我會讓安娜補充一下。

And on the second thing, what I would say is, I mean, I view the Investor Update in a simple way. It's obviously complex to analyze and execute. But I view the question in a simple way. It is what do you think is the target return that this bank can generate for its shareholders? So what's the RoTE ambition? How is it comprised at the group level and in the individual businesses? How much can it improve in the individual businesses? And therefore, what is it that you wish to fund in that improvement?

關於第二件事，我想說的是，我的意思是，我以一種簡單的方式看待投資者更新。分析和執行顯然很複雜。但我以簡單的方式看待這個問題。您認為這家銀行能為股東帶來的目標回報是多少？那麼 RoTE 的目標是什麼呢？它在集團層級和個體企業中是如何組成的？個體工商戶能提升多少？因此，您希望為這項改進提供哪些資金？

I also said in New York, it's very, very clear that the market values different businesses differently, right? And we obviously have to take that into account in the way in which we think about our capital allocation. And so you sort of put it all together and you use a picture of where we think we want to go.

我還在紐約說過，非常非常明顯，市場對不同企業的估值不同，對嗎？顯然，我們在考慮資本配置時必須考慮到這一點。所以你把它們放在一起，然後使用一張我們認為我們想去的地方的圖片。

But obviously, more details on that later. And then ultimately, once you do that, then to be targeted about saying what is that growth and return you wish to -- you target returning to investors. Because I do absolutely take the point that we don't -- we announced that the buybacks on a half yearly basis, and we should -- we don't have a target out there for that, and that would be something that I think our investors would find desirable. Anna?

但顯然，稍後會有更多細節。最終，一旦你這樣做了，然後就有針對性地說明你希望的成長和回報是什麼——你的目標是回報投資者。因為我絕對認為我們不這樣做——我們宣布每半年回購一次，我們應該——我們沒有為此設定目標，我認為這將是我們的投資者會覺得很合意。安娜？

Thanks, Venkat. And Jason, we're still going through the process of evaluating those actions, as we said. So we haven't come to a finalized list yet. We have called them material. Let me help you a little.

謝謝，文卡特。傑森，正如我們所說，我們仍在評估這些行動。所以我們還沒有敲定最終名單。我們稱它們為物質。讓我幫你一點忙。

You'll note that from our RA, we have called out the year-to-date restructuring charge is around GBP 120 million. So we've shown that to you and told you that it's largely in the U.K. In any typical year, we run it between GBP 200 million or GBP 300 million. So by calling this out, we're really indicating to you that it will be higher than that, but I can't comment on specific levels simply because we haven't finished the work.

您會注意到，在我們的 RA 中，我們已經指出今年迄今為止的重組費用約為 1.2 億英鎊。因此，我們已經向您展示了這一點，並告訴您，這主要發生在英國。在任何典型年份，我們的營運成本都在 2 億英鎊或 3 億英鎊之間。因此，透過指出這一點，我們實際上是在向您表明，它會比這個更高，但我不能僅僅因為我們還沒有完成工作就具體級別發表評論。

But as Venkat said, as we take those decisions, we're extremely focused on future returns, and we understand and are committed to shareholder returns. So that's very much in our mind. The other point around sort of the strength of the capital position. We've been operating with good cost and capital discipline all year. But clearly, it's a foundation of where we step out from in February, and we'll tell you more than. Okay. Thank you. Can we have the next question, please?

但正如文卡特所說，當我們做出這些決定時，我們非常關注未來的回報，我們理解並致力於股東回報。我們非常重視這一點。另一點是資本狀況的力量。我們全年都按照良好的成本和資本紀律運作。但顯然，這是我們二月的基礎，我們會告訴你更多。好的。謝謝。我們可以問下一個問題嗎？

The next question comes from Rohith Chandra-Rajan from Bank of America Merrill Lynch.

下一個問題來自美銀美林的 Rohith Chandra-Rajan。

I just wanted to, sorry, come back on the BUK NIM. And really, the trends that you were seeing on deposits through the third quarter and then what you're seeing so far in October.

抱歉，我只是想回到 BUK NIM。實際上，您在第三季度看到的存款趨勢以及 10 月迄今為止的存款趨勢。

So Anna, you mentioned that the averaging effects was actually worse than the endpoint position, suggesting that actually things got better in September, perhaps. So I was wondering if that's continued in October. So it's really how we should think about sort of the trajectory of those deposit flows through the quarter and then into Q4?

安娜，您提到平均效果實際上比終點位置更差，這表明實際上情況可能在 9 月有所改善。所以我想知道十月是否會繼續這種情況。那麼，我們實際上應該如何思考本季然後進入第四季的存款流動軌跡？

And then just to clarify that when you say if current trends can -- if Q3 trends continue, then you expect to be at the top of the guided range. Is that essentially taking the margin bridge on Slide 15 and excluding the 5 basis points impacts from pricing, is that how to think about that?

然後澄清一下，當您說當前趨勢是否可以 - 如果第三季度趨勢繼續下去，那麼您預計將處於指導範圍的頂部。本質上是採用幻燈片 15 上的保證金橋並排除定價的 5 個基點影響，是這樣考慮的嗎？

Thanks, Rohith. Why don't I take those? So what we really mean by the average endpoint is that the outflows were probably a bit more evenly spread through the quarter than they were in the second quarter, where we saw somewhat of an increase in intensity towards the second half.

謝謝，羅希斯。我為什麼不拿那些？因此，我們所說的平均終點的真正含義是，整個季度的資金流出可能比第二季度更加均勻，我們看到下半年的資金流出強度增加。

And I don't think it was lessened in September at all. There were certainly quite a few headline rates out there that were extremely competitive. In terms of October, I'd just call out the fact that we haven't yet seen the first month's end. So we're still midway through the first month. There's nothing in what we can see so far that's really that's sort of beyond our expectations or out with our own forecast. That's all I can really say at this point in time.

我認為九月的情況根本沒有減少。當然，有不少標題價格極具競爭力。就十月而言，我只想指出我們還沒有看到第一個月的結束。所以我們仍處於第一個月的中期。到目前為止，我們所看到的一切都沒有超出我們的預期或超越我們自己的預測。這就是我此時真正能說的。

But I would just sort of highlight that what we're seeing is the impact of the pricing. In terms of the sort of range of guidance. I mean what we're really saying rather than any particular point on the bridge is that depending on where those deposit flows go, you could end up with a very different exit rates. So that's what we're really calling out to you.

但我想強調的是，我們看到的是定價的影響。就指導範圍而言。我的意思是，我們真正想說的是，而不是橋樑上的任何特定點，根據這些存款流向，你最終可能會得到非常不同的退出率。這就是我們真正呼籲您的。

And clearly, if we saw trends similar to what we saw, i.e., the deposit trends continue, similar to what we saw in Q3, we would be towards the top end of that range, and that would give you a particular jumping off point for 2024.

顯然，如果我們看到的趨勢與我們所看到的趨勢類似，即存款趨勢繼續下去，與我們在第三季度看到的類似，我們將接近該範圍的頂端，這將為您提供一個特定的起點2024 年。

What I would highlight, though, is that the structural hedge continues to protect the NIM overall. And what you have seen over the last quarter is that we've been able to lock in another large chunk, both of 2023 income, but another GBP 300 million to GBP 400 million of '24 and '25 income just because of the way that hedge is rolling month-on-month. So hopefully, that's helpful.

不過，我要強調的是，結構性避險繼續保護整體淨利差。你在上個季度看到的是，我們已經能夠鎖定另一大塊，既包括 2023 年的收入，也包括 24 年和 25 年收入中的另外 3 億至 4 億英鎊，因為對沖正在逐月滾動。希望這會有所幫助。

Yes, that's very helpful. Just a quick follow-up, if I could then. So given that you talked about the hedge into the coming years and you're expecting this deposit stabilization in Q4. I mean, do you have a view going into next year in terms of deposit trajectory, given what you're seeing in terms of competition in the market?

是的，這非常有幫助。如果可以的話，請快速跟進。鑑於您談到了未來幾年的對沖，並且您預計第四季度存款將趨於穩定。我的意思是，考慮到您所看到的市場競爭情況，您對明年的存款軌跡有何看法？

So it's -- what this year has taught us is that customer deposit behavior is quite difficult to call. So what I'm not going to do is give you a 2024 NIM outlook.

所以，今年告訴我們的是，客戶的存款行為很難預測。因此，我不會向您提供 2024 年 NIM 展望。

What I can tell you is that there are 3 factors that we're looking at. One is positive, 1 is neutral, and 1 is more negative. So the positive impact is clearly the impact of the structural hedge. I remember that 2/3 of that goes into the U.K. The more neutral impact is that we do expect and we are seeing that the impacts quarter-on-quarter of mortgage churn are starting to dissipate. Called that out for some time. What is more difficult to call is the impact of this ongoing deposit behavior, both the reduction in deposits because customers are using them in order to manage the broader economic environment, but also then seeking higher rate.

我可以告訴你的是，我們正在考慮三個因素。 1 是積極的，1 是中性的，1 是較消極的。所以正面的影響顯然是結構性避險的影響。我記得其中 2/3 流入英國。更中性的影響是我們所預期的，我們看到抵押貸款流失的季度環比影響開始消散。喊了一段時間。更難以確定的是這種持續存款行為的影響，既包括由於客戶使用存款來管理更廣泛的經濟環境而導致的存款減少，也包括隨後尋求更高的利率。

Difficult to call out when that would stabilize, Rohith. But all I can say is that there are other factors in the mix, most importantly, the structural hedge.

很難說這種情況何時會穩定下來，羅希斯。但我只能說，其中還有其他因素，最重要的是結構性避險。

Our next question comes from Chris Cant from Autonomous.

我們的下一個問題來自 Autonomous 的 Chris Cant。

Two please, 1 on NIM and 1 on RoTE. So I appreciate everything you said about the difficulty in predicting the positive behavior and the fact that the U.K. NIM is not (inaudible) offer, the group revenue dynamic. But obviously, we've had some pretty dramatic shifts in NIM guidance over a few quarters, and there's a huge range possible 4Q exit levels by the range you're now giving us. So a very simple question, please help us hone the or what might happen. What's the average cost of your deposit balance is in the U.K. third quarter and what proportion (inaudible)?

請兩位，一位在 NIM，一位在 RoTE。因此，我很欣賞您所說的關於預測積極行為的困難以及英國 NIM 不是（聽不清楚）集團收入動態這一事實的一切。但顯然，在幾個季度中，我們的淨利差指引發生了一些相當戲劇性的變化，根據您現在給我們的範圍，第四季度的退出水平可能存在很大的變化。這是一個非常簡單的問題，請幫助我們磨練或可能發生什麼。您在英國第三季的存款餘額的平均成本是多少？所佔比例是多少（聽不清楚）？

And then on RoTE, in terms of the risk, the 10% RoTE target inclusive of restructuring charges, if I just kind of run the numbers on your (inaudible) equity for the year-to-date and way far under 4Q. To get to, say, a 9% RoTE, including restructuring charges, that would imply sort of a negative bottom line number for the fourth quarter. You've obviously delivered pretty strong RoTE year-to-date. The fact that you're flagging potentially not being able to hit the greater than 10% RoTE inclusive of restructuring charges implies fourth quarter could be a net loss. Is that the right way for us to be thinking about this?

然後就 RoTE 而言，就風險而言，10% RoTE 目標包括重組費用，如果我只是計算您今年迄今為止（聽不清楚）股本的數字，遠低於第四季度。例如，要達到 9% 的 RoTE（包括重組費用），這將意味著第四季度的底線數字為負。顯然，今年迄今為止，您已經交付了相當強勁的 RoTE。事實上，您指出可能無法達到超過 10%（包括重組費用）的 RoTE，這意味著第四季度可能會出現淨虧損。這是我們思考這個問題的正確方式嗎？

And within that, when you're flagging the GBP 120 million of restructuring charges year-to-date, it is the case that when we get to the fourth quarter, the catch-up to the normal GBP 200 million to GBP 300 million is going to be excluded from your RoTE calculation as well? How are you thinking about that?

其中，當您標記年初至今的 1.2 億英鎊重組費用時，情況是，當我們進入第四季度時，對正常 2 億至 3 億英鎊的追趕是也會被排除在您的 RoTE 計算之外嗎？你覺得怎麼樣？

It's GBP 300 million in the RoTE calculation and then the exceptional charge on top of that excluded, or is the whole amount potentially to be excluded when you calculate your RoTE at the end of the year to assess delivery on that target?

RoTE 計算中為 3 億英鎊，然後排除了除此之外的特殊費用，或者當您在年底計算 RoTE 以評估該目標的交付情況時是否可能排除全部金額？

Okay. Thank you very much, Chris. Why don't I take those 2, and I'm sure Venkat will add if he wants to. So you're right, there has been some considerable movement on the U.K. NIM, particularly over the last quarter.

好的。非常感謝你，克里斯。我為什麼不拿那兩個，我相信如果文卡特願意的話他會加上去的。所以你是對的，英國淨利差發生了一些相當大的變化，特別是在上個季度。

As I said, clearly, that's driven by customer deposit behavior. I would highlight for you that as we look at U.K. NIM, we are actually looking at quite a narrow measure. So in comparison to our peers, remember, they would be including all of the Corporate income an asset base within there. And so really, you should be looking, as you make comparisons to the rest of the U.K., you should be looking across both the U.K. and the Corporate NIM position.

正如我所說，顯然，這是由客戶存款行為所驅動的。我想向您強調的是，當我們研究英國淨利差時，我們實際上正在考慮一個相當狹窄的衡量標準。因此，請記住，與我們的同行相比，他們將把所有公司收入都納入資產基礎。因此，實際上，當您與英國其他地區進行比較時，您應該關注英國和企業 NIM 的情況。

And we don't disclose the average rate paid on our deposits, although what we have given you this time to be more helpful is a split of our deposit balances. And indeed, how that has trended over time, and it's showing very clearly that movement into term as you would expect and as many have commented from Bank of England data.

我們不會透露存款的平均利率，儘管我們這次為您提供的更有幫助的是我們存款餘額的分割。事實上，隨著時間的推移，這種趨勢是如何發展的，它非常清楚地表明，正如您所期望的那樣，正如許多人對英格蘭銀行數據的評論一樣，進入期限的趨勢。

On your second question. So to be clear, what we are not doing is giving any kind of PBT forecast for the fourth quarter here, and it wouldn't be appropriate for us to do so. Not least we haven't concluded our assessment of the structural actions that we may take. Mainly what we're calling out is a few things.

關於你的第二個問題。因此，需要明確的是，我們不會在這裡對第四季度的 PBT 做出任何類型的預測，而且這樣做也不合適。尤其是我們還沒有完成對我們可能採取的結構性行動的評估。我們主要呼籲的是一些事情。

Firstly, we're clearly going into the fourth quarter with good rating momentum. We've delivered 12.5% year-to-date, somewhat ahead of consensus. However, the fourth quarter does have some seasonal impacts on it. So typically, we see lower CIB income.

首先，我們顯然將以良好的評級勢頭進入第四季度。今年迄今為止，我們已經實現了 12.5%，略高於共識。不過，第四季確實對其產生了一些季節性影響。因此，我們通常會看到 CIB 收入較低。

Typically, we see higher impairment in U.S. cards, in particular, simply because of the seasonality in spending. We also see impact from the bank levy, and we've just given you an indication that we see a continuation of deposit trends in the U.K.

通常情況下，我們會看到美國信用卡的減損較高，尤其是因為支出的季節性。我們也看到了銀行徵稅的影響，我們剛剛向您表明，我們看到英國的存款趨勢將持續下去。

So not saying anything more than that in that typically, you expect RoTE to be lower in the fourth quarter than in the preceding 3. And to the extent that we take decisions in that fourth quarter, that may impact the RoTE.

因此，通常情況下，您預計第四季度的 RoTE 會低於前三個季度。就我們在第四季度做出的決定而言，這可能會影響 RoTE。

Now as we do so, we are very focused on future returns for the business. So our overall objective here is to improve the returns of the business through time. Clearly, efficiency and effectiveness is a key part of that. So we're just calling out our intention to continue that cost focus for the business.

現在，當我們這樣做時，我們非常關注業務的未來回報。因此，我們的總體目標是隨著時間的推移提高業務回報。顯然，效率和有效性是其中的關鍵部分。因此，我們只是表明我們打算繼續專注於業務的成本。

Yes. And I cannot emphasize that last point, Anna. I cannot emphasize too much that last point which Anna made, which is that think about this in terms of the investor update in February and the longer-term plans of productivity and efficiency in the stack.

是的。我不能強調最後一點，安娜。我不能過分強調安娜提出的最後一點，那就是從二月份的投資者更新以及堆疊中的生產力和效率的長期計劃來考慮這一點。

If I could just follow up on the RoTE point, first, please. I mean year-to-date, you've done GBP 4.4 billion in profit. Your average tangible is probably going to be something like GBP 47 billion for the year. So you're pretty much all the way there to delivering a 10% RoTE on the 9 months to date.

請先讓我跟進 RoTE 問題。我的意思是，今年迄今為止，您已經實現了 44 億英鎊的利潤。今年的平均有形資產可能約為 470 億英鎊。因此，到目前為止，您幾乎已經在 9 個月內實現了 10% 的 RoTE。

So to get to a point where you're flagging to us that you might not do great than 10 for the full year. Would be -- I mean, I think, unless I'm missing something there, the math implies potentially very, very superior for restructuring charges. But am I missing something there? I mean, it doesn't seem -- in the context of a debate where perhaps I had some investors asking whether you might be announcing a surprise by -- this is obviously kind of top of mind to your investor base, how you're going to be balancing these things. Are we looking at potentially greater than a bit of restructuring or cost to achieve or whatever we're going to be titling it in the fourth quarter. I mean, that's the math, even except to the point we made about seasonality, et cetera.

因此，您向我們表明您全年的成績可能不會超過 10 分。我的意思是，我認為，除非我遺漏了一些東西，否則數學意味著重組費用可能非常非常優越。但我是不是錯過了什麼？我的意思是，在一場辯論的背景下，也許我有一些投資者問你是否會宣布一個驚喜，這顯然不是你的投資者群體最關心的事情，你如何將平衡這些事情。我們是否正在考慮潛在的更大的重組或實現成本或我們將在第四季度命名的任何內容。我的意思是，這就是數學，即使我們關於季節性等問題除外。

So Chris, I understand the math of what you're putting in front of me. I'm going to say the same thing that we have not yet concluded on those plans to the extent that we do, we will update the market further at full year, both in terms around the cost, but also the ongoing impact that we would expect them to have just as investors do distributions on top of our mind, too, as Venkat pointed out.

克里斯，我明白你擺在我面前的數學原理。我要說的是，我們尚未就這些計劃得出同樣的結論，我們將在全年進一步更新市場，無論是在成本方面，還是在我們將持續產生的影響方面。正如文卡特（Venkat）指出的那樣，我們也希望他們能夠像投資者進行分配一樣首先考慮。

So as we take these decisions, we will be extremely mindful. And as you said previously, we go into the fourth quarter very deliberately at the top end of our capital range.

因此，當我們做出這些決定時，我們會非常謹慎。正如您之前所說，我們非常謹慎地在資本範圍的高端進入第四季度。

And on the deposit cost point, if I could just on that as well, please. I mean how -- if I frame it slightly differently, how do you expect investors to be able to take a view on what might happen with the U.K. NIM unless we're armed with basic information about what you're currently paying on deposits relative to the types of offers that are out there in the market.

關於存款成本問題，如果我也可以的話，請。我的意思是，如果我的框架略有不同，你如何期望投資者能夠對英國淨息差可能發生的情況發表看法，除非我們掌握了有關你目前支付的相對存款金額的基本信息。市場上的報價類型。

You flagged a competitive offer as a key driver for the fact you're reguiding them lower and seeing deposit attrition. But we don't know how much better those rates are relative to what you're currently paying or have been paying earlier in the year. It's very difficult for us to take a view on what's going to (inaudible) without that?

您將有競爭力的報價標記為關鍵驅動因素，因為您正在降低他們的指導並看到存款流失。但我們不知道這些費率相對於您目前支付的費用或今年早些時候支付的費用來說好多少。如果沒有這個，我們很難了解將會發生什麼事（聽不清楚）？

So Chris, all I would say is that we price competitively, but not on commercially. And if you look at the -- our savings pricing is very, very clearly indicated both on our website and maybe in any branch. You will see that we are competitively positioned across our term deposits, across our ICEs, across our instant access, for example, rainy day saver. So we don't genuinely believe that there's something is priced in our savings franchise. We're happy with it. From quarter-to-quarter, you will see other competitors operating in a different way. Okay. Next question, please.

所以克里斯，我想說的是我們的價格具有競爭力，但不是商業上的。如果你看一下——我們的儲蓄定價在我們的網站上以及可能在任何分支機構都非常非常清楚地標明。您會發現我們在定期存款、ICE、即時存取（例如，下雨天儲蓄）方面都處於競爭地位。因此，我們並不真正相信我們的儲蓄特許經營權中有某些東西是定價的。我們對此很滿意。每個季度，您都會看到其他競爭對手以不同的方式運作。好的。請下一個問題。

The next question comes from Guy Stebbings from BNP Paribas.

下一個問題來自法國巴黎銀行的蓋伊·斯特賓斯。

A couple of questions on deposits, firstly, the U.K. and then outside the U.K. So first, I'm just trying to understand the comment that pricing played out as expected. Are you talking to Barclays or for the industry, as I would think about pricing and then movement in deposits for individual institutions is very much linked, have you priced up more in line with some peers, then the balance wouldn't have been such a headwind. So perhaps you could clarify that one. I'm just trying to think about in the context of how you might want to react more to protect balances in the future in a competitive marketplace.

關於存款的幾個問題，首先是英國，然後是英國以外的地區。所以首先，我只是想理解有關定價按預期發揮作用的評論。您是在與巴克萊銀行還是在行業中交談，因為我會考慮定價，然後各個機構的存款變動密切相關，如果您的定價與某些同行更加一致，那麼餘額就不會如此逆風。也許你可以澄清這一點。我只是想考慮一下您可能希望如何做出更多反應以保護未來在競爭激烈的市場中的平衡。

And then outside the U.K., clearly, that was much stronger. Could you just give a bit more color on what you're seeing, what the strategy is there? And sort of are you having to pay up? Or is this very much profitable deposit growth that you're seeing outside the U.K.?

顯然，在英國以外的地區，這種情況要強烈得多。您能否對您所看到的情況以及其中的策略提供更多資訊？你需要付錢嗎？或者您在英國以外看到的存款成長是否非常有利可圖？

Okay. Thanks, Guy. I'll take both of those. So what I meant by the pricing was as we expected. Clearly, we knew at Q2, when we reported to you the price changes we were going to make, and therefore, that deposit bucket, the one that's called bank rate is broadly as we expected it to be.

好的。哥們，謝啦。我會接受這兩個。所以我所說的定價是我們所期望的。顯然，我們在第二季度就知道，當我們向您報告我們將要進行的價格變化時，因此，存款桶，即所謂的銀行利率，大致正如我們預期的那樣。

Now what subsequently happened to both the level and mix of deposits is much more driven by the external competitive environment and that's what we are calling out. And very similar to what I just said, Chris, we are happy with the overall level of our savings pricing. Our strategy is to encourage our customers to develop healthy savings habits. We are pricing to, as far as possible, maintain our franchise rather than attract top money, and we will price competitively but not uncommercially. So to the extent that we see competitive pricing going in that direction, then obviously, we would not follow it.

現在，存款水準和結構的變化更多是由外部競爭環境所驅動的，這就是我們所呼籲的。與我剛才所說的非常相似，克里斯，我們對儲蓄定價的整體水平感到滿意。我們的策略是鼓勵客戶養成健康的儲蓄習慣。我們的定價是為了盡可能維持我們的特許經營權，而不是吸引頂級資金，我們的定價將具有競爭力，但並非不商業化。因此，如果我們看到有競爭力的定價朝著這個方向發展，那麼顯然我們不會遵循它。

I think the other thing, just to put in the mix as everybody is looking at the impact of the U.K. NIM, please do not discount the impact of impairment. So all of this behavior, this conservatism and behavior, is also flowing through into the impairment line, and the U.K. impairment has been lower than consensus for 9 successive quarters. So it's just worth bearing that in mind.

我認為另一件事是，考慮到每個人都在關注英國淨利差的影響，請不要低估減損的影響。因此，所有這些行為，這種保守主義和行為，也都流入了減損線，而英國的減損已經連續 9 個季度低於共識。所以值得牢記這一點。

And second point that you asked about, which is around the deposits elsewhere. I mean, in a high rate, persistently high inflationary environment, we would expect to see a high level deposits flow from retail customers towards Corporates. That's exactly what we see and given our franchise, that is what you're observing. So U.K. Corporate deposits are very stable. You see some migration, but very stable in totality.

你問到的第二點是關於其他地方的存款。我的意思是，在高利率、持續高通膨的環境中，我們預計會看到大量存款從零售客戶流向企業。這正是我們所看到的，並考慮到我們的特許經營權，這就是您所觀察到的。所以英國的企業存款非常穩定。你會看到一些遷移，但總體上非常穩定。

And what we've seen in the quarter is a continued inflow more from global corporates, that's particularly a fairly long tenor term funding competitively priced, but good for the deposit franchise overall. So very much a continuation of what we called out actually in Q2 and indeed Q1.

我們在本季看到的是來自全球企業的持續資金流入，尤其是價格具有競爭力的長期融資，但總體而言有利於存款業務。這很大程度上是我們在第二季和第一季中實際呼籲的內容的延續。

If I may just step in and emphasize the point Anna made about the link between deposits and impairment. I think it's -- to me, it's one of the interesting things that we've seen, where we've seen people using their deposits to pay down debt in -- whether it's mortgages or other things.

請容許我介入並強調安娜關於存款與減損之間聯繫的觀點。我認為對我來說，這是我們看到的有趣的事情之一，我們看到人們用存款來償還債務，無論是抵押貸款還是其他債務。

One, it showed that they had the ability to do it. So obviously, it's helpful with impairment. It also gives you an idea of the type of credit quality of customer we have, which I think is a good thing. So as Anna said, 9 quarters of continuously of positive surprises, meaning lower impairments than consensus in the U.K. and people using deposits to pay down debt, it's only good thing about credit quality.

第一，這表明他們有能力做到這一點。顯然，這對治療傷害很有幫助。它還可以讓您了解我們客戶的信用品質類型，我認為這是一件好事。因此，正如安娜所說，連續 9 個季度出現積極驚喜，意味著英國的減值低於共識，而且人們使用存款來償還債務，這對信用品質來說是唯一的好事。

Okay. Thank you, Guy. Next question, please.

好的。謝謝你，蓋伊。請下一個問題。

The next question comes from Benjamin Toms from RBC.

下一個問題來自加拿大皇家銀行的本傑明·湯姆斯。

Firstly is around just some recent press speculation that you're looking to sell a stake in your U.K. merchant acquiring business. I know you don't want to comment on that directly. So perhaps the best way to phrase the question is to ask what you think is the best way of Barclays generating value out of this U.K. merchant acquiring business going forward?

首先，最近有一些媒體猜測您正在尋求出售英國商業收單業務的股份。我知道你不想直接對此發表評論。因此，也許表達這個問題的最佳方式是問您認為巴克萊銀行未來從英國商業收單業務中創造價值的最佳方式是什麼？

And then secondly, I noted your statement around the PRA Rules being the most relevant to the expected impact under Basel 3.1. In that context, the regulator gave a managed house speech last week. Our interpretation about that speech is that we'll likely see a softening of the rules around Basel 3.1 when they're announced later this year and in May 2024. Would you agree with that assertion?

其次，我注意到您關於 PRA 規則的聲明與巴塞爾 3.1 的預期影響最相關。在這種背景下，監管機構上週發表了託管房屋演講。我們對演講的解讀是，當今年稍後和 2024 年 5 月宣布巴塞爾 3.1 相關規則時，我們可能會看到這些規則的軟化。您同意這一說法嗎？

Right. Benjamin, let me take both of them. First of all, on the U.K. merchant acquiring business, I think we are fortunate that we've got a business that has both issuances and acceptance. And it is very much a business which is targeted at Corporates and SMEs. And it's -- and what it does is that it adds another quiver to our arrow, it's a very positive quiver to our arrow when we deal with them. We provide them transaction services. We provide them mortgage-based banking, foreign exchange services and then payments, so merchant acquiring.

正確的。班傑明，讓我把他們兩個都帶走。首先，在英國商家收單業務上，我認為我們很幸運，我們有一個既發行又承兌的業務。這在很大程度上是一項針對企業和中小企業的業務。它的作用是為我們的箭頭增加另一個箭袋，當我們處理它們時，這是一個非常積極的箭袋。我們為他們提供交易服務。我們為他們提供基於抵押貸款的銀行業務、外匯服務，然後是支付服務，即商業收單服務。

The business itself overall is very good. I think there's a broader strategic question for us, which other banks have faced, which is it's a very technology-driven business. How well do you -- what is your competitive advantage in this? Is your competitive advantage in developing the technology or in implementing the technology of building machines which you put with clients? Or is your competitive advantage in helping service them as part of a larger set of banking services? That's the question we are looking at.

生意本身整體來說是非常好的。我認為我們面臨著一個更廣泛的策略問題，其他銀行也面臨這個問題，那就是這是一項非常技術驅動的業務。你在這方面做得怎麼樣──你的競爭優勢是什麼？您在開發技術或實施向客戶提供的製造機器技術方面是否具有競爭優勢？或者您的競爭優勢是幫助他們作為更大的銀行服務的一部分提供服務嗎？這就是我們正在研究的問題。

And then I think the commercial arrangement will come out of the answer to that question. So that's the way we are thinking about that business.

然後我認為商業安排將來自這個問題的答案。這就是我們思考該業務的方式。

As far as Basel 3.1 goes, I would say 2 things. I also mentioned our speech with interest. I think the U.K. rules are solidifying. They were probably on the market risk side, resemble the U.S. routes. And it is still too soon to say how much of an impact, what kind of changes going forward there are from what we've seen. So I don't want to sort of comment 1 way or another. I mean, the only thing I would say on this more broadly is, I think at the end of the day, I know there's some commentary from the U.S. banks that the impacts are greater on them.

就巴塞爾 3.1 而言，我想說兩件事。我也饒有興趣地提到了我們的演講。我認為英國的規則正在鞏固。它們可能處於市場風險方面，類似於美國航線。從我們所看到的情況來看，現在判斷影響有多大、未來會發生什麼樣的變化還為時過早。所以我不想以某種方式發表評論。我的意思是，我對此唯一要更廣泛地說的是，我認為歸根結底，我知道美國銀行有一些評論稱這對他們的影響更大。

But these capital regimes, and we've been under the U.K. capital regime, of course, these capital regimes are very difficult to calculate apple-for-apple. And so I think at the end of it, when you look at what the Fed has done and when you look at what the Bank of England has done, what you're probably going to have is roughly comparable capital regimes between the U.S. and the U.K., roughly comparable.

但是這些資本製度，我們一直在英國的資本製度下，當然，這些資本製度很難逐一計算。因此，我認為最後，當你看看聯準會和英格蘭銀行所做的事情時，你可能會看到美國和英國之間的資本製度大致相當。英國，大致相當。

So I will just round that off. I think, Ben, we're obviously -- we note these features with interest. But we're waiting the final rules both from the U.S. and in the Europe, U.K. and elsewhere. And of course, we don't yet know what the impact of any changes around Pillar 2 might be.

所以我將把它四捨五入。我想，本，我們顯然很感興趣地註意到這些功能。但我們正在等待美國以及歐洲、英國和其他地方的最終規則。當然，我們還不知道第二支柱的任何變化可能會產生什麼影響。

So until we see it in print, still some uncertainty. So we continue to guide to that 5% to 10% that we've given you before earning towards probably the bottom end of that range. But thank you for the question. Next question, please.

因此，在我們看到它印出來之前，仍然存在一些不確定性。因此，我們將繼續指導您先前獲得的 5% 到 10% 的收入，可能是該範圍的下限。但謝謝你的提問。請下一個問題。

The next question comes from Jonathan Pierce from Numis.

下一個問題來自 Numis 的 Jonathan Pierce。

Two from me again, please. The first, I just wondered what was in the 7 basis points other, drag that's coming through in the U.K. NIM in the quarter. And I think you described it in with the e-mail as product mix. But is it just that? Or is there some treasury effect coming through there, again, like we saw earlier in the year? And if so, how large?

請再給我兩封。首先，我只是想知道本季英國淨利差 (NIM) 中出現的 7 個基點的其他阻力是什麼。我認為您在電子郵件中將其描述為產品組合。但僅此而已嗎？或者是否會再次出現一些財政效應，就像我們今年早些時候看到的那樣？如果是的話，有多大？

The second question is, to just focus on one of the bright spots of today's numbers, the TNAV. Very powerful move in the third quarter, and the cash flow hedge reserve seems to buy by about 20%, I'm thinking in just 3 months. I don't want to preempt anything you're going to say for the year on new financial targets and the like. But are you completely comfortable that in the medium term, clearly next year in 2025, that you can still do sort of greater than 10% RoTE target as it is today, all in, including any additional structure cost actions and making through next year against this quite powerful move up in the TNAV because there's nothing to suggest the TNAV isn't going to keep moving up at pace from here. So those are the 2 questions, please.

第二個問題是，只專注於今天資料的亮點之一，即 TNAV。第三季的舉措非常有力，我認為在短短 3 個月內，現金流對沖儲備似乎購買了約 20%。我不想搶佔你今年要說的關於新財務目標等的任何內容。但您是否完全放心，從中期來看，顯然是明年 2025 年，您仍然可以像今天一樣實現超過 10% RoTE 的目標，包括任何額外的結構成本行動以及明年的目標TNAV 的上漲非常強勁，因為沒有任何跡象表明TNAV 不會從這裡繼續以相同的速度上漲。這是兩個問題。

Okay. Thanks, Jonathan. I will take both of those. So in the 7 bps other, it is product. It contains pretty much everything else that isn't to the left. There's nothing significant in there individually with the bps cards. There's a bps business banking as we see the government-backed lending being paid down. There's also a little bp on Barclays Partner Payments, Barclays Partner Finance rather. And you might recall that we said that we were pausing new business in that space what we replatformed that business technology-wise, because that's unsecured, although it's small, it can have an impact on NIM. So nothing more than that, nothing specifically in treasury to call out at all.

好的。謝謝，喬納森。我會接受這兩個。所以在 7 個基點中，它是乘積。它幾乎包含左側以外的所有其他內容。單獨的 bps 卡沒有什麼重要意義。當我們看到政府支持的貸款得到償還時，商業銀行業務出現了基點。巴克萊合作夥伴支付（Barclays Partner Payments）、巴克萊合作夥伴金融（Barclays Partner Finance）也有小幅上漲。您可能還記得，我們​​說過我們正在暫停該領域的新業務，我們在業務技術方面重新建立了平台，因為這是不安全的，儘管它很小，但它可能會對 NIM 產生影響。因此，僅此而已，財政部沒有什麼特別值得指出的。

On TNAV, clearly, that has moved significantly in the quarter. In part, that is actually a reversal of what you saw from the beginning of the year. So just to sort of unpack this a little bit. Clearly, what drives TNAV over time is attributable profit and us driving good returns as we have done this quarter. So that's 8 basis points. There was also 3 basis points that came from the fact that we conducted a large part of the share buyback by the end of the quarter, and this is obviously a per share measure.

顯然，就 TNAV 而言，本季情況發生了顯著變化。在某種程度上，這實際上與今年年初所看到的情況相反。所以只是稍微解開這個問題。顯然，隨著時間的推移，驅動資產淨值的因素是應占利潤和我們帶來的良好回報，就像我們本季所做的那樣。所以這是8個基點。還有 3 個基點，因為我們在季度末進行了大部分股票回購，這顯然是每股指標。

You're right to call out the cash flow hedge reserve, which was 10p in this single quarter. But if you look at the disclosures at the back of the results announcement, actually, you can see that quarter-to-quarter, these reserve movements can be relatively material. And the third quarter just unwound the position from the beginning of the year. And what's actually going on here is that as rates fell back a little bit in the third quarter, the negative drag from that cash flow hedge reserve, just lessened a little bit. But that was just unwinding.

你正確地指出了現金流對沖儲備，本季為 10 便士。但如果你看一下業績公告後面的揭露，實際上，你可以看到，按季度計算，這些準備金變動可能相對較大。第三季剛解除了年初的部位。實際上，隨著第三季利率略有回落，現金流對沖儲備的負面影響略有減輕。但這只是放鬆而已。

You might recall in the second quarter, there was a big move in the opposite direction that actually depressed TNAV. So really, as we think going forward from here, we try and strip out that kind of quarter-to-quarter volatility. What we're really focused on is the accretion of profit and driving robust returns, and that's really what we'll come back to you on in February.

您可能還記得，在第二季度，出現了相反方向的大幅波動，實際上壓低了 TNAV。因此，實際上，當我們從現在開始思考時，我們會嘗試消除這種季度與季度之間的波動。我們真正關注的是利潤的增加和強勁的回報，這也是我們將在二月向您回复的真正內容。

Okay. Thank you, Jonathan. Next question, please?

好的。謝謝你，喬納森。請下一個問題？

The next question comes from Adam Terelak from Mediobanca.

下一個問題來自 Mediobanca 的 Adam Terelak。

I want to come back to deposits and competition for deposits again. Clearly, you've been surprised in the quarter by the level of competition out there. But the comments you're giving us back is very much that you're confident in your current pricing I mean, what needs to change in terms of the level of competition out there for that, for your view on that to change.

我想再次回到存款和存款競爭。顯然，本季的競爭程度讓您感到驚訝。但您給我們的評論非常表明您對當前的定價充滿信心，我的意思是，就競爭水平而言，需要做出哪些改變，才能改變您對此的看法。

If you look at your savings rates, they're clearly a step below your closest peers. And from what we can see in the data, then you're losing deposits that whilst pricing up might be a threat to NIM, at least you're keeping deposits on the platform. So I just want to kind of understand your approach to competition short term but also medium term, if these very competitive rates continue to stay out there.

如果您查看您的儲蓄率，您會發現它們顯然比您最接近的同行低了一步。從我們在數據中看到的情況來看，你會損失存款，雖然定價可能對 NIM 構成威脅，但至少你在平台上保留了存款。因此，我只是想了解你們的短期和中期競爭方式，如果這些非常有競爭力的價格繼續保持下去的話。

And second, you mentioned on the hedge, the hedge comes down in relation to your hedgeable deposits. If I look at the disclosure you've given us today, then it looks like you're hedging much, much more of your savings products than your peers. So I'd just like to get a bit more color around how you run that hedge versus your deposits, what your hedgeable deposits actually are and how you see those developing over the next couple of quarters.

其次，您在對沖方面提到，對沖的下降與您的可對沖存款有關。如果我看看您今天向我們提供的披露信息，那麼您似乎比同行對沖了更多的儲蓄產品。因此，我想進一步了解您如何對沖您的存款，您的可對沖存款實際上是什麼，以及您如何看待未來幾季的發展。

Okay. Thanks, Adam. Why don't I take those, and I'm sure Venkat might add particularly on pricing. So as I said in the previous answer, we are pretty comfortable with the way that we are placed on our pricing. Clearly, there is a difference in competitive pricing across the industry between what we describe as bigger banks and challenger banks. You might have a different need for liquidity particularly over the next couple of years as TFSME runs off. So we are mindful of that.

好的。謝謝，亞當。我為什麼不接受這些，而且我確信 Venkat 可能會特別在定價方面添加內容。正如我在先前的回答中所說，我們對我們的定價方式感到非常滿意。顯然，我們所說的大型銀行和挑戰者銀行之間在整個行業的競爭性定價方面存在差異。您可能對流動性有不同的需求，尤其是在未來幾年，隨著 TFSME 的耗盡。所以我們注意到這一點。

And we keep our savings pricing under review. But as we are making savings decisions, we think about the franchise and we think about our liquidity and our balance sheet. Those decisions will be different bank-by-bank and institution-by-institution.

我們會不斷審查我們的儲蓄定價。但當我們做出儲蓄決定時，我們會考慮特許經營權，並考慮我們的流動性和資產負債表。這些決定因銀行和機構而異。

I wouldn't comment further than that. In terms of the hedge, our hedge strategy has been very, very consistent over the last few years. So what we do is we identify rates sensitive balances. We exclude those from the hedge. And then on top of that, we maintain a buffer and we hedge the remaining balance. We monitor that hedge on a monthly basis. And what you can see year-to-date is that we have trended our corporate hedge thus far. We do that by making the decision to pause all or part of the role month-by-month. And those are active decisions that we take.

除此之外我不會發表更多評論。在對沖方面，我們的對沖策略在過去幾年中一直非常非常一致。因此，我們要做的就是確定對利率敏感的餘額。我們將這些排除在對沖之外。除此之外，我們維持緩衝並對剩餘餘額進行對沖。我們每月監控該對沖。今年迄今為止，您可以看到我們迄今為止的企業對沖趨勢。為此，我們決定每月暫停全部或部分角色。這些都是我們所做的積極決定。

So we've got ample opportunities to adjust that hedge as we see deposits behavior changing. As compared our hedge strategy versus competitors, I wouldn't comment on it.

因此，當我們看到存款行為發生變化時，我們有充足的機會來調整對沖。與我們的對沖策略與競爭對手相比，我不會對此發表評論。

Just a follow-up then, does that imply you see rate insensitive balances within your savings accounts disclosure today?

那麼，這是否意味著您今天在儲蓄帳戶披露中看到了對利率不敏感的餘額？

There are some balances within our deposits overall. They are rate insensitive. So much of our current accounts would be rate insensitive simply because they relate to operational deposits. That will be true in the U.K. as it is in the Corporate Bank, as it is in the Private Bank, although you'd expect those constituents to behave differently.

我們的存款總體上有一些餘額。它們對速率不敏感。我們的許多經常帳戶對利率不敏感，只是因為它們與營運存款有關。這在英國、公司銀行和私人銀行都是如此，儘管你預期這些成分的行為會有所不同。

So that is certainly true. There is also some rate insensitivity and savings because customers and indeed Corporate do use some of the savings balances sort of rainy day fund simplistically. And particularly in the instant access accounts, we see customers turning over their savings within the period of about 1 year, for example. So we have demonstrable evidence of that insensitivity, Adam.

所以這確實是真的。還有一些利率不敏感和儲蓄，因為客戶和企業確實簡單地使用了一些儲蓄餘額，就像下雨天基金一樣。例如，特別是在即時存取帳戶中，我們看到客戶在大約一年的時間內就將其存款轉完。所以我們有明顯的證據證明這種麻木不仁，亞當。

Okay. Thank you. Next question, please?

好的。謝謝。請下一個問題？

The next question comes from Edward Firth from Stifel.

下一個問題來自 Stifel 的愛德華‧佛斯 (Edward Firth)。

Yes. Can I just ask you, just trying to get the implications right for sort of '24 and '25 now. Because if I look at your -- the math correctly, and I suppose I'm just checking my math here. It looks like you've got an exit margin of somewhere around 290 into next year. And I guess we would imagine that that's going to continue to deteriorate because a lot of these deposit trends are long-term trends. If you look back to the last time, interest rates were 5%. The structure of deposit franchise was completely different, and the margins were much, much smaller than you're getting today. If that is the case, that looks to me like we're looking at maybe GBP 500 million, GBP 600 million of consensus for next year just for net interest income. And yet consensus is only looking at a 10% return on tangible even now.

是的。我可以問你嗎，只是想弄清楚現在對「24」和「25」的影響。因為如果我正確地看待你的數學，我想我只是在這裡檢查我的數學。看起來您明年的退出利潤約為 290 美元。我想我們會認為這種情況會繼續惡化，因為許多存款趨勢都是長期趨勢。如果你回顧上次，利率是 5%。存款特許經營權的結構完全不同，而且利潤比今天小得多。如果是這樣的話，在我看來，我們明年的淨利息收入可能會達到 5 億英鎊、6 億英鎊的共識。然而，即使是現在，共識也只關注 10% 的有形回報率。

So where do we get -- I mean, I assume you want 10% to be some sort of a base. You wouldn't want to be delivering lower than that. Is it the cost? Is it the cost program? Is that -- should we be looking at the cost program to offset that? Is that where the difference comes from? Or how else can we get ourselves back to 10%? Or should we be thinking that actually, that is a risk now?

那麼我們從哪裡得到——我的意思是，我假設你想要 10% 作為某種基礎。您不會希望交付低於這個數字。是成本嗎？是成本計劃嗎？那是——我們應該考慮成本計劃來抵消這一點嗎？這就是差異的來源嗎？或者我們還能怎麼讓自己回到10%？或者我們應該認為這實際上是一個風險？

Okay. Let me take that, and I'm sure Venkat will add. So what we've done is -- so I'm not going to comment on the exit rate from Q4. What we've done is we've given you a range as we told you what will happen if we see similar deposit trends.

好的。讓我接受，我相信文卡特會補充。所以我們所做的是——所以我不會對第四季度的退出率發表評論。我們所做的是給您一個範圍，告訴您如果我們看到類似的存款趨勢會發生什麼。

Yes. But I just check my math. That was how many. It used to be 310. We know what 3 are, okay, that is (inaudible) That's great.

是的。但我只是檢查我的數學。那是多少。以前是 310。我們知道 3 是什麼，好吧，那就是（聽不清楚）那太好了。

Yes. So your math, as I would expect, I'm sure is very robust. As we said before, it may or may not deteriorate next year. I mean we've got a real tailwind from the hedge. So I'm going to go back to that.

是的。所以，正如我所期望的那樣，我確信你的數學非常可靠。正如我們之前所說，明年情況可能會惡化，也可能不會惡化。我的意思是，我們從樹籬中得到了真正的順風。所以我要回到那個話題。

Secondly, we've got this neutralization of the mortgages month-to-month. And then you have ongoing deposit behavior. So you're right to say that we're in a different place to where we were sort of -- and we're going all the way back to 2006, 2007. I mean, I want to remind you that at that point, the liquidity positions of the very large banks was very different. So all of the large banks were running loan-to-deposit ratios well in excess of 100%, 150%, 160%, 170%, in some instances. And therefore, those fixed term deposits were essentially being used in lieu of wholesale funding to a large part. So it's a different structural market overall.

其次，我們已經逐月抵銷了抵押貸款。然後你就會有持續的存款行為。所以你說我們正處於一個與之前不同的地方——我們會一直回到 2006 年、2007 年。我的意思是，我想提醒你，在那個時候，大型銀行的流動性狀況差異很大。因此，所有大型銀行的貸存比率在某些情況下都遠遠超過 100%、150%、160%、170%。因此，這些定期存款在很大程度上基本上是用來取代批發融資的。因此，總體而言，這是一個不同的結構市場。

So I'm not going to comment on where we end, but I would urge you to consider that. In terms of the -- so we then made a jump from the BUK to Group. So a percentage point or a bit of the U.K. RoTE is GBP 20 million, that is 0.1% of group income. So in all of these considerations, we need to consider the rest of the group.

所以我不會評論我們的結局，但我會敦促你考慮這一點。就 - 所以我們然後從 BUK 跳到了 Group。因此，英國 RoTE 的一個百分點或一點點就是 2,000 萬英鎊，也就是集團收入的 0.1%。因此，在所有這些考慮因素中，我們需要考慮團隊的其他成員。

So yes, the U.K. NIM is stepping back a bit. But we're also in a position where actually, the market-for-market and particularly banking is significantly depressed. So banking is coming off a decade below. We've seen pretty low levels of unsecured lending in the U.K., relatively muted demand for wholesale debt, both in SMEs and in Corporate. And of course, if you look across into CC&P, the U.S. cards business continues to grow and the private bank continues to grow.

所以，是的，英國 NIM 正在退一步。但事實上，我們也處於市場對市場尤其是銀行業嚴重低迷的境地。因此，銀行業將在十年後崛起。我們看到英國的無擔保貸款水準相當低，中小企業和企業對批發債務的需求相對較低。當然，如果你看看 CC&P，你會發現美國信用卡業務持續成長，私人銀行也持續成長。

So I think -- so I take the math point on the U.K., but it is a relatively small part of the group. You're right to call out efficiency. We're very focused on that. We see that as a key part of driving our returns. And obviously, we'll come back to you with the whole picture in February.

所以我想——所以我把數學點放在英國，但它只是這個群體中相對較小的一部分。你說的效率是對的。我們非常關注這一點。我們認為這是推動回報的關鍵部分。顯然，我們會在二月份向您提供完整的情況。

Yes. And I would just add on the efficiency part of the structural cost actions. Think of it as a longer-term approach to increasing the growth of this bank. That's what the efficiency is about. It's not about making ledger work.

是的。我只想補充結構性成本行動的效率部分。將其視為促進該銀行成長的長期方法。這就是效率的意義。這不是為了讓帳本發揮作用。

Can I just come back on that? In terms of efficiency, though. I mean are we talking CIB efficiency? Because your retail bank is making over 20% return on equity. I mean, that feels like a really good number on most benchmarks. I don't know why you would want to take cost out of that particularly? Is it -- so is it like head office and CRB? Or where would we be seeing that?

我可以回來嗎？但就效率而言。我的意思是我們在談論 CIB 效率嗎？因為您的零售銀行的股本回報率超過 20%。我的意思是，在大多數基準測試中，這感覺都是一個非常好的數字。我不知道你為什麼要特別考慮其中的成本？是嗎——就像總部和 CRB 一樣嗎？或者我們會在哪裡看到它？

So look, we'll give you the details later. I applaud you for recognizing the RoTE of our retail bank. It has not come up yet. But it is -- you're absolutely right. It's doing 20%, and it's doing well. But in every part of the bank, there are things which we can do better, okay? And so that's not to take away from the performance of the retail bank. Anna?

所以看，我們稍後會向您提供詳細資訊。我對您對我們零售銀行 RoTE 的認可表示讚賞。它還沒有出現。但事實是——你絕對是對的。它的表現是 20%，而且表現不錯。但在銀行的每個部分，都有我們可以做得更好的地方，好嗎？因此，這並不能影響零售銀行的業績。安娜？

I would not. Okay. Next question, please?

我不會。好的。請下一個問題？

The next question comes from Joseph Dickerson from Jefferies.

下一個問題來自 Jefferies 的 Joseph Dickerson。

I guess a couple of things. Just going back to this charge that you intend to take in Q4. Could you just talk about what your hurdles are in terms of payback and timing just to give us a sense of timeframe and payback?

我想有幾件事。回到您打算在第四季承擔的這項費用。您能否談談您在投資回報和時間安排方面遇到的障礙，以便讓我們了解時間框架和投資回報？

And then secondly, on the CC&P margin. There was a 63 on my numbers, 63 bps pickup quarter-on-quarter in the margin, which was significant. And I guess, how do you think about the trajectory of that particularly given the growth in U.S. receivables, and I presume that a fair amount of the growth in the U.S. receivables is coming from the GAAP, which is a higher yielding book. So how do we think about the margin trajectory in CC&P?

其次，關於 CC&P 利潤。我的數字是 63，利潤率季度環比上升 63 個基點，這非常重要。我想，你如何看待這條軌跡，特別是考慮到美國應收帳款的成長，我認為美國應收帳款的成長相當一部分來自公認會計準則，這是一本收益較高的帳簿。那我們如何看待 CC&P 的利潤軌跡呢？

Okay. Thank you, Joe. I'll take those. So I'm not going to go into the Q4 charge in detail at this juncture. We're obviously still evaluating actions. You might expect that depending on what those charges related to the payback might be slightly different. So you'd expect, for example, property to take longer to pay back, whereas other actions that we might take would be faster.

好的。謝謝你，喬。我會接受那些。因此，我現在不打算詳細討論第四季的費用。顯然我們仍在評估行動。您可能會預期，根據不同的情況，與投資回收期相關的費用可能會略有不同。因此，您可能會期望，例如，財產需要更長的時間才能償還，而我們可能採取的其他行動會更快。

But when we talk to you in February, Joe, we will outline what we've done and what we expect that payback to be. In terms of CC&P, you're correct, the net interest margin has stepped forward in the quarter. There are 2 real impacts in that. The first is growing growth in U.S. receivables. So the growth in the cards business, as we said, balances are up 11% year-on-year, and that clearly has a powerful effect. At the same time, we see deposit migration in the Private Bank, which is no different from what we see in either Corporate or in the U.K. So that has an offsetting impact although in the Private Bank, what we see is a flow into invested assets, so we retain that income, it just goes on to a different line.

但是，喬，當我們在二月與您交談時，我們將概述我們所做的事情以及我們期望的回報。就 CC&P 而言，您是對的，本季淨利差有所提高。這有兩個真正的影響。首先是美國應收帳款的成長。因此，卡業務的成長，正如我們所說，餘額同比增長了 11%，這顯然產生了強大的影響。同時，我們看到私人銀行的存款遷移，這與我們在企業或英國看到的沒有什麼不同，因此這會產生抵銷影響，儘管在私人銀行，我們看到的是流入投資資產，所以我們保留了該收入，只是轉到了另一條線。

There is a one-off in the third quarter. It's not huge, but I would strip that out ongoing. So that's why we're saying we'd expect Q4 NIM to step back towards Q2 NIM. So I don't think of this step up as permanent. I think there is momentum in the NIM, but this is somewhat exaggerated by that one-off.

第三節有一場一次性的比賽。它並不大，但我會繼續將其剝離。因此，這就是為什麼我們預計第四季的淨利差將回落到第二季的淨利差。所以我不認為這項進步是永久性的。我認為 NIM 有動力，但這種一次性的情況有些誇大了。

Okay. And then can I just be cheeky and ask 1 other question, just given because I think there's been some confusion on the NIM.

好的。然後我可以厚顏無恥地問另一個問題嗎？之所以提出這個問題是因為我認為 NIM 存在一些混亂。

Yes, if it's a small one.

是的，如果是小的的話。

It's a very small -- it's kind of a yes or no question anyway. But just the -- do you expect to deliver in line with your 10% or greater return in 2024?

這是一個很小的問題——無論如何，這是一個是或否的問題。但您是否期望在 2024 年達到 10% 或更高的回報率？

We will come back to you on 2024 guidance when we talk to you at the full year. As Venkat said, that's when we plan to update the market on our expectations for returns, capital allocation, cost distributions, but you should read that we are very focused on returns ongoing.

當我們在全年與您交談時，我們將向您回覆 2024 年指導。正如文卡特所說，那時我們計劃向市場更新我們對回報、資本配置、成本分配的預期，但你應該讀到，我們非常關注持續的回報。

Okay. Thank you. So can we go to the final question, please?

好的。謝謝。那我們可以進入最後一個問題嗎？

Our final question today comes from Andrew Coombs from Citi.

今天我們的最後一個問題來自花旗銀行的安德魯·庫姆斯。

Two questions. One, hopefully, very short. First question, you're encouraging us to look at the group NII, including the CIB. So perhaps you could just comment on the transaction banking revenues. Obviously, up a lot year-on-year, but they are down Q-on-Q, which slightly bucks the trend versus what we've seen at U.S. peers. So perhaps you can elaborate on what drove the Q-on-Q decline there.

兩個問題。一，希望，很短。第一個問題，您鼓勵我們關注 NII 組織，包括 CIB。因此，也許您可以只評論交易銀行收入。顯然，同比增長很多，但環比下降，這與我們在美國同行看到的趨勢略有相反。因此，也許您可以詳細說明是什麼導致了季度環比下降。

And then second one broader point on deposits and pricing just in relation to the 14-point FCA action plan. I think their fair value assessment was due by the end of August. You had to provide details on communication and evidence what you are providing to the consumer by end of September. I think the next big thing is this whole debate around on-sale versus off-sale, which comes in from the 1st of July 2024. So anything you could say on-sale versus off-sale. How big a bucket of off-sale products you have, how the pricing compares, et cetera, et cetera?

然後是與 FCA 14 點行動計劃相關的關於存款和定價的第二個更廣泛的觀點。我認為他們的公允價值評估將於八月底到期。您必須在 9 月底之前提供有關溝通的詳細資訊以及您向消費者提供的證據。我認為下一件大事是從 2024 年 7 月 1 日起圍繞促銷與促銷的整個辯論。所以你可以說促銷與促銷之間的任何內容。您有多少庫存產品，價格比較如何，等等？

Okay. So let me start. So in terms of transaction banking, the step-back quarter-on-quarter, there was a relatively small impact from deposit migration. And again, I would say, within Corporate, we're seeing migration from non-interest-bearing into interest-bearing but those deposits are remaining within the bank. So that's certainly not the larger part of it.

好的。那麼就讓我開始吧。因此，就交易銀行業務而言，季減，存款遷移的影響相對較小。我想說，在企業內部，我們看到從無息轉向有息，但這些存款仍保留在銀行內。所以這當然不是其中的大部分。

What we did see is an impact from the returns in our liquidity buffer. There's nothing idiosyncratic going on there, more that for any liquidity buffer, the returns are in 2 parts. The first is the carry. And then the second is in any particular quarter, you would see some disposable income. In this environment, that disposable income has been very, very low.

我們確實看到了流動性緩衝回報的影響。那裡沒有什麼特殊的事情發生，更重要的是對於任何流動性緩衝來說，回報分為兩部分。第一個是攜帶。第二個是在任何特定季度，您都會看到一些可支配收入。在這種環境下，可支配所得非常非常低。

And given that much of that buffer income is actually attributed to transaction banking, it had a disproportionate and it had a disproportionate impact in this quarter. That will obviously move around a little bit. So we'll see what happens through the fourth.

鑑於大部分緩衝收入實際上歸因於交易銀行業務，因此它在本季度產生了不成比例的影響。這顯然會稍微移動一點。所以我們將看看第四個會發生什麼。

So on the consumer GDPs on FDA, we actually did our mailing through July and August in relation to savings. And that was exactly as you point out, designed to ensure that our customers are very much aware of the savings businesses that we have and the rate on offer. And increasingly, we see our customers using digital means to look and observe that anyway. So but that mailing is behind us. We will do a further mailing in November and December to our current accounts. And for us, off-sale is relatively small, so I wouldn't call it out as an impact.

因此，關於 FDA 的消費者 GDP，我們實際上在 7 月和 8 月進行了與儲蓄相關的郵寄。這正是您所指出的，旨在確保我們的客戶非常了解我們擁有的儲蓄業務和提供的利率。而且我們越來越多地看到我們的客戶使用數位手段來查看和觀察。所以，但是郵件已經過去了。我們將在 11 月和 12 月進一步郵寄至我們的往來帳戶。對我們來說，停售相對較小，所以我不會將其稱為影響。

Okay. So with that, thank you, Andrew, for the -- Andy, rather, for your final question.

好的。因此，謝謝你，安德魯，更確切地說，謝謝你的最後一個問題。

Really appreciate you attending the call today. Thank you for your continued interest in Barclays. We look forward to seeing many of you on the road over the next couple of weeks and of course, the sell-side community at the breakfast. But thanks very much, everyone, and have a great rest of the day.

非常感謝您今天參加電話會議。感謝您對巴克萊銀行的持續關注。我們期待在接下來的幾週內見到你們中的許多人，當然還有早餐會上的賣方社區。但非常感謝大家，祝您今天休息愉快。

Thank you very much.

非常感謝。

Thank you. This concludes today's call.

謝謝。今天的電話會議到此結束。