Barclays PLC (BCS) 2024 Q2 法說會逐字稿

Welcome to Barclays Half Year 2024 Results Analyst and Investor Conference Call.

歡迎參加巴克萊 2024 年半年度業績分析師和投資者電話會議。

I will now handover to C.S. Venkatakrishnan, Group Chief Executive, before I hand over to Anna Cross, Group Finance Director.

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, everyone, and thank you for joining Barclays second quarter 2024 results call.

大家早安，感謝您參加巴克萊 2024 年第二季業績電話會議。

At our investor update in February, we set out a three-year plan to deliver a better run, more strongly performing and higher returning Barclays.

在二月份的投資者更新中，我們制定了一項三年計劃，以實現更好的營運、更強勁的業績和更高的回報巴克萊銀行。

We are continuing to execute in a disciplined way against this plan and this is our second progress report.

我們將繼續以嚴格的方式執行該計劃，這是我們的第二份進度報告。

Our second quarter and first half performance keeps pace with our 2024 and 2026 financial targets, which are: first, grow returns with a target return on tangible equity of above 12% in 2026; second, distribute more capital to shareholders, with a target of returning at least GBP10 billion between 2024 and 2026; and third, rebalance the bank, with a target to reduce RWAs in the Investment Bank from 58% of Group RWAs at the end of '23 to around 50% by 2026.

我們第二季和上半年的業績與我們2024年和2026年的財務目標保持同步，這些目標是：第一，成長回報，2026年有形股本回報率目標在12%以上；其次，向股東分配更多資本，目標在2024年至2026年期間回報至少100億英鎊；第三，重新平衡銀行，目標是到 2026 年將投資銀行的 RWA 從 23 年底佔集團 RWA 的 58% 減少到 50% 左右。

Return on tangible equity was 9.9% in the second quarter and 11.1% in the first half of the year, on track for our target of above 10% in 2024.

第二季有形股本回報率為 9.9%，上半年為 11.1%，預計 2024 年 10% 以上的目標。

Total income for the second quarter was GBP6.3 billion and it was GBP13.3 billion for the first half.

第二季總收入為63億英鎊，上半年為133億英鎊。

And as you will hear from Anna, we continue to be focused on the quality and stability of our income mix.

正如您將從安娜那裡聽到的那樣，我們將繼續關注收入組合的品質和穩定性。

We are also increasing our net interest income guidance for 2024 from GBP10.7 billion to approximately GBP11 billion.

我們也將 2024 年淨利息收入指引從 107 億英鎊提高到約 110 億英鎊。

We continue to control our costs well and are seeing the benefit of the cost actions which we took in the fourth quarter of last year.

我們繼續很好地控製成本，並看到了去年第四季採取的成本行動的好處。

Our cost-to-income ratio was 63% in the second quarter and 62% in the first half.

我們的成本收入比第二季為 63%，上半年為 62%。

We continue to manage our credit carefully.

我們繼續謹慎管理我們的信用。

Impairment charges have improved in the US Consumer Bank in line with our expectations, and our overall credit performance is strong, particularly in the UK.

美國消費者銀行的減損費用有所改善，符合我們的預期，我們的整體信貸表現強勁，尤其是在英國。

We remain well capitalized.

我們資本充足。

Our CET1 ratio was 13.6%, comfortably within our 13% to 14% target range.

我們的 CET1 比率為 13.6%，完全在我們 13% 至 14% 的目標範圍內。

This has enabled us to announce the first installment in our plan to return at least GBP10 billion to shareholders by 2026.

這使我們能夠宣布計劃的第一期付款，即到 2026 年向股東返還至少 100 億英鎊。

We have a total payout of GBP1.2 billion for the first half of 2024, including a 2.9p dividend per share and GBP750 million buyback.

2024 年上半年，我們的總股利為 12 億英鎊，其中包括每股 2.9 便士的股息和 7.5 億英鎊的回購。

Across the bank and within each of our five divisions, we are striving for an improved operational and financial performance.

在整個銀行和我們的五個部門中，我們正在努力提高營運和財務績效。

You see on this slide, slide 4, the returns on tangible equity for each of our division and for the group alongside our 2026 target.

您可以在這張投影片（第 4 張投影片）中看到我們每個部門和整個集團的有形資產回報率以及我們的 2026 年目標。

And I will take you through our financial performance in more detail shortly after I've covered a few divisional highlights.

在介紹了一些部門亮點後不久，我將向您詳細介紹我們的財務表現。

Starting with our three UK focused divisions.

從我們專注於英國的三個部門開始。

Barclays UK, the UK Corporate Bank and Private Bank and Wealth Management.

英國巴克萊銀行、英國企業銀行、私人銀行和財富管理。

We said in February that we plan to deploy an additional GBP30 billion of RWAs into these higher returning UK businesses by 2026.

我們在 2 月表示，計劃在 2026 年向這些回報較高的英國企業額外部署 300 億英鎊的 RWA。

Barclays UK's Return on Tangible Equity was 22.3% for the quarter.

巴克萊英國本季的有形股本回報率為 22.3%。

We are seeing stability in the balance sheet with interest rates now expected to stay higher for longer.

我們看到資產負債表穩定，目前預計利率將在更長時間內保持在較高水準。

Deposits are stabilizing faster than we anticipated with savings broadly flat quarter-on-quarter given the pricing actions which we took earlier in this year.

鑑於我們今年稍早採取的定價行動，存款穩定的速度快於我們的預期，儲蓄率季比基本持平。

And we saw positive growth lending across products as we manage the mortgage book well in a competitive environment.

由於我們在競爭激烈的環境中很好地管理了抵押貸款，我們看到了各種產品的貸款出現了積極增長。

The announced acquisition of Tesco's Retail Banking business is progressing well, and we are on track for completion in November this year.

宣布的對 Tesco 零售銀行業務的收購進展順利，預計今年 11 月完成。

This will represent around GBP8 billion of RWAs out of the GBP30 billion, which we announced earlier.

這將占我們先前宣布的 300 億英鎊 RWA 中的約 80 億英鎊。

In the UK Corporate bank, Matt Hammerstein presented our ambitions for this business in June, the first of our deep dives following the investor update.

在英國企業銀行，馬特·哈默斯坦 (Matt Hammerstein) 於 6 月提出了我們對該業務的雄心，這是我們在投資者更新後進行的首次深入探討。

We have an opportunity to grow our share of lending in the UK corporate market through deepening our client relationships and investing more in the client experience in order to make it easier for them to access more of our products and services.

我們有機會透過深化客戶關係和增加對客戶體驗的投資來增加我們在英國企業市場的貸款份額，以使他們更容易獲得我們的更多產品和服務。

We delivered 18% RoTE in the UK Corporate Bank in the second quarter and target continued high teens returns in this business in 2026.

第二季度，我們在英國企業銀行實現了 18% 的 RoTE，並目標是到 2026 年該業務繼續保持兩位數的高回報。

Private Banking and Wealth Management delivered an RoTE of 30.8% in the second quarter as client assets and liabilities grew by 14% year-on-year.

第二季私人銀行和財富管理業務的 RoTE 為 30.8%，客戶資產和負債較去年同期成長 14%。

With simpler pricing and service improvements, we have seen a meaningful increase in new customers signing on to our Smart Investor digital program over the first half of this year.

透過更簡單的定價和服務的改進，我們看到今年上半年簽約我們的智慧投資者數位計畫的新客戶顯著增加。

In the Investment Bank, RoTE for the quarter was 9.6%.

在投資銀行領域，本季的 RoTE 為 9.6%。

We remain committed to delivering improved RWA and operational productivity to drive higher returns for this business, and you can see evidence of progress.

我們仍然致力於提供改進的 RWA 和營運生產力，以推動該業務獲得更高的回報，您可以看到進展的證據。

In markets, fixed performance was relatively stable with European rates improving year-on-year, while we continue to focus on expanding our overall market share.

市場方面，固定資產表現相對穩定，歐洲利率較去年同期有所改善，而我們繼續專注於擴大整體市場份額。

Securitized products continue to perform well Investment Banking fee income was up 45% year-on-year as the industry wallet grew, and we increased our share overall.

證券化產品持續表現良好，隨著產業錢包的成長，投行手續費收入年增45%，整體份額增加。

ECM had a strong quarter driven by our lead role in helping a long-standing corporate broking client, National Grid, raised GBP7 billion in the landmark right issue.

ECM 在幫助長期企業經紀客戶國家電網在具有里程碑意義的配股中籌集了 70 億英鎊的過程中發揮了主導作用，推動了 ECM 的強勁季度業績。

The co-heads of Investment Banking, Cathal Deasy and Taylor Wright, will present a deep dive on their business on October 1.

投資銀行業務聯席主管 Cathal Deasy 和 Taylor Wright 將於 10 月 1 日深入介紹其業務。

Finally, the US Consumer Bank delivered an improved RoTE of 9.2% for the quarter, as we continue to grow and drive operational improvements, and while impairment charges normalize.

最後，隨著我們繼續成長並推動營運改進，同時減損費用正常化，美國消費者銀行本季的 RoTE 提高了 9.2%。

We took proactive actions to reduce credit lines last year and to build reserves early.

去年我們積極降低信貸額度，提早建立準備金。

And as a result, our impairment performance in the first half has played out as we expected.

因此，我們上半年的減損表現符合我們的預期。

Overall, we remain execution focused.

總體而言，我們仍然以執行為重點。

One area in particular is cost discipline.

其中一個特別重要的領域是成本紀律。

We achieved a further GBP200 million of gross cost savings this quarter is in the total for the first half of the year to GBP400 million, and this is on track for our targeted GBP1 billion for the full year 2024.

本季我們又實現了 2 億英鎊的總成本節省，上半年總計節省了 4 億英鎊，並且預計將實現 2024 年全年 10 億英鎊的目標。

We also made progress with the nonstrategic business disposals, which we talked about at our investor update.

我們在非策略性業務處置方面也取得了進展，我們在投資者更新中談到了這一點。

In this quarter, we completed the sale of our performing Italian mortgage portfolio and have announced the sale of our German consumer finance business.

本季度，我們完成了業績良好的意大利抵押貸款投資組合的出售，並宣佈出售德國消費金融業務。

Finally, as I said, the GBP1.2 billion shareholder distribution is the first installment of our greater than GBP10 billion capital return plan.

最後，正如我所說，12 億英鎊的股東分配是我們超過 100 億英鎊資本回報計畫的第一期。

I will now handover to Anna to take you through the second quarter financials in greater detail.

我現在將由安娜向您詳細介紹第二季的財務狀況。

Thank you, Venkat, and good morning, everyone.

謝謝你，Venkat，大家早安。

On slide 6, we have laid out Barclays financial highlights for Q2 and H1, and you'll see the same throughout the presentation for each business.

在投影片 6 上，我們列出了巴克萊第二季和上半年的財務亮點，您將在整個簡報中看到每項業務的相同內容。

As before, I won't talk to these slides but have included them for ease of reference.

和以前一樣，我不會討論這些幻燈片，但將它們包括在內以便於參考。

Turning to slide 7.

轉到投影片 7。

The headline message is that Q2 remains in line with the plan we laid out in February.

主要訊息是第二季度仍然符合我們二月份制定的計劃。

We delivered a statutory RoTE of 9.9%, despite a circa 50 basis point headwind year-on-year from the cash flow hedge reserve.

儘管現金流量對沖儲備同比出現約 50 個基點的逆風，但我們的法定 RoTE 為 9.9%。

Excluding the loss on sale from the business disposals that Venkat mentioned, Q2 RoTE was higher than last year at 11.8%.

排除Venkat提到的業務處置的出售損失，第二季的RoTE高於去年的11.8%。

First half statutory RoTE was 11.1%, and we continue to target above 10% in 2024, or around 10.5% on an underlying basis, ex-disposals.

上半年法定 RoTE 為 11.1%，我們繼續將目標定為 2024 年高於 10%，即除處置基礎上約 10.5%。

Just like Q1, I was looking for four things in these results.

就像第一季一樣，我在這些結果中尋找四件事。

Number one, income stability; number two, cost discipline and progress on efficiency savings; number three, credit performance; and number four, a robust capital position.

第一，收入穩定；第二，成本控制和效率節約的進展；第三，信用表現；第四，穩健的資本狀況。

Overall, we are where we expected to be, and I will cover these in more detail on subsequent slides.

總體而言，我們達到了預期的目標，我將在後續投影片中更詳細地介紹這些內容。

Starting with income on slide 8.

從幻燈片 8 上的收入開始。

Total income was up 1% year-on-year at GBP6.3 billion and was impacted by the GBP240 million loss from the disposal.

總收入年增 1%，達到 63 億英鎊，但受到處置損失 2.4 億英鎊的影響。

Excluding this, income was up 4%.

排除這一點，收入增長了 4%。

At our investor update in February, we emphasized the quality and stability of our income and how the more stable revenues that we generate from retail and corporate as well as financing in the Investment Bank provide ballast to our income profile.

在二月的投資者更新中，我們強調了我們收入的品質和穩定性，以及我們從零售和企業以及投資銀行融資中產生的更穩定的收入如何為我們的收入狀況提供穩定。

Together, these businesses contributed 73% of Group income in Q2.

這些業務合計貢獻了第二季集團營收的 73%。

Retail and corporate income included the loss on sale from disposals, and the underlying business income was broadly flat.

零售和企業收入包括處置造成的銷售損失，基本業務收入基本上持平。

Financing income was also stable year-on-year up GBP0.8 billion, despite the 2023 inflation-linked tailwinds that we have called out previously.

儘管我們先前曾指出 2023 年將出現與通膨相關的有利因素，但融資收入也保持穩定，年增 8 億英鎊。

And we saw year-on-year growth in both investment banking fees and intermediation.

我們看到投資銀行費用和中介費用均較去年同期成長。

Turning to net interest income on slide 9.

轉向幻燈片 9 上的淨利息收入。

As in Q1, NII ex Investment Bank and head office was broadly stable in Q2, at circa GBP2.7 billion.

與第一季一樣，第二季投資銀行和總部的NII 大致穩定，約 27 億英鎊。

Structural hedge tailwinds continued to offset the pressure on NII from deposit migration.

結構性對沖順風持續抵消存款遷移對NII的壓力。

We observed more stable deposits in the second quarter than anticipated, and we expect this to continue into the second half.

我們觀察到第二季的存款比預期更加穩定，我們預計這種情況將持續到下半年。

We have also updated our UK rate expectations for 2024 and now assume one base rate cut to 5% by the end of the year.

我們也更新了 2024 年英國利率預期，現在假設基本利率在年底前下調至 5%。

Together these trends mean that we have increased our 2024 guidance for Group NII Ex Investment Bank and head office to circa GBP11 billion for the full year, up from GBP10.7 billion.

這些趨勢意味著我們將 Group NII Ex 投資銀行和總部的 2024 年全年指引從 107 億英鎊提高到約 110 億英鎊。

Within this, NII guidance for Barclays UK increased from GBP6.1 billion to circa GBP6.3 billion, excluding the Tesco Bank acquisition.

其中，巴克萊英國公司的 NII 指引從 61 億英鎊增加到約 63 億英鎊（不包括對樂購銀行的收購）。

A further UK rate cut to 4.75% towards the end of the year, which is currently assumed in the latest consensus, would not materially change NII this year.

英國在年底進一步降息至 4.75%（目前最新共識的假設）不會對今年的 NII 產生重大變化。

Moving on to the structural hedge on slide 10.

繼續討論投影片 10 上的結構性避險。

As a reminder, the structural hedge is designed to reduce volatility in NII and manage interest rate risk.

需要提醒的是，結構性對沖旨在減少NII的波動性並管理利率風險。

As rates have risen, the hedge has dampened the growth in our NII, and in a falling rate environment we will see the benefit from the protection that it gives us.

隨著利率上升，對沖抑制了我們NII的成長，在利率下降的環境中，我們將看到它為我們提供的保護帶來的好處。

The expected NII tailwind from the hedge is significant and predictable.

對沖帶來的預期NII 推動作用是顯著且可預測的。

GBP11.7 billion of aggregate gross income is now locked in over the three years to the end of 2026, up from GBP9.3 billion at Q1.

截至 2026 年底的三年內，總營收鎖定為 117 億英鎊，高於第一季的 93 億英鎊。

We have around GBP170 billion of hedges maturing between '24 and '26 at an average bridge yield of 1.5%.

我們有約 1,700 億英鎊的對沖在 24 年至 26 年期間到期，平均過橋收益率為 1.5%。

As we said in February, reinvesting around three-quarters of this at around 3.5% would compound over the next three years, to increase structural hedge income in 2026 by circa GBP2 billion versus 2023.

正如我們在 2 月所說，其中約四分之三的再投資將在未來三年內以 3.5% 左右的利率進行複利，從而使 2026 年的結構性對沖收入比 2023 年增加約 20 億英鎊。

In response to greater stability in customer and client deposit behavior, we have slightly increased the average duration.

為了提高客戶和客戶存款行為的穩定性，我們略微增加了平均久期。

Given the high proportion of balances hedged and the programmatic approach we take, we are relatively insensitive to the short-term impact of potential rate cuts.

鑑於對沖餘額的比例很高以及我們採取的程序化方法，我們對潛在降息的短期影響相對不敏感。

We have provided a sensitivity table to illustrate this in the appendix on slide 35.

我們在投影片 35 的附錄中提供了一個敏感度表來說明這一點。

Moving on to my second focus area, cost discipline.

繼續我的第二個重點領域，成本紀律。

Total costs in Q2 were up 1% at GBP4 billion, whilst operating costs were up 2% year-on-year.

第二季總成本成長 1%，達到 40 億英鎊，營運成本年增 2%。

We delivered a further GBP0.2 billion of gross efficiency savings, bringing the total for H1 to GBP0.4 billion, and we remain on track to deliver GBP1 billion for the full year.

我們進一步實現了 2 億英鎊的總效率節省，使上半年的總效率節省達到 4 億英鎊，並且我們仍有望實現全年 10 億英鎊的目標。

These efficiencies have helped us to offset inflation and created capacity for investments.

這些效率幫助我們抵消了通貨膨脹並創造了投資能力。

Our cost-to-income ratio was 63% in Q2, 62% for half one and we still expect it to be around 63% for 2024.

我們第二季的成本收入比為 63%，第一季為 62%，我們仍然預計 2024 年該成本收入比將在 63% 左右。

Turning now to my third focus area, impairment, which continues to trend positively.

現在轉向我的第三個重點領域，即損害，該領域繼續呈積極趨勢。

The impairment charge of GBP384 million equated to a loan loss rate of 38 basis points for the quarter, below our through the cycle guidance of 50 to 60.

3.84 億英鎊的減損費用相當於本季貸款損失率 38 個基點，低於我們 50 至 60 個基點的整個週期指引。

The Barclays UK charge was just GBP8 million, a loan loss rate of 1 basis points, which reflected continued benign credit conditions and an GBP18 million release of economic uncertainty PMAs.

巴克萊英國的費用僅為 800 萬英鎊，貸款損失率為 1 個基點，這反映了持續良好的信貸狀況以及 1800 萬英鎊的經濟不確定性 PMA 的釋放。

Our UK customers continue to act prudently with little current signs of stress, evidenced by continued low and stable delinquencies.

我們的英國客戶繼續謹慎行事，目前幾乎沒有壓力跡象，拖欠率持續較低且穩定就證明了這一點。

Starting from this low base, we expect the Barclays UK loan loss rate to track towards circa 35 basis points over time, as we complete the Tesco Bank acquisition and grow the balance sheet as outlined in our investor update.

從這個低基數開始，隨著我們完成對特易購銀行的收購併擴大資產負債表（如投資者更新所述），我們預計巴克萊英國貸款損失率將隨著時間的推移而接近約35個基點。

In the US Consumer Bank, the charge increased year-on-year to GBP309 million and the loan loss rate to 438 basis points.

美國消費者銀行的費用年增至3.09億英鎊，貸款損失率達438個基點。

On slide 13, you can see the mix of reserve builds to write-offs within the impairment charge for the US Consumer Bank continue to evolve as we guided.

在投影片 13 上，您可以看到美國消費者銀行減損費用中準備金增加和沖銷的組合繼續按照我們的指導發展。

We expected write-offs to increase during 2024 and as such, took proactive actions to reduce credit lines and build reserves early.

我們預計 2024 年沖銷將增加，因此採取積極行動減少信貸額度並儘早建立準備金。

In line with industry trends, there was a fall in delinquencies in Q2 versus Q1, which in part was due to seasonality and higher customer repayments.

與行業趨勢一致，第二季度的拖欠率較第一季有所下降，部分原因是季節性和客戶還款額增加。

From here, we would expect future quarters to follow normal seasonality, with delinquencies rising towards the end of the year.

從這裡開始，我們預計未來幾季將遵循正常的季節性，拖欠率將在年底上升。

We still expect the US Consumer Bank impairment charge to improve in the second half compared to the first, resulting in a lower full year charge in 2024 versus 2023.

我們仍預期下半年美國消費者銀行的減損費用將比上半年有所改善，進而導致 2024 年全年費用低於 2023 年。

And we continue to guide to a loan loss rate trending towards the long-term average of 400 basis points.

我們持續引導貸款損失率趨向於400個基點的長期平均。

I will cover my fourth focus area which is our capital position after I have walked you through our business performance.

在向您介紹我們的業務績效之後，我將介紹我的第四個重點領域，也就是我們的資本狀況。

As I mentioned, you can see Barclays UK financial highlights and targets on slide 14, but I will talk to slide 15.

正如我所提到的，您可以在幻燈片 14 上看到巴克萊英國的財務亮點和目標，但我將討論幻燈片 15。

RoTE was a strong 22.3% and total income was GBP1.9 billion.

RoTE 強勁成長 22.3%，總營收達 19 億英鎊。

Income was down GBP74 million year-on-year driven by deposit and mortgage product dynamics and the transfer of UK wealth in Q2 2023.

受存款和抵押貸款產品動態以及 2023 年第二季度英國財富轉移的推動，營收年減 7,400 萬英鎊。

NII of GBP1.6 billion was up GBP48 million on Q1.

第一季NII 為 16 億英鎊，增加了 4,800 萬英鎊。

NIM increased by 13 basis points to 3.22%, reflecting increased NII, but also the lower asset levels, which we do expect to grow over time.

淨利差 (NIM) 上升 13 個基點，達到 3.22%，反映了淨利息收入 (NII) 的增加，但也反映了資產水準的下降，而我們預期資產水準會隨著時間的推移而成長。

As you can see on the chart, continued structural hedge momentum more than offset product margin pressures.

正如您在圖表中看到的，持續的結構性對沖勢頭足以抵消產品利潤壓力。

Looking to the second half of the year, we expect depositor behavior to continue to stabilize and churn impacts in mortgages to be neutral to marginally positive.

展望今年下半年，我們預期儲戶行為將持續穩定，並對抵押貸款的影響為中性至輕微正面。

As I mentioned earlier, we are now targeting circa GBP6.3 billion of NII for Barclays UK in 2024, excluding Tesco Bank, which is now expected to complete at the beginning of November.

正如我之前提到的，我們現在的目標是到 2024 年為巴克萊英國提供約 63 億英鎊的 NII，不包括特易購銀行，目前預計該項目將於 11 月初完成。

At Q3 results, we will provide more details on the expected financial impacts.

在第三季的業績中，我們將提供有關預期財務影響的更多詳細資訊。

Non-NII was GBP290 million in Q2 and we continue to expect a run rate above GBP250 million per quarter going forward.

第二季非 NII 為 2.9 億英鎊，我們繼續預計未來每季的運行率將超過 2.5 億英鎊。

Total costs were GBP1 billion, down 4% year-on-year due to efficiency savings and the transfer of wealth in Q2 last year.

由於去年第二季的效率節約和財富轉移，總成本為10億英鎊，年減4%。

The cost-to-income ratio was 55%.

成本收入比為55%。

Moving on to the Barclays UK customer balance sheet on slide 16.

接下來看投影片 16 上的巴克萊英國客戶資產負債表。

At Q1, we said we expected underlying deposit trends and loans to stabilize in the second half.

在第一季度，我們表示預計下半年存款趨勢和貸款將趨於穩定。

Deposits have signalized faster than we anticipated, with balances reducing by only GBP0.5 billion in the quarter.

存款的成長速度快於我們的預期，本季餘額僅減少 5 億英鎊。

Whilst net lending remains negative, growth activity has increased across portfolios, reflecting our focus on growth.

雖然淨貸款仍然為負，但整個投資組合的成長活動有所增加，反映出我們對成長的關注。

Gross mortgage lending was just under 20% higher than Q1.

抵押貸款總額比第一季高出近 20%。

However, this was more than offset by a high level of maturities.

然而，這被高期限所抵消。

Application volumes were strong with a more balanced high loan-to-value share, as per our stated ambition.

根據我們既定的目標，申請量強勁，貸款價值比更平衡。

UK cards balances were stable at GBP10 billion.

英國銀行卡餘額穩定在 100 億英鎊。

Acquisition volumes were strong, and we added 0.5 million new Barclaycard accounts in half one, in line with our UK growth plans.

收購量強勁，我們在半年內新增了 50 萬個巴克萊卡帳戶，符合我們在英國的成長計畫。

As we said previously, this will take time to flow into net balance sheet growth and interest earning lending.

正如我們之前所說，這需要時間才能流入資產負債表淨成長和生息貸款。

Business Banking gross lending also increased meaningfully, offset by paydown of government-backed loans.

商業銀行貸款總額也大幅增加，但被政府支持貸款的償還所抵銷。

This shape is as we expected, with a stabilization in net lending in the second half and then growth from there over the plan period.

這種形狀符合我們的預期，下半年淨貸款趨於穩定，然後在計畫期間開始成長。

Moving onto the UK Corporate Bank on Slide 18.

前往投影片 18 上的英國企業銀行。

UK Corporate Bank delivered Q2 RoTE of 18%.

英國企業銀行第二季的 RoTE 為 18%。

Income was down 6% year-on-year, up GBP443 million as increased deposit income from higher interest rates was more than offset by lower liquidity pool income.

營收年減 6%，增加 4.43 億英鎊，原因是利率上升帶來的存款收入增加被流動性資金池收入減少所抵銷。

Loans were flat quarter-on-quarter as demand from corporate clients remained muted, whilst there was a seasonal pickup in deposit balances post Q1.

由於企業客戶的需求仍低迷，貸款較上季持平，而第一季後存款餘額出現季節性回升。

As we said at the Corporate Bank deep dive in June, we expect to generate lending growth within the business.

正如我們在 6 月的企業銀行深入探討中所說，我們預期該業務將帶來貸款成長。

You can see early signs of this, if not yet in balances, in circa GBP1 billion of RWA growth year-to-date, which reflects an increase in client facilities.

您可以在餘額中看到這一點的早期跡象，今年迄今為止 RWA 增長約 10 億英鎊，這反映了客戶設施的增加。

Total costs increased by 10% year-on-year to GBP235 million, reflecting investment spend, which we expect to continue in support of our growth initiatives.

總成本年增 10%，達到 2.35 億英鎊，反映出投資支出，我們預計投資支出將繼續支持我們的成長計畫。

Turning now to private banking and wealth management.

現在轉向私人銀行和財富管理。

RoTE was 30.8%, supported by strong growth in client assets and liabilities, up around GBP10 billion on Q1 and around GBP25 billion versus the prior year.

RoTE 為 30.8%，受到客戶資產和負債強勁增長的支撐，第一季增加約 100 億英鎊，較前一年增加約 250 億英鎊。

The year-on-year increase in income was mostly attributable to the transfer of the UK wealth business, which occurred in May last year.

營收年增率主要歸因於去年5月發生的英國財富業務轉讓。

Underlying growth from higher balances and higher interest rates was offset by continued, although slowing, deposit migration.

餘額增加和利率上升帶來的潛在成長被持續（儘管放緩）的存款遷移所抵消。

Costs increased GBP37 million year-on-year, mostly as a result of the transfer, but also due to ongoing investments in growing the business.

成本年增了 3700 萬英鎊，主要是由於轉讓的結果，但也由於持續投資發展業務。

We expect costs to be slightly higher in the second half versus the first, from our investments to grow our platform, hiring and efficiency related measures.

我們預計下半年的成本將略高於上半年，因為我們對發展平台、招募和效率相關措施的投資。

Turning now to the Investment Bank on slide 22.

現在轉向投影片 22 上的投資銀行。

Q2 RoTE was 9.6%.

第二季 RoTE 為 9.6%。

Total income of GBP3 billion was up 10% year-on-year, driven by growth in Investment Banking and Markets.

受投資銀行和市場成長的推動，總收入達 30 億英鎊，年增 10%。

Total costs were up 5%, delivering 5% positive cost to income jaws, despite higher structural cost actions linked to headcount actions in the second quarter.

儘管第二季與員工人數行動相關的結構性成本行動有所增加，但總成本仍上漲了 5%，為收入帶來了 5% 的正成本。

This resulted in a cost to income ratio of 63% for Q2, down 3 percentage points year-on-year.

這導致第二季成本收入比為63%，年減3個百分點。

RWA productivity, measured by income over average RWAs was 5.9%. 40 basis points better year-on-year, albeit down seasonally on the Q1 level.

RWA 生產力（以收入與平均 RWA 的比值衡量）為 5.9%。儘管較第一季水準季節性下降，但年比好轉 40 個基點。

As we set out in the investor update, we are focused on improving this key metric from the 2023 level to drive higher Investment Bank returns.

正如我們在投資者更新中所述，我們致力於在 2023 年的水平上提高這一關鍵指標，以推動更高的投資銀行回報。

RWAs were GBP3 billion or 1.4% higher versus Q1 at GBP203 billion.

RWA 為 30 億英鎊，比第一季的 2,030 億英鎊高出 1.4%。

This is within the bounds of normal client trading activity, driven largely by temporary factors.

這在正常客戶交易活動的範圍內，主要由臨時因素驅動。

As you know, we are committed to keeping Investment Bank RWAs broadly stable at year-end 2023 levels, reducing the proportion to circa 50% of the group by 2026.

如您所知，我們致力於將投資銀行風險加權資產大致穩定在 2023 年底的水平，到 2026 年將這一比例降低至約 50%。

Now looking at the specific income lines in more detail on slide 23.

現在在投影片 23 上更詳細地了解特定收入線。

Using the US dollar figures as usual to help comparison to our US peers, markets income was up 6% year-on-year.

照常使用美元數據與美國同業進行比較，市場收入較去年同期成長 6%。

Equities income was up 24%, again reflecting good performance across equity derivatives, prime and cash.

股票收入成長 24%，再次反映出股票衍生性商品、優質產品和現金的良好表現。

FICC income was down 2% against the prior year quarter that we said included a circa GBP100 million benefit from inflation-linked positions.

FICC 收入較去年同期下降 2%，我們稱其中包括來自通膨掛鉤頭寸的約 1 億英鎊收益。

Excluding this, FICC was up 6%, and this is the last quarter in which you will see a material impact.

排除這一點，FICC 上漲了 6%，這是您將看到重大影響的最後一個季度。

We continued to make progress in our three focus businesses and markets.

我們在三大重點業務和市場上繼續取得進展。

Equity derivatives saw strong client activity and the market for securitized products remained favorable in Q2, allowing us to continue to monetize the investments we have made here.

股票衍生品的客戶活動強勁，證券化產品市場在第二季度仍然有利，這使我們能夠繼續將我們在這裡進行的投資貨幣化。

European rates improved, but we have more to do as we continue our focus on expanding share in this business.

歐洲利率有所改善，但隨著我們繼續專注於擴大該業務的份額，我們還有更多工作要做。

Financing income remained around GBP800 million despite the positive inflation effect in the prior year, providing the more stable income stream to market that we have emphasized.

儘管上一年有正面的通膨影響，融資收入仍維持在 8 億英鎊左右，為我們強調的市場提供了更穩定的收入來源。

This reflected strong growth in client balances, offsetting spread compression as we continue to scale the business and deliver on our GBP0.6 billion financing income growth target by 2026.

這反映出客戶餘額的強勁成長，抵銷了我們繼續擴大業務規模並實現到 2026 年 6 億英鎊融資收入成長目標的影響。

Investment Banking fee income was up 45% year-on-year, with gains across all products.

投資銀行業務手續費收入年增 45%，所有產品均成長。

Our year-to-date banking fee share was 3.6%.

年初至今，我們的銀行費用佔比為 3.6%。

We have increased share across most products in a rising industry wallet, but we still have work to sustainably improve this.

我們在不斷增長的行業錢包中增加了大多數產品的份額，但我們仍然需要努力持續改善這一點。

DCM income was up 55%, again delivering improved performance across both investment grade and leverage finance.

DCM 收入成長了 55%，再次提高了投資等級和槓桿融資的表現。

ECM was up 76%, benefiting from the large transaction that Venkat mentioned, and the market is showing encouraging signs of recovery.

ECM上漲76%，受益於Venkat提到的大筆交易，市場正在呈現令人鼓舞的復甦跡象。

Advisory income increased 7% year-on-year, and our pipeline of announced deals look healthy for the rest of the year.

諮詢收入年增 7%，我們宣布的交易管道在今年剩餘時間看起來很健康。

Finally, in the international corporate bank, our US and European deposit balances increased in the quarter which we see as a lead indicator of future client product take-up and fee income growth.

最後，在國際企業銀行中，我們的美國和歐洲存款餘額在本季有所增加，我們認為這是未來客戶產品使用和費用收入成長的領先指標。

These were offset by the impact of the changing rate and inflationary environment on deposits and liquidity pool returns year-on-year, taking income down by 5%.

這些被利率變化和通膨環境對存款和流動性池回報同比的影響所抵消，使收入下降了 5%。

Turning now to the US Consumer Bank on slide 25.

現在轉向幻燈片 25 上的美國消費者銀行。

USCB generated RoTE of 9.2% as income growth was offset by higher impairment versus the prior year, as we expected.

正如我們預期的那樣，USCB 的 RoTE 為 9.2%，因為收入成長被上年較高的減損損失所抵消。

Income grew 7%, as cards balances were up by $1.7 billion year-on-year to $31.2 billion.

營收成長 7%，信用卡餘額年增 17 億美元，達到 312 億美元。

From now on, we will report end net receivables on both a managed and a reported basis.

從現在開始，我們將在管理和報告的基礎上報告最終應收帳款淨額。

Managed balances were $32.3 billion and include the receivables sold to Blackstone in Q1.

管理餘額為 323 億美元，其中包括第一季出售給 Blackstone 的應收帳款。

As a reminder, in the turn, we are paid a fee and also continue to incur the cost of managing these balances.

提醒一下，反過來，我們會支付一定的費用，並繼續承擔管理這些餘額的成本。

NIM reduced by 10.4% from 11.1% at Q1, driven largely by increased amortization of rewards paid to customers, which can be lumpy.

淨利差從第一季的 11.1% 下降了 10.4%，這主要是由於支付給客戶的獎勵攤銷增加，而攤提可能是不穩定的。

We continue to target a NIM for this business of greater than 12% by 2026.

我們繼續目標是到 2026 年該業務的淨利差 (NIM) 超過 12%。

The proportion of core deposits in our funding mix was 67%, as we target above 75% by 2026.

核心存款在我們融資組合中的比例為 67%，我們的目標是到 2026 年超過 75%。

Efficiency savings as a result of last year's structural cost actions offset inflation, resulting in broadly flat costs and a cost-to-income ratio of 50%.

去年結構性成本行動帶來的效率節約抵銷了通貨膨脹，導致成本基本上持平，成本收入比達到 50%。

Costs increased versus Q1 due to higher partner spend and are expected to trend up modestly in halve two as we continue to grow our book.

由於合作夥伴支出增加，成本與第一季相比有所增加，隨著我們繼續擴大帳面規模，預計第二季成本將小幅上升。

We now expect migration to Internal Rating Base or IRB models to be in Q1 2025, reflecting a refined approval and implementation timetable.

我們現在預計將於 2025 年第一季遷移到內部評級基礎或 IRB 模型，這反映了完善的批​​准和實施時間表。

This is a timing impact only and does not affect our 2026 targets.

這只是時間影響，不會影響我們 2026 年的目標。

Turning now to head office on slide 26.

現在轉到幻燈片 26 上的總部。

Head office income was down GBP207 million year-on-year, mainly due to the loss on sale of our performing Italian mortgage book.

總部收入年減 2.07 億英鎊，主要是由於我們表現良好的義大利抵押貸款帳簿的銷售損失。

This sale is expected to reduce group statutory RoTE for 2024 by circa 45 basis points, but have a broadly neutral capital impact.

此次出售預計將使集團 2024 年法定 RoTE 降低約 45 個基點，但資本影響大致為中性。

The announced sale of our German consumer business is not expected to complete until later this year or early next but has a negligible RoTE impact.

我們宣布的德國消費者業務出售預計要到今年稍後或明年初才能完成，但 RoTE 的影響可以忽略不計。

On completion, we expect the transaction to reduce head office RWAs by circa GBP3.4 billion, generating around 10 basis points of CET1 capital.

完成後，我們預計該交易將減少總部 RWA 約 34 億英鎊，產生約 10 個基點的 CET1 資本。

Turning now to the balance sheet and starting with my fourth focus area, our robust capital position on slide 27.

現在轉向資產負債表，從我的第四個重點領域開始，即投影片 27 上我們強勁的資本狀況。

The CET1 ratio was 13.6% at the end of Q2, comfortably within our target range and we generated 35 basis points of capital from profits in the quarter.

第二季末的 CET1 比率為 13.6%，完全在我們的目標範圍內，本季我們從利潤中產生了 35 個基點的資本。

This supports our announced half year distribution of GBP1.2 billion comprising a 2.9p dividend and a GBP750 million buyback.

這支持了我們宣布的半年分配 12 億英鎊，其中包括 2.9 便士股息和 7.5 億英鎊回購。

We expect to begin the buyback soon having completed the previous GBP1 billion buyback earlier this week.

我們預計在本週稍早完成之前的 10 億英鎊回購後，很快就會開始回購。

The half one dividend in absolute terms is consistent with the prior year, but is 7.4p higher per share, driven by the share count reduction from the buyback.

半個股息的絕對值與前一年一致，但由於回購導致股份數量減少，每股股息增加了 7.4 便士。

This year's total capital return is still expected to be broadly in line with the 2023 level of GBP3 billion, consistent with the capital distribution plan we laid out in February.

今年的總資本回報率預計仍將與 2023 年 30 億英鎊的水平大致一致，與我們 2 月制定的資本分配計劃一致。

Risk-weighted assets were GBP1.8 billion higher on Q1 at around GBP351 billion, as you can see in more detail on slide 28.

風險加權資產比第一季增加 18 億英鎊，達到約 3,510 億英鎊，如您在投影片 28 中看到的更多詳細資訊。

Our guidance remains for regulatory-driven RWA inflation to be at the lower end of 5% to 10% of December 2023 group RWAs.

我們的指導仍然是監管驅動的 RWA 通膨處於 2023 年 12 月集團 RWA 的 5% 至 10% 的下限。

This includes both expected Basel 3.1 and US Consumer Bank IRB impact, as we said in February.

正如我們在 2 月所說，這包括預期的巴塞爾 3.1 和美國消費者銀行 IRB 的影響。

TNAV per share increased 5p in the quarter to 340p.

本季每股 TNAV 增加 5 便士，達到 340 便士。

Attributable profit added 8p and the reduced cash flow hedge reserve drag on shareholders' equity added 2p.

權益利潤增加了 8 便士，現金流對沖準備金減少對股東權益的拖累增加了 2 便士。

Additionally, share buybacks reduced our share count by 2% over the same period, driving TNAV accretion of 3p per share.

此外，股票回購使我們的股票數量在同一時期減少了 2%，推動每股 TNAV 成長 3 便士。

This was partially offset by dividends paid and other reserve movements.

這部分被支付的股利和其他準備金變動所抵銷。

Year-on-year, TNAV is up 49p or 17%.

與去年同期相比，TNAV 上漲了 49 便士，即 17%。

Before I conclude, as usual, a brief word on capital and liquidity on slide 30.

在我結束之前，像往常一樣，在幻燈片 30 上簡要介紹一下資本和流動性。

We continue to maintain a well-capitalized and liquid balance sheet with diverse sources of funding and a significant excess of deposits over loans.

我們持續維持資本充足、流動性強的資產負債表，資金來源多元化，存款遠超過貸款。

In summary, we remain focused on disciplined execution.

總而言之，我們仍然注重嚴格執行。

This is the second quarter of progress against the targets we laid out in February, which we are reiterating today, and we remain on track.

這是我們在 2 月制定的目標上取得的第二季進展，我們今天重申了這一目標，並且我們仍處於正軌。

Thank you for listening.

感謝您的聆聽。

Moving now to Q&A.

現在進入問答環節。

As usual, please could you keep to a maximum of two questions, so we can get around to everyone in good time.

像往常一樣，請您最多提出兩個問題，以便我們能夠及時回答每個人。

(Operator Instructions) Alvaro Serrano, Morgan Stanley.

（操作員指令）阿爾瓦羅·塞拉諾，摩根士丹利。

One on costs, please.

請講一講費用。

At the roundtable, I think it was in May, you mentioned there would be structural costs in Q2.

在圓桌會議上，我想是在五月份，您提到第二季會有結構性成本。

I haven't seen any of them called out and it's been the second quarter now that you've done better than consensus.

我還沒有看到他們中的任何人提出要求，現在已經是第二季了，你們的表現比一致認為的要好。

So just wondering what the underlying sort of run rate cost are.

所以只是想知道潛在的運行成本是什麼。

And should -- will we be reducing the cost for full year.

我們是否應該降低全年的成本？

That's the first one and also UK in Investment Banking doing very well.

這是第一個，英國在投資銀行業也做得很好。

I had a question on the revenue performance in US Cards.

我對美國信用卡的收入表現有疑問。

The NII is down.

NII 下降了。

You reiterated that 12% margin during your scripted comments.

您在腳本評論中重申了 12% 的利潤率。

I just wanted to see if you can give us any color around the path to that 12% NIM over the next few quarters and how much of it is rate dependent.

我只是想看看您能否為我們提供有關未來幾個季度實現 12% NIM 的路徑的任何信息，以及其中有多少取決於利率。

Okay.

好的。

Thank you, Alvaro.

謝謝你，阿爾瓦羅。

I'll take both of those questions.

我將回答這兩個問題。

So just starting off with one-off cost.

因此，只需從一次性成本開始。

We did have a fee structural cost actions within the IB, not really that significant.

我們確實在 IB 內部採取了費用結構性成本行動，但並不是那麼重要。

And uncertainly, over the full year, we don't expect to spend more on SCAs than we have done historically, which we said was a GBP200 million to GBP300 million run rate.

不確定的是，我們預計全年在 SCA 上的支出不會比歷史上多，我們稱歷史上的支出為 2 億至 3 億英鎊。

So for the full year, the thing that's really important here is the delivery of our growth efficiency savings.

因此，對於全年而言，真正重要的是實現成長效率節省。

We've done another GBP0.2 million in the quarter, taking GBP0.4 million in the half year, and we've got really good line of sight to that GBP1 billion.

我們在本季又賺了 20 萬英鎊，在半年裡賺了 40 萬英鎊，而且我們對 10 億英鎊有非常好的視野。

So that's really what's underpinning the cost results that you're seeing.

所以這確實是您所看到的成本結果的基礎。

And I'll just reiterate, our cost guidance for the year is circa 63%.

我重申一下，我們今年的成本指引約為 63%。

The consensus of total cost is there or thereabouts.

總成本的共識已經存在或差不多。

So that's how I'd guide you there.

這就是我引導你的方式。

In terms of the US Consumer Bank, you're right, NII has fallen off a little bit in the quarter.

就美國消費者銀行而言，你是對的，NII 在本季略有下降。

There's a few things going on in there.

那裡發生了一些事情。

Firstly, remember we did the Blackstone deal in the first quarter.

首先，請記住我們在第一季完成了黑石交易。

So you're going to see some switching of NII and into non-NII.

因此，您將看到 NII 和非 NII 之間的一些轉換。

Secondly, I would say seasonally sometimes a little bit lower in the second quarter than the first, just because of the amount of customer repayment that we have.

其次，我想說，季節性有時第二季會比第一季低一些，只是因為我們擁有的客戶還款。

And thirdly, within that, there is a little bit of lumpiness in terms of customer reward amortization.

第三，其中，客戶獎勵攤銷方面存在一些混亂。

That ultimately is a really good sign because it means we're growing the book, but the way it can sort of transfer itself to [contra] revenue is -- can be a bit low piece.

這最終是一個非常好的跡象，因為這意味著我們正在增加這本書，但它可以將其自身轉移到[相對]收入的方式是 - 可能有點低。

So that's all that's happening.

這就是所發生的一切。

So we haven't changed our pathway to a 12% NIM.

因此，我們沒有改變實現 12% NIM 的途徑。

That's really around pricing optimization.

這實際上是圍繞定價優化。

It's around increasing our proportion of retail within the book and also really focus on our funding costs, and you'll note that our retail deposits are now 67%.

這是為了增加我們在帳簿中的零售比例，並且真正關注我們的融資成本，您會注意到我們的零售存款現在為 67%。

We're really pushing that towards greater than 75% to deliver that 12% NIM.

我們確實正在將這一目標推向 75% 以上，以實現 12% 的淨利差。

But thank you for the question.

但謝謝你的提問。

Can we go to the next one, please?

我們可以轉到下一個嗎？

Joseph Dickerson, Jefferies.

約瑟夫·迪克森，杰弗里斯。

I guess my two would be, is there any follow-through in 2025 and 2026 from this upgraded UK NIIs?

我想我的兩個問題是，升級後的英國國家投資機構在 2025 年和 2026 年是否會有任何後續行動？

You mentioned there's an implied GBP2 billion of structural hedge income growth, assuming that you reinvest 75% of the maturities, but it seems like your NII upgrade today is based in part on more stable deposits.

您提到，假設您將 75% 的到期日進行再投資，則隱含 20 億英鎊的結構性對沖收入增長，但您今天的 NII 升級似乎部分基於更穩定的存款。

So would it be unreasonable to assume there's some upside to that GBP2 billion based on greater than 75% of the maturities being reinvested?

那麼，基於超過 75% 的期限進行再投資，假設這 20 億英鎊有一些上升空間是不合理的嗎？

That's number one.

這是第一名。

And then number two, one of the issues that investors have with your 2026 targets is that the high single-digit revenue growth in the CIB is on the flat risk-weighted asset base.

第二，投資者對 2026 年目標的問題之一是，CIB 的高個位數收入成長是建立在平坦的風險加權資產基礎上的。

And it looks like in the quarter, you needed GBP3 billion of incremental risk-weighted assets to grow revenue.

看起來本季您需要 30 億英鎊增量風險加權資產來增加收入。

So I guess, how do we square the circle in terms of maintaining the RWA balances relatively flat on 2023.

所以我想，我們如何才能讓 RWA 餘額在 2023 年保持相對穩定。

I mean, it's nice to see the revenue productivity picked up year-on-year, but still, we've had a few questions on that today.

我的意思是，很高興看到收入生產力逐年上升，但今天我們仍然對此有一些疑問。

Okay.

好的。

Thank you, Joe. I'll take both of those.

謝謝你，喬。我會接受這兩個。

So on the first point, what we've seen and observed over the last quarter is a real stabilization in our deposit position.

因此，關於第一點，我們在上個季度看到和觀察到的情況是我們的存款部位真正穩定。

And that really led us to upgrade our NII today for the UK and for the group to circa GBP6.3 billion and to GBP11 billion.

這確實促使我們今天將英國和該集團的 NII 分別升級至約 63 億英鎊和 110 億英鎊。

The way we think of that is really an underpin to what we are doing.

我們的思考方式確實是我們正在做的事情的基礎。

This is a plan of many parts.

這是一個由許多部分組成的計劃。

We set out really detailed targets and plans in February of this year, really to sort of guide you towards what was important to us and allow you to track our progress.

我們在今年二月制定了非常詳細的目標和計劃，實際上是為了引導您了解對我們來說重要的事情，並讓您追蹤我們的進度。

So as we continue through the plan, we're pleased to see this progress.

因此，當我們繼續執行該計劃時，我們很高興看到這一進展。

But as I said, a plan of many parts, and we have more things to deliver around our efficiencies and obviously around our capital allocation.

但正如我所說，這是一個由許多部分組成的計劃，我們還有更多圍繞我們的效率、顯然是圍繞我們的資本配置的事情要交付。

So that's the reason really why we're not upgrading 2026 at this point in time.

這就是我們目前不升級 2026 的真正原因。

Of course, in isolation, the movement in rates, you would expect to have some impact on that GBP2 billion number.

當然，如果孤立來看，利率變動可能會對 20 億英鎊的數字產生一些影響。

But we're not going to mark to market our 2026 targets on a quarterly basis.

但我們不會按季度根據市場狀況制定 2026 年目標。

We're just very, very focused internally on disciplined execution against the targets that we've given you already.

我們在內部非常非常注重嚴格執行我們已經給你們的目標。

And on your, on the second one, in terms of RWA, there's nothing really to call out here, and certainly not any change in intention.

關於第二個，就 RWA 而言，這裡沒有什麼真正值得指出的，當然也沒有任何意圖的改變。

What we saw, particularly towards the end of the quarter, was some increases in RWAs that we would say are largely temporary, and certainly not an indication of a change of direction or intent.

我們看到，特別是在本季末，風險加權資產增加，我們認為這在很大程度上是暫時的，當然並沒有表明方向或意圖發生了變化。

Our objective here is twofold: firstly, to hold the RWAs of the IB broadly flat.

我們的目標有兩個：首先，保持 IB 的 RWA 基本持平。

And again, you can see that you called out that the RWA productivity.

再次，您可以看到您調用了 RWA 生產力。

We're pleased to see that go up year-on-year, whilst also growing the other side of the balance sheet.

我們很高興看到這個數字年增，同時資產負債表的另一面也有所成長。

So I would say largely temporary in nature and nothing really to call out specifically.

所以我想說基本上是暫時的，沒有什麼需要特別指出的。

But thank you for the question.

但謝謝你的提問。

Can we go to the next caller, please?

我們可以接聽下一個來電者嗎？

Benjamin Toms, RBC.

班傑明·湯姆斯，加拿大皇家銀行。

First one is on the RoTE.

第一個是 RoTE。

It's tracking slightly ahead of guidance for this year.

它的跟踪略高於今年的指導。

I appreciate your guided rate and (technical difficulty) To the extent you are (technical difficulty) your plan (technical difficulty) and what should we think about whatever the P&L.

我很欣賞你的指導費率和（技術難度），就你的（技術難度）你的計劃（技術難度）而言，以及我們應該如何考慮損益。

And then secondly, I think Joe questioned in terms of ratio (technical difficulty) I was hoping you might give some (inaudible) on hedge notes (technical difficulty) metrics.

其次，我認為喬在比率（技術難度）方面提出了質疑，我希望您能給出一些（聽不清楚）對沖票據（技術難度）指標。

Should you [bounce back] 40% (technical difficulty)

你是否應該[反彈]40%（技術難度）

Okay.

好的。

Thank you very much, Ben.

非常感謝你，本。

In RoTE terms and in terms of delivery of our plan, we are on track versus where we would expect to be at this stage after two quarters.

就 RoTE 而言以及就計劃的交付而言，我們正步入正軌，與我們預期的兩個季度後現階段的情況相符。

So we're firmly in line with our plan, and therefore, it wouldn't cause us to change either our RoTE guidance for this year or the longer term, or indeed our capital distribution plans, and that's why we've reiterated them today.

因此，我們堅定地遵守我們的計劃，因此，這不會導致我們改變今年或長期的 RoTE 指導，或實際上我們的資本分配計劃，這就是我們今天重申的原因。

In terms of deposit trends, you're right, we've seen greater stability or that stability come a little faster than we expected.

就存款趨勢而言，你是對的，我們看到了更大的穩定性，或者穩定性比我們預期的要快一些。

Perhaps that's how to think about it.

也許這就是思考的方式。

We do, however, expect the structural hedge notional to continue to fall broadly in line with broader deposit trends.

然而，我們確實預期結構性對沖概念將繼續與更廣泛的存款趨勢大致一致。

Customers continue to seek yield even though they're doing so at a much sort of slower level of migration than before.

客戶繼續尋求收益，儘管他們的遷移速度比以前慢得多。

But we've reassessed that structural hedge very carefully with each passing month.

但我們每個月都會非常仔細地重新評估這種結構性對沖。

We regard it as a keyway in which we manage the interest rate risk in our income line.

我們將其視為管理收入線中利率風險的關鍵途徑。

So we'll continue to monitor it and update as we go.

因此，我們將繼續監控它並隨時更新。

But at this point, I wouldn't change the sort of overall pathway.

但在這一點上，我不會改變整體路徑。

Okay.

好的。

Thank you, Ben.

謝謝你，本。

Perhaps we can go to the next question, please.

也許我們可以討論下一個問題。

Guy Stebbings, BNP Paribas.

蓋伊·斯特賓斯，法國巴黎銀行。

And just some questions around slide 10 and the hedge.

還有一些關於幻燈片 10 和對沖的問題。

Firstly, could you confirm how much is the notional is it attributed to the locked in component that you referred to 4.0 in '25 and 3.2 in 2026.

首先，您能否確認一下，您在 25 年提到的 4.0 和 2026 年提到的 3.2 中鎖定的組件在名義上有多少？

So presuming it's sort of an order mature to 75% in '25 and 55% in '26, but any color there would be very helpful.

因此，假設訂單在 25 年成熟到 75%，在 26 年成熟到 55%，但任何顏色都會非常有幫助。

And then in terms of the 1.5% maturing yield, which I think is consistent with prior disclosure, could you remind us sort of how that breaks down between each year?

然後就 1.5% 的到期收益率而言，我認為這與先前披露的情況一致，您能否提醒我們每年之間的情況如何？

And just a sort of final one on this slide.

這只是這張投影片上的最後一張。

Maybe I'm reading too much into dotted lines and sort of putting a rule of (inaudible), but it looks to me like it's near sort of 2.5% in 2026, the gross yield in that dark blue dotted line.

也許我對虛線的解讀太多了，並製定了一條規則（聽不清楚），但在我看來，2026 年的總收益率接近 2.5%，即深藍色虛線中的總收益率。

I would have thought given prior disclosure and comments we might be near 3%.

我原以為考慮到先前的披露和評論，我們的比例可能會接近 3%。

So can I just check I'm not reading too much in to maybe how that line dots across?

那麼我可以檢查一下我沒有讀太多內容來了解這條線是如何交叉的嗎？

Okay.

好的。

Thanks Guy.

謝謝蓋伊。

On your first question, we'll probably may need to come back to you in relation to that.

關於你的第一個問題，我們可能需要就此回覆你。

On the second question around the 1.5% maturing yield.

關於第二個問題，關於1.5%的到期收益率。

So the way I think about this is that on average, the sort of tenor that we've got here is between 2.5% and 3%.

所以我的想法是，平均而言，我們這裡的利率在 2.5% 到 3% 之間。

But there's actually a range of maturities within there, and that really reflects.

但實際上其中存在著一系列的成熟度，這確實反映了這一點。

How we think about the composition of our deposit book and the varying behavioral sort of trends that we see within there.

我們如何看待存款簿的組成以及我們在其中看到的不同行為趨勢。

So we haven't guided or given you any clarity about how that actually breakdown between those tenures, but just to say over the next few years, we expect the maturing yield to be about 1.5% and its pretty consistent over that period.

因此，我們沒有指導或明確說明這些任期之間的實際細分情況，但只是說在接下來的幾年中，我們預計到期收益率約為 1.5%，並且在此期間相當穩定。

And then on the final question, which was around the gross yield.

然後是最後一個問題，即總收益率。

Again, we don't guide to gross yield.

再次強調，我們不指導總收益。

We've given you some maths in February, which is really how we expect that structural hedging income to pan out over time.

我們在二月為您提供了一些數學知識，這確實是我們預期結構性對沖收入隨著時間的推移而實現的結果。

What I would just say as you can see that it continuous to grind higher, and I think this slide shows us that well.

我想說的是，你可以看到它不斷走高，我認為這張投影片很好地向我們展示了這一點。

So at Q1, we were at GBP9.3 billion of locked in income.

因此，在第一季度，我們的鎖定收入為 93 億英鎊。

Now we're at GBP11.7 billion of locked in income.

現在我們的鎖定收入為 117 億英鎊。

And obviously, in the current year, that is GBP4.5 billion locked in already by the half year versus the total we have for last year of GBP3.6 billion.

顯然，今年半年鎖定 45 億英鎊，而去年我們鎖定的總額為 36 億英鎊。

So that's really how we focus on it, less about the overall yield and more about how much are we locking in base as a combination of the notional, but also obviously, the yield and the hedge itself.

這就是我們真正關注的方式，而不是整體收益率，更多的是我們鎖定多少基數作為名目收益率和對沖本身的組合，但顯然也是如此。

So that's how we think about it.

這就是我們的想法。

But we'll come back to you with a bit more color on the first.

但我們會在第一時間向您提供更多資訊。

Okay.

好的。

Thank you.

謝謝。

Perhaps we can go to the next question, please?

也許我們可以進入下一個問題，好嗎？

Amit Goel, Mediobanca.

阿米特·戈爾，Mediobanca。

So my two questions.

所以我的兩個問題。

Maybe they follow on a little bit from Joe's question.

也許他們從喬的問題中得到了一些線索。

The first one is, I think, consensus outside of the IB now already largely reflects the '26 target.

第一個是，我認為，IB 之外的共識現在已經在很大程度上反映了 26 年的目標。

So again, I'm just wondering how much scope there is to be, base levels, especially in BUK, where rates are better.

再說一次，我只是想知道基礎水準有多大範圍，尤其是在 BUK，那裡的利率更好。

And I guess by extending the duration of the hedge, I suppose, the point's a still bit more sticky.

我想，透過延長對沖的持續時間，這一點會更加棘手。

You're talking about stabilization.

你說的是穩定。

So the 25% reduction in hedge size, it doesn't -- I'm not sure if that do seem a bit too conservative.

因此，對沖規模減少 25%，但事實並非如此——我不確定這是否看起來有點過於保守。

And then the second question is again just on the capital allocation.

第二個問題又是關於資本配置。

So I appreciate you commented that some of the RWA increase in IB has been a bit temporary in the quarter, but that is where we've seen most of the increase year-to-date and quarter-to-date.

因此，我很欣賞您的評論，即本季度 IB 的一些 RWA 增長有點暫時，但這是我們今年迄今和季度迄今看到的大部分增長的地方。

So just curious when we'll start to see the allocation trend towards that 50% target, which could be important for seeing RWA go?

所以只是好奇我們什麼時候開始看到朝著 50% 目標邁進的分配趨勢，這對 RWA 的發展可能很重要？

Okay.

好的。

Thanks Amit.

謝謝阿米特。

In terms of the pathway on NII, not only for BUK, but for the other parts of that complex corporate banking, international corporate banking and indeed, our private banking and wealth business.

就 NII 的路徑而言，不僅對於 BUK，而且對於複雜的企業銀行業務、國際企業銀行業務以及我們的私人銀行和財富業務的其他部分。

I mean, obviously, the trends that we're seeing around deposits and indeed rates are helpful.

我的意思是，顯然，我們在存款和利率方面看到的趨勢是有幫助的。

But we do see them as an underpin and hopefully an indication of our confidence in reaching those 2026 numbers.

但我們確實將它們視為基礎，並希望表明我們有信心實現 2026 年的目標。

And as it relates to the hedge, as I said, I'm not going to mark-to-market that hedge income on a quarterly basis.

正如我所說，由於它與對沖有關，我不會按季度以市價計價對沖收入。

We gave you some moving parts and just to reminder everybody.

我們為您提供了一些活動部件，只是為了提醒大家。

We have got GBP170 billion maturing over the three years and we have got maturing yield of about 1.5%.

三年來我們有 1700 億英鎊到期，到期收益率約 1.5%。

We expect a high level to roll about 75% of that.

我們預計高水準將滾動約 75%。

And at the time of the investor update, when swap rates were around 3.5%, we thought that would probably yield around GBP2 billion.

在投資者更新資訊時，掉期利率約為 3.5%，我們認為這可能會產生約 20 億英鎊的收益。

Again, there are some movements in the yield curve that might, in isolation, push that number up a bit.

同樣，殖利率曲線的一些變動可能會單獨推高該數字。

But this is a plan of many, many parts.

但這是一個由很多很多部分組成的計劃。

So we're very focused on delivering the greater than 12% RoTE in around.

因此，我們非常注重實現 12% 以上的 RoTE。

On your second question around capital allocation.

關於你關於資本配置的第二個問題。

I want to reiterate, we think those RWAs are largely temporary and there's obviously also a natural seasonality to the RWA path within the IB.

我想重申，我們認為這些 RWA 在很大程度上是暫時的，而 IB 內的 RWA 路徑顯然也存在自然季節性。

I think more fundamentally, though, what we're talking about here is the two-part strategy: firstly, holding that broadly flat; and secondly, growing elsewhere.

不過，我認為更根本的是，我們在這裡討論的是由兩部分組成的策略：首先，保持基本持平；其次，在其他地方發展。

So you're going to see this meaningfully change as a percentage really from the fourth quarter onwards.

因此，從第四季度開始，您將看到這一有意義的百分比變化。

And that in the first part comes from the completion of Tesco, which we now expect to happen on the first of November.

第一部分來自 Tesco 的竣工，我們現在預計將於 11 月 1 日竣工。

But also really the organic progress that we are making in terms of the balance sheet.

但我們在資產負債表方面確實取得了有機進展。

Now you can't see that yet coming through a strong balance sheet growth.

現在你還看不到資產負債表的強勁成長。

That is what we expected.

這正是我們所期望的。

You might remember that in February, we said that we expected that the UK balance sheet would get smaller before it got bigger and that indeed is what's happening.

您可能還記得，二月我們曾說過，我們預計英國資產負債表在擴大之前會先縮小，而事實確實如此。

But we're seeing good growth momentum.

但我們看到了良好的成長動能。

The mortgage market is up.

抵押貸款市場正在上漲。

We're taking a greater share of that.

我們正在其中佔據更大的份額。

And we're also taking a good share of high loan-to-value mortgages.

我們也獲得了高貸款價值抵押貸款的很大一部分。

Our cards balances are up quarter-on-quarter.

我們的卡片餘額環比增長。

And in corporate lending, whilst we haven't seen the balance sheet move yet, you can see the RWAs going up because we've extended balances to clients.

在企業貸款方面，雖然我們還沒有看到資產負債表發生變化，但你可以看到 RWA 上升，因為我們已經向客戶提供了餘額。

So I think it's really sort of quarter four onwards that you're going to start to see this move meaningfully.

所以我認為從第四季開始你就會開始看到這項舉措的意義。

But just to reiterate on the RWAs and the IB, our intention is still for this to be broadly flat and really for the work to be done elsewhere in moving that percentage.

但重申一下 RWA 和 IB，我們的目的仍然是讓這一數字大致持平，並且真正希望在其他地方完成工作來改變這一百分比。

But thank you for the question.

但謝謝你的提問。

Perhaps we could go to the next one, please.

也許我們可以轉到下一個。

Edward Firth, Stifel.

愛德華·弗斯，斯蒂菲爾。

I had two questions, please.

我有兩個問題，請問。

The first one was US consumer cards credit quality.

第一個是美國消費卡信用品質。

I think you said to see the provision charge has turned.

我想你說的是看規定費用已經轉了。

But if I look at your nonperforming loans in the quarter.

但如果我看看你們本季的不良貸款。

They were up, I think, 7% or 8%.

我認為他們上漲了 7% 或 8%。

So just trying to get a sense as to where we are in that side and how we should expect that to progress from here, if that's okay?

所以只是想了解我們在這方面的位置以及我們應該如何期望從這裡取得進展，如果可以的話？

And that's the first question.

這是第一個問題。

And then the second question.

然後是第二個問題。

I'm just trying to square the BUK performance with some of your targets and with some of the revenue coming through from the hedge, because you're making around a 20% return on equity in the first half.

我只是想將 BUK 的表現與你們的一些目標以及來自對沖的一些收入進行調整，因為你們上半年的股本回報率約為 20%。

And even if I normalize impairments, when you take your share of the hedge benefit that's going to go in there, that's probably closer to 25% or even high 20s returns as of today.

即使我將減損正常化，當你考慮到其中的對沖收益時，截至今天，這可能接近 25%，甚至高達 20 倍以上的回報率。

And yet in your target, I think you said greater than 15% return on tangible by FY26.

然而，在您的目標中，我認為您曾說過到 2026 財年有形回報率將超過 15%。

And I know, obviously, greater than 15% in comps is an awful lot, but I guess, mid to high 20s, there's a long way ahead of that.

我知道，顯然，超過 15% 的比較是一個可怕的數字，但我想，在 20 歲左右，還有很長的路要走。

So I'm just trying to think what should we be thinking about in terms of the difference between the greater than 15% and the mid to high 20s.

所以我只是想思考我們應該考慮 15% 以上和 20% 中高之間的差異。

And how do you think about a mid to high 20s return in sort of -- we had been looking the FDA talking about consumer duty yesterday.

你如何看待 20 多歲的中高回報率——我們昨天一直在關注 FDA 談論消費者責任的問題。

Should we be expecting some of this GBP2 billion hedge to actually go to depositors?

我們是否應該期望這 20 億英鎊的對沖資金中的一部分實際上會流向儲戶？

Or are you usually confident that we can hold the bulk of that?

或者您通常有信心我們可以持有其中的大部分嗎？

Okay.

好的。

Thank you, Ed. I'll start on cards and Venkat might want to add something on US quality also and then we'll go into the UK performance.

謝謝你，艾德。我將從卡片開始，Venkat 可能還想添加一些關於美國品質的內容，然後我們將進入英國的表現。

Then really, the US, an impeded pathway is panning out as we expected to.

事實上，在美國，一條受阻的道路正在像我們預期的那樣出現。

So last year, when we saw the macroeconomic variables, particularly around unemployment start to increase.

所以去年，當我們看到宏觀經濟變量，特別是圍繞失業的變數開始增加時。

What we expected was first, delinquencies would increase and secondly, real if you like nonperformance and write-offs would follow.

我們的預期是，首先，拖欠率會增加；其次，如果你願意的話，如果你願意的話，真正的不良表現和沖銷將會隨之而來。

And that's exactly what happening here.

這正是這裡發生的事情。

And you can see it quite clearly in the chart, which I think is on slide 13.

您可以在圖表中清楚地看到這一點，我認為該圖表位於幻燈片 13 上。

So this time last year, we got ahead of this in a couple of ways.

所以去年的這個時候，我們在幾個方面都取得了領先。

The first was by building our reserves proactively.

首先是積極建立儲備。

And so you can see that reserve build through the second half of last year.

所以你可以看到去年下半年儲備的增加。

And that was in anticipation of the write-offs and that movement of nonperforming loans that you're now seeing.

這是在您現在看到的沖銷和不良貸款變動的預期之下的。

So from here, what I expect is consistent with what we thought at the beginning of the year, which is actually, we'd expect impairments in the second half to be lower.

因此，從這裡開始，我的預期與我們年初的想法一致，實際上，我們預計下半年的減損會更低。

Now the composition of that is going to still look a bit like what it does in Q2.

現在它的組成看起來仍然有點像第二季的情況。

You're going to have relatively high levels of write-offs, and you have lower levels of provisioning.

您將擁有相對較高水準的沖銷，並且您的撥備水準較低。

And then overall, for '24, it's going to be lower than '23.

總的來說，24 年的數字將低於 23 年。

But we did take actions last year in credit lines also in anticipation of this, and that certainly helps.

但去年我們確實在信貸額度方面採取了行動，也是為了應對這種情況，這肯定會有所幫助。

And just to remind you, this is a high-quality book.

只是想提醒您，這是一本高品質的書。

Venkat?

文卡特？

Yeah.

是的。

I second everything Anna said.

我贊同安娜所說的一切。

And I think the other thing to look at is, in credit cards, as you know, one of the most important factors driving performance is employment or unemployment.

我認為另一件事是，在信用卡領域，如你所知，推動績效的最重要因素之一是就業或失業。

The Fed statement yesterday pointed even though they didn't change rates, pointed towards a balance in their concern, shifting a little away from inflation into softness and employment.

聯準會昨天的聲明指出，儘管他們沒有改變利率，但他們的關注點有所平衡，稍微從通膨轉向疲軟和就業。

That is speaking to the thing that we put in and anticipated.

這指的是我們投入和預期的事情。

And we've risked, as Anna said, try to risk manage the portfolio in advance of that.

正如安娜所說，我們已經冒險嘗試在此之前對投資組合進行風險管理。

And so we hope we are prepared for what could be a softness.

因此，我們希望我們為可能出現的疲軟做好準備。

But the charge -- the nonperforming piece is exactly, as Anna said, it's following upon a provision build, which was earlier.

但指控——正如安娜所說，不良作品正是在更早的準備構建之後進行的。

Okay.

好的。

And then on your second point, just around BUK performance.

然後是第二點，關於 BUK 的表現。

We take confidence from the quality and the stability of the balance sheet.

我們對資產負債表的品質和穩定性充滿信心。

But that balance sheet is going to change from here.

但資產負債表將從這裡開始改變。

We are anticipating asset growth.

我們預計資產成長。

So obviously, we expect NII to grow over time, but I'm also expecting that the RWAs here are going to grow over time.

顯然，我們預計 NII 會隨著時間的推移而成長，但我也預期這裡的 RWA 也會隨著時間的推移而成長。

And clearly, we haven't seen growth in assets in BUK for a couple of years now.

顯然，我們已經好幾年沒有看到 BUK 的資產成長了。

So that will moderate.

這樣就會緩和。

And it's just a reflection of really, if you like, the emphasis moving from profit being and liabilities to really trying to grow the asset book for when the curve turns.

如果你願意的話，這只是反映了重點從利潤和負債轉向真正努力在曲線轉向時增加資產帳簿。

So that's really what we're thinking about here.

這就是我們真正正在考慮的問題。

Think of it as an increase in equity rather than a reduction in returns.

將其視為權益的增加而不是回報的減少。

And that's really what's led to our RoTE thought process.

這正是我們 RoTE 思維過程的真正原因。

Venkat anything to add on that?

Venkat 有什麼要補充的嗎？

Yeah.

是的。

I completely agree.

我完全同意。

You have to look at this business, as Anna said, over a cycle and the composition of the revenues, shifts from liabilities to assets over that period, as asset revenues increase so does your equity.

正如安娜所說，你必須在一個週期內審視這項業務，收入的組成會在這段時間內從負債轉向資產，隨著資產收入的增加，你的股本也會增加。

And that will have the effect of moderating the RoTE.

這將起到調節 RoTE 的作用。

And then impairment

然後是減損

--

--

Yeah.

是的。

And impairment has remained fairly low, and the UK where we'll see where the bank is singling does later today.

減損損失仍然相當低，今天晚些時候我們將看到英國銀行的具體情況。

But in the UK, employment picture has remained strong.

但在英國，就業情勢依然強勁。

I mean there's really only one way this thing can go.

我的意思是這件事真的只有一種方式可以發展。

And so you've got to be careful about where impairments go in the long run.

因此，從長遠來看，你必須小心損害的走向。

And that would be the other moderating influence.

這將是另一個調節效果。

Yeah.

是的。

And I think you sort of called that out in your remarks.

我認為你在講話中已經指出了這一點。

So we're still expecting the sort of longer-term trends here.

因此，我們仍然期待這種長期趨勢。

To your specific point on the FDA and the consumer duty, there is nothing specific in our RoTE guidance that relates to that at all.

對於您關於 FDA 和消費者責任的具體觀點，我們的 RoTE 指南中沒有任何與此相關的具體內容。

We feel we have the right ranges, both across savings and indeed elsewhere and they're in compliance with it.

我們認為我們在儲蓄和其他方面都有正確的範圍，而且他們也遵守了。

So there's nothing there that would mitigate or moderate the RoTE.

因此，沒有任何東西可以減輕或緩和 RoTE。

Yeah.

是的。

And look, this is an important protection measure for consumers.

你看，這是對消費者的重要保護措施。

We fully support it.

我們完全支持。

And I think it's important for the large financial institutions, all financial institutions to be fully in conformance with the requirements of those practices and they're good practices.

我認為對於大型金融機構和所有金融機構來說，完全遵守這些實踐的要求非常重要，它們是良好的實踐。

Thank you.

謝謝。

Can we go to the next question, please?

我們可以進入下一個問題嗎？

Chris Cant, Autonomous.

克里斯·坎特，自治。

I had one on BUK and one on consumer, please. the US consumer.

我有一張關於 BUK 的，一張關於消費者的。美國消費者。

So on BUK, in your remarks, you referenced the stabilization in deposit books coming off the back of pricing actions that you've taken earlier in the year.

因此，關於 BUK，您在演講中提到了今年早些時候採取的定價行動後存款帳戶的穩定性。

I mean, you don't give us much disclosure around your deposit costs.

我的意思是，您沒有向我們透露太多有關您的存款成本的資訊。

But if I look at the interest expense you're disclosing in BUK financials, I think that's down half on half, i.e., lower overall interest expenses in the first half versus the second half of last year.

但如果我看看你們在 BUK 財務數據中披露的利息支出，我認為這是一半一半的下降，也就是說，上半年的總體利息支出比去年下半年更低。

So I just wanted to understand a little bit more what pricing actions you've taken?

所以我只是想多了解你們採取了哪些定價行動？

And if there is any color you could give us around the level of your average deposit rates, which some of your domestic peers do provide that would be very welcome.

如果您可以向我們提供有關平均存款利率水準的任何資訊（一些國內同行確實提供了此資訊），我們將非常歡迎。

And on consumer, obviously, income down.

對消費者來說，收入顯然下降了。

You've spoken to that in terms of the amortization and various other things, bits of lumpiness, I guess.

我猜你已經談到了攤銷和其他各種事情，一些塊狀的東西。

How should we think about the progression of income for that segment from here?

我們應該如何考慮該細分市場的收入進展？

Should we be expecting growth to be coming through in the second half?

我們是否應該預期下半年會成長？

Or is more of the progression you're expecting to that 12% NIM back-end loaded within the plan?

或者您期望在計劃內加載 12% NIM 後端的更多進度？

Okay.

好的。

Thanks, Chris.

謝謝，克里斯。

So we don't disclose our deposit costs and obviously, within the interest costs in the P&L, there are more things going on than savings within there.

因此，我們不會揭露我們的存款成本，顯然，在損益表的利息成本中，除了儲蓄之外，還有更多的事情發生。

However, what I would say is, we've made good progress around our -- not only our range of savings, it's much broader than it was.

然而，我想說的是，我們不僅在儲蓄範圍方面取得了良好進展，而且比以前更廣泛。

But you can also see, and I think it's probably on slide 16.

但你也可以看到，我想它可能在第 16 張投影片上。

The continued progression that the customer has towards yield.

客戶對產量的持續進步。

So fixed term deposits continue to grow, albeit at a slower pace.

因此，定期存款持續成長，儘管增速較慢。

We have a lower proportion of fixed term deposits than the industry more broadly, which is what you would expect, but still a significant change there.

我們的定期存款比例低於整個行業，這是您所期望的，但仍然是一個重大變化。

And I would just say, really, it's about range.

我只想說，實際上，這與範圍有關。

It's about pricing consistently.

這是關於一致的定價。

It feels like we've performed well in the first quarter -- sorry, in the first and second quarter.

感覺我們在第一季表現不錯——抱歉，在第一季和第二季。

The savings market overall has grown.

儲蓄市場整體上有所成長。

We initially lost share last year, but I would say that's very much stabilized this year as we've seen those benefits come through.

去年我們最初失去了市場份額，但我想說，今年市場份額非常穩定，因為我們已經看到了這些好處。

And current account share has actually been flat throughout.

經常帳戶份額實際上一直持平。

So it feels like we have managed that well and in terms of consumer in the US, there is a bit seasonality to US cards.

所以感覺我們管理得很好，就美國消費者而言，美國卡有一點季節性。

Typically, you see slightly higher income and slightly higher impairment in the fourth quarter.

通常，您會看到第四季度的收入略有增加，減損損失也略有增加。

So we'd expect those trends to be the same this year.

因此，我們預計今年的趨勢將相同。

It's a bit the converse of what you see in the current quarter.

這與您在本季度看到的情況有點相反。

There's a seasonal down in Q2, and you tend to see that go up again for holiday spend in Q4.

第二季出現季節性下降，而第四季的假期支出往往會再次上升。

So that's the seasonal element of it.

這就是它的季節性因素。

And more broadly than that, obviously, we do expect to grow and cost growth takes a while.

顯然，更廣泛地說，我們確實預計會成長，而成本成長需要一段時間。

So you can see this happen sort of over time.

所以你可以看到這種情況隨著時間的推移而發生。

There are also some headwinds to NIM and income that we called out.

我們指出，淨利差和收入也面臨一些阻力。

So specifically around late fees, although that appears to be delayed at this point in time.

特別是關於滯納金，儘管目前看來已經延遲。

We'd expect to take some actions in response to that in terms of our optimization.

我們希望在優化方面採取一些行動來應對這種情況。

We're continuing to build our deposits in the US.

我們正在繼續增加在美國的存款。

So I'd expect these to sort of manifest themselves gradually over time the implementation of that, Chris, but you're going to see some lumpiness from, for example, the implementation of that late fees whenever it comes.

所以我預計這些會隨著實施的時間的推移而逐漸顯現出來，克里斯，但是你會看到一些混亂，例如，無論何時收取滯納金。

On the UK deposit piece, I know you don't disclose -- you don't give us a specific number.

關於英國存款，我知道你沒有透露──你沒有給我們一個具體的數字。

I guess the reason for the question is when I look at data we do get for 2023, which we can at least see on an annual basis?

我想這個問題的原因是當我查看我們確實獲得的 2023 年數據時，我們至少可以每年看到這些數據？

Barclays in the UK was paying meaningfully lower rates than large incumbent peer banks in the UK.

英國巴克萊銀行支付的利率明顯低於英國大型現有同業銀行。

I guess, off the back of that, we saw deposit volumes compressed for Barclays to a far rate degree then for those peers.

我想，在此之後，我們看到巴克萊銀行的存款量被壓縮到遠高於其他同業的利率程度。

So customers moved elsewhere because you weren't kind of keeping up, I guess, with even the large incumbent banks.

所以客戶搬到了其他地方，因為我想，即使是大型現有銀行，你也跟不上。

We've seen that stabilize in the first half.

我們已經看到上半場的情況趨於穩定。

Is it just that the customers, who were going to move have now moved and actually you've retained a meaningful pricing differential to large peers?

難道只是原本要搬走的客戶現在已經搬走了，而實際上您已經與大型同行保持了有意義的定價差異？

Or do you feel like you've substantially caught up with large peers in terms of your rates?

或者您覺得自己的費率已經大大趕上了大型同行？

So as I said, we are seeing that market share trend really stabilized in the second quarter.

正如我所說，我們看到第二季度市佔率趨勢確實穩定了。

And what tells me is that two things are going on.

告訴我的是有兩件事正在發生。

Firstly, our range and pricing performance is better.

首先，我們的產品範圍和定價表現較好。

And secondly, there is some moderation there more broadly across the market.

其次，整個市場出現了一些放緩。

So I think it's both, Chris, actually.

所以我認為兩者都是，克里斯，實際上。

Thank you, Chris.

謝謝你，克里斯。

Perhaps we can go to the next question, please.

也許我們可以討論下一個問題。

Robin Down, HSBC.

羅賓唐，匯豐銀行。

Just a couple on the businesses being disposed of.

只是關於被處置的企業的一些情況。

With the German business, obviously, you've called out the kind of revenue contribution that that's making.

顯然，對於德國業務，您已經指出了其所做的收入貢獻。

But I don't think we've seen the cost and the impairment contribution.

但我認為我們還沒有看到成本和減損貢獻。

Is that business kind of a breakeven business?

該業務是否屬於損益平衡業務？

I assume most of the impairments in the head office related to the German consumer finance business.

我認為總部的大部分減損與德國消費金融業務有關。

So is the gap there just kind of costs of around kind of GBP30 million, GBP40 million a quarter.

差距是否只是每季 3000 萬英鎊、4000 萬英鎊左右的成本。

Is that how we should be thinking about that?

我們該這樣思考嗎？

And the second question, I guess, is probably more for Venkat.

我想第二個問題可能比較適合文卡特。

I think you quoted on Bloomberg this morning, saying that the sales of the merchant acquiring unit is underway.

我想你今天早上引用了彭博社的話說，商家收單部門的銷售正在進行中。

I was just wondering if you could give us any kind of update on that disposal.

我只是想知道您能否向我們提供有關該處置的任何最新資訊。

Thank you, Robin.

謝謝你，羅賓。

So on German cards, I mean you're broadly in the right ballpark.

所以在德國牌上，我的意思是你基本上是正確的。

It's not a significant PBT contributor to the bank and therefore, on sale, the meaningful difference that you're going to see in the P&L or balance sheet is actually the release of their RWAs.

它不是銀行的重要 PBT 貢獻者，因此，在出售時，您將在損益表或資產負債表中看到的有意義的差異實際上是其 RWA 的發布。

And that's really what drives that 10 basis points of CET1 accretion that will happen either in Q4 for Q1, is our expectation.

我們預計，這正是推動 CET1 成長 10 個基點的真正原因，這種成長將在第四季或第一季發生。

So you're in the right ballpark.

所以你的想法是對的。

Venkat?

文卡特？

Yeah.

是的。

So I think, Robin, what I said earlier on the media call is that we had three acquisitions -- or three acquisitions and three disposals and to -- one acquisitions stated for this year.

所以我認為，羅賓，我之前在媒體電話會議上所說的是，我們今年進行了三項收購，或是三項收購和三項處置，以及一項收購。

The acquisition was Tesco, of course.

收購的當然是特易購。

The disposals were German cards and Italian mortgages, which have one been announced German cards, Italian mortgages announced and completed.

處置的是德國卡和義大利抵押貸款，其中一項已宣布並已完成。

And then the last one was merchant acquiring.

最後一個是商業收單。

And on merchant acquiring, what I had said is in a way of all the things, it is the most complex one because of the technology involved, because of the kind of financial arrangements we would want and the client service we want.

關於商家收購，我所說的是在所有事情中，它是最複雜的，因為涉及技術，因為我們想要的財務安排和我們想要的客戶服務。

So that process is still ongoing.

所以這個過程仍在進行中。

And what I said also on the call is that we have nothing to say about it now.

我在電話中也說過，我們現在對此無話可說。

When we do, we'll tell you, but it is the most complex of that list of course.

當我們這樣做時，我們會告訴您，但這當然是該清單中最複雜的一個。

Thank you.

謝謝。

Perhaps we can go to next question, please.

也許我們可以進入下一個問題。

Andrew Coombs, Citigroup.

安德魯庫姆斯，花旗集團。

A couple of strategic ones, please.

請講幾個戰略性的問題。

Firstly, on US consumer.

首先，關於美國消費者。

I've noted the delay in the IRB inflation until Q1.

我注意到 IRB 通膨延遲到第一季。

But we're now in an environment whereby it looks like for the US banks, the delay in Basel 3.1 could potentially be much longer.

但我們現在所處的環境似乎對美國銀行來說，巴塞爾 3.1 的延遲可能會更長。

I know when you gave your Investor Day, you talked about the risk weight density go from 100 to 160 and then through mitigation back to 145, and you thought that would be comparable to the US banks post Basel 3.

我知道當您舉行投資者日活動時，您談到風險權重密度從 100 到 160，然後通過緩解措施回到 145，您認為這將與巴塞爾 3 後的美國銀行相當。

But in an environment where Basel 3 doesn't get introduced in the US -- or Basel 3.1, sorry, in the US, how do you feel about the competitive positioning of that business?

但在巴塞爾 3 沒有在美國引入的環境中，或者巴塞爾 3.1，抱歉，在美國，您對該業務的競爭定位有何看法？

And if a co-brand deal comes up for renewal, do you think you can still price competitively versus the US peers given a higher risk-weighted density?

如果聯名品牌交易需要續簽，考慮到更高的風險加權密度，您認為與美國同業相比，您的定價是否仍然具有競爭力？

And then second question, is on the same strategy, but Investment Bank, given -- I know you said the IB, RWA increase is temporary this quarter.

第二個問題是同樣的策略，但投資銀行，我知道你說過 IB、RWA 的成長在本季是暫時的。

But if somebody comes to you and says, I'd like an extra GBP100 million of RWAs, I think I can generate more than 12% royalty on that from your investment bank.

但如果有人來找你說，我想要額外的 1 億英鎊 RWA，我想我可以從你的投資銀行獲得超過 12% 的特許權使用費。

You've always said your North Star is the RoTE.

你總是說你的北極星是 RoTE。

So do you say, yeah, fine, please go ahead.

那你會說，是的，好吧，請繼續。

Or is it the case of reducing the RWAs from 63% down to 50% of group in the investment bank by holding stable is more of a priority?

還是透過保持穩定將風險加權資產從投行集團的 63% 降低到 50% 更為優先？

Okay.

好的。

Andy, I'll start, and then I'll hand over to Venkat.

安迪，我開始，然後交給文卡特。

So on consumer, you're right, we -- these regulatory models are complex to implement.

所以對消費者來說，你是對的，我們──這些監管模式實施起來很複雜。

We've just seen a movement over the quarter and really, that takes us from Q4 to Q1.

我們剛剛看到了本季度的變化，實際上，這將我們從第四季度帶到了第一季。

And that has always been an acceleration of the Basel requirements for us and we talked about that in February.

這對我們來說一直是巴塞爾要求的加速，我們在二月談到了這一點。

So we always expected there to be a gap.

所以我們總是預期會有差距。

Obviously, we'll have to see what happens to the US rules and it's very difficult for us to comment on that until we see both that and indeed the final UK rules.

顯然，我們必須看看美國的規則會發生什麼，在我們看到美國的規則和英國的最終規則之前，我們很難對此發表評論。

In the meantime, we're focused on the things that we can control.

同時，我們專注於我們可以控制的事情。

So we're focused on the commercial actions that we said we would take which are really around improving the capital efficiency of the business through doing trades like the one that we've already done with Blackstone.

因此，我們專注於我們所說的將採取的商業行動，這些行動實際上是透過進行類似我們已經與 Blackstone 進行的交易來提高企業的資本效率。

We continue to work on the NIM, as I alluded to before, through pricing, through deposits, et cetera.

正如我之前提到的，我們繼續透過定價、存款等方式進行 NIM 工作。

We've got a big program here of efficiency and digitization.

我們在這裡有一個關於效率和數位化的大型計劃。

All of those things will improve the returns of the business.

所有這些都將提高企業的回報。

So we're really sort of focusing on execution of the piece here that we can control and which we have line of sight to.

因此，我們實際上專注於我們可以控制並且可以看到的作品的執行。

Yeah.

是的。

I'll just add to Anna, what Anna's saying, which is that we will control what we can control, and we try to do that in a very efficient way, and we're doing things in capital management, which try to alleviate what could be the impact of these changes.

我只想補充一下安娜，安娜所說的，就是我們將控制我們能控制的事情，我們試圖以一種非常有效的方式做到這一點，我們正在資本管理方面做一些事情，試圖減輕可能是這些變化的影響。

More broadly speaking, of course, we have the view, which we've shared publicly that we think the changes in the UK and the US ideally should be similar and should happen at roughly at the same time.

當然，更廣泛地說，我們有這樣的觀點，我們已經公開分享了這一觀點：我們認為英國和美國的變化理想情況下應該是相似的，並且應該大致在同一時間發生。

That would be our wish.

這將是我們的願望。

And then if I come to your point on the RWA and the increases, so what I would say to you is the strategic ambition or goal of this bank is to keep IB RWAs roughly flat, absorbing some of the capital impacts we've spoken about and then growing RWAs outside of the IB and therefore, shrinking the relative proportion of the IB.

然後，如果我談到您關於 RWA 和增加的觀點，那麼我要對您說的是，該銀行的戰略雄心或目標是保持 IB RWA 大致持平，吸收我們談到的一些資本影響然後在IB 之外增加RWA，從而縮小IB 的相對比例。

Now if somebody comes with an interesting high RoTE trade, we would, of course, consider it.

現在，如果有人進行了有趣的高 RoTE 交易，我們當然會考慮它。

It would have to be shorter term, right?

應該是短期的吧？

It's not something that can affect the broader strategy.

這不會影響更廣泛的戰略。

So the broader strategy is that relative reduction and if there are shorter term opportunities that we can take, of course, we would consider them, but at the secondary part of the broader strategy.

因此，更廣泛的策略是相對減少，如果我們可以抓住短期機會，我們當然會考慮它們，但處於更廣泛策略的次要部分。

All right?

好的？

And just to remind you, Andy, that the areas that we want to grow our RWAs in, so that's GBP30 billion, they are in the areas of the bank where the returns are meaningfully higher than the group average.

安迪，我想提醒您的是，我們希望增加 RWA 的領域，即 300 億英鎊，它們位於銀行回報率明顯高於集團平均水平的領域。

So across BUK, across the corporate bank and indeed across private banking and wealth, they are at least high teens, if not into the 20s.

因此，在 BUK、企業銀行甚至私人銀行和財富領域，他們即使不是 20 多歲，也至少是十幾歲。

So that's the trade-off that we are really thinking about here as we consider the capital allocations for the firm.

這就是我們在考慮公司資本配置時真正考慮的權衡。

Okay.

好的。

So I think that was our final question.

所以我認為這是我們的最後一個問題。

Thank you very much for joining us today.

非常感謝您今天加入我們。

Thank you for your continued interest in Barclays.

感謝您對巴克萊銀行的持續關注。

We're pleased to give you the results today.

我們很高興今天向您提供結果。

We look forward very much to seeing some of you on the road over the next few weeks or indeed, if you go holiday, we will see you in September.

我們非常期待在接下來的幾週內在路上見到你們中的一些人，或者事實上，如果你們去度假，我們將在九月見到你們。

But thank you very much and see you soon.

但非常感謝你，很快再見。

Thank you.

謝謝。

Thank you.

謝謝。

That concludes today's conference call.

今天的電話會議到此結束。