Barclays PLC (BCS) 2026 Q2 法說會逐字稿

Welcome to Barclays half year 2026 results fixed income conference call. I will now hand it over to Anna Cross, Group Finance Director; and Daniel Fairclough, Group Treasurer.

歡迎參加巴克萊 2026 年上半年業績固定收益電話會議。我現在把電話交給集團財務總監 Anna Cross，以及集團司庫 Daniel Fairclough。

Good afternoon, and welcome to the half one 2026 Fixed Income Investor Call. I'm joined by Daniel Fairclough, our Group Treasurer. Let me begin with a brief overview of our financial performance. Q2 was another strong quarter with a group return on tangible equity of 16.1%. All three UK businesses delivered ROCE above 20% with consistent volume and revenue growth. Investments we have made allowed us to, again, monetize strong markets and banking wallet in the investment bank, where ROCE increased nearly 4% versus last year to 16%. And while the US consumer bank delivered 10.5% ROCE, excluding the American Airlines gain on sale.

各位下午好，歡迎參加 2026 年上半年固定收益投資人電話會議。我與我們的集團司庫 Daniel Fairclough 一同出席。我先簡要概述我們的財務表現。第二季再度表現強勁，集團有形股東權益報酬率為 16.1%。英國三大業務的 ROCE 均超過 20%，且量能與營收持續成長。我們所做的投資使我們得以再次在投資銀行中將強勁的市場環境與銀行業務錢包（wallet）變現，ROCE 較去年提升近 4% 至 16%。而美國消費金融銀行的 ROCE 為 10.5%，若排除美國航空出售收益。

Given the momentum and breadth of our progress, we are upgrading the group income target to circa GBP31.5 billion in '26, and we remain confident in delivering group ROCE greater than 12% in '26 having achieved 14.8% in half one. We are using additional capacity from stronger H1 profitability to structurally improve Barclays returns. We, therefore, anticipate taking additional cost actions later in '26 to create greater cost flexibility from '27.

鑑於我們進展的動能與廣度，我們將 2026 年集團收入目標上調至約 315 億英鎊；並且我們仍有信心在 2026 年實現集團 ROCE 高於 12%，因為上半年已達 14.8%。我們正運用上半年獲利更強所帶來的額外資本容量，從結構上提升巴克萊的報酬。因此，我們預期在 2026 年稍晚採取額外的成本行動，以自 2027 年起創造更大的成本彈性。

These plans increase our confidence in delivering '28 ROCE greater than 14% and accelerate our progress towards an all-weather ROCE beyond '28. These actions will not disrupt the Group's distribution plans or financial targets in '26, including the high 50s cost income ratio target.

這些計畫提升了我們對於在 2028 年實現 ROCE 高於 14% 的信心，並加速我們在 2028 年之後邁向「全氣候」ROCE 的進程。這些行動不會干擾集團在 2026 年的配息／分配計畫或財務目標，包括成本收入比目標維持在接近 50% 後段（high 50s）。

Moving to slide 4 on credit quality. The Q2 group impairment charge of $571 million equated to a loan loss rate of 51 basis points. Consumer and corporate balance sheets remain robust, and borrowers are behaving rationally. As an accounting meter, consensus unemployment expectations increased as we anticipated, consuming the post-model adjustments that we recognized last quarter in Barclays UK and US Consumer Bank.

接著看第 4 頁的信用品質。第二季集團減損費用為 5.71 億美元，等同於 51 個基點的貸款損失率。消費者與企業資產負債表仍然穩健，借款人行為理性。作為會計衡量因素，如我們所預期，共識失業率預期上升，消耗了我們在上一季於巴克萊英國與美國消費金融銀行所認列的模型後調整（post-model adjustments）。

We retained the GBP68 million P&A in the investment bank, recognizing downside bias due to global macro uncertainty. For '26, we continue to expect a group loan loss rate around the top of the 50 to 60 basis point range. Before handing over to Dan, let me cover the economic trends in the UK. Whilst Barclays benefits from diversification with 40% of income generated in the US, the UK is our home market.

我們在投資銀行保留了 6,800 萬英鎊的 P&A，因全球宏觀不確定性而反映下行偏誤。對於 2026 年，我們仍預期集團貸款損失率約落在 50 至 60 個基點區間的上緣。在交給 Dan 之前，我先談談英國的經濟趨勢。儘管巴克萊受惠於多元化（40% 收入來自美國），英國仍是我們的本土市場。

The UK economy has been growing in nominal and real terms and at a faster rate than the Eurozone. This has supported real wage growth, rising house prices and stable employment. Declining investments since the late 2000s meant that UK corporate debt to GDP has fallen to a multi-decade low. Corporates have had the capacity to invest but not the confidence.

英國經濟在名目與實質層面皆在成長，且增速快於歐元區。這支撐了實質薪資成長、房價上升與就業穩定。自 2000 年代末以來投資下滑，意味著英國企業債務占 GDP 比重已降至數十年低點。企業有投資能力，但缺乏信心。

This seems to be changing. The majority of corporates we survey tell us they are confident in their prospects. Firms plan to increase investment in the next 12 months, including in technology, this is broad based across sectors and regions with overall UK corporate lending, up 9% and in the past year. As you can see from our results for several quarters, Barclays is helping foster UK growth, not just benefiting from it.

這種情況似乎正在改變。我們調查的大多數企業告訴我們，他們對自身前景有信心。企業計畫在未來 12 個月增加投資，包括科技領域；此趨勢在各產業與各地區皆普遍存在，整體英國企業放款在過去一年成長 9%。從我們連續數季的業績可見，巴克萊正在協助促進英國成長，而不僅僅是從中受益。

I'll now hand over to Dan for the balance sheet highlights.

我現在把電話交給 Dan，請他說明資產負債表重點。

Thanks, Anna. Let me begin first with capital on slide 7. We ended the quarter with a CET1 ratio of 14.3%, generating 115 basis points of capital from profits year-to-date. Pro forma for the GBP1 billion buyback, the CET1 ratio was 14% and consistent with our intention to operate around the top of our 13% to 14% CET1 range, pending regulatory clarity.

謝謝，Anna。我先從第 7 頁的資本談起。本季末我們的 CET1 比率為 14.3%，年初至今由獲利貢獻了 115 個基點的資本。若以 10 億英鎊庫藏股回購作為備考（pro forma），CET1 比率為 14%，符合我們在監管明確之前，將營運水準維持在 13% 至 14% CET1 區間上緣的意圖。

Attributable profit growth should continue to drive strong capital generation and EPS momentum which we amplify through share buybacks. Looking ahead, guidance for regulatory RWA inflation in 2017 remains unchanged at GBP19 million to GBP26 billion. This includes Basel 3.1 changes on the first of January and implementation of IRB in the US Consumer Bank, which we now expect in H2 '27. Group Pillar 2A requirements are expected to reduce following each of these events, and we will provide further guidance as we get clarity.

可歸屬利潤的成長應會持續推動強勁的資本生成與每股盈餘（EPS）動能，而我們透過股份回購進一步放大這些效果。展望未來，對於 2017 年監管風險加權資產（RWA）通膨的指引維持不變，為 190 億英鎊至 260 億英鎊。其中包括 1 月 1 日生效的 Basel 3.1 變更，以及在美國消費金融銀行導入 IRB（內部評等法），我們目前預期將於 2027 年下半年實施。預期集團 Pillar 2A 要求將在上述各事件後下降；待更明確後，我們將提供進一步指引。

On the broader regulatory landscape, we note the recent financial stability report but believe more can be done to drive UK growth. The proposed changes would reduce Barclays Tier 1 leverage requirements modestly by 8 basis points, supporting its position as a backstop measure. We continue to work closely with the Bank of England to promote international alignment and competitiveness of the UK financial services sector.

就更廣泛的監管環境而言，我們注意到近期的金融穩定報告，但我們認為仍可做得更多以推動英國成長。擬議的變更將使巴克萊第一級資本槓桿要求小幅下降 8 個基點，支持其作為後備性措施（backstop）的定位。我們將持續與英格蘭銀行密切合作，促進國際一致性並提升英國金融服務業的競爭力。

Moving up the capital stack. On slide 9, we show our Tier 1 and total capital requirements as a proportion of RWAs. We continue to target a prudent buffer against each of these requirements, which helps us manage any RWA and FX movements as well as our issuance and redemption profiles. Our Tier 1 ratio is 18% and total capital ratio is 20.3%, maintaining healthy headroom above our 14.6% and 17.8%, respective regulatory requirements. Within these ratios, we had an AT1 component of 3.6%.

接著往資本結構上層看。在第 9 頁，我們展示第一級資本與總資本要求占 RWA 的比例。我們持續針對各項要求維持審慎的緩衝，以協助管理任何 RWA 與匯率（FX）變動，以及我們的發行與贖回節奏。我們的第一級資本比率為 18%，總資本比率為 20.3%，相較於監管要求的 14.6% 與 17.8%（分別）仍維持充足的緩衝空間。在這些比率中，AT1 的占比為 3.6%。

As stated at the full year results, we had a more limited issuance requirement for AT1 and Tier 2, given our lighter redemption profile. I'm pleased to report that our planned '26 capital issuance is now complete, following our inaugural AUD1 billion (inaudible) and GBP750 million in Tier 2 both price this quarter.

如同在全年業績中所述，鑑於我們較輕的贖回到期結構，我們對 AT1 與 Tier 2 的發行需求較為有限。我很高興報告，我們規劃的 2026 年資本發行現已完成，因為本季我們首次發行 10 億澳幣（聽不清）以及 7.5 億英鎊的 Tier 2，兩者皆於本季完成定價。

Turning now to slide 10. Credit market conditions have been strong in the first half of the year, and we have completed our GBP10 billion MREL issuance plan against this supportive backdrop. Looking forward, we may look at some prefunding of '27 volumes subject to market conditions. Finally, at the operating company level, we recently issued our first publicly placed Barclays Bank PLC senior since 2020 with a EUR3 billion offering. This was a good example of ensuring our funding sources remain active and diverse.

接著看第 10 頁。今年上半年信用市場狀況強勁，在此有利背景下，我們已完成 100 億英鎊的 MREL 發行計畫。展望未來，我們可能會視市場狀況，考慮對 2027 年的發行量進行部分預先籌資（prefunding）。最後，在營運公司層級，我們近期完成自 2020 年以來首次公開發行的 Barclays Bank PLC 優先債（senior），規模為 30 億歐元。這是確保我們的資金來源保持活躍且多元的良好例子。

On to the next slide on liquidity. Our average LCR of 158% is GBP117 billion in excess of our regulatory requirements. Our average net stable funding ratio was 136% and the loan-to-deposit ratio was 75%, both demonstrating a continued robust liquidity position.

接著看下一張關於流動性的投影片。我們的平均LCR為158%，較監管要求超出1,170億英鎊。我們的平均淨穩定資金比率為136%，貸存比為75%，兩者皆顯示我們持續維持強健的流動性部位。

On slide 12, you can see that our deposit base increased by 1% across customer segments. This quarter, we saw continued growth in international corporate bank deposits as we strategically target growth across the UK and US. Elsewhere, our deposit base continues to demonstrate a high level of stability as a source of funding with diversification between customer segments, geographies and currencies. A significant proportion also benefits from long-standing operational relationships and deposit insurance.

在第12張投影片中，您可以看到我們的存款基礎在各客戶分群中增加了1%。本季，隨著我們策略性地在英國與美國鎖定成長，我們看到國際企業銀行存款持續成長。此外，我們的存款基礎作為資金來源仍展現高度穩定性，並在客戶分群、地理區域與幣別之間具備多元化。其中相當大一部分亦受惠於長期的營運往來關係與存款保險。

Turning to slide 13. Structural hedge income growth is predictable and benefits all divisions accounting for circa 45% of Q2 group NII. It will drive around half of the planned group income growth from '25 to '28 and remain a meaningful tailwind beyond. As a planning matter, these expectations are based on a 3.5% reinvestment yield. Swap rates were above this level again in Q2 of 4.3%, further supporting NII in future years.

接著看第13張投影片。結構性避險收入的成長可預測，並惠及所有事業部門，約占第二季集團淨利息收入（NII）的45%。它將推動2025年至2028年規劃之集團收入成長約一半，且在此之後仍將是重要的順風因素。就規劃而言，這些預期是以3.5%的再投資收益率為基礎。第二季掉期利率再次高於此水準，達4.3%，進一步支撐未來年度的NII。

Finally, a quick word on credit ratings. Our target remains for Barclays PLC Senior to qualify a single A composite across all indices. This would require an upgrade from either Moody's or S&P. We believe the outcomes of our strategic plan and consistent execution to date support this objective, particularly in terms of increased profitability and greater capital generation. We will continue to engage with all credit rating agencies on this topic.

最後，簡要談一下信用評等。我們的目標仍是讓Barclays PLC的優先無擔保債（Senior）在所有指數中取得綜合單一A評等。這將需要穆迪（Moody's）或標普（S&P）其中一家調升評等。我們相信，我們策略計畫的成果以及迄今一致的執行，支持此目標，特別是在提升獲利能力與更強的資本生成方面。我們將持續就此議題與所有信用評等機構保持溝通。

With that, I'll hand back to Anna.

接下來，我把時間交還給Anna。

Thank you for your continued support of Barclays and our broader franchise. We will now open the call for questions. Operator, please go ahead.

感謝您持續支持Barclays以及我們更廣泛的業務版圖。我們現在開放提問。接線員，請開始。

(Operator Instructions)

（接線員指示）

Lee Street, Citigroup.

Citigroup的Lee Street。

Hello, good afternoon. Thank you for the call. I have three questions, please. Firstly, just looking at your business mix, you obviously make -- you allocate most capital to the investment bank that make high returns in the other divisions. So my question is, would it make sense to look for further sort of inorganic growth opportunities in the high-returning business models to grow those further? That would be my first question.

您好，午安。謝謝這通電話。我有三個問題。第一，從你們的業務組合來看，你們顯然——你們把大部分資本配置到投資銀行，而其他部門的回報也很高。所以我的問題是，是否有意義在高回報的商業模式上尋找更多外生成長機會，以進一步擴大這些業務？這是我的第一個問題。

Secondly, on the Bank of England proposals in the financial stability report, what would it take for you to think about changing your common management buffer and potentially bring that lower given the idea of releasable buffers.

第二，關於英格蘭銀行在金融穩定報告中的提案，若引入「可釋放緩衝」的概念，什麼情況會讓你們考慮調整你們的共同管理緩衝（common management buffer），並可能將其下調？

And then finally, you mentioned the international alignment of capital requirements and talking to banking about that. Just in your view for Barclays, where do you think the biggest gaps are? Or where Barclays most disadvantage on that level from your perspective? They are my three questions. Thank you.

最後，你們提到資本要求的國際一致性，並表示正在就此與監管/銀行業界溝通。就你們對Barclays的看法，您認為最大的落差在哪裡？或從你們的角度看，Barclays在哪些方面在同一層級上最為不利？以上是我的三個問題。謝謝。

Okay. Thank you very much, Lee, for joining the call. Why don't I start and then I will turn to Dan? So look, in terms of the balance of capital across the group and the relative returns, as you can see, we've been really focused on improving the IB returns to stability of capital but also capital and cost discipline.

好的。Lee，非常感謝你加入這通電話。我先回答，然後再交給Dan。關於集團內資本配置的平衡以及相對回報，如你所見，我們一直非常專注於提升投資銀行（IB）的回報，以確保資本的穩定性，同時也強化資本與成本紀律。

And we're happy with the structural improvement in returns, and we're not done yet. So we expect those to continue to edge upwards. On the sort of second part of your question, which is really around should we pursue inorganic growth elsewhere, we feel like we are pursuing the right pace of organic growth.

我們對回報的結構性改善感到滿意，而且我們還沒做完。因此我們預期回報將持續逐步上升。至於你問題的第二部分，也就是我們是否應在其他領域追求外生成長，我們認為目前正以適當的速度推動內生成長。

So we've deployed $25 billion of uncertainty that we expect to do in RWAs so far in the UK businesses. And we're growing at around 5% a year, and we think that's the right rate of growth for organic growth underpinned by the capabilities that we're putting down across both retail and corporate banking. When it comes to inorganic opportunities, the bar is very high for us, so we would want something that would deliver either additional capability or additional volumes.

到目前為止，我們已在英國業務中部署了250億美元、預期將反映在風險加權資產（RWA）上的配置。我們的成長率約為每年5%，我們認為在零售與企業銀行兩端所建立的能力支撐下，這是內生成長的適當速度。至於外生機會，我們的門檻非常高，因此我們會希望標的能帶來額外能力或額外規模。

So Kensington, for example, was capability. Tesco is about volume. When we look at the returns of those businesses, we are considering those or the returns on any acquisition, we would be considering that relative to the returns on the buyback. So we're very focused on the capital hierarchy that we have, which is one regulatory compliance at all times. Number two, distribution. Number three, investment in the business.

例如，Kensington屬於能力補強。Tesco則偏向規模。當我們評估這些業務的回報，或任何收購案的回報時，我們會將其與庫藏股回購的回報作比較。因此我們非常聚焦於既有的資本配置優先順序：第一，任何時候都要符合法規要求。第二，資本分配（distribution）。第三，投資於業務。

So that, again, would be a high bar. And then thirdly, we would look at the type of business model that we saw in front of us. And specifically, you'll have seen that we are very much leaning towards digital opportunities. All those with a digital basis to them because we feel those business models have the greatest longevity. So of course, we will continue to look at inorganic opportunities but it's an organic plan. So expect us to keep plugging away around 5% a year. And then to sort of hub tuck-ins as and when we see all those factors being satisfied.

因此，這同樣會是一個很高的門檻。第三，我們也會看擺在眼前的商業模式類型。特別是，你也看到我們非常傾向於數位化機會。所有以數位為基礎的模式，因為我們認為這些商業模式最具長期性。所以當然，我們會持續尋找外生機會，但這是一個以內生為主的計畫。因此請預期我們會持續以每年約5%的速度推進。並在我們看到上述因素都被滿足時，進行一些小型補強式併購（tuck-ins）。

In terms of your second question, we've been fairly clear that you should expect us to operate around the top end of our range until we get regulatory clarity, and we expect to get that in two chunks. The first, the Pillar 2A clarity around Basel 3.1 implementation, which we should receive at some point at the back end of this year.

至於你的第二個問題，我們已相當清楚地表示，在取得監管明確性之前，你們應預期我們會在目標區間的上緣運作；而我們預期會分兩個階段取得明確性。第一，是關於巴塞爾3.1落地實施的第二支柱2A（Pillar 2A）明確性，我們應會在今年年底前後的某個時間點收到。

And then secondly, we would expect to get a bit more Pillar 2 clarity when we land our AIRB model for US cards, which we would expect to be in the second half of next year. So -- those are the points at which we would reexamine the range within which we operate. Obviously, it's one input, and we would be considering other factors at the same time.

第二，我們預期在美國信用卡的AIRB模型落地時，會獲得更多第二支柱（Pillar 2）的明確性，我們預期時間點在明年下半年。因此——在這些時間點，我們會重新檢視我們運作的區間範圍。當然，這只是其中一項輸入，我們也會同時考量其他因素。

Dan, do you want to add?

Dan，你想補充一下嗎？

Yeah. Just to add a little bit on that second question. I mean there's nothing in the FSR proposals that would change the way that we think about offering Barclays. So the things that Anna referred to are obviously mechanical reductions in the MDA requirements. So there's no change in stance there. Obviously, we'll watch the [bite] as it unfolds on the concept of a single usable buffer, but that feels like that's got quite a long way to run. And obviously, will be a long international discussion.

是的。我就第二個問題再補充一點。我的意思是，FSR 的提案並沒有任何內容會改變我們對提供 Barclays（相關服務/產品）的看法。所以 Anna 提到的那些，顯然是對 MDA 要求的機械式下調。因此我們的立場沒有改變。當然，我們會關注「單一可用緩衝」這個概念在後續如何發展，但感覺這還有很長的路要走。而且顯然，這也會是一場漫長的國際討論。

Third question I think you asked was just sort of what -- how do we think about international competitiveness. So this is an important point for us in terms of our regulatory engagement. There were some positives that came out of the Basel or the PRA Basel package on IMA. We felt that they have listened to the industry in a number of areas.

我想你問的第三個問題是關於——我們如何看待國際競爭力。因此，這對我們的監管溝通而言是一個重要重點。在 Basel 或 PRA 的 Basel 套案中，關於 IMA 有一些正面的內容。我們覺得他們在多個領域聽取了業界的意見。

And then there are a number of helpful points, particularly around simplification. But more broadly, we think that there is more to be done here, both to promote growth, but also to make sure that there's a level playing field. So a couple of things that we would call out is the approach to models broadly, a specification around the [user] models and the rest of the Basel package, the standardized Basel package more broadly, where we feel there's more to be done.

此外也有一些有幫助的要點，特別是在簡化方面。但更廣泛地說，我們認為仍有更多工作要做，一方面是促進成長，另一方面也要確保競爭環境公平。因此我們想特別點出幾點：整體而言對模型的處理方式、對於（內部）模型的規範，以及更廣泛的 Basel 標準化套案；在這些方面我們覺得還有更多可以改進之處。

Thank you, Lee. Really appreciate the question. Can we go to our next question, please.

謝謝你，Lee。非常感謝你的提問。我們可以請下一位提問嗎？

Daniel David, Autonomous.

Daniel David，Autonomous。

Good afternoon. Congratulations on the results. I've got three questions. The first two are kind of related. -- on the leverage changes, which were kind of more targeted at the size, did you feel a bit harshly treated as a G-SIB. I guess did you expect any changes to allow UK G-SIBs to become more competitive in the global context I guess when I look at what's changed, it's mainly a size, as I say.

下午好。恭喜你們的業績。我有三個問題。前兩個有點相關——關於槓桿率的變更，這些變更似乎更針對規模；你們是否覺得作為 G-SIB 被對待得有點嚴苛？我想問的是，你們是否預期會有任何變更，讓英國的 G-SIB 在全球脈絡下更具競爭力？因為就我看到的變更而言，主要如我所說是規模方面。

And then I guess related to that, as Q2 progresses, are you seeing any notable impact on your balance sheet and just what you can extend to certain businesses as kind of leverage maybe becomes a little bit more binding as Central Bank reserves dissipate.

另外也相關的是，隨著第二季推進，你們是否看到對資產負債表有任何顯著影響，以及當央行準備金消退、槓桿率可能變得更具約束力時，你們在某些業務上可延伸的規模是否受到影響？

And then the final one, Dan, you just mentioned that kind of FPC vision of a single releasable buffer. I guess what stands out in that is that Pillar 2G could become part of the NDA? Do you think that's where we're headed longer term? And interested to hear your views.

最後一個問題，Dan，你剛提到 FPC 對「單一可釋放緩衝」的願景。我想其中一個突出的點是，Pillar 2G 可能會成為 NDA 的一部分？你認為長期來看我們會朝這個方向走嗎？也想聽聽你的看法。

And then just finally, all the best in the new roll down. Thanks.

最後，也祝你在新的職務輪調一切順利。謝謝。

Thank you. All right. Let me start on those. Look, the leverage proposals were obviously a little bit disappointing in terms of the aggregate impact. I don't think it was specifically around the OCI point. Obviously, the Bank of England was using the flexibility that they have within the Basel remit, and one of those was obviously on the CCyB.

謝謝。好。我先從這些問題開始。你看，槓桿率的提案在整體影響方面顯然有點令人失望。我不認為這特別是針對 OCI 這一點。顯然，英格蘭銀行是在 Basel 授權範圍內運用其彈性，而其中一項彈性顯然是在 CCyB 上。

So really, the reason why some banks got more benefit than others was because the CCyB where the UK obviously is the largest component was a bigger portion of their capital stack. So I think it was more about what room for maneuver did they feel that they had rather than necessarily targeted at OCI versus G-SIB specifically. Obviously, there's more to come from the Bank of England in -- overall on this reform package.

因此，某些銀行比其他銀行獲得更多好處的原因，主要是因為 CCyB（在英國顯然是最大組成部分）在它們的資本結構中占比更高。所以我認為這更多是關於他們覺得自己有多少操作空間，而不一定是特別針對 OCI 相對於 G-SIB。當然，英格蘭銀行在這套改革方案的整體方面，後續還會有更多內容。

The second question on Q3 is interesting. So we haven't really noticed any particular change in the way that we manage the balance sheet. But it's obviously interesting that we do seem to be moving closer to the preferred minimum reserve level that the Bank of England have cited. I think another kind of interesting observation for the market, it's just the fact that we are seeing a significant uptick in the use of the Bank of England repo reserve scheme. So that does suggest that other banks in particular are positioning around those reserves scarcities, but not impacting us, particularly directly.

第二個問題關於第三季很有意思。所以我們其實沒有注意到在管理資產負債表的方式上有任何特別的改變。但很有趣的是，我們似乎正更接近英格蘭銀行所提到的偏好最低準備金水準。我想市場另一個有趣的觀察是，我們看到英格蘭銀行回購（repo）準備金機制的使用量顯著上升。這確實顯示其他銀行特別是在因應準備金稀缺而進行配置，但對我們並沒有特別直接的影響。

And then your final question, I think it's hard to say where this is going to go to be honest, because I think the debate is really at the beginning. Clearly, the financial stability report, again, put out a signal that it's a topic with the Bank of England wants to explore, but we still haven't seen any detail on it. So I expect we will get more of that as we move into Q4, both on the Bank of England and then potentially internationally.

至於你最後一個問題，老實說很難判斷這會走向哪裡，因為我認為這場辯論其實才剛開始。很明顯，金融穩定報告再次釋出訊號，表示這是英格蘭銀行想要探索的議題，但我們仍未看到任何細節。因此我預期，隨著我們進入第四季，無論是英格蘭銀行方面，或可能在國際上，我們都會看到更多相關內容。

Okay. Thank you, Dan for that. Can we have the next question, please?

好的。謝謝你，Dan。我們可以請下一位提問嗎？

Rob Smalley, MacKay Shields.

Rob Smalley，MacKay Shields。

Hi. Thanks very much for doing the call. Also, with three parter. First, in terms of the IB, the performance and the balance sheet growth, we've seen your domestic competitors really grow their balance sheets and grow a number of different businesses over the past 6 to 12 months. At the same time, you've said that you're going to keep the capital commitment and IB balance sheet pretty much stable.

嗨。非常感謝你們安排這通電話。我也有三個部分的問題。第一，關於投行（IB）的表現與資產負債表成長，我們看到你們的本土競爭對手在過去 6 到 12 個月大幅擴張資產負債表，並擴張多項不同業務。同時，你們表示會讓資本承諾與投行資產負債表大致維持穩定。

So do you anticipate a growing gap between you and some of your global competitors here as a result of just the size of the businesses going forward. And is your relative muted issuance versus some of, say, the large US banks who need to fund a growing IB balance sheet indicative of this as well. That's my first question.

因此，展望未來，僅就業務規模而言，你們是否預期與部分全球競爭對手之間的差距會擴大？另外，相較於一些需要為擴張中的投行資產負債表籌資的大型美國銀行，你們相對較為溫和的發行量，是否也反映了這一點？這是我的第一個問題。

Secondly, you mentioned on the other call, earlier this morning, the IPO business was mentioned in your participation in it. At the same time, you're also looking to grow your wealth management business. One of the American banks had given some data around employees of IPO'd companies becoming wealth management clients at their bank. Do you have any data or at least some color around conversions from where you participated in IPOs and getting those people into the Barclays Wealth Management platform.

第二，你們在今天稍早的另一場電話會議中提到 IPO 業務，以及你們在其中的參與。同時，你們也希望擴大財富管理業務。有一家美國銀行提供了一些數據，說明 IPO 上市公司員工成為其銀行財富管理客戶的情況。你們是否有任何數據，或至少能否提供一些說明：在你們參與 IPO 之後，如何將這些人轉化並導入 Barclays 財富管理平台？

And then third, just on domestic deposits. I know there's been discussion around this already. But there is a lot of competition. You've done a good job in increasing deposits overall. But where does that go from here? And will you need to issue more out of the opco in the institutional market. Thank you.

然後第三點，關於英國本土存款。我知道這方面已經有一些討論。但競爭非常激烈。你們在整體提升存款方面做得很好。但接下來會走向哪裡？以及你們是否需要在機構市場由營運公司（opco）層級再發行更多？謝謝。

Okay. Thank you, Rob. Why don't I start and then I will hand to Dan to make additions and pick up the third one. So on the US banks, our strategy is well set out here, and it's one of discipline. And what we mean by that is not only running the business for returns but with a risk posture that's appropriate for the environment. And so that's really what you see us doing here.

好的。謝謝你，Rob。不如我先開始，然後交給 Dan 補充並回答第三個部分。關於美國銀行，我們的策略在這裡已經闡述得很清楚，核心是「紀律」。我們的意思是不僅以報酬來經營業務，也要採取與環境相稱的風險姿態。因此，這正是你看到我們在做的事情。

So we're extending a bit of balance sheet, both in terms of RWA more significantly in leverage but we're doing so as a means to an end to ensure that we're getting a commensurate increase in revenue over RWAs, which you can see in the quarter, but also that we manage the risk well. So you'll note the VAR has not really changed, no trading loss days in the quarter. That's really important to us that we manage this business within disciplined boundaries.

因此我們在資產負債表上略有擴張，無論是在風險加權資產（RWA）方面，或更明顯地在槓桿方面；但我們這麼做是為了達成目的：確保收入相對於 RWA 有相稱的增長——你在本季可以看到——同時也把風險管理好。因此你會注意到 VAR 幾乎沒有變化，本季也沒有任何交易虧損日。對我們而言，能在有紀律的界限內管理這項業務非常重要。

We feel like we are making good progress. So we're happy with its structural progress in terms of the consistency of that revenue over RWAs and the consistency of its cost. So we wouldn't recognize that we feel like we're falling behind our expectations at all. And from here, we do think that there are more opportunities both to optimize within the capital framework that we've given it, but also that much of the growth areas that we're very focused on within this business do not require balance sheet.

我們覺得進展良好。因此，我們對其結構性進展感到滿意，包括收入相對於 RWA 的一致性，以及成本的一致性。所以我們不會認為自己在任何方面落後於預期。而從現在開始，我們確實認為還有更多機會：一方面是在我們給定的資本框架內進一步優化；另一方面，我們在這項業務中非常聚焦的許多成長領域並不需要資產負債表。

So M&A, ECM, the financing business certainly leverage heavy, but not RWA-heavy -- and most importantly, the international corporate bank. And the other good part of that is, clearly, they are businesses which are more recurring, more fee-based and really address something that Lee was pointing to in his initial question, which is about the lower than group R&D in that part of the business.

例如併購（M&A）、股權資本市場（ECM）、融資業務當然是槓桿較重，但不是 RWA 密集——而最重要的是國際企業銀行。此外，這些業務顯然更具經常性、以手續費為主，也真正回應了 Lee 在最初問題中提到的一點：也就是該業務板塊的研發（R&D）低於集團水準。

To your second question, we actually believe that our wealth opportunity is much wider than that. But just to remind you that our wealth business is a UK-focused business. And so there may be somewhat of a geographical gap between where we do our IPO activity and where we do our wealth activity.

至於你的第二個問題，我們其實認為我們的財富管理機會遠不止於此。但提醒你一下，我們的財富業務是以英國為重點的業務。因此，我們進行 IPO 活動的地理區域與我們進行財富業務的地理區域之間，可能會存在一定落差。

Clearly, our private bank is more of an international factor, but the wealth opportunity is very much UK-based. And we're really focused on the 400,000 clients that we have in Premier that we believe would benefit from that advice. So think of it as probably a bit of a narrower geographical focus, Rob, but one that is much wider in terms of the pool of clients that we're going after.

當然，我們的私人銀行更偏向國際化，但財富管理機會非常以英國為基礎。我們真正聚焦的是我們在 Premier 這個客群中擁有的 40 萬名客戶，我們相信他們會受益於這些建議服務。所以可以把它理解為：地理焦點可能更窄一些，Rob，但我們鎖定的客戶池其實更廣。

Dan, anything you want to add or the third part of the question?

Dan，你有什麼要補充的，或是回答問題的第三部分嗎？

I'll just take the part of the question. So UK deposits, obviously, that primarily relates to our ring-fence banks of the UK. That entity has a very comfortable funding position. But if we felt we needed to do more funding, we would like we do that in secured form and covered. So very unlikely that we would do any unsecured issuance from the UK.

我來回答問題的那一部分。關於英國存款，顯然主要是指我們在英國的環狀隔離銀行（ring-fence banks）。該實體的資金來源狀況非常充裕。但如果我們覺得需要做更多融資，我們會像以往一樣以有擔保、並以擔保債（covered）形式來做。因此，我們極不可能從英國進行任何無擔保發行。

Clearly, we have issued, as I said in the prepared remarks, at the opco level for Barclays Bank, which is a non-ring-fenced bank, but that's just one of a broad range of funding sources that we have available. Obviously, we raised international deposits there. And we have other wholesale funding instruments across the markets.

當然，正如我在事先準備的發言中所說，我們已在 Barclays Bank 的營運公司（opco）層級發行；該行是非環狀隔離銀行（non-ring-fenced bank），但那只是我們可用的多元資金來源之一。顯然，我們也在那裡吸收了國際存款。此外，我們在各市場還有其他批發融資工具。

Okay. Sorry to interrupt you. It looks like we do have more questions now on the line. So perhaps we could go to the next question please.

好的。抱歉打斷你。看起來我們線上現在又有更多問題。所以或許我們可以請下一位提問。

(inaudible)

（聽不清）

Good afternoon. Thank you, Anna, Dan, for holding the call. Just one question actually around funding. 2027 has been mentioned, prefunding that. And I would like to understand a little bit more of how I should be thinking about the quantum of that prefunding and within what part of the capital structure. So are we talking more about senior holdco issuances to sort of prefund your upcoming dollar maturities early January? Or are you thinking about a little bit of sub debt?

下午好。謝謝 Anna、Dan 主持這通電話會議。我其實只有一個關於融資的問題。你們提到了 2027 年，以及為此進行預先融資（prefunding）。我想更了解一下，我應該如何看待這個預先融資的規模（quantum），以及它會落在資本結構的哪一部分。所以，我們談的是更多由控股公司（holdco）層級發行的高級債（senior）來提前為你們 1 月初到期的美元債務做預先融資嗎？還是你們也在考慮一些次級債（sub debt）？

And then also a question on the AT1. You issued, obviously, the OCI AT1. I was trying to understand whether this is a sort of a one-off transaction? Or are you really thinking about being more present in the market going forward? That's it on my side. Thank you.

另外還有一個關於 AT1 的問題。你們顯然發行了 OCI AT1。我想了解這是否屬於一次性的交易？還是你們未來會更常態性地出現在市場上？我這邊就這些。謝謝。

Yeah, thanks for the question. I can take that, Anna. We generally don't sort of give specific guidance on prefunding, and we don't have a fully formed view on what prefunding we would do. So we will really respond there to market conditions and where we see relative validly. So not too much further to add on that at this point.

好的，謝謝你的問題。Anna，我可以回答。我們一般不會就預先融資提供具體指引，而且我們也尚未形成對於要做多少預先融資的完整看法。因此，我們會主要依市場狀況，以及我們看到的相對價值（relative value）來做回應。所以目前沒有太多可以補充的。

In terms of the AT1, and obviously, when we come to market, we will look at the broad set of opportunities available to us. Obviously, we have historically focused predominantly on dollars and sterling. That's where the market is deepest for us. But we will continue to look at opportunities elsewhere where they're attractive, they provide diversification and where the pricing is right. So we've issued in Singapore dollar as well in the past. So yeah, we'll be opportunistic and where we go in addition to dollars and sterling. Thanks for the question.

至於 AT1，顯然當我們進入市場時，我們會檢視可用的各種機會組合。我們過去主要聚焦於美元與英鎊。對我們而言，那是市場最深的幣別。但我們也會持續留意其他市場的機會：只要具吸引力、能帶來多元化，且定價合適。因此我們過去也曾發行新加坡元。所以，是的，除了美元與英鎊之外，我們也會把握機會、視情況而定。謝謝你的問題。

Yeah. Thank you. Can we have the next question, please.

是的。謝謝。請問可以進行下一個問題嗎。

(inaudible)

(聽不清楚)

Thank you for taking my questions. I have two. So first, on LCRs. I saw that your LCR declined from 170% to around 158% at the end of this quarter compared to the end of last year. Can you please walk us through the key drivers behind this decline, perhaps if you're anticipating any material flows in the near term? Or -- and also if you can share your target operating range for the LCR, if you share that?

謝謝讓我提問。我有兩個問題。首先，關於 LCR。我看到你們的 LCR 從 170% 下降到本季末約 158%，相較於去年年底。能否請你們帶我們梳理一下這一下降背後的主要驅動因素，例如你們是否預期短期內會有任何重大的資金流動？另外——以及如果可以的話，能否分享你們對 LCR 的目標營運區間（如果你們會揭露的話）？

And the second question would be on the SRTs. I noticed that you had around GBP700 million benefit this quarter. If you can provide any forward guidance on your SRT pipeline, specifically how much RWA reduction or in terms of CET1 benefit you plan to achieve through SRTs in the coming quarters or in FY26. Thank you.

第二個問題是關於 SRT。我注意到你們本季大約有 7 億英鎊的效益。如果可以的話，能否就你們的 SRT 管線提供一些前瞻指引，特別是你們計畫在接下來幾季或在 26 財年透過 SRT 達成多少 RWA 的降低，或以 CET1 效益來看，預計要達到多少？謝謝。

Yeah, I'm happy to say those questions. Thanks (inaudible) So yeah, the LCR has declined over the past 12 months or so. So this firstly relates to something that we called out probably 12 months ago now, which was a change of methodology within our prime financing business, which moved to a more conservative approach. We report the LCR on a 12-month rolling basis. So that has just taken time to come through the ratio.

好的，我很樂意回答這些問題。謝謝（聽不清楚）。所以，是的，LCR 在過去大約 12 個月確實下降了。這首先與我們大概在 12 個月前就提到的一件事有關，也就是我們的主經紀融資（prime financing）業務在方法論上做了調整，改採更保守的做法。我們以 12 個月滾動基礎來報告 LCR。因此，這需要一些時間才會反映在該比率上。

So that was the sort of mechanical effects that we disclosed 12 months ago. And obviously, it's been quite an active quarter in terms of investment banking activity and financing, in particular. So we've obviously leaned into that and use some of our asset is funding to support those clients. But I wouldn't call anything else out, particularly in terms of where the LCR ratio will go from here.

所以那就是我們在 12 個月前揭露過的、偏機械性的影響。而且很明顯地，本季在投資銀行活動與融資方面都相當活躍，尤其是融資。因此我們確實更積極投入，並運用部分資產作為資金來源來支持這些客戶。但除此之外，我不會特別再點出其他因素，尤其是關於 LCR 比率接下來會往哪裡走。

SRT. So we've talked about the broad scope of our SRT activity in the past. The vast majority of our SRT is in the Colonnade program, which provides protection on our corporate loans. That program is sort of largely at scale. So not -- I wouldn't call out material changes in that from a volume perspective. And then the rest of the activity that we have is relatively small. Some mortgages and some consumer loans.

SRT。我們過去談過我們 SRT 活動的整體範圍。我們的 SRT 絕大多數是在 Colonnade 計畫中，該計畫為我們的企業貸款提供保護。這個計畫基本上已經達到相當規模。因此——就量的角度而言，我不會說它有重大的變化。另外我們其餘的活動相對較小。包括一些房貸以及一些消費者貸款。

So I wouldn't call out too much in terms of the forward pipeline. Largely, that will be replacing the transactions as they come up for amortization. I would say that we have issued a little bit more in the last quarter. We've just stepped into some of the upcoming amortization that we would have from those programs. It's very consistent with what we've done on the overall MRO issuance. We've just got ahead of refinancings.

所以就前瞻管線而言，我不會特別強調太多。大致上，會是在交易到期攤還時進行替換。我會說，我們在上一季的發行量稍微多了一點。我們只是提前承接了這些計畫即將到來的一些攤還。這與我們整體 MRO 發行所做的事情非常一致。我們只是把再融資的時點往前移。

The only thing I would add to that is just certainly on the BUK side, and I think that's the transaction that you are referring to. There, what you've seen us do is a series of transactions that really allow us to optimize the balance sheet and what we're retaining. And they are sort of one-by-one commercial decisions that we make. And I contrast that as Dan says, with the sort of programmatic nature of Colonnade which is largely upscale.

我唯一想補充的是，特別是在 BUK 這邊，而且我想那就是你所指的那筆交易。在那裡，你看到我們做的是一系列交易，真正讓我們能夠優化資產負債表以及我們所保留的部位。而這些基本上是一筆一筆的商業決策。我把這點與 Dan 所說的作對比：Colonnade 具有更偏計畫性（programmatic）的特質，而且規模基本上已經做大。

So thank you for those questions. I think that's our final question. So I'd just like to thank you all for your interest in Barclays and for joining us on the call today. And whilst he really doesn't want me to do this, I'm going to say thank you to Dan for his 25 years in Barclays. For those of you who don't know, Dan is moving to Australia with his family. So (inaudible) you may not see Barclays presence in the (inaudible) market, but you're definitely going to see Dan. And I think you'll all join me in thanking him for his stewardship and wishing him luck on the other side of the world. I suspect this is not the last time we will see Dan Fairclough. So thank you for that. We'll see you on the road.

所以謝謝你提出這些問題。我想這是我們最後一個問題。因此我想感謝各位對巴克萊的關注，以及今天加入我們的電話會議。雖然他真的不希望我這麼做，但我還是要感謝 Dan 在巴克萊服務的 25 年。如果各位還不知道，Dan 將與家人搬到澳洲。所以（聽不清楚）你們可能不會在（聽不清楚）市場看到巴克萊的身影，但你們一定會看到 Dan。我想各位也會和我一起感謝他一路以來的領導與付出，並祝他在世界另一端一切順利。我猜這不會是我們最後一次見到 Dan Fairclough。所以謝謝。我們路演再見。

Thank you. Thanks, Anna.

謝謝。謝謝你，Anna。

This concludes the Barclays half-year 2026 results fixed income call. Thank you all for joining. You may now disconnect your lines.

巴克萊 2026 年半年度業績固定收益電話會議到此結束。感謝各位參與。各位現在可以掛線。