Barclays (BARC) Barclays 23rd Annual Global Financial Services Conference summary

Progress on strategic plan and financial performance

• Achieved strong financial results: Q2 income up 14%, PBT up 28%, EPS up 41% year-on-year, and eight consecutive quarters of tangible book value growth.

• All five divisions delivered double-digit RoTE; GBP 1.4 billion capital distributed as part of a GBP 3 billion three-year plan.

• Confident in delivering >12% group RoTE and >GBP 10 billion distributions by 2026; investment bank to comprise about 50% of group.

• GBP 17 billion of GBP 30 billion RWA already allocated to U.K. businesses, on track for target.

• Emphasis on consistency, efficiency, and risk management, with trailing 12-month RoTE rising from 10% to 11.1%.

U.K. economic outlook and business growth

• U.K. yields moving with global trends, higher beta due to technical factors; fundamental challenge is low growth.

• Additional bank taxes seen as detrimental; U.K. banks already face high tax rates, and growth should come from investment, not taxation.

• U.K. consumer and corporate sectors remain resilient, with four quarters of mortgage growth and strong card acquisitions.

• Multi-brand strategy in mortgages and cards driving market share and margin improvements.

• Confident in continued RWA deployment and business momentum in the U.K.

M&A philosophy and structural hedge

• Focus remains on organic growth; inorganic deals only if they provide scale, capability, and value.

• Structural hedge provides stable net interest income, with 80% of 2026 income already locked in; momentum expected to continue into 2027 and beyond.

• Lending growth prioritized to support NII as rate cycle evolves.