barclays investor presentation 2022

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Barclays PLC

GB0031348658

• Barclays : FY 2021 Investor Presentation (PDF 1MB)

FY 2021 Results

23 February 2022

C.S. Venkatakrishnan

Barclays Group Chief Executive

FY21: Record profit before tax and increased capital returns

1 On a comparable basis, period covering 2014 - 2021. Pre 2014 financials not restated following re-segmentation in 2016 | 2 Costs excluding structural cost actions and performance costs | 3 6.0p total dividend (4.0p full year dividend). Announced up to £1.0bn buyback with FY21 results, bringing total buybacks in respect of 2021to £1.5bn |

3 | Barclays FY 2021 Results | 23 February 2022

Barclays' diversified strategy is delivering

Group RoTE >10% in 2021

Costs continue to be tightly managed

Prudently managed capital resources

Increased capital distributions to shareholders

Barclays has made significant progress - our objective is to deliver consistently against our financial targets whilst growing selectively

1 Litigation and Conduct | Note: Charts may not sum due to rounding |

4 | Barclays FY 2021 Results | 23 February 2022

The real economy backdrop is supportive of Barclays' corporate and

consumer businesses

1 UK Pound Sterling SONIA OIS Zero 5 Year Point (Refinitiv: GBPOIS5YZ=R) | 2 UK debit and credit cards data based on Barclays debit and credit cards transactions, as per the monthly Barclays UK Consumer Spending Report | 3 Compared against Jan-20 | 4 UK CPI YY (Refinitiv: GBHICY=ECI) and US CPI YY NSA (Refinitiv: USCPNY=ECI) | 5 UK unemployment rate (Refinitiv: GBILOU=ECI) and US unemployment rate (Refinitiv: USUNR=ECI) |

5 | Barclays FY 2021 Results | 23 February 2022

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Barclays plc published this content on 23 February 2022 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 23 February 2022 07:18:06 UTC .

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Barclays Plan To Return $12.6 Billion to Shareholders Cheered by Market — 3rd Update

By Elena Vardon and Ian Walker

Barclays outlined a plan to return at least 10 billion pounds ($12.60 billion) to shareholders between 2024 and 2026 and to aggressively cost cuts alongside a reorganization of its business divisions as part of its long-awaited strategy update.

The U.K. bank intends to return capital through dividends and mostly share buybacks and rejig its units to focus on its wealth management bank and U.K. retail operations, as Chief Executive C.S. Venkatakrishnan moves to restore investor confidence and reverse its flagging share price by allocating relatively less capital to its investment bank.

Barclays guided for a return on tangible equity greater than 10% for 2024 and greater than 12% for 2026--after posting a 10.6% ROTE for 2023. Management plans to achieve its targets by growing its total group income to GBP30 billion by 2026 from GBP25.4 billion reported for 2023. For 2024, it guided for group net interest income--the difference between what banks earn on loans and what they pay clients for deposits--, excluding its investment bank and head office, of GBP10.7 billion, with GBP6.1 billion coming from its U.K. business but excluding its recent acquisition of the retail banking arm of grocer Tesco.

The group intends to cut back around GBP2 billion in "gross efficiency savings" by 2026--for when it sees around GBP17.0 billion in operating expenses--and targets a cost-to-income ratio in the high 50s for the year and 63% for 2024.

"Our new three-year plan, which we will be announcing at the investor update today, is designed to further improve Barclays' operational and financial performance, driving higher returns, and predictable, attractive shareholder distributions," Venkatakrishnan said. As management dives into the details of its plan, the market will be looking out for their conviction on the targets and confidence in their execution. "Credibility in expected revenue growth and cost cuts are the focus today", UBS analysts said.

The stock, which climbed to the top of London's blue-chip FTSE 100 index, was boosted by the bank's constructive outlook, finally giving the market what it had been waiting for, according to analysts' reaction notes. In early trading, shares gained as much as 7% before paring some of the gains to trade at 155 pence.

"It's not quite a moon shot, but it does require a laser focus on not only the bottom line, but maximizing revenue opportunities, and building a greater institution than what Barclays is today," XTB said.

The London-listed group is reorganizing the business in five operating divisions from three previously and provided targets for each. These are Barclays U.K., Barclays U.K. Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays U.S. Consumer Bank. The granularity on each of the individual divisions should help convince investors on the new targets, Citi said, while interactive investor noted that the divisions of labor seem to make sound strategic sense. "While this is aimed at better management of the business, it means it is harder to follow the historical evolution of divisional trends," Shore Capital said. It is key that the 2024 targets show no real negative operating leverage from the reshaping, UBS said.

Though laying the groundwork for future profits pleased the market, the ambitious targets overshadowed a mixed fourth-quarter print. For the three months ended Dec. 31, the lender posted a pretax profit of GBP110 million, below expectations of GBP238 million taken from a company-compiled consensus and a drop from GBP1.31 billion a year earlier. The fall is attributed to a GBP927 million charge from previously flagged structural cost actions to streamline its activities--split between infrastructure, people and property-- which was heavier than the GBP825 million hit penciled in by analysts. These costs are expected to be repaid within two years, Barclays said.

A softer-than-expected quarterly result in its corporate and investment bank--which brings in around half of revenue--also contributed to the miss on softer client activity and investment fees due to lower volatility which outweighed the interest rate tailwind.

On top of the announced cash returns over the next three years, Barclays said it intends to launch a fresh GBP1 billion share buyback, while analysts had expected a GBP890 million program to be announced at the quarterly results. The board declared a final dividend of 5.3 pence a share, bringing the 2023 payout to 8.0 pence.

The bank closed the quarter with a common equity Tier 1 ratio--a key measure of balance-sheet strength--of 13.8%, at the higher end of its mid-term target range for a ratio between 13% to 14%, which it reiterated.

"Barclays now becomes even more of a 'show me' story," Citi said.

Write to Elena Vardon at [email protected] and Ian Walker at [email protected]

(END) Dow Jones Newswires

February 20, 2024 05:44 ET (10:44 GMT)

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Citizens financial group to participate at the barclays americas select franchise conference.

PROVIDENCE, R.I. --(BUSINESS WIRE)-- Citizens Financial Group, Inc. (NYSE: CFG) announced today that Chairman and CEO Bruce Van Saun will participate at the Barclays Americas Select Franchise Conference to be held on Wednesday, May 8, 2024 at 10:45 am GMT.

The live webcast will be available at https://investor.citizensbank.com under Events & Presentations.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $220.4 billion in assets as of March 31, 2024. Headquartered in Providence, Rhode Island , Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,300 ATMs and more than 1,000 branches in 14 states and the District of Columbia . Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest

rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter , LinkedIn or Facebook .

View source version on businesswire.com: https://www.businesswire.com/news/home/20240429191154/en/

Media: Peter Lucht - 781.655.2289 Investors: Kristin Silberberg - 203.900.6854

Source: Citizens Financial Group, Inc.

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