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1 Barclays PLC Q1 2020 Results Analyst and Investor Conference Investor Relations Barclays PLC Q1 2020 Results Analyst and Investor Conference Call Speech Jes Staley, Barclays Group Chief Executive Officer Tushar Morzaria, Barclays Group Finance Director Slide 2: Jes Staley, Barclays Group Chief Executive Officer Good morning everyone, and thank you for joining us today. First of all let me say that I hope you and your loved ones have been keeping safe and well. It feels like the last time we did one of these calls was a long time ago, and in a very different world. Obviously, an event like the COVID-19 pandemic changes priorities, and inevitably makes individuals, and companies like ours, focus on what’s really important right now. Slide 3: Barclays is committed to supporting customers, business and the economy through the COVID-19 pandemic For us, that means: running the bank safely and profitably; helping our customers and clients through the difficulties they face; supporting the UK economy, and the communities where we live and work; and taking care of our colleagues around the world. We’ve been able to do that because of the underlying strength of our business, and the resilience of our diversified model. And I’ve been especially proud of the way my colleagues across Barclays have risen to the challenges of this extraordinary time. Slide 4: Support for customers in the UK So I want to start today by taking a few minutes to set out how we’ve been responding to the crisis. Our business touches half the households in the UK. We know that some of our customers are facing very real and very daunting financial challenges, and this is a worrying time for the vast majority, regardless of their circumstances. 1 Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. We’ve moved quickly to give them the reassurance and support they need. To give you just a couple of examples: So far, we’ve granted repayment holidays on 94,000 mortgages, and on over 57,000 personal loans. We’re providing an interest free buffer on overdrafts for 5.4 million customers, and beyond that we’ve reduced and capped charges until at least July. We’ve waived late payment fees and cash advance fees for 8 million Barclaycard customers, and granted some 87,000 payment holidays. 655 branches remain open across the UK, providing vital banking services, while our teams are fielding around 260,000 calls a week – that’s 44% higher than the typical volume. And I’m really pleased that we’ve been able to proactively identify NHS and key workers among our customer base, and move them to the front of call queues, as their time is especially precious at the moment. Slide 5: Support for business Getting businesses through this period intact, is crucial to give the best chance of a rapid and sustainable economic recovery, and is also in our shareholders’ interests. The UK Government has put huge resources into supporting that ambition, and it’s the central topic of every conversation I have with Ministers. It is an unprecedented effort by them, and by the Bank of England, and we’re committed to playing our full part to help get that support to the businesses that need it. We have now approved some 3,760 CBILS loans, with a total value of £737 million, and we expect those numbers to increase rapidly in the coming weeks. Behind those numbers are stories of businesses and jobs surviving this crisis. Take the Titanic Brewery in Staffordshire, a local favourite selling 3 million pints in a normal year through its chain of pubs and beyond. We helped them secure a £1 million CBIL loan, and put in place a twelve month payment holiday on an existing loan with us. That has allowed the business to keep producing and selling beers online, protecting jobs, and allowing them to pay their furloughed workers full wages. Or the Queensbury Hotel and Olive Tree Restaurant in Bath, which I’ve been to. This family-run 4 star hotel has had to shut its doors due to the coronavirus. 2 Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. But, with our help, they were able to get a £450,000 CBIL loan quickly. That loan means they can cover running costs, their staff are able to be furloughed rather than laid off, and they will be able to retain their hard earned Michelin star, which would have been forfeited on closure. Make no mistake, interventions like these are making the difference between survival and failure for businesses, and we’re pleased to be playing our part in keeping them going. We’ve also been central in helping larger businesses to access the Bank of England and Treasury CCFF programme, arranging billions in commercial paper for UK corporates over the past few weeks. In addition to our backing for those Government schemes, we’ve also been able to provide significant help of our own to our business clients. For example, we’ve waived everyday banking fees, and overdraft interest or charges, until June, for 650,000 of our small business customers. And we’ve put in place 12 month capital repayment holidays for most SMEs with loans of over £25,000. And we’re continuing to extend credit to companies, and there are £50 billion of lending limits available to our UK clients. We’re not stopping here though. And we’ll continue to evolve our approach and offering to clients – big and small - to help them through this crisis. Because it is crucial that we preserve as many businesses and jobs as we can to aid the recovery when it comes. Slide 6: Support for our communities and colleagues Barclays has deep roots in the communities where we live and work, and I’m proud of everything our colleagues do year-round to support their local areas, and never more so than now. That includes going way above and beyond for our customers, to help them in any way we can. Whether that’s our colleague Glynis Wilson, in a contact centre in Sunderland, helping a customer in dire straits to access charitable support, and making a goodwill payment from us to see that customer through a tight spot. Or our colleague Heena Mistry in Hyde, ringing vulnerable customers to see how they’re doing, and then getting an ambulance for a gentleman having obvious difficulty breathing. Or our colleague Caroline Pearson, in the Harrow & Edgware branch, helping an 80 year old customer keep a special promise to her grandson, by guiding her through buying on his birthday a pair of trainers on-line. 3 Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. These are just three small stories in hundreds up and down the country, where our people are working beyond their professional obligations to support customers. We are carrying on delivering our core citizenship programmes such as LifeSkills, and Connect with Work, with a particular focus now on helping mitigate the impacts of COVID-19. But we’re trying to do even more. For example - where we can - we’re now offering colleagues four weeks paid leave to volunteer to support health or social care work, helping those impacted. And as you saw we’ve launched a £100 million Community Aid Package, made up of £50 million in grants for charity partners in the UK and our international markets, and £50 million to match colleague donations. That equates to up to £150 million from Barclays and our colleagues deployed to help the communities and people hardest hit by the crisis – from providing food to vulnerable families, to purchasing protective equipment for NHS staff. We understand that our fortunes are inter-twined with those of the communities and economies we serve, and at times like these more than ever, our obligation is to support them. And we’re going to continue to do that, and prioritise that effort, through the crisis. Slide 7: Our ambition is to be a net zero bank by 2050 In recent weeks, we’ve also taken a huge step towards ensuring our broader sustainability, as we laid out an ambition to be a net zero bank by the middle of the century. That means reaching net zero in terms of direct and indirect emissions by 2030, and for the business activities we finance across the world by 2050. We are going to align our entire portfolio to the Paris Agreement, starting with the power and energy sectors. We have also committed to increase our green financing to £100 billion by 2030. This represents a comprehensive and bold package of measures, which we are putting forward at the Annual General Meeting on the 7th of May. Slide 8: Resilient performance in Q120 reflecting the Group’s diversified business model Finally, and before I hand over to Tushar to take you through the numbers in detail, I want to briefly set out some overall thoughts on our performance in Q1. The impact of COVID-19 came late in what was until that point a very good quarter.
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