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    Guy Stebbings • BNP Paribas Exane

    Guy Stebbings's questions to Barclays PLC (BCS) leadership

    Guy Stebbings's questions to Barclays PLC (BCS) leadership • Q2 2025

    Question

    Guy Stebbings inquired about Barclays UK, asking for details on a historic swap maturity's impact on H1 Net Interest Income (NII) and whether the H2 exit rate supports future consensus. He also asked about the U.S. Consumer business, seeking commentary on the impairment outlook and confidence in the 2026 guidance.

    Answer

    Group Finance Director Anna Cross confirmed confidence in the full-year NII guidance of over £7.6 billion, explaining the swap impact was a non-operational accounting timing issue that is now resolved. She advised using H2 2025 as a baseline for future NII. Regarding U.S. impairments, she noted the Q2 decline was seasonal and the bank is comfortable within its group guidance, even with expected charges from the GM portfolio acquisition. Group Chief Executive C.S. Venkatakrishnan added that the U.S. economy has been remarkably resilient.

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    Guy Stebbings's questions to Barclays PLC (BCS) leadership • Q1 2025

    Question

    Guy Stebbings asked about Barclays' US Consumer business, seeking clarity on the drivers for the increased reserve build beyond the post-model adjustment and questioning the bank's commitment to its growth strategy in higher-risk segments amid market uncertainty.

    Answer

    Executive Angela Cross explained the Q1 impairment charge increase was seasonal and the post-model adjustment was a proactive measure, as underlying consumer behavior remains stable. Executive Coimbatore Venkatakrishnan affirmed the growth strategy, emphasizing a disciplined approach focused on partner selection, industry diversification, and borrower creditworthiness to generate stable, risk-adjusted returns.

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    Guy Stebbings's questions to NatWest Group PLC (NWG) leadership

    Guy Stebbings's questions to NatWest Group PLC (NWG) leadership • Q1 2025

    Question

    Guy Stebbings of BNP Paribas Exane asked about current new business mortgage spreads, the impact of asset mix from the corporate book, and the bank's view on recent PRA comments regarding the financing of significant risk transfers (SRTs).

    Answer

    CFO Katie Murray stated the mortgage book margin remains around 70 basis points, serving as a good indicator for new business, though the primary focus is on returns. She confirmed a positive mix effect from the corporate book in the quarter. On the PRA letter, she clarified it has no read-across for NatWest, as it concerned financing SRTs in the trading book, whereas NatWest executes SRTs on its own assets and does not finance them.

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    Guy Stebbings's questions to NatWest Group PLC (NWG) leadership • Q1 2024

    Question

    Guy Stebbings of BNP Paribas Exane revisited the FY24 revenue guidance, asking about the threshold for an upward revision at this stage of the year. He also requested more color on the evolution of mortgage spreads, questioning if the headwind from repricing is sequentially reducing.

    Answer

    CFO Katie Murray explained that guidance is typically updated at the half-year unless there is something meaningful to share sooner, noting the bank is comfortable with its current position after a promising start to the year. She confirmed that with the back book margin now at 74 basis points and new business being written around 70 basis points, the headwind from mortgage churn is abating as expected.

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