Barclays (BCS) Q2 FY25 earnings call

At the halfway point of its 3-year plan, Barclays is compounding structurally higher, more consistent returns: a deeper IB client franchise and growing stable financing income are cutting earnings cyclicality, while UK RWA redeployment and structural-hedge reinvestment underpin durable NII. Management frames the 2026 targets as a floor rather than a ceiling, with rising capital generation funding a progressively building distribution.