Barclays PLC Management Discusses Q1 2012 Results - Earnings Call Transcript

Barclays PLC (BCS)

Q1 2012 Interim Management Statement Call

April 26, 2012 4:00 am ET

Executives

Robert Edward Diamond - Group Chief Executive, President, Chief Executive of Corporate and Investment Banking and Wealth Management, Executive Director, Executive Director of Barclays Bank Plc and Member of Executive Committee

Christopher Lucas - Chief Financial Officer, Group Finance Director, Executive Director, Chairman of Disclosure Committee, Member of Executive Committee and Group Finance Director of Barclays Bank PLC

Analysts

Chris Manners - Morgan Stanley, Research Division

John-Paul Crutchley - UBS Investment Bank, Research Division

Thomas Rayner - Exane BNP Paribas, Research Division

Michael Helsby - BofA Merrill Lynch, Research Division

Andrew Coombs - Citigroup Inc, Research Division

Ian Gordon - Investec Securities (UK), Research Division

Fiona Swaffield - RBC Capital Markets, LLC, Research Division

Edward Firth - Macquarie Research

James Invine - Societe Generale Cross Asset Research

Rahul Sinha

Christopher Wheeler - Mediobanca Securities, Research Division

Peter Toeman - HSBC, Research Division

Michael Trippitt - Oriel Securities Ltd., Research Division

Chintan Joshi - Nomura Securities Co. Ltd., Research Division

Jon Kirk - Redburn Partners LLP, Research Division

Presentation

Operator

Ladies and gentlemen, welcome to the Barclays Interim Management Statement Analyst and Investors Conference Call. I will now hand you over to Bob Diamond, Chief Executive.

Robert Edward Diamond

Good morning. Thanks for joining. I'm here with Chris Lucas, Barclays Finance Director. Before Chris you through the numbers in more detail, I wanted to share a few thoughts and a few headlines.

First, these results reflect a strong performance across our businesses. The environment has improved since the second half of last year, but frankly, continues to be challenging. We reported adjusted PBT of GBP 2.4 billion, 22% up on a strong first quarter last year. The statutory numbers include a large reversal in owned credit, which is both noncash and non-regulatory capital and a further provision for PPI.

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