Barclays 2004 Annual Report Download - page 10

8
In 2004, we received widespread recognition for our policies in a range
of areas, including financial inclusion, community involvement, staff
pensions, outsourcing, partnership with our trade union partner,
Amicus, and disability. This recognition is important because it
demonstrates that we take seriously the issues that concern our
customers, our employees, and society at large and that we are taking
positive action.
The outlook for 2005 is good as a result of balance sheet growth and
investments made in 2004. We are targeting double digit income
growth and will continue to invest in the organic development of the
business. We intend that cost growth should be broadly in line with
income growth and we will manage costs carefully through the year
in the light of income performance. Asset quality is strong, and the
risk dials are stable. But we must acknowledge that 2004 was a very
benign year for provisions where we benefited from a charge lower
than it would be reasonable to expect in 2005. Overall, we take
nothing for granted, but 2005 should be a year in which we can
move forward confidently.
We are in business to help our customers achieve their goals.
Our ability to earn our customers’ loyalty, to win more of their
business, and our success in recruiting new customers, depends
entirely on the quality of our people. We have great people in Barclays
and my thanks go to all of them, throughout the world, who have
coped well with continuing change and with the demands placed upon
them. That Barclays delivered the best year in its long history in 2004
is, more than anything else, a tribute to them.
John Varley
Group Chief Executive
Widespread recognition for community involvement
Group Chief Executive’s statement