Barclays 2010 Annual Report Download - page 20

Business review
Global Retail Banking
In 2010 we delivered a good
financial performance with increasing
momentum through the year and
made strong progress against our
strategic and financial goals
At the Global Retail Banking investor day in June 2010,
we said our strategic goals were “Happy customers,
strong profit growth, good returns”. We are making
significant progress against these goals.
We are focused on improving the service we provide to
our customers and have seen positive results from this.
For example, we’ve reduced the time it takes to issue a
replacement debit card in the UK from five to two days.
Our use of innovation is also transforming the customer
experience. Our pioneering contactless payment strategy
in the UK has resulted in a much easier experience for our
customers. Ninety percent of the contactless cards issued
in the UK are now issued by Barclays, which puts us in a
leading position. In Kenya and Botswana, registration for
our mobile banking service increased almost four-fold over
the year. In Western Europe, we continued to expand our
network, increasing the number of distribution points by
over a hundred, making it easier for customers to access
our banking services. These are just some examples of
what we have done to improve the customer experience.
Further progress needs to be made and this is a key
priority for us.
This focus on our customers will generate sustainable
value for our shareholders. We made a strong start in 2010.
GRB improved its loan to deposit ratio by 4 percentage
points to 140%. Return on equity increased from 10% to
11% reflecting strong profit growth in UKRB, Barclaycard
and Barclays Africa. We are facing challenging economic
conditions in Western Europe but remain committed to a
presence in the region and to converting the investment we
have made into sustainable profit. We’ve achieved greater
depth through the integration of Standard Life Bank in the
UK and Citigroup’s card business in Italy.
I am confident that we are on the right track to meet our
objectives and deliver significant value to all our stakeholders.
Antony Jenkins
Chief Executive, Global Retail Banking
Our promises
Global Retail Banking 2013 Targets
Income and profit
growth
– Strong compound
annual profit growth
– Income growth in excess
of cost growth
Stable funding ratio – Deposits and secured
funding to keep pace
with asset growth
Depth, not breadth – Existing markets focus
and continued product
diversification
Strong returns and
net equity generation
– c 2% RoRWA
– 13-15% RoE
– c 20% RoTE
18 Barclays PLC Annual Report 2010 www.barclays.com/annualreport10