{ "docId": "019dd923-5e88-73ef-bd5b-6bedd64d9e01", "docSlug": "71ac17290f26dcd4", "documentTitle": "Bread Financial Barclays Global Financial Services Conference", "authorId": "Barclays", "authorName": "Barclays", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "equity_research", "sourceTypeLabel": "Equity research", "presentationDate": null, "orientation": "portrait", "aspectRatio": 0.706, "pageNumber": 6, "pageCount": 15, "prevPage": 5, "nextPage": 7, "slideType": "quote_slide", "function": "summarize", "density": "dense", "nDataPoints": 3, "notes": "Transcript format, likely from an investor day or earnings call.", "elementsJson": [ "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd5b-6bedd64d9e01/6", "deckHref": "/decks/019dd923-5e88-73ef-bd5b-6bedd64d9e01", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5b-6bedd64d9e01.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5b-6bedd64d9e01#slide-6", "components": [ { "bbox": null, "kind": "callout", "text": "In the last two and a half years, including dividends and buybacks, we've returned about 25% of our market cap.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-103e-75c4-b71a-8b545b9edf1a", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "RoTE: 25%", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd952-103e-75c4-b71a-9092f612b7a0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.74, "x": 0.13, "y": 0.07 }, "kind": "paragraph", "text": "C. S. Venkatakrishnan: You might get a better answer from my wife. So, obviously, it's a question that preoccupies my mind, preoccupies Anna's mind, and much of our senior management. I think that, at the end of the day, there are two important things for us to emphasise in our performance and to convey to you, our investors and our shareholders – and including Jason's wife.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1e964f28-3c80-4ece-b1b3-dfee067c0e8e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.74, "x": 0.13, "y": 0.62 }, "kind": "paragraph", "text": "Jason Goldberg: I'll tell her. I guess you mentioned capital return in this year, and I think that was well received. Just maybe expand upon how you're thinking about capital priorities looking out.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "63a1f8c8-086f-41ad-b310-339d31ca2ba5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.74, "x": 0.13, "y": 0.75 }, "kind": "paragraph", "text": "C. S. Venkatakrishnan: I think, first of all, very mathematically, when the share trades, at 0.5x book, share buybacks – capital return, more generally – is one of the most valuable things you can do. If you look at us in the last couple of years – if my calculations are right – we've done about 13% of our shares have been bought back.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cb3d2b3c-d474-4586-a2b3-daca7f6a0040", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.74, "x": 0.13, "y": 0.2 }, "kind": "paragraph", "text": "The first is that we – actually, three things. The first is that we run each of our businesses in such a way as to produce attractive, high, stable RoTEs... The second is that the composition of the bank comprises businesses which when put together – because we know individual businesses have seasonality – produce the same thing at the Group.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dae8ff81-bcd1-492f-aede-0ebd51c516f7", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "So, I think that's important. Rinse, repeat; rinse, repeat; rinse, repeat. — C. S. Venkatakrishnan", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-103e-75c4-b71a-8ee903860514", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Authority Bias", "slug": "authority-bias", "agent": "Storyteller", "layer": "slide", "matchId": "019dd95a-18fa-708b-8059-ded540083f46", "evidence": "Quote attributed to Group CEO", "confidence": 70 }, { "name": "Concrete Language", "slug": "concrete-language", "agent": "Storyteller", "layer": "slide", "matchId": "019dd95a-18fa-708b-8059-db2c4c99dc29", "evidence": "25% of market cap returned via dividends/buybacks in 2.5 years", "confidence": 90 } ], "frameworks": [], "arcBeats": [ { "to": 7, "from": 5, "beatId": "019dd95a-07a6-74c7-9029-a9f22a65f4b2", "arcName": "The Triple Take", "arcSlug": "triple-take", "beatName": "The Implications (So What)", "beatSlug": "triple-take-the-implications-so-what", "evidence": "Loan loss 50-60bps, 25% mkt cap returned, market share gains — meaning of the numbers", "position": 2, "confidence": 45, "parentBeatName": "Reflection", "parentBeatSlug": "reflection" } ], "loops": [ { "to": 7, "from": 6, "name": "Benchmark Gap", "slug": "39-benchmark-gap", "bestFor": "Performance improvement, competitive analysis, target setting", "matchId": "019dd95a-08f7-737a-a004-295991356f46", "evidence": "25% mkt cap returned, top-5 share in top-100 clients up 20% — performance vs market view of stock", "position": 3, "objective": "Frame valuation gap and market share progress vs peers", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "confidence": 45, "description": "Compare performance against best-in-class to quantify the opportunity" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }