Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 38

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 38
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 Based on Barclays analysis using internal and external sources. 2 Dealogic for the period 1 January 2024 to 31 December 2024. Strategy Shareholder information Climate and sustainability report Governance Risk review Financial review Financial statements Barclays PLC 2024 Annual Report on Form 20-F 12 2024 divisional review (continued)

US Consumer Bank US Consumer Bank (USCB) is a leading co-branded credit card issuer and financial services partner in the United States. Our business &#8226; Barclays US Consumer Bank has more than 20 million customers and partnerships with 20 of America&#8217;s leading brands across the airline, travel, retail and affinity sectors. &#8226; We provide co-branded credit cards, small business credit cards, instalment loans, point-of-sale finance, online savings accounts and certificates of deposits. Focus areas &#8226; Scaling and diversifying by growing existing partnerships and winning new partners. &#8226; Investing in digitisation to deliver operational efficiencies and enhanced customer experience. &#8226; Improving net interest margin by optimising pricing and credit mix, while reducing funding costs. &#8226; Selective risk transfer to optimise use of balance sheet. f Year in review The US is the world&#8217;s largest credit card market, and growing. With a c.2-3% share1 of the total market and partnerships with 20 major brands, the USCB has a significant opportunity. In 2024, we delivered a RoE of 8.1% (2023: 3.4%) and RoTE of 9.1%, up from 4.1% in 2023, with returns improving in each quarter. The results have been impacted by the appreciation of average GBP against USD through 2024, however when normalised for FX movements, in USD terms income was up 4% and PBT was up 140% year on year. We are focused on building lasting partnerships with leading US brands. In 2024, we launched a new co-branded card programme with Breeze Airways and extended our current partnership agreements with Hawaiian Airlines, Frontier and RCI. While we made a strategic decision not to bid to become American Airlines&#8217; sole card issuer from 2026, we were selected as the new issuing partner for the General Motors card programme, which will launch in the first half of 2025. Our acquisition of Luxury Card, a global leader in the premium credit card market, supports