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Financial Performance and Key Metrics - The group reported a statutory profit after tax of £3.3 billion with a return on tangible equity (RoTE) of 11.9% for the year to date, which would be 14.6% excluding the motor provision [8][26] - Year-to-date net income reached £13.6 billion, a 6% increase compared to the previous year, driven by growth in net interest income and a 9% rise in other operating income [9][18] - Operating costs increased by 3% year-on-year to £7.2 billion, in line with expectations, while the asset quality ratio improved to approximately 20 basis points for the full year [10][25] Business Line Performance - Group lending balances increased by £18 billion or 4% year-to-date, with retail lending growing by £5.1 billion, primarily due to a rise in the mortgage book [12][13] - Deposits grew by £14 billion or 3% year-to-date, with a £2.8 billion increase in Q3, driven by retail and commercial sectors [14] - Other operating income for the year to date was £4.5 billion, up 9% year-on-year, with significant contributions from motor and LPG investments [18][19] Market Data and Key Metrics - The net interest margin (NIM) for Q3 was 3.06%, reflecting a gradual increase, and is expected to continue growing into 2026 [9][40] - The group anticipates net interest income for the full year to be around £13.6 billion, slightly above previous guidance [17][43] - The asset quality remains strong, with low levels of new arrears and a year-to-date impairment charge of £618 million [25][26] Company Strategy and Industry Competition - The full acquisition of Schroders Personal Wealth, now rebranded as Lloyds Wealth, aims to enhance the group's wealth management capabilities and customer propositions [6][52] - The company is advancing its digital asset strategy, including partnerships for tokenized deposits and FX derivatives, which are expected to drive customer opportunities [7][59] - The management remains confident in achieving its 2026 targets, including a RoTE exceeding 15% and capital generation above 200 basis points [88] Management Commentary on Operating Environment and Future Outlook - Management expressed disappointment regarding the additional £800 million charge related to motor commissions but remains confident in the underlying business performance [4][31] - The company expects continued growth in net interest income and margin despite headwinds from mortgage refinancing [74] - The management highlighted the importance of maintaining cost discipline while driving income growth and capital generation [21][31] Other Important Information - The total provision for potential motor commission remediation costs has reached £1.95 billion, reflecting the adverse outcomes anticipated from FCA proposals [23][68] - The company is focused on integrating the newly acquired wealth management business and enhancing customer propositions [55] Q&A Session Summary Question: Sensitivity around motor finance provision - Management indicated that the current provision of £1.95 billion is based on scenario analysis and reflects the adverse end of expected outcomes from FCA proposals [36][37] Question: Expectations for net interest margin (NIM) growth - Management confirmed expectations for NIM to increase in Q4, driven by structural hedge contributions, and anticipates continued growth into 2026 [40][41] Question: Wealth management strategy and inorganic expansion - Management expressed satisfaction with the acquisition of Lloyds Wealth and emphasized focusing on organic growth rather than inorganic expansion at this stage [51][55] Question: Nonbanking funding costs and trends in other operating income - Management reported that nonbanking net interest income is running about 10% ahead of last year, driven primarily by volume growth rather than rate increases [96][98]

Financial Data and Key Metrics Changes - The company achieved record net revenue of over $1,400,000,000, representing a 17% year-over-year growth [4][12] - Earnings per share reached a record $1.95, up 30% from the previous year [12] - Return on tangible common equity exceeded 24% [4] Business Line Data and Key Metrics Changes - Global Wealth Management reported record revenue of $907,000,000 with pretax margins of nearly 38% [13] - Institutional revenue was $500,000,000, up 34% from the prior year, with investment banking revenue increasing by 33% [16][12] - Fee-related businesses now account for 62% of total revenue, up from 26% in 2011 [9] Market Data and Key Metrics Changes - The S&P 500 is up approximately 15% this year and over 35% from its lows following the Liberation Day tariffs [5] - Gold and silver have outperformed equities this year, indicating a search for stability among investors [6] Company Strategy and Development Direction - The company continues to focus on balanced growth between wealth management and institutional segments, maintaining a revenue mix of approximately 64% wealth and 36% institutional [8] - Future milestones include achieving $10,000,000,000 in annual revenue and $1,000,000,000,000 in client assets [9] - The company emphasizes a disciplined approach to capital allocation, including stock buybacks and strategic acquisitions [66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operating environment, citing lower taxes, reduced regulatory burdens, and increased capital spending [5] - The investment banking pipeline is at record levels, with strong visibility into future revenues [23] - Management acknowledged potential challenges from the government shutdown affecting IPOs but remains confident in the overall market outlook [34] Other Important Information - The company has maintained a strong balance sheet with a Tier one leverage capital ratio of 11.1% and a Tier one risk-based capital ratio of 17.6% [20] - The compensation ratio was consistent with guidance at 58% [12] Q&A Session Summary Question: Insights on investment banking pipeline and revenue upside - Management noted a strong investment banking pipeline and indicated that the current run rate is not at the 2021 peak but capabilities have improved [30][32] Question: Credit market position and loan book exposure - Management reassured that Stifel is not a regional bank and has a diversified revenue model, with a focus on low-risk lending categories [40][42] Question: Incremental margin improvement in institutional group - Management indicated potential for 10 points of margin improvement, translating to significant free cash flow [56][60] Question: Capital allocation strategy moving forward - Management emphasized that capital allocation will depend on opportunities for risk-adjusted returns, including dividends, stock buybacks, and potential acquisitions [66][68] Question: Trends in advisory business and sponsor activity - Management reported strength in advisory across all sectors, with a positive outlook for the fourth quarter and 2026 [101][102]

蒋则沈还表示，下一步资管司将坚持不懈落实国家金融监督管理总局的各项决策部署，持续完善资管机 构治理规则体系，健全风险监测机制，深化监管评级与分类监管应用，加强跨部门协作，推动三类机构 实现高质量转型发展。 采写：南都·湾财社记者 罗曼瑜 "立足当前，展望未来，我国财富管理和资管市场成长发展方兴未艾，金融机构面临着前所未有的发展 机遇，也承担着重要的服务使命，更需要在深化改革、转型升级进程中主动作为。"蒋则沈指出，面向 未来，金融机构可以重点把握以下几个方面： 一是坚持财富管理与资产管理的有机协同。他强调，二者是企业居民维护良性资产负债表的"一体两 面"，二者不可分割。财富管理机构和资管机构要协同一致，共同以客户利益为出发点，充分沟通客户 需求和产品特性，坚决防范以各自利益相互阻隔甚至妨碍客户财产利益。 二是坚持支持实体经济高质量发展。财富管理与资产管理机构作为社会资金资源与实体经济建设的重要 桥梁，充分发挥好资管资金投向多元、偏好多样、灵活性强，富有弹性等特点。广泛适应多元化的融资 需求，并让实体经济改革发展的红利更有效地惠及投资者。 三是坚持提升专业能力。面对产业升级与市场波动，金融机构需持续优化知识结构， ...

Market Dynamics - Goldman Sachs is expanding its wealth-management division in Saudi Arabia [1] - Competition is intensifying among Wall Street giants to tap into Saudi Arabia, the Middle East's largest economy [1]

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Last month, Seattle-based Washington Federal Bank launched its own registered investment advisor, WaFd Wealth, and recruited John Chavez, a 30-year Merrill Lynch veteran, to run the new wealth unit.  Chavez has big plans to grow the division. He said the bank got into the wealth management business to diversify its revenue stream. The endgame is to have wealth management, trust services and ...

"Curiosity," "reliability" or "spirituality"? Advisers help wealthy families draw up mission statements https://t.co/p4zK5SDqFx ...

Hermès heir Nicolas Puech says his wealth manager isolated him from friends and family and siphoned away a massive fortune. Then came the clue that began to reveal the deception. 🔗 https://t.co/sHTlV8ekX7 https://t.co/P21QjIKeon ...