The macroeconomic environment is facing heightened uncertainty and supporting our clients through this volatile period is our top priority. The Group is well-positioned to manage the impacts of these challenges through our high-quality revenue streams, conservative approach to credit risk and strong deposit franchise.

As a result, our targets and guidance remain unchanged from our last update, in our Annual Results in February.

We continue to target a mid-teens RoTE in each of the three years from 2025 to 2027, excluding the impact of notable items.

We continue to intend to manage the CET1 capital ratio within our medium-term target range of 14% to 14.5%, with a dividend payout ratio target basis of 50% for 2025, excluding material notable items and related impacts.

We continue to expect banking net interest income of around $42bn in 2025. Our current expectation reflects modelling of a number of market-dependent factors, acknowledging the outlook for interest rates has become more volatile and uncertain.

We continue to expect ECL charges (expected credit losses and other credit impairment charges) as a percentage of average gross loans of between 30bps to 40bps in 2025 (including loans held for sale balances).

We’re on track to deliver the cost savings and strategic re-positioning communicated in February. We continue to target growth in operating expenses in 2025 of approximately 3%, compared with 2024, on a target basis. That includes the impact of simplification-related saves associated with our announced reorganisation.

Over the medium to long term, we continue to expect mid-single digit percentage growth for year-on-year customer lending balances. For fee and other income in Wealth, we expect double-digit percentage average annual growth over the medium term.