In Barclays’ corporate results announced this morning, its wealth management division revealed its pre-tax profits rose by 27% to £207m. The firm added that this would have been higher but for “increased investment in the growth of the business”.
Income improved by 12%, to £1.74bn from £1.56bn, largely through growth in net income from interest, up 18% to £798m, and fees and commission, a 9% rise to £943m from £869m.
The core of its business, managing clients’ assets, increased from £163.9bn at the end of 2010 to £164.2bn by 31 December 2010. Its mid-year position shows a poor second half of 2011 for Barclays Wealth, falling from £169.5bn at 30 June, 2010.
Elsewhere, Barclays Capital saw falls in income across the board, finishing the year 22% down from where it started, with total income of £10.3bn compared to £13.2bn at the end of 2010.
The biggest fall was in its fixed income, currency and commodities business (down 27% from £8.7bn to £6.3bn) with other falls in equities and prime services (14%) and investment banking (10%).
The Group’s results showed a 3% drop in overall pre-tax profits, to £5.9bn.
