The wealth and investment management division of Barclays has reported adjusted attributable loss of £24 million for the year ended 31 December 2013 versus adjusted attributable profit of £222 million a year ago.
The division’s net operating income for the year declined 4% to £1.72 billion from £1.78 billion in 2012.
Net interest income increased marginally to £859 million from £856 million a year ago.
Customer asset margin increased 21bps to 86bps due to lower funding rates. Average customer assets increased 14% to £22.4 billion.
Customer liability margin decreased 15bps to 97bps reflecting a change in product mix and lower funding rates. Average customer liabilities increased 21% to £60.6 billion, the bank said in its statement.
For the year ended 31 December 2013, the division’s net fees and commission income increased 2% to £968 million.
Adjusted operating expenses increased £241 million to £1.75 billion largely reflecting costs to achieve Transform of £158 million and a £23 million customer remediation provision.