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February 11, 2014updated 04 Apr 2017 2:31pm

Barclays’ wealth division reports loss of £24 million in 2013

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.

By Verdict Staff

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.

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