The wealth and investment management arm of UK-based Barclays has reported a pre-tax, adjusted loss of £13 million (US$19.9 million) for the second quarter of 2013, compared to a pre-tax, adjusted profit of £49 million (US$75.1 million) for the same quarter a year ago.
The business unit posted profit before tax of £47 million (US$72 million) for the six months ended 30 June 2013, a 53% decrease compared to £175 million (US$268.1 million) for the corresponding period previous year.
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The bank said that the decrease in profit was primarily driven by costs to achieve Transform, customer remediation provision and increased credit impairment charges.
The business unit’s year-to-date net operating income was £882 million (US$1.35 billion), compared to £875 million (US1.34 billion) for the same six months of 2012.
Total client assets stood at £202.8 billion (US$310.7 billion) at the end of 30 June 2013, compared to £186 billion ($284.9 billion) for the same past last year.
Overall, the bank has reported a statutory profit before tax of £1.677 billion (US$2.56 billion) in the six months to 30 June, up from £871 million (US$1.33 billion) in the same period a year ago.
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