Barclays 2006 Annual Report Download - page 25
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Barclays PLC
Annual Report 2006 21
Operating review
1
2006/05
UK Banking profit before tax increased 17% (£378m) to £2,578m
(2005: £2,200m) driven principally by good income growth.
Profit before business disposals grew 14% (£302m) to £2,502m
(2005: £2,200m).
UK Banking has targeted a cost:income ratio reduction of two
percentage points per annum in each of 2005, 2006 and 2007.
In 2006 the cost:income ratio improved three percentage points to
53% (2005: 56%) excluding gains from property sales not reinvested;
this brings the cumulative improvement to six percentage points in
two years. UK Banking continues to target a further two percentage
point underlying improvement in 2007 to 51%.
2005/04
UK Banking profit before tax in 2005 increased 5% (£114m) to
£2,200m (2004: £2,086m) driven by good income growth and strong
cost management.
The cost:income ratio improved by three percentage points to 56%
(2004: 59%).