Barclays 2010 Annual Report Download - page 63
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£163m
profit before tax
£1,560m
total income
Net interest income increased 4% to £503m (2008: £485m) reflecting
growth in customer lending. Average lending grew 26% to £12.3bn (2008:
£9.7bn). Assets margin reduced to 1.01% from 1.04%. Average 2009
deposits were in line with the prior year (2008: £37.2bn) with a stable
liabilities margin of 0.96% (2008: 0.95%).
Net fee and commission income increased by 12% to £792m (2008:
£709m) driven by Barclays Wealth Americas.
The movements in net trading income, net investment income, net
premiums from insurance contracts and net claims and benefits incurred
under insurance contracts were due to the sale of the closed life assurance
business in October 2008.
Impairment charges increased 16% to £51m (2008: £44m). This increase
reflected the impact of the economic environment in 2009 on client
liquidity and collateral values and the substantial increase in the loan book
over the period from 2008 to 2009.
Operating expenses increased 22% to £1,129m (2008: £923m) principally
reflecting the impact of the acquisition of Barclays Wealth Americas
partially offset by the impact of the disposal of the closed life business in
2008.
Total client assets, comprising customer accounts and client investments
were £151.2bn (31st December 2008: £145.0bn) with underlying net new
asset inflows of £3bn.
2010 2009 2008
Performance Measures
Return on average equity 9% 9% n/a
Return on average tangible equity 14% 14% n/a
Return on average risk weighted assets 1.2% 1.1% n/a
Loan loss rate (bps) 29 38 n/a
Cost: income ratio 86% 85% 70%
Other Financial Measures
Total client assets £163.9bn £151.2bn £145.0bn
Average net income per employee (000s) £201 £168 £175
Barclays PLC Annual Report 2010 www.barclays.com/annualreport10 61
Strategy Risk management and governance Financial statements Shareholder informationPerformanceAbout Barclays