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Net fees and commissions, excluding The Woolwich, increased
13% to £3,320m reflecting strong growth in Barclays Global
Investors and Barclays Capital and good performances in the
other businesses.
In Barclays Global Investors fee income increased by 37% to
£435m driven by strong active product growth and
performance which has generated significant incentive fees.
Fees on active products comprised almost 50% of total fees
and commissions. The increase also reflects strong securities
lending revenue growth and a net increase in assets under
management of 13% despite flat or declining global markets.
Net fees and commissions in Barclays Capital rose 64%
to £268m reflecting the increased number and size of
transactions completed in the Credit businesses. Growth
was strong across all the Credit businesses, in particular,
primary loans, primary bonds and structured capital markets.
In Retail Financial Services, fees and commissions, excluding
The Woolwich increased 5% to £1,370m. Within Retail
Customers net fees increased 6% mainly as a result of
additional current account and overdraft lending activity and
higher fee income from Additions accounts. In Wealth
Management, fees and commissions grew 10% to £590m
on a comparable basis (including adjustments for disposals)
reflecting increased investment sales, introduction of new
fee based products and higher dealing commissions.
Corporate Banking fees increased 9% to £752m. Lending related
fees rose strongly and foreign exchange income increased in
line with volume growth. Money transmission income reduced
slightly due to intensifying competitive pressures.
In Barclaycard, fees and commissions increased 9% to £521m,
principally reflecting cardholder turnover which grew by 12%
year on year.
Corporate Banking and Retail Financial Services fees and
commissions include £120m (1999 £100m) in respect of
foreign exchange income on customer transactions with
Barclays Capital.
In 1999 net fees and commissions were 6% higher at £2,932m
reflecting strong performances in all businesses.
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