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Results by nature of income and expense | |
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Dealing Profits In the tables below, income and cost totals excluding, where appropriate, the results of The Woolwich, related integration costs, restructuring costs, the results of former BZW businesses and the write-down of leases are shown to assist in the analysis of the ongoing business performance. |
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| 2000 | 1999 | 1998 | ||
| £m | £m | £m | ||
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| Rates related business | 536 | 397 | 134 | |
| Credit related business | 141 | 159 | (176) | |
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| 677 | 556 | (42) | ||
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| Excluding The Woolwich | ||||
| acquisition and former | ||||
| BZW businesses | 677 | 556 | (36) | |
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Dealing profits rose 22% with almost all the Group’s dealing
profits arising in Barclays Capital. The Rates businesses
continued to perform well, in particular interest rate
derivatives. In the Credit businesses, equity derivatives and
credit repackaging made good contributions, but in the second
half these were in part offset by continuing difficult market
conditions in the secondary bond market due to the widening
of credit spreads.
Total foreign exchange income for the year was £388m (1999 £380m) and consisted of the revenues earned from both retail and wholesale activities. The foreign exchange revenue earned by Retail Financial Services and Corporate Banking on customer transactions is reported within fees and commissions. Dealing profits in 1999 increased by £592m as a result of stability returning to the world credit markets. |
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