| Barclays Global Investors | ||
| 2005 | 2004 | |
| £m | £m | |
| Total income | 1,320 | 893 |
| Operating expenses | (779) | (556) |
| Associates and joint ventures(d) | 1 | (1) |
| Profit before tax | 542 | 336 |
Barclays Global Investors achieved outstanding results, with profit before tax rising 61% to £542m (2004: £336m), reflecting strong growth in net new assets, very good investment performance and a continuing improvement in operating margins. Income growth of 48% was driven by significant increases in management fees, incentive fees, and securities lending revenues. Operating expenses rose 40%, reflecting higher performance based compensation and significant investment in the platform and in innovative new products.
Notes
- Economic profit is defined in the Chairman's statement.
- Total income net of insurance claims.
- Includes other credit provisions.
- Share of post-tax results of associates and joint ventures (together with profit on disposal of associates and joint ventures, where relevant).
- Profit before tax.
- Operating expenses compared to total income net of insurance claims.
- Absa has changed its financial year-end to 31st December to conform with Barclays, the comparable period comprises unaudited results for the nine months ended 31st December 2004.
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