|Head office functions and other operations|
|Loss before tax
Head office functions and other operations loss before tax increased to £532m (2004: £235m). This was driven by accounting adjustments to eliminate inter-segment transactions of £204m (2004: £69m) and non-recurring costs of £165m (2004: £32m) including the costs of head office relocation and write-off of capitalised IT-related assets.
- 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.