| Wealth Management | ||
| 2005 | 2004 | |
| £m | £m | |
| Total income | 928 | 839 |
| Impairment charge(c) | (2) | 1 |
| Operating expenses | (754) | (730) |
| Profit before tax | 172 | 110 |
Wealth Management profit before tax rose 56% to £172m (2004: £110m) – a very strong performance driven by broad-based income growth of 11% and improved cost efficiency. Operating expenses grew only 3% as efficiency savings funded significant cost restructuring and investment programmes.
Wealth Management – closed life assurance activities. The loss before tax of the closed life fund reduced to £6m (2004: loss of £52m), due to higher income(b) and lower redress costs in 2005.
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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