Barclays’s Personal and Corporate Banking unit, which also contains wealth business, has posted pre-tax profit of £2.88bn for the year ended 31 December 2014, a surge of 29% versus £2.23bn a year ago.
The unit’s tot al income for the year increased to £8.23bn from £8.72bn in 2013.
Wealth income was £1.077bn for the year, compared with £1.063bn a year ago driven by growth in UK business, offset by client and market exists as part of the reorganization in the US, and lower fee income, the banking group said in a statement.
The units net interest income increased 7% to £6.298bn from £5.89bn a year ago driven by lending and deposit growth and margin improvement.
Net fee and commission income reduced 10% to £482m and the loan rates reduced 7bps to 21bps due to improving economic environment in the UK.
Loans and advances to customers increased 2% to £217bn due to mortgage growth and corporate loan growth.
Total assets increased 2% to £285bn driven by growth in loans and advances to customers.