Pre-tax profit at Barclays’ renamed wealth and
investment management unit rose 11% to £60m in the first three
months of 2012, a 30% ($96m) increase on a year-on-year basis.
The UK-based bank said this increase was due to
the benefits beginning to flow from its strategic investment
programme.
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Last month, Barclays moved to a single
corporate brand name which resulted in Barclays Wealth being
renamed wealth and investment management.
Meanwhile, Barclays’ total net income for the
first quarter rose 7% to £451m, and its operating expenses were up
5% to £384m, on a year-on-year basis.
Client assets increased 5% in the first three
months to £172bn driven by net assets in high-net-worth businesses
and favourable markets.
Barclays’ cost/income ratio remained stable at
85%, a 1% drop.
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