Lenders rake in profits as customers pay for bank crash losses
Lenders rake in profits as customers pay for bank crash losses | Business | The Guardian: "Credit card charges are at their highest for 13 years, margins on mortgages are at an all-time high and interest paid on savings is at an all-time low – all helping the major banks to bolster the profitability of their high-street banking businesses.
Last week Barclays reported a 39% rise in profits to £989m at its UK retail arm, while the bailed-out Royal Bank of Scotland and Lloyds Banking Group are expected to continue the trend of reporting improved profits on the high street when they publish 2010 figures later this week.
Robert Law, analyst at Nomura, is forecasting that the UK retail banking arm of RBS will contribute £1.3bn to group profits – up from £229m a year ago – while profits at the high-street arm of Lloyds could reach £4bn, up from £975m a year ago. Both banks are cutting costs by axing jobs."
DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.
Last week Barclays reported a 39% rise in profits to £989m at its UK retail arm, while the bailed-out Royal Bank of Scotland and Lloyds Banking Group are expected to continue the trend of reporting improved profits on the high street when they publish 2010 figures later this week.
Robert Law, analyst at Nomura, is forecasting that the UK retail banking arm of RBS will contribute £1.3bn to group profits – up from £229m a year ago – while profits at the high-street arm of Lloyds could reach £4bn, up from £975m a year ago. Both banks are cutting costs by axing jobs."
DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.
Comments
Post a Comment