MAJOR banks doubled their profits in the past 12 months

MAJOR banks doubled their profits in the past 12 months – despite the recession, says a report.

The big five – Barclays, HSBC, Lloyds, RBS and Standard Chartered – made combined pre-tax gains of £22.2billion in 2010.

That’s up from £11.3billion in 2009, according to accountants KPMG.

The increase was driven by a drop in certain “goodwill” charges and a rise in the margins on mortgages.

But KPMG warned that income growth had been “lacklustre”.

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