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”.