News

U.K. banks poised for record profits

February 20, 2006

Banking Business Review: Over the next few weeks, the United Kingdom's biggest retail banks are expected to report multibillion pound profits. Northern Rock has reported a 14 percent increase in pretax profits, and Barclays is believed to be on the brink of revealing profits of more than £5 billion (U.S. $8.7 billion). Lloyds TSB is expected to deliver profits of about £3 billion ($5.2 billion), while internationally established heavyweight HSBC is expected to hit profits of about £11 billion (U.S. $19 billion).

Those healthy earnings, however, are likely to raise eyebrows from consumer groups, while U.K. authorities raise questions about the level of ATM fees.