£6bn first-half profit for UK's biggest banks

10 August 2011

The five biggest banks in the UK - Lloyds Banking Group, Royal Bank of Scotland, Barclays, HSBC and Santander - made around £6 billion in profit through their high street businesses in the first six months of 2011.

Profits have been made despite some of the lenders recording overall losses due to costs incurred through the mis-selling of payment protection insurance.

The Mirror notes UK branch businesses are earning the institutions around £400 a second, with new research from Your Money revealing organisations are doing so by offering raw deals to millions of customers.

According to the findings, the bigger banks are using their position in order to charge extra compared to their smaller rivals.

On the other hand, it found major supermarkets are keen to put their purchasing power to better use by offering people the best deals they can.

Royal Bank of Scotland reported overall reductions of £794 million over the first half of the year, which compared to a £1.2 billion profit seen across the same period in 2010.

By Tony Aynsley

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development