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News

Banks' profits in 2012 hit by fines and accounting measures

Although the country’s major banks – HSBC, Lloyds Banking Group, Royal Bank of Scotland and Standard Chrtered – saw a 45% rise in core profits to a combined sum of £31.5bn, those profits were hit by a mixture of regulatory fines and costs associated with PPI, according to KPMG.

A 20bn hit was made up of PPI costs of £7.4bn, up from £5.7bn in 2011, and other fines and penalties from regulators of £4.7bn.

Banks also took a £12.8bn accounting hit for losses caused by the revaluation of their own debt.

KPMG said there were two core reasons behind the bank’s improvement in profitability. The first is that bad loan charges have continued to fall because of low interest rates, which has enabled the majority of customers to pay their mortgages and even reduce their credit exposure.

Revenues also grew thanks to more positive sentiment surrounding the future of the Eurozone.

Bill Michael, head of financial services at KPMG, said “In terms of their (banks’) reputations, 2012 was a dire year. This is why it is so important for them to address cultural and ethical perceptions and issues. Restoring customer trust is critical.”

Separately, it was reported over the weekend that Lloyds Banking Group will reveal this week that it paid more than 20 of its staff £1m or more last year.

The taxpayer-backed lender will publish the figure in its annual report. It brings the number of bankers paid £1m or more by the five big high street lenders last year to nearly 770, according to a report in the Sunday Times.

Find out how much you could claim back by using our simple PPI calculator. Please call Creditline Financial on 01733 393399 and speak to one of our friendly staff.

Main article taken from – The Telegraph

Posted by Jay Beecher on 26 Mar 2013

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