UK banks' 2012 profits 'wiped out', says KPMG

UK banks' 2012 profits have been wiped out by mistakes and fines, but banks have made progress, thanks to fall in bad debts and strong performance from investment banking, says KPMG.

The UK’s major banks increased core pretax profits by 45% in 2012 but the surge was wiped out by regulatory fines and banks’ mistakes, a report by the Big Four firm said.

Combined profits for the five big banks, which are Barclays, HSBC, Lloyds Banking Group, RBS and Standard Chartered,  were £31.5 billion in 2012, according to the report. 

However, a mixture of regulatory fines, customer redress...

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banks

ver1tate | | Permalink

Poor misguided me. For years I have been telling clients that fines are not allowable as expenses.