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Gloucestershire Business News

Big banks coin it in

Banks are really coining it in despite the world being in the grip of a global Covid crisis and the economic woes coming in its wake.

Nat West is the latest to report better than expected profits for the third quarter at a time when banks are closing high street branches across Gloucestershire.

The Big Four bank reported a pre-tax operating profit of £1.1bn in for the months July to September.

This was better than the £677 million average of what analysts were forecasting and was also up on the £355 million profit of a year ago.

Earlier this month the bank pleaded guilty to failing to prevent money laundering of £365 million in the first prosecution of its kind in the UK. It's expected the fine will run into hundreds of millions of pounds.

Yesterday, Lloyds Bank announced it had made a £2 billion profit in the third quarter.

The bank, which is the country's leading mortgage lender, has now made a pre-tax profit of £5.9 billion for the first nine months of the year, significantly up on the previous year.

Net income is £11.6 billion, up 8% year on year, with the third quarter up 5% on the previous quarter.

On Monday, HSBC posted a profit of nearly £4 billion for the quarter to September, a 74% rise on the previous year.

Last week, Barclays posted record profits of nearly £7 billion to date this year. Its third quarter profit of £2 billion was nearly double the figure for the same period last year.

The announcement came in the same week that Barclays announced it was closing the Stroud branch.

And last week Lloyds Banking Group announced three more banks in Gloucestershire were among 48 nationwide closing - Lloyds branches in Brockworth and Coleford and a Halifax bank in Tewkesbury.

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