Britain’s biggest banks are gearing up to post profits worth an equivalent of £107million per day.
The results for 2022 are likely to generate public anger and even calls for a windfall tax on the industry. Big banks have seen their returns swell thanks to higher interest rates.
But last week industry bosses were grilled by MPs for putting up mortgage prices while failing to pass on the benefit to savers.
Mega profits: Britain’s biggest banks have seen their returns swell thanks to higher interest rates
This week heralds a big one for the sector, kicking off with Barclays on Wednesday, with the bank set to unveil profits for 2022 that exceed £7billion.
Natwest will follow on Friday and analysts have pencilled in a £5billion windfall.
Among the other FTSE 100 giants, Lloyds is anticipated to reveal £7billion profits next week, while HSBC will post earnings of more than £14billion, according to estimates from AJ Bell. Standard Chartered is poised to post £4billion.
It means banks would have made a total of £39billion in profit during 2022, surpassing the £35.7billion made in 2007 on the eve of the financial crash, should these predictions of monster profits prove correct.
Spanish lender Santander will also rake in around £2billion from its UK arm.
Profits that fill bosses’ pockets will be further fuel to the fire in the debate over whether banks should face a windfall tax.
However, analysts have warned that elevated tax rates would dissuade banks from investing in the UK as opposed to putting down roots elsewhere.
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