Credit:PA
Britain’s biggest banks are set to post profits worth an equivalent of £107 million per day, it has been revealed.
Coming on the back of record profits in the oil and gas sector, the 2022 results are likely to provoke anger amongst the general public, most of whom are grappling with the cost-of-living crisis.
High inflation has resulted in interest rates having to be pushed up from record-low rates, feeding profits in the banking sector.
On Wednesday, Barclays will kick off a round of annual results, with the expectation that it will post profits for 2022 that exceed £7 billion.
Natwest will follow on Friday and analysts have pencilled in a £5 billion windfall.
Among the other FTSE 100 giants, Lloyds is anticipated to reveal £7 billion profits next week, while HSBC will post earnings of more than £14 billion, according to estimates from AJ Bell.
Standard Chartered is poised to post £4 billion.
It means banks would have made a total of £39 billion in profit during 2022, surpassing the £35.7 billion 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 £2 billion from its UK arm.
Together, it means the big banks are making an eye-watering £107 million in profits, which is an extraordinary sum during a period of widespread belt-tightening.
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