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Barclays : Big Four banks to reveal Pounds 9bn profit ; FIGURES SET TO ANGER LONG-SUFFERING PUBLIC CITY DESK

10/25/2014 | 02:06am US/Eastern

THE Big Four banks amassed a Pounds 9billion profit haul in just three months, results are set to show.

Royal Bank of Scotland, Barclays, HSBC and Lloyds will reveal bumper quarterly figures in the next fortnight. Analysts expect all four to announce that profits surged over the summer.

Yet the latest round of healthy results risks triggering fresh anger as millions of people are still suffering from the banking crisis six years ago.

Underlying profits at Lloyds Banking Group are forecast to be up around a fifth to at least Pounds 1.8bn in the three months to October.

But the jump will be controversial, as the taxpayer-saved bank is also expected to confirm 9,000 job losses over the next three years.

Telephone banking staff will be among those hit, with the company blaming the rise of online banking.

As the Mirror revealed this month, Lloyds boss Antonio Horta- Osorio is also set to ditch a pledge not to close branches. But three million longsuffering shareholders face having to wait until next year for any dividend payouts - which have been suspended since 2008 - to resume.

Lloyds is also likely to set aside even more cash for the payment protection insurance scandal, possibly more than Pounds 500million, taking the total to Pounds 11bn.

Crisis-hit Barclays announces its results on Thursday, with analysts expecting profits to be up more than 10% to around Pounds 1.7bn.

But Royal Bank of Scotland is set to unveil the biggest turnaround, with quarterly profits more than trebling, to around Pounds 2bn. The bank, which is 81% owned by the taxpayer, has done well from selling its assets at a good price and has benefitted from the improving UK and Irish economies.

However, even RBS's haul will be dwarfed by that of HBSC, which puts out its results the following week.

Analysts reckon Britain's biggest bank made as much as Pounds 3.7bn between July and September, up around 3.5% on the previous year.

David Hillman, spokesman for the Robin Hood Tax campaign, said: "The public will be outraged if banks announce telephone-number profits at a time when wages have fallen for 71 of the last 74 months.

"Bumper bank profits are a sign those who caused this crisis are still getting away with it while the rest of us struggle.

"It's time the Government made them pay to repair the damage they have done."

(c) 2014 ProQuest Information and Learning Company; All Rights Reserved.

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