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Payment protection: PPI fines hit UK banks' profits

Fines for mis-selling payment protection insurance (PPI) dented underlying profits at the UK's top five banks last year, according to a new report.

Profits at Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Standard Chartered rose to £31.5 billion in 2012, but these were marred by regulatory fines, accountancy KPMG said.

The gains, from a fall in bad loan charges and better investment banking performance, were offset by fines including £7.4 billion for PPI mis-selling.

Bill Michael, a financial services specialist at KPMG, told the Financial Times: "In terms of their reputations, 2012 was a dire year."

The latest figures from the Financial Services Authority show that in January 2013 banks paid out £439 million in payment protection insurance compensation, bringing the total PPI bill to £8.9 billion; however, it is thought the final bill could reach £15 billion.

Earlier this month the Financial Ombudsman Service said it was receiving 2,000 new PPI complaints a day, with numbers rising.

John Fieldman

Having worked in the City for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801564111-ADNFCR

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