UK Banking Results for 2018 – the sector continues to improve but face Brexit headwinds
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12/03/2019
What are the UK’s banks doing to prepare for Brexit?
12/03/2019
It’s that time of year again when the UK’s largest banks release their annual results. Two common themes emerge:
- The UK banking sector is very much in the black
- The top 5 banks are undertaking preparations for Brexit and its proving costly
Here is a summary of the 2018 results:
Barclays
Annual profits of £1.39bn for 2018 boosted the share price and neutralise activist shareholders seeking to change the strategic direction of the bank.
HSBC
As Europe’s largest bank, it failed to meet expectations but still produced a whopping $19.9bn in pre-tax profits.
Lloyds
Profits hit £4.4bn and is the UK’s most profitable bank based on its dividend returns to investors.
RBS
The government owned bank continues to make progress with pre-tax profits hitting £3.4bn.
Santander
Whilst key targets were missed, Santander increased mortgage lending and still managed to achieve pre-tax profits of £1.6bn.
