Tuesday, 2 November 2010
Today Lloyds Banking Group was the first of the UK banks to give a third quarter indicator of results. Unlike the US, UK banks don't need to report financial numbers each quarter, they only have to indicate direction of travel. Not really surprisingly all the indications are that Lloyds Banking Group will record a profit for the year. There will be a similar story told by each of the UK banks over the next couple of weeks. The banks are back, which should actually be good news for all of us; after all we as UK tax payers and pension contributors hold sizeable shares in each of the banks and when they gain we gain. In a time when it is easy to make the banks the scapegoat for all our current woes, it's not popular to praise the leaders of the banks for the way that they have run their banks since the crisis - it's time to recognise that these good results have come from a lot of hard work from a lot of ordinary people who work in our banks.