British banks warn of ‘false period of calm’ ahead of Brexit negotiations

Britain’s major banks are set to report stronger-than-expected results this week, confounding expectations that political and economic upheaval caused by the country’s vote to quit the EU would immediately squeeze profits.
British banks warn of ‘false period of calm’ ahead of Brexit negotiations

Since the vote in June, shares in Royal Bank of Scotland and Lloyds have fallen by about a quarter, partly reflecting their heavy exposure to any downturn in the British economy.

But senior executives from the major banks told Reuters that consumer spending had held up in the third quarter, while there had only been a modest drop in demand for mortgages and business loans — traditionally banks’ big revenue earners.

Already a subscriber? Sign in

You have reached your article limit.

Unlimited access. Half the price.

Annual €130 €65

Best value

Monthly €12€6 / month

More in this section

The Business Hub

Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited