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Record profits for banks

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13/02/2006

UK banks are on course to announce another year of record profits, despite fears over a weakening housing market and concern about rising consumer bad debts.

Northern Rock, Britain’s seventh-biggest bank, has already produced results that were ahead of analysts’ expectations as the company managed to cut costs and win a bigger share of the mortgage market.

Among those expected to announce big rises in profits are Barclays and HSBC.

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