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Record profits at high street banks

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The big UK banks are set to report record profits once again this week, while many pointers indicate that thousands of their customers are in difficulty due to escalating bank debts.

HSBC, the country’s biggest bank, will announce its interim results today (Monday) and some analysts expect it to top the £5.6bn of profits generated in 2005 – the largest-ever profit achieved by a British bank.

But this was weakened by an increase in provisions against bad debts, and it is feared that the UK credit market has continued to worsen, with bankruptcies and house repossessions both rising.

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