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Bank profits 'cost households £441 each'

Financial marketplace Zopa has estimated that the cost of HBOS and RBS' profits results in a bill to each UK household of £441, marking a ten per cent year-on-year increase.Recently, the banks made their profits known, with HBOS recording a £5.7 billion total and RBS achieving a £9.2 billion profit."The truth is that banks in the UK have let down their customers badly by failing to deliver against their expectations, despite the promises implied by big budget advertising and against a backdrop of what any objective analysis would say is excessive profit making," said James Alexander, co-founder and chief executive officer of Zopa.He added that his point had been illustrated by the recent profit announcements, describing the £441 household contribution as unfair and unsustainable.There are now plenty of "attractive" alternatives to banks, however, he said.Mr Alexander cited figures which showed that 49 per cent of consumers do not believe their banks have their customers' best interests in mind and 76 per cent felt that their banks were greedy.

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