Press releases

Deloitte comments on Q3 bank results season

30 October 2017

Neil Tomlinson, head of UK banking at Deloitte, said:

“UK retail banks’ profits have been boosted in the third quarter by an easing off of PPI provisions. The outlook for the next quarter also looks positive as banks should benefit from their strong underlying credit quality and an expected imminent rise in the base rate. This should enable banks to continue on an upward trajectory, despite recent concerns from some regulators over the growth in unsecured consumer credit.

“Looking further out, banks will still have to continue navigating relatively slow economic growth and Brexit-related uncertainties. However, as of January next year, they will have the opportunity to embrace Open Banking to develop new product propositions and new sources of revenue. We predict that banks will look to partner with FinTechs to drive such growth in future.”

End

Notes to editors

About Deloitte
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NWE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk. For more information, please visit www.deloitte.co.uk.

Member of Deloitte Touche Tohmatsu Limited.

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