Top banks to rake in £1bn a week in 2011

Britain's biggest banks are set to pocket around £1bn in profits every single week this year, according to City estimates.

In total, the UK's top five lenders are expected to earn £51.7bn in 2011, or £200m for each working day, the Daily Mail reports.

Profits are predicted to more than double at the UK's state-owned banks Royal Bank of Scotland and Lloyds.

The earnings are likely to trigger mammoth pay-outs for bankers with an estimated £7bn bonus pot expected to be shared out for 2010.

These huge profits are expected to lead to an increase in calls this year for banks to contribute more to the Exchequer to reduce the budget deficit.

Banks' estimated pre-tax profits

                 2010      2011
RBS            £2bn      £5bn
Lloyds         £2.5bn   £6.5bn
HSBC          £20.3bn  £25bn
Barclays      £5.9bn    £7.8bn
Stan Chart   £6.3bn   £7.4bn

Source: Reuters