Bank's Financial Reports - bad debts
Most of the Banks are publishing their half-year accounts to the Stock Exchange today.
All of them have increased their profit - but all are saying that profit has been hit hard by "bad debt" and they are increasing their provision for "bad debt".
Now. Is it really "bad debt" or is it settlements of claims over unfair charges?
I understand that the banks would need to specifically record the amount of settlements they have had to make. If, in the 2004 accounts they revealed operating proffits of X; but now some of that 2004 profit has had to be returned in the form of settlement for bad charges then this needs to be recorded.
Are the banks recording it so that their share holders and the stock exchange can get a true and accurate picture of what is happening; or are they hiding it all under "bad debt"
Is there an accountant on here who could download the accounts from the Companies House website and make sure the banks are doing what is required?
Or maybe we should discover who the banks' auditors are and write to them to ensure that they are aware of the extent of the banks' liabilities.
Is there an accountant on the site?
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