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News: Banks make more from us than energy firms do

Banks in Britain made more money per customer than any other major business sector last year including power firms and mobile phone companies, it has been claimed.

Penalty fees and targeted marketing are helping UK High Street banks to build up their profits from customers, according to a report from Group 1 Software.

Banks made profits of £75 per customer in 2005 compared with £66.20 in 2004, the highest for any UK industry. By comparison, utility companies earned £59.10 and mobile phone companies £43.20.

Andrew Greenyer, vice-president of Group 1 international marketing said the banking industry’s success in a highly competitive industry was "Good news for the UK economy but less so for the consumer."

However, the study also found that banks don’t find Britons are the most rewarding customers. Banks in Italy and Spain make more money per customer - 131.60 euros (£89.94) and 123.60 euros (£84.48) respectively - than High Street banks in the UK.

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