The UK's retail banking sector has revealed promising results by posting higher earnings.
New players have joined the market and some of the UK's leading retail banks plan to pay out billions of pounds to staff in the form of bonuses, Agence France-Presse reported.
A 114 per cent increase in annual profits at Barclays and a fall in losses at Royal Bank of Scotland (RBS) and Lloyds Banking Group have also been predicted by analysts.
Further promising news for the sector comes in the form of the opening of the UK's first new high-street bank for over a century.
Once Metro Bank receives a banking licence from British regulator the Financial Services Authority, two branches will launch in London in April.
In contrast to the positive news for the sector, last week the governor of the Bank of England, Mervyn King, told a cross-party commission that the UK needs to "face up" to the greater dangers within the financial system and adopt radical reforms, the Telegraph reported.
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