Finance firms begin to see the light
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Financial services firms appear to be lifting themselves out of the downturn, with business volumes across the sector growing for the first time in two years.
A net balance of 7% of firms polled by the Confederation of British Industry and Pricewater-houseCoopers reported that their business volumes rose in the three months to September.
This is the first increase in two years and the highest proportion since September 2007, when the balance was 23%.
In the banking sector business volumes stabilised in the past three months although there had been expectations of a rise, but banks are optimistic and expect to see a rise in the next three months.
Building societies performed poorly in comparison, with volumes falling sharply in the past quarter and profitability broadly flat as their funding problems continue.
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