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The Bank of England revealed yesterday that it had racked up record profits of almost £1 billion in the year to February as its fee-earning activities burgeoned amid the global financial and economic turmoil.
During a crisis that has brought some of the mightiest forces in global banking to their knees — and some to collapse and oblivion — the Bank emerged as having thrived while famed commercial institutions foundered.
Figures released yesterday in the Bank's annual report showed that in the 12 months to February 28 it raked in profits before tax of £995 million. This marks a more than fivefold rise from £197 million in 2008 and is the biggest figure since its establishment in 1694