Shares in British banks were down on the FTSE 100 in morning trading as investors continued seeking profits.

Last week banking shares were broadly up, thanks to positive Christmas results from retailers and a successful debt auction in Portugal easing fears about eurozone sovereign debt.

However on Friday shares declined as investors appeared to indulge in profit taking, a trend which appears to have continued this morning.

By 10:15 shares in Lloyds Banking Group were down 2.43 per cent to 67.92 pence per share, RBS shares fell 1.45 per cent to 42.06 pence per share, Barclays shares declined 2.06 per cent to 304.60 pence per share and HSBC shares dropped 1.10 per cent to 701.90 pence per share.

Overall the FTSE 100 was down 0.14 per cent to 5,993.79.

Barclays HSBC FTSE Portugal