Shares in British banks were down on the FTSE 100 in morning trading despite better than expected results from US bank JPMorgan Chase being reported yesterday.

The bank said that its third quarter profits rose 22 per cent to $4.42 billion, despite a fall in revenue of 15 per cent to $24.34 billion. The bank was significantly aided by its credit card business making a profit of $735 million, as opposed to the loss of $700 million reported last year.

Despite the news British banks were not lifted in morning trading.

By 10:35 shares in Lloyds Banking Group were down 2.85 pence per share, RBS shares declined 2.31 per cent to 46.43 pence per share, Barclays shares dropped 2.88 per cent to 283.60 pence per share and HSBC shares fell 0.45 per cent to 668.10 pence per share.

Overall the FTSE 100 was down 0.04 per cent to 5,745.14.

Barclays HSBC FTSE