From guess who?
But profit is not waht itn used to be. Under IFRS profit is the change in the net worth of your balance sheet on a mark to market basis: it is not the result of your trading in the quarter.
So if you made incredibly harsh provisions (and most banks did) and then some of the provided for assets perform again you make a profit as a correction to the previous provision.
Under historic cost you wouldn’t.
But when most people don’t appreciate that this looks like a real profit.
This is true of course. But the flip side of this statement is that using historic cost accounting they didn\’t make a loss either in the earlier quarters.