RfO is a programme of Business in the Community (BITC), a UK network of 700 member companies, with a further 1600 participating in programmes and campaigns. BITC is the largest and longest-established organisation of its kind - an independent business-led charity with over 20 years experience.

The study revealed  found that 91 per cent of companies now believe that having a race diversity strategy makes good business sense, up from 78 per cent  in the same study,  a year ago.

RfO currently works with 180 firms, 113 of which took part in its annual survey of progress in personnel areas such as recruitment and training, community involvement and supplier diversity. Of the 113, 40 indicated an estimated £13.3 billion in profits could be linked to the impact of their activities toward diversity.

"Developing business practice that addresses race is a no-brainer," said Allan Leighton, chairman of RfO. "The ethnic minority population in the UK has an annual disposable income spending power of £32 billion. Cater effectively to this sector and you will see rewards on the bottom line.

"Gone are the days when private and public sector organisations could ignore ethnic minorities in this country," said Leighton. "I challenge all chairs of boards and chief executives to champion for race on behalf of their organisation.

"UK plc has to reflect the ethnic diversity in this country, and this action has to come from the top down."

Nearly four-fifths state that race activity has resulted in heightened brand awareness within their markets.

Lloyds TSB was named the best performer overall, while the West Bromwich Building Society, HSBC, the Royal Bank of Scotland and Barclays rounded out the top 10.

Apart from profits, which are easily measured, 90% of firms surveyed said the impact of their diversity objectives have raised their profile positively in the wider community.