Any professional business should be allowed to make whatever profit that they're able to make, imho. Oil companies, hospitals and everyone else needs to make a profit in order to pay just for reoccurring costs to keep the business running, future repair and replacement costs due to wear and depreciation, reinvestment to spur growth and hopefully a portion of the profits go directly into the community in which the business is located.
I know that when MBNA was the big financial institution on the block around this area, they supported community events big time through sponsorships and scholarships.
Once B0fA came in and took them over, that reinvesting into the community dropped way off.
To me, I think the issue that many people have with profits overall is what gets done with them, but this is where things get sticky:
How much of a salary is too much?
How much of a bonus is too much?
How much profit sharing with employees and investors is too much?