Santander did one in five UK mortgages in Q3
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Spanish banking giant Santander wrote one in five UK mortgages in Q3 and increased its UK profits by 13% to £1.3bn.
The bank had gross mortgage lending of £6.9bn, taking the total for the year to £19.2bn.
Santander, which owns Abbey and the rebranded Alliance & Leicester and Bradford & Bingley brands currently has a stock share of 14% of the mortgage market.
In the UK, mortgage residential lending increased by 5% and lending to SMEs by 23%.
Overall, the bank saw a drop in profits in Q3 2010 of 13% to €2.1bn.
Its fall in results is because it has been hit by new Spanish Bank rules on bad loan provisions, which as a result means its 2010 profit is expected to be below forecasts.
Overall provisions for bad debts for the nine months were €472m, this is €72m more than the bank estimated at the end of July.
As a percentage of total loans at group level, bad debts rose to 3.42%, from 3.37% at the end of June.
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