The Spanish banking giant says this is partly reflective of sterling’s depreciation against the Euro, but says the acquisitions of B&B and A&L also had a favourable impact.
These are the first set of results which combine the performance across all three of the UK brands.
Loans to customers for Q1 were at £133bn, 8% higher than in March 2008.
Santander says this is due to an 8.4% annual increase in residential mortgages with the bank recording total loans of £184bn, including A&L.
Gross mortgage lending share for Abbey was 13% and 15% including A&L.
In its financial report the bank says: “Santander UK retains its ability to continue lending mortgages even in difficult times, resulting in a strong increase in the estimated mortgage net lending share relative to Q1 2008.
“This increase is due to Abbey, and not to A&L, as its back book is being
managed to match the return (profitability) and quality of the portfolio to the group’s standards in the UK.”