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Santander reports 25% increase in UK profits

Pre-tax profits at Santander’s UK arm rose by 25% to £372m for the first quarter of this year, with revenues up 24%.

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.”


AMI woos small firms to board

The Association of Mortgage Intermediaries is issuing a rallying call to small brokerages, encouraging them to stand for election to its board.

Minister picks knight to lead bank rescue mission

A Bank of England veteran who is also a knight has been recruited by Irish finance minister Brian Lenihan to help find a professional who can rebuild confidence in the country’s battered financial system.

The month at a glance

Last month was dominated by the Budget but before chancellor Alistair Darling unveiled that damp squib there quite a few notable events affecting the financial industry, including a certain international meeting in London


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