Abbey sees 17% Q1 profit rise

Banco Santander’s Q1 results have revealed a 17% rise in year-on-year profit at Abbey.

The Spanish firm experienced a 22% profit rise across all businesses and attributes its success in navigating stormy credit crunch waters to strong management skills.

Santander, the largest retail bank distribution franchise in the western world, says Abbey’s Q1 profits translate into £235m and that the business has experienced 10% growth in loans and 5% in deposits.