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Santander reports £426m profit in Q1

Santander UK has reported a pre-tax profit of £426m for the first three months of the year – a rise of 15% compared with the same period last year.

The Spanish bank, which owns Alliance & Leicester and Abbey for Intermediaries in the UK, made a group profit of £2.2bn (£1.9bn), up 6% from Q1 2009.

Santander UK estimates it has a gross mortgage market share of 20%, writing one in five UK mortgages. This is a 5% rise on its share this time last year.

Net lending for Q1 2010 was £1.4bn while gross mortgage lending was £5.7bn. The bank’s mortgage book is running a three-month arrears rate of 1.41% compared with an industry average of 2.38% in Q4 2009.


Five lenders are failing to handle complaints well

The Financial Services Authority has found weaknesses in five banks’ handling of customer complaints and referred two of them for further investigation. The regulator’s review looked at banking groups responsible for over 70% of the complaints firms receive and report to the FSA, and more than 60% of those resolved by the Financial Ombudsman Service. […]


MoneyQuest seals deal with comparison site

MoneyQuest has replaced London & Country as the referral partner for MoneyQuest will exclusively provide the comparison website with a mortgage advisory service. Rob Clifford, non-executive director at MoneyQuest, says: “We could not be more pleased that has selected us as its sole mortgage advice partner. “This is a major coup for us […]


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