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.