Abbey took 28% of net mortgage lending in 2008

Abbey revealed last week that it had a thumping 28% share of net mortgage lending in 2008.

The Council of Mortgage Lenders says there was a total of £40bn net mortgage lending in 2008 and that Abbey accounted for £11.1bn. Its loan book over the year grew by 43% to £180bn, with Santander’s take-over of Alliance & Leicester accounting for £51.6bn of this.

Combined with its purchase of Bradford & Bingley’s deposit busi-ness and branches, Santander says its acquisitions now give it a market share of 10% in deposits and 13% in mortgages in the UK.

It posted an annual UK profit of £991m for 2008 – a rise of 21% from 2007. Capital ratios also remain strong, with the banking giant recording core capital of 7.23%.

In a statement Santander says: “These results should be set against a difficult economic backdrop and come at a time when many global financial institutions in Santander’s peer group have registered losses and required public support.”