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Abbey profits soar 37 per cent

Abbey’s profits before tax are up 37 per cent from £849m in the first nine months of last year to £1.2bn in the same period this year.

But gross mortgage lending was down 37 per cent at £19bn from January 2009 to September 2009 compared with £30.1bn in the same period last year.

Net lending was £5.1bn this year to date, representing a 31 per cent fall from £7.4bn during the same period last year.

Abbey estimates its gross lending market share was 20.5 per cent in the third quarter of this year. The loan to deposit funding ratio improved to 128 per cent compared with June 2008 when it was 169 per cent.

Three month plus arrears remained flat at 1.34 per cent compared to the Council of Mortgage Lenders average of 2.43 per cent.

The average loan to value on new business completions in the third quarter was 61 per cent compared to 62 per cent in the same period last year.

Parent group Santander says profits have been boosted by the acquisition of Alliance & Leicester and Bradford & Bingley.

Abbey and B&B will be rebranded to Santander in early 2010 while A&L will be rebranded in the fourth quarter of next year.

The integration of B&B systems has now been completed and the lender says it can now sell mortgages, current accounts and credit cards through B&B branches.

Santander says customers will be able to transact in over 1,300 branches across the UK by the end of next year.


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Juggling business with RDR changes

Adviser Evolution will be publishing the diaries of a number of IFAs who are contemplating the transitions required by the retail distribution review. Over the next few months, we will be hearing from three very different companies which are trying to juggle the task of running a small business with tackling the many changes that are being asked of them by the new regime. Adviser Evolution will return to each business every few months to get an update on how things are progressing, passing on useful tips and experiences which may help with your own business. Consultancy firm The Ideas Lab, set up by Syndaxi managing director Robert Reid and Rennison Consulting boss Roderic Rennison will be offering guidance and coaching to the firms involved, with commentary appearing alongside the diaries.


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