View more on these topics

Abbey’s Q1 profits up 25%

Abbey has reported first quarter profits were up by more than 25 per cent on last year at £372m.

Abbey and Alliance & Leicester revealed profits in the first quarter of this year, up from £235m in Q1 2008 and £251m in the last quarter of 2008. The group also revealed that revenues were up 24 per cent.

Abbey says gross UK mortgage lending is also up to 15 per cent for the group, up 1.4 per cent on annual figures – Abbey controls 13.1 per cent of the market while A&L controls 1.9 per cent, totaling £160bn in stock.

The group also increased business lending by 8 per cent on Q1 2008 figures, lending £133bn overall during the year.

Santander UK chief executive Antonio Horta-Osorio says: “We have made a vert strong start to 2009 with significant growth in profit and revenues. This is an excellent performance delivered in the toughest of economic environments.

“We have increased mortgage and small business lending demonstrating our ongoing support for the UK economy. I am prudently optimistic about our business prospects for the remainder of the year, and we continue to benefit from the strength and backing of Santander.”

Recommended

Thinking small

There is room for optimism for UK smaller companies if one looks at year-to-date total returns to April 20. The FTSE 100 was down by 8.71 per cent but the small-cap indices were all up.

Phone - thumbnail

Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com