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Santander profits jump 15% in Q1

Santander has recorded a 15 per cent increase in profits in the first quarter of 2010, with the Spanish bank recording a £426m pre-tax profit.

The bank also saw an 8 per cent increase in revenue growth for the three months up to March 31.

Gross mortgage lending for residential mortgages stood at £5.7bn, which the bank estimates is equal to 20 per cent of the market. Small and medium-sized business lending was also up 18 per cent on the first quarter of 2009.

Santander UK chief executive Antonio Horta-Osorio says: “Our first quarter performance shows that our business model continues to deliver improved performance, increased market share and sustained profit growth. We are continuing to share the benefits of being the most efficient UK bank with our customers, offering better value for money products rewarding their loyalty through innovations like our Zero Current Account.

“The success of our rebranding is clearly demonstrated by further growth in mortgage lending and

customer deposits. We have also shown the strength of our SME proposition where we increased lending by over 18 per cent, up from lending growth of 16 per cent in 2009, showing our commitment to this essential sector of the UK economy.”

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