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Santander reveals 11 per cent profits boost

Santander has revealed an 11 per cent increase in its UK profits during 2010.

The Spanish-owned bank reported profits of £1.7bn, compared with £1.5bn last year.

The lender’s gross mortgage market lending share now stands at 17.7 per cent, which is a fall of 0.9 per cent on the 2009 figure.

Gross mortgage lending dipped slightly, falling from £26.4bn in 2009 to £24.2bn in 2010.

Lending to SMEs rose from £6.7bn to £8.5bn, an increase of 26 per cent and retail deposits were up 22 per cent, from £5.6bn to £6.8bn.

Santander UK chief executive Ana Botín says: “We enter 2011 with confidence. We are working towards completing the acquisition of 318 RBS branches, a key step in fulfilling our ambition to be a full-service commercial bank.

“Our aim is to increase our lending to UK businesses and create new jobs as we open more business centres to serve them.”

Santander says it remains “on track” to deliver cost savings of £180m by the end of the year, a measure announced when the bank acquired Alliance & Leicester in 2008.

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