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Santander UK profits up 30%

Santander has revealed its UK profits have increased by over 30 per cent in 2009.

The Spanish bank revealed UK profits of £1, 536m, while revenues have also risen by 20 per cent.

Santander UK has also seen net mortgage lending rise 23 per cent to £7.6bn in 2009, this compares to £6.1bn in 2008. The bank says it now own 18 per cent of the mortgage market, with gross lending figures of £26.4bn, a 25 per cent fall on the £35.2bn of gross mortgage lending in 2008. Lending to SMEs is up 16 per cent on 2008.

Investment sales rose 24.3 per cent to £3.5bn for 2009, up from £2.8bn in 2008.

The group says it has now fully integrated the Bradford & Bingley business into the Santander UK product range, while all Abbey and B&B branches were rebranded by January 25, 2010. The integration and rebranding of the Alliance and Leicester is expected to conclude by the fourth quarter of 2010.

Santander UK chief executive Antonio Horta-Osorio says: “”Our full year results demonstrate clearly our business model and strategy are delivering superior results, allowing us to increase profits and revenues, balanced against controlled costs and prudent lending.

“Our ongoing focus on efficiency means we can continue to share the benefits of this cost advantage with our customers through competitive products, demonstrated by us having more “best buy” mentions than any other high street bank. This has enabled Santander UK to write significant new business and continue to support the UK economy with increased lending to homeowners and businesses.”

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