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Santander UK profits up 43%

Santander has revealed its UK profits have increased by more than 40 per cent over the last 12 months.

Within its Q2 results, the Spanish bank revealed UK profits of Euro 885m (£763.7m), up 43 per cent over the last 12 months. It says this profit is partly due to the acquisitions of both Bradford & Bingley savings and Alliance & Leicester, which have made the bank £7m and £137m respectively.

Santander says it now controls 16.3 per cent of the UK mortgage market, including the acquired A&L book. It says its Abbey loan book, totalling £135bn, is up 4 per cent on last year’s figures. Including the A&L book, the Santander mortgage book now totals £184bn.

The arrears rate of the Santander UK mortgage book is 1.54 per cent, broadly in line with market averages, but up from Q1’s 1.25 per cent.

It says it has also increased lending to small and medium sized business, up 4 per cent on June 2008 figures.

Santander says its UK retail savings balance is up 85 per cent with the newly acquired books. Abbey’s savings balance was up 17 per cent.

Santander has also revealed that it is looking to float at least 20 per cent of its Banco Santander Brasil arm in an attempt to raise around £3.66bn, according to a report by the Financial Times.


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