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Commercial Property News
Banco Santander report FY profits of €8.9 billion with strong support from UK operations
As the bank reporting season opens, Santander UK today announced profits up over 30% to £1.536 billion ( €1.726 billion ) as it contributed heavily to parent Banco Santander FY profits of €8.943 billion, which were up only 1%.
Emilio Botín, Chairman of Banco Santander, said: "Considering the difficult backdrop, the 2009 earnings are the best in the bank's history. For a second consecutive year, we are among the front-runners of world banking in terms of profit and dividend."
The bank has been a strong supporter of UK small businesses during the year, with mortgage gross lending of £26.4billion equivalent to an estimated gross market share of over 18%, while lending to SME's is up c.16% on the same point last year.
Santander has rebranded in it's own name the Abbey and Bradford & Bingley branches it acquired, which it completed on the 25th of January 2010. The integration and rebranding of Alliance & Leicester is to be completed by the fourth quarter of 2010.
António Horta-Osório, Chief Executive of Santander UK, said: "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."
Emilio Botín, Chairman of Banco Santander, said: "Considering the difficult backdrop, the 2009 earnings are the best in the bank's history. For a second consecutive year, we are among the front-runners of world banking in terms of profit and dividend."
The bank has been a strong supporter of UK small businesses during the year, with mortgage gross lending of £26.4billion equivalent to an estimated gross market share of over 18%, while lending to SME's is up c.16% on the same point last year.
Santander has rebranded in it's own name the Abbey and Bradford & Bingley branches it acquired, which it completed on the 25th of January 2010. The integration and rebranding of Alliance & Leicester is to be completed by the fourth quarter of 2010.
António Horta-Osório, Chief Executive of Santander UK, said: "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."
Thu, 4th Feb 2010