Santander’s profits increase 30% in UK

SANTANDER, the Spanish financial giant, will reveal this week that its three British banks have seen a 30% jump in profits.
Abbey, Alliance & Leicester and Bradford & Bingley made about £1.5 billion last year, say analysts. The banks, which are being rebranded as Santander, accounted for about a fifth of the mortgages granted in Britain last year.
Santander has been one of the big winners in the credit crunch, escaping losses on American sub-prime mortgages. Full-year figures for the Spanish parent are expected to show pre-tax profits of about €11 billion (£9.5 billion).
However, analysts remain concerned that Santander will be caught up in the problems of Spain’s domestic economy. BBVA, its rival, last week revealed a 16% drop in profits after bigger-than-expected provisions on commercial property deals.
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