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Santander UK's profits jump 10%

Santander UK has made a 10 per cent profit of £875m in the first half of this year, according to its half-year results posted on Thursday.

By Donia O'Loughlin | Published Jul 29, 2010 | comments

Santander Group however suffered a loss of 1.6 per cent in this period compared to the first six months of 2009.

Santander UK claimed that it increased lending to small and medium-sized businesses by 20 per cent and wrote one in five mortgages to UK households, based on its gross lending market share of 19 per cent.

Gross mortgage lending was £12.3bn in the first six months of this year, which is ahead of last year’s first half results of 14 per cent.

Santander said in a statement: “The UK economy has made modest progress but demand for credit is subdued and we expect the market will remain challenging.

“House purchase volumes are higher than a year ago, but remain low relative to the past decade, and house price inflation remains stable. We therefore expect interest rates to remain low for the rest of this year.”

The stock of properties in possession has decreased slightly from the first half of 2009 and represented only 0.06 per cent of the overall portfolio. This figure is lower than the Council of Mortgage Lenders’ average of 0.13 per cent.

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