Santander writing around one in six UK mortgages
After tax, Santander’s UK profit for the first quarter of 2012 was £255m, down from £431m at the start of 2011.
Gross mortgage lending share to UK households was £5.6bn, up 34 per cent on the same period in 2011 (£4.2bn) representing an estimated gross market share of about 17.6 per cent, compared with13.8 per cent at the start of 2011.
Santander is now writing around one in six UK mortgages.
Management stated they were taking a cautious approach to provisions and while they have increased – £179m compared with £129m for the first quarter of 2011 - this was said to reflect more provisions in the “old” corporate book mainly of Alliance & Leicester loans written pre-2008.