Bank profits soar
Oct 29 2010 Huddersfield Daily Examiner
BANKING giant Santander lifted UK profits by a fifth in the third quarter – but warned that bad debts would hit its full-year results.
Spanish-owned Santander is now a major force in UK banking after snapping up players including Abbey and Alliance & Leicester.
In the UK, it lifted pre-tax trading profits by 20% to £619m in the three months to September 30 as better margins boosted performance.
But the wider Santander group was hit by new rules in Spain forcing banks to bring forward charges for loan losses in their accounts, which it said would now see 2010 profits fall short of expectations.