Santander profit surge driven by UK market

Banco Santander reported €2.2 billion in profits during the third quarter of the year, partly boosted by the UK mortgage boom and write-backs from Covid-19 provisions.

During the first nine months of 2021, UK underlying profits increased fivefold to €1.15 billion.

The US market also contributed to the bank’s recovery from the pandemic, with underlying profits more than doubling to €2.3 billion.

Across the same nine-month period, the group reported profits of €5.8 billion, compared to a €9 billion loss in the previous year.

“Our strong financial performance has been driven by the continuing success of our strategy and the hard work of our colleagues in supporting customers and communities whilst the UK economy reopened,” said Nathan Bostock, chief executive of Santander UK. “We have built on our position as the UK’s third largest retail mortgage provider, delivering £5.2 billion of net mortgage growth in a competitive market as well as an increase in customer deposits."

Bostock explained that despite a more positive economic environment, conditions remain uncertain and warned that a number of factors could impact the pace of recovery.

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