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Santander UK gains as mortgage demand rises and customers switch current accounts

Santander - UK profits increased by 13% - SantanderCB

Santander UK's profits increased by 13% to £532m in the first quarter of the year as it joined in the mortgage boom and attracted more new current account customers.

The bank gave out £7.1bn of mortgages in the three-month period and gained an extra 131,000 customers, indicating that its plan to take on the big four high street banks is working.

However, there are also challenges - despite increasing mortgage and business lending sharply, revenue did not increase compared with the same period a year ago, hovering at £1.16bn. Meanwhile, Santander has made progress on customer service.

GFK's financial research survey now gives the bank a customer satisfaction score of 62.5%, above the average of the top three banks.

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

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