Home Business NewsBusinessBanking News Santander defies war worries as profits jump

Santander defies war worries as profits jump

by LLB Reporter
26th Apr 22 1:43 pm

Banking giant Santander today posted a jump in first quarter profits on the back of rising interest rates.

The Spanish banking giant said a strong showing in the UK and elsewhere in Europe helped to drive its rebound.

Banco Santander reported a 58% increase in net profits to 2.54 billion euros (£2.1 billion) in the first three months of 2022.

It came as rival HSBC saw profits for its first quarter tumble on the back of a hit from expected bad debts due to the economic backdrop.

Mike Regnier, who was appointed as Santander UK chief executive officer last year, said the company has “continued the momentum” it saw during its pandemic recovery in 2021.

“This has been underpinned by another strong performance in the mortgage market with £3.6 billion of net lending,” he added.

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