Despite concerns about the state of Spain's economy, the Santander banking group has reported a 6 per cent rise in first quarter profits. The impressive results largely derived from the banks success in Britain and Latin America. The bank has invested heavily in the British market, acquiring several British high street banking chains - a decision seemingly vindicated by the 15 per cent increase in profits to £426 million.
With British consumers still struggling to obtain credit, Santander has been praised for its willingness to approve loan applications, and accounted for 20 per cent home loans in the first quarter of 2010. The bank has also seen an increase in the number of British consumers taking out savings accounts, with deposits up by 240 per cent to £3 billion.
Santander adopted a more conservative approach in Spain, however, with loan approvals down by 5 per cent on the year. The company denied that this was the result of tightened credit restrictions, instead citing a reduced demand for mortgages .
Conversely, Barclays revealed disappointing first quarter results, with its £1.82 billion first quarter profit disappointing analysts.
Spanish Bank Survives Home Troubles
Financial Services > e-banking > Banking news
Spanish Bank Survives Home Troubles
Fri, 30 Apr 2010
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