Santander's UK banking operations see profits double

The UK banking operations owned by Banco Santander have reported their profits have doubled compared to this time last year.

Its banking operations in the country include Abbey, Bradford & Bingley and Alliance & Leicester.

Profit levels have reached £1.16 billion for 2009, a 58 per cent rise on the figure for the same period in 2008.

Antonio Horta-Osorio, Abbey chief executive, said: "We have seen a good performance from all business areas despite continued tough market conditions."

The strong performance of Santander's UK banking operation helped it record a £6 billion profit for the first nine months of this year.

Earlier this month, the company raised more than £5 billion through a share offering in Brazil.

In 2010, Santander's banking operations in the UK will be rebranded to take their owner's name.

Abbey and Bradford & Bingley will go through the change at the start of the year while Alliance & Leicester will follow later in 2010.

Updated: 29 October 2009.
Categories: banking-and-financial-services, jobs, market-and-industry-news.