Santander shrinks loan book by £2.3bn

Nia Williams

April 25, 2013

The lender’s quarterly results revealed that net mortgage lending fell by £2.5bn and that overall profits have dropped by 25.9%.

Santander reported Q1 net profits of €1.2bn (£1bn), down from €1.6bn a year earlier.

Ana Botin, chief executive of Santander UK, said the economy “remains subdued” but there should be “greater stability in our operating environment” in the future.

Santander also saw a jump in mortgage arrears with “non-performing loans” increasing to 1.83% of assets from 1.51% a year earlier.

Corporate lending increased by 11% to £20.4bn following a 15% increase in lending to SMEs.

Sign up to our daily email