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Santander profits soar as UK mortgage lending keeps growing
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Profits at the UK arm of Santander more than quadrupled in the three months to the end of September, as the bank benefited from further growth in mortgages and improving economic conditions.
The bank, which is the country’s third largest mortgage lender, reported pre-tax profits of £687m for the third quarter, up 350% from £151m during the same period in 2020.
Earnings were helped by further growth in mortgage lending, which increased by £1.6bn compared with £400m a year earlier, as homeowners continued to reconsider their lifestyles during the coronavirus pandemic and bought larger homes. Consumers were also racing to complete purchases before the stamp duty holiday came to an end in September, resulting in increased demand.
Overall,
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