Santander's pre-tax profits 'have risen by 30%'

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Santander's pre-tax profits 'have risen by 30%'

Spanish banking organisation Santander, the parent company of Abbey and Alliance & Leicester in the UK, has announced some promising financial results.

According to the finance firm, its pre-tax profits rose by more than 30 per cent during the first half of 2009.

Santander also saw its UK revenue increase by 20 per cent during the six months to June 30th 2009, it revealed.

It stated that improving lending conditions, the better handling of bad debts and a decrease in home repossessions contributed to the success.

Antonio Horta-Osorio, UK chief executive of Santander, said that the first half has been "a very good one".

He added: "We have delivered an excellent increase in revenue and profit despite tough market conditions, underpinned by market share gains and growth across all business divisions."

By the end of 2010, Santander's logo will be seen across 1,300 high street outlets across the UK as it plans to rebrand all branches of Alliance & Leicester by this time.

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