StockMarketWire.com - Post-tax profits for Santander's UK operations fell 38% in Q4 2020, to £438m from £709m in the same period of 2019.

In the quarter Santander provided over £4.6bn of government backed business loans to customers and £373,000 in payment holidays.

Related to Covid-19 loans, the bank made £448m of provisions for pandemic-related losses but credit impairments were down 43% quarter on quarter.

Mortgages were an area of growth for Santander which registered a rebound in application volumes. Over the quarter, this area of the business recorded net growth of £4.4bn.

Santander CEO Nathan Bostock said: 'Although Covid-19 materially impacted our results, the decisive actions we have taken have helped to deliver a very resilient performance despite the difficult environment. We have achieved strong lending growth, particularly in mortgages, grown customer deposits, delivered further efficiency savings and a notable improvement in income in the second half of the year.'

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