StockMarketWire.com - Spanish bank Santander's UK operations posted a 61% rise in first-quarter profit as mortgage lending grew and credit impairments fell.

Pre-tax profit for the three months through March rose to £184 million, up from £114 million year-on-year.

Santander UK said it notched net mortgage growth of £1.5 billion, following strong application volumes in late 2020, and customer deposits growth of £1.1 billion.

Operating income rose 9% and adjusted operating income 7%. with deposit repricing driving higher net interest income.

Credit impairment losses of £5 million were significantly reduced following a considerable Covid-19-related provision build in 2020.






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