Santander’s gross mortgage lending share to UK households in 2011 totalled 17.3%, which the bank says equates to around one-in-six UK mortgages.
Its profit after tax was £1.5 billion, down 6% on 2010, which Santander claims was impacted by higher regulatory and liquidity costs. Excluding these costs, profits would have been up 9%, it said. Taking into account the PPI provision of £538 million post-tax, and reported at the half year and its attributable profit to Group was £993 million, down 40% on 2010.
The bank reported that SME lending was up 25%, exceeding SME Merlin lending targets – £4.3 billion against a target of £4 billion.
The mortgage book’s LTV on stock is 52% and on new business LTV is 65%.
Properties in possessions represented 0.06% of mortgage stock versus an industry average of 0.12%.
