Santander pre-tax profit surges, as bank keeps watchful eye on soaring inflation
Santander’s pre-tax profit has surged this quarter, despite the bank having to keep a watchful eye on soaring inflation.
Profit from continuing operations before tax climbed more than 180 per cent to £495m in the three months to 31 March.
However, with the looming risks of higher inflation, credit impairment charges came in at £52m, compared with a £2m write-back in the first quarter of last year. Although the bank assured it had seen no deterioration in asset quality yet.
It is the first set of results under new CEO Mike Regnier, who said the performance had been underpinned by “another strong performance in the mortgage market” with £3.6bn of net lending.
“As households across the country face rapidly increasing cost of living, we stand ready to support our customers and provide them with practical advice and tools to help them manage their money.
“We continue to look at the impact that the rising cost of living is having on our customers so we can provide them with the right support.”