Santander posts 61% profit surge

Santander has posted a 61% rise in pre-tax profits during the first quarter.

Over the course of the three months, profits jumped from £114m to £184m.

“This is a strong set of results which demonstrates the progress we are making in transforming the bank for the future and reflects the strategic decisions we have taken,” said chief executive, Nathan Bostock.

“This is a strong set of results which demonstrates the progress we are making in transforming the bank for the future and reflects the strategic decisions we have taken.

“As the UK begins to emerge from the pandemic, our priority continues to be to support customers, colleagues and communities at what remains a difficult time for many.

“Although the economic outlook is more positive, market conditions will remain uncertain given the low interest rate environment and the lasting impacts of the pandemic.

“We plan to succeed by continuing to focus on delivering an excellent customer experience, while further simplifying how we operate and improving our digital capability,” he added.

Santander shares rose 1.8% in morning trading.