Santander Bank profits soar after Abbey takeover

According to figures released by the Santander Bank yesterday, its purchase of Abbey last year has helped the group obtain a rise in profits of over 35 percent during the first six months of 2005.

In its report to the Comision Nacional de Mercado de Valores, which regulates the share market in Spain, the Bank of Santander has revealed that the net profit earned during the first semester of this year rose to 2,551 million euros, compared to 1,887 million euros in the same period last year.

According to the Santander Bank, this sharp rise in profits is largely a result of the takeover of Abbey, without which profits would have risen by just over 18 percent.

This is the first time that the real effect of Santander's purchase of Abbey can be properly measured because the accounts and financial results of Abbey are now totally integrated into the global accounts of the Santander Bank.

The Santander Group's positive results include a 28.7 percent increase in the profit margen of its banking activities, and a rise in loans which have doubled with respect to the same period last year.

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