High street bank Santander halted falling profits at its UK arm last year after its retail division bounced back with a 27 per cent surge in earnings.
The Spanish-owned group saw profits in the retail bank jump to £1.6 billion in 2013 as Government schemes to revive the housing market and bank lending sent wholesale funding costs lower and as costly ISA savings deals launched to lure in depositors came to an end.
Overall underlying pre-tax profits held largely firm at £1.14 billion in 2013 against £1.15 billion in 2012 in a sharp reversal of the 20 per cent plunge seen at the half-year stage.
Its UK arm, which includes the former Bradford & Bingley savings and branches business, delivered a vastly improved performance in the final six months of 2013, with underlying profits in the final quarter more than doubling year-on-year to £248 million.
The housing market revival boosted gross mortgage lending by 28 per cent.
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