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Santander set for lending spree as profits jump on fewer bad loans


Santander set for lending spree as profits jump on fewer bad loans


There was upbeat news on the lending front from Spain’s Santander.

The eurozone’s biggest bank announced net profit for the final three months of 2014 jumped nearly 70 percent from a year earlier to 1.46 billion euros – helped by fewer bad loans.

It also trumpeted a turnaround in lending last year after two years of shrinkage.

That paves the way for a loan drive by new boss Ana Botin, who took over from her late father last September.

As Santander’s lending rose five percent last year, with a two percent jump in Spain, she is betting on an economic recovery there .. as well as hubs such as Britain will raise earnings.

The bank said in a presentation it wanted to grow lending at a faster pace than major international rivals in the next two years.

Santander did, however, set aside an extra 70 million pounds (92 million euros) in Britain to cover misconduct charges on the way it sold some products, with Santander’s total bill to compensate UK customers miss-sold loan insurance reaching 846 million pounds (1.1 billion euros).

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