Santander to report profits

Spanish banking giant Santander is expected to report a jump of around 30 per cent in profits at its three UK banks.

As per analysts, Bradford & Bingley, Abbey and Alliance & Leicester generated around 1.5 billion pounds during 2009.

Bradford & Bingley, Abbey and Alliance & Leicester, which are being re-branded as Santander, were acquired by Santander over the last five years.  These three banks accounted for around a fifth of the mortgages approved in the UK in the previous year.

The Spanish banking group is expected to announce a pre-tax profit of around 11 billion euros for 2009.

Santander could also reveal plans to make a bid for hundreds of branches being sold by Royal bank of Scotland.

Santander, which was founded in 1857, has a workforce of more than 170,000 people.