Santander's corporate and commercial banking business 'performs strongly over last six months'

Mike Regnier, Santander’s chief executive officer, commented: “We maintained our focus on supporting our customers during the first half of the year, working to provide products and services to meet their needs in the current climate.

"We know that the ongoing volatility in the mortgage market and continuing inflationary pressures are creating challenges, and we encourage anyone facing difficulties to get in touch as soon as possible. He added: “We are pleased to be supporting the UK Government’s new Mortgage Charter, in addition to the measures we have already put in place.

“While the wider economy has continued to be unsettled we have maintained our prudent approach to risk, while taking a sensible approach to managing our mortgage book.

"Our Corporate and Commercial Banking business has performed strongly, with our Navigator platform helping to increase the number of customers expanding internationally.

"Our new Edge Up current account and simplified range of savings products paying up to 5 per cent interest have demonstrated our commitment to providing value and we intend to continue this with the adoption of Consumer Duty.

“These results reflect our prudent approach in an economically uncertain environment which is set to remain for the rest of 2023, impacting consumer spending and the housing market.

"However, the UK labour market remains strong and our customers have continued to show resilience. We will continue to prioritise providing them with the best support we can.”

In its statement, Santander said: “Inflation is likely to reduce real consumer spending and we expect further declines in house prices in 2023.

"Going forward we expect inflationary pressures on operating expenses to be partially offset by transformation programme savings.”

NatWest, Nationwide and Santander were among the lenders who increased their market shares, in terms of the value of mortgage lending in 2022, compared with 2021, according to data issued earlier this month by the trade association UK Finance.