Santander UK, the UK arm of Spain's Santander, announced today that it had reported a growth of 15% in its trading profit for the first quarter. The bank also said that its revenue grew by 8% in the first three months of the year. Santander UK said that its market share in the UK mortgage market also rose to 20% at the end of the first quarter of the year.

"Our first quarter performance shows that our business model continues to deliver improved performance, increased market share and sustained profit growth," said António Horta-Osorio, chief executive of Santander UK.

Santander UK said today that it reported a profit of £426 million in the first quarter ended March, increasing by 15% compared to the same period last year. Revenue for the quarter was reported up by 8% compared to previous corresponding period.

Net deposits were reported of £3 billion in the first three months of the year, increasing by 240% comparing with the figures of the same period last year. Santander UK also said that the investments and pensions new business in the first quarter rose 5% to £0.9 billion.

Santander UK said in its quarterly report that gross mortgage lending grew to £5.7 billion, while net mortgage lending was reported of £1.5 billion in the first three months of the year. This means that Santander currently has around
20% market share in UK mortgage market.