Abbey reports hike in profits - papers 27 Oct

Net profits in the nine months to the end of September totalled 743 million euros (£498.5m), while Santander banked 4.8 billion euros – a rise of 28%. The group has benefited from cost cutting at its British operation and strong lending revenues from Latin America, says the paper. Santander has slashed 5,800 jobs since its £9bn-plus takeover of Abbey two years ago, including around 1,800 in the current year. During the summer fast-growing assurer Resolution secured a £3.6bn deal for the closed-life funds of Abbey – home of Scottish Mutual and Scottish Provident. JOHN LAING has recom...