Profits boom as Santander UK wins seven-day switching war

first_imgTuesday 3 February 2015 8:46 pm Santander UK has converted its flood of new current account customers into a strong rise in profits, yesterday reporting an improvement across all its business lines.Profits rose 26 per cent to £1.4bn for 2014, as the number of current account customers rose from 2.1m to 3.3m – Santander gained one quarter of all customers who used the seven-day switching service.The increase in customers helped push retail deposits up from £27.9bn to £41.1bn.The bank said it is also making progress on customer service – traditionally seen as one of the brand’s weak points.Retail complaints are down to 38 per cent of their 2012 level, and the bank’s customers are reporting satisfaction levels which are almost on a par with industry leaders.However, some problems still remain. It had to set aside an additional £95m to cover PPI mis-selling compensation claims last year, and believes the scandal will go on for longer than previously thought.UK chief Nathan Bostock took over from Ana Botin in September, as she inherited her father’s position at the top of Santander Group.Globally the bank also performed strongly, recording profits of €5.8bn (£4.4bn) in 2014, a rise of 39 per cent on the year. whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comBeverly Hills MDPlastic Surgeon Explains: “Doing This Every Morning Can Snap Back Sagging Skin” (No Creams Needed)Beverly Hills MDNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach RaiderVikings: Free Online GameIf you’re over 50 – this game is a must!Vikings: Free Online Game Show Comments ▼ Sharecenter_img Tags: NULL More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Express KCS whatsapp Profits boom as Santander UK wins seven-day switching war last_img

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