Personal banking service provider Abbey National plc (ANLA.L) Friday posted a higher pre-tax profit for the first half of fiscal 2009, as net interest income doubled year-on-year, with contributions from Alliance & Leicester and Bradford & Bingley savings businesses. A part of the Santander Group, Abbey National said it expects to deliver robust results throughout 2009.
First-half pre-tax profit increased to £845 million from £571 million for the first half in 2008.
Profit attributable to equity holders of the parent increased to £599 million from £418 million for the prior-year period.
Net interest income increased to £1.687 billion from £834 million in the year-ago period.
Of the total increase, £444 million and £69 million represented the inclusion of the net interest income in the first half of 2009 of A&L and the Bradford & Bingley savings businesses, respectively.
The remaining increase of £340 million was largely due to higher asset spreads, effective management of customer deposit margins, a balanced mix of products and proactive hedging strategies in Retail Banking, the company said.
Non-interest income decreased to £605 million from £635 million a year ago. The inclusion of A&L in the first half of 2009 increased non-interest income by £244 million.
Looking ahead, Abbey National said, "The Group expects to continue to deliver robust results throughout 2009 and to benefit from synergies from the recent A&L and B&B savings business transactions."
"The Group remains on plan to deliver the targeted £180 million of cost savings by 2011. In addition, the rebranding of the combined businesses as Santander during 2010 will deliver significant advantages to customers, including access to a network of over 1,300 branches," the company added.
No interim dividends were paid on the company's ordinary shares in issue during the period, Abbey noted.
ANLA.L is currently trading at 112.50 pence on the LSE, down 0.50 pence or 0.44%.
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