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Abbey National back in black
ABBEY National's turnaround looked on track today as it bounced back into the black in its first full year of Spanish ownership.
The banking business, acquired by Banco Santander Central Hispano in November 2004 for 9.5 billion, said it had turned pre-tax losses of 21 million in 2004 into profits of 596m last year.
Trading profits before tax, which strip out the costs of restructuring the business under Santander, were 34 per cent higher at 775m.
In a trading statement, Abbey National said that it had slashed costs through thousands of job cuts and increased revenues at its branches.
Abbey initially expected the overhaul by Santander to save it 100m in 2005, but the target was raised to 200m in October. Today, Abbey said savings reached 224m for the year following 4000 job cuts with more to come.
Chief executive Francisco Gomez-Roldan said:
"We have exceeded our targets."
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Weather for Edinburgh
Thursday 24 May 2012
Today
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Temperature: 12 C to 21 C
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