Bad Credit Re Mortgage Uk

Santander Profit Climbs 26% on Latin America, Abbey (Update5)

July 27 (Bloomberg) -- Santander Central Hispano SA, Spain's largest bank, said profit climbed 26 percent in the second quarter as revenue from Latin America increased and personnel costs declined at its U.K. unit Abbey National.

Net income rose to 1.72 billion euros ($2.19 billion), or 28 cents a share, from 1.37 billion euros, or 22 cents, a year earlier, Santander said today. Revenue increased 16 percent to 5.71 billion euros.

Santander, the biggest bank in the 12 nations sharing the euro, plans to invest $4 billion in Latin America over the next three years to tap credit demand that is outpacing Spain. Chairman Emilio Botin, 71, is also slashing 2,000 jobs at Abbey, the British mortgage lender that Santander bought for $16.9 billion in 2004.

``They're clearly very good results, highlighting above all the contribution of business outside Spain,'' said Pablo Garcia, a fund manager at Nordkapp Inversiones SV in Madrid who helps manage the equivalent of $485 million in investments.

Banks raise fears of rising tide of bankruptcies

Soaring bad debts and personal insolvencies dented profits at Alliance & Leicester and pushed internet bank Egg into a loss yesterday, adding to fears that thousands of Britons are close to defaulting on mortgages and loans.

Six-month figures from Egg showed a £40m loss after its parent company, Prudential, was forced to increase provisions for bad debts by 42%. A&L suffered a 60% rise in bad debts for the first six months of 2006, up £18m from a year ago to £48m.

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HSBC's first-half profit beats estimates

LONDON (Reuters) -- Europe's biggest bank HSBC Holdings beat analysts' median forecast with an 18 percent rise in first-half profit on Monday, helped by a strong performance at its investment bank and in emerging markets.

The London-headquartered bank said it made a pretax profit of $12.52 billion in the six months to the end of June, up from $10.64 billion a year ago and above a median forecast of $11.52 billion from 11 analysts polled by Reuters.

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