Its UK businesses announced net profits of more than €2.2bn (£2bn) and profits rose by 58% year on year. Loans grew by 43% and deposits increased by 45% compared to the same time last year.

Overall, profit for the first nine months at the Spanish banking giant was €6.74bn, 2.8% lower than in the same period in 2008.

Santander said the rise in its bad debt levels, up 0.21% from Q2, “was the lowest in five quarters.” It also said its net profit for the three months to September came to €2.2bn.

Santander’s results were in line with its own forecasts so it left its 2009 forecast for a profit of €8.8bn unchanged.

Chief executive Antonio Horta-Osorio said: “Our strategy of offering value-for-money products, underpinned by responsible lending and controlled costs, has seen us deliver a significant uplift in revenues and allowed us to continue to support the UK economy with increased lending to homeowners and businesses.”

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