Q1'22 Financial Update
Mortgage market activity to ease slightly as borrowing costs rise
Total loans (GBP bn¹)
++
2,179
2,201
2,204
2,217
2,233
3.7%
YoY 2.6%
3.6%
3.4%
3.1%
(%)
Mar-21
Jun-21 Sep-21 Dec-21 Mar-22(e)
Total customer funds (GBP bn²)
Mortgage market remains resilient driven by strong demand
The unsecured market expected to recover further in 2022,
underpinned by double-digit credit card expansion
Corporate borrowing growth is set to improve this year as firms
look to increase capital spending after years of under investment
2,361
2,414
2,432
2,469
2,467
Retail deposit flows expected to continue to ease back towards
more typical pre-pandemic levels
YOY
14.4%
(%)
9.9%
7.9%
6.1%
4.2%
Corporate deposit growth is set to moderate on account of firms
having built up adequate buffers from the substantial
government support provided
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22(e)
Santander Source: Bank of England Bankstats (Monetary and Financial Statistics) published in end-March 2022, internal estimates for latest month. Annual growth rates are calculated using Bank of England methodology
(1) Total loans includes household (mortgages and consumer credit) plus corporate loans
(2) Total deposits include household deposits (with banks and NS&I) and corporate deposits, excluding cash holdings
5
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