BANK PROFITS SURGE

BANKS have updated investors on how they are coping with the cost of living crisis.

Santander UK profits climbed 32pc to £993m in the first half of the year, as it charged higher interest rates to borrowers while bumping up the rates it pays out on its savings by a lesser amount. TSB profits jumped from £42.9m in the first half of last year to £102.9m.

The Co-op Bank recorded a profit of £61.9bn compared to £21.4bn. It too has been boosted by rising interest rates. Metro Bank narrowed losses from £110m to £48m, and expects to break even on a monthly basis from the first quarter of 2023.