Abbey back in profit after Spanish takeover

The turnaround of Abbey National looked on track today as it bounced back into the black in its first full year of Spanish ownership.

The bank – bought by Banco Santander Central Hispano in November 2004 for £9.5bn (€13.8bn) – said it had turned pre-tax losses of £21m (€30m) in 2004 into profits of £596m (€868m) last year.