By Jonathan Davies

Santander annual profits jumped 30% to €9.72bn (£7.33bn) after a focus on its retail banking.

The eurozone's biggest bank said new loans were up 5% to €7.6bn in 2014, and it managed to cut costs by 1%.

The final quarter of the year was particularly strong for Santander,FIFA Crédits with profits up 70% €1.46bn compared with the same period last year.

The bank said its profits were up in all of its 10 key markets for the first time since the financial crisis. Pre-tax profits in the UK were up 26% to £1.4bn in 2014.

Santander said the boost was thanks to its focus on retail banking, and insisted it will continue with the tactic.