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Santander UK profits take 21% hit on ‘competitive pressures’

Santander UK saw its pre-tax profits fall by 14 per cent to 1.6billion in the last year, as it battles against ‘continued income and cost pressures.’ By the end of the year, the UK arm of the.

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“We are keen to take the Unpacked. the risk premiums on UK assets would rise and volatility would spike higher,” he says.

The bank also blamed economic uncertainty over Brexit, rising competition in the mortgage market and higher bad loan provisions for a 21 per cent fall in UK profits to 320m on a constant.

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High street banking giant Santander has revealed a 21% slump in profit after taking another hit from failed construction giant Carillion and suffering "competitive pressures".

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Santander UK’s profits fell 14.7 per cent to 1.68bn (1.44bn) in 2016, driven by a weakening pound and a new ban tax surcharge. Accounting for currency movement in 2016 the drop was 4 per cent. Additionally, Santander says an 8 per cent bank corporation tax surcharge hit UK profits.

And it said it lost another 160,000 customers during the last quarter of 2018 due to competitive pressures. SSE, which already issued a profit warning last year. However, it also said the UK.

The UK arm of Santander said today that it had set aside more than half a billion pounds to cover the costs of mis-selling payment protection insurance to its customers. Chief executive Ana Botin.

The pound GBPUSD, +0.7205% hit. take the U.K. out of the EU’s single market. read: brexit heads to parliament-what happens next? Also see: Trump and May could reach a trade deal, and kick-start.

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