Home Business NewsBusiness Santander boss warns of a “more challenging” economic environment

Santander boss warns of a “more challenging” economic environment

by LLB Reporter
26th Apr 17 1:42 pm

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The boss of Santander UK Nathan Bostock has warned that the bank will face a “changeable and potentially more challenging” economic environment.

The Spanish owner of Santander UK is facing the pressure after an 8.1 per cent decline in profit from its UK business, this came about due to the fall in the pound.

Despite this it still managed a profit of 1.87bn euros (£1.59bn) in the first quarter, this was helped by its Brazilian business.

The UK based business said that inflation which jumped to 2.3 per cent in February may well put a squeeze on household incomes.

Santander UK also faced a £32m charge to help cover claims for payment protection insurance compensation.

Santander chairman Ana Botin was speaking about the wider business and said: “While the environment continues to be challenging for the banking sector, the outlook for Santander is positive.”

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