Santander profits take a £169m hit over PPI claims

Santander UK has profits have fallen over PPI mis-selling in the first nine months of the year.

Pre-tax profits plummeted by 43% to £785m as Santander took a PPI charge of £169m.

Santander’s chief executive Nathan Bostock said, “Our profitability for the first nine months of 2019 has been impacted by ongoing competitive income pressure, additional PPI costs as well as transformation programme investment.”