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Santander takes profit hit

by LLB Reporter
30th Jan 19 8:01 am

Santander has reported Profit before tax of £1,567m in 2018, down 14% year-on-year, reflecting competitive income pressures and higher regulatory project costs. We continued our strategy of selective growth in an uncertain economic environment, prioritising credit quality.

Nathan Bostock, Chief Executive Officer said, “Our 2018 financial performance reflects our strategy of selective growth, while actively managing costs in the competitive and uncertain operating environment. Our focus remained on earning loyalty through excellent service and compelling products, from bringing new features to our mobile app to launching our new 1I2I3 Business Current Account – and we are encouraged by our customers’ response.”

“Net mortgage lending in 2018 was our strongest in more than three years and we helped over 27,000 first time buyers, up c14%. We have also achieved solid growth in lending to trading businesses and continue to help SMEs grow their businesses internationally through our established trade corridors and unique global expertise.”

“I am pleased with the improvements in our customer experience, with retail customer satisfaction in line with the average of our three highest performing peers, and corporate customer satisfaction now 7p above the market average. In the current uncertain environment, we will continue to do everything we can to support our customers and deliver on our purpose of helping people and business prosper across the UK.”

“I believe we are well positioned to succeed by focusing on our core areas of strength, progressing our digital transformation and improving our operating efficiency while remaining strongly capitalised.”

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