Home Business News Santander UK profits hit by ‘ongoing competitive pressures’

Santander UK profits hit by ‘ongoing competitive pressures’

by LLB Reporter
24th Apr 18 8:43 am

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Santander has posted a better-than-expected 10 per cent rise in first-quarter net profit.

The Spanish-owned lender said it had booked £60m in credit impairment losses between January and March, compared to £13m in the same period last year.

This year “has started well, with the group generating double digit profit growth driven by strong results in Brazil, Spain and Mexico, and improved performance in the United States,” Ana Botin, Santander’s executive chairman, stated today.

Meanwhile, Santander UK said its first quarter pre-tax profits were hit by 21 per cent due to a slower economy and weak interest rate environment. UK pre-tax profit fell to £414m from £525m in the same period of 2017.

Chief executive, Nathan Bostock, said: “Our first quarter results have been impacted by ongoing competitive pressures in the UK.

He added: “Cost discipline remains an area of particular focus for management, with targeted actions expected to reduce the cost run rate over the year and deliver operational efficiencies.

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