Newspaper article Manchester Evening News

Fall in High Street Bank's UK Profits

Newspaper article Manchester Evening News

Fall in High Street Bank's UK Profits

Article excerpt

HIGH street lender Santander warned of a "changeable and potentially more challenging" economic outlook amid the fallout from the Brexit-hit pound as it revealed lower first- quarter UK profits.

The pound's plunge since the Brexit vote left its Spanish owner Banco Santander nursing an 8% fall in UK profits when translated into euros, at 416 million euros (Pounds 354.5m).

In the UK arm, reported profits were 1% lower at Pounds 525m for the first three months of 2017 as it took a further Pounds 32m charge to cover claims for payment protection insurance (PPI) compensation.

It added that net mortgage lending fell by Pounds 400m after withdrawing some of its most competitive rates at the end of last year.

Chief executive Nathan Bostock said the group was bracing for a tougher 2017 as Brexit-fuelled inflation from the weak pound hits consumer spending power. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.