Santander profits fall 21% amid competitive pressures and Carillion hit The Spanish-owned lender said pre-tax profits tumbled to 414 million in the first three months of 2018, from 525 million.
Santander has seen its profits fall because of "competitive pressures" in the UK mortgage market. The bank saw its profits before tax for the first quarter of 2018 fall by 21 per cent to 414m.
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The hit helped knock Santander UK’s pre-tax profits 21pc to £414m for the first three months of the year, down from £525m the previous year. Santander said “ongoing competitive pressures” in the UK,
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Santander UK (LSE: 44RS.L – news) has blamed "ongoing competitive pressures" for a 21% fall in first quarter pre-tax profits to 414m. It said the higher sum included further writedowns on its loans to failed construction-to-support services giant, Carillion (Frankfurt: 924047 – news) .
Banco Santander’s net profit was hit by one-off restructuring costs from its acquisition of troubled banco popular, which offset otherwise solid underlying second-quarter results from Spain’s.
Camden and the City of London was the most lucrative part of the country in 2016, contributing £318,673 to the economy per resident, up 6.3 per cent on 2015, suggesting bankers continued to rake in.