Santander profits roll down the hill in 2018Tuesday, February 5, 2019
Profits margins for Santander UK fell in 2018 to £1.6 billion from £1.8 billion in 2017. This is due to uncertainty in the financial environment, as well as a strategy of “selective growth” followed.
In the Q4 statement for 2018 ending December 31st, the bank reported increased regulatory, risk and control costs. Whilst mortgage lending was at its strongest for three years, profit margins had to be tightened. Nathan Bostock, CEO of Santander UK, stated that the bank had helped more than 27,000 first time buyers last year. The focus for 2018 was on earning customer loyalty through excellent service and compelling products. Mr. Bostock was pleased with the increase of customer satisfaction, albeit the decision of closing down 140 branches nationwide was not received well.
The UK arm of Santander also revealed it was setting aside £58 million for issues in its consumer credit operation. This is on top of the £246 million put aside for Payment Protection Insurance (PPI) refunds, one of their spokesman claimed. This amount should be given away to clients who claim PPI successfully by August 29 this year.
Santander was also fined by the Financial Conduct Authority (FCA) for £32.8 million for “serious failings” in dealing with accounts of deceased customers. This figure is also included in the Q4 profit loss statement.
The bank has also projected a slight costs increase for 2019 due to further investment in digital and operational transformation, inflation and potential regulatory changes after Brexit.
Am I owed Santander PPI?
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