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Santander takes $1.65 billion charge as UK market struggles

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Tougher regulations, increased competition and uncertainty around Brexit have fo...

FILE PHOTO: The logo of Santander bank is seen at a branch in Mexico City, Mexico April 12, 2019.REUTERS/Edgard Garrido

Santander said the impairment would hit reported quarterly profits, but not underlying profits and would not affect its core capital levels or medium term targets. In Britain, Santander’s third-largest market after Spain and Brazil, profit fell 41% in the second quarter due to continued pressure on mortgage margins, restructuring costs of 26 million euros and provisions of 80 million euros.

 

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