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Santander Profits Tumble Due to Mis-Sold Payment Protection Compensation

Profits at the UK section of the Santander banking group fell by a staggering 40% last year as it became the latest victim of mis-sold payment protection insurance payouts. The Spanish company was hit hardest by the cost of setting aside money to pay compensation claims, meaning that their profits slipped below £1billon.

After tax it was revealed that Santander UK made a profit of £993million, which contributed to the whole company profits dropping by 34% to £4.5billion. The UK arm of the company made a provision of £538million to cover expected mis-sold PPI compensation claims.

The bank itself blamed several factors for the lower profits, including low interest rates and higher funding costs, and chief executive of Santander UK Ana Botin said “2012 was also expected to be a tough year” for banks.

Despite this downturn, Santander say that it had “exceeded” its Project Merlin business lending target as the bank lent customers £4.3billion, beating its target by £300million.

Although the profits were down on the previous year, analysts at broker Espirito Santo Investment Bank said that Santander’s results were “positive.” They believe that the results were positive “on the back of an operating performance above our estimates coupled with the cleaning up effort that saw Santander anticipate potential new requirements and be one step ahead of its competitors.”

The decrease in profits has meant that plans drawn up by the bank last year to enlist the business on the London Stock Exchange with a value of around £20billion have now been put on hold until “at least 2013.”

For all the latest news on mis-sold payment protection and to find out how to claim back PPI, keep visiting the Creditline Financial website. Should you have any questions about eligibility or how much you could be entitled to claim back, contact us and we will be happy to discuss your claim.

Posted by Chris White on 03 Feb 2012

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