Profits soften at Santander in UK

High street banking giant Santander has reported half-year profits diving 18 per cent amid a “competitive and uncertain” market and said it will focus heavily on cutting costs.

The Spanish-owned group reported UK underlying pre-tax profits of £920 million for the six months to 30 June, down from £1.12 billion a year earlier. Measured on a statutory basis, pre-tax profits fell 15 per cent to £903m.