HIGH street lender
The
Pretax profit was £343m in the fourth quarter, up £23m year-on-year. However, the figure was down from £503m in the previous quarter.
Total income came in at £1.1bn in the fourth quarter, down £0.1bn yearon-year, which the firm said was "due to growth in savings deposits offering top of the market rates".
Attributable profit - which is owed to shareholders and either awarded in dividends or kept as reserves - jumped 13 per cent for the full year to £1.3bn.
The firm's loans to consumers in 2023 slipped six per cent to £184bn from £196bn in 2022, driven by a £12bn reduction in mortgage lending. Total deposits remained steady at £195bn.
It forecasted that mortgage activity would "remain subdued" and "weak in the near term" as high interest rates squeeze customers' finances.
The wider group reported a 28 per cent rise in net profit to €2.9bn in the fourth quarter - a record figure that beat analysts' estimates by around €200m. The strong performance was driven by NII in the
Santander's US arm saw net profit tumble 77 per cent to €67m as it boosted loan loss provisions.
"We have delivered again on all our financial targets. Our customer focus and scale are driving consistent, sustainable, profitable growth," the group's executive chair
"We're investing for the future, and we're also making excellent progress towards a more simple and more integrated model."
(c) 2024 City A.M., source