Santander profits fall by 40% as speculation continues on future of firm in UK

Speculation has continued around the future of Santander in the UK as the company revealed that its annual profits fell by almost 40 per cent.

Transcript

00:00Hello, I'm Michael Crosland, Business Reporter with the Arch Post, here today with a brief

00:04update on the speculation around Santander exiting its UK business.

00:11So we've seen more speculation come up today after the company announced that in the UK

00:17its annual profits fell nearly 40% to £1.33 billion for 2024.

00:24The UK company's Spanish owner has, it should be said, made efforts to quash any rumours

00:29that the company is considering pulling out of the UK, with Executive Chair Anna Burton

00:35claiming that the company, in quotes, loves the UK and that Britain remains a core market

00:40for the company.

00:42But according to the Financial Times, it's understood that the bank would still consider

00:46an offer if the right buyer came along with a high enough offer.

00:51Reports first emerged last month that Santander was considering exiting its UK business with

00:57the British arm, seen on a weaker footing than other locations in Europe.

01:02That comes on top of a potential crisis facing the motor finance sector, which is also looming

01:08over the UK brand.

01:11That's all for the time being, I'm Michael Crosland, reporting for the Yorkshire Post.