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Santander UK profit down 15% on lower mortgage pricing, higher impairments

Santander UK posted a 15% fall in first-half profit due to lower pricing on mortgages and an increase in bad debt charges.

Pre-tax profits at the Spanish bank's UK arm in the six months through June fell to £905m, down from £1.06bn on-year.

Net interest income fell 6%, impacted by a fall in average new mortgage pricing in 2017.

Credit impairment losses jumped 90%, primarily due to a charge for a single corporate and investment banking customer, as well as a charge for a 2018 draw-down by collapsed construction group Carillion.

'Overall credit quality remained good across all customer loan books,' the bank said.

At 8:33am: (LON:SAN) Santander UK Plc share price was 0p at 166.8p

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