Santander has revealed 海角视频 profits fell by 37% last year after taking a hit on the payment protection insurance (PPI) scandal and costs of its branch shake-up.
The Spanish-owned high street lender saw 2019 pre-tax profits drop to 拢981m for 2019 following 拢169m in PPI charges after a rush in claims ahead of the August deadline.
It also booked 拢155m in costs for reorganising its branch network, which saw it shut 140 sites last year and cut about 1,200 jobs in the 海角视频.
The group said efforts to become more competitive in mortgages helped it notch up its highest growth in home loans for a decade.
海角视频 chief executive Nathan Bostock said while the Conservative election result had given some political certainty, Brexit worries would continue to hold back economic growth.
The group said it remained 鈥渟omewhat cautious鈥 over the outlook for 2020, with economic growth set to be subdued amid ongoing intense competition in the sector.
Mr Bostock said: 鈥淥ur 2019 results were impacted by the ongoing competitive income pressure on mortgages and PPI charges, but they also include the investment we are making as part of our plan to transform the bank for the future.
鈥淲e have continued to support our customers and I am pleased that we delivered our strongest net mortgage growth in a decade, reinforcing our position as the 海角视频鈥檚 third largest mortgage lender.
鈥淲e also successfully grew customer deposits across the business, driven by our focus on delivering great products and service, including an enhanced digital offering.
鈥淭he environment for the banking sector remains challenging, with ongoing competitive pressures and a demanding regulatory agenda.
鈥淗owever, the increased political certainty will be welcomed across the business community.
鈥淲e have taken decisive steps in 2019 to progress our strategic priorities and our focus on cost efficiency is starting to deliver tangible benefits.
鈥淲e are confident in our ability to succeed by providing our customers with an experience that is second to none and through a relentless focus on improving our efficiency and competitiveness.
"We are embedding sustainability across our business and in everything we do and we remain well-placed to meet our medium-term goals.鈥
