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Santander Q3 net profit falls 75% due to one-off charges in UK

Credit: REUTERS/EDGARD GARRIDO

Santander posted on Wednesday a 75% decline in third-quarter net profit from a year earlier after being hit by one-off charges of more than 1.6 billion euros ($1.78 billion) on its British business.

MADRID, Oct 30 (Reuters) - Santander SAN.MC posted on Wednesday a 75% decline in third-quarter net profit from a year earlier after being hit by one-off charges of more than 1.6 billion euros ($1.78 billion) on its British business.

The impairments were mainly the result of a review of the goodwill ascribed to Santander UK, increased competition for mortgage lending and uncertainty around Brexit and provisions for a payment protection insurance (PPI).

Santander reported net profit of 501 million euros in the period July to September. Analysts expected net profit to come in at 445 million euros, according to a Reuters poll.

($1 = 0.9002 euros)

(Reporting By Jesús Aguado; editing by Jose Elías Rodríguez)

((jesus.aguado@thomsonreuters.com; +34 91 585 8339; Reuters Messaging: Reuters Messaging: jesus.aguado.reuters.com@reuters.net))

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