Dow Jones Newswires: Santander profit hit by $1.65 billion U.K. charge
anco Santander SA said Wednesday that third-quarter net profit fell sharply as it reported a 1.49 billion-euro ($1.65 billion) charge related to its U.K. business, which has been hit by Brexit and regulatory changes.
Net profit for the period fell 75% to EUR501 million, the Spanish bank
The lender had said previously that the charge was mostly due to a challenging regulatory environment, such as the negative impact of “ringfencing” rules, under which U.K. lenders must separate retail banking from riskier investment-banking operations. Another EUR103 million charge was booked on missold payment protection insurance.
The bank’s core Tier 1 ratio — a key measure of balance-sheet strength — was 11.30% in September, unchanged from the end of June.