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Santander UK plc Reports H1 2025 Financial Results and Parent Company Announces TSB Acquisition
SNTUF
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- Santander UK plc reported a profit before tax of £746m for H1 2025, a £67m decrease from H1 2024, primarily due to higher transformation-related charges.
- Despite a 4% increase in net interest income and a 2% decrease in operating expenses, profit was impacted by a £44m rise in credit impairment charges and a 75% increase in provisions for other liabilities and charges.
- Banco Santander (parent company) agreed to acquire 100% of TSB from Sabadell for £2.65bn, with completion expected in Q1 2026, subject to regulatory approvals. This acquisition is expected to make Santander UK the third largest bank in the UK by personal current account balances and fourth in mortgages.
- The company's CET1 capital ratio remained broadly stable at 15.0% as of June 30, 2025.
- Santander UK maintains a £287m provision for historical motor finance commission payments, with an FCA consultation on a potential industry-wide redress scheme expected by early October 2025.
Aug 29, 2025, 2:53 PM
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