Santander UK profit slides

Santander UK has reported a 44% slump in first-quarter profits, as the bank set aside significant reserves to cover the costs of a motor finance mis-selling scandal.

Pre-tax profits fell to £202 million, down from £358 million a year ago, highlighting the mounting financial pressure from regulatory investigations.

The bank's performance was further impacted by higher operating costs and a slowdown in mortgage lending.

Despite the UK downturn, the global Santander group reported a 60% jump in overall net profit, driven by strong growth in other international markets.