Santander’s profits fell by 21% to £414 in the first quarter of 2018 year-on-year – which its chief executive Nathan Bostock blamed on “ongoing competitive pressures”.
Despite the fall it bolstered its mortgage book by £3.9bn to £156.8bn over the period.
Bostock said: “Our first quarter results have been impacted by ongoing competitive pressures in the UK.
“However, we have continued to make progress across key areas of the bank, fulfilling our purpose to help people and businesses prosper.
“We have delivered exceptional growth in mortgage lending this quarter, and continued to support our corporate customers through our international offering as they expand into overseas markets.”
Santander revealed in its results that it plans to focus on gross mortgage lending for the rest of the year, ‘with continued focus on customer service and retention’.