Santander to close 111 branches by August 2021
Santander (LON:BNC) announced its pre-tax profit rose by 61% in Q1 in what the bank described as a “strong” set of results.
The bank’s profit rose to £184m, up from £114m, over the three month period.
Santander also said that its return on tangible equity (RoTE) more than doubled to 9.4%, up from 4.3%.
Wednesday’s results arrive just a month after the bank, which falls under the umbrella of Spanish bank Santander, confirmed it would be closing over 100 of its branches across the UK, by the end of August 2021.
At is a move being replicated across the sector as other banks seek to reduce their sites in order to adapt to consumer demand. Up to 840 staff members will be affected by Santander’s decision.
Commenting on the results, chief executive Nathan Bostock, who will leave the firm he has run since 2014 at the end of the year, said:
“This is a strong set of results which demonstrates the progress we are making in transforming the bank for the future and reflects the strategic decisions we have taken,” he said.
“As the UK begins to emerge from the pandemic, our priority continues to be to support customers, colleagues and communities at what remains a difficult time for many.”
“Although the economic outlook is more positive, market conditions will remain uncertain given the low interest rate environment and the lasting impacts of the pandemic.”
“We plan to succeed by continuing to focus on delivering an excellent customer experience, while further simplifying how we operate and improving our digital capability.”
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