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Santander UK will target resources to invest in digitalisation

Santander UK, a British bank, has announced strong 2021 results with higher operating income and profit, from continuing operations before tax, up 266% to £1,858m, with £7.5bn net mortgage growth.

Nathan Bostock, Chief Executive Officer, Santander UK, said, “We have made good progress with our transformation programme in 2021 but there is more to do to deliver improved customer experience. As we continue to simplify our business, we will be able to better target our resources to invest in technology and the digitalisation of the bank to give our people the tools to support our customers across all our platforms. The transformation programme has helped to improve operational efficiency in 2021 with the cost to income ratio improving to 56% (adjusted cost-to-income ratio improved to 50%).” 

The bank anticipates lower operating expenses going forward driven by the investment in its transformation programme. Nathan added: “Our absolute priority is to continue providing the support our customers need at this time, including to households and businesses facing challenges due to rising costs. We are transforming the business for success to meet changing customer needs and deliver on our purpose to help people and businesses prosper.”

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