Santander has attributed their recent losses in after-tax profit to the large number of payment protection insurance claims against them.

The Spanish banking group’s UK branches have reported profits of £993 million for the year, a figure down 40% from 2010.

The payment protection insurance (PPI) provisions set aside at £538 million has been said to have had a massive impact on the business over the past 12 months.

However, Santander bosses have also spoken out about other reason for decline such as low interest rates and higher costs for funding.

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