The impending recession could leave borrowers struggling to repay their debts, the high street bank Santander UK has said as it put aside more cash to protect itself from potential defaults.
The warning was issued alongside the bank’s full-year results, which showed the lender put aside £321m in 2022 to cover potential defaults, compared with the £233m it released a year earlier as Covid restrictions began to lift. “These challenges for households and businesses are expected to continue into 2023 and could impact credit quality,” the bank said, referring to the ability of borrowers to repay their loans and mortgages.
Santander’s provision for potential defaults weighed on the lender’s profits, which rose just 2% to nearly £1.9bn over the year to December.
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