Santander UK profit hit by insurance mis-selling payouts

City A.M. Reporter
Santander UK has seen its half-year profits more than halve, hit by needing to splash out £731m for compensating customers who were mis-sold payment protection insurance (PPI).

Pre-tax profit for the six months to 30 June came in at £549m, down from £1.2bn a year earlier.

Most of the UK's largest banks are paying out PPI compensation.