April 26, 2017 / 6:42 AM / 5 months ago

BRIEF-Santander UK Q1 adjusted pretax profit rises

April 26 (Reuters) - Santander UK Plc:

* Q1 pretax profit 525 million stg

* For Q1, broadly flat profit before tax of 525 mln stg; adjusted profit before tax 2 of 582 mln stg, up 6 pct year-on-year

* Adjusting for banking reform costs and PPI provision charge, Q1 profit before tax was 582 mln stg, up 6 pct

* Performance underpinned by operating income growth, cost discipline, and good credit quality that resulted in Q1 profit before tax of 525 mln stg

* For Q1, net mortgage lending of (0.4) bln stg, reflecting management pricing actions in Q416 that impacted new mortgage approval

* An additional provision charge for PPI, including Plevin, of 32 mln stg reflecting FCA final rules and guidance

* Improved CET1 capital of 11.9 pct and a leverage ratio of 4.1 pct, driven by steady profit and capital generation

* Q1 retail current account balances increased 1.0 bln stg

* Q1 NIM of 1.51 pct and banking nim of 1.89 pct, up 3bps and 10bps, respectively, on 2016

* Anticipate a changeable and potentially more challenging macro environment

* Remain confident of our ongoing ability

* 2018 target of loyal retail customers 4.7 million, loyal SME and corporate customers 308,000, digital customers 6.5 million Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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