In 2017, Santander UK’s net mortgage lending was £0.6 billion, although its net lending to UK companies was down by £0.1 billion.

Profit before tax totalled £1,814m, down 5% year-on-year; adjusted profit before tax was £1,952m, down 4% year-on-year.

Nathan Bostock, Santander UK’s chief executive officer, said: “I am pleased to report a solid performance for 2017 with Santander UK continuing to demonstrate resilience. We delivered higher income, cost discipline and balance sheet strength, while making steady progress towards meeting our strategic and operational goals. Profitability was impacted by the losses incurred on our exposure to Carillion, which offset otherwise strong growth. We are working closely to support customers who have suffered from their collapse.

“We have continued to improve our offering for customers, with products and services tailored to suit their needs and delivered in a way that works for them. In addition, we supported our corporate customers with increased lending to other business sectors except in commercial real estate where we managed our exposure.

“The prudent actions we have taken to protect Santander UK and our conservative risk management means we are well placed to deliver sustainable profitable growth and provide our customers with valuable services and financing. Despite the uncertain environment we are fulfilling our purpose to help people and businesses prosper and to support the wider economy.”