Positive third quarter for Yorkshire Bank

Chief executive David Duffy
Chief executive David Duffy
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The parent company of Yorkshire Bank said it delivered a “positive” third quarter as loans and facilities to SMEs rose 4 per cent.

Clydesdale and Yorkshire Bank Group (CYBG) said it was business as usual with £1.5bn new SME loans and facilities in the nine months to 30 June, 4 per cent up on prior period.

CYBG’s mortgage book stood at £21.7bn at June 30, representing annualised growth of 8 per cent vs September 30.

David Duffy, chief executive of CYBG, said: “We are making good progress in executing our strategy.

“We continue to support our customers through the current period of uncertainty following the EU Referendum result. We made £1.5bn available to small and medium sized businesses in the first nine months of the year, growth of 4 per cent on the same period last year.

“As expected growth in mortgages returned to target levels after the surge in buy to let in Q2, with the majority of new business in owner occupied.”

The bank launched a new digital platform called B, earlier this year.

Mr Duffy said: “We are pleased that the early customer reaction to B has been positive, with a high level of engagement on social media and positive reviews. B is already broadening our customer demographic and reach outside of our core regions and is now an integral part of our omni-channel strategy.

“We remain focused on delivering returns for shareholders through sustainable growth, lower costs and capital efficiency while adapting to the new economic environment.”

The lender, which spun off from former owner National Australia Bank (NAB) in February, has been ravaged by the payment protection insurance (PPI) misselling scandal. Recently it set aside £450m for PPI charges as CYBG expects a rush of claims ahead of the deadline for complaints in 2018.