Yorkshire Bank owner reports '˜solid' start to financial year

LENDER CYBG, which is the owner of Clydesdale and Yorkshire Bank, said it had made a 'solid' start to the financial year.

David Duffy the CEO for Yorkshire Bank, pictured at their offices at Briggate, Leeds..14th December 2015 Picture by Simon Hulme

In a first quarter trading update, the board of CYBG confirmed that trading in the three months to December 31 2016 had been in line with its expectations “with continued delivery of our strategic objectives”.

The mortgage book increased to £22.1 billion at December 31, an annualised growth of 4.4 per cent, which is ahead of the market, CYBG said.

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CYBG also said it had maintained momentum in new SME lending, with £574 million in new loans and facilities.

David Duffy, chief executive of CYBG PLC, commented: “We have made a solid start to the financial year and are on track to achieve our financial targets as planned.

“We have also made good progress in delivering on our strategic priorities.

“Despite a competitive market, we continue to grow assets prudently while focusing on sustainable margins and portfolio management. Whilst there is some uncertainty created by Brexit, economic indicators in the UK have proved resilient since the referendum vote. To date we have not seen any negative impact on asset quality, but we continue to monitor market conditions closely.

“Our cost delivery remains on track as we implement structural change as part of our transformation programme and associated headcount reductions, in line with expectations. We remain focused on executing our strategy to deliver improved returns for shareholders through sustainable growth, efficiency and capital optimisation, while focusing on customer experience.”