London, GB 15 °C

Wednesday, May 18, 2022

News

CYBG reports 6% lending growth

Tom Belger | 07:30 Wednesday 22nd November 2017

CYBG PLC has reported total lending growth of 6% during the year ending 30th September 2017 .

The challenger bank announced that its core SME lending grew 6% to £6.8bn and mortgage lending rose by 8% to £23.5bn.

CYBG also managed to achieve a 33% increase in underlying profit before tax of £293m, as well as its first statutory profit after tax in over five years of £182m.

David Duffy, CEO of CYBG (pictured above), said the bank had delivered a strong performance in 2017.

“This is a good first step in our three-year plan and we remain fully focused on the delivery of our medium-term targets, which factor in our cautious view of the economic outlook.

“We continue to leverage our unique focus in Scotland and the North of England, with our powerful Clydesdale and Yorkshire Bank footprint delivering ahead of market growth in both SME and mortgages.

“Our new digital brand, B, is proving highly successful in attracting new customers nationally, with over 100,000 accounts opened since launch.”

Over the past 12 months, CYBG has launched a new online SME lending facility with its first fintech partner and opened a new B store in Birmingham as it looks to expand into the Midlands and the North West.

“We are investing circa £350m to drive a transformation in our customers' experience right across the group,” added David.

“At the heart of this investment is our iB digital platform, which will enable us to provide a superior experience for all our customers and ensures we are ready for the dawn of open banking and PSD2.

“These results show how we're building the UK's leading digitally enabled challenger bank, offering stress-free banking to millions of personal and small business customers and sustainable returns for our shareholders.”

leave a comment

Your email address will not be published.