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CYBG writes £420m of gross loans to SMEs in Q3

Tom Belger | 12:15 Monday 30th July 2018

CYBG PLC has written £420m of gross loans and facilities to SMEs during the three months to 30th June 2018.

The challenger bank also saw a 3.8% year-to-date growth in mortgage lending to £24.2bn.

The announcement comes after CYBG revealed last month that it and Virgin Money had agreed a recommended takeover offer, which is expected to be worth around £1.7bn.

“We have delivered another solid performance this quarter, achieving sustainable lending and deposit growth in a highly competitive market, while maintaining a stable net interest margin and delivering further cost and process efficiencies in the business,” said David Duffy, CEO at CYBG (pictured above).

“We remain on track to deliver our guidance for FY18.”

The bank said that it continued to see a strong pipeline to support new SME lending and it was in line with its asset growth targets and its commitment to lend £6bn to SMEs over three years.

“The economic and political environment in the UK remains uncertain, but we remain focused on delivering our strategic objectives and capturing further growth opportunities.

“This includes the RBS alternative remedies scheme, where we plan to play a significant role following confirmation of the scheme timetable.

“We continue to expect our recommended all-share offer for Virgin Money to complete in calendar Q4 2018, subject to shareholder and regulatory approvals, creating the UK’s first true national competitor to the status quo.”

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