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CYBG reports 5.6% SME lending rise

Martin Greenland | 16:58 Wednesday 21st November 2018

CYBG PLC has announced in its preliminary results that it has provided £7.2bn in SME lending during the year ended 30th September 2018.

This represented a 5.6% rise in SME lending compared with the previous year.

In addition, CYBG saw its mortgage lending rise by 4.5% to £24.5bn in the same period.

The challenger bank also saw its underlying profit before tax grow 13% year-on-year to £331m.

Commenting on the results, David Duffy, CEO at CYBG PLC (pictured above), said: “It has been a landmark year for CYBG, continuing to deliver ahead of market growth and meeting our underlying financial targets in a highly competitive market, while also completing the transformational Virgin Money acquisition in October 2018 following overwhelming shareholder support.

"In a competitive market, we have delivered an increase in underlying profits, returns and capital generation – all of which means we are delighted to recommend an increase to last year's inaugural CYBG dividend, payable to all shareholders.

"Clearly Brexit negotiations mean the external political and macroeconomic environment remains inherently uncertain.

“We have planned for a period of uncertainty, but it is impossible to ignore the lower levels of business confidence – especially for SMEs – while the final specific outcome of negotiations remains unclear.”

 

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