skip to content

Trading statements

CYBG on track

01 August 2017 09:30

CYBG has confirmed that trading in the three months to 30 June was in line with its expectations, with continued delivery against the group's strategic targets and objectives.

Chief executive David Duffy said: "We have delivered another solid performance this quarter, with increased momentum in mortgage and core SME balance growth despite the competitive environment.

"Further operational improvements during the year have enabled customer loan growth and cost efficiencies.

"We remain on track to deliver our guidance for FY2017, and now expect underlying operating costs to be below £680 million which is testament to the success of our restructuring programme.

"The digital transformation of CYBG, focused around our market leading iB platform, continues apace and customers are already seeing regular service and products improvements from our £350 million investment programme.

"We now have over 80,000 B accounts opened and the transition of Clydesdale and Yorkshire Bank customers onto the iB platform remains on track, positioning us well for the world of PSD2 and Open Banking.

"While the economic and political environment in the UK remains uncertain, we are focused on delivering our strategic objectives. We remain confident that the medium term strategy we outlined at our capital markets day in September 2016 will differentiate us from our competitors and deliver our FY19 targets as we seek to build a better bank for our customers and staff and improve returns for our shareholders."

At 9:30am:

(LON:CYBG) CYBG Plc share price was +18.5p at 285.7p

Story provided by

Related Company: CYBG

Info Point:

To buy or sell shares call our Dealing Room on 0113 243 6941.

Too much jargon? Our glossary will help make sense of things.

Find out more about our Share Dealing Services.

Client Area Access

» Secure Login

» Not registered yet?


Branch Finder

Redmayne-Bentley have High Street branches throughout the UK. Find your nearest branch.