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Banking group reports 5% mortgage growth


Mortgage growth

Clydesdale and Yorkshire Bank owner CYBG PLC has reported 5% annualised mortgage growth for the first half of 2017.

The group’s mortgage balances increased to £22.4bn in the six months to 31st March 2017, despite a focus on prudent underwriting standards due to recent economic uncertainty.

Chief executive David Duffy attributed this growth to CYBG having made its mortgage approvals valid for 180 days and allowing all mortgage customers to switch to a new offer up to three months before the end of a fixed-rate term, with no early repayment charge.

"In the first half of this year, we have maintained momentum in delivering our strategic priorities and commitments, and as a result are delivering significantly improved financial performance,” added David.

CYBG’s ambitious growth plans were underlined by a 15% rise in underlying profit before tax to £123m from £107m in the prior period.

The group drew £1.9bn of low-cost funding from the Term Funding Scheme during H1, in anticipation of the prolonged low interest rate environment continuing for some time.

This was accompanied by a 3% annualised rise in its core SME book, with over £1bn of new loans and facilities granted as part of a commitment to make £6bn of lending available to SMEs from 2017-2019.

The group said it would also improve its personal loans proposition in the next half by introducing scorecards enhancements, larger loans and pre-assessment functionality for customers.

"CYBG has had a good start to 2017, building on the momentum created in our first year as an independent business,” said Jim Pettigrew, chairman of CYBG PLC.

“We remain focused on our strategy to leverage our digital capabilities and scalable infrastructure to support our growth ambitions and deliver a superior customer experience.”





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