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Lender CYBG reports higher first-half profit
May 16, 2017 / 6:59 AM / 7 months ago

Lender CYBG reports higher first-half profit

May 16 (Reuters) - CYBG Plc, the lender spun off from National Australia Bank, posted on Tuesday a 15 percent rise in first-half underlying profit and said it remained on track to deliver in line with guidance for the year.

The lender said underlying pretax profit rose to 123 million pounds ($159 million) in the six months ended March 31 from 107 million pounds, boosted by a 5 percent growth in annualised mortgages, which it said was ahead of the market.

The Glasgow-based challenger bank said it was on track to record underlying costs of 690 million to 700 million pounds this financial year.

CYBG also maintained its other forecasts for fiscal 2017, saying that momentum in customer lending would help it deliver mid-single digit percentage growth. ($1 = 0.7741 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Sunil Nair)

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