May 15, 2018 / 6:09 AM / 11 days ago

British lender CYBG reports first half loss of $103 million on PPI charges

LONDON, May 15 (Reuters) - Britain’s CYBG reported a loss of 76 million pounds ($102.96 million) for the first half of the year on Tuesday, as it booked a previously-announced 350 million pound charge for the mis-selling of payment protection insurance.

CYBG reported the hit in March after a media campaign by Britain’s financial watchdog boosted claims by customers against banks for Britain’s costliest ever consumer scandal, in which people were mis-sold often worthless insurance products.

The bank offered no update on the status of its 1.6 billion pound all-shares takeover bid for rival Virgin Money, a move that spiked wider talk of consolidation among British mid-sized lenders when it was announced earlier in May. ($1 = 0.7382 pounds) (Reporting By Emma Rumney and Lawrence White, editing by Sinead Cruise)

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