Analysis: Brexit brings constant reality check for Glasgow-based bank

Clydesdale Bank sign

CLYDESDALE Bank owner CYBG drew a thumbs-up from the City yesterday as it reported a first-half profit, boosted by growth in customer lending and the benefits of its merger with Virgin Money.

But there was no sense of bosses getting carried away. While the growth in the bank’s mortgage book was welcomed, chief financial officer Ian Smith said it was too early to say a corner has been turned in this respect. The bank’s net interest margin – in essence the difference between interest received and interest paid – was down marginally on the first six months of last year.

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