Clydesdale Bank group says lending and deposits are up

Clydesdale Bank sign

Clydesdale Bank owner CYBG said trading in the nine months to 30 June was in line with expectations in an update today.

It added that good progress was being made with the integration of Virgin Money which it bought in October 2017.

CYBG’s mortgage book reduced 0.2% to £60.4 billion in the third quarter of the year which it said was due to higher redemptions and lower new business volumes.

Business lending grew 0.5% to £7.7 billion, but it reported lower new volumes in a subdued market. Personal lending was up 5.7% to £4.8 billion, primarily due to strong credit card growth. Meanwhile, customer deposits grew 1.8% to £62.8 billion.
It said payment protection insurance (PPI) complaint costs were broadly in line with expectations. But, along with the rest of the industry, it had seen a recent increase PPI information requests in advance of the deadline. It said it was not possible at this stage to determine how many valid complaints will materialise.

Chief executive David Duffy said: “The group continues to deliver on its targets with another quarter of resilient performance including disciplined lending and deposit growth in line with our recently announced strategy.

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