Clydesdale Bank takes $56m charge for possible insurance liabilities

Clydesdale bank sign

CYBG plc, the former National Australian Bank-owned company that holds Clydesdale Bank and Yorkshire Bank, has taken an additional charge of £30 million ($56 million) in relation to alleged mis-selling of payment protection insurance (PPI) in its half-year results.

The charge takes the total for CYBG’s provision for possible PPI liabilities to more than more than £380 million since March, 2018.

CYBG reported a statutory profit before tax of just £29 million on revenue of £843 million in the six months ended March 31, compared with a loss of £95 million in the first half of 2018.

The group incurred acquisition and integration costs of £214 million during the period, mostly from the impact of costs associated with its acquisition of Virgin Money.

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