Clydesdale Bank owner CYBG hails ‘resilient’ result in tough market

Clydesdale Bank sign

Clydesdale Bank owner CYBG has hailed a “resilient” performance in the first half and said the integration of Virgin Money was on track.

Releasing its first full set of financial results for the combined business following the group’s £1.7 billion swoop on Virgin Money, CYBG posted a statutory profit before tax of £42 million for the six months to 31 March, compared with a loss of £95m a year earlier.

It said underlying profit before tax has nudged up 2 per cent to £286m, from the second half of 2018.

The headline figures were based on CYBG acquiring Virgin Money at the beginning of October 2017 to provide a comparable performance, though the actual completion of the deal took place on 15 October last year.

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