Pre-tax profits down for Clydesdale Bank owners absorbing cost of Virgin Money takeover

clydesdale bank. CYBG, tailored business loans, TBLs

Clydesdale Bank owner CYBG has reported pre-tax profits slumping by 80% to £9 million after costs of its deal to buy Virgin Money and another hit from the payment protection insurance (PPI) scandal.

The group said it put by another £33 million for conduct charges, including another provision for PPI as claims ramp up ahead of the August deadline.

On an underlying basis and with the costs of its Virgin Money deal stripped out, pre-tax profits fell 5% to £286 million in what the group described as a “resilient” performance.

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