Stock market value of Clydesdale Bank owner CYBG cut by £270m

David Duffy CEO CYBG, Clydesdale Bank

SHARES in CYBG tumbled nearly 10 per cent yesterday, after the Clydesdale Bank and Virgin Money owner signalled its full-year interest-rate margin would be at the lower end of previous guidance.

The bank also reported a dip in its mortgage book during the third quarter of its financial year, from £60.5 billion at March 31 to £60.4bn at June 30.

CYBG, which also owns Yorkshire Bank and completed its acquisition of Virgin Money last October, highlighted the “twin pressures of Brexit and the highly competitive mortgage market”. It described the business lending market as “subdued”.

And the banking group noted that it had, in line with the rest of the sector, seen a recent increase in information requests regarding payment protection insurance (PPI) ahead of the August 29 deadline set by the Financial Conduct Authority for making complaints over mis-selling.

Shares in CYBG closed down 19p at 179.9p in the wake of the third-quarter trading update, wiping around £270 million off the banking group’s stock-market worth.

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