Leeds business bank reports 'strong' trading results for 2019 so far

Leeds-based CYBG plc has revealed ‘good progress’ for its trading results to June 30.

The results were said to be in line with the board’s expectations, with the company making progress on the Virgin Money integration programme.

David Duffy, chief executive officer of CYBG PLC, 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.

“Our net interest margin is tracking as expected and we delivered further cost efficiencies in the period - even with the twin pressures of Brexit and the highly competitive mortgage market, we remain on track to deliver full year performance in line with our guidance.

“At our Capital Markets Day in June, we set out our plans to disrupt the status quo with new propositions, as well as updated financial, customer service and market share targets.

“Our ongoing performance and refreshed strategy under the Virgin Money brand underlines the opportunity we have to create a new force in consumer and business banking.”

CYBG’s Q3 lending growth came in at 0.5 per cent, totalling £7.7bn with lower new business volumes in a subdued market, but with a supposedly better pipeline of new lending.