CYBG Disappoints with Soft 1H18. FVE GBP 3.10 Unchanged
No-moat-rated CYBG Plc, or Clydesdale’s, first-half fiscal 2018 underlying NPAT of GBP 137 million beat expectations but was assisted by a large one-off tax benefit. Despite management’s preferred measure of underlying profit before tax increasing 28% year on year to GBP 158 million, we were disappointed with the outcome. Net interest margins of 2.18% were lower than expected and non-interest income of GBP 77 million fell short of our GBP 83 million forecast. Despite the softer-than-expected per...
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