CYBG’s 1Q19 Update Impresses, But Brexit Uncertainties Persist. FVE GBX 280/AUD 4.90 Unchanged
No-moat CYBG Plc, impressed with first-quarter fiscal 2019 trading update. Good volume growth, better than expected net interest margins, in line loan losses, and an uplift in expected cost savings stand out. The performance for the three months to Dec. 31, 2018 included Virgin Money from Oct. 1, 2018. Management confirmed good progress with the merger integration and boosted expected annual run rate cost synergies to GBP 150 million from previous forecast of GBP 120 million per year.Despite th...
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