No-Moat-Rated CYBG Plc Increases Conduct Provisions Again. GBP 2.80 FVE Unchanged
No-moat-rated U.K. regional bank CYBG Plc increased conduct provisions again with an additional net GBP 39 million recognised in fiscal 2017. The disappointing news does not impact our GBP 2.80 per share fair value estimate or our fiscal 2017 underlying net profit forecast of GBP 181 million as the conduct costs are treated as significant items. The early November update identified legacy conduct costs of GBP 403 million with CYBG Plc responsible for 9.7% or GBP 39 million. National Australia Ba...
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