Strong CYBG 3Q17 Trading Update Beats Expectations. FVE Increased to GBP 2.80 FVE
We were surprised with the quicker-than-expected cost-out performance for no-moat CYBG Plc, or Clydesdale, with fiscal 2017 operating cost guidance tightening to below GBP 680 million from previous guidance of GBP 690-700 million. We now reduce our fiscal 2017 operating expense forecast to GBP 678 million from our previous forecast of GBP 689 million with the business efficiency program gaining pace. Cost-cutting, increased digitalisation, low loan losses and higher net interest margins, or NIMs...
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