CYBG FY17 Result Better Than Expected. Improved Outlook Boosts FVE 10% to GBP 3.10
Success with bank-wide restructuring is gaining momentum with no-moat CYBG Plc, or Clydesdale, delivering a better-than-expected fiscal 2017 underlying NPAT of GBP 191 million, up 34% on fiscal 2016. We increase our fiscal 2018 cash profit forecast 9% to GBP 224 million on reduced operating costs and a lower loan loss rate. Prospects for strong earnings growth are firming, underpinned by steady loan growth, stable net interest margins, or NIMs, strong loan quality, and materially lower costs. We...CYBG is a holding company. Co. operates through the retail and commercial banks Clydesdale Bank, Yorkshire Bank and through the digital banking service B. Co.'s business is organized into two principal operating segments: small or medium sized enterprises (SME) Banking and Retail Banking. Through its SME franchise, Co. provides a range of lending products and services across a portfolio consisting of term lending, overdrafts and working capital solutions. Through its Retail Banking segment, Co. has a retail banking product proposition with a personal deposit portfolio. As of Sept 30 2017, Co. had a total assets of £43.23 billion and total customer deposits of £27.68 billion.
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