CYBG Trading in Line with Expectations. GBP 2.60 FVE Unchanged
There was little in CYBG Plc, or Clydesdale’s first-quarter fiscal 2017 trading update that would alter our long-term view of the U.K. regional bank. Clydesdale is firmly on track to meet our 5% increase in fiscal 2017 GBP EPS forecast, with potential risk to the upside. No change to our GBP 2.60 per share fair value estimate and our positive view. Solid business momentum (loans up 4.4% and customer deposits up 4.7% both annualised), broadly stable net interest margins, or NIMs, of 2.22%, and go...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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