CYBG’s 1H19 Update Impresses, But Still a Long Way to Go. FVE GBX 280/AUD 4.90 Unchanged
No-moat U.K. regional bank, CYBG Plc, impressed with a solid first-half fiscal 2019 result with a pro forma pretax underlying profit of GBP 286 million, down 5% on a year ago. The pro forma profit assumes the Virgin Money acquisition took place effective Oct. 1, 2018 whereas the transaction completed Oct. 15, 2018. We liked the good volume growth, broadly stable net interest margins, and a reduction in the cost base improving the cost/income ratio. Loan losses are trending higher, but off a low ...
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