Search

PPI charge sees Yorkshire Bank owner rack up £95m half-year loss

PUBLISHED: 08:59 15 May 2018 | UPDATED: 16:20 22 May 2018

CYBG has posted its half-year results. Picture: Bank of England.

CYBG has posted its half-year results. Picture: Bank of England.

Bank of England

Clydesdale and Yorkshire bank owner CYBG said a hit from the payment protection insurance (PPI) scandal has caused it to swing into the red.

The group recorded pre-tax losses of £95m for the six months to March, compared with profits of £46m a year earlier, after taking an extra £350m charge for PPI mis-selling claims ahead of the complaints deadline.

CYBG – which is in talks over a potential £1.6bn takeover by Sir Richard Branson’s Virgin Money – estimates it will now see 110,000 walk-in PPI complaints between this August and the deadline in August 2019.

CYBG also put aside another £18m for “other legacy conduct issues”.

On an underlying basis, it posted a 28% rise in half-year pre-tax profits to £158m.


If you value what this story gives you, please consider supporting the Eastern Daily Press. Click the link in the orange box above for details.

Most Read

Become a supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Most Read

Latest from the Eastern Daily Press