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Clydesdale and Yorkshire parent to launch online mortgage – results

  • 24/05/2016
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Clydesdale and Yorkshire parent to launch online mortgage – results
CYBG, the newly-formed parent company of Clydesdale and Yorkshire Banks, plans to add mortgages to its digital platform later this year as online sales take off.

In its interim results, for the six months to 31 March, CYBG said digital channels represented 24% of total sales, which were almost double those seen in 2013.

The group’s digital platform, B, launched initially with a savings and current account offering and will have a mortgage product added later this year.

Intermediaries continue to be the main driving force behind the growth in CYBG’s mortgage portfolio.

In terms of its product mix, the group intends to rebalance growth towards owner-occupied mortgages and away from buy to let.

Its mortgage portfolio increased by 4.9% from £20.5bn during the six months to 30 September 2015 to £21.5bn by the end of March. The balance of mortgage lending rose through the broker channel rose by £1.1bn to £12bn.

The demerger from National Australia Bank and its Initial Public Offering (IPO) leading to a listing on the London Stock Exchange and Australian Securities Exchange, completed on 8 February.

The group reported statutory profit before tax of £58m compared to £155m for the six months to March 2015 and the loss of £440m recorded in the six months to September 2015.

CYBG said it was on target to bring its costs for the full year in at the £762m, which it laid out during its IPO presentation. The group said it was making good progress with its cost cutting strategy. In addition to its plans to close 26 branches this year, announced in April, it has implemented a voluntary severance scheme for senior staff.

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