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Clydesdale and Yorkshire report solid growth and record applications

  • 01/08/2017
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Clydesdale and Yorkshire report solid growth and record applications
Clydesdale and Yorkshire Bank has reported mortgage growth of 5.8% for the nine months to June as well as ‘record volumes’ of mortgage applications.

The bank’s mortgage lending book reached £22.8bn at the end of June, up from £21.8bn at the end of September. It said the last three months had seen record mortgage application volumes.

The 11th largest UK lender would not confirm a gross mortgage lending figure but completed £4.9bn of lending in 2016, according to Council of Mortgage Lender, now UK Finance figures.

Owner-occupier mortgages accounted for an increasing proportion of lending, in line with CYBG’s aims to target this area. It said 68% of draw downs in the nine months to 30 June were owner-occupier and it is focused on balancing volume growth, margin, and credit quality to capture market share in a low-growth environment.

These include process improvements through ‘customer journey initiatives’ as well as “broadening and deepening” relationships with brokers.

David Duffy (pictured), chief executive of CYBG, said: “We have delivered another solid performance this quarter, with increased momentum in mortgage and core SME balance growth despite the competitive environment.

“Further operational improvements during the year have enabled customer loan growth and cost efficiencies. We remain on track to deliver our guidance for FY2017, and now expect underlying operating costs to be below £680m  which is testament to the success of our restructuring programme.”

The bank reported a 4% drop in deposit balances since the start of the year, driven by a reduction in term deposits and savings balances. It said this comes from actions taken to improve deposit mix and reduce funding costs.

The group raised over £1bn of wholesale funding during the last quarter.

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