CYBG on track to deliver FY2018 guidance

Company News

by Kathy Skantzos

Banking group CYBG (ASX:CYB) announced it is on track to deliver its FY2018 and medium-term guidance after delivering a quarter in line with its expectations.

CYBG CEO David Duffy says it was a solid quarter of growth despite a competitive environment, with continued momentum in both mortgage and SME lending.

Mortgage growth for the quarter was up 7.4 per cent to £23.9 billion, which the company says is due to a strong pipeline at the end of the year, but comments that mortgage growth is likely to ease over the rest of FY2018.

Core SME lending grew by 1.4 per cent, with £567 million of new lending written in the first quarter.

The company added that despite the ongoing uncertainty in relation to the UK’s withdrawal from the EU and its potential impact on the UK economy, it remains confident to deliver the group’s FY2018 guidance.

Shares in CYBG (ASX:CYB) closed 0.7 per cent lower yesterday at $5.70.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.