Clydesdale losses

The owner of Yorkshire Bank has revealed a loss of nearly £100m as it mounts a £1.6bn bid for Virgin Money.

Clydesdale and Yorkshire Banking Group (CYBG) was pushed into the red by a £350m bill for past mis-selling of useless payment protection insurance, plus an £18m hit related to other historic misdeeds. The lender lost £95m in the six months to March 31, down from a £46m profit in the same period a year earlier.

The figures are likely to add weight to a feeling in the City that CYBG is desperate to get its plan through – and could be forced to increase its offer.