Clydesdale owner hails half-year result

Clydesdale and Yorkshire Bank owner CYBG has cheered a “resilient” halfyear performance despite market pressures and costs over its £1.7 billion takeover of Virgin Money.

CYBG, which was catapulted into sixth place in the lending market after its Virgin Money acquisition in October, said it had swung to a £42 million profit for the six months to March 31, against losses of £95m a year earlier.

Gross mortgage lending rose to £60.5bn from £59.1bn a year earlier.