CYBG enjoys rise in mortgage lending but expects slower growth

GLASGOW-BASED Clydesdale and Yorkshire Banking Group (CYBG) has notched up a hike in first quarter mortgage lending, but warned growth would slow amid

GLASGOW-BASED Clydesdale and Yorkshire Banking Group (CYBG) has notched up a hike in first quarter mortgage lending, but warned growth would slow amid competition in the sector.

CYBG said its mortgage book swelled to £23.9 billion in the three months to the end of December, up 7.4 per cent on an annual basis.

It said the mortgage market remained highly competitive, which has hit its net interest margins.

It added growth in home loans will slow but it continues to expect a “mid-single digit” percentage increase for the full-year.

The challenger bank, which has 2.8 million customers, believes that mortgage prices will also remain stable throughout the rest of its financial year in spite of intense competition.

Shares in CYBG fell two per cent after the update.

David Duffy, managing director of CYBG, said: “We have delivered another solid quarter of growth, despite a competitive operating environment, seeing continued momentum in both mortgage

and SME lending.”

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