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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  CYBG    CYBG   GB00BD6GN030

CYBG (CYBG)
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CYBG : British lender CYBG to take 39 million pound charge for legacy conduct costs

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11/02/2017 | 09:01am CET

British lender CYBG (>> CYBG), spun off from National Australia Bank (>> National Australia Bank Ltd.)(NAB), will take a pretax charge of 39 million pounds ($51.7 million) to help to cover the cost of the UK's payment protection insurance mis-selling scandal.

British lender CYBG (>> CYBG), spun off from National Australia Bank (>> National Australia Bank Ltd.)(NAB), will take a pretax charge of 39 million pounds ($51.7 million) to help to cover the cost of the UK's payment protection insurance mis-selling scandal.

CYBG said on Thursday that it is lifting provisions for so-called "legacy conduct costs" by 403 million pounds as of the end of September.

Under an agreement it has with former parent NAB, CYBG is required to fund 9.7 percent of this provision increase, resulting in the 39 million pound charge, it said.

This will hit CYBG's 2017 CET1 capital ratio by about 20 basis points for 2017, though the ratio will remain "comfortably within its 12-13 percent guidance range", the lender added.

($1 = 0.7545 pounds)

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by David Goodman)

Stocks treated in this article : National Australia Bank Ltd., CYBG
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Financials ( GBP)
Sales 2018 1 033 M
EBIT 2018 345 M
Net income 2018 166 M
Debt 2018 -
Yield 2018 1,55%
P/E ratio 2018 18,39
P/E ratio 2019 13,83
Capi. / Sales 2018 2,79x
Capi. / Sales 2019 2,71x
Capitalization 2 878 M
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Average target price 2,77  GBP
Spread / Average Target -15%
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