Profits surge for banking group The Clydesdale and Yorkshire Banking Group has notched up a near-250% surge in annual profits, but warned over price pressures in a "competitive" lending market. CYBG, which demerged from National Australia Bank last year, saw pre-tax profits leap from £77 million to £268 million in the year to September 30 after gains in home loans and small business lending.
It added that on a bottom-line basis, it posted its first after-tax profit for more than five years, at £182 million against losses of £164 million the previous year.
The group announced its inaugural shareholder dividend payout, of 1p a share, after the profits cheer.
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