May 15, 2019 / 6:28 AM / 3 months ago

CYBG swings to H1 profit but mortgage pricing hits NIM

May 15 (Reuters) - Lender CYBG Plc swung to a first-half profit but said its net interest margin was hit by mortgage pricing pressures, and raised its provision for mis-selling of payment protection insurance.

The company, which last year emerged as Britain’s sixth biggest bank after buying Virgin Money, said common equity tier 1 ratio - a gauge of a bank’s financial strength - was 14.5% at period end, a decline of 60 basis points compared to September-end.

The owner of Clydesdale and Yorkshire banks said total assets stood at 90.16 billion pounds as at March 31. (Reporting by Muvija M and Noor Zainab Hussain in Bengaluru; editing by Gopakumar Warrier)

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