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Lender CYBG trims full-year margins forecast

Published 30/07/2019, 07:45
© Reuters.  Lender CYBG trims full-year margins forecast

(Reuters) - British lender CYBG Plc (L:CYBGC) lowered its forecast for full-year margins on Tuesday after posting a slight dip in quarterly margins as a slowdown in its mortgages unit offset growth in lending to small and medium sized businesses and individuals.

CYBG, which is looking to rebrand itself as Virgin Money (LON:VM), said net interest margin (NIM) – a key measure of underlying lender profitability – stood at 168 basis points for three month period ended June 30, down 3 basis points from the first half.

The company now expects NIM for the full year to be at the lower end of the 165-170 basis points range.

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