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Company News Summary

CYBG Plc Provides First Quarter 2019 Trading Update

06 Feb 2019  |  18:14:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: CYBG PLC - First Quarter 2019 Trading Update

CYBG Plc confirmed that trading in the three months to 31 December 2018 was in line with the Board's expectations and that good progress has been made with the Virgin Money integration programme. The Group noted that acquisition of Virgin Money completed on 15 October 2018. The Group remains strongly capitalised with a CET1 ratio of 14.5% at 31 December 2018. The Group incurred GBP161m of exceptional charges in Q1 including GBP48m of costs incurred by Virgin Money in relation to the transaction, GBP8m of acquisition associated stamp duty, GBP77m in relation to the closure of the VMDB project. The Group remains on track to deliver its FY19 cost target of more than GBP950m and, having confirmed its initial cost synergy assumptions.

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