Negatives Mount For CYBG, Dividends Unlikely
Negative factors continue to pile up for UK bank CYBG, amid unprecedented provisions for potential claimants in its FY19 accounts. Brokers rush to remove dividends from forecasts.
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CYB – Citi rates the stock as Buy
A little over one month ago, Citi analysts agreed on taking a broadly neutral view post-CYBG’s Q3 report release, despite the fact that management’s guidance implied a steep fall for the Net Interest Margin (NIM) in the current quarter.
Read MoreInsurance Scandal Resurfaces To Sink CYBG Shares
Shares in the NAB UK bank spin-off, CYBG have been hammered yet again after it revealed a second major provision against sales of dodgy insurance products.
Read MoreCYBG Plans To Be In The Money With Virgin
Financial group CYBG plans to exploit its under-utilised customer base through enhanced products and services, re-branding as Virgin Money by the end of the year.
Read MoreCYB – Morgans rates the stock as Hold
As part of its capital markets briefing, the company has laid out medium-term targets. Cost targets are in line with expectations and Morgans expects subdued revenue growth over the medium term. No special dividends or buybacks are forecast.
Read MoreInvestors Abandon NAB Spin-Off CYBG
Shares in UK bank, CYBG, the spin-off from the National Australia Bank were hammered yesterday after producing an unimpressive set of figures for the year to September 30 and nearly £200 million more in losses and provisions to cover the continuing costs of an insurance selling scandal and “other issues”.
Read MoreCYB – Macquarie rates the stock as Resume Coverage with Outperform
Macquarie believes, with an economy beset by uncertainty, the bank offers positive momentum, supported by cost savings from the Virgin Money merger.
Read MoreVirgin Money Agrees To CYBG Takeover
The de-Australianisation of UK challenger banking group, CYBG will continue with the news that Virgin Money has agreed to be taken over in a $US1.7 billion all paper deal.
Read MoreCYB – Morgans rates the stock as Hold
Morgans believes there is a high probability that Virgin Money will recommend the revised takeover proposal. The broker assumes CYBG will target cost synergies equivalent to 15-50% of Virgin Money’s cost base and it could achieve underlying accretion of 9-32%.
Read MoreCYBG Confirms Improved Virgin Money Offer
CYBG, the mostly Australian owned UK bank, has lifted its offer for Virgin Money as expected from 1.6 billion pounds to 1.7 billion pounds ($A2.99 billion) on the eve of the expiration of a key deadline for the offer.
Read MoreCYBG To Up Its Bid For Virgin Money
UK bank CYBG (which is substantially Australian owned and listed on the ASX and the London Exchange) looks like it will have to lift its takeover offer for rival bank Virgin Money after a slump in its stock slashed the value of its all-share proposal.
Read MoreCYGB In Takeover Tilt For Virgin Money
It was Bank Holiday Monday in the UK yesterday, so perhaps the bosses at CYBG were on a day off – perhaps that’s why they failed to inform the ASX that they had made an all-share takeover for Virgin Money worth more than £1.6 billion, or more than $A2.8 billion. A copy of the CYBG announcement was lodged with the ASX at 7.30 am Tuesday.
Read MoreCYB – Citi rates the stock as Sell
Following a noticeable weakening in the share price, down -13% year-to-date, Citi analysts believe risk is now more evenly balanced, hence why they have upgraded their view to Neutral from Sell.
Read MoreCYB – Credit Suisse rates as Outperform
CYBG has announced an increase in payment protection insurance provisions of GBP350m. The broker has downgraded its FY18 "company defined" profit forecast by -65%. This does not impact on earnings forecasts.
Read MoreCYBG Slumps On Higher PPI Provisions
Shares in CYBG dropped 6.7% to $5.19 yesterday after the ASX-listed parent of British banks Clydesdale, Yorkshire revealed another increase in provisions for costs associated with the miss selling of payment protection insurance (PPI) by around £350 million ($A645 million).
Read MoreCYB – Macquarie rates the stock as Neutral
FY17 results impress the broker with the focus on costs. Good levels of investment in the platform have also been noted, while digitisation should also provide positives in the longer term.
Read MoreCYB – Macquarie rates the stock as Neutral
CYBG’s result was in line with the broker and consensus. Cost control was strong and impairments lower, while margins were steady.
Read MoreCYBG Wields The Axe
Nearly a year on from its spin off from the National Australia Bank (NAB), Clydesdale and Yorkshire Banking Group (CYB) has put more flesh on the restructuring plan first announced in late 2016. In fact the bank is using an axe and not a scalpel to revamp itself judging by the announcement yesterday.
Read MoreCYBG Back In The Black
Freed of its National Australian Bank (NAB) parentage, Clydesdale and Yorkshire Banking Group (CYB) has posted its first statutory profit in five years.
Read MoreCYB – Citi rates the stock as Sell
Citi analysts stoically retain their Sell rating on the expectation downward margin pressure will offset any benefits from cost reductions. Sell.
Read MoreClydesdale Cuts On Tougher Outlook
The NAB spin-off, the Clydesdale and Yorkshire Banking Group (CYB) has revealed a series of cost-cutting measures to accelerate its financial targets, which it said last night take into account “revised expectations” for the UK economy following the Brexit vote on June 23.
Read MoreClydesdale Shares Jump On Result
Shareholders in the NAB’s UK orphan Clydesdale Bank (CYB) had themselves to thank for the bottom line in the newly separated company’s first interim results.
Read MoreCYB – Macquarie rates the stock as Outperform
Clydesdale posted a robust first half result, the broker suggests. Both costs and impairments were lower than expected. The broker had nevertheless expected new management to find significant room for cost savings post spin-off.
Read MoreCYB – Macquarie rates the stock as Outperform
The broker has initiated coverage of National Bank’s ((NAB)) UK spin-off Clydesdale Bank, listed locally as CYBG Plc. Clydesdale had been a serial underperformer for NAB, the broker notes, suffering from an unfavourable franchise spread and more recently, uncertainty over what NAB was going to do with it.
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