Clydesdale and Yorkshire Bank owner CYBG has welcomed a “resilient” half year performance.
Shares soared as much as 10% before settling to 6%, investors welcomed a robust underlying performance, despite market pressure and costs over their £1.7bn Virgin Money takeover.
Last October CYBG went into sixth place in the lending market after the acquisition of Virgin Money.
The lender swung into a £42m profit in the six months to 31 March against losses of £95m the previous year.
David Duffy, chief executive of CYBG said, “The group has delivered a resilient underlying financial performance during the first half of the year and our three-year integration programme is making good progress.”
Duffy added, “Despite sustained competition in the mortgage market and a continued uncertain economic backdrop, we have delivered solid growth in our mortgage book and we have seen signs that mortgage pricing has started to stabilise.”