Despite market disquiet about competition driving down the profitability of UK mortgages, CYBG (CYBG) achieved some of its major financial targets during 2017. The strategy set out at its 2016 IPO – to cut costs and ramp up lending to small- and medium-sized enterprises (SMEs) – is beginning to pay off. Building on the momentum of the first half, the challenger bank reported its first full-year statutory post-tax profit since 2011. This has given management the confidence to pay a maiden dividend to shareholders.
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