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CYBG revises NIM guidance for fiscal 2019

CYBG PLC expects its net interest margin for the 2019 fiscal year to be at the lower-end of the 165 basis points to 170 basis points range, after reporting an NIM of 168 basis points for the nine months to June-end.

In a trading update for the fiscal third quarter of 2019, the British lender said its common equity Tier 1 ratio stood at 14.6% as of June 30. CYBG reaffirmed its target CET1 operating level of approximately 13%. The bank's Pillar 2A CET1 requirement was reduced to 3.0% from 3.6%, while its fully loaded CRD IV minimum CET1 capital requirement is at 11.0%.

CYBG said its payment protection insurance, or PPI, costs were broadly in line with previous estimates. The group is not currently able to determine how many valid PPI complaints will materialize, following a recent increase in information requests, and will disclose its final costs after the Aug. 29 complaints deadline and update during the full-year results in November.

Meanwhile, CYBG said it remains on track to deliver its underlying costs of below £950 million for the 2019 financial year. The lender had generated roughly £45 million of annual run-rate savings in the fiscal third quarter, progressing toward its objective of about £200 million of net cost savings by the 2022 fiscal financial year.

Additionally, the group said it will recognize an estimated gain of approximately £35 million from the sale of a 50% stake in Virgin Money Unit Trust Managers Ltd. in the fiscal fourth quarter.