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UK 'challenger banks' post higher H1 profit; CYBG bucks trend

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UK 'challenger banks' post higher H1 profit; CYBG bucks trend

Most of Britain's so-called challenger banks — relatively new lenders seeking to "challenge" the market dominance of established high street banks in the country — reported increases in their respective first-half results, according to data gathered by S&P Global Market Intelligence.

Metro Bank PLC saw the biggest year-over-year percentage increase in first-half profit of the sample, by 389% to £15.2 million, followed by OneSavings Bank PLC, which posted a profit of £69.5 million for the first half, up 18% from £59.0 million a year earlier. Secure Trust Bank PLC and Paragon Banking Group PLC also recorded year-over-year increases.

Virgin Money Holdings (UK) PLC, which is being acquired by rival CYBG PLC for roughly £1.7 billion, reported first-half profit attributable to equity owners of £93.5 million, a slight increase from the year-ago £90.5 million.

CYBG, on the other hand, posted an unaudited after-tax statutory loss attributable to equity holders of £76 million for the six months to the end of March, compared to a profit of £30 million a year earlier. The result was driven by a £350 million increase in provisions for the misselling of payment protection insurance.

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