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Lender CYBG trims full-year margins forecast

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(Reuters) – British lender CYBG Plc <CYBGC.L> lowered its forecast for full-year margins on Tuesday after posting a slight dip in quarterly margins as a slowdown in its mortgages unit offset growth in lending to small and medium sized businesses and individuals.

CYBG, which is looking to rebrand itself as Virgin Money, said net interest margin (NIM) – a key measure of underlying lender profitability – stood at 168 basis points for three month period ended June 30, down 3 basis points from the first half.

The company now expects NIM for the full year to be at the lower end of the 165-170 basis points range.

(Reporting by Pushkala Aripaka and Noor Zainab Hussain in Bengaluru; Editing by Saumyadeb Chakrabarty)

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