Clydesdale Bank swings to profit following job cuts
The firm, which also owns the Yorkshire Bank brand, has cut 1,400 roles as part of a turnaround strategy implemented by its parent group, National Australia Bank (NAB).
For the year to September, Clydesdale posted a pre-tax profit of £127 million, compared with a £183m loss the previous year, as charges for bad debts fell £473m to £158m.
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Hide AdChief executive David Thorburn said: “The restructuring of our business over the past 18 months has been substantially completed a year ahead of schedule.
“Lower charges to provide for bad and doubtful debts were instrumental in this.”
However, Clydesdale revealed that it had set aside an extra £130m to compensate customers who were mis-sold payment protection insurance, bringing the total bill to £152m.
Melbourne-based NAB, headed by group chief executive Cameron Clyne, said its overall profits grew 9.3 per cent to A$5.9bn (£5.6bn).