Clydesdale Bank said yesterday its performance continued to improve with “encouraging” growth across its target retail and small business markets.
Providing a further breakout to results released last week, the bank said pre-tax profit in the six months to the end of March had risen to £133 million from £87m a year earlier.
The Glasgow-based lender, which is the UK retail and commercial banking business of National Australia Bank, benefited from a one-off gain from last year’s capital restructuring and lower impairment losses on credit exposures.
Acting chief executive Debbie Crosbie said yesterday: “Clydesdale Bank’s performance continues to improve and the real customer choice we’re providing in the UK is driving encouraging growth across our target retail and SME markets. Profit before tax is up by more than half to £133m, charges to provide for bad and doubtful debts almost halved and mortgage lending is significantly better than overall market growth.”
“Right across the bank, we are focussing on the future with support for customers at the heart of our business.
“As announced last week, our parent company intends to pursue a demerger and initial public offering (IPO) of our business by the end of this calendar year.
“Exciting opportunities lie ahead as we continue to grow a better bank for our customers.”
Clydesdale is to be demerged from its Australian parent through a flotation on the London Stock Exchange by the end of the year. Between 20 and 30 per cent of the shares will go to new institutional investors via the IPO.