CYBG: Interim result 2016

This regional British bank is doing all the right things but its share price is beginning to price in a lot of success.

If you’re a well-paid middle manager at CYBG PLC, then you’d better make sure you’re pulling your weight. That was the key message from the bank’s maiden interim results: costs are coming down, a large part of that will be in employee costs, and much of that will be in the ‘sticky, middle layer of high-cost low-productivity’ management, in the words of chief executive David Duffy.

Excellent performance on cost-cutting

Management impressive

Price above 80% of NTA; Sell

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