Clydesdale Yorkshire Bank (CYBG) has issued a cautious first quarter trading update for the three month period to end December 2017.

The Glasgow-headquartered bank said that trading has been in line with expectations, and reiterated the bank’s FY18 and medium-term guidance while warning that the economic outlook remains uncertain.

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Highlights included:

  • Strong mortgage growth of 7.4% (annualised) to £23.9bn ($33.8bn);
  • Deposit balances up 14.8% (annualised) to £28.7bn driven by strong performance in current accounts and personal fixed term deposits, and
  • Customer acquisition growth at digital sub-brand B – growing to over 150,000 customers at 31 December 2017 following a successful cashback campaign in October.

David Duffy, CEO of CYBG, said: “We have delivered another solid quarter of growth, despite a competitive operating environment, seeing continued momentum in both mortgage and SME lending.

“While the economic outlook remains uncertain we remain focused on delivering sustainable and prudent growth and are confident we will deliver our guidance for 2018 and the medium term.

“We also continue to take major strides in transforming CYBG into the UK’s leading digitally-enabled challenger bank, positioning us strongly for the future banking landscape. Our iB technology platform is ready for Open Banking today with full ‘plug and play’ fintech capability, meaning we can offer real-time, integrated services for our 2.8 million customers.”

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CYBG’s increasing focus on digital resulted in the closure last year of 79 branches almost one-in-three of its outlets. CYBG now operates 169 units in total; 71 branches under the Clydesdale brand (down from 111 at the start of 2017) and 98 under the Yorkshire Bank banner (down from 137).