(Reuters) - British lender CYBG Plc (L:CYBGC) 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 (LON:VM), 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.