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Jul 10 2019, 06:45 IST/BST
CYBG is working hard to offset the challenging UK retail banking backdrop – repositioning its balance sheet and seeking further cost efficiencies. We expect returns to increase in the coming years but to remain below management’s 12% 2022 statutory ROTE target as we factor in a lower interest rate environment due to the uncertain economic backdrop. As a result, we retain our ‘Neutral’ rating with a price target of 207p.